2020-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Diocese of London

Report & Financial Statements

31 December 2020

Registered Charity Number: 1132457

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report and Financial Statements 2020 Contents

	Page
Legal and administrative information	2
Report of the Parochial Church Council	4
Independent Examiner’s report to the Parochial Church Council	9
Statement of financial activities	10
Balance sheet	11
Statement of cash flows	12
Notes to the financial statements	13

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report and Financial Statements 2020 Legal and Administrative Information

Name

Address

The Parochial Church Council of The Ecclesiastical Parish of Christ Church with All Saints Spitalfields.

Commercial Street, London E1 6LY

1. The church was registered with the Charity Commission on 21 January 2009.

Charity Registration no 1127652. The church was registered with the Charity Commission on 21 January 2009. The Governing Parochial Church Council Powers Measure (1956) as amended and Church Representation Document Rules (2006).

Members of the PCC

Those who served from 1 January 2020 to the date this report was approved are:

	Clergy		A Rider	Rector (Resigned 30 April 2020)
			D Wolf	Associate Minister
	Churchwardens		W Spiring
			I Oppong
	Elected Members		J Brockhurst	Treasurer
			S Knight
			M Yorke	(Resigned February 2020)
			D Bird
			A Hull
			A Pillans
			T Vaughan
			R Insley	(Resigned October 2020)
			B Simmons	(Resigned August 2020)
			L Alexander
			A Jones	(Elected October 2020)
			C Hilton	(Elected October 2020)
			H Owen	(Elected October 2020)
			R Gomes	(Elected October 2020)
			G Makin	(Elected October 2020)
			C Cribbins	(Elected October 2020)
Key Management	Those in charge of planning, directing, controlling, running and operating the Charity,
Personnel	including those members of staff who are the senior management personnel to whom
	the trustees have		delegated significant authority or responsibility in the day-to-day
	running of the charity, are the Clergy, Church Wardens and Head of Operations.
Bankers	Reliance Bank
	Faith House
	23 - 24 Lovat Lane
	London EC3R 8EB
Solicitors	Winckworth Sherwood
	Minerva House
	5 Montague	Close
	London SE1	9BB
Independent Examiner	John Helm ACA
	Simply Churches Limited
	17 Heathville Road
	London N19 3AL

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report and Financial Statements 2020 Legal and Administrative Information

Quinquennial Inspector

Connolly Wellingham Architects Spike Design 133 Cumberland Road Bristol BS1 6UX

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2020

The Parochial Church Council of The Ecclesiastical Parish of Christ Church with All Saints Spitalfields (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2020. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond; pastoral, evangelistic, social, and ecumenical. It also has responsibility for the non-stipendiary staff and the maintenance of the Church buildings. In essence, the PCC is a consultative body that represents the views of the congregation as well as its own. It should communicate, where appropriate, any decisions of the PCC or its committees to the church; oversee and advise in the financial affairs of the church; pray and champion the vision for the church.

1. Structure, governance and management

1. Internal structure, governance, and management

Christ Church Spitalfields is part of the Diocese of London within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006).

The method of appointment of PCC members is set out in the Church Representation Rules and members are drawn from those on the Electoral Roll of the parish. Following a decision at the APCM of 2019 the PCC is now comprised of a maximum of 12 elected members (elected annually), our Deanery synod reps, two church wardens and any licensed clergy.

PCC members are responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the PCC’s funds are to be spent.

The full PCC met on six occasions during the year. Its Standing committee met in the intervening months to shape the work of the PCC and make executive decisions where needed. They also operate as the staffing committee. In addition, the PCC has set up working groups: the Finance Team, the Safeguarding Team, and the Missions & Away Giving Team.

In 2003, the PCC set up Christ Church Community Vision (Services) Limited (CCCVS Ltd), to manage the building in a self-funding and sustainable way. CCCVS Ltd is a company registered in the UK (company number 04843002).

2. Relationships with other organisations

The PCC works closely with a number of other charities and linked organisations:

• Christ Church Foundation (charity no. 1091925) is a sinking fund for all long-term maintenance of Christ Church Spitalfields.

• Christ Church Primary School Brick Lane - a voluntary aided Church of England school to which the PCC appoint Governors.

• The Mary Baker Charity which makes gifts to the poor and sick.

• The Norton Folgate Almshouses who manage 11 housing units for the poor of Tower Hamlets and one commercial premises locally.

