Financial Statements
of the
Parochial Church Council
of
Chipping Barnet
Registered Charity Number 1130743
for the year ended
31 December 2020
Chairman
Dr J Kurien 18 Wyburn Avenue Barnet EN5 5TG Hertfordshire
Treasurer
Mrs K L Baker 46 Normandy Avenue Barnet Hertfordshire EN5 2JA
Independent Examiner
Alf Del Basso FCCA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisors Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
Parochial Church Council of Chipping Barnet Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 22 |
Parochial Church Council of Chipping Barnet Trustees’ Annual Report for the Year Ended 31 December 2020 Registered Charity number 1130743
Reference and Administration Details
Principal Address:
The Parish Office, Church House 2 Wood Street Barnet, Hertfordshire EN5 4BW
Trustees:
The Trustees are as follows:
Chairman Dr Jacob Kurien Clergy Revd Tristan Chapman Revd Nicholas Wheeler Reader Linda Sanders Churchwardens Sharon Butler Caroline Hay John Hay Roger Kemp Jacob Kurien Sue Scott Maureen Stevens Sue Yates Treasurer Lynn Baker Members Iris Auburn Judy Burstow Nick Dean Wendy Dowding Laurie Little (LLW) Geoffrey Nicholson Bruce Stringer Anna Wood Minutes Secretary Anthony Long Independent Examiner Alf Del Basso FCCA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisors Broad House 1 The Broadway Old Hatfield Hertfordshire, AL9 5BG
Page 1
Parochial Church Council of Chipping Barnet Trustees’ Annual Report (continued) For the Year Ended 31 December 2020
Introduction
The Parochial Church Council (PCC) is registered with the Charity Commission as Charity No. 1130743 and has prepared accounts in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective 1 January 2015).
Structure, Governance and Management
The Chipping Barnet Team Ministry is made up of four district churches which are St John the Baptist, St Mark, St Peter and St Stephen. The Parochial Church Council of Chipping Barnet’s Accounts include those of the four District Church Councils, the Bells Hill Fund, Bells Hill Burial Ground, the Copy Printer Account and the PCC Account. The PCC Account is an account for the day-to-day expenses of the Parochial Council and for receiving and paying the Parish Share to the Diocese of St Albans. There are two clergy members Revd. Tristan Chapman, Acting Rector, is in charge of St Mark’s and St Stephen’s and Revd. Nicholas Wheeler who is a House for Duty priest at St Peter’s Church. St John the Baptist has been in vacancy for the whole of 2020, it is hoped that a new priest will be found to fill this post by mid 2021.
Safeguarding
The PCC has adopted the St Albans Diocesan Safeguarding Policy. All four churches have a Safeguarding Officer and each church has adopted Safeguarding policies for Children and Vulnerable Adults which are reviewed on an annual basis. DBS checks are carried out on all new volunteers working with children and vulnerable adults. Checks are done on existing volunteers every five years.
Committees
The Parochial Church Council members are elected at the Annual Parochial Church meeting having been nominated by the four District Church Councils at their Annual District meetings held prior to the Annual Parochial meeting.
The Parochial Church Council meets four times each year occasionally preceded by a Standing Committee Meeting if there are any urgent matters to be dealt with. Attendance is usually good with most members attending at least three out of the four meetings.
Each of the District Church Councils holds their own meetings five to seven times a year to discuss matters relating to the individual churches. The four churches also hold their own Annual District Church Meetings prior to the Main Annual Parochial Church Meeting which is normally held at the end of April.
Treasurers
The treasurers of the four churches are all volunteers. The PCC treasurer prepares the Bells Hill Fund Account, the consolidated Annual Account and Report of the Parochial Church Council. The Administrator prepares the Copy Printer Accounts and as part of his administrative duties. The Secretary to the Trustee of Bells Hill Burial Ground prepares the accounts for the Burial Ground as part of her duties.
Staff
The salaries of the three church vergers are paid by St John the Baptist DCC with a very generous grant from the Hadley Trust. The Administrator works on a part time basis in the Parish Office and his salary is funded by 50% St John the Baptist and 50% by the PCC.
Page 2
Parochial Church Council of Chipping Barnet Trustees’ Annual Report (continued) For the Year Ended 31 December 2020
Objectives and Activities
The trustees confirm that they have had regard for the guidance issued by the Charity Commission on the requirement to report on public benefit. In this respect, their objective is to advance the Christian religion in the parishes of the four Team churches and in the wider world for the benefit of the public.
This year with Covid 19 restrictions in place, the life of the churches has been severely curtailed. During Lockdown, services were live streamed and when the churches were open for worship, attendance at services had to be booked at St John the Baptist, but not at St Mark’s St Peter’s or St Stephen’s, to keep numbers at a manageable level to maintain Covid security. St John the Baptist was open for a short time, in the morning and afternoon each day for individual private prayer only.
