## 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 2024
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
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)
Reverend Stephen Sodadasi (Curate appointed _ex officio_ 1[st] July 2024)
Ben Mandley (Associate Minister, appointed 29[th] February 2024)
Ms Fiona Petit (Churchwarden)
Mr Daniel Carall-Green (Churchwarden)
Mr Tim Dulley (Treasurer) Mr Peter Sinclair
Ms Jane Jellis
Mr Jason Masimore
Mr Najib Bajali (appointed 23[rd] January 2025)
St James Clerkenwell Charity
_Registered charity number:_ 278682
_Trustees (ex officio as incumbent and churchwarden of St James PCC):_
Reverend Mark Jackson
Mr Daniel Carall-Green
Ms Fiona Petit
Inspire London Church
_Registered charity number:_ 1153540
_Trustees:_
Reverend Mark Jackson
Mr Daniel Carall-Green (Churchwarden)
Ms Fiona Petit (Churchwarden)
Mr Tim Dulley (Treasurer)
Dr Judith Littlejohns
Ms Elizabeth Emmanuel
Mr Ian Sutherland
1
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
_Church Manager:_
Ms Sarah Diamond
## _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:_
Kathrin Kendall Keves & Hitsuji Ltd, Unit A, 82 James Carter Road, Mildenhall IP28 7DE
## _Solicitors:_
Wrigleys Solicitors LLP 3rd Floor Fountain Precinct Balm Green Sheffield S1 2JA
2
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## Contents
|Annual Report………………………………………………………………………………………………………………………………………….|4|
|---|---|
|Independent Examiner’s Report……………………………………………………………………………………………………………….|9|
|Combined Statement of Financial Activities……………………………………………………………………………………………..|11|
|Combined Balance Sheet………………………………………………………………………………………………………………………….|12|
|Combined Statement of Cash Flows………………………………………………………………………………………………………….|13|
|Notes to the Accounts………………………………………………………………………………………………………………………………|14|
3
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## 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, and independent charities, within the Church of England, the PCC of St James Clerkenwell and the charity Inspire London 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 areas have 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.
## **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.
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Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
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.
On 18[th] January 2012 the Charity Commission granted a scheme that changed the charity’s name to The St James Clerkenwell Charity and redefined its objectives as “The repair and maintenance of the Church of St James, Clerkenwell and the furtherance of the charitable work of that Church”.
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 in accordance with its objectives.
## **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, with an Annual Parochial Church Meeting held in April 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 are reported to the trustees and debated as necessary.
The PCC and trustees are responsible for agreeing the principles for determining staff remuneration. For non-ordained staff, remuneration is set in line with market rates. Ordained staff receive a stipend from 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.
5
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **Achievements and Performance**
2024 has been a season of suffering for the church family at Inspire Saint James with two deaths in the church family, serious illness, many hospital visits, debilitating physical pain, relational conflicts, job losses and more.
Yet through it all the Lord has brought us closer to Him, and closer to each other as a church family. There has not been a time when the church has been so united in love and care and support of one another.
Preaching God’s word continued to be central, with sermon series on Philippians, Nehemiah, John 5-10, Isaiah, 1 Kings 1222, 2 Peter and topical series on ‘Suffering’ and ‘God’s Design for Men and Women’, accompanied by a discipleship breakfast to discuss the topics further, as well as Vision and Mission Sundays.
Online engagement increased during the year: YouTube subscribers grew 20%, there are now over 900 Instagram followers, one TikTok sermon clip received 19,000 views.
Numerous discipleship activities took place during the year:
- Inspire Groups met on Wednesdays with dedicated termly training for the leaders.
- Creche, Jam (ages 3-7 and 7-11), Youth Connect (11-14 and 14-18) ran every Sunday. Youth Together launched during the year, with now over 100 children and young people across the church family.
- The women’s ministry continues to thrive with women’s breakfasts, women’s worship night, prayer triplets and now a women’s choir.
- The men’s ministry has finally launched this year, meeting termly, thinking about biblical manhood.
