Charity Registration No. 1061039
Company Registration No. 02880299 (England and Wales)
ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rev Dr S Sichel |
|---|---|
| R Salisbury Jones | |
| J D Murray | |
| S L Layne | |
| S Fielding | |
| S K Corlett | |
| J Atterbury Davies | |
| Secretary | R Salisbury Jones |
| Charity number | 1061039 |
| Company number | 02880299 |
| Registered office | St Matthews Church |
| Brixton Hill | |
| London | |
| SW2 1JF | |
| Independent examiner | Hannah Sibley FCA |
| Citroen Wells | |
| Chartered Accountants | |
| Devonshire House | |
| 1 Devonshire Street | |
| London | |
| W1W 5DR | |
| Bankers | Barclays Bank plc |
| Clapham Common Business Centre | |
| 188 Clapham High Street | |
| London | |
| SW4 7UF | |
| Solicitors | Hodders Law |
| 516 Brixton Road | |
| London | |
| SW9 8EN | |
| Architects | Hanslip & Company Ltd |
ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 16 |
ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their Annual R eport (including the Directors' Report) and financial statements of the St Matthew's Church Brixton PCC Building Management Charity ("St Matthew's") for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
The Trustees
The Trustees, who are also the directors for the purpose of company law, are collectively referred to as the Trustees throughout this report. The Trustees who served during the year and up to the date of signature of the financial statements were:
Rev Dr S Sichel R Salisbury Jones J D Murray S L Layne S Fielding S K Corlett J Atterbury Davies
Structure, governance and management
The organisation is a charitable company limited by guarantee , incorporated on 14th December 1993 and registered as a charity on 7th March 1997.
In the event of the charitable company's dissolution, the liability of the member is limited to £1.
The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its articles of association. At the AGM in June 2009 the PCC agreed new Memorandum and Articles of Association and these were formally adopted by resolution in order to comply with the Companies Act 2006.
Governance, Membership and Trustees
The sole member of the charitable company is the Parochial Church Council of the Ecclesiastical Parish of St Matthew with St Jude, Brixton (the PCC).
The business of the charitable company is managed by the Board of Trustees or Directors (the Board). The Articles of Association allow the Board to use all powers of the charitable company except those which require a General Meeting of the sole member of the charitable company. The PCC, as sole member, has the option to amend the Articles and Memorandum of Association at a General Meeting.
At a General Meeting of the charitable company held in May 2017 the PCC used its option as sole member to appoint all of the members of its Standing Committee to the board of Trustees. This ensures that Trustees will act in the best interest of the charitable company in accordance with the wishes of its membership.
Existing Trustees are expected to identify their training needs and to take measures to ensure that these
needs are met. During 2020 the Board met twice.
In exercising its powers and duties, in making decisions and in carrying out operations, the Board of Trustees has complied with its duty to pay due regard to the Charity Commission's public benefit guidance.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Objectives and activities
The objects of the charitable company are:
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(a) To preserve for the benefit of the people of Greater London and of the nation at large whatever of the English historical architectural and constructional heritage may exist in and around the area o f Brixton in the form of building of particular beauty historical or constructional interest and in particular St Matthews Church
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(b) To provide facilities for recreation with the objects of improving the conditions of life and social welfare of the inhabitants of Greater London ("the area of benefit")
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(c) To advance education for those living in the area of benefit
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(d) To provide a community centre for the benefit of those living in the area of benefit
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(e) To undertake any other charitable activity
In order to achieve the Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
Achievements and performance
The COVID-19 pandemic has had a large impact on the charitable company this year. The building was closed from March to May and open for four days each week for the remainder of the year. All but the most essential repairs have been postponed. Cleaning and security contractors have been suspended and bookkeeping services have been delayed. For historical reasons the charity has had no reserves, and therefore cashflow has necessarily been the highest priority. A Culture Recovery Fund grant from the Department of Culture, Media and Sport, has kept the charity solvent.
Public Benefit
The most obvious way in which the charit able company benefits the public is that it protects and preserves the historic and architecturally significant St Matthew’s Church building. The advancement of heritage is one of the charitable purposes set out in the Charities Act 2011. The building dates from 1824 and was constructed initially as a district church of St Mary Lambeth when that parish was divided into five in response to growing urbanisation. The building was listed Grade II* accordingly. During the 1970s the building was reordered. A central staircase and lift shaft were built in the centre of the building, and extra floors constructed. This allows for greater use by the community. The Church Commissioners declared the building redundant in 1991, and half of the ground floor was licensed as a place of worship to allow the Church of England congregation to continue worship in the building.