St Mark’s was open for private prayer on a Sunday morning and other days by prior arrangement with Fr Tristan and weekday services took place on Wednesday mornings in October. St Peter’s was open for individual private prayer every Sunday between 11am and midday and at St Stephen’s private prayer had to be by prior arrangement with Fr Tristan.
Collections at services have suffered greatly especially over the major festivals of Easter and Christmas.
On Remembrance Sunday there was a much-reduced wreath laying ceremony in the Churchyard of St John the Baptist.
The only fundraising events were online quizzes. In the summer once Lockdown had been lifted some activities resumed in the church halls. These activities stopped again in November when another Lockdown was reinstated. In order to reduce some of the losses in income it was agreed that all four churches should receive a one-off grant of £10,000 from the Bells Hill Fund. Routine maintenance has been carried out at all four churches.
Tangible Fixed Assets
13 Cedar Lawn Avenue, Barnet, was purchased in 1964 by St John the Baptist Church Council. This investment represents 100% and is held in the name of St Albans Diocesan Board of Finance.
94 Milton Avenue, Barnet was purchased in 1988 for £130,000.00 of which St John the Baptist DCC's investment is £87,750 and the PCC’s investment from the Bells Hill Fund is £42,250. These investments represent approximately 67.55% and 32.45% respectively and are held in the name of St Albans Diocesan Board of Finance.
The PCC investment in St. Peter’s vicarage, Arkley from the Bell’s Hill Fund is £15,000 which represented approximately 5.45% of the value of the property at the time it was built.
The Church halls at St Peter’s Church, Arkley and St Stephen’s Church, Bells Hill were introduced at their insurance value, which has been adopted as the value to be maintained in the accounts under the provisions of FRS102.
Investment policy
It is the PCC’s policy to invest funds, which are not immediately required, in income- producing funds which allow capital value to be protected.
Reserves Policy
It is PCC policy to try to maintain a balance on free (unrestricted) reserves which equates to at least six months’ unrestricted payments. It is held to smooth out fluctuations in cash flow to meet emergencies. The balance of the free reserves at the yearend was £48,682 which comfortably exceeds the six months’ target, but which cannot be considered excessive.
Page 3
Parochial Church Council of Chipping Barnet Trustees’ Annual Report (continued) For the Year Ended 31 December 2020
Financial Review
Income
Covid19 has had a huge impact on all the churches’ incomes this year particularly those with halls, where the income was drastically reduced. Plate collections were severely reduced as there were no services held in church. Donate buttons were introduced onto the websites and this has raised funds. There has been very little fundraising apart from a few online quizzes.
Stewardship giving and donations and totaled £101,088 for the four churches, a large decrease on 2019 as St Peter’s had a large donation of £20,000 for repairs to its hall last year. Income Tax recovered on Gift Aid was £20,423. St John the Baptist and St Mark have joined the Parish Giving Scheme for their stewardship. One of the main advantages of this scheme is that the Gift Aid is claimed and paid over monthly. The telecoms mast in the tower raised £11,550 at St John the Baptist.
St John the Baptist received a very generous grant of £16,000 from the Hadley Trust towards the salaries of the Church Vergers whose employment enables this church to be kept open every day during the week, although during the pandemic the hours have been reduced.
A large grant of £22,435 was also received from the Ravenscroft Charity (Chancel Estate) which covers all utility bills, insurance, organ tuning and maintenance and cleaning. Each of the four churches had a one-off grant of £10,000 from the Bells Hill Fund to help offset the loss of income.
As previously stated, income from the church halls of St Mark, St Peter and St Stephen was much less than 2019 and only raised £26,419 less than half that of 2019. The hall adjacent to St John the Baptist is run by a separate charitable trust.
Rent from the two residential properties 13 Cedar Lawn Avenue owned by St John the Baptist and 94 Milton Avenue jointly owned by St John the Baptist and the Bells Hill Fund amounted to £33,054.
Expenditure
The total Parish Share paid to the Diocese of St Albans was £132,353 (£143,560 in 2019). £5,086, was given to Charity, this figure includes the subscription to Churches Together for Chipping Barnet and money raised to send to Madagascar for charitable work. The other main items of expenditure are utility expenses and insurance for the four churches amounting to £27,551 and repairs and maintenance totaling £37,751.
Repairs and maintenance including insurance on the two residential properties amounted to £7,942. Expenditure on salaries including pension contributions and wages was £35,189.
The running costs of the three halls amounted to £20,252. Honoraria to organists and choir amounted to £9,140.
The Finance Committee has met twice in the past year and continues in its support of the PCC.
Properties
The residential properties in Cedar Lawn Avenue and Milton Avenue continue to be let providing a valuable source of income.
Bells Hill Burial Ground
The London Borough of Barnet has responsibility for the upkeep of Burial Ground. The Secretary to the Trustee deals with all enquiries to do with everyday matters.
