Parish of St Nicholas with St Mary Magdalene, Chiswick
Charity Registration Number: 1132838
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Registered Charity Number:
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Financial Statements
for the
Year ended 31 December 2021
INDEX
Page 1 Treasurer’s Report to the Trustees
Page 2 Independent Examiner's Report
Page 3 Statement of Financial Activities
Page 4 Balance Sheet
Notes to the Financial Statements
Page 5 Accounting Policies Page 6 Incoming Resources
Incoming Resources
Page 7
Resources Expended
Page 8 Resources Expended Page 9 Page 10 Page 11 Restricted Funds Page 12 Endowment Funds Page 13 Fund Descriptions
Resources Expended
Fixed assets, Investment Assets, Current Assets and Current Liabilities Unrestricted & Designated Funds
Treasurer’s Report
The Parochial Church Council of St Nicholas, Chiswick Parish Church
As Treasurer, this is my report to the Trustees of the Charity on the financial statements for the year ended 31 December 2021, which are set out in the accompanying pages.
Financial performance
2021 was the second year in which COVID has had an impact on the finances of the Parish. Seen in that context, the overall financial position remains stable, with some weakness in the General Fund but with a strong position in the Development Fund. Overall, this should be viewed as a positive outcome. The Statement of Financial Activities (SOFA) shows that the combined funds of the Parish showed a surplus of £11, 529 for the year (surplus of £35,717 prior year), which with net revaluations of investment assets leads to an increase in overall fund values on the Balance Sheet of £13,056 (increase of £36,270 prior year). However, a clearer picture of the underlying financial performance is obtained by looking at the performance of certain of the key funds together with our cash reserves. I would highlight the following:
General Fund (note 8 on page 10) - this is the main fund out of which we pay the day to day running costs of the Church and it is funded by congregational giving, rent from St Denys’ Flat and other activities. The outcome for the General Fund was a deficit of £6,345 (surplus of £4,534 prior year). There were a number of factors that contributed to this deficit: congregational giving and donations declined primarily due to the prior year including a particularly large donation but this was partially offset by the St Denys’ flat being rented for the full year and a recovery in St Denys’ Hall rental. In addition our running costs fell from £145,579 to £136,988 due to careful management of costs, a reduction in insurance as we switched to another insurance company and lower repairs. This means that the General Fund ended the year at £50,685.
Development Fund (note 10 on page 11) - the fund generated income of £150,962 from a combination of generous grants and donations and from very successful fund raising events and activities. As a result, there were sufficient funds available to cover the costs of the stonework repairs and restoration project which has been in full swing over recent months.
Investment assets and cash reserves (Notes 5b&c on page 9) - the PCC has been pursuing a policy over the last two years of segmenting our investment assets and cash reserves backing the different types of funds the Parish has in order to move away from the position the Parish was previously in where these assets were co-mingled. The final transition was made during the year so that the position now is as follows:
-
Unrestricted and Designated Funds (primarily General Fund): cash balances held in the CAF Cash and
-
Santander accounts. The cash reserves at year end in these accounts was £41,502, which represents only 30% of budgeted annual expenditure against a more normally expected reserve of 50%. Development (restricted) Fund : held as cash in the CAF Gold account.
-
Other Restricted Funds : held as investment assets in COIF units.
-
Endowment Funds : held on trust by the Diocese in CBF units (represents the Old Comrades Association Fund)
The PCC has approved a General Fund budget for 2022 which gives an outcome of a deficit of £9,000 following the deficit of £6,345 for 2021. This is mainly due to congregational assumed to fall slightly, Church running costs increasing due to pressure on utility bills, an unchanged Diocesan contribution, and provision for repairs and maintenance. It should be noted though that there are material uncertainties for 2022 including:
-
Giving: Although the budget assumes a slight decrease in giving based on past experience, the PCC hopes to reverse this through a stewardship campaign and putting into place a more efficient way of processing tax recovery on giving. This is very important. partly to replace members of the congregation who have moved away from the area, but also to try to close the underlying General Fund deficit.
-
Income from activities: We did suffer from a collapse in lettings of the Church and St Denys’ during the Covid lockdowns and there was some recovery of these during 2021. The level of these is uncertain for 2022 however. were starting to be successful in generating income from letting of the Church and St Denys’.
