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← Inspire London Church

2023-12-31-accounts

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 2023

Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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 Mark Jackson (incumbent)

Ms Fiona Petit (churchwarden)

Mr Ian Sutherland (churchwarden, resigned 26[th] April 2023)

Mr Daniel Carall-Green (churchwarden, appointed 26[th] April 2023)

Mr Jonathan Parry (resigned 26[th] April 2023) Mr Tim Dulley (treasurer) Mr Peter Sinclair

Mr Jason Masimore (appointed 26[th] April 2023)

St James Clerkenwell Charity

Registered charity number: 278682

Trustees (ex officio as incumbent and churchwarden of St James PCC):

Reverend Mark Jackson

Mr Ian Sutherland (resigned 26[th] April 2023)

Mr Daniel Carall-Green (appointed 26[th] April 2023)

Ms Fiona Petit

Inspire London Church

Registered charity number: 1153540

Trustees:

Reverend Mark Jackson

Mr Daniel Carall-Green (churchwarden)

Ms Fiona Petit (churchwarden, appointed 26[th] April 2023)

Mr Tim Dulley (treasurer) Dr Judith Littlejohns Ms Jane Jellis Ms Elizabeth Emmanuel (appointed 26[th] April 2023)

Mr Ian Sutherland (appointed 26[th] April 2023)

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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 2023

Contents

Annual Report…………………………………………………………………………………………………………………………………………. 4
Independent Examiner’s Report………………………………………………………………………………………………………………. 10
Combined Statement of Financial Activities…………………………………………………………………………………………….. 12
Combined Balance Sheet…………………………………………………………………………………………………………………………. 13
Combined Statement of Cash Flows…………………………………………………………………………………………………………. 14
Notes to the Accounts……………………………………………………………………………………………………………………………… 15

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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.

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 a high density of architects and nearby Farringdon Station now benefits from the Elizabeth Line.

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.

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 St James 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.

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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 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 is trustee, ex officio . The treasurer is also a trustee, as are the two elected wardens. Other trustees have been 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 nine 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 receive a stipend from the Diocese of London.

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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.

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.

The focus for the church for much of 2023 was ‘Going Deeper in Our Discipleship’. As always, this started with God’s word – Sunday sermon series on the final section of Acts, the first section of John’s gospel, the book of Ecclesiastes, the Psalms of Ascent, Hebrews 1&2, 1 Kings 1-11 as well as topical series on justice and sexuality. Preachers included Ben Mandley and Chad Mary from the staff team, Dan Carall-Green and Pete Sinclair from the leadership team and Jonny Payne from the church family.

For children and youth, we had bible teaching in Jam Club 3-11s now split into two age groups, Youth Connect 11-14s at the 11am service, and Youth Connect 14-18s at the 4pm service, to serve 80 children from age 0 all the way through to 18.

Inspire Groups have continued to meet on Wednesdays to apply the Sunday sermon deeper into our hearts and lives. After Andy Hood moved on, Ben Mandley has joined the staff team as Associate Minister with a particular focus on discipleship, overseeing Inspire Groups with Han-Hee Kim our Women’s Minister.

Inspire Groups are fortnightly mission groups with three aims:

The first Wednesday of each month is set aside for our Prayer Gathering, to meet as a church to pray for our parish, communities and city and to hear about and praise God for the work he is doing in our church.

There were numerous other activities through the year, supporting the church family in love and discipleship and reaching out to those around us who do not know Christ:

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

A thriving Crypt business supports the mission and ministry here. Films that you will see the Saint James Church building in this year include: A Spy Among Friends (ITV), The Completely Made Up Adventures of Dick Turpin (Apple TV), Say Nothing (Disney) & Good Grief (Netflix).

Future Plans

We have a curate, Stephen Sodadasi, joining us in Summer 2024.

A number of capital projects to improve safety and amenity in the church building are under consideration. The challenge of providing disabled access to the church remains but a temporary ramp will be installed in 2024.

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.

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.

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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, Dr Judith Littlejohns and Sara Sutherland are 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.

Financial review

The accounts are for year to 31[st] December 2023.

Total income during was £870,969 (2022: £738,456). Total expenditure was £747,649 (2022: £800,202).

Combined unrestricted reserves at 31[st] December 2023 were £536,793 (2022: £450,169). Included in this amount is £105,498 representing the net book value of tangible fixed assets.

Restricted reserves were £1,208,824 (2022: £1,173,523).

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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 2023 the required amount of combined unrestricted reserves was therefore £311,214.

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

==> picture [212 x 52] intentionally omitted <==

The Reverend Mark Jackson

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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 2023.

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 am 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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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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.

