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2021-12-31-accounts

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

ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2021

REGISTERED CHARITY 1128993

Introduction

I have now served King Charles the Martyr for over five years. Like the previous year, 2021 has been another year of responding to the global pandemic. Whilst this has continued to be challenging, it has also been a time of looking forward and coming together as a church community.

As always, I want to introduce this report by giving my particular thanks to our team of dedicated and talented ministers, lay and ordained and the many members of the congregation who have volunteered in different roles. I am particularly indebted to the clergy team and lay readers; our Parish Secretaries and Churchwardens; everyone who has maintained the very high standard of music at King Charles, the volunteers who have kept the Church open and the team who have enabled so much to be placed on-line and ‘live-streamed’. It cannot go without saying, how grateful I am to all the people who have been involved in volunteering to lead, support and participate in all the many different activities within the Church.

We look forward to continuing to foster and enjoy the close relationship with our sister parish of St Mark’s and developing our plans to serve the local community. We pray that King Charles will continue to flourish as a welcoming place of fellowship and worship.

Revd Laurence Powell Chair of the Parochial Church Council

PAROCHIAL CHURCH COUNCIL REPORT

AIMS AND PURPOSES

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 Vicar and the Churchwardens, 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, Tunbridge Wells.

During 2021, the operation of the PCC continued to be affected by the global pandemic restrictions caused by a coronavirus. PCC meetings, the Annual Parochial Church Meeting (APCM) and the Annual Meeting were held on-line using 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.

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community. The PCC maintains an overview of worship and tries to ensure that our services and activities can involve the many groups that live within our parish.

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.

COMMITTEES

Standing Committee

The PCC operates through committees, which meet between the full meetings of the PCC. The Standing Committee is the only committee required by law. 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 of the PCC, Treasurer, Chairman of the Fabric Committee and Secretary, with input as required from others. All standing committee meetings were convened via video conference call in 2021.

SAFEGUARDING

KCM has two appointed safeguarding leads, who have worked hard to try and comply with KCM’s 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 2021

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’s requirement for public benefit.

Worship and Prayer

The main activities of King Charles the Martyr included 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.

Whilst all the main activities were carried out in 2021, at times of national and local lockdowns, many of these activities had to be undertaken differently and were sometimes seriously curtailed.

In response to the global pandemic, the National Government, Church of England and Diocese issued guidance to places of worship prescribing how they could operate. During 2021 churches were given more discretion as to whether they should open based on their own local risk assessment. Dispensations were sought from the Bishop to not hold public worship in King Charles for the first three months of the year as the transmission rates were so high in the area. During this time the clergy team of King Charles and St Mark’s worked in partnership to stream services on-line to the congregations.

On Palm Sunday, the 28th March 2021, services gradually resumed in the Church. The Vicar led a small team throughout the year, including the clergy and churchwardens, who assessed the risks of allowing people back in the church. Measures were put in place in an attempt to mitigate these risks and comply with the Government’s requirements.

From June onwards, King Charles returned to holding 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. Whilst attendance was still reduced from pre-pandemic levels a full programme of services was held over Christmas 2021. In order to cater for as many people as possible, live streaming of KCM’s services continued as an alternative to attending the church.

The regulations regarding baptisms, weddings and funerals similarly changed at different times during the year with attendance being restricted at times.

During 2021, King Charles continued to be fortunate in having a strong musical tradition with many talented musicians and organists in the congregation and both children and adults who sing in the choirs. As the year progressed, choral singing gradually resumed with a variety of safeguards in place and the wider concert programme also re-started.

Future relationship between King Charles the Martyr and St Mark’s Church

Initial conversations commenced in the early months of 2021 about the options for the future relationship between King Charles and St Mark’s. For various reasons, it was agreed in April that consideration of these options should be paused. Further discussions will take place in 2022.

Pastoral Care

The clergy team, churchwardens and parish administrators have worked hard to maintain contact with the congregation throughout the year. 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 was also produced and posted when possible.

