2020-12-31-accounts

THE CHURCH OF ENGLAND St Paul's & St Luke's Finchley Report & Financial Statements Year ended 31 December 2020 Becoming a vibrant arKI diverse communty that is rooted in Jesus. gmwing together and oven7owing with God's love. Registered tharity no. 1131095

Trustees, Report for year ended 31st December 2020 Aim The trustee5 of Si. Paul's and St. Luke's are members of the Parochial Church Council I"PCC°I which has the responsibility of cijoperating smth the incumbent, the Reverend Nicholas Pye, in promoting in the ecclesiastical parish. the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the mainlenantz of the Church Centre that is attached to St Paul's Church and bordeJ5 Dukes Avenue, Finchley. Ob'ectives and Activities In 2017, the PCC agreed on four key priorities for the next few years: 1. Deepening Discipleship- helping people of all ages to grow in their relationship with God in their personal lives and through our cortK)rale lrfe. 2. Creating Community- helping F*ople of all ages to grow in their relationship wth other church members and build up our common life. 3. Moving in Mission - helping people of all ages to grow in their relationship with the wodd in sharing their faith (evangelism) and transforniing society (so(ial action) and building up our shared witness in the neighbourhood and our circles of infiuence. 4. RÈleasirry R¢sources - helping people of all ages lo grow in their stewardship of time, talents and treasure and enabling us to invest in the historic church so il is an asset. These priorities provide the framew(Kk for our ministry and mission and the meetings of the PCC. Structure Govemance and Mana ement The PCC is a corporate body established by the Church of England and operates under the Parochial Chutch Coun¢il Powers Measure 1956, and Church Representstson Rules 2020. The PCC is a Registered Charity. The method of appointment of PCC members is set out in the Church Representation Rules. Al SL Paul's. the membership of the PCC consists of the Incumbent (Vi￿r). Associate Vicar, Churchwardens. as ex-ofFIcio rrtembers. together with up to lay representatives on the Deanery Synod and up lo nine lay members all of whom are elected by those members of the congregatB)n who a￿ on the electoral roll of the church. All those who atter¢d our services I members of the COngregat￿n are encouraged to register on the Electoral Roll and sland for election lo PCC. The PCC is responsible for rnaking decisions on all matters of general COn￿M and Importan￿ lo the parish including deciding on how the funds of the PCC are to be spent. New members r￿1ve introductory training into the workings of the PCC. The full PCC met seven times during the year with an averdge level of attendance of 88.9%. The PCC has one sub-committee - the Standing Committee, which deals y￿th business between PCC meetings. The members of the Standing Committee are: the dergy. the churchvrardens and Iwo other members ol the PCC. Administrative Information Si. Paul's Church is situated on the corner of Long Lane and Dukes Avenue, Finchley. 11 is part of the Dh)cese of London, within the Church ol England. The correspondence address is.. The Church Office. St Paul's Church, 50 Long Lane, Finchley, London N3 2PU. The registered charity number is 1131095. PCC members who have served al any lime from 1st January 2020 until the dale of this report are: Ex Officio members.. Incumbent= Associate Vicar-. Revd. Nicholas Pye (PCC Chair) Revd. Mavis Crispin 2020 FiTranoal Report 2of16

