2021-12-31-accounts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH ROXETH (HARROW)

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Charity number: 1134836

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CONTENTS

Administrative Information	Page 1
Structure, governance and management	Page 2
Objectives and activities	Page 3
Achievements, performance and plans for the future
Public benefit
Financial review	Page 4
Risk Management
Reserves Policy
Appointment of Independent Examiner	Page 5
Independent Examiner’s Report	Page 6
Statement of Financial Activities	Page 7
Balance Sheet	Page 8
Notes to the Financial Statement
1. Accounting Policies	Pages 9-10
2. Incoming Resources	Pages 11-12
3. Resources Expended	Pages 12-15
4. Staff Costs	Pages 15-16
5. Investment property and tangible fixed assets	Page 17
6. Analysis of net assets and liabilities	Pages 18-19
7. Statement of funds	Page 19
8. Related parties	Page 19

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH ROXETH (HARROW)

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Administrative Information

Christ Church Roxeth is situated in the London Borough of Harrow. The correspondence address is Christ Church Roxeth, Roxeth Hill, Harrow, Middlesex, HA2 0JN. The Parochial Church Council (PCC) is, by Section 3 of the Parochial Church Councils (Powers) Measure 1956, a body corporate with perpetual succession and a charity previously excepted from registration with the Charity Commission. Since the implementation of the Charities Act 2006, it has been a requirement of a PCC with the financial income of Christ Church to register as a charity with the Charity Commission. This was undertaken in September 2009, and the date for the PCC registration was confirmed as 11 March 2010 (Charity No. 1134836).

The Annual Report and Accounts are independently examined by David Green of Gowers Ltd who can be contacted at The Old School House, Bridge Road, Hunton Bridge, Kings Langley, Herts, WD4 8SZ. The PCC banks at HSBC Bank, 31 Holborn Circus, London, EC1N 2HR.

PCC members who served between 1 January 2021 and the date this report was signed are:

	Member	Dates (where part only) Role	Dates (where part only) Role
Clergy:	The Revd Simon Durrant		Vicar & Chair
	The Revd Marj Mott		Associate Vicar
	The Revd Elaine Weaver		Curate (until 11 July 2021)
			Associate Vicar (from 12
July 2021)
Churchwardens:	Sue Arnold		Vice-Chair
	Paul Gabriel
General Synod:	Clive Scowen		Licensed Lay Minister
	Alan Smith	(from 1 October 2021)
Deanery Synod:	Penny Carballo-Smith
	Helena Tucker
	Sami Yohannes
	Andrew Morsley	(until 8 May 2021)
	Jenny Parker	(from 7 June 2021)
Elected:	David Arnold		Secretary
	Nicola Bielicki
	Karen Campbell-White
	Rachel Calvey
	Bola George
	Marianne Isherwood
	Jenny Parker
	Ashok Thadi		Treasurer
	Christine Akot	(until 8 May 2021)
	Joe Calvey	(until 8 May 2021)
	Mary Dunning	(until 8 May 2021)
	Maureen Jordan	(until 6 October 2021)
	Jean-Leandre Guede	(from 9 May 2021)

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Structure, governance and management

The method of appointment of PCC members is set out in the Church Representation Rules. All baptised lay habitual worshippers over the age of 16 are encouraged to register on the Electoral Roll compiled by the Electoral Roll Officer. Members of the Electoral Roll are entitled to vote in the election of members to the Deanery Synod and the PCC, and to stand for election after six months of membership.

The Annual Meeting of Parishioners (AMP) and Annual Parochial Church Meeting (APCM) were held on Sunday 9th May 2021 in person with some members participating via Zoom. The AMP elected two churchwardens and the APCM elected two parochial representatives of the laity to the PCC. At 31 December 2021, there were 187 members on the Electoral Roll (compared with 186 in December 2019).

Matters of policy and substance are discussed at PCC meetings. Financial liaison with the Treasurer and day-to-day spending decisions are undertaken by the Churchwardens and budget holders within parameters agreed at the Standing Committee.

Assistant Churchwardens were appointed by the PCC to assist the Churchwardens in fulfilling their statutory responsibilities during church services. Those that served during the year were David Arnold, Denis Barker, Clive Scowen, Mark Slatter, Alan Smith, Oliver Sormaz and Ashok Thadi.

