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2020-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF KING CHARLES THE MARTYR TUNBRIDGE WELLS

ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2020

REGISTERED CHARITY 1128993

Introduction

It has been a delight to have now served King Charles the Martyr for four and half years. I don’t think that any of us, however, could have anticipated at the start of 2020, just how much the life of the church would change over this past year.

We began the year, in our February Parochial Church Council (PCC) meeting, starting to explore the Diocesan programme ‘Called Together and Called to Grow’ and putting in place some improvements to the layout of the North Aisle. By the time that we held our second PCC meeting the whole world was affected by a global pandemic, the Church was completely closed due to a national lockdown and many of our original plans had been placed ‘on hold’.

What followed has been a year, like no other, where we have had to learn to be a church in a socially distanced world. Much of the time, it has been difficult or impossible to all physically meet together. We have had to explore anew, what it means to be a Church community.

Amongst the sadness and loss created by this pandemic, there has also been times of courage and hope. Throughout it all, everyone has been involved in planning and preparing; risk assessing and re-organising; learning new skills to be able to sustain and strengthen our worship and fellowship in so many different ways. Many of us have discovered online interactions that we had never known before and have taken to keeping in touch via a friendly voice at the end of a phone.

As always, it has been a joy to minister within a growing and flourishing church family that has risen to the challenge. Inevitably, this report only presents a very partial picture of the last 12 months in the life of King Charles the Martyr Church. It cannot go without saying how grateful I am to all the people who have been involved in leading, supporting and participating in all the activities that have taken place.

My particular thanks goes to our team of dedicated and talented ministers, lay and ordained. We are indebted to them for leading worship on-line to keep services as accessible as possible when we have not been able to meet together. Similarly, we are extremely grateful to the many volunteers who have worked to ensure the smooth running of the church and its activities. In particular, I would like to thank our Parish Secretaries, Church Wardens, and everyone who has maintained the very high standard of music at King Charles and enabled so much to be placed on-line and where possible ‘live-streamed’.

We have continued to foster and enjoy the close relationship with our sister parish of St Mark’s. A shining example of this has been the establishment of the Community Larder, which is a testament to the goodwill and faithful care of those in both our congregations. I look forward to seeing how this relationship will continue and flourish in the future.

Alas, we inevitably lost some good friends during the year and our prayers continue to be with all those who have lost loved ones or who have moved away. My thanks go once again to all those who lead and assist with groups and facilitate all the many different aspects of church life.

Our focus in 2021 will undoubtedly be to re-build and re-shape our fellowship and worshipping community. Praying that we continue to be a welcoming and hopeful place of worship.

Revd Laurence Powell

PAROCHIAL CHURCH COUNCIL REPORT

The Parochial Church Council (PCC) is a corporate body established by the Church of England and operates under the Parochial Church Council Powers Measure 1956, Church Representation Rules 2020) and as a charity under the Charity Commission for England and Wales. It meets at least four times a year and, in partnership with the Churchwardens and the Vicar, holds responsibility for all that happens at the Church. The PCC is consulted (and often votes) on any significant matter that affects King Charles the Martyr Church.

During 2020, the operation of the PCC was affected by the global pandemic caused by a newly discovered coronavirus. Only one meeting, in February, took place in-person. The remaining meetings took place via conference calls. The pandemic also resulted in the Annual Parochial Church Meeting (APCM) and Annual Meeting being deferred until October 2020 and held on-line, via a video conference call.

Administrative Information

The following information, for the year ended 31[st] December 2020, is required to be recorded in this Annual Report.

