Charity number: 1132166
THE HOLY INNOCENTS AND ST JOHN
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE HOLY INNOCENTS AND ST JOHN
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, PCC members and advisers | 1 |
| Report of the members of the PCC | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 25 |
THE HOLY INNOCENTS AND ST JOHN
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | Kim Benson, Lay Representative |
|---|---|
| Deborah Wadham, Churchwarden from 7 April 2019, previously Lay Representative |
|
| Rhys Jones, Honorary Secretary (co-opted) | |
| Caroline Gordon, Honorary Treasurer and Lay Representative | |
| Sam Davies, Lay Representative from 7 April 2019, previously Churchwarden | |
| Janis Camell OBE, Lay Representative | |
| Jane Jales, Lay Minister | |
| Stephen Farrant, Lay Representative | |
| Larry Squire, Lay Representative | |
| Susan Roberts, Lay Representative from 7 April 2019, previously co-opted | |
| PCC members | Rev David Matthews, Incumbent |
| Sandra Murray, Deputy Churchwarden and Lay Representative | |
| Christine Bates, Deputy Churchwarden and Lay Representative | |
| Stella Griffiths, Deanery Synod | |
| Rev Paulette Mullings, Curate | |
| Jaqueline Boyce, Churchwarden | |
| Michael Thomas, Deanery Synod | |
| Johanna Friedrich, Deanery Synod | |
| Ella Burns, Deanery Synod | |
| Robyn Gray, Deanery Synod | |
| Oliver Pearcey, Lay Representative |
| Charity registered | |
|---|---|
| number | 1132166 |
| Principal office | Paddenswick Road |
| London | |
| W6 0UB | |
| Accountants | Griffin Stone Moscrop & Co |
| Chartered Accountants | |
| 21-27 Lamb's Conduit Street | |
| London | |
| WC1N 3GS | |
| Bankers | The Allied Irish Bank |
| Berkeley Square | |
| London | |
| W1J 6AA | |
| CAF Bank Limited | |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4TA |
Page 1
THE HOLY INNOCENTS AND ST JOHN
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Parochial Church Council
Father David Matthews continued as the priest of the Parish. He has been the incumbent since 2003. He holds tenure.
The Rev Paulette Mullings continues with the Parish as an ordained priest, and shares the responsibility for conducting serves with Father David.
Jane Jales continued as a licensed Lay minster, having been first appointed on 15.6.17.
On 8.1.20 Susan Roberts resigned from the PCC
On 4.7.20 the following resigned from the PCC Stella Griffiths Michael Thomas Johanna Friedrich Ella Burns Larry Squire Kim Benson
On the same day Peter Smith and Marcia Hill were co-opted to the PCC. This was all with a view to creating a new PCC prior to the adjourned annual parochial church meeting on 1 November 2020
Churchwardens are elected annually at the Annual Meeting of Parishioners held immediately before the Annual Parochial Church Meeting. Both meetings were originally convened for 29 March 2020, but were adjourned because of the Covid epidemic. Both adjourned meetings were held this year on 27 September 2020.
There were two nominations for the post of Churchwarden, Deborah Wadham, who had served as church warden previously, and Robyn Gray. Jacquie Boyce stood down as a church warden and the Parish thanks her for her contribution. Accordingly there was no election and both nominees were appointed unopposed. They were subsequently duly sworn in at the church in November.
The Annual Parochial Church Meeting was held, as usual, on the same date as the Annual Meeting of Parishioners. There were elections for Deanery Synod members at this meeting, but no nominations. In the light of that the new PCC nominated the following from among its number at a PCC meeting on 1.12.20: Sandra Murray Marcia Hill Janis Cammell Sam Davies Jamie Carter
The term of office of lay representatives is three years under the Church Representation Rules. The term of office of Deborah Wadham expired. She was appointed church warden and accordingly remains on the PCC.
There were 8 vacancies for lay representatives. The following nominations were received: Oliver Pearcey (re-elected following his three year term expiring) Sandra Murray (re-elected following her three year term expiring) Marcia Hill Peter Smith Accordingly there was no elections and they were appointed unopposed.
