Christ Church Cockfosters Registered Charity No.: 1134144
Annual Report and Financial Statements of the Parochial Church Council
For the year ended 31 December 2023
Christ Church Cockfosters, 1b Chalk Lane, Cockfosters, EN4 9JQ 020 3137 5711 www.cockfosters.church
Banks:
Barclays Bank PLC Whetstone and Finchley Group 1250 High Road Whetstone London N20 0PB
CAF Bank Ltd PO Box 289 West Malling ME19 4TA
Auditors:
West Wake Price LLP The Mezzanine Floor 68 Cornhill London EC3V 3QX
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2023 Annual Report for the Parochial Church Council of Christ Church Cockfosters
The members of the PCC present their annual report and financial statement of the PCC for the year ended 31 December 2023. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 together with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice, Accounting and Reporting by Charities [SORP (FRS 102)].
AIM & PURPOSES
Christ Church PCC has the responsibility of co-operating with the Incumbent, Revd Jon Tuckwell, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Informal liaison arrangements exist with the Conventional District of St Paul’s, Hadley Wood, which forms part of the parish but has its own minister and Church Council and also with Grace Church Highlands which is a Charitable Incorporated Organisation.
STRUCTURE, GOVERNANCE & MANAGEMENT
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure.
Members of the PCC are either ex-officio, co-opted or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. Three members are elected each year for a three-year term of office. At the first meeting of the new PCC an induction session takes place when membership, responsibilities and functions of the PCC are explained.
Since the last APCM the following served as members of the PCC:
Clergy:
Rev’d Chris Edwards Rev’d Jon Tuckwell (Chair) Rev’d Jonnie Armstrong (since January 2024)
Churchwardens:
Nicki Hooke Matt Lanstone (Lay Vice Chair)
Elected:
Chris Bird (until APCM 2024) Ruth Taylor (until APCM 2024) Erica Ward (until APCM 2024) Janet Houghton (until APCM 2025) Clare Osborne (until APCM 2025) Steve Walsh (until APCM 2025) Seun Adekunbi (until APCM 2026 Tinsae Bekure (until APCM 2026) Mike Slevin (Treasurer) (until APCM 2026) Vava Tsioupra (co-opted until APCM 2024)
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Deanery Synod:
Tom Inman (until APCM 2026) Max Heath (until APCM 2026) Chitra Robson (until APCM 2026) James Quinby (until APCM 2026) Ranjit THAMBYRAJAH (until APCM 2026)
Diocesan Synod:
Margarita Barr-Hamilton (until June 2024)
The PCC members are, with the Vicar, responsible for making decisions on matters of general concern and importance to the Parish including deciding on how the funds of the PCC are to be spent.
COMMITTEES / ACTION GROUPS
The PCC operates through a number of Action Groups which meet between full meetings of the PCC:
-
The Finance & Standing Committee has consisted of Vicar, Churchwardens, Treasurer, Associate Vicars, and a representative elected by PCC. It is the only committee required by canon law. It has the power to transact the business of the PCC between its meeting, subject to any directions given by the Council.
-
Additionally, the following non-statutory groups met during the year (reports available separately):
oFabric Group; -
Mission Action Group.
SAFEGUARDING
The PCC has complied with its Safeguarding responsibilities under section 5 of the Safeguarding and Clergy Discipline Measure 2016. The PCC acknowledges that it must pay 'due regard' to safeguarding guidance issued by the House of Bishops (including both policy and practice guidance). The Church Safeguarding Officer was Mr Tom INMAN; and the Children’s and Vulnerable Persons’ Champion was Mrs Beccy RATCLIFF during 2023.
CHURCH ATTENDANCE
It was reported at the 2023 APCM that the number on the Christ Church Electoral Roll was 277. Of those, the total number of residents in the parish was 98. This was lower than previous years owing to a tidy of the data and that ER is no longer a requirement for Trent School admissions.