Deanery Synod

As in 2020, Deanery Synod business was severely curtailed by the restrictions of the pandemic and just two meetings were possible. The first on-line meeting in June elected representatives to the Rochester Diocesan Synod and then held a discussion that covered: the future of the Diocese; the Vacancy in See; the relationship between Tunbridge Wells and Rochester and the role of the programme entitled ‘Called to Grow’. The second meeting took place in-person and featured a presentation from the Area Dean. The Synod plans to meet on three occasions in 2022.

Mission and Outreach

The PCC selected three charities to support in 2021. Details of the amounts raised for each of the charities are given in Note 18 to the financial statements. The Church tried to continue to give in different ways to our local Food Bank, alongside supporting the Community Larder that operates from St Mark’s Church.

KCM also participated in the Friends of Kent Churches annual ‘Sponsored Ride and Stride’ which once again raised valuable funds in 2021.

Whilst the pandemic meant that many children’s activities were not able to take place in the first few months of 2021, Junior Church resumed in September. Attempts were made to continue links with local schools, albeit at times this had to be done remotely, including the Mead School, Claremont Primary School and Bennett Memorial Diocesan School. The Rev’d Laurence Powell acted as a foundation governor for St Mark’s Church of England Primary School in Broadwater Down.

The activities that were able to take place in the Church Hall this year were reduced due to the pandemic restrictions. The Church Hall Committee managed the gradual re-opening of the hall for rental when permitted in the second half of the year.

During the second half of 2021, the PCC established a Working Committee to consider the potential for the development of the Church Hall so that it is better placed to meet the needs of the local community. Proposals will be developed in 2022 for discussion and consultation.

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 participated in leading different elements of the church services, its music and social activities. Despite the restrictions, communication within some of the many different groups, continued remotely where possible.

Repairs and Maintenance

Over the past year, various activities were undertaken on the fabric of the church and its hall. These included: repairs to the Church Hall roof, including new the roof lights and windows, and the pursuing of an application for a faculty (the Church of England equivalent of a listed building consent application) to make some minor changes to the lay-out of the north isle of the Church to incorporate a children’s corner and relocate the ‘quiet corner’.

Every five years the Diocese arranges for an architect to inspect the church, to assess its condition and to outline works which need to be attended to - the Quinquennial Inspection (QI) which is carried out as a requirement of the Ecclesiastical Jurisdiction and Care of Churches Measure 2018, as amended by the Church of England (Miscellaneous Provisions) Measure 2020.The QI has identified a number of matters which need to be addressed, including redecorating the clock turret, cupola, other high level joinery, the west cornice and the windows; improving the ventilation in the sacristy; and some very minor low level repairs to brickwork. These will be addressed over the coming months.

Flnancial Report The restfictions on the church's activities due to Government regulations attempting to combat the impact of the Coronamrus pandemic continued to have a signith.canl impact on the income in 2021. The PCC monitored closety the Inanciai position DweT the yeay. The very fav(X￿a￿le incTea5e in the value of the equity fund investments of ￿Most £14,000 led to a net increase in the unrestricted funds of £3,420 over the course of the year. However, the outhow of other lunds available to the PCC was slightty in excess of £10,000. While 2021 wa5 better than the previous year, the enforced closure of the church due to the lock- down restrith.ons at various times plu5 reduced congregation sizes led to collection income and planned giving collected as part of a church service much reduced from PTior years. The Church benefited from a legacy of £3,1)OQ but. beyond Ihat, the income for the yew was little higher than 2020 and muth down fiom pre￿dIng year5. The Hall flat was fulty let over the year, but the lock- down restrithions meant that the income from hiring out the Hail ttsem wa5 greatly ieduGed from earlier years ￿thOUgh there was an enGourauing increase in its usp towards the end of the year. The regular expenditure was little changed from the previous year amhough there were major costs of nearly £18,000 incurred on the fabric of the Hatl with further work required over the course of 2022 and beyond. Part ol Ihe cost in 2021 was met from the HJI repwr fund bui Iheie was also a need to draw on Ihe general reserves and those reserves will be needed to meet the likety luture cosls. The PCC still significant reserves in exce5S Ot the £85,000 suggested by its reserves poliry. While the reserves will be materially aflected by the need for further repair work io the Hal fabric the pcc does not curientty have any conceins about its abilty to continue as a going concern but continues lo monitor the fillancial position closely. PLANS FOR 2022 In 2022, the Vicar and the PCC plan to continue to minister to the local population and to its mem- befs, pro)ridSng teaching and worship Ihrough its regular servlces and to support misyon and D&-. tor& care aetivty locally. in the UK and in other countries. Discussion will continue about the tutuye relationship between King Chwles the Martyr and St m￿￿'S and prowsals will be developed for the future use of the Church Hall. L YPCLLLLI Approved by the PCC on 19 April 2022 and signed on its behalf ?Evd Laurence Powell. Ch￿r of the PCC

