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2020-12-31-accounts

www.walthamstowchurch.org.uk

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW Diocese of Chelmsford

Charity Registration Number: 1132391

Report & Accounts 31 December 2020

Simply Churches Chartered Accountants 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report and Financial Statements 2020 Contents

Page
Legal and administrative information 2
Report of the Parochial Church Council 4
Independent Auditor's report to the Parochial Church Council 10
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Legal & administrative information For the year ended 31 December 2020

Charity Name The Parochial Church Council of the Ecclesiastical Parish of Walthamstow. The establishment of the Parish was in 1108. Charity Number The charity registration number is 1132391. The PCC was formally registered, with the Charity Commission on 26 October 2010. Principal Address The Parish Office, St. Mary’s Welcome Centre, 8 Church End, London E17 9RJ Diocese Chelmsford Parish Churches The Parish of Walthamstow is made up of a team of three churches. St Gabriel’s, Havant Road, Walthamstow, London E17 3JF St Luke’s, High Street, Walthamstow, London E17 St Mary’s, Church End, London E17 9RJ Governing Document Parochial Church Council Powers Measure (1956) as amended and Church Representation Rules. Objective Promoting in the ecclesiastical parish the whole mission of the Church. Members of the PCC The Members of the PCC who served during the year and who were serving at the date of this report were: Team Rector (Chair) Revd. Vanessa Conant Vice Chair Team Vicar Vacant Associate Minister Revd. Jill Mowbray Curate – (St Mary’s) Revd. Adam Childs Revd. Dave Edmondson (from 12 September 2020) Readers Mr. Robert Duddridge Ms. Helen Miller Churchwardens Mr. Laurence Jones (St Gabriel’s) Mrs. Lynne Rhodes (St Mary’s) Mr. Carson Thompson (St Mary’s) Deputy Churchwardens Ms. Donna Gwilliams (St Luke’s, also Deanery Synod Rep from 18 October 2020) Mr. Louis Henderson (St Luke’s (until 18[th] October 2020), also Deanery Synod Rep) Mr Tim Coles (from 18 October 2020) Deanery Synod Reps Mrs. Jacqueline Baker (St Mary’s) Miss Pauline Martindale (St Mary’s) (from 18[th ] October 2020) Mr. Matthew Ralph (St Mary’s) (until 18[th] August 2020) Miss Rachel Shipton (St Gabriel’s) (until 18[th] October 2020)

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Legal & administrative information For the year ended 31 December 2020

Members of the PCC
Elected Members
(continued) Miss. Ava Blake (St Gabriel’s)
Mr. William Daley (St Gabriel’s)
Mrs. Liz Davies (St Mary’s) (PCC Secretary)
Mr. Martin Kearney (St Gabriel’s, PCC Treasurer)
Mr. Brian Foxton (St Mary’s)
Mr. Donald Howarth (St Mary’s)
Mr. Oswald Lundie-Smith (St Mary’s)(until 18 October 2020)
Mr. Alex Simpson (St Mary’s)
Ms. Natalie Burwell (St Mary’s) (from 18 October 2020)
Key Those in charge of directing, controlling, running and operating the Parish on a day to day basis are the
Management members of the PCC.
Personnel
Bankers Barclays Bank
Leicester LE87 2BB
Santander Bank
2 Triton Square
Regent’s Place
London NW1 3AN
Central Board of Finance of the Church of England
80 Cheapside
London EC2V 6DZ
The Cooperative Bank
P.O. Box 250,
Delf House, Southway, Skelmersdale
WN8 6WT
Quinquennial Alex Sherratt
Inspector Matthew Lloyd Architects
Auditors Brindley Millen Ltd
Chartered Accountants and
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

The Parochial Church Council of the Ecclesiastical Parish of Walthamstow (“PCC”) submits its annual report and financial statements 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) issued by the Charity Commissioners in 2020. The legal and administrative information set out earlier in this document forms part of this report.

The PCC co-operates with the incumbent in promoting the whole mission of the Church within its Parish and beyond. It also has responsibility for the non-stipendiary staff and the maintenance of its church buildings, the Vicarage and other residential properties. In essence the PCC is a consultative body that represents the views of the congregation as well as its own. It should communicate, where appropriate, any decisions of the PCC or its committees to the church; oversee and advise in the financial affairs of the church; pray and champion the vision for the church.

1. Structure, Governance & Management

1.1 Trustees

Governance in the parish brings together representatives from each of the churches to form the Parochial Church Council (PCC). This strategic body is the sole legal entity for the Parish. Members of the PCC are either ex officio or elected by at the Parish Annual Meeting in accordance with the Church Representation Rules.

In this most unusual of years, the PCC met more frequently. From March, all meetings were on Zoom and through the summer, the PCC met fortnightly for briefings regarding the safe re-opening of church and the management of the churches during the pandemic.

During the year, the PCC met for six regular meetings including a slightly extended meeting to replace the usual Away Day. During 2020, the PCC discussed:

In addition to this, it conducted all necessary legal business and continued to provide an overview and framework on strategy and finance.