Average combined attendance across all our services during 2023 was 360 (up from 318) Average weekly online viewings during 2023 was 200 (down from 347) Easter Sunday attendance was 444 (up from 356)
Christmas Eve and Christmas Day combined attendance was 933 (up from 579)
REVIEW OF THE YEAR
In the context of the past 5 years, the last 12 months have represented relative stability in church life. We haven’t made radical changes to the way we do things, only Sebastian has joined the staff team (and we’re very grateful for his voluntary service), and we haven’t yet entered the upheaval of a building project. Instead, in God’s abundant kindness, it feels as though it has been a year of gentle growth and strengthening. We have grown in numbers (10-15% growth over the past 12 months), we have grown younger (our young adults Life Groups are a particular encouragement in church life), and I hope that we
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have grown closer together. The church weekend away was a particularly precious time for growing together, but our patterns of Sunday worship continue to afford us that week in, week out opportunity to build our relational muscles.
As we seek to reach out in our local communities it has been a joy to work with St Thomas’ Oakwood and Grace Church Highlands to give birth to a new Christian community in Ponders End. At present there is door-to-door evangelism, English language classes, a recovery Bible study, and Sunday afternoon Bible studies taking place each week. In September 2024, Jeremy and Dawn Hobson will move to Ponders End as Jeremy takes up the role of Church Planter and leads this gospel community forwards and we look forward to hearing how God uses this new ministry.
Closer to home we continue to move towards a large-scale refurbishment of our own church building. In 1839 Robert Cooper Lee Bevan had the vision, passion, and sacrificial desire to commission the church building to allow Christian worshippers to gather in Cockfosters. Our hope is to renovate and upgrade the building to leave a similar legacy which will serve the next 100 years of worshippers. This will involve significant upheaval and disruption in church life, and we will have to fight hard to keep focused on the mission God has given us here in Cockfosters. If the focus becomes bricks and mortar, then we have lost sight of God’s kingdom.
Finally, Church of England challenges have been a significant factor this year as the House of Bishops have lost trust in the Bible’s teaching about God’s good plan for humanity. As they have progressed their plans for blessing same-sex marriages we have found it necessary to increasingly distance ourselves from the spiritual oversight of the bishops. This has been a painful and costly process and has implications for the best pathway forwards, but we need to keep reminding ourselves that our primary allegiance is to the Lord Jesus Christ above and beyond any earthly rulers and authorities. He will build his church for the everlasting glory of his name.
Not to us, Lord, not to us but to your name be the glory,
because of your love and faithfulness.
Psalm 115v1
FINANCE
The PCC set a budget for 2023 with a further use of our reserves of £57,000 reflecting the continued pressure on expenditure and, whilst blessed by the incredible generosity that comes from God, the growth in our giving continues to lag behind inflation. Our expenditure during the year was broadly in line with budget with an overall use of reserves of £64,000 leaving our General Fund reserves at the end of 2023 at £121,003, which remains above but closer to our reserves policy.
With that in mind, the PCC prayerfully set a budget for 2024 that included a number of cuts across our church and building expenditure, common fund and mission support. Our giving is an important part of our Church Life and reflects our own hearts and God’s gracious generosity that he provides for us and, if our giving increases during the year, the PCC would like to reverse the budget cuts that it has been required to make.
