, 

# THE PARISH CHURCH OF ST JOHN-AT-HAMPSTEAD 

Registered Charity No 1129264 

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL for the year ended 31 December 2020 

Vicar The Revd Jeremy Fletcher 

Churchwardens Jenny Lupa Martin Evans 

## Bankers 

HSBC Bank plc 12 Hampstead High Street London NW3 1PY 

independent Examiner Robert Ashdown ACA 75 Brookville Road London SW6 7BH 



## The Parish Church of St John-at-Hampstead 

Reference and Administrative Details Full Name: The Parochial Church Council of the Ecclesiastical Parish of St John-at-Hampstead (“the PCC”). 

## Charity Registration Number: 1129264 

Address and Website: Church Row, London NW3 6UU / www. hampsteadparishchurch. org.uk 

|Trustees under an Act of Parliament of 1827|Trustees under an Act of Parliament of 1827||
|---|---|---|
|Ex Officio|||
|The Revd Jeremy Fletcher|Vicar||
|Martin Evans|Churchwarden||
|Jenny Lupa<br>The Revd DrAyla Lepine|Churchwarden<br>Assistant Curate (until 6 September 2020)||
|Membership of the PCC|||
|Ex Officio|||
|The Revd Jeremy Fletcher *|Vicar and PCC Chairman||
|Martin Evans *<br>Jenny Lupa *|Churchwarden<br>Churchwarden and PCC Vice Chairman<br>member)|(also an elected|
|The Revd DrAyla Lepine|Assistant Curate (until 6 September 2020)||
|As laymembers of the London Diocesan Synod<br>Peter Ginnings<br>(also an elected member and an ex officio and (until 30<br>November 2020) elected member of the Deanery Synod)<br>Inigo Woolf *<br>Treasurer (also an ex officio member and (from 1 December<br>2020) elected member of the Deanery Synod and (until 20|||
||October 2020) an elected member)||
|As laymembers of the North Camden Deanery Synod|||
|John Barker|||
|Vanessa Fitzpatrick<br>Angela Gardner *|(also an elected member)<br>Deputy Churchwarden||
|RosemaryLoyd|||



Elected Members Gaynor Bassey-Fish Elizabeth Beesley Sarah Cheriton-Jones (from 20 October 2020) Jonathan Davey Helen Evans Karunesh Evans (from 20 October 2020) Seka Graovac Jean Harrison Andrew Penny (until 20 October 2020) Jon Siddall * Deputy Churchwarden Handley Stevens Nicholas Walser * PCC Secretary Deborah Zandstra Safeguarding Officer Co-opted Member The Revd Jan Rushton Associate Priest 


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(Those marked with an asterisk * served as members of the Standing Committee for all or part of the year) 

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The Parish Church of St John-at-Hampstead 

## Background 

The church of St John-at-Hampstead, commonly known as Hampstead Parish Church, was consecrated in 1747 as the latest in a series of buildings on this site, which are believed to go back to 986. 

The PCC has the responsibility of co-operating with the incumbent in the task of participation in God’s mission to the world, and taking counsel together for the sake of the pastoral, evangelistic, educational, social and ecumenical ministry of the church in the ecclesiastical parish which covers a large part of central Hampstead. 

## Aims and Objectives 

## Building an inclusive community of Christian love, faith, witness and action 

The current Mission Action Plan for 2018-2022 was adopted in November 2018 following a comprehensive review of the church’s vision, mission and strategy. The plan is kept under regular review to ensure that the church’s activities remain consistent with its aims and objectives and in keeping with its headline priorities. 

## Our Aims 

Hampstead Parish Church aims to be: 

- acompassionate, open church, both locally rooted and globally connected; 

- e confidently sharing the good news of God, Father, Son and Holy Spirit; e seeking justice, welcoming all, and walking alongside another in love and faith. 

## Our Objectives 

With God’s help, Hampstead Parish Church is committed to: 

- e growing in impact and numbers; 

- e offering open welcome and active invitation; e helping people of all ages to come to and deepen faith; e being creative and generous in offering worship, developing mission and working for justice; e acting in partnership with others to pursue shared goals. 

## Our Values 

In every aspect of church life Hampstead Parish Church aims to be: 

## e _ inclusive and loving; 

- e reflective and experimental; 

- e transparent and accountable; 

- e accessible and participative. 

The PCC is committed to monitoring its activities so that these values permeate every aspect of the church’s language, behaviours, meeting pattern and use of resources. 

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## The Parish Church of St John-at-Hampstead 

## Achievements and Performance 

The year was largely defined by the coronavirus pandemic, the impact of which was closely felt across the full range of the church’s many activities. The original lockdown in early March which led to the full or partial closure of the church and its facilities for the remainder of the year - and the consequential loss or reduction in attended services, children’s activities and the Spring Fair amongst others - meant that different and creative ways had to be found to respond to this extraordinary challenge. Foremost in this, starting from understandably modest beginnings, was the successful development and delivery of a wide range of online services, prayers, meetings and music which called into question how the church had managed without them previously. The collective response of many, when coupled with the magnificent response to the Vicar’s appeal to fund a serious projected deficit in the General Fund, was testament to the resolve and commitment of the church community. From these difficult times many positives have emerged. 

In responding to this very challenging situation, the PCC met five times during the year (as well as immediately following the re-scheduled Annual Parochial Church Meeting in October primarily for the purpose of electing the Officers and appointing the Standing Committee). Apart from the first meeting in February all meetings were held remotely by Zoom with all decisions confirmed and recorded in accordance with the applicable rules and guidance. 

While a number of activities have understandably been placed on hold as a result of the ongoing pandemic, and the limitations that this has imposed, further steps have been taken where practical to deliver the PCC’s headline priorities and outcomes as set out in the Mission Action Plan - and, in so doing, to learn the lessons of the pandemic. Key developments have included: 

## Headline Priorities 

- e A Church known for Invitation, Inclusion, Outreach and Service - the development of a significant online presence has meant that we have been able to reach a broader group as well maintaining existing links. Our determination to fulfil our commitment to the C4WS night shelter for the homeless by providing volunteers to help staff the shelter ‘off site’ once again illustrates the church’s care for the marginalised in society. 

- e New Ways for People to Worship and Grow in Faith - a new Arts and Faith initiative combined with the continued provision online of Rosary Prayer, ‘Inside Out’ and the Bible Book Club, alongside regular services and daily prayers answered the needs of a captive audience. The introduction of Prayer for the Week and ‘Church Chat’ also helped to keep people connected. 

- e Attract and Retain 20s-30s - efforts have largely been placed on hold although the recent appointment of a young member to the PCC reflects the importance placed on this age group. 

- e Support and Develop Work with Children and Young People - the emergence of the ‘Bubble Service’ has proved an inspired and popular experiment in providing a different and engaging form of worship for children and their households, along with other members of the church, both online and, when circumstances permitted, in church. Although the normal participation of the Junior Choir has been impractical, the provision of remote singing lessons has compensated for this in part. 

- e Ensure Facilities and Buildings facilitate the Vision and Reduce Environmental Impact - a major project to replace and extend the external lighting of the church and churchyard evidenced our commitment to provide a safe and welcoming environment for all visitors. 

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## The Parish Church of St John-at-Hampstead 

## Headline Outcomes 

- e Growth in Numbers across Generations / Background - it is not possible to make year on year comparisons but our online presence has attracted a new audience. The online 11.00 and ‘Bubble’ Sunday services have typically drawn Zoom attendances of 45 and 12 households respectively. Encouragingly, the number of regular givers has increased in response to an appeal to replace collection plate income ‘lost’ during the church closure with online giving. 