1.1 Enabling Committee (Standing Committee)

This is the only committee required by law. It is the leadership team of the PCC and plans the work of the full PCC over the year. It has power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. Its membership comprises the incumbent, associate priest/curate, churchwardens, the PCC secretary and treasurer and sub-committee chairs. The Standing Committee meets every other month from PCC to discuss matters and set the agenda for the PCC.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2020

1.2 Church Attendance

The electoral roll is completely reviewed and revised once every five years and was last updated in 2020. At the last APCM the electoral roll stood at 189 (2019: 219)

1.3 Risk Management

The PCC acknowledge that they have a responsibility for the identification and proper management of risks faced by the church in achieving its primary aims. The PCC has therefore assessed the major risks to which the church is exposed, in particular, those relating to the specific operational areas of the church, its investments and its finances. The PCC believes that, by monitoring reserves levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the church, it has established effective systems and procedures to mitigate those risks. A comprehensive risk register is being undertaken.

Operational Area	Risk	Management
Security & Safeguarding	There is a major security, safeguarding, or health & safety incident	Safeguarding – there is a safeguarding policy in place and a designated safeguarding officer. All volunteers who have direct contact with children or vulnerable adults as well as pastoral team members are required to have a DBS, which is renewable every three years; we ensure that insurance policies are up-to-date and cover us for identified risks; we maintainup-to-dateincidentlogs
Finances	Income and expenditure: there is a risk that expenditure could exceed income	To mitigate these potential risks the PCC maintains a reserve and approves an unrestricted funds budget which shows a surplus of income over expenditure. Monthly management accounts are prepared comparing income and expenditure with budget to enable this to be monitored; PCC officials ensure proper authorisation of expenditure in line with the target operational cash reserves. Regular communications with members regarding giving strategy and also with business partners, including CCCVS.
	Potential liabilities: there is an uninsured liability which crystallises	To mitigate this potential risk, we ensure that insurance policies are up- to-date and include employer’s liability, public liability, buildings insurance, contents insurance and property owner’s liability, subcontracted where appropriate

2. Objectives and activities

When reviewing and planning the activities of the church, the incumbent and the PCC have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance to charities for the advancement of religion. In accordance with the objective to promote the whole mission of the Church, we aim to enable the development of personal faith, the sharing of the good news of Christianity, and the growth of community in our parish, by:

• Regular worship and prayer in a variety of formats, open to all;

• Enabling access to sacred spaces for personal prayer and contemplation;

• The opportunity to explore Christian faith through the Alpha course;

• The provision of other community courses which are based on Christian teachings;

• Delivering courses aimed at developing leaders and disciples in our congregation;

• Supporting other charities that are working in our local area to care for the community;

• Developing and embedding small groups to facilitate community support and communal learning about Jesus;

• Working together with the School to invest in children and families in the area;

• Supporting individuals who are working in a missionary capacity

To facilitate this work, the church building is set aside exclusively for worship on Sundays. It is usually open to the general public on Sunday afternoons and Monday-Friday, unless closed for a private booking or occasional service, or because of COVID-19 restrictions. Hanbury Hall is primarily a place for ministry and mission in-keeping with its founding documents to be a venue for Christian education.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2020

The PCC’s trading company, Christ Church Community Vision (Services) Ltd, contracts with Graysons PLC who let the Christ Church and Hanbury hall buildings on a professional basis. Any surpluses from this venture are used to support the mission of the church.

3. Achievements and performance

We have seen Jesus Loved through:

• Successfully relaunching CCSPITS Youth, including holding our first Youth Residential and Midweek Group.

• Maintaining contact with significant numbers of students during a challenging year through our Student ministry.

• Seeing a growing number of new givers (54 in 2020) and raising £6100 in additional funding to support our Social Transformation agenda.

• Launching 'CCSPITS ONline’, which provides weekly content to support our congregation digitally.

• Introducing a church-wide practice based discipleship model (The Common Rule) that’s been championed by our midweeks.

We have seen Churches Grown through:

• Running Four Alpha courses with approximately 50 guests.

• Appointing a School Pastor to coordinate our engagement with Christ Church School.

• Growing our Midweek Groups from 118 people attending weekly to 209.

• Launching 2 new Midweeks Groups especially designed to support parents.

• Appointing Hub Pastors to support all our Midweek Leaders.

We have seen Society Transformed through:

• Enabling over 60 volunteers to be involved with Food Pantry and GrowTH night shelter.

• Supporting over 100 local families by distributing over 1000 Food Parcels.

