St. Nicholas Church Thames Ditton
Annual Report and Financial Statements For the year ended 31 December 2021
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton is a registered charity number 1128454 Church code 617146
The Parish Office Summer Road Thames Ditton Surrey KT7 0QQ
0208 398 9641 stnicparishoffice@btinternet.com http://www.stnicholaschurch.org.uk
St. Nicholas’ Church THAMES DITTON GROWING IN NUMBERS • DEEPENING OUR FAITH SERVING OUR COMMUNITY
Contents
| Page | |
|---|---|
| Report of the Parochial Church Council | 2 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
St. Nicholas Church Thames Ditton
Page 1
Report of the Parochial Church Council
Objectives and activities
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton (the “PCC”) has the responsibility of co-operating with the incumbent, Revd. Andrew Cowie, in promoting the mission of the Church as partners in the work of the gospel ministry.
The PCC, having had regard to the Charity Commission’s guidance on public benefit, consider that in following these priorities and by furthering the whole mission of the Church (pastoral, evangelistic, social and ecumenical), a benefit is provided to the public in particular by:
-
providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and
-
promoting Christian values, and service by members of the Church in and to our community, to the benefit of individuals and society as a whole.
It also has oversight of the financial affairs of St. Nicholas Church Thames Ditton (“St. Nicholas”) and maintenance responsibilities for the buildings thereof.
Financial Review of the Year
As with 2020, the standout theme for 2021 finances has been the adverse consequences of covid-19 restrictions. Despite some recovery from 2020, hall hire income was still some £25,000 below what used to be considered normal.
Meanwhile, loyal committed St Nicholas parishioners have increased their giving which in total rose by 20% to £87,000. In addition, during the year our curate completed his tour of duty with us and post his departure we were able to earn some £11,000 of rent on our curate’s house.
Alas, costs continue to rise and the end result was an operating deficit of £16,900 (2020: deficit of £35,700). This, together with the 2020 loss, amounts to an uncomfortable depletion in savings: there were no major maintenance or remedial works to the Church and the hall during the year, although we still have items from the 2017 quinquennial to attend to at some cost.
Thanks to the generosity of other trusts, we were able to invest some £29,000 in a new AV system with a drop-down screen.
Whilst formal data is set out on pages 7 to 18, income and expenditure can be summarized as follows
----- Start of picture text -----
Income Legacies &
grants
0%
Other AV system grant
Fees 0% 16%
4%
Pledged &
Our total income was covenanted
£187,954 (2020: 4 QWR rent income 40%
£121,761) 6%
Dividends & Int
5%
Hall lettings
11%
Income Tax
recov'd
Sundry fund- 10% Donations,
raising FofStN inc appeals and
1% 0% other giving
7%
----- End of picture text -----
St. Nicholas Church Thames Ditton
Page 2
Expenditure
Our total expenditure was £204,862 (2020: £157,428)
----- Start of picture text -----
Ministry costs inc
Choir, Children
3%
Outward
giving
6%
Parish share (= New AV system
Vicar, vicarage, 14%
share of diocesan
costs)
40%
Church running &
mtce
7%
Churchyard
3%
Church Hall
Salaries, wages 10%
and honoraria
11%
Quinton Road
Admin
3%
3%
----- End of picture text -----
At the year end, the net current assets, including restricted funds, amounted to £85,772 (2020: £98,083).
The endowment funds from which we receive income increased in value by £44,460 during the year.
Statement of Trustees Responsibilities
The members of the PCC, who are the Trustees of the charity for the purposes of charity law, are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law, regulations and accounting standards.
Law applicable to charities in England and Wales requires the members of the PCC to prepare financial statements for each financial year which give a true and fair view of the PCC's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the members of the PCC are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will not continue in operation.
The members of the PCC are responsible for keeping adequate accounting records that 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 applicable law. They are also responsible for safeguarding the assets of the PCC and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
St. Nicholas Church Thames Ditton
Page 3
Structure, Governance and Management
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton is a Church of England parish in the Diocese of Guildford. It is a registered charity, number 1128454, with registered address at The Parish Office, Summer Road, Thames Ditton, Surrey KT7 0QQ.