==> picture [149 x 31] intentionally omitted <==

Signed:

Dated

==> picture [154 x 34] intentionally omitted <==

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 2023

Combined Statement of Financial Activities

for the year ended 31st December 2023

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-
2023
Funds (£)
Funds (£)
ment (£)
Total (£)
359,092
48,983
-
408,075
413
36,612
-
37,025
425,869
-
-
425,869
785,374
85,595
-
870,969
(622,428)
(125,221)
-
(747,649)
162,946
(39,626)
-
123,320
(496)
(466)
(433)
(1,395)
162,450
(40,092)
(433)
121,925
(75,826)
75,826
-
-
86,624
35,734
(433)
121,925
450,169
414,642
758,881
1,623,692
536,793
450,376
758,448
1,745,617		 2022
Total (£)
400,274
32,768
305,414
738,456
(800,202)
(61,746)
(36,218)
(97,964)
-
(97,964)
1,721,656
1,623,692

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

Combined Balance Sheet

Combined Balance Sheet
at 31st December 2023
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		 2023
(£)
105,498
956,686
1,062,184
66,351
626,928
693,279
9,846
683,433
1,745,617
536,793
1,208,824
1,745,617		 2022
(£)
106,996
958,081
1,065,077
40,327
534,633
574,960
16,345
558,615
1,623,692
450,169
1,173,523
1,623,692

Signed on behalf of the St James PCC and the trustees of The St James Clerkenwell Charity and Inspire London Church by

==> picture [213 x 51] intentionally omitted <==

The Reverend Mark Jackson

4[th] April 2024

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

Combined Statement of Cash Flows

for the year ended 31st December 2023

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		 2023
(£)
60,952
37,025
(5,682)
92,295
534,633
626,928		 2022
(£)
(61,829)
32,768
-
(29,061)
563,694
534,633

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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. External 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.

External 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:

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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.

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(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
Fund Transfer
Total income		 Unrestricted Restricted
Endow-
2023
Funds (£)
Funds (£)
ment
(£)
Total (£)
295,212
25,403
-
320,615
31,664
-
-
31,664
1,108
-
-
1,108
31,108
23,580
-
54,688
359,092
48,983
-
408,075
413
36,612
-
37,025
399,004
-
-
399,004
1,078
-
-
1,078
25,787
-
-
25,787
425,869
-
-
425,869
(75,826)
75,826
-
-
709,548
161,421
-
870,969		 2022
Total (£)
258,242
37,751
4,520
99,761
400,274
32,768
291,407
32
13,975
305,414
-
738,456

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

3. Expenditure

Expenditure
Staff costs
Common Fund contribution
Major works
Event cover
Promotional materials
Church maintenance
Cleaning
Utilities
Accommodation
Grant payments
Insurance
Depreciation
Office materials
Telephone & broadband
Other
Parochial Fees
Loan interest
Music & IT equipment
Refreshments & entertaining
Books & resources
Bad Debts
Training
Travel		 Unrestricted Restricted
Endow-
2023
Funds (£)
Funds (£) ment (£)
Total (£)
335,017
12,500
-
347,517
100,275
-
-
100,275
10,338
26,562
-
36,900
12,471
-
-
12,471
7,091
-
-
7,091
10,845
5,682
-
16,527
30,294
-
-
30,294
22,713
-
-
22,713
19,000
-
-
19,000
6,934
80,432
-
87,366
9,394
-
-
9,394
7,180
-
-
7,180
3,016
-
-
3,016
1,574
-
-
1,574
17,828
45
-
17,873
988
-
-
988
-
-
-
-
8,993
-
-
8,993
14,732
-
-
14,732
1,425
-
-
1,425
-
-
-
-
2,161
-
-
2,161
159
-
-
159
622,428
125,221
-
747,649		 2022
Total (£)
300,142
97,700
200,833
1,530
8,894
22,006
24,236
18,936
4,453
49,274
8,747
18,102
1,933
2,810
13,985
675
-
10,051
11,434
1,626
-
2,789
46
800,202

Included in Other Expenditure is an accrual for £750 for the independent examiner's fee.

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

4. Staff Costs

4. Staff Costs
Wages and salaries
Social security costs
Employer's pension contributions
Visa costs
Other employee benefits
Contributions to costs of staff employed by other organisations		 2023
Total (£)
295,288
27,588
10,778
6,709
4,454
2,700
347,517		 2022
Total (£)
266,092
24,978
7,123
-
1,282
667
300,142

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
5. Analysis of Grant Payments
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
Payments made from the Church Family Relief Fund
Christopher Durcan - apprenticeship support grant
Hope Church, Aukland Park, South Africa - support for training ministry intern
Bethany House - supporting a local women's shelter
London City Mission - evangelism and evangelism training in London
Rashad Nassib - outreach to fishing communities in Brazil
Campus Outreach - student outreach in London universities
Eglise Evangelique du Plateau de Saclay - new church plant in Paris
Daniel Kuchurian - mission and practical support for areas affected by war
in Ukraine		 2023
Total (£)
4,600
11,021
4,000
-
22,500
-
-
6,248
-
6,336
6,000
18,646
3,015
5,000
87,366		 2022
Total (£)
4,000
9,000
4,000
3,000
14,500
811
6,500
3,000
298
4,165
-
-
-
-
49,274

