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← The Parochial Church Council Of The Ecclesiastical Parish Of Christ Church, Bromley

2024-12-31-accounts

Christ Church Bromley

Report and Accounts Year ended 31 December 2024

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

CHRIST CHURCH BROMLEY PCC

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Full Name Working Name

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

Christ Church Bromley PCC

Members of the Parochial Church Council (who are the charity's trustees)

Vicar Mark Redhouse (appointed on 25 May 2024)
Other Licensed Ministers Luke Foster (resigned 30 June 2024)
Matthew Lloyd
Wardens Patrick Harrison (Vice Chair)
Alex Padfield (appointed as Warden on 14 May 2024)
James Walsh (retired on 14 May 2024)
Deanery Synod Representatives Angela Ivey
Richard Latteman
Elected members Andrew Cooke
Thomas Feather
Emily Greig (co-opted on 15 January 2024, retired on 14 May 2024, the
again co-opted on 9 September 2024)
Adam Jarvis
Cathryn Mitchell (appointed on 14 May 2024) (Treasurer)
Deborah Shepherd
Howard Surfleet
Cameron Swift
Lucy Tanner
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 2-4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cashflow Statement 8
Notes to the Accounts 9-17

Page 1

CHRIST CHURCH BROMLEY PCC ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2024

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 incumbent in fulfilling this commission in promoting in the ecclesiastical parish the whole mission of the church, be it pastoral, evangelistic, social or ecumenical. The PCC is also responsible for maintaining certain church property namely the church building, the church halls and two nearby residential properties, 56 Heathfield Road and 5a College Road (sold since the year end).

Summary of the charity's main activities and achievements

The primary means by which the above objects of the charity were fulfilled in 2024 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 and a senior citizens’ lunch club further support members of the congregation in growing their faith and provide 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 in various different countries across the world. In 2024, these grants totalled about £65k. A special appeal was held for Mission Beyond Bromley Sunday to raise funds for the commitments already made in the 2024 budget to support mission partners outside Bromley, in the UK and the rest of the world. This raised £22k.

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.

In planning the activities the PCC have applied the guidance on public benefit issued by the Charity Commission.

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.

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.

Responsibility for setting policy and for making operating decisions rests with the PCC who meet regularly to monitor the activities of the charity. They are supported in this by a variety of PCC subgroups, each of which is chaired by a PCC member.

Page 2

Financial review

The principal source of income of the Church continues to be regular donated income from church members. Legacies and substantial one-off gifts are occasionally received and have played a significant role in recent years in allowing the charity to run a cash surplus. Small amounts of bank interest are earned. In 2024, a related charity, the Bromley Christian Workers Trust (BCWT), resolved to transfer the bulk of its assets to the church, giving rise to income of £580k this year. This comprised £550k for the return of funds that had previously been granted improperly to BCWT and donations totalling £30k from BCWT's remaining assets.

After setting aside the above income from BCWT, other income decreased by £255k from £705k in 2023 to £450k in 2024. Legacy income fell by £174k and the value of staff provided by BCWT fell by £136k; this was partly offset by an increase of £58k in donation income (including related gift aid).

Overall, expenditure decreased by £72k from £510k in 2023 to £438k in 2024. Staff costs fell by £111k but this was offset by an increase of £26k in the liability for the value linked loan and an increase of £15k in premises costs.

The operating surplus this year was £12k (2023: £195k). This was bolstered by the above income of £580k from BCWT and gains of £41k on the revaluation of property giving rise to an overall surplus of £633k

The charity's net assets increased by £633k to £2,070k comprising fixed assets of £988k, an investment property valued at £306k, a debtor of £565k for an amount owed by BCWT, cash of £368k less a loan for £217k owed to the Church Commissioners and plus other net current assets of £60k.

Reserves policy

The PCC recognise the need to hold reserves to protect 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.

The PCC aims to hold a minimum of three months’ budgeted ongoing expenditure in reserve which would equate to approximately £112K. The charity ended the year with general fund cash of £65k but, since the year end, this has been bolstered by a receipt of £306k from the sale of an investment property. A further £140k is expected from BCWT and some of the cash held will be used to repay the PCC's value linked loan estimated at £217k. After all of this takes place, the PCC should be left with general fund cash that significantly exceeds the minimum required by the reserves policy, which is largely due to past legacies. The PCC is satisfied that it is appropriate to hold significant reserves while existing projects are worked through and future projects identified during 2025.

