# **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS**
**Diocese of London**
## **Report & Financial Statements**
## **31 December 2021**
**Registered Charity Number: 1127652**
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS**
## **Report and Financial Statements 2021 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**|
1
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS**
## **Report and Financial Statements 2021 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
**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 2021 to the date this report was approved are:
|Clergy|D Wolf|Senior Pastor (Appointed April 2021)|
|---|---|---|
|Churchwardens|W Spiring||
||I Oppong||
|Elected Members|S Knight||
||D Bird||
||A Hull||
||A Pillans||
||T Vaughan||
||L Alexander|(Resigned May 2021)|
||A Jones||
||C Hilson||
||H Owen||
||R Gomes||
||G Makin|Treasurer|
||C Cribbins||
||A Foad|(Appointed 24 May 2021)|
||S Orojian|(Appointed 24 May 2021)|
|**Key Management**|Those in charge of planning, directing, controlling, running and operating the Charity,|Those in charge of planning, directing, controlling, running and operating the Charity,|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 Chief Operating Officer.|||
|**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|
|**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 2021**
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 2021. 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 2020 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 2021**
## **1.2 Church Attendance**
The electoral roll is completely reviewed and revised once every five years and was last updated in 2021. At the last APCM the electoral roll stood at 187 (2020: 196)
## **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
maintain up-to-date incident logs|
|**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
4
**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 2021**
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.
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 created a place for people to **thrive** through:
- Multiplying our worship services to now provide:
- The NINE
- The ELEVEN
- The FIVE
- `o` The ONLINE
- Running 3 Alpha Groups online with approximately 40 guests.
We have created a place for people to **belong** through:
- Launching 5 new Life Groups
- Investing in the strength of our Life Groups through:
- Appointment of Life Group Pastor
- Creation of Life Group Hub Pastors who support Life Groups Leaders
- Rebranding Midweeks to Life Groups and creating more ways in which a life group can flourish.
- Introduction of Apprentice leaders providing space for more people to step into leading
- `o` Word video series giving deep Life Group bible study
We have created a place for people to **impact their city** through:
- Enabling over 45 volunteers to be involved with Food Pantry
- Supporting 55 individuals through the GrowTH night shelter.
- Supporting over 70 local families by distributing over 1400 Food Parcels.
- Giving 25 Door of Hope women (women involved in prostitution locally) hampers of gifts and treats at Christmas.
## **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 £15,288 during the year (2020 – decreased by £27,433). The balance sheet shows total net assets of £1,181,184 (2020: £1,196,472).
Included in total funds are amounts totalling £76,098 (2020: £24,913) 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, i.e. 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 2021 the church had net free reserves of £52,968 (2020: £57,853) 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 2021**
|**Total reserves**
Less: restricted funds
Less: tangible fixed assets
Less: fixed asset investment
**Free reserves**
**Free reserves requirement:**
3 month’s budgeted routine expenditure|**2021**|**2020**
**£**
**1,196,472**
(24,913
(1,113,705
(1|
)
)
)
|
|---|---|---|---|
||**£**|||
|||||
||**1,181,184**|||
||(76,098)|||
||(1,052,117)|||
||
(1)|||
|||||
|||**57,853**||
||**52,968**|||
|||||
|||**90,000**||
|||||
||**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.
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. The effect of the pandemic was far-reaching and we have not yet seen the full extent of the impact, but we did see a reduction in financial income. This was driven by people giving less due to personal income reductions and many people leaving London. In addition, our subsidiary company (CCCVS) saw a large reduction in trading income. However, we have been able to balance this against income from grants and the support offered by the Government. Since the end of the restrictions we have seen our attendance numbers recover to almost pre-Covid numbers and our giving income also start to follow. CCCVS also is now able to fully trade.
## **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 2022 we would like to achieve the following:
- Grow the number of people attending services from 174 to 275
- See an increase in number of people belonging to a Life Group from 185 - 300
- Enable more people to impact their city by expanding the numbers serving on a Team from 90 to 160.