Registered Charity Name The Parochial Church Council of the Ecclesiastical Parish of
King Charles the Martyr, Tunbridge Wells
Charity Number 1128993
Address London Road
Tunbridge Wells
TN1 1YX
Correspondence Address Parish Office
3 Warwick Park
Tunbridge Wells
TN2 5TA
Incumbent The Revd Laurence Powell
King Charles Vicarage
Rodmell Road
Tunbridge Wells
TN2 5ST
Bankers Lloyds Bank plc
82 Mount Pleasant Road
Tunbridge Wells
TN1 1RB
Independent Examiner Mr A Weller FCA
9 Calverley Park
Tunbridge Wells
TN1 2SH

PCC MEMBERSHIP

Members of the PCC are either ex-officio or elected at the Annual Parochial Church Meeting in accordance with the Church Representation Rules. During 2020 the members of the PCC were:

Vicar The Revd Laurence Powell Associate Vicar The Revd Canon Sarah Partridge Associate Vicar The Revd Claire Allwood Vice Chair Michael Eliades (from April 2006) Churchwardens Rosina Robinson (until May 2020) Norma Buck (from Oct 2020) Linda Sorenson (from April 2019) Treasurer Alan Lockie (from July 2013) Representatives on David Bushell (re-elected Oct 2020) Deanery Synod Alice MacFarlane (elected Oct 2020) (also Fabric Committee Chair) Richard Morrice (re-elected Oct 2020) Representatives on Norma Buck (from April 2012) Diocesan Synod and Paul Clark (from April 2017) Deanery Synod Elected Lay Members: Elizabeth Doyle (from April 2013) Ruth Willis (from April 2017) Lisa Halsall (from April 2018) Bridget Roberts (from April 2018) Rod Taylor (from April 2018) Michael Bacon (from April 2019) Assistant to The Wardens Marilyn Dove (from April 2019) Olivia de Lucy (from April 2019) Julian McCrae (from April 2019) PCC Secretary Mary Bishop (from Oct 2020)

The Vicar of King Charles the Martyr, is also the Priest-in-Charge at St Mark’s. Both churches have their own PCCs, but work in close co-operation and partnership.

COMMITTEES

The PCC operates through a number of committees which usually meet between the full meetings of the PCC.

Standing Committee

This is the only committee required by law that met during 2020. It carries on the business of the PCC between full meetings, subject to any directions given by the PCC. Its members are the Vicar, Churchwardens, Vice Chair, Treasurer, Chairman of the Fabric Committee and Secretary, with input as required from other committee chairmen. Following the first national lockdown that commenced in March 2020, all standing committee meetings were convened via video conference calls.

OBJECTIVES AND ACTIVITIES

The primary object of the PCC is to cooperate with the Vicar in the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish, the whole mission of the Church: pastoral, evangelical, social, charitable and ecumenical. The PCC is also responsible for the maintenance of the Church and Church Hall.

Public Benefit

The PCC is aware of the Charity Commission guidance on public benefit. It is also aware of the supplementary guidance relating to religious charities.

The PCC promotes the mission of the Church through regular public worship open to all; pastoral work, including visiting the sick and the bereaved; teaching of Christianity through sermons and study groups; supporting other charities in the UK and overseas; promotion of an interest in music through concerts and recitals.

SAFEGUARDING

The PCC has complied with its duty under Section 5 of the Safeguarding and Clergy Discipline Measure 2016 with regard to the House of Bishops’ guidance on Safeguarding children and vulnerable adults.

ACTIVITIES AND PERFORMANCE IN 2020

A selection of some of the main activities carried out in the church is described below and the members of the PCC believe that these are sufficient to comply with the Charity Commission requirement for public benefit.

Worship and Prayer

The main activities of King Charles include the regular worship of God that provides opportunities for spiritual growth, teaching, prayer, outreach and fellowship. The ministry of pastoral care is also carried out in response to need as it arises.

Whilst all the main activities were carried out in 2020, many had to be undertaken differently or, at times, seriously curtailed due to the global pandemic. The pandemic was caused by a newly discovered coronavirus, which results in a disease known as COVID-19.

