StJ2mes's P l (" (-..4 1) 1 l. i. }' St James's Church. Piccadilly PCC 197 Piccadilly, London W1J 9LL • 020 7734 4511 www.sjp.org.uk • enquirie5@5jp.org.uk • @StJPiccadilly • Registered Charity No.1133048 Rector.. The Revd Lucy Winkett Clergy-. The Revd Dr Ayla Lepine (Associate Rector), The Revd Dr Mariama Ifode-Blease, The Revd Dr Ivan Khovacs, The Revd Daniel Norris PAROCHIAL CHURCH COUNCIL Annual Report and Financial Statements for the year ended 31 December 2022 Charity Number 1133048
St Jame5'5 Church. Piccadilly Parochial Church Councll CONTENTS PCC ADMINISTrATIVE INFORMATION............................................................... FOREWORD.. STRUCTURE, GOVERNANCE AND MANAGEMENT.................................................................. 08JECTIVES AND ACTIVITIES..... ACHIEVEMENTSAND PERFORMANCE.............................-........................................ ... .12 New Cultural Programme.......................................................-........................... FINANCIAL REVIEW........................-..-.-................................... .13 .14 Income..... .14 Expenditure.............-......................... .15 Investments........................ .15 Fundraising Regulation...........................................-................................... RESERVES POLICY............................-............................................... ... .15 -16 RELATED PARTIES... -16 AUDIT cOMMIEE AND RISK MANAGEMENT............................................................................ .17 Risks......................-............... .17 PLANS FOR THE FUTURE........ . .18 Establishing A Longer-Term Strategy & Objertives.................. . .. STATEMENTOF THE PAROCHIALCHURCH COUNCIL'S FINANCIAL RESPONSIBILITIES............-............19 .18 Auditors......................-..-.................... -20 Disclosure of Information to Auditors ............... .20 AUDITOR'S REPORT.......... .21 FINANCIAL STATEMENTS.......................-..-................................... .. .... .25 NOTES TO THE FINANCIAL STATEMENTS................................................... .29
St Jam•s's Church. Picc•dNIy Parothial Church Council Annual R•portforth• y•ar •nd•d 31 D•c•mb•r 2022 St James's Churth. Piccadilly Parochlal Church Councll Status: The PCC is a registered charty, number 1133048 Governing documents: The Church Representation Rules and The PCC IPowers} Measure 1956 Operational addr•ss: St Jame5'5 Church, Piccadilly 197 Piccadilly London WIJ 9LL Website= www.sjp.org.uk Bankers: The Co-operative Bank 80 Cornhill London EC3V 2HR CAF Bank knmited 25 Kings Hill Avenue Kings Hill West Malling ME194JQ SolicFtors: Bate5 Wells 10 Queen Street Place London EC4R 18E Audltors: Goodman Jones LLP 29 / 30 Fitzroy Square London WIT 6LQ
StJam•s's Churth. Piccadilly Parochial Church Coundl Annual R•port for th• y••r •nd•d 31 D•c•mlw 2022 PCC ADMINISTRATIVE INFORMATION The Parochial Church Council IPCCI, registered with the Charity Commission as of l December 2009, presents its Annual Report for the year ended 31 December 2022 which complies with crfit ststutory requirements. The members of the Parochial Church Council. who were trustees ofthe charity. during the year are.. The Revend Lucy Winkett The Reverend Dr John Russell (Clergy. Rector) Iclergy. Associate Rector. appointed May 2020 resigned February 20221 Iclergy. Associate Rector. appointed July 20221 Iclergyl ICler9yI ICler9y. Assistsnt Curate. appointed October 20201 The Reverend DrAyla Lepine The Reverend Dr Ivan Khovacs The Reverend Daniel Norris The Reverend Dr Mariama IfodtrBlease Deborah Colvin Trevor kn'nes Ichvrchwarden, elected April 2017. last re-elerted October 20201 Ichurchworden. eleaed April 2017. last re-elected October 20201 Helen-Cla4re Burt Julie Cunningham Shirley Dixon lelected May 20221 IDeanery Synod repsentatiVe, elected October 2020 IDeanery Synod representative. elected April 2018, reelected October 2020, Tesigned 28 November 20221 IDeanery Synod representative, elected October 20201 (elected May 20221 (Deanery Synod representative. elected October 20201 (elected October 20201 (elected October 20201 leleded April 2019, relected May 20221 (elected October 20201 (elected a5 Deanery Synod p from April 2016. elected as lay mernber October 20201 (elected April 2016. reelected April 2019. res¢9ned 8 May 20221 (elected April 2017, re-elected Octobei 20201 (elected October 20201 Rosalind Fane Deirdre Hetherington Joanna Hines Monica 8ashabe Alison Beck David Loyn Ben Mariam Lia Don9 Shimada Heather Williams Wi150n Wong Claire Wright The followin9 attersded PCC meetin95 as appropriate but is not a trustee of the charty.. Keith 8e5t IPCC Secrwary. appointed August 20211 New PCC members are provided wfth an induction which includes advisin9 them of their re5pon5ibilrtie5 and representatives are invited to attend training se55ions arranged by the Diocese ot London to keep them up to date with their responsibilities. Professionals are invited to advise at PCC meeting Free trainin9 sessions run by lawyers and account3nis aTe notified to PCC members for their attendance.
