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2021-12-31-accounts

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE

CHARITY NUMBER 1133975

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Contents Pages
Parochial Church Council's Annual Report 1 - 4
Independent Audit Report 5 - 7
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cash Flows 10
Notes to the financial statements 11 - 20

Charity Number 1133975

Principal Address

St Andrew the Great Church St Andrew's Street Cambridge CB2 3AX

Principal Bankers

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA

Auditors

Chater Allan LLP 4A Newmarket Road Cambridge CB5 8DT

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE PAROCHIAL CHURCH COUNCIL’S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Background

The Parochial Church Council is a corporate body established by and operating under the Parochial Church Councils (Powers) Measure 1956. The PCC is registered with the Charity Commission as 'The Parochial Church Council of the Ecclesiastical Parish of Holy Sepulchre, Cambridge', with registration number 1133975. The PCC has the responsibility of cooperating with the vicar, Rev Alasdair Paine, in promoting in Cambridge the whole mission of the church, pastoral, evangelistic, and ecumenical. It also has maintenance responsibilities for St Andrew the Great Church, Holy Sepulchre Church (the Round Church), 1 Pretoria Road and 64 St Albans Road.

Membership

Members of the PCC are either ex-officio or co-opted or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.

During the year and the time at which these accounts were approved the following served as members of the PCC:

Vicar: Rev Alasdair Paine (Chairman)
Associate Vicar (Families): Rev Tom Hutchings (to July 2021)
Associate Vicar (Students): Rev Robbie Strachan
Wardens: Mr Matthew Byatt
Mr Piyush Jani
Dr Ugochukwu Akuwudike (Deputy)
Representatives on the Dr Ugochukwu Akuwudike
Diocesan Synod: Mrs Sue Davies-Scourfield
Mrs Sarah Robinson
Mr Christopher Townsend
Representatives on the Prof Peter Robinson
Deanery Synod: Mrs Francine Tustin
Dr Stephen Walley (PCC Secretary)
Co-Opted: Dr Simon Wadsley (to May 2021)
Elected: Dr Ugochukwu Akuwudike Mrs Anna Lovelock (from April 2021)
Mrs Carolyn Ash Dr Benjamin Miller
Mr Matthew Baker (Treasurer, from April 2021) Mr Daniel Rignall (from April 2021)
Mrs Katherine Banks Mr James Roberts (from April 2021)
Mr David Barry Mr Christopher Townsend
Dr Luke Brereton (from April 2021) Mr Michael Trend (to April 2021)
Mrs Sue Davies-Scourfield Dr Simon Tustin (to April 2021)
Mrs Sarah Dingley Mrs Katrina West (from April 2021)
Mr James Hay (to April 2021)

Committees

The PCC operates through a number of committees, which meet between full meetings of the PCC.

Finance and Standing Committee:

This committee, required by law, has the power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. It also oversees the general financial aspects of the work of the church by monitoring income and expenditure, budgeting and coordinating the annual Gift Day.

Property Committee:

Attends to matters concerning the stewardship of all buildings used by the church.

World Mission Group (WMG):

Coordinates the use of a budget provided by the PCC for the support of mission work outside the UK.

UK Mission Group (UKMG):

Coordinates the use of a budget provided by the PCC for the support of mission work in the UK.

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE PAROCHIAL CHURCH COUNCIL’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Day to day pastoral and operational management is delegated to the Vicar, who is assisted by the Senior Staff team (Associate Vicar (Families), Associate Vicar (Students), Internationals Pastor, 20s & 30s Pastor, Operations and Facilities Manager and Senior Administrator) and the wider staff team.

Objectives

We believe that Jesus Christ is God's one and only Son, who offers hope and forgiveness to all who receive Him: 'For God so loved the world that He gave His one and only Son, that whoever believes in Him shall not perish but have eternal life.' (The Bible, John 3v16)

Our vision for the church at St Andrew the Great is as follows:

1. A church committed to the Bible and to prayer - At the heart of our ministry is teaching the Bible as God’s key instrument for proclaiming Jesus Christ as Lord and for building up His followers on earth. Our worship is the offering of our entire lives to God in holiness and service. At our main meetings we aim (1) to encourage each other to feed ourselves on God’s word and to give ourselves to prayer, so that we may worship God better in our lives; and (2) to draw in outsiders without embarrassment.

2. A church committed to a specific mission - It is our special task to serve the academic communities in which we are placed, including the growing international academic community. There are two aspects to the work of our church (‘Town’ and ‘Gown’), but both depend on one another: by becoming a better ‘normal’ church, we also become a better student church.

