Parochial Church Council of Christ Church Southgate
Trustee Report and Financial Statements For the year end 31 December 2020
Charity Commission Registration Number 1131606
| Contents Page | |
|---|---|
| Report of the Trustees | 2 - 5 |
| Report of the Independent Examiners | 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9-17 |
1
REPORT OF THE TRUSTEES for the year ended 31 December 2020
The Trustees have pleasure in presenting their report and the financial statements of the Parochial Church Council (PCC) for the year ended 31 December 2020. In preparing the financial statements, the Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2015).
Aims and Purposes
Christ Church Southgate PCC has the responsibility of cooperating with the incumbent, the Reverend Dr Chrichton Limbert, 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 Parish Centre (Church House and Walker Hall), Flats 6 & 7 The Green and the house at 62 Oakfield Rd, Southgate.
Objectives and activities
The PCC is committed to enabling as many people as possible to worship at our church by being open, welcoming and inclusive to all. We aim to be a beacon of God’s love in the community; to offer life-long loving care and support to all, to draw them closer to God; to inspire prayer and worship through the beauty of art, music and liturgy.
When planning our activities for the year, we have considered the Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we try to enable all people to live out their faith as part of our parish community through:
-
Worship, prayer and sacraments; learning about the Gospel; and deepening their personal relationship with God.
-
• Provision of pastoral care for people living in the parish. • Mission and outreach work.
To facilitate this work, it is important that we maintain the fabric of Christ Church, the Parish Centre site and other properties. Under the current Covid-19 pandemic, we have followed all guidance and legislation issued by the government and taken all necessary steps to ensure that our worshipers, users of the Parish Centre, staff and parish committee members are kept safe at all times.
Achievements and performance
The work of the church has been greatly impacted by the pandemic, which required extended periods of closure as well as very practical changes to everything we do to enable social distancing and covid safety. A great deal of thought and effort went into adapting our offerings to retain a sense of community and ensure we were still “together while apart.”
Worship
The year started with a strong musical offering with an Epiphany carol service and a family friendly Eco-service in March, where Eco pledges were made and hung on an aisle of trees up the length of the church. After that the church was either closed or operating under reduced capacity to preserve social distancing. Sadly, we missed all of Easter in church, but celebrated a ticketed Requiem Mass for All Souls in November. The church was open for Christmas but the usual wellattended Crib service was replaced with an installation of trees and lights, for people to “Follow the Angels” to visit the crib – with live music provided by the junior choir. The Nine Lessons and Carols was repeated twice to a ticketed congregation with reduced capacity.
During Advent the knitted crib figures that make up the Travelling Crib were unable to go on a house-to-house journey around the parish, so went around the parish outside, with their daily location posted on all our social media platforms so they could be tracked. The journey was included in the on-line Crib service which had over 200 views.
However, much of the worship was transferred to pre-recorded services on our YouTube channel. A video service of the word was issued each week from the end of March – with specials for big festivals. These have been supported by clergy and laity recording readings, prayers and sermons at home, as well as the choir going “virtual” – recording and filming voice parts of a psalm, anthem and two hymns for each week, which were edited together by the Director of Music. The viewing figures for these services have been very strong – from about 100 to over 500 in some instances – more than would have come to church. This was particularly noticeable at Christmas where the restricted capacity figures in church, when added to the online viewing figures meant that we reached over 1000 people, more than would have come in normal years.
As a result, the choir and music has continued to thrive and make music, despite the fact that all the planned concerts and cathedral visits had to be cancelled.
Despite the pandemic and being closed for most of the year we have continued to provide services for the community at pivotal times of their lives, so have performed 2 marriages, welcomed 1 child into the Christian Faith through baptism (but many families are waiting to re-book their cancelled ceremonies) and conducted 16 funerals – in both church and crematorium.
We lost our Lent Course and parish Quiet Weekend to the pandemic, as well as planned visits to the church by the Deputy Lieutenant of Enfield and the Bishop of Edmonton, but they both sent us recordings of their contributions to use online.
2
Our printed materials and digital footprint have flourished this year. Our subscribers to Twitter and our weekly email greatly increased and we re-invigorated our Instagram feed that is rapidly growing. Our parish magazine was expanded and the print run increased three-fold to 200 in March when it was decided to send it by post to every household on the electoral roll, as well as other subscribers. It was used to send liturgy and prayer materials, as well as gifts such as palm crosses, prayer cards and colouring sheets.