-
Expenditure: Most of our expenditure is fixed but there is considerable uncertainty around the extent of utility bill increases we may face during the year.
In terms of financial performance so far in 2022 for the General Fund, the first quarter showed a small surplus of £34 - this was a result of income being slightly higher than budget and expenditure being lower than budget. However the full impact of higher utility costs hasn’t yesterday been reflected in these numbers and music costs are also understated for the quarter so the underlying position is likely to be a deficit but within the budgeted number.
Clive Adamson Treasurer Signed ……………………………………………. eh Mw _ Date
1
Independent Examiner's Report
to
The Parochial Church Council of St Nicholas, Chiswick Parish Church
I report on the financial statements of the Charity for the year ended 31 December 2021, which are set out in the accompanying pages.
Respective responsibilities of trustees and examiner
As PCC members you are responsible for the preparation of the financial statements. The PCC members consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145(1)(a) of the 2011 Act);
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act);
-
to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
INDEPENDENT EXAMINATION
Sally Gill Signed ……………………………………………. JS Car Date …………………………… 2.9/96/3.02%
2
Statement of financial activities for the year ended 31 December 2021
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|---|---|---|---|---|---|---|---|
|Unrestricted|Designated|Restricted|Endowment|TOTAL|FUNDS|
|Funds|Funds|Funds|Funds|2021|2020|
|Note|£|£|£|£|£|£|
|INCOMING RESOURCES|2|
|Voluntary Income|a|93,809|1,508|137,196|-|232,513|166,899|
|Other Voluntary Incoming Resources|b|182|-|50|-|232|3,689|
|Activities for Generating Funds|c|5,817|-|14,877|-|20,694|9,977|
|Investment Income|d|29,427|-|345|-|29,772|13,535|
|Income from Charitable Activities|e|1,408|-|-|-|1,408|410|
|TOTAL INCOMING RESOURCES|130,643|1,508|152,468|-|284,619|194,511|
|RESOURCES EXPENDED|3|
|Cost of Generating Voluntary Income|a|19|-|161|-|180|1,338|
|Mission & Charitable Giving|b|-|120|1,147|-|1,267|8,108|
|Charitable Activities|c|117,234|828|80|-|118,142|125,401|
|Church Management & Administration|d|19,735|-|-|-|19,735|23,946|
|Major Projects|e|-|-|133,766|-|133,766|-|
|TOTAL RESOURCES EXPENDED|136,988|948|135,154|-|273,090|158,794|
|NET INCOMING / (OUTGOING) RESOURCES|(6,345)|559|17,314|-|11,529|35,717|
|Transfers between funds (in)|-|-|-|-|-|6,730|
|-|-|-|-|-|
|Transfers between funds (out)|(6,730)|
|Adjustment|-|-|438|
|Gains / (losses) on revaluation of investments|158|-|974|832|1,965|552|
|BALANCES B/FWD 1 JANUARY|56,771|192,669|152,635|533,302|935,377|899,107|
|BALANCES C/FWD 31 DECEMBER|50,585|193,228|170,924|534,134|948,871|935,815|
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3
The note on pages 4 to 13 form part of these accounts.
Balance Sheet as at 31 December 2021
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | |||||||
| £ | £ | £ | £ | ||||
| Fixed assets | |||||||
| 5a | Tangible assets | 719,310 | 719,310 | ||||
| 5b | Investment Assets | 29,900 | 9,475 | ||||
| Total fixed assets | 749,210 | 728,785 | |||||
| Current assets | |||||||
| 5c | Cash at bank and in hand | 183,985 | 199,309 | ||||
| 6 | Debtors | 21,172 | 11,452 | ||||
| Total current assets | 205,157 | 210,760 | |||||
| Current liabilities | |||||||
| 7 | Amounts falling due within one year | 5,497 | 4,168 | ||||
| Net current assets | 199,660 | 206,592 | |||||
| Total assets less current liabilities | 948,871 | 935,377 | |||||
| Funds | |||||||
| 8 | Unrestricted Funds | 50,585 | 56,771 | ||||
| 9 | Designated Funds | 193,228 | 192,669 | ||||
| 10 | Restricted Funds | 170,924 | 152,635 | ||||
| 11 | Endowment Funds | 534,134 | 533,302 | ||||
| Total Funds | 948,871 | 935,377 |
Approved by the Parochial Church Council on 19 April 2022 and signed on its behalf by:
Mr Clive Adamson SUR Mon kel | Ms Susan Marshall Mr Christopher Lucy The notes on pages 5 to 13 form part of these accounts
4
Notes to the financial statements for the year ended 31 December 2021
1 ACCOUNTING POLICIES
- a) Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
- b) Funds
Unrestricted funds are general funds which can be used for PCC ordinary purposes.