Page 4
Parochial Church Council of Chipping Barnet Trustees’ Annual Report (continued) For the Year Ended 31 December 2020
Risk Assessment
The PCC's risk assessment and management policy has again been reviewed during the year as have insurances. The systems of financial control are considered adequate, and any short-term risks are taken into consideration in the preparation of the annual budget.
Risks are considered in terms of the wider environment in which the PCC operates. The financial climate, society and its attitudes, the natural environment and changes in the law, technology and knowledge will affect the types and impact of the risks which the PCC is exposed to.
Regular monitoring and evaluation of the PCC’s Risk Management Policy at senior level takes place on a regular basis to ensure that new risks are addressed as they arise. The Risk Register is presented to the PCC members on a regular basis and is updated as and when required. The staff team takes responsibility for implementation. There is communication with staff at all levels to ensure that individual and group responsibilities are understood and embedded into the culture of the PCC.
Our process ensures that:
-
New risks are properly reported and evaluated.
-
Risk aspects of significant new projects are considered as part of project appraisals.
-
Any significant failures of control systems are properly reported and actioned.
-
There is an adequate level of understanding of individual responsibilities for both implementation and monitoring of the controls systems.
-
Any further actions required are identified.
-
PCC members consider and review the annual process.
-
PCC members are provided with relevant and timely interim reports.
Page 5
Parochial Church Council of Chipping Barnet Trustees’ Annual Report (continued) For the Year Ended 31 December 2020
Trustees' Responsibility Statement
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the basis of being a going concern unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed Chairman …................................................ Dr J Kurien
Dated …................................................
Page 6
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF CHIPPING BARNET
Independent examiner's report to the trustees of the Parochial Church Council of Chipping Barnet
I report to the charity trustees on my examination of the accounts of the Parochial Church Council of Chipping Barnet (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: ………………………………………..
Alf Del Basso FCCA Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisors Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
Dated:
Page 7
Parochial Church Council of Chipping Barnet
Statement of Financial Activities
For the year ended 31 December 2020
| RECONCILIATION OF FUNDS BALANCES BROUGHT FORWARD BALANCES CARRIED FORWARD AT 31 DECEMBER 2020 INCOME FROM Note Incoming resources from donors 2(a) Other voluntary incoming resources 2(b) Income from charitable and ancillary trading 2(c) Other ordinary incoming resources 2(d) Income from investments 2(e) TOTAL INCOMING RESOURCES EXPENDITURE ON Grants 3(a) Activities directly relating to the work of the Church 3(b) Fund-raising and Publicity 3(c) Church management and administration 3(d) TOTAL EXPENDITURE NET INCOME/EXPENDITURE Transfers between funds NET INCOME/EXPENDITURE before Investment Gains Unrealised Gains/(Losses) on Investments NET MOVEMENT IN FUNDS |
Restricted Unrestricted Endowment Designated Total Funds Total Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ £ 121,510 - 84,574 - - - 121,510 157,921 - - 84,574 99,466 79,151 24,714 - - 103,866 148,049 6,966 210 - - 7,176 5,644 5,779 50 13,177 - 19,006 20,566 |
|---|---|
| 297,981 24,975 13,177 - 336,133 431,646 |
|
| 5,086 - - - 5,086 5,949 251,389 25,147 - - 276,537 337,385 307 - - - 307 777 20,033 70,728 - - 90,761 50,888 |
|
| 276,816 95,875 - - 372,691 394,999 |
|
| 21,165 (70,900) 13,177 - (36,559) 36,647 (26,464) 67,790 (41,326) - - - |
|
| (5,299) (3,110) (28,149) - (36,559) 36,647 5,515 - 26,649 - 32,164 71,306 216 (3,110) (1,500) - (4,395) 107,953 |
|
| 822,046 51,792 764,737 163,251 1,801,826 1,693,873 822,262 48,682 763,237 163,251 1,797,432 1,801,826 |
Page 8
Parochial Church Council of Chipping Barnet Balance Sheet at 31 December 2020
| Restricted | Unrestricted | Endowment | Designated | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | £ | £ | ||
| FIXED ASSETS | |||||||
| Tangible fixed assets | 6 | 422,202 | - | - | 163,251 | 585,453 | 586,078 |
| Investments | 7 | 129,387 | - | 412,568 | - | 541,955 | 509,790 |
| 551,589 | - | 412,568 | 163,251 | 1,127,408 | 1,095,868 | ||
| CURRENT ASSETS | |||||||
| Debtors, prepayments & | |||||||
| accrued income | 9 | 1,488 | 355 | - | - | 1,843 | 2,397 |
| Short-term deposits | 134,306 | 5,701 | 350,669 | - | 490,676 | 495,224 | |
| Cash at bank & in hand | 156,977 | 45,975 | - | - | 202,952 | 230,785 | |
| 292,771 | 52,031 | 350,669 | - | 695,471 | 728,406 | ||
| LIABILITIES: | |||||||
| amounts falling due in | 10 | (22,097) | (3,349) | - | - | (25,446) | (22,449) |
| one year | |||||||
| NET CURRENT ASSETS | 270,674 | 48,682 | 350,669 | - | 670,025 | 705,958 | |
| TOTAL NET ASSETS | 822,262 | 48,682 | 763,237 | 163,251 | 1,797,432 | 1,801,826 | |
| CHARITY | FUNDS | ||||||
| Restricted | 822,262 | 822,262 | 822,046 | ||||
| Endowment | 763,237 | 763,237 | 764,737 | ||||
| Unrestricted | |||||||
| General | 48,682 | 48,682 | 51,792 | ||||
| Designated | 163,251 | 163,251 | 163,251 | ||||
| 822,262 | 48,682 | 763,237 | 163,251 | 1,797,432 | 1,801,826 |
The financial statements were approved by the Board of Trustees and approved for issue on 12[th] May 2021 and signed on its behalf by:
…………………………………………………………………………………
Dr J Kurien – Chairman
………………………………………………………………………………… Mrs K L Baker - Treasurer
Page 9
Parochial Church Council of Chipping Barnet Notes to the Financial Statements For the year ended 31 December 2020
1. Accounting Policies
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, together with Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) ('the SORP).
