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2022-12-31-accounts

ALL SAINTS KINGSTON UPON THAMES

(registered charity no. 1128049)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

HPH Chartered Accountants 54 Bootham YORK YO30 7XZ

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

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 2022

The Parochial Church Council (“the PCC”) has pleasure in presenting its Annual Report together with the Financial Statements for the year ended 31 December 2022.

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and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.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 Joseph Moffatt, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

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:

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.

1

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 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, the Crown Court Service and the Institution of our new Vicar, the Rev Joe Moffatt.

Church Attendance

The average attendance at Sunday services during October 2022 (the period used for the annual statistical return to the diocese) was 118 adults and 10 children. The number of communicants on Easter Day was 158. Attendances on Christmas Eve and Christmas Day were 245 (these services were also viewed via YouTube by 301 (Midnight Mass) and 172 (Christmas Day). There were 5 baptisms during the past year, 1 wedding, 3 funeral services were conducted at the Church and 3 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

The surplus for 2022 of income over expenditure, before losses on investments, was £4,557 for all funds, which includes £3,824 in grants received.

The income to our General Fund for the year was £311,162 which was supplemented by two small grants. We received an Energy Costs Support Grant from the Diocese of Southwark of £1,400 and a grant from the Listed Places of Worship grant scheme of £1,561 to cover the VAT paid on the supply and installation of a new boiler.

Planned Giving is still our largest single source of income and, in 2022, we received at total of £78,603, the majority of which was Gift Aided. This meant that we were able to claim an additional £18,391 Gift Aid tax refund from HMRC together with a further £2,000 under the Gift Aid Small Donations Scheme. We are most grateful to all who give so generously.

2

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

Financial Review - continued

During 2022, we also introduced two new collection plates which incorporate contactless card readers and, in addition to boosting our plate collections at services, these have also been much used for retiring collections at concerts and other events.

The expenditure from our General Fund for the year was £270,324. Our largest expense by far is our contribution to the Parish Support Fund at £115,320 and the PCC decided to increase this by 2% for 2023 to enable the diocese to support the many parishes less fortunate than ourselves. Other notable items of expenditure were £9,366 on a replacement boiler and £7,220 to upgrade our audio-visual streaming system for services. We were also very grateful for two substantial donations which paid for the installation of a new state-of-the-art carillon system in the bell tower.

Our General Fund therefore showed a surplus of £40,838 over the year, £21,041 of which was transferred to our Fabric Fund.

During 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 3.90% and the outstanding loan balance now stands at £94,750.

Looking at our reserves, at the end of March 2023 , the balance of our General Reserve was £58,975 and the balance of our Fabric Fund was £73,793. We also have two CBF Church of England Investment Fund share accounts. The Fanner bequest is currently valued at £5,248, but this is permanently invested, the church only receives the interest. The Assistant Priest’s Residence Fund is currently valued at £102,439.

The Saxon Kings Fund is a restricted fund-raising fund 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 £26,439 at the end of 2022.

While the balances in our Fabric and Assistant Priest’s Residence funds are healthy at the We have three major refurbishment projects planned for this year:

3

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

Financial Review - continued

While we do have enough money in our Fabric and Assistant Priest’s Residence funds to cover these works, we are in the process of seeking grants to mitigate as much of these costs as possible. In addition, we should be able to obtain grants to cover most of the VAT on these works from the Listed Places of Worship grants scheme.

We also have plans to increase our resources for ministry within the parish and the level of administrative support, together with much-needed improved office facilities. While the costs of the works detailed in the previous paragraphs are one-off capital costs, these plans will increase our revenue costs year-on-year, which will need to be matched by increased recurrent income.

Looking back over 2022, it is fair to say that our finances have fared well. However, our future plans, together with 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 to 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.

4

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, Governance and Management – continued

The All Saints PCC met 6 times during the year following the 2022 APCM (June 2022-April 2023) and there were also 3 meetings of the PCC Standing Committee during this period. 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 13. 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. In 2021 a sub-committee was appointed to review the Church’s giving to good causes and more recently, a team has undertaken to examine our on-line presence to identify areas for change or development. A Standing Committee has been formed from members of the PCC and is constituted as follows: the Vicar, the Churchwardens, the Honorary Treasurer, the Deputy Churchwardens and the PCC Secretary. Its first meeting took place in October 2022; meetings will subsequently take place every two months, alternating with PCC meetings.

