Financial Statements
of the
Parochial Church Council
of
Chipping Barnet
Registered Charity Number 1130743
for the year ended 31 December 2021
Chairman
Revd T D Chapman St Mark's Vicarage 56 Potters Road Barnet EN5 5HY 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 2021
| 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 2021 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 Revd Tristan Chapman Clergy Revd Samuel Rossiter-Peters Revd Nicholas Wheeler Reader Linda Sanders Churchwardens Sharon Butler Caroline Hay John Hay Roger Kemp Jacob Kurien Sue Scott Sue Yates Treasurer Lynn Baker Members Iris Auburn Judy Burstow Nick Dean Wendy Dowding Laurie Little (LLW) Geoffrey Nicholson Maureen Stevens 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 for the Year Ended 31 December 2021 (continued)
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. Following the appointment of Fr Sam Rossiter-Peters, to St John the Baptist, in November 2021 there are now three clergy members. Fr Tristan Chapman has been appointed Rector and is the priest 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.
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 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. We appointed an Assistant Administrator whose salary is paid by drawing down the dividends from The Bells Hill Fund.
Page 2
Parochial Church Council of Chipping Barnet Trustees’ Annual Report for the Year Ended 31 December 2021 (continued)
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.
For the first part of the year all four churches were live streaming services, due to the Covid 19 pandemic. Services were taking place following Government guidelines such as the wearing of face coverings, hand cleansing and social distancing. As the year progressed restrictions were reduced, and the churches gradually began to resume near normal patterns of services. St John the Baptist was open during the day as before.
St Mark’s and St John the Baptist churches have introduced card readers to receive donations which has increased income. This is a very efficient way to receive donations.
Overall congregational numbers have not recovered to pre-Covid levels which is a worrying sign. We hope in time that this will improve. At St Peter's church some younger families in particular have seemed reluctant to return.
Remembrance Sunday was celebrated as normal and wreath laying took place at the war memorials in the Parish.
Fundraising took place at all four churches during the year. St Mark’s had two fetes one in the summer and one in December and two concerts raising nearly £3,000 in total. St John the Baptist had a BBQ and a small fete on the Green in August. This raised £1,325 after expenses. St Stephens had a Christmas Fair which raised £500. St Peter’s had a few small fundraising events, including two tabletop sales and luncheon with a raffle raising a total of £541. After Covid Lockdowns all of these were well received by the local communities around the churches.
Tangible Fixed Assets
13 Cedar Lawn Avenue, Barnet, was purchased in 1964 by St John the Baptist PCC. 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 year end was £47,338 which comfortably exceeds the six months target, but which cannot be considered excessive.
Page 3
Parochial Church Council of Chipping Barnet Trustees’ Annual Report for the Year Ended 31 December 2021 (continued)
Financial Review
Income
This year has been better financially with church services taking place albeit with restrictions. The three churches with halls have seen the halls being hired out thus bringing in much needed funds. There have been more fundraising events which has been positive.
Stewardship giving and donations totalled £84,080 for the four churches. Income Tax recovered on Gift Aid was £20,693. 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.
A large grant of £19,711 was also received from the Ravenscroft Charity (Chancel Estate) which covers all utility bills, insurance, organ tuning and maintenance and cleaning. St Mark’s church received grants totaling £7,340 and St. Peter’s Church received two grants totaling £1,316 from the Ravenscroft Charity. Three of the churches had a one-off grant of £10,000 from the City Churches Fund Surplus to help offset the loss of income. St John the Baptist will receive its grant when the boiler is replaced.
Income from the church halls of St Mark, St Peter and St Stephen increased by £6,700 to £33,173 now that Covid restrictions have been largely lifted. 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 £33,090.
Expenditure
The total Parish Share paid to the Diocese of St Albans was £133,165 (£132,353 in 2020). £5,060, 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 £29,961 and repairs and maintenance totaling £45,465.
Repairs and maintenance including insurance on the two residential properties amounted to £7,262. Expenditure on salaries including pension contributions and wages was £44,838. The running costs of the three halls amounted to £12,997. Honoraria to organists and choir amounted to £9,655.
The Finance Committee has met three times 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 for the Year Ended 31 December 2021 (continued)
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;
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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 for the Year Ended 31 December 2021 (continued)
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;
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make judgements and estimates that are reasonable and prudent;
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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 …................................................ Dated …......................................... Revd T D Chapman
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 2021.