The accounts include all transactions, assets and liabilities for which the PCC is responsible by 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 accounts are prepared under the historical cost convention as modified for the revaluation of fixed assets and investments.
The Parochial Church Council of Chipping Barnet constitutes a public benefit entity as defined by FRS 102.
The reporting currency is GBP and all amounts have been rounded to the nearest £.
Income
(a) Voluntary Income and capital sources:
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under covenant is recognised only when received. Income Tax recoverable on covenants or Gift Aid donations is recognised when the repayment is received. Grants to the PCC are accounted for when the charity has entitlement to the grant, is has been received or receipt is probable and the amount can be reliably measured.
(b) Income from investments
Dividends and interest are accounted for when receivable.
(c) Gains and losses on investments
Realised gains or losses are recognised only when investments are sold. Unrealised gains or losses are accounted for on the revaluation of investments at 31 December.
(d) Accruals and deferred income
Creditors shown in note 9 include auditor's fee of £3,120 (2019: nil) and deferred income of £16,000 (2019: £16,000). This represents a grant from the Hadley Trust towards the cost of the Church Verger (Keeper) received in advance for the subsequent calendar year.
(e) Legacies
Legacies are recognised when receipt is probable and the bequest is quantifiable.
Page 10
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
Expenditure
(a) Grants
Grants and donations are accounted for when paid over, or when the PCC becomes entitled to them.
(b) Activities relating to the work of the Church
The diocesan quota is accounted for when payable.
Going Concern
The trustees have a reasonable expectation that the charity will continue to operate for the foreseeable future, even given the impact of COVID19, and so these financial statements are prepared on the going concern basis.
Financial Instruments
Apart from its investments, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognized at transaction value and subsequently measured at their settlement value.
Fixed Assets
Consecrated land and buildings and movable church furnishing
Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011.
No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Freehold Properties
The PCC maintain the properties in a continued state of sound repair so that the residual value of the property is at least equal to its book value. Having regard to this, it is of the opinion of the PCC that depreciation of the properties would not be material.
Other fixtures, fittings and office equipment
Equipment used for church purposes is depreciated on a straight-line basis over a period of 5 years. Individual items of equipment with a purchase price of £2,000 or less are written off when the asset is acquired. The new pews, in 2017, at St Mark’s, at a cost of £11,232 are depreciated over a period of 50 years. The depreciation is £225 per annum. The organ cost of £19,920 is also depreciated over 50 years at a cost of £400 per annum.
Stock
No value is attributed to stocks of Guide Books and similar material for resale. The costs are fully written off in the year of purchase.
Cash Flow Statement
The financial statements do not include a cash flow statement because the charity, as a smaller reporting entity, is exempt from the requirement to prepare such a statement.