Key risks and uncertainties

The charity is exposed to various risks - be they operational, financial or reputational.

Funding the ministry of CCB is dependent on voluntary giving by church members. A failure to maintain income in real terms would restrict our activities.

Other risks more specific to CCB are set out below.

  1. While energy prices have stabilised since the very high levels seen in 2023, CCB is a significant energy user and is therefore vulnerable to market fluctuations. The PCC seeks to mitigate the impact by the use of fixed term supply contracts.

  2. Much of the value of CCB’s assets is currently tied up in property. A fall in the property market would reduce the buying power of the church if those assets need to be sold. The charity's investment property has been sold since the year end.

  3. The actions of the House of Bishops in connection with “Living in Love and Faith’ continue to cause a great deal of uncertainty in the wider evangelical constituency, including CCB. The PCC monitors the situation closely and has resolved to ensure, as far as possible, that funds donated to CCB are not directed to causes which the PCC and church family as a whole would not be able to support in good conscience. So long as orthodox doctrine in the Church of England remains under threat, there is a risk that donors will divert their giving elsewhere.

Page 3

Other matters

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.

Plans for the future

We are seeking to appoint a new Associate Minister for Youth and Children in the current year. The role will involve being part of the preaching team and it is hoped that this will facilitate the introduction of a separate preaching programme at Sunday evening services.

An extensive programme of building repair and renovation, to include work recommended in diocesan quinquennial inspections, is in hand.

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

  1. 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:

M D Redhouse

M D Redhouse (May 8, 2025 11:44 GMT+1)

_______Revd Mark Redhouse (incumbent)

Date: 7 May 2025

Page 4

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 2024 on pages 6 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 9 to 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.

The Charity's income (including £550,000 in respect of an extraordinary item) for the year ended 31 December 2024 exceeded £1,000,000 and usually a charity with this level of income would need to be audited, not independently examined. However on 21 March 2025 the Charity Commission exercised one of its discretionary powers and granted the charity an exemption from audit for the year ended 31 December 2024. Having inspected the dispensation, I am satisfied that the Charity is entitled to have an independent examination for the year in question.

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 (May 8, 2025 13:10 GMT+1)

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

Date: May 8, 2025

Page 5

CHRIST CHURCH BROMLEY PCC

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
Investment income
Other income: insurance claim
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Total Expenditure
Net gains/(losses) on investments
Net income before extraordinary item
Extraordinary item
6
Net income after extraordinary item
Transfers between funds
Other recognised gains/(losses):
Gain on revaluation of fixed asset property
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 General
Designated
2024
2024
£
£
295,780
-
4,651
9,853
-
-
5,977
-
3,000
-
309,408
9,853
236,930
40,000
236,930
40,000
(18,635)
-
53,842
(30,148)
550,000
-
603,842
(30,148)
(290,229)
290,229
313,614
260,081
-
60,000
313,614
320,081
696,444
730,113
1,010,058
1,050,194
Unrestricted funds		 Restricted
2024
£
160,515
-
-
-
-
160,515
161,021
161,021
-
(506)
-
(506)
-
(506)
-
(506)
10,719
10,213		 Total
2024
£
456,295
14,503
-
5,977
3,000
479,775
437,952
437,952
(18,635)
23,189
550,000
573,189
-
573,189
60,000
633,189
1,437,276
2,070,465		 General
Designated
2023
2023
£
£
383,410
-

5,358
6,995
4,000
-
4,106
-
-
-
396,874
6,995
206,483
13,259
206,483
13,259
-

-
190,391
(6,264)
-

-

-
-
326,615
(326,615)
517,006
(332,879)
-
-
517,006
(332,879)
179,438
1,062,992
696,444
730,113
Unrestricted funds		 Restricted
2023
£
300,657
-
-

-
-

300,657
289,938
289,938
-

10,719
-
-

-
10,719
-
10,719
-

10,719		 Total
2023
£
684,067
12,353
4,000
4,106
-

704,526
509,680
509,680
-
194,846
-
-
-
194,846
-
194,846
1,242,430
1,437,276

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 9 to 17 form part of these accounts.