• Providing support for 30 families with young children through our stay & play provision (Little Lanterns).

• Giving 30 Door of Hope women (women involved in prostitution locally) hampers of gifts and treats at Christmas.

• Distributing 750 Christmas gift parcels to local families and students as part of the Love Christmas initiative.

4. Financial Review

Funding for the Charity comes primarily from the free will offerings of those attending services.

The Statement of Financial Activities and Balance Sheet can be found on pages 10 and 11 respectively. The Church’s reserves decreased by £27,433 during the year (2019 – decreased by £123,111). The balance sheet shows total net assets of £1,196,472 (2019: £1,223,905).

Included in total funds are amounts totalling £24,913 (2019: £21,608) which are restricted. These balances have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 9 to the accounts together with an analysis of movements in the year.

5. Reserves Policy

The PCC has examined the requirements for free reserves, ie those unrestricted funds not invested in tangible fixed assets. The PCC considers that, given the nature of the church’s work, free reserves should be equivalent to approximately 1-3 months’ general fund expenditure (depending on the particular expense), plus committed future expenditure on other projects, where funds permit. The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2020 the church had net free reserves of £57,853 (2019: £87,760) as follows:

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2020

Total reserves Less: restricted funds Less: tangible fixed assets Less: fixed asset investment Free reserves Free reserves requirement: 3 month’s budgeted routine expenditure	2020	2019 £ 1,223,905 (21,608 (1,114,536 (1	) ) )
	£
	1,196,472
	(24,913)
	(1,113,705)
	(1)
		87,760
	57,853
		86,955
	90,000

The PCC is aware that the free reserves requirement is currently in excess of free reserves and are actively seeking ways in which parity between the two amounts can be restored.

6. Going Concern

Each year it is the Trustees’ responsibility to state whether or not the annual financial statements have been drawn up on a going concern basis (see the accounting policy note on page 13). Going concern is the assumption that an entity, in this case The Parochial Church Council of the Ecclesiastical Parish Of Christ Church With All Saints Spitalfields, has the resources (financial or otherwise) to enable it to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the Trustees of the financial statements. If the going concern principle did not apply then the accounts would be drawn up on an insolvent basis.

Clearly, as part of this year’s going concern review, the Trustees have had to consider the likely impact of the Covid-19 pandemic which broke out in early March 2020. The financial risks to the ministry have increased significantly as a result of the lockdown restrictions which have subsequently been imposed. We do not yet know the direct and indirect economic impact of the virus on our church members, whose giving provides the bulk of our financial support, but some impact seems likely. We do know, however, that a reduction in giving during this season is to be expected. Also we are aware of the risks to our subsidiary company (CCCVS) and the impact this could have on ourselves. Through its trading CCCVS currently funds the repair and maintenance of all property used by the PCC. If due to the Covid-19 pandemic the income for CCCVS were to drop to such a level that it was no longer able to maintain the properties, liability would pass to the PCC. We are therefore carefully monitoring how CCCVS performs during this time and during the period of March to December the Finance Team (comprising members of the PCC and Church Staff) met at least monthly to monitor performance. Our current reserves would be sufficient to cover increased liability for at least six months allowing restructuring to take place.

7. Investment Policy

The PCC currently places spare funds on bank deposit.

The PCC invests in Christ Church Community Vision (Services) Limited (CCCVS Ltd), to manage the building in a selffunding and sustainable way. CCCVS Ltd is a company registered in the UK (company number 04843002).

8. Plans for Future Periods

In 2021 we would like to achieve the following:

• Appoint a new permanent Rector

• Identify clear pathways for newcomers to engage with church life, including digital pathways

• Multiply Midweek Groups

• Increase the number of Church members regularly serving on a team

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Parochial Church Council For the year ended 31 December 2020

• Improve and develop our online and in-person Gatherings

• Consider Missional Partnerships with other churches

9. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period.

In preparing those financial statements, the PCC is required to:

• Select suitable accounting policies and apply them consistently;

• Observe the methods and principles of the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the PCC will continue.

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document.

The PCC is also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the PCC and financial information included in the PCC website.

10. Approval

Approved by the Parochial Church Council and signed on its behalf by:

Irene Oppong Church Warden

15 March 2021

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Report of the Independent Examiner to the Parochial Church Council of Christ Church with All Saints Spitalfields

I report on the accounts of the Parochial Church Council (PCC) for the year ended 31 December 2020 set out on pages 10 to 23.

