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2021-12-31-accounts

ALL SAINTS KINGSTON UPON THAMES

(registered charity no. 1128049)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

HPH Chartered Accountants 54 Bootham YORK YO30 7XZ

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

CONTENTS

Page(s)
Annual Report of the Parochial Church Council 1 to 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 19

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

The Parochial Church Council (“the PCC”) has pleasure in presenting its Annual Report together with the Financial Statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the PCC’s governing document, the Charities Act 2011, the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The PCC is a Public Benefit Entity.

Aim and Purpose

All Saints PCC has the responsibility of co-operating with the incumbent, the Reverend Jonathan Wilkes, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. With the departure of Reverend Wilkes in November 2021, the parish is currently in a vacancy and the Acting Chair of the PCC is John Dewhurst, Churchwarden and Verger.

The PCC is also specifically responsible for the maintenance of the Church complex, Church grounds and the freehold property at 49 Union Street.

Objectives and Activities

The PCC is committed to enabling as many people as possible to worship at the Church and to become part of the parish community at All Saints. The PCC maintains an overview of worship throughout the parish and makes suggestions on how services can involve the many groups that live within the parish. The services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning the activities for the year, the incumbent and the PCC have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The PCC try to enable ordinary people to live out their faith as part of the parish community through:

1

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

To facilitate this work, it is important that we maintain the fabric of the Church of All Saints Kingston Upon Thames and the surrounding grounds.

Achievements and Performance

Worship and Prayer

The PCC is keen to offer a range of services during the week and over the course of the year that the community finds both beneficial and spiritually fulfilling.

During 2021 the weekly round of services has continued, with Sunday services at 8.00am (BCP Communion), 9.30am (Parish Communion) and 6.00pm (Choral Evensong). Midweek Communion services take place at 12.00 noon on Tuesday and Wednesday and 10.30am (BCP) on Thursday. The additional service of Choral Evensong is at 5:30pm on Wednesdays during term time with said Evening Prayer at the same time during the holiday period.

There were several high-profile services which took place during the year including the Kingston Episcopal Area Ordination Service, the annual Mayoral Service and the Crown Court Service.

Church Attendance

The average attendance at Sunday services during October 2021 (the period used for the annual statistical return to the diocese) was 156 adults and 21 children. The number of communicants on Easter Day was 120. Attendances on Christmas Eve and Christmas Day were 438 (these services were also viewed via YouTube by 139 (Midnight Mass) and 71 (Christmas Day). There were 12 baptisms during the past year, 3 weddings, and 3 funeral service conducted at the Church and 4 were conducted elsewhere by a member of the All Saints ministry team.

Other Church Activities

Details of all other Church activities and groups, and more detailed commentaries on these activities, are contained in a separate Annual Report provided with this report and available on the church website www.allsainstskingston.co.uk

Financial Review

After the trials and tribulations of 2020, we were hoping for a smoother ride in 2021. However, the continuing effects of the COVID-19 pandemic meant that, for a substantial part of the year, many of our normal activities either ceased or were severely restricted. The extraordinary circumstances in which we have found ourselves over the past two years mean that the usual financial comparisons with previous years would be unhelpful and potentially misleading. The surplus for the year of income over expenditure was £31,355 for all funds, which includes £52,214 in grants received.

2

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

The income to our General Fund for the year was £241,930 which was supplemented by several grants. We claimed grants to cover part of the payroll costs for our salaried staff from the Government’s Job Retention Scheme (Furlough) for the first three months of the year, totalling £8,514. We were fortunate to be awarded a COVID Recovery Grant of £20,700 by the National Lottery Heritage Fund and also received a discretionary grant of £23,000 from the Royal Borough of Kingston-Upon-Thames to cover loss of income.

While the first half of 2021 was pretty bleak as far as income was concerned, it was encouraging to see regular users of the church for concerts, etc., starting to return, albeit with reduced audiences. We were delighted to welcome the Craft Fayre back to our grounds at Christmas and this, together with the return of John Cogger’s entertainments to the North Lawn, boosted our income from renting our grounds to approaching pre-pandemic levels. Stewardship income has also held up well, despite the current cost of living increases, and we are most grateful to all who give so generously.

During 2021, we have also introduced a new, custom-made donations box under the crossing to replace the old wall-safes. The donations box also incorporates a contactless terminal for card donations. This has more than doubled our visitor donations from £3,132 in 2019 to £7,933 in 2021.