The PCC employs various staff members to support the church’s ministry and mission. Salaried posts are usually advertised internally and externally, where relevant, before interviews are held. Salaries are set at rates appropriate to the job description and experience of the candidate. Salaries are reviewed annually, or where there are significant changes to a role, in line with the PCC’s Staff Remuneration Policy. See Note 4 to the Annual Accounts for further information.

Christ Church Roxeth is a parish of the Church of England belonging to the Deanery of Harrow, within the Archdeaconry of Northolt which is coterminous with the Willesden Episcopal Area of the Diocese of London. The PCC maintains a close relationship with the wider diocese, providing active representation at Deanery Synod and having lay members serving on the Diocesan and General Synods, as well as working in partnership with local churches and making an additional contribution above core costs towards the Common Fund of the London Diocesan Fund.

During the year, the following sub-committees reported to the PCC:

• Standing Committee - This is the only committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the Council. The committee at 31st December 2021 consisted of the following PCC members: the Vicar, the two Churchwardens, the Treasurer, the PCC Secretary and the Licensed Lay Minister.

• Finance Team - This committee oversees, monitors and makes recommendations on finance related matters to the PCC. The PCC still retains full accountability for all finance related decision-making. Its members at 31 December 2021 were Paul Gabriel (Chair), Ashok Thadi (Treasurer), Arthur Akhurst, Sue Arnold, Karen Campbell-White, Jean-Leandre Guede, Clive Scowen and Sami Yohannes.

• Premises Team - This committee oversees all property-related matters on behalf of the PCC. Its members at 31 December 2021 were Arthur Akhurst, David Arnold, Sue Arnold (Chair), Paul Gabriel, Bola George, Mark Slatter and Jonathan White.

• Leadership Team - The Leadership Team consists of the church's paid staff, Churchwardens, Licensed Lay Ministers and several volunteer leaders, each of whom is responsible for a specific aspect of church life. The Leadership Team gathers regularly and works with PCC representatives and other church members to consider key aspects of church life:

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o Sunday Ministry - Shaping our Sunday services to enable all generations to encounter God in scripture, worship and prayer.

o Discipleship - Building a clear pathway from welcome to committed discipleship to enable every person to discover and grow in faith.

o Mission - Developing an integrated vision for global, local and frontline mission; overseeing the distribution of funds to various mission partners, organisations and individuals.

o Youth & Children - Growing holistic ministry to children and young people.

Objectives and Activities

Christ Church Roxeth’s PCC has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the Church and its related buildings, is the managing trustee of property vested for its benefit in the London Diocesan Fund and is responsible for managing the church’s finances.

Achievements, Performance and Plans for the Future

The PCC met formally on seven occasions during the year, mostly in person but sometimes via Zoom. Formal sub-committees met between meetings and notes of their deliberations were received by the full PCC and discussed where necessary. Key outcomes from the Leadership Team and its various thematic areas of focus were reported to each PCC meeting through a Vicar’s Report. A full account of the activities of the Parish will be made available to the APCM. This will include detail of plans for the future, particularly in relation to the continuing development of our mission through the Found charity shop, involvement in the OneChurch Harrow church planting movement (in partnership with St Peter’s, West Harrow and St Paul’s, South Harrow), the departure of our Worship Team Pastor and the recruitment of a replacement.

Public Benefit

The PCC members have a statutory duty under the Charities Act 2011 to have regard to the guidance issued from time to time by the Charity Commission. PCC members have read the Charity Commission guidance, Charities and Public Benefit , and the supplementary guidance in The Advancement of Religion for the Public Benefit and have had regard to it in making relevant decisions. The PCC believes that this report taken as a whole provides evidence of the public benefit of the PCC’s work in 2021. The PCC helps to promote the whole mission of the Church, including its pastoral, evangelistic, social and ecumenical duties, and that in so doing it provides a benefit to the public by:

• Providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its adherents and for anyone who wishes to benefit from what the Church offers.

• Promoting Christian values, and services by members of the Church in and to their communities, to the benefit of individuals and society as a whole.

