2020-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of Alexandra Park

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

www.alexandrapark.org

THE PARISH OF ALEXANDRA PARK Diocese of London

Charity Registration Number: 1132334

Report & Accounts 31 December 2020

Simply Churches Chartered Accountants 17 Heathville Road London N19 3AL

THE PARISH OF ALEXANDRA PARK

Report and Financial Statements 2020 Contents

	Page
Report of the Parochial Church Council	2
Independent Examiner's report to the Parochial Church Council	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10

THE PARISH OF ALEXANDRA PARK

Legal and Administrative Information For the year ended 31 December 2020

Charity Name	The Parish of Alexandra Park.
Charity no	The Parish was established in 1903 and is a charity which was formally registered with the Charity
	Commission on 26 October 2010. The registration number is 1132334.
Principal Address	The Parish Office, St Andrew’s Church, Alexandra Park		Road, London N10 2DD.
The Governing	Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules.
Document
Objective	Promoting in the ecclesiastical parish the whole mission		of the Church.
Members of the	The Members of the PCC who served during the year		or who	were serving at the date of this
PCC	report were:
	Clergy	The Revd A F Pybus
	Churchwardens	Mr L Ade-Browne
		Mr V Shadare
	Lay Representative to the	Mr M Linsey
	Deanery Synod
	Elected Lay Representatives	Mrs C Fletcher	(Electoral Roll Officer)
		Mrs S McGuire
		Mr J M Robson	(Vice-Chair)
		Mr A M D Smith
		The positions of secretary and treasurer were vacant from April
		2019, with Mr J Robson largely		responsible for minutes.
	Officers Appointed by the	Church Safeguarding Officer (Ms J Blackett)
	PCC with Right of Attendance	Children’s Champion (Mrs H L		Moseley)
Key Management	Those in charge of directing, controlling, running and operating the Church on a day-to-day basis
Personnel	are the Vicar and members of the Standing Committee.
Bankers	Barclays Bank	Lloyds Bank		Central Board of Finance of
	223 Muswell Hill Broadway	142 Muswell Hill Broadway		the Church of England
	London N10 1DD	London N10 3RY		80 Cheapside
				London EC2V 6DZ
Independent	Christine Cheung-Poston ACCA
Examiner	Flat 48, Samford House
	Charlotte Terrace
	Islington, London N1 0JF
Quinquennial	Mr Ian Angus Dip Arch, RIBA, AABC
Inspector	Carden & Godfrey Architects
	33 Clernwell Close, London EC1R 0AU

THE PARISH OF ALEXANDRA PARK

Report of the Parochial Church Council For the year ended 31 December 2020

The Parochial Church Council of the Parish of Alexandra Park (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2020. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

1.1 Trustees

The PCC is a body corporate with perpetual succession. The PCC meets approximately 6 times per annum to discuss a full range of matters relating to finance, fabric, general administration and responsibility for keeping of the Electoral Roll. Members of the PCC are either ex officio or elected by the Annual Parish Meetings (APM) in accordance with the Church Representation Rules.

None of the PCC members receives remuneration.

The induction process for any individual newly-appointed to the PCC comprises an initial meeting with the Vicar and receipt of copies of:

the most recent financial statements
the Charity Commission’s guidance ‘The Essential Trustee’
the booklet ‘Trusteeship: an Introduction for PCC Members’, produced jointly by the Charity Commission and the Archbishops’ Council

1.2 Committees of the Parochial Church Council

1.2.1 Standing Committee

This is the only committee required by law. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council.

The Vicar (Chair) Mr L Ade-Browne (Churchwarden) Mr V Shadare (Churchwarden) Mr J M Robson (Vice-Chair) Vacant (Secretary) Vacant (Treasurer)

1.2.2 Finance Committee

This committee meets when necessary to monitor income and expenditure, budgeting and investment strategy. Currently the committee’s duties have been the responsibility of the Standing Committee or the full PCC.