Page 6

CHRIST CHURCH BROMLEY PCC

BALANCE SHEET

AS AT 31 DECEMBER 2024

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible assets 8 988,210 - 988,210 921,815
CURRENT ASSETS
Stock 9 500 - 500 500
Debtors 10 640,921 - 640,921 51,983
Investments 11 306,365 - 306,365 325,000
Cash at bank and in hand 12 357,352 10,213 367,565 346,947
1,305,138 10,213 1,315,350 724,430
CREDITORS: Amounts falling
due within one year 13 (233,095) - (233,095) (17,969)
Net current assets 1,072,042 10,213 1,082,255 706,461
Total assets less current liabilities 2,060,252 10,213 2,070,465 1,628,276
CREDITORS: Amounts falling due 14 - - - (191,000)
after more than one year
TOTAL NET ASSETS 2,060,252 10,213 2,070,465 1,437,276
FUND BALANCES 16
Unrestricted Funds
Designated funds
Revaluation reserve 267,749 - 267,749 207,749
Other designated funds 782,445 - 782,445 522,364
1,050,194 - 1,050,194 730,113
General funds 1,010,058 - 1,010,058 696,444
Restricted Funds - 10,213 10,213 10,719
2,060,252 10,213 2,070,465 1,437,276

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

M D Redhouse

M D Redhouse (May 8, 2025 11:44 GMT+1)

--------------------------------------Date: 7 May 2025

Mark Redhouse (incumbent)

Charity number: 1132870

The notes on pages 9 to 17 form part of these accounts.

Page 7

CHRIST CHURCH BROMLEY PCC

FOR THE YEAR ENDED 31 DECEMBER 2024

CASH FLOW STATEMENT

Note
2024
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
a
20,617
Cash flows from investing activities:
Purchase of property, plant and equipment
-
Net cash provided by/(used in) investing activities
-
20,617
b
346,947
b
367,565
Analysis of changes in net debt:
At start of
Non - cash
year
Cash-flows
changes
£
£
£
Cash
346,947
20,617
-
Loan from Church Commissioners
Falling due within one year
-
-
(217,193)
Falling due after one year
(191,000)
-
191,000
Total net funds / (debt)
155,947
20,617
(26,193)
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2024
£
23,189
Adjustments for:
Depreciation charges and provisions for impairment
8,605
(Gains)/losses on investments
18,635
Donated equipment
(15,000)
(Increase)/decrease in stocks
-
(Increase)/decrease in debtors
(38,938)
Increase in value linked loan from Church Commissioners
26,193
Increase/(decrease) in other creditors
(2,066)
Net cash provided by (used in) operating activities
20,617
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*		 2023
£
159,096
(2,422)
(2,422)
156,674
190,273
346,947
At end of
year
£
367,565
(217,193)
-
124,179
2023
£
194,846
5,607
-
-
1,500
(49,008)
-
6,151
159,096

*this movement excludes a debtor of £550,000 for the return of funds from The Bromley Christian Worker's Trust, which isn't reported as part of net income.

Note b: Analysis of cash and cash equivalents

Bank operating accounts
Bank deposits
Payment processing accounts (e.g. PayPal, Stripe)
Liquid investments (Diocese of Rochester)
Petty cash
Total cash and cash equivalents		 2024
£
61,123
303,452
1,951
799
240
367,565		 2023
£
47,999
297,508
-
964
476
346,947

Page 8

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 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:

i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

ii) Donated facilities, services and goods. Facilities, services and goods donated for the charity's own use are recognised as income when receivable at their value to the charity. When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

ii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably. 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 events, courses and community ministries.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity.

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 9

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies continued

c) Expenditure

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 4 or 5 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) Investments

g) Stocks

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

h) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

i) 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 10

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies continued

j) Financial instruments

Except for the Church Commissioners' loan, the charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises the liability for the Church Commissioners' loan at fair value.

k) Critical accounting estimates and areas of judgement

ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The members of the PCC consider the following to be significant:

3 Donations and legacies

ations and legacies
General donations
Gift aid recoverable
Legacies
Donations from The Bromley Christian Workers Trust
Donated services of staff
Donated use of equipment
Donated equipment
Donation from operating income in 2024
Total income from donations and legacies		 2024
£
251,743
39,552
-
291,295
135,000
-
15,000
15,000
165,000
456,295		 2023
£
191,144
42,483
174,105
407,732
271,000
5,335
-
-
276,335
684,067