Unrestricted Designated funds are funds which have been segmented within unrestricted funds for administrative purposes.
Restricted funds represent (a) donations or grants received for a specific purpose and where the funds may only be expended on the specific object or purpose for which they were given and (b) accumulated income from endowments which may be expended only on the purpose provided in the terms of the endowment.
Endowment funds are funds which have a permanent capital - this capital is held on trust by the LDF. As the LDF is unable to hold anything above the permanent capital amount, income arising from investment of the endowment is held as restricted income as described above.
c) Incoming resources
Planned giving, collections and donations are recognized when received. Tax reclaimed under Gift Aid, as with any other money, is recognised when it can be received even though the PCC may not yet have exercised its legal right to take possession of it. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends and interest are accounted for when received and is attributed to each fund on the basis of the amount invested and the age of the investment. Unrealised investment gains are accounted for on revaluation of investment based on mid-market prices at 31 December. All other income is recognized when it is received. All incoming resources are accounted for gross.
d) Resources Expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. Payments to the diocesan common fund are accounted for when paid. Amounts received specifically for mission are dealt with as restricted funds. Unrealised investment losses are accounted for on revaluation of investment based on mid-market prices at 31 December. All other expenditure is generally recognized when it is incurred and is accounted for gross.
e) Fixed Assets
Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) of the Charities Act 2011. Other land and buildings are stated at cost there being no material change and a depreciation charge is not, therefore, deemed appropriate in the year under review.
Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time).
Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items of equipment with a purchase price of £1,000 or less are generally written off when the asset is acquired.
It is the Trustees policy not to undertake a formal revaluation of land and buildings and no depreciation is provided in their respect as the currently estimated residual value (discounted for monetary inflation since capitalisation) is not less than the carrying value and the remaining useful life of this asset currently exceeds 50 years, so that any depreciation charge would be immaterial. If, in the future, the carrying value of the building should look greater than the current value on this basis an impairment review will be carried out and any resultant loss included in expenditure for that year.
Investments are valued at market value based on mid-market prices at 31 December.
f) Investments
5
| Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2 INCOMING RESOURCES TOTAL FUNDS Unrestricted Funds Designated Funds Restricted Funds Endowment Funds 2021 2020 ~~—ee~~ ~~nn.~~ =~ |
||||||||||
| a) Voluntary Income | £ | £ | £ | £ | £ | £ | ||||
| Planned giving - standing orders | 59,779 | 845 | 270 | - | 60,894 | 61,247 | ||||
| Planned giving - envelopes | - | - | - | - | - | - | ||||
| One-off Gift Aid envelopes | - | - | - | - | - | 29,850 | ||||
| Other planned giving | - | - | - | - | - | 140 | ||||
| Tax reclaimed under Gift Aid | 19,492 | 13 | 5187 | - | 24,691 | 21,886 | ||||
| Loose collections | 3,391 | - | 481 | - | 3,871 | 3,052 | ||||
| Legacies | - | - | - | - | - | - | ||||
| Special offerings | - | - | - | - | - | - | ||||
| Grants & donations | 11,147 | 650 | 131,259 | - | 143,056 | 50,724 | ||||