Another member of the congregation was accepted for Lay Reader training, with a view to being licensed in 2021.
Outreach
In early 2020, the Vicar’s Pre-Lent Big Quiz was rapidly sold out and keenly contested by church and community teams while raising money for the Bishop’s Lent Appeal.
Sadly, this was the only event that was to survive the closure, the main loss being a community tea party and other celebrations for VE Day.
Youth
The junior choir has been maintained, with over 20 regular members. They sang at the Christmas special event and have been kept together by regular zoom socials and rehearsals.
No school services or visits were possible, but the Vicar recorded video messages for the end of term and harvest online school services.
Older People
Our monthly services in our parish care homes and taking communion to the housebound has been dramatically curtailed.
The weekly “Stop Falls” session for Age UK was stopped by the pandemic. Just before lockdown we were accepted to host a weekly café on a Friday morning as part of the “Places of Welcome” scheme.
Despite the lack of physical contact many organised and informal networks of people have maintained a sense of belonging by calls and emails to the elderly. As well as receiving the monthly magazine, a number of cards and letters were sent to our senior members for VE Day and other specific events.
Nurture
The Lent Course based on the film Mary Poppins Returns only ran for 2 weeks before closure and the Quiet Weekend was cancelled.
In October, a break in the restrictions allowed a total of 11 people to walk in two separate groups (one taking all month and one taking a week) on a pilgrimage along a 35 mile route from St Paul’s Cathedral to St Alban’s Abbey. It was a welcome change to get outside and enjoy fellowship – if rather cold and wet at times.
On every Sunday that that the church was closed, the Vicar did a Prayer Walk around the parish boundary – a total of approximately 6miles. The route was publicised and a number of other clergy and congregation members have also taken part.
Accessibility
The new and enhanced sound system that was completed just at the end of 2019 proved to be invaluable, as social distancing meant that people have had to be spread out around the four corners of the building and they could all hear every word of the services.
Plans have moved on a little to offer, via a major building project, accessibility to toilet facilities, catering provision, as well as new pastoral and community spaces.
Foundations
The high level of uptake of the Parish Giving Scheme has been invaluable in 2020. A full set of leaflets to encourage giving and legacies were finalised, but the campaign was postponed.
Financial review
The Statement of Financial Activities (SoFA) is attached to this report. Total income was £195,891 (2019: £263,677) and expenditure £231,450 (2019: £350,435) giving a total operating surplus, including gains and losses of £32,917 (2019: deficit of £18,939). After taking into account the net investment gains the total funds balance is £3,298,598 (2019: £3,265,681) of which £402,230 (2019: £418,690) is for restricted purposes.
The reduced income results from the closure of the church building and Parish Centre for much of the year due to the restrictions imposed during the COVID-19 pandemic.
3
Reserves policy
The PCC regularly reviews its Reserves Policy. The policy is to maintain a balance on free unrestricted funds of three months unrestricted expenditure. An additional sum of £15,000 will be held to cover any emergency work on the buildings.
Reserves are held in funds that support the policies of the Church of England’s Ethical Investment Advisory Group.
Going Concern
The Trustees consider that that the Church has adequate resources to meet its future liabilities for the foreseeable future and for this reason continue to adopt the ‘going’ concern basis in preparing the financial statements.
Volunteers and Employees
The work of Christ Church Southgate would not be possible without the contribution of the many volunteers who contribute their time, energy, experience and skills to our church community. Following a review during the 2020 accounting year, the director of music was moved to employed status, and a part time administrator was employed in the year.
Structure, governance and management
Members of the PCC are either ex-officio or elected at the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how funds of the PCC are to be spent.
The full PCC met seven times during the year.
The finance and standing committee (FSC), the only committee of the PCC required by canon law, met as required during the year. The FSC carries out the business of the PCC between meetings subject to the directions given by the Council. Members of the FSC are the incumbent, the Churchwardens and Deputies, Treasurer and Secretary.
Given the breadth of its responsibilities, the PCC also has a number of other committees, each focusing on a specific aspect of parish life. These committees are all responsible to the PCC, with reports received and discussed by the PCC as necessary.