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
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the accounts do not accord with those records; or
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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 2021
| Note INCOME FROM Incoming resources from donors 2(a) Other voluntary incoming resources 2(b) 2(c) Other ordinary incoming resources 2(d) Income from investments 2(e) TOTAL INCOMING RESOURCES EXPENDITURE ON Grants 3(a) 3(b) Fund-raising and Publicity 3(c) 3(d) TOTAL EXPENDITURE NET INCOME/EXPENDITURE Transfers between funds Unrealised Gains/(Losses) on Investments NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS BALANCES BROUGHT FORWARD Church management and administration NET INCOME/EXPENDITURE before Investment Gains BALANCES CARRIED FORWARD AT 31 DECEMBER 2021 Income from charitable and ancillary trading Activities directly relating to the work of the Church |
Restricted Unrestricted Endowment Designated Total Funds Total Funds Funds Funds Funds Funds 2021 2020 £ £ £ £ £ £ 104,773 - - - 104,773 121,510 82,568 - - - 82,568 84,574 87,142 27,015 - - 114,157 103,866 1,340 26 - - 1,366 7,176 3,693 5 14,990 - 18,688 19,006 |
|---|---|
| 279,516 27,046 14,990 - 321,552 336,133 |
|
| 5,060 - - - 5,060 5,086 259,589 26,851 - - 286,441 276,537 866 - - - 866 307 17,133 33,256 - - 50,389 90,761 |
|
| 282,648 60,108 - - 342,756 372,691 |
|
| (3,132) (33,061) 14,990 - (21,204) (36,559) (28,722) 31,722 (3,000) - - - |
|
| (31,854) (1,339) 11,990 - (21,204) (36,559) 9,151 - 81,916 - 91,067 32,164 (22,703) (1,339) 93,906 - 69,863 (4,395) |
|
| 822,262 48,682 763,237 163,251 1,797,432 1,801,826 799,560 47,348 857,142 163,251 1,867,291 1,797,432 |
Page 8
Parochial Church Council of Chipping Barnet Funds of the Charity at 31 December 2021
| Restricted | Unrestricted | Endowment | Designated | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | Funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | £ | ||
| FIXED ASSETS | |||||||
| Tangible fixed assets | 6 | 421,577 | - | - | 163,251 | 584,828 | 585,453 |
| Investments | 7 | 136,407 | - | 694,483 | - | 830,890 | 541,955 |
| 557,984 | - | 694,483 | 163,251 | 1,415,718 | 1,127,408 | ||
| CURRENT ASSETS | |||||||
| Debtors, prepayments & | |||||||
| accrued income | 9 | 1,016 | 910 | - | - | 1,926 | 1,843 |
| Short-term deposits | 98,578 | 5,704 | 162,659 | - | 266,941 | 490,676 | |
| Cash at bank & in hand | 164,610 | 44,021 | - | - | 208,631 | 202,952 | |
| 264,204 | 50,635 | 162,659 | - | 477,498 | 695,471 | ||
| LIABILITIES: amounts | |||||||
| falling due in one year | 10 | (22,628) | (3,297) | - | - | (25,925) | (25,446) |
| NET CURRENT ASSETS | 241,576 | 47,338 | 162,659 | - | 451,573 | 670,025 | |
| TOTAL NET ASSETS | 799,560 | 47,338 | 857,142 | 163,251 | 1,867,291 | 1,797,432 | |
| CHARITY FUNDS | |||||||
| Restricted | 799,560 | 799,560 | 822,262 | ||||
| Endowment | 857,142 | 857,142 | 763,237 | ||||
| Unrestricted | |||||||
| General | 47,338 | 47,338 | 48,682 | ||||
| Designated | 163,251 | 163,251 | 163,251 | ||||
| 799,560 | 47,338 | 857,142 | 163,251 | 1,867,291 | 1,797,432 |
The financial statements were approved by the Board of Trustees and approved for issue on …............. and signed on its behalf by:
Revd T D Chapman - 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 2021
1. Accounting Policies
Basis of preparing the financial statements
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 £.
Legal status of the charity
The charity is unincorporated in the UK and is registered with the Charities Commission.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Ireland':
-
(a) the requirements of Section 7 Statement of Cash Flows;
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(b) the requirement of paragraph 3.17(d);
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(c). the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).
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 10 include auditor's fee of £3,120 (2020: 3,120) and deferred income of £16,000 (2020: £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 2021
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.
Financial Instruments
Apart from its investments, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
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.