| Total | 93,809 | 1,508 | 137,196 | - | 232,513 | 166,899 | ||||
| b) Other Voluntary Incoming Resources | ||||||||||
| Special fundraising | - | - | 50 | - | 50 | 1,197 | ||||
| S Simon & S Jude, Namacunde | - | - | - | - | - | - | ||||
| Flower Fund donations | - | - | - | - | - | 1,085 | ||||
| Archives income | - | - | - | - | - | 97 | ||||
| Miscellaneous & Insurance claim | 182 | - | - | - | 182 | 1,310 | ||||
| Total | 182 | - | 50 | - | 232 | 3,689 | ||||
| c) Activities for Generating Funds | ||||||||||
| Social activities, events & fundraising | - | - | 14,877 | - | 14,877 | 3,956 | ||||
| Church Hire | 1,010 | - | - | - | 1,010 | 2,135 | ||||
| St Denys' House Lettings | 3,478 | - | - | - | 3,478 | 2,858 | ||||
| Contributions box & book income | 548 | - | - | - | 548 | 479 | ||||
| Votive candle donations | 781 | - | - | - | 781 | 548 | ||||
| Total | 5,817 | - | 14,877 | - | 20,694 | 9,977 | ||||
| d) Investment Income | ||||||||||
| Investment income | 27 | - | 329 | - | 356 | 347 | ||||
| Bank interest | - | - | 16 | - | 16 | 74 | ||||
| St Denys' Flat Rent | 29,400 | - | - | - | 29,400 | 13,114 | ||||
| Total | 29,427 | - | 345 | - | 29,772 | 13,535 | ||||
| e) Income from Charitable Activities | ||||||||||
| Statutory PCC fees | 1,408 | - | - | - | 1,408 | 300 | ||||
| Other (voluntary) fees | - | - | - | - | - | 110 | ||||
| Parish Magazine sales | - | - | - | - | - | - | ||||
| Total | 1,408 | - | - | - | 1,408 | 410 | ||||
| Total Incoming Resources | 130,643 | 1,508 | 152,468 | - | 284,619 | 194,511 | ||||
| 6 |
| Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 3 RESOURCES EXPENDED TOTAL FUNDS Unrestricted Funds Designated Funds Restricted Funds Endowment Funds 2021 2020 ——~~ee~~ ~~a.~~ 8 |
||||||||||
| a) Cost of Generating Voluntary Income | £ | £ | £ | £ | £ | £ | ||||
| Cost of Raising Funds | 19 | - | 161 | - | 180 | 1,338 | ||||
| Hospitality | - | - | - | - | - | - | ||||
| Total | 19 | - | 161 | - | 180 | 1,338 | ||||
| b) Mission & Charitable Giving | £ | £ | £ | £ | £ | £ | ||||
| Missionary Societies | - | - | - | 709 | ||||||
| Relief & development agencies | - | - | - | - | ||||||
| Home mission & other church societies | - | - | - | 893 | ||||||
| Secular charities | 120 | 1,147 | - | 1,267 | 6,506 | |||||
| Total | - | 120 | 1,147 | - | 1,267 | 8,108 | ||||
| c) Charitable Activities | ||||||||||
| London Diocesan Common Fund | 85,500 | - | - | - | 85,500 | 85,500 | ||||
| Working expenses of incumbent | 4,800 | - | - | - | 4,800 | 4,800 | ||||
| Other Clergy & Staff costs | 249 | - | - | - | 249 | 882 | ||||
| Episcopal & synod fees | - | - | - | - | - | - | ||||
| Curate expenses, rent & stipend | - | - | - | - | - | - | ||||
| Sanctuary | 2,202 | - | - | - | 2,202 | 2,493 | ||||
| Church music | 9,119 | - | 80 | - | 9,199 | 6,159 | ||||
| Occasional Services- fees paid | 1,335 | - | - | - | 1,335 | 390 | ||||
| Upkeep of Churchyard & Gardens | - | - | - | - | - | - | ||||
| St Denys' House | 2,612 | - | - | - | 2,612 | 2,504 | ||||
| St Denys' Flat | 215 | - | - | - | 215 | 4,430 | ||||
| Church Utilities | 6,168 | - | - | - | 6,168 | 5,193 | ||||
| Repairs, maintenance & renewals | 5,033 | - | - | - | 5,033 | 8,829 | ||||
| Depreciation | - | - | - | - | - | - | ||||
| Professional fees | - | - | - | - | - | 4,221 | ||||
| Church flowers | - | 828 | - | - | 828 | - | ||||
| Mission, Evangelism & Pastoral Work | - | - | - | - | - | - | ||||
| Total | 117,234 | 828 | 80 | - | 118,142 | 125,401 | ||||
| d) Church Management & Administration | ||||||||||
| Printing, stationery & computer software | 1,679 | - | - | - | 1,679 | 1,631 | ||||
| Cleaning | 3,052 | - | - | - | 3,052 | 4,778 | ||||
| Insurance | 6,799 | - | - | - | 6,799 | 8,643 | ||||
| Parish Administrator | 6,864 | - | - | - | 6,864 | 7,503 | ||||