1.2 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 PCC. The members of the standing committee were: The Team Rector, the Curate(s), Associate Minister, Reader’s, the Churchwardens & Deputy Churchwardens along with the Parish Treasurer and the PCC Secretary. The Standing Committee meets prior to each PCC meeting to set the agenda and as agreed necessary by its members.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

1.3 Staff

The Parish employs a number of staff in its own right in addition to the diocesan establishment of stipendiary/SSM (Self Supporting Ministry) clergy and a Title Post. In addition to the following, we benefit from the ministry of two licensed Readers, Mr. Robert Duddridge (St Mary’s) and Ms. Helen Miller (St Luke’s). During 2020, the paid staff comprised of the following:

Clergy (Diocesan Establishment = 1.5 Full-time Stipendiary) Team Rector (St Mary’s) Revd. Vanessa Conant Team Vicar (St Gabriel’s) Vacant Associate Minister (St Mary’s) Revd. Jill Mowbray Curate (St Mary's) Revd. Adam Childs Revd. Dave Edmondson (from 12 September 2020) Other Ministry Staff CAP Centre Manager (0.5 fte) Mrs. Sue Peacham (until 1 January 2020) (0.45 fte) (from 1 January 2020) St Mary’s Director of Music (hon) Mr. Jonathan Rathbone Support Staff Parish Administrator (0.51 fte) Ms. Jacintha Danaswamy (until 5 September 2020) Parish Administrator (0.46 fte) Mrs. Fiona Fouhy (from 8 September 2020) Site Services Officer (St Gabriel’s) (0.1 fte) Mr. Everett Peters Website & Social Media (St Mary’s) (hon) Mr. Cameron Conant Church Planters, Ordinands & Students Church Planting Miss. Charnelle Barclay (Buxton intern until 16 August and from 17 August Church Planter and Community Organiser) Mr Alasdair Howorth (Buxton Intern until 31 July 2020) Mr Joshua Price (Buxton intern from 1 September 2020) St Gabriel’s Women’s English Club & Mrs. Sidra Gill (Grant funded) Stay ‘n Play Co-ordinator

1.4 Church Membership & Attendance

This year, under “Church Representation Rules”, the Electoral Roll was revised for the 2020 APCM which now comprises of 321 members (2019: 315). See also comment under section 3. Achievements & Performance, below.

1.5 Risk Management

The Church’s primary concern and objective is the glory of God. Whilst it is the Church’s policy to trust wholly in the Lord that He will work out His purpose to this end, the Church also acknowledges that it has a responsibility, both as individual members and as a body of members, for the identification and proper management of risks faced by the church in achieving its primary aim. The PCC has therefore assessed the major risks to which the church is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The PCC believes that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the church, it has established effective systems and procedures to mitigate those risks.

2. Activities & Strategies

The PCC has given due regard to the Charity Commissions’ guidance on public benefit. To this end the PCC organises various activities in order to enable ordinary people to live out their faith as part of our parish community.

2020 has been a year unlike any other. Whilst we have continued to lead worship in new digital forms and to develop systems for pastoral care, we have been unable to gather in many of the ways that have been part of our worship or life.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

The core of our activities is the weekly worship and discipleship of our 3 congregations and their wider connections. Our clergy team has continued to respond to pastoral need and missional opportunity within and beyond the parish. We have continued to provide pastoral care, opportunities for spiritual growth and to meet for organizational purposes and these meetings have been conducted either online or in gardens when restrictions allowed.

We were able to conduct two weddings once pandemic restrictions were eased in the summer. We have held only one baptism since that time. Clergy have led many more funerals in church, at the crematorium and at the graveside.

The most significant change in our parish life in 2020, was the full opening of the nursery at St Gabriel’s Family Centre. The National Lottery Heritage Fund awarded St Mary’s the grant in full for a “Creative Church for a Creative Community” project.

As churches and as clergy, we seek to make a contribution to the life of our community. We are active members of Citizens UK, Waltham Forest Citizens (of which the Rector is Chair) and TELCO (the East London alliance). We are also committed to Forest Churches Emergency Night Shelter (FCENS), Walthamstow & Chingford Almshouses, School Governorship, Walthamstow Village Residents’ Association. Farmers’ Market Management, Local Police Panels and Ward meetings, Christians Against Poverty (CAP).

Many members of our congregations serve on local charities, organisations, businesses and networks in voluntary and advisory capacities contributing to the common good of all.

In July 2020, we welcomed a new Assistant Curate, Rev Dave Edmondson and his family to join the parish, in September, Dave was ordained deacon in Chelmsford Cathedral. In August, we appointed Fiona Fouhy as our new Parish Administrator following the recommendation of Jacintha Danaswamy to train for ordained ministry. Jacintha remains in the Parish overseeing our Organising for Growth project.

To support and promote church growth and health our regular pattern of ‘non-Sunday service’ activities includes: strong lay ministry in leadership and worship, Christians Against Poverty Debt Centre, LIFE groups (smaller groups) (a number of which moved to Zoom), confirmation and baptism courses. Our children’s ministry has rapidly adapted to the demands of pandemic restrictions. A new online service was developed, Zoom games and storytelling was held and packs of activities and prayers were sent to children across the parish. The TWiG youth group grew substantially in this year with 18 young people taking part in a Youth Alpha course. A small group of young people were meant to travel to Mexico this summer but have not been able to in light of the pandemic.

St Luke’s Café Stall at the Farmers’ Market, and Bible Study in a local café over breakfast , Enquirers & Evangelistic courses (Just Looking & Alpha) moved to a mixed economy of stall hospitality and online bible study. Clergy continued to support the work of St Mary’s VA Primary school with members involved in governance, staff support, parent/teacher groups, a comprehensive assembly online programme at St Mary’s VA Primary and other school talks, assemblies and curriculum support as requested.

We continued participation in actions and campaigns with the London Citizens (including two new campaigns which the Parish is leading – Just Transition Climate Change and Racial Justice). We were not able to let our buildings or make them available to local groups. Wood Street Nursery at St Gabriel’s continued to function under enormous pressure and demanding circumstances.