The following continued in office as Lay Members: Caroline Gordon Janis Cammell OBE Stephen Farrant
Page 2
THE HOLY INNOCENTS AND ST JOHN
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
At the first PCC meeting of the new church year on 1.12.20. Caroline Gordon was re-appointed Honorary Treasurer for a further year. Rhys Jones was co-opted to the PCC for a further year and re-appointed Honorary Secretary. Jamie Carter was co-opted to the PCC
The following had been appointed Deputy Churchwardens on 23.4.17 and remain in post: Sandra Murray
Jane Lawrence continued as Electoral Roll Officer. The Children’s Safeguarding Officer continues to be Louise Wilson. Ella Burns continued as Children’s Champion. Claire Walker continued as DBS Evidence Checker. Christine Bates resigned as Health and Safety Officer on ceasing to be on the PCC. Beryl Gutteridge continued as Sacristan supported by others. Stella Griffiths continued in her role as archivist.
As at 31.12.20 the PCC membership comprised: Rev David Matthews Rev Paulette Mullings Jane Jales Sam Davies Robyn Gray Deborah Wadham Oliver Pearcey Sandra Murray Stephen Farrant Caroline Gordon Janis Camell OBE Marcia Hill Peter Smith Jamie Carter Rhys Jones
PCC meetings were held on the following dates. All meetings were quorate. 15.3.20 4.7.20 27.9.20 1.12.20
There were many fewer PCC meetings because of Covid.
Discussions at PCC meetings centred round the following topics: Covid-19 St Luke’s Chapel and its contents and the church refurbishment project Financial administration and income Renting the West Hall and Old Vestry Arrears of ground rent owing by Shepherds Bush Housing Association Upgrading the lower hall kitchen
Churchwardens' Fabric Report
2020 has been a very challenging year for everyone. Holy Innocents closed its doors on 23 March for the first lockdown and lost almost every hall hiring booking immediately. Due to the impact on our income we have in turn had to be very careful how we used our diminished resources to care for the building.
Despite the government restrictions, Holy Innocents has kept its doors open since July 4 which has enabled the community to attend, allowing us to cherish the church and memorial garden and keeping life in the building.
Still ongoing since the 2018 AGM, consideration of the church fabric has been largely influenced by our expectations of the major refurbishment project. While the longer-term plans are still pending, we have
Page 3
THE HOLY INNOCENTS AND ST JOHN
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
completed necessary scheduled maintenance, unscheduled repairs and minor works.
The gardens have been maintained by Hammersmith Community Gardens on a regular but slightly ad hoc basis (owing to the pandemic forcing us to reduce outgoings). More needs to be done to the gardens as the HCGA gardeners are not as experienced as more expensive companies. The work needs to be more closely monitored by the Church Wardens when the HCGA team are on site.
The lower hall kitchen is still in very poor condition but Janis Cammell has obtained quotes for a new kitchen and has successfully applied for a grant towards the kitchen from The Mercers Company and we hope to carry out this work in Spring 2021.
The Electoral Roll
The new Electoral Roll was prepared in 2019. A new roll will not be prepared until 2025.
The number of people on the Electoral Roll as at 31 December 2019 was 315.
As at 31 December 2020 there were 314 people on the Roll. 6 people were added, and 7 people removed. The Electoral Roll remains an important tool for all the Parish’s mission related activities and stewardship.
The General Data Protection Regulation 2018 has implications for the administration of the electoral roll.
Financial review
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Financial performance
The accounts for the year Ended 31 December 2020 include the Statement of Financial Activities, which shows where income has been generated, and how it has been spent and a Balance Sheet showing our financial position as at 31 December 2020, in terms of assets, monies due and monies owed. The notes to the accounts give more detail on this analysis and also explain the accounting policies used in the accounts.
COVID-19 Restrictions meant we had to close the building at various times and meant we had cancelled bookings from all Theatre Companies for bookings after March. Regular users also had to stop classes at various times. This more than halved our rental income.
We managed not to start using our reserves, which have been built up for works that need doing, particularly on our washrooms and replacing the heating system. We managed to do this by reducing costs wherever we could, including reducing our Common Fund payments, holding a Season of Gifts and claiming the Coronavirus Job Retention Scheme grant from the government during the period our administrator was furloughed.
