## Inspire St James
The Parochial Church Council of the Ecclesiastical Parish of St James and St John with St Peter, Clerkenwell
The St James Clerkenwell Charity
Inspire London Church
## Combined Annual Report and Accounts for the year to 31[st] December 2021
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
The Parochial Church Council of the Ecclesiastical Parish of St James and St John with St Peter, Clerkenwell
_Registered charity number:_ 1132254
## _PCC members:_
Reverend Peter Nicholas (incumbent)
Reverend Mark Jackson
Mr Ian Sutherland (churchwarden)
Mrs Fiona Petit (churchwarden) Mr Jonathan Parry
Mr Greg Yap Mr Tim Dulley (treasurer)
## St James Clerkenwell Charity
_Registered charity number:_ 278682
_Trustees (ex officio as incumbent and churchwarden of St James PCC):_
Reverend Peter Nicholas
Mr Ian Sutherland
Ms Fiona Petit
## Inspire London Church
_Registered charity number:_ 1153540
## _Trustees:_
Reverend Mark Jackson
Reverend Peter Nicholas
Dr Judith Littlejohns (churchwarden, resigned 20[th] June 2021)
Mr Daniel Carall-Green (churchwarden)
Mrs Diana Carolina Jaime (appointed churchwarden 20[th] June 2021)
Mr Tim Dulley (treasurer)
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
_Church Manager:_
Mr Shane Wall
## _Principal office:_
St James Church, Clerkenwell Close, London, EC1R 0EA
## _Bankers:_
Barclays Bank plc Islington & Camden Business Centre PO Box 3473
CAF Bank 25 Kings Hill Ave, Kings Hill, West Malling ME19 4JQ
## _Independent examiner:_
Rachel Belshaw, MA ACA CTA Hill Top Accounting Ltd, Hill Cottage Church Lane Ufton Nervet Reading RG7 4HQ
_Solicitors:_
Wrigleys Solicitors LLP 3rd Floor Fountain Precinct Balm Green Sheffield S1 2JA
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Contents
|Annual Report………………………………………………………………………………………………………………………………………….|4|
|---|---|
|Independent Examiner’s Report……………………………………………………………………………………………………………….|11|
|Combined Statement of Financial Activities……………………………………………………………………………………………..|13|
|Combined Balance Sheet………………………………………………………………………………………………………………………….|14|
|Combined Statement of Cash Flows………………………………………………………………………………………………………….|15|
|Notes to the Accounts………………………………………………………………………………………………………………………………|16|
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Annual Report
## **Vision and values**
• **Vision:** _To be a united and diverse community inspiring London with the good news of Jesus Christ._ The biblical gospel tells us that Jesus Christ reconciles humanity to God by dying on the cross and rising to new life. As a result the church is to be a place of reconciliation where all divisions are broken down. Consequently we want Inspire to embody this reality, being diverse but counter-culturally united with people of different ages and stages, diverse ethnicities and social backgrounds.
- **Values:**
- _Biblical Preaching_ – a passionate concern to preach God’s word and a belief that as we do we hear God’s voice.
- _Engaging the Heart_ – we want the bible to impact hearts, changing desires and seeing people wanting to live for Christ.
- _Cultural Connection_ – as hearts are changed so people are envisioned and equipped to connect in all areas of life to the glory of God.
## **Context**
Inspire Saint James Clerkenwell is a combination of two ecclesiastical bodies within the Church of England and two independent charities, the PCC of St James Clerkenwell and the charity Inspire Church which has a licence to operate under a Bishops Mission Order (BMO). The two charities and churches started working together and functioning as one ministry body in February 2018. This ministry body works in three parishes in the EC1 area of London: St Clements Kings Square, St Giles Cripplegate and St James Clerkenwell.
The Old Street and Clerkenwell area has approximately 30,000 in population and is undergoing ongoing rapid growth and development. It is a very diverse area with numerous council estates and two thirds of the residents living in social housing and facing significant deprivation. Professionally Old Street is known as a Technology and Media hub nicknamed ‘the Silicon Roundabout’ and many of the new build flats are for this population. Clerkenwell has the highest density of architects and designers anywhere in the world and is expanding with the opening of Crossrail at Farringdon.
