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 cOMMI￿EE 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 c￿r￿fit ststutory requirements. The members of the Parochial Church Council. who were trustees ofthe charity. during the year are.. The Reve￿nd 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 rep￿sentatiVe, 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, re*lected 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•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 "5￿1 Ob*b¥* I l 04*ytrr I*II-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 tn￿5 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¢JllWl￿D171HIEl 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 ￿l￿EEN FUNDS NETIThWITII F1Th4DS 1247.•M) ?14JW H1I0121 47701 11744981 RE¢ONaLwIKJm￿ FU￿8. 1¥138 5.170 337.J SWO 343.120 1.$4764 1,733261 619PM 1.561764 25 St J*m•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￿ a￿1 ￿￿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 S3￿57 240.157 .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 GA*4S 293￿￿ 1246891 1447,9861 1180,597) NE[ GAINSI{LOSSES) (A4 NvEsTME￿s 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 Ta￿Jb 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 CURRENTl￿B￿lIEs 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. P1cc￿lI1Y 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 dfixed*se 12.(lYJI 112.412) 221,8e6 43,235 92,455 (7.987) 140.9)71 ￿￿￿(D￿￿*se1M (853.8221 876￿? Cash att￿(a￿l 186.0 615,272 1￿1?74 At 111 At31•1 6152n 1429.f)21 186,020 876.002 Iw.e*i)1 445,342 tA91374 1159912> 131*2 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 chu￿1. 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{¢•nth￿j 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 J*m•*'s Chur¢h. Picudllly Pavothial Church Council Not•$ to th• Flnan¢i•l Stsl•m•nts lorth• y•ar •b￿d 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 a￿0 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 Circumstan￿5. 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 Pan￿1*1 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. t￿18 CArts4 Gknic4 141012 •74657 F￿5 65.347 23. 16. 27fj18 92yJS YJS 40. 24,(I8 68512 91.121 159.fP)2 91,121 1S9.092 $4(W 129203 34781 33&)1 34.781 iO.J 10.wj 11.350 .rts) 331m2 7￿7 12.412 7*7 12.412 163095 ni 141m2 1.1N5n 13Z1961 33 St jam￿.$ Church. Pi¢c￿lIty P•Yochl*l Church Council Not•s to th• Flnandal Stat•merrts for th• y••r •nd•d 31 D•c•mbw 2022 (<•TrOnu•d) 31.757 53*3 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* .$7D 1rtr. 7714 .Jifj 16.V&l .419 11 2.C&7 15. 10.912 10.9tz 24.￿ X.C 112 15216 38.112 sz• >).1 1*1• *n> I￿nI w916 2310 t2.157 18.027 Y4(W ￿9¥1 34 St J•mes's Church. Picadilty P•rod4al Church c(￿ntil Not•sto th• ￿￿n(la1 Stat•m•n for th• yw •nd•d 31 D•C•m￿r 2022 I¢￿￿ny*d) )TE 4 sfAFF COSTS s￿.571 46.619 .113 YJ1.3(9 328,450 23,￿2 24,798 3TT,2 Perfy￿ co 21,271 VWske5 34tr,1(Xl 192,33L) 12,828 18.713 1.yy 283.952 71.SYJ 3772C 18 arwylgj kl£319.rtr￿ o)21. F2￿.[￿) TE 5 AJJDrroRY REMUNERATI)N 35 StJam•s's Churth. P1cC￿lI1Y Paroch￿1 CIMbrch Council Not•s to th• Flnanclal Stat•m•nts forth• yw •nd•d 31 D•c•mbw 2022 (c•ntirnwl) The amotsThtfor8rants a8reed ty thePCC thrr)W the bud*ifrJr theyear. Appltstitins for8rants are invited Irom Ihé thurth cofflmunty atthe knnual Clwrth Parothiil Meetre. The￿c appothts a small Itsmmitteeto revi2w the appl*a￿n$. P•pkatr•ns need tr show a C￿Or Ye￿lI0￿Sh￿ belween the thurth •nd the projed and inforniatK*n al￿t the trj beused. Proiectsneedtr) rrtwthii ouimwyjn sl*fflrnL TrePCC makes fv f•al deci5Th. Theaway-RWin8f¥ifÈ*htsthefolk)win88wts m* by PCC: Dtanery•fWe5tr1iiAer Gr4ceBbk Churth•akiwn Interfaith Mallers Bey￿ Ff*Jd TOT MOTE 7 RELATED P*ATIES 6,318 270 120 Jr•Y¥Hin Cknirekl Y•W 91 745 4B.977 25.391 36 St J•m•s's Churth. Pl¢c*dllly 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{conth￿j Flmd• FUM• Towt NOTE 9 FIXED AS￿5 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$5.3 9.Tr18 119.138 37.3# 37J15 17, 1N. INVE51MEl￿5 lJ.6J1 119781 16. 11.9461 twheat 31stnEcer**XQ2 iYJsf*reslLe￿ryFW￿fj 141 37 Sl J•mes's Churth Piccadilly Parothl•l Churth c￿￿11 l•rth• yw •hd•d 31 D•c•mb•r 2022 (con￿￿￿•d) NOTE 10 DEBTORS IOA IRADE ￿T(*S￿￿E$￿￿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 P*r*hi*l Churth Council Not•s toth• Fimndal Stat•m•fits lorth• y•ar •fvd￿ 31 D•c•mb•r 2022 l