Respective Responsibilities of the PCC and the Examiner

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

It is my responsibility:

• to examine the accounts under section 145 of the 2011 Act,

• to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and

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

Basis of this Report

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

Independent Examiner’s Statement

I have completed my examination. I confirm that no material 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 church as required by section 130 of the 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.

John Helm ACA

17 Heathville Road London N19 3AL

15 March 2021

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Statement of Financial Activities For the year ended 31 December 2020

Note Income from: 2 Donations, legacies and grants Charitable activities Other trading activities Total Income Expenditure on: 3 Raising funds Charitable activities Total Expenditure Net (expenditure)/income Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2020 £ 420,766 4,182 36,170	Restricted Funds 2020 £ 144,349 - 1,531 145,880 7,278 76,464 83,742 62,138 (58,833) 3,305 21,608 24,913		Unrestricted Funds 2019 £ 429,800 10,492 48,801		Restricted Funds 2019 £ 10,525 - - 10,525 20,822 11,428 32,250 (21,725) (89,075) (110,800) 132,408 21,608	Total 2019 £ 440,325 10,492 48,801
			Total
			2020
			£
			565,115
			4,182
			37,701
	461,118			489,093			499,618
			606,998
	16,931 533,758 550,689 (89,571) 58,833 (30,738) 1,202,297 1,171,559			49,530 540,949			70,352 552,377
			24,209
			610,222
				590,479			622,729
			634,431
				(101,386)			(123,111)
			(27,433)
				89,075			-
			-
				(12,311) 1,214,608			(123,111) 1,347,016
			(27,433)
			1,223,905
				1,202,297			1,223,905
			1,196,472

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Balance sheet As at 31 December 2020

Note Fixed Assets Tangible Assets 4 Investments 5 Current Assets Debtors 6 Cash at Bank and in Hand Creditors - Amounts Falling Due Within One Year 7 Net Current Assets Net Assets Represented By: Unrestricted Income Funds 8 General Designated Restricted Funds 9 Total Funds	Unrestricted Funds 2020 £ 1,113,705 1 1,113,706 13,905 63,984 77,889 20,036 57,853 1,171,559 1,164,723 6,836 - 1,171,559		Restricted Funds 2020 £ - - 0 - 24,913 24,913 - 24,913 24,913 - - 24,913 24,913			Total 2019 £ 1,114,535 1
				Total
				2020
				£
				1,113,705
				1
						1,114,536 25,240 150,171
				1,113,706
				13,905
				88,897
						175,411 66,042
				102,802
				20,036
						109,369
				82,766
						1,223,905
				1,196,472
						1,194,508 7,789 21,608
				1,164,723
				6,836
				24,913
						1,223,905
				1,196,472

The accounts were approved by the PCC on 15 March 2021 and signed on its behalf by:

Irene Oppong Church Warden

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Cash Flow Statement For the year ended 31 December 2020

Note Net cash flows from operating activities 10 Cash flows from investing activities: Purchase of property, plant and equipment Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents brought forward Cash and cash equivalents carried forward	Unrestricted Funds 2020 £ 5,621 (70,200) - (70,200) (64,579) 128,563 63,984	Restricted Funds 2020 £ 3,305 - - 0 3,305 21,608 24,913		Total 2019 £ (51,247) (799) (1) ( 800) (52,047) 202,218 150,171
			Total
			2020
			£
			8,926
			(70,200)
			-
			(70,200)
			(61,274)
			150,171
			88,897

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (the Charities SORP) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements:

Useful economic life of tangible fixed assets: the annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Income recognition

Voluntary income and donations (including legacies) are included when the PCC becomes entitled to, probably will receive, and can reliably measure the income. Income from the recovery of tax on gift aided donations is recorded in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and freehold land and buildings which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable and the amount can be measured reliably. The PCC is not registered for VAT so expenditure includes VAT.

Expenditure included in Raising Funds includes property maintenance costs.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.

• Grants payable are payments made to third parties in furtherance of the PCC’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the PCC.

• Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

1. Accounting Policies (continued)

The PCC contributes to certain employees' personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. The cost in the accounts is the amount of contributions paid and payable during the year.

Rentals under operating leases are charged as incurred over the term of the lease.

Taxation

The charity is a registered charity and qualifies for relief from Corporation Tax under chapter 11 of the Corporation Taxes Act 2010.

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded from the accounts in accordance with s10 of the Charities Act 2011. Moveable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, which can be inspected (at any reasonable time). They are capitalised at cost and depreciated over their useful 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.

