ST. GILES-IN-THE-FIELDS PAROCHIAL CHURCH COUNCIL Registered Charity Number 1130800 ANNUAL REPORT AND FINANCIAL srATEMENTS FOR THE YEAR ENDED 31sf DECEMBER 2020
Page I IL REFERENCE AND ADMIN TIVE DEfAILS Constitution St Gile5-IrTr-the-Fields Parhla1 Church Council was registered as a charity (no.1130800) in July 2009 and is managed by the memkrs of the Parothial Church Council who are also the Charivs Trustees. PanKhial Church Counal- the Tru5tee5 The Members of the Parochial Church Counol who served during the year were: Mr H Amos MrOHory Mr W Grundy Mr T Hardin Dr W James Mr D Jessop Ms C Jone5 Ms L Macdonald Mr R Throw Mr Zi Ken Toh ected member Churchwarden. ex offioo Elected member Elected member Churchwarden, ex offioo Eletted member Eletted member (resigned 2P October 2020) Elerted member Elected member Deanery Synod Representstive The Custodian Trustee is the London DiLn Fund. 36 Causton Street, London, SWIP 4AU. The Prlnclpal Offlcers are: Chairman Vice chairnian Children's champion Safeguarding Officer Secretary Treasurer Standing Committee Dr W James Mr O Flory Ms C Campbell (app)inted ???) Ms L Goddard Mr R Trrow Mr W Grundy Chaimian, Churchwardens, Secretsry and Treasurer Principal Office and Professional Advlsor5: Independent Examiner: R Billinghurst FCA Knox Cropper LLP Chartered Accountsnts 65 Leadenhall Street London EC3A 2AD Architect.. Sarah Khan RIBA CA MArch &4rth RL¥Jer Mears Architerts LLP 2 Compton Terrace London Nl 2UN Bankers: The Co-operative Bank plc PO Box 250 Delf House Southway. SkelMeraIe WN8 6 Solicitors.. Winckworth 5herwc(%J Minerya House 5 Montagu aose London SEI 98B Principal Offlce Address: St. Giles-in-the-Fields 60 St Giles High Street London WC2H 8LG Investment Managers Investec Wealth & Management MIted 2 Gresham Street London EC2V
Page 2 ILES-IN-THE-FIELD HIAL CHURCH EPORT OFTHE TRUEE FOR THE YEAR ENDED 3157 DECEMBER 2020 The Trustees submit their report and accounts for the year ended 315t Dernber 2020. srRUCTURE GOVERNANCE AND MANAGEMEiir Legal Status and Constltution St Giles-in-the-Fields Parc(hial Churd) Counal is a Regied Charty (No. 1130800) and is categorised as Religious Charity. Trustees Appolntment and Tralnlng The Trustees of the Charity are members of the Parhla1 Church Council {PCQ of St. Giles-in-the-Fields and a either ex-officio or elected. The Rettor 15 ex-offiao; the Churchwardens are elected annuolly at the Annual Parish Meeting and are ex-offioo members of the PCC. A Deanery Synod member is elected every three years at the Annual paffhla1 Church MeetirNJ {APCM) is an ex-officio member of the PCC for that period. The remaining members of the PCC are elected annually at the APCM. The PCC also has the power to co-opt one member. New members are inducted by the Rectr)r and the Parochial Church Council. During the course of 2020, all MemrS of the PCC undertook Safeguarding Training provided by the Church of England and attended a cwrse on Unconscoous &'as Trdining provided by the DieSe of London. Management Arrangements The Parochial Church Council met on six occagor6 in the year tr) 31st Decernr 2020. The PCC primarily discussed financial affairs, arrangements for the app)intment of a new Rertor, planning of frdbric novation and improvements. mission work among the ktal communty, ways of bLkilding up the wider fellowship of the Church, and engagement wfch stakehokders in the local public realm. Details of these diUssIOnS are included under'Acbvits'es in the course of the yearf bebw. The PCCS Standing Committee met six times in the year to discuss general church matters, advtse the PCC where necessary, and enact decisions as delegated by the PCC. Rlsk Managefnent The Trustees continued to assess the major risks to whith the Charity is exwsed, particularty those related to the operations and finances of the Chartty. A risk assessment policy covering Christian mission, leadership, communicats.ons with the wider communty. pfoFerty security and fi detettion, site security, property maintenan, compliance with charty and employment kiw and finanaal controls and management was reviewed during the year. A disaster recovery plan, to be followed in the event of a major disaster and seth.ng Out Steps to be tsken with resrect to key personnel and specific tssks was also viewed. OBJEcfIvES AND AcfivtriES, PUBUC BENEFrr Objertives of the Charity and its Publlc Benefrt The Church of St-Giles-in-the Fields remains a central p)int of worship and Q)ristian witness in the heart of West End of London. It provides wular public worship open to all, the provision of a dedicated spa for personal prayer and reflettion, pastoral supwrt to memÈer5 of the congregatson and the wider community, teaching of the Christian faith through preaching, the promotr.on of the Christian faith through h¢)sting musical and theatrical events, a meets.ng space for a variety of pastoral groups, SUPPOrt for local and national charities, and the maintenance of ty40 listed buildings (the Church itself, grade l) and the Vestry House (grade 11). The Trustees are mindfvl of the rules of the Charities Act 2011 and the guidance issued by the Chanty Commission with regard to public ttnefit and acts in accordan this guidance.