We are very grateful to everyone who donated to our Season of Gifts, which raised a total of £18,854 and to everyone who continues to make regular donations even when they have been unable to attend services due to the pandemic.
We received a legacy from the late Howard Bennett, former churchwarden.
To facilitate giving, particularly remotely, we have set up more ways for people to donate online, via our website.
The General Fund continues to have a positive balance which is in line with our reserves policy to have funds on hand to cover emergency situations which may arise.
Page 4
THE HOLY INNOCENTS AND ST JOHN
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Reserves Policy
It is the PCC’s aim to maintain a balance on unrestricted free funds (if possible), which equates to approximately three months unrestricted general fund payments, to cover emergency situations that may arise from time to time and to ensure sufficient funds are available to cover salaries and associated staff costs. As at 31 December 2020 the general fund is reporting a cumulative surplus of £141,465, again a big improvement on the previous year (2019 - £105,202). General fund expenditure in 2020 amounted to £123,873. Due to COVID-19 restrictions, this is significantly less than 2019 when general fund expenditure was £186,926. Looking at 2021, when the first 6 months at least will still see restrictions, it is estimated that the balance held on the general fund at the balance sheet date would cover 10 months of general fund expenditure, which meets our reserves policy target. The PCC seek to continually improve the financial position through encouraging an increase in giving to the general fund, whilst attempting to reduce the costs of the day to day running of the church buildings.
Structure, governance and management
Constitution
The Parochial Church Council (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956.
The Church is a charity registered with the Charity Commission under its full name of The Parochial Church Council of the Ecclesiastical Parish of Holy Innocents and St John, under registration number 1132166.
Method of appointment or election of Churchwardens and PCC members
The method of appointment of Churchwardens and PCC members is set out in the Church Representation Rules.
This report was approved by the PCC, on 7 March 2021 and signed on its behalf by:
................................................
Rev David Matthews, Incumbent
Page 5
THE HOLY INNOCENTS AND ST JOHN
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent examiner's report to the Trustees of The Holy Innocents and St John ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for my work or for this report.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 22 March 2021 Richard Hill FCA
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
Page 6
THE HOLY INNOCENTS AND ST JOHN
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2020 £ 21,995 - - - 21,995 - - 382 22,377 60,560 22,377 82,937 |
Unrestricted funds 2020 £ 116,385 23,697 1,234 20,477 161,793 123,884 123,884 (3,170) 34,739 1,157,680 34,739 1,192,419 |
Total funds 2020 £ 138,380 23,697 1,234 20,477 183,788 123,884 123,884 (2,788) 57,116 1,218,240 57,116 1,275,356 |
Total funds 2019 £ 98,510 83,015 2,220 27,269 |
|---|---|---|---|---|
| 211,014 | ||||
| 188,006 | ||||
| 188,006 | ||||
| 10,725 | ||||
| 33,733 | ||||
| 1,184,507 33,733 |
||||
| 1,218,240 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 25 form part of these financial statements.
Page 7
THE HOLY INNOCENTS AND ST JOHN
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Fixed assets Tangible assets 10 Investments 12 Investment property 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
75,129 159,896 235,025 (27,429) |
2020 £ 1,876 65,884 1,000,000 1,067,760 207,596 1,275,356 1,275,356 1,275,356 82,937 1,192,419 1,275,356 |
47,829 139,123 186,952 (39,729) |
2019 £ 2,345 68,672 1,000,000 |
|---|---|---|---|---|
| 1,071,017 147,223 |
||||
| 1,218,240 | ||||
| 1,218,240 | ||||
| 1,218,240 | ||||
| 60,560 1,157,680 |
||||
| 1,218,240 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Caroline Gordon. Honorary Treasurer
Date: 7 March 2021
The notes on pages 9 to 25 form part of these financial statements.
Page 8
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" issued in October 2019, the "Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)" and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Holy Innocents and St John constitutes a public benefit entity as defined by FRS 102.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is also recognised when received. Income tax recoverable on Gift Aid donations is recognised when the underlying income is recognised.
Rental income from the formal letting of church premises is recognised in the statement of financial activities in the accounting period to which the rental pertains. Rental invoices are issued in advance of the rental period and, consequently, rentals invoiced on or before the balance sheet date in respect of future periods are carried within deferred income.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Support costs are those costs incurred directly in support of expenditure on the church's principal ministries. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on charitable activities comprises costs incurred in the church's operations, including support costs and governance costs apportioned to charitable activities..