• Disbursing a number of grants to individuals and organisations, in line with an agreed policy. These include the provision of support for core Mission Partners and making donations to support the wider church, relief of poverty and injustice, and outreach ministry in schools. Details are contained in Note 3 of the Annual Accounts.

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Financial Review

Overall, during 2021, the PCC had an income of £254,977 and an expenditure of £286,286. The majority of the income has come in the form of voluntary donations from members and rental income from property and through Gift Aid. Additionally, restricted and designated income of £71,550 from carried forward from the previous financial year (received in the form of grant funds to enable the employment of a Community Children worker, Youth worker and to carry out mission activities) has been made available to fund the roles and activities.

The PCC currently has £144,954 designated into the “Grange Farm Community Mission Fund”, the remainder of the proceeds from the sale of the Grange Farm Community Centre to London Borough of Harrow as part of the redevelopment of the surrounding estate. These funds are set aside pending the identification of an appropriate use to enable community outreach to the estate and surrounding area.

A substantial amount of voluntary help was received during the year which is not reflected as a cost in the accounts. Without this unpaid assistance, the work undertaken in the parish would be severely reduced.

Risk Management

Members of the PCC received an initial induction at the start of the PCC year, which covered the key responsibilities of a charity trustee. The PCC continues to monitor the major risks which impact on the work of the Church. A set of financial procedures for monitoring and controlling monetary transactions have been in place for some time, with the most recent review occurring in March 2019. It is considered that these procedures contain the required elements of establishing a record of the sums received at the earliest opportunity, segregation of duties and evidencing the control over this area of activity. A Safeguarding Policy agreed by the Diocese is approved by the PCC annually to cover both children and vulnerable adults and remains under regular review. The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, in relation to having due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. The Safeguarding Officer (Bola George) is supported by a safeguarding team who oversee the implementation of agreed procedures for children and vulnerable adults, and provide regular reports to the PCC. PCC members are also expected to undertake training on safeguarding procedures on a rolling three-year programme. The PCC reviews existing controls to deal with all areas of risk on an ongoing basis, and a full review of key policies and risk assessments is ongoing. It is the intention that policies will be introduced to cover other risks as they are identified. The consecrated and beneficed buildings and contents of the Church are adequately insured, where possible, with the Ecclesiastical Insurance Group.

Reserves and Investment Policy

The PCC seeks to plan and budget expediently in order to enable the General Fund to break even on an ongoing basis. The PCC also has control of funds designated in the Grange Farm Community Mission Fund and resolved on 05/02/18 to place the majority of these funds on deposit with M&G and Hampshire Savings Trust, pending the identification of an appropriate use for the funds to enable community outreach to the new estate and surrounding area. As mentioned in the Financial Review section above, current value of the fund is £144,954

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Appointment of an Independent Examiner

The changes brought in through the Charities Act 2006 lifted the net incoming resources threshold, below which entities are no longer legally required to have a statutory audit, to £1,000,000. It is not expected that the PCC’s income will breach this threshold in the immediate future, and accordingly the APCM endorsed the appointment of a professionally qualified Independent Examiner to review annually the books and accounts of the PCC, as required for entities with income in excess of £250,000. David Green was appointed as Independent Examiner on 9th May 2021 and will be proposed to continue in this role at the forthcoming Annual Parochial Church Meeting.

Rev. Simon Durrant Chairman of the PCC

5th May 2022

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INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH ROXETH (HARROW)

I report on the accounts of the Parochial Church Council of the Ecclesiastical Parish of Christ Church Roxeth (Harrow) for the year ended 31 December 2021, which are set out on pages 7 to 19.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The PCC’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

It is my responsibility:

• To examine the accounts under section 145 of the 2011 Act;

• To follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and

• To state whether particular matters have come to my attention.