The expenditure from our General Fund for the year was £219,621. Our largest expense by far is our contribution to the Parish Support Fund at £115,320 and the PCC decided to maintain this at the 2020 level, despite some uncertainty over our income for 2021. Other notable items of expenditure were £3,840 on new noticeboards outside the church, £4,054 on renewing the external up lighting round the church and £7,220 for upgrading the system for live streaming and recording of services, etc. (The work to complete the last two items has been deferred to 2022).

Our General Fund therefore showed a surplus of £22,309 over the year, £10,000 of which was transferred to our Fabric Fund.

During the course of the year we have repaid £8,500 of the £170,000 long term loan from Methodist Chapel Aid Ltd. taken out in 2015 to complete the refurbishment of the church. Interest on the loan is currently charged at 2.90% and the outstanding loan balance now stands at £103,250.

Looking at our reserves, at the end of March 2022, the balance of our General Reserve was £68,974, the balance of our Fabric Fund was £46,981. We also have two CBF Church of England Investment Fund share accounts. The Fanner bequest is currently valued at £5,940, but this is permanently invested, the church only receives the interest. The Assistant Priest’s Residence Fund is currently valued at £115,951 and we are in the process of incorporating this into our Fabric Fund, which will provide it with a much-needed boost.

The Saxon Kings Fund is a restricted fund-raising money for the creation of a series of spectacular and unique embroidery panels to tell the story of the seven Saxon kings thought to have been crowned at Kingston Upon Thames. The balance of this fund was £45,033 at the end of 2021.

3

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

Looking back over 2021, it is fair to say that our finances have certainly fared somewhat better than expected. However, the uncertainty over rising costs and the ever-increasing list of work needed to maintain our Grade 1-listed Church building means that we must continue to seek ways to increase our income stream. Only in this way can we be confident that we will have the resources to look after our wonderful Church building and expand our mission to the people of Kingston-upon-Thames and beyond.

Reserves Policy

We aim to keep our General Reserve at a level equivalent to approximately three months’ running costs. We are currently restructuring our other reserve accounts so that, as far as any constraints on these accounts will allow, these will be concentrated in our Fabric Funds.

Volunteers

We would like to thank all the volunteers who work so hard to make our Church the lively and vibrant community that it is.

Structure, Governance and Management

The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure 1956, as amended by the Church Representation Rules 2006, and is registered with the Charity Commission, number 1128049.

The method of appointment of PCC members is set out in the Church Representation Rules. All those who attend services or are members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC.

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

The All Saints PCC met nine times during the year following the 2021 APCM (June 2021-April 2022). There are 12 elected and co-opted members and 10 ex officio members including the clergy, wardens and Deanery Synod representatives. The average attendance was 15. The PCC's regular business includes the monitoring of the Church's finances, reviewing Church life and events, health and safety issues including safeguarding, and preparing for forthcoming services and other events. The work of the PCC is greatly assisted by the appointment of subcommittees to look in detail at particular issues. Last year a sub-committee was appointed to review the Church’s giving to good causes. More recently, a team has undertaken to examine our on-line presence to identify areas for change or development. A great deal of the Committee’s time over the last few months has of necessity been devoted to implementing the process of appointing a new Incumbent and also making sure that our everyday Church life continues, as far as possible as usual, during the Vacancy.

4

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2021

Administrative Information

All Saints church is situated in Kingston upon Thames. It is part of the Diocese of Southwark within the Church of England. The correspondence address is All Saints Church, Market Place, Kingston upon Thames, KTI IJP. PCC members who have served at any time from 1 January 2021 until the date this report was approved were:

Ex Officio:

Rev Jonathan Wilkes (Team Rector) (resigned November 2021) Rev Sandy Cragg (Honorary Curate) Martin Corner (Reader) Roshan Jathanna (Churchwarden) elected May 2021 Mary Warman (Churchwarden) resigned May 2021 Alastair Deller (Treasurer) elected May 2020 Isabel Isaacson (Secretary & Deanery Synod Representative) elected May 2021 John Dewhurst (Deanery Synod Representative) elected October 2020; (Churchwarden) elected May 2021 Jeremy Jeffreys (Deanery Synod Representative) elected October 2020

Elected members:

Tsetsy Kehayova Jennifer Pearce Jonathan Gillard Richard Hawkins Michael Bryant (died November 2021) Eithne Fray Lucy Robinson Philip Davies Peter Redell Mary Warman Yvonne Fitzpatrick elected May 2021 Richard Clark elected May 2021 (resigned January 2022) Philip Walker elected May 2021

Paul Thompson (Deanery Synod Representative) elected October 2020 Samantha Taylor (Deanery Synod Representative) elected October 2020 Daniel Kelly Gift Aid Secretary

The PCC's bankers and independent examiner are:

Bankers: Independent Examiner: HSBC Bank PLC Sarah Wearing FCA DChA Clarence Street HPH, Chartered Accountants Kingston Upon Thames 54 Bootham Surrey York KTI INS YO30 7XZ

CCLA Investment Management Limited The CBF Church of England Funds Senator House 85 Queen Victoria Street London EC4V 4ET

5

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Responsibilities of the Parochial Church Council

Law applicable to charities in England and Wales and guidance issued by the Central Board of Finance of the Church of England require the PCC to prepare financial statements which give a true and fair view of the PCC’s financial activities during the year.

In preparing financial statements giving a true and fair view, the PCC should follow best practice and:

The PCC are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011. They are 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.

Approved by the PCC on 27 April 2022 and signed on its behalf by:

.................................................. John Dewhurst (Acting PCC Chairman).

6

INDEPENDENT EXAMINER’S REPORT

TO THE PAROCHIAL CHURCH COUNCIL OF

ALL SAINTS KINGSTON UPON THAMES

I report to the trustees on my examination of the financial statements of The Parochial Church Council of All Saints Kingston Upon Thames (“the PCC”) for the year ended 31 December 2021.

This report is made solely to the PCC, as a body, in accordance with Section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the PCC's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the PCC and the PCC's Members as a body, for my independent examination work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the PCC’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Your attention is to drawn to the fact that the PCC has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

Independent examiner’s statement

Since the PCC’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

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 PCC as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Sarah Wearing FCA DChA HPH, Chartered Accountants 54 Bootham, York, YO30 7XZ

27 April 2022

7

ALL SAINTS KINGSTON UPON THAMES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Unrestricted
Funds
£
Income and endowments from:
Donations and legacies
2(a)
131,474
Charitable activities
2(b)
28,427
Other trading activities
2(c)
19,503
Investments
2(d)
62,526
Total
241,930
Expenditure on:
Raising funds
3(a)
3,156
Charitable activities
3(b)
216,427
Other
3(c)
38
Total
219,621
Net operating income/(expenditure)
22,309
Net gains on investment assets
6
-
Transfers between funds
9
(6,536)
Net movement in funds
15,773
Reconciliation of funds
Total funds brought forward
87,002
Total funds carried forward
102,775
£		 Note
Unrestricted
Funds
£
Income and endowments from:
Donations and legacies
2(a)
131,474
Charitable activities
2(b)
28,427
Other trading activities
2(c)
19,503
Investments
2(d)
62,526
Total
241,930
Expenditure on:
Raising funds
3(a)
3,156
Charitable activities
3(b)
216,427
Other
3(c)
38
Total
219,621
Net operating income/(expenditure)
22,309
Net gains on investment assets
6
-
Transfers between funds
9
(6,536)
Net movement in funds
15,773
Reconciliation of funds
Total funds brought forward
87,002
Total funds carried forward
102,775
£		 Designated
Funds
£
5,232
810
1,483
17		 Restricted
Funds
£
8,514
23,000
-
-		 Endowment
Funds
£
-
-
-
3,124		 2021
£
145,220
52,237
20,986
65,667
Total		 2020
£
198,891
60,690
12,696
52,963
Funds
241,930 7,542 31,514 3,124 284,110 325,240
3,156
216,427
38		 -
12,533
3,163		 1,405
31,356
-		 -
-
-		 4,561
260,316
3,201		 1,211
283,099
3,412
219,621 15,696 32,761 - 268,078 287,722
22,309
-
(6,536)		 (8,154)
-
12,152		 (1,247)
-
648		 3,124
15,323
(6,264)		 16,032
15,323
-		 37,518
6,883
-
15,773
87,002		 3,998
328,768		 (599)
2,673		 12,183
170,292		 31,355
588,735		 44,401
544,334
102,775
£		 332,766
£		 £ 2,074 182,475
£		 620,090
£		 588,735
£

The notes on pages 10 to 19 form part of these financial statements.