Grants payable are charged in the year when paid over, or when awarded, if that award creates a binding obligation on the PCC..
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
1.6 Tangible fixed assets and depreciation
Consecrated and beneficed property is excluded from the accounts by section 10(2)(c) of the Charities Act 2011. No value is placed on movable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the statement of financial activities
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Fixtures and fittings 20% reducing balance basis - Office equipment 20% reducing balance basis
1.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the statement of financial activities.
1.8 Debtors
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash only.
Page 10
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the church anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
1.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments (including debtors and creditors) are initially recognised at transaction value and subsequently measured at their settlement value.The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.12 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
1.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the Church and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 11
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Income from donations and legacies
| Donations Legacies Grants Coronavirus Job Retention Scheme grant Income tax recoverable on Gift Aid Donations Grants Income tax recoverable on Gift Aid |
Restricted funds 2020 Unrestricted funds 2020 £ £ - 69,193 21,995 24,189 - 1,075 - 6,462 - 15,466 21,995 116,385 Restricted funds 2019 Unrestricted funds 2019 £ £ 100 79,214 - 1,263 - 17,933 100 98,410 |
Total funds 2020 £ 69,193 46,184 1,075 6,462 15,466 |
|---|---|---|
| 138,380 | ||
| Total funds 2019 £ 79,314 1,263 17,933 |
||
| 98,510 |
3. Income from charitable activities
| Unrestricted funds 2020 £ Fees from weddings and funerals 452 Sundry income 10 Rental of church hall 24,185 Rental income from nursery - Ground rent (950) 23,697 |
Total funds 2020 £ 452 10 24,185 - (950) |
|---|---|
| 23,697 |
A credit note of £950 was issued in respect of backdated Ground Rent invoiced in 2019 that was ultimately irrecoverable.
Page 12
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. Income from charitable activities (continued)
| Fees from weddings and funerals Sundry income Rental of church hall Rental income from nursery Ground rent |
Unrestricted funds 2019 £ 1,567 145 60,033 17,370 3,900 83,015 |
Total funds 2019 £ 1,567 145 60,033 17,370 3,900 |
|---|---|---|
| 83,015 |
4. Income from other trading activities: Fundraising Income Income from fundraising events
| Unrestricted funds 2020 £ Fundraising events 1,234 Unrestricted funds 2019 £ Fundraising events 2,220 |
Total funds 2020 £ 1,234 |
|---|---|
| Total funds 2019 £ 2,220 |
Page 13
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
5. Investment income
| Unrestricted funds 2020 £ Rental income from investment (net of letting fees) 20,976 Dividends and interest - including adjustment for reducing interest on ground rent invoiced in 2019 but not to be received in full (499) 20,477 Unrestricted funds 2019 £ Rental income from investment (net of letting fees) 20,976 Dividends and interest 6,293 27,269 |
Total funds 2020 £ 20,976 (499) |
|---|---|
| 20,477 | |
| Total funds 2019 £ 20,976 6,293 |
|
| 27,269 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2020 £ Church Activities 123,884 Unrestricted funds 2019 £ Church Activities 188,006 |
Total funds 2020 £ 123,884 |
|---|---|
| Total funds 2019 £ 188,006 |
Page 14
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
| Church Activities Church Activities |
Staff costs 2020 Depreciation 2020 £ £ 13,375 469 Staff costs 2019 Depreciation 2019 £ £ 11,890 586 |
Other costs 2020 £ 110,040 Other costs 2019 £ 175,530 |
Total funds 2020 £ 123,884 |
|---|---|---|---|
| Total funds 2019 £ 188,006 |
7. Analysis of expenditure by activities
| Church Activities Church Activities |
Church activities 2020 £ 95,778 Church activities 2019 £ 150,327 |
Grant funding of activities 2020 £ 3,429 Grant funding of activities 2019 £ 5,829 |
Support costs 2020 £ 24,677 Support costs 2019 £ 31,850 |
Total funds 2020 £ 123,884 |
|---|---|---|---|---|
| Total funds 2019 £ 188,006 |
Page 15
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Diocesan quota Services General repairs and maintenance Insurance Heat, light and other services |