St Jam•<s Church. Pkcadllly ParKhlal Church Coundl Annual R•portforth• •nd•d 31 D•c•mkn 2022 FOREWORD In a challenging environment socially. politically, economically, at a time of climate emergency and a hugely challenging time for the national church institution as a whole, St James's has taken time 2019-22 to formulate a reinvigorated plan for its direction in this perplexing time. The PCC members, the trustees. working with consultants. have taken the step of contributing to the future wellbeing of society by setting a direction that attempts to draw the boundaries around what is 'church' even more inclusively and broadly. This builds on the decades-long reputation that St James's has for open-hearted and open-minded activities. gatherings and projects. The core of St James's life is its historic vocation to gather people for Christian worship and prayer. and care for the parish. But equally Reverend LUCY Winkett direction, is the invitation to people of all faiths and none to gather and explore life's meaning, whether that is at a Christian act ofworship or not. The significant surplus made in 2021 was invested by trustees in 2022 in a new Senior ManagementTeam ISMTI, tasked with the formation of a strategy, the crafting of objectives and the professionalisation of a monitoring and assessment process that could stsrt to deliver this vision, while planning too for The Wren Project. The Wren Project is a £20m transformation and rejuvenation project. restoring the Wren church and re landscaping the garden, adapting other buildings. Phase 2 ofthe Wren Project is a campaign to raise £10m in endowment. 2022 has been a year of learning, capacity building and experimentstion in terms of reaching new audiences, re-gathering church congregations after the pandemic, and planning forthe restoration and rejuvenation ofthe site in the Wren Project,. For PCC members (trustees) 2022 has been an exciting journey in terms of putting togetherthe three years strategy, bringing the vision to life. But it has not been an easy year either, as implementation ofthis direction has meant change to trustee agendas and patterns of meetings. the delegation to a professional SMT of the execLrtive function and has brought the significant challenge of income generation to the fore. In this volatile environment in society generally and at a time of change forthe church the PCC was especially satisfied to see thatthe 2022 budget was exceeded, assurin9, over 24 months, a breakeven situation afterthe surplus investment of 2021. The a55urance of an integrated 3-year strategy has also given Shape to the agility needed by trustee5 and 5tsff, given the uncertainty ofthe timing of The Wren Projert. New obligations are a150 placed on the PCC through the Protect Duty and Martyn's Law regarding the oversight of a central London site open to the public seven days a week. Maintaining the balance needed in governance between planning, assurance and handling the volatility of current circumstances, both external and internal, has demanded a lot oftime, energy and commitment from trustees and senior management. But in managing risk, which is being done prudently and clearly with an independentAudit
St Jam•s's Churth. Pireadilly Parochial Churth Counal Annual R•port forth• y••r•nd•d 31 D•c•mb•r 2022 Committee and revised risk register, it is clear the greater risk to the church's core mission is not being bold in this way. The PCC, the elected council ofthe church, in partnership with the Rector and clergy team, remain bold and visionary, committed to shaping church life, both for those who feel comfortable in a Church of England sethng. but especially, with their attention focussed on those who do not. St James's will continue to move forward, in its day-to-day open-door policy, the maintenance of its historic building. Site and garden seven days a week, in its experimental cultural programming and daily rhythm of prayer, in its development strategy and engagement with its neighbours and in its feeding and clothing of all who come in need. The next three years ofthe new strategy are in front of us, and the PCC view this time with hope, realistic understanding of the challenges, and determination to remain OUard-l00kIng. One new programme that encapsulates the attempt to bring all of this together is the proposed St James's Changemaker Programme. Dependent on funding this programme, linked to the development ofthe Wren Project. invites young people to imagine the world to be different and will form a community of youn9 changemakers across five disciplines in society, rooted in the values and vision of St James's Piccadilly. This is Still in development but is an indication of St James's approach to the challenges and changes that lie ahead in a post Covid 19 central London (still recovering economically), handling climate emergency and a cost-of-livin9 crisis and, at the time of writing, war in Europe. A former Rector of St James's (William Temple, rector 1914-18) said that church is the only institution in society that exists for the benefit ofthose who do not belong to it. This is the outward looking approach that guides St James's mission today. Reverend Lucy Winkott. Rector and PCC Chair of Trustee5
St J•mes's ChurcK Plccadllly P•rochS•l Chyrth Council Annual R•p•rtforth• y••r•nd•d 31 D•¢•mb•r 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Parish ol St James's, Piccadilly is a parish within the Church of England as defined by canon law. Individual parishes within the Church of England do not have a separate constitution. They work within the framework of Church of England ecclesiastical law. The Parochial Church Council is a corporate body established by the Church of England. The PCC operate5 underthe Parochial Church Council (Powers) Measure 1956. During 2022 the PCC consisted of nine elerted members in accordance with Church of England representation rules tO9ether with four Deanery Synod representatives, Churchwardens, and clergy. The pay and remuneration ofthe church's key personnel 15 Set by members ofthe Senior Management Team ISMTI underthe delegated authority ofthe PCC. SJP undertake annual benchmarking comparable with other charitable organisations to ensure that SJP remains competitive within the sector. This exercise covers all staff. includin9 managers remuneration, and is undertaken by the Human Resources Advisor. The results ofthe benchmarking are analysed alongside with the skills and experience of each employee to understand the remuneration options available. In broad terms, all salary bands are reviewed annually, and any inflationary increments 15 deemed appropriate and affordable for the overall pay-scale. Details of staff costs for the year are shown in note 4 of the financial statements. OBJEcfivES AND ACTNMES The aim, purpose and vocation of every Church of England parish is primarily to promote the mission ofthe church by serving every person within the historic parish boundary, hold regular public Christian services to which all are welcome, and to guard, promote and safeguard the historic assets of the church, held in trust for the people of England. The Church of England nationally has developed 'Five Marks of Mission.. These are: To proclaim the Good News of the Kingdom To teach, baptise and nurture new believers To respond to human need by loving service To transform unjust structures ofsociety, to challenge violence of every kind and pursue peace and reconciliation To strive to safeguard the integrity of creation, and sustain and renew the life of the earth St James's parish is in central London with a small residential population {around 1,0001, with around 7.000 businesses. high footFall through the site seven days a week, and a dedicated and energetic gathered congregation. who meet on Sundays for worship. run social attion projects and form Christian communty.
stjan$ chUrt Pictadilly Parochl•l Churth COU11 Anbwal R•port forth• ywr •nd•d 31 D•c•mb•r 2022 The vision developed through 2022 is encapsulated in the statement'Rooted in God's earth, we envision a just society and a creative, open-hearted church,. The ambition set by the Church Council is 'A larger, more inclusive, imaginative and influential SJP community in a transformed site by 2026.. The values of St James's have been identified as Contemplation, Action. Adventure, Courage and Kindness. Directly related to the support and delivery of the Church of England's Five Marks of Mission, the church's activity is delineated into five missions of its own, outlined below, frt for the context of St James's Piccadilly. In addition to the core activity of holding religious services, these purposes are distinctive, focussed on people of all faiths and none (not just practising Christians), on environmental work, social impact projects and an innovative creative programme. In 2022, SJP'5 PCC developed and launched an ambitious new strategy to fulfil its purpose and provide increased public benefit, over a challenging 3-year horizon. Direction was determined by careful analysis of likely environmental conditions and the increased unmet public need they might produce. Prominent amongst the challenges identified and activities undertaken were.. Declining UK socio-economicconditions in the wake of BREXIT, COVID, Rising Inflation and the Energy Crisis were assessed as likely to increase the number of people falling into poverty, homelessness, depression and crime. Support from the wider Charity & Public sectors was assessed likely to be under significantly increased strain and therefore unlikely to fully address this challen9e, resulting in more unmet public need. As has been stated previously, SJP'S Charitable Purpose is to promote the whole mission ofthe Church of England ICofEI. from within our parish. To meet the third and fourth marks ofthat mission (to respond to human need by loving service, and to transform unjust strurtures of society, to challen9e violence of every kind and pursue peace and reconciliation), the PCC identified four aims for Public Benefit.. Increase SJP'S capabilty to deliver high quality hotfood to more members of the public experiencing homelessnesslfood poverty through SJP'S twice-weekly Food Outreach programmes. Develop a drop-in Wardrobe programrne to provide high quality donated clothing to rnembers ofthe public experiencing homele5snes5 arid/or poverty. Maintain the on_site Caravan counselling service, providing a free drop-in mental health setvice to the public over a period of increased anxiety. This service, delivered by final year trainee counsellors as part of their qualification, also supports capacity building in public mental health 5ervice5.