The challenge for our ministry in this context is to embrace the diversity of the area, bringing about a united church family and a ministry that engages with the range of opportunities and challenges in the area and across the three parishes.
## **Achievements and Performance**
Inspire Saint James Clerkenwell has a church congregation made up of three services, one at 11am and one at 4pm on Sunday, and a midweek service focused on workers in the Clerkenwell area. True to the vision of the church, the congregation is made up of a diverse range of ages, stages, ethnic and demographic backgrounds, including families, students, young adults, children and the elderly.
Similar to last year, this report on the church’s activities for 2021 needs to be set against the context of a very unusual and challenging year:
- COVID-19 meant that whilst we were able to open the church to public worship, masks were required on at all times with social distancing and there was the rule of 6 outside.
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- Despite things opening up over the Summer, the Omicron variant struck just before Christmas with a pingdemic and some services having to be cancelled.
- Multiple pastoral issues coming to the fore through the backdrop of Covid-19 and being isolated from one another.
The church has needed to not only continue with its various discipleship and missional programmes but also continue to adapt and respond to these above challenges, seeking to minister the gospel into them with grace and truth.
## **1. Local Area Initiatives**
## **Life Skill Courses**
We have run several Life Skills Courses, this past year, in conjunction with Christians Against Poverty with 8-10 people coming together each week to learn more about managing life on low income. But also, at a deeper level, to experience real community and hopefully be drawn into the life of God. Volunteers have done a wonderful job of coming alongside the participants.
## **St. Luke’s Primary School**
Since September of last year, two members of staff have been going in on Wednesday afternoons to run football sessions for 60 kids, and pray with them at the end of each session. From these sessions, we have had around 20 new children come along to at least one of the Inspire Football sessions on Sunday mornings where they can hear more about Jesus from Mark’s gospel.
## **Children and Young People**
For much of the year we were able to provide Inspire football sessions on a Sunday morning before church for children in the local area. These sessions expanded to be across two classes with up to 30 children in attendance. Wonderfully, we were able to run our Inspire Holiday Club with 70 children and excellent followthrough to our celebratory service on Sunday.
## **2. Discipleship and Evangelism Programmes**
## **Sunday Services including guest services and Christmas carols**
At the beginning of the year we started a new sermon series in Zechariah called ‘The Gospel in Graffiti’. With many relational issues coming to the fore through the isolation of Covid-19, we looked at the Song of Songs followed by a topical series on the gospel from Romans and the end of the Psalms. In the autumn we preached through Luke 1-9 that we entitled 'Faith in an Age of Uncertainty' given all the many questions that people had as we were beginning to come out of lockdown.
Throughout this period we were able to livestream our services with regularly over 100 people connecting with us from across the globe.
## **Inspire Groups**
Inspire Groups are fortnightly mission groups with three aims:
- Community – these meet to support and encourage each other, providing a key forum in which the vision of Inspire is fostered.
- Discipleship – the groups meet to apply the sermon from Sunday seeking to grow to know Jesus Christ better through it and growing in him.
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
- Mission – Inspire groups seek to reach out with the gospel, living distinctively in all aspects of life and giving others the opportunity to explore the Christian faith.
Inspire groups continued to meet together in person whenever they could or hybrid or depending on restrictions in place. They were vital forums of prayer, pastoral support and discipleship through an isolating and painful period.
## **Other Ministries**
We have had 16 baptisms in the past year. We have seen growth in our **Advent devotional Reading Group** which was a great encouragement to many in the church family, fixing our eyes on Jesus, which provided a real anchor for us when Christmas plans were thrown up in the air with Omicron. There has been the flourishing of the **Women’s ministry** under our new Women's Worker providing pastoral support and real organic community for all the women in the Church to experience. **Inspire English** had 17 nations represented in one session. Big Lunches have been amazing times of community together. **Campus Outreach** ministry, working alongside our student ministry, has grown from initial contacts to Footy Fridays and 35 students attending a Thanksgiving Evening.
We’ve also had **4 working groups** looking into Governance and Leadership, Culture, HR and Safeguarding with the Church.