Freehold Land & Buildings

There are no Freehold land and building.

Other Fixtures, Fittings & Office Equipment

These are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or else, for gifts-in-kind, at a reasonable estimate of their open market value on receipt. Depreciation is calculated to write off fixed assets over their estimated useful lives on a straight-line basis at rates of 1%, 20% and 33.3%. The carrying values are reviewed at the year-end for impairment if circumstances indicate that the full carrying value may not be recoverable.

Fixed Asset Investments

The PCC has one investment, in Christ Church Community Vision (Services) Ltd, it’s trading subsidiary. The investment of £1 in the share capital of the company is reflected in these financial statements. In accordance with the provisions of chapter 24 of SORP 2015, the results of the subsidiary company are not consolidated with the charity's financial statements.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

• Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

• Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

2. Income

Unrestricted Funds 2020 £ Restricted Funds 2020 £ Donations & legacies Offerings and donations 277,371 15,682 Income tax reclaimed 60,619 197 Grants 82,776 128,470 420,766 144,349 Charitable activities Fee income (net) 657 - Ministries income 3,525 - 4,182 0 Other trading activities Lettings income 36,170 - Event income - 1,531 36,170 1,531 461,118 145,880				Total 2019 £ 347,490 62,835 30,000	Total 2019 £ 347,490 62,835 30,000
		Total
		2020
		£
		293,053
		60,816
		211,246
				440,325 3,076 7,416
		565,115
		657
		3,525
				10,492 47,990 811
		4,182
		36,170
		1,531
				48,801
		37,701
				499,618
		606,998

3. Expenditure

3.1 Expenditure on Raising Funds

Unrestricted Funds 2020 £ Restricted Funds 2020 £ Collecting agent fees 1,859 - Let property costs – All Saints House 8,316 - Let property costs - Wesley Court - - Crypt - - Business rates 301 - Events 6,455 7,278 16,931 7,278					Total 2019 £ 428 5,863 2,372 6,352 53,938 1,399
		Total
		2020
		£
		1,859
		8,316
		-
		-
		301
		13,733
					70,352
		24,209

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

3.2 Expenditure on Charitable Activities

Direct Ministry costs Parish Support Fund Clergy & ordinand costs Children & families Ministry events Social transformation Student mission Worship & upkeep of services Gifts and grants (see analysis 3b below) Operational Operational staff costs Office costs Church utilities Covid19 related measures Communications Digital infrastructure All Saints House Hanbury Hall CCCVS management charge Crypt redevelopment Bank charges Depreciation Governance Legal & professional Auditor’s remuneration Independent examiner’s remuneration	Unrestricted Funds 2020 £ Restricted Funds 2020 £ 89,460 - 30,060 - 28,225 174 8,506 334 13,696 13,522 15,510 - 45,944 - 8,730 1,454 240,131 15,484 118,268 25,724 9,139 208 - - 2,951 2,117 20,754 285 21,498 31,983 - - 9,724 - 33,900 - - 663 28 - 216,262 60,980 71,030 - 3,755 - - - 2,580 - 6,335 0 533,758 76,464				Total 2019 £ 86,000 45,884 29,227 26,503 16,438 14,738 51,149 25,316 295,255 115,355 5,922 837 - 21,317 - 9,441 16,712 - 1,033 1,433 172,050 51,208 33,806 (2,222) 2,280 33,864 552,377
			Total
			2020
			£
			89,460
			30,060
			28,399
			8,840
			27,218
			15,510
			45,944
			10,184
		255,615
			143,992
			9,347
			-
			5,068
			21,039
			53,481
			-
			9,724
			33,900
			663
			28
		277,242
			71,030
			3,755
			-
			2,580
			6,335
		610,222

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

3.2a Staff Costs

In addition to the many volunteers who give their time to the church, there were 9 (2019: 8) employees (excluding casual employees) whose costs are included within the main cost categories of “Expenditure on Charitable Activities” (note 3.2 above). Their aggregate emoluments were as follows:

above). Their aggregate emoluments were as follows:
Gross salaries Employer’s National Insurance Employer’s Annual Allowance Statutory Maternity Pay recovered Pension contributions Of which the following was paid to key management personnel Gross salaries		Total		Total 2019 £ 167,793 12,793 (3,000) - 5,115 182,701 18,927
		2020
		£
		190,488
		15,153
		(4,000)
		(4,298)
		6,798
	204,141
		40,220

These do not include the amounts paid to the Diocese for the Rector and Associate Vicar, who are funded through the Parish Support Fund and direct stipend charges from the Diocese. No employee received emoluments in excess of £60,000 during the year (2019: nil).

