## **RICHMOND TEAM MINISTRY**
## **ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
**REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
**Registered Charity No 1130018**
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **INDEX TO THE REPORT AND ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
||Page No.|
|---|---|
|Ministry Information|1|
|Annual Report for 2021|2 - 6|
|Auditor’s Report|7 - 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the Accounts|13 - 22|
|Statement of Council Members’|23|
|Responsibilities||
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **MINISTRY INFORMATION**
## **CLERGY**
## **KEY MANAGEMENT PERSONNEL**
## **ADDRESS**
## **BANKERS**
## **AUDITORS**
The Revd Canon Wilma Roest Team Rector & Vicar with pastoral care of St Mary Magdalene The Vicarage Ormond Road Richmond TW10 6TH The Revd Anne Crawford Team Vicar, with pastoral care of St Matthias St. Matthias House 22 Cambrian Road Richmond TW10 6JQ The Revd Neil Summers Team Vicar, with pastoral care of St John the Divine St John the Divine Kew Road Richmond TW9 2NA The Revd Charlotte Smith Curate in the Richmond Team 8 Church Walk Richmond TW9 1SN The Revd Andrew Williams (Self Supporting Minister)
Members of the PCC (listed on pages 3 and 4)
Parish Office The Vicarage Ormond Road Richmond Surrey TW10 6TH National Westminster Bank Plc 22 George Street Richmond Surrey TW9 1JW Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW
1
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **ANNUAL REPORT**
## **For the year ended 31 December 2021**
Richmond Team Ministry (RTM) is established under the Parochial Church Council (Powers) Measure 1956 as amended and Church Representation Rules (set out in schedule 3 to the Synodical Measure 1969) as amended. It is a charity registered in England and Wales (no.1130018).
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).
## **Objectives**
The Parochial Church Council (PCC) is responsible for cooperating with the clergy in promoting the mission of the Church – pastoral, evangelistic, ecumenical and social – throughout the ecclesiastical parish. It also has maintenance responsibilities for the three churches in the parish together with the ownership of investment properties and St Matthias House.
The three churches from which members of the PCC are drawn aim to be open and inclusive communities, sustaining people in their lives as well as on their journeys of faith, welcoming questions, facing up to the challenges of our unequal world, and serving the wider community in the name of Christ. The PCC strives to reflect these aims in the conduct of all its business and discussions.
## **Review**
Early in 2021 Covid lockdown measures were eased.
1. As a result, the Team has been able to continue living out the RTM Vision Statement:
‘We celebrate and share God's love for all people by:
- offering a place to belong
- exploring faith honestly and with an open mind
- living out Christ's care and compassion for everyone.'
It has still not been possible to draw up a new Mission Action Plan due to the pandemic and with support from Bishop Richard. Creation of the new MAP is scheduled for 2022 and will include Eco Church as the first, prime, item, particularly with regard to carbon neutrality.
During 2021 the RTM had a full complement of clergy, with additional support from the Reader Ruth Martin, Revd Dr Andrew Williams, who as a Non Stipendiary Minister offers one Sunday a month and Revd Charlie Smith as Curate, who joined the RTM in June 2021 as deacon. Sadly, we lost Revd Alan Sykes, who held the Bishop’s Permission to Officiate, after a long illness.
2. PCC continued to benefit from efficient financial systems which delivered regular up-to-date information to the Property and Finance Committee and the PCC.
3. The PCC met twice by zoom during the first half of the year and twice in person after that. The Standing Committee met three times via zoom. Agenda items considered routinely at every meeting included safeguarding matters, Children’s and Young Peoples’ Ministry, Finance and updates on Property and Christ’s School, the latter to emphasise RTM’s links with the school.
The Parish Giving Scheme was proposed and adopted by some members of the PCC from June 2021, which proved successful. Congregation members will be encouraged to join this for a trial run from January 2022.
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## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
The monthly reserves policy was revised to hold £178,200 in unrestricted cash funds, a 3-month’s reserve.
The PCC agreed that RTM's Parish Support Fund pledge for 2021 would be £310,000, an increase of £10,000 over the 2020 pledge.
RTM has historically looked to the tradition of tithing when considering its Charitable Giving (Away Giving). Each year RTM allocates 10% of the voluntary income received in the previous year. In doing this we aim to give to church based Charities and Societies rather than to secular, with a ratio of 80% : 20%. Within the secular allocation we aim to support local charities, rather than nationally run charities. In addition, we prioritise societies with which congregational members are either involved, or are benefiting from. There is one further aim to give a higher proportion to charities working Overseas to charities working at Home, 2/3[rds] :
1/3[rd.. ] The PCC confirmed its away giving for 2021 following the recommendations of the Away Giving Group which, in turn, considered requests from members of the congregations. 10% of RTM's 2020’s church activities income (this year £21,800), was allocated. These grants will be paid early in 2022 due to the working group being unable to meet in December 2021.
plans and a Heritage Consultant has advised and written a comprehensive report. By the end of the year we were ready to go back to Richmond Council with a formal planning application.
New working groups were also created for:
the appointment of a new Parish Architect following the imminent retirement of Peter Bowyer and the writing of a job description and person specification for this post.
- the overseeing of risk control.
- This group will meet every 6 months.
Eco Church. A working group, named the Green Team, will be set up to look at sustainability and Eco Church accreditation. Possibilities for green energy in the RTM churches are being investigated.
The redesign of the RTM website was started and should be completed early in 2022. We thank the outgoing webmaster, Robert Keeley, for his sterling work with the original website.
4. As lockdown measures were eased in-person attendance at services was resumed, albeit with face masks, socially distanced seating and no or limited singing. For anyone uneasy about or unable to attend, all three churches continued streaming and zooming services.