- © Positive Collaborations with External Partners - the development of new relationships has been difficult with the notable exception of the highly regarded Hampstead Collective, formed as a direct response to the pandemic and its detrimental impact on the arts and church music. We gave committed and practical support to Age UK Camden, notably through the emergency food hub operating from Henderson Court. In collaboration with Songhaven, we hosted a dementia friendly online concert for Camden Carers in December. Our existing partnerships remain valued and strong pending a return to more normal circumstances. 

- e Deepening of Faith, Confidence and Understanding - the extended provision of activities and materials online has added a further effective means of achieving this both individually and collectively. 

- Increased Working for Reconciliation, Justice and Righteousness - we have continued our strong support of a refugee family under the Vulnerable Persons Resettlement Scheme as well enhancing our involvement with local foodbanks during these very difficult times for many. The establishment of the Racial Justice Working Party with a brief to listen to the perspectives and experiences of others, and take steps to build our awareness and understanding on matters of race or ethnicity, evidenced our commitment in this area. 

- e Increased Creativity in all we do - the pandemic showed the value of creativity which was amply demonstrated through an enhanced presence on Facebook and the launch of the church’s own YouTube channel. The website was skilfully adapted to provide a range of information and news remotely during the enforced absence from church. The thoughtprovoking display in church to mark ‘Black Lives Matter’ was another powerful illustration. 

- * A Culture of Compassion, Generosity, Invitation and Hospitality - the pandemic meant that we could not extend our customary invitation to the community to use the church’s facilities although we continued to host local support groups within government guidelines and, through the commendable efforts of volunteers, the church was opened daily for private prayer after the initial full lockdown. The church’s well-established financial commitment to support selected local, national and international charitable activities remained undiminished. 

## Future Plans 

The Mission Action Plan remains at the heart of the church’s future plans and the main priorities unchanged. The pace at which further progress is made in delivering these priorities is closely aligned to how soon and how well we are able to adapt to, and learn from, the impact of the pandemic. Many of the key actions identified previously remain apposite: 

- reviewing the nature and content of our services in the light of the pandemic so that they offer an appropriate range of opportunities for worship and growth in faith, including online participation. 

- e building on our work in providing pastoral care, recognising in particular the needs of the lonely and isolated including those most affected by the pandemic. 

- e deepening our relationship with Hampstead Parochial School and developing our engagement with other local schools, establishing further out of school and holiday activities. 

- ° identifying new ways of meeting the needs of those in social housing within the parish as part of our commitment to supporting the most disadvantaged in our community. 

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## The Parish Church of St John-at-Hampstead 

- ¢ further developing our social media presence including through the creation of a new website to better address the needs of all key audiences and supporters. 

- e agreeing the next phase of a costed and prioritised programme for the further refurbishment and upgrading of the church’s facilities to accommodate present and anticipated needs. 

- e identifying and securing additional sources of regular income to meet recurring annual costs. 

The church remains committed to continuing the rolling programme of capital projects to facilitate and enable the delivery of our full range of activities. The significant legacy income received in recent years provides a sound basis for achieving this target when combined with reserves that have been set aside for this purpose and any dedicated fundraising for specific projects. It therefore remains vital to maintain the encouraging signs of growth in planned giving in 2020 and achieve an increase in other regular income in order to cover the church’s annual running costs without having to call on the church’s designated reserves and legacy income. 

## Public Benefit 

The PCC is aware of the Charity Commission’s guidance on public benefit and the advancement of religion. It believes that working with the Vicar, Assistant Curate and Associate Priest for the promotion of the mission of the Church in the parish, and in the wider community, it benefits the public, in particular, by providing: 

- 1) a variety of forms of public worship, pastoral care and spiritual, moral and intellectual development for the wide range of its members and for any member of the public wishing to take advantage of the services and opportunities which the church offers; 

- 2) space, facilities and encouragement for educational and community activities and for recreation; and 

- 3) financial, moral and practical support for numerous other charities which benefit sections of the public that are in need locally and national and international charities. 

## Structure, Governance and Management 

Act of Parliament relating to St John-at-Hampstead 

The Church building and the Churchyard are vested in the Vicar. Under an Act of Parliament of 14 June 1827 (“the Act”) a group of trustees was established in whom were vested the organ, fixtures and furniture of the Church, and who have responsibility for maintaining the Church in good repair, and insuring the buildings, fixtures and furniture against damage by fire. The Act provides for the election of up to 21 trustees to serve for a period of nine years although the qualification for election as a trustee (being liable for poor relief rate) is now obsolete as is the trustees’ source of funding (pew rents). The Vicar, churchwardens, and curate(s) are trustees ex officio. In 2013 it was decided to elect no new trustees which means that, since April 2019, the sole trustees under the Act are the Vicar, churchwardens, and any licensed assistant curate(s) ex officio. 


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## The PCC 

The PCC is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure 1956 (as amended) and the Church Representation Rules. It is also a registered charity. 

The appointment of PCC members is governed by the Church Representation Rules. Membership of the PCC comprises: the licensed clergy, the two churchwardens, and lay members of the 

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## The Parish Church of St John-at-Hampstead 

diocesan and deanery synods (ex officio); and 15 lay members elected by the Annual Parochial Church Meeting (“the APCM”) who serve three year terms. In addition, the PCC may co-opt up to three members annually. 

The churchwardens are elected annually at the meeting of Parishioners immediately preceding the APCM and, by custom, serve a maximum of four years consecutively. 

Members must be communicants of sixteen years and upwards and on the electoral roll of the parish. The PCC normally meets five times a year. At the first meeting of the new PCC after the APCM an introduction is given to the responsibilities of the PCC members and the regulations which control their conduct of business. 

## Joint Meetings of the Trustees under the Act and the PCC 

Since the responsibilities of the trustees under the Act relating to the fabric of the building overlap with those of the PCC relating to the life of the church, it has long been the custom to agree, at the first meeting of the PCC after the APCM, that the trustees under the Act and PCC members (who are themselves registered with the Charity Commission as trustees of the charity) should meet jointly. 

## Electoral Roll 

There were 234 names on the Electoral Roll at 1 January 2020. During the calendar year three new names were added and five removed either through death or relocation. This resulted in a total Electoral Roll of 232 at 31 December 2020. 

## Standing Committee 

As required by the Church Representation Rules, a Standing Committee is appointed annually by the PCC. It has full power to transact the business of the PCC between its meetings, subject to such directions as the PCC may give. Its function is to support the Vicar in his role as the promoter and “guardian” of the parish’s Mission Action Plan and it also monitors and encourages implementation of agreed plans by the PCC’s Committees and Working Parties. It meets between the full meetings of the PCC and in an emergency if necessary. 

## Committees and Working Parties 

The PCC appoints a number of Committees and Working Parties to support and carry out the plans and programme of activities approved by the PCC: 

   - The Buildings Working Party sustains and develops our physical heritage. Its role is to ensure the good repair, safety and functioning of the church buildings. 

   - e The Children and Young People’s Committee supports and encourages our work with children and young people and oversees parish policy on safeguarding. 

   - The Communications Working Party helps to build community through informing members and the wider community about church activities. 

- e The Finance and Fundraising Committee reviews budgets and financial results, and promotes the link between faith and financial responsibility through a culture of giving. 