As a parish church within the Church of England (CofE), St. Nicholas is constituted within the Parochial Church Councils (Powers) Measure 1956. Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules and, by dint of membership, become the charity's Trustees. All Church attendees are encouraged to register on the Electoral Roll and to consider standing for election to the PCC. Prospective new PCC members / trustees are advised of PCC membership and Trusteeship duties and responsibilities by means of receipt and discussion of the CofE PCC Standing Orders and the Trusteeship booklet produced jointly by the Archbishop's Council and the Charity Commission.
The PCC meets on a regular basis and is responsible for policy approvals and decisions, significant nonroutine expenditure approval, identification, assessment and mitigation of risks, and other significant decision-making including the ratification of any proposals submitted by church sub-committees.
The Standing Committee, a sub-set of the PCC membership, meets between PCC meetings and may take decisions on the PCC's behalf. The Rev Andrew Cowie, incumbent, serves as Chairman of the PCC.
During the year, and up to the date of approval of this Annual Report and Financial Statements, the following served as members of the PCC:
| Churchwarden | Churchwarden | PCC | Deanery | Synod | ||||
|---|---|---|---|---|---|---|---|---|
| Full | Part | Full | Part | Full | Part | |||
| Year | year | Year | year | year | year | |||
| Vicar | ||||||||
| Rev. Andrew Cowie | * | P | ||||||
| Curate | ||||||||
| Rev. Sarb Klair | * | m | ||||||
| Churchwardens | ||||||||
| Amanda Ecclestone | * | P | P | P | ||||
| Elaine Heptonstall | * | P | P | |||||
| Laity | ||||||||
| Åse Anderson | P | |||||||
| Tanya Davis | P | |||||||
| Alex Dunne | * | P | ||||||
| Ray Grace | * | P | P | |||||
| Neil Mears | P | |||||||
| Siva Oke | P | |||||||
| Martin Perrin (Treasurer) | * | P | ||||||
| Jennifer Sherriff | * | P | ||||||
| Lloyd Smith | P | |||||||
| Katie Traub | P | |||||||
| Cathy Wise | P |
Changes at APCM 23 May 2021: r: Retired, a: Appointed (no changes in 2021)
m: moved to another parish 30 June 2021
- also a Standing Committee Member
St. Nicholas Church Thames Ditton
Page 4
Reserves
Reserves held reflect three different objectives:
-
(a) Endowment funds are funds which have been specifically endowed for the benefit of the activities of the PCC who receive the income arising from the funds, but are not able to spend the capital invested.
-
(b) Restricted funds are funds which have been given to the PCC for a specific purpose and which are held pending disbursement in accordance with the mandate for which they were given.
-
(c) Unrestricted funds reflect the accumulated unspent net income: these funds are held for prudence in providing a buffer to meet projected or unusual or exceptional needs.
Further details of the reserves held are set out in note 13 to the Financial Statements. There are no funds in deficit.
Approved by the Parochial Church Council on 14 March 2022
Rev. Andrew Cowie Vicar
St. Nicholas Church Thames Ditton
Page 5
Independent Examiner’s Report to the Members of the Parochial Church Council of St. Nicholas, Thames Ditton
I report on the accounts for the year ended 31st December 2021, which are set out on pages 7 to 18.
Respective responsibilities of the Trustees and Independent Examiner
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the '2011 Act '), and that an independent examination is required.
-
It is my responsibility to:
-
a) examine the accounts under section 145 of the 2011 Act;
-
b) follow such procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 act; and
-
c) state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. It also includes consideration any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1) which gives me reasonable cause to believe that in any material respect the requirements
-
a) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
b) to prepare accounts which accord with these accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- 2) which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Adrian Searle FCA ACMA CGMA 14 March 2022
122 Thorkhill Rd Thames Ditton Surrey
St. Nicholas Church Thames Ditton
Page 6
Statement of Financial Activities
For the year ended 31 December 2021
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | £ | |
| Income and Endowments | 2 | |||||
| Voluntary income | 98,373 | 37,945 | - | 136,318 | 91,727 | |
| Activities for generating funds | - | - | - | - | 1,224 | |
| Church activities | 28,509 | 2,694 | - | 31,203 | 19,729 | |
| Income from investments | 11,283 | 9,150 | - | 20,433 | 9,081 | |
| Other incomingresources | - | - | - | - | - | |
| Total income and | ||||||
| endowments | 138,165 | 49,789 | - | 187,954 | 121,761 | |
| Expenditure | 3 | |||||
| Cost of generating voluntary | ||||||
| income | 220 | - | - | 220 | 0 | |
| Church activities | 146,472 | 52,540 | - | 199,012 | 154,929 | |
| Costs of investment property | 5,630 | - | - | 5,630 | 2,499 | |
| Governance costs | - | - | - | - | - | |
| Total expenditure | 152,322 | 52,540 | - | 204,862 | 157,428 | |
| Net incoming/(outgoing) | ||||||
| resources | (14,157) | (2,751) | - | (16,908) | (35,667) | |
| Transfers between funds | - | - | - | - | - | |
| Investment gains/(losses) | 8 | - | - | 44,460 | 44,460 | 19,999 |
| Net movement in funds | (14,157) | (2,751) | 44,460 | 27,552 | (15,668) | |
| Balances broughtforward | 475,872 | 6,248 | 310,795 | 792,915 | 808,583 | |
| Balances carried forward | 461,715 | 3,497 | 355,255 | 820,467 | 792,915 |
The notes on pages 9 to 18 form part of these financial statements. Note 15 elaborates the prior year comparatives.