Page 11
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued)
For the year ended 31 December 2020
| 2. Incomefrom 2(a) Incoming resources fromdonors Planned giving: Covenants Parish Giving Scheme Income tax recoverable on Gift Aid Parish Giving Scheme tax recovered Collections (open plate) at all services Special collections (Funerals, Hymn books) Other voluntary donations Daytime Church OpeningDonations/Memorial collection SumUp Donations 2(b) Other voluntary incomingresources Grants from the Chancel Estate Grants from other sources including Winter Shelter Legacies VAT refund Fundraising 2(c) Income from charitable & ancillarytrading Books, China, Guide Books, PC's, Flower Fund Church hire including Antenna in the Tower Catering and refreshments Fees Copy printer account Church hall Magazine Rent 94 Milton Avenue & Cedar Lawn Avenue Deanery for Administrator's salary |
St J Baptist Restricted Funds St Mark Restricted Funds St Peter Restricted Funds St Stephen Restricted Funds B.H.B.G Restricted Funds PCC Copy Printer Bells Hill Total Funds 2020 Total Funds 2019 Unrestricted Unrestricted Endowment Designated Funds Funds Funds Fund 37,659 8,657 5,846 4,686 - - - - - 56,848 65,052 2,900 - - - - - - - - 2,900 - 13,572 3,839 - 2,287 - - - - - 19,698 24,732 725 - - - - - - - - 725 - 2,933 2,192 738 1,768 - - - - - 7,630 22,434 2,854 - - - - - - - - 2,854 3,771 3,219 4,433 20,119 1,934 - - - - - 29,705 40,281 781 - - - - - - - - 781 1,651 369 - - - - - - - - 369 - |
|---|---|
| 65,012 19,121 26,703 10,674 - - - - - 121,510 157,921 |
|
| 22,435 - - - - - - - - 22,435 30,573 26,000 10,000 10,000 10,000 - - - - - 56,000 17,794 3,000 - - - - - - - - 3,000 36,000 - 1,803 - - - - - - - 1,803 3,585 - 275 489 572 - - - - - 1,336 11,514 |
|
| 51,435 12,078 10,489 10,572 - - - - - 84,574 99,466 |
|
| 489 - - - - - - - - 489 1,595 13,138 - - - - - - - - 13,138 17,923 586 27 - - - - - - - 613 2,201 8,375 3,537 1,317 2,808 4,483 610 - - - 21,130 20,198 - - - - - - 6,363 - - 6,363 11,395 - 11,801 2,817 11,801 - - - - - 26,419 57,637 33 117 1,663 - - - - - - 1,813 2,305 16,159 - - - - 16,895 - - - 33,054 33,177 - - - - - 847 - - - 847 1,618 |
|
| 38,780 15,482 5,797 14,609 4,483 18,351 6,363 - - 103,866 148,049 |
Page 12
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued)
For the year ended 31 December 2020
| 2. Incomefrom 2(d) Other ordinary incomingresources Other income including InsuranceClaims Miscellaneous Pilgrimage toWalsingham Miscellaneous SubsidiaryAccounts 2(e) Income frominvestments Dividends andinterest Investmentinterest TOTALINCOME |
St J Baptist Restricted Funds St Mark Restricted Funds St Peter Restricted Funds St Stephen Restricted Funds B.H.B.G Restricted Funds PCC Copy Printer Bells Hill Total Funds 2020 Total Funds 2019 Unrestricted Unrestricted Endowment Designated Funds Funds Funds Fund 1,856 - - - - - - - - 1,856 - 4,065 375 - - - 210 - - - 4,650 1,958 - - - - - - - - - - 2,900 670 - - - - - - - - 670 786 |
|---|---|
| 6,591 375 - - - 210 - - - 7,176 5,644 |
|
| 468 3,865 12 24 1,410 31 19 - - 5,829 6,566 - - - - - - - 13,177 - 13,177 14,000 |
|
| 468 3,865 12 24 1,410 31 19 13,177 - 19,006 20,566 |
|
| 162,286 50,921 43,001 35,879 5,893 18,592 6,383 13,177 - 336,133 431,646 |
Page 13
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued)
For the year ended 31 December 2020
| 3. Expenditureon | St J Baptist | St Mark | St Peter | St Stephen | B.H.B.G | PCC | Copy Printer | Bells Hill | Total | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | Restricted | Restricted | Restricted | Restricted | Unrestricted | Unrestricted | Endowment | Designated | Funds | Funds | |
| Funds | Funds | Funds | Funds | Funds | Funds | Funds | Fund | Funds | 2020 | 2019 | |
| 3(a)Grants | |||||||||||
| Missionary and charitable giving | 2,319 | 924 | 120 | 318 | - | - | - | - | - | 3,681 | 2,163 |
| Other charitable giving including Churches Together | 750 | 165 | 80 | - | - | - | - | - | - | 995 | 980 |
| Verger's fundraising | - | - | - | - | - | - | - | - | - | - | - |
| Miscellaneous collections to Charities | 410 | - | - | - | - | - | - | - | - | 410 | 2,806 |
| 3,479 | 1,089 | 200 | 318 | - | - | - | - | - | 5,086 | 5,949 | |
| 3(b) Activities directly related to the work of thechurch | |||||||||||
| Parish Share | 76,151 | 29,004 | 12,456 | 14,742 | - | - | - | - | - | 132,353 | 143,560 |
| Clergy & reader's expenses | 205 | 1,147 | 1,056 | 822 | - | - | - | - | - | 3,230 | 5,483 |
| Upkeep of 13 C L Ave, 94 Milton Ave, Vicarages | 2,839 | - | - | - | - | 5,103 | - | - | - | 7,942 | 2,444 |