The PCC approved various fabric applications for the Team’s churches:
- improvements to the area around the south and east sides of St Mary Magdalene
- a new sound system and facility for live streaming for St John the Divine
- repairs to its roof and redecoration of the external joinery and metalwork at St John the Divine
Development of the Parish Rooms has continued through the year. During 2021, surveys have taken place, adjustments made to the original
Churches have been kept open for private prayer. Care for children was resumed by bringing back fortnightly Junior Church at St Matthias and a new monthly service at St Mary Magdalene.
5. RTM has been unable to recruit anyone to take on running of the Children’s and Young People’s Ministry. A new working group was set up to resolve this problem and they recommended splitting the fulltime post into a number of part time roles. The first of these, the appointment of a Junior Church Leader, was considered the most
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## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
important and the post is being advertised.
6. Christ’s School is going from strength to strength. However, we were struggling to appoint new governors. By looking outside the limits of the RTM it was possible to find two people willing and interested in taking this on. They were proposed and appointed by the PCC. Links with local schools remained particularly important.
The Revd Neil Summers The Revd Dr Andrew Williams – appointed 23 May 2021 The Revd Charlotte Smith – appointed 26 June 2021
## _Secretary_
Margot Gallie – appointed 13 August 2021
_Treasurer_ Stephen Cockell
## _Churchwardens_
RTM aims to be at the heart of the community and the Team continued to reach out and to be an important part of Richmond life. We have worked together with other local organisations to support the housebound through our work with Richmond Good Neighbours and the homeless, SPEAR and Glassdoor. A soup kitchen was set up and is run by local volunteers at St John’s. However, Covid concerns still prevented Glassdoor from using our buildings as night shelters. It has also hindered Revd Crawford’s involvement with the elderly at Greville House.
7. The choral and organ scholarships continued at St Mary Magdalene under the guidance of Alex Knight, Director of Music and assistant organist, Karl Dorman. The St Mary Magdalene recitals have been resumed. Due to a nasty accident, Megan Vaughan-Jones, organist at St Matthias, was unfortunately not able to continue her sterling work and St Matthias is now looking for a new organist. Ben Hunt has continued as Director of Music at St John’s.
## **Structure, Governance and Management**
Fiona Morgan Mary Ricketts Emma Meredith Charles Stiller – appointed 23 May 2021 Margaret Morrison Judith Pearson
_Reader Representative_ vacant
## _Elected Members_
Shirley Stark Sarah Percival Alison Hall – appointed 23 May 2021 Alice Eastaugh – resigned 22 May 2021
Alexandra Barr – resigned 14 April 2021 James Arnold – resigned 22 May 2021
_Deanery Synod Representatives_ Martin Brecknell Margot Gallie Anna Khan Mary Ricketts Charles Stiller
## **Committees**
The PCC operates through a number of committees, which meet between the full meetings of the PCC.
## _Standing Committee_
## **Membership**
Members of the PCC are _ex officio_ , co-opted or elected by the Annual Parochial Church Meeting. The following members and officers served during the year: The Revd Canon Wilma Roest The Revd Anne Crawford
Standing Committee has the power to transact PCC business between meetings, subject to any directions. It is made up of the clergy, churchwardens and parish officers.
_Property & Finance Committee_ This committee has the responsibility to review and monitor expenditure,
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## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
with delegated limited approval authority, on Fabric and General Funds and to work with the parish architect to assess and prioritise fabric repairs. It reports to Standing Committee and the PCC.
## _Church Committees_
The three churches in the parish each have their own committee. These meet to discuss matters of particular concern to the individual churches and report to the PCC.
All PCC members are given a Trustee Welcome pack which includes RTM’s Mission Action Plan, trusteeship guidance notes from the Charity Commission and Church of England (plus link to the Church of England’s trustee video tutorial), RTM’s governing documents and the previous years’ report and accounts.
## **Church attendance**
Figures for 2021 for the three churches in the parish were as follows:
||**Church attendance**
Figures for 2021 for the three
churches in the parish were as
follows:|
|---|---|
|||
||St Mary
Magdale
ne
St
Matthi
as
St John
the
Divine|
||Electoral
Roll
185
73
78|
||Congregat
ion
(average,
inc.
children)
126
43
55|
NB: limited information available due to the pandemic
## **Key Management Personnel**
The PCC are considered to be part of key management as they are in charge of directing, controlling, running and operating the church on a day-to-day basis. All such personnel give of their time freely and received no remuneration in the year. Details of PCC members’ expenses and related party transactions are disclosed in Note 11 to the financial statements.
The pay of senior staff is reviewed annually and normally increased in
accordance with average earnings and benchmarked where possible to equivalent roles in the local market.
## **Reserves policy**
The PCC agreed that the previous amount of £50,000 held as an unrestricted reserve was inadequate and this should be increased to £178,200 to cover 3 months expenditure.
## **Investments policy**
The investment policy is monitored by the Property & Finance committee with oversight by PCC and is subject to regular review. The current policy aims to mitigate risk through maintaining a portfolio of investment properties, collective funds and cash on deposit, to diversify risk and optimise the available return. The PCC considers the performance during the year to be acceptable and in accordance with the stated policy. The PCC has made such investments to generate a return and has made no social investments.
## **Grants policy**
The policy on grants is set by the PCC and is to distribute about 10% of our General Fund income for charitable activities. Proposals for distributions are made by the Away Giving group and are submitted for approval to the PCC.
## **Risks policy**
The risks policy is set and monitored by Trustees via a working group. The Trustees consider a range of risks including health and safety issues incorporating electrical and fire considerations, and procedures for handling of cash. They take a practical approach and implement policies, taking into account the legal requirements, environmental and social aspects and vendor reputation, where the benefits outweigh the costs involved.