Churchwardens.. Maggie Bames Karen Fox Ibtho also served as PCC treasurer) Elected members: James Bradley Elizabeth Cohen 05iver Cowlishaw Gavin Dobbing Daniella Filippi Kathleen Gilbert Chadotte HumphreyE Christian Huyck Jody Huy¢k-Jones Andy Kerr Regina Ononye Alison Peters Punila Shah ITO 22 October 20201 (From 22 Octo￿r 20201 (From 22 October 2020) {To 16 July 2020) (From 22 October 2020) ITO 22 October 2020) (From 22 October 2020} 0 22 October 2020) Achievements and Perforniance Please refer to the St Paul's Finchley- Annual Report for 2020 for details of the achievements and performance. Finanelal Review We want lo begin by expressing (￿rthankS to all rneMb￿s of the church who contributed financially lo the ministy and mission of St Paul's in 2020. Your generosity is much appreciated. We are also grateful lo Paul Bosson, who is our Independent Examiner for this year. The purpose of this report is to highlight a few key issues from the 2020 xcount5 and give an indication of our expectations for 2021. In common with all churches arKI charitEs. the Coronavirus pandemic and the resultant lockdowns. which were brought in by the UK Government, have had. and are continuing to have, a significant impact on our financial position. In response to this.. Ihe PCC appointed Liz Cohen. a member of the standing committee and a chartered accountant, as assistant treasurer lo provide it wth addttional expertise an¢Y support and to step in for the treasurer, should they be unable to fulfil their role. the vicar, treasurer and assistant treasurer dosely monitor income and expenditure and report regularly to the standing committee and to the PCC. so thal they have appropriate and timely infomiation about the budget, projections and cash flow. the vicar and treasurer sought the advi￿ and supporl of one of the Financial Advisers of the Diocese of London. Income This year has seen a 38.20/0 decrease in general {urKJesignated). unrestricted income on 2019 to £77.645. excluding income from legacies. Income from church members, via standing orders. donations and cash collections. decreased by 6.9QA and from grft aid by 8.8%. As a direct result of the Coronavirus pandemic and the 2ssocialed lockdowns. income from lellings, which was budgeted to provide 61 Qk of our unrestricted income. dedined by 60.2Qh lo £29,461, Even when we were allowed to re-open our premises, many hirers decided not to resume their activities or found that they could not operate within the number capac¥ty limits we had to introduce to ensure people's safety. Other things on which it is important to rewtt are: due lo the uncertain economic situation arising from the pandemic. the PCC decided thal rt would be inappropriate lo have the annual gfft day. However, in October, we did invite church members to review their giving to the chur¢h- e.g. to set up a standing order or. rf they already have one. to increase it 2020 Finan(xal RerKJrt 3of16

andlor to make a one-off donation. This dtd result in an Ir￿eaSe in some standing orders and a number of donations. unrestricted income from our Toddler group decreased by 79.5% to £518. At the outbreak of the pandemic in March. the group slopped meeting and did not resume again in 2020. unrestricted income from legacies dedined by 24.9¥0 to £27,234. we continue to benefit from Gtft AKI and the Grft Aid Small Donations Scheme, recovering around 92% of the potential Grft Aid available from HMRC. Overall, income is down on the previous year, reflecting the signrficant impact of the pandemic. especially with regard to lettings, income. enditure Unrestricted general {undesignated) expenditu￿ shows a 38Yo (£47.5841 reduction on 2019. This reflects the need lo adjust expenditure in the light of the negative impact of the pandemic on our income and the decisions the PCC took in the Se￿nd hair of the year to safeguard the chanty's financial sustainability. In June, the vicar, treasurer and asskstanl treasurer reviewed our financial posttion and did some scenario forecasling for the rest of the year. In July. they submitted a set ol proposals lo the PCC which were reviewed and accepted. These included.. the suspension. lo the end of the year. of our monthly Common Fund contribution lo the London Diocesan Fund wth effect from 1st July. This reduced our unrestricted expendrture on Common Fund lo I £28,355 and led to a saving of £28.345. An additional one-off payment of £1.250 was made in December, bul this was covered by a restricted donation. deferring the appoinlment of a Children's & Families Communty Worker until 2021, a saving in 2020 of £11.899. making appropriate use of the Govemmenys Coronawrus job retention scheme in respect of fudoughing our Administrator & Premises Manager. This resulted in a saving in 2020 of £2,700. the importance of continuing wtth the Wam & Welcoming Space Projecl as a core element of our Mission Actron Plan and the use of legacy income for this purpose. keeping a light control on all areas of expenditure, including day to day maintenance. where we achieved a saving against budget of £6,650, arKI deaning. where we achieved a saving of £3,406. The decision to suspend our Common Fund Ixfyntribution Vfds done with the full kno￿edge and 5UPPOrt of the relevant member of the Diocesan finan￿ team. This derysion was replicated by many parishes across the Diocese. In nearly all cases unrestricted expenditure was below budget expectations. In respect of Wodd Mission. our 10Q/o tithe on unrestricted income, was much less than normal due to the reduction in income and most of our commitments were funded by restricted donations of £4,122. The one area where we did spend more than budgeted {£5,3731 was on our Administrative & Communications Assistant, who worked a notable amount of overtime selling up and operating our online platfomis and social media accounts. as well as designing our new website. During the year, we continued to make use of Parish Buwng, the ChU￿h of England's nat￿nal procurement service. Their suppliers offer very competitive pricing which enables us to make use of the national deals available to churches and so keep our costs under light control. Le aC￿S We have previously reported that, in January 2018. the executors managing the estate of a former member of the church, who died in 2017, notified the PCC of a substsnttal residual legacy under the terms of the deceased's will. In September 2018 we received an initial interrm payment of £120,000, in March 2019 a second interim payTnent of £36,000, in April 2020 a third interim paylment of £12.610 and in March 2021 a final payment of £438. The PCC has designated £168,610 of these pawnents towards the Wami & Wel(x)ming Space project. In May 2019, the executors managing the estate of a member of the church who died in April 2019 notified the PCC of a pecuniary legacy under the temis of the deceased's will. In February 2020, we received an interim payment of £13,750 and in January 2021 a final payment of £875. The PCC has designated all of this money 2020 FinanTral Rep)rt 4of16