Church activities 2020 £ 469 61,000 6,952 11,040 8,338 7,979 95,778 |
Total funds 2020 £ 469 61,000 6,952 11,040 8,338 7,979 |
|---|---|---|
| 95,778 |
| Depreciation Diocesan quota Services General repairs and maintenance Insurance Heat, light and other services Clergy expenses Loss on disposal of tangible fixed assets |
Church activities 2019 £ 586 87,000 19,754 23,097 8,194 11,084 150 462 150,327 |
Total funds 2019 £ 586 87,000 19,754 23,097 8,194 11,084 150 462 |
|---|---|---|
| 150,327 |
Page 16
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Office expenses Telephone Professional fees Cleaning and gardening Bank charges Governance costs Staff costs Office Expenses Telephone Travel and entertainment Professional fees Cleaning and gardening Bank charges Other expenditure Bad debt Governance costs |
Support costs for church activities 2020 £ 13,375 1,893 716 1,419 4,628 246 2,400 24,677 Support costs for church activities 2019 £ 11,890 1,930 929 118 1,700 10,484 194 35 1,930 2,640 31,850 |
Total funds 2020 £ 13,375 1,893 716 1,419 4,628 246 2,400 |
|---|---|---|
| 24,677 | ||
| Total funds 2019 £ 11,890 1,930 929 118 1,700 10,484 194 35 1,930 2,640 |
||
| 31,850 |
Page 17
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8. Analysis of grants
| Grants paid Grants paid 9. Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Grants to Institutions 2020 £ 3,429 Grants to Institutions 2019 £ 5,829 2020 £ 12,986 - 390 13,376 |
Total funds 2020 £ 3,429 |
|---|---|---|
| Total funds 2019 £ 5,829 |
||
| 2019 £ 15,739 (4,269) 420 |
||
| 11,890 |
In 2019 social security costs include a credit of £4,269 relating to backdated employment allowance claims.
The average number of persons employed by the Charity during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Management | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel, as defined by FRS 102, consists of the PCC members. No consideration was payable to key management personnel during the year (2019 - the same).
Page 18
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Tangible fixed assets
| Cost or valuation At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Fixtures and fittings £ 26,336 26,336 24,637 340 24,977 1,359 1,698 |
Office equipment £ 1,537 1,537 890 129 1,019 518 647 |
Total £ 27,873 |
|---|---|---|---|
| 27,873 | |||
| 25,527 469 |
|||
| 25,996 | |||
| 1,877 | |||
| 2,345 |
Page 19
THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
11. Investment property
| Valuation At 1 January 2020 At 31 December 2020 |
Freehold investment property £ 1,000,000 |
|---|---|
| 1,000,000 |
Investment property comprises the freehold land and buildings located at 125 Dalling Road, London W6 which were acquired more than 80 years ago. The historical cost of the property can be reasonably estimated at £5,000, resulting in a revaluation reserve of £695,000 being established in the 2011 financial statements.
The market value at the year end is based on the value estimated by a local surveyor and estate agent. The property is formally valued every few years. The valuation undertaken on 12 February 2015 resulted in an increase in the valuation of £300,000. The most recent valuation, undertaken on 5 March 2019, resulted in no change to the property's value. On this basis, no depreciation is deemed appropriate.
The trustees do not consider the market value of the property as at 31 December 2020 to be materially different from the most recent valuation undertaken, and the carrying value in the financial statements at the balance sheet date remains £1,000,000.
12. Fixed asset investments
| Cost or valuation At 1 January 2020 Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Listed investments £ 68,672 (2,788) |
|---|---|
| 65,884 | |
| 65,884 | |
| 68,672 |
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THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
12. Fixed asset investments (continued)
All the fixed asset investments are held in the UK.
Listed investments comprise the following:
353.07 COIF Charities Investment Fund income units held within the St John's Choir restricted fund (2019 - the same);
1,174 Prudential plc shares (2019 - the same);
1,174 M&G plc shares (2019 - the samel)
1,109.093 units of M&G Charifund (2019 - the same); and
1,277.07 CBF Church of England Investment Fund income shares (2019 - the same), which will be held for at least the next 12 months.