8

ALL SAINTS KINGSTON UPON THAMES

BALANCE SHEET AT 31 DECEMBER 2021

Unrestricted
Funds
Note
£
Fixed Assets
Tangible
5
-
Investments
6
-
-
Current Assets
Debtors
7
21,149
Bank accounts and short term deposits
102,739
Total Current Assets
123,888
Current Liabilities
Creditors: amounts falling due
within one year
8
21,113
Total current liabilities
21,113
Net Current Assets / (Liabilities)
102,775
Total assets less current liabilities
102,775
Creditors: amounts falling due
after one year
8
-
Net Assets / (Liabilities)
102,775
£
Parish Funds
9
Unrestricted Funds
102,775
Designated Funds
-
Restricted Funds
-
Endowment Funds
-
102,775
£		 Unrestricted
Funds
Note
£
Fixed Assets
Tangible
5
-
Investments
6
-
-
Current Assets
Debtors
7
21,149
Bank accounts and short term deposits
102,739
Total Current Assets
123,888
Current Liabilities
Creditors: amounts falling due
within one year
8
21,113
Total current liabilities
21,113
Net Current Assets / (Liabilities)
102,775
Total assets less current liabilities
102,775
Creditors: amounts falling due
after one year
8
-
Net Assets / (Liabilities)
102,775
£
Parish Funds
9
Unrestricted Funds
102,775
Designated Funds
-
Restricted Funds
-
Endowment Funds
-
102,775
£		 Designated
Funds
£
350,000
-		 Restricted
Funds
£
-
-		 Endowment
Funds
£
-
121,891		 2021
2020
£
£
350,000
350,000
121,891
106,568
Total		 2021
2020
£
£
350,000
350,000
121,891
106,568
Total
- 350,000 - 121,891 471,891 456,568
21,149
102,739		 -
86,016		 -
2,074		 -
60,584		 21,149
251,413		 51,679
228,727
123,888 86,016 2,074 60,584 272,562 280,406
21,113 8,500 - - 29,613 44,989
21,113 8,500 - - 29,613 44,989
102,775 77,516 2,074 60,584 242,949 235,417
102,775
-		 427,516
94,750		 2,074
-		 182,475
-		 714,840
94,750		 691,985
103,250
102,775
£		 £ 332,766 £ 2,074 182,475
£		 620,090
£		 588,735
£
102,775
-
-
-		 -
332,766
-
-		 -
-
2,074
-		 -
-
-
182,475		 102,775
332,766
2,074
182,475		 87,002
328,768
2,673
170,292
102,775
£		 £ 332,766 £ 2,074 182,475
£		 620,090
£		 588,735
£

Approved by the Parochial Church Council on 27 April 2022 and signed on its behalf by

…………………………….. John Dewhurst (Acting PCC Chair)

…………………………….. Alastair Deller (Treasurer)

The notes on pages 10 to 19 form part of these financial statements.

9

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Church Accounting Regulations 2006 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 their main affiliation to another body, nor those that are informal gatherings of church members.

The PCC is a public benefit entity.

Fund Accounting

Unrestricted Funds are income funds which are to be spent on the PCC’s general purposes.

Designated funds are general funds set aside by the PCC for use in the future. Project funds are designated for particular projects for administration purposes only. Funds designated as invested in fixed assets for the PCC’s own use are abated in line with those assets’ annual depreciation charges in the SOFA, where applicable. Designated funds remain unrestricted and the PCC will move any surplus to other general funds.

Restricted Funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor, and (b) revenue donations or grants for a specific PCC activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis, where applicable.

Endowment Funds are funds, the capital of which must be retained either permanently or at the PCC’s discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place.

10

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

1. ACCOUNTING POLICIES (continued)

Income recognition

All income is recognised once the PCC has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the income to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends and interest are accounted for when receivable. All other income is recognised when it is receivable. Amounts received specifically for mission are dealt with as restricted funds. All income is accounted for gross.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the PCC to that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably.

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish assessment is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted for gross.

Fixed assets

Consecrated and benefice property is not included in the financial statements in accordance with section 10 (2) (a) of the Charities Act 2011.

Movable 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. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off.