Page 3 -THE-FIELD PAROCHIAL CHURCH COUN REPORT OF srEES FOR YEAR ENDED 31ST DECEMBER 2020 OBJEcfIvES AND AcrivrrIES, PUBLIC BEfiEFIT (continued) Alms The aims of the PCC are to work with the Rector in promoting the Parish of St-Giles-in-the-Fields and the whole mission of the Church, pastoral. evangelisbc, sc(ial and emen1¢31. Activities in the Course of the Year Response to the Coronaviruspandem Government restrithons imposed to the Covid-19 pandemic meant that in-person worship at st Giles was Jspended betsveen March and July and again in November. In order to maintain the worshipping life of the church during this time, the PCC organised online worship as well as regular email communication with the congregation. The church re0ned for a reduced sthedule of worship during the Summer and Autumn, during which period restrirtiors were iMFd on the number of people permitted to gather in churth. Risk assessments were implemented to allow the Publ to safely use the church buildings and for music to be perfomied during worship, with necessary mitigation measures put in place. Selectson andappointmentofa new Rtttor St Giles was in a period of interregnum duriThJ 2020 and pparationS for the selettion and appointment of a new Rector formed a primary fu$ of PCC activity. Despite delays caused by the pandemic, the PCC was able to meet with the Bishop of London in late April for a Section 12 meeting to discuss the needs of the parish. Following public advertisement of the role, a signfficant number of applications were received, with four candidates invited for intemew in eady September. The successfLEI candidate was the Reverend T.W. Sander, Vicar of Flamstead and Martyate Street in the Diocese of St Albans, who was scheduled to tske up the role in February 2021. Music and Mini5ty The PCC was indebted to the SUPE of a number of IcKal ckrgy who generously volunteered their time to lead worship, both online and in person, during the year. Opportunities for music were necessarily limited due to the pandemic; however the dirertor of music, Jonathan Bunney, was able to develop adaptations to allow some music to resume during WhIp in the Summer and Autumn, while all congregational singing was banned. Care of the fobncandadmini5tratiLvF As a result of the pandemic, church administrats.on was conducted rnOte for significant periods of the yeor and the church caretsker was fvrk)ughed ts several months while the church building was closed to the public. It was also necessary to Postpone the Annual Parish Meeting from April to October. The parish administrator oversaw the arrangements for remote wothng and the reopening of the church building, as well as ensuring the safety of the Rettory during the interregnum. The church y)lioes were rtviewed in July. A fabric steering group was fomied to consider implemertation of recommendations from the 2019 Quinquennial Report and further work was undertaken on the spe(ification for the conservation of the Vestry House. The PCC commissioned the church archtrtt to Produ a ConseNation Statement for the church and vestry house to provide a referen for future conseNation work. Minor repairs were undertaken on the thurch roof in July and the rf acc hatch was renewal. Work was undertaken to conserye and stabilise the tower Stonework in November.