St Jam•<s Church. Plcadilty Par+xhi•l Church Council Annu•l R•portforth• y•ai ended 31 Dee•mber 2022 To maintain a safe green space (the Southwood Garden), that 15 accessible to the general public for peaceful respite. This aim also fulfilled the fifth mark of CofE's mission (To strive to safeguard the integrity of creation and sustain and renew the life of the earthl, winning a Gold Eco-church award. RIXMA CIWR Alongside these challenging socio-economic conditions. there remained a continuous decline in faith and church attendance in the UK. With only 1% of UK 18- 24-year-olds identifying themselves Wlth Anglican Christianity, this trend lif left uncorrectedl. painted a bleak future for CofE's first and second marks of mission (to proclaim the Good News ofthe Kingdom, and to teach, baptise and nurture new believers). In a challenging time. the sources of comfort and messages of hope that the church has traditionally provided were increasingly failing to engagelinspirelbenefrtthe public. The reasons behind this decline are complex but, three areas of opportunityto partially address it stood out from SJP'S analysis-, that the church remained valued by the public for its social impact projects and environmental stance, that young people were more likely to engage with the church through cultural activities. and that promoting more clearly the modern church's values alongside its beliefs lin particular, providing opportunities to explore and champion shared values together regardless of faith. through face to face activities, advocacy and increasingly online broadcasting), was necessary forthe public to more clearly identify what the church stood for and to benefrtfrom becoming a part of its extended community. To meetthe third. fourth and fifth marks of mission, the PCC identified broad aims for Public Benefit from its assessment: To further diversify and extend (beyond a congregation-centred model}, its volunteer pool,. enabling a wider community of all faiths and none to come together to support social and earth justice initiatives in alignment with the church's values (but not necessarily its beliefs). This enabled more members ofthe public to benefit from -giving something back- to society in an inclusive way by volunteering to support activities such as FEAST, Sunday Breakfast & Wardrobe Ifood outreach and social impact initiatives in support of our homeless andlor impoverished community members).
St J•m•<s Chur¢h. P1cclI1Y P4ro¢hial Church Coundl Annual R•port l•rth• y•*•hd•d 31 D•£•ffl 2022 To develop a carefully curated, mission aligned programme of cultural events, through which to engage a rnore diverse and younger audience on the church's core values of Contemplation, Action, Adventure, Courage & Kindness. In this way, a5 a "Provocateur for Good-, SJP aimed to inspire a wider section of societyto determine and develop strong personal values and adopt aligned behaviours to benefit society as a whole. 3. Over 2022 the newly fomied Development Department continued to develop relationships across the parish of St James's with the aim of nurturing and engaging partners tQ SUPPOrt the day-to-day life of St James's, this alongside those identified to SUPPOrt The Wren Project. St James's has been encouraged to See corporate volunteers from within the community give oftheir time, and were blessed to see that from that service, for some in thi5 community, a journey of faith and closer engagement with the church came. 2022 started with working to communicate our message in different ways, aimed at our parish and neighbours: first through an 'ln-Conversation' series with the BBC presenter Huw Edwards as host. St James's Church Piccadilly Local celebrities such as Stephen Fry, Hugh Bonneville and Emerald Fennell, all took part and helped share the mission of St James's and the importance ofthe outreach work in the community- The Friends of St James's wa5 created, aimed at individuals, not necessarily part ofthe Sunday congregation, to enable them to support our community outreach on a monthly basis and the Corporate Friends of St James's was created alongside. We saw a 50% increase across the year in our Friends of St James's and welcomed seven founder Corporate Friend5, all making possible the ongoing Outreach work. We were also able to secure several grant5 to support St Jame5'5 mission including the A2iz Foundation and Mosawi Foundation. We were also thrilled to have in-kind support that sees, for example, a quarterly delivery of produce to help with 'Feast'. our weekly meal with people going through homele55ness or on low incomes. To support The Wren Project, a Series of dinners was created for 20 people each time, with a view to forging longer lasting relationships that become part ofthe wider support network ofthe church. From these engagements, StJames's received pledges of funds and also introdudions to other local networks and in-kind support. io
St James's Churth. Picudilly Parothial Chur¢h cou11 AMy•l R•portforth• y•ar •nd•d 31 D•c•M1 2022 We ended the year with the Heart of St James's Christmas Appeal, and were grateful to the actor Adjoa Andoh. who created an inspiring film with an invitation to become a Friend of St James's. Our inaugural Christmas Gala 'Beacon of Light, fundraising concert ended the year wtth amazing music performed by The Sixteen ensemble with Septura Bra55 and featured the world premiere of a commissioned work as part ofthe creation of a new St James's Songbook. Sponsored by a group ofyoung professionals within the parish, the work took the words of William Blake To See a World in a Grain of Sand., with music composed by Sarah McDonald. With this piece, we have now begun a journey that each year will see a new music commission proclaiming the good news ofthe gospel each Christmas. Over 200 people gathered forthe post event reception held atthe RAA. for which we are the Parish Church. All went away ready for 2023 with a bottle in hand ofthe new St James's 1684 Gin, each helping us raise a little more to keep the work of St James's alive and well. e Nearto, 4. Sustaining this work for the public benefit a150 required the PCC to better utilise the income generation potential of its church site in Piccadilly, in a mission-ali9ned way. To sustain artivitie5 for the Public Benefit, in a way that met the third and fourth marks of mission, the PCC directed a specific change to its 51ttrbased income scheme= Supporting a partnership with a profitfor purpose provider{Redemption Roasters) to improve offender rehabilitation. The latter train prison residents and people at risk of crime with the skills they need to gain secure and meaningful employment. The long-standing Courtyard Food Market (operated by Foodish Ltd.), expanded its operation from I0 to four days per week as the country emerged from Pandemic in 2022, helping to further boost on-site income generation. li
St James's Churth. Piccadimy Parochlal Churth CWDEII Annual R•port forth• ywr •nd•d 31 D•¢•mb•r 2022 In setting the objettive5 and activities of the Charty, the Trustees have had due regard for the guidance issued by the Charty Commission in respect of public benefit. ACHIEVEMENTSAND PERFORMANCE St James's Church, coutyard and garden are open seven days a week from 8am until late most days. The staffing of such a public site in the centre of London requires significant resource in itself, in orderto provide a well maintained, safe site for all who come. The public benefit of having a Grade I listed heritage asset freely accessible, at no charge, to visitors, providing access to world famous architecture, carvings, art, public space to rest and well-maintained green space 15 clear. In addition. a weekly programme of mu51C recita15, free to the public, is offered, alongside daily services of prayer and reflection. The Caravan counselling project located in the garden offers free listening on a drop-in ba515, and in 2022, a new profit for purpose café partner (Redemption Roasters) was identified and opened. The next graphic 5ummarises SJP'S key achievements quantitively. 14,1)knh Amongst these tt 15 Worth highlighting: The recovery in foorfall post-pandemic has significantly restored SJP'S ability to engage the public in the whole mission ofthe church, with a draw of an estimated 300,000 visltors per year. Our Food Outreach volunteers provided 5,000+ free hot meals to homeless/impoverished community members via the FEAST and Sunday Breakfast 12