## **Structure and governance**
## **The St James PCC**
The Parochial Church Council of the Ecclesiastical Parish of St James and St John with St Peter, Clerkenwell (‘The St James PCC’) is a corporate body established by the Church of England. It is a registered charity, governed under the Parochial Church Council Powers Measure (1956), as amended, and the Church Representation Rules.
The method of appointment to the PCC is set out in the Church Representation Rules. The incumbent and wardens are ex officio members, with the remaining members elected from members of the congregation who are on the electoral role.
The PCC is responsible for making decisions on all matters of general concern and importance to the parish, including how funds are spent. In practice responsibility for specific matters may be delegated to PCC sub committees.
## **The St James Clerkenwell Charity**
By the Metropolitan Borough of Finsbury Act 1901, it was enacted that the charitable monies of the Ancient Parish of Clerkenwell should become the responsibility of two separate bodies: The Clerkenwell Charity Trustees and The Clerkenwell Church Trustees. St James Clerkenwell Charity represents the holding of charitable monies by the latter.
The Clerkenwell Church Trustees were established to manage several charities established for the benefit of St James Church, Clerkenwell and St James Church, Pentonville. St James Church, Pentonville was subsequently closed and the income is now utilised for the benefit of St James, Clerkenwell.
The governing document of the charity is a lease dated 17th August 1792, as amended on 30th June 1950 and again on 2nd December 1955 and 18th January 2012.
By a report dated 22nd May 1897 to the Charity Commission regarding Educational Charities and the Parish of Clerkenwell and further by the Report and Digest of Charities in the Parish of Clerkenwell, issued on 12 March 1898 by the Charity Commission, the object of the Trust is stated to be to use the income to repair and maintain
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
the two Churches, identified above. There is only now the one church building, St James Clerkenwell. At the date of the Charity Commission Report the Charity was charged with not only the repairs, but the payments relating to insurance, water rates, and repairs to clock and heating apparatus at Clerkenwell.
The St James Clerkenwell Charity trustees are comprised of the incumbent and two churchwardens of St James Clerkenwell, who hold office ex officio. A new trustee is necessarily a churchwarden or a new incumbent.
St James Clerkenwell Charity holds a number of investments, the Permanent Endowment, the income from which is used for the upkeep of St James Church.
## **Inspire London Church**
Inspire London Church was established as a Charitable Incorporated Organisation on 6th August 2013. It is managed by its trustees, under the terms of its constitution. Reverend Mark Jackson and Reverend Peter Nicholas are trustees, _ex officio_ , as the ministers of the church. The two other trustees are, _de facto_ , wardens of Inspire London Church, elected from members of the congregation who are on the electoral role.
## **Inspire St James**
On 1[st] February 2018 Saint James Clerkenwell combined its ministries to work with Inspire London Church under the name Inspire St James.
The PCC and trustees of the two charities meet together to discuss the running of Inspire St James. Any resolutions and voting are considered separately within the structure of each charity. The joint meetings took place ten times during the year. In April an Annual Parochial Church Meeting was held to share information about the progress and activities of the church.
Decisions taken by the trustees cover strategic direction, assessment of tactical options and major expenditure decisions such as creation of staff rolls or capital projects. Other day-to-day decisions are taken by church staff. Management issues and progress on church initiatives and projects is reported to the trustees and debated as necessary.
The PCC and trustees are responsible for agreeing the principles for determining staff remuneration. For nonordained staff, remuneration is set in line with market rates. Ordained staff either receive a stipend from the Diocese of London or, in the case of Inspire London Church, a salary which is in line with Diocese of London stipends. Similarly, accommodation and pension allowances are paid in line with the Diocese of London.
The work and needs of Inspire St James will be explained to new PCC members and trustees as they are appointed, so that they are enabled to fulfil their duties and obligations. They are also encouraged to engage with material published by the Charity Commission and the Church of England to better understand their role.
In exercising its duties the trustees of all three charities have due regard to and comply with the Charity Commission’s guidance on public benefit.
## **Fundraising**
Voluntary donations: funds raised from voluntary donations come principally from members and regular attendees at the church. Information about how to make donations is published on the Inspire St James website and publicised during church services and meetings. Visitors are not encouraged to donate – only those who consider themselves members of Inspire St James.