towards the refurbishment of the toilets in the church building, a key comwnent of our Wami & Wdcoming Space Project. Reseryes 2020 produced a surplus, exduding legacies, of £165 on the unrestrl￿ed general fund. After including designated income and expenditure. there vras a deficit on the general funds of £2,569. However, the receipt of legacy income of £27,234 has led lo an increased Ca￿led forward reserve in unrestricted funds of £294,427 (2019: £269,762). At present, the Church continues to have sufficient reserves to meet ils policy, but the position will continue lo be monitored carefully, especially in Ihe light of Covid19. The Future In preparing the 2021 budget, the PCC considered all available infomiation. including projections relating lo income and expenditure and cash flow slalements. We do not expect letting5' incotne to re￿rn to ils normal level until at least 2022 and this will depend on a number of factors, induding the extent to which Covid19 is still an issue, Govemmenl guidance. the effectNeness of the Va¢¢bnation programme and public confidence. We have therefore taken a very cautious approach on incorne and plan lo keep tight control on day to day expenditure. At the same time. and in line with the objectives in our Mission Action Plan, we are contractually committed to investing legacy income in the installation of a new heating System (cost £92.276) in the church building, plan to inst211 new toilets lestimaled cost £SO,000} in the church building and intend to appoint a Children's & Families, Community Worker. Amidst the current uncertainties, the PCC continues to be mindful of the need to use wisely its reserves and to make decisions that ensure the church's financial vuqbility. Condusion Our 2021 budget has a deficit on unrestricted funds of £20.083. Our current end of year forecasl is for a deficit on unrestricted funds of £12.859 and this wll be covered by the surrlus general fund of £28,440. Our contractual commitment of £92.276 relating to the installation of the new heatirTrg system will add to the deficit bul will be covered by designated reserves from legacies. Similarly, rf we sign any contracts rdaling to the installation of new toilets in the church building. this will also add to the deficit but will be covered by designated reserves from legacies. The financial outcome for 2020 vras much better than expected. At the outset. we budgeted for an overall deficit on unrestricted general funds of £24,055. At the year*nd, we had an unrestricted surplus, excluding legacies, of £165, however, when including designated funds. this became a def￿(( of £2,569. The position for 2021 and 2022 is uncertain due to Covid19. but through God's grace. the support of our members and hirers, the inve5tmenl of legacy income in improving the church building, which is partly designed to increase lettings. income. and prudent financial management we are confident that we will be able to ensure our future financial sustainability. Revd Nicholas Pye Chairman Karen Fox Treasurer 2020 FinancAal Report 5of16