Reference and Administrative Information
| Name of Charity | The PCC of the Ecclesiastical Parish |
|---|---|
| of Christ Church, Southgate | |
| Charity registration number | 1131606 |
| Principal address | 1 The Green |
| Southgate | |
| London | |
| N14 7EG | |
| Bank | Barclays Bank PLC |
| 18-24 Chaseside | |
| Southgate | |
| London | |
| N14 5PS | |
| Auditors | Anthony Croft Ezekiel Ltd |
| 343 City Road | |
| London | |
| EC1V 1LR |
4
Trustees
During the year, the following served as members of the PCC
| Reverend Dr Chrichton Limbert | Chairman |
|---|---|
| Reverend Hazel Miall | Assistant Priest |
| Clare Boulton | Churchwarden and Acting Treasurer |
| (Vice Chair) | |
| Catherine Harvey | Churchwarden (until 25 October 2020) |
| Kate Carroll | Churchwarden (from 25 October 2020) |
| Ronald Lo | Deputy Churchwarden |
| Patricia Ashby | Deputy Churchwarden |
| Jackie Anderson | Lay Reader |
| Sandra Anderson | Licensed Lay Minister |
| Cathy Dallman | Lay Reader |
| Tracy Allen | (from 25 October 2020) |
| Christopher Howell | |
| Briony Hadjidaniel | (until 25 October 2020) |
| Peter Holiday | |
| John Macrory | (Secretary until 25 October 2020) |
| Hilary Meur | |
| Angela Parker | |
| Beverley Rutledge | (from 25 October 2020) |
| Gina Stone | (from 25 October 2020) |
| Teresa Walden | (until 25 October 2020) |
| Clive Woodhouse | (from 25 October 2020) |
Approved by the Board of Trustees and signed on its behalf by
Rev’d Dr Chrichton Limbert
Date 30 April 2021
5
INDEPENOENT EXAMINER'S REPORT TO THE TR TEES OF THÈ CHR T CHURCH TE PCC I rewrt on 8ccounts ofthe company lor th8 year ended 31 Drntser 2ff20, as set out on pajes 7 to 17 RESPÈCTIVE RESPONSIBILITIES OF THE CHARITY AND THE EXAMINER The charity'5 trustees are responsible for the preparation of the accounts. The charity's trustees consider Ihal #n audit is not required for this year under section 144121 of the Charilyas Act Ilhe 2011 Act) an(1 that an indep8ndeni examination Is needod. and en$ that the accounts have èeen prepared under the FRS 102 ISORPI framework and in line with th& rewirements und&r the 2015 Order. It Is my SpOnsIbl11ty lo.. examine ts accounts under Section 145 of the Charity Act 2011., to follow the ProdureS laKI down In th8 general Direclons given by the Chanty Commission under section 145151 Ibl of the 2011 Act." and to stats whether pa'0j8r m8tt8rs have coffe to my attention. BASI REPORT My examination was carrd out in accordan wSth the gen8r81 Direclons gNen by the Ch8rty c0rnrnissn. An ax8min3tion indudes a re¥w of Ihe accounting records kepl by t chanly and a cofflpaii50n of the accounts pre5enl£d with those records. It also includes consideration of any unusual items or disclosures In the accounts. and seekingexplanatson$ trom you as twstee8 concerning any such matters. The procedures undertaken do not provide all the &¥enCe Ihatwould be reqUId In an aucjil and eonsequÈnJy no opinion is given as lo whether the accoun18 present a 'true and fair view. and the report 15 limited lo those matters sei out in the 51atem8nl b810w. INDEPENDENT EXAMINER'S STATEMENT In connection with my exarninalion. no matter has corne to ffly attentwjn lolher than that disclosed belowl.. 111 whh gives me rea50nabk cause to believe that in any material rospecl the requir8Thnts'. to keep arxounting CordS in accordan with sectn 130 of the Charitses Ad". and to prepare attounts which actord with the accounting ret(d5, cornply with the accounting requirorrents of the Chanlvas Act have not been me( or 121 lo %vh inion. attention shouhl bg drawn in order to en8ts a proper understsnding of Ihe ants to tse re8th8d. SPE IC OISCL ve not see URE direct paty <x)nfirrnation of ownershlp and valuation detsils in r8$pe¢l of all inve5tm8nls. ch an F.C.C.A el Ltd don EC1V 1LR 343 ItyR Date.. 2 May 2021
CHRIST CHURCH SOUTHGATE PCC Statement of Financial Activities
For the year ended 31 December 2020
| Notes Income and endowments from: Donations and legacies 2 Charitable activities 3 Investments 4 Other income 5 Total Expenditure on: Charitable activities 6/7 Other expenditure Total Net gains/(losses) on investments Transfers between funds Other recognised gains/losses Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 9,766 131,868 12,514 36,181 190,329 (188,128) (20,541) (208,669) 28,461 - 39,256 49,377 2,846,991 2,896,368 |