- Diversify Income streams by growing income from
- Regular Donations
- Business Activities
- Grant making trusts
6
**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 2021**
## **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**
24[th] March 2022
7
## **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 2021 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
18[th] March 2022
8
**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 2021**
|**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**
**2021**
**£**
287,632
12,386
2,149|**Restricted**
**Funds**
**2021**
**£**
328,330
-
2,157
**330,487**
16,021
211,636
**227,657**
**102,830**
(51,645)
**51,185**
**24,913**
**76,098**||**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**|**Total**
**2020**
**£**
565,115
4,182
37,701
**606,998**
24,209
610,222
**634,431**
**(27,433)**
-
**(27,433)**
**1,223,905**
**1,196,472**|
|---|---|---|---|---|---|---|---|
||||**Total**|||||
||||**2021**|||||
||||**£**|||||
|||||||||
||||615,962|||||
||||12,386|||||
||||4,306|||||
|||||||||
||**302,167**|||**461,118**||||
||||**632,654**|||||
|||||||||
||2,510
417,775
**420,285**
**(118,118)**
51,645
**(66,473)**
**1,171,559**
**1,105,086**|||16,931
533,758||||
|||||||||
||||18,531|||||
||||629,411|||||
|||||||||
|||||**550,689**||||
||||**647,942**|||||
|||||||||
|||||**(89,571)**||||
||||**(15,288)**|||||
|||||||||
|||||58,833||||
||||-|||||
|||||||||
|||||**(30,738)**
**1,202,297**||||
||||**(15,288)**|||||
|||||||||
||||**1,196,472**|||||
|||||||||
|||||**1,171,559**||||
||||**1,181,184**|||||
|||||||||
|||||||||
9
## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS**
## **Balance sheet**
## **As at 31 December 2021**
|**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**
**2021**
**£**
1052,117
1
1,052,118
41,623
76,784
118,407
65,439
52,968
**1,105,086**
1,094,758
10,328
-
**1,105,086**||**Restricted**
**Funds**
**2021**
**£**
-
-
0
-
76,098
76,098
-
76,098
**76,098**
-
-
76,098
**76,098**|||**Total**
**2020**
**£**
1,113,705
1|
|
|---|---|---|---|---|---|---|---|
|||||**Total**||||
|||||**2021**||||
|||||**£**||||
|||||||||
|||||1,052,117||||
|||||1||||
|||||||||
|||||||1,113,706
13,905
88,897||
|||||1,052,118||||
|||||||||
|||||41,623||||
|||||152,882||||
|||||||||
|||||||102,802
20,036||
|||||194,505||||
|||||||||
|||||65,439||||
|||||||||
|||||||82,766||
|||||129,066||||
|||||||||
|||||||**1,196,472**||
|||||**1,181,184**||||
|||||||||
|||||||1,164,723
6,836
24,913||
|||||||||
|||||||||
|||||||||
|||||||||
|||||1,094,758||||
|||||10,328||||
|||||76,098||||
|||||||||
|||||||**1,196,472**||
|||||**1,181,184**||||
|||||||||
|||||||||
The accounts were approved by the PCC on 28[th] March 2022 and signed on its behalf by:
## **Irene Oppong Church Warden**
10
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRIST CHURCH WITH ALL SAINTS SPITALFIELDS**
## **Cash Flow Statement For the year ended 31 December 2021**
|
**Note**
**Net cash flows from operating activities**
10
**Cash flows from investing activities:**
Purchase of property, plant and equipment
**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**
**2021**
**£**
23,696
(10,986)
**(10,986)**
**12,710**
63,984
**76,694**|**Restricted**
**Funds**
**2021**
**£**
51,185
-
**0**
**51,185**
24,913
**76,098**||**Total**
**2020**
**£**
8,926
(70,200)
