2020-12-31-accounts

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THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE

Registered Charity No. 1128995

ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE

ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

	Page
	Number
Trustees Report	1
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Cash Flow Statement	9
Notes to the Accounts	10-16

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embers of Ihe PCC who served durlrsg 2020 and up lo the date of the slgning of these accounts were as follows: CLERGY Vicar Rev. Tom Lake {Chair) Curate Rev. Morion Borbor (to 3019120) Curate Rev. Daphne Clifton CHURCHWARDEN Mr Math8w Shimwell Mr lan Christie {frorn 111101201 DEANERY SYNOD Mfs Swvia Scott {b 111101201 Mr Chris Coutts Mr David NiGho115 Mrs Abna Slmon Ilo 111101201 Mr Trevor Gill (from 11110120) ELECTED MEMBERS Mrs IKaiie Rogers110 11110t20) Mr Jan Wiszniewski Mrs Kathryn Chard (to 111101201 Mrs Pauline Leslie Mr Tim Chard (to 11110120) Mr Andrew Beck Mrs Stella Gill Mrs Kay Nicholls Ito 111101201 Ms Louise Wayman Ms Edna Petzan MS b&rena AIKins-iSIDOW Ms Katie Doores Mrs Margaret Brooks (from 111101201 Mr Marcus King (from 111101201 Mrs Susanne Holmes (from 111101201 Mr Chinedu Ifediora (from 11110120) HON. TREASURER Mr Paul Nicolson {CTropted) SEcRARy TO PCC Mr T Gill {Co-opled unti111110120 then elected lo Deanery Synod) On behalf of the Parochial Church Council Rev. Tom Lake (Chair) Date

Independent Examiner's Report

to the PCC of St Mildred's Church, Lee, London for the Year Ended 31[ st ] December 2020

This is my report to the Parochial Church Council of the Ecclesiastical Parish (PCC) of St Mildred's Church, Lee, London, on the annual report for the year ended 31[st ] December 2020 set out on pages 7 - 16

for the YearEnded 31 stDecember 2020	for the YearEnded 31 stDecember 2020
This is my report to the Parochial Church Council of the Ecclesiastical Parish (PCC) of St Mildred's Church, Lee, London, on the annual report for the year ended 31stDecember 2020 set out on pages 7 - 16
*Respective responsibilities* *of trustees and examiner*	The PCC members are responsible for the preparation of the annual reports. The PCC members consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act'') and that an independent examination is needed. It is my responsibility to: 1.examine the accounts under section 145 of the Charities Act, 2. to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and 3. to state whether particular matters have come to my attention.
*Basis of independent* *examiner's statement*	My examination was carried out in accordance with 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 presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees 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 material matters have come to my attention which gives me cause to believe that in, any material respect: • accounting records were not kept in accordance with section 130 of the Charities Act or • the accounts do not accord with the accounting records I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
*Examiner's signature*	SterlingLibs
*Examiner's name*	STERLING LIBS FCCA, MAAT
*Date*	12/04/2021
*Relevant professional* *qualification(s) or body*	Association of Chartered Certified Accountants (ACCA), Association of Accounting Technicians (AAT),
Examiner's address	75 Gavestone Road, London SE12 9BW

Page 6

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020

Designated Funds	2020 TOTAL	2019 FUNDS
£	£	£
67,321 858 19,762	232,403 6,758 19,762 258,923 26,417 108,255 3,897 138,569 120,354 1,954,080	276,802 4578 14,159
87,941		295,538
8,794 4,586 -		29,553 130,643 2,268
13,380		162,464
74,561 1,862,613		133,073 1,821,008
1,937,174	2,074,434	1,954,081

Page 7

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S, LEE BALANCE SHEET AT 31ST DECEMBER 2020 Notes 2020 2019 FIXED ASSETS Tangiblè Fixèd Assets 217,324 177,566 CURRENT ASSETS Debtors Cash at bank and in hand 38,450 2,036,055 2,074,oO 54.518 1,948,606 2,003.124 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR: Creditors 217.396 226.609 NET CURRENT ASSETS 1,857.110 1,776,514 NEf ASSETS 2 074 434 1954 080 Represented by FUNDS Unrestricted Funds 137,260 91,467 Restricted Funds 1,937.174 1,862,613 2 074 434 1954 080 Approved by the Parochial Church Council ¢)n 27th April 2021 and signed by: Tho Revd Thorn Lak¢ (Ghalrmanl ......... 8998

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S, LEE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Net cash from operating activities Cash flows from investing activities Fixed asset additions for use by the PCC Changes in cash and bank balances in the reporting period Cash and bank balances at 31st December 2020 Reconciliation of net income/(expenditure) Net surplus for the year Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase/(decrease in creditors Analysis of cash and bank balances Bank balances Cash and bank balances at 1st January 2020	2020 £ �35,647 (48,199) 87,449 1,948,606 2,036,055 120,354 8,441 16,068 (9,215) 135,647 2,036,055	2019 £ 149,171 (63,672)
		85,499 1,863,107
		1,948,606
		133,072 3,088 (8,884) 21,895
		149,171

		1,948,606

Page 9

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDREDS’S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Note 1

Basis of Preparation and accounting policies

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, together with FRS102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice,

The financial statements have been prepared under the historical cost convention.