The PCC considers the principal risks and uncertainties facing the charity and their plans and strategies for managing these risks to be:
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## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
Optimising returns from the assets of RTM to provide resources to fulfil the Mission Action Plan of the charity. Considering the range and mix of assets held, applying an ethical lens to investment decisions and ensuring that the charity is not over-exposed to volatility in the asset prices and/or returns of a particular asset class, that might distort the availability of financial resources.
Reviewing and seeking to increase voluntary income that can be applied to the operational costs of the charity and the furtherance of charitable aims through a variety of planned and specific donation programmes.
## **Fundraising Policy**
In line with the requirements included in the Charities Act 2016 the Trustees are pleased to confirm that all fundraising is done in compliance with best practice. All fundraising activities follow guidelines where these have been provided by the Church of England. During 2021 we did not employ any professional fundraisers. There were no complaints or criticisms during the year about our fundraising activities.
Restricted Funds on major fabric repairs to our church properties comprising £42,662 at St Mary Magdalene, £42,850 at St John the Divine and £27,013 at St Matthias,
2. We received a distribution of £412,100 from Richmond Church Charity Estates (RCCE) last year, for which we are grateful. £546,582 of the RCCE restricted fund was applied during the year to meeting the refurbishment project at St Mary Magdalene and the work of the Church. The total of this fund at the end of 2021 is £132,479.
3. At 31 December 2021 our unrestricted general reserves increased by £118,273 to £284,089 compared to a deficit of £232,589 in the previous year.
4. There were investment increases during 2021 of £42,302. The composition of the investments will be reviewed by the Property & Finance Committee during the year, to ensure that it continues to be appropriate.
5. The balance of cash at 31 December 2021 was £1,442,556, an increase of £111,044 over the year. The total funds increased by £750,798 to a total of £8,966,008 at 31 December 2021.
## **Public Benefit**
When planning our activities for the year the incumbent of each of our churches and the PCC have considered the Charity Commission’s guidance on public benefit. In particular we try to enable people to live out their faith as part of our parish community through:
- Worship, prayer, learning about the Gospel and developing their knowledge and trust in Our Lord Jesus Christ.
- Provision of pastoral care for people living in the parish.
- Missionary and outreach work.
## **Financial Review**
1. During the year we spent £112,525 from Designated Funds and
6. The PCC have recently decided to put St John’s Studios up for sale.
7. The income section of both the Dalgarno Robinson Boy’s Welfare and Dalgarno Robinson General Funds are currently showing a deficit. It is hoped however, that dividend income in 2022, will turn this around.
## **Future Plans**
Richmond Team Ministry PCC seeks to continue to live and work out its Mission Statement, ensuring our church buildings are visible signs of the love of God and places of welcome for all.
To achieve this the PCC aims to
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## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS, ST JOHN THE DIVINE**
- resume our work with Glassdoor, caring for homeless people during the winter months, as soon as possible
- carry out the work that is necessary as a Church of England parish by offering regular services as well as the occasional offices (baptism, marriage and funerals), supported by a well-run Parish Office team.
A proposal to reappoint Jacob Cavenagh & Skeet will be made at the next council meeting.
By order of the Council
The Revd Canon Wilma Roest Chair, Parochial Church Council Richmond Team Ministry
## **Auditors**
Date: ………………………2022
7
## **Independent auditor’s report to the members of the Parochial Church Council of Richmond Team Ministry**
## **Opinion**
We have audited the financial statements of Richmond Team Ministry Parochial Church Council (the “PCC”) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the PCC’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the PCC in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the PCC members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the PCC’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the PCC members with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, including the PCC members’ report, other than the financial statements and our auditor’s report thereon. The PCC members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
7
## **RICHMOND TEAM MINISTRY**
## **ST MARY MAGDALENE, ST. MATTHIAS, ST. JOHN THE DIVINE**
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST. MATTHIAS, ST. JOHN THE DIVINE**
## **Independent auditor’s report to the members of the Parochial Church Council of Richmond Team Ministry (continued)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the PCC and its environment obtained in the course of the audit, we have not identified material misstatements in the PCC members’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of PCC members’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the PCC members**
As explained more fully in the PCC members’ responsibilities statement, the PCC members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the PCC members are responsible for assessing the PCC’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC members either intend to liquidate the PCC or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment, financial reporting legislation and health & safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also
## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST. MATTHIAS, ST. JOHN THE DIVINE**
considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST. MATTHIAS, ST. JOHN THE DIVINE**
## **Independent auditor’s report to the members of the Parochial Church Council of Richmond Team Ministry (continued)**
## **Auditor’s responsibilities for the audit of the financial statements (continued)**
We determined that the principal risks were related to: management bias in accounting estimates, valuation of freehold property, presentation of separately disclosed items, government assistance – furlough income and management override of controls.
In response to the risks identified we designed procedures which included, but were not limited to, challenging significant accounting estimates such as valuation of freehold property, agreeing financial statement disclosures to underlying supporting documentation, testing the calculation of claims made under the Coronavirus Job Retention Scheme, identifying and testing journal entries, reviewing PCC meeting minutes, and evaluating the charity’ internal controls.
There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the PCC members, as a body, in accordance Part 4 of the charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC members’ those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the PCC and the PCC members as a body, for our audit work, for this report, or for the opinions we have formed.
**Jacob Cavenagh & Skeet Statutory Auditor** 5 Robin Hood Lane **Chartered Accountants** Sutton Surrey SM1 2SW
Dated: .........................