RISK MANAGEMENT
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During the year we continued a proces5 of identifying the major risks that impatt on rhe work of Christ Church. analysis o* the exisung procedures and controls in place to deal with the risks will be continually reviewed by the PCC. Action to manage the risks will be implemented a5 necessary. The Church's Safeguarding Policy is regularly kept up to date. Tom Inrnan is our Safeguarding OfTicer and maintain5 our safeguarding pracrices. See separnte report on Safeguarding. All youth and children'5 leaders are either DBS (Disc105ure and Barring Service) checked and trwned in safeguardin& or are undergoing the training and abrditing the outcome of DBS ched(5. RESERVES POLICY It is the policy of the church to hold in reserves the equivalent of months, general running costs and an addiuonal month's salary costs. The PCC considers that our present reserves are suffiaent to meer these requirements. MEMBERS, RESPONSBILITIES IN RELATION TO FINANCIAL STATEMENTS The members of the PCC are responsible for preparing a PCC annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the PCC members to prepare financial stttements for each year which &ve a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period. In preparing the financial statements, the member5 are required to: selett suitsble accounting policies and then apply them consistently. observe the methods and principles in the apPlible Chariues SORP; make judgements and estimates that are reasonable and prudenL state whether applicable accounting standard5 have been followed. suty'ect to any material departures disclosed and explained in the financial stsrements. prepare the financial stttements on the going concern basi5 unless it Is inappropriate to presume that the PCC will continue in business. The member5 are responsible for keeping proper accounting record5 that disclose wtth reasonable accurdcy at any time the finanual position of the PCC and enable them to ensure that the financial statements compEy the Church Accounting Regulations 2006 and Part Vlll of the Charitie5 Act 2011. They are also responsible for safeguarding the assets of the PCC and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the PCC members on Monday 8 April 2024 and signed on their behalf by: Revd Jon Tuckwell Chair InforffjatiDn aa55ification= Confidential Page.5.of6
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Trent Parochial Church Council
Christ Church Cockfosters
Financial Statements - Year to 31 December 2023
INDEX
| Balance Sheet Statement of Financial Activities Notes to Financial Statements Independent Auditors’ Report |
Page 7 8 9-13 14-16 |
|---|---|
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AL4NCE SHEET AT 3lstDMllber202J UlrMtet<d DeyiMt•J Pund 1022 D¥tOd 2023TOTAL TOTAL ralrir tod Viqds BuiLthwFw FIXED ASSETS 4 7$8&51 4 758 661 4758661 4758661 CVBRENT Dei0 76,0S3 041 638 f,431 27,JDS 900 LIABILnlFS io 18.725 i.ooo 17.891 17.891 19.725 NET ASSETS £4 7J8061 4 394 173 Unr¢thLW8d fimd 121,(p)3 121.W3 184.1$1 (2J16) 13J14 4,758,661 4,769,529 4,209.422 TOTAL PARISHFUNDS £4.758.fOI £4 890.532 24 394 173 ApwOlTI1tP0thCurtkncOll 1cbrntauthc0(kfQ¥110n Zlit Muth20244DdJwtyJoO Itsbebfby:. RthdJTthell(PCCCknlrl m1knskn(TI¢1wJYer) jnfunnaonCtr3tI7n.' tonfid@ntlal
CHRIST CHURCH COCKFOSTERS
STATEMENT OF FINANCIAL ACTIVITIES for year ended 31st December 2023
| Notes INCOME Voluntary income 1(a) Activities for generating funds 1(b) Income from investments: 1(c) Church activities 1(d) Other incoming resources 1 (e) TOTAL INCOME EXPENDITURE Cost of raising funds 2(a) Expenditure on Church activities 2(b) Other expenditure: Mission grants 5 TOTAL EXPENDITURE NET INCOME/EXPENDITURE BEFORE INVESTMENT GAINS Gain/(loss) on investment 7 NET INCOME/EXPENDITURE Transfer between funds: General unrestricted to Mission restricted Bldgs Fnd unrestricted des to Bldgs Fun res & General fund unrestricted General unrestricted to Ministry Trainee restricted Other recognised gains/(losses) Gain/(loss) on revaluation of fixed assets 8 NET MOVEMENTS IN FUNDS Reconciliation of funds Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted | Unrestricted Designated Fund Buildings Fund 4,395 - 65 - - £4,460 - 15,452 - £15,452 (10,992) - |