We have been closely involved with the Centre for Theology and Community, working with the CTC to consider how community organizing methods might help us develop our congregations, build relationships and develop leaders, as well as organise for the common good in the Borough. In this year, the Parish has been part of a groundbreaking, ‘Organising for Growth’ project which has seen St Mary’s join a learning community, support another church in Waltham Forest Deanery and explore areas for growth within the community. St Luke’s has also been part of the training programme provided by the scheme.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

We have not been able to undertake as much arts activity or wider cultural engagement this year. Just before Tier 4 restrictions were announced, we were able to work with St Mary’s Music Hall on an outdoor sound and light installation. We are continuing to see how we can support arts projects and performances in the midst of lockdown.

3. Achievements and Performance

The Parish has worked extremely hard to maintain a sense of community and to serve Walthamstow in the midst of the pandemic with its accompanying restrictions. Together with the development of online worship, we have continued to provide pastoral care, activities for children and young people as well as joining in with the Boxes of Hope initiative, providing boxes of food and children’s activities for families in need.

St Gabriel’s has undertaken a number of initiatives to keep connection – including socially distant gatherings in the park and tea parties in the summer. At St Luke’s, the stall continued for most of the year, a new gardening project began and a number of people were able to camp this summer under the restrictions for August.

The St Mary’s churchyards have proved an extremely important place for people during the periods of lockdown and our Head Gardener, Tim Hewitt, has built a team of over 40 people who are committed to tending the churchyard and building connections our local community.

We have continued to place a strong emphasis on community organizing with St Mary’s and the wider parish taking leadership roles in London-wide and borough-wide campaigns on the climate emergency and racial justice in particular.

The Heritage Fund ‘Creative Church’ project has continued throughout this year with a programme of surveys and investigative works preparing for breaking ground in 2021. A project board has worked closely with Project Managers, architects and engineers. We were pleased to participate in Open House in September, welcoming people to small group tours of the church and to recently-developed churchyard historical tours which have proved very popular. Alongside this, we have been struck by the generosity of our congregation and the increase in online giving and giving to specific campaigns which has helped us maintain many of the services we have been able to offer and continue to support local charitable giving.

Despite a turbulent year, we saw growth in our congregation and were pleased to welcome new members who had connected with online worship. There have been a number of opportunities for community-building, with camps, with listening campaigns taking place across the parish around both questions of vision and around the common good of Waltham Forest.

4. Going concern review

The significant event to have occurred prior to the signing of these accounts has been the lockdown restrictions made necessary by the Covid-19 pandemic, which broke out in early March 2020.

Each year it’s the PCC’s responsibility to state whether or not the annual accounts have been drawn up on a going concern basis (see the accounting policy note on page 22). Going concern is the assumption that an entity, in this case the PCC, has the resources (financial or otherwise) needed to continue operating for the foreseeable future and, in particular, for at least 12 months from the date of approval by the PCC of these annual accounts. If the going concern principle did not apply then the accounts would be drawn up on an insolvent basis.

Clearly, as part of this year’s going concern review, the PCC has had to consider the likely impact of COVID-19 pandemic on its ministry. It has concluded that the financial risks to that ministry have increased significantly as a result of the lockdown restrictions imposed by the Government and the closure of the church building and halls mandated by the central authority of the Church of England. As a result, income from hiring out the church halls has ceased and is not expected to return to anything like a normal level until the early part of 2021. The impact of the lockdown on the finances of our church family members, whose giving provides the bulk of our financial support, remains unclear but it is likely to be moderately adverse. The PCC understands that there will not be any relief from the Diocese by way of a reduction of our parish share in 2020, its largest single item of expenditure.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

Against this background, the PCC has reviewed its financial forecast for 2020, including the value of its property and investment assets. This review indicates that it will incur a large deficit in 2020 but that its cash reserves are more than adequate to absorb that deficit. Even so it has taken positive steps to reduce the potential impact by furloughing two of its employees. Accordingly, it has concluded that it is appropriate to prepare the 2020 Accounts on a going-concern basis and that it is not necessary to make any adjustment to these accounts as a result of the lockdown restrictions. The PCC will continue to keep both the short-term and longer-term impact under review and in particular, the 'degree of return to normality' will be actively monitored in the latter part of 2020, with a view to assessing the likely carryover into 2021 and the effect on the 2021 Budget.

5. Financial Review

5.1 Financial Activity and Financial Position

The PCC’s main sources of funding are the freewill offerings of church members, grants and lettings income.

The Statement of Financial Activities and Balance Sheet can be found on pages 12 and 13 respectively. The Church’s reserves increased by £78,060 during the year (2019: increased by £101,528). The balance sheet shows total net assets of £4,049,180 (2019: £3,971,120).

Included in total funds are amounts totalling £115,876 (2019: £118,194) which are either restricted or endowed. These monies 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 9 to the accounts together with an analysis of movements in the year.

5.2 Reserves Policy

The PCC has examined the requirements for free reserves, i.e. those unrestricted and endowed 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 4 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 income 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 £54,999 (2019: £150,163) as follows:

Total reserves
Less: restricted funds
Less: tangible fixed assets
Less: designated funds
Free reserves
Free reserves requirement:
4 month’s budgeted routine expenditure
Total free reserves requirement		 2020 2019
£
3,971,120

(118,194)
(3,276,184)

(426,579)
150,163
150,000
150,000
£
4,049,180
(115,876)

(3,451,531)

(426,774)
54,999
115,000
115,000

The PCC are aware that the free reserves requirement is more than free reserves. This situation has been exacerbated by the COVID-19 pandemic where use of our buildings has been curtailed. The PCC are constantly monitoring this financial position extremely closely and are aiming to resolve this position over the coming 3 years with a view to restoring parity.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

5.3 Investment Policy

The team churches currently place funds, in excess of working capital requirements, on bank deposit.