Funds:

General funds represent the funds of the Parochial Church Council (`PCC’) that are not subject to any restrictions regarding their use and are available for application for the general purposes of the PCC.

Designated funds are funds earmarked by the PCC for a particular purpose.

The Designated fund shown in the accounts is for buildings development including a new church hall.

The accounts 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 or those that are informal gatherings of church members.

Income

Voluntary income and capital sources

i Collections are recognised when received by or on behalf of the PCC.

ii Planned giving receivable under Gift Aid is recognised only when received.

iii Income tax recoverable on Gift Aid donations is recognised when the related income is recognised.

iv Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its receipt by the PCC is reasonably certain.

v Sales of books and magazines from the church bookstall are accounted for gross.

Income from investments

i Interest entitlements are accounted for as they fall due.

ii Tax recoverable on such income is recognised in the same accounting period.

Page 10

Note 1 (Continued)

Resources Used:

Grants

Grants and donations are accounted for when paid or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the church

The diocesan parish share is accounted for when paid. Any parish share unpaid at the year end is provided for in these accounts as an operational (though not a legal) liability and included in creditors in the Balance Sheet.

Assets

Fixed Assets:

Consecrated property and movable church furnishings

Consecrated and benefited property of any kind is excluded from the accounts by s.96 (2) (a) of the Charities Act 1993.

i Moveable church furnishings held by the Vicar and the Church Wardens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church inventory which is available for inspection.

ii For inalienable property acquired prior to 1 January 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts.

iii Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life on a reducing balance basis.

All expenditure incurred in the year on consecrated or beneficial buildings, or on the repair of movable church furnishings is written off of in the income statements

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a reducing balance basis at 20% a year.

Development Project

The church is currently involved in a building project that will involve a new church hall. Expenditure on this project incurred since the 1st January 2015 is capitalised and shown in the accounts under fixed assets. No depreciation is charged on these costs.

Buses

In 2020 it was decided that the church hall was no longer safe to use. Accordingly two double decker buses were aquired to provide alternative accomodation. The cost of the buses together with other ancilliary costs have been capitalised. Depreciation is charged on these costs on a reducing balance basis at 20% a year.

Current Assets

Amounts owing to the PCC at the year end in respect of fees, rents or other income are recognised at fair value and included in debtors less provision for impairment for amounts that may prove uncollectible.

Current Liabilities

The PCC tithes 10% of income each year. Tithes not paid at the 31[st] December each year are included in Current Liabilities.

Page 11

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Note

2 INCOMING RESOURCES	Unrestricted Funds £	Restricted Funds £	2020 TOTAL	2019 £ FUNDS
			£

2(a) Voluntary Income Planned Giving: Tax efficient Tax recovery Other Tax efficient Other Collections Sundry donations Legacies 2(b) Income from church activities Use of church Other fundraising activities PCC Fees 2(d) Income from investments: Bank Interest TOTAL INCOMING RESOURCES	106,677 26,754 375 9,212 5,394 6,671 155,082 10,000 165,082 5,239 - 661 5,900 - 170,982	42,419 10,464 27 5,704 - 8,708 67,321 0 67,321 - 858 - 858 19,762	149,095 37,218 401 14,916 5,394 15,379 222,403 10,000 232,403 5,239 858 661 6,758 19,762	157,887 43,053 14,323 14,969 11,476 35,094 276,802 0 276,802 1,739 1,746 1,093 4,578 14,159 295,539
		87,941	258,923

Page 12

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Note 3 EXPENDITURE Note 3(a) Charitable Giving Grants - General Fund 9 Grants - Development Fund 9 3(b) Church activities: Diocesan Assessment Working and other expenses Conferences and training Resources Staff costs Church running costs 10 Church hall running costs 11 Church maintenance 12 Upkeep of churchyard Cleaning PA, Audio Visual and musicians Copyright licence Upkeep of services Education and young people Newsletter Catering and social events Depreciation 3(c) Church management Stationery and office supplies Printing and publicity Telephone & Internet Mailing CDs Sundry Other fees & subscriptions TOTAL EXPENDITURE	Unrestricted Funds £ 17,623 - 17,623 68,000 367 - 910 3,720 12,623 724 4,293 (961) 3,010 3,153 898 957 713 1,114 293 3,855 103,669 200 2,111 133 194 239 1,020 3,897 125,189	Designated Funds £ - 8,794 8,794 - - - - - - - - - - - - - - 4,586 4,586 - - - - - - - 13,380	2020 2019 TOTAL FUNDS	2020 2019 TOTAL FUNDS
			£	£
			17,623 8,794 26,417 68,000 367 - 910 3,720 12,623 724 4,293 (961) 3,010 3,153 898 957 713 1,114 293 8,441 108,255 200 2,111 133 194 239 1,020 3,897 138,569	15,865 13,688 29,553 66,000 1,324 1,308 716 28,960 11,490 2,791 2,424 1,695 3,569 427 809 381 2,040 1,745 1,876 3,088 130,643 390 521 251 - 376 730 2,268 162,464