The Vicar (Chair) Mr L Ade-Browne (Churchwarden) Mr V Shadare (Churchwarden) Vacant (Treasurer)

1.2.3 Buildings Committee

This committee normally meets as required to attend to matters relating to the stewardship of the church buildings and fabric, St Andrew’s Centre and the grounds. It advises the PCC on the implementation of the Quinquennial Inspection. Until outstanding vacancies are filled, the committee’s functions are being carried out by the Churchwardens.

THE PARISH OF ALEXANDRA PARK

Report of the Parochial Church Council For the year ended 31 December 2020

1. Activities & Strategies

The PCC has again given due regard to the Charity Commissions’ guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. To this end the PCC organises the following activities in order to enable ordinary people to live out their faith as part of our parish community:

worship and prayer
learning about the Gospel, and its engagement with the insights and values of contemporary society, and its dialogue with those of others faiths, or none; and informing the resolve to live according to 'the mind of Christ' (1Corinthians 2)
provision of pastoral care for people living in the parish
support for outreach and works of compassion

3. Achievements and Performance

This year was significantly disrupted on account of the pandemic and the instruction to close church buildings from March 2020. The last sung Eucharist took place on 15[th] March 2020. In person worship resumed on 6[th] December, the second Sunday of Advent, and services with associated restrictions took place in the final month of the year including Midnight Mass with professionals musicians in attendance.

The St Andrew’s Centre also closed from March 2020 onwards with no activities able to take place owing to restrictions.

An online bazaar and cake sale was organised on 28[th] November 2020 and took place over zoom. Social get togethers also took place on Sunday mornings over zoom during lockdowns.

4. Financial Review

4.1 Financial Activity and Financial Position

The PCC’s main sources of funding are the free will offerings of church members, legacies and lettings income from the hiring out of the St Andrews Centre.

The Statement of Financial Activities and Balance Sheet can be found on pages 10 and 11 respectively. The Church’s reserves decreased by £22,571 during the year (2019 – decreased by £8,506). The balance sheet shows total net assets of £401,544 (2019: £424,115).

Included in total funds are amounts totalling £350,167 (2019: £350,168) which are restricted. These balances have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 8 to the accounts together with an analysis of movements in the year.

4.2 Reserves Policy

The PCC has examined the requirements for free reserves, ie those unrestricted funds not invested in tangible fixed assets. The PCC considers that, given the nature of the church’s work, free reserves should be equivalent to approximately 6 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The PCC is of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the church to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 31 December 2020 the church had net free reserves of £48,291 (2019: £70,785) as follows:

THE PARISH OF ALEXANDRA PARK

Report of the Parochial Church Council For the year ended 31 December 2020

Total reserves Less: restricted funds Less: endowment funds Free reserves Free reserves requirement: 6 month’s budgeted routine expenditure	2020	2019 £ 424,115 (350,168) (3,072)
	£
	401,544
	(350,168)
	(3,085)

		70,875
	48,291

		35,000

	35,000

4.3 Investment Policy

The church currently places spare funds on bank deposit.

5. Plans for Future Periods

The following areas continue to be central to the PCC’s planning at the present time notwithstanding the impact of pandemic restrictions:

raising the parish’s profile: through continued use of community events and contacts, together with an updated online presence
use of St Andrew’s Centre: to continue to promote use of the Centre’s facilities for a wide range of groups and activities, and to facilitate work with the isolated or vulnerable in the community
work with children & young people: to continue provision for children/young people during Sunday worship in an environment in which they can feel safe, welcome and respected
music at St Andrew’s: to continue to work to establish a programme of musical recitals and concerts, using our facilities and the resources of the local community

6. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing those financial statements, the PCC is required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles of the Charities SORP
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports Regulations 2008 and the provisions of the governing document. The PCC is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

THE PARISH OF ALEXANDRA PARK

Report of the Parochial Church Council For the year ended 31 December 2020

7. Approval

The report of the PCC was approved by the PCC on 16[th] June 2022. Regrettably this is some time after the events detailed above. There are a number of factors that have resulted in this delay, chief among them the ill health of the previous incumbent who retired from his post in June 2021. It was therefore signed on its behalf by:

The Revd Andrew Coates Chairman

THE PARISH OF ALEXANDRA PARK

Report of the Independent Examiner to the Parochial Church Council of The Parish of Alexandra Park

I report on the financial statements of The Parish of Alexandra Park for the year ended 31 December 2020, set out on pages 8 to 16.

