**Charity number: 1130900**
# **The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Trustees' report and financial statements**
**for the year ended 31 December 2020**
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 18|
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 December 2020**
|**Trustees**|R Jones|
|---|---|
||C Provencal (resigned 11 October 2020)|
||Rev P Zaphiriou|
||K Buraimoh|
||L Whatley (resigned 11 October 2020)|
||T Akinde-Hummel (resigned 11 October 2020)|
||K Alexander (resigned 11 October 2020)|
||G Algie|
||V Blizzard (resigned 23 May 2021)|
||R Drake (appointed 23 May 2021, resigned 11 October 2020)|
||S Gichoya (resigned 23 May 2021)|
||S McDonald (resigned 9 February 2020)|
||S Moss|
||V Sykes (resigned 11 October 2020)|
||M Tolhurst (resigned 11 October 2020)|
||M Way|
||R Pryce|
||S Raeside (resigned 30 June 2021)|
||S Bull (appointed 11 October 2020)|
||S Bunce (appointed 23 May 2021)|
||L Clare (appointed 23 May 2021)|
||R Symmons (appointed 23 May 2021)|
||B Jones|
||S Evelyn (appointed 23 May 2021, resigned 11 October 2020)|
||C Selby (appointed 11 October 2020)|
||J Booth (appointed 11 October 2020)|
**Charity registered number** 1130900 **Principal office** St Mary Magdalene Church Holloway Road London N7 8LT **Accountants** Accountability Europe Ltd Chartered Accountants Omnibus Workspace 39-41 North Road London N7 9DP
Page 1
## **The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Trustees' report for the year ended 31 December 2020**
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2020 to 31 December 2020.
## **Objectives and activities**
## **a. Policies and objectives**
The parish's object is to build communities that grow followers of Jesus by gathering for weekly worship services, running various events and facilitating regular meetings for the community with special focus on children and young people as well as raising funds to assist worthy community projects and engaging with issues of poverty and inequality, particularly in the local area.
The PCC members have paid due regard to guidance issued by the Charity Commission in deciding what activities the parish should undertake.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Volunteers**
The Parish is dependent on volunteers for several aspects of its ministry, some of which would be severely curtailed if volunteers were not available. For example, volunteers are key for the running of Sunday school, holiday events, night shelter, various courses and other activities. Volunteers are estimated to provide the equivalent of 25 person-hours per week.
## **Achievements and performance**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
It is the policy of the parish that free unrestricted funds which have not been designated for a specific use should be maintained at or above a level of £25,000, which is equal to one month's expenditure. The PCC members considers that reserves at this level are sufficient as the charity receives income through two main streams, rental income and donations, which are received monthly from numerous properties and many individuals respectively. Therefore if income ceased temporarily from a property or an individual stopped a standing order, it wouldn't have a significant impact on the income of the charity.
At the year end, the charity free reserves are below the reserve policy but since the year end, the charity has made a surplus which has increased the free reserves to be greater than £25,000.
## **c. Summary**
The PCC members consider that the performance of the parish has been satisfactory.
Total income for the year as shown on page 6 was £325,847 (2019: £371,023). Total expenditure was £362,148 (2019: £373,256) and total fund reserves at 31 December 2020 were £2,170,657 (2019: £2,206,958).
Page 2
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Trustees' report (continued) for the year ended 31 December 2020**
## **d. Investments policy**
The parish invests surplus liquid funds in various interest bearing deposit accounts. Investment decisions are made at the discretion of the PCC members.
## **e. Principal risks and uncertainties**
The PCC members have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error, the safety and well being of children and vulnerable adults.
The PCC members have policies covering safeguarding of children and vulnerable adults in line with the requirements of the Diocese of London, child abuse and inappropriate behaviour of church employees and volunteers.
## **Structure, governance and management**
## **a. Constitution**
The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway is a body established by the Church of England. It operates under the Parochial Church Council (Powers) Measure 1956 (as amended) and the Church Representation Rules. The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway is also a registered charity, operating under the requirements of The Charities Act 2011.
## **b. Methods of appointment or election of Trustees**
New PCC members are elected at the annual parochial church meeting. The incumbent is inducted by the Bishop and installed by the Archdeacon. Churchwardens are elected at the annual parish meeting.