St. Nicholas Church Thames Ditton
Page 7
Balance Sheet
As at 31 December 2021
Charity number 1128454
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | £ | |
| Fixed Assets | ||||||
| Tangible fixed assets | 7 | 379,440 | - | - | 379,440 | 384,200 |
| Investments | 8 | - | - | 355,255 | 355,255 | 310,795 |
| 379,440 | - | 355,255 | 734,695 | 694,995 | ||
| Current assets | ||||||
| Debtors and prepayments | 9 | 26,586 | - | - | 26,586 | 7,821 |
| Cash | 10 | 73,004 | - | - | 73,004 | 101,488 |
| 99,590 | - | - | 99,590 | 109,309 | ||
| Currentliabilities | 11 | (17,315) | 3,497 | - | (13,818) | (11,226) |
| Net current assets | 82,275 | 3,497 | - | 85,772 | 98,083 | |
| Lease finance debt | 12 | - | - | - | - | (163) |
| Net Assets | 461,715 | 3,497 | 355,255 | 820,467 | 792,915 | |
| Parish Funds | 13 | 461,715 | 3,497 | 355,255 | 820,467 | 792,915 |
The notes on pages 9 to 18 form part of these financial statements. Note 16 elaborates the prior year comparatives.
These financial statements were approved by the Parochial Church Council on 14 March 2022.
Signed on behalf of the Parochial Church Council
Martin Perrin FCA, FCSI Treasurer
St. Nicholas Church Thames Ditton
Page 8
Notes to the Financial Statements
For the year ended 31 December 2021
1 Accounting policies
(a) General information
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton is a registered charity, number 1128454 and having its office address at The Parish Office, Summer Road, Thames Ditton Surrey KT7 0QQ.
The principal activities of the Parochial Church Council are described in the Report on page 2.
(b) Basis of preparation
The financial statements have been prepared on an accruals basis and in accordance with 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) (as updated), the Church Accounting Regulations 2006 and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention except for the valuation of investments in CBF funds which are shown at mid-market value.
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 do they include groups that are informal gatherings of church members.
The PCC have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Parochial Church Council has adequate resources to continue in operational existence for the foreseeable future. For this reason the PCC continue to adopt the going concern basis in preparing the financial statements.
(c) Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in note 13.
These financial statements do not include the accounts of four connected charities which are separate trusts in their own right:
Thames Ditton Ecclesiastical Charity
The Bequest of Florence Evelyn Pegge (registered charity number 1025542)
Sir Charles Sullivan No 1 Fund
The Hannibal Speer Hall Trust
(d) Incoming Resources
Voluntary income and capital sources
Offerings and collections are recognized when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognized only when received. Tax recoverable on Gift Aid donations is recognized when the donation is recognized.
Grants and legacies to the PCC are accounted for when the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.
St. Nicholas Church Thames Ditton
Page 9
Notes to the Financial Statements
For the year ended 31 December 2021
Statutory Parochial fees are receivable on weddings, funerals and other events, and that part of the fees due to the PCC are included in these accounts. The PCC also collects and pay over fees due to the Diocese of Guildford.
Rental income from the letting of church property is recognized on an accruals basis.
Dividends are accounted for when received. The impact of account upon receipt rather than ex-date is not considered material.
Interest entitlements are accounted for as they accrue or, where not material, upon receipt.
The value of services provided by volunteers is not accounted for in these financial statements.
(e) Resources Used
Activities directly relating to the work of the Church are expensed as incurred.