- e The Pastoral Care Group helps build an inclusive and caring community attentive to the 

- | needs of all its members. It reviews and develops the pastoral care of the congregation. ° The Racial Justice Working Party reflects on the perspectives and experiences of others, and takes steps to build our awareness and understanding on matters of race or ethnicity. 

- e The Social Action, Charity and Outreach Working Party focuses on our engagement with the world and community around us. It plans our charitable giving and leads our response to 

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## The Parish Church of St John-at-Hampstead 

   - issues of social justice and social need. 

- e The Discipleship, Spirituality and Worship Forum advises the Vicar on the presentation of the liturgy and exploration of possible developments in the liturgy, pattern or style of services. 

The number, remit and composition of the Committees and Working Parties is kept under regular review. Ad hoc Development and Project groups are formed as appropriate to develop proposals and to perform specific time-limited tasks. 

## Annual Meetings 

Due to the coronavirus pandemic, the Bishop of London issued special directions for Annual Meetings held in 2020, extending the time allowed for holding these meetings up to 31 October, and permitting meetings to be held using an online platform. 

At the meeting of Parishioners held by Zoom on 20 October 2020, Martin Evans and Jenny Lupa were re-elected as churchwardens. Angela Gardner and Jon Siddall were elected as deputy churchwardens. 

At the Annual Parochial Church Meeting which followed, John Barker, Vanessa Fitzpatrick, Angela Gardner, Rosemary Loyd and Inigo Woolf were elected to serve a three year term as parochial representatives of the laity on the Camden Deanery Synod. Elizabeth Beesley, Sarah Cheriton-Jones, Jonathan Davey, Nesh Evans and Seka Graovac were elected as parochial representatives of the laity on the PCC for a three year term. 

The Vicar paid tribute to the ministry and staff teams and the many volunteers who had contributed so much in this extraordinary year by responding so willingly and so well in meeting the many challenges created by the coronavirus pandemic. It had been a very difficult year but he was confident that the church would be stronger for the experience. He recorded his particular thanks to Andrew Penny who was standing down from the PCC after many years of dedicated service during which he had completed two separate terms as churchwarden as well as serving as PCC Secretary. Happily, he would remain active in his role as Lay Minister as well as in his capacity as Chair of C4WS, the success of which in recent years owed much to his : dedicated involvement. 

On behalf of the membership, Jon Siddall expressed sincere thanks to the Vicar for his extraordinary efforts in leading the church successfully and with such determination through this most difficult of years, ably supported by Julia. 

## Clergy, Lay Ministers and Staff Team 

The Reverend Jeremy Fletcher successfully led a rather different year in the church’s ministry as Vicar, fully supported by the Reverend Dr Ayla Lepine (Assistant Curate), the Reverend Jan Rushton (Associate Priest), and Handley Stevens and Andrew Penny (Lay Ministers). Ayla’s appointment as Chaplain of King’s College Cambridge in September not only confirmed her exceptional talents but continued a long tradition of those who have trained in Hampstead going on to important involvements elsewhere. Happily, the membership was able to express its appreciation for all that she had done at her farewell service after the re-opening of the church following the first lockdown. 

The investment during 2019 in up to date office technology meant that Courtney Terwilliger, as Parish Administrator, was able to make full use of her skills and play a key role in keeping the 

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## The Parish Church of St John-at-Hampstead 

church operational through the year. Maureen Smith skilfully adapted her role as Children and Youth Worker to meet the different working conditions and was instrumental in devising and delivering the new ‘Bubble Service’. 

The continued significant support of the Hampstead Church Music Trust meant that the PCC was able to retain the services of the professional choir under the accomplished direction of Peter Foggitt, ably supported by Geoffrey Webber as the newly-appointed Organist and Assistant Director of Music. The magnificent and ever-present contributions of the choir, both live and recorded, to the main church services provided a vital and greatly appreciated boost. Aidan Coburn’s appointment as Director of the Junior Choir and Director of the Community Choir was warmly welcomed and both choirs look forward to reaping the full benefit of his expertise and infectious enthusiasm once a live presence in church is again permitted. 

## Financial Review 

2020 was a most unusual year. The closure of the church for worship during successive lockdowns and the inability to raise income in previously normal ways was a challenge which had not been predicted in setting the budget. The PCC benefited from a successful fundraising appeal in the Autumn when parishioners generously responded to a predicted serious deficit in the General Fund. 

It will be important in future years to note that 2020 was exceptional financially and is not a year to compare easily to others in terms of trends of income and expenditure. 

With the benefit of a generous legacy of £100,000 from the estate of Estelle Spottiswoode, combined income for the year was £513,034 against £457,640 in 2019 and the 2019 deficit of £52,258 replaced with a surplus of £38,327 before the unwinding of part of the historic pension fund deficit. 

## General Unrestricted 

The timing of the receipt of the £100,000 legacy was a blessing as it enabled the PCC to maintain services and ministry during lockdown with a degree of confidence. When it became apparent that closure of the building would have a significant impact on income - loss of collections at services, hire income and cancelled events totalled almost £41,000 - it was decided to invite the congregation and parishioners to give towards making good this deficit, so that the church could maintain its policy that legacy reserves are used for investment projects. For the first time the appeal was made by video and the generosity of parishioners was exceptional. This, combined with a careful trimming of expenditure and a growth in regular giving, meant that the loss of income was covered. 

It was decided during lockdown to retain the services of the professional choir and move services online; continuing pastoral support and several activities for families with young children has been appreciated. There was some investment in technical equipment for recording and streaming services but, overall, costs have been managed carefully with the result that the General Fund ended the year with a net positive movement in funds of £2,404. 

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The Parish Church of St John-at-Hampstead 

## Designated Unrestricted Fund 

The PCC has a policy of placing legacies in a designated unrestricted fund where the funds are not going to be spent within the year of receipt. 

In 2020, £100,000 was added from the estate of Estelle Spottiswoode and £48,786 was spent on redoing the external lighting. £577,035 remains in the Designated Fund of which £132,000 was set aside in prior years for repairs and £445,035 relates to legacies. 

## Restricted - Fabric Repair Reserve Fund 

The PCC also operates a restricted fund for repairing the fabric. We were fortunate to be able to prepare the Voluntary Rate letters before lockdown in March. Income from the Rate was spent on repairs during the year and following receipt of other donations, the fund increased from £50,971 to £56,047. The donations received in 2020 will be spent in 2021. 

## Expendable Endowment Funds including the Parish Development Fund 

The main assets of the Parish Development Fund are two properties. One is a leasehold flat in West Hampstead which was purchased some years ago to house a curate and the other is the freehold of 100 Frognal together with the leasehold of a flat there. The combined value of the two properties is £1.4m. The Flat at Frognal has been let throughout the year and £25,000 of this income has been transferred to the General Fund as a grant in support of ministry to children and young people. 

During the year investments in individual shares that had been gifted to the PCC some years ago were sold and the proceeds of £20,000 were reinvested in a pooled investment fund. 

## Giving to Charities 

The PCC gives 10% of the previous year’s unrestricted income away (after deducting grants and legacies received) to charities. On this basis the PCC gave £27,468 from the unrestricted General Fund. Restricted funds were received during the year especially for the work of CARIS in Camden and Haringey including food banks. The total amount given to charities was £33,554 (£39,313 in 2019). 