- The first ever Volunteers Training Lunch took place - a Sunday afternoon training session on mission.
- 4 Big Lunches and 8 Big Dinners were held after church services to deepen relationships within the church family.
- An online bookstall was launched.
- Another popular church family beach trip took place, and a weekend away with 148 people attending.
Many missional events took place too:
- Two evening guest events were held in the Crypt: ‘The Pursuit of Happiness’ and ‘Suffering - Why me?’, attended by large numbers of guests.
- Following on from the guest events, two Christianity Explored Courses were held, which now run regularly in January and June each year. 19 people attended them, and two people put their faith in Jesus.
- Our annual ‘Inspire Holiday Club’ was held in July with many children hearing about Jesus Christ, some of them for the very first time.
- Inspire Football coaching sessions continued to run, through which three children now come regularly to church.
- The Clerkenwell Talks workplace ministry has grown from six people meeting weekly in the vestry to up to thirty in the main church for the recent Christianity and Islam series.
- Our Stay & Play toddler group connects dozens of guests and launched a Friday morning Exploring Jesus course.
- Friday Night Live Seniors (15-18s) and Friday Night Live Juniors (11-14s) continues to grow.
- Three International Café session have been held, resulting in three people making Inspire Saint James their church.
- The door knocking ministry, visiting houses in the local area continued, along with our Life Skills course.
- Student ministry continued to take place at Romano Court: Thursday night student dinners and Bible studies.
- Nine Christmas events were held, attended by well over 1,000 people - including the first ever Carols at the Pub and the first ever Redbrick Carol service on the Redbrick Estate.
- There were 15 baptisms during the year (7 adults, 8 children), and the church family has grown to 330 from 270 the previous year.
6
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 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.
## **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, Sarah Diamond, 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, maintain a historic church building 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 2024. Total income during was £955,035 (2023: £870,969). Total expenditure was £955,316 (2023: £747,649).
Combined unrestricted reserves at 31[st] December 2024 were £551,373 (2023: £536,793). Included in this amount is £130,429 representing the net book value of tangible fixed assets. Restricted reserves were £1,234,561 (2023: £1,208,824).
7
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **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-today needs. Any surplus reserves are to be committed to planned expenditure in line with long-term strategy.
As at 31[st] December 2024 the required amount of combined unrestricted reserves was therefore £384,487.
**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** Nae Jeloes The Reverend Mark Jackson
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Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## Independent Examiner’s Report for the year ended 31[st] December 2024
Independent Examiner’s Report to the Trustees of 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 – “the charity”).
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
## **Responsibilities and Basis of Report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner’s Statement**
Since the charity’s gross income 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 Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
1. Accounting records were not kept in respect of the charity 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
9
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity trustees those matters I am required to state to them in an Independent Examiner’s Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work on this report.
Signed
Date:
Kathrin Kendall FCCA