Administrative Information

The following administrative information, for the year ended 31[st] December 2021, 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
84 Mount Pleasant Road
Tunbridge Wells
TN1 1RB
Independent Examiner Mr C 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 2021 the members of the PCC were:

Vicar The Revd Laurence Powell Associate Vicar The Revd Canon Sarah Partridge Associate Vicar The Revd Claire Allwood Churchwardens Norma Buck (elected May 2021) Linda Sorenson (elected May 2021 until November 2021) Vice Chair Michael Eliades (elected May 2021) Treasurer Alan Lockie (from July 2013) Representatives on the David Bushell (elected Oct 2020) Deanery Synod Alice MacFarlane (elected Oct 2020) (Also Fabric Committee Chair) Richard Morrice (elected Oct 2020) Representatives on the Norma Buck (from April 2012) Diocesan Synod and Paul Clark (from April 2017) Deanery Synod Elected Lay Members listed in date order that they were last elected: Lisa Halsall (elected April 2018 until May 2021) Bridget Roberts (elected April 2018 until May 2021) Rod Taylor (elected April 2018 until May 2021) Michael Bacon (elected April 2019) Assistant to The Wardens Marilyn Dove (elected April 2019) Olivia de Lucy (elected April 2019) Julian McCrae (elected April 2019) PCC Secretary Mary Bishop (elected Oct 2020) Anna Astin (elected May 2021) Emma Burns (elected May 2021) John Cornish (elected May 2021) Paul Desrosiers (elected May 2021) Elizabeth Doyle (elected May 2021) Ruth Willis (elected May 2021)

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.

Independent Examiner’s report to the PCC of the Parish Church of King Charles the Martyr, Tunbridge Wells

For the year ended 31[st] December 2021

I report on my examination of the accounts of the PCC for the year ended 31[st] December 2021

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)(b) of the Act, and also those found in Church guidance, 2017 edition.

Independent examiner’s statement

I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Yours faithfully

Christopher Weller, FCA

9 Calverley Park Tunbridge Wells Kent TN1 2SH

25 March 2022

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF KING CHARLES THE MARTYI< TUNBRIDGE WELLS BALANCE SHEEf AT 31 DECEMBER 2021 2021 2020 FIXED ASSETS Tangible assets Investments 200,000 118,179 200.000 103.843 Total fixed a8set8 318,179 303.843 CURRENT ASSETS Debtors and prepayments Diocesan Repair Funds Diocesan Loan Funds Balances al Banks 7,874 44.513 90,139 21,285 2,145 45,429 109,899 16,800 10 11 12 Total current assets 163.811 174,273 LIABILITIES Creditors falling due within one year 13 {20,534) 112,808) Nfrt ¢urrent a880ts 161.466 TOTAL NET AP￿ETs 461,457 465 308 FUNDS Funds designated for repairs Olher unrestricted funds Restricted funds Total funds 44,513 190.842 226,102 47,449 198,602 219.257 16 Approved by the Par(thial Church Council on 19 April 2022 and signed on its behalf by Chainnan Hon Treasurer

STATEMENT OF FINANCIAL ACTIVITIES

For the year ending 31 December 2021

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		 115,777
5,424
121,201
1,106
2,182
3,288
33,897
0
33,897
3,765
32
3,797
154,545
7,638
162,183
3,360
0
3,360
83,034
2,628
85,662
90,965
24
90,989
177,359
2,653
180,012
13,978
0
13,978
(8,836)
4,985
(3,851)
(1,860)
1,860
0
(10,696)
6,845
(3,851)
246,051
219,257
465,308
235,355
226,102
461,457
Unrestricted
funds
Restricted
funds
Total funds
2021		 110,171
2,407
25,428
4,123
Total
funds
2020
142,129
3,948
89,953
77,656
171,557
(2,507)
(31,934)
0
(31,934)
497,242
465,308