Other land and buildings held on behalf of the PCC for its own purposes are valued at market value. No depreciation is charged against such properties as they are regularly maintained to such an extent that their estimated economic lives and residual values are such that their depreciation is insignificant. At each year end an assessment is carried out to ascertain whether there is any indication that the properties should be written down (i.e. whether its carrying amount is more than its recoverable amount). If there is no indication that a property should be written down, it is not necessary to estimate the recoverable amount.

11

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

1. ACCOUNTING POLICIES (continued)

Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation at the year end and disposals throughout the year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Current assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less any provision for amounts that may prove uncollectable.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the lease.

Pensions

Employees of the PCC are entitled to join a nominated defined benefit benefits scheme of the Church Workers Pension Fund. The scheme is considered to be a multi-employer scheme and pension costs are charged in the year contributions are payable.

Irrecoverable Value Added Tax

The PCC is not registered for Value Added Tax (VAT) and accordingly expenditure is shown gross of irrecoverable VAT. The VAT incurred from time to time on certain fabric repair and maintenance expenditure can, however, be recovered under the Listed Places of Worship Grant Scheme.

Going Concern

The PCC has cash resources and has no requirement for external funding for its day to day operations. The PCC has a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. As noted in the Annual Report of the PCC, the full impact of the coronavirus pandemic is yet to be determined. The PCC continues to believe the going concern basis of accounting is appropriate in preparing the financial statements.

Taxation

The PCC is exempt from taxation on its income and gains under sections 521 to 536 of the Income Tax Act 2007 (ITA 2007) and section 256 of the Taxation of Capital Gains Tax Act 1992 (TCGA 1992) respectively.

12

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

2. Income and endowments from:
2(a) Donations and legacies
Planned giving (gift aided)
Planned giving (non gift aided)
Collections (open plate)
Wall safes
Donations
Legacies
Tax recoverable under gift aid
Tax recoverable under GASDS
Heritage funding
Grants received - CJRS
Saxon Kings Tapestries		 Unrestricted
Funds
£
79,048
6,135
7,672
5,894
8,663
1,500
20,858
647
1,057
-
-
131,474		 Designated
Funds
£
-
-
-
-
4,706
-
-
-
-
-
526
5,232		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
8,514
-
8,514		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
2020
£
£
79,048
75,522
6,135
7,091
7,672
5,232
5,894
1,832
13,369
9,395
1,500
1,000
20,858
22,206
647
1,250
1,057
1,163
8,514
25,742
526
48,458
145,220
198,891
Total Funds		 2021
2020
£
£
79,048
75,522
6,135
7,091
7,672
5,232
5,894
1,832
13,369
9,395
1,500
1,000
20,858
22,206
647
1,250
1,057
1,163
8,514
25,742
526
48,458
145,220
198,891
Total Funds
198,891

In 2020, £1,060 of donations and legacies income related to restricted funds and £48,458 related to designated funds. All other income from donations and legacies related to unrestricted funds.

2(b) Charitable activities
Fees to PCC
4,037
-
-
Fund raising for good causes
-
810
-
Miscellaneous receipts
3,690
-
-
Grants received
20,700
-
23,000
28,427
810
23,000
2(c) Other trading activities
Church usage
13,981
-
-
Concerts & recitals
-
1,483
-
Shop sales
5,522
-
-
19,503
1,483
-
2(d) Income from investments
Interest & dividends
55
17
-
Rent (Cafe)
1,809
-
-
Rent (Union Street)
19,250
-
-
Rent (Church Grounds)
41,412
-
-
62,526
17
-
In 2020, £50,694 of charitable activities income related to restricted funds. All other income from
In 2020, all income from other trading activities related to unrestricted funds.		 -
4,037
807
-
810

-
-

3,690
9,203
-
43,700
50,680
-
52,237
60,690
-
13,981
12,527
-
1,483
-
-
5,522
169
-
20,986
12,696
3,124
3,196
3,653
-
1,809
20,850
-
19,250
17,500
-
41,412
10,960
3,124
65,667
52,963
charitable activities related to unrestricted funds.		 807
-
9,203
50,680
60,690
12,696
3,653
20,850
17,500
10,960
52,963

In 2020, included in income from investments was £3,206 relating to endowment funds and £115 relating to designated funds. All other income from investments related to unrestricted funds.