Basis of this report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

• (1) which gives me reasonable cause to believe that in any material respect the requirements - To keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the requirements of the Act and the Regulations

• have not been met; or

(2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Name: David Green Gowers Ltd Chartered Accountants The Old School House Bridge Road Hunton Bridge Kings Langley Hertfordshire WD4 8SZ

Relevant professional body: Institute of Chartered Accountants in England & Wales

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

BALANCE SHEET AT 31 DECEMBER 2021

Approved and authorised for issue by the Parochial Church Council on 5th May 2022 and signed on its behalf by

Rev Simon Durrant (chairman) Sue Arnold (vice-chairman)

The accompanying notes form a part of these financial statements.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

REGISTERED CHARITY NUMBER: 1134836

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

a. Accounting convention

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 (not verified) and in accordance with the PCC’s Powers Measure, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

The PCC meets the definition of a public benefit entity under FRS 102. See the “Administrative Information” section in the Trustees Annual Report for detail of the legal status of the PCC.

The accounts have been prepared in sterling which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

The financial statements have been prepared under the historical cost convention. The financial statements 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 affiliation to another body, nor those which are informal gatherings of church members.

b. Funds accounting

Funds held by the PCC are:

• Unrestricted funds - general funds which can be used for PCC ordinary purposes.

• Designated funds - monies set aside by the PCC out of unrestricted funds for specific future purposes or projects.

• Restricted funds - a) income from trusts which may be expended only on those restricted objects provided in the terms of the trust; b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of the year is carried forward as a balance on that fund.

c. Incoming resources

All incoming resources are accounted for gross and include income tax recoverable under Gift Aid where appropriate.

Voluntary Income

Collections are recognised when received. Planned giving is recognised when receivable. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies are recognised when the PCC is legally entitled to the amount due.

All other income

All other income is recognised when it is receivable.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

d. Resources used

Resources expended are accounted for on an accruals basis and are accounted for gross.

Grants and donations are accounted for when paid over, or when awarded where the award creates a binding obligation on the PCC.

Church Activities

The diocesan parish contribution (Common Fund) is accounted for on an accruals basis. Any parish contribution 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.

e. Fixed Assets

Fixed assets

Consecrated and beneficed property of any kind is excluded from the accounts. The insurance value of the Church buildings is £6,950,000.

Investment property assets are freehold properties which are held on the Balance Sheet at their fair value.

Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal, are accounted as inalienable property unless consecrated. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Individual items acquired since 2000 have been capitalized in the accounts and depreciated over their useful economic life.

Depreciation

Depreciation is calculated to write down the cost of tangible fixed assets, excluding freehold properties, over their expected useful lives, for assets above £500. The rates generally applicable are:

IT and Music Equipment 20%-33% straight line

It is a policy of the PCC to charge depreciation on freehold property. However, it is also the PCC's policy to maintain such assets in a continual state of sound repair. Accordingly, the useful economic life of these assets is so long and residual values so high that any depreciation would not be material. In addition, these assets will be subject to annual impairment reviews. Provision will be made if there has been any permanent diminution in value.

f. Current Assets

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

g. Financial Instruments

The PCC only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised costs using the effective interest method.

h. Pensions

Employees of the Charity are invited to join an auto-enrolment compliant pension scheme details of which are contained in note 4a. There were no outstanding contributions at the year-end relating to staff members who have opted into the scheme. The costs of the scheme are included within staff costs and charged to the unrestricted funds of the Charity.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Incoming resources

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. Resources expended

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Staff costs

• a. Wages, salaries and pensions

The average number of employees during the year was 4. The total salary and National Insurance costs were £77,051 and no employee had remuneration greater than £60,000. During the year, the PCC paid for the services of a part time organist, but no payment was large enough to attract National Insurance costs.

Pension Builder Scheme

Christ Church Roxeth participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

1. the Defined Benefits Scheme

2. the Pension Builder Scheme, which has two subsections;

3. a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable 2021: £7,045, (2020: £7,167).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Christ Church Roxeth could become responsible for paying a share of the failed employer’s pension liabilities.

b. Payments to PCC members and key management personnel

The key management personnel that have been identified by the trustees include the members of the Standing Committee. Of these personnel, the Rev. Simon Durrant was remunerated by the Diocese. No member of the PCC received remuneration, expenses or benefits purely in respect of their services as members of the PCC.

The church's employees included Alan Dempster (Operations Coordinator), who is an ex-officio member in his capacity as a Deanery Synod representative and PCC Secretary. Other members of staff occasionally attend PCC meetings. Members of staff would normally leave the room during discussions on employment matters, as is deemed appropriate.