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
Grants: applications are made to a number of grant making bodies from time to time, particularly in respect of repairs or enhancements to the church building.
## **Investments**
Investments are held in order to optimise income for the church. Advice has been sought from independent financial advisors. Investments are almost exclusively in vehicles specifically designed for charities and/or the Church of England.
The trustees are satisfied with the performance of investments during the year.
## **Risks and uncertainties**
The principal risks and uncertainties facing Inspire St James, as identified by the trustees, are in three areas:
_1. Operational risks to health and safety and safeguarding of children and vulnerable adults._
Inspire St James meets in a historic building that is open to the public and not designed to modern health and safety standards. This as well as working with children and vulnerable adults in a ministry context requires a thorough and fit for purpose approach to risk assessments and safeguarding.
As a result of identifying this risk, one of the trustees, Dr Judith Littlejohns, is Inspire St James’s Safeguarding Officer and Jane Jellis has been appointed as Children’s Champion. Additionally, the Church Manager, Shane Wall, has responsibility for day-to-day operation of health and safety standards in the church building. Safeguarding is a standing agenda item at all meetings of the PCC and trustees.
_2. Regulatory and governance risks._
Governance issues are regularly raised and reviewed by the trustees, having regard to the size of the church and the need for adequate representation and controls.
Through Diocesan resources, the trustees are updated on Church of England regulatory and governance requirements, which are then assessed and actioned accordingly.
## _3. Financial risks_
The PCC and trustees recognise that the main financial risks and uncertainties arise from the need to provide adequate meeting space for church activities and accommodation for staff in an expensive part of central London, as well as staff salaries, all in order to support Inspire St James’s vision in the Clerkenwell and Old Street areas. Day to day risks and uncertainties are managed by the Church Manager and the Treasurer who reports regularly to the trustees and provides advice as appropriate. If it is apparent that levels of donations and other income do not match expenditure commitments over a sustained period then the trustees will reassess those commitments.
## **Covid 19**
The outbreak of Covid 19 and the measures taken to contain it have presented Inspire St James with significant risks under all these headings.
The church building was closed at times and in-person services were shaped in line with Church of England and government guidelines. The PCC and trustees anticipate continuing to comply with legal regulations and these and the attendant public debate are monitored constantly.
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
In reaction to Covid restrictions some activities have continued online, which presents new safeguarding risks which are monitored by our Safeguarding Officer.
There is continued risk to voluntary donations if further pandemic events restrict the economy further over the coming years.
Income from hiring space in the church building has been significantly. As a result advantage has been taken of the government’s furlough scheme for a number of staff members.
The PCC and trustees meet monthly to review the cash flow position of the combined charities and the assumptions made in the cash flow forecast. Their combined reserves were such, at the end of 2021, that there is not considered to be a risk to the continued solvency of the charities.
## **Financial review**
The accounts are for year to 31[st] December 2021.
Total income during was £613,597 (2020: £708,963). Total expenditure was £656,824 (2020: £625,814).
Combined unrestricted reserves at 31[st] December 2021 were £502,877 (2020: £522,817). Included in this amount is £125,098 representing the net book value of tangible fixed assets.
Restricted reserves were £1,218,779 (2020: £1,125,379).
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **Reserves Policies**
It is the policy of Inspire and St James PCC to maintain combined unrestricted reserves roughly equivalent to 6 months of the combined charities’ expenditure from general funds, which the PCC and trustees believe to be adequate for its day-to-day needs. Any surplus reserves are to be committed to planned expenditure in line with long-term strategy.
As at 31[st] December 2021 the required amount of combined unrestricted reserves was therefore £275,097.
**This report and accounts were approved by St James PCC, The St James Clerkenwell Charity and Inspire London Church and signed on their behalf by**
The Reverend Mark Jackson
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Independent Examiner’s Report
I report to the trustees and members of The Parochial Church Council of St James, Clerkenwell (charity number 1132254), The St James Clerkenwell Charity (charity number 278682) and Inspire London Church (charity number 1153540) on the combined accounts for the year to 31[st] December 2021.