Ministry Trainees Mission Fund Support Fund - 750 8,688 - - - - - - - - - - - - £0 £750 £8,688 - - - 1,495 - 9,284 - 37,500 - £1,495 £37,500 £9,284 (1,495) (36,750) (596) - - - Restricted Funds |
Restricted and Unrestricted Designated Funds |
2023 TOTAL | 2022 TOTAL |
|---|---|---|---|---|---|---|
| General Fund 496,911 57,978 3,338 24,765 - |
Property Fund - - - - - |
510,745 57,978 3,403 24,765 - |
489,347 49,644 900 6,358 54,919 |
|||
| £582,991 | - | £596,890 | £601,168 | |||
| 67,696 540,798 - |
- - - |
67,697 567,030 37,500 |
125,058 468,607 38,000 |
|||
| £608,494 | - | £672,226 | £631,665 | |||
| (25,503) - |
- - |
(75,335) - |
(30,498) (647) |
|||
| (25,503) (36,750) - (1,495) - |
(10,992) - - - - £(10,992) 8,476 |
(1,495) (36,750) (596) - 36,750 - - - - 1,495 - - - - - - - £(596) - - 13,980 |
- - - - 571,695 |
(75,335) - - - 571,695 |
(31,145) - - - 50,000 |
|
| £(63,748) 184,751 |
£571,695 4,186,966 |
£496,360 4,394,173 |
£18,855 4,375,318 |
|||
| £121,003 | £(2,516) | - - £13,384 |
£4,758,661 | £4,890,533 | £4,394,173 |
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CHRIST CHURCH COCKFOSTERS
Information Classification: Confidential
NOTES TO THE FINANCIAL STATEMENTS for year ended 31st December 2023
| 1. INCOME 1(a) Voluntary income Donations and legacies Gift aid donations Income tax recoverable Donations via charitable trusts Other giving Legacy Misc Donations for Mission Gift aid donations Income tax recoverable Other giving Total voluntary income 1(b) Activities for generating funds Pre-School fees (see note 2(a) for expenses) Church House lettings The House Café 1(c) Income from investments Interest from fixed securities Interest from interest bearing bank accounts 1 (d) Church Activities Church Awayday Fees for weddings, funerals searches etc 1 (e) Other incoming resources Local authority grants Total Income |
Unrestricted | Unrestricted Designated Fund Buildings Fund 3,420 855 - 120 - - £4,395 - - - - £4,395 - - - - - 65 £65 - - - £4,460 |
Mission Fund Support Fund - 2,550 - 638 - - - 500 - 5,000 - - - 8,688 600 - 150 - - - £750 - £750 £8,688 Restricted Funds |
Restricted and unrestricted Designated Funds |
2023 TOTAL | 2022 TOTAL |
|
|---|---|---|---|---|---|---|---|
| General Fund 337,204 84,301 22,135 53,186 85 |
Ministry Trainees - - - - - - |
PropertyFund | 343,174 85,793 22,135 53,806 5,000 85 |
302,819 75,765 18,982 84,173 5,000 75 |
|||
| - - - - - - |
|||||||
| £496,911 | - | - | £509,992 | £486,814 | |||
| - - - |
- - - |
- - - |
600 150 - |
1,370 343 820 |
|||
| - | - | - | £750 | £2,533 | |||
| £496,911 | - - - - |
- | £510,743 | £489,347 | |||
| - 12,161 45,817 |
- - - - - - - - - - - - |
- - - |
- 12,161 45,817 |
1,127 6,841 41,676 |
|||
| £57,978 | - | - | £57,978 | £49,644 | |||
| - 3,338 |
- - |
- - |
- 3,403 |
113 787 |
|||
| £3,338 | - | - - |
- | £3,403 | £900 | ||
| 14,845 9,920 |
- | - - |
- | 14,845 9,920 |
970 5,388 |
||
| £24,765 | £24,765 | £6,358 | |||||
| - | - | - - |
- | - | 54,919 | ||
| - | - | - - |
- | - | £54,919 | ||
| £582,991 | - | £750 £8,688 |
- | £596,889 | £601,168 |
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CHRIST CHURCH COCKFOSTERS
Information Classification: Confidential
NOTES TO THE FINANCIAL STATEMENTS for year ended 31st December 2023