Keves & Hitsuji Ltd Unit A 82 James Carter Road Mildenhall IP28 7DE
10
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## Combined Statement of Financial Activities for the year ended 31st December 2024
|**Notes**
Income and endowments:
Voluntary income
2(a)
Income from investments
2(b)
Income from church
activities
2(c)
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-**
**Elimin-**
**2024**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
**Total (£)**
286,076
153,777
-
(45,754)
394,099
2,185
39,418
-
(1,205)
40,398
518,938
1,600
-
-
520,538
807,199
194,795
-
(46,959)
955,035
(768,975)
(233,300)
-
46,959
(955,316)
38,224
(38,505)
-
-
(281)
(29)
2,328
38,299
-
40,598
38,195
(36,177)
38,299
-
40,317
(23,615)
23,615
-
-
-
14,580
(12,562)
38,299
-
40,317
536,793
450,376
758,448
-
1,745,617
551,373
437,814
796,747
-
1,785,934|**2023**
**Total (£)**
408,075
37,025
425,869|
|---|---|---|
|||870,969
(747,649)|
|||123,320|
|||(1,395)|
|||121,925
-|
|||121,925
1,623,692|
|||1,745,617|
11
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## Combined Balance Sheet at 31st December 2024
|||**2024**|**2023**|
|---|---|---|---|
|||**(£)**|**(£)**|
|Fixed assets:||||
|Tangible fixed assets|7|130,429|105,498|
|Investments|8|996,685|956,686|
|||1,127,114|1,062,184|
|Current assets:||||
|Debtors and prepayments|10|90,271|66,351|
|Cash||579,945|626,928|
|||670,216|693,279|
|Current liabilities:||||
|Creditors due within one year|11|11,396|9,846|
|Net current assets:||658,820|683,433|
|Net assets:||1,785,934|1,745,617|
|Funds:|15|||
|Unrestricted||551,373|536,793|
|Restricted||1,234,561|1,208,824|
|||1,785,934|1,745,617|
**Signed on behalf of the St James PCC and the trustees of The St James Clerkenwell Charity and Inspire London Church by**
## Nae Jeloes
The Reverend Mark Jackson
27[th] March 2025
12
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## Combined Statement of Cash Flows for the year ended 31st December 2024
|**Notes**
Net cash provided by / (used in) operating activities
12
Dividends and interest received
Purchase of fixed assets
Sale of fixed asset investments
Change in cash in the year
Cash at the beginning of the year
Cash at the end of the year|**2024**
**(£)**
(46,539)
40,398
(41,441)
599
(46,983)
626,928
579,945|**2023**
**(£)**
60,952
37,025
(5,682)
-|
|---|---|---|
|||92,295
534,633|
|||626,928|
13
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## 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:_
Equipment used within the church premises costing more than £2,000 is capitalised and depreciated at 25% on a straightline basis. An impairment review is carried out at each year end and any resultant loss identified is included in expenditure for the year.
14
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## _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-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
191,869
92,676
-
-
31,471
17,035
-
-
1,556
-
-
-
61,180
44,066
-
(45,754)
286,076
153,777
-
(45,754)
2,185
39,418
-
(1,205)
479,647
-
-
-
3,172
-
-
-
36,119
1,600
-
-
518,938
1,600
-
-
(23,615)
23,615
-
-
783,584
218,410
-
(46,959)|**2024**
**Total (£)**
284,545
48,506
1,556
59,492|
|---|---|---|
|||394,099
40,398
479,647
3,172
37,719|
|||520,538
-|
|||955,035|
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Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **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
Training
Travel|**Unrestricted**
**Restricted**
**Endow-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
338,711
37,830
-
-
105,100
-
-
-
19,292
-
-
-
23,946
-
-
-
6,457
-
-
-
40,271
-
-
-
45,206
-
-
-
23,765
-
-
-
58,598
-
-
-
406
195,470
-
(45,754)
10,094
-
-
-
16,510
-
-
-
3,023
-
-
-
1,417
-
-
-
45,611
-
-
-
2,955
-
-
-
1,205
-
-
(1,205)
6,267
-
-
-
15,509
-
-
-
1,588
-
-
-
2,578
-
-
-
466
-
-
-
768,975
233,300
-
(46,959)|**2024**
**Total (£)**
376,541
105,100
19,292
23,946
6,457
40,271
45,206
23,765
58,598
150,122
10,094
16,510
3,023
1,417
45,611
2,955
-
6,267
15,509
1,588
2,578
466|
|||955,316|
Included in Other Expenditure is an accrual for £850 (2023: £750) for the independent examiner's fee.
