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2021-12-31-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 2021

Simply Churches Chartered Accountants 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report and Financial Statements 2021 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

1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Legal & administrative information For the year ended 31 December 2021

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:

The Parochial Church Council of the Ecclesiastical Parish of Walthamstow. The establishment of the Parish was in 1108.

Team Rector (Chair) Revd. Vanessa Conant Vice Chair Vacant Team Vicar Revd. Andrew Stewart (from 01 September 2021) Associate Minister Revd. Jill Mowbray (until 01 April 2022) Curate – (St Mary’s) Revd. Adam Childs (until 01 May 2021) Revd. Dave Edmondson Readers Robert Duddridge Helen Miller Churchwardens Laurence Jones (St Gabriel’s) Lynne Rhodes (St Mary’s) Carson Thompson (St Mary’s) Deputy Churchwardens Tim Coles Donna Gwilliams (St Luke’s, also Deanery Synod Rep) Deanery Synod Reps Jacqueline Baker (St Mary’s) Pauline Martindale (St Mary’s) Michael Forbes (from 23 May 2021) Lou Henderson Elected Members Ava Blake (St Gabriel’s) Natalie Burwell (St Mary’s)

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Legal & administrative information For the year ended 31 December 2021

Members of the PCC Elected Members William Daley (St Gabriel’s)
(continued) Liz Davies (St Mary’s) (PCC Secretary)
Brian Foxton (St Mary’s)
Donald Howarth (St Mary’s) (until 23 May 2021)
Martin Kearney (St Gabriel’s, PCC Treasurer)
Alex Simpson (St Mary’s)
Rebecca Veazey (St Mary’s) (from 23 May 2021)
Dalton Banjo (St Luke’s) (from 23 May 2021)
Key Management Those in charge of directing, controlling, running and operating the Parish on a day-to-day
Personnel basis are the members of the PCC
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 Inspector Alex Sherratt
Matthew Lloyd Architects LLP
The Hangar,
Hope House,
1B, 38 Kingsland Rd,
London
E2 8DD
Auditors Kreston Reeves LLP
168 Shoreditch High Street,
London
E1 6RA

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Parochial Church Council For the year ended 31 December 2021

The Parochial Church Council of the Ecclesiastical Parish of Walthamstow (“PCC”) submits its annual report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019) issued by the Charity Commissioners in 2021. 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, with all meetings held via Zoom including additional meetings looking at the safe operating of the churches during the pandemic.

During the year, the PCC met on five occasions:

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, Readers, 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.

4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Parochial Church Council For the year ended 31 December 2021

1.3 Staff

The Parish employs a number of staff 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 2021, the paid staff comprised of the following:

Clergy (Diocesan Establishment = 1 Full-time Stipendiary & 1 Part-time SSM) Team Rector (St Mary’s) Revd. Vanessa Conant Team Vicar (St Gabriel’s) (SSM Part-time 0.5) Revd. Andrew Stewart (from 01 September 2021) Associate Minister (St Mary’s) Revd. Jill Mowbray (until 01 April 2022) Curate (St Mary's) Revd. Adam Childs (until 21 May 2021) Revd. Dave Edmondson Other Ministry Staff CAP Centre Manager (0.4.5 fte) Mrs. Sue Peacham (until 05 September 2021) St Mary’s Director of Music (hon) Mr. Jonathan Rathbone Support Staff Parish Administrator (0.46 fte) Mrs. Fiona Fouhy (until 05 November 2021) 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 Pioneering Minister Revd. Alan Moss (from 05 May 2021) Church Planter & Community Organiser Miss. Charnelle Barclay (Grant Funded)

St Gabriel’s Women’s English Club & Mrs. Sidra Gill (Grant funded until 31 December 2021) Stay ‘n Play Co-Ordinator

1.4 Church Membership & Attendance

This year, under “Church Representation Rules”, the Electoral Roll was revised for the 2021 APCM which now comprises of 326 members (2020: 321). 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.

2021 has been a year of continued challenge. Further restrictions around the pandemic and new variants of Covid-19 led to ongoing disruption including to our Christmas worship. Added to this has been the changes to St Mary’s worship necessitated by the moving from the main building to the church hall while renovation work is underway. Despite these challenging times, congregations have served faithfully, working together to maintain the worshipping life of the church and to support one another through the different phases of the pandemic.