Total Income £ 241,930 £ 7,542 £ 31,514 £ 3,124 £ 284,110 £ 325,240

13

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
3. Analysis of Expenditure
3(a) Raising funds
Christian stewardship fund
96
-
-
Magazine printing
236
-
-
Café expenses
2,824
-
1,405
3,156
-
1,405
In 2020, all expenditure on raising funds related to unrestricted funds.
3(b) Charitable Activities
Missionary and charitable giving
Giving to Good Causes
-
10,530
-
Education
-
-
-
Ministry: Parish Support Fund Pledge
115,320
-
-
Rector's expenses
1,068
-
-
Miscellaneous expense
36
-
-
Parish administrator
15,918
-
11,198
Heritage officer
9,650
-
7,366
Assistant staff
888
-
-
Heritage expenditure
975
-
263
Organists
16,081
-
3,603
Music
-
-
-
Choir
573
-
588
Caretaker
6,403
-
4,356
Organ and piano
427
2,003
-
Children's activities
25
-
1,130
Church - heat, light and water
11,462
-
-
Church - insurance
5,974
-
-
Upkeep of services - sacramental expenses
1,390
-
-
Church - fabric maintenance and repairs
13,643
-
-
Rectory expenses
90
-
-
Printing, postage and stationery
3,518
-
-
Telephones
1,684
-
-
Flower fund
524
-
-
Accountant's fees
4,063
-
-
Saxon Kings tapestry costs
-
-
-
Sundry expenses
6,715
-
2,852
216,427
12,533
31,356
3(c) Other expenditure
Loan interest
-
3,163
-
Bank charges
38
-
-
38
3,163
-
In 2020, included in other expenditure was £3,412 relating to designated funds.
Total expenditure
219,621
£
15,696
£
32,761
£
In 2020, included in expenditure on charitable activities was £14,880 relating to designated funds and
expenditure on charitable activities related to unrestricted funds.		 Endowment
Funds
2021
2020
£
£
£
-
96
95
-
236
1,116
-
4,229
-
-
4,561
1,211
-
10,530
12,000
-
-
50
-
115,320
115,320
-
1,068
2,216
-
36
37
-
27,116
25,499
-
17,016
17,279
-
888
132
1,238
733
-
19,684
19,384
-
-
107
-
1,161
2,224
-
10,759
9,357
-
2,430
1,349
-
1,155
-
-
11,462
5,940
-
5,974
7,814
-
1,390
2,011
-
13,643
41,038
-
90
75
-
3,518
5,963
-
1,684
1,640
-
524
217
-
4,063
2,448
-
-
2,880
-
9,567
7,386
-
260,316
283,099
-
3,163
3,412
-
38
-
-
3,201
3,412
-
£
268,078
£
287,722
£
Total Funds
£43,001 relating to restricted funds. All other		 Endowment
Funds
2021
2020
£
£
£
-
96
95
-
236
1,116
-
4,229
-
-
4,561
1,211
-
10,530
12,000
-
-
50
-
115,320
115,320
-
1,068
2,216
-
36
37
-
27,116
25,499
-
17,016
17,279
-
888
132
1,238
733
-
19,684
19,384
-
-
107
-
1,161
2,224
-
10,759
9,357
-
2,430
1,349
-
1,155
-
-
11,462
5,940
-
5,974
7,814
-
1,390
2,011
-
13,643
41,038
-
90
75
-
3,518
5,963
-
1,684
1,640
-
524
217
-
4,063
2,448
-
-
2,880
-
9,567
7,386
-
260,316
283,099
-
3,163
3,412
-
38
-
-
3,201
3,412
-
£
268,078
£
287,722
£
Total Funds
£43,001 relating to restricted funds. All other
3,412
287,722
£

3(d) Governance costs

Governance costs of £1,140 (2020 - £1,140) included in total expenditure are made up of accountancy fees for production of the statutory accounts and independent examination fees.

14

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

4. Remuneration
4(a) Staff Costs
Wages, salaries and honoraria
Employer's national insurance
Pension contributions		 2021
£
69,227
3,750
2,486
75,463
£		 2020
£
65,415
3,750
2,486
71,651
£

The PCC considers its key management personnel to comprise only of the Trustees, who receive no remuneration in their capacity as trustees. No employee earned more than £60,000 (2020 - None). The average head count (number of staff employed) during the year was 5 (2020 - 5).