| 2. EXPENDITURE 2(a) Cost of raising funds Pre-School (see note 1(b) for income) Church Awayday (see note 1(d) for income) Church Houseparty The House Café 2(b) Expenditure on Church activities Ministry: Diocesan Common Fund & Evangelical Support Vicar expenses Associate Minister and expenses Clergy accommodation costs Church maintenance and repairs Church utilities and sundries Church insurance Church House maintenance and repairs Church House utilities and sundries Church House insurance Residential Property maintenance, repairs and rental Caretaker's salary and expenses Music director's salary & music expenses Youth and Children Ministery salaries & activities Pastoral Associate Families Ministry trainee expenses Operations, Communications, Administration & office expenses IT Costs including maintenance AV Costs Support Grants Training Evangelism & Miscellaneous Fees (see note 1(d) for income) Governance costs Audit fee APGM - printing of annual report Total expenditure on Church activities |
Unrestricted | Unrestricted Designated Fund Buildings Fund - - - - - - - - - 15,452 - - - - - - - - - - - - - - - - £15,452 - - - 15,452 |
Ministry Trainees Mission Fund Support Fund - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,495 - - - - - - - - - - - 9,284 - - - - - - - - 1,495 - 9,284 - - - - - - - - - 1,495 - 9,284 Restricted Funds |
Restricted and unrestricted Designated Funds |
2023 TOTAL | 2022 TOTAL |
|---|---|---|---|---|---|---|
| General Fund - - 18,943 48,753 |
Property Fund - - - - |
- - 18,943 48,753 |
70,197 645 5,300 48,916 |
|||
| 67,696 | - | £67,696 | £125,058 | |||
| 62,037 1,038 36,784 4,121 4,933 10,578 5,179 8,990 22,054 3,015 137,814 14,641 31,054 61,640 17,409 99,757 3,455 - - 764 4,191 4,494 |
- - - - - - - - - - - - - - - - - - - - - |
62,037 1,038 36,784 4,121 20,384 10,578 5,179 8,990 22,054 3,015 137,814 14,641 31,054 61,640 17,409 1,495 99,757 3,455 - 9,284 764 4,191 4,494 |
85,200 777 41,335 3,902 11,084 5,296 5,518 6,459 26,012 2,837 - 14,035 26,469 94,761 16,280 5,777 93,840 559 1,664 4,651 3,823 8,922 2,658 |
|||
| £533,948 | - | £560,179 | £461,857 | |||
| 6,250 600 |
- - |
6,250 600 |
6,250 500 |
|||
| £6,850 | - | £6,850 | £6,750 | |||
| £540,798 | - | £567,029 | £468,607 |
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Information Classification: Confidential
CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2023
| CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2023 |
||
|---|---|---|
| 3. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL Salaries Redundancy Costs Social security costs Pension fund |
2023 196,978 - 10,886 5,666 |
2022 207,464 14,694 12,185 4,442 |
| £213,529 | £238,785 |
The average number of employees during the year was 9 (2022: 17).
The Parish considers Jon Tuckwell (Chairman) as its key management personnel and he had no employment benefits including employer pension contributions. (2022: none). Other PCC members give of their time freely and no remuneration was paid in the year with the exception of Vava Tsioupra and Tom Inman.
During the year the PCC employed a caretaker, music director, youth minister, children and families minister, pastoral associate for families, operations manager, financial administrator, communications officer, cafe manager and deputy manager, none of whom had employment benefits in excess of £60,000 per annum (2022 : None).
4. PENSIONS
There is a Group Stakeholder Pension Scheme for those members of staff who are eligible to join. The assets of this scheme are held separately from those of the PCC, being invested with insurance companies. Pension costs charged in the statement of financial activities represent the contributions payable by the PCC during the year.
5. MISSION
During the year gifts totalling £750 were received including income tax recoverable for use in mission beyond the parish. This was increased by a transfer of £36,750 from general fund. As a result £37,500 was paid out or allocated in mission grants, those £1,000 or over are noted below.
| Asaph Trust | £12,000 |
|---|---|
| Wycliffe Nicolle | £6,000 |
| Pioneers | £5,000 |
| CMJ | £4,500 |
| OMF Margaret Rugira | £4,000 |
| BMS Sandersons | £3,000 |
| Interserve Anbesan | £1,500 |
6. SPECIAL APPEALS
Special appeals were made which raised £1,630 and these were all paid over to the beneficiaries. Those £1,000 or over are noted below.