The Diocesan Parish Share is accounted for when due.
(f) Fixed assets
Consecrated property and movable church furnishings
Consecrated and beneficed property of any kind is excluded from the financial statements pursuant to s.10.2 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 unless consecrated: they are listed in the Church's inventory, but are not recorded as assets of the PCC.
All expenditure incurred in the year on consecrated or beneficed buildings, and the repair of movable church furnishings is written off in the year they are incurred.
Church Hall
Up until December 2015 no depreciation was provided for in relation to the Church Hall which was built during 1985/7 and had been deemed to have a remaining useful life exceeding 50 years. In 2016, the estimated remaining life of the Church Hall was assessed as being 50 years and depreciation then commenced accordingly.
Other real property
No depreciation is being charged to the cost of the house in Quinton Road since its present value stands at a premium to its book cost and is deemed to have a remaining useful life exceeding 50 years.
Fixtures, fittings and office equipment
Small value items under £1,000 are treated as operating expenses. Where office equipment is capitalised, it is written off over its expected useful life, normally between 3 and 5 years.
Investments
Investments are marked to mid-market price and investment gains and losses, both realised and unrealised, reflected in the Statement of Financial Activities.
(g) Financial leases
Rentals payable under financial leases are apportioned between the interest expense element and the element relating to repayment of the capital sum.
St. Nicholas Church Thames Ditton
Page 10
Notes to the Financial Statements
For the year ended 31 December 2021
2 Incoming resources
| 2 Incoming resources | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | |
| Funds | Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Voluntary income | |||||
| Planned giving: | 74,987 | - | - | 74,987 | 62,701 |
| Donations, appeals & other giving | 4,653 | 7,908 | - | 12,561 | 9,576 |
| Friends of St Nicholas | - | 35 | - | 35 | 35 |
| Tax recoverable | 18,733 | 622 | - | 19,355 | 16,275 |
| Legacies | - | - | - | - | 500 |
| Grants from Charitable trusts and | |||||
| other | - | 29,380 | - | 29,380 | 27 |
| Grants frompublic bodies | - | - | - | - | 2,613 |
| 98,373 | 37,945 | - | 136,318 | 91,727 | |
| Activities for generating funds | |||||
| Lunch on Tuesday | - | - | - | - | 524 |
| Parent and Toddler Group | - | - | - | - | 700 |
| Other | - | - | - | - | - |
| - | - | - | - | 1,224 | |
| Church activities | |||||
| Fees | 6,696 | - | - | 6,696 | 798 |
| Garden of Remembrance | - | 2,694 | - | 2,694 | 380 |
| Hall Lettings | 21,612 | - | - | 21,612 | 18,452 |
| Other | 201 | - | - | 201 | 99 |
| 28,509 | 2,694 | - | 31,203 | 19,729 | |
| Income from investments | |||||
| Bank interest | 33 | - | - | 33 | 242 |
| Dividends | - | 9,150 | - | 9,150 | 8,839 |
| Income from property investments | 11,250 | - | - | 11,250 | - |
| 11,283 | 9,150 | - | 20,433 | 9,081 | |
| Other incoming resources | |||||
| Insurance claims | - | - | - | - | - |
| - | - | - | - | - | |
| Total incoming resources | 138,165 | 49,789 | - | 187,954 | 121,761 |
St. Nicholas Church Thames Ditton
Page 11
Notes to the Financial Statements
For the year ended 31 December 2021
3 Resources expended
| 3 Resources expended | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| Funds | Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Cost of generating voluntary | ||||||
| income | ||||||
| Cost of activities | 220 | - | - | 220 | - | |
| 220 | - | - | 220 | - | ||
| Church activities | ||||||
| Missionary & Charitable Giving | 4 | 9,545 | 3,143 | - | 12,688 | 10,180 |
| Parish Share and clergy costs to | ||||||
| Diocese | 74,057 | 7,042 | - | 81,099 | 81,099 | |
| Salaries, wages and honoraria | 5 | 22,309 | - | - | 22,309 | 21,342 |
| Costs of ministry and mission | 4,093 | 2,417 | - | 6,510 | 3,474 | |
| Church running & maintenance | 9,624 | 34,338 | - | 43,962 | 12,468 | |