Restricted funds £ 4,601 610 351 - 5,562 (22,781) - (22,781) 759 - - (16,460) 418,690 402,230 |
2020 £ 14,367 132,478 12,865 36,181 195,891 (210,909) (20,541) (231,450) 29,220 - 39,256 32,917 3,265,681 3,298,598 |
2019 £ 5,994 204,920 12,533 40,230 |
|---|---|---|---|---|
| 263,677 | ||||
| (344,650) (5,785) |
||||
| (350,435) | ||||
| 67,819 - - (18,939) |
||||
| 3,284,620 3,265,681 |
7
CHRIST CHURCH SOUTHGATE PCC Statement of Financial Position As at 31 December 2020
| Notes Fixed assets Tangible assets 11 Investments 12/13/14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 17/18 Unrestricted income funds 18 Endowment-Permanent Restricted 18 Endowment-Permanent Unrestricted 18 Endowment-Non Permanent Unrestricted Endowment-Non Permanent Restricted 18 Total funds |
2020 £ 1,584,554 1,213,307 |
2019 £ 1,584,723 1,144,830 |
|---|---|---|
| 2,797,861 | 2,729,553 |
|
| 1,528 504,009 |
1,504 541,914 |
|
| 505,537 | 543,418 |
|
| (4,800) (7,290) 500,737 536,128 |
||
| 3,298,598 | 3,265,681 |
|
| 3,298,598 | 3,265,681 |
|
| 402,230 2,442,226 7,949 198,112 244,229 3,852 |
418,690 2,422,070 7,438 185,365 228,515 3,603 |
|
| 3,298,598 | 3,265,681 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Rev’d Dr Chrichton Limbert Trustee 30 April 2021
8
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements
For the year ended 31 December 2020
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 SORP 2015), effective 1 January 2015’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
CHRIST CHURCH SOUTHGATE PCC 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 note(s).
Going concern
The trustees have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual reports and Accounts.
Statement of cash flows
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
Funds
Unrestricted funds represent the funds of the PCC that are not subject to any restriction regarding the use and are available for application to the general purposes of the PCC.
This includes funds designated for a particular by the PCC. The accounts include transaction, assets and liabilities for which the PCC can be held responsible. They do not include the accounts of church groups that own an affiliation to another body, nor those that are informal gatherings of church members.
The Restricted funds relate in the main to the Fabric Appeal funds for the maintenance of the church building. The major part of these funds were held on deposit with the Central Board of Finance of the Church of England.
The Endowment Funds are separated into, Permanent Restricted, Permanent Unrestricted, Non-permanent Endowment Unrestricted and Non-permanent Endowment Restricted, as broken down in note 18 below.
Incoming resources
Voluntary Income Collections are recognised when made.
Amounts receivable under Gift Aid are recognised only when received.
Income tax recoverable on Gift Aid donations are recognised when claimed from HM Revenue and Customs. Grants and legacies to the PCC are accounted for when received.
VAT recoverable on certain capital expenditure is recognised when received.
Income from Charitable Activities
Rental income from the letting of the church halls is accounted for when earned. Parochial fees due to the PCC for weddings, funerals, etc, are accounted for when received.
Income from Investments
The gross amounts of dividends and interest are accounted for when due. Residential properties income is accounted for in accordance with the tenancy agreements in force.
Investment Gains and Losses
Realised gains and losses on investments and properties are recognised when disposed of. Unrealised gains and losses are accounted for on revaluation of investments and properties at the year end.
Resources expended
Liabilities for expenditure are recognised in accordance with the accruals concept. Charitable Activities
The annual Diocesan quota is accounted for when paid.
9
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements Continued
For the year ended 31 December 2020
Tangible fixed assets
Fixed assets
Consecrated Land and Buildings and Chattels
Consecrated and beneficed properties are excluded from the financial statements in accordance with s.10(2)(a) and (c) of the Charities Act 2011.