In addition, the PCC had been holding funds for Churches Together in Hampstead for a refugee family. Following a change in policy, Churches Together in Hampstead requested that their funds of £30,562 should be distributed to a number of charities. Within this sum, £3,773 was donated to the restricted fund that the PCC holds for its sponsorship of a refugee family. At the year end there was £12,454 in the PCC’s sponsorship fund (2019: £10,407). 

## Cash Management 

Following the receipt of a number of legacies in recent years, the PCC was holding £700k in cash in its balance sheet. Charities are advised to hold cash where they plan to spend surplus funds within five years and this is the case for Hampstead Parish Church. Prior to deployment of the reserves, funds are held on deposit with HSBC and with the Central Board of Finance of the Church of England. Interest rates have fallen to almost zero, and during the year the PCC lent £57,424 to the Trustees of Holly Bush Vale (the Vicar & Churchwardens) who have refurbished a house on the Hampstead Parochial School site for teacher accommodation. The loan is interest 10 



## The Parish Church of St John-at-Hampstead 

free and is being repaid from rental income over an expected five year period. 

## Risk Management 

The PCC reviews the risk register every year and a theme in recent years has been the need to broaden the donor base. The successful fundraise in 2020 brought in some new donors as well as addressing the anticipated shortfall that had been exacerbated by the coronavirus pandemic. 

## Impact of Coronavirus / COVID-19 

The PCC carefully considered the potential negative impact of the coronavirus on the church’s financial and operational position and took appropriate steps to mitigate and limit this as far as possible. The various measures taken, including a one-off appeal to cover the resulting loss or reduction in certain regular sources of income and, in parallel, a trimming of expenditure meant that most core activities were maintained albeit mainly online. This was facilitated by a further modest investment in technology, following an earlier upgrade in 2019, which enabled links with core audiences to be maintained and demonstrated one way that the pandemic could be turned to advantage. The dedicated efforts of the cleaning and welcoming teams ensured that the church, when open, remained a place of safety and welcome. The policy of holding surplus funds mainly in cash to finance planned future projects meant that reserves, and the stability of the church’s finances, have not been adversely affected. The church’s position therefore remains robust. 

## investment Policy 

The PCC’s investment objective is to preserve the real value of investments as measured by the consumer price index over a five year period. 

The PCC retains investments in property and pooled investment funds to provide an asset base on which borrowings can be secured if necessary to support major improvements and renovations such as the planned complete redecoration of the church. 

Each pooled investment fund manager must have a responsible investment policy which is compatible with any guidance provided by the Church of England and the Diocese of London. 

## Reserves Policy 

The policy for the unrestricted general fund is to retain a free cash reserve in the range of £20,000 to £30,000 to ensure that there is sufficient working capital to meet expenditure as and when it is incurred without the need to make transfers from designated funds. At the end of the year the Financial Statements show that the unrestricted reserve was £18,686 (2019: £16,282) net of the deficit in the pension scheme of £16,808. Covid-19 has shown the extent to which the income of the church falls when the building is closed for three months. However, 2020 also demonstrated that parishioners are willing to offer financial support when the unexpected happens; we therefore do not propose to change this reserves policy. 

## Budget for 2021 

The Budget for 2021 is being prepared on the basis that the church will not be able to be fully open until at least June, that normal fundraising during the first half of the year will not be 

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## The Parish Church of St John-at-Hampstead 

possible, and that some fundraising will be required in Autumn 2021 once the full financial impact on the PCC’s Accounts for 2021 can be quantified. The result from 2020 is a remarkable testament to the support and generosity of parishioners, but as the economic effects of the pandemic make themselves plain, the PCC is aware of the need to ensure that all expenditure is tied to mission imperatives, and that income generation is a priority. 

## Safeguarding 

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

Approved by the Parochial Church Council on 22 February 2021 and signed on its behalf by: C Sf. Jeremy Fletcher Vicar and PCC Chairman 

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## The Parish Church of St John-at-Hampstead 

## Statement of financial activities for the year ended 31 December 2020 

; 

||Notes|||||2020|2019|
|---|---|---|---|---|---|---|---|
|Income from:||General|Designated|Restricted|Endowment|||
|||Fund|Fund|Funds|Funds|Combined|Combined|
|||£|£|£|£|£|£|
|Donations and legacies|3|307,551|100,000|27,518|.|435,069|348,932|
|Other trading activities|4|16,519|-|6,464|:|22,983|51,133|
|Investments|5|2,127|:|1,090|51,765|54,982|57,575|
|Total income||326,197|100,000|35,072|51,765|513,034|457,640|
|Expenditure on:||||||||
|Charitable activities|7|349,648|48,786|51,613|1,043|451,090|495,974|
|Raisingfunds|9|2,490|-|3,323|13,651|19,464|23,733|
|Total resources expended||352,138|48,786|54,936|14,694|470,554|519,707|
|Net income before gains and||||||||
|losses on investments||(25,941)|51,214|(19,864)|37,071|42,480|(62,067)|
|Gains/(Losses) on investments|14|-|.|1,670|(5,823)|(4,153)|9,809|
|Netincome before transfers||(25,941)|51,214|(18,194)|31,248|38,327|(52,258)|
|Transfers between funds|12|25,000|-|-|(25,000)|-|-|
|Net income after transfers||(941)|51,214|(18,194)|6,248|38,327|(52,258)|
|Other recognised gains/losses:||||||||
|Actuarialgain/(losses) on defined 4<br>benefit pension scheme||3,345|.|.|.|3,345|7,337|
|||ice||||ce||
|Net movement in funds||2,404|51,214|(18,194)|6,248|41,672|(44,921)|
|Reconciliation of Funds||||||||
|Total Funds brought forward||16,282<br>525,821<br>91,589<br>1,414,997<br>he,<br>A<br>A||||2,048,689|2,093,610|
|TotalFundscarriedforward||18,686|577,035|73,395|1,421,245|2,090,361|2,048,689|



The attached notes (1 - 23) form part of these financial statements 

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The Parish Church of St John-at-Hampstead 

## Balance Sheet at 31 December 2020 

|||||||2020|2019|
|---|---|---|---|---|---|---|---|
|||General|Designated|Restricted|Endowment|||
||Notes|Fund|Fund|Funds|Funds|Combined|Combined|
|Fixed assets||£|£|£|£|£|£|
|Plant and equipment|43|-|:|2,249|.|2,249|3,374|
|Financial assets|14|.|-|25,957|1,423,046|1,449,003|1,453,101|
|Total fixed assets||-|.|28,206|1,423,046|4,451,252|1,456,475|
|Current assets||||||||
|Debtors||||||||
|Gift aid recoverable||3,661|-|13|‘|3,674|4,802|
|Hollybush Vale Trustees|16|:|57,424|:|-|57,424|:|
|Trade debtors||639|:|.|.|639|12,669|
|||4,300|57,424|13|-|61,737|17,471|
|Cash at bank and in hand||56,147|519,611|48,886|23,199|647,843|648,996|
|Total current assets||60,447|577,035|48,899|23,199|709,580|666,467|
|Liabilities: amounts falling due||||||||
|within one year||||||||
|Creditors for goods and services||(5,517)|:|:|:|(5,517)|(3,707)|
|Clients account for 100 Frognal||.|”|(3,710)|.|(3,710)|(3,606)|
|Other Creditors|15|(19,436)|:|:|(25,000)|(44,436)|(46,787)|
|||(24,953)|-|(3,710)|(25,000)|(53,663)|(54,100)|
|Net current assets||35,494|577,035|45,189|(1,801)|655,917|612,367|
|Creditors||||||||
|falling due after one year<br>pension scheme liability|21|(16,808)|-|.|+|(16,808)|:<br>(20,153)|
|Net assets||18,686|577,035|73,395|1,421,245|2,090,361|2,048,689|
|Funds:||||||||
|Unrestricted General Fund||18,686||||18,686|16,282|
|Designated for Future Repairs|||577,035|||577,035|525,821|
|Restricted Funds|17|||73,395||73,395|91,589|
|Endowment Funds|18||||1,421,245|1,421,245|1,414,997|
||||||421,258||7,048685|



