## **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:
1. New risks are properly reported and evaluated.
2. Risk aspects of significant new projects are considered as part of project appraisals.
3. Any significant failures of control systems are properly reported and actioned.
4. There is an adequate level of understanding of individual responsibilities for both implementation and monitoring of the controls systems.
5. Any further actions required are identified.
6. PCC members consider and review the annual process.
7. 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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