Page 4 LES-IN-THE-FIELDS PAROCH HUR REPORT OF THE TRU FOR THE YEAR ENDED 315r DECEMBER 2020 OBJEcfivES AND ACtJvrriES, PUBUC BENEFIT {continued) Artlvities in the Course of the Year (continued) Mission Wort The Mission Action Pkn was reviewed in July. Research into the social history of the thurch continued, despite restriction5 on access to rnateria& Gaused by the pandemic. Work by specialist charitable organisations supporting the Iixal street community continued at st Giles. The church welcomed a new seNice provKler, ShowerBox. which provides a mobile shower SeN1 to the street homeless. The first- Sunday-in-the-month causes for 2020 were agreed in DeMber. Electoral Roll 77 names were dedaroj to te on the Ekntoral Roll at the 2020 APCM (73 in 2019). FINANCIAL REVIEW The General Fund balan (note 13) decreased by £198,784 (2019: an increase of £66,974) due to reduced opportunity for giving due to Covid-19 and signrficantly reduced grants from the trustees of The West Street Charity. In addition to this Generdl Fund amount, the trustees hokl £137.52012019.' £137,690) in a designated Reserye Fund which has its own temis of referen. Finally, the trustees held, at year end, the sum of £2,390 (2019: £1,888) of restrirted funds ting special colions made, typically on the first Sunday of each month, for the benefft of external charities. Importan of good finanaal planning is recognised by the Trustees and the annual budgeting round is the prinapal t1 used for this purFose. Regular monthly management accounts were prodUd and proved most useful. Resee$ Policv The PCC will retain the equivalent of nine monthly grants from The West Street Charity, which in 2018 amounted to £120,000. The invested Reserve Fund exists to ensure that the aims of the Charity can continue to be met in the event of sudden finanaal adversity. It can only be drawn upon if a credible plan for its replenishmert is pre$ted. OTHER CHARrrIES WITH WHICH THE PAROCHIAL CHURCH COUNCIL IS ASSOCIATED The members of the PCC are the managing trustees of the West Street Charty, the objects of which include 'the maintenance and upkeep of the church and churchyard of St Giles-in-the-Fields, and such other charitable purwses connected with the work of the Church of England within the said parish or the surrounding distrirt as the Parochial Church Counol of St Giles shall think properf. The Rector, Churchwardens and Treasurer are e¥ offiao trustees of the Alicia Duchess Dudley Charity, for the use and benefft of the Rector, to fund the stipend of the Rector of St Giles, and the CarolirE aayson Charity to maintain, preserve and improve the fabric and contents of the parish church of St Giles, to advance the Churth of England religion in the parish and to provide or augment the stipend of the Rettor of St Giles. The ROr and one Churchwarden are also ex off0 trustees of the St Giles-in the-Fields and Bloomsbury United Charity, and St Giles-in-the-Fields and William Shelton Educational Charity. These are parochial charti.es and have no specific ecclesiastical purp(.
Page 5 IL S PAROCHIAL CHURCH NCIL REPORT OF THE TRusfEES FOR THE YEAR ENDED 31sr DECEMBER 2020 FLrruRE PLANS During 2021, the PCC will wekome the new Rettor. Rev. T.W. Sander, and forward to a new and hopeful chapter in the lrfe of the parish. Rec()very from the impact of the Covid-19 pandemic will fomi a significant priority for the PCC, with particular focus on restoring the finanoal stabilty of the charity. The PCC hopes, during the course of the year, to work towards a full resumption of public v40rship and to work closely with the new Rector to renew and refresh the mission and ministry of the thurth. STATEMENT OF TRUSTEES RESPONSIBILMES The Chanvs Tru5tee5 are responsible for preparing accounts for each financial year that give a true and fair view of the Charitys financial activities during the year and of its state of affairs at the end of the year. In preparing the accounts, the Trustees follow best prattl and: select suitable accounting policie5 and apply them consistenty. make judgements and estimates that are wsonable and prudent; stste whether applicable accounting standards have b*n followed subjert to any material departures disclosed and expkiined in the accounts. prepare the accounts on the going concern basis unless it is inapprcpriate to presume that the Chority will continue to operate. The Trustees are respon&ble for keetj'ng proper accounts.ng records which disclose with reasonable accuracy at any time the financial pts"on of the Charity and which enable them to ensure that lJ)e accounts comply with the Charities Act 2011. They are also reSnSIble for safeguarding the assets of the Charity and hence for tsknng reasonable steps for the prevention and detection of fra1 and other irregularities. INDEPENDENT EXAMINATION The Trustees are pleased that Mr FdIard Billinghurst of Knox CropFer LLP, Chartered Accountants, has been and will remain Independert Examiner for the Charity. By order of the Trustees and signed on their behalf Rev. T.W. Sander (Chair) 2P April 2021