| Church running expenses | 9,426 | 3,611 | 2,407 | 1,103 | - | - | - | - | - | 16,547 | 21,097 |
| Cleaning | 2,646 | - | - | - | - | - | - | - | - | 2,646 | 3,121 |
| Church maintenance & repairs | 8,997 | 7,491 | 9,487 | 529 | - | - | - | - | - | 26,504 | 23,650 |
| Organ/piano tuning & repairs | 4,577 | 6,240 | 114 | 315 | - | - | - | - | - | 11,246 | 3,009 |
| Major repairs | - | - | - | - | - | - | - | - | - | - | 43,250 |
| Insurance | 5,112 | 2,540 | 1,974 | 1,378 | - | - | - | - | - | 11,004 | 12,365 |
| Church Vergers' salaries | - | - | - | - | - | 20,044 | - | - | - | 20,044 | 19,256 |
| Contributions Church house/Church hall running costs | - | 8,488 | - | 11,764 | - | - | - | - | - | 20,252 | 31,473 |
| Junior Church and Young People | 62 | 73 | - | - | - | - | - | - | - | 135 | 376 |
| Books, Library, Postcards, China, Flowers | 286 | - | - | - | - | - | - | - | - | 286 | 716 |
| Magazine | 13 | - | 2,209 | - | - | - | - | - | - | 2,222 | 4,202 |
| Furniture, Carpets, Flags, Kitchen Equipment | 316 | - | - | - | - | - | - | - | - | 316 | 298 |
| Furnishings | - | 433 | - | - | - | - | - | - | - | 433 | 2,180 |
| Other direct expenditure: DBF Fees, verger fees | 5,065 | 2,112 | 610 | 2,047 | 120 | - | - | - | - | 9,954 | 9,843 |
| Upkeep of services | 1,171 | 2,103 | 100 | 668 | - | - | - | - | - | 4,042 | 4,947 |
| Upkeep of churchyard | 270 | 1,819 | - | - | 3,741 | - | - | - | - | 5,830 | 5,490 |
| Vacancy Account | 926 | - | - | - | - | - | - | - | - | 926 | - |
| Depreciation | - | 625 | - | - | - | - | - | - | - | 625 | 625 |
| 118,062 | 65,685 | 30,413 | 33,368 | 3,861 | 25,147 | - | - | - | 276,537 | 337,385 |
Page 14
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued)
For the year ended 31 December 2020
| 3. Expenditureon 3(c) Fund-raising andPublicity Cost offund-raising Recitals expenses WinterShelter Grants Bells HillFund Miscellaneous, Grants andPilgrimage Miscellaneous wedding refundsetc 3(d) Church management andadministration Administrator'ssalary Administrationexpenses Fee payable forAudit Bankcharges Honoraria to organists andchoir Gifts, Refreshments, Lunch Clubetc. TOTAL EXPENDITURE NetIncome/(Expenditure)beforetransfers Transfer betweenfunds:- Grant Bells HillFund St John the Baptist Church Vergerssalaries Administrator'ssalary Totaltransfers |
St J Baptist Restricted Funds St Mark Restricted Funds St Peter Restricted Funds St Stephen Restricted Funds B.H.B.G Restricted Funds PCC Copy Printer Bells Hill Total Funds 2020 Total Funds 2019 Unrestricted Unrestricted Endowment Designated Funds Funds Funds Fund - 247 - 60 - - - - - 307 777 |
|---|---|
| - 247 - 60 - - - - - 307 777 |
|
| 1 - - - - - - - - 1 420 660 200 - - - - - - - 860 650 - - - - - 40,000 - - - 40,000 - 457 161 15 - - - - - - 633 4,446 3,998 - - - - - - - - 3,998 - - - - - - 15,145 - - - 15,145 14,659 3,015 48 59 1,611 - 1,492 7,665 - - 13,889 12,558 - - - - - 6,360 - - - 6,360 2,520 385 - - - - 66 - - - 451 740 8,235 905 - - - - - - - 9,140 13,728 176 108 - - - - - - - 284 1,167 |
|
| 16,927 1,421 74 1,611 - 63,063 7,665 - - 90,761 50,888 |
|
| 138,468 68,443 30,687 35,357 3,861 88,210 7,665 - - 372,691 394,999 |
|
| 23,818 (17,522) 12,314 522 2,032 (69,618) (1,282) 13,177 - (36,559) 36,647 - - - - - 40,000 - (40,000) - - - (20,099) - - - - 20,099 - - - - - (6,365) - - - - 7,691 - (1,326) - - - |
|
| (26,464) - - - - 67,790 - (41,326) - - - |
Page 15
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued)
For the year ended 31 December 2020
| 3. Expenditureon NetIncome/(Expenditure)for theYear Gains/Losses onInvestments Net Movement inFunds |
St J Baptist Restricted Funds St Mark Restricted Funds St Peter Restricted Funds St Stephen Restricted Funds B.H.B.G Restricted Funds PCC Copy Printer Bells Hill Total Funds 2020 Total Funds 2019 Unrestricted Unrestricted Endowment Designated Funds Funds Funds Fund (2,646) (17,522) 12,314 522 2,032 (1,828) (1,282) (28,149) - (36,559) 36,647 371 1,822 - - 3,322 - - 26,649 - 32,164 71,306 |
|---|---|
| (2,275) (15,700) 12,314 522 5,355 (1,828) (1,282) (1,500) - (4,395) 107,953 |
Page 16
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
4. Staff and other Costs
Staff costs paid during the year were as follows:-
| Wages and Salaries Social Security costs |
2020 £ 32,515 31,494 2,674 35,190 |
2019 £ 2,421 |
|---|---|---|
| 33,915 |
No employee was paid at a rate of £60,000 p.a. or more. The average number of employees during the year was 4 (2019 - 4). No member of the PCC has received any remuneration or reimbursement of expenses other than the treasurer as described in Note 19.