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Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

6. Fixed Assets

Equipment
Property
Cost
(£)
(£)
Cost brought forward
23,038
96,513
Additions during the year
5,682
-
Cost of assets fully depreciated
(4,120)
-
As at 31st December 2023
24,600
96,513
Depreciation
Charge brought forward
12,555
-
Charge for the year
7,180
-
Accumulated depreciation of assets written off
(4,120)
-
Charge carried forward
15,615
-
Net book value
8,985
96,513		 Total
(£)
119,551
5,682
(4,120)
121,113
12,555
7,180
(4,120)
15,615
105,498

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 (Permanent Endowment)		 1st Jan
Gain/
2023
(loss)
(£)
(£)
4,312
-
22,410
(527)
598
30
13,297
1,262
100,000
-
73,492
(1,727)
285,119
10,349
458,853
(10,782)
958,081
(1,395)		 31st Dec
2023
(£)
4,312
21,883
628
14,559
100,000
71,765
295,468
448,071
956,686

19

Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

8. Current assets

2023
(£)
Gift Aid recoverable
22,711
Prepayments
2,640
Other debtors
41,000
66,351
9. Current liabilities
2023
Total (£)
Accruals
4,341
Hire deposits
5,505
9,846
10. Reconciliation of net income/(expenditure) to net cash flow from operating activities
2023
(£)
Net income/(expenditure) for the reporting period
121,925
Adjustments for:
Depreciation charges
7,180
(Gains)/losses on investments
1,395
Dividends, interest and rents from investments
(37,025)
(Increase)/decrease in debtors
(26,024)
Increase/(decrease) in creditors
(6,499)
Net cash provided by / (used in) operating activities
60,952		 2022
(£)
15,903
-
24,424
40,327
2022
Total (£)
8,945
7,400
16,345
2022
(£)
(97,964)
18,102
36,218
(32,768)
4,894
9,689
(61,829)

20

Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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
Inspire Community Aid Fund
Church Family Relief Fund
Workplace Ministry Fund		 Inspire
Intra-
St James
St James
London
Group
PCC
Charity
Church Eliminations
(£)
(£)
(£)
(£)
105,498
-
-
-
26,824
929,862
-
-
132,322
929,862
-
-
161,008
2,808
21,921
(119,386)
331,313
206,111
89,504
-
492,321
208,919
111,425
(119,386)
14,691
111,542
2,999
(119,386)
(421,120)
20,806
400,314
-
56,510
118,183
508,740
-
-
-
-
-
188,832 1,048,045
508,740
-
60,827
(30,038)
506,004
-
10,115
-
-
-
-
-
-
-
46,952
-
2,736
-
-
-
758,448
-
-
-
-
319,635
-
-
6,284
-
-
-
6,699
-
-
-
57,955
-
-
-
188,832 1,048,045
508,740
-		 Combined
Total
(£)
105,498
956,686
1,062,184
66,351
626,928
693,279
9,846
-
683,433
-
1,745,617
536,793
10,115
-
49,688
758,448
319,635
6,284
6,699
57,955
1,745,617

21

Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

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. Inspire Community Aid Fund: created to offer support to the local area in response to the Covid pandemic.

  6. 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.

  7. Workplace Ministry Fund: to support the work of a dedicated workplace minister.

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
Inspire Community Aid
Fund
Church Family Relief Fund
Workplace Ministry Fund		 Brought
Forward
(£)
450,169
18,779
-
60,768
758,881
277,060
26,284
5,499
26,252
1,623,692		 Investment
Income
Expenses
Gains
Transfer
(£)
(£)
(£)
(£)
785,374 (622,428)
(496)
(75,826)
23,580
(32,244)
-
-
-
-
-
-
-
(86,906)
-
75,826
-
-
(433)
-
36,612
6,428
(465)
-
-
-
-
(20,000)
1,200
-
-
-
24,203
(12,500)
-
20,000
870,969 (747,650)
(1,394)
-		 Carried
Forward
(£)
536,793
10,115
-
49,688
758,448
319,635
6,284
6,699
57,955
1,745,617

22

Inspire St James

Combined Annual Report and Accounts for the Year to 31[st] December 2023

13. Payments to Trustees:

No trustees received remuneration, benefits or expense reimbursement in their capacity as trustees.

Reverend Mark Jackson received a standard stipend and accrued pension benefits from the Diocese of London. As incumbent of St James Clerkenwell he was provided accommodation in the form of the vicarage.

14. Related Party Transactions

14. Related Party Transactions
2023 2022
(£) (£)
Donations made by PCC members and trustees 36,710 39,175

23