Other spaces within the building are let to various charitable and commercial organisations. Some provide facilities for recreation with the objects of improving the conditions of life and social welfare of the inhabitants of Greater London. Gremio de Brixton, a Spanish Restaurant, occupies the Crypt. St Matthew’s Church congregation occupies half of the second floor. Carers 4 Carers, the Mayor of Lambeth’s Charity of the year in 2017, and Nubian Jak, the charity responsible for African and Caribbean War memorial on Windrush Square, both occupy offices on half of the second floor, alongside a brand communications agency. Until summer 2021, t he entire top floor of the building was the head office of Groundswell Network Support UK, a national homeless charity.
Carbon reduction
Since 2014 the charitable company has used only 100% renewable electricity. It is constantly implementing measures to use less water and electricity, for instance by retrofitting LED lighting, and by increased use of occupancy sensors and timed switches. Heating throughout the building is electric, (except for the PCC's space which uses gas). The building has a high 'thermal mass' and has been slow to heat in the winter when unoccupied.
Living wage
The charitable company has been an accredited living wage employer since 2018, paying all staff and contractors a London Living Wage, as calculated by the Living Wage Foundation.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Financial review
The Statement of Financial Activities set out on page 7 of the financial statements shows how the charitable company’s incoming resources have been expended in the year ended 31 December 20 20 .
Total incoming resources amounted to £ 270,311 (201 9 : £275,182). Resources expended amounted to £ 245,863 (201 9 : £ 223,265 ) on charitable activities. The resulting surplus for the year was £ 24,448 (201 9 : £ 51,917 ).
The Balance Sheet set out on page 8 of the financial statements shows the financial position of the charitable company at 31 December 20 20 .
No further monies were committed to leasehold improvements during the year. After deducting the charge for depreciation, the net book value of fixed assets amounted to £48,050.
The current assets and current liabilities amounted to £141,388 and £125,138 respectively. The net assets amounted to £64,300, which are represented entirely by a surplus on the unrestricted funds of £64,300.
In 2012, the Trustees stated that there was a significant uncertainty about the ability of the charitable company to continue as a going concern. Nine years on, the Trustees are now confident about the charitable company's ability to continue as a going concern. Government grants have allowed the charitable company to remain solvent throughout the COVID-19 pandemic, and the charitable company is now well placed to welcome new tenants and visitors.
Notwithstanding this, the Trustees have considered future cash flows, its tenants and activities which continue to become more established in the building. In view of the steps taken, they consider it appropriate to prepare the financial statements on a going concern basis.
Reserves policy
The charitable company's long term reserves policy is to regain enough reserves to cover unexpected needs. The charitable company had free reserves of £16,250 as at 31 December 2020.
Risk factors
The Board of Trustees is aware of its responsibility to ensure that the major risks to which the charit y is exposed are identified and to establish systems to mitigate those risks. Trustees continue to review controls and systems, to mitigate any current and future external and internal risks that the charitable company might face.
Future Plans
The Trustees plan to continue to let the building's offices and spaces to a mix of charities, social enterprises and commercial tenants, and to use the rent payments to repair and maintain the historic building.
Fundraising report
The charitable company did not fundraise during the year.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of Trustees' responsibilities
The Trustees, who are also the directors of St Matthew's Church Brixton PCC Building Management Charity for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' r eport was approved by the Board of Trustees.
Rev Dr S Sichel
Trustee Dated: 28 October 2021
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
I report to the Trustees on my examination of the financial statements of St Matthew's Church Brixton PCC Building Management Charity (the charitable company) for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement - matter of emphasis
Since the charitable company’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 ICAEW (Institute of Chartered Accountants in England and Wales), which is one of the listed bodies.
In carrying out my examination, I have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the charitable company's ability to continue as going concern. At 31 December 2020, the charitable company had net current assets of £16,250, however this is predominately as a result of receiving Coronavirus Community Support Fund grant income of £67,860. There is a further £7,540 to be received in 2021 but this will not cover the charitable company's day to day expenditure alone. Since the year-end, the charitable company has lost a further key tenant and continues to be impact ed by the Coronavirus pandemic. The Trustees have taken active steps to cut costs, access government reliefs, obtain financial support and find new tenants in order to continue operating. However, if new tenants are not secured a nd the Trustees are unable to obtain further financial support from other sources, these conditions would indicate the existence of a material uncertainty about the charitable company's ability to continue as a going concern. The financial statements do not include the adjustments that would result in the charitable company is unable to continue as a going concern.