5. Support Costs
| 2020 £ Independent Examiner's fees 3,120 6. Fixed Assets At Cost or Valuation Freehold Property At 1st January 556,001 Additions At 31st December 2020 556,001 Depreciation Balance b/fwd - Charge for the year - Net Book Value At 31st December 2020 556,001 At 31st December 2019 556,001 |
2020 £ 3,120 |
2019 £ 3,240 FF&E (pews) 31,152 31,152 1,075 625 1,700 29,452 30,077 |
2019 £ 3,240 |
TOTAL 587,153 - |
|---|---|---|---|---|
| 587,153 | ||||
| 1,075 625 |
||||
| 1,700 | ||||
| 585,453 586,078 |
All freehold houses are stated at cost except for 94 Milton Avenue, Barnet for which a provision for diminution of value of £1,070 was made in 1997. All houses are well maintained and in view of this and the strength of the property market in the area, no further impairment provision has been made in the accounts. The Church Halls were valued at £206,000 and £100,000 for St Stephen’s and St Peter’s respectively when introduced to the accounts in accordance with the Church Accounting Regulations in 1997. No depreciation has been provided in these halls, which continue in use. No value has been attributed to St Mark’s church hall since it is integral to the church building.
Page 17
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
| 7. Fixed Asset Investments Market value At 1st January 2020 Revaluations At 31st December 2020 Net Book Value At 31st December 2020 At 31st December 2019 |
Restricted Funds £ 123,871 5,515 129,387 129,387 123,871 |
Endowment Funds £ 385,919 26,649 412,568 412,568 385,919 |
Totals £ 509,790 32,164 541,955 |
|---|---|---|---|
| 541,955 | |||
| 509,790 |
Investments at the year-end have been revalued in accordance with the Charities Statement of Recommended Practice.
| 2020 £ CBF Investment Fund 536,793 CBF Fixed Interest Securities Fund 5,162 541,955 8. Material Items on SOFA The net gain/(loss) on investments are noted as below: 2020 £ Unrealised gains on fair value changes 32,164 Realised gains on disposal of investments - Net gain on investment 32,164 9. Debtors 2020 £ Debtors 1,131 Prepayments and accrued income 712 1,843 10. Creditors 2020 £ Accruals and deferred income 19,120 Creditors for goods and services 6,326 25,446 11. Financial Instruments Financial Assets measured at fair value through income & expenditure 2020 £ 541,955 Financial Assets measured at amortised cost 1,131 Financial Liabilities measured at amortised cost (25,446) |
2019 £ 504,804 4,986 509,790 2019 £ 71,306 - 71,306 2019 £ 1,520 877 2,397 2019 £ 16,000 6,449 22,449 2019 £ 509,790 1,520 (22,449) |
|---|---|
Financial Assets measured at fair value through income & expenditure comprise investments. Financial Assets measured at
amortised cost comprise debtors excluding prepayments. Financial Liabilities measured at amortised cost comprise creditors.