STATEMENT OF CASH FLOWS

For the year ending 31 December 2021

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		 (19,628)
3,797
0
(359)
3,438
(16,190)
172,128
155,938
Total funds
2021		 (46,738)
4,123
0
(306)
Total funds
2020
3,817
(42,920)
215,048
172,128

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 2020.

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 2021. 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 significant concern about its ability to continue as a going concern for the foreseeable future. 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. 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 2020 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
Specific Appeals
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 2021
4,580
0
4,580
68,088
0
68,088
5,436
0
5,436
11,579
0
11,579
1,042
0
1,042
1,260
0
1,260
19,848
15
19,863
944
0
944
0
409
409
3,000
5,000
8,000
115,777
5,424
121,201
1,002
0
1,002
104
2,182
2,286
0
0
0
1,106
2,182
3,288
15,000
0
15,000
920
0
920
14,685
0
14,685
550
0
550
353
0
353
0
0
0
2,389
0
2,389
0
0
0
33,897
0
33,897
3,472
0
3,472
293
32
325
3,765
32
3,797
154,545
7,638
162,183
Unrestricted
funds
Restricted
funds		 Total 2020
2,260
67,711
4,530
9,157
6,005
1,289
19,218
0
0
0
110,171
1,032
1,270
105
2,407
10,700
960
11,709
0
600
120
838
500
25,428
3,531
592
4,123
142,129
3
EXPENDITURE
a
Raising funds
Traidcraft
Church shop
Cost of magazine
Hall flat management costs
Investment management charges
b
Church and Charitable Activities
Grants given (see also note 18)
Offer to the Diocese of Rochester
Other ministry costs
Cost of services
King Charles Lecture
Twinning with Haapsalu
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
Church hall roof repairs
Organ Repairs
Church exterior planting
Purchase of new hall chairs
Depreciation
TOTAL EXPENDITURE		 Total 2021
83
0
83
0
0
0
1,358
0
1,358
1,836
0
1,836
84
0
84
3,360
0
3,360
124
2,353
2,477
75,840
0
75,840
5,390
0
5,390
684
75
759
148
0
148
0
0
0
848
200
1,048
83,034
2,628
85,662
3,941
0
3,941
2,068
0
2,068
910
0
910
14,784
0
14,784
491
0
491
6,876
0
6,876
10,985
0
10,985
18,424
0
18,424
32,486
0
32,486
0
0
0
0
24
24
0
0
0
0
0
0
90,965
24
90,989
177,359
2,653
180,012
Unrestricted
funds
Restricted
funds		 Total 2020
264
83
1,435
1,980
186
3,948
6,938
75,840
5,271
652
600
34
618
89,953
4,164
2,958
3,344
13,512
479
6,742
14,337
13,619
0
2,640
68
15,350
442
77,656
171,557

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 2021 was 14,784 (2020: 13,512) One of those providing the secretarial services was a member of the PCC and that person received 6,264 for their work in 2021.

No expense payments were made to members of the PCC in 2021 (2020: 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 2021 these expenses totalled 449 (2020: 702)

5 RELATED PARTY TRANSACTIONS

There were no related party transactions in 2021 (2020: none).

During 2021 members of the PCC and related parties made contributions under Planned Giving of 18,086 (2020: 17,796).