3. A church committed to mature discipleship for every member - Some people are paid to organise the church’s life, but all are ministers of the gospel. So we also meet in smaller groups to encourage one another to use our spiritual gifts to serve others. Each member should have a vision of what God wants to do with his or her life for His own glory. We believe that God means us to grow, individually and as a church; that growth is change; and that change may be painful. We accept the pain of change gladly for the sake of bringing the gospel to our contemporaries.

Review of Activities, Achievements and Performance

During 2021 we continued to be affected by the Covid pandemic. During the first few months of the year there were still harsh restrictions, and the vast majority of people attended our Sunday services online. Cambridge University kept undergraduates at home during the Lent term. Our small groups largely functioned online during much of the first half of the year. The summer and autumn saw a gradual return towards normality, with Sunday numbers re-building and small groups meeting mainly physically again. We have been reminded, as never before, how immensely valuable physical meeting is, and never to take it for granted.

On Sundays we heard preaching from 1 Peter, Matthew, 2 Chronicles, Zephaniah, Ephesians, Psalms, Isaiah and the Ten Commandments.

On the church staff we said goodbye to Vic Ritchie, our 20s-30s worker, who moved to the Midlands, and Alex Weston, working with undergraduates, who moved to Oak Hill College. Their places were taken by Becca Nicholl and Sarah Burkill respectively. We were joined by six new interns for the year, two of whom were our first-ever international interns. Our Associate Vicar, Tom Hutchings, moved in the summer to become chaplain at Kingham Hill School, resulting in a vacancy in this vital post during the second half of the year, due to be filled by John Percival in September 2022.

A group engaged with the Church of England’s Living in Love and Faith material, and we also ran a course on the issues this raises.

The PCC also gave time to considering the lessons to be learnt from a report of abuse in Emmanuel Church, Wimbledon. They launched reviews of our culture, safeguarding and governance, to help reduce the risk of anything like this ever happening here.

We record deep thankfulness to God and His people for the continued supply of the financial needs of the ministry here, and it has also been a joy to be able to support missionaries and other churches.

It is hard to assess success since what we are engaged in is God’s work, in saving and changing people through Jesus. We can say that during 2021 some people came for the first time to a living faith in Christ. We had encouraging numbers at 10am services, and also at our Hub (20s-30s) and iHub (internationals) weekly meetings. Significant numbers of new members joined us, and many were involved in serving – leading small groups, and more. Our undergraduate numbers, however, declined when compared to before the pandemic. We pray that all in the church may be growing in knowledge and love of Jesus Christ, as God’s word, the Bible, does its work in people by His Spirit.

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE PAROCHIAL CHURCH COUNCIL’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

All in all, it was a very challenging year. We were stretched, and in some ways distracted from our key tasks. It is a matter for prayer that in 2022 we can regain the energy and focus (and, for those in leadership, the time) needed to take the gospel to Cambridge and send gospel workers to the world.

Church Attendance

The electoral roll at the 2021 APCM showed 421 names (2020 - 409). Covid-19 had a significant impact on church attendance. We continued to livestream services on YouTube through 2021, requesting advance sign up from September 2021. We briefly suspended attendance in person for 4 weeks in January 2021, and worked hard to ensure that we were Covid secure, including restricting numbers attending through advance booking up to July 2021. The average attendance in person in 2021 was 410; after restrictions were relaxed, from 25 July 2021 it was 543. By comparison to pre Covid-19 times, the average for 2019 was 725.

Volunteers

The PCC and church staff encourage church members to serve in an appropriate area of church life and ministry. Approximately 350 people served in this way during 2021 and 2020.

Financial Review of the Year

The principal funding sources are regular giving by standing order, one off donations, Gift Day (see Note 14), the Jesus Lane Trust and property letting. Major expenditure is on staff employment costs, staff housing costs, the Parish Share, grants made by the World Mission Group, grants made by the UK Mission Group, grants made from Gift Day income, and running and maintenance of the St Andrew the Great church building.

Grant Making Policy

As noted above, the World Mission Group and UK Mission Group make grants for those purposes in line with the budget set by the PCC. For the annual Gift Day, the PCC decides on the recipients and communicates this to church members, and grants all of the funds raised plus Gift Aid to those recipients. In addition, the PCC makes some discretionary grants in line with its objectives. All grants are detailed in Note 16.

Policy on Reserves

The PCC does not aim to build up significant cash reserves, but aims to spend the large majority of income received each year on gospel purposes. All of the unrestricted reserves, not already invested in functional properties, are designated for specific purposes. Total reserves at 31 December 2021 are £827,580, of which £513,271 are fixed assets, and £1,250 are restricted funds.