## **c. Policies adopted for the induction and training of Trustees**
Any training required is very basic. The parish does not therefore consider it necessary to have any formal induction or training programme in place. PCC members are made aware of the handbook for churchwarden and the parish church councilors of the Canons of the Church of England (kept on site) and of safeguarding policy and DBS requirements.
## **d. Related party relationships**
The parish has a relationship with The Urban Revival Foundation, a company limited by guarantee and under the control of four of the PCC members. The company was established for charitable purposes aiming to work in conjunction with the parish to promote community cohesion and other social activities. The company is currently seeking registration as a charity with the Charities Commission and HM Revenue and Customs.
## **Post balance sheet events**
Since the year end, there has been a global pandemic which has had a significant impact on all companies and charities. The Trustees have re-forecasted the budget for 2020 and have taken steps to minimise the financial impact of the pandemic by furloughing a couple of employees and also reducing our Common Fund payments, following agreement with the Parish.
The Trustees have considered the impact of the pandemic on these figures and have concluded that no adjustment is required to the figures in these financial statements.
Page 3
## **The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Trustees' report (continued) for the year ended 31 December 2020**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' report 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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 Parochial Church Council Powers Measure. 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.
Approved by order of the members of the board of Trustees on 28 October 2021 and signed on their behalf by:
**Rev P Zaphiriou** Trustee
Page 4
The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David. Holloway
Independent examiner's report
forthe year ended 31 December 2020
Independent examiner's report to the Trustees of The Parochial Church Council Of The
Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway {'the Charity'l
I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
Responsibilities and basis of report
As the Charity Trustees of the Charity you are responsible for the preparation of the accounts in accordance with
the requirements of the Charities Act 2011 I'the 2011 Act'l.
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and
in carrwng out my examination I have followed the applicable Directions given by the Charity Commission under
section 145{5llbl of the 2011 Act.
Independent examiner's statement
Since the Ch8riWs gross income exceeded £250,000 your examiner must be a member of 8 body listed in
section 145 of the 2011 Act. I confirm that l am qualtfied to undertake the examination because l am a member
of ICAEW, which is one of the listed tx)dies.
l understand that this has been done in order for the accounts to provide a true and fair view in accordance with
the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any materi81 respect..
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or
the accounts do not accord with those records,. or
the accounts do not comply with the 8ppIic8ble requirements concerning the form and content of
accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fairf 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 lo which
attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached.
Signed..
Dated.. 28 October 2021
Aamer Shehzad FCCA ACA
Accountsbility Europe Ltd
Omnibus Workspace
39-41 North Road
London, N7 9DP
Page 5
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Statement of financial activities for the year ended 31 December 2020**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other income
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**141,738**
**154,811**
**23**
**296,572**
**332,608**
**332,608**
**(36,036)**
**2,191,958**
**(36,036)**
**2,155,922**|**Restricted**
**funds**
**2020**
**£**
**29,275**
**-**
**-**
**29,275**
**29,540**
**29,540**
**(265)**
**15,000**
**(265)**
**14,735**|**Total**
**funds**
**2020**
**£**
**171,013**
**154,811**
**23**
**325,847**
**362,148**
**362,148**
**(36,301)**
**2,206,958**
**(36,301)**
**2,170,657**|Total
funds
2019
£
214,160
156,824
39
371,023
373,256
373,256
(2,233)
2,209,191
(2,233)
2,206,958|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 18 form part of these financial statements.
Page 6
## **The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Balance sheet as at 31 December 2020**
|**Note**
**Fixed assets**
Tangible assets
9
**Current assets**
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current liabilities / assets**
**Total net assets**
**Charity funds**
Restricted funds
12
Unrestricted funds
12
**Total funds**|**41,984**
**60,030**
**102,014**
**(111,441)**|**2020**
**£**
**2,180,084**
**2,180,084**
**(9,427)**
**2,170,657**
**14,735**
**2,155,922**
**2,170,657**|48,744
11,042
59,786
(33,985)|2019
£
2,181,157|
|---|---|---|---|---|
|||||2,181,157
25,801|
|||||2,206,958|
|||||15,000
2,191,958|
|||||2,206,958|
The financial statements were approved and authorised for issue by the Trustees on 28 October 2021 and signed on their behalf by:
## **Rev P Zaphiriou** Trustee
The notes on pages 8 to 18 form part of these financial statements.