5

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Parochial Church Council For the year ended 31 December 2021

The core of our activities is the weekly worship and discipleship of our 3 congregations and their wider connections. 2021 saw more opportunities to worship together in person and, after Easter, we have met in our church buildings and other places whilst trying to respond and mitigate ongoing risk. Refreshments, for example, continue to be served outside St Mary’s Welcome Centre and, wherever possible, events have taken place outside.

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 organisational purposes and these meetings have been conducted either online or in gardens when restrictions allowed.

As churches and as clergy, we seek to make contributions 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. The High Street - Farmers’ Market, Local Police Safer Neighbourhood Ward Panels and Local Council Ward meetings.

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.

To support and promote church growth and health our regular pattern of ‘non-Sunday service’ activities include strong lay ministry in leadership and worship, small groups confirmation and baptism courses. Our children’s ministry has rapidly adapted to the demands of pandemic restrictions. We have continued with online services for children until we were able to re-start children’s ministry in the Welcome Centre at St Mary’s. We were also able to hold activity days for local families, particularly responding to needs of families at St Mary’s school where damaging flooding in the summer meant additional days of school holiday this year.

After the disappointment of not being able to travel to Mexico, we were delighted to take seven young people to the Abernethy Outdoor Adventure Centre in the Cairngorms where they spent a week undertaking outdoor activities and serving around the site. We have continued to offer online youth ministry to all aged 11 and over.

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). At the London Citizens Mayoral Assembly, in front of 5,000 others, we were able to ask Mayor of London Sadiq Khan to commit to particular campaign pledges which St Mary’s has been working on for over two years.

We were able to begin a gradual return to hiring our buildings although usage fluctuated in line with changes in the pandemic and infection numbers. Wood Street Nursery at St Gabriel’s continued to function under enormous pressure and demanding circumstances

3. Achievements and Performance

The Parish has worked extremely hard to maintain a sense of community and to serve Walthamstow during the accompanying restrictions. Together with 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 connections with the congregation. 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.

6

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Parochial Church Council For the year ended 31 December 2021

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 organising 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 Lottery Fund ‘Creative Church’ project has continued throughout this year with a programme of surveys and investigative works preparing for breaking ground late on in 2021. A project board has worked closely with Project Managers, architects and engineers. We were pleased to participate in Open House in September with recently developed churchyard historical tours which have proven to be 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 opportunities for community-building, with camps, listening campaigns taking place across the parish around both questions of vision and around achieving the common good in Waltham Forest.

4. Going concern review

The significant event to have occurred prior to the signing of these accounts has been the continual effects of the Covid19 pandemic, which lasted most of 2021.

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 15). 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 late part of 2022. The impact of the lockdown on the finances of our church family members, whose giving provides the bulk of our financial support, remains stable but it is likely to be moderately adverse. The PCC were told that there will not be any relief from the Diocese by way of a reduction of our parish share for 2021which is our largest single item of expenditure.

Against this background, the PCC has reviewed its financial forecast for 2022. This review indicates that there may be a deficit for 2022 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 operating on the minimalist number of staff. Accordingly, it has concluded that it is appropriate to prepare the 2021 Accounts on a going-concern basis. The PCC will continue to keep both the short-term and longer-term impacts under review and in particular, the 'degree of return to normality' will be actively monitored in the latter part of 2022, with a view to assessing the likely carryover into 2023 and the effect on that 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 £53,599 during the year (2020: increased by £78,060). The balance sheet shows total net assets of £4,102,779 (2020: £4,049,180).

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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 2021

Included in total funds are amounts totalling £114,029 (2020: £115,876) 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 2021 the church had net free reserves deficit of £116,442 (2020: free reserves of £54,999) as follows:

Total reserves
Less: restricted funds
Less: endowment funds
Less: tangible fixed assets
Less: designated funds
Free reserves
Free reserves requirement:
4 month’s budgeted routine expenditure
Allocated to the St Mary’s redevelopment project
Total free reserves requirement		 2021 2020
£
4,049,180

(115,876)
-
(3,451,531)

(426,774)
£
4,102,779
(114,029)
(1,659,677)
(2,445,515)

54,999
(116,442)
115,000
-
115,000
-
115,000
115,000

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.