4(b) Trustee Remuneration and Related Party Transactions

Apart from the incumbent's and assistant clergy working expenses no member of the PCC received any remuneration or expenses.

No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the PCC during the year. There are no other related party transactions to disclose.

5. Tangible fixed assets

Cost or valuation
At 1 January 2021
Revaluation
At 31 December 2021
Depreciation
At 1 January 2021 and
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
6. Investments
Market value at 1 January 2021
Revaluation gain
Market value at 31 December 2021
All tangible assets belong to the unrestricted designated funds.		 Freehold
property
£
350,000
-
350,000
-
-
-
350,000
£
350,000
£
CBF
Shares
£
106,568
15,323
121,891
£		 Total
£
350,000
-
350,000
-
-
-
350,000
£
350,000
£
Total
£
106,568
15,323
121,891
£

The investment is represented by 5,212 shares in the Central Board of Finance shares acquired at a cost of £14,830. The investment consists of 4,958 shares (Assistant Priest's Reserve Fund) and 254 shares (Fanner Bequest Fund).

All investments belong to the endowment funds.

7. Debtors
Tax recoverable
Trade debtors		 2021
£
9,723
11,426
21,149
£		 2020
£
23,000
28,679
51,679
£

Debtors amounting to £0 (2020 - £5,069) relate to restricted funds, £0 (2020 - £2,630) relate to designated funds and the balance relates to unrestricted funds.

15

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

8. Creditors
Amounts falling due within one year
Development loan
Social security and other taxes
Trade creditors
Accruals
Agency collections
Amounts falling due after one year
Development loan		 2021
£
8,500
4,741
874
15,363
135
29,613
£
94,750
£		 2020
£
8,500
3,695
-
31,921
873
44,989
£
103,250
£

Creditors amounting to £103,250 (2020 - £111,750) relate to designated funds and the balance relates to unrestricted funds.

9. Parish Funds

Current year
Unrestricted Funds
Accumulated fund
48 Union Street
Unrestricted Designated Funds
48 Union Street
Fabric fund
Fund raising for good causes
Mission fund
Miscellaneous reserves
Music fund
Organ concerts fund
Churchyard trees
Development loan fund
Saxon Kings Tapestries
Restricted Funds
Agency fund
Choristers' development fund
Grants received fund
Pension fund
Endowment Funds
Assistant priest's fund
Fanner bequest fund
Marjorie Harris flower fund
Rushmore fabric legacy fund
Total Funds		 Brought
Forward
01/01/2021
87,002
-
87,002
£
350,000
26,968
(4,621)
985
71,632
-
-
-
(159,977)
43,781
£ 328,768
137
2,526
-
10
£ 2,663
107,767
5,522
6,264
50,739
170,292
£
£ 588,725		 Income
241,930
-
241,930
£
-
14
-
996
-
2,003
-
4,000
-
529
7,542
£
-
-
31,514
-
31,514
£
2,947
151
-
26
3,124
£
£ 284,110		 Expenditure
(219,621)
-
£ (219,621)
-
-
-
(10,530)
-
(2,003)
-
-
(3,163)
-
£ (15,696)
-
(589)
(32,172)
-
£ (32,761)
-
-
-
-
-
£
£ (268,078)		 Transfers/
Reclassifications
of Funds/
Gains &
Losses
(6,536)
-
£ (6,536)
-
10,000
4,621
8,549
(71,632)
-
-
-
59,890
724
£ 12,152
-
-
658
(10)
£ 648
14,576
747
(6,264)
-
£ 9,059
£ 15,323		 Carried
Forward
31/12/2021
102,775
-
102,775
£
350,000
36,982
-
-
-
-
-
4,000
(103,250)
45,034
£ 332,766
137
1,937
-
-
£ 2,074
125,290
6,420
-
50,765
182,475
£
£ 620,090

Transfers and reclassifications between funds were made to correct or match misallocations of income and expenditure between funds during the current and prior financial years, this especially applied to grant funding received in the current year to cover diverse Covid-19 related costs .