_Jacob Cavenagh & Skeet is eligible for appointment as auditor of the PCC by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006._
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**NotesUnrestrictedRestrictedEndowment**
**TOTALUnrestricted**
**RestrictedEndowment**
**TOTAL**
**Funds**
**Funds**
**Funds**
**2021**
**Funds**
**Funds**
**Funds**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**INCOME FROM:**
Donations and legacies
2(a)
9,800
438,017
-
447,817
5,275
316,047
-
321,322
Other trading activities
2(b)
34,093
-
-
34,093
29,876
-
-
29,876
Investments
2(c)
170,259
8,578
-
178,837
212,601
8,283
-
220,884
Church activities
2(d)
211,389
4,291
-
215,680
218,318
1,585
-
219,903
Other sources
2(e)
11
,854
1
,100
-
12
,954
32
,107
1
,100
-
33
,207
**Total income**
437
,395
451
,986
-
889
,381
498
,177
327
,015
-
825
,192
**EXPENDITURE ON:**
**Raising Funds**
Fundraising costs
3(a)
9,178
3,441
-
12,619
21,478
-
-
21,478
Investment management costs
3(b)
18,790
-
-
18,790
46,104
-
-
46,104
**Church activities**
3(c)
165
,235
604
,241
-
769
,476
666
,826
381
,628
-
1,048,454
**Total expenditure**
193,203
607,682 -
800,885
734,408
381,628 -
1,116,036
Net gains/(losses) on listed investments
7
-
-
42,302
42,302
-
-
19,026 19,026
Revaluation of investment properties
6
620
,000
-
-
620
,000
-
-
-
-
**Net income/(expenditure)**
864,192
(155,696)
42,302
750,798
( 236,231)
( 54,613)
19,026
( 271,818)
Transfers between funds
8
-
-
-
-
-
-
-
-
**Net movement on funds**
864,192
(155,696)
42,302
750,798
( 236,231)
( 54,613)
19,026
( 271,818)
**Reconciliation of funds**
Funds brought forward
7
,400,351
519
,154
295
,705
8
,215,210
7
,636,582
573
,767
276
,679
8,487,028
**Funds carried forward at 31st December 2021**
8
,264,543
363
,458
338
,007
8
,966,008
7
,400,351
519
,154
295
,705
8,215,210||**TOTAL**
**2020**
**£**
321,322
29,876
220,884
219,903
33
,207|
|---|---|---|
|||825
,192|
13
## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
All income arises from the continuing activities of the PCC. The PCC had no recognised gains or losses other than those dealt with in the Statement of Financial Activities.
The notes on pages 13 to 22 form part of these accounts.
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2021**
|**Note**
**FIXED ASSETS**
Tangible
5
Investment properties
6
Listed investments
7
**CURRENT ASSETS**
Debtors
9
Cash at bank and in hand
**LIABILITIES:**Amounts falling due
within one year
10
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Restricted funds
8(b)
Endowment funds
8(c)
Unrestricted funds:
Designated funds
8(d)
General unrestricted funds
8(e)|
|**2021**
**£**
46,025
1
,442,556
1,488,581
( 76
,334
)
7,980,454
284
,089|
|---|---|---|
||||
Approved and authorised for issue by the Parochial Church Council on 2022 and signed on its behalf by:
The Revd Canon Wilma Roest………………………………..
Stephen Cockell (Treasurer)………………………………..
The notes on pages 13 to 22 form part of these financial statements.
15
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**FOR THE YEAR ENDED 31 DECEMBER 2021**|||||||||
|---|---|---|---|---|---|---|---|---|
|**2021**|||||**2020**||||
|**£**|**£**|||**£**||**£**|||
|**Cash provided by /(used in) operating activities**|||||||||
|(see below)
|101,874||||(|284,862)|||
|**Cash fows from investing activities**|||||||||
|Interest and dividends received
9,170||||15,041|||||
|Purchases of tangible fxed assets
-||||-|||||
|Proceeds from sale of fxed asset investments
||-||||-|||
|**Cash provided by investing activities**||9
,170||||15
,041|||
|**Net cash infow (outfow)**|111,044||||(|269,821)|||
|Cash and cash equivalents at 1stJanuary 2021||||1|,331,512||||
|1,601,333|||||||||
|**Cash and cash equivalents at 31st December 2021**||1
,442,556||||1
,331,512|||
|**Cash fows from operating activities**|||||||||
|**Net income/(expenditure)**|750,798|||||(271,818)|||
|Depreciation|15,126|||||15,126|||
|Interest and dividends receivable included in|||||||||
|investing activities|(|9,170)|||(|15,041)|||
|(Gains) on investments
|( 662,302)||||(|19,026)|||
|Decrease in debtors|22,290|||||10,426|||
|(Decrease) in creditors
|( 14
,868
)||||(|4
,529
)|||
|**Cash provided by/(used in) operating activities**
(284,862
)||||101|,874||||
16
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparation**
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). Richmond Team Ministry meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared under the historical cost convention subject to the revaluation of investments. 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 nor those that are informal gatherings of Church members.
The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £. The Parochial Church Council of Richmond Team Ministry is a Charity registered in England & Wales No: 1130018 and the Parish Office is at The Vicarage, Ormond Road, Richmond, Surrey TW10 6TH.
At the time of approving the financial statements, the PCC members have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about the church’s ability to continue. Thus the PCC members continue to adopt the going concern basis of accounting for preparing the financial statements.
## **Funds**
Unrestricted funds represent funds that are not subject to any restrictions regarding their use and are available for any application. The PCC has designated certain unrestricted funds as Fabric Funds to be used for the maintenance of Church and investment properties, and Fixed Asset Funds, being the holding value of investment properties. Restricted funds represent funds on which donors have imposed specific restrictions or which have been raised for particular purposes. The aim and use of each restricted fund is set out in the notes to the accounts.
Endowment funds represent funds set up under the terms of deceased persons’ wills, from which the income shall be applied for specific restricted purposes.
## **Income**
## _**Donations and legacies, other trading activities, and church activities**_
Donations and legacies (including Stewardship giving, collections, grants to the PCC and income tax recoverable under Gift Aid) and church and church hall lettings are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Such income is deferred only when:
- the donor specifies that the gift or donation may only be used in future accounting periods; or
- the donor has imposed conditions which must be met before unconditional entitlement.