Approved by the Parochial Church Council on 22 February 2021 and signed on its behalf by: 


**----- Start of picture text -----**<br>
5<br>-<br>Le . | ey i “¥ fae<br>J FLETCHER, Vicar | R M WOOLF,‘Hon Treasurer<br>**----- End of picture text -----**<br>


The attached notes (1 - 23) form part of these financial statements 



The Parish Church of St John-at-Hampstead 

## Cash Flow Statement 31 December 2020 

|||2020||2019||
|---|---|---|---|---|---|
|||£|£|E£|£|
||Netcash from operating activities||1,344||(261,880)|
||Cash flows from investing activities|||||
||Dividends, interest and rentfrom investments|54,982||57,575||
||Proceeds from the sale of investments|19,945||-||
||Purchase of investments|(20,000)||-||
||Net cash provided by/(used in) investing activities|54,927|54,927|57,575|57,575|
||Cash flows from financing activities|||||
||Loan to Trustees of Holly Bush Vale|(57,424)|(57,424)|.||
||Netcash provided by/(used in) financing activities||(57,424)|-|-|
||Change in cash and cash equivalents in the reporting period||(1,153)||(204,305)|
||Cash and cash equivalents at 1 January||648,996||853,301|
||Cash and cash equivalents at 31 December||647,843||648,996|
||Reconciliation of net income/(expenditure) before investment gains|||||
||Net income before investment gains 31 December||42,480||(62,067)|
||Adjustments for:<br>Depreciation charges||1,125||1,125|
||Dividends, interestand rentfrom investments||(54,982)||(57,575)|
||Interest paid on borrowings||-||-|
||Decrease/({increase) in debtors||13,158||(2,768)|
||(Decrease)/increase in creditors||(437)||(140,595)|
||Net cash provided by/(used in) operating activities||1,344||(261,880)|
|,||||||
||Analysis of cash and cash equivalents|||||
||Cash in hand||37,668||38,516|
||Deposit for fixed period||200,000||400,000|
||Deposits less than 3 months||410,175||210,480|
||||647,843||648,996|



A3 



The Parish Church of St John-at-Hampstead 

## Notes to the financial statements 

## Note 1: BASIS OF PREPARATION 

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: Accounting and Reporting by Charities {SORP(FRS 102)}. 

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets which are shown at fair value. 

The Parochial Church Council (PCC) is a public benefit entity within the meaning of FRS 102. 

## 1.2 GOING CONCERN 

There are no material uncertainties related to events or conditions that cast significant doubt on the PCC’s ability to continue as a going concern. 

1.3 CHANGE IN ACCOUNTING POLICY The accounts present a true and fair view and the accounting policies are as outlined in this note. There have been no changes of accounting policies in this period. 

1.4 CHANGES TO ACCOUNTING ESTIMATES 

There have been no changes to accounting estimates in this period. 

## 1.5 MATERIAL PRIOR YEAR ERRORS 

No material prior year errors have been identified in the reporting period. 

## Note 2: ACCOUNTING POLICIES 

2.4 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING POLICIES No reconciliations with previous generally accepted accounting policies are required. 

## 2.2 INCOME 

Recognition of income Congregational giving, donations, grants, interest, rents, dividends and other income are included in the Statement of Financial Activities (SOFA) when the PCC becomes entitled to the resources and the monetary value can be measured with sufficient reliability. Offsetting There has been no offsetting of assets and liabilities in the SOFA or income and expenses, unless required or permitted by the FRS 102 SORP. 

Tax reclaims on donations and gifts 

Gift aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid recovered on a donation is considered to be part of that gift and is credited to the same fund as the initial donation unless the donor has specified otherwise. 

Legacies Legacies are included in the SOFA when receipt is probable, that is, when there has been a grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the PCC or can be met. 

## Volunteer heip 

The value of voluntary help received is not included in the accounts but is described in the PCC’s annual report. 

## Investment gains and losses 

This includes any realized and unrealized gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. 

A4 



The Parish Church of St John-at-Hampstead 

## 2.3 EXPENDITURE AND LIABILITIES Liability recognition 

Liabilities are recognized where it is more likely than not that there is a legal or constructive obligation committing the PCC to pay out resources and the amount of the obligation can be measured with reasonable certainty. 


**----- Start of picture text -----**<br>
|||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Governance|
|Governance|costs|are|charged|to|‘Charitable|Activities’.|
|Redundancy|costs|
|The|PCC|has|made|no|redundancy|payments|during|the|reporting|period.|
|Deferred|income|
|No|material|item|of|deferred|income|has|been|included|in|the|financial|statements.|
|Creditors|
|The|PCC|has|creditors|which|are|measured|at|settlement|amounts|less|any|trade|discounts.|
|Certain|interest|free|loans|have|been|provided|without|a|repayment|date|and|these|are|accounted|for|as|being|repayable|on|
|demand.|
|Provisions|for|liabilities|
|A|liability|is|measured|at|its|historical|cost|and|then|subsequently|measured|at|the|best|estimate|of|the|amount|required|to|settle|
|the|obligation|at|the|reporting|date.|
|2.4|ASSETS|

**----- End of picture text -----**<br>


Tangible fixed assets for use by the PCC 

Consecrated and beneficed property is excluded from the accounts by s.10(2)(a) and (c) of the Charities Act 2011. Other fixed assets are capitalized if they can be used for more than one year, and cost at least £2,000. 

Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church inventory, which can be inspected. Items acquired prior to 2000 are not valued in the accounts as there is insufficient cost information available. 

Financial assets Fixed asset investments in quoted shares and pooled investment funds are valued initially at cost and subsequently at fair value (market value) at the year end. The long leasehold properties are stated at estimated fair values for investment properties. Debtors Debtors including trade debtors and gift aid recoverable are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the PCC. Subsequently they are measured at the cash or other consideration expected to be received. Cash at bank Cash at bank and in hand include deposits with the Central Board of Finance of the Church of England. These deposits are repayable on demand. There is also a fixed term deposit of £200,000 with HSBC maturing on 3 April 2021. 

## 2.5 FUNDS 

Unrestricted Funds represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC. The Designated Fund is an unrestricted fund which represents the amount set aside by the PCC to meet future repair liabilities; it is not regarded as part of the ‘free reserves’ as disclosed in the PCC’s report. Income earned on the cash balances held by the Fund is recorded in the General Unrestricted Fund. 

The Restricted Funds are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are set out in Note 17. 

The Endowment Funds are all individual funds where there is a discretionary power to spend capital as income. Full details of the funds and their restrictions are set out in Note 18. 