## **Responsibilities and basis of report**
As the trustees of the combined charities, you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the Act’) and you have chosen to prepare combined accounts for the Group. You are satisfied that the accounts of are not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the combined accounts. I have carried out my examination under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the consolidated accounts present a ‘true and fair’ view, and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent Examiner’s Statement**
Since the combined gross income of the charities exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records, with respect to the charities, were not kept as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Signed:
Dated
Rachel Belshaw, MA ACA CTA
Hill Top Accounting Ltd Hill Cottage Church Lane Ufton Nervet Reading RG7 4HQ
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Combined Statement of Financial Activities
for the year ended 31st December 2021
|**Notes**
Income and endowments:
Voluntary income
2a
Income from investments
2b
Income from church activities
2c
Expenditure:
Church activities
3
Net income / (expenditure)
before investment gains
Net gains/(losses) on investments
Net income / (expenditure)
Transfers between funds
Increase / (decrease) in funds
Funds brought forward
Total funds carried forward|**Unrestricted**
**Restricted**
**Endow-**
**2021**
**Funds (£)**
**Funds (£)**
**ment (£)**
**Total (£)**
363,710
13,118
-
376,828
1,093
27,465
-
28,558
208,211
-
-
208,211
573,014
40,583
-
613,597
(550,194)
(106,630)
-
(656,824)
22,820
(66,047)
-
(43,227)
2,553
103,057
11,077
116,687
25,373
37,010
11,077
73,460
(45,313)
45,313
-
-
(19,940)
82,323
11,077
73,460
522,817
441,913
683,466 1,648,196
502,877
524,236
694,543 1,721,656|**2020**
**Total (£)**
553,232
26,564
129,167|
|---|---|---|
|||708,963
(625,814)|
|||83,149|
|||(144,015)|
|||(60,866)
-|
|||(60,866)
1,709,062|
|||1,648,196|
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Combined Balance Sheet
|Combined Balance Sheet
at 31st December 2021
Fixed assets:
Tangible fixed assets
6
Investments
7
Current assets:
Debtors and prepayments
8
Cash
Current liabilities:
Creditors due within one year
9
Net current assets:
Net assets:
Funds:
12
Unrestricted
Restricted|**2021**
**(£)**
125,098
994,299
1,119,397
45,221
563,694
608,915
6,656
602,259
1,721,656
502,877
1,218,779
1,721,656|**2020**
**(£)**
124,282
877,612|
|---|---|---|
|||1,001,894
119,992
548,063|
|||668,055
21,752|
|||646,302|
|||1,648,196|
|||522,817
1,125,379|
|||1,648,196|
## **Signed on behalf of the St James PCC and the trustees of The St James Clerkenwell Charity and Inspire London Church by**
The Reverend Mark Jackson 31[st] March 2022
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Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Combined Statement of Cash Flows
for the year ended 31st December 2021
|**Notes**
Net cash provided by / (used in) operating activities
10
Dividends and interest received
Purchase of fixed assets
Change in cash in the year
Cash at the beginning of the year
Cash at the end of the year|**2021**
**(£)**
5,992
28,558
(18,918)
15,632
548,063
563,694|**2020**
**(£)**
9,194
26,564
(4,120)|
|---|---|---|
|||31,638
516,425|
|||548,063|
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
## Notes to the Accounts
## **1. Accounting policies**
## **Basis of accounting:**
The St James PCC, The St James Clerkenwell Charity and Inspire London Church are public benefit entities within the meaning of FRS102.
The financial statements have been prepared under the historic cost convention, under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (FRS102).
Merger accounting principles have been adopted under FRS102 to account for the merger of St James PCC and Inspire London Church.
The financial results of The St James Clerkenwell Charity have been consolidated with St James PCC by merit of the control exercised over it by the PCC through the appointment of its trustees.
## **Income:**
Planned giving, collections and similar donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Interest is accounted for when received. Grants and legacies are accounted for as soon as legal entitlement is notified, the amount due is quantifiable and receipt is reasonably certain.
## **Expenditure:**
Common Fund contributions are accounted for when payable. Any amount pledged but unpaid at 31 December is shown as a creditor in the balance sheet.
Grants and donations are accounted for when paid, or when awarded, if that award creates a binding obligation.
All other expenditure is recognised on the accruals basis and accounted for gross.