Job Retention Scheme government grant income is recognised in the period to which the underlying furloughed staff costs relate.
17
## **RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
The value of services provided by volunteers has not been included in these accounts.
## _**Investment income**_
Rental income from the letting of church premises and investment properties is recognised when receivable. Interest and dividends receivable are accounted for in the period to which they relate.
## **Expenditure**
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Support and governance costs are included in church activities.
18
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES** (continued)
## _**Church activities**_
The Diocesan quota or parish share is accounted for when payable. Governance costs are those accrued in connection with administration of the church and are accounted for on an accruals basis. They are included in church activities.
## _**Grants**_
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one or multi year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient, but there is uncertainty as to the timing of the grant or the amount payable. A provision for a multi year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable, and the effects of discounting is material. The discount rate used is the rate offered on government bonds for a similar time period offered in the year in which the grant award is made.
## **Tangible fixed assets**
## _**Consecrated land and buildings and movable church furnishings**_
Consecrated or beneficed property is excluded from the accounts by section 10(2)(a) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on a special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Freehold property for charity use is included at cost. Freehold land is not depreciated. The PCC adopts a policy of maintaining all freehold buildings to a high standard which prolongs their useful lives and enhances their residual values and accordingly the PCC considers any depreciation arising or accumulated depreciation to date to be insignificant and immaterial.
Fixtures and equipment costing more than £750 are capitalised and depreciated over their useful life which varies from 4 years to 40 years depending on the asset.
## **Investment properties and investments**
All investments are included at market value at the year end. The Statement of Financial Activities includes the net gains and losses on revaluations and disposals throughout the year and are shown as a component of net income.
Investment properties are included at a professional valuation as at the year end and are not depreciated in accordance with FRS102. This is considered necessary to give a true and fair view.
## **Current assets**
Income tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand includes cash
19
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
## **Creditors and provisions**
Creditors and provisions are recognised where the Church has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
20
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES** (continued)
## **Financial instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
|**2.**
**INCOME**
**Unrestricted Funds**
**General**
**Designated Restricted**
**Total**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
**a.**
**Donations and legacies**
Grants
-
-
411,000
411,000
Donations, appeals etc.
9,800
-
24,017
33,817
Legacies
-
-
3
,000
3
,000
9
,800
-
438
,017
447
,817
**b.**
**Other trading activities**
Fees
15,754
-
-
15,754
Church Hall lettings and rentals:
Parish Rooms
-
7,085
-
7,085
St John’s Hall
-
6,877
-
6,877
St Matthias Centre
-
4,233
-
4,233
Magazine and book sales
144
-
-
144
Fundraising events and activities -
-
-
-
15
,898
18
,195
-
34
,093
**c.**
**Investment income**
Dividends and interest
592
-
8,578
9,170
Property income
-
169
,667
-
169
,667
592
169
,667
8
,578
178
,837
**d.**
**Church activities**
Stewardship planned giving:
Bankers’ Orders
158,972
-
-
158,972
Envelopes
2,057
-
-
2,057
Income tax recoverable
36,584
-
4,291
40,875
Collections and sundry donations 13
,776
-
-
13
,776
211
,389
-
4
,291
215
,680
**e.**
**Other sources**
JRS Government grant
4,594
7,260
-
11,854
Other income
-
-
1
,100
1
,100
4
,594
7
,260
1
,100
12
,954
**TOTAL INCOME**
242
,273
195
,122
451
,986
889
,381|**Total**
**2020**
**£**
311,000
10,322
-
321
,322
7,187
4,547
8,601
9,240
301
-
29
,876
15,041
205
,843
220
,884
161,541
6,838
39,707
11
,817
219
,903
32,107
1
,100
33
,207
825
,192|**Total**
**2020**
**£**
311,000
10,322
-
321
,322
7,187
4,547
8,601
9,240
301
-
29
,876
15,041
205
,843
220
,884
161,541
6,838
39,707
11
,817
219
,903
32,107
1
,100
33
,207
825
,192|
|---|---|---|
||||
|||7,187
4,547
8,601
9,240
301
-
29
,876|
||||
|||15,041
205
,843|
|||220
,884|
|||161,541
6,838
39,707
11
,817|
|||219
,903|
|||32,107
1
,100|
|||33
,207|
|||825
,192|
21
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**3.**
**EXPENDITURE**
**Unrestricted Funds**
**General**
**Designated Restricted**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**a.**
**Fundraising costs**
Church Hall running expenses
Parish Rooms
-
-
3,441
St John’s Hall
-
4,490
-
St Matthias Centre
-
4,688
-
Cost of fundraising events and
activities
-
-
-
-
9