Fixed Asset Investment
Investments are shown in the Balance Sheet at quoted market value at the year end.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Page 11
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
| 2. Income from 2(a) Incoming resources from donors 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 Opening Donations/Memorial collection SumUp Donations 2(b) Other voluntary incoming resources Grants from the Chancel Estate Grants from other sources including Winter Shelter Legacies VAT refund Fundraising 2(c) Income from charitable & ancillary trading 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 Vacancy Account Deanery for Administrator's salary |
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 2021 2020 21,729 8,222 6,562 4,150 - - - - - 40,663 56,848 18,137 - - - - - - - - 18,137 2,900 10,456 4,073 - 1,680 - - - - - 16,209 19,698 4,484 - - - - - - - - 4,484 725 3,744 5,044 1,810 3,133 - - - - - 13,731 7,630 3,730 - - - - - - - - 3,730 2,854 794 1,494 1,248 2,844 - - - - - 6,380 29,705 633 - - - - - - - - 633 781 806 - - - - - - - - 806 369 |
|---|---|
| 64,513 18,833 9,620 11,807 - - - - - 104,773 121,510 |
|
| 19,711 7,340 1,316 - - - - - - 28,367 22,435 16,000 10,000 10,000 10,000 - - - - - 46,000 56,000 - - - - - - - - - - 3,000 - 2,072 - - - - - - - 2,072 1,803 2,158 3,069 399 503 - - - - - 6,129 1,336 |
|
| 37,869 22,481 11,715 10,503 - - - - - 82,568 84,574 |
|
| 530 - - - - - - - - 530 489 14,529 160 - - - - - - - 14,689 13,138 238 - - - - - - - - 238 613 6,363 3,041 740 2,479 9,006 686 - - - 22,315 21,130 - - - - - - 8,241 - - 8,241 6,363 - 13,000 5,075 15,098 - - - - - 33,173 26,419 43 - 104 - - - - - - 147 1,813 16,075 - - - - 17,015 - - - 33,090 33,054 661 661 - - - - - - 1,073 - - - 1,073 847 |
|
| 38,439 16,201 5,919 17,577 9,006 18,774 8,241 - - 114,157 103,866 |
Page 12
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
| 2. Income from 2(d) Other ordinary incoming resources Other income including Insurance Claims Miscellaneous Pilgrimage to Walsingham Miscellaneous Subsidiary Accounts 2(e) Income from investments Dividends and interest Investment interest TOTAL INCOME |
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 2021 2020 - - - - - - - - - - 1,856 34 366 - 800 - 26 - - - 1,226 4,650 - - - - - - - - - - - 140 - - - - - - - - 140 670 |
|---|---|
| 174 366 - 800 - 26 - - - 1,366 7,176 |
|
| 250 1,979 1 3 1,460 3 2 - - 3,698 5,829 - - - - - - - 14,990 - 14,990 13,177 |
|
| 250 1,979 1 3 1,460 3 2 14,990 - 18,688 19,006 |
|
| 141,245 59,860 27,255 40,690 10,466 18,803 8,243 14,990 - 321,552 336,132 |
Page 13
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
| 3. Expenditure on | 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 | 2021 | 2020 | |
| 3(a) Grants | |||||||||||
| Missionary and charitable giving | 2,770 | 410 | - | 260 | - | - | - | - | - | 3,440 | 3,681 |
| Other charitable giving including Churches Together | 500 | 135 | 80 | - | - | - | - | - | - | 715 | 995 |
| Miscellaneous collections to Charities | 905 | - | - | - | - | - | - | - | - | 905 | 410 |
| 4,175 | 545 | 80 | 260 | - | - | - | - | - | 5,060 | 5,086 | |
| 3(b) Activities directly related to the work of the church | |||||||||||
| Parish Share | 76,821 | 29,004 | 13,000 | 14,340 | - | - | - | - | - | 133,165 | 132,353 |
| Clergy & reader's expenses | 201 | 790 | 1,346 | 618 | - | - | - | - | - | 2,955 | 3,230 |
| Upkeep of 13 C L Ave, 94 Milton Ave, Vicarages | 2,703 | - | - | - | - | 4,559 | - | - | - | 7,262 | 7,942 |
| Church running expenses | 12,485 | 3,626 | 1,145 | 1,154 | - | - | - | - | - | 18,410 | 16,547 |
| Cleaning | 2,416 | - | - | - | - | - | - | - | - | 2,416 | 2,646 |
| Church maintenance & repairs | 7,797 | 15,029 | 19,725 | 808 | - | - | - | - | - | 43,359 | 26,504 |
| Organ/piano tuning & repairs | 1,787 | - | 319 | - | - | - | - | - | 2,106 | 11,246 | |
| Insurance | 5,490 | 2,585 | 1,997 | 1,479 | - | - | - | - | - | 11,551 | 11,004 |
| Church Vergers' salaries | - | - | - | - | - | 17,485 | - | - | - | 17,485 | 20,044 |
| Hall Managers and Cleaners | - | 2,790 | - | - | - | 4,807 | - | - | - | 7,597 | - |
| Contributions Church house/Church hall running costs | - | 2,311 | - | 10,686 | - | - | - | - | - | 12,997 | 20,252 |
| Junior Church and Young People | - | 113 | - | - | - | - | - | - | - | 113 | 135 |