8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Report of the Parochial Church Council For the year ended 31 December 2021

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

The report of the PCC was approved by the PCC on 25 October 2022 and signed on its behalf by:

Revd Vanessa Conant Chairman, Team Rector

9

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 (the ‘PCC’) of the Ecclesiastical Parish of Walthamstow (the 'charity') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet and the related notes, 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 PCC’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 PCC with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The PCC is responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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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

Responsibilities of the PCC

As explained more fully in the Responsibilities of Church Council Statement, the PCC is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the PCC determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the PCC is responsible for assessing the charity'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 PCC either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an Auditor's report 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity and the sector as a whole, and through discussion with the PCC and other management (as required by auditing standards), we evaluated the PCC’s and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included:

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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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We are also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Parochial Church Council of the Ecclesiastical Parish of Walthamstow, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC those matters we are required to state to them in an Auditor's 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 Ecclesiastical Parish of Walthamstow, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor

London

Date: 31 October 2022

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Statement of Financial Activities For the year ended 31 December 2021

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

Total Expenditure
Net expenditure

Transfers between funds
Other recognised gains and losses

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2021
£

238,256
4,662
43,913
403
1,875		 Restricted
Funds
2021
£
123,446
-
8,540
-
-
131,986
133,571
133,571
(1,585)
(262)
-
(1,847)
115,876
114,029		 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		 Total
2020
£
260,859
1,595
35,744
2,199
2,150
Total
2021
£
361,702
4,662
52,453
403
1,875
289,109 247,362 302,547
421,095
355,117 344,957 400,424
488,688
355,117 344,957 400,424
488,688
(66,008) (97,595) (97,877)
(67,593)
262
121,192		 2,036
175,937		 -
175,937
-
121,192
55,446
3,933,304		 80,378
3,852,926		 78,060
3,971,120
53,599
4,049,180
3,988,750 3,933,304 4,049,180
4,102,779

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Balance Sheet

As at 31 December 2021

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:
Unrestricted Income Funds
7
Restricted Funds
8
Total Funds		 Unrestricted
Funds
2021
£
1,659,677
1,659,677
3,370
2,359,181
2,362,551
33,478
2,329,073
3,988,750
3,988,750
-
3,988,750		 Restricted
Funds
2021
£
-
0
53,653
60,376
114,029
-
114,029
114,029
-
114,029
114,029		 Total
2020
£
3,451,531












Total
2021
£
1,659,677
3,451,531
15,799
609,376
1,659,677
57,023
2,419,557
625,175
27,526
2,476,580
33,478
597,649
2,443,102
4,049,180
4,102,779
3,933,304
115,876
3,988,750
114,029
4,049,180
4,102,779

The financial statements were approved by the PCC on 25 October 2022 and signed on its behalf by:

Martin Kearney Treasurer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

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 2021

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 2025. 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 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 2021

2. Income

Unrestricted
Funds
2021
£
Restricted
Funds
2021
£
Donations & legacies
Offerings and donations
181,623
18,412
Income tax reclaimed
37,674
1,249
Legacies
500
2,000
Grants
18,459
101,785
238,256
123,446
Charitable activities
Fee income (net)
4,662
-
Other trading activities
Lettings income
39,813
-
Market stall (net income)
-
515
Fundraising
4,100
8,025
43,913
8,540
Investments
Bank Interest
403
-
Other
1,875
-
289,109
131,986		 Total
2020
£
170,118
36,743
180
53,819
Total
2021
£
200,035
38,923
2,500
120,244
260,860
1,595
34,735
761
247
361,702
4,662
39,813
515
12,125
35,743
2,199
2,150
52,453
403
1,875
302,547
421,095