16
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **4. Income and Expenditure - Prior Year Comparatives**
|**Income**
Donations
Income tax reclaimable
Collections at services
Grant income
Dividends and interest
Hire of church property
PCC fees
Other income
Fund Transfer
**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
Loan interest
Music & IT equipment
Refreshments & entertaining
Books & resources
Bad Debts
Training
Travel|**Unrestricted**
**Restricted**
**Endow-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
295,212
25,403
-
-
31,664
-
-
-
1,108
-
-
-
31,108
47,152
-
(23,572)
413
38,028
-
(1,416)
399,004
-
-
-
1,078
-
-
-
25,787
-
-
-
(75,826)
75,826
-
-
709,548
186,409
-
(24,988)
**Unrestricted**
**Restricted**
**Endow-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
335,017
12,500
-
-
100,275
-
-
-
10,338
26,562
-
-
12,471
-
-
-
7,091
-
-
-
10,845
5,682
-
-
30,294
-
-
-
22,713
-
-
-
19,000
-
-
-
6,934
104,004
-
(23,572)
9,394
-
-
-
7,180
-
-
-
3,016
-
-
-
1,574
-
-
-
17,828
45
-
-
988
-
-
-
-
1,416
-
(1,416)
8,993
-
-
-
14,732
-
-
-
1,425
-
-
-
-
-
-
-
2,161
-
-
-
159
-
-
-
622,428
150,209
-
(24,988)|**2023**
**Total (£)**
320,615
31,664
1,108
54,688
37,025
399,004
1,078
25,787
-|
|---|---|---|
|||870,969|
|||**2023**
**Total (£)**
347,517
100,275
36,900
12,471
7,091
16,527
30,294
22,713
19,000
87,366
9,394
7,180
3,016
1,574
17,873
988
-
8,993
14,732
1,425
-
2,161
159|
|||747,649|
17
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **5. Staff Costs**
|**5.**
**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
Staff salaries relate to an average of 10 full time employees during the year.|**2024**
**Total (£)**
326,553
32,134
12,886
-
4,968
-
376,541|**2023**
**Total (£)**
295,288
27,588
10,778
6,709
4,454
2,700|
|||347,517|
||||
Key management comprises the Incumbent, Associate Minister and Church Manager. The Incumbent receives a stipend, pension and accommodation from the Diocese of London. Total other remuneration for key managers amounted to £73,002 (2023: £44,056).
One employee received employee salary, pension and accommodation totalling more than £60,000.
Volunteers contribute significantly to the work of the church, running children’s work, outreach events, pastoring and leading church worship.
|**6.**
**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)
Welcome Churches - church network dedicated to helping refugees
Hope Church, Aukland Park, South Africa - support for training ministry intern
London City Mission
Rashad Nassib
Campus Outreach
Eglise Evangelique du Plateau de Saclay
SIM Nigeria
Choices Islington
Payments made from the Church Family Relief
Fund
Payments made from the Emergency Fund|**2024**
**Total (£)**
4,800
12,000
4,000
25,000
7,729
-
3,000
-
6,250
6,000
406
937
80,000
150,122|**2023**
**Total (£)**
4,600
11,021
4,000
22,500
6,248
6,336
6,000
18,646
3,015
-
5,000
-
-|
|---|---|---|
|||87,366|
18
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
|**7.**
**Fixed Assets**
**Cost**
Cost brought forward
Additions during the year
Cost of assets fully depreciated
As at 31st December 2023
**Depreciation**
Charge brought forward
Charge for the year
Accumulated depreciation of assets written off
Charge carried forward
Net book value|**Equipment**
**Property**
**(£)**
**(£)**
24,600
96,513
41,441
-
(18,918)
-
47,123
96,513
15,615
-
16,510
-
(18,918)
-
13,207
-
33,916
96,513|**Total**
**(£)**
121,113
41,441
(18,918)|
|---|---|---|
|||143,636|
|||15,615
16,510
(18,918)|
|||13,207|
|||130,429|
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.
|**8.**
**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**
**Addition/**
**Gain/**
**2024**
**(Disposal)**
**(loss)**
**(£)**
**(£)**
**(£)**
4,312
-
-
21,883
-
-
628
(599)
(29)
14,559
-
457
100,000
-
-
71,765
-
1,871
295,468
-
26,617
448,071
-
11,682
956,686
(599)
40,598|**31st Dec**
**2024**
**(£)**
4,312
21,883
-
15,016
100,000
73,636
322,085
459,753|
|---|---|---|
|||996,685|
19
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **9. Financial Instruments**
Financial assets measured at fair value through income and expenditure
|**2024**|**2023**|
|---|---|
|**Total (£)**|**Total (£)**|
|1,576,630|1,583,614|
Financial assets measured at fair value through income and expenditure comprise fixed asset investments and cash. Fair value is determined by reference to published prices of investment holdings.