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 2022 until the date this report was approved were:

Ex Officio: Elected members: Rev Joe Moffatt (Team Rector) from September Richard Hawkins (resigned May 2022) 2022 Tsetsy Kehayova (resigned May 2022) Rev Sandy Cragg (Honorary Curate) Jennifer Pearce (resigned July 2022) Martin Corner (Reader) retired May 2022 Eithne Fray Roshan Jathanna (Churchwarden) elected May Lucy Robinson 2022 Philip Davies John Dewhurst (Deanery Synod Representative) Peter Reddell elected October 2020; (Churchwarden) elected May Mary Warman 2022 Yvonne Fitzpatrick Alastair Deller (Treasurer) elected May 2022 Philip Walker Isabel Isaacson (Secretary) elected May 2022 & Joni Timmins (elected May 2022) (Deanery Synod Representative) elected October Keith Long (elected May 2022) 2020 Elizabeth Deller (elected May 2022) Jeremy Jeffreys (Deanery Synod Representative) Sheila Bryant (elected May 2022) elected October 2020 Jonathan Gillard (resigned May 2022, Paul Thompson (Deanery Synod Representative) co-opted September 2022)

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

5

ALL SAINTS KINGSTON UPON THAMES

ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2022

Administrative Information - continued

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

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 30 April 2023 and signed on its behalf by:

.................................................. Rev Joe Moffat (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 2022.

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

30 April 2023

7

ALL SAINTS KINGSTON UPON THAMES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Unrestricted
Funds
£
Income and endowments from:
Donations and legacies
2(a)
124,775
Charitable activities
2(b)
8,729
Other trading activities
2(c)
51,516
Investments
2(d)
126,142
Total
311,162
Expenditure on:
Raising funds
3(a)
2,201
Charitable activities
3(b)
267,660
Other
3(c)
463
Total
270,324
Net operating
income/(expenditure)
40,838
Net gains/(losses) on
investment assets
6
-
Transfers between funds
9
(57,528)
Net movement in funds
(16,690)
Reconciliation of funds
Total funds brought forward
102,775
Total funds carried forward
86,085
£		 Note
Unrestricted
Funds
£
Income and endowments from:
Donations and legacies
2(a)
124,775
Charitable activities
2(b)
8,729
Other trading activities
2(c)
51,516
Investments
2(d)
126,142
Total
311,162
Expenditure on:
Raising funds
3(a)
2,201
Charitable activities
3(b)
267,660
Other
3(c)
463
Total
270,324
Net operating
income/(expenditure)
40,838
Net gains/(losses) on
investment assets
6
-
Transfers between funds
9
(57,528)
Net movement in funds
(16,690)
Reconciliation of funds
Total funds brought forward
102,775
Total funds carried forward
86,085
£		 Designated
Funds
£
6,280
927
5,086
940		 Restricted
Funds
£
18,750
3,824
-
-		 Endowment
Funds
£
-
-
-
3,348		 2022
£
149,805
13,480
56,602
130,430
Total		 2021
£
145,220
52,237
20,986
65,667
Funds
311,162 13,233 22,574 3,348 350,317 284,110
2,201
267,660
463		 -
46,633
3,082		 -
25,701
-		 -
-
-		 2,201
339,994
3,545		 4,561
260,316
3,201
270,324 49,715 25,701 - 345,740 268,078
40,838
-
(57,528)		 (36,482)
-
40,623		 (3,127)
-
16,905		 3,348
(14,285)
-		 4,577
(14,285)
-		 16,032
15,323
-
(16,690)
102,775		 4,141
332,766		 13,778
2,074		 (10,937)
182,475		 (9,708)
620,090		 31,355
588,735
86,085
£		 336,907
£		 £ 15,852 171,538
£		 610,382
£		 620,090
£

The notes on pages 10 to19 form part of these financial statements.