In response to the pandemic the Government, Church of England and Diocese regularly issued guidance to places of worship prescribing how they could operate throughout 2020. In order to control transmission of the virus, the national government called three ‘lockdowns’ that affected King Charles the Martyr during 2020. This resulted in public worship and private prayer being either temporarily restricted or completely ceased on three occasions as follows:

First lockdown March - July 2020

Second lockdown November - December 2020

Third lockdown December 2020 - to the current time

When the government permitted churches to re-open after the first lockdown, the Vicar convened a small team, including the clergy and churchwardens, who assessed the risks of allowing people back in the church and attempted to mitigate these risks through the introduction of a number of additional procedures and measures to comply with social distancing requirements. These risk assessments and procedures had to be updated throughout the year as the guidance changed. During the third lockdown, places of worship were given more discretion as to whether they should open, based on their own local risk assessment. A dispensation was sought from the Bishop in December 2020 to not hold public worship in King Charles as the transmission rates were so high in the area that it was not deemed safe.

Prior to the pandemic, the Church held three regular services on Sundays to cater for the differing needs of the congregation, as well as mid-week services and additional celebrations at the major festivals of Christmas and Easter. When it was possible to hold public services again, two Sunday morning services were held, which alternated between King Charles the Martyr and St Mark's. The average number of people who could attend church in person was severely limited, based on the risk assessment, in order to maintain social distancing. Due to the timing of the lockdowns, no public worship was held in the church over the major festivals at Easter or Christmas.

As an alternative to attending church in-person, a huge effort was dedicated to live streaming as many of the Sunday and mid-week services that would normally have been held, so that people could access them in their own homes via the internet or telephone. King Charles and St Mark’s shared the streaming of their services in order to ensure that there has been one 8am and 10am Holy Communion and a service of evening prayer each Sunday. During the first lockdown services were mainly streamed from the clergy’s own homes. Over the course of the year when permitted, many more services were streamed from church. Even when public worship was able to take place, services continued to be live streamed due to the reduced numbers that the church can physically accommodate.

The regulations regarding baptisms, weddings and funerals changed throughout the year with the number of people who could attend being very restricted.

King Charles continued to be very fortunate in having a strong musical tradition with many competent musicians and organists in the congregation and both children and adults who sing in the choirs. Unfortunately, the pandemic severely impacted both choral singing and the wider concert programme this year.

Pastoral Care

Throughout the entire year, the parish secretaries, clergy team and churchwardens worked to maintain contact with the congregation. The Parish Office circulated weekly emails inviting people to get in touch if they had any questions or were in need of any assistance. The Parish Magazine continued to be produced and posted.

Deanery Synod

Three members of the PCC sit on the deanery synod. This provides the PCC with an important link between the parish and the wider structures of the church. In 2020 Synod held three meetings. In February the main topic of the meeting, held in St Mark’s Church, was a presentation from the Growth Enabler of the Tonbridge Archdeaconry on “Called to Grow”. Planning around this diocesan strategy, with which all parishes were engaged and would have been a focus for the year ahead, was halted by the onset of the pandemic and consequent lockdowns and restrictions.

The next two meetings were both held via video conference. The Archdeacon of Tonbridge joined the July meeting and gave her reflections on the effects of the first lockdown and the closure of all church buildings on church life. At the November meeting the Bishop of Tonbridge gave his thoughts on the year to date and what might lie ahead.

Mission and Outreach

The PCC agreed to grant £5,000 to a Covid Relief Fund established by the Diocese of Rochester. The Outreach Committee also selected some charities for support. Details of the amounts raised for each of the charities are given in Note 18 to the financial statements.

KCM also participated in the Friends of Kent Churches annual ‘Sponsored Ride and Stride’ which once again raised valuable funds in 2020.

The Church tried to continue to give in different ways to our local Food Bank, known as Nourish, alongside supporting a new Community Larder that has been set up at St Mark’s Church.

For children and young people, the King Charles Cavaliers and Cafe Cavaliers met regularly, along with the crèche until the first lockdown in March 2020. However, the pandemic meant that many children’s activities were not able to take place. Attempts were made to continue links with local schools, albeit through remote contact for much of the year, including the Mead School, Claremont Primary School and Bennett Memorial Diocesan School. The Rev’d Laurence Powell continues to be a foundation governor of St Mark’s C of E Primary School in Broadwater Down.