The Contingency Fund represents a legacy from a previous vicar of the church, and a £5,500 legacy received in May 2014. This fund is used to underwrite new initiatives and help cashflow when necessary.

The Ministry Fund was set up from the residue of the bequest from the estate of Margaret Welch for the funding of gospel initiatives as authorised by the PCC.

The Restoration Fund is used to hold money set aside for restoration and repairs of St Andrew the Great and Round Church buildings. For some years the PCC has placed the rent received from Christian Heritage into this fund, capped at £200,000, which was reached during 2020.

The Vicar's Discretionary Fund was set up during 2012 as a restricted fund for discretionary payments authorised by the Vicar and Wardens to people in need.

Induction and Training of Trustees

Members of the PCC are the Charity Trustees. All members are sent an annual reminder of their responsibilities, with specific reference to the Charity Commission advice on duties of a Trustee and on financial management. They are also offered training at seminars run by local legal firms.

Remuneration of Staff

The Remuneration Committee consisting of a Churchwarden, the Treasurer and another church member determines employment packages for recommendation to the Finance & Standing Committee. Stipends for pastoral staff are linked to the Ely Diocesan rates for Church of England clergy and stipends for administrative staff are linked to the University of Cambridge salary scales.

3

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE PAROCHIAL CHURCH COUNCIL’S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Public Benefit

The Holy Sepulchre's PCC has considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. In particular the PCC try to enable ordinary people to live out their faith as part of the local community through:

Fundraising

The PCC does not raise funds from the general public or use any third parties for fundraising activities. The PCC encourages church members to consider the Bible's teaching on giving and, if members choose to give to the PCC, encourages giving by standing order with Gift Aid declarations to ensure giving in a tax efficient manner. All giving is completely confidential between the giver and the finance team. Each November the church has a 'Gift Day' for specific projects, which is communicated to church members in Sunday services and by email, with giving by bank transfer or cheque. Since March 2020 we have not taken collections during Sunday services in the building.

Safeguarding

The PCC has had due regard to the House of Bishops' guidance in relation to safeguarding and has a fully compliant Safeguarding Policy which is displayed at www.stag.org/safeguarding The Policy has been reviewed by the Diocesan Safeguarding team and is updated regularly as appropriate. The church has two Parish Safeguarding Officers, a Safeguarding Committee and two Children’s Advocates. All staff, officials and small group leaders have been recruited safely.

Responsibilities of the Parochial Church Council Members

The Parochial Church Council (PCC) members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, (United Kingdom Generally Accepted Accounting Practice).

The PCC members are required to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity, including the net income and expenditure of the charity, for the year. In preparing these financial statements the PCC members are required to:

The major risks to which Holy Sepulchre's PCC is exposed have been identified and reviewed, and systems have been established to manage those risks.

Plans for Future Periods

As ever, the PCC intends to continue its main aim of promoting the gospel in Cambridge and beyond. During 2022 we hope, Lord willing, to return to pre-Covid-19 levels of activity.

On behalf of the PCC

Rev Alasdair Paine (Chairman) 21 March 2022

4

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE REPORT OF THE INDEPENDENT AUDITORS TO THE COUNCIL

We have audited the financial statements for the Parochial Church Council of Holy Sepulchre Cambridge for the year ended 31 December 2021 which comprise of the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and the related notes on pages 10 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the PCC in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 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 trustees' 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 significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE REPORT OF THE INDEPENDENT AUDITORS TO THE COUNCIL (CONTINUED)

Matters on which we are to required to report by exception

In the light of our knowledge and understanding of the PCC and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report.

Responsibilities of the Council Members

In preparing the financial statements, the trustees are responsible for assessing the PCC’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 PCC or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 always 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 statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the PCC's members, as a body in accordance with section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the members those matters that we are required to state to them in an audit 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 PCC and the PCC's members as a body, for our audit work, for this report, or for the opinions we have formed.

Chater Allan LLP Chartered Accountants & Registerd Auditors Beech House 4a Newmarket Road Cambridge CB5 8DT

Chater Allan LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

09 May 2022

Date: …………………………………….

