2021-12-31-accounts

Contents			Page
Annual Report			1-6
Statement of Parochial	Church	Council Responsibilities	7
Report ofthe Independent Auditors			8-10
Statement of Financial	Activities		11
Cash flow statement			12
Balance Sheet			13
Notes to the Financial	Statements		14-23

Members ofthe with the Church	Members ofthe with the Church	PCC are either ex-officio or elected by Representation Rules. During the year	PCC are either ex-officio or elected by Representation Rules. During the year	PCC are either ex-officio or elected by Representation Rules. During the year	the Annual Parochial the following served	the Annual Parochial the following served	the Annual Parochial the following served	Church Meeting as members of	Church Meeting as members of	Church Meeting as members of	Church Meeting as members of	in accordance the PCC:
Incumbent:		Revd Rupert Charkham
Associate	Vicar:	Revd Matthew White (appointed			31 October		21)
Curate:		Revd Guy Axelson (resigned		31	May 21)
		Revd Sam Banner (appointed		4	July 21)
Churchwardens:		David Munns
		iona Thorne
Deanery Synod:		Anneliese Blackwood
Representatives:		Alice Vink
		Ruth Williams
		Ken Wiseman
Elected members:		Marylois Beard
		Michael Bradley
		Dominic Brown
		John Cameron
		Jack Campbell (resigned 31 August 21 but voting member in his capacity as Director of				continues to attend Operations)				meetings as a non-
		Felicity Hunt (Hon Treasurer)
		Daniel Jeavons (appointed	23 May 21)
		Matthew Passante (appointed		23	May 21)
		Rachel Senior
		Will Weaver (resigned 23	May	21)
		Grace Wort
Secretary:		Ken Wiseman
Electoral Roll
The 2021 Church		Electoral Roll was 208.

				Unrestricted	Unrestricted	Unrestricted	Restricted	Restricted	Total	Total
					Funds		Funds		Funds
			Note	2021		2020	2021	2020	2021	2020
Income and
endowments from
Donations and legacies			2(a)	449,073		406,877	22,959	43,462	472,032	450,339
Investments			2(b)	111,128		118,376			111,128	118,376
Charitable activities Furlough payments			2(c)	42,937		51,413			42,937	51,413
claimed Total income and			2(d)	15,427		16,401			15,427	16,401
endowments				618,565		593,067	22,959	43,462	641,524	636,529
Expenditure on
Charitable activities			3(a)	638,092		618,093	49,301	13,850	687,393	631,943
Total expenditure				638,092		618,093	49,301	13,850	687,393	631,943
Net income /
(expenditure) before
gains / (losses) on
investments				(19,527)		(25,026)	(26,342)	29,612	(45,869)	4,586
Unrealised gain/(loss)		on
investments				253,315	~75,760				253,315	~75,766
Net income / (expenditure)				233,788	(100,786)		(26,342)	29,612	207,446	(71,174)
Transfers between	funds		11
Net movement in funds				233,788	(100,786)		(26,342)	29,612	207,446	(71,174)
Reconciliation offunds
Total funds brought
forward				2,300,207	2,400,993		35,355	5,743	2,335,562	2,406,736
Total funds carried
forward				2,533,995	2,300,207		9,013	35,355	2,543,008	2,335,562

OR THE YEAR ENDED 31sT DECEMB	ER	2021
				2021	2020
Net cash from operating activities (see Note i):				(218,756)	(173,705)
Cash flows from investing activities:
Dividends 8 interest received			11,128		14,431
Lease income			100,000		103,945
Net addition to fixed assets			(10,086)		(13,683)
New investment made
Decrease in investments (now in current	assets)
Net addition to share investment
Net cash provided by (used in) investing		activities		101,042	104,693
Change in cash and cash equivalents	during the year			(117,714)	(69,012)
Cash and cash equivalents at the beginning		ofthe year		324,837	393,849
Cash and cash equivalents at the end of		the year (see	Note ii)	207,123	324,837
Note i - Reconciliation ofnet income	/ (expenditure)
to net cash flow from operating activities
Net income before gains				(45,869)	4,586
Adjustments for:
Depreciation charges 8 loss on disposal				11,633	13,335
Dividend 8 interests from investments				(111,128)	(118,376)
(Increase) / decrease in debtors Increase / (decrease) in creditors				10,319 ~83,711	9,729 ~82,979
Net cash provided by (used in) operating		activities		218,756	173,705
Note ii - Analysis ofcash and cash equivalents
Cash in hand				55,995	73,802
Notice deposits (less than 3 months)				151,128	251,035
				207,123	324,837