During the year The Bromley Christian Worker's Trust ('BCWT'):

4 Income from charitable activities

me from charitable activities
Lunch Club
Lighthouse
Other charitable activities		 2024
£
8,441
2,502
3,561
14,503		 2023
£
6,995
2,965
2,393
12,353

Page 11

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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')
Staff employed directly by PCC
Diocesan Parish Share
Diocesan fees
General ministry expenses
Lunch Club ministry expenses
Youth and Children ministry expenses
Donated equipment hire (see note 3 'Donations and legacies')
Depreciation
Interest on value linked loan from Church Commissioners:
in respect of the original loan
In respect of the increase in the fair value of property (see note 14)
Premises expenses
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
Total expenditure
c
Grants payable
Grants for UK and overseas mission
Grants to relieve hardship
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants to relieve hardship
The charity's principal grants to institutions comprised:
Operation Mobilisation
Crosslinks
Interserve *
SAT-7 UK Trust
Release International
Kent Gospel Partnership
Diocese of Kondoa (given via the Diocese of Rochester)		 Institutions
£
51,529
-
51,529
Institutions
£
62,489
-
62,489		 2024
£
135,000
24,568
159,568
58,587
272
20,055
7,167
2,709
-
8,605
4,531
26,193
71,182
358,869
64,889
423,758
4,500
100
4,600
9,594
14,194
437,952
Individuals
£
12,853
506
13,359
Individuals
£
5,894
1,000
6,894
2024
£
24,576
12,660
7,488
4,157
2,000
648
-
51,529		 2023
£
271,000
-
271,000
57,316
642
14,060
8,259
4,323
5,335
5,607
4,349
-
55,761
426,652
69,383
496,035
3,000
1,581
4,581
9,064
13,645
509,680
2024
£
64,382
506
64,889
2023
£
68,383
1,000
69,383
2023
£
24,307
12,185
14,688
4,157
2,004
648
4,500
62,489

*being grants to institutions for the support of named individuals

During the year the PCC also paid over a grant of £6,000 to the Diocese of Kondoa from a grant making commitment recognised as a creditor in the previous year's accounts.

Page 12

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Extraordinary item: Return of funds by Bromley Christian Workers Trust

As mentioned in the previous year's accounts the PCC has been reviewing its relationship with The Bromley Christian Worker Trust ('BCWT') and, based on legal advice received, it approached the trustees of BCWT concerning past transactions. Following on from this, in 2024 the trustees of BCWT agreed to reorder their relationship with the PCC and BCWT has agreed to transfer nearly all of its assets and activities (mainly the employment of staff) to the PCC. The amount receivable by the PCC includes the return of amounts that had previously been granted improperly to BCWT by the PCC and comprises:


had previously been granted improperly to BCWT by the PCC and comprises:
A residential property owned by BCWT, at estimated market value
A cash sum
Gross wages and salaries
Pension costs
ysis of staff costs, the cost of key management personnel and trustee remuneration		 £
425,000
125,000
550,000
2024
£
23,423
1,145
24,568		 2023
£
-

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

The PCC began to employ staff from September 2024. The first employee was a children's and youth worker. This was followed by the employment of an operations co-ordinator in October along with two part time staff who helped provide some much needed extra assistance for the rest of the year. In November, by agreement, The Bromley Christian Worker's Trust transferred the employment of two of its staff (a women's worker and a children's worker) to the PCC. By the end of the year the PCC had three full time staff and two part time staff.

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. Emily Greig, who is a member of the PCC, was employed by the PCC to help with women's ministry from November 2024 (previously employed by The Bromley Christian Worker's Trust). During the year she received gross pay of £4,877 (2023: £nil) and the PCC paid employer's pension contributions of £293 (2023: £nil) for her. These payments are permitted by the charity's governing document. No other members of the PCC received employment benefits in either the current or preceding year.

Mark Redhouse (in the previous year Iain Broomfield) 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 £3,378 in respect of Mark Redhouse (2023: £4,078 was paid in respect of Iain Broomfield). In addition during the year the PCC paid accommodation related expenses totalling £5,695 (2023: £5,857) for Luke Foster, who was part of the clergy team for half the year.

