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

(y) tn
(yJuJ* a)
Cfjviryr

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

4. 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

10. 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
11. 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