No value is placed on chattels held by the churchwardens on special trust for the PCC and which require a faculty for disposal, since the PCC considers this to be inalienable property. All capital and revenue expenditure incurred during the year on consecrated and beneficed buildings and chattels of the Church are written off in the year.
The land registry title for the Parish Centre site (comprising of Walker Hall, Church House and Flats 6 and 7 The Green) refers to that land as the Vicarage. The vicarage has since been demolished and replaced by the Parish Centre with the current Vicarage built on land nearby which was the site of the, now demolished, old Walker Hall. We are aware that the land registry title named as Walker Hall is now the site of the current vicarage and that it is in the name of the Rev Murray Holt Macleod of Christ Church Southgate Enfield, Middx. As this is a beneficed property it is excluded from the financial statements as above.
Other Land and Buildings
Other land and buildings held on behalf of the PCC for its own purposes and use, are valued at market value (taken as insurance rebuilding costs).
No depreciation is charged against residential properties, but any expenditure on maintenance and improvement is written off as incurred.
Depreciation on Church House and Walker Hall is charged from 1st January 1971 over 75 year life. Contrary to the previous policy and practice of depreciating Church House and the Walker Hall, in light of the recent changes brought about by FRS (Financial Reporting Standard) 102 and the SORP (Statement of Recommended Practice), the PCC has decided not to depreciate these properties since 1st January 2017.
Other Fixtures, Fittings and Office Equipment
Depreciation is charged at 15% per annum on a reducing balance basis.
Investments
Investments are disclosed at the market value at the year end.
Current asset investments
Short Term Deposits at the year-end were held with Central Board of Finance (CBF) for all the main Parochial funds.
The Fabric Fund is held with the CFB, the CFB pay deposit interests quarterly at variable rates, which closely reflect the Money Market rates.
Irrecoverable VAT
Irrecoverable VAT is included in the Statement of Financial Activities, and is reported as part of the expenditure to which it relates.
2. Income from donations and legacies
| Donations received Legacies received |
Unrestricted funds £ 8,766 1,000 9,766 |
Restricted funds £ 4,601 - 4,601 |
2020 £ 13,367 1,000 14,367 |
2019 £ 4,494 1,500 |
|---|---|---|---|---|
| 5,994 |
10
CHRIST CHURCH SOUTHGATE PCC
Notes to the Financial Statements Continued
For the year ended 31 December 2020
3. Income from charitable activities
| Parochial Fund Account Regular Giving (Gift Aided) Regular Giving (Non Gift Aided) Collections (Plate) Income Tax Recoverable Occasional Offices, Merchandise & Sundry Income. Spire Magazine Account Magazine Parish Centre Account Social Responsibility Account Social Responsibility Committee nvestment income Unrestricted and restricted funds Income from listed investments ther income Rental Income Other Income (Bank Refund) Unclaimed (Bank) Funds Lettings Rent re Sub-Station Rent - Christ Church Association Donations Sundry Income & Interest Receivable |
Unrestricted funds £ 64,544 4,226 1,986 18,284 6,987 96,027 1,680 3,693 131,868 Unrestricted funds £ 36,181 - - 36,181 29,075 250 - 1,000 143 30,468 |
Restricted funds £ - - - - 610 610 - - - - - - |
2020 £ 64,544 4,226 1,986 18,284 7,597 96,637 1,680 3,693 132,478 2020 £ 12,865 12,865 2020 £ 36,181 - - 29,075 250 - - 1,000 143 30,468 |
2020 £ 64,544 4,226 1,986 18,284 7,597 96,637 1,680 3,693 132,478 2020 £ 12,865 12,865 2020 £ 36,181 - - 29,075 250 - - 1,000 143 30,468 |
2019 £ 65,470 3,108 5,304 18,661 39,935 |
|---|---|---|---|---|---|
| 96,637 1,680 29,075 250 - - 1,000 143 |