I confirm that no other matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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
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4 the financial statements 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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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
TO THE TRUSTEES OF ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
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.
Use of this report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My independent examination work has been undertaken so that I might state to the charitable company’s 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 charitable company and the charitable company’s trustees as a body, for my independent examination work , for this report, or for the opinions I have formed.
Hannah Sibley FCA
The Institute of Chartered Accountants in England and Wales (ICAEW) Independent Examiner
Citroen Wells Devonshire House 1 Devonshire Street London W1W 5DR
Dated: 28 October 2021
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income from: Other income 2 79,682 - Other trading activities 3 190,627 - Investments 4 2 - Total income 270,311 - Expenditure on: Charitable activities 5 240,863 5,000 Net income/(expenditure) for the year/ Net movement in funds 29,448 (5,000) Fund balances at 1 January 2020 34,852 5,000 Fund balances at 31 December 2020 64,300 - |
Total 2020 £ 79,682 190,627 2 270,311 245,863 24,448 39,852 64,300 |
Total 2019 £ - 275,162 20 275,182 223,265 51,917 (12,065) 39,852 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
BALANCE SHEET
AS AT 31 DECEMBER 2020
| 2020 Notes £ Fixed assets Tangible assets 9 Current assets Debtors 10 58,560 Cash at bank and in hand 82,828 141,388 Creditors: amounts falling due within one year 11 (125,138) Net current assets/(liabilities) Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2019 £ £ 48,050 51,945 74,529 126,474 (151,183) 16,250 64,300 - 64,300 64,300 |
£ 64,561 (24,709) 39,852 5,000 34,852 39,852 |
|---|---|---|
The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for ensuring that the charit able company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The member has not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 28 October 2021
Rev Dr S Sichel
Trustee
Company Registration No. 02880299
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
St Matthew's Church Brixton PCC Building Management Charity is a company limited by guarantee incorporated in England and Wales and is governed by its Memorandum and Articles of Association. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. St Matthew's is also a registered charity in accordance with the Charities Act 2011. The registered office is St Matthew's Church, Brixton Hill, London, SW2 1JF. The nature of the charitable company's operations and principal activities are set out in the Trustees' Annual Report.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charitable company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At 31 December 20 20 , St Matthew's had net current assets of £ 16,250, however this is predominately as a result of receiving Coronavirus Community Support Fund grant income of £67,860. There is a further £7,540 to be received in 2021 but this will not cover the charitable company's day to day expenditure alone.
Since the year-end, the charitable company has lost a further key tenant and continues to be impacted by the Coronavirus pandemic as set out in the Trustees' Annual Report. This has had a significant financial impact on incoming resources and the financial viability of the charitable company.
In order to enable the charitable company to meet its obligations as they fall due, the Trustees have reacted quickly to the ever-changing situation and taken active steps to cut costs, access government reliefs, obtain financial support and find new tenants in order to continue operating.
If new tenants are not secured and the Trustees are unable to obtain further financial support from other sources, these conditions would indicate the existence of a material uncertainty about the charitable company's ability to continue as a going concern.
Notwithstanding this, the Trustees have considered the future cash flows and in view of the steps taken as set out above, they consider it appropriate to prepare the financial statements on a going concern basis.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.4 Income
All incoming resources are recognised when the charitable company is legally entitled to them , the amounts can be measured reliably, and it is probable that income will be received.
Income from government grants, is recognised when the charit able company has entitlement to the funds and any performance conditions attached to the grants have been met.
Rent receivable is stated net of VAT.
Investment income is recognised on a receivable basis.
1.5 Expenditure
Resources expended are included in the statement of financial activities on an accruals basis.
Expenditure on charitable activities comprises expenses incurred in pursuance of the charitable company's principal activities.
Governance costs, which are included in expenditure on charitable activities, are those incurred in the governance of the charitable company and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently stated at cost less accumulated depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Hub equipment 7 years on a straight line basis Leasehold land and buildings 10 years on a straight line basis Other fixtures, fittings and equipment 25% per annum on a reducing basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) . Where it is not possible to estimate the recoverable amount of an individual asset, the charitable company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8 Cash and cash equivalents
Cash and cash equivalents include deposits held at call with banks .
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.9 Financial instruments
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
1.10 Taxation
No liability arises as the charitable company's charitable activities are exempt from corporation tax.
1.11 Employee benefits
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Other income
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| UK Government grant income | 79,682 | - |
During the year, the charitable company received £67,860 Coronavirus Community Support Fund grant from the Department of Culture, Media and Sport through the Heritage Lottery Fund. This amount was unrestricted and intended to support charitable organisations to cover their ordinary operating costs. The charitable company also received a £11,822 Coronavirus Job Retention Scheme grant from the UK Government. This amount was unrestricted and intended to support the charitable company in ensuring it could pay salaries of staff members during the pandemic.