Page 6 NDEPENDENT EXAMINERS. REPORT TO THE TRUStEES OF GILES-IN-TH ELDS PAROCHIAL CHURCH COUNCIL Independent examiner's report to the Trustees of St Giles-In-thtrFields Parochial Churth Council l port to the trustees on my examinats.on of the accounts of the St Giles-in-the-Fields Parochial Church Council (the Trust) for the year ended 31st Dember 2020. This report is made to the Trustees, as a body, in accordan with the tems of engagement. My work has been undertaken so that I might carry out an Independent Examinats'on of the financial statements in accordan wtth the GeneTrl Directions given by the Charity Commissioners. To the fullest extent permttted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Tru5tee5 as a bc#Jy for my work or for this report. Responslbilities and basis of report As the charty trustees of the Trust you are reswn%EAe f(x the preparation of the accounts in accordance wtth the requirements of the Charitses Act 2011 {'the ACV). l port in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have folhjwed all applicable Direthons given by the Charty Commission under section 145(5)(b) of the Att. Independent examiner's statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in ion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giwng me cause to believe that in any material respect.. accounting records We not kept in rest*rt of the Trust as required by section 130 of the Act; or the accounts do not accord with those records,. or the accounts do not comply wrth the applicable requirements concerning the form and content of accounts set out in the Charits"es (Accounts and Report5> Regulab'ons 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an iThJependert examination. I have no concerns and have come across no other mattets in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. 65 Leadenhall Street London EC3A ZAD Richard Billinghurst FCA Knox Cropper LLP Chartered Accountsnts
Page 7 73cZMJ a.-% ljo £>oxffj£
Page 8 . GILES-IN-THE-FIELDS ROCHIAL CHUR COUNCIL BALANCE SHEEr T31-DE EMB 2020 2019 FIXED ASSETS Quoted Investments 246.389 694,316 CURRErir ASSErs Debtors Cash at Bank and in Hand 4,099 272 225 276.324 11,170 io 30,426 CREDITORS Amount Falling Due Within One Year li NEf CURRENT ASSETS 210,7(M) (38,775) NEf ASSErs £457 089 £655 541 Represented by: UNREsfRicfED FUNDS Designated General 13 13 145,020 145,190 454,699 653,653 RESTiucfED FUNDS 12 2.390 1,888 TOTAL FUNDS £457 089 £655 541 Approved by the Council on 2s he1 2021 and signed on their behalf. Rev. T.W. Sander (Chair) MrWGr (Twsurer)
Page 9 ILE PAROCHIAL CHUR H COUNCIL NOTES TO THE ACCOUNTS FOR THE YEAR DED 31sr DECEMBER 202 ACCOUNTING POUCIES a) Basls of Preparation and Assessment of golng Concern The accounts have been prepa under the historical cost convention with the exception of investments which are ir)duded at market value. The financial ststements have been Prepa in accordance with the chareS SORP (FRS 102)'Accounbng and RetMJrting by Charities: Ststement of Recommended Practice appIlble to Chariti preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of IreLind (FRS 102) (effettive 1st January 2019),, Financial Repotting Standard 102 'The Finanaal pong Stsndard applicable in the United Kingdom and Republic of Ireland. and the Charities Act 2011. The presentstional currerTrry of the finarrial statements is Pound Sterling (£). The Charity constitutes a publTrc benefit entity as defined by FRS 102. The Trustees consider that there a no matsn.al uncertainties about the Charity's ability to continue as a going concerrt. The major nrtaInty in this 15 the tUre level of grant support received from The West Street Charty. The current vacancy of one of the charity's properties and the impact of Coronavirus on those future Incorne streams are both considerations. However, the trustees regard the reserves of the PCC as suffiaent to meet ongoing costs for the foreseeable fijture. b) Funds General funds represertt the fijnds of the F£C that are not subject to any restrittions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a part"Jcular purpjse by the PCC are unrestrirted. Restricted Funds are funds which are used in accordan with specific restrictions imposed by donors or which have been raised by the Charity for a particular purpose. For details of the restn.rted fiJnds see note 12 in these financial statements. c) Income All income is recognised On the charity has entitlement to the income, it is probabty that the income will be retyved and the amount of inc(e receivable can be measured reliably. Collertions are recognised when banked by or on beha of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tsx recoverable on covenants or Gift Aid donations is recognised in the accounts wn the gift is received. Grants and legacies are accounted for when the FCC is notified of its legal enb"Uement and the amount due is probable. rTrdingActiwtl Parochial fees due to the PCC for weddings. etc. are account&J for on an event by event basis. Rental income is recognised under the accruals ba%s. Dividend and interest income are aco)unted for when receiv&J as is any inci)me tax recoverable ¢)n suth income.