**(70,200)**
**(61,274)**
150,171
**88,897**|
|---|---|---|---|---|
||||**Total**||
||||**2021**||
||||**£**||
||||||
||||74,881||
||||||
||||||
||||(10,986)||
||||||
||||**(10,986)**||
||||||
||||||
||||**63,895**||
||||||
||||88,897||
||||||
||||**152,792**||
||||||
11
**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 2021**
## **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.
12
**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 2021**
## **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.
13
**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 2021**
## **2. Income**
|**Unrestricted**
**Funds**
**2021**
**£**
**Restricted**
**Funds**
**2021**
**£**
Donations & legacies
Offerings and donations
218,967
42,494
Income tax reclaimed
16,687
5,624
Grants
51,978
280,212
287,632
328,330
Charitable activities
Fee income (net)
692
-
Ministries income
11,694
-
12,386
0
Other trading activities
Lettings income
-
-
Event income
750
2,157
Other
1,399
-
2,149
2,157
**302,167**
**330,487**||||**Total**
**2020**
**£**
293,053
60,816
211,246|**Total**
**2020**
**£**
293,053
60,816
211,246|
|---|---|---|---|---|---|
|||**Total**||||
|||**2021**||||
|||**£**||||
|||||||
|||261,461||||
|||57,601||||
|||296,900||||
|||||||
|||||565,115
657
3,525||
|||615,962||||
|||||||
|||692||||
|||11,694||||
|||||||
|||||4,182
36,170
1,531
-||
|||12,386||||
|||||||
|||-||||
|||2,907||||
|||1,399||||
|||||||
|||||37,701||
|||4,306||||
|||||||
|||||**606,998**||
|||**632,654**||||
|||||||
|||||||
## **3. Expenditure**
## **3.1 Expenditure on Raising Funds**
|**3.1 Expenditure on Raising Funds**||||||
|---|---|---|---|---|---|
|**Unrestricted**
**Funds**
**2021**
**£**
**Restricted**
**Funds**
**2021**
**£**
Collecting agent fees
2,095
1,440
Let property costs – All Saints House
-
-
Giving stations
-
1,662
Fund raising – grant applications
-
3,000
Business rates
-
-
Events
415
9,919
**2,510**
**16,021**|||||**Total**
**2020**
**£**
1,859
8,316
-
301
13,733|
|||**Total**||||
|||**2021**||||
|||**£**||||
|||||||
|||3,535||||
|||-||||
|||1,662||||
|||3,000||||
|||-||||
|||10,334||||
|||||||
||||||**24,209**|
|||**18,531**||||
|||||||
|||||||
14
**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 2021**
## **3.2 Expenditure on Charitable Activities**
|
Direct Ministry costs
Parish Support Fund
Clergy & ordinand costs
Children & families
Ministry events
Social transformation
Youth ministry
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
Business consultancy
Hanbury Hall
CCCVS management charge
Crypt redevelopment
Bank charges
Depreciation
Governance
Legal & professional
Independent examiner’s remuneration|**Unrestricted**
**Funds**
**2021**
**£**
**Restricted**
**Funds**
**2021**
**£**
89,460
-
23,782
-
25,042
-
43,093
500
34,480
8,052
9,715
-
14,524
-
28,530
771
8,167
8,813
**276,793**
**18,136**
49,943
77,102
10,814
1,246
(124)
74,780
156
2,349
2,642
7,785
-
26,795
-
3,443
-
-
-
-
-
-
190
-
**63,621**
**193,500**
72,484
-
2,597
-
2,280
-
**4,877**
**0**
**417,775**
**211,636**||||**Total**
**2020**
**£**
89,460
30,060
28,399
8,840
27,218
-
15,510
45,944
10,184|
|---|---|---|---|---|---|
||||**Total**|||
||||**2021**|||
||||**£**|||
|||||||
||||89,460|||
||||23,782|||
||||25,042|||
||||43,593|||
||||42,532|||
||||9,715|||
||||14,524|||
||||29,301|||
||||16,980|||
|||||||
||||||**255,615**
143,992
9,347
-
5,068
21,039
53,481
-
9,724
33,900
663
28|
|||**294,929**||||
|||||||
||||127,045|||
||||12,060|||
||||74,656|||
||||2,505|||
||||10,427|||
||||26,795|||
||||3,443|||
||||-|||
||||-|||
||||-|||
||||190|||
|||||||
||||||**277,242**
71,030
3,755
2,580|
|||**257,121**||||
|||||||
||||72,484|||
|||||||
|||||||
||||2,597|||
||||2,280|||
|||||||
||||||**3,755**|
||||**4,877**|||
|||||||
||||||**607,642**|
|||**629,411**||||
|||||||
|||||||
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 2021**
## **3.2a Staff Costs**
In addition to the many volunteers who give their time to the church, there were 12 (2020: 9) 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:
|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**
**2020**
**£**
190,488
15,153
(4,000)
(4,298)
6,798
**204,141**
**40,220**|
|---|---|---|---|---|
|||**2021**|||
|||**£**|||
||||||
|||200,360|||
|||15,621|||
|||(4,000)|||
|||
-|||
|||6,189|||
||||||
||**218,170**||||
||||||
|||**41,969**|||
||||||