3.2b Gifts & Grants

The following Gifts & Grants, included within “Expenditure on Charitable Activities” (note 3.2 above), were made during the year:

Unrestricted Funds 2020 £ Restricted Funds 2020 £ Grants to institutions Inner Change 2,400 - Crossroads Counselling - - Spitalfields Crypt Trust - - Urban Action - - Fusion 1,000 - GrowTH - 968 Door of Hope - 476 Tearfund - - Bishop’s discretionary fund - - Prison Fellowship - - Hope & Hopes for Children - - Spitalfields City Farm 50 - Shoebox - 10 London Air Ambulance - - 3,450 1454 To/on behalf of individuals 5,280 - 8,730 1,454					Total 2019 £ 2,400 2,255 2,255 1,000 1,500 5,255 2,448 2,455 128 37 116 - - 123 19,972 5,344 25,316
		Total
		2020
		£
		2,400
		-
		-
		-
		1,000
		968
		476
		-
		-
		-
		-
		50
		10
		-
		4,904
		5,280
		10,184

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

4. Tangible Fixed Assets

4. Tangible Fixed Assets
		Hanbury
	Crypt	Hall	Fixtures &	Computer
	Redevelopment	Development	fittings	Equipment	Total
	£	£	£	£	£
Cost/valuation
At 1 January 2020	1,297,529	25,509	124,854	3,218	1,451,110
Additions	-	-	60,883	9,317	70,200
Disposals	-	-	-	-	-
At 31 December 2020	1,297,529	25,509	185,737	12,535	1,521,310
Depreciation
At 1 January 2020	214,441	7,618	110,391	3,125	336,575
Charge for Year	41,205	2,177	24,450	3,198	71,030
Disposals	-	-	-	-	-
At 31 December 2020	255,646	9,795	134,841	6,323	407,605
Net Book Value
At 31 December 2020	1,041,883	15,714	50,896	6,212	1,113,705
At 31 December 2019	1,083,088	17,891	14,463	93	1,114,535

The PCC has use of the following properties. Not all of the risks and rewards of their use accrue to the PCC and therefore none of the properties have been capitalised.

|Property
Ownership
Property type/use
PCC responsibility
Christ Church,
Diocese of
Church building; crypt café
Insure and upkeep – sub-contracted
i
i
7
7
H
H
H
H
t
t
t
t
iee
ae,
t
i
tT
t
1
|
|
i
i
i
i
i
i
i| |---| |Commercial Street,
London
to Christ Church Community Vision
i
i
i
i
i
i
i
i
i
i
i| |London E1 6LY
(Services) Limited (CCCVS)
i
i
i
i
i
{
t
t
t
i
ee
ee| |Hanbury Hall,
Diocese of
Church hall
Insure and upkeep – sub-contracted
H
H
H
H
H
H
H
H
H
H
H| |22A Hanbury Street,
London
to CCCVS
H
H
H
H
H
H
H
H
H
H
H
H
H
H| |London E1 6QR
Flat 4, Wesley Court,
Diocese of
Residential flat. Let commercially.
Insure and upkeep
H
H
H
H
H
H
H
H
H
i
iee
ae
H
H
H
H
H
H
H
H
H
H
H
H
H
H
H| |22B Hanbury Street,
London
H
H
H
H
H
H
H
H
H
H| |London E1 6QR
H
H
H
H
H
7
4
i
t
1| |All Saints House,
Diocese of
Residential property divided into 5
Insure and upkeep
t
1
|
|
i
i
i
i
i
i
i
i
i
i| |Buxton Street,
London
flats, 4 of which are let
i
i
i
i
i
i
i
i
i
i| |London E1 5EH
commercially, 1 of which is
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i| |provided to the trainee minister
i
i
i
i
i
{
t
t
t
t
i
ee
ee| |The Rectory,
Freehold of the
Vicarage
None: Diocese of London have
H
H
H
H
H
H
H
H
H
H
H
H
H
H| |Fournier Street,
Rector
responsibility for maintenance
H
H
H
H
H
H
H
H
H
H
H
H
H
H
H| |London E1 6QE
H
H
H
H
H
H
H
H
H
H
ehee|

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

5. Fixed Asset Investments

The investment relates to Christ Church Community Vision (Services) Limited (“CCCVS”) (company number: 04843002), a limited company with £1 of share capital to which the PCC is the sole subscriber. CCCVS was set up in order to manage the church building in a self-funding and sustainable way.