Page 10 . GILES-IN-THE-FIEL PAROCHIAL CHURCH COUNCIL NOTE HE ACCOUNTS CONTIN YEAR ENDED 31sf DECEMBER ACCOUNTING POUCIES (CONTINUED) d) Expenditsre abilities are recognised as expeThliture as scon as there is a legal or constnjrtive obligab'on commitbng the charity to that expenditure, it is probable that Settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including supwrt costs and governan costs are allocated or apportioned to the applicable expernliture headings. e) Flxed Assets consetratal13ndandbuildings andmoveable thurch fvmthings Consecrated and Lneficed property is exCIed from the financial ststements by section 10(2) to (4) of the Charities Art 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faojlty for disrSaI, as the PCC considers this to be an inalienable property. AJI expenditu inojrred during the year on consecrat& land and beneficed buildings¢ whether rna1ntenan or improvement, is d)arged to the accounts during the year, as is exkEnditure on moveable church fumishings. fj Investments Investm a a ft)n of basic financial inve51ment and are inttialty recognised at their transaction value and 5ubsequenty measured at fair value as at the balance sheet date using the cbsing quoted market pri. The strternent of financial ath.vths includes the net gains and loss arising on revaluations and disposats throughout the year. Realised gains and losses on investments are calculated as the differen between sales proceeds and their opening carying value or their purchase value if acquireLI subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen beleen the fair value at the year end and their carrying value. g) Current knets and Uabilities All known current assets are tffought into the accounts at the amounts which they a expetted to realise. known liabilibes are brought intri the accounts at their expected cost.
Page 11 ES-IN-THE-FIEL OCHIAL CH RCH COUNCIL NOTES TO THE ACCOUNTS ED FOR THE YEAR ENDED 315r DE EMBER 2020 DONATIONS, LEGACIES AND COLLECTIONS Income from Donors 2020 Unrestrlcted Restricted 2019 Total Total Sunday Collettions Midweek Collection5 Collection Boxes Special Collectiors )natiors Recitals Planned Giving Gift Receivable 370 97 1,638 370 97 1,638 160 10,587 5,757 175 1,711 5,245 5,176 160 342 10,245 4,400 4,400 8,521 502 other Voluntary Income West Street Charity Grant Insurance daim Insurance refund Other Grants 15,000 15,000 205,000 5,738 405 211143 TOTAL £502 £35 422 £240 912 OTHER TRADING ACTIVITIES 2020 Unrestricted Restricted 2019 Total Total Coffee Stall Use of Church and R¢)oms 2,220 2,220 5,290 £18 259 £18 259 £64 866 INCOME FROM INVEsfMEKrs Dividends, Interest & Adj'ustments Bank Interest 6.564 6,564 13, 124 £13 124
Page 12 ILE -IN- PAROCHIAL CHURCH COUNCIL E ACCOUNTS FOR T ENDED 31 DECEMBER 2020 5. RAISING FUNDS 202 UnreStrIrt Restricted 2019 Total Total Investment Managers Fees Publicity 7,579 7,579 5,533 £10 307 £10 307 6. CHARtTABLE AcnvrriES Grants, Gifts and Alms (Note 6a) Activities Diredy Related to Work of The Church (Note 6b) Expenditure Related To The Church (Note 6c) ministrative Costs (Note 6a) Governan Costs (Note 6e) 4,573 150.672 150.672 165,174 70,093 70,093 6,000 123,107 14,837 £247 229 £316 602 £247 229 £321 175 £321 175 Total 2019 {a) GRANTS, GIFfs AND ALMS Special Collertions bert Kennedy Trust Royal Agricultural Benevolent Inst'n Bishop's Lent Appeal Leprosy Mission Water Aid Tear FurMI CafL%J SSAFA 1,216 267 244 314 1,518 338 375 301 (b) ACTivrtlES RELATED TO THE WORK OF THE CHURCH Sacristy Hospitslity Ffvjwers Clergy Local Projects Mission Work C4)nation Parish Administrator Di0Se Music DIREcfLY 403 762 272 5,843 5,000 5,089 1,951 20,308 75,780 1.806 1,806 1,786 38,357 78,(M)O 1,786 38,357 78,000 £150 672 £150 672 £165 174