Inde endent Examinerfs Re I have examined the financial statements for St Paul's & St Luke's, Finchley for the year ended 31 December 2020 as set out on pages 7 10 16, which have been prepared on the basis of the accounting policies sel out on page 9. Respectlvg responsibilities of the Parochiaj Church Council and Independent Examiner The Parochol Church Council. as charity trustees. rs responsible for the preparation of the accounts and considers that the audit requirements under section 144{2) of the Charities Act 2011 {'the Act.) do not apply and Ihal an independent examination is reqUIr￿￿_ The charity's gross income did not exceed £250.0￿ and l am qualifEd to undertake the examination by being a qual￿[ed member of the Institute of Chartered Accountsnts in England and Waleg. It is my responsibility to- Examine the account5 under section 145 of the ACL Follow the procedures laid down in the general directions gNen by the Charity Commission (under section 14515Xbl of the Act), and Stale whether parti(xJlar matters have come to my attention. Basis of Independent Examinerfs Report This report is in respect of an examination carried out under sectKJn 145 of the Act and in accordan￿ wrlh the general directions given by the Charity Cornmission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wlh those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Parochial Church Council concerning any such matters. The procedures undertaken do not F￿0vide all the eviden￿ that would be required in an audit, and consequenlly no opinion is given as to whether the accounts present a 'true and fair view. and the report is limited to those malters set out in the statement below. Independent Examlner's Report Based on my examination. no material matter has GDme to my attention which gives me reasonable cause to believe that in any material respect. the accounting re(x)rds have not been kept in accordan￿ with section 130 of the Act, or that the accounts presented do not accord with those records, or comply with the applicable accounting requirements conceming the fomi and content of accounlg as set out in the Charilies {Accounls and Reports) Regulations 2008 other than any requirement that the accounls gwe a Yrue and fairf view which is not a matter considered as part of an independent examination. No matter has come to my notice in connection with my examination lo which. in my opinion. attention Should be drawn to enable a proper understanding of the accounts lo be reached. Paul Bosson FCA 7 Seer Mead Seer Green BEACONSFIELD HPY 2QL 2020 Financjal Rekkxt 6of16

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Balance Sheet as at 31st December 2019 Notes 2020 2019 Fixed Assgts Tangible Assets 1,000,447 1.000,447 1,027,486 1,027,486 Current Assets Debtors Cash in Bank 32,665 272,108 304.773 3.628 281,678 285,306 Current Liabilities Credilor5.' Amounts falling due in one year et Current Assets 9,250 295.523 13,791 271.515 Total Assets less Current Llabilities 1,272,970 1,299,001 TOTAL NEf ASSErs 1.295,970 1.299,001 Funds General Funds Designated Funds Reslricled Funds TOTAL FUNDS 10 10 10 48,529 50,939 245,898 218,823 1,001,543 1.029,239 1.295.970 1,299.001 The financial statements on page5 7 10 16 were approved by the PCC on 22nd April 2021 and signed on their behalf by.. Revd Nicholas Pye Chairman of the PCC Karen Fox Treasurer lo the PCC Finanoal Report 2020 8of16

Notes formin art of the financial statements for the ear ended 31 December 2020 1. Accounting policies (a) Basis of preparation. The PCC is a public benefrt entity within the meaning of Financial Reporting Standard 102 {"FRS102"1. The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and comply with the Statement of Recommended Pradi(* "Accountin9 and Rewrting by Charities. issued in March 2015. The financial statements have been prepared under the historic cost convention. The financial statements include all transactions. assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups thal owe their affiliation to another body, nor those which are informal gatherings of church members. The PCC considers that there a￿ no material uncertainties about the church's ability to continue as a going concern. (b) Fund accounting General funds are unrestricted fU￿ls. which can be used for PCC ordinary purposes. Restricted funds are funds wh￿h are to be used in accordance specific restrictions imposed by donors or which have been raised for specttic purposes. The use of eath restricted fund is set out in the notes lo the accounts. Any balance remaining unspent al the end of the year is carried forward as a balance on that fund. (c) Incoming resources All incomin9 resources are acLounted for gross. Collections are reccgnised when ￿CeIved. Planned giving is recogni5ed only vthen received. Income Tax recoverable on Gtft Aid donation5 Is recognised when the income is recognised. Grants and Legacies are recognised when there is evidence of entitlement, receipt is probable and their amounts can be measured reliably. Interest entitlements are accounted for as they accrue. All other intx)me is recognised when it is receNable. {d) Resources expendod Resources expended are accounted for on an accruals basis and are accounled for gross. {9) Tangible fixed assets and depreciation Fixed assets have been depreciated on a straight-line basis as fdlows: Buildings 50 years Other equipmenl 5 years Computer ￿uIpMent below £5,000 is not captlalised bul expensed during the year in which it is acquired. The Church Centre came into use duriro 2008 and depreaalion has been charged from Ihis date. 2. Income Total Total Restricted Funds (£) Funds 1£) 2020 2019 Totsl Unrestricted Unrestricted Designated Funds Funds 2a. Voluntary Inwne Planned Giving Collections Donations Gtft Aid Grants Legacies 28,522 28,522 28,522 31,231 3,528 14,393 10,552 25 36,250 95,979 5.870 7,953 5.870 7,953 6,705 1,330 4,225 12,575 9.283 4.225 27,234 82.7231 27,234 70,463 27,234 70.463 12.260 gof16 Financ181 Report 2020