Scripture Union UK for Amatola South Africa £1,630
7. INVESTMENTS (Restricted Funds)
| INVESTMENTS (Restricted Funds) Investment with Central Board of Finance re Burrowes/Hutchins Fund Market value as at 1 January 2023 Unrealised gain /(loss) Realised gain/(loss) Sale Proceeds to general fund Market value as at 31 December 2023 Historical cost as at 31 December 2023 |
2023 - - - - |
2022 10,785 - (647) (10,138) |
|---|---|---|
| £0 | £0 | |
| £0 | £0 |
8. TANGIBLE ASSETS - PROPERTIES
| Value as at 1 January 2023 Unrealised gain Value as at 31 December 2023 |
Christ Church House Restricted Freehold 1 & 2 Chalk Lane Unrestricted Designated Leasehold 2023 TOTAL 3,495,336 691,630 4,186,966 496,307 75,388 571,695 |
2022 TOTAL 4,136,966 50,000 |
|---|---|---|
| £3,991,643 £767,018 £4,758,661 |
£4,186,966 |
The PCC owns the following properties in the legal name of the London Diocesan Fund, held on trust for the PCC:
-
The freehold of Church House (shown at insurance value), and
-
Leases of 1 and 2 Chalk Lane for a period of 99 years from 24th June 1965 (shown at insurance value).
The Church building and vicarage, as consecrated property, do not belong to the PCC. The Church was insured for £7,579,792 (2022 : £6,537,421) while responsibility for the vicarage rests with the diocese.
9. DEBTORS
| Income tax recoverable Miscellaneous |
Unrestricted Unrestricted Designated Fund General Fund Buildings Fund 69,143 641 6,910 |
Ministry Trainee Mission Fund Support 100 638 - £0 £100 £638 Restricted Funds |
2023 Total 70,522 6,910 |
2022 Total 22,138 5,168 |
|---|---|---|---|---|
| £76,053 £641 |
£77,432 | £27,306 |
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Information Classification: Confidential
CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2023
10 CREDITORS
| Audit fee Mission grants Scripture Union Wilton Road Patio Fees Silverline Windows Fordham Rd balance Silverline Windows Wilton Rd balance Miscellaneous accruals |
Unrestricted Restricted Funds General Fund Mission Fund 6,250 1,000 1,630 2,530 2,749 6,600 6,765 2,201 £28,725 £1,000 |
2023 Total 6,250 1,000 1,630 2,530 2,749 6,600 6,765 2,201 |
2022 Total 6,250 - - - - - - 11,641 |
|---|---|---|---|
| £29,725 | £17,891 |
11. RELATED PARTY TRANSACTIONS AND PCC MEMBERS EXPENSES
Vava Tsioupra was paid as a full time Operations Manager and Tom Inman as a full time Children and Families' Minister during 2023. Nicki Hooke is married to David Hooke. David's work is supported by one of our mission partners The Asaph Trust. There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties.
12. AUDITORS' REMUNERATION
The auditor's remuneration constituted an audit fee of £6,250 (2022: £6,250).
13. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounts Regulations 2006 governing the individual accounts of PCCs, and with the Regulations "true and fair view" provisions, together with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as the applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities [SORP (FRS 102)]
The PCC is a public benefit entity within the meaning of FRS 102.
The financial statements have been prepared under the historical cost convention except for the valuation of investments and properties which are shown at fair value and insurance value respectively.
Going concern
The members of the PCC have considered all available information about the future and will ensure that the Church has adequate resources available to finance its activities and other obligations during the course of the next twelve months and, therefore, no material uncertainties have been identified by the members that may cast any significant doubt about the ability of the Church to continue as a going concern.
Funds and Reserves Policy
Unrestricted Fund
This represents the funds of the PCC that are not subject to any restrictions regarding their use and are available for the general purposes of the PCC. These funds are maintained at a level sufficient to allow for normal expenditure to be met when due, even though the level of income fluctuates from month to month.
Unrestricted Designated Funds
These represent funds designated by the PCC as follows :
* _Buildings Fund**_ - to pay for improvements to Church property
Restricted Funds
This represents the funds of the PCC that are subject to restrictions and can only be applied for particular purposes within their objects. The following restricted funds are detailed below.
Ministry Trainees
This fund is to support apprentices appointed by the Church leadership for training in Christian ministry and for serving within specified and general areas of the church's life and to assist with living expenses and reasonable church ministry expenses.
Mission Fund
This fund is for the support of our mission partners.