## **Fixed assets:**
## _Consecrated and benefice property:_
In so far as consecrated and benefice property of any kind is excluded from the statutory definition of 'charity' by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.
## _Moveable church furnishings:_
These are capitalised at cost and depreciated over their economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the church's inventory in any case.
## _Leasehold property:_
This is included at cost. No depreciation is provided as cost is less than market value.
## _Other fixtures, fittings and office equipment:_
Equipment used within the church premises costing more than £2,000 is capitalised and depreciated at 25% on a straight-line basis. An impairment review is carried out at each year end and any resultant loss identified is included in expenditure for the year.
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
## _Investments:_
Investments quoted on a recognised stock exchange or whose value derives from them are valued at market value at the year end.
## **Funds:**
_Restricted funds_ comprise revenue donations and grants intended for a specific purpose by the donor or funds set aside from general funds by the PCC and trustees for a dedicated purpose.
_Unrestricted funds_ are funds which are to be spent on general purposes.
## **Going concern:**
At the time of approving the accounts, the PCC and trustees have a reasonable expectation that the charities making up Inspire St James have adequate resources to continue in operational existence for the foreseeable future. As such, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **2. Income**
|**2. Income**|||
|---|---|---|
|**2(a) Voluntary income**
Donations
Income tax
reclaimable
Collections at services
Grant income
**2(b) Investment income**
Dividends and interest
**2(c) Income from church activities**
Hire of church
property
PCC fees
Other income
Total income|**Unrestricted Restricted**
**Endow-**
**2021**
**Funds (£)**
**Funds (£) ment (£)**
**Total (£)**
293,539
2,100
-
295,639
43,941
-
-
43,941
3,480
-
-
3,480
22,750
11,018
-
33,768
363,710
13,118
-
376,828
1,093
27,465
-
28,558
205,130
-
-
205,130
1,016
-
-
1,016
2,065
-
-
2,065
208,211
-
-
208,211
573,014
40,583
-
613,597|**2020**
**Total (£)**
394,166
68,203
3,097
87,766|
|||553,232
26,564
127,206
570
1,391|
|||129,167|
|||708,963|
Included in grant income is £4,676 from the Government's Coronavirus Job Retention Scheme, claimed for staff who would normally have run church hire activities.
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Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **3. Expenditure**
|**Expenditure**|||
|---|---|---|
|Staff costs
Common Fund contribution
Major works
Event cover
Promotional materials
Church maintenance
Cleaning
Utilities
Accommodation maintenance
Grant payments
Insurance
Depreciation
Office materials
Telephone & broadband
Other
Parochial Fees
Music & IT equipment
Refreshments & entertaining
Books & resources
Bad Debts
Training
Travel|**Unrestricted Restricted**
**Endow-**
**2021**
**Funds (£)**
**Funds (£) ment (£)**
**Total (£)**
253,248
32,396
-
285,644
97,700
-
-
97,700
89,381
44,532
-
133,913
1,406
-
-
1,406
7,438
150
-
7,588
6,710
-
-
6,710
13,773
-
-
13,773
11,022
-
-
11,022
4,224
-
-
4,224
459
28,100
-
28,559
8,447
-
-
8,447
18,102
-
-
18,102
1,745
-
-
1,745
2,951
-
-
2,951
14,271
1,434
-
15,705
1,229
-
-
1,229
7,897
-
-
7,897
7,578
18
-
7,596
620
-
-
620
-
-
-
-
1,848
-
-
1,848
145
-
-
145
550,194
106,630
-
656,824|**2020**
**Total (£)**
338,477
97,667
15,924
1,423
5,454
16,869
15,184
10,502
14,150
51,658
8,847
13,873
1,646
2,782
6,916
985
15,340
4,101
1,850
209
1,219
738|
|||625,814|
Included in Other Expenditure is an accrual for £750 for the independent examiner's fee.
18
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **4. Staff Costs**
|**4. Staff Costs**|||
|---|---|---|
|Wages and salaries
Social security costs
Employer's pension contributions
Other employee benefits
Contributions to costs of staff employed by other organisations|**2021**
**Total (£)**
255,608
22,497
5,539
-
2,000
285,644|**2020**
**Total (£)**
294,333
26,567
6,428
1,649
9,500|
|||338,477|
The average number of full-time employees during the year was 10
No employees received employee benefits of more than £60,000.