Page 7
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Notes to the financial statements for the year ended 31 December 2020**
## **1. General information**
The Parish Of Hope Church Islington is an unincorporated charity registered in England. The charity's principal place of business is St Mary Magdalene Church, Holloway Road, London, N7 8LT.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The charity is exempted from preparing a cash flow statement due to exemption available to charities with income of less than £500,000.
## **2.2 Going concern**
The PCC members have, at the time of approving the financial statements, a reasonable expectation that the Charity has adequate resources to continue in operational existence or the foreseeable future. They have also considered the on-going economic impact of the Covid-19 global pandemic, and consider this to not have an impact on the entity’s ability to continue to trade. Thus, the PCC members continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 8
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Notes to the financial statements for the year ended 31 December 2020**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Freehold property|-||Not depreciated or revalued|
|---|---|---|---|
|Fixtures and fittings|-|20%||
|Computer equipment|-|33%||
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements**
**for the year ended 31 December 2020**
## **2. Accounting policies (continued)**
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.12 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 10
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **3. Income from donations and legacies**
|Donations
Grants
Donations
Grants
**4.**
**Income from charitable activities**|**Unrestricted**
**funds**
**2020**
**£**
129,437
12,301
141,738
Unrestricted
funds
2019
£
188,775
-
188,775|**Restricted**
**funds**
**2020**
**£**
-
29,275
29,275
Restricted
funds
2019
£
-
25,385
25,385|**Total**
**funds**
**2020**
**£**
**129,437**
**41,576**
**171,013**|
|---|---|---|---|
||||Total
funds
2019
£
188,775
25,385
214,160|
|||||
|Service fees
Property income
**Total 2020**
Service fees
Property income
Total 2019|**Unrestricted**
**funds**
**2020**
**£**
765
154,046
154,811
Unrestricted
funds
2019
£
3,715
153,109
156,824|**Total**
**funds**
**2020**
**£**
**765**
**154,046**
**154,811**|
|---|---|---|
|||Total
funds
2019
£
3,715
153,109
156,824|
Page 11
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **5. Analysis of expenditure by activities**
|Expenses
Expenses|**Activities**
**undertaken**
**directly**
**2020**
**£**
7,888
Activities
undertaken
directly
2019
£
19,436|**Support**
**costs**
**2020**
**£**
354,260
Support
costs
2019
£
353,820|**Total**
**funds**
**2020**
**£**
**362,148**|
|---|---|---|---|
||||Total
funds
2019
£
373,256|
Page 12
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **5. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
Repairs and maintenance
Bank charges
Legal and professional fees
Telephone
Computer costs
Rates
Sundry costs
Printing, postage and stationary
Services
Insurance
Office costs
Other staff costs
Staff training
Common fund
Temporary staff
Staff entertainment
Travel
Rent
Advertising
Bad debt
Governance costs
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts, inclusive of VAT|**Total**
**funds**
**2020**
**£**
**86,307**
**3,841**
**73,735**
**-**
**664**
**3,054**
**4,230**
**15,437**
**3,316**
**2,517**
**409**
**5,734**
**583**
**-**
**-**
**112,050**
**-**
**1,126**
**-**
**39,856**
**227**
**274**
**900**
**354,260**
**2020**
**£**
**900**|Total
funds
2019
£
92,361
3,232
30,549
191
727
3,615
2,438
15,491
619
2,460
493
5,123
780
9,774
305
133,871
1,307
1,647
443
38,304
4,160
1,490
4,440
353,820|
|---|---|---|
|||2019
£
840|
**6. Independent examiner's remuneration**
Page 13
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **7. Staff costs**
|**2020**
**£**
Wages and salaries
**82,322**
Social security costs
**1,883**
Contribution to defined contribution pension schemes
**2,102**
**86,307**
The average number of persons employed by the Charity during the year was as follows:
**2020**
**No.**
Staff
**5**|2019
£
86,639
3,566
2,156
92,361
2019
No.
5|
|---|---|
No employee received remuneration amounting to more than £60,000 in either year.