At 31 December 2020, the net assets of CCCVS amounted to £16,888 (2019: £399). The 2020 and 2019 results of CCCVS were as follows:

Balance Sheet Fixed Assets Current assets Creditors: amounts due within one year Net liabilities Represented by: Capital and reserves Profit & loss account Turnover Other income Depreciation Other expenditure Corporation tax Profit/(loss) for the year 6. Debtors Prepayments Trade debtors Gift Aid receivable Loan to CCCVS Grants receivable
		2020
		£
		2,656
		51,093
		(35,695)
		18,054
		18,054
		2020
		£
		156,898
		-
		(1,519)
		(137,724)
		-
		17,655
		2020
		£
		1,372
		160
		3,179
		8,370
		824
		13,905

6. Debtors

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

7. Creditors - Amounts Falling Due Within One Year

Trade creditors Accruals Other creditors		2020		2019 £ 28,825 6,553 663 36,041
		£
		8,742
		5,629
		5,665
		20,036

8. Unrestricted Funds

8a Current year

Unrestricted: General Fund Designated Funds: CAPEX Fund		At 1 January 2020 £ 1,194,508 7,789 7,789 1,202,297	Income £ Expenditure £ 461,118 (550,689) - - - - - - 0 0 461,118 (550,689)	Income £ Expenditure £ 461,118 (550,689) - - - - - - 0 0 461,118 (550,689)	Income £ Expenditure £ 461,118 (550,689) - - - - - - 0 0 461,118 (550,689)	Gains/ (losses) £ Transfers £ - 59,786 - - - - - (953) 0 ( 953) 0 58,833	Gains/ (losses) £ Transfers £ - 59,786 - - - - - (953) 0 ( 953) 0 58,833	At 31	At 31
								December
									2020
									£
									1,164,723
									6,836
									6,836
								1,171,559

The reason for the transfer to unrestricted funds from restricted funds was to recognise the purchase of fixed asset equipment during the year funded initially from restricted funds.

8b Prior year

Unrestricted: General Fund Designated Funds: Organ Fund Church planting fund CAPEX Fund		At 1 January 2019 £ 1,175,954 66 30,000 8,588 38,654 1,214,608	Income £ Expenditure £ 489,093 (590,413) - (66) - - - - 0 ( 66) 489,093 (590,479)	Income £ Expenditure £ 489,093 (590,413) - (66) - - - - 0 ( 66) 489,093 (590,479)	Income £ Expenditure £ 489,093 (590,413) - (66) - - - - 0 ( 66) 489,093 (590,479)	Gains/ (losses) £ Transfers £ - 119,874 - - - (30,000) - (799) 0 (30,799) 0 89,075	Gains/ (losses) £ Transfers £ - 119,874 - - - (30,000) - (799) 0 (30,799) 0 89,075	At 31	At 31
								December
									2019
									£
									1,194,508
									0
									0
									7,789
									7,789
								1,202,297

The reason for the transfers were as follows:

• Church planting fund - the PCC agreed that funds previously designated for a church plant should be released to unrestricted funds, with a view to reallocate funds should an opportunity for a church plant arise.

• CAPEX Fund – transfer to unrestricted funds to recognise the purchase of equipment during the year.

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

8. Unrestricted Funds (continued)

The description of the main funds are as follows:

• Designated organ fund: Income from holding organ-related events designated to pay for the organ curator. In 2019 this cost was moved to the trading subsidiary, CCCV(s) Ltd in line with other related organ costs.

• Designated church planting fund: For the purpose of church planting. Having not had the opportunity to use these funds for the last two years, the PCC agreed that these funds should in 2019 be released into undesignated funds, with a review to reallocate funds should an opportunity for church planting arise.

• Designated CAPEX fund: For the purpose of purchasing new equipment.