A5 



The Parish Church of St John-at-Hampstead 

|Note 3 Donations and legacies||||||||
|---|---|---|---|---|---|---|---|
||Notes|General<br>Fund|Designated<br>Funds|Restricted <br>Funds|Endowment<br>Funds|2020<br>Combined|2019<br>Combined|
|Planned giving including gift aid||176,859||-|:|176,859|131,622|
|Income tax recoverable||41,017||.|.|41,017|35,012|
|Collections: ordinary services||9,862||:|:|9,862|29,740|
|Collections: special services||:||1,736|-|1,736|8,754|
|Donations<br>Voluntary rate||9,712<br>:||18,446<br>6,336|.<br>-|28,158<br>6,336|16,931<br>8,312|
|Legacies<br>Social events|6|1,000<br>322|100,000|-<br>-|:<br>:|401,000<br>322|12,000<br>971|
|Grants received:||||||||
|Friends ofthe Drama|16|2,500||1,000|-|3,500|6,000|
|Hampstead Church MusicTrust|16|52,500||:|-|52,500|62,500|
|Listed Places ofWorship reVAT||13,779||:|:|13,779|37,090|
|||307,551|100,000|27,518|-|435,069|348,932|
|Note 4 Other trading activities||||||||
|Fees for use of Church||2,920||:|-|2,920|16,002|
|Parish rooms||12,194||-|-|12,194|21,146|
|Spring fairand other events<br>Printing and books||806<br>50||557<br>-|:<br>-|1,363<br>50|8,276<br>1,431|
|Communitychoir||-||3,422||3,422|.|
|Solar Panels - Feed in Tariff||549||||549|:|
|Traidcraft stall||:||2,485|-|2,485|4,278|
|||16,519|-|6,464|-|22,983|51,133|
|Note 5 Income from Investments||||||||
|Rent Dennington ParkMansions||-||.|6,000|6,000|7,200|
|Rent 100 Frognal||-||:|40,526|40,526|41,424|
|Dividends and Interest||2,127||1,090|5,239|8,456|8,951|
|||2,127|-|1,090|51,765|54,982|57,575|
|Note 6 Legacies received||||||||
|The Estate of E Spottiswoode||:|100,000|-|-|100,000|-|
|The Estate of E Rose||1,000||||1,000|-|
|The Estate of MCantril||.||-|.|-|1,000|
|The Estate of P Gardner||-||-|:|-|1,000|
|The Estate of PGeorge||:||-|-|-|10,000|
|||1,000|100,000|-|-|101,000|12,000|



A6 



The Parish Church of St John-at-Hampstead 

Note 7 Activities relating directly to the work of the Church 

|||General|Designated|Restricted|Endowment|Endowment|2020|2019|
|---|---|---|---|---|---|---|---|---|
||Notes|Fund|Fund|Funds||Funds|Combined|Combined|
|Ministry: diocesan common fund||90,000||.||.|90,000|87,000|
|clergyexpenses|10|4,943||.||.|4,943|7,544|
|accommodation||9,503||:||-|9,503|8,784|
|recruitment costs||.|||||.|1,663|
|Children & Youth Worker|11|26,400||:||-|26,400|26,606|
|Parish Administrator|11|26,884||:|:|-|26,884|20,143|
|Pension deficit apportionment|11|3,838||:||:|3,838|3,784|
|Music staff|11|30,110||.||-|30,110|29,166|
|Choir - adults and children||49,720||-||.|49,720|51,403|
|Other music costs||3,661||3,300||493|7,454|6,770|
|Children and Youth||1,591||:||-|1,591|3,263|
|Heat & light||6,827||:||:|6,827|8,073|
|Fabric expenditure/maintenance||13,079|48,786|8,310||:|70,175|92,954|
|Parish rooms||11,310||-||-|11,310|15,599|
|recoverable VAT on repairs||8,137||-||:|8,137|39,026|
|Depreciation|13|:||1,125||:|1,125|1,125|
|Insurance||11,306||-||-|11,306|10,506|
|General expenses||16,931||-||-|16,931|19,511|
|IT and communications||5,555||||-|5,555|16,723|
|Social events||135|||||135|1,140|
|Flowers||:||587||:|587|900|
|Grants made|8|27,468||36,098||550|64,116|39,313|
|Refugee sponsorship||||2,193|||2,193|3,778|
|Independent Examination fee||2,250||.|||2,250|1,200|
|||349,648|48,786|51,613||1,043|451,090|495,974|
|Note 8 Grants made|||||||||
|Church overseas:|||||||||
|- missionary societies||5,400||.||.|5,400|7,478|
|- reliefand development agencies||7,000||715||-|7,715|7,600|
|UK missions/other Church Societies||8,600||3,849||-|12,449|15,181|
|Secular charities||5,468||972||:|6,440|8,054|
|Churches together in Hampstead||||30,562||:|30,562|-|
|Individuals for relief of poverty|18|-||-||550|550|-|
|Hampstead Parochial School||1,000||:||-|1,000|1,000|
||22|27,468||36,098||550|64,116|39,313|
|Note 9 Expenditure on raising funds|||||||||
|Services, voluntary rate & events||.||2,209||-|2,209|2,179|
|Printing and books||2,490||-||-|2,490|4,676|
|Traidcraft stall||.||1,114||-|1,114|3,608|
|Dennington Park Mansions||:||.||1,464|1,461|285|
|100 Fragnal||-||-||12,190|12,190|12,985|
|||2,490||3,323||13,651|19,464|23,733|



Note 10 Expenses paid to Members of the Parochial Church Council 

Expenses of the Clergy, who are members of the PCC, totalling £4,943 (2019: £7,544) were reimbursed. Members of the PCC engaged in teaching in the Junior Church had their expenses reimbursed as did the Churchwardens’ relevant expenses. 

; 

A7 



## The Parish Church of St John-at-Hampstead 

## Note 11 Staff costs The Clergy are paid by the Church Commissioners but funded by the Parish's contributions to the Common Fund. During the year 

|Note<br>The|Note 11<br>Staff costs<br>Clergyarepaidby the Churchthe ChurchChurchCommissionersbut fundedfundedby thetheParish's contributionscontributionsto the Commonthe CommonCommon|Fund.During the year|
|---|---|---|
|The <br>the|Clergy are paid by the Churchthe ChurchChurch Commissioners but fundedfunded by thethe Parish's contributionscontributions to the Commonthe CommonCommon <br> PCCemployed a parish administrator, a children and youth workerand 3 parttime staff.<br>2020|Fund. During the year<br>2019|
||Salaries<br>78,666<br>Social Security<br>961|72,109<br>1,486|
||Pension costs<br>8,240|6,104|
||87,867|79,699|



## No employee received employee benefits in excess of £60,000. 

The PCC operates a money purchase scheme through TPT Retirement Solutions for staff. 