6

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
2(a)
Charitable Activities
2(b)
Investments
2(c)
Total Income
Expenditure on:
Charitable Activities
3
Total Expenditure
Net Income/(expenditure)
Transfer Between Funds:
Other recognised gains/(losses)
Actuarial gains/(losses) on defined
benefit pension schemes
17
Net Movement in Funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted Designated Restricted
Total
Funds
Funds
Funds
2021
£
£
£
£
794,436
-
281,020
1,075,456
93,394
-
-
93,394
28
-
-
28
887,858
-
281,020
1,168,878
889,338
-
284,520
1,173,858
889,338
-
284,520
1,173,858
(1,480)
-
(3,500)
(4,980)
(3,500)
-
3,500
-
-
-
-
(4,980)
-
-
(4,980)
570,953
262,357
1,250
834,560
565,973
262,357
1,250
829,580		 Total
2020
£
1,047,449
86,563
194
1,134,206
1,087,361
1,087,361
46,845
-
(1,000)
45,845
788,715
834,560

Income and expenditure is derived solely from continuing operations.

7

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE BALANCE SHEET AS AT 31 DECEMBER 2021

Note
FIXED ASSETS:
Tangible Fixed Assets
7
CURRENT ASSETS:
Stock
8
Debtors
9
Cash at Bank and In Hand
LIABILITIES:
Creditors: Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PENSION PROVISION
17
NET ASSETS
THE FUNDS OF THE CHARITY:
Unrestricted Funds
12
Designated Funds
13
Restricted Funds
14
TOTAL CHARITY FUNDS		 2021
£
£
513,271
2,837
35,677
356,366
394,880
(77,571)
317,309
830,580
(1,000)
829,580
565,973
262,357
828,330
1,250
829,580		 £
£
515,692
2,426
22,005
345,988
370,419
(50,551)
319,868
835,560
(1,000)
834,560
570,953
262,357
833,310
1,250
834,560
2020

Approved by the Parochial Church Council on 21 March 2022 and signed on its behalf by:

Rev Alasdair Paine (Chairman)

Matthew Baker (Treasurer)

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2021

Note 2021 2020
£ £
Cash used in operating activities 1 10,350 (16,759)
Cash flows from investing activities:
Dividends, interest and rents from investments 28 194
Purchase of tangible assets - (8,432)
Net cash provided by/(used in) investing activities 28 (8,238)
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting		 2
 10,378
345,988		 (24,997)
370,985
period 356,366 345,988
NOTES TO THE CASH FLOW STATEMENT
1. Reconciliation of net income for the year to net cash flow from
Net movement in funds
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Decrease/(Increase) in stocks
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Increase/(Decrease) in provisions		 operating
2021
£
(4,980)
2,421
(28)
(411)
(13,672)
27,020
-		 activities
2020
£
45,845
1,549
(194)
1,271
10,562
(73,792)
(2,000)
Net cash inflow (outflow) from operating activities 10,350 (16,759)
2. Analysis of cash and cash equivalents
Cash at bank and in hand		 At 1
January
2021
£
345,988		 Cash
flow
£
10,378		 At 31
December
2021
£
356,366
345,988 10,378 356,366

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 STATEMENT OF ACCOUNTING POLICIES

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, together with applicable accounting standards and the Charities SORP (FRS 102). The financial statements comprise the accounts of the PCC.

The presentation currency is pound sterling. The financial statements have been prepared under the historical cost convention except for the valuation of 1 Pretoria Road, as explained in Note 7 below.

The PCC constitutes a public benefit entity as defined by FRS 102.

Funds

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

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

Restricted funds represent amounts given to the PCC where the donor has- specified that the funds are spent on a particular purpose.

Income

Voluntary income

Collections are recognised when received by the PCC.

Gift Aid donations-1are administered directly by the Church and the Gift Aid(1)is recognised as income at the same time that the donation is recognised as income, which is when the donation is received. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the ultimate receipt is virtually certain, and the monetary value can be measured reliably.

Amounts charged and raised at church events, such as money for food provided, and sale of books at the church bookstall, are recognised as income. Associated expenditure is recognised separately under Resources Expended.

Gifts in kind

Gifts in kind are accounted for at a reasonable estimate of their value at the time of gift to the PCC, if material and feasible, or else at the amount actually realised from their disposal.

Rental income

Rental income from the letting of church premises is recognised when the rent is due in accordance with the arrangement, lease or licence.

Income from investments

Dividends and interest are accounted for when receivable.

Expenditure

Liabilities

Liabilities are recognised as soon as the legal or constructive obligation arises.

Grants payable

These are recognised in the accounts when a commitment has been made externally and there are no pre-conditions still to be met for entitlement to the grant which remain within the control of the PCC.

Activities directly relating to the work of the Church

The diocesan quota or Ministry share is accounted for when payable. Any quota unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

Governance costs

These include the costs of the preparation and audit of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters.