This report is made solely to the Parochial Church Council in accordance with section 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that I might state to the Parochial Church Council 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 the law, I do not accept responsibility to anyone other than the Trust and the Parochial Church Council for my independent examination, for this report, or the opinions I have formed.

RESPECTIVE RESPONSIBILITIES OF PAROCHIAL CHURCH COUNCIL AND EXAMINER

The Parochial Church Council considers that an audit is not required for this year under section 144(2) of the Act) and that an independent examination is needed.

It is my responsibility to:

Examine the accounts (under section 145 of the Act);
To follow the procedures laid down in the General Direction given by the Charity Commission (under section 145(5)(b) of the Act); and
To state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with 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 provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material 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 church as required by section 130 of the 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.

Christine Cheung-Poston ACCA 16 June 2022

THE PARISH OF ALEXANDRA PARK

Statement of Financial Activities For the year ended 31 December 2020

Endowment		Unrestricted Funds 2019 £ 17,317 - 47,191 437	Total 2019 £ 17,447 - 47,191 460
Funds	Total
2020	2020
£	£

-	11,741
-	-
-	16,182
13	246

		64,945	65,098
13	28,169

		73,040	73,604

-	50,740

		73,040	73,604
0	50,740

		-	-
-	-

		(8,095	(8,506)
13	(22,571)

		- -	- -
-	-
-	-

		(8,095 76,970	(8,506) 432,621
13	(22,571)

3,072	424,115

		68,875	424,115
3,085	401,544

THE PARISH OF ALEXANDRA PARK

Balance Sheet As at 31 December 2020

Note Fixed Assets Tangible Assets 4 Current Assets Debtors 5 Cash At Bank and In Hand Creditors - Amounts Falling Due Within One Year 6 Net Current Assets Net Assets Represented By: Restricted Funds 7 Unrestricted Income Funds 8 General Designated Endowment Funds 9 Total Funds	Unrestricted Funds 2020 £ - 0 5,958 44,537 50,495 2,204 48,291 48,291 - 21,396 26,895 - 48,291	Restricted Funds 2020 £ 345,000 345,000 - 5,168 5,168 - 5,168 350,168 350,168 - - - 350,168	Endowment Funds 2020 £ - 0 - 3,085 3,085 - 3,085 3,085 - - - 3,085 3,085			Total 2019 £ 345,000
				Total
				2020
				£

				345,000

						345,000 7,233 75,275
				345,000

				5,958
				52,790

						82,508 3,393
				58,748

				2,204

						79,115
				56,544

						424,115
				401,544

						350,168 43,980 26,895 3,072



				350,168

				21,396
				26,895
				3,085

						424,115

				401,544

The financial statements were approved by the PCC on 16[th] June 2022 and signed on its behalf by:

M. Linsey Churchwarden

C. Fletcher Churchwarden

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP 2019 (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting except for the revaluation of freehold land and buildings which are shown at market value.

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 that owe an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the Charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises and freehold land and buildings which is accounted for when earned. It .is shown gross, with the associated costs included in fundraising costs.

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.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The PCC is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations and property maintenance costs.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include governance costs and support costs. Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

Rentals under operating leases are charged as incurred over the term of the lease.

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded the accounts in accordance with s10 of the Charities Act 2011. Moveable church contents are held by the vicar and churchwardens on special trust for the PCC and require a faculty for disposal are accounted as inalienable property unless consecrated. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

1. Accounting Policies (continued)

PCC Property

The property, St Andrews Centre Hall, is revalued on a 5 yearly basis and the next valuation was due on 31 December 2020. The PCC decided that the cost of a new professional valuation at 31 December 2020 was not justified, in particular with there being no prospect of a disposal of the building, and the original valuation therefore remains.