These do not include the amounts paid to the Diocese for the Senior Pastor, who is 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 (2020: 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**
**2021**
**£**
**Restricted**
**Funds**
**2021**
**£**
Grants to institutions
Inner Change
2,400
-
GrowTH
-
117
Door of Hope
487
-
Food Pantry
-
8,374
Make Lunch
-
200
Royal British Legion (Poppy Appeal)
-
32
Herbert Smith (charitable purposes)
-
90
2,887
8,813
To/on behalf of individuals
5,280
-
**8,167**
**8,813**|||||**Total**
**2020**
**£**
2,400
968
476
-
-
50
10|
|---|---|---|---|---|---|
|||**Total**||||
|||**2021**||||
|||**£**||||
|||||||
|||2,400||||
|||117||||
|||487||||
|||8,374||||
|||200||||
|||32||||
|||90||||
|||||||
||||||371,880
5,280|
|||11,700||||
|||||||
|||5,280||||
|||||||
||||||**377,160**|
|||**16,980**||||
|||||||
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 2021**
## **4. Tangible Fixed Assets**
|**Cost/valuation**
At 1 January 2021
Additions
Disposals
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for Year
Disposals
At 31 December 2021
**Net Book Value**
At 31 December 2021
At 31 December 2020|**Crypt**
**Redevelopment**
**£**
**Hanbury**
**Hall**
**Development**
**£**
**Fixtures &**
**fittings**
**£**
**Computer**
**Equipment**
**£**
1,297,529
25,509
185,737
12,535
-
-
10,896
-
-
-
-
-
1,297,529
25,509
196,633
12,535
255,646
9,795
135,841
6,323
41,204
2,178
25,996
3,106
-
-
-
-
296,850
11,973
161,837
9,429
1,000,679
13,536
34,796
3,106
1,041,883
15,714
49,896
6,212||**Total**
**£**
1,521,310
10,896
-
1,532,206
407,605
72,484
-
480,089
1,052,117
1,113,705|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
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,
Commercial Street,
London E1 6LY|Diocese of
London|Church building; crypt café|Insure and upkeep – sub-contracted to
Christ Church Community Vision
(Services) Limited (CCCVS)|
|Hanbury Hall,
22A Hanbury Street,
London E1 6QR|Diocese of
London|Church hall|Insure and upkeep – sub-contracted to
CCCVS|
|Flat 4, Wesley Court,
22B Hanbury Street,
London E1 6QR|Diocese of
London|Residential flat. Let commercially.|Insure and upkeep|
|All Saints House,
Buxton Street,
London E1 5EH|Diocese of
London|Residential property divided into 5
flats, 4 of which are let commercially,
1 of which is provided to the trainee
minister|Insure and upkeep|
|The Rectory,
Fournier Street,
London E1 6QE|Freehold of
the Rector|Vicarage|None: Diocese of London have
responsibility for maintenance|
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 2021**
## **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 2021, the net assets of CCCVS amounted to £95,790 (2020: £18,054). The 2021 and 2020 results and financial position of CCCVS were as follows:
|**Balance Sheet**
Fixed Assets
Current assets
Creditors: amounts due within one year
**Net liabilities**
Represented by:
Capital and reserves||||**2020**
**£**
2,656
51,093
(35,695)
**18,054**
**18,054**|
|---|---|---|---|---|
|||**2021**|||
|||**£**|||
||||||
|||6,070|||
|||131,121|||
|||(41,401)|||
||||||
|||**95,790**|||
||||||
||||||
|||**95,790**|||
||||||
|**Profit & loss account**
Turnover
Grant income
Depreciation
Other expenditure
Corporation tax
**Profit after tax for the year**||||**2020**
**£**
156,898
-
(1,519)
(137,724)
-
**17,655**|
|---|---|---|---|---|
|||**2021**|||
|||**£**|||
||||||
|||219,555|||
|||41,986|||
|||(3,986)|||
|||(174,774)|||
|||
(5,045)|||
||||||
|||**77,736**|||
||||||
## **6. Debtors**
|**6. Debtors**|||||
|---|---|---|---|---|
|Prepayments
Trade debtors
Gift Aid receivable
Loan to CCCVS
Accrued income
Grants receivable||**2021**||**2020**
**£**
1,372
160
3,179
8,370
-
824
**13,905**|
|||**£**|||
||||||
|||1,170|||
|||650|||
|||7,176|||
|||-|||
|||665|||
|||31,962|||
||||||
|||**41,623**|||
||||||
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 2021**
## **7. Creditors - Amounts Falling Due Within One Year**
|Trade creditors
Accruals
Other creditors
**8. Unrestricted Funds**
**8a Current year**
Unrestricted General Fund
Designated Funds:
CAPEX Fund
Love Your Neighbour||**At 1**
**January**
**2021**
**£**
**Income**
**£**
**Expenditure**
**£**
1,164,723
302,167
(420,390)
6,836
-
-
0
-
-
6,836
0
0
**1,171,559**
**302,167**
**(420,390)**|**At 1**
**January**
**2021**
**£**
**Income**
**£**
**Expenditure**
**£**
1,164,723
302,167
(420,390)
6,836
-
-