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DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Fixed Assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by Section 10(2) (a) and (c) of the Charities Act 2011. No value is placed on moveable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities and separately

Capitalisation of tangible fixed assets

Tangible fixed assets are capitalised if they will be used for more than one year and cost over £500.

Depreciation of tangible fixed assets

Depreciation is provided on all fixed assets on a straight line basis calculated to write off the cost over their expected useful lives, as follows:

Fixtures and fittings 5 - 10 years straight line Computer equipment 3 years straight line

No depreciation is provided on buildings due to their high residual value.

Leasing and Hire Purchase Commitments

Assets held under finance leases are capitalised at the present value of the minimum lease payments and are depreciated over the shorter of the lease term and the useful life of the asset concerned. Interest is recognised in the Statement of Financial Activities over the period of the lease so as to produce a constant periodic rate of charge on the balance of the capital repayments outstanding.

Assets held under hire purchase contracts are capitalised in the balance sheet and are depreciated over the useful life of the asset concerned. The interest element of the rental obligations is recognised in the Statement of Financial Activities so as to produce a constant periodic rate of charge on the balance of the capital repayments outstanding. Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

Stock

Stock is books held for sale on the Church bookstall. It is valued at the lower of cost or net realisable value.

Debtors

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

Creditors and provisions

Creditors and provisions are recogised where the PCC has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Going Concern

The Trustees have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future and the PCC is well placed to manage its operating risks successfully despite the current uncertain economic outlook. Specifically the Trustees have considered the impact of the Covid-19 pandemic that started in 2020. They do not believe that it presents a going concern risk to the PCC. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Pension Costs

One member of staff is a member of the Church of England Funded Pension Scheme, a defined benefits scheme. Contributions payable to this scheme, less deficit recovery payments, are charged to the Statement of Financial Activities account so as to spread the cost of the pension over the employee's expected working life. The pension charge is calculated on the basis of actuarial advice. These contributions are invested separately from the course's assets. Under Section 28 of FRS 102 provision is made for agreed deficit recovery payments.

Taxation

The PCC is a charity and as such is not liable to taxation.

Volunteers

The value of voluntary help received is not included in the accounts but is described in the trustees' annual report.

11

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 INCOME

Unrestricted
Funds
£
(a) Donations and legacies
Standing Orders
663,753
Collections
-
Gifts
103,683
Gifts in kind
27,000
Staff Support
-
794,436
(b) Charitable activities
Church Life
9,747
Events
13,896
All Saints Garden
15,000
Property Letting
50,941
Bookstall
1,038
Fees, Royalties and other Honoraria
2,772
93,394
(c) Investments
Bank Interest
28
28
Total
887,858		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£
-
-
128,381
-
152,639
281,020
-
-
-
-
-
-
-
-
-
281,020		 Total Funds
2021
2020
£
£
663,753
640,096
-
4,503
232,064
226,592
27,000
27,000
152,639
149,258
1,075,456
1,047,449
9,747
9,488
13,896
20,181
15,000
13,750
50,941
41,928
1,038
817
2,772
399
93,394
86,563
28
194
28
194
1,168,878
1,134,206

12

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

3 EXPENDITURE ON:

Unrestricted
Funds
£
Charitable activities
(a) Grants (Note 16)
UK Mission
47,433
World Mission
51,641
Other
-
99,074
(b) Direct Costs
Parish Share
118,715
General Ministry
84,592
Hub Workers
76,314
Church Management and Administration
126,681
International Workers
80,091
Students' Curate and Workers
33,174
Staff Expenses
23,100
Church Life
31,188
Events
20,373
Bookstall
85
Church Utilities and Church Maintenance
46,957
Depreciation
2,421
Rent in kind
27,000
Staff Housing Costs
92,216
762,907
(c) Support Costs - Administration
24,237
(d) Governance - Audit
3,120
27,357
Total
889,338		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£
-
-
131,881
131,881
-
21,688
-
-
130,951
-
-
-
-
-
-
-
-
152,639
-
-
-
284,520		 Total Funds
2021
2020
£
£
47,433
41,384
51,641
41,400
131,881
119,747
230,955
202,531
118,715
121,759
84,592
79,668
98,002
93,640
126,681
86,793
80,091
75,456
164,125
158,568
23,100
20,112
31,188
23,219
20,373
26,802
85
2,461
46,957
43,694
2,421
1,549
27,000
27,000
92,216
98,432
915,546
859,153
24,237
22,557
3,120
3,120
27,357
25,677
1,173,858
1,087,361

The PCC has one charitable activity which is church-based ministry.