With the exception of the Choir fund, where the assets are held within a restricted fund, all investments as at 31 December 2020 are held within general funds. Originally the Prudential shares were a bequest to the church to help fund the redecoration of the chancel. The paintings for the chancel were acquired in 2018, but paid for out of general funds already held in the PCC bank account rather than liquidate the investments. Therefore to reflect this exchange of cash for investments between funds the investments held in the Redecoration of the Chancel Fund were transferred to the general fund at 1 January 2019 at the value of £16,459 (being the market value as at 31 December 2018).
13. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2020 £ 26,956 48,173 75,129 |
2019 £ 46,085 1,744 |
|---|---|---|
| 47,829 |
14. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2020 £ 1,468 - 2,748 23,213 27,429 |
2019 £ 3,257 113 4,249 32,110 |
|---|---|---|
| 39,729 |
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THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds St John's Church Hall Fund Revaluation Reserve - Dalling Road Historical cost - Dalling Road Irene Hayes Bequest Fire Alarm Website General funds General Fund Total Unrestricted funds Restricted funds Church Fabric Fund St John's Choir Fund H Bennett Fund Total of funds |
Balance at 1 January 2020 £ 42,899 995,000 5,000 8,752 815 11 1,052,477 105,203 1,157,680 54,584 5,976 - 60,560 1,218,240 |
Income £ - - - - - - - 161,793 161,793 - - 21,995 21,995 183,788 |
Expenditure £ - - - - - (11) (11) (123,873) (123,884) - - - - (123,884) |
Gains/ (Losses) £ (1,512) - - - - - (1,512) (1,658) (3,170) - 382 - 382 (2,788) |
Balance at 31 December 2020 £ 41,387 995,000 5,000 8,752 815 - |
|---|---|---|---|---|---|
| 1,050,954 | |||||
| 141,465 | |||||
| 1,192,419 | |||||
| 54,584 6,358 21,995 |
|||||
| 82,937 | |||||
| 1,275,356 |
The H Bennett restricted fund has been apportioned by the executor of the estate for the redecoration of the Chancel in memory of Howard Bennett.
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THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
16. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2020 £ 1,052,477 105,203 60,560 1,218,240 |
Income £ - 161,793 21,995 183,788 |
Expenditure £ (11) (123,873) - (123,884) |
Gains/ (Losses) £ (1,512) (1,658) 382 (2,788) |
Balance at 31 December 2020 £ 1,050,954 141,465 82,937 |
|---|---|---|---|---|---|
| 1,275,356 |
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THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Restricted funds 2020 Unrestricted funds 2020 £ £ - 1,876 6,358 59,526 - 1,000,000 76,579 158,446 - (27,429) 82,937 1,192,419 |
Total funds 2020 £ 1,876 65,884 1,000,000 235,025 (27,429) 1,275,356 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Restricted funds 2019 £ - 5,977 - 54,583 - 60,560 |
Unrestricted funds 2019 £ 2,345 62,695 1,000,000 132,369 (39,729) 1,157,680 |
Total funds 2019 £ 2,345 68,672 1,000,000 186,952 (39,729) 1,218,240 |
|---|---|---|---|
18. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £390 (2019 - £420). No contributions were payable to the fund at the balance sheet date (2019 - the same).
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THE HOLY INNOCENTS AND ST JOHN
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
19. Related party transactions
The incumbent and the churchwardens are trustees of The Julia Christina Clarke Endowment Fund and The Julia Christina Clarke Home Fund, both of which are registered charities. The main object of hese charities is to provide for the less advantaged of the parish. At 31 December 2020 the charities held net assets of £36,420 (2019 - £36,400).
During the year total donations of £9,885 (2019 - £9,041) were received from members of the PCC.
During the year, rent totalling £10,488 (2019 - the same) was received from Oliver Pearcey, a member of the PCC.
20. COVID-19
Since March 2020, the spread of COVID-19 has severely impacted many local economies around the globe. Measures taken to contain the spread of the virus, including quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses, resulting in an economic slowdown.
The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration of severity of the consequences, as well as their impact on the financial position and results of the charity for future periods.
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