The activities that were able to take place in the Church Hall this year were also been severely curtailed since the introduction of the first lockdown in March 2020. A Church Hall Committee was reestablished to manage a gradual re-opening when the first lockdown ended in the summer months. The committee carried out a risk assessment and introduced new guidelines for anyone wanting to use the hall in order to comply with the government’s guidance. In practice, many of the usual activities did not take place in the hall this year.

Volunteers

As always, the PCC is indebted to the many volunteers who contributed to the operation of the church including those: who kept the church open when possible; created beautiful floral displays in Church; tended to the Church Hall garden, and enabled church services, social activities and communication between the many different groups to take place, albeit often remotely via conference calls and live streaming.

Repairs and Maintenance

Over the past year, various activities were undertaken on the fabric on the church and its hall. These included: a full survey on the overall condition of the church hall; refurbishments to the church hall flat and repairs to the church hall roof.

FINANCIAL REPORT

The restrictions on the church's activities due to Government regulations attempting to combat the impact of the Coronavirus pandemic had a significant impact on the income in 2020. The PCC monitored closely the financial position over the year. The financial outcome of 2020 was a reduction in the unrestricted funds of nearly £30,000.

The closure of the church due to the lockdown restrictions led to a significant fall in collection income and planned giving collected as part of a church service. While these shortfalls were partly compensated by an increase in one-off donations from parishioners and the introduction of a facility to donate on-line, the overall level of church income was some £20,000 lower compared to the previous year. The Hall flat was fully let from April 2020 at an increased rent following its refurbishment, but the lockdown restrictions meant that the income from hiring out the Hall itself was greatly reduced. The overall income in the unrestricted funds was approximately £35,000 less than the previous year.

The impact of the lockdown led to some usual expenses such as cleaning and utilities being saved but also led to increased costs elsewhere, in particular secretarial fees as a result of greater involvement with communicating with parishioners and an investment in equipment to stream church services. There was some capital expenditure in completing the refurbishment of the Hall flat and purchasing new chairs for the Hall. A major architectural survey of the Hall was undertaken during the year and it is anticipated that significant expenditure will be needed in the next few years in the light of that survey; the cost of the work would be met from the repair fund for the Hall but will also need to draw on the general reserves.

While there was a large reduction in the available funds over the year, the PCC still has substantial reserves and the PCC does not currently have any concerns about its ability to continue as a going concern. The position continues to be monitored closely.

PLANS FOR 2021

In 2021, the Vicar and the PCC plans to continue to minister to the local population and to its members, providing teaching and worship through its regular services and to support mission and pastoral care activity locally, in the UK and in other countries. It is recognised that much of this may have to continue to be undertaken through streaming services and on-line forums, whilst the pandemic still necessitates remote working and social distancing.

Approved by the PCC on 19 April 2021 and signed on its behalf by Rev'd Laurence Powell, Chair of the PCC

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF KING CHARLES THE MARTYR, TUNBRIDGE WELLS

BALANCE SHEET AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible assets
6
Investments
7
Total fixed assets
CURRENT ASSETS
Church shop stock
Debtors and prepayments
9
Diocesan Repair Funds
10
Diocesan Loan Funds
11
Balances at Banks
12
Total current assets
LIABILITIES
Creditors falling due within one year
13
Net current assets
TOTAL NET ASSETS
FUNDS
Funds designated for repairs
Other unrestricted funds
Restricted funds
16
Total funds
Approved by the Parochial Church Council on
19 April 2021 and signed on its behalf by		 2020
200,000
103,843
303,843
0
2,145
45,429
109,899
16,800
174,273
(12,808)
161,465
465,308
47,449
198,602
219,257
465,308		 2019
200,442
106,043
306,486
83
3,745
35,107
134,944
44,996
218,877
(28,120)
190,756
497,242
35,107
240,817
221,318
497,242
Chairman
Hon Treasurer