| Office Telephone | 1,215 | - | - | - | 1,215 | 1,216 | ||||
| Governance (Treasurer, Examiner & Prof. fees) | - | - | - | - | - | - | ||||
| Miscellaneous (including Archives) | 127 | - | - | - | 127 | 175 | ||||
| Total | 19,735 | - | - | - | 19,735 | 23,946 | ||||
| e) Major Projects | ||||||||||
| St Denys' House | - | - | - | - | - | - | 7 |
| Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | |||||
|---|---|---|---|---|---|---|---|
| Church Development | - | - | 133,766 | - | 133,766 | - | |
| Total | - | - | 133,766 | - | 133,766 | - | |
| Total Resources Used | 136,988 | 948 | 135,154 | - | 273,090 | 158,794 | |
| Gains/(losses) on investment revaluation | 158 | - | 974 | 832 | 1,965 | 552 | |
| Net Incoming / (Outgoing) Resources | (6,186) | 559 | 18,288 | 832 | 13,494 | 36,269 | |
| Transfers between funds (in) | - | - | - | - | - | 6,730 | |
| Transfers between funds (out) | - | - | - | - | - | (6,730) | |
| Adjustment | - | - | - | - | - | - | |
| Balances B/Forward on 1st January | 56,771 | 192,669 | 152,635 | 533,302 | 935,377 | 899,107 | |
| Balances C/Forward on 31 December | 50,585 | 193,228 | 170,924 | 534,134 | 948,871 | 935,377 | |
| 4 Trustee remuneration, expenses and related party | |||||||
| transactions | |||||||
| Trustee remuneration | - | - | - | ||||
| Trustee expenses (Incumbent) | 5,049 | 5,049 | 5,682 | ||||
| Related party transactions | - | - | - | 8 | |||
| - |
Notes to the financial statements for the year ended 31 December 2021
| 5a Tangible Assets | Freehold Land & Buildings |
Freehold | Furniture & Equipment |
St Denys' House Project WIP |
Total 2021 | Total 2021 | Total 2020 | Total 2020 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||||||||
| Cost: | ||||||||||||
| On 1st January | 287,986 | 43,368 | 431,324 | 762,678 | 762,678 | |||||||
| Additions | - | - | - | - | - | |||||||
| Disposals | - | - | - | - | - | |||||||
| On 31st December | 287,986 | 43,368 | 431,324 | 762,678 | 762,678 | |||||||
| Depreciation: | ||||||||||||
| On 1st January | - | 43,368 | - | 43,368 | 43,368 | |||||||
| Charge for the Year | - | - | - | - | ||||||||
| Deduct for disposals | - | - | - | - | - | |||||||
| On 31st December | - | 43,368 | - | 43,368 | 43,368 | |||||||
| Net Book Value: | ||||||||||||
| On 1st January | 287,986 | - | - | - 431,324 |
719,310 | 724,602 | ||||||
| On 31st December | 287,986 | - | - | 431,324 | 719,310 | 719,310 |
The freehold land and building is St Denys' House, which is located in Church Street, Chiswick, London W4 (freehold interest acquired on 19 December 2002). The book value is the purchase price including its refurbishment costs, prior to redevelopment, valued at cost (£287,986) and the cost of redevelopment in 2013/4 (£431,324). Depreciation is not deemed to be appropriate (see Note 1 (e)). The building is currently insured for £553,953 and it's church contents for £16,619.
The church building is a consecrated property and is excluded from the financial statements by virtue of section 10(2)(a) of the Charities Act 2011. The church buildings and contents are insured collectively for £15,750,000.
| 5b Investment Assets | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| CBF Church of England Investment Fund - Income Shares | 6,651 | 5,818 | |
| COIF Church of England Investment Fund - Income Units | 23,249 | 3,656 | |
| 29,900 | 9,475 | ||
| 5c Cash at Bank & in Hand | 2021 | 2020 | |
| £ | £ | ||
| CAF Bank Gold Account | 142,483 | 129,888 | |
| CAF Bank Cash Account | 18,516 | 16,453 | |
| Santander Bank | 22,986 | 52,968 | |
| Cash in Hand | |||
| 183,985 | 199,309 |
The CBF Church of England Investment Fund income shares consists of 284 shares and the COIF Investment Fund income units consists of 1130.44 units. These are valued using the mid-market value at 31 December 2021.