4 TOTAL EXPENDITURE

Charitable Activities:
Grants
Church Activities Direct
Church Activities Support		 Staff
Costs
£
-
576,591
-
576,591		 Depreciation
Other
Costs
£
£
-
230,955
2,421
336,534
-
27,357
2,421
594,846		 Total
Total
2021
2020
£
£
230,955
202,531
915,546
859,153
27,357
25,677
1,173,858
1,087,361

13

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5 STAFF COSTS

Wages and Salaries
Social Security Costs
Pension Costs
During the year the PCC employed staff as shown in Note 3.
The average number of staff (full time equivalent) during the year was:		 2021
2020
£
£
410,812
367,666
32,425
26,483
74,482
65,241
517,719
459,390
2021
2020
17
16

The Jesus Lane Trust provides a grant towards the salaries of the student workers at St Andrew the Great. The Jesus Lane Trust is a charity established to support Christian Gospel work amongst students in Cambridge.

The Ely Diocesan Board of Finance funds the stipends and pension costs of Rev Alasdair Paine and Rev Tom Hutchings (to July 2021), so their costs are not included here.

During the year, Rev Robbie Strachan received a salary of £25,607 for his role as Students' Curate. By virtue of this role, he is an ex officio member of the PCC.

During the year 2 (2020 - 4) trustees, in their capacity as pastoral staff members, were reimbursed for expenses incurred for travel and hospitality of £624 (2020 - £586).

During the year remuneration received by key management personnel totalled £116,590 (2020 - £86,160). No employee earned more than £60,000 in the year (2020 - none).

6 PENSION COSTS

The PCC operates a defined contribution pension scheme for all directly employed members of staff, apart from one member of staff who is in the Church of England Pension Scheme, and two members of staff whose pension costs are funded by the Ely Diocesan Board of Finance. The assets of the scheme are held separately from those of the PCC in an independently administered fund. The pension cost charge represents contributions payable by the PCC to the fund and amounted to £64,526 (2020 - £56,298). At the year end there were outstanding pension contributions of

7 FIXED ASSETS FOR USE BY THE PCC

Freehold Land
Tangible Fixed Assets
& Buildings
£
Gross Book Value As at 1 January 2021
544,993
As at 31 December 2021
544,993
Depreciation
As at 1 January 2021
42,585
Charge for year
-
As at 31 December 2021
42,585
Net Book Value
As at 31 December 2021
502,408
Net Book Value
As at 31 December 2020
502,408		 Fixtures &
Total
Fittings
£
£
161,005
705,998
161,005
705,998
147,721
190,306
2,421
2,421
150,142
192,727
10,863
513,271
13,284
515,692

The freehold land and buildings comprise the houses located at 1 Pretoria Road and 64 St Albans Road. The gross value of 1 Pretoria Road is that estimated for the property when it was let in 1997, and is considered a fair estimate of the value in use of the property. Under FRS 102 section 35.10 (c) the fair value is treated as deemed cost. The historical cost of 1 Pretoria Road was £6,000.

The fixed assets of the PCC are all used for charitable purposes.

14

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 STOCK

Books for re-sale
9
DEBTORS
Gift Aid recoverable
Prepayments
10
CREDITORS:amounts falling due within one year
Trade creditors
Accruals
Deferred income
Tax and other social security costs
Pension contributions
Pension deficit reduction provision (Note 17)		 2021
2020
£
£
2,837
2,426
2021
2020
£
£
16,263
3,536
19,414
18,469
35,677
22,005
2021
2020
£
£
14,433
14,790
29,048
13,183
18,194
3,750
8,705
8,990
6,191
6,838
1,000
3,000
77,571
50,551

10 CREDITORS: amounts falling due within one year

11 OPERATING LEASE COMMITMENTS

Amounts payable within one year
Amounts payable between one and five years
Total minimum lease payments
Lease payments of £37,100 have been recognised as an expense for the year.
Amounts payable within one year
Amounts payable between one and five years
Total minimum lease payments		 2021
2020
£
£
17,800
25,000
-
3,500
17,800
28,500
2021
2020
£
£
4,368
4,368
4,732
13,468
9,100
17,836
Land and Buildings
Office Equipment

Lease payments of £4,368 have been recognised as an expense for the year.