|**10.**
**Current assets**
**2024**
**(£)**
Gift Aid recoverable
64,067
Prepayments
12,706
Other debtors
13,498
90,271
**11.**
**Current liabilities**
**2024**
**Total (£)**
Accruals
853
Hire deposits
10,543
11,396
**12.**
**Reconciliation of net income/(expenditure) to net cash flow from operating activities**
**2024**
**(£)**
Net income/(expenditure) for the reporting period
40,317
Adjustments for:
Depreciation charges
16,510
(Gains)/losses on investments
(40,598)
Dividends, interest and rents from investments
(40,398)
(Increase)/decrease in debtors
(23,920)
Increase/(decrease) in creditors
1,550
Net cash provided by / (used in) operating activities
(46,539)|**2023**
**(£)**
22,711
2,640
41,000|
|---|---|
||66,351|
||**2023**
**Total (£)**
4,341
5,505|
||9,846|
||**2023**
**(£)**
121,925
7,180
1,395
(37,025)
(26,024)
(6,499)|
||60,952|
20
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## **13. Analysis of Net Assets & Funds by Charity**
|**13.**
**Analysis of Net Assets & Funds by Charity**|||
|---|---|---|
|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:
Net assets:
Funds:
Unrestricted
Cloudesley Grants
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
Emergency Fund
Southeast Door Restricted Fund
Redbrick Fund|**Inspire**
**St James**
**St James**
**London**
**Elimin-**
**PCC**
**Charity**
**Church**
**ations**
**(£)**
**(£)**
**(£)**
**(£)**
130,429
-
-
-
26,196
970,489
-
-
156,625
970,489
-
-
189,158
4,013
58,605
(161,505)
93,832
249,124
236,989
-
282,990
253,137
295,594
(161,505)
12,644
157,258
2,999
(161,505)
(273,509)
16,006
257,503
-
(3,163)
111,885
550,098
-
153,462
1,082,374
550,098
-
46,172
-
505,201
-
-
-
-
-
39,127
-
18,515
-
-
796,747
-
-
-
-
-
285,627
-
-
6,284
-
-
-
7,362
-
205
-
20,454
-
7,502
-
-
-
18,675
-
8,150
-
-
-
25,913
-
-
-
153,462
1,082,374
550,098
-|**Combined**
**Total**
**(£)**
130,429
996,685|
|||1,127,114
90,271
579,945|
|||670,216
11,396
-
658,820|
|||1,785,934|
|||551,373
-
57,642
796,747
285,627
6,284
7,567
27,956
18,675
8,150
25,913|
|||1,785,934|
21
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **14. Analysis of Net Assets by Fund**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Intra-group balance
Net assets:
**Analysis of Net Assets by Fund, Prior Year**
Tangible fixed assets
Investments
Current assets
Current liabilities
Intra-group balance
Net assets:|**Unrestricted**
**Restricted**
**Endow-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
130,429
-
-
-
26,196
188,651
781,838
-
464,269
221,957
26,109
(42,119)
(53,515)
-
-
42,119
(16,006)
27,206
(11,200)
-
551,373
437,814
796,747
-
**Unrestricted**
**Restricted**
**Endow-**
**Elimin-**
**Funds (£)**
**Funds (£)**
**ment (£)**
**ations (£)**
105,498
-
-
-
26,824
186,323
743,539
-
435,123
232,047
26,109
-
(9,846)
-
-
-
(20,806)
32,006
(11,200)
-
536,793
450,376
758,448
-|**2024**
**Total (£)**
130,429
996,685
670,216
(11,396)
-|
|---|---|---|
|||1,785,934|
|||**2023**
**Total (£)**
105,498
956,686
693,279
(9,846)
-|
|||1,745,617|
## **15. Funds**
Restricted funds exist for the following purposes:
1. Cloudesley Grants: funds received from the Cloudesley foundation for church maintenance.
2. Mission Fund: for supporting gospel outreach around the world.
3. 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.