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
## **9. Tangible fixed assets**
|**Cost**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020
Charge for the year
At 31 December 2020
**Net book value**
At 31 December 2020|**Freehold**
**property**
**£**
**2,172,637**
**-**
**2,172,637**
**-**
**-**
**-**
**2,172,637**|**Fixtures and**
**fittings**
**£**
**11,762**
**-**
**11,762**
**4,704**
**2,352**
**7,056**
**4,706**|**Computer**
**equipment**
**£**
**2,668**
**2,768**
**5,436**
**1,206**
**1,489**
**2,695**
**2,741**|**Total**
**£**
**2,187,067**
**2,768**
**2,189,835**|
|---|---|---|---|---|
|||||**5,910**
**3,841**
**9,751**|
|||||**2,180,084**|
Page 14
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **10. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2020**
**£**
**29,533**
**7,921**
**4,530**
**41,984**|2019
£
22,100
20,256
6,388|
|---|---|---|
|||48,744|
## **11. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2020**
**£**
**30,861**
**-**
**61,358**
**19,222**
**111,441**|2019
£
69
526
320
33,070|
|---|---|---|
|||33,985|
Page 15
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Notes to the financial statements for the year ended 31 December 2020**
## **12. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General funds
**Restricted funds**
Cloudesley church maintenance grants
Cloudesley online video grant
Islington Council
**Total of funds**|**Balance at 1**
**January**
**2020**
**£**
**2,191,958**
**-**
**-**
**15,000**
**15,000**
**2,206,958**|**Income**
**£**
**296,572**
**25,375**
**3,900**
**-**
**29,275**
**325,847**|**Expenditure**
**£**
**(332,608)**
**(25,375)**
**(609)**
**(3,556)**
**(29,540)**
**(362,148)**|**Balance at**
**31**
**December**
**2020**
**£**
**2,155,922**|
|---|---|---|---|---|
|||||**-**
**3,291**
**11,444**
**14,735**|
|||||**2,170,657**|
Cloudesley church maintenance grants - Emergency works to repair the church building.
Cloudesley online video grant - To purchase equipment to enable recording and streaming of videos, and associated computer applications.
Islington Council - To install LED lighting.
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**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
**Notes to the financial statements for the year ended 31 December 2020**
## **12. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General funds
**Restricted funds**
Cloudesley church maintenance grants
Cloudesley sound system grant
Cloudesley online video grant
London Diocesan Fund - BLMF
Urban Action Fund - Nag's Head
Urban Action Fund - Promised Land
Islington Council
**Total of funds**|Balance at
1 January
2019
£
2,160,160
15,801
8,230
5,000
5,000
-
-
15,000
49,031
2,209,191|Income
£
345,638
-
-
4,385
5,000
10,000
6,000
-
25,385
25,385|Expenditure
£
(313,840)
(15,801)
(8,230)
(9,385)
(10,000)
(10,000)
(6,000)
-
(59,416)
(373,256)|Balance at
31
December
2019
£
2,191,958|
|---|---|---|---|---|
|||||-
-
-
-
-
-
15,000
15,000|
|||||2,206,958|
## **13. Analysis of net assets between funds Analysis of net assets between funds - current period**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2020**
**£**
2,177,925
89,438
(111,441)
2,155,922|**Restricted**
**funds**
**2020**
**£**
2,159
12,576
-
14,735|**Total**
**funds**
**2020**
**£**
**2,180,084**
**102,014**
**(111,441)**
**2,170,657**|
|---|---|---|---|
Page 17
**The Parochial Church Council Of The Ecclesiastical Parish Of St Mary Magdalene & St David, Holloway**
## **Notes to the financial statements for the year ended 31 December 2020**
## **13. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2019
£
2,181,157
44,786
(33,985)
2,191,958|Restricted
funds
2019
£
-
15,000
-
15,000|Total
funds
2019
£
2,181,157
59,786
(33,985
2,206,958|
|---|---|---|---|
## **14. Pension commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £2,102 (2019: £1,782). At the balance sheet date, the charity owed £179 to the fund (2019: £nil).
## **15. Operating lease commitments**
At 31 December 2020 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2020**
**£**
**4,694**
**11,736**
**16,430**|2019
£
4,694
16,430|
|---|---|---|
|||21,124|
## **16. Related party transactions**
During the year, donations totalling £35,879 (2019: £65,000) were received from The Urban Revival Foundation, a company controlled by Trustees of the charity. At the balance sheet date, the charity owed The Urban Revival Foundation £19,121 (2019: £nil).
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