St Jam•¢s Church. Piccadilly P•rochial Churth Coun(il Annu•l R•p•rtforth• y•ar •nd•d 31 D•c•mb•r 2022 initiatives in 2022 and saved c.£17,000 of food from going into landfill while doing that. SJP now supports a 51% to 22% reduction in reoffending rates through its café partnership with Redemption Roasters New Cultural Programm• With the surplus from 2021, the PCC invested in a new cultural programme for 2022, as part of the Strategic direction, with the objective of reaching new audiences, and inviting more diverse communities to engage with the life of St James's. The ambition is to grow a more inclusive, diverse, imaginative and influential SJP community by addressing life's big questions through art, music, and gatherings of different kinds. The vocation of St James's as a central London church, to raise deeper questions and convene diverse gatherings has driven this investment, founded in the belief rooted in Christian theology, that creativity is in itself a language of the human spirit. The cultural programme's purpose is to be a 'provocateur for good., finding partners. individual practitioners, performers and allied organisations to curate programmes that invite people who may think that church is mt forthem. 2022 has seen the recruiting a new creative team, the testing of a new operating model and assembling building blocks to build audience reach and increase impact. We have seen over 250 concerts and events over the pastyear, ranging from lunchtime recitals providing a key plarform for graduating musicians, to Talvin Singh OBE headlini ng our new annual 'Embark' festival which highlighted themes of migration. journeying and the crossing ofthresholds and coinciding with the 75th anniversary ofthe partition of India and the creation of Pakistan. We hosted artists in residence. The first was Iman Tajik who is based in Glasgow but originally from Iran, and who is himself a refugee and former asylum seeker. Iman created a new installation Radical Welcome as part of the Embark Festival, adopting an expression he took from conversations and the St James's webslte. The second was Jesse Darling, who undertook a new installation Miserere to coincide with the Frieze Art Fair. Darling, perhaps the most prominent UK artist who identifies as trans created an ambitious new multi-media installation in the church, which led to an article and review in The Tablet. Both Embark and Jesse Darling's projert5 were accompanied by panel discussions welcoming congregation as well as those of all faiths or none to expand upon the themes and meanings ofthe programming, in particular what it means to do these at a church. 13
St Jamm's Church. Pkcadilly Parochlal Clhurch Coul1 Annual R•ptsrt hrth• y•ar •fxl•d 31 D•¢•rn 2022 Both creative programme and congregational life have been enhanced by the recruitment of a Head of Communications and Audience Development in orderto produce and lead on a plan for building new audiences across all areas ofthe church's work. This has led to a near doubling of both our congregational and arts mailing lists as well as greater brand and communications coherence and strategy. Our newsletters are published weekly for congregation and monthly for arts and reach 5,000 people with a regular open rate of almost 70%. The period has been particularly geared toward5 laying foundations, testing new models and learning. The programme started out wtth substantial income generation targets, which proved to be a step too far, and the economic challenge5 ofthis programme remain. However. the programme can be said to have achieved. in a shorttime, thoughtful and informed curation as well as attaining wider impact. both through visitor and artist feedback as well as through social media. The programmes have reached new. younger and more diverse audiences and have connected directly with bi9 questions and theme5 core to the life of the church. FINANCIAL REVIEW Despite the challenging funding environment, SJP has exceeded the 2022 deficit budget improving the projected deficit of £283,322 to a re5uFt deficit of £247.801 thanks to the new three-year strategy of being a more focussed and streamlined organisation investing part ofthe reserves in programs more aligned to our mission combined with continued efforts in savings on overhead5 costs. Further information regarding the make-up of income and expenditure for 2022 and of the reserves held as 31 December 2022 are given below. Income Total unrestricted fund income wa5 £998,512 of which £385,159 was unrestricted planned and voluntary donations, and a further £31,354 was from Gift Aid. Unrestricted but designated donations came to £63,679, the majority of which were to finance the FEAST program. Unrestricted fund income was 1.6% higherthan 2021 and 8.23% above the budget, but the total income. including restricted fund, decreased 6.82% £83,378 compared with the previous year. 14
St Jam•s's Church. Pic¢adllty Parothial Churth Council Annwal R•portforth• y•ar •nd•d 31 D•c•Mbw 2022 The major unrestricted income streams for 2022 was planned and voluntary donations including Gift Aid, which accounted for 42% and use of the premises with 48% of the totsl unrestrirted income. As the future external funding is focussed on raise funds for The Wren Project, we have evolved the income generation strategy, including the plan for establishing a trading subsidiary, as part of effort5 to ensure SJP financial resilience. Exp•nditur• £1,459,324 was spent from unrestricted funds, with the running costs of St James's being a significant portion of the total spent. It is to be noted that the higher expenditure amount5 are a result of delivering activities reduced in 2021 because ofthe pandemic, the investment in new skilled staff and the launch of2023-2025 strategy. St James's original offertowards the Diocesan Common Fund was £108,000 in 2020 Icompared to £104,000 in 20191, but in light of the impact of Covid-19 on St James's Pinances, this was subsequently revised to £85,200 in 2021 and kept the same amount for 2022, which was paid in full. All expenses are scrutinised and kept as low as possible, in line with the church's system of budgetary control. Investments The PCC'S portFolio of investments as 31 December 2022 had a total value of £460,094 of which £445,342 is held in the CBF Church of England Deposit Fund an actively managed, diversified portFolio of sterling denominated money market deposits and instruments. It will principally invest in sterling call accounts. notice accounts. term deposits and money market instruments that aims to provide a high level of capitsl security and competitive interest rates, managed by CCL4 Investment Management Limited in accordance with the policies of the Church of England National Investin9 Bodies: The CBF Church of England Funds, the Church Commissioners for England and the Church of England Pensions Board. The objective for 2023 is to continue investing SJP reserves in this fund combining a highest possible interest rate with immediate availability. Fundraising Regulation St James's is signed up to both the Fundraising Regulator and the Institute of Fundraising and abides by these codes of conduct. St James's employs a small team of professional fundraisers, running events and handling donations from individual supporters, trusts, foundations, and corporations. Other external professional fundraising advice and legal services has been sought from the More Partnership Ltd in the establishment ofthe American Friends of St James's Piccadilly. No complaints have been received regarding St James's fundraising practices, and the safeguarding of all individuals, especially vulnerable adults is taken very seriously within the Development Department. All communication regarding the need for funds indicates that any size ofgift is welcome, from £1 upwards. and the regulatory authority logos are used in all communications for reassurance and accountability- 15