| Books, Library, Postcards, China, Flowers | 416 | - | - | - | - | - | - | - | - | 416 | 286 |
| Magazine | 20 | - | 2,291 | - | - | - | - | - | - | 2,311 | 2,222 |
| Furniture, Carpets, Flags, Kitchen Equipment | - | - | - | - | - | - | - | - | - | - | 316 |
| Furnishings | - | - | - | - | - | - | - | - | - | - | 433 |
| Other direct expenditure: DBF Fees, verger fees | 2,516 | 2,474 | 686 | 1,561 | 785 | - | - | - | - | 8,022 | 9,954 |
| Upkeep of services | 811 | 3,405 | - | 270 | - | - | - | - | - | 4,486 | 4,042 |
| Upkeep of churchyard | 593 | 2,290 | - | - | 6,349 | - | - | - | - | 9,232 | 5,830 |
| Vacancy Account | 1,932 | - | - | - | - | - | - | - | - | 1,932 | 926 |
| Depreciation | - | 625 | - | - | - | - | - | - | - | 625 | 625 |
| 115,988 | 65,042 | 40,190 | 31,235 | 7,134 | 26,851 | - | - | - | 286,441 | 276,537 |
Page 14
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
| 3. Expenditure on 3(c) Fund-raising and Publicity Cost of fund-raising 3(d) Church management and administration Administrator's salary Administration expenses Fee payable for Audit Professional fees Bank charges Honoraria to organists and choir Gifts, Refreshments, Lunch Club etc. Recitals expenses Winter Shelter Grants Bells Hill Fund Miscellaneous, Grants and Pilgrimage Miscellaneous wedding refunds etc TOTAL EXPENDITURE Net Income/(Expenditure) before transfers Transfer between funds:- Grant Bells Hill Fund St John the Baptist Church Vergers salaries St Mark's salaries Administrator's salary Total transfers |
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 2021 2020 747 119 - - - - - - - 866 307 |
|---|---|
| 747 119 - - - - - - - 866 307 |
|
| - - - - - 19,756 - - - 19,756 15,145 2,794 - 620 138 - 1,526 8,768 - - 13,846 13,889 - - - - - 3,120 - - - 3,120 6,360 2,280 - - - - - - - - 2,280 - 398 - - - - 86 - - - 484 451 7,935 1,720 - - - - - - - 9,655 9,140 517 431 - - - - - - - 948 284 - - - - - - - - - - 1 - - - - - - - - - - 860 - - - - - - - - - - 40,000 - - - - - - - - - - 633 300 - - - - - - - - 300 3,998 |
|
| 14,224 2,151 620 138 - 24,488 8,768 - - 50,389 90,761 |
|
| 135,134 67,857 40,890 31,633 7,134 51,340 8,768 - - 342,756 372,691 |
|
| 6,111 (7,997) (13,635) 9,057 3,332 (32,536) (525) 14,990 - (21,204) (36,559) - - - - - - - - - - - (17,550) - - - - 17,550 - - - - - - (4,807) - - - 4,807 - - - - (6,365) - - - - 9,365 - (3,000) - - - |
|
| (23,915) (4,807) - - - 31,722 - (3,000) - - - |
Page 15
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
| 3. Expenditure on Net Income/(Expenditure) for the Year Gains/Losses on Investments Net Movement in Funds |
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 2021 2020 (17,804) (12,804) (13,635) 9,057 3,332 (814) (525) 11,990 - (21,204) (36,559) 97 1,844 - - 7,210 - - 81,916 - 91,067 32,164 |
|---|---|
| (17,707) (10,960) (13,635) 9,057 10,542 (814) (525) 93,906 - 69,863 (4,395) |
Page 16
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
4. Staff and other Costs
Staff costs paid during the year were as follows:
| Wages and Salaries Social Security costs |
2021 £ 38,245 3,803 42,048 |
2020 £ 32,515 2,674 |
|---|---|---|
| 35,190 |
No employee was paid at a rate of £60,000 p.a. or more. The average number of employees during the year was 5 (2020 - 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
| 2021 2020 £ £ Independent Examiner's fees 3,120 3,120 6. Fixed Assets Freehold Property FF&E (pews) At Cost or Valuation At 1st January 556,001 31,152 Additions At 31st December 2021 556,001 31,152 Depreciation Balance b/fwd - 1,700 Charge for the year 625 - 2,325 Net Book Value At 31st December 2021 556,001 28,827 At 31st December 2020 556,001 29,452 |
2020 £ 3,120 |
TOTAL 587,153 - |
|---|---|---|
| 587,153 | ||
| 1,700 625 |
||
| 2,325 | ||
| 584,828 585,453 |
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 2021
7. Fixed Asset Investments
| 7. Fixed Asset Investments | |||
|---|---|---|---|
| Market value At 1st January 2021 Additions Revaluations At 31st December 2021 Net Book Value At 31st December 2021 At 31st December 2020 |
Restricted Funds £ 129,387 14 7,006 136,407 136,407 129,387 |
Endowment Funds £ 412,568 200,000 81,916 694,483 694,483 412,568 |
Totals £ 541,955 200,014 88,922 830,890 |
| 830,890 | |||
| 541,955 |
Investments at the year-end have been revalued in accordance with the Charities Statement of Recommended Practice.