STATEMENT OF FINANCIAL ACTIVITIES

For the year ending 31 December 2020

Note
INCOME AND ENDOWMENTS
Donations and legacies
2(a)
Charitable activities
2(b)
Other trading activities
2(c)
Investments
2(d)
Total
EXPENDITURE
Raising funds
3(a)
Church and Charitable Activities
3(b)
Church management and administration
3(c)
Total
Net gains/(losses) on investments
NET INCOME / (EXPENDITURE)
Transfers between funds
17
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward		 110,171
0
110,171
1,032
1,375
2,407
25,428
0
25,428
4,063
60
4,123
140,693
1,436
142,129
3,948
0
3,948
88,535
1,418
89,953
74,947
2,708
77,656
167,430
4,127
171,557
(2,507)
0
(2,507)
(29,243)
(2,691)
(31,934)
(630)
630
0
(29,873)
(2,061)
(31,934)
275,924
221,318
497,242
246,051
219,257
465,308
Unrestricted
funds
Restricted
funds
Total funds
2020		 130,310
15,571
36,224
4,588
Total
funds
2019
186,693
3,678
99,928
98,291
201,896
15,437
234
0
234
497,008
497,242

STATEMENT OF CASH FLOWS

For the year ending 31 December 2020

Note
Net cash provided by operating activities
14
Cash flow from investing activities
Dividends and interest
2(d)
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 (46,738)
4,123
0
(306)
3,817
(42,920)
215,048
172,128
Total funds
2020		 (31,862)
4,588
0
(335)
Total funds
2019
4,253
(27,609)
242,657
215,048

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, together with applicable accounting standards, the Charities SORP 2015 and Financial Reporting Standard 102. This basis is the same as that used in the financial statements for 2019.

The restrictions on the church's activities due to Government regulations attempting to combat the impact of the Coronavirus pandemic had a significant impact on the income in 2020. The PCC monitored closely the financial position over the year. The reserve position continues to remain strong and the PCC does not currently have any concerns about its ability to continue as a going concern. The position continues to be monitored closely.

Fund Accounting

Unrestricted funds are funds that may be used for any PCC ordinary purpose.

Restricted funds represent donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Amounts received specifically for other charities are dealt with as restricted funds.

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used, either as restricted or unrestricted funds. KCM has no endowment funds and so these . statements make no reference to endowment funds.

Income recognition

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the income resource to which they relate is received. No claim was made under the Gift Aid Small Donations Scheme (GASDS) in 2020 as the amount due was minimal and a claim will be made in 2021. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due and the amount can be properly determined. Dividends are accounted for when received, interest is accrued. Rental income on the Hall flat is recognised when earned. All other income is recognised when it is receivable.

Expenditure recognition

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 PCC's offer to the Diocese is accounted for when due. All other expenditure is recognised when it is incurred.

Fixed Assets

Consecrated and benefice property is not included in accordance with s.96(2)(a) of the Charities Act 1993. Moveable church furnishings held on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the Church's inventory.

Equipment used within the Church is depreciated on a straight-line basis over 4 years. Individual items with a purchase price of 1,500 or less are written off when the asset is acquired.

The Hall is included at a nominal value as there is no intention to sell within the foreseeable future. The PCC takes the view that a full valuation or further revaluations in the future would not enhance the relevance of the information provided in these statements.

Current assets

Current assets are cash in hand and money deposited with banks or the funds provided by the Diocese of Rochester. Their value has been taken as the full value of the deposits.

Debtors and Creditors

Amounts owed under Debtors have been valued as the full amount due to the PCC without allowance for any potential bad debts.

Amounts owed by the PCC under creditors have been valued as the full amount due to be paid by the PCC.

Investments

Investments are valued at their realisable value at the end of each year. The difference in the realisable value over 2019 is shown as unrealised investment gains or losses and transferred to the Statement of Financial Activities.

Church Shop

The stock in the Church Shop has been fully written off.

