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|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|
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|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.|||||||||||
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|||||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|
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|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|
##
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|||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|