Other Fixtures, Fittings & Office Equipment

The cost of other furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as three years.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Fund accounting

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Endowment funds - these are funds where the capital must be maintained.

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

2. Income

Unrestricted Funds 2020 £ Restricted Funds 2020 £ Endowment Funds 2020 £ Donations & legacies Offerings and donations 10,192 - - Income tax reclaimed Grants 1,549 6,100 - - - - Legacies received - - - 17,841 0 0 Charitable activities Fee income - - - Other trading income Lettings income 10,082 - - Fundraising events - - - Other income - - - 10,082 0 0 Investments Bank Interest 233 - 13 Total Income 28,156 0 13					Total 2019 £ 15,197 2,000 - 250
		Total
		2020
		£

		10,192
		1,549
		6,100
		-

					15,447 411 47,055 - 136
		17,841

		-


		10,082
		-
		-

					47,191 460
		10,082

		246

					63,509
		28,169

The grant is in respect of the Government funded Job Retention Scheme £6,100 (2019: £nil) for furloughing staff.

3. Expenditure on Charitable Activities

Unrestricted Funds 2020 £ Restricted Funds 2020 £ Provision of clergy 10,087 - Church Life & Outreach 3,095 - Charitable Giving - - Provision of Buildings and Facilities 20,439 - Provision of Office & Support 16,869 - Governance 250 - 50,740 0			Total 2019 £ 23,845 7,349 290 25,402 16,468 250
	Total
	2020
	£

	10,087
	3,095
	-
	20,439
	16,869
	250

			73,604
	50,740

There was one (2019: one) employee, being 1 part time administrator, with gross salary of £9,946 (2019: £11,232) and pension contributions of £112 (2019: £140). The employee did not receive emoluments in excess of £60,000 during the year.

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

4. Tangible Fixed Assets

Cost/valuation At 1 January 2020 Additions Disposals At 31 December 2020 Depreciation At 1 January 2020 Charge For Year Disposals At 31 December 2020 Net Book Value At 31 December 2020 At 31 December 2019	Freehold land & building £ Fixtures, fittings & equipment £ 345,000 25,770 - - - - 345,000 25,770 345,000 25,770 - - - - 345,000 25,770 0 0 0 0	Total £ 370,770 - -
		370,770
		25,770 - -
		25,770
		345,000
		345,000

All of the fixed assets are used for charitable purposes.

The PCC freehold land and building is the St Andrews Centre Hall. The custodian trustee is The London Diocesan Fund. The property is revalued on a 5 yearly basis and the next valuation was due on 31 December 2020.

Philip Gunner & Company estimated that the market value of the Hall on 31 December 2009 at £510,000, although by mid 2010 the estimated value had fallen to £345,000. It is this value which has been recognised in the accounts. The PCC decided that the cost of a new professional valuation at 31 December 2020 was not justified, in particular with there being no prospect of a disposal of the building, and the original valuation therefore remains.

5. Debtors

Income tax recoverable Lettings receivable		2020		2019 £ 4,179 3,054
		£

		5,727
		231

				7,233
		5,958

6. Creditors - Amounts Falling Due Within One Year

6. Creditors - Amounts Falling Due Within One Year
Accruals Other creditors including taxation and social security	2020	2019 £ 250 3,143
	£

	500
	1,704

		3,393
	2,204

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

7. Restricted Funds

At 1 January 2020 £ 345,000 1,427 346 2,130 119 90 1,000 56 350,168	Income £ Expenditure £ Transfers £ - - - - - - - - - - - - - - - - - - - - - - - - 0 0 0	Gains/ (losses) £ - - - - - - - - 0	At 31	At 31
			December
				2020
				£