Unrestricted DÈsignat8d Funds Funds Total Unrestricted Totsl Total Restricted Funds 1£) Funds {£) 2020 2019 2b. Activities for Generating Funds Lettings 29,461 29.461 29,461 29,461 29.4611 29.4611 73,995 73.995 2¢. Incomg from Investments Interest 3.938 3,938 525 S25 4,463 4,463 4,4631 4,4631 2,468 2d. Income frorn Charitable Activities Sundries 202 Fees for PCC Toddler Group 202 202 296 518 1,017 678 702 2,531 3,911 518 1,017 518 1.017 Total Income 104,879 525 105.404 12.260 117.664 176.353 3. Expenditure Unrestricted Designated Funds Funds Total Unrestricled Total Total Restricted Funds {£} Funds {£) 2020 2019 3a. Charitable Activities London Diocesan Fund Clergy Expenses Administrator CFCW Ysw Admin & Comms Power, Water, Insurance Equipment Depreciation Maintenance Mission Giving Adminislralion Adult Education Children & Youth Work Worship & Evangelism 28.355 28.355 29.605 56,700 1,662 11.712 1.662 11.712 1,662 14.412 2,329 19,628 6,288 12,263 2.700 12.852 12,725 12,852 12.725 2,503/ 15,355 12,725 14.519 238 238- 238 27,039 6.938 8,020 2.139 316 826 2,113 27,040 16,537 12,556 4.340 ?. 418 1,769 4.729 1.323 1,649 316 27,039 1.525/ 4,122/ 5.413- 3,898 1.649- 316 500 2,575 327/ 1,116 1,116 1,116 2,813 77.177 3259 80,436 39.955 120.3911 179.313 3b. Other Activities Other Activities 3041 304 1,795 1,795 304 Total 77.480 3.259 80.740 39.9SS 120,695 181.108 The amount paid to the independent exarniner in respecl of the independent exawninalion is £nil12019.' £nil). Finanrial Rwrt 2020 10of16

1. Staff Costs 2020 2019 Wages & Salaries Stsff Pensions Staff Expenses Total Staff Costs 29.066 35,926 1.414 29,767 38.178 No staff were paid £60,000 or more. Throughout the year, the PCC employwl the following: A part-lime Administrator & Premises Manager (24 hours a week until 1 st February then 18 hours a weekl", A part-time Administrdtive and Communications Assistant {11 hours a week from 13th January until 8th December) The PCC'S key management personnel comprise the Incumbent. Churchwardens and Associate Vicar. The Incumbent is remunerated by the London Diocesan Fund. The other key personnel were unremunerated. No other payments or expenses were paid to any PCC member, persons dosely connected lo them or related parties. Finanial ReF(¥t 2020 11 of 16

Mission and Other Giving 2020 2020 Unreslricted RestriGted 2020 Total 2019 Total Barnabas Fund British Legion (Poppy Appeal) Butare Christian Mission {David Nahayo) Christian Care Trust Church Mission s￿Iety UK Church Pastoral Aid Society Church's Ministry among Jewish People Church Urban Fund Evangelical Alliance Finchley F(th Bank Latin Link (Stoker Family) London Diocesan Fund (Lent Appeal) Mavis Crispin {Overseas Mission) Sharing of Ministries Abroad UK Simeon Trustees Stewardship (Rob Reeve) Tearfund- Cyclone Appeal Total Mission and Other Giving 199 1.389 275 182 250 81 2,863 90 1.058 1,050 2,108 250 250 350 350 90 310 2.000 310 625 1,375 2,000 2,000 275 175 1,200 175 2.063 1,850 925 12,556 3,898 4.122 8,020 Finan¢￿1 Report 2020 12of 16