| CBF Investment Fund CBF Fixed Interest Securities Fund 8. Material Items on SOFA |
2021 £ 827,425 3,465 830,890 |
2020 £ 536,793 5,162 |
|---|---|---|
| 541,955 | ||
The net gain/(loss) on investments and Short Term deposits are noted as below:
| Unrealised gains on fair value changes of investments Realised gains on disposal of investments Unrealised gains on fair value changes of short term deposits Realised gains on disposal of short term deposits Net gain on investment 9. Debtors Debtors Prepayments and accrued income 10. Creditors Accruals and deferred income Creditors for goods and services |
2021 £ 88,922 - 2,145 - 91,067 2021 £ 1,141 785 1,926 2021 £ 19,120 6,805 25,925 |
2020 £ 32,164 - - - |
|---|---|---|
| 32,164 | ||
| 2020 £ 1,131 712 |
||
| 1,843 | ||
| 2020 £ 19,120 6,326 |
||
| 25,446 |
Page 18
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
11. 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 01.01.2021 £ 20,202 28,480 158,940 150,416 148,814 254,661 109,431 763,237 163,251 1,797,432 |
Net movements in funds £ (32,536) (525) 6,208 (6,153) (13,635) 9,057 10,542 96,906 - 69,863 |
Transfers between funds £ 31,722 - (23,915) (4,807) - - - (3,000) - - |
At 31.12.2021 £ 19,385 27,953 141,233 139,456 135,179 263,720 119,973 857,143 163,251 |
|---|---|---|---|---|
| 1,867,291 |
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 £ 18,803 8,243 141,245 59,860 27,255 40,690 10,466 14,990 - 321,552 |
Resources expensed £ (51,340) (8,768) (135,134) (67,857) (40,890) (31,633) (7,134) - - (342,756) |
Gains and losses £ - - 97 1,844 - - 7,210 81,916 - 91,067 |
Movement in funds £ (32,536) (525) 6,208 (6,153) 13,635 - 9,057 10,542 96,906 - |
|---|---|---|---|---|
| 69,863 |
Page 19
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
11. 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 01.01.2020 £ 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 |
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 £ 18,592 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 20
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
11. 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 01.01.2020 £ 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 £ (102,154) (1,807) 30,397 (21,853) 1,321 - 9,579 15,897 136,732 - 65,469 |
Transfers between funds £ 99,512 - (50,379) 4,807 - - - - (44,326) - - |
At 31.12.2021 £ 19,388 27,955 141,234 139,455 135,179 263,718 119,973 857,143 163,251 |
|---|---|---|---|---|
| 1,867,294 |
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 £ 37,395 14,626 303,531 110,781 70,256 76,569 16,359 28,167 - 657,684 |
Resources expensed £ (139,550) (16,433) (273,602) (136,300) (71,577) (66,990) (10,995) - - (715,447) |
Gains and losses £ - - 468 3,666 - - 10,532 108,565 - 123,231 |
Movement in funds £ (102,154) 1,807 - 30,397 21,853 - 1,321 - 9,579 15,896 136,732 - |
|---|---|---|---|---|
| 65,469 |
Page 21
Parochial Church Council of Chipping Barnet Notes to the Financial Statements (continued) For the year ended 31 December 2021
12. 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.
13. 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.
14. 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.
15. 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.
16. Grants
An amount totalling £4,155 (2020 - £4,676) 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.
17. Contingent Liabilities
There were no contingent liabilities at the beginning or the end of the year.
18. Related Party Transaction
During the year the Honorary Treasurer received remuneration £950 (2020 - £588) as Secretary to the Trustee of Bells Hill Burial Ground.
Page 22