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

3. Expenditure – Charitable Activities

3. Expenditure – Charitable Activities
Parish Share & Clergy Expenses
Parish Share
Clergy expenses
Church Life & Outreach
Staff costs (including salaries)
Magazine & publicity
Services/Music
Outreach/events
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
Provision of Building and Facilities
House running expenses
Church & hall: heat, light & water
Church & hall: insurance
Staff costs
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
2021
£
Restricted
Funds
2021
£
97,599
-
1,537
44
99,136
44
9,963
33,820
649
259
4,088
28
4,236
7,301
-
-
(160)
70
-
-
632
434
8,516
7,765
2,364
11
30,288
49,688
8,597
-
2,564
10
5,861
176
4,782
314
1,668
-
562
-
7,579
-
31,613
500
8,458
-
8,805
-
9,388
-
11,836
5,028
2,807
-
29,087
8,229
-
-
70,381
13,257
12,247
-
106,220
70,082
118,467
70,082
5,100
-
132
-
5,232
0
355,117
133,571		 Total
2020
£
Total
2021
£
97,599 104,990
1,581 511
105,501
22,519
99,180
43,783
908 2,528
4,116 3,501
11,537 5,959
- 199
(90) 2,402

-		 76
1,066 337
16,281 16,675
2,375 -
79,976 54,196
8,597 11,913
2,574 3,365
6,037 3,515
5,096 3,064
1,668 2,286
562 7,398
7,579 -
31,541
32,113
8,458 8,388
8,805 18,013
9,388 9,326
16,864 -
2,807 1,220
37,316 24,917
- 13,097
74,961
83,638
12,247 1,091
176,302 127,210
128,301
5,844
80
5,924
400,424
188,549
5,100
132
5,232
488,688

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

3. Expenditure – Charitable Activities (continued)

3a. 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		 2021 2020
£
40,132
1,116
(1,116)
765



£
67,247
2637
(2637)
1,723
40,897
68,970
0
0
The average number of employees during the year:
Full time staff
Part time staff		 2021 2020
Number
0
5
5
Number
0
8
8

These figures exclude the amounts paid to the Diocese for the incumbent and the curates, who are funded through the Common Fund. No employee (2021: nil) received emoluments in excess of £60,000 during the year.

The expenses of nil (2021: nil) members of the PCC were met during the year.

3b. Gifts to organisations and individuals

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

Unrestricted
Funds
2021
£
Restricted
Funds
2021
£
Gifts to organisations
6,820
4,981
Gifts to individuals (including those in need)
1,696
2,784
8,516
7,765		 Total
2020
£
15,638
1,037
Total
2021
£
11,801
4,479
16,675
16,280

Organisations supported include St Mary’s School, Christians Against Poverty, The Branches (Walthamstow), Interserve, 5 Talents, Worth Unlimited and Mill Grove Christian Charitable Trust.

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

4. 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
2021
£
Equipment
2021
£
3,449,574
6,042
-
4,402
(1,793,448)
-
-
-
1,656,126
10,444
-
4,085
-
2,808
0
6,893
1,656,126
3,551		 Total
2020
£
3,279,679
-
-
175,937
Total
2021
£
3,455,616
4,402
(1,793,448)
-
3,455,616
1,666,570
2,865
1,220
4,085
2,808
4,085
6,893
3,451,531
1,659,677

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

Property Property type Ownership Valuation
31 Dec 2020
£
St Mary’s Church Church building Incumbent -
St Mary’s Church Hall(Welcome Centre) Church hall PCC 1,120,000
St Gabriel’s Church Church building Incumbent -
St Gabriel’s Family Centre Church hall PCC 536,126
St Stephen’s Church Church building PCC 515,000
9 Church End, Walthamstow E17 9RJ Residential PCC 639,224
10 Church End,Walthamstow E17 9RJ Residential PCC 639,224
3,449,574

5. Debtors

5. Debtors
Prepayments
Income tax recoverable
Accrued income
Other debtors		 2021 2020
£
579
7,574
7,646
-
£
630
-
53,653
2,740
15,799
57,023

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

6. Creditors - Amounts Falling Due Within One Year

Trade creditors
Accruals
Other creditors		 2021 2020
£
21,692
5,531
303
27,526
£
14,496
18,882
100
33,478