6. Plans for Future Periods

The following areas, at the present time, are central to the PCC's planning:

7. Responsibilities of church council

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and united Kingdom Accounting Standards (United kingdom General Accepted Accounting Practice).Charity law and Synodical Government Measures 1970 both require the church council to be responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the church council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

The PCC is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church, and which ensure that the financial statements comply with the Charities Act 2011 and the guidance and regulations dated 2006 issued by the Central Board of Finance of the Church of England. It is also responsible for safeguarding the assets of the church, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing the financial statements, the church council are responsible for assessing the church's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the church council either intend to liquidate the church or to cease operations, or have no realistic alternative but to do so.

8. Approval

Aug 19, 2021

The report of the PCC was approved by the PCC on ………………..….. 2021 and signed on its behalf by:

Vanessa Conant

Vanessa Conant (Aug 19, 2021 17:56 GMT+1)

Revd Vanessa Conant Chairman, Team Rector

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Independent Auditor to the Parochial Church Council of The Ecclesiastical Parish of Walthamstow

Opinion

We have audited the financial statements of The Parochial Church Council of the Ecclesiastic Parish of Walthamstow (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the church council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the church council with respect to going concern are described in the relevant sections of this report.

Other information

The church council are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Parochial Church Council.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Independent Auditor to the Parochial Church Council of The Ecclesiastical Parish of Walthamstow

We have nothing to report in respect of the following matters where the Charities Act 2011requires us to report to you if, in our opinion:

Responsibilities of Church Council

Charity law and Synodical Government Measures 1970 both require the church council to be responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the church council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing those financial statements, the PCC is required to:

The PCC is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church, and which ensure that the financial statements comply with the Charities Act 2011 and the guidance and regulations dated 2006 issued by the Central Board of Finance of the Church of England. It is also responsible for safeguarding the assets of the church, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing the financial statements, the Church Council are responsible for assessing The Parochial Church Council of the Ecclesiastic Parish of Walthamstow’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Church Council either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to assist in the detection of material misstatements in respect of irregularities, including fraud.

Our approach to assessing the risks of such material misstatements was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice for Charities (SORP 2019) and the Charities Act 2011. We assessed the risk of material misstatement in respect of fraud by making enquiries of management and church council and by testing the implementation of accounting controls in place.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Independent Auditor to the Parochial Church Council of The Ecclesiastical Parish of Walthamstow

minutes of Church Council meetings and correspondence with regulatory bodies. We considered the risk of fraud through management override by incorporation testing of journal entries and reviewing any requirements to meet performance targets. We also considered, and tested for, the possibility of unauthorised payments to related parties.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to The Parochial Church Council of the Ecclesiastic Parish of Walthamstow’s Church Council, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the Parochial Church Council those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Parochial Church Council of the Ecclesiastic Parish of Walthamstow and The Parochial Church Council of the Ecclesiastic Parish of Walthamstow’s Church Council as a body, for our audit work, for this report, or for the opinions we have formed.

mwbrindley

mwbrindley (Aug 23, 2021 18:08 GMT+1)

Brindley Millen Ltd Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Aug 23, 2021 Date: .............................................

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Statement of Financial Activities For the year ended 31 December 2020

Note
Income from:
2
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total Income
Expenditure on:
Raising funds
3
Charitable activities
4

Total Expenditure
Net gains/(losses) on investments
Net expenditure

Transfers between funds
Other recognised gains and losses

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2020
£

206,499
1,595
34,983
2,198
2,087		 Restricted
Funds
2020
£
54,360
-
761
1
63
55,185
-
55,467
55,467
-
( 282)
(2,036)
-
(2,318)
118,194
115,876		 Unrestricted
Funds
2019
£
235,497
2,965
77,354
2,174
-



Restricted
Funds
2019
£
66,329
-
979
-
-
67,308
-
102,213
102,213
-
(34,905)
-
(34,905)
153,099
118,194		 Total
2019
£
301,826
2,965
78,333
2,174
-
Total
2020
£
260,859
1,595
35,744
2,199
2,150
247,362 317,990 385,298
302,547
-
344,957		 9,136
331,717		 9,136
433,930
-
400,424
344,957 340,853 443,066
400,424
- - -
-
(97,595) (22,863) (57,768)
(97,877)
2,036
175,937		 -
79,648		 -
79,648
-
175,937
80,378
3,852,926		 56,785
3,796,141		 21,880
3,949,240
78,060
3,971,120
3,933,304 3,852,926 3,971,120
4,049,180

13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Balance Sheet As at 31 December 2020

Note
Fixed Assets
Tangible Assets
5
Current Assets
Debtors
6
Cash At Bank And In Hand
Creditors - Amounts Falling Due
Within One Year
7
Net Current Assets
Net Assets
Represented By:
Unrestricted Income Funds
8
Restricted Funds
9
Total Funds		 Unrestricted
Funds
2020
£
3,451,531
3,451,531
15,799
493,500
509,299
27,526
481,773
3,933,304
3,933,304
-
3,933,304		 Restricted
Funds
2020
£
-
0
-
115,876
115,876
-
115,876
115,876
-
115,876
115,876		 Total
2019
£
3,276,814












Total
2020
£
3,451,531
3,276,814
35,011
682,348
3,451,531
15,799
609,376
717,359
23,053
625,175
27,526
694,306
597,649
3,971,120
4,049,180
3,852,926
118,194
3,933,304
115,876
3,971,120
4,049,180

Aug 19, 2021 The financial statements were approved by the PCC on ………………… 2021 and signed on its behalf by:

Martin Kearney (Aug 19, 2021 18:39 GMT+1)

Martin Kearney Treasurer

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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 (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.