Support Fund
This fund is for the support of those in hardship.
Property Funds
Restricted - Christ Church House Fund - Comprises the insurance value of Christ Church House which is regarded as being funded originally by specific gifts of a restrictive nature.
Unrestricted but designated - 1 & 2 Chalk Lane Fund - comprises the insurance value of 1 & 2 Chalk Lane. They were funded by a mortgage which was repaid out of unrestricted funds.
Income Resources
Voluntary income - donations and legacies
Collections are recognised when received.
Amounts receivable under gift aid are recognised only when received. Income tax recoverable on gift aid donations is recognised when the income is recognised. Grants and legacies to the PCC are recognised only when received. Share giving is recognised at the market value when the shares are transferred.
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Information Classification: Confidential
CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2023
13. ACCOUNTING POLICIES (continued)
Activities for generating funds
Rental income from the letting of Church premises is recognised when the rental is due. Fees due to the PCC for weddings etc are accounted for on an event by event basis. The House Café activities are accounted for on accruals basis.
Income from Investments
Dividends and interest are accounted for when due and payable.
Church Activities
Realised gains or losses are recognised when the investments and properties are sold.
Unrealised gains or losses are accounted for on the revaluation of investments and properties at 31st December each year.
Expenditure and Liabilities
Mission Grants
Grants and donations are accounted for when paid over or when awarded, if that award creates a binding obligation on the PCC.
Liabilities Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation and settlement is probable and quantifiable.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Tangible Fixed Assets
Consecrated land and buildings and movable church furnishings.
Consecrated and beneficed property is excluded from the accounts by S.10(2)(a) and (c) of the Charities Act 2011.
No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditures incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off when incurred.
Other land, buildings, fittings and equipment
Other land, buildings, fittings and equipment are regarded as inalienable property held on special trust on behalf of the PCC. The freehold of Church House and the leaseholds of 1 and 2 Chalk Lane are shown in the balance sheet at their value for insurance purposes . The surplus arising on revaluation each year, arising from the index-linking of insurance policies, is added to the relevant funds. No depreciation has been provided due to their very long lives and high residual values. The fixtures and fittings are shown by way of note with no value being incorporated in the financial statements. Any expenditure on maintenance or repairs is written off when incurred.
Fixed Asset Investments
Investments are valued at market value as at 31 December 2023.
Current Assets
Amounts owing to the PCC at 31 December 2023 in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove un-collectable.
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Information Classification: Confidential
Independent Auditor's Report to the Members of Trent Parochial Church Council, Christ Church Cockfosters for the Year Ended 31 December 2023 Opinion We have audited the financi81 statemen18 of Trent Parochial Church Council, Chrlsl Church Cockfoslers for the year ended 31 December 2023, which comprise the Balance Sheel, Statement of Financial Activities and Notes lo the Financial Slalemenls, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparation 1$ applicablè law and United Kingdorn Accounling Standards. including FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion Ihe financial 51alemenls'. give a true and fair view of the slate of the church's affairs as al 31 December 2023 and of ils deficit for the year then ended., have been properly prepared in accordance with United Kingdom Generally AcGepled Accounting Practice., and have been prepared in accordance with the requirements of the Church Accounts Regulations 2006 Ba818 for oplnlon Vve conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further des¢ribed in the Auditor's responsibilitie5 for the audit of the linanci81 statements section of our report. We are independent of the church in accordance with the ethical requirements that are relevant lo our audit ol the financial slalemenls 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 evldence we have obtained is sufficient and appropriat8 lo provide a basis for our opinion. Con¢lu$lons r•latlng to golng ¢on¢¢rn In auditing the financial slalemenls, we have concluded that the members, use of the golng concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we havè not identified any material uncerlainlies relating lo events or conditions that, individually or collectively, may Gast significant doubl on the church's ability lo conlinue a5 a going Concern for a perlod of al lea51 twelve months from when the original financial statements were aulhori$ed for issue. Our responsibilities and the responsibilities of Ihe members with respect to golng concern are described in the relovanl sections of this report. Other Infomiatlon The other Informallon comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the olher infoTmalion and, except lo the exlenl otherwise expliGltly slated in our report, we do not express any form of assurance conclusion Ihereon. Page14