8

ALL SAINTS KINGSTON UPON THAMES

BALANCE SHEET

AS AT 31 DECEMBER 2022

Unrestricted
Funds
Note
£
Fixed Assets
Tangible
5
-
Investments
6
-
-
Current Assets
Debtors
7
19,508
Bank accounts and short term
deposits
80,509
Total Current Assets
100,017
Current Liabilities
Creditors: amounts falling due
within one year
8
13,932
Total current liabilities
13,932
Net Current Assets /
(Liabilities)
86,085
Total assets less current
liabilities
86,085
Creditors: amounts falling due
after one year
8
-
Net Assets / (Liabilities)
86,085
£
Parish Funds
9
Unrestricted Funds
86,085
Designated Funds
-
Restricted Funds
-
Endowment Funds
-
86,085
£		 Unrestricted
Funds
Note
£
Fixed Assets
Tangible
5
-
Investments
6
-
-
Current Assets
Debtors
7
19,508
Bank accounts and short term
deposits
80,509
Total Current Assets
100,017
Current Liabilities
Creditors: amounts falling due
within one year
8
13,932
Total current liabilities
13,932
Net Current Assets /
(Liabilities)
86,085
Total assets less current
liabilities
86,085
Creditors: amounts falling due
after one year
8
-
Net Assets / (Liabilities)
86,085
£
Parish Funds
9
Unrestricted Funds
86,085
Designated Funds
-
Restricted Funds
-
Endowment Funds
-
86,085
£		 Designated
Funds
£
350,000
-		 Restricted
Funds
£
-
-		 Endowment
Funds
£
-
158,706		 2022
2021
£
£
350,000
350,000
158,706
121,891
508,706
471,891
19,508
21,149
190,850
251,413
210,358
272,562
22,432
29,613
22,432
29,613
187,926
242,949
696,632
714,840
86,250
94,750
610,382
£
620,090
£
86,085
102,775
336,907
332,766
15,852
2,074
171,538
182,475
610,382
£
620,090
£
Total		 2022
2021
£
£
350,000
350,000
158,706
121,891
508,706
471,891
19,508
21,149
190,850
251,413
210,358
272,562
22,432
29,613
22,432
29,613
187,926
242,949
696,632
714,840
86,250
94,750
610,382
£
620,090
£
86,085
102,775
336,907
332,766
15,852
2,074
171,538
182,475
610,382
£
620,090
£
Total
- 350,000 - 158,706 508,706 471,891
19,508
80,509		 -
81,657		 -
15,852		 -
12,832		 19,508
190,850		 21,149
251,413
100,017 81,657 15,852 12,832 210,358 272,562
13,932 8,500 - - 22,432 29,613
13,932 8,500 - - 22,432 29,613
86,085 73,157 15,852 12,832 187,926 242,949
86,085
-		 423,157
86,250		 15,852
-		 171,538
-		 696,632
86,250		 714,840
94,750
86,085
£		 £ 336,907 £ 15,852 171,538
£		 610,382
£		 620,090
£
86,085
-
-
-		 -
336,907
-
-		 -
-
15,852
-		 -
-
-
171,538		 86,085
336,907
15,852
171,538		 102,775
332,766
2,074
182,475
86,085
£		 £ 336,907 £ 15,852 171,538
£		 610,382
£		 620,090
£

Approved by the Parochial Church Council on 30 April 2023 and signed on its behalf by

…………………………….. Rev Joe Moffatt (PCC Chairman)

…………………………….. 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 2022

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 2022

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 2022

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 2022

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
£
73,723
4,880
12,819
-
11,086
-
18,391
2,000
1,876
-
-
124,775		 Designated
Funds
£
-
-
-
-
3,050
-
130
-
-
-
3,100
6,280		 Restricted
Funds
£
-
-
-
-
15,000
-
3,750
-
-
-
-
18,750		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
2021
£
£
73,723
79,048
4,880
6,135
12,819
7,672
-
5,894
29,136
13,369
-
1,500
22,271
20,858
2,000
647
1,876
1,057
-
8,514
3,100
526
149,805
145,220
Total Funds

In 2021, £8,514 of donations and legacies income related to restricted funds and £5,232 related to designated funds. All other income from donations and legacies related to unrestricted funds.

2(b) Charitable activities
Fees to PCC
Fund raising for good causes
Miscellaneous receipts
Grants received		 2,859
-
5,870
-
8,729		 -
927
-
-
927		 -
-
-
3,824
3,824		 -
-
-
-
-		 2,859
4,037
927
810
5,870
3,690
3,824
43,700
13,480
52,237

In 2021, £23,000 of charitable activities income related to restricted funds and £810 related to designated funds. All other income from charitable activities related to unrestricted funds.