St Jam•¢s Church. Piccadilly Pamchlal Church Coundl Annual R•portfor th• ymr •nd•d 31 D•Ththr 2022 For the encouragement of le9acies. a member of the congregation leads on this in a volunteer capacity, and individual who is well known and respected within the community, and has been recruited fortheir knowledge, integrty and sensitivity. RESERVES POUCY The PCC has approved a policy of maintsining unrestrided general reserves at the level needed to cover at least four months of general fund expenditure on church activities, which equates to approximately £335,000. On 31 December 2022, general fund reserves were £337,369 and free reseNes as defined by the Charity Commission amounted to £243,350. The level of unrestricted reserve5 15 also reviewed against the risks to budgeted net unrestricted general income in the annual budget. The PCC will continue during 2023 to make efforts to keep free reserves in line with the ststed policy. Surpluses are set aside for specific purposes. either into restrirted funds as declared by a donor or resulting from the terms of an appeal. or into designated funds as determined by the PCC to be used for a particularfuture project or commitment The purpose of holding the remainder of funds in the unrestricted general fund is to enable the church to cope with fluctuations in its cash flow and to provide a fund of money in case its income drop5 unexpectedly. During 2022, the church received income from its services, charitsble activities, and the use of its premises for letting out, a food market and from concerts and events. There are expenses already in the budget relating to these activtties and the net income is tsken into the general fund. In 2022 St James's generated a general fund deficit of £247,801. On 31 December 2022, general fund reserves were £337,36912021 £585,170), meeting our reserves target. Restricted reseryes were-£504 on 31 December 2022 (2021- £411.5071. Designated reseryes were £343,120 on 31 December 202212021- £558,078) Restricted fund5 reserves closing balance was negative, due to the Church Renovation Fund account (The Wren Project)-£79,430. Expenses were needed to carry out and finish the design & planning stage. Finally, this application was submitted to the Westminster City Council on 03 August 2022. The decision on the application wa5 delayed, and some pledges were linked to the outcome. The WCC granted the application in full on 7 February 2023. The SMT decided to bring forward the negative balance as the first pledge were received a few days after in February 2023 enough to cover and clearthe balance. RELATED PARTIES Transartions with any related party are on an "ami's length" basis. Detai15 of any transactions, either directly or indirectly involving members of the PCC are given in Note 7 tothe Financial Statements. 16
St J•m•<s Churth. Pktadilly Paro¢hl•l Clwrth COU11 Arhnual R•portforth• y•*r •nd•d 31 D•rn 2022 AUDIT COMMrrrEE AND RISK MANAGEMENT The PCC has an Audit Committee to advise the PCC on the adequacy and effectiveness of systems offinancial control and arrangements for risk management, governance and audit. The Audit Committee also ordinarily reviews the contents ofthe Risk Register, although notin9 that measure5 are in place to mitigate many ongoing operational risks, the Committee focused its attention during 2022 primarily on new and emerging risks and changes to existing risks emerging from the Covid-19 pandemic. The PCC. which has the ultimate responsibility for managing any risks faced by the church, has given consideration, under advice from the Audit Committee to the major risks to which it is exposed and has concluded that adequate system5 are in place to manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed. The trustees have a risk management strategy comprising of an annual review of the principal risks and uncertainties that the church faces, the establishment of policie5, systems and procedures to mitigate those risk5, and the implementation of procedures designed to minimise or manage any potential impact on the church should these risks materialise. Risks From its environmental analysis, the PCC identified 3 key strategic risks and committed resources to mitigating these as Outlined= Rlsks to Fundraislng Growing unmet need. coupled with more straitened economic circumstsnce5, had created a more challengin9 environment for charitable fundraising. Donors had les5 disposable income and. in the wake ofthe pandemic. a larger number of causes competing for a share of It. The risk to the church was assessed to be tha( in this situation, it could fail to raise the funds needed to commence The Wren Project in a timely way, and to sufficiently sustain its missional activities without further drawing on its reserves. To mitigate against this, the PCC invested in an expanded, professional Fundraising & Development Team, and agreed a five-year Fundraising Strategy. Risks to Other Income Generatlon A slow post-pandemic recovery in West End foorfall as well as the general economy was assessed highly likely. This would have a significant. prolon9ed financial impact on the hospitality and cultural sectors. As a significant portion ofthe church's forecast income came from food and beverage (café, courtyard food marketl and its Creative Programme (curated concerts, exhibitions, festivals), this presented a significant risk to financial sustainability. 17
St James's Chur<h. Plcc•dllly Parochial Church Councll Afftnual R•portlorth• yw •nd•d 31 D•c•fflb•r 2022 To mitigate these risks the PCC directed a balanced programme of cultural events (some in low risk and others higher risk in terms ofticket income), the expansion of the low-risk courtyard food market to four days a week to increase foorfall capture, and application for a site alcohol licence to enable the church to run a bar at cultural events. in order to boost peripheral income. Risks to Congregatlonal Grovrth Analysis ofthe British Social Attitudes Survey and CofE data showed the continued decline of church attendance in the UK. in particular amongst young people. The risk to the church was assessed to be that, ifthis trend continued, it would cease to become relevant and fall into decline over a period ofdecades. To mitl9ate this risk the PCC directed a positive and decisive approach to communicating its me55age through engaging liturgical and cultural programming. launched a transformational three-year strategy and invested its 2021 financial surplus in building the capacity and expertise required to deliver it. The trustees believe these actions provide sufPicient eaAy warning systems, and the requisite controls and procedures in the event of adverse condition5. PLANS FOR THE FLrruRE Establishing A Longer-Terni Stratsgy & Objectives 5LWG4-.[D&5U51¥( YrI451 18