Fixed Assets (Tangible) St Paul's Centre St Paul's Equipment Piano Total Cost As at 1 January 2020 Additions As at 31 December 2020 1.351.956 13.155 2.000 1,367,111 1.351.956 13.155 1.367,111 Depreciation As at 1 January 2020 2020 charge Disposals As at 31 December 2020 324,469 27.039 13.155 2.000 339,624 27,039 351.508 13.155 2,000 366,663 Net Book Value As at 1 January 2020 Net Book Value As at 31 December 2020 1.027,486 1,027.486 1,000,447 1,000.447 Debtors and Prepayments 2020 2019 Grft Aid Recoverable Prepayments Other Debtors Total Debtors and Prepayments 3,388 21.947 7,330 32.665 2.402 1.226 3,628 Cash in Bank 2020 2019 cU￿ent account Deposit accounts Total Cash Held 515 271,593 272.108 (1,880) 283,558 281.678 The church's policy is to keep at least £500 in the current account at the end of each day (after all transactions have been processed). It is achieved by transferring any shortfall or excess between the current account and a deposit account. The current account balance includes un-presenled cheques and un-lodged payments to the value of £15. Creditors (Amounts falling due within one year) and Accruals 2020 2019 Other Agencies Fees Planned Mission Giwng Other Creditors Prepaid Lettings Total 1.699 2.773 1.770 3,009 9.250 2,213 2,905 3,646 5,028 13.791 Financial ReFNJrt 2020 13of16

1. Statement of Funds At1Jan 2020 Income Expenditure Transfer At 31 Dec 2020 Gengral funds 50.939 104,879 (77,4801 (29,8091 48,529 Designated funds Building Emerwcy Church Building Refurknshmenl Labn knnk Istoker Familyl Rob Reeve Istewdrdshipl wi￿r￿ge maintenan￿ FUTh Youth and Sch(x￿5. Wth*er 17T,495 1156,0001 183.234 1,375 1.200 21,495 182.550 16841 11,3751 11.2001 36.828 525 Total Designated funds 37,353 245,898 218.823 525 {3.2591 29,809 Restricted funds Administration Barnabas FuTrd {5,IWI 11881 11.0501 456 8utsre Christian Miwn IDavKI N￿8￿￿) Church Building Refvrbishment Churth Pastoral ￿ SLxiety Churth Uthn FL¥h Computer Easter Appeal Latin Link (Slok¥ F￿ty) London Diocesan FurKI Finchley Charitie5 FinthleyftKNJ Bank Genwal Mission SchooL% Work St Pauls Cmtre Rtrdevewnwt Ste%wardship IRob Reevel Youth and ChildrÈn's Ministry 465 25 1251 12501 13501 {1.7531 250 3S) 1.753 1,056 625 11,0561 IW251 14861 11.5(K)I 13101 25 285 150 243 11501 {2431 127.0391 18631 1841 1.W27.486 1.000.447 1.018 934 Total Restricted funds 1.029239 12,260 139.956) 1.001.543 Total Funds 1299.001 117,664 (120.69S) 1,295.970
2. Reserves It is PCC policy lo try to maintain a balance on unrestricted general funds which equates lo the equivalent of month's general running costs, Iwo month's leth.ngs income and an additional one month's salary costs to cover unforeseen emergencies. It is also our poI￿Y to hold a sum {currently £208.545) for future building works, including the Warm and Welcoming spa￿ Project on the church building and the inlemal redecoration of the vicarage. In view of our intention to recruit a Children's & Families, Community Worker we are also holding a designated amount (currently £37.353) to assist in the resourcing of this inrliative. On 31st December 2020. reserves lunrestricted 2nd desMJnated fvndsl were £294,427. In respect of the 2021 budget, we are in excess of the requirements of the church's reserves policy by £28,440. However the 2021 budget assumes a much lower prediction of lettings. income due to expected losses arising from the pandemic. The reserves policy (xlculalion al the end of 2021 wtll need to reflect any recovery of lettings during the year Finan￿al RÈtxxt 2020 14of 16