8 Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions in year
Gain on revaluation in year
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
for Church
Hall
(at valuation)
£
500,000
-
-
500,000
45,000
5,000
50,000
450,000
455,000		 Freehold
Residential
Property
(at valuation)
£
482,500
-
60,000
542,500
17,500
-
17,500
525,000
465,000		 Fixtures,
fittings and
equipment
(at cost)
£
23,905
15,000
-
38,905
22,090
3,605
25,695
13,210
1,815		 Total
£
1,006,405
15,000
60,000
1,081,405
84,590
8,605
93,195
988,210
921,815

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 have considered the carrying value of the Church Hall and do not believe that it needs to be updated.

Page 13

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Tangible fixed assets continued

The charity also uses a freehold residential property in its activities (though it is temporarily vacant). This property was purchased in 1997 and was part financed by a loan from the Church Commissioners (see note 14); this property was revalued by the trustees in 2021 at £465,000 and then in 2024 at £525,000. This represents the mid point of two recent professional valuations received by the PCC and this value that has been used by the Church Commissioners to determine the redemption value of the related loan. The loan from the Church Commissioners is secured on this property.

9 Stock

Books purchased for re-sale, at cost
ors
Donations of property and cash receivable from The Bromley Christian Workers Trust
Gift aid recoverable
Legacies receivable
Prepayments and other debtors
The amount receivable from The Bromley Christian Workers Trust ('BCWT') comprises:
A return of funds granted improperly to BCWT in previous years (see note 6)
A donation from BCWT's operating income in 2024		 2024
£
500
2024
£
565,000
39,593
35,000
1,328
640,921
£
550,000
15,000
565,000		 2023
£
500
2023
£
-
13,611
35,000
3,372
51,983

10 Debtors

To settle this debt BCWT has agreed to transfer the ownership of a residential property with an estimated market value of £425,000 and pay over cash of £140,000. The PCC and BCWT are working through the process of transferring the ownership of the property; the payment of the cash sum is expected to take place shortly.

11 Current asset investments

ent asset investments
Bequeathed property 2024
£
306,365
306,365		 2023
£
325,000
325,000

The bequeathed property has been sold since the year end and the net proceeds from the sale, which was £306,365, has been used to value the property in these accounts.

12 Cash at Bank and in Hand

Bank operating accounts
Bank deposits
Payment processing accounts (e.g. PayPal, Stripe)
Liquid investments (Diocese of Rochester)
Petty cash
itors: liabilities falling due within one year
Trade creditors
Accruals
Grant obligations
Loan from Church Commissioners (see note 14)		 2024
£
61,123
303,452
1,951
799
240
367,565
2024
£
9,303
4,600
2,000
217,193
233,095		 2023
£
47,999
297,508
-
964
476
346,947
2023
£
6,319
3,000
8,650
-
17,969

13 Creditors: liabilities falling due within one year

Page 14

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Creditors: amounts falling due after more than one year

itors: 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
Reclassified as a loan that will be repaid within one year
Fair value of loan at the end of the year		 2024
£
191,000
26,193
(217,193)
-		 2023
£
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 market value of the property when it is either sold or when the PCC decides to repay the loan. The PCC plans to repay this loan in 2025 and so it has now been disclosed as a creditor falling due within one year. The loan has been included at is redemption value, which has recently been agreed with the Church Commissioner using a market value of £525,000 for the property (see note 8) plus a share of some incidental expenses.

15 Pension commitments

During the year employer’s pension contributions totalling £1,145 (2023: £nil) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date (2023: £nil).

16 Funds

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

Designated Funds
Fixed Assets fund
Fixed Assets Revaluation Reserve
Building repair fund
Lunch Club fund
Resource fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Donated Staff fund
Donated Equipment fund
Mission Beyond Bromley fund
Hardship fund
Equipment fund
Aggregate of funds		 Opening
balance
2024
£
521,251
207,749
729,000
-
1,113
-
730,113
696,444
1,426,557
-
-
-
10,219
500
10,719
1,437,276		 Income
2024
£
-
-
-
-
8,441
1,412
9,853
309,408
319,260
135,000
-
25,515
-
-
160,515
479,775		 Expenditure
2024
£
(31,193)
-
(31,193)
-
(7,167)
(1,641)
(40,000)
(236,930)
(276,931)
(135,000)
-
(25,515)
(506)
(161,021)
(437,952)		 Transfers
in the year
2024
£
-
-
-
290,000
-
229
290,229
(290,229)
-
-
-
-
-
-
-
-		 Gains and
losses
2024
£
-
60,000
60,000
-
-
-
60,000
531,365
591,365
-
-
-
-
-
-
591,365		 Closing
balance
2024
£
490,058
267,749
757,807
290,000
2,387
-
1,050,194
1,010,058
2,060,252
-
-
-
9,713
500
10,213
2,070,465

The gain of £531,365 reported by the general unrestricted funds comprises £550,000 for a return of funds from Bromley Christian Worker's Trust (see note 6) less a loss of £18,635 arising on the revaluation of the charity's current asset investment property (see note 11).