Note 12 Transfers between funds £25,000 relates to a grant from Parish Development Fund to the General Fund to help fund work with children and young people (2019: £25,000 grant from the Parish Development Fund to the General Fund). 

|Note 13<br>Fixed assets - equipment<br>Assets at 1 January 2020<br>Additions<br>Assets at 31 December2020|Equipment<br>25,679<br>:<br>25,679|Equipment<br>25,679<br>:<br>25,679|Depreciation<br>(22,305)<br>(1,125)<br>(23,430)||Net BookValue<br>3,374<br>(1,125)<br>2,249|
|---|---|---|---|---|---|
|Note 14<br>Financial assets||||||
|The significance offinancial investmentstothe||PCC’sfinancial position issetout inthe PCC's|||annual report.|
|Investments atfairvalue:||1 January|Purchases|Investment|31 December|
|||2020|(Sales)<br>Gains(Losses)|Gains(Losses)|2020|
|- Restricted||||||
|4,267 CBF Investment Fund shares||24,287|:|1,670|25,957|
|||24,287|-|1,670|25,957|
|- Endowment||||||
|Freehold of100 Frognat and long leaseof FlatA<br>Long lease of Flat 10a, Dennington Park Mansions<br>1,267 CBF Investment Fund shares||981,000<br>399,500<br>-|-<br>-<br>20,000|-<br>.<br>1,944|981,000<br>399,500<br>21,944|
|2,052<br>Barclays Bank shares<br>12,222 AMP Ltd Ordinary shares<br>343<br>Janus Henderson Group shares||4,608<br>42,405<br>6,375|(3,111)<br>(10,306)<br>(6,528)|(1,497)<br>(2,099)<br>153|-<br>-<br>-|
|1,501 M& G Charifund units||24,926<br>1,428,814|:<br>55|(4,324)<br>(5,823)|20,602<br>1,423,046|



The freehold and long leasehold properties are valued as investment properties by Inigo Woolf FCIB, a member of the PCC, as at 31 December 2020. 

||Investments at cost:<br>- Restricted|1 January<br>2020|Purchases|Sales|31 December<br>2020|
|---|---|---|---|---|---|
||1,267 CBF Investment Fund shares|5,909<br>5,909|:<br>:|-<br>.|5,909<br>5,909|
||- Endowment|||||
||Freehold of 100 Frognal and long lease of Flat A|784,700|.|-|784,700|
||Long lease of Flat 10a, Dennington ParkMansions<br>1,071<br>CBF Investment Fund shares|438,500<br>0|:<br>20,000|-<br>.|438,500<br>20,000|
||2,052<br>Barclays Bank shares|11,110|:|(11,110)|.|
||42,222 AMP Ltd Ordinary shares|63,789|:|(63,789)|:|
|||343<br>Janus Henderson Group shares|4,603|:|(1,603)|-|
||1,501 M& G Charifund units|18,000<br>1,317,702|.<br>20,000|-<br>(76,502)|18,000<br>1,261,200|



A8 



The Parish Church of St John-at-Hampstead 

. 

Note 15 Creditors Other Creditors include related party balances due to the Friends of the Drama of £11,896, Hampstead Additional Burial Ground £1,561 and a £25,000 interest free loan from Parishioners. (2019: £14,442, £1,225 and £25,000 respectively). Note 16 has further details on related parties. 

## Note 16 Related parties 

- Hampstead Parochial Charities (established 1617) provides relief for the poor in the former Metropolitan Borough of Hampstead. The Trustees comprise the Vicar and Churchwardens. 

- Hampstead Additional Burial Ground (established 1810) provides a discrete burial ground in Church Row. The Trustees comprise the Vicar, Churchwardens and up to 21 trustees who are resident in the former Metropolitan Borough of Hampstead. Collected income of £837 and paid expenses of £500 in year. 

- Trustees of Holly Bush Vale (established 1856) provide a site and teacher accommodation for Hampstead Parochial School. The Trustees of this educational charity are the Vicar and Churchwardens. The interest free unsecured loan of £57,424 is due to be repaid through quarterly payments from rental income, with full repayment by 31 December 2026. 

- Friends of the Music, Hampstead Parish Church (established 1947) supports the choirs and promotes non-liturgical music at Hampstead Parish Church. The Friends receive no funding from the PCC. No transactions took place during the Year. 

- Hampstead Church Music Trust (established 1975) maintains and promotes the performance and appreciation of church music in Hampstead and in particular Hampstead Parish Church. The Trustees comprise the Vicar, up to two trustees appointed by the PCC, up to three trustees appointed by the Friends of the Music and up to four trustees appointed by the trustees themselves. At 34 December 2020 three trustees were also members of the PCC. The PCC received grants of £52,500 towards the cost of the choir (£62,500 in 2019 including £12,000 for repairs to the organ). 

- The Friends of the Drama, Hampstead Parish Church (established 1977) seeks to promote the mission of the Church and in particular Hampstead Parish Church through the medium of drama. The Vicar & Churchwardens are ex officio members of the General Committee. The PCC received a grant of £2,500 for the General Fund (£5,000 in 2019 plus £1,000 for the Fabric Repair Reserve Fund). In addition the Friends participated in fundraising events for the Fabric Repair Reserve Fund. 

|Note 17<br>Restricted funds|Balances|Income|Expenditure|Transfers|Gains|Balances|
|---|---|---|---|---|---|---|
||1 January||||on|31 December|
||2020||||investments|2020|
|Fabric and Plant Reserve|50,971|15,050|(11,644)||1,670|56,047|
|Giving Away Fund|-|5,536|(5,536)|||-|
|Traidcraft|-|2,485|(1,114)|||1,371|
|Flowers|2,745|635|(587)|||2,793|
|Refugee sponsorship|10,407|467|(2,193)|3,773||12,454|
|Community Choir|-|3,422|(3,300)|||122|
|Churches Together in Hampstead|26,858|3,704|(26,789)|(3,773)||-|
|Donald Barnes Memorial Fund|608|-|-|||608|
||91,589|31,299|(51,163)|-|1,670|73,395|
|2019|93,590|37,976|(43,804)|:|3,827|91,589|



- Fabric and Plant Reserve 

The purpose of the reserve is to hold sufficient funds to meet the repair obligations placed upon the trustees of the Church by the Act of Parliament of 1827 Paragraph 51. The Voluntary Rate, donations and earmarked gifts from parishioners are the main sources of income. In addition to the restricted reserve there is an unrestricted designated repair reserve with a balance of £577,035 (2019: £525,821). 

- Traidcraft 

Goods purchased from Traidcraft are sold to parishioners and surplus funds are gifted to Traidcraft Exchange. 

AS 



The Parish Church of St John-at-Hampstead 

- Refugee Sponsorship and Churches Together in Hampstead Support for refugees coming from the Middle East to live in North London. 

## - Donald Barnes Memorial Fund 

Fund created in 2013 in memory of the late Revd. Donald Barnes for the purpose of holding an annual lecture at St Peter's Church, Belsize Park. The lectures are organized by the Hampstead Christian Study Centre. 

|Note 18 Endowment funds|Balances|Income|Expenditure|(Losses)/|(Losses)/|Transfers|Balances|
|---|---|---|---|---|---|---|---|
||4 January|||Gains on||between|31 December|
||2020|||investments||Funds|2020|
|Frances Grossfield Memorial Fund|11,453|405|(358)||(1,740)||9,760|
|John Cooling Fund|13,995|4,156|(550)||(2,005)||15,596|
|Frederick EickhoffMemorial Fund|3,448|135|(135)||(579)||2,869|
|Parish Development Fund|1,386,101|47,069|(13,651)||(1,499)|(25,000)|1,393,020|
||1,414,997<br>pe tA|51,765|(14,694)<br>nen|ee|(5,823)<br>(25,000)<br>1,421,245<br>nnnnese|||
|2019|1,397,914|54,154|(18,053)||5,982|(25,000)|1,414,997|



- Frances Grossfield Memorial Fund (established 1994) encourages young musicians to participate in the choir thereby maintaining and enhancing the musical tradition of Hampstead Parish Church. 

- John Cooling Fund for relief of poverty (established 1997) can be used by the Vicar for such charitable purposes for the relief of poverty as he, in his absolute discretion, shall think fit. 

## - Frederick Eickhoff Memorial Fund (established 2008) supports the training of the junior choir. 

- Parish Development Fund (established 2000) to be used by the PCC for investment in parish projects with income generated within the Fund to be used at its discretion. 