7. Unrestricted Funds

7a. Current Year Movement and Balances

General fund
Designated Funds:
St Mary’s Building Project
(Matched Funding)
Church Commissioners Funds
St Gabriel’s Stay n Play
St Luke’s Church Hall Proceeds		 At 1
January
2021
£
3,506,530
0
119,216
349
307,209
426,774
3,933,304		 Income
£
Expenditure
£
Transfers
£
276,850
(325,505)
(2,035,832)
12,143
(29,538)
2,036,094
-
-
-
116
(74)
-
-
-
-
12,259
(29,612)
2,036,094
289,109
(355,117)
262		 Income
£
Expenditure
£
Transfers
£
276,850
(325,505)
(2,035,832)
12,143
(29,538)
2,036,094
-
-
-
116
(74)
-
-
-
-
12,259
(29,612)
2,036,094
289,109
(355,117)
262		 Income
£
Expenditure
£
Transfers
£
276,850
(325,505)
(2,035,832)
12,143
(29,538)
2,036,094
-
-
-
116
(74)
-
-
-
-
12,259
(29,612)
2,036,094
289,109
(355,117)
262		 Gains/
(losses)
£
121,192
-
-
-
-
0
121,192		 At 31 At 31
December
2021
£
1,543,235
2,018,699
119,216
391
307,209
2,445,515
3,988,750

7b. Prior 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

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

7. 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		 Parish of
Funds held by the Church Commissioners have been released on		 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 2021

8. Restricted Funds

8a. Current Year Movement and Balances

Parish of Walthamstow
Finance project
Harvest Appeal
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
Acts 435
Bells Fund
Bishop’s Pump Appeal
Building Fund
Children’s Society
Christians Against Poverty (see foot note)
Christine Walker Bequest
Church Planting & Community Organising
(SDF)
Churchyard & Monuments Maintenance
Five Talents
Foodbank
HLF Project
Jaden Moodie Foundation
Matt Ralph Collection
Mill Grove Christian Charitable Trust
Night Shelter
Personal Gifts
Prayer House (Fraser Road)
Projection Project
Rector’s Discretionary Fund
Redevelopment
Teenage Prayer Experiment
Year 6 Bibles
Youth Fund
Total		 At 1
January
2021
£
0
0
1,868
2,785
1,450
612
0
5,295
0
17,769
0
37,529
0
0
0
9,896
3,244
0
0
0
182
67
0
5,040
0
9,154
545
7,538
550
0
0
12,352		 Income
£
Expenditure
£
1,250
(287)
90
(90)
-
-
-
(2,785)
-
(1,450)
148
-
515
(515)
-
(19)
150
(150)
322
(1,068)
-
-
-
-
14,221
(14,221)
2,000
-
17,914
(17,353)
96
(3,189)
871
(871)
50
(50)
81,620
(81,620)
-
-
-
(67)
20
(20)
240
-
956
(956)
-
-
-
(283)
2,053
(1,912)
-
-
390
(180)
587
(587)
8,493
(5,898)		 Income
£
Expenditure
£
1,250
(287)
90
(90)
-
-
-
(2,785)
-
(1,450)
148
-
515
(515)
-
(19)
150
(150)
322
(1,068)
-
-
-
-
14,221
(14,221)
2,000
-
17,914
(17,353)
96
(3,189)
871
(871)
50
(50)
81,620
(81,620)
-
-
-
(67)
20
(20)
240
-
956
(956)
-
-
-
(283)
2,053
(1,912)
-
-
390
(180)
587
(587)
8,493
(5,898)		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(262)
-
-
-
-
-
-
-
-
-
-		 Gains/
(losses)
£
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(262)
-
-
-
-
-
-
-
-
-
-		 At 31 At 31
December
2021
£
963
0
1,868
0
0
760
0
5,276
0
17,023
0
37,529
0
0
2,000
10,457
151
0
0
0
182
0
0
5,280
0
9,154
0
7,679
550
210
0
14,947
115,876 131,986 (133,571) 0 (262) 114,029