St J•mes's ChurtK Pictadllly P•rothl•l Ch¥r¢h COU11 Annual R•portfi>rthe y••r •nd•d 31 D•wnlMr 2022 Building on significant previous stskeholder engagement, and in consultation with The Curiosity Society and the newly formed SMT, the PCC sought to define its longer-term ambition for the church and determine the purpose-aligned challenges it would undertake for the public good. Through a series of workshops. facilitated by the SMT, an authoritative Strategy Framework for 2023126 was developed as illustrated above. Delivery ofthis strategy was organised into five Strategic Programmes, each containing cohesive group of objectives from the Strategy Framework. Each Strategic Delivery Programme would be championed by a PCC mernber, managed by an SMT mefflber and prioritised in time and resource terms as illustrated below- (wnThJD.t¥' A "51 Obb¥ I l 04ytrr III-L*' The final stage ofthis work was to produce a 8usine5s Plan and Budget for 2023 which would not only deliver against the new strategy but also maintain baseline activities during a period of significanttransformation and change. This was approved by the PCC in December. srATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S FINANCIAL RESPONSIBILITIES Law applicable to charities in England and Wales and guidance issued by the Central Board of Finance of the Church of England require the members ofthe Parochial Church Council IPCCI to prepare financial statements which give a true and fairview ofthe Parochial Church Council's artivities during the year in accordance with applicable law and the United Kingdom Accounting Standards Iunited Kin9dom Generally Accepted Accounting Practice). 19
St J•m•¢s Churth ¢•dIlY Parochial Church Coundl Annu•l R•p•rtbrth• y•ar•nd•d 31 D•c•mb•r 2022 In preparing financial statements giving a true and fair view of the state of affair5 of the Charity and of its incoming resources and application of resources, including it5 income and expenditure, forthe period. the members ofthe PCC should follow best practice and: Select 5Ultable accounting policies and then apply thern consistently. Observe the methods and principles ofthe Charities SORP IFR5102) and guidance issued by the Central Board of Finance ofthe Church of England. Make judgments and estimates that are reasonable and prudent. State whether the Church guidance. applicable accounting stsndards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial ststements,- and Prepare the financial statements on the going concern basis unles5 It is inappropriate to presume that the Parochial Church Council will continue in operation. The Members ofthe PCC are responsible for keeping accounting records that are" sufficient to show and explain the Charity's transartions and disclose with reasonable accuracy at anytime the financial position ofthe PCC and enable them to ensure that their financial statements comply with the Church Accounting Regulations 2006, the Charity (Accounts and Reports} regulations 2008 and the Charities Act 2011. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors The auditors, Goodman Jones LLP were appointed during the year and have indicated their willingness to be re-appointed, and a resolution proposing their re-appointment will be put to the Annual Parochial Church Meeting. Disclosure of Infi>rmation to Auditors Each ofthe persons who are Trustees at the time when this Trustees. Report 15 approved ha5 confirmed that.. so far as thatTrustee is aware, there is no relevant audit information of which the Charity's auditors are unaware,- and that each Trustee has taken all steps that ought to have been taken a5 a Trustee in orderto be aware of any relevant audit information and to establish thatthe Charty's auditors are aware of that information. This report was approved by the PCC on 24 April 2023 and signed on its behalf by: Th• Reverend Lucy Winkett Rector 20
INDEPENDENT AUDifoRS' REPORTTOTHE MEMBERS OF ST JAMES'S PICCADILLY PAROCHIAL CHURCH COUNaL AUDrroR'S REpoKr Opinion We have audited the financial statements of St James's Piccadilly (the 'charity'l for the year ended 31 December 2022 which comprisethe StatementofFinancial Activities. the Balance Sheet, the Statement of Cash Flows and the related note5, including a summary of significant accountin9 policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted Kingdom Accounting Stsndards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). The financial statement5 have been prepared in accordance with Accountin9 and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities-. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extsnt regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reportin9 periods beginning on or after 1 January 2015. In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the yearthen ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements ofthe Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUK}{ISAs {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast Slgnificant doubt on the charity's ability to continue as a going concern fora period ofat leasttwelve months from when the financial ststements are aLrthori5ed for issue. Our responsibilities and the responsibiltties of the Trustees with respect to going concern 21
INDEPENDENT AUDrroRS' REPORTTOTHE MEMBERS OF ST JAMES'S PICCAIXLLY PAROCHIAL CHURCH COUNCIL(CONnNUED) are described in the relevant sections of this report. Oth•r inforniation The other information comprises the information included in the Annual Report otherthan the financial statements and ourAuditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do notexpress any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audtt. or othetwise appears to be materially misstated. If we identify Such material inconsistencies or apparent material mi55tstements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothin9 to reportin respectofthe following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to reportto you if, in our opinion: the information given in the Trustees. Report is inconsistent in any material respect with the fi'nancial statements; or sufficient accounting records have not been kept,- or the financial statements are not in agreement with the accounting records and return5,' or we have not received all the information and explanations we require for our audit. Responsibilities of tn5 explained more fully in the Trustees. Responsibilities Statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether dve to fraud or error. In preparing the financial statements. the Twstees are responsible for a55essing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 ofthe Charities Art 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 22
INDEPENDENT AUDrroRS' REpoKf TO THE MEMBERS OF ST JAMES'S PICCADILLY PAROCHIAL CHURCH COUNaL Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will Iways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 5tstements. Irregularities. including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity and sector, we identified thatthe principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business prartices, and we considered the extentto which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UKTax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included.. Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud- Reading fflinutes of meetings ofthose charged with governance; Obtaining and reading correspondence from legal and regulatory bodies including HMRC; Identifying and testing journal entries,. Challen9in9 assumptions and judgements made by management in their significant accounting estimates. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members,. and remained alert to any indications of fraud or non-compliance with laws and regulations throughoutthe audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentstions, orthrough collusion. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilitie5. This description forms part of our Auditors, Report. 23