Page 15

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Funds continued

Analysis of net assets by fund

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

Tangible fixed assets
Stock
Debtors
Investments held as current assets
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year
In the previous year the movements in the charity's funds w
Opening
balance
2023
£
Designated Funds
Fixed Assets fund
851,251
Fixed Assets Revaluation Reserve
207,749
1,059,000
Lunch Club
3,992
1,062,992
General Unrestricted Funds
179,438
Total Unrestricted Funds
1,242,430
Restricted Funds
Donated Staff fund
-
Donated Equipment fund
-
Mission Beyond Bromley fund
-
Hardship fund
-
Equipment fund
-
-
Aggregate of funds
1,242,430		 ere as follows:
Income
2023
£
-
-

-
6,995
6,995
396,874
403,869
271,000
5,335
12,603
11,219
500
300,657
704,526		 General
Designated
funds
funds
£
£
13,210
975,000
500
-
640,921
-
306,365
-
64,965
292,387
(15,903)
(217,193)
-
-
1,010,058
1,050,194
Transfers
Expenditure
in the year
2023
2023
£
£
(5,000)
(325,000)
-
-
(5,000)
(325,000)
(8,259)
(1,615)
(13,259)
(326,615)
(206,483)
326,615
(219,742)
-

(271,000)
-

(5,335)
-

(12,603)
-
(1,000)
-
-
-

(289,938)
-
(509,680)
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-

10,213
-
-
10,213
Gains and
losses
2023
£
-
-
-
-
-
-
-
-

-
-
-
-
-
-
 2024
£
988,210
500
640,921
306,365
367,565
(233,095)
-
2,070,465
Closing
balance
2023
£
521,251
207,749
729,000
1,113
730,113
696,444
1,426,557
-
-

-
10,219
500
10,719
1,437,276

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
Investments held as current assets
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
1,815
920,000
500
-
51,983
-
325,000
-
335,115
1,113
(17,969)
-
-
(191,000)
696,444
730,113
Unrestricted Funds		 Restricted
funds
£
-
-
-

-
10,719
-
-
10,719		 2023
£
921,815
500
51,983
325,000
346,947
(17,969)
(191,000)
1,437,276

Page 16

CHRIST CHURCH BROMLEY PCC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Funds continued

Designated funds

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

The Building repair fund was created this year by the PCC to help meet the cost of known maintenance work to buildings owned or used by the PCC. In all £290,000 has been transferred to this fund from unrestricted general funds and the PCC intends to use this fund to meet the cost of replacing a boiler in the church building and undertaking a schedule of work to help maintain the fabric of the church halls.

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.

The Resource fund relates to the activities of the church's bookstall, which aims to provide resources to help with spiritual growth.

Restricted funds

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 Donated Equipment fund represents the value to the PCC of the rent free use of audio visual equipment owned by The Bromley Christian Workers Trust.

The Mission Beyond Bromley fund was created from donations received to help support the charity's mission partners. The Hardship fund was created from donations received to help relieve material hardship amongst members of the church family.

The Equipment fund was created from donations received to help replace equipment, which this year's donations being for the replacement of a boiler.

17 Operating lease commitments

In the previous year the charity leased a residential property and this lease came to an end in 2024. The minimum amount payable in respect of this lease was as follows:

Within one year
Payments falling due:		 2024
£
-		 2023
£
13,800

During the year the charity was charged £12,040 (2023: £13,800) for its operating lease.

18 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 did share a trustee and some key staff for all or part of the year. 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. The transactions with BCWT have been disclosed in the above notes.

During the year the charity:

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 (2023: £nil).

Except as disclosed in note 7 'Analysis of staff costs', there have been no other transactions with related parties during the year.

Page 17