12 UNRESTRICTED FUNDS

Balance at 1 January 2021
Incoming Resources
Resources Expended
Transfer to Restricted Fund
Balance at 31 December 2021		 Revaluation
Reserve
£
194,000
-
-
-
194,000		 PCC
Total
General
£
£
376,953
570,953
887,858
887,858
(889,338)
(889,338)
(3,500)
(3,500)
371,973
565,973

15

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 DESIGNATED FUNDS

Balance at 1 January 2021
Balance at 31 December 2021		 Ministry
Fund
£
47,000
47,000		 Contingency
Fund
£
15,357
15,357		 Restoration
Total
Fund
£
£
200,000
262,357
200,000
262,357

Ministry Fund

For the funding of gospel initiatives as authorised by the PCC.

Contingency Fund

This is a legacy received from a previous vicar of the Church and a legacy received in May 2014 and is considered as a contingency.

Restoration Fund

For restoration and repairs of any Church buildings.

14 RESTRICTED FUNDS

Balance at 1 January 2021
Voluntary Income
Charitable Expenditure
Transfer from General Fund
Balance at 31 December 2021		 Jesus
Lane
Trust
£
-
152,639
(152,639)
-
-		 Specific
Gifts
Fund
£
1,250
10,651
(10,651)
-
1,250		 Vicar's
Discretionary
Fund
£
-
-
(3,500)
3,500
-		 Gift

Day
2020
£
-
750
(750)
-
-		 Gift
Total
Day
StAG
2021
Funds
£
£
-
1,250
116,980
281,020
(116,980)
(284,520)
-
3,500
-
1,250

Jesus Lane Trust

Grants from the Jesus Lane Trust which are used for paying the salaries of the 5 Student Workers and 50% of the salary of one Hub Worker.

Specific Gifts Fund

Gifts to the church which are nominated for a specific recipient.

Vicar's Discretionary Fund

These are discretionary payments to persons in need and are covered by specific gifts received for this purpose.

Gift Day 2020

A one-off appeal was held in November 2020 to raise funds for a chuch plant in Duston, Northampton (£24,000 sent via Peterborough Good Stewards Trust) and The Matthew Ministry (the remainder).

Gift Day 2021

A one-off appeal was held in November 2021 to raise funds for Oak Hill College bursaries (£30,000) and The Matthew Ministry (the remainder).

16

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Assets
Net Current Assets
Provision
Fund Balance		 UnrestrictedDesignated Restricted
funds
funds
funds
Total
£
£
£
£
513,271
-
-
513,271
53,702
262,357
1,250
317,309
(1,000)
-
-
(1,000)
565,973
262,357
1,250
829,580

16 ANALYSIS OF GRANTS

All grants with a value greater than £100 are recorded in the tables below. External giving is directed through the World Mission and UK Mission Groups, the annual Gift Day, and church members make gifts for specific beneficiaries.

World Mission Group
B & J
D & A
Ephraim Kironji
J
J & Y
Jonathan & Rachel Vaughan
Kathleen Spence
Mongolian Union Bible Society (2 years)
Myrto Theocharous
Nerena Nethercoat
Tomas Uher
World Mission Sunday
Mission Partners Christmas vouchers
Gift Day 2021 income
Oak Hill College
The Matthew Ministry		 £
UK Mission Group
4,400
Oak Hill College - Alex Weston fees
6,600
Oak Hill College - Nic Ross fees
1,000
St John's Church, Hebburn
3,000
St John's Tunbridge Wells - Lauren Moate
4,400
St Philemon's Church, Toxteth
4,400
St Thomas Church, Kilnhurst
4,400
Susan Marriott
8,800
Terrington St Clement Parish Church
4,400
via Gospel Ministry Support Trust
4,400
UCCF - Emma Nicholls
4,400
Wellfield Church
1,016
425
51,641
Other Gifts
Specific Gifts (directed by donor)
Vicar's Discretionary Fund grants
30,000
86,979
116,979
Gift Day 2020 income
The Matthew Ministry		 £
5,000
3,333
6,000
1,300
6,250
4,000
300
13,500
500
7,250
47,433
10,651
3,500
14,151
750
The total value of grants over £50 given to institutions during the year was
The total value of grants over £50 given to individuals during the year was		 £
173,662
57,042
230,704

17 PENSION PROVISION

The PCC is responsible for pension costs one member of staff (2020 - 1) who is a member of the Church of England Funded Pension Scheme. The Ely Diocesan Board of Finance is responsible for pension costs for 2 members of staff (2020 - 3) who are in the same Scheme. The PCC's liability is as follows:

Balance as at 1 January
Deficit contributions paid
Interest cost
Remaining change to the balance sheet liability (in Statement of Financial Activities)
Balance as at 31 December
Due in less than one year (Note 10)
Due in more than one year		 2021
£
4,000
(2,000)
-
-
2,000
1,000
1,000		 2020
£
6,000
(3,000)
-
1,000
4,000
3,000
1,000

The charity has entered into deficit recovery plans in respect of the Church of England Funded Pension Scheme: see Note 18.