and our expectabons relating to lettings, income in 2022. The current excess will be used to finance the defiut 2021 budget and maintain the reseTves policy for 2022. 12. Commitments As part of the Wam and wel￿Ming Space Project. the PCC has commttted lo install electric radiant panels and upgrade our electricity supply. The Contracts were signed in 2020 and prepayments of £21.947 were made against those contracts. The work associated wth the projecl wll be completed in 2021 other than preliminary preparations which were carried out at the end of 2020. 13. Pensions Si Paul's Finchley PCC participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by Ihe Church of England Pensions Board. which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a Section knovffl as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. Penslon Builder &heme The Pension Builder Scheme of the Church Workers Pension Fund is made up of ￿ sections. Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefrt schemes. Pension Builder Classic provides a pension for members for payTrient from retirement, a¢¢umulated from contributions paid and converted into a defeffed annuity during employynenl base(l on terms sel and reviewed by the Church of England Pension5 Board from time to time. Dsscretionary increases may also be added. depending upon investment relurns and other factor5. Pension Builder 2014 is a cash balance scheme that provides a lump surn that members use to provide benefits at retirement. Pension Contributions are recorded in an ac￿Unt for each member. This account may have bonuses added by the Board before retirement. The Ix)nuses depend on investment experience and other factors. There is no requirementfor the Board to grant any bonuse5. The account, plus any bonuses dedared, is payable from members, Normal Pension Age. There is no sub-division of assets belween employers in each section of the Pension Builder Scheme. The scheme is a considered to be 2 mulli*mployer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabi5ities to 5pecifi¢ employers and that contributions are accounted for as rf the Scheme were a defined contribution scheme. The pensions costs ¢harged lo the SOFA in the year are contn'butions payable of £68612019.. £1.414). A valuation of the Pension Builder Scheme is carried (¥Jt once every three years. The most recent was carried out as at 31 December 2016. A valualion as at 31 December 2019 was under way as al 31 December 2020. For the Pension Builder Classic section. the valuation revealed a deficit of £14.2m on the ongoing assumptions used. At the most recent annual review. the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for defiryt payinents al the Current lime. For the Pension Builder 2014 section. the va5uation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current ts"me. The legal structure of the scheme is such that rf another employer fails, St Paul's Finchley PCC could become responsible for paying a share of that employerfs pensk)n liabiltknes. st Paul's Finchley The PCC contributes 5Yv of the employee's bas￿ salary to the pensK)n fvnd. Under the cuffent regulations. employees are required to contribute a minimum 3.5Yo of basic salary to the scheme, assuming they meet the conditions for joining the scheme, txrt are permttted to opt out of personal contributions within six weeks (or after Finantsal Report2020 15cf16

every three years) ofjoining the scheme. There are no contributions outstanding at the year-end. The PCC had one active member in the Pension Builder Classic at 31 D￿M￿r 2020. and no members in the Pension Builder 2014. The PCC has registered wtth the Pensions Regulator. 14. Risk Statement As part of the PCC'S reporting to the Charity Commission, the PCC is required lo declare whether there have been any serious incidents which they should have broughl to the Commission's attention. No such incidents (Kcurred in this year. 15. Previous Year's Statement of Financial Activities Totsi INCOME AJ4D ENDOWMEp¥rs Voluntary Income A(thties for Generating Funds Income from Invesknerts Charitsble Atti¥itie5 Other Irthne TOTAL INCOMÉ Funds Total Fund (£12019 Funds tr2.871 82.871 73,995 2,468 13.108 ,979 73.995 2.468 3,911 1,687 781 465 161.999 781 162.780 13.573 176.353 EXPENDITURE Charrtable actimbes Other AcbMtie5 TOTAL EXPENDITURE 123.629 17.185 140,814 1,4 142,249 38.499 360 179.313 1.795 181,108 125,064 17.185 Net Int￿rne1{EXpen￿ilu￿l before In%￿S￿￿￿t G8tns Net GainsllL0$5e51 on Inve5trnents NET INCOMEIIEXPENDrruREI Transfer beiween Fur Net Movement in Fun(ts (16.404) 20.531 125.2861 14,7551 116,4041 20,531 125.2861 14,7551 37.447 1512) 37.447 21.043 20.531 125,2861 14.7551 TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 51.451 50.939 197.780 218.823 249.231 269,762 1.054.525 1.029239 1,303.756 1,299.001 16. Donations The total donations from PCC members (or persons closely Connected lo them cy related parties) was: 2020 2019 Unrestricted Funds Restricted Funds Total Income 14.655 4,597 19,252 12,897 4.117 17,014 17. Post Balance Event In March 2021. we received a final payinent of £438 from the e51ate of a fomier member of the church, who died In 2017. Financial Rwrt 2020 16of16