6 FIXED ASSETS

Tangible fixed assets
Actual deemed cost 1 January 2021
Additions at actual cost
Cost 31 December 2021
Depreciation brought forward 1 January 2021
Charge for the year
Depreciation 31 December 2021
Net book value at 31 December 2020
Net book value at 31 December 2021
7
INVESTMENTS
31,979.42
BMO Responsible UK Equity Income
3033.6
CBF Church of England Investment Fund
Cash held for re-investment		 Freehold land
Church
Total
and buildings
equipment
200,000
7,162
207,162
0
0
0		 Freehold land
Church
Total
and buildings
equipment
200,000
7,162
207,162
0
0
0
200,000
7,162
207,162
0
7,162
7,162
0
0
0
0
7,162
7,162
200,000
0
200,000
200,000
0
200,000
2021
2020
47,234
41,790
70,946
62,027
0
25
118,179
103,842
118,179
103,842

There was no change in the PCC's holding in these funds other than due to rebates totalling 358.61 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% of 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

2021
2020
Income tax recoverable
1,756
843
Other debtors
6,118
1,302
7,874
2,145
10
DIOCESAN REPAIR FUNDS
2021
2020
Re Church
39,557
31,496
Re Hall
4,956
13,934
44,513
45,429
11
DIOCESAN LOAN FUNDS
2021
2020
General fund
76,443
96,505
Organ Appeal
13,696
13,394
90,139
109,899
12
BALANCES AT BANKS
2021
2020
Church current account
4,969
2,727
Hall current account
2,355
6,113
Lloyds Savings account
13,961
7,961
21,285
16,800
13
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
Creditors: accruals
Re Church
4,764
6,060
Re Hall
15,770
6,748
20,534
12,808
14
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2021
2020
Net income for the reporting period
(3,851)
(31,934)
Depreciation charge
0
442
(Gains)/losses on investments
(13,978)
2,507
Dividends and interest
(3,797)
(4,123)
(increase)/decrease in stocks
0
83
(increase)/decrease in debtors
(5,729)
1,600
Increase/(decrease) in creditors
7,726
(15,312)
Net cash provided by operating activities
(19,628)
(46,738)
15
ANALYSIS OF NET ASSETS BY FUND
Unrestricted
Restricted
2021
Tangible fixed assets
0
200,000
200,000
Investment assets
118,179
0
118,179
Current assets
132,711
26,101
158,811
Current liabilities
(20,534)
0
(20,534)
230,356
226,101
456,457		 2020
200,000
103,843
174,273
(12,808)
465,308

16 RESTRICTED FUND DETAILS

The Restricted Fund comprises the following amounts:
a) Nominal value of Church Hall.
b) Vicar's discretionary fund
c) Organ appeal fund (see Note 17)
d) Music legacy fund
e) King Charles' Prayer Book fund
f) Church Exterior fund
g) Children’s corner fund		 2021
2020
200,000
200,000
1,100
1,271
20,570
13,574
4,183
4,258
67
67
136
86
45
0
226,101
219,256

During 2021 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 expenditure of 75 from this fund in 2021.

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. An additional amount of 60 was received in 2021 and was given under Gift Aid. The planters were donated and an amount of 24 was spent on planting in 2021. 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 1,590 was transferred to the Organ Appeal fund from the Church's general funds in respect of 2021 (2020: 630) as a result of these agreements. In addition, the PCC received a legacy of 5,000 for the benefit of the Organ Appeal fund.

18 DONATIONS TO CHARITIES

18
DONATIONS TO CHARITIES
a
Home Missionary and other Church Societies
Community larder
Christian Aid
Friends of Rochester Cathedral
b
Secular Societies
Children’s Society
Nourish Community Foodbank
Musicians Benevolent Fund
c
Missionary and Charitable Giving
Vicar's discretionary fund
TOTAL		 0
160
0
436
20
0
From
General
Fund
From
Restricted
Funds
20
596
0
234
0
1,352
104
0
104
1,586
0
172
0
172
124
2,353

19 PRIOR PERIOD COMPARATIVE SOFA

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
1,032
1,375
25,428
0
4,063
60
140,693
1,436
3,948
0
88,535
1,418
74,947
2,708
167,430
4,127
(2,507)
0
(29,243)
(2,691)
(630)
630
(29,873)
(2,061)
275,924
221,318
246,051
219,257
Unrestricted
funds
Restricted
funds		 110,171
2,407
25,428
4,123
Total funds
2020
142,129
3,948
89,953
77,656
171,557
(2,507)
(31,934)
0
(31,934)
497,242
465,308