2(c) Other trading activities
Church usage
41,596
Concerts & recitals
-
Shop sales
9,920
51,516
2(d) Income from investments
Interest & dividends
462
Rent (Cafe)
47,420
Rent (Union Street)
22,750
Rent (Church Grounds)
55,510
126,142
In 2021, £1,483 of other trading activities related to
unrestricted funds.		 -
-
-
41,596
13,981
5,086
-
-
5,086
1,483
-
-
-
9,920
5,522
5,086
-
-
56,602
20,986
940
-
3,348
4,750
3,196
-
-
-
47,420
1,809
-
-
-
22,750
19,250
-
-
-
55,510
41,412
940
-
3,348
130,430
65,667
designated funds, all other income from other trading activities related to

In 2021, included in income from investments was £3,124 relating to endowment funds and £17 relating to designated funds. All other income from investments related to unrestricted funds.

Total Income £ 311,162 £ 13,233 £ 22,574 £ 3,348 £ 350,317 £ 284,110

13

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Unrestricted Designated Designated Designated Restricted Restricted Endowment Endowment Total Funds Total Funds Total Funds
Funds Funds Funds Funds 2022 2021
£ £ £ £ £ £
3. Analysis of Expenditure
3(a) Raising funds
Christian stewardship fund 184 - - - 184 96
Entertainment fund 209 - - - 209 -
Magazine printing - - - - - 236
Café expenses 1,808 - - - 1,808 4,229
2,201 - - - 2,201 4,561
In 2021, £1,405 of expenditure on raising funds related to restricted funds.
3(b) Charitable Activities
Missionary and charitable giving
Giving to Good Causes - 9,000 - - 9,000 10,530
Education 40 - - - 40 -
Ministry: Parish Support Fund Pledge 115,320 - - - 115,320 115,320
Rector's expenses 898 - - - 898 1,068
Miscellaneous expense 441 - - - 441 36
Parish administrator 26,329 - - - 26,329 27,116
Heritage officer 17,220 - - - 17,220 17,016
Assistant staff 1,891 - - - 1,891 888
Heritage expenditure 1,348 - - - 1,348 1,238
Organists 18,564 900 - - 19,464 19,684
Music - 2,463 - - 2,463 -
Choir 110 5,215 80 - 5,405 1,161
Caretaker 10,074 - - - 10,074 10,759
Organ and piano 3,141 - - - 3,141 2,430
Children's activities - - - - - 1,155
Church - heat, light and water 9,556 - - - 9,556 11,462
Church - insurance 6,212 - - - 6,212 5,974
Upkeep of services - sacramental
expenses 2,686 - - - 2,686 1,390
Church - fabric maintenance and
repairs 18,713 7,360 25,621 - 51,694 13,643
Rectory expenses 3,687 - - - 3,687 90
Printing, postage and stationery 5,383 - - - 5,383 3,518
Telephones 1,563 - - - 1,563 1,684
Flower fund 1,122 - - - 1,122 524
Accountant's fees 2,012 - - - 2,012 4,063
Saxon Kings tapestry costs - 21,695 - - 21,695 -
Shop stock 7,914 - - - 7,914 -
Computer equipment 1,954 - - - 1,954 -
Communications 314 - - - 314 -
Sundry expenses 11,168 - - - 11,168 9,567
267,660 46,633 25,701 - 339,994 260,316
In 2021, included in expenditure on charitable activities was £12,533 relating to designated funds and £31,356 relating to restricted
funds. All other expenditure on charitable activities related to unrestricted funds.
3(c) Other expenditure
Loan interest - 3,082 - - 3,082 3,163
Bank charges 463 - - - 463 38
463 3,082 - - 3,545 3,201
In 2021, included in other expenditure was £3,163 relating to designated funds.
Total expenditure £ 270,324 £ 49,715 £ 25,701 £ -
 £ 345,740 £ 268,078

3(d) Governance costs

Governance costs of £1,250 (2021 - £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 2022

4. Remuneration
4(a) Staff Costs
Wages, salaries and honoraria
Employer's national insurance
Pension contributions		 2022
2021
£
£
68,616
69,227
3,808
3,750
2,554
2,486
74,978
£
75,463
£

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 (2021 - None). The average head count (number of staff employed) during the year was 5 (2021 - 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

5. Tangible fixed assets
Cost or valuation
At 1 January 2022
Revaluation
At 31 December 2022
Depreciation
At 1 January 2022 and
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
6. Investments
Market value at 1 January 2022
Revaluation loss
Additions
Market value at 31 December 2022
All tangible assets belong to the unrestricted designated funds.		 Freehold
property
£
350,000
-
350,000
-
-
-
350,000
£
350,000
£
CBF
Shares
£
121,891
(14,285)
51,100
158,706
£		 Total
£
350,000
-
350,000
-
-
-
350,000
£
350,000
£
Total
£
121,891
(14,285)
51,100
158,706
£

The investment is represented by 7,637 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); and 2425 shares (Rushmore Fabric Fund) which were acquired during the year at a cost of £51,100.