| 6 Debtors | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Debtors | 21,172 | 11,452 | |||
| Prepayment | - | - | |||
| 21,172 | 11,452 | ||||
| 7 Creditors | 2021 | 2020 | |||
| £ | £ | ||||
| Amounts falling due within 1 year - Unrestricted | 2,015 | 1,148 | |||
| Amounts falling due within 1 year - Restricted | - | 120 | |||
| Agency collections | 3,482 | 2,900 | |||
| Accrual | - | - | |||
| 5,497 | 4,168 |
9
Notes to the financial statements for the year ended 31 December 2021
| FUND | 8 UNRESTRICTED | 8 UNRESTRICTED | 8 UNRESTRICTED | 9 DESIGNATED | 9 DESIGNATED | 2021 | 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||||||||||
| Fund | General Fund | General Fund | St Denys' House Reserve Fund |
Youth Fund | Youth Fund | Flower Fund | Flower Fund | Food Bank Fund | Total | Total | ||||||
| £ | £ | £ | £ | £ | £ | |||||||||||
| Fund Balances B/Forward | 56,771 | 54,471 | 191,827 | 472 | 370 | 0 | 192,669 | 191,331 | ||||||||
| Incoming resources | ||||||||||||||||
| Voluntary income | 93,809 | 129,652 | - | - | 1,388 | 120 | 1,508 | 170 | ||||||||
| Other Voluntary Incoming Resources | 182 | 810 | - | - | - | - |
- | 1085 | ||||||||
| Activities for Generating Funds | 5,817 | 6,021 | - | - | - | - |
- | - |
||||||||
| Investment Income | 29,427 | 13,220 | - | - | - | - |
- | - |
||||||||
| Income from Charitable Activities | 1,408 | 410 | - | - | - | - |
- | - |
||||||||
| Total Incoming Resources | 130,643 | 150,113 | - | - | 1388 | 120 | 1508 | 1255 | ||||||||
| Resources Expended | ||||||||||||||||
| Cost of Generating Voluntary Income | 19 | 1,218 | - | - | - | - | - | - |
0 | - |
||||||
| Mission & Charitable Giving | - | - | - | - | - | - | - | - |
0 | - |
||||||
| Charitable Activities | 117,234 | 120,415 | - | - | - | - | 828 | 120 | 948 | 1,005 | ||||||
| Church Management & Administration | 19,735 | 23,946 | - | - | - | - | - | - |
- | - | ||||||
| Major Projects | - | - | - | - | - | - | - | - |
- | - | ||||||
| Total Resources Expended | 136,988 | 145,579 | - | - | 828 | 120 | 948 | 1005 | ||||||||
| Net Income | (6,345) | 4,534 | - | - | 559 | 0 | 559 | 250 | ||||||||
| Revaluation | 158 | 220 | - | - | - | - | - | - |
- | - | ||||||
| Adjustment | - | - | - | - | - | - |
- | - | ||||||||
| Intra-Fund Transfers | - | (2,453) | - | - | - | - |
- | 1,088 | ||||||||
| Fund Balances C/Forward | 50,585 | 56,771 | 191,827 | 472 | 929 | 0 | 193,228 | 192,669 | ||||||||
| 10 |
| Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | Notes to the financial statements for the year ended 31 December 2021 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 RESTRICTED FUNDS | 2021 | 2020 | |||||||||||||||||||||||
| Fund | Church Fabric Fund |
Belfry Fund | Belfry Fund | Church Development Project |
Graveyard Project |
Crosslight Project |
Crosslight | Special Offerings & Mission |
Special Offerings & |
S. Simon & S. Jude, Namacunde |
Archives Fund | Catherine Lloyd Trust |
St Nicholas Fabric Fund |
Restricted Income |
Total | Total | |||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |||||||||||||
| Fund Balances B/Forward | - | 10,642 | 130,719 | 4,864 | 0 | 1,888 | 1,888 | 0 | 1,569 | 1,569 - |
- | - | 1,197 | 1756 | 1756 152,635 |
120,378 | |||||||||
| Incoming resources | |||||||||||||||||||||||||