2
INCOME
a
Income from donations and legacies
Collections
Planned Giving under Gift Aid
Planned Giving not under Gift Aid
Other donations under Gift Aid
Other donations not under Gift Aid
Donations received via CAF
Income tax recovered
Income tax recovered under GASDS
Legacies
b
Charitable Activities
Fees for Church Services
Donations for other charities
Income tax recovered on donations
c
Other trading activities
Hall flat rental income
Parking income
Hall Hire fees
Church hire
Traidcraft
Church shop
Magazine, bookstall, publications
Sale of old hall chairs
d
Income from investments
Dividends
Interest
TOTAL INCOME		 Total 2020
2,260
0
2,260
67,711
0
67,711
4,530
0
4,530
9,157
0
9,157
6,005
0
6,005
1,289
0
1,289
19,218
0
19,218
0
0
0
0
0
0
110,171
0
110,171
1,032
0
1,032
0
1,270
1,270
0
105
105
1,032
1,375
2,407
10,700
0
10,700
960
0
960
11,709
0
11,709
0
0
0
600
0
600
120
0
120
838
0
838
500
0
500
25,428
0
25,428
3,531
0
3,531
532
60
592
4,063
60
4,123
140,693
1,436
142,129
Unrestricted
funds
Restricted
funds		 Total 2019
12,862
80,197
5,911
0
4,049
3,243
20,049
2,000
2,000
130,310
4,003
11,178
389
15,571
5,353
960
25,890
950
1,093
620
1,358
0
36,224
3,944
643
4,588
186,693
3
EXPENDITURE
a
Raising funds
Traidcraft
Church shop
Cost of magazine
Hall flat management costs
Investment management charges
b
Church and Charitable Activities
Donations to other Charities (see also note 18)
Offer to the Diocese of Rochester
Other ministry costs
Cost of services
King Charles Lecture
Twinning with Haapsalu
Social events
Other Parish costs
c
Church management and administration
Printing/stationery/postage
Administration costs
Streaming costs
Secretarial fees
Bank charges
Insurance
Church maintenance & cleaning
Church hall maintenance & cleaning
Organ Repairs
Church exterior planting
Purchase of new hall chairs
Depreciation
TOTAL EXPENDITURE		 Total 2020
264
0
264
83
0
83
1,435
0
1,435
1,980
0
1,980
186
0
186
3,948
0
3,948
5,520
1,418
6,938
75,840
0
75,840
5,271
0
5,271
652
0
652
600
0
600
34
0
34
0
0
0
618
0
618
88,535
1,418
89,953
4,164
0
4,164
2,958
0
2,958
3,344
0
3,344
13,512
0
13,512
479
0
479
6,742
0
6,742
14,337
0
14,337
13,619
0
13,619
0
2,640
2,640
0
68
68
15,350
0
15,350
442
0
442
74,947
2,708
77,656
167,430
4,127
171,557
Unrestricted
funds
Restricted
funds		 Total 2019
1,191
106
1,567
627
186
3,678
12,579
75,840
6,692
2,730
490
0
300
1,297
99,928
3,362
6,054
0
7,045
713
6,641
22,026
51,911
0
96
0
442
98,291
201,896

4 FEES AND PERSONAL EXPENSES

KCM does not employ any staff. Secretarial services in the Parish Office were provided by members of the Church who work on a self-employed basis, submitting invoices for their time spent. The cost in 2020 was 13,512 (2019: 7,045)

No expense payments were made to members of the PCC in 2020 (2019: nil) other than reimbursement of normal out of pocket expenses. Expenses paid to the Vicar, Associate Vicar and Curate form part of the Other ministry costs shown in Note 3(b); in 2020 these expenses totalled 702 (2019: 2465)

5 RELATED PARTY TRANSACTIONS

There were no related party transactions in 2020 (2019: none).

During 2020 members of the PCC and related parties made contributions under Planned Giving of 17,796 (2019: 10,292).