| Upkeep of churchyards | 3,306 | 3,253 | - | 6,559 | 5,007 | |
| Church Hall costs | 17,421 | 2,347 | - | 19,768 | 15,822 | |
| Management & admin costs | 6,117 | - | - | 6,117 | 5,537 | |
| 146,472 | 52,540 | - | 199,012 | 154,929 | ||
| Costs of investment property | ||||||
| UpkeepofQuinton Road | 5,630 | - | - | 5,630 | 2,499 | |
| 5,630 | - | - | 5,630 | 2,499 | ||
| Governance costs | ||||||
| Independent examiner | - | - | - | - | - | |
| - | - | - | - | - | ||
| Total resources expended | 152,322 | 52,540 | - | 204,862 | 157,428 |
St. Nicholas Church Thames Ditton
Page 12
Notes to the Financial Statements
For the year ended 31 December 2021
4 Missionary and charitable giving
Charitable giving out of St Nicholas Church funds was disbursed as follows:
| Unrestricted | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Mission Aviation Fellowship | 1,100 | - | - | 1,100 | 1,290 |
| Tear Fund | 1,100 | - | - | 1,100 | 1,290 |
| Christian Solidarity Worldwide | 1,100 | - | - | 1,100 | 1,290 |
| Burundi Ordinand | - | 1,040 | - | 1,040 | 1,000 |
| Church Overseas | 3,300 | 1,040 | - | 4,340 | 4,870 |
| Kingston Churches Action on | - | - | |||
| Homelessness | 1,250 | 1,250 | 1,290 | ||
| Kingston Street Preachers | 1,100 | - | - | 1,100 | 1,290 |
| Oxygen | 1,100 | - | - | 1,100 | 1,290 |
| London City Mission | 750 | - | - | 750 | - |
| AllSaintsBloxwich | 750 | - | - | 750 | - |
| Home Missions | 4,950 | - | - | 4,950 | 3,870 |
| Princess Alice Hospice | 1,100 | - | - | 1,100 | 1,290 |
| Hardship fund | 195 | 100 | - | 295 | 150 |
| Elmbridge Can (Afghani Refugees) | - |
155 | - | 155 | - |
| Gifts to departing clergy & ordinand | - |
1,848 | - | 1,848 | - |
| Remembrance book for Poppy | |||||
| Appeal | - | - | - | - | - |
| Mission support and other | 1,295 | 2,103 | - | 3,398 | 1,440 |
| Total | 9,545 | 3,143 | - | 12,688 | 10,180 |
| 5 Staff costs | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Wages, salaries and other staff costs | 16,131 | 5,832 | |||
| Social security costs | - | - | |||
| Other honoraria and staffcosts | 6,178 | 15,510 | |||
| Total resources expended | 22,309 | 21,342 |
The average number of full or part-time equivalent employees in the year was 2.
No trustee (PCC member) received any remuneration or received any other employment benefits during the year or prior year. Clergy are not included in the staff costs above as they are office holders not employed by the PCC. In addition to employees, the cost of certain other service providers is included in Other honoraria and staff costs.
6 Payments to PCC members
Three (2020: five) trustees received expenses to the value, in total, of £18,805 (2020: £11,677) in respect of Church and Church Hall repairs, travel and other costs incurred or funds disbursed on behalf of the PCC.
St. Nicholas Church Thames Ditton
Page 13
Notes to the Financial Statements
For the year ended 31 December 2021
7 Tangible fixed assets
| 7 Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Total land | |||||
| Investment | and | Office | |||
| Church Hall | Property | buildings | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| Opening cost | 238,000 | 170,000 | 408,000 | 1,795 | 409,795 |
| Additions | - | - | - | - | - |
| Disposals | - | - | - | - | - |
| Closingcost | 238,000 | 170,000 | 408,000 | 1,795 | 409,795 |
| Depreciation and impairments | |||||
| Opening provisions | (23,800) | - | (23,800) | (1,795) | (25,595) |
| Charged in the year | (4,760) | - | (4,760) | - | (4,760) |
| Disposals | - | - | - | - | - |
| Closing provisions | (28,560) | - | (28,560) | (1,795) | (30,355) |
| Net book Value | 209,440 | 170,000 | 379,440 | - | 379,440 |
The Church Hall is an operational asset built on glebe land, which is not the property of the PCC, adjoining the Church.
The investment property comprises a house at 4 Quinton Road, Thames Ditton, KT7 0AX, the freehold of which was purchased for £170,000 in 1997. No professional valuation has been sought for this property but having researched the recent transaction prices of similar properties in the area, the PCC believe that the current market value to be in the region of £815,000.