,178
3
,441
**b.**
**Investment management costs**
Investment property running expenses:
Sandover House
-
6,847
-
Church Cottage
-
508
-
St John’s Lodge
-
-
-
St John’s Studios
-
9,233
-
Investment property fabric repairs:
Sandover House
-
1,572
-
Church Cottage
-
-
-
St John’s Lodge
-
-
-
St John’s Studios
-
630
-
-
18
,790
-
**c.**
**Church activities**
Diocesan parish share
124,000
-
186,000
Clergy expenses
-
-
12,467
Clergy housing
-
-
10,368
Young Peoples Ministry Leader
-
-
-
Church running expenses
-
-
154,695
Church organists
-
-
21,516
Church maintenance
-
-
19,485
Depreciation
-
-
15,126
Administrator’s salary
-
-
45,512
Governance costs: Audit
-
-
7,670
Accountancy
-
-
22,832
Professional fees
-
3,000
-
Church major fabric repairs:
St John the Divine
-
11,222
31,628
St Mary Magdalene
-
-
42,662
St Matthias
-
27,013
-
Parish Rooms
-
-
25,058
Missionary and Charitable Giving –
Church Overseas:
Missionary Societies
-
-
-
Home Missions
-
-
9,222
Secular Charities
-
-
-
124
,000
41
,235
604
,241
**TOTAL EXPENDITURE**
124
,000
69
,203
607
,682|**Total**
**Total**
**2021**
**2020**
**£**
**£**
3,441
3,337
4,490
5,817
4,688
12,324
-
-
12
,619
21
,478
6,847
4,785
508
5,644
-
309
9,233
8,391
1,572
4,854
-
12,837
-
-
630
9
,284
18
,790
46
,104
310,000
300,000
12,467
12,515
10,368
6,722
-
18,764
154,695
158,295
21,516
18,743
19,485
20,616
15,126
15,126
45,512
45,400
7,670
7,360
22,832
20,130
3,000
-
42,850
18,612
42,662
327,381
27,013
7,466
25,058
45,824
-
12,210
9,222
8,190
-
5
,100
769
,476
1
,048,454
800
,885
1
,116,036|**Total**
**Total**
**2021**
**2020**
**£**
**£**
3,441
3,337
4,490
5,817
4,688
12,324
-
-
12
,619
21
,478
6,847
4,785
508
5,644
-
309
9,233
8,391
1,572
4,854
-
12,837
-
-
630
9
,284
18
,790
46
,104
310,000
300,000
12,467
12,515
10,368
6,722
-
18,764
154,695
158,295
21,516
18,743
19,485
20,616
15,126
15,126
45,512
45,400
7,670
7,360
22,832
20,130
3,000
-
42,850
18,612
42,662
327,381
27,013
7,466
25,058
45,824
-
12,210
9,222
8,190
-
5
,100
769
,476
1
,048,454
800
,885
1
,116,036|**Total**
**Total**
**2021**
**2020**
**£**
**£**
3,441
3,337
4,490
5,817
4,688
12,324
-
-
12
,619
21
,478
6,847
4,785
508
5,644
-
309
9,233
8,391
1,572
4,854
-
12,837
-
-
630
9
,284
18
,790
46
,104
310,000
300,000
12,467
12,515
10,368
6,722
-
18,764
154,695
158,295
21,516
18,743
19,485
20,616
15,126
15,126
45,512
45,400
7,670
7,360
22,832
20,130
3,000
-
42,850
18,612
42,662
327,381
27,013
7,466
25,058
45,824
-
12,210
9,222
8,190
-
5
,100
769
,476
1
,048,454
800
,885
1
,116,036|**Total**
**Total**
**2021**
**2020**
**£**
**£**
3,441
3,337
4,490
5,817
4,688
12,324
-
-
12
,619
21
,478
6,847
4,785
508
5,644
-
309
9,233
8,391
1,572
4,854
-
12,837
-
-
630
9
,284
18
,790
46
,104
310,000
300,000
12,467
12,515
10,368
6,722
-
18,764
154,695
158,295
21,516
18,743
19,485
20,616
15,126
15,126
45,512
45,400
7,670
7,360
22,832
20,130
3,000
-
42,850
18,612
42,662
327,381
27,013
7,466
25,058
45,824
-
12,210
9,222
8,190
-
5
,100
769
,476
1
,048,454
800
,885
1
,116,036|
|---|---|---|---|---|---|---|---|---|---|
|||||||||||
|||||||||||
|||||||
||||
|||-
-
-
-
-
-
-
-
-
-
-
3,000
11,222
-
27,013
-
-
-
-
41
,235||||||||
|||||||||||
|||69
,203|||607
,682||||1
,116,036|
22
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**4.**|**STAFF COSTS**
**2021**
**2020**
**£**
**£**
Gross wages
125,221
138,972
Social security costs
5,348
6,746
Employer’s contributions to defned contribution pension schemes
2
,415
2,760
132
,984
148
,478
During the year none of the 8 (2020: 9) employees were paid more than £60,000 per
annum (2020: none).|
|---|---|
**5. TANGIBLE FIXED ASSETS**
|**5.**|**TANGIBLE FIXED ASSETS**|||||||
|---|---|---|---|---|---|---|---|
|||||**Moveable**||||
|||**Freehold**|||**church**|||
|||**property **||**furnishings**||**Total**||
|||**£**|||**£**|**£**||
||**Cost**|||||||
||At 1stJanuary 2021|380,000|||151,258|531,258||
||Additions|-|||-|-||
||At 31stDecember 2021|380|,000||151
,258|531
,258||
||**Depreciation**|||||||
||At 1stJanuary 2021|-|||45,378|45,378||
||Charge for the year|-|||15
,126|15
,126||
||At 31stDecember 2021|-|||60
,504|60
,504||
||**Net book value**|||||||
||At 31stDecember 2021|380|,000||90
,754|470
,754||
||At 31stDecember 2020|380|,000||105
,880|485
,880||
|**6.**|**INVESTMENT PROPERTIES**|||||||
|||||||**Total**||
||**Valuation**|||||**£**||
||At 1stJanuary 2021|||||6,125,000||
||Revaluation|||||620
,000||
||At 31stDecember 2021|||||6
,745,000||
||The investment properties comprise the following properties and the respective|||||||
||values are shown below:|||||||
||||||**2021**|**2020**||
||||||**£**|**£**||
||Parish Rooms||||695,000|470,000||
||Sandover House||||1,830,000|1,740,000||
||Church Cottage||||760,000|735,000||
||St John’s Lodge||||400,000|380,000||
||St John’s Studios||||3
,060,000|2
,800,000||
||||||6
,745,000|6
,125,000||
The investment properties are presented at their fair value and were the subject of a professional desktop valuation as at 31 December 2021. The investment properties are held primarily to provide investment return and not for project- related purposes. The valuation was made by Nightingale Chancellors, a RICS registered firm of
23
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
chartered surveyors. The PCC have recently decided to put St John’s Studios up for sale.