132,478 1,557 8,723 58,930 250 1,000 1,280 702 62,162 |
||||
| - 610 Restricted funds £ - - - - - |
3,693 30,468 |
||||
| 132,478 | 204,920 | ||||
| 2020 £ 12,865 |
2019 £ 12,533 |
||||
| 12,865 | 12,533 | ||||
| 2020 £ 36,181 - - |
2019 £ 40,230 - - 40,230 |
||||
| 36,181 |
4. Investment income
5. Other income
11
CHRIST CHURCH SOUTHGATE PCC
Notes to the Financial Statements Continued
For the year ended 31 December 2020
6. Costs of charitable activities by fund type
| 6. Costs of charitable activities by fund type | ||||||
|---|---|---|---|---|---|---|
| Parochial Fund Account Spire Magazine Account Parish Centre Account Social Responsibility Account Support costs 8. Analysis of support costs Fees to Support Staff (Employed and Self- Employed) IT Church Admin Costs Staff Training & Development Governance costs . Costs of charitable activities by activity type Parochial Fund Account Spire Magazine Account Parish Centre Account Social Responsibility Account |
Parochial Fund Account £ 15,213 - 6,203 60 2,700 24,176 Activities undertaken directly £ 140,274 2,285 33,992 2,710 179,261 |
Unrestricted funds £ 117,709 2,285 33,992 2,915 31,227 188,128 Spire Magazine Account £ - - - - - - Expenditure on raising funds £ - - - 205 205 |
Restricted funds £ 22,565 - - - 216 22,781 Parish Centre Account £ 7,267 - - - - 7,267 Support costs £ 24,176 - 7,267 - 31,443 |
2020 £ 140,274 2,285 33,992 2,915 31,443 |
2019 £ 230,944 106 57,687 8,940 46,973 |
|
| 210,909 | 344,650 | |||||
| 2020 £ 22,480 - 6,203 60 2,700 2020 £ 164,450 2,285 41,259 2.915 210,909 |
2019 £ 33,462 - 7,826 495 5,190 2019 £ 262,171 106 73,433 8,940 344,650 |
|||||
| 31,443 | 46,973 |
7. Costs of charitable activities by activity type
12
CHRIST CHURCH SOUTHGATE PCC
Notes to the Financial Statements Continued
For the year ended 31 December 2020
9. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Depreciation of owned fixed assets | 1,487 | 1,711 |
| (Gain)/Loss on disposal of fixed asset investments | - | - |
10. Comparative for the Statement of Financial Activities
| Income and endowments from: Donations and legacies Charitable activities Investments Other income Total Expenditure on: Charitable activities Other expenditure Total Net gains/(losses) on investments Other recognised gains/losses Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 4,518 194,842 12,212 40,230 251,802 (257,866) (5,785) (263,651) 66,057 - 54,208 2,792,783 2,846,991 |
Restricted funds £ 1,476 10,078 321 - 11,875 (86,784) - (86,784) 1,762 - (73,147) 491,837 418,690 |
2019 £ 5,994 204,920 12,533 40,230 |
|---|---|---|---|
| 263,677 | |||
| (344,650) 5,785) |
|||
| (350,435) | |||
| 67,819 - |
|||
| (18,939) | |||
| 3,284,620 | |||
| 3,265,681 |
13
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements Continued
For the year ended 31 December 2020
11. Tangible fixed assets (not stated at market values)
| c At 31 December 2019 Cost or valuation At 01 January 2020 Additions At 31 December 2020 Depreciation At 01 January 2020 Charge for year At 31 December 2020 Net book values At 31 December 2020 |
~~1,575,540~~ Land and buildings £ 2,345,000 2,345,000 769,460 - 769,460 1,575,540 |
~~9,183~~ Fixtures and fittings £ 57,272 1,318 58,590 48,089 1,487 49,576 9,014 |
Total £ 2,402,272 1,318 |
|---|---|---|---|
| 2,403,590 | |||
| 817,549 1,487 |
|||
| 819,036 | |||
1,584,554 |
|||
| ~~1,584,723~~ |
Investments
12. Analysis of movement of commercial investments
| Market value at 01 January 2020 Disposals at carrying value Net gain/(loss) on revaluation Market value at 31 December 2020 Analysis of investments between funds as at year ended 31 December 2020 Unrestricted funds £ Investment properties 759,163 Listed investments - 759,163 |
Investment property £ 719,907 - 39,256 759,163 Endowment funds £ - 454,144 454,144 |
Listed investments £ 424,923 - 29,221 454,144 |
Total £ 1,144,830 - 68,477 1,213,307 |