Page 13 -FIELDS PAROCHIAL CH RCH COUN NOTES T CCOUN FOR THE YEAR ENDED 31 DECEMBER 2020 6. CHARITABLE AcfivITIES {COPmNUED) 2020 Unresbicted Restricted 2019 Total Totsl (c) EXPENDrruRE RELATED TO CHURCH Church Premises Insurance 61,412 61,412 117,063 £70 093 £123 107 (d) ADMINIsfRATIVE cosrs Office ExFtnditure Bad Debt Provision 6,OCKI 10,457 £14 837 (e) GOVERNANCE cosrs Accounting and bcx)kkeeping Professional fees Independent Examinab"on 10,991 6.523 10,991 6,523 10,614 240 £20,464 £13 484 7. KEY MANAGEMENT PERSONNEL (a) Key Management PeN•nnel Key management personnel is defined as the Trustees. None of the trustees received any emoluments or had any expenses reimbursed in the year. (b) Employee Inftirmation 2020 2019 Salaries Pension costs 38,730 28.779 The number of empbyees whose emoluments amount to over £60.000 during the year wa5 £Nil (2019: £Nil). 8. FIXED ASSET INVEsfMEpirs Unrestricted Restricted 2020 Total 2019 Totsl Quoted Investments Market Value at 1st lanuary 2020 Additions Disposals Proceeds Net gains1(105ses) Market Value at 31st December 2020 Cash with Investment Managers 670.242 63,461 (495,806) 670,242 63,461 {495,806) 571,148 40,660 (28,414) 236,736 236,736 670,242 £246,389 £246 389 £694 316
Page 14 sr. GILES-IN-THE-FI ROCHIAL CHURCH COUNCIL NOTES TO THE ACCOUNTS RTHEY 5r DECEMBER 2020 DEBTORS 2020 2019 Prepayments Sundry Debtors Provision of Bad Debts 1,442 2,657 1,619 13,931 £11 170 io. CASH AT BANK AND IN HAND C(operatiVe Bank plc 272 225 £272 225 19,256 £19 256 11. CREDITORS Due Within One Year Sundry Creditors and Accruals Loan from West Street Charity 15,624 19,201 £65 624 £69,201 12. REsfRicfED FUNDS Spedal Collectlons Total Balan at 1° January 2020 Income Expenditure 1,888 502 1,888 502 Balan at 3151 December 2020 Speclal Collertlons Total Balance at Isr January 2019 Income Expendrture 1,216 5,245 (4,573) 1,216 5.245 {4,573} Balan at 31* December 2019
Page 15 . GILE -THE-FIE PAR HUR UNCIL NOTES TO THE AC FORT YEAR ENDE STDE 13. UNREsfRICTED FUNDS Misslon Work Reserves Fund Fund General Fund Total Balan at l January 2020 Income Expendthre Net losses on Investments Transfers Balan at 315t December 2020 7,500 137,690 508,463 59,743 (257,536) (1,161) 170 £309 679 653,653 59,743 (257,536) (1,161) 170 £137 520 £454 699 Mission Work Reserves Fund Fund General Fund Total Balan at 1st January 2019 Income Expendfcure Net gains on Investments Transfers Balan at 31st Demter 2019 7,500 130,099 441,489 313,657 (325,940) 86,848 579,088 313,657 (325,940) £86,848 £137 690 £508 463 £653 653 Restrirted ftjnds relate to donations trj speoal collections which the PCC colletts in order to pass on to good causes. A serve fund is designated in accordan with the charity's reserve policy. mission work fund is designated by the PCC from time to time to support specific religious projects undertaken by other parishes in the Church of EnglarMI. 14. RELATED PARTY TRANSACTIONS The St Giles-in-the-Fields Ecdesiashcal Chartties which comprise St Giles-in-the-Fields Parochial thurch Counal West Street Charity The Caroline Clayson Chartty Alicia Duchess Dudley for the Rertor Charity are related baUSe ty have common Trustees. The PCC received Grants of £15,000 (2019: £205,000 from West Street Charity). West Street Charity lent the PCC £50,000 (2019.. £50,000). The PCC paid £nil (2019.. £nil) to the CAmline Clayson Charity and Ajicia Dud for the Rector Charfty for Clergy Housing.
Page 16 IL -THE-FIELDS PAROCH CHURCH NCIL OTES ACCOUNT FOR THE R ENDED DECEMBER 20 15. ASSEfs BETWEEN FUNDS Unrestrirted Funds Restricted Fund Total Fixed Assets Current Assets Creditors 246,389 273,934 246,389 276,324 2.390 £454 699 £457 089 16. CAprrAL COMMrrMEfiTS At the year end there were no contractual commitments (2019.. None).