9. Restricted Funds

9a Current year

Church gardens landscaping Churchyard security fund Crypt redevelopment fund Piano fund Secular activities Love your neighbour Love Christmas Cultural recovery fund SCT 9b Prior year Church gardens landscaping Churchyard security fund Crypt redevelopment fund Piano fund Hanbury Hall Fund All Saints House Fund Legal & professional fees Hope & Hopes for Children Prison Fellowship London Air Ambulance Tearfund SCT Bishops Discretionary Fund		At 1 January 2020 £ 6,557 5,102 0 9,819 - - 0 0 130 21,608	Income £ Expenditure £ - - - (663) - - - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Income £ Expenditure £ - - - (663) - - - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Income £ Expenditure £ - - - (663) - - - - 11,878 (10,631) 6,332 (3,481) 900 (900) 126,900 (68,067) (130) - 145,880 (83,742)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - (58,833) - - 0 (58,833)	Gains/ (losses) £ Transfers £ - - - - - - - - - - - - - - - (58,833) - - 0 (58,833)	At 31	At 31
								December
									2020
									£
									6,557
									4,439
									0
									9,819
									1,247
									2,851
									0
									0
									0
									24,913
		At 1 January 2019 £ Income £ Expenditure £ 6,557 - - 5,102 - - 21,855 - (21,855) 9,819 - - 64,635 - - 24,440 - - 0 10,000 (10,000) 0 116 (116) 0 37 (37) 0 123 (123) 0 55 (55) 0 130 - 0 64 (64) 132,408 10,525 (32,250)				Gains/ (losses) £ Transfers £ - - - - - - - - - (64,635) - (24,440) - - - - - - - - - - - - - - 0 (89,075)
		At 1 January 2019 £ 6,557 5,102 21,855 9,819 64,635 24,440 0 0 0 0 0 0 0 132,408							At 31
								December
									2019
									£
									6,557
									5,102
									0
									9,819
									0
									0
									0
									0
									0
									0
									0
									130
									0
									21,608

9b Prior year

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

9. Restricted Funds (continued)

The description of the main funds are as follows:

• Church garden landscaping: for the purpose of maintaining and improving the Church garden.

• Churchyard security: for the purpose of ensuring churchyard security.

• Crypt redevelopment fund: funds for the redevelopment of the Crypt at Christ Church Spitalfields, the last of which was spent in 2020.

• Piano fund: Donations made for the purchase of a grand piano.

• Hanbury Hall fund: for the purpose of maintaining the building known as Hanbury Hall and secondarily for the support of Christian Education.

• All Saints House fund: for the purpose of maintaining and improving upon the building known as All Saints House, 35 Buxton Street.

• Love Your Neighbour fund: for the purpose of projects responding to local needs and non-proselytising social transformation

• Love Christmas fund: f or the purpose of giving Christmas boxes to the community

10. Reconciliation of net income to net cash flow from operating activities

Net deficit for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities	Unrestricted Funds 2020 £ (30,738) 71,030 11,335 (46,006) 5,621	Restricted Funds 2020 £ 3,305 - - - 3,305		Total 2019 £ (123,111) 51,208 (5,480) 26,136	)
			Total
			2020
			£
			(27,433)
			71,030
			11,335
			(46,006)
				(51,247
			8,926

11. Related Party Transactions and Balances

There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31 December 2019.

Amy Pillans, a member of the PCC, is the spouse of Edwin Pillans. Edwin Pillans received a gross salary of £29,696 (2019: £30,409) and pension contribution of £1,137 (2019: £1,025) in his employed capacity of Buildings, Facilities, and Logistics Manager.

Darren Wolf, a member of the PCC, occupies a flat at All Saints House rent free, a property managed by the PCC.

Darren Wolf is a director of Christ Church Community Vision (Services) Limited (“CCCVS”) (company number: 04843002), a limited company with £1 of share capital to which the PCC is the sole subscriber. During the year the PCC made payments totalling £46,650 to CCCVS and received payments of £1,767 from CCCVS. At 31 December 2020 CCCVS owed the PCC £8,370 (2019: £7,056).

David Bird, a member of the PCC, received £550 for playing the organ at the Christmas services.

Barnaby Simmons, a member of the PCC until October 2020, received £3,385 in his employed capacity of part-time Student Pastor.

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS

Notes to the Financial Statements For the year ended 31 December 2020

11. Related Party Transactions and Balances (continued)

Nick Hull, the spouse of Amy Hull, a member of the PCC, received £465 for work as an event assistant.

Tim Vaughan, a member of the PCC, received payments totalling £1,729 (2019: £2,021) for IT support services provided, unrelated to his service as a trustee. Tim Vaughan also received payments totalling £4,400 from Christ Church Community (Services) Ltd, a company wholly owned by the PCC.

Members of the PCC gave a total of £58,167 (2019: £72,857) in unrestricted offerings and donations during the year.

23