0
-
-
6,836
0
0
**1,171,559**
**302,167**
**(420,390)**|**At 1**
**January**
**2021**
**£**
**Income**
**£**
**Expenditure**
**£**
1,164,723
302,167
(420,390)
6,836
-
-
0
-
-
6,836
0
0
**1,171,559**
**302,167**
**(420,390)**|**At 1**
**January**
**2021**
**£**
**Income**
**£**
**Expenditure**
**£**
1,164,723
302,167
(420,390)
6,836
-
-
0
-
-
6,836
0
0
**1,171,559**
**302,167**
**(420,390)**|**2021**
**£**
56,397
2,280
6,762
**65,439**
**Gains/**
**(losses)**
**£**
**Transfers**
**£**
-
48,153
-
-
-
3,492
0
3,492
**0**
**51,645**|**2021**
**£**
56,397
2,280
6,762
**65,439**
**Gains/**
**(losses)**
**£**
**Transfers**
**£**
-
48,153
-
-
-
3,492
0
3,492
**0**
**51,645**|**2020**
**£**
8,742
5,629
5,665
**20,036**|**2020**
**£**
8,742
5,629
5,665
**20,036**|
|---|---|---|---|---|---|---|---|---|---|
|||**At 1**
**January**
**2021**
**£**
1,164,723
6,836
0
6,836
**1,171,559**||||||**At 31**||
|||||||||**December**||
||||||||||**2021**|
||||||||||**£**|
|||||||||||
||||||||||1,094,653|
|||||||||||
|||||||||||
||||||||||6,836|
||||||||||3,492|
|||||||||||
||||||||||10,328|
|||||||||||
|||||||||**1,104,981**||
|||||||||||
## **8. Unrestricted Funds**
The reasons for the transfers are as follows:
- to the Unrestricted General Fund from the restricted Cultural Recovery Fund (£51,645) was to recognise (1) the purchase of fixed asset equipment during the year funded initially from restricted funds and (2) expenditure in 2020 which was incurred in advance of the Cultural Recovery Fund grant being received.
- from the Unrestricted General Fund to Designated Love Your Neighbour Fund was to recognise the PCC’s commitment to the Love Your Neighbour initiative from the Away Giving budget.
|**8b Prior 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**||
|||||||||||
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 2021**
## **8. Unrestricted Funds (continued)**
The reasons for the transfers are as follows:
- to Unrestricted General Fund from the restricted Cultural Recovery Fund (£59,786) was to recognise the purchase of fixed asset equipment during the year funded initially from restricted funds.
- from the designated CAPEX Fund to Unrestricted General Fund was to recognise the purchase of fixed asset equipment during the year.
The description of the Designated funds are as follows:
- **CAPEX fund** : for the purpose of purchasing new equipment.
- **Love Your Neighbour** : for the purpose of projects responding to local needs and non-proselytising social transformation
## **9. Restricted Funds**
|**9a Current year**
Church gardens landscaping
Churchyard security fund
Piano fund
Secular activities
Love your neighbour
Young Life
Cultural Recovery Fund
Poppy Appeal
Herbert Smith (charitable purposes)
The Nine Booklets
The Nine Organist Costs||**At 1**
**January**
**2021**
**£**
6,557
4,439
9,819
1,247
2,851
0
0
0
0
0
0
**24,913**|**Income**
**£**
**Expenditure**
**£**
-
-
-
-
-
-
12,000
(9,333)
52,110
(13,885)
15,393
(5,129)
249,862
(198,217)
32
(32)
90
(90)
500
(471)
500
(500)
**330,487**
**(227,657)**|**Income**
**£**
**Expenditure**
**£**
-
-
-
-
-
-
12,000
(9,333)
52,110
(13,885)
15,393
(5,129)
249,862
(198,217)
32
(32)
90
(90)
500
(471)
500
(500)
**330,487**
**(227,657)**|**Income**
**£**
**Expenditure**
**£**
-
-
-
-
-
-
12,000
(9,333)
52,110
(13,885)
15,393
(5,129)
249,862
(198,217)
32
(32)
90
(90)
500
(471)
500
(500)
**330,487**
**(227,657)**|**Gains/**
**(losses)**
**£**
**Transfers**
**£**
-
-
-
-
-
-
-
(3,492)
-
3,492
-
-
-
(51,645)
-
-
-
-
-
-
-
-
**0 (51,645)**|**Gains/**
**(losses)**
**£**
**Transfers**
**£**
-
-
-
-
-
-
-
(3,492)
-
3,492
-
-
-
(51,645)
-
-
-
-
-
-
-
-
**0 (51,645)**|**At 31**|**At 31**|
|---|---|---|---|---|---|---|---|---|---|
|||||||||**December**||
||||||||||**2021**|
||||||||||**£**|
|||||||||||
||||||||||6,557|
||||||||||4,439|
||||||||||9,819|
||||||||||422|
||||||||||44,568|
||||||||||10,264|
||||||||||0|
||||||||||0|
||||||||||0|
||||||||||29|
||||||||||0|
|||||||||||
||||||||||**76,098**|
|||||||||||
The reasons for the transfers are as follows:
- from the restricted Cultural Recovery Fund to the unrestricted General Fund (£51,645) was to recognise (1) the purchase of fixed asset equipment during the year funded initially from restricted funds and (2) expenditure in 2020 which was incurred in advance of the Cultural Recovery Fund grant being received.