The PCC has a conflicts of interest policy which is reviewed each year after the APCM. PCC members declare interests annually to the PCC Secretary, and to the chair of each meeting when there is a relevant issue on the agenda.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Investment property

a. The freehold land and buildings comprise:

• The residential property at 69 Southdown Crescent, South Harrow, purchased in 1964 for housing a curate, as it was so used until 2010. Having been let as an investment property until December 2018, it was used to house a returning missionary family at a subsidised rent from January to July 2019. It is now being used to house a church planting curate for One Church Harrow, with funds being provided by the Diocese of London. It was last valued by an Independent Chartered Surveyor at £315,000 in 2011, although the trustees revised this to £435,000 in 2018 based on subsequent changes to market value as determined by local property prices, a revaluation gain of £111,000. The current market value is deemed to be the fair value.

• The Lodge at the top of the Church drive is presently let to a church family. The Lodge, originally built on Glebe Land, was purchased by the PCC from the Incumbent for £1 in 1956, with an option for the incumbent to buy it back for £1 in the event of the PCC wishing to sell it. The trustees believe that the market value of the property is restricted to £1 as the restricted covenant has not been lifted and so deem this to be the fair value.

• A commercial shop unit with a maisonette above at 9 Shaftesbury Parade was purchased in 2012 and is let to the CCR Foundation for use as a charity shop. It was valued at £250,000 after the disposal of the maisonette on a 125 year lease. This is considered still to be the current market value of this investment property, and the current market value is deemed to be the fair value.

• The Hall and Lounge are adjacent to and attached to the church. The PCC does not intend to dispose of the Hall and Lounge and no capital value is assigned to it.

• b. In 2006, following the completion of the YMCA Roxeth Gate building, as part of the former Harrow Hospital nurses hostel redevelopment, Christ Church took the freehold of that portion of the site, which is vested in the London Diocesan Fund (LDF), and granted a 125 year lease to the West London YMCA on a peppercorn rent until 2131. The restrictions placed on the usage of the site and the terms of the lease are such that no value has been placed on the site and as such the asset does not appear on the PCC’s balance sheet.

• c. All the freehold property noted above is vested in the LDF under the Parochial Church Councils (Powers) Measure 1956. The PCC is the managing trustee. Since the PCC substantively bears the risks and rewards of ownership, the value of these freehold assets is included in the PCC balance sheet.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of net assets and liabilities

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH ROXETH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

b. Diocesan Loan

• A loan of £6,000 was received from the Diocese in 2016 to help fund works to repair a cracked kneeler stone. Scheduled repayments of £200 per month commenced in November 2017, with the loan being cleared during 2020.

7. Statement of funds

• The Youthwork Fund represents restricted funds donated to the church’s youth & children’s ministry. This includes grant funding received from the Bishop of London’s Mission Fund, Orley Farm School Trust and CCR Foundation to enable the employment of a Community Children’s & Youth Worker.

• The Grange Farm Community Mission Fund represents designated funds set aside by the PCC from the proceeds of the sale of the Grange Farm Community Centre. These funds are supplemented by 75% of rental income received from 9 Shaftesbury Parade (the found charity shop). These funds are set aside to be invested in community mission to the future estate and surrounding community.

• The Premises Development Fund (Designated) represents designated funds set aside by the PCC to carry out works to develop church premises.

• The Premises Development Fund (Restricted) represents restricted gifts received from church members to enable improvement to church premises.

• The Mission Fund represents restricted gifts received from church members to support global and local mission work.

• The Vicar’s Discretionary Fund represents restricted gifts received from church members and funds set aside to enable the Vicar to disburse funds to respond to urgent pastoral needs.

• The Capital Fund represents the value of the unrestricted Freehold Property owned by the PCC, which comprises 69 Southdown Crescent (revalued at £426,000), the Charity Shop at 9 Shaftesbury Parade (included at 2012 independent valuation less capital mortgage owing) and The Lodge (revalued at £1). See Note 5 for further information.

8. Related parties

Some members of the PCC are also trustees of other charitable bodies (or are related to individuals) that receive mission donations and payments from the PCC. There is no financial benefit to any PCC member in these instances and the PCC’s conflict of interest policy has been carefully applied in any discussions relating to financial arrangements.