			Note	2021	2020
Fixed assets
Tangible fixed assets				682,063	683,610
Investments				1,935,042	1,681,727
				2,617,105	2,365,337
Current assets
Debtors			7	34,476	44,795
Cash at bank and	in	hand	12	207,123	324,837
				241,599	369,632
Creditors: amounts		falling due within one year	8	176,244	159,955
Net current assets				65,355	209,677
Total assets less	current liabilities			2,682,460	2,575,014
Creditors falling due		after more than one year		139,452	239,452
Net assets				2,543,008	2,335,562
Funds
Unrestricted			10	2,533,995	2,300,207
Restricted income			10,11	9,013	35,355
				2,543,008	2,335,562

Deferred income
Amounts paid to the PCC during after 31"December. Movements	the year in respect offees, rents or other income that relate to periods during the year were as follows:
Deferred income		2021	2020
Opening balance		341,060	446,810
Rents and other income relating	to current year	(781)	(3,413)
Rents and other income relating	to future periods		1,608
Lease income received
Lease income released		~100,000	103,945
Closing balance		240,279	341,060

2	INCOME AND ENDOWMENTS	INCOME AND ENDOWMENTS	FROM
			Unrestricted			Restricted		Total	Total
			Funds f				Funds	2021f	2020f
(a)	Donations and legacies
	Gift Aid donations		194,279				14,055	208,334	183,195
	Tax recoverable			48,561			3,514	52,075	45,924
	Church plate collections			1,068				1,068	4,517
	Other donations		205,		165		5,390	210,555	216,703
			449,073				22,959	472,032	450,339
(b)	Investments
	Rent - other properties
	Bank interest received			11,128				11,128	14,431
	Lease income		100,000					100,000	103,945
			111,128					111,128	118,376
(c)	Charitable activities
	Rent —St Michael's Fees	Church		32,130 5,865				32,130 5,865	36,438 1,911
	Other church activities			4,942				4,942	13,064
				42,937				42,937	51,413
(d)	Furlough payments	claimed		15,427				15,427	16,401
			618,565				22,959	641,524	636,529
3	EXPENDITURE ON
			Activities		Grant		Support
			Directly		funding		Costs	Total	Total
		undertaken			(4a	8 b) f	(3d)f	2021	2020f
(a)	Chariiable activities
	Mission support and
	outreach				104,244			104,244	63,798
	Ministry:
	Diocesan quota		113,858					113,858	114,186
	Other ministry costs		53,926				100,003	153,929	152,824
	Church activities		33,733					33,733	85,328
	Other activities —bookstall,
	groups, etc.		8,428					8,428	7,217
	Church running expenses						29,850	29,850	33,690
	Church maintenance—
	repairs and renewals						79,914	79,914	13,116
	Management and
	administration						158,031	158,031	156,636
	Governance costs						5,406	5,406	5,148
			209,945		104,244		373,204	687,393	631,943
									Page 17

					2021	2020
(b)	Staff costs
	Wages and	salaries			200,527	221,131
	Social security costs				11,232	13,345
	Pension costs				4,011	4,465
	Redundancy	costs			1,030	13,455
					216,800	252,396
	Average number ofemployees		Full time	equivalent	Headcount
			2021	2020	2021	2020
	Administration					13
	Lay assistant	staff				1
					12	14

				2021	2020
(d)	Support costs
	Staff costs			136,523	108,718
	Accommodation expenses			84,937	65,600
	Other staff expenses			1,732	634
	Church running and maintenance		expenses	109,764	46,486
	Office supplies and postage			4,165	4,940
	Publicity and advertising			1,275	1,339
	Telephone			5,251	4,447
	ITcosts			5,304	7,416
	Auditor's remuneration			5,406	5,148
	Legal 8 professional	fees		6,854	11,473
	Bad debt provision				18,000
	Bank charges			361	546
	Depreciation (Note 5)			11,632	22,496
				373,204	288,458