3 Other trading activities
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Rent and service charges receivable | 190,627 | 275,162 |
4 Investments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Interest receivable | 2 | 20 |
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
5 Charitable activities
| Wages and salaries (incl. pension and social security) Depreciation Rent Rates and water Heat and light Repairs and maintenance Insurance Telephone Printing, postage and stationery Cleaning and refuse Security Bad and doubtful debts Irrecoverable VAT Marketing, advertising and events Legal and professional Other costs Computer expenses Governance costs (see note 6) Analysis by fund Unrestricted funds Restricted funds |
2020 £ 33,519 16,511 4,621 10,931 20,359 14,768 19,470 760 183 7,894 1,680 97,691 3,527 45 2,701 459 534 235,653 10,210 245,863 240,863 5,000 245,863 |
2019 £ 33,650 25,729 4,621 15,101 34,722 43,879 18,916 565 135 12,998 5,655 - 9,819 105 5,466 358 - 211,719 11,546 223,265 213,265 10,000 223,265 |
|---|---|---|
6 Governance costs
| Independent examiners fees Legal and professional Bank charges |
2020 £ 6,500 3,607 103 10,210 |
2019 £ 5,850 5,598 98 11,546 |
|---|---|---|
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
8 Employees
The average monthly number of employees during the year was:
| Number of administration staff Employment costs Wages and salaries Social security costs Other pension costs |
2020 Number 1 2020 £ 30,500 2,104 915 33,519 |
2019 Number 1 2019 £ 32,025 787 838 33,650 |
|---|---|---|
No employee received emoluments of more than £60,000 during the current or prior year.
9 Tangible fixed assets
| Cost At 1 January 2020 At 31 December 2020 Depreciation and impairment At 1 January 2020 Depreciation charged in the year At 31 December 2020 Carrying amount At 31 December 2020 At 31 December 2019 |
Leasehold land and buildings Other fixtures, fittings and equipment £ £ 1,546,114 164,070 1,546,114 164,070 1,495,686 149,937 11,877 4,634 1,507,563 154,571 38,551 9,499 50,428 14,133 |
Total £ 1,710,184 1,710,184 1,645,623 16,511 1,662,134 48,050 64,561 |
|---|---|---|
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 10 | Debtors | ||
|---|---|---|---|
| 2020 | 2019 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 38,273 | 23,247 | |
| Other debtors | - | 6,152 | |
| Prepayments and accrued income | 20,287 | 22,546 | |
| 58,560 | 51,945 | ||
| 11 | Creditors: amounts falling due within one year |
| 10 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 11 Creditors: amounts falling due within one year |
2020 £ 38,273 - 20,287 58,560 |
2019 £ 23,247 6,152 22,546 51,945 |
|---|---|---|
| Notes Other taxation and social security Deferred income 12 Trade creditors Other creditors Accruals 12 Deferred income Rent and services charges received in advance 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2020 2020 £ £ Fund balances at 31 December 2020 are represented by: Tangible assets 48,050 - Current assets/(liabilities) 16,250 - 64,300 - |
2020 £ 12,062 6,249 47,588 23,898 35,341 125,138 2020 £ 6,249 Total 2020 £ 48,050 16,250 64,300 |
2019 £ - 15,555 78,183 20,748 36,697 151,183 2019 £ 15,555 Total 2019 £ 64,561 (24,709) 39,852 |
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ST MATTHEW'S CHURCH BRIXTON PCC BUILDING MANAGEMENT CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
14 Operating lease commitments
At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Rent | 470,000 | 474,700 |
The annual rent cost under the lease agreement for St Matthew's Church is "5% of net rents". The lease agreement expires in 2120. Accordingly, the outstanding lease commitment has been estimated based on an annual charge of £4,700, over the remaining 100 years of the lease. As annual rent may vary, the actual rent payable may differ to the estimate of £4,700.
15 Related party transactions
The remuneration of key management personnel, who are not Trustees, during the year was £33,519 (2019: £33,650).
Resources expended for the year ended 31 December 2020 include provision for rent payable to the Diocese of £4,621 (2019: £4,621). The accumulated provision at 31 December 2020 amounted to £28,863 (2019: £24,242).
At the year-end, the charitable company owed the Diocese £4,178 (2019: £80) for income collected on its behalf, which was repaid in April 2021.
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