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **7. LISTED INVESTMENTS**
|**Movements in year:**
**2021**
**£**
Market value at 1stJanuary
295,705
Purchase/(sale) of investment
-
Unrealised gains/(losses) in the year
19,026
Market value at 31stDecember
338
,007|**2020**
**£**
276,679
-
42
,302
295
,705|
|---|---|
The funds are invested in unit trusts managed by the CBF Church of England Investment Fund and are stated at bid value.
## **8. FUNDS**
## **(a) ANALYSIS OF NET ASSETS BY FUND**
|**At 31st December 2021**|**UnrestrictedRestrictedEndowment**|**UnrestrictedRestrictedEndowment**|**UnrestrictedRestrictedEndowment**|**UnrestrictedRestrictedEndowment**|**UnrestrictedRestrictedEndowment**|**Total**|**Total**|||
|---|---|---|---|---|---|---|---|---|---|
||**Funds**
**Funds**|||**Funds**||**Funds**||||
||**£**|**£**||**£**||**£**||||
|Fixed Assets||7,215,754
-||338,007|||7,553,761|||
|Current Assets:||||||||||
|Debtors||46,025
-||-|||46,025|||
|Cash at bank||1,079,098363,458||-|||1,442,556|||
|Current Liabilities|(|76
,334
)|-
|-||(|76|,334
)||
|||8
,264,543
363|,458|338|,007||8|,966,008||
|**At 31st December 2020**|**UnrestrictedRestrictedEndowment**|||||**Total**||||
||**Funds**
**Funds**|||**Funds**||**Funds**||||
||**£**|**£**||**£**||**£**||||
|Fixed Assets||6,610,880
-||295,705|||6,906,585|||
|Current Assets:||||||||||
|Debtors||68,315
-||-|||68,315|||
|Cash at bank|812,358
519,154|||-|||1,331,512|||
|Current Liabilities|(|91
,202
)|-
|-||(|91|,202
)||
|||7
,400,351
519|,154|295|,705||8|,215,210||
24
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**8. FUNDS** (continued)
## **(b) RESTRICTED FUNDS**
|**Balance at**|**Balance at**||**Transfers**|**Transfers**|**Transfers**|**Balance at**|**Balance at**||
|---|---|---|---|---|---|---|---|---|
|**1.1.2021**
**Income**
**Expenditurebetween funds31.12.2021**|||||||||
|**£**||**£**|**£**|**£**|||**£**||
|Richmond Church Charity Estates|266,961|412,100|546,582||-||132,479||
|Organ Fund|5,026|-|2,459||-||2,567||
|Dalgarno-Robinson (General)|(4,389)|2,786|-||-||(1,603)||
|Dalgarno-Robinson (Boys’ Welfare)|(13,557)|5,391|-||-||(8,166)||
|Legacies and Memorials|199,147|3,401|42,649||-||159,899||
|St Matthias Organ|5,979|-|-||-||5,979||
|Other small donations and appeals|59
,987|28
,308|15
,992||-||72
,303||
||519
,154|451
,986|607
,682||-||363
,458||
|**Balance at**|||**Transfers**|||**Balance at**|||
|**1.1.2020**
**Income**
**Expenditurebetween funds31.12.2020**|||||||||
|**£**||**£**|**£**|**£**|||**£**||
|Richmond Church Charity Estates|268,022|312,100|313,161||-||266,961||
|Organ Fund|5,026|-|-||-||5,026||
|Dalgarno-Robinson (General)|8,868|2,690|15,947||-||(4,389)||
|Dalgarno-Robinson (Boys’ Welfare)|-|5,206|18,763||-||(13,557)||
|Legacies and Memorials|214,534|386|15,773||-||199,147||
|St Matthias Organ|5,979|-|-||-||5,979||
|Other small donations and appeals|71
,338|6
,632|17
,983||-||59
,987||
||573
,767|327
,014|381
,627||-||519
,154||
|**(c) ENDOWMENT FUNDS**|||||||||
|**Balance at**||**Gain on**
**Transfers**||||**Balance at**|||
|**1.1.2021**
**Income**
**investmentsbetween funds31.12.2021**|||||||||
|**£**||**£**|**£**|**£**|||**£**||
|Expendable Dalgarno-Robinson (General)||96,036|-|13,738|||-||
|109,774|||||||||
|Dalgarno-Robinson (Boys’ Welfare)|185,861|-|26,588||-||212,449||
|Legacies and Memorials|13,808|-|1,976||-||15,784||
|St Matthias Organ
|-
|-
|-
||-||-||
||295
,705
|-|42
,302||-||338
,007||
|**Balance at**||**Gain/(loss) onTransfers**||||**Balance at**|||
|**1.1.2020**
**Income**
**investmentsbetween funds31.12.2020**|||||||||
|**£**||**£**|**£**|**£**|||**£**||
|Expendable Dalgarno-Robinson (General)||89,857|-||6,179||-||
|96,036|||||||||
|Dalgarno-Robinson (Boys’ Welfare)|173,902|-|11,959||-||185,861||
|Legacies and Memorials|12,920|-|888||-||13,808||
|St Matthias Organ
|-
|-
|-
||-||-||
||276
,679
|-|19
,026||-||295
,705||
25
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**8. FUNDS** (continued)
## **(d) DESIGNATED FUNDS**
||**Balance at**||||||||**Balance at**||
|---|---|---|---|---|---|---|---|---|---|---|
||**1.1.2021**
**Income**||**ExpenditureRevaluationsTransfers **||||||**31.12.2021**||
||**£**
**£**|||**£**||**£**||**£**|**£**||
|Fixed asset fund|6,610,880
-|||-||620,000||-|7,230,880||
|Fabric fund|623
,655
195|,122||69
,203
||-
||-|749
,574||
||7
,234,535
195||,122|69
,203||620
,000
||-|7
,980,454||
||**Balance at**||||||||**Balance at**||
||**1.1.2020**
**Income**||**ExpenditureRevaluationsTransfers **||||||**31.12.2020**||
||**£**
**£**|||**£**||**£**||**£**|**£**||
|Fixed asset fund|6,626,006
-|||15,126||-||-|6,610,880||
|Fabric fund|612
,171
250|,036||238|,552
|-
||-|623
,655||
||7
,238,177
250||,036|253|,678||-
|-|7
,234,535||
|**(e) UNRESTRICTED FUNDS**|||||||||||
||**Balance at**||||**Gain on**||**Transfers**||**Balance at**||
||**1.1.2021 Income**||**Expenditureinvestmentsbetween funds31.12.2021**||||||||
||**£**
**£**|||**£**||**£**||**£**|**£**||
|General fund|165
,816
242|,273||124|,000
|-||-|284
,089||
||**Balance at**||||**Gain on**||**Transfers**||**Balance at**||
||**1.1.2020 Income**||**Expenditureinvestmentsbetween funds31.12.2020**||||||||
||**£**
**£**|||**£**||**£**||**£**|**£**||
|General fund|398
,405
248|,141||480|,730
|-||-|165
,816||
The purposes of the Designated Funds are as follows:
## **Fixed Asset Fund**
This represents the valuation of the properties and the net book value of the tangible fixed assets.