4	GRANTS PAYABLE
			Unrestricted	Restricted		Total Funds	Total Funds
			Funds	Funds		2021	2020
(a)	Grants to institutions
	Abraham's Oasis		1,500			1,500
	All-Party Parliamentary	Group on
	International Religious Freedom or
	Belief						1,200
	Besom			3,183		3,183	6,007
	LDF Outreach		12,600			12,600	12,600
	London City Mission		2,400			2,400	2,400
	Mission Aviation Fellowship		3,000		500	3,500	3,000
	Pimlico Foundation		6,000		825	6,825	6,925
	Serbian Evangelical Alliance						581
	StBarnabas Homerton		3,000			3,000	3,000
	St Michael's Kilolo School		3,240			3,240	5,300
	The Freedom Story						765
	The Gate at Westminster		6,000			6,000	6,000
	Westminster Food Bank		2,400			2,400	2,900
	Total grants to institutions		40,140	4,508		44,648	50,678
			Unrestricted	Restricted		Total Funds	Total Funds
(b)	Grants to individuals		Funds 'E	Funds		2021	2020f
	Outreach 8 poverty relief						1,323
	Clergy, ministry 8 training		14,607	25,569		40,176	5,895
	Other gifts		196	19,224		19,420	5,902
	Total grants to individuals		14,803	44,793		59,596	13,120
	Total grants payable		54,943	49,301		104,244	63,798

TANGIBLE FIXED AS	SE	TS —For u	se by	the PCC
		Freehold		Equipment	Fixtures	&	Total
		Property f			Fittings
Cost
At 1 January 2021		615,776		96,979	88,331		801,086
Additions				3,492	6,594		10,086
Disposals
At 31 December 2021		615,776		100,471	94,925		811,172
Depreciation
At 1 January 2021				82,209	35,267		117,476
Charge for the year				4,409	7,224		11,633
Release re disposals
At 31 December 2021				86,618	42,491		129,109
Net book value
At 31 December 2021		615,776		13,853	52,434		682,063
At 31 December 2020		615,776		14,770	53,064		683,610
The freehold property	is 24 Sullivan		Road.
INVESTMENTS
						2021	2020
Freehold						F	f
Fair value brought forward		as at 1 January		2021		1,300,000	1,400,000
Revaluation						200,000	(100,000)
Fair value carried forward		as at 31 December 2021				1,500,000	1,300,000
Share investment
Fair value brought forward		as at 1 January		2021		376,727	352,487
Additions in the year
Revaluation						53,315	24,240
Fair value carried forward		as at 31 December 2021				430,042	376,727
						14%	7%
Bond
Fair value brought forward		as at 1 January		2021		5,000	5,000
Additions in the year
Fair value carried forward		as at 31 December 2021				5,000	5,000
Total investments						1,935,042	1,681,727

	The bond is a five year	The bond is a five year	bond with	the London	the London	Housing	Association	yielding 1.25%pa.
7	DEBTORS							2021f	2020
	Trade debtors							1,895	353
	Other debtors							10,492	23,485
	P repayments							22,089	20,957
								34,476	44,795
8	CREDITORS: Amounts		falling due	within one year				2021	2020
	Trade creditors							3,730	13,861
	Accruals and deferred	income						167,375	138,109
	Payroll taxes due							4,273	6,932
	Pension payment due							866	1,053
								176,244	159,955
9	CREDITORS: Amounts		falling due	after more	than one		year	2021	2020
	Deferred income from	Sicily lease		due within	two years			139,452	200,000
	Deferred income from	Sicily lease		due within	three to four years				39,452
	Grants payable within	two years
	Grants payable within	three years
								139,452	239,452
0	ANALYSIS OF NET ASSETS BETWEEN FUNDS
				Tangible				Other net
				fixed assets E		Investments f		assets f	Total
	Llnrestricted funds			682,063			1,935,042	(83,110)	2,533,995
	Restricted income funds			682,063			1,935,042	9,013 ~74,097	9,013 2,543,008
	Comparative figures	for 2020
	Unrestricted funds			683,610			1,681,727	(65,130)	2,300,207
	Restricted income funds							35,355	35,355
				683,610			1,681,727	(29,775)	2,335,562

		Equipment	Equipment
		2021	2020
Within one year		1,392	1,392
Within two to	five year	116	1,508
		1,508	2,900
The operating	lease charges for the year were:
Hire ofequipment		1,392	1,915