INDEPENDEpif AUDITORS. REPORT TOThE MEMBERS OF sfJAMES'S PICCADILLY PAROCHIAL CHURCH COUNCIL Use of our report This report is made solely to the charty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charty's trustees those matters we are required to state to them in an Auditors. Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work. for this report, orfor the opinions we have formed. G••th4* LLP Goodman Jones LLP Statutory Auditors 29130 Fitzroy Square London W1T 6LQ Date.. 05-05-23 Goodman Jones LLP are eligible to act as auditor5 in terms of section 1212 of the Companies Act 2006. 24
St Jam•s's ClwY(h. Plccadllly Parochial Church Council FINANCIAL STATEMEKrs Fw¥ 2D21 63.679 141. SSJ.592 874.537 9299$ 40.JM .TrX$ 331Btr2 7987 12,412 163.895 I,1.513 1321951 rA TOTALIK(rf 9J4 64679 141P62 ** EXPEPKXIUIIEON: Cluch acb%*"es 852,4JJ 278, 553,073 1,w,1 I,3,956 lemxls Use rA r¥emses TOTALEXPEpxiniRE 328.268 99.592 1011398 1.404fthl8 1.1•)W 663P73 NETINC¢JllWlD171HIEl 8EF£XE WVE8WTS 1246N6) Q14J6•1 14110121 18711241 11KI,W ET osSES) (X4 {1.9461 11.9461 2DYJ 247.801) I214) 1412.012) 1874,TTfJi 1178,Wl TPMSFER lEEN FUNDS NETIThWITII F1Th4DS 1247.•M) ?14JW H1I0121 47701 11744981 RE¢ONaLwIKJm FU8. 1¥138 5.170 337.J SWO 343.120 1.$4764 1,733261 619PM 1.561764 25
St Jm•s's Church. Pic<1#Y P•rochl•l Church Coundl forth• yw •nd•d 31 D•wnbw 2021 Fwmlg Funth Fwmlg 20 COME FROM: DOnatsc a1 eS Chtrch acimtses 381.126 40,3M 331.802 53.557 239,854 674.537 Use d wenises (XWtraiSw actimties 331.802 12,109 163,895 929237 303 12,412 163,895 122l951 TOTAL INCOIE S357 240.157 .449 79.246 664.261 1,3)3.9 75.711 636.160 rJ,881 79246 688,142 99,592 1A03.548 TOTAL EXPENDIIURE NETI4COPAEIIEXPENDITURE) BEFQRE 14VESTIAENTS GA4S 293 1246891 1447,9861 1180,597) NE[ GAINSI{LOSSES) (A4 NvEsTMEs NETI4COhEIIETrDITURE 295,176 P5,689) {447.986) (178.498) TRMSFER BETWEEN FUNDS (65.1} NET 1K>VEAENT FUNDS 230.176 39J11 (447•1 11788981 RECQNCLIAIKIN ( FUNDS: T(rtalfwKJ5 bi( l(Nard TdalfwKIs caThied f(Kward 518.767 658pn 859A91 1,n3251 1.554.754 686,170 26
St Jam•s's Churth Pi¢cadllly P•rothi•l Churth Council Balanc• Sh••t as 31 D•c•mb•v 2022 Nokns 2022 FIXED ASSETS TaJb 1,019 14.752 108.772 104,036 16,698 13).734 CLRR8IT ASSETS Tra 10A 48253 553 18941 1.593 10C TaxRc(hwdb 3.651 14214 876,002 615.272 1,529,e¢ rknJTrrts aYKI Aca 1Temi Dwgts Cashal arxl in 22.227 445.342 186.01) 710,659 CURRENT LIABUIES )S fallro In J 11 139.447 95,1343 NETCURRENT ASSETS 511,212 1,434,020 TOTAL ASSETS LESS CURRENTlBlIEs 14 679.984 1,554.754 NET ASSETS 679.984 1.64754 PPRISH FUNDS 13A 680.488 1504) 179.984 1,143.246 411.507 1.564754 138 EfFUNDS Approved and authorised for issue by The Parochial Church Council on 24 April 2023 The Reverend Lucy Winkett Rertor 27
St Jwnes's Ch¥rth. P1cclI1Y P•rothl•l Churth Cwvil stst•m•nt of C•sh Flow forth• yw •nd•d 31 D•c•mb•T 2022 1853,822) 92.455 12,412 tTT.704 {14.0761 lo.9) 52921 IB599111 1.491.274 631 ?7 183 1.464.111 1A91274 1874,7701 1178.49BI 24.2 79.818 745 Losfrundysal dfixedse 12.(lYJI 112.412) 221,8e6 43,235 92,455 (7.987) 140.9)71 (Dse1M (853.8221 876? Cash att(al 186.0 615,272 11?74 At 111 At31•1 6152n 1429.f)21 186,020 876.002 Iw.ei)1 445,342 tA91374 1159912> 1312 28
St J•m•s's Churth Piccadilly Parochial Churth C4wThcil Not•s to th• Financial Statem•rbts lorth• y•ar•nd•d 31 D•c•mb•r 2022 NOTES TO THE FINANCIAL STATEMEKrs Accounting Policies Basis of preparation The financial statements have beerb prepared in accordance with the Church Accounting Regulations 2006 and the StstementofRecommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wtth the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland FR5102 effective January 2019 and the Financial Reporting Stsndard applicable inthe United Kingdom and Republic of Ireland FRS102 and the Charities Act 2011. Thefinancial statementshave beenprepared onthegoing concern basis.Themembersof the PCC assesswhethertheuseofgoing concern is appropriate and have identified no material uncertainties related to events orconditionsthat may castsignificant doubt onthe ability ofthe charityto continue as a going concern. The members ofthe PCC make this assessment in respect ofa period oftwelve months from the data of approval ofthe financial statements. The Church constitutes a public benefit entity as defi'ned by FRS102. The financial statements have been prepared under the historical cost convention except forthe valuation of investment assets, which are shown at market value. The presentation currency in these financial statements is sterling and the figures are rounded to the nearest pound. The financial statements have been prepared to give a'true and fair" view and have departed from the Chartties (Account5 and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland FRS 102 effective January 2019 rather than Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 stApr412005 which has since been withdrawn. 11. Land and buildings The Church and the site or)whichthe rectory and offices sitareconsecrated and are excluded from accountability undersection 10121 ofthe Charities Act 2011. Maintenance and improvement costs are written off inthe year in which they are incurred. 111. Income Income is recognised whenthe PCC islegallyentitledtothe income. Planned Giving, collections and donations are recognised when received. Indirect giving.. tax refund5 are recognised as soon a5the amounts are claimable. Grants and legacies are accounted for when the PCC is legallyentitledtotheamountsdue, receipt is probable, and the amounts 29
St J•m•s's Churdl. Picudilty P•rochl•l Church Councll Not•s th• Fln•nd•l St•t•m•nts forth• y•ar •nd•d 31 D•c•mb•r 2022 IMn¥nu•d) can be measured reliably. Investmentincome". dividends are accourstedforwhen received- interestand tax recoverable are accrued. The Pccdoes notusuallyinvestseparatelyfor eachfund. Wherethere isnoseparate investment interestisapportioned toindividual funds on a proportionate basis. All income and gains fallingwithin Sections 466-493 ofthecorporation Taxe5Art2010 and Section 256 oftheTaxation ofchargeable Gains Act 1992 are exemptfrom corporation tax to the extent that they are applied to the entity's charitable objectives. IV. Expenditure Paymentsto the Diocesan Common Fund are paid regularly and are included in expenditure forthe yearto which they relate. Grantsfrom unrestritted fundslincluding donationstomissions}are recognised whendetermined bythe PCC. Amounts received specificallyfor missions are dealt with as restricted funds and the liability for payment is recognised whenthe amounts are received. All otherexpendrture is generally recognised in the period to which it relate5. Expenditure on raising funds are those costs incurred in attracting voluntary income. Charitable activitie5 include expenditure associated with the day-to-day management of the Church and include both the direct costs and support costs relating to these artivities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. All expenditure is inclusive of irrecoverable VAT. Allocation of $upport (ovotheads) ¢ost& Resources expended are allocated to a particular Church Centre where the cost relates dirertlyto an activity carried out by the centre. However, the c05t of overall activities, comprising the overheads costs is apportioned on proportionate and consistent basis. SJP has apportioned overheads costs to the centres as follows: Congregation: 14% Cultural Programme.. 37% Operations: 49% Vl. Fund accounting General purposes funds represent the funds ofthe PCC that are not subject to any restridions regarding their use and are available for application on the general purposes ofthe PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