Independent Auditor's Report to the Members of Trent Parochlal Church Council, Christ Church Cockfosters for the Year Ended 31 December 2023 In connection with our audit of the financial stalemenls, our responsibility is lo read Ihe 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 lo be materially misstated. If we Idenlfy such material inconsistencies or apparent material misslalemenls, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we aro rooulred to report by excoptlon We have nothing lo report in respect of the following matters where the Church Accounts Regulations 2006 requires us lo report lo you if, in our opinion.. a sallsfaclory system of control over transactions ha$ not been maintained., or the church has not kept proper accounting records,. or the financial slalemenls are not in agreement with the books of account., or we have not received all the Information and explanalions we require for our audit Re3pon8lbllltl•s of ihe members As explained more fully In the members, responsibilities stalemenl Isel out on Page 5 of the PCC annu31 reporll, the members are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the members determine 13 necessary lo enable the preparallon of financial slalemen15 that are free from material missialemenl, whether due lo fraud or error. In preparing the financlal slalemenls, the members are responsible for assessing the church's ability lo continue a5 a going concern, disclosing, as applicable, mallers relalgd lo going coricern and using the golng concern basis of accounting unless the members either intend lo liquidate th8 church or to cease operations, or have no realistic allernalive bul lo do so. Auditorf8 ré8pon8lbllltle8 for tha audlt of the flnanclal 8tatoment$ Our obje¢lives are to obtain rèasonable assurance about whether the financial statemen15 as a whole are free from material misslalemenl. whether due to fraijd or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misslatemenl when l exlsls. Misslalemenls can arise from fraué or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, Including fraud, are Instances of non-compliance with laws and regulations. We design procedures line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularilles, including fraud. The exlent to which our procedures are capable of detecting irregularilles, including fraud is detailed below.. Page 15
Independent Auditor's Report to the Members of Trent Parochial Church Council, Christ Church Cockfosters for the Year Ended 31 December 2023 Based on okjr understanding of the chufch and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related lo the reporting framework {FRS 102 and the Church AccoLJnts Regulation$ 20061 and UK corporate laxalion laws. These risks were communicated lo our audit team and we remained alert lo any indications of non-compliance throughout our audit. We understood how the church 15 Gomplying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and lo what exlenl these corroborate this understanding and assessed the susceptibility of the church's financial 51atemenls lo material misslalem8nl. This included consideration of how fraud might occur and evaluation of management's incentives and opporlunilies for fraudulent manipulation of the flnancial slalements. We designed our audit procedures to identify any non-compliance with laws and regulation5. Such procedures included. bul were not limited lo, inspection of any regulatory or legal correspondence.. challenging assumptions and judgements made by management,. identifying and lesling journal entries with a focus on large or unusual Iransaclions as determined based on our understanding of the business,. and identifying and assessing the effectiveness of conlfols In place lo prevent and delecl fr8ud. Owlng to the inherent limitations of an audit, there remains a risk that a material m18slalement may not have been delecled. even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected lo delecl all instances of non-¢ompliance. A furlher description of our re8pon$ibilllie8 lor the audit of the flnan¢ial slalements is located on the Financial Reporling Council's websile al www.frc.org.uklauditorsre$ponsibililies. This description form8 part of our auditor's report. The primary responsibility for the detection and prevention of fraud rests with those responsible lor govefnance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial slalemenls. the less likely the auditor will become aware of it. The rlsk of not delecllng a malerlal mi8slalement due lo fraud is higher than the risk of not delecling one SUltIng from error, as fraud may involve deliberate concoalmenl, collusion, omission, misrepresenlalion or forgery. Use of our report This report is made solely lo the church's members, in accordance with the Church Accounts Regulalions 2006. Our audit work has been undertaken so that we might slate lo the Church those matters we are required lo slate lo it in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the ChurGh. for our audit work, for this report. or for the opinions we have formed. Darren Bond (Senior Slalvlory Auditor} For and on behalf of Brebner5, Slatulory Auditor 130 Shaftesbury Avenue London W1D SAR Dale.. Page 16