6 FIXED ASSETS

FIXED ASSETS
Freehold land Church Total
Tangible fixed assets and buildings equipment
Actual deemed cost 1 January 2020 200,000 7,162 207,162
Additions at actual cost 0 0 0
Cost 31 December 2020 200,000 7,162 207,162
Depreciation brought forward 1 January 2020 0 6,720 6,720
Charge for the year 0 442 442
Depreciation 31 December 2020 0 7,162 7,162
Net book value at 31 December 2019 200,000 442 200,442
Net book value at 31 December 2020 200,000 0 200,000
INVESTMENTS
2020 2019
31803.74
BMO Responsible UK Equity Income		 41,790 48,023
3033.6
CBF Church of England Investment Fund		 62,027 58,021
Cash held for re-investment 25 0
103,843 106,043

7 INVESTMENTS

There was no change in the PCC's holding in these funds other than due to rebates totalling 305.72 received from the investment platform managers of the BMO fund. Due to HMRC restrictions these rebates were reinvested in the fund and are included within the dividends received in Note 3 above.

Investment Policy

KCM undertakes to manage its financial investments in accordance with the following principles:

▪To act in accordance with the legal requirements and good practice guidelines, issued by the Charity Commission regarding charity investments, including: reviewing investments at least annually; maintaining a reasonable level of diversification in relation to the size of the investment portfolio; taking advice where appropriate from someone experienced in investment matters.

▪To hold investments that conform to the ethical investment framework determined by the Church of England's Ethical Investment Advisory Group or a similar ethical framework.

▪To hold investments designed to produce an income yield, but with sufficient level of growth to maintain their capital value

▪To hold investments on the basis of a 'balanced/cautious' attitude to risk.

▪To review this Investment Policy once every three years.

The investment policy was last reviewed in 2019 when the PCC agreed to leave it unchanged.

8 RESERVES POLICY

Balances in the Repair Funds are designated for future repairs of the Church and Hall, mainly arising from the quinquennial inspection. Other investments are considered to be free reserves. The PCC considers these reserves should be maintained to provide: a) income,

b) funds to be available to meet any shortfall between income and expenditure, and

c) a fund to meet the cost of any essential repairs to the Grade 1 listed Church that may not be covered by other sources. Reserves should, if possible, be maintained at a minimum of 50% of the annual resources used including the transfer to the the repair funds, i.e. at least 85,000. In assessing the amount of assets available, the value of any equity-type investments is taken as 50% if its then current market value.

The reserves policy was last reviewed in 2019 when the PCC agreed on the above.

The present level of reserves is in excess of the target figure and is available to meet income shortfalls due to the closure of the church due to the Coronavirus pandemic. The PCC will review the level of reserves at such time as it is deemed that the income level has stabilised.

9 DEBTORS AND PAYMENTS IN ADVANCE

9 DEBTORS AND PAYMENTS IN ADVANCE
2020 2019
Income tax recoverable 843 2,312
Other debtors 1,302 1,434
2,145 3,745
10 DIOCESAN REPAIR FUNDS
2020 2019
Re Church 31,496 22,414
Re Hall 13,934 12,693
47,449 35,107
11 DIOCESAN LOAN FUNDS
2020 2019
General fund 96,505 121,101
Organ Appeal 13,394 13,844
109,899 134,944
12 BALANCES AT BANKS
2020 2019
Church current account 2,727 12,560
Hall current account 6,113 3,982
Lloyds Savings account 7,961 28,455
16,800 44,996
13 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
Creditors: accruals
Re Church 6,060 7,049
Re Hall 6,748 21,071
12,808 28,120
14 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2020 2019
Net income for the reporting period (31,934) 234
Depreciation charge 442 442
(Gains)/losses on investments 2,507 (15,437)
Dividends and interest (4,123) (4,588)
(increase)/decrease in stocks 83 106
(increase)/decrease in debtors 1,600 (857)
Increase/(decrease) in creditors (15,312) (11,762)
Net cash provided by operating activities (46,738) (31,862)
15 ANALYSIS OF NET ASSETS BY FUND
Unrestricted Restricted 2020 2019
Tangible fixed assets 0 200,000 200,000 200,442
Investment assets 103,843 0 103,843 106,043
Current assets 155,017 19,256 174,273 218,877
Current liabilities (12,808) 0 (12,808) (28,120)
246,052 219,256 465,308 497,242

16 RESTRICTED FUND DETAILS

There are no endowment funds.