23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

8. Restricted Funds (continued)

8b. Prior Year Movement and Balances

8b. Prior Year Movement and Balances
Parish of Walthamstow
Harvest Appeal
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
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
£
0
1,868
0
1,450
462
2,012
5,304
18,528
291
37,529
905
0
0
5,729
0
182
0
5,420
9,268
545
7,048
550
2,049
0
19,054		 Income
£
Expenditure
£
1,152
(1,152)
-
-
4,734
(1,949)
-
-
150
-
761
(2,773)
-
(9)
241
(1,000)
-
(291)
-
-
-
(905)
9,110
(9,110)
16,122
(6,226)
-
(2,485)
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)
-
-
-
-		 At 31
December
2020
£
0
1,868
2,785
1,450
612
0
5,295
17,769
0
37,529
0
0
9,896
3,244
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

24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

8. 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 16/2/2020.
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
Acts 435 St Mary Funds received via Acts 435 (which is an online giving charity, directly
connecting those who want to give with those who are in genuine need
of their help, through a network of local churches and charities) and paid
to the individual in need.
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 2021 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.
Christine Walker Legacy St Mary Bequest towards the work of St Mary’s Church with a stipulation of its
use to be for a bench sited with her name engraved on it and/or piano
stall with her name engraved on it.
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.

25

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

8. Restricted Funds (continued)

Church Planting & Community St Mary A grant awarded by the Church Commissioners Strategic Development A grant awarded by the Church Commissioners Strategic Development 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
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.
Five Talents St Mary Funds raised for the charity “Five Talents” it works with the Anglican
Church in rural areas of eastern Africa to enable those who have little
to no access to financial services to begin Savings Groups where they
receive training, support to set-up, and grow small businesses.
Foodbank St Mary Funds that have been raised towards the work of a local food bank
where “Heat or Eat” was chosen.
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
2021. To be paid to the Foundation once it is properly operating.
Matt Ralph Collection St Mary 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.
Organising for Church Growth St Mary A grant awarded by the Church Commissioners Strategic Development
(SDF) Funding (SDF) with Citizens UK to harness the potential of community
organising for growing in discipleship, numbers and impact by reaching
out to work with their neighbours to work for the common good.
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 2020.
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
Year 6 Bibles St Mary Funds raised to provide a bible to all Year 6 pupils at St Mary’s CofE
Primary School, Walthamstow, when they leave the school.
Youth Fund St Mary Funding for youth work at St Mary’s.
Youth Prayer Experiment St Mary Funds raised for the provision of resources for a Prayer experimental
project being held at St Mary’s Church.

26

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

8. Restricted Funds (continued)

Note: In 2021, as in 2020 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
2021
£
Restricted
Funds
2021
£
Income
-
14,221
Expenditure:
Staff costs
-
(10,209)
Office, catering etc.
-
(4,012)
0
0
Total Total
2021 2020
£ £
14,221 9,110
(10,209) (8,848)
(4,012) (4,881)
0 (4,619)

9. 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		 2021 2020
£
1,099
3,297
4,396
£
1099
2,198
3,297

27

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WALTHAMSTOW

Notes to the Financial Statements For the year ended 31 December 2021

10. Financial Commitments

There was a quinquennial inspection of St Mary’s Church building in October 2015 that highlighted the need for extensive essential repairs where some of these being urgent. The PCC got agreement, from the Heritage Lottery Fund (HLF), for grant funding to cover the cost of the proposed works, together with some new build work in the region of £1.8m. The repairs and construction are well underway with an expected completion of the project by November 2022.

Note
Income from:
2
Grants
Investments
Other
Total Income
Expenditure on:
Charitable activities
3

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
2021
£

-
-
-		 Designated
2021
£
7,856
187
4,100
12,143
100,388
100,388
-
(88,245)
2,036,094
-
1,947,849
-
1,947,849		 Restricted
2021
£
81,620
-
-
81,620
81,620
81,620
-
0
-
-
0
-
0		 Total
2021
£
89,116
187
4,100
0
93,403
16,279
197,927
16,279
197,927
-
-
(16,279)
(104,524)
(2,036,094)
121,192
-
121,192
(1,931,181)
-
16,668
-
(1,931,181)
16,668

11. Related Party Transactions

The aggregate unrestricted donations made by members of the PCC during the year was £41,941 (2020: £24,104). There were no other related party transactions.

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