Page 18
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
12. Movement in Funds
| 12. Movement in Funds | ||||
|---|---|---|---|---|
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
At 01.01.2020 £ 22,029 29,763 161,216 166,115 136,500 254,139 104,076 764,737 163,251 1,801,826 |
Net movements in funds £ (69,618) (1,282) 24,189 (15,700) 12,314 522 5,355 39,826 - (4,395) |
Transfers between funds £ 67,790 - (26,464) - - - - (41,326) - - |
At 31.12.2020 £ 20,202 28,480 158,940 150,416 148,814 254,661 109,431 763,237 163,251 |
| 1,797,432 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
Incoming resources £ 18,592 6,383 162,286 50,921 43,001 35,879 5,893 13,177 - 336,133 |
Resources expensed £ (88,210) (7,665) (138,468) (68,443) (30,687) (35,357) (3,861) - - (372,691) |
Gains and losses £ - - 371 1,822 - - 3,322 26,649 - 32,164 |
Movement in funds £ (69,618) (1,282) 24,189 (15,700) 12,314 522 5,355 39,826 - |
|---|---|---|---|---|
| (4,395) |
Page 19
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
12. Movement in Funds - continued
Comparatives for the movement in funds
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
At 01.01.2019 £ 24,335 27,494 157,654 146,051 143,048 247,146 95,019 689,873 163,251 1,693,871 |
Net movements in funds £ (27,886) 2,269 29,141 20,063 (6,548) 6,993 9,057 74,864 - 107,953 |
Transfers between funds £ 25,580 - (25,580) - - - - - - - |
At 31.12.2019 £ 22,029 29,763 161,216 166,115 136,500 254,139 104,076 764,737 163,251 |
|---|---|---|---|---|
| 1,801,826 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
Incoming resources £ 18,577 11,436 175,969 96,636 62,153 48,072 4,803 14,000 - 431,646 |
Resources expensed £ (46,463) (9,167) (147,385) (78,933) (68,701) (41,079) (3,271) - - (394,999) |
Gains and losses £ - - 557 2,360 - - 7,525 60,864 - 71,306 |
Movement in funds £ (27,886) 2,269 29,141 20,063 (6,548) 6,993 9,057 74,864 - |
|---|---|---|---|---|
| 107,953 |
Page 20
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
12. Movement in Funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
At 01.01.2019 £ 24,335 27,494 157,654 146,051 143,048 247,146 95,019 689,873 163,251 1,693,871 |
Net movements in funds £ (97,504) 987 53,330 4,363 5,766 7,515 14,412 114,690 - 103,559 |
Transfers between funds £ 93,370 - (52,044) - - - - (41,326) - - |
At 31.12.2020 £ 20,202 28,480 158,940 150,416 148,814 254,662 109,431 763,237 163,251 |
|---|---|---|---|---|
| 1,797,432 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds PCC Copy Printer Restricted funds St John the Baptist St Marks St Peters St Stephens Bells Hill Burial Ground Endowment funds Bells Hill Endowment Fund Designated funds Designated funds Total Funds |
Incoming resources £ 37,169 17,819 338,255 147,557 105,154 83,951 10,696 27,177 - 767,779 |
Resources expensed £ (134,673) (16,832) (285,853) (147,376) (99,388) (76,436) (7,132) - - (767,690) |
Gains and losses £ - - 928 4,182 - - 10,847 87,513 - 103,470 |
Movement in funds £ (97,504) 987 53,330 4,363 5,766 7,515 14,412 114,690 - |
|---|---|---|---|---|
| 103,559 |
Page 21
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2020
13. Funds
Restricted funds included within the assets of the Parochial Church Council consist of funds for restricted purposes and funds restricted for the use by particular churches within the team. Transfers from the restricted funds to the unrestricted fund represented contributions to the costs of the Church Vergers and PCC Administrator.
Endowment funds consist of Grave Trusts relating to Bells Hill Burial Ground and the Bells Hill Fund.
Unrestricted funds include certain funds, which have been designated by individual churches or the Parochial Church Council for particular purposes.
14. Bells Hill Fund
This fund was established in 1987 following the sale of the unused portion of Bells Hill Burial Ground. It is held by the Diocesan Board of Finance on behalf of the PCC, which is responsible for its administration and keeps the division of funds between Investment and Deposit Accounts under review.
15. Statement of Funds
Fund movements comprising income and expenditure for the charity’s individual funds are shown in notes 2 and 3 to the financial statements. The analysis of net assets between funds is shown in the balance sheet.
16. Funds Transfer
Funds for the Parish Share are transferred from each of the four churches to the PCC account in order to be paid to the Diocese of St Albans. The PCC is the legal body and it is felt that this is the easiest way to manage these funds. Similarly, payments for the Church Vergers’ and the Administrator’s salaries are transferred
from St John the Baptist Account so that income tax and NICs can be paid to the HMRC and Pension contributions paid to our Pensions provider.
17. Grants
An amount totalling £4,676 (2019 - £3,143) has been given away to various charities by St John the Baptist, St Mark, St Peter and St Stephen. This includes subscriptions to Churches Together for Chipping Barnet, money raised for charities through fundraising events and collections at funerals.
18. Contingent Liabilities
There were no contingent liabilities at the beginning or the end of the year.
19. Related Party Transaction
During the year the Honorary Treasurer received remuneration £588 (2019 £582) as Secretary to the Trustee of Bells Hill Burial Ground.
20. Post Balance Sheet Events
Since the balance sheet date, the charity has continued to be affected by the global pandemic, Covid 19. However, it is hoped that as restrictions are lifted the church's services and activities are able to return to normal. While the impact of the pandemic has caused a reduction in income for the charity, there have also been reductions and savings in expenditure resulting in the church's finances holding up well under the circumstances. As a result, the trustees believe that the charity will be able to continue as a going concern for the foreseeable future.
Page 22