The Restricted Fund comprises the following amounts: 2020 2019
a) Nominal value of Church Hall. 200,000 200,000
b) Vicar's discretionary fund 1,271 1,315
c) Organ appeal fund (see Note 17) 13,574 15,524
d) Music legacy fund 4,258 4,258
e) King Charles' Prayer Book fund 67 67
f) Church Exterior fund 86 154
219,256 221,318

During 2020 Restricted Funds also operated in respect of donations for outreach charities.

Two legacies totalling 6,000 were received in 2016 from the late Paul Barker and the late Sheila Rogers. Each of these legacies specified that the money should be used to further the musical heritage of the Church and a separate restricted fund has been established. There was no expenditure from this fund in 2020.

In 2017 an appeal was launched to purchase an original copy of King Charles' Prayer Book. A total of 815 was collected which attracted 50 in Gift Aid. The book was bought for 800 and the balance of money collected will be used to help cover the cost of suitable storage for the book.

In 2017 an amount of 500 was received for the specific purpose of providing and filling planters at the front of the church's exterior. This amount was given under Gift Aid. The planters were donated and an amount of 68 was spent on planting in 2020. The balance will be used to purchase plants in future years.

17 ORGAN APPEAL

In the past the organists waived their entitlement to a fee for playing at services to the benefit of the Church's general funds. With effect from 1 January 2016, the PCC agreed to transfer such fees to the Organ Appeal fund. Further, the Director of Music has waived his honorarium in favour of the Organ Appeal fund with effect from 1 April 2016. A total of 630 was transferred to the Organ Appeal fund from the Church's general funds in respect of 2020 (2019: 3,450) as a result of these agreements.

18 DONATIONS TO CHARITIES

DONATIONS TO CHARITIES
From From
General Restricted
Fund Funds
a Home Missionary and other Church Societies
Children's Society 0 8
Christian Aid 0 325
TW Youth for Christ 0 210
Community Larder 0 500
Friends of Rochester Cathedral 20 0
College of St Barnabas 500 0
Diocese of Rochester Covid relief fund 5,000 0
5,520 1,043
b Secular Societies
Porchlight 0 315
Dementia UK 0 8
Young Minds 0 8
0 331
c Missionary and Charitable Giving
Vicar's discretionary fund 0 44
TOTAL 5,520 1,418

19 PRIOR PERIOD COMPARATIVE SOFA

For the year ending 31 December 2019

INCOME AND ENDOWMENTS
Donations and legacies
Charitable activities
Other trading activities
Investments
Total
EXPENDITURE
Raising funds
Church and Charitable Activities
Church management and administration
Total
Net gains/(losses) on investments
NET INCOME / (EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
Total funds carried forward		 130,310
0
130,310
4,003
11,567
15,571
36,224
0
36,224
4,536
51
4,588
175,074
11,619
186,693
3,678
0
3,678
88,006
11,922
99,928
98,194
96
98,291
189,878
12,018
201,896
15,437
0
15,437
633
(399)
234
(3,450)
3,450
0
(2,817)
3,051
234
278,741
218,268
497,008
275,924
221,318
497,242
Unrestricted
funds
Restricted
funds
Total funds
2019		 132,516
15,554
41,890
4,393
Total funds
2018
194,354
4,290
98,107
87,796
190,193
(6,614)
(2,454)
0
(2,454)
499,462
497,008

Independent Examiner's report to the PCC of the Parish Church of King Charles the Martyr, Tunbridge Wells For the year ended 31 December 2020 report on my examination of the acwunts of the PCC for the year ended 31" December 2020 Responsibilities and basis of report As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,) and the Church Accounting Regulations 2006. I report in respect of my examination of the PCC accounts 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}(bl of the Act, and also those found in Church guidan￿, 2017 edition. Indèpendent examinerfs statement I have completed my examination. I confirm that no matters have come to my 8ttention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act.. or the accounts do not accord with those records 3. the accounts do not comply with the applicable requirements Con￿rning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no cOn￿M5 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 undefstanding of the accounts to be reached. Yours faithfully Christopher Weller, FCA 9 Calverley Park Tunbridge Wells Kent TN12SH .76 l i