The financial statements are presented in sterling (£).

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 PCC 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 PCC; 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.

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and an apportionment of support costs.

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

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

1. Accounting Policies (continued)

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and beneficed property such as the church building is excluded from 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. They are considered by the PCC to be inalienable property. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.

PCC Property

Properties are revalued on a 5 yearly basis and the next valuation is due on 31 December 2020. The properties are subject to an in-house impairment review annually. Any impairment provision necessary will be written off in the Statement of Financial Activities. All freehold property is well maintained and, in the opinion of the PCC members, will not fall in value for many years. In view of the above no depreciation has been charged in respect of freehold properties.

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 four 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:

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

2. Income

Unrestricted
Funds
2020
£
Restricted
Funds
2020
£
Donations & legacies
Offerings and donations
164,001
6,117
Income tax reclaimed
35,811
932
Legacies
180
-
Grants
6,508
47,311
206,500
54,360
Charitable activities
Fee income (net)
1,595
-
Other trading activities
Lettings income
34,735
-
Market stall (net income)
-
761
Outings & events
-
-
Fundraising
247
-
34,982
761
Investments
Bank Interest
2,198
1
Other
2,087
63
247,362
55,185		 Total
2019
£
178,430
62,816
5,000
55,580
Total
2020
£
170,118
36,743
180
53,819
301,826
2,965
75,980
979
1,374
-
260,860
1,595
34,735
761
-
247
78,333
2,174
-
35,743
2,199
2,150
385,298
302,547

3. Expenditure - Raising Funds

3. Expenditure - Raising Funds
Unrestricted
Funds
2020
£
Restricted
Funds
2020
£
Professional fees
-
-		 Total
2019
£
9,136
Total
2020
£
-

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

4. Expenditure – Charitable Activities

Parish Share & Clergy Expenses
Parish Share
Clergy expenses
Church Life & Outreach
Staff costs (including salaries)
Children, youth & families
Christians Against Poverty
Church Planting & Communities
Music
Magazine & publicity
Services/Music
Outreach/events
Children
Stall expenditure
Education & training
Travel
Catering & hospitality
Gifts and grants (see note 4b below)
Other
Provision of Office & Support
Staff costs
Printing, stationery & consumables
Telephone, internet, website
Hardware & software
Bookkeeping & Accountancy
Subscriptions and memberships
Legal & professional
Other
Provision of Building and Facilities
House running expenses
Church & hall: heat, light & water
Church & hall: insurance
Depreciation
Maintenance & cleaning (incl. staff costs)
Church: church yard maintenance
Major Projects
Welcome Centre Redevelopment
St Mary’s Church Alterations
Governance
Audit
PCC meeting expenses		 Unrestricted
Funds
2020
£
Restricted
Funds
2020
£
104,990
-
511
-
105,501
0
-
1,949
3,424
5,423
-
6,059
5,664
-
2,528
-
3,450
51
(2,595)
8,554
-
-
-
199
2,382
20
76
-
60
277
9,843
6,832
-
-
24,832
29,364
11,913
-
3,313
52
3,466
49
3,019
45
2,286
-
3,773
3,625
-
-
-
-
27,770
3,771
8,319
69
18,013
-
9,326
-
1,220
-
23,917
1,000
10,612
2,485
71,407
3,554
1,091
-
108,432
18,778
109,523
18,778
5,844
-
80
-
5,924
0
344,957
55,467		 Total
2019
£
Total
2020
£
104,990 101,774
511 344
102,118
105,501
1,949 12,073
8,847 13,869
6,059 -
5,664 5,664
2,528 2,878
3,501 6,919
5,959 2,662
- 6,532
199 9
2,402 459
76 1,510
337 2,735
16,675 3,557
- 394
54,196 59,261
11,913 11,457
3,365 6,634
3,515 6,169
3,064 -
2,286 3,683
7,398 9,188
- 4,200
- 2,692
44,023
31,541
8,388 1,756
18,013 13,719
9,326 10,962
1,220 1,220
24,917 27,667
13,097 7,070
62,394
74,961
1,091 9,465
127,210 153,036
162,501
3,600
33
3,633
433,930
128,301
5,844
80
5,924
400,424

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

4. Expenditure – Charitable Activities (continued)

4a. Staff Costs

Included within Expenditure on Charitable Activities are the following staff costs:

Gross salaries
Employer’s National Insurance
Employer’s Annual Allowance
Pension contributions
Of which: gross salaries paid to Key Management Personnel		 2020 2019
£
48,419
1,275
(1,275)
985



£
40,132
1,116
(1,116)

765
49,404
40,897
0
0
The average number of employees during the year:
Full time staff
Part time staff		 2020 2019
Number
0
5
5
Number
0
5
5

These figures exclude the amounts paid to the Diocese for the incumbent and the curates, who are funded through the Common Fund. No employee (2019: nil) received emoluments in excess of £60,000 during the year.

The expenses of nil (2019: nil) members of the PCC were met during the year.