16

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

9. Parish Funds - continued

Comparative year
Unrestricted Funds
Accumulated fund
48 Union Street
Unrestricted Designated Funds
48 Union Street
Fabric fund
Fund raising for good causes
Mission fund
Miscellaneous reserves
Organ concerts fund
Development loan fund
Saxon Kings Tapestries
Restricted Funds
Agency fund
Choristers' development fund
Grants received fund
Pension fund
Endowment Funds
Assistant priest's fund
Fanner bequest fund
Marjorie Harris flower fund
Rushmore fabric legacy fund
Total Funds
10. Analysis of net assets by fund
Current year
Tangible fixed assets
Investment fixed assets
Current assets
Creditors:
Amounts falling due within one year
Amounts falling due after one year
Comparative year
Tangible fixed assets
Investment fixed assets
Current assets
Creditors:
Amounts falling due within one year
Amounts falling due after one year		 Brought
Forward
01/01/2020
106,440
-
106,440
£
350,000
26,853
(4,621)
(10,836)
71,632
-
(156,565)
(1,797)
£ 274,666
137
2,888
-
-
3,025
£
98,374
5,041
6,264
50,524
160,203
£
£ 544,334
Unrestricted
Funds
£
-
-
123,888
(21,113)
-
102,775
£
Unrestricted
Funds
£
-
-
123,491
(36,489)
-
87,002
£		 Income
221,707
-
221,707
£
-
115
-
-
-
-
-
48,458
48,573
£
-
1,064
50,680
10
51,754
£
2,845
146
-
215
3,206
£
£ 325,240
Designated
Funds
£
350,000

-
86,016
(8,500)
(94,750)
£ 332,766
Designated
Funds
£
350,000
-
90,518
(8,500)
(103,250)
£ 328,768		 Expenditure
(226,429)
-
£ (226,429)
-
-
-
(12,000)
-
-
(3,412)
(2,880)
£ (18,292)
-
(1,426)
(41,575)
-
£ (43,001)
-
-
-
-
-
£
£ (287,722)
Restricted
Funds
£
-
-
2,074
-
-
£ 2,074
Restricted
Funds
£
-
-
2,673
-
-
£ 2,673		 Transfers/
Reclassifications
of Funds/
Gains &
Losses
(14,716)
-
£ (14,716)
-
-
-
23,821
-
-
-
-
23,821)
-
-
(9,105)
-
£ (9,105)
6,548
335
-
-
£ 6,883
£ 6,883
Endowment
Funds
£
-
121,891
60,584
-
-
182,475
£
Endowment
Funds
£
-
106,568
63,724
-
-
170,292
£		 Carried
Forward
31/12/2020
87,002
-
87,002
£
350,000
26,968
(4,621)
985
71,632
-
(159,977)
43,781
£ 328,768
137
2,526
-
10
2,673
£
107,767
5,522
6,264
50,739
170,292
£
£ 588,735
Total 2021
£
350,000
121,891
272,562
(29,613)
(94,750)
620,090
£
Total 2020
£
350,000
106,568
280,406
(44,989)
(103,250)
588,735
£

17

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

11. Pension Fund

All Saints Church (Kingston upon Thames) (PB 2014) participates in the Pension Builder Scheme section of Church Workers Pension Fund for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable (2021: £2,486, 2020: £2,486).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, All Saints Kingston Upon Thames could become responsible for paying a share of the failed employer’s pension liabilities.

18

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 (CONTINUED)

12. Comparative Statement of Financial Activities

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net operating income/(expenditure)
Net gains on investment assets
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
149,373
9,996
12,696
49,642		 Designated
Funds
£
48,458
-
-
115		 Restricted
Funds
£
1,060
50,694
-
-		 Endowment
Funds
£
-
-
-
3,206		 2020
£
198,891
60,690
12,696
52,963
Total		 2019
£
137,514
13,569
31,839
109,986
Funds
221,707 48,573 51,754 3,206 325,240 292,908
1,211
225,218
-		 -
14,880
3,412		 -
43,001
-		 -
-
-		 1,211
283,099
3,412		 1,188
291,549
3,660
226,429 18,292 43,001 - 287,722 296,397
(4,722)
-
(14,716)		 30,281
-
23,821		 8,753
-
(9,105)		 3,206
6,883
-		 37,518
6,883
-		 (3,489)
15,722
-
(19,438)
106,440		 54,102
274,666		 (352)
3,025		 10,089
160,203		 44,401
544,334		 12,233
532,101
87,002
£		 328,768
£		 £ 2,673 170,292
£		 588,735
£		 544,334
£

19