St James's chu1. Piccadilly P•rothl•l Churfh Council P4¢)t•sto th• FIMnci*I Stst•m•nts f•rth• y•ar •nd•d 31 D•c•mb•r 2O22{¢•nthj Vll. Tangible Fixed Assets and Depreciation Tangible fixed assets are capitalised where the purchase price exceeds £1,000 and recognised when future economic benefits are probable, and the cost or value ofthe asset can be measured feliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Fixtures, fittings, and equipment are depreciated in equal annual instalments over a period offour{41 years. exceptforthe AV system and Solar PV system which useful life is ten1101 years. Items of a capital nature are reviewed for their purpose and are capitalised where they are considered to provide an ongoing use to the PCC. The rector and churchwarden5 hold on special trust for the PCC silver and plate gifted to the Church for ecclesiastical use. They date from the 17th century and therefore, there is insufFicient cost information available. Due to the unique nature of these assets and their historic association with worship at the church over hundreds of years. conventional valuation techniques are not applicable and therefore they have not been valued in the financial statements. The valuables. silver and plate. over 50 individual items in total. are listed in the church's inventory and are regarded by law as inalienable assets for which the PCC would require a faculty for disposal. There have been no additions or disposals from the collertion during the year. Most of the items are kept in secure locatior15 including a museum, and the totsl value for insurance purposes is now £725,500. Investments Investments are included in the balance sheet at market value. Ix. Debtors Amounts owing to the PCC on 31st December in respect offees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due. Cash and Cash equlvalents Cash at bank and in hand and short-term deposits comprise cash and short-term highly liquid investments held with the CBF Church of England Deposit Fund, building societies nd bank5, maturing within three month5 or less from the opening of the deposit or similar account. xi. Creditors Creditors are recognised when the PCC has an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Creditors are 31
St Jm•'s Chur¢h. Picudllly Pavothial Church Council Not•$ to th• Flnan¢i•l Stsl•m•nts lorth• y•ar •bd 31 D•c•mbw 2022 (c•ntiny•d) recognised at the amount that the PCC anticipates it will pay to settle the debt or the amount it has received as advanced payment forthe goods or services it must provide. Financial Instruments The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognised at transaction value and subsequently measured at their settlement value. Xlll. Operaling leases Rentals payable under operating leases are charged to expenditure on a straight-line basis over the period of the lease. XIV. Pension scheme The church operates an a0 enrolment pension scheme, which includes all employees not already in a personal pension plan. Other employees are included in their own pension plans. The contribution5 made by the employer were at 6% Until the end of March 2018, then at 7.5% from 1 April 2018. The contributions made are charged to the SOFA in the yearto which they relate. Charity infommtlon St James's Church, Piccadilly is an Anglican church located at 197 Piccadilly, London. WIJ 9LL. A description of the nature of the chartys operations and its principal activities can be found in The Annual Report of the PCC. Crltlcal accounting estimates and areas of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be reasonable under the Circumstan5. The charity makes estimates and assumptions concerning the future. The resulting accounting estimate5 and assumptions will. by definition, seldom equal the related actual results. Nojudgements lapart from those accounting estimates) have been made in the process of applying the above accounting policies. No key assumptions concerning the future and key sources of estimated uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year have been identified. 32
St James's Churth Piccadilly Pan11 Churth Coundl Not•5 to th• Flrbantial Stat•m•nts forth• y•ar •nd•d 31 D•umb•f 2022 lu•rtinu•d) NOTE 2 INC(WE I,110 31J51 175.814 1(.110 138.134 31.34 32,113 63.619 141.(52 3005 334.422 13.423 1.851 19. t18 CArts4 Gknic4 141012 •74657 F5 65.347 23. 16. 27fj18 92yJS YJS 40. 24,(I8 68512 91.121 159.fP)2 91,121 1S9.092 $4(W 129203 34781 33&)1 34.781 iO.J 10.wj 11.350 .rts) 331m2 77 12.412 7*7 12.412 163095 ni 141m2 1.1N5n 13Z1961 33
St jam.$ Church. Pi¢clIty P•Yochll Church Council Not•s to th• Flnandal Stat•merrts for th• y••r •nd•d 31 D•c•mbw 2022 (<•TrOnu•d) 31.757 533 IY.9rJ 1¥.913 40.3 25J2 13.1 19. 7. 42,Pth 532 $3242 14 R101 246 .•Y 9.4 T 9.476 17 .$7D 1rtr. 7714 .Jifj 16.V&l .419 11 2.C&7 15. 10.912 10.9tz 24. X.C 112 15216 38.112 sz•
).1 11• n> InI w916 2310 t2.157 18.027 Y4(W 9¥1 34
St J•mes's Church. Picadilty P•rod4al Church c(ntil Not•sto th• n(la1 Stat•m•n for th• yw •nd•d 31 D•C•mr 2022 I¢ny*d) )TE 4 sfAFF COSTS s.571 46.619 .113 YJ1.3(9 328,450 23,2 24,798 3TT,2 Perfy co 21,271 VWske5 34tr,1(Xl 192,33L) 12,828 18.713 1.yy 283.952 71.SYJ 3772C 18 arwylgj kl£319.rtr o)21. F2.[) TE 5 AJJDrroRY REMUNERATI)N 35
StJam•s's Churth. P1cClI1Y Paroch1 CIMbrch Council Not•s to th• Flnanclal Stat•m•nts forth• yw •nd•d 31 D•c•mbw 2022 (c•ntirnwl) The amotsThtfor8rants a8reed ty thePCC thrr)W the budifrJr theyear. Appltstitins for8rants are invited Irom Ihé thurth cofflmunty atthe knnual Clwrth Parothiil Meetre. Thec appothts a small Itsmmitteeto revi2w the applan$. P•pkatr•ns need tr show a COr YelI0Sh belween the thurth •nd the projed and inforniatKn alt the trj beused. Proiectsneedtr) rrtwthii ouimwyjn slfflrnL TrePCC makes fv f•al deci5Th. Theaway-RWin8f¥ifÈhtsthefolk)win88wts m by PCC: Dtanery•fWe5tr1iiAer Gr4ceBbk Churth•akiwn Interfaith Mallers Bey FfJd TOT MOTE 7 RELATED PATIES 6,318 270 120 Jr•Y¥Hin Cknirekl Y•W 91 745 4B.977 25.391 36
St J•m•s's Churth. Pl¢cdllly Parochl•l Church Coundl Not•s to th• Fln•n¢i•l St•t•m•nts forth• y•ar •nd•d 31 D•c•mb•r 2022{conthj Flmd• FUM• Towt NOTE 9 FIXED AS5 Totst TANGIBLE al IsiJar•Ary2022 127.428 172.448 340216 10,4 137.4 14.07 W),351 176.r at 1sithrthTr2( 4A78 110.3rt) 127. 242240 10,654 135.1 24.IVJ2 2$5.3 9.Tr18 119.138 37.3# 37J15 17, 1N. INVE51MEl5 lJ.6J1 119781 16. 11.9461 twheat 31stnEcerXQ2 iYJsfreslLeryFWfj 141 37
Sl J•mes's Churth Piccadilly Parothl•l Churth c11 l•rth• yw •hd•d 31 D•c•mb•r 2022 (con•d) NOTE 10 DEBTORS IOA IRADE T(*SE$7H)Fu)$I 22,715 13.mi 18,941 {4.7411 48253 IOTAL 1.583 NOTE 11 CURRETr¥f UABlitllES 117,834 4.949 15,e f.055 139.447 74,347 9,297 5.955 95,643 TOTAL NOTE 12 FINANCIAL IP45TrUMEPIts 646.114 1.7.972 38
St Jaw's ChurtK Pieudilty Prhi*l Churth Council Not•s toth• Fimndal Stat•m•fits lorth• y•ar •fvd 31 D•c•mb•r 2022 l<ondnu•d) li iJ- il-l 11 11 11 39
StJm•s's Clwrch. Ikc•d•lfy PaMchi•l Clwtth Coundl forth• ye•r •nd•d 31 D•c•rn 2022 Iconllfiu•d) NOTE 14 SUMMARY OF ASSETS BY FUND 94.019 14 752 27J2 53,653 114,893 14.752 612,9TI {122,6391 679 351.236 {122.fJ39) 337W 343.120 315. 154,1571 15041 FwM1¥ Fwbd¥ TarvJL4efixed assd5 104.0 104. 16, 1.529.e63 195.6431 I764 .079 195,6431 68417• SKOTT 5s8.on 411.x)7 "ablrfs 411. NOTE 15 COMMITMENtS UNDER OPERATING LEASES 9,041 2.135 11,176 4,212 3.159 7,371 2&ye8rs
St jam.% Churth. Pitt•dilly P•rochi•l Church Council N•t•5 t• th? Filb31•1 Stat•m•rhts forth• y•ar•nd•d 31 D•c•mb•r 2022 (coThtlnu•d) NOTE 16 CAPrrc0MIArrmEmrS New I Connection FlwiUKP11252 AhLptSdtstsL)J 173D29 127,427 Asalt t51.ttrepCCP•j df4620Y,teF¥•v2NdV*pJttw.VATwwJ T 'al its in the arden 14. £aJcii2 19971 34.075 41