4b. Gifts to organisations and individuals

Included within Expenditure on Charitable Activities are the following gifts to organisations and individuals:

Unrestricted
Funds
2020
£
Restricted
Funds
2020
£
Gifts to organisations
9,451
6,187
Gifts to individuals (including those in need)
392
645
9,843
6,832		 Total
2019
£
889
2,285
Total
2020
£
15,638
1,037
3,174
16,675

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

5. Tangible Fixed Assets

. Tangible Fixed Assets

Cost
At 1 January
Additions
Disposals
Revaluation
At 31 December
Depreciation
At 1 January
Charge for Year
At 31 December
Net Book Value
At 31 December		 Freehold
land &
buildings
2020
£
Equipment
2020
£
3,273,637
6,042
-
-
-
-
175,937
-
3,449,574
6,042
-
2,865
-
1,220
0
4,085
3,449,574
1,957		 Total
2019
£
3,521,744
3,375
(245,440)
-
3,279,679
1,644
1,221
2,865
3,276,814
Total
2020
£
3,279,679
-
-
175,937
3,455,616
2,865
1,220
4,085
3,451,531

All of the fixed assets are used for charitable purposes. Properties used by the PCC are the following:

Property Property type Ownership Valuation
31 December 2020
£
StMary’s Church Churchbuilding Incumbent -
StMary’s Church hall(Welcome Centre) Church hall PCC 1,120,000
St Gabriel’s Church Churchbuilding Incumbent -
St Gabriel’sFamily Centre Church hall PCC 536,126
St Stephen’s Church Churchbuilding PCC 515,000
9 Church End,WalthamstowE17 9RJ Residential PCC 639,224
10 Church End,WalthamstowE17 9RJ Residential PCC 639,224
**3,449,574 **

The valuation of the residential properties was undertaken by the PCC with reference to local market values and recent sold prices. St Stephen’s church building was revalued from £339,063 to £515,000 during the year. All other properties remained the same.

6. Debtors

Prepayments
ncome tax recoverable
Accrued income
Other debtors		 2020 2019
£
649
1,429
30,172
2,761
£
579
7,574
7,646
-
35,011
15,799

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

7. Creditors - Amounts Falling Due Within One Year

Trade creditors
Accruals
Other creditors		 2020 2019
£
-
22,450
603
23,053
£
21,692
5,531
303
27,526

8. Unrestricted Funds

8a. Current Year Movement and Balances

General fund
Designated Funds:
Church Commissioners Funds
St Gabriel’s Stay n Play
St Luke’s Church Hall Proceeds		 At 1
January
2020
£
3,426,347
119,216
154
307,209
426,579
3,852,926		 Income
£
Expenditure
£
Transfers
£
247,167
(344,957)
2,036
-
-
-
195
-
-
-
-
-
195
0
0
247,362
(344,957)
2,036		 Income
£
Expenditure
£
Transfers
£
247,167
(344,957)
2,036
-
-
-
195
-
-
-
-
-
195
0
0
247,362
(344,957)
2,036		 Income
£
Expenditure
£
Transfers
£
247,167
(344,957)
2,036
-
-
-
195
-
-
-
-
-
195
0
0
247,362
(344,957)
2,036		 Gains/
(losses)
£
175,937
-
-
-
0
175,937		 At 31 At 31
December
2020
£
3,506,530
119,216
349
307,209
426,774
3,933,304

8b. Prior Year Movement and Balances

General fund
Designated Funds:
Church Commissioners Funds
St Gabriel’s Stay ‘n Play
Iris De Clerq Legacy
St Luke’s Church Hall Proceeds		 At 1
January
2019
£
3,366,358
119,216
154
3,204
307,209
429,783
3,796,141		 Income
£
Expenditure
£
Transfers
£
317,990
(340,853)
3,204
-
-
-
-
-
-
-
-
(3,204)
-
-
-
0
0
(3,204)
317,990
(340,853)
0		 Income
£
Expenditure
£
Transfers
£
317,990
(340,853)
3,204
-
-
-
-
-
-
-
-
(3,204)
-
-
-
0
0
(3,204)
317,990
(340,853)
0		 Income
£
Expenditure
£
Transfers
£
317,990
(340,853)
3,204
-
-
-
-
-
-
-
-
(3,204)
-
-
-
0
0
(3,204)
317,990
(340,853)
0		 Gains/
(losses)
£
79,648
-
-
-
-
0
79,648		 At 31 At 31
December
2019
£
3,426,347
119,216
154
0
307,209
426,579
3,852,926

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

8. Unrestricted Funds (continued)

Descriptions of the designated funds are as follows:

Church Commissioners Parish of Funds held by the Church Commissioners have been released on Funds Walthamstow condition that it is used towards a new building that will be suitable for public worship. It can used towards the redevelopment of the “Western Patch” (Welcome Centre along with 9 & 10 Church End) on the basis that St Luke’s is able to use the community space as a base for mission and ministry. The money can be used towards the costs of planning permission and other exploratory works for the area. St Gabriel’s Stay n Play St Gabriel Funds that are set aside for a children & parents stay and play session held in St Gabriel’s Church every Tuesday morning during term-time. Iris De Clerq Legacy St Luke Iris De Clerq was a member of St Luke’s. Some of the legacy was used to cover the costs of the Community House in 2010/2011. The remainder is for St Luke’s to use as needed, but for specific needs, rather than general use. St Luke’s Church Hall St Luke These are funds which arise from the sale of the St Luke’s church hall on Proceeds Greenleaf Road in 2012. The funds are held separately by the Diocese and have been set aside by the PCC to fund the future purchase of premises for use by St Luke’s.