## **Fabric Fund**
This represents a fund for fabric repairs to the churches and investment properties.
The purposes of the Restricted and Endowment Funds are as follows:
## **Richmond Church Charity Estates**
Income distributions received from Richmond Church Charity Estates must be applied for religious purposes connected with St Mary Magdalene including the work of the Church, as well as repairs to, improvements of, or additions to the Church and its precincts and the maintenance of the services therein.
## **Organ Fund**
The Organ Fund represents income generated from fundraising events which is retained for future expenditure on the organ at St Mary Magdalene.
26
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
27
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**8. FUNDS** (continued)
## **Dalgarno-Robinson General Fund**
A fund set up under the terms of the Will of Henry Dalgarno-Robinson, of which both the income and the fund itself are to be applied for the charitable purposes of the Parish of Richmond for the advancement of religion. The income section is currently showing a deficit, but it is hoped that the dividend income in 2022 will turn this around.
## **Dalgarno-Robinson Boys’ Welfare Fund**
A fund set up under the terms of the Will of Henry Dalgarno-Robinson, of which both the income and the fund itself are to be to be applied for the benefit of boys’ welfare in the Parish of Richmond. The income section is currently showing a deficit, but it is hoped that the dividend income in 2022 will turn this around.
## **Legacies and Memorials**
Three funds set up in accordance with deceased persons’ wills, the income of which to be applied for religious purposes of the Parish of Richmond. The funds are the Calderwood Memorial, the Coombe Memorial and St Matthias Legacies.
## **St Matthias Organ Fund**
A fund set up under the terms of the Will of a deceased person, which was sold and used to purchase a new organ at St Matthias. The balance of the sale proceeds was taken to the restricted fund where it will be used for future expenditure on the organ.
## **Other Small Donations and Appeals**
This represents restricted donations made for specific purposes, together with donations made in response to an Appeal.
## **9. DEBTORS**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Tax recoverable|9,269|10,977|
|Other|36
,756|57
,338|
||46
,025|68
,315|
|**CREDITORS**|||
||**2021**|**2020**|
||**£**|**£**|
|Investment property deposits|4,655|5,357|
|Accruals and deferred income|60,853|73,771|
|Other|10
,826|12
,074|
||76
,334|91
,202|
## **10. CREDITORS**
28
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **11. RELATED PARTY TRANSACTIONS**
During the year £412,100 (2020: £312,100) was received as a distribution from Richmond Church Charity Estates, two of whose trustees are also PCC members. At the year end, £nil was owed by Richmond Church Charity Estates (2020: £nil).
The PCC are considered to be key management personnel of the charity along with the clergy, and as such are considered to be related parties. The PCC members are not remunerated. A total of £3,901 (2020: £7,197) was reimbursed to 4 (2020: 7) PCC members for travel and other expenditure incurred wholly, exclusively and necessarily in the course of church operations. £nil (2020: £nil) was paid to third parties on behalf of any PCC members.
## **12. OPERATING LEASE COMMITMENTS**
The total future minimum lease payments under non-cancellable operating leases are as follows:
|**2021**
**£**
Within one year
1,172
After one year, but within fve years
1,185
1
,172
The operating lease changes for the year were:
Hire of Plant and Machinery
4
,752|**2020**
**£**
4,752
-
5
,937
4
,752|**2020**
**£**
4,752
-
5
,937
4
,752|
|---|---|---|
|||4
,752|
29
**RICHMOND TEAM MINISTRY ST MARY MAGDALENE, ST MATTHIAS AND ST JOHN THE DIVINE**
## **STATEMENT OF COUNCIL MEMBERS’ RESPONSIBILITIES**
The council members are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires that the council members must not approve financial statements unless they are satisfied that they that give a true and fair view of the state of affairs of the Ministry and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the council members are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Ministry will continue in operation.
The council members are responsible for keeping accounting records that are sufficient to show and explain the Ministry’s transactions and disclose with reasonable accuracy at any time the financial position of the Council and enable them to ensure that the financial statements comply with the Church Accounting Regulations 2006 and the Charities Act 2011 and the regulations made thereunder. They are also responsible for safeguarding the assets of the council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
30