Page 13

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S, LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Notes

4 Fixed Assets for use by the PCC

Cost b/f - at 1st January 2020 Additions Depreciation b/f - at 1st January 2020 Charge for the year Net Book Value - at 31st December 2020 5 Debtors Income tax Recoverable Income tax Recoverable - Dev Fund. Other 6 Cash at bank and in hand General account Development Account 7 Creditors Provision for tithe Provision for tithe - Development Other creditors 8 Accumulated Fund - Unrestricted Balance at beginning of year Surplus/(Deficit) for the year Balance carried forward Accumulated Fund - Restricted Balance at beginning of year Surplus for the year Balance carried forward Total Funds carried forward	Equipment £ 38,770 15,437 54,207 34,934 3,855 38,789 15,418 2020 26,754 10,464 1,232 38,450 115,471 1,920,584 2,036,055 17,098 198,640 1,657 217,396 91,467 45,793 137,260 1,862,613 74,561 1,937,174 2,074,434	Buses and Toilets £ 21,277 3,780 25,057 2,128 4,586 6,714 18,343	Development Project £ 154,581 28,982 183,563 - - - 183,563 2019 26,453 16,600 11,465 54,518 79,358 1,869,248 1,948,606 15,865 196,646 14,098 226,609 79,465 12,002 91,467 1,741,543 121,070 1,862,613 1,954,080	Total £ 214,628 48,199
				262,827
				37,062 8,441
				45,503

				217,324

Page 14

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

Note 9 Charitable Giving Paid in the year Open Doors (UK) Covenant Home Trust Tearfund Arab World Ministries The Nehemiah Project Starfish Trust Baring School Add provison C/fwd Less provision B/fwd Charge for the year 10 Church running costs Gas Electricity Insurance Water rates Pest control 11 Church hall running costs Gas Electricity Insurance Pest control Maintenance 12 Church maintenance General repairs & renewals Fire safety Carpet cleaning Electrical and Lighting Plumbing & Heating Repairs to entrance doors Painting Pillars Quinquennial Report Fee	Unrestricted Designated Funds Funds 2020 2019 TOTAL FUNDS	Unrestricted Designated Funds Funds 2020 2019 TOTAL FUNDS
	£ £ £	£
	3,173 - 3,173 3,173 - 3,173 3,173 - 3,173 3,173 - 3,173 3,173 - 3,173 - 6,800 6,800 525 - 525 16,390 6,800 22,665 17,098 198,640 215,738 33,488 205,440 238,403 15,865 196,646 212,511 17,623 8,794 25,892 3,355 - 3,355 1,623 - 1,623 7,022 - 7,022 143 - 143 480 480 12,623 - 12,623 - - - - - - 724 - 724 - - - - - -	2,909 2,909 2,909 2,909 2,909 1,500 - 16,045 212,511 228,556 199,003 29,553 3,408 1,402 6,278 126 276 11,490 572 206 1,336 429 248 2,791 429 345 - 567 480 603 - - 2,424
	724 - 724
	280 - 280 64 - 64 500 - 500 - - - 1,301 - 1,301 - - - 1,008 - 1,008 1,140 - 1,140
	4,293 - 4,293

Page 15

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

13 Staff Costs

Staff costs relate to our administrator who receives, in addition to salary, a contribution to her pension scheme amounting to 5% of her salary.

14 Apportionment of utility and insurance payments

Gas, electricity, insurance and water costs are apportioned 80% to the church and 20% to the hall costs. Insurance premium is apportioned 80% to the church and 20% to the hall costs.

15 Bankers

Our primary bankers are HSBC. We also have subsidiary accounts with Nationwide and CCLA .

16 Designated Funds

DESIGNATED FUNDS as at 31 December 2020

Details Development Fund TOTAL	Balance as at Income Expenses Balance as at 01-Jan-20 31-Dec-20
	1,862,613 87,941 13,380 1,937,174 1,862,613 87,941 13,380 1,937,174

Page 16

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE

ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

TABLE OF CONTENTS

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Independent Examiner's Report

to the PCC of St Mildred's Church, Lee, London for the Year Ended 31[ st ] December 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S, LEE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDREDS’S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Note 1

Basis of Preparation and accounting policies

Funds:

Income

Voluntary income and capital sources

Income from investments

Resources Used:

Grants

Activities directly relating to the work of the church

Assets

Fixed Assets:

Consecrated property and movable church furnishings

Other fixtures, fittings and office equipment

Development Project

Buses

Current Assets

Current Liabilities

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Note

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S, LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Notes

4 Fixed Assets for use by the PCC

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

THE PAROCHIAL CHURCH COUNCIL OF ST. MILDRED'S LEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

13 Staff Costs

14 Apportionment of utility and insurance payments

15 Bankers

16 Designated Funds

DESIGNATED FUNDS as at 31 December 2020

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