These fixed assets are part of the PCC’s unrestricted funds.
8 Investments
| 8 Investments | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Units | £ | Units | £ | |
| Opening market value | 15,170 | 310,795 | 15,170 | 290,796 |
| Purchases at cost | - | - | - | - |
| Disposals | - | - | - | - |
| Revaluation | - | 44,460 | - | 19,999 |
| Closingmarket value | 15,170 | 355,255 | 15,170 | 310,795 |
| Being: | ||||
| CBF Church of England Investment Fund | ||||
| Income Shares | 15,170 | 355,255 | 15,170 | 310,795 |
These investments are all vested in permanent endowment funds.
9 Debtors and prepayments
| 9 Debtors and prepayments | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Gift aid tax recoverable | 3,818 | 4,155 |
| Accrued income and other debtors | 22,768 | 3,666 |
| 26,586 | 7,821 |
St. Nicholas Church Thames Ditton
Page 14
Notes to the Financial Statements
For the year ended 31 December 2021
10 Cash flows
| 10 Cash flows | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Net movement in funds: surplus/(deficit) | 27,552 | (15,668) |
| Depreciation charges | 4,760 | 5,119 |
| Movement in value of investments | (44,460) | (19,999) |
| Movement in receivables | (18,765) | 6,853 |
| Movement inpayables | 2,592 | (4,061) |
| Cash generated from/(used in) operations: | (28,321) | (27,756) |
| Cash flows from financing activities: | ||
| Repayment of lease debt | (163) | (547) |
| Change in cash and cash equivalents in year | (28,484) | (28,303) |
| Cashand cashequivalents at beginning ofyear | 101,488 | 129,791 |
| Cash and cash equivalents at end ofyear | 73,004 | 101,488 |
11 Creditors – amounts falling due within one year
| 11 Creditors – amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 9,643 | 7,244 |
| Other creditors | 4,175 | 3,982 |
| 13,818 | 11,226 |
12 Lease finance debt
A photocopier was leased under a contract that provides for 20 quarterly payments of £175 ending in 2021. For simplicity, payments of principal that fall due within one year have not been separately reported in current liabilities per note 11.
| current liabilities per note 11. | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Lease finance debt | - | 163 | |
| - | 163 |
At 31 December 2021 the Parish had outstanding commitments for future minimum lease payments under a non-cancellable finance lease in respect office equipment which fall due as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| In the next year | - | 163 | |
| In the second to fifthyears inclusive | - | - | |
| - | 163 |
St. Nicholas Church Thames Ditton
Page 15
Notes to the Financial Statements
For the year ended 31 December 2021
13 Funds
Restricted funds
Restricted funds are funds which have been given to the PCC for a specific purpose and which are held pending disbursement in accordance with the mandate for which they were given:
| Opening | Closing | ||||
|---|---|---|---|---|---|
| Balance | Income | Expenditure | Adjustments | balance | |
| £ | £ | £ | £ | £ | |
| Stipend Augmentation | - | 7,042 | (7,042) | - | - |
| Churchyard/Grave Maintenance | - | 721 | (721) | - | - |
| St. Nicholas Endowment | - | 1,279 | (1,279) | - | - |
| Sunday school | - | 135 | (135) | - | - |
| Church maintenance | - | 350 | - | - | 350 |
| Garden of Remembrance | - | 2,694 | (2,532) | - | 162 |
| Friends of St. Nicholas | 220 | 35 | - | - | 255 |
| Church PA system | 165 | 29,353 | (29,353) | - | 165 |
| Choir | 742 | - | - | - | 742 |
| Thames Ditton Gin | - | 100 | - | - | 100 |
| St Nicholas Café | - | 2,500 | (2,282) | - | 218 |
| Foodbank shed | - | 2,347 | (2,347) | - | - |
| Remembrance book for Poppy | |||||
| Appeal | 153 | - | - | - | 153 |
| Gifts to departing clergy, ordinand | - | 1,848 | (1,848) | - | - |
| Book conservation | 3,706 | - | (3,706) | - | - |
| Repair of Brasses | 1,250 | - | - | - | 1,250 |
| Children’s Society | 12 | - | - | - | 12 |
| Afghani refugees in Elmbridge | - | 155 | (155) | - | - |
| Hardship fund | - | 100 | (100) | - | - |
| Burundi Ordinand | - | 1,130 | (1,040) | - | 90 |
| 6,248 | 49,789 | (52,540) | - | 3,497 |
Endowment funds
Endowment funds are funds which have been specifically endowed for the benefit of the activities of the PCC who receive the income arising from the funds, but are not able to spend the capital invested:
| Expenditure | ||||||
|---|---|---|---|---|---|---|
| Opening | Income | within | Gains and | Closing | ||
| Balance | retained | endowment | Transfers | losses | balance | |
| £ | £ | £ | £ | £ | £ | |
| Stipend Augmentation | 242,776 | 7,042 | (7,042) | - | 34,730 | 277,506 |
| Grave Maintenance | 23,929 | 694 | (694) | - | 3,423 | 27,352 |
| ThamesDitton Endowment | 44,090 | 1,279 | (1,279) | - | 6,307 | **50,397 ** |
| 310,795 | 9,015 | (9,015) | - | 44,460 | 355,255 |
The Stipend Augmentation Trust
The Stipend Augmentation Trust is a Permanent Endowment from which the income is to be applied to meeting the cost of Parish clergy stipends.