Each Fund is an Expendable Endowment as defined by the Charities Act, 2011. 

Note 19 Contingent liabilities There are no contingent liabilities (2019: nil). Note 20 Capital commitments Contracted by the PCC nil (2019: nil). Authorised by the PCC but not contracted nil (2019: nil) 

## Note 21 Pensions liability 

## SCHEME: TPT Retirement Solutions- The Growth Plan 

The PCC participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the PCC to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

The scheme is classified as a ‘last-man standing arrangement’. Therefore the PCC is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A10 



The Parish Church of St John-at-Hampstead 

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## Deficit contributions 

From 1 April 2019 to 31 January 2025: £11.24m per annum (payable monthly and increasing by 3% on each 1st April) 

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. 

|Where the scheme is in deficit and where the PCC has agreed to|a deficit funding arrangement,|a deficit funding arrangement,|the PCC recognises a|the PCC recognises a|liability for|
|---|---|---|---|---|---|
|this obligation. Theamount recognised is the net presentvalue of the deficit reduction contributions payable undertheagreement<br>that relates to the deficit. The present value is calculated usingthe discount rate detailed in these disclosures. The unwinding of||||||
|the discount rate is recognised as a finance cost.||||||
|||31 December|||31 December|
|PRESENT VALUES OF PROVISION||2020|||2019|
|||£|||£|
|Present value of provision||20,153|||20,153|
|RECONCILIATION OF OPENING AND CLOSING PROVISIONS||||||
|Provision at start ofyear||20,153|||27,490|
|Unwinding ofthe discount factor (interest expense)|204||-|369|:|
|Deficitcontribution paid|(3,838)||-|(3,784)|-|
|Remeasurements - impact ofanychange in assumptions|289||-|390|-|
|Remeasurements - amendments to the contribution schedule|-||-|(4,312)|:|
||(3,345)|(3,345)||(7,337)|(7,337)|
|Provision at end ofyear||16,808|||20,153|
|IMPACT ON STATEMENT OF FINANCIAL ACTIVITIES||||||
|Interest expense||||204|369|
|Remeasurements - impact ofanychange in assumptions||||289|390|
|Remeasurements - amendments to the contribution schedule||||-|(4,312)|
|Contributions paid in respectof future service*||||4,402|2,944|
|Costsrecognisedinincomeandexpenditureaccount|Note7|||3,838|3,784|



‘includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. 

ASSUMPTION 31 December 2020 2019 2018 Rate of discount 0.27% 1.13% 4.75% 

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan 

All 



The Parish Church of St John-at-Hampstead 

|Note 22 Grants and donations to charities|2020|2020|2020|2019|2019|
|---|---|---|---|---|---|
||Unrestricted|Restricted|Combined|Combined|£|
|Church Overseas- Missionary Societies||||||
|ALMA|1,800|-||3,450||
|Dethi Brotherhood|:|:||628||
|Embrace the Middle East|1,800|||1,700||
|US. unrestricted|1,800|:||4,700||
||5,400|-|5,400||7,478|
|Overseas- Relief<br>& Development Agencies||||||
|Asra Hawariat School|1,000|.||1,000||
|Bethlehem Arab Society for Rehabilitation|1,000|-||1,000||
|Practical Action|1,000|-||1,000||
|Island Hospice Zimbabwe|1,000|-||1,000||
|Send a Cow|.|715||600||
|Sightsavers|1,000|-||1,000||
|Christian Aid|2,000|-||2,000||
||7,000|715|7,715||7,600|
|UK Missions and otherChurch organisations||||||
|Bishop of Edmonton's Discretionary Fund|-|-||517||
|Bishap of London's Lent Appeal|-|-||2,408||
|Caris Haringey|2,000|2,489||3,000||
|Church of England's Children Society|2,000|641||2,531||
|Caris Camden/Caris Families|2,000|688||3,920||
|London Churches Refugee Fund|2,000|-||2,000||
|North Camden Deanery|.|:||205||
|C4WS|-|31||:||
|PSALM|600|-||600||
||8,600|3,849|12,449||15,181|
|Hampstead Parochial School|1,000|-|1,000|1,000|1,000|
|Secular charities||||||
|Citizens UK|700|:||700||
|Hampstead Counselling Service|-|:||1,000||
|Solace|-|640||:||
|Soldiers Sailors & Airmen’s Families Assn|-|-||694||
|Age UK (Camden)|1,500|-||2,000||
|Traidcraft Foundation|268|332||330||
|XLP|1,000|-||1,000||
|Freedom from Torture|2,000|:||2,330||
||5,468|972|6,440||8,054|
|Sub-total|27,468|5,536|33,004||39,313|
|ChurchesTogetherinHampstead||30,562|30,562|||



Ai2 



The Parish Church of St John-at-Hampstead 

## Note 23 Prior period comparative statement of financial activities. 

||Statement of Activities for year ending 31|Statement of Activities for year ending 31|Statement of Activities for year ending 31|Statement of Activities for year ending 31|December 2019|||
|---|---|---|---|---|---|---|---|
|Incomefrom:||General|Designated|Restricted|Endowment|||
|||Fund|Fund|Funds|Funds||Combined|
|||£|£|£|£||£|
|Donations and legacies||310,374|-|36,058|2,500||348,932|
|Other trading activities||50,552|-|581|:||51,133|
|Investments||4,584<br>-<br>365,510[-|||1,337<br>37,976|51,654<br>54,154|[|57,575<br>457,640|
|Expenditure on:<br>Raising funds<br>Charitable activities<br>Total resourcesexpended||390,387<br>8,284<br>398,671;-|59,179<br>.<br>-||41,625<br>2,179<br>43,804|4,783<br>43,270<br>18,053|[|495,974<br>23,733<br>519,707|
|Net income before gains on||||||||
|investments||(33,161)|“|(5,828)|36,101||(62,067)|
|Net Gain on investments||-|-|3,827|5,982||9,809|
|Netincome before transfers||(33,161)|-|(2,001)|42,083||(52,258)|
|Transfers between funds||25,000|-|:|(25,000)||-|
|Netincome after transfers||(8,161)|.|(2,001)|17,083||(52,258)|
|Other recognised gains/losses:||||||||
|Actuarial gain on defined benefit<br>pension scheme|n|7,337|.|.|.||7,337|
|Net movement in funds||(824)|-|(2,001)|17,083||(44,921)|
|Reconciliation ofFunds<br>Total Funds brought forward||17,106<br>585,000<br>93,590<br>1,397,914<br>ara<br>cs|||||2,093,610|
|Total Funds carried forward||16,282<br>———————————|585,000|91,589<br>1,414,997<br>ne|||2,048,689<br>——$—————|



; 

A13 



## The Parish Church of St John-at-Hampstead 

Independent examiner’s report to the members of the Parochial Church Council of St John-at-Hampstead (registered charity 1129264) 

| report to the PCC on my examination of the accounts of the PCC of St John-at-Hampstead for the year ended 31 December 2020. 

## Responsibilities and basis of report 

As the 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”). 

| report in respect of my examination of the PCC’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed alt the applicable Directions given by the Charity Commission under section 154(5)(b) of the Act. The charity’s gross income exceeded £250,000 and | am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. 

## Independent examiner’s statement 

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not comply with those records; or 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. 

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

[/fd.(SheMA Robert Ashdown Chartered Accountant 75 Brookville Road, London, SW6 7BH 

## 22 February 2021 

A155