Volunteers contribute significantly to the work of the church, running children’s work, outreach events, pastoring and leading church worship.
|**5. Analysis of Grant Payments**
The London Project - supporting church planting in London
Matt Pope - supporting church planting in Chile
Gospel City Network - training and supporting church planting in Malaysia
Bible translation in an Islamic country (not named to protect their identity)
Sarah Thomas - working overseas to share the bible with students
Welcome Churches - church network dedicated to helping refugees
Refugee Highway Partnership - resourcing churches to help refugees
Tom Morgan - supporting Christian students in the arts
Payments made from the Church Family Relief Fund|**2021**
**Total (£)**
-
3,153
8,000
2,000
6,153
8,253
-
1,000
-
28,559|**2020**
**Total (£)**
15,353
8,300
8,000
6,000
6,000
5,600
1,015
1,000
390|
|---|---|---|
|||51,658|
19
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **6. Fixed Assets**
|**Equipment Property**
**Cost**
**(£)**
**(£)**
Cost brought forward
53,491
96,513
Additions during the year
18,918
-
Cost of assets fully depreciated
-
-
As at 31st December 2021
72,409
96,513
**Depreciation**
Charge brought forward
25,722
-
Charge for the year
18,102
-
Accumulated depreciation of assets written off
-
-
Charge carried forward
43,824
-
Net book value
28,585
96,513|**Total**
**(£)**
150,004
18,918
-|
|---|---|
||168,922|
||25,722
18,102
-|
||43,824|
||125,098|
The property asset is a flat, 16 Michael Cliffe House, owned for the use of the church Youth Worker. The flat was purchased by St James PCC with the help of a loan from The St James Clerkenwell Charity. The loan bears interest at 1.5% above the Bank of England base rate and is repayable in 2029.
|**7. Investments**
Charinco Common Fund
Charifund
Lloyds TSB
CCLA C of E Investment Fund
CCLA C of E Deposit Fund
M&G Charifund Income Fund
M&G Charifund Accumulation Fund (Permanent Endowment)
M&G Charifund Income Fund (Permenant Endowment)|**1st Jan**
**Gain/**
**2021**
**(loss)**
**(£)**
**(£)**
5,818
(384)
20,945
2,787
480
150
13,169
1,894
100,000
-
68,643
9,183
239,976
45,719
428,581
57,338
877,612
116,687|**31st Dec**
**2021**
**(£)**
5,434
23,732
630
15,063
100,000
77,826
285,695
485,919|
|---|---|---|
|||994,299|
20
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **8. Current assets**
|**2021**
**(£)**
Gift Aid recoverable
38,841
Other debtors
6,380
Prepayments
-
45,221
**9. Current liabilities**
**2021**
**Total (£)**
Accruals
2,456
Hire deposits
4,200
6,656
**10. Reconciliation of net income/(expenditure) to net cash flow from operating activities**
**2021**
**(£)**
Net income/(expenditure) for the reporting period
73,460
Adjustments for:
Depreciation charges
18,102
(Gains)/losses on investments
(116,687)
Dividends, interest and rents from investments
(28,558)
(Increase)/decrease in debtors
74,771
Increase/(decrease) in creditors
(15,096)
Net cash provided by / (used in) operating activities
5,992|**2020**
**(£)**
119,712
280
-|
|---|---|
||119,992|
||**2020**
**Total (£)**
5,858
15,894|
||21,752|
||**2020**
**(£)**
(60,866)
13,873
144,015
(26,564)
(32,548)
(28,716)|
||9,194|
21
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **11. Analysis of Net Assets & Funds**
|Fixed assets:
Tangible fixed assets
Investments
Current assets:
Debtors and prepayments
Cash
Current liabilities:
Creditors due within one year
Intra-group balance
Net current assets:
Creditors due after one year
Net assets:
Funds:
Unrestricted
Cloudesley Grants
Myrtle Fund
Mission Fund
St James Clerkenwell Charity
Permanent Endowment
St James Clerkenwell Charity
Accumulated Income Fund
Women's Ministry Fund
Inspire Community Aid Fund
Church Family Relief Fund|**Inspire**
**St James**
**St James**
**London**
**PCC**
**Charity**
**Church**
**(£)**
**(£)**
**(£)**
125,098
-
-
29,795
964,504
-
154,893
964,504
-
11,245
558
33,418
76,321
130,046
357,327
87,566
130,604
390,745
5,707
-
949
(150,059)
30,406
119,653
(68,200)
161,010
509,449
-
-
-
86,693 1,125,514
509,449
61,620
-
441,257
-
-
-
17,344
-
-
(3,265)
-
48,192
-
694,543
-
-
430,971
-
-
-
-
6,284
-
20,000
4,710
-
-
86,693 1,125,514
509,449|**Combined**
**Total**
**(£)**
125,098
994,299|
|---|---|---|
|||1,119,397
45,221
563,694|
|||608,915
6,656
-
602,259|
|||1,721,656|
|||502,877
-
17,344
44,927
694,543
430,971
-
26,284
4,710|
|||1,721,656|
22
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **12. Funds**
Restricted funds exist for the following purposes:
1. Cloudesley Grants: funds received from the Cloudesley foundation for church maintenance.
2. Myrtle Fund: for improving disabled access to the church.
3. Mission Fund: for supporting gospel outreach around the world.
4. St James Clerkenwell Charity Permanent Endowment and Accumulated Income Funds: investment assets, the income from which is to be used for the upkeep of the church.
5. Women's Ministry Fund: the role of Women's Minister is funded from special donations set aside for that purpose.
6. Inspire Community Aid Fund: created to offer support to the local area in response to the Covid pandemic.
7. Church Family Relief Fund: created in response to the Covid pandemic to provide small grants to members of the church family who are in financial need.
Fund movements during the year were as follows:
|Unrestricted
Cloudesley Grants
Myrtle Fund
Mission Fund
St James Clerkenwell
Charity
Permanent Endowment
St James Clerkenwell
Charity
Accumulated Income Fund
Women's Ministry Fund
Inspire Community Aid
Fund
Church Family Relief Fund|**Brought**
**Forward**
**(£)**
522,817
25,067
13,060
17,996
683,466
328,916
27,794
26,470
2,610
1,648,196|**Investment**
**Income**
**Expenses**
**Gains**
**Transfer**
**(£)**
**(£)**
**(£)**
**(£)**
573,014 (550,194)
2,553
(45,313)
5,000
(30,067)
-
-
-
(14,466)
-
18,750
-
(28,100)
-
55,031
-
-
11,077
-
27,466
-
103,057
(28,468)
-
(27,794)
-
-
6,017
(6,203)
-
-
2,100
-
-
-
613,597 (656,824)
116,687
-|**Carried**
**Forward**
**(£)**
502,877
-
17,344
44,927
694,543
430,971
-
26,284
4,710|
|---|---|---|---|
||||1,721,656|
23
Inspire St James
Combined Annual Report and Accounts for the Year to 31[st] December 2021
## **13. Payments to Trustees:**
No trustees received remuneration, benefits or expense reimbursement in their capacity as trustees.
In their capacity as clergy, Reverend Peter Nicholas and Reverend Mark Jackson were paid stipend and pension allowances which were in accordance with the Diocese of London standard rates for the period.
The incumbent of St James Clerkenwell is provided accommodation in the form of the vicarage.
As Inspire London Church does not provide accommodation for its ministers, they also received accommodation allowances. The amounts paid were directly in line with the Diocese of London standard parish costs.
During the year the following amounts were paid:
|Reverend Peter Nicholas
Allowances
Employer's pension contribution
Reverend Mark Jackson
Stipend
Allowances
Employer's pension contribution
**14. Related Party Transactions**
Donations made by PCC members and trustees|**2021**
**(£)**
25,160
568
25,728
**2021**
**(£)**
27,600
10,260
949
38,809
**2021**
**(£)**
50,430|**2020**
**(£)**
24,868
526|
|---|---|---|
|||25,394|
|||**2020**
**(£)**
27,600
10,260
951|
|||38,811|
|||**2020**
**(£)**
29,725|
24