17

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

18 PENSION PROVISION

Holy Sepulchre PCC (Cambridge) participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable towards benefits and expenses accrued in that year (2021 £9,956, 2020 £9,760), plus the figures highlighted in the table below as being recognised in the Statement of Financial Activities, giving a total charge of £9,956 for 2021 and £10,760 for 2020.

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2018. The valuation revealed a deficit of £50m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions:

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery

January January
2018 to 2021 to
December December
Percentage of pensionable stipends: 2020 2022
Deficit repair contributions 11.9% 7.1%

As at 31 December 2019, 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the above table.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires a/greed deficit recovery payments to be recognised as a liability. The movement in the balance sheet liability over 2021 and 2020 is set out in the table below.

Balance sheet liability at 1 January
Deficit contributions paid
Interest cost (recognised in Statement of Financial Activities)
Remaining change to the balance sheet liability*
(recognised in Statement of Financial Activities)
Balance sheet liability at 31 December		 2021
£
4,000
(2,000)
-
-
2,000		 2020
£
6,000
(3,000)
-
1,000
4,000

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. In general, these are set by reference to the duration of the deficit recovery payments but as at 31 December 2021, under accounting rules the payments are not discounted since the remaining recovery plan is less than 12 months. No price inflation assumption is needed since pensionable stipends for the remainder of the recovery plan are already known.

December December December
2021 2020 2019
Discount rate 0.0% pa 0.2% pa 1.1% pa
Price inflation n/a 3.1% pa 2.8% pa
Increase to total pensionable payroll -1.5% pa 1.6% pa 1.3% pa

The legal structure of the scheme is such that if another Responsible Body fails, Holy Sepulchre PCC (Cambridge) could become responsible for paying a share of that Responsible Body’s pension liabilities.

18

DocuSign Envelope ID: 3631B46E-FF48-419B-99B4-5D7EA6E5BC64

PAROCHIAL CHURCH COUNCIL OF HOLY SEPULCHRE CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19 STATEMENT OF FINANCIAL ACTIVITIES DETAIL FOR YEAR ENDED 31 DECEMBER 2020

Income from:
Donations and legacies
Charitable Activities
Investments
Total Income
Expenditure on:
Charitable Activities
Total Expenditure
Net Income/(expenditure)
Transfer Between Funds:
Other recognised gains/(losses
Acturial gains/(losses) on defined
benefit pension schemes
Net Movement in Funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted Designated
Funds
Funds
£
£
786,124
-
70,237
16,326
194
-
856,555
16,326
813,420
11,936
813,420
11,936
43,135
4,390
5,361
(6,041)
(1,000)
-
47,496
(1,651)
523,457
264,008
570,953
262,357		 Restricted
Funds
£
261,325
-
-
261,325
262,005
262,005
(680)
680
-
-
1,250
1,250		 Total
2020
£
1,047,449
86,563
194
1,134,206
1,087,361
1,087,361
46,845
-
(1,000)
45,845
788,715
834,560

20 RELATED PARTY TRANSACTIONS

The Jesus Lane Trust has some trustees in common with the PCC (Mr Piyush Jani, Rev Alasdair Paine and Prof Peter Robinson). The Jesus Lane Trust made a grant of £152,639 (2020 - £149,258) to the PCC, as shown in Note 14, for the salaries of 5 Student Workers and 50% of one Hub Worker. The Jesus Lane Trust also reimbursed the PCC for expenses incurred for interns of £9,733 (2020 - £nil). At the year and, the PCC owed £nil (2020 - £nil) to the Jesus Lane Trust.

The Gospel Ministry Support Trust had one trustee in common with the PCC until May 2021 (Dr Simon Wadsley). The PCC made a grant of £13,500 (2020 - £13,500) to the Gospel Ministry Support Trust, for Terrington St Clement Parish Church, as shown in Note 16. At the year end, the PCC owed £nil to the Gospel Ministry Support Trust (2020 - £nil).

Certain employees of the PCC are ex officio members of the PCC, and their remuneration and expense claims are disclosed in Note 5.

The PCC employs Mr J Townsend, a close relative of the trustee Mr C Townsend, as Youth Worker. Mr J Townsend is employed on the same terms and pay scale as equivalent pastoral employees.

19