||
|---|---|---|---|---|---|
| 2020 £ 759,163 454,144 1,213,307 |
2019 £ 719,907 424,923 1,144,830 |
||||
13. Analysis of investments between funds as at year ended 31 December 2020
14. Analysis of movement of social investments
There were no movements in social investment this year
14
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements Continued
For the year ended 31 December 2020
15. Debtors
| Amounts due within one year: Trade debtors and Prepayments Creditors: amounts falling due within one year Movement in funds Trade creditors and Accruals Unrestricted and Endowment Funds Balance at Incoming 01/01/2020 resources £ £ General Designated Funds 26,890 - General Funds 2,820,101 190,329 2,846,991 190,329 Unrestricted and Endowment Funds - Previous year Balance at 01/01/2019 Incoming resources £ £ General Designated Funds 32,620 - General Funds 2,760,163 251,802 2,792,783 251,802 |
Outgoing resources £ (3,672) (204,997) (208,669) Outgoing resources £ (5,730) (257,921) (263,651) |
Transfers £ - - - Transfers £ - - - |
2020 £ 1,528 1,528 2020 £ 4,800 4,800 Gains and losses £ - 67,717 67,717 Gains and losses £ - 66,057 66,057 |
2019 £ 1,504 1,504 2019 £ 7,290 7,290 Balance at 31/12/2020 £ 23,218 2,873,150 |
|---|---|---|---|---|
| 2,896,368 | ||||
| Balance at 31/12/2019 £ 26,890 2,820,101 |
||||
| 2,846,991 |
16. Creditors: amounts falling due within one year
17. Movement in funds
15
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements Continued
For the year ended 31 December 2020
Purpose of unrestricted Funds
Designated Funds
These are funds set aside by the PCC - Southgate, for specific projects.
General Funds
These are free reserves at the disposal of the PCC - Southgate, to be applied at their discretions but within the objects of the Church.
Restricted Funds
| Restricted Funds Restricted Funds - Previous year Restricted Funds |
Balance at 01/01/2020 £ 418,690 418,690 Balance at 01/01/2019 £ 491,837 491,837 |
Incoming resources £ 5,562 5,562 Incoming resources £ 11,875 11,875 |
Outgoing resources £ (22,781) (22,781) Outgoing resources £ (86,784) (86,784) |
Gains and losses £ 759 759 Gains and losses £ 1,762 1,762 |
Balance at 31/12/2020 £ 402,230 |
|---|---|---|---|---|---|
| 402,230 Balance at 31/12/2019 £ 418,690 418,690 |
Purpose of restricted funds
Restricted Funds
These are funds restricted by the donors of the Church
Purpose of endowment funds
Permanent Endowment Restricted This is a Permanent Endowment Fund
Permanent Endowment Unrestricted This is a Permanent Endowment Fund
Non-Permanent Endowment Unrestricted Non-permanent endowment unrestricted, its expendable.
Non-Permanent Endowment Restricted Non-permanent endowment Restricted, its expendable.
16
CHRIST CHURCH SOUTHGATE PCC Notes to the Financial Statements Continued
For the year ended 31 December 2020
18. Analysis of net assets between funds
| Unrestricted funds General Funds Restricted funds Restricted Funds Endowment funds Permanent Endowment Restricted Permanent Endowment Unrestricted Non-Permanent Endowment Unrestricted Non-Permanent Endowment Restricted Previous year Unrestricted funds General Funds Restricted funds Restricted Funds Endowment funds Permanent Endowment Restricted Permanent Endowment Unrestricted Non-Permanent Endowment Unrestricted Non-Permanent Endowment Restricted |
Tangible fixed assets Investments Net current assets/ (liabilities) Net Assets £ £ £ £ 1,584,554 759,165 98,507 2,442,226 - - 402,230 402,230 - 7,949 - 7,949 - 198,112 - 198,112 - - 244,229 3,852 - - 244,229 3,852 |
|---|---|
| 1,584,554 1,213,307 500,737 3,298,598 |
|
| Tangible fixed assets Investments Net current assets/ (liabilities) Net Assets £ £ £ £ 1,584,723 719,909 117,438 2,422,070 - - 418,690 418,690 - 7,438 - 7,438 - 185,365 - 185,365 - - 228,515 3,603 - - 228,515 3,603 |
|
| 1,584,723 1,144,830 536,128 3,265,681 |
17