- from the restricted Secular Activities Fund to restricted Love Your Neighbour Fund (£3,492) was to allocate a portion of giving for Secular Activities more specifically to the Love Your Neighbour project.
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 2021**
## **9. Restricted Funds (continued)**
|**9b Prior year**
Church gardens landscaping
Churchyard security fund
Piano fund
Secular activities
Love your neighbour
Love Christmas
Cultural recovery fund
SCT||**At 1**
**January**
**2020**
**£**
6,557
5,102
9,819
0
0
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|
||||||||||9,819|
||||||||||1,247|
||||||||||2,851|
||||||||||0|
||||||||||0|
||||||||||0|
|||||||||||
||||||||||**24,913**|
|||||||||||
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.
The description of the main restricted 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.
- **Piano fund:** Donations made for the purchase of a grand piano.
- **Love Your Neighbour fund:** for the purpose of projects responding to local needs and non-proselytising social transformation
- **Love Christmas fund:** for the purpose of giving Christmas boxes to the community
- **Cultural recovery fund:** for the purpose of supporting the cultural, heritage, and creative aspects of charitable activities
- **Young Life:** for the purpose of developing community, ministry, and outreach for youth and young people
- **Nine Booklets:** for the purpose of producing booklets for use at the Nine service
- **Nine Organist fees:** for the purpose of provision of an organist at the Nine service
## **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**
**2021**
**£**
(66,473)
72,484
(27,718)
45,403
**23,696**|**Restricted**
**Funds**
**2021**
**£**
51,185
-
-
-
**51,185**||**Total**
**2020**
**£**
(27,433)
71,030
11,335
(46,006)|
|
|---|---|---|---|---|---|
||||**Total**|||
||||**2021**|||
||||**£**|||
|||||||
|||||||
||||(15,288)|||
|||||||
|||||||
||||72,484|||
||||(27,718)|||
||||
45,403|||
|||||||
|||||**8,926**||
||||**74,881**|||
|||||||
|||||||
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 2021**
## **11. Related Party Transactions and Balances**
There were no trustees' expenses paid for the year ended 31st December 2021 (2020: £nil).
Amy Pillans, a member of the PCC, is the spouse of Edwin Pillans. Edwin Pillans received a gross salary of £24,029 (2020: £29,696) and pension contributions of £961 (2020: £1,137) in his employed capacity initially of Buildings, Facilities, and Logistics Manager and subsequently Head of Finance.
Darren Wolf, a member of the PCC, occupied until July 2021 a flat at All Saints House rent free, a property managed by the PCC.
Darren Wolf, a member of the PCC, 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 was charged £62,317 by CCCVS. At 31 December 2021 the PCC owed CCCVS £52,922 (2020: £1,768).
Nick Hull, the spouse of Amy Hull, a member of the PCC, received £286 (2020: £465) for work as an event assistant.
Tim Vaughan, a member of the PCC, received payments totalling £2,773 (2020: £1,729) for IT support services provided, unrelated to his service as a trustee. Tim Vaughan also received payments totalling £1,988 from Christ Church Community (Services) Ltd, a company wholly owned by the PCC.
Members of the PCC gave a total of £65,846 (2020: £58,167) in unrestricted offerings and donations during the year.
22