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

9. Restricted Funds

9a. Current Year Movement and Balances

St Stephen
Joel Plummer Memorial Fund (income)
St Gabriel
English Club
Outreach Development Worker
St Luke
Children & Young People
Farmer’s Market Stall
Homeless and unemployed ministry
St Mary
Bells Fund
Bishop’s Pump Appeal
Building Fund
Children’s Society
Christians Against Poverty (see foot note)
Church Planting & Community Organising
(SDF)
Churchyard & Monuments Maintenance
Harvest Appeal
HLF Project
Jaden Moodie Foundation
Matt Ralph Collection
Night Shelter
Prayer House (Fraser Road)
Projection Project
Rector’s Discretionary Fund
Redevelopment
Week of Guided Prayer
Year 6 Bibles
Youth Fund
Total		 At 1
January
2020
£
1,868
0
1,450
462
2,012
5,304
18,528
291
37,529
905
0
0
5,729
0
0
182
0
5,420
9,268
545
7,048
550
2,049
0
19,054		 Income
£
Expenditure
£
-
-
4,734
(1,949)
-
-
150
-
761
(2,773)
-
(9)
241
(1,000)
-
(291)
-
-
-
(905)
9,110
(9,110)
16,122
(6,226)
-
(2,485)
1,152
(1,152)
18,778
(18,778)
-
-
252
(185)
50
(430)
-
(114)
-
-
1,960
(1,470)
-
-
50
(63)
574
(574)
1,251
(7,953)		 Income
£
Expenditure
£
-
-
4,734
(1,949)
-
-
150
-
761
(2,773)
-
(9)
241
(1,000)
-
(291)
-
-
-
(905)
9,110
(9,110)
16,122
(6,226)
-
(2,485)
1,152
(1,152)
18,778
(18,778)
-
-
252
(185)
50
(430)
-
(114)
-
-
1,960
(1,470)
-
-
50
(63)
574
(574)
1,251
(7,953)		 Income
£
Expenditure
£
-
-
4,734
(1,949)
-
-
150
-
761
(2,773)
-
(9)
241
(1,000)
-
(291)
-
-
-
(905)
9,110
(9,110)
16,122
(6,226)
-
(2,485)
1,152
(1,152)
18,778
(18,778)
-
-
252
(185)
50
(430)
-
(114)
-
-
1,960
(1,470)
-
-
50
(63)
574
(574)
1,251
(7,953)		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,036)
-
-
-
-		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,036)
-
-
-
-		 At 31 At 31
December
2020
£
1,868
2,785
1,450
612
0
5,295
17,769
0
37,529
0
0
9,896
3,244
0
0
182
67
5,040
9,154
545
7,538
550
0
0
12,352
118,194 55,185 (55,467) 0 (2,036) 115,876

23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

9. Restricted Funds (continued)

9b. Prior Year Movement and Balances

Parish of Walthamstow
Finance Project
Joel Plummer Memorial Fund (income)
St Gabriel
Outreach Development Worker
St Luke
Children & Young People
Farmer’s Market Stall
Homeless and unemployed ministry
Vicar’s discretionary fund
St Mary
Bells Fund
Bishop’s Pump Appeal
Building Fund
Children’s Society
Christians Against Poverty (see foot note)
Churchyard & Monuments Maintenance
HLF Project
Jaden Moodie Foundation
Night Shelter
Parish Intern
Poppy collection
Prayer House (Fraser Road)
Projection Project
Rector’s discretionary fund
Redevelopment
Week of guided prayer
Youth Fund
Total		 At 1
January
2019
£
0
1,868
7,000
342
1,407
5,304
74
17,708
0
37,529
0
0
11,299
28,720
0
5,186
362
0
9,268
545
7,327
550
0
18,610		 Income
£
Expenditure
£
2,500
(2,500)
-
-
1,470
(7,020)
120
-
979
(374)
-
-
-
-
1,010
(190)
291
-
-
-
905
-
9,099
(9,099)
1,500
(7,070)
45,251
(73,971)
182
-
753
(519)
-
(362)
29
(29)
-
-
-
-
463
(816)
-
-
2,292
(243)
464
(20)		 Income
£
Expenditure
£
2,500
(2,500)
-
-
1,470
(7,020)
120
-
979
(374)
-
-
-
-
1,010
(190)
291
-
-
-
905
-
9,099
(9,099)
1,500
(7,070)
45,251
(73,971)
182
-
753
(519)
-
(362)
29
(29)
-
-
-
-
463
(816)
-
-
2,292
(243)
464
(20)		 Income
£
Expenditure
£
2,500
(2,500)
-
-
1,470
(7,020)
120
-
979
(374)
-
-
-
-
1,010
(190)
291
-
-
-
905
-
9,099
(9,099)
1,500
(7,070)
45,251
(73,971)
182
-
753
(519)
-
(362)
29
(29)
-
-
-
-
463
(816)
-
-
2,292
(243)
464
(20)		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
(74)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
74
-
-
-
-
-
-		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
(74)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
74
-
-
-
-
-
-		 At 31 At 31
December
2019
£
0
1,868
1,450
462
2,012
5,304
0
18,528
291
37,529
905
0
5,729
0
182
5,420
0
0
9,268
545
7,048
550
2,049
19,054
153,099 67,308 (102,213) 0 0 118,194

24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

9. Restricted Funds (continued)

Descriptions of the restricted funds are as follows:

Finance Project Parish of Funds that were given to the MMU to pay towards the restructuring of Funds that were given to the MMU to pay towards the restructuring of Funds that were given to the MMU to pay towards the restructuring of
Walthamstow the Parish’s finance systems / processes.
Joel Plummer Memorial Fund Parish of A trust set up in 1981 in remembrance of Joel Plummer, the income
(income) Walthamstow from which to be used for the annual Easter presentation of a Bible to a
boy and girl. In 1996 the objective was changed to the advancement of
the Christian religion in such manner as the trustees shall at their
discretion think fit. The fund was a charity in its own right until 2010.
The trustees were originally the team vicar and churchwardens, for the
time being, at St Stephens. This is now under the ownership of The
Parish of Walthamstow PCC. The Joel Plummer Memorial Endowment
funds were transferred to the Restricted Fund on 16/2/2019.
Harvest Appeal Parish of Donations received were to be paid to 2 charities – Christian Kitchen
Walthamstow & Mill Grove House.
Outreach Development Worker St Gabriel Funding granted by London Over The Border for an Outreach Worker
to work with people within the St Gabriel’s community.
English Club St Gabriel Funding that has been provided by London Over the Border (LOB) for
the provision to teach ESOL women English and help build their
confidence to feel part of the community. Sessions are held in St
Gabriel’s Church every Thursday morning during term-time (currently
operating differently due to COVID-19).
Children & Young People St Luke Funding for children’s and young people’s work at St Luke’s.
Farmers Market Stall St Luke This fund receives donations collected on the market stall, and from
purchases of consumables and supplies taken from it. The balance is
donated in its entirety to the local charity, “Worth Unlimited in
Waltham Forest” (Reg Charity No. 1068782).
Homeless and unemployed ministry St Luke Funds for use in assisting the homeless and unemployed
Vicar’s Discretionary Fund St Luke Funded from various sources to be used at St Luke’s Vicar’s discretion
for those in need. As there is no longer a Team Vicar for St Luke’s, the
funds have been transferred to the Rector’s Discretionary Fund.
Bells Fund St Mary A fund established to fund the restoration of the bells at St Mary’s.
Bishop’s Pump Appeal St Mary Collection from the Confirmation service on 27thOctober 2020 where
the proceeds go to the Bishop’s appeal for a water pump at the Utugi
Children’s Centre, Kenya
Building Fund St Mary Funding for the upkeep of the church building at St Mary’s.
Children’s Society St Mary Donations that were received specifically for the work of the Children’s
Society.
Christians Against Poverty St Mary The church’s work with personal debt relief, under the auspices of
Christians Against Poverty, the UK registered charity which seeks to
bring relief to those burdened by debt.
Church Planting & Community St Mary A grant awarded by the Church Commissioners Strategic Development
Organising (SDF) Funding (SDF) which aims to enable churches to flourish and pray. The
funds are to be used to create a new church in housing estates, like
Atlee Terrace

25

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

9. Restricted Funds (continued)

Churchyard & Monuments St Mary A fund established for St Mary’s Churchyard & Monuments maintenance.
Maintenance Fund This fund encapsulates many of the historical restricted funds (now
closed) that were for the upkeep of the churchyard & maintenance of
some monuments at St Mary’s.
HLF Project St Mary Funding granted by the Heritage Lottery Fund for the repair &
redevelopment of St Mary’s Church
Jaden Moodie Foundation St Mary Donations received at the funeral of Jaden Moodie held on 22 February
2020. To be paid to the Foundation once it is properly operating.
Matt Ralph Collection St Marys Donations received as a thank you for the work Matt Ralph had
performed to the Churches in the Parish on his leaving to undertake
ordination training
Night Shelter St Mary Funding is for the period when the Parish of Walthamstow provides
facilities for the Forest Churches Emergency Night Shelters. These run
from November to April, at various churches in Waltham Forest, with
the Parish of Walthamstow providing facilities at a church on one night
of the week.
Parish Intern St Mary A grant that was received for the costs incurred by an intern working
for the Parish of Walthamstow.
Poppy collection St Mary Funds collected for the Royal British Legion Annual Poppy Appeal.
Prayer House (Fraser Road) St Mary Grant funding for the use of a property on Fraser Road owned by the
Diocese to be used by any person or group for prayer or similar
purpose.
Projection Project St Mary A grant and donations received to run an Adventus arts project which
consisted of projecting artwork on the outside of St Mary’s church for
a period of 24 evenings in December 2019.
Rector’s Discretionary Fund St Mary Funded from various sources to be used at the Rector’s discretion for
individuals who are in serious / urgent need.
Redevelopment St Mary Funds donated towards the redevelopment work for St Mary’s Church.
Week of Guided Prayer St Mary Funds granted by London Over the Border towards a week of guided
prayer run within the Parish of Walthamstow
Youth Fund St Mary Funding for youth work at St Mary’s.

Note: In 2020, as in 2019 and earlier years, the Christians Against Poverty project was funded by a combination of restricted and unrestricted funds. This is due to there not being sufficient restricted funds to fully fund the project:

Unrestricted
Funds
2020
£
Restricted
Funds
2020
£
Income
-
9,110
Expenditure:
Staff costs
(3,425)
(5,423)
Office, catering etc.
(1,194)
(3,687)
(4,619)
0
Total Total
2020 2019
£ £
9,110 9,099
(8,848) (14,407)

(4,881)
(4,740)
(4,619) (10,048)

26

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

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

10. 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
£
1,266
5,064
6,330
£
1,099
3,297
4,396

11. Financial Commitments

There was a quinquennial inspection of St Mary’s Church building in October 2015. The repairs and maintenance work identified by the inspector is extensive, and some of it is urgent. The PCC has got agreement, in principle, from the Heritage Lottery Fund (HLF) to grant funding to cover the cost of the proposed works, together with some new build, which are likely to be in the region of £1.8m. HLF have confirmed that they will provide funding for the project. Work is strenuously in hand to match the grant funding.

12. Related Party Transactions

The aggregate unrestricted donations made by members of the PCC during the year was £24,104 (2019: £22,875).

There were no other related party transactions.

27