4. Inspire Community Aid Fund: created to offer support to the local area.
5. Church Family Relief Fund: to provide small grants to members of the church family who are in financial need.
6. Workplace Ministry Fund: to support the work of a dedicated workplace minister.
7. Specified Giving Fund: to accommodate donations from the church family who want their contribution ring-fenced from the Common Fund contribution.
8. Emergency Fund: to provide financial assistance for specific individuals in the church family with particular needs.
9. Southeast Door Restricted Fund: to hold funds raised for a project to open up the southeast door.
10. Redbrick Fund: to support the establishment of a new worshipping community on the Redbrick Estate.
22
Inspire St James Combined Annual Report and Accounts for the Year to 31st December 2024
## **15. Funds - Continued**
## **Statement of Funds - Current Year**
|Unrestricted
Cloudesley Grants
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
Specified Giving Fund
Emergency Fund
Southeast Door Fund
Redbrick Fund
**Statement of Funds - Prior Year**
Unrestricted
Cloudesley Grants
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|**2024**
**Brought**
**Investment**
**Forward**
**Income**
**Expenses**
**Gains**
**Transfer**
**(£)**
**(£)**
**(£)**
**(£)**
**(£)**
536,793
807,199
(768,975)
(29)
(23,615)
10,115
10,003
-
-
(20,118)
49,688
3,000
(68,779)
-
73,733
758,448
-
-
38,299
-
319,635
39,418
(45,754)
2,328
(30,000)
6,284
-
-
-
-
6,699
1,805
(937)
-
-
57,955
7,501
(37,500)
-
-
-
330
(330)
-
-
-
98,675
(80,000)
-
-
-
8,150
-
-
-
-
25,913
-
-
-
1,745,617
1,001,994
(1,002,275)
40,598
-
**2023**
**Brought**
**Investment**
**Forward**
**Income**
**Expenses**
**Gains**
**Transfer**
**(£)**
**(£)**
**(£)**
**(£)**
**(£)**
450,169
785,374
(622,428)
(496)
(75,826)
18,779
23,580
(32,244)
-
-
60,768
-
(86,906)
-
75,826
758,881
-
-
(433)
-
277,060
36,612
6,428
(465)
-
26,284
-
-
-
(20,000)
5,499
1,200
-
-
-
26,252
24,203
(12,500)
-
20,000
1,623,692
870,969
(747,650)
(1,394)
-|**2024**
**Carried**
**Forward**
**(£)**
551,373
-
57,642
796,747
285,627
6,284
7,567
27,956
-
18,675
8,150
25,913|
|---|---|---|
|||1,785,934|
|||**2023**
**Carried**
**Forward**
**(£)**
536,793
10,115
49,688
758,448
319,635
6,284
6,699
57,955|
|||1,745,617|
23
Inspire St James
Combined Annual Report and Accounts for the Year to 31st December 2024
## **16. Payments to 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.
Reverend Stephen Sodadasi also received a standard stipend and accrued pension benefits from the Diocese of London. St James Clerkenwell PCC paid £15,400 during the year for his rented accommodation.
Ben Mandley, as Associate Minister, received salary and other benefits from St James Clerkenwell PCC for 2024 totalling £33,928, and rent and Council Tax for his accommodation was paid totalling £31,978.
The property rented for Ben Mandley's accommodation is owned by family members of Reverend Mark Jackson. The rent paid amounted to £30,720 (2023: £7,680), which is estimated to be 80% of the market rent for the property.
No trustees received remuneration, benefits or expense reimbursement in their capacity as trustees.
|**17.**|**Related Party Transactions**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**(£)**|**(£)**|
|Donations made by PCC members and trustees||76,427|49,188|
During the year the Emergency Fund was set up in response to offers of financial support for the Jackson family on news of Dr Jo Jackson's cancer diagnosis. £80,000 has been paid out of that fund to Dr Jo Jackson during the year.
24