The Grave Maintenance Trust
The Grave Maintenance Trust is a Permanent Endowment from which the income is to be applied to meeting the cost of the maintenance of the Churchyard at St Nicholas.
St. Nicholas Church Thames Ditton
Page 16
Notes to the Financial Statements
For the year ended 31 December 2021
The Thames Ditton Endowment Trust
The Thames Ditton Endowment Trust is a Permanent Endowment from which the income is available to be applied to meeting general expenses of the Parish.
14 Related party transactions
Grants receivable arising during the year from connected charities, as referenced in note 1(c), amounted to £19,363 (2020: £nil). The Vicar and Churchwardens of St Nicholas are, ex-officio, trustees of the requisite connected charities.
There were no transactions with any trustee in their capacity as trustee. Reimbursements for normal out of pocket expenses incurred in the performance of various duties as Clergy, or as members of a PCC committee, as the case may be, are set out in note 6 above.
15 Prior year statement of financial activities
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2020 | ||
| Note | £ | £ | £ | £ | |
| Income and Endowments | 2 | ||||
| Voluntary income | 88,464 | 3,263 | - | 91,727 | |
| Activities for generating funds | 1,224 | - | - | 1,224 | |
| Church activities | 19,349 | 380 | - | 19,729 | |
| Income from investments | 242 | 8,839 | - | 9,081 | |
| Other incoming resources | - | - | - | - | |
| Total income and | |||||
| endowments | 109,279 | 12,482 | - | 121,761 | |
| Expenditure | 3 | ||||
| Cost of generating voluntary | |||||
| income | - | - | - | 0 | |
| Church activities | 142,249 | 12,680 | - | 154,929 | |
| Costs of investment property | 2,499 | - | - | 2,499 | |
| Governance costs | - | - | - | - | |
| Total expenditure | 144,748 | 12,680 | - | 157,428 | |
| Net incoming/(outgoing) | |||||
| resources | (35,469) | (198) | - | (35,667) | |
| Transfers between funds | - | - | - | - | |
| Investmentgains/(losses) | 8 | - | - | 19,999 | 19,999 |
| Net movement in funds | (35,469) | (198) | 19,999 | (15,668) | |
| Balances broughtforward | 511,341 | 6,446 | 290,796 | 808,583 | |
| Balances carried forward | 475,872 | 6,248 | 310,795 | 792,915 |
St. Nicholas Church Thames Ditton
Page 17
Notes to the Financial Statements
For the year ended 31 December 2021
16 Prior year balance sheet
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2020 | ||
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Tangible fixed assets | 7 | 384,200 | - | - | 384,200 |
| Investments | 8 | - | - | 310,795 | 310,795 |
| 384,200 | - | 310,795 | 694,995 | ||
| Current assets | |||||
| Debtors and prepayments | 9 | 7,821 | - | - | 7,821 |
| Cash | 10 | 101,488 | - | - | 101,488 |
| 109,309 | - | - | 109,309 | ||
| Current liabilities | 11 | (17,474) | 6,248 | - | (11,226) |
| Net current assets | 91,835 | 6,248 | - | 98,083 | |
| Lease finance debt | 12 | (163) | - | - | (163) |
| Net Assets | 475,872 | 6,248 | 310,795 | 792,915 | |
| Parish Funds | 475,872 | 6,248 | 310,795 | 792,915 |
St. Nicholas Church Thames Ditton
Page 18