| Voluntary income | - | - | 136,069 | - | - | - | - | 1097 | 30 | - | - | - | - - |
137,196 | 37,077 | ||||||||||
| Other Voluntary Incoming Resources | - | - | - | - | - | - | - | - - |
- | - - |
- | 1,794 | |||||||||||||
| Activities for Generating Funds | - | - | 14,877 | - | - | - | - | 50 | 50 - |
- | - - |
14,927 | 3,956 | ||||||||||||
| Investment Income | - | - | 68 | - | 26 | 26 | - | 23 | 17 | 17 195 |
329 | 242 | |||||||||||||
| Bank Interest | - | - | 16 | - | - | - | - | - | - - |
- | - | - | - - |
16 | 74 | ||||||||||
| Income from Charitable Activities | - | - | - | - | - | - | - | - | - - |
- | - - |
- | - | ||||||||||||
| Total Incoming Resources | - | - | 150,962 | 68 | - | 26 | 26 | 1,147 | 1,147 53 |
53 - |
- | - | 17 | 17 195 |
195 152,468 |
43,143 | |||||||||
| Resources Expended | |||||||||||||||||||||||||
| Cost of Generating Voluntary Income | - | - | 161 | - | - | - | - | - | - - |
- | - - |
161 | 120 | ||||||||||||
| Mission & Charitable Giving | - | - | - | - | - | - | 1,147 | 1,147 - |
- | - - |
1,147 | 7,868 | |||||||||||||
| Charitable Activities | - | - | 80 | - | - | - | - | - | - - |
- | - - |
80 | 4,221 | ||||||||||||
| Church Management & Administration | - | - | - | - | - | - | - | - | - - |
- | - - |
- | - | ||||||||||||
| Church Maintenance | - | - | - | - | - | - | - | - | - - |
- | - - |
- | - | ||||||||||||
| Major Projects | - | - | 133,766 | - | - | - | - | - | - - |
- | - - |
133,766 | - | ||||||||||||
| Total Resources Expended | - | - | 134,007 | - | - | - | - | 1,147 | 1,147 - |
- - |
- | - | - | - - |
- 135,154 |
12,209 | 12,209 | ||||||||
| Net Income | - | - | 16,955 | 68 | - | 26 | 26 | - | - 53 |
53 - |
- | - | 17 | 17 195 |
195 17,314 |
30,934 | |||||||||
| Revaluation | - | 465 | - | 216 | - | 84 | 84 | - | - 71 |
53 | 53 85 |
974 | (42) | ||||||||||||
| Intra-Fund Transfers | - | - | - | - | - | - | - | - | - - |
- | - - |
- | 1,365 | ||||||||||||
| Fund Balances C/Forward | - | 11,108 | 147,675 | 5,148 | - | 1,998 | 1,998 | 0 | 0 1,692 |
0 | 1,267 | 1,267 2,037 |
2,037 170,924 |
152,635 | |||||||||||
| 11 |
Notes to the financial statements for the year ended 31 December 2021
| 11 ENDOWMENT FUNDS | 11 ENDOWMENT FUNDS | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|
| Fund | Old Comrades Association |
Old Comrades | St Nicholas Hall Fund |
Total | Total | |||
| £ | £ | £ | £ | |||||
| Fund Balances B/Forward | 5,819 | 527,483 | 533,302 | 533,302 | ||||
| Incoming resources | ||||||||
| Voluntary income | - | - | - | - | ||||
| Other Voluntary Incoming Resources | - | - | - | - | ||||
| Activities for Generating Funds | - | - | - | - | ||||
| Investment Income | - | - | - | - | ||||
| Income from Charitable Activities | - | - | - | - | ||||
| Total Incoming Resources | - | - | - | - | ||||
| Resources Expended | ||||||||
| Cost of Generating Voluntary Income | - | - | - | - | ||||
| Mission & Charitable Giving | - | - | - | - | ||||
| Charitable Activities | - | - | - | - | ||||
| Church Management & Administration | - | - | - | - | ||||
| Major Projects | - | - | - | - | ||||
| Total Resources Expended | - | - | - | - | ||||
| Net Income | - | - | - | - | ||||
| Revaluation | 832 | - | 832 | 858 | ||||
| Intra-Fund Transfers | - | - | - | - | ||||
| Fund