				345,000
				1,427
				346
				2,130
				119
				90
				1,000
				56

				350,168

At 1 January 2019 £ 345,000 1,427 144 346 2,130 119 90 1,000 346 350,602	Income £ Expenditure £ Transfers £ - - - - - - 130 (274) - - - - - - - - - - - - - - - - - (290) - 130 ( 564) 0	Gains/ (losses) £ - - - - - - - - - 0
At 1 January 2019 £ 345,000 1,427 144 346 2,130 119 90 1,000 346 350,602				At 31
			December
				2019
				£

				345,000
				1,427
				0
				346
				2,130
				119
				90
				1,000
				56

				350,168

Descriptions of the main restricted funds are as follows:

Building Development Project - fund set up to resource the redevelopment of St Andrew's Church Hall, using some of the proceeds of the sale of St Saviour's Memorial Hall, contributions from grant-making bodies (including the Big Lottery Fund, City Bridge Trust and Garfield Weston Foundation) and individual donations.

Vicar & Churchwardens - the capital sum (the 'Keeling Bequest' to the Vicar and Churchwardens of St Andrew's, Alexandra Park) is invested by the London Diocesan Fund as custodians with the Church of England's Central Board of Finance. Interest income is used from time to time at the discretion of the Vicar and Churchwardens for minor items of expenditure.

Peggy Farrar Legacy – legacy given for the refurbishment of the church organ.

Claire Meekings in memoriam – donation given in memory of Claire Meekings.

Hugh Garnsworthy in memoriam – donations given in memory of Hugh Garnsworthy.

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

9. Unrestricted Funds

At 1 January 2020 £ 43,980 23,425 3,470 0 26,895 70,875	Gains/ (losses) £ - - - - - 0	At 31	At 31
		December
			2020
			£

			21,396


			23,425
			3,470
			0

			26,895

			48,291

At 1 January 2019 £ Income £ Expenditure £ Transfers £ 52,075 64,945 (73,040) - 23,425 - - - 3,470 - - - 0 - - - 26,895 - 0 - 78,970 64,945 (73,040) 0	Gains/ (losses) £ - - - - - 0
At 1 January 2019 £ 52,075 23,425 3,470 0 26,895 78,970			At 31
		December
			2019
			£

			43,980


			23,425
			3,470
			0

			26,895

			70,875

Descriptions of the designated funds are as follows:

Special purposes - originally set up by the PCC with some of the proceeds of the sale of St Saviour's Memorial Hall with a view to establishing a small charitable trust. The fund was re-designated by the PCC to fund any special projects.

Vicarage repair - represents monies set aside annually by the PCC, at the request of the Diocese, to fund internal re-decoration of the Vicarage and other minor expenses during an interregnum and at other times.

Organ maintenance - represents monies set aside to fund future organ maintenance.

THE PARISH OF ALEXANDRA PARK

Notes to the Financial Statements For the year ended 31 December 2020

10. Endowment Funds

10. Endowment Funds
Keeling Bequest	At 1 January 2020 £ 3,072	Income £ Expenditure £ 13 -	Transfers £ -	Gains/ (losses) £ -	At 31
					December
					2020
					£

					3,085

The Keeling Bequest was settled to the Vicar and Churchwardens of St Andrew's, Alexandra Park. Although therefore not under the control of the PCC, the bequest has been included in these financial statements in order to provide a complete picture of the finances of St Andrew’s. Interest income generated from the bequest is used from time to time at the discretion of the Vicar and Churchwardens for minor items of expenditure. In prior years the balance was included within restricted funds and has therefore been transferred to endowment funds.

11. Operating Lease Commitments

The total future minimum lease payments under non-cancellable operating leases are payable:

Not later than one year Later than one year and not later than five years		2020		2019 £ 2,059 2,574 4,633
		£

		2,059
		515

		2,574

12. Related Party Transactions

No payments were made to trustees or any persons connected with them during the year. No material transactions took place between the organisation and a trustee or any person connected with them.

Members of the PCC made aggregate unrestricted donations of £3,870 (2019: £4,270) during the year.