All investments belong to the endowment funds.

7. Debtors
Tax recoverable
Trade debtors		 2022
2021
£
£
6,289
9,723
13,219
11,426
19,508
£
21,149
£

Debtors amounting to £nil (2021 - £nil) relate to restricted funds, £nil (2021 - £nil) 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 2022

8. Creditors
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		 2022
£
8,500
2,394
6,955
1,500
3,083
22,432
£
86,250
£		 2021
£
8,500
4,741
874
15,363
135
29,613
£
94,750
£

Creditors amounting to £94,750 (2021 - £103,250) relate to designated funds and the balance relates to unrestricted funds.

9. Parish Funds

Current year
Unrestricted Funds
Accumulated fund
Unrestricted Designated Funds
48 Union Street
Fabric fund
Mission fund
Music fund
Churchyard trees
Development loan fund
Saxon Kings Tapestries
New Choir Robes
Restricted Funds
Agency fund
Choristers' development fund
Grants received fund
LPOW - New Boiler
Energy costs support grant
LPOW - Lamp replacement
Bells fund
Endowment Funds
Assistant priest's fund
Fanner bequest fund
Rushmore fabric legacy fund
Total Funds		 Brought
Forward
01/01/2022
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		 Income
311,162
311,162
£
-
3,440
927
3,750
-
-
3,100
2,016
13,233
£
-
-
1,561
1,400
863
18,750
£ 22,574
3,047
156
145
3,348
£
£ 350,317		 Expenditure
(270,324)
£ (270,324)
-
(3,360)
(9,000)
(8,578)
(4,000)
(3,082)
(21,695)
-
£ (49,715)
-
(80)
(16,905)
(1,561)
-
(863)
(6,292)
£ (25,701)
-
-
-
-
£
£ (345,740)		 Transfers/
Reclassifications
of Funds/
Carried
Gains &
Forward
Losses
31/12/2022
(57,528)
86,085
£ (57,528)
86,085
£
-
350,000
21,041
58,103
8,000
(73)
-
(4,828)
-
-
11,582
(94,750)
-
26,439
-
2,016
£ 40,623
£ 336,907
-
137
-
1,857
16,905
-
-
-
-
1,400
-
-
-
12,458
£ 16,905
£ 15,852
(13,589)
114,748
(696)
5,880
-
50,910
£ (14,285)
171,538
£
£ (14,285)
£ 610,382

16

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

9. Parish Funds - continued

Comparative year
Unrestricted Funds
Accumulated fund
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
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
01/01/2021
87,002
87,002
£
350,000
26,968
(4,621)
985
71,632
-
-
-
(159,977)
43,781
£ 328,768
137
2,526
-
10)
2,673
£
107,767
5,522
6,264
50,739
170,292
£
£ 588,735
Unrestricted
Funds
£
-
-
100,017
(13,932)
-
86,085
£
Unrestricted
Funds
£
-
-
123,888
(21,113)
-
102,775
£		 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
Designated
Funds
£
350,000
-
81,657
(8,500)
(86,250)
£ 336,907
Designated
Funds
£
350,000
-
86,016
(8,500)
(94,750)
£ 332,766		 Expenditure
(219,621)
£ (219,621)
-
-
-
(10,530)
-
(2,003)
-
-
(3,163)
-
£ (15,696)
-
(589)
(32,172)
-
£ (32,761)
-
-
-
-
-
£
£ (268,078)
Restricted
Funds
£
-
-
15,852
-
-
£ 15,852
Restricted
Funds
£
-
-
2,074
-
-
£ 2,074		 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
Endowment
Funds
£
-
158,706
12,832
-
-
171,538
£
Endowment
Funds
£
-
121,891
60,584
-
-
182,475
£		 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
Total 2022
£
350,000
158,706
210,358
(22,432)
(86,250)
610,382
£
Total 2021
£
350,000
121,891
272,562
(29,613)
(94,750)
620,090
£

17

ALL SAINTS KINGSTON UPON THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 two sections:

1.the Defined Benefits Scheme

b. 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 (2022: £2,555, 2021: £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 10.1% following improvements in the funding position over 2022. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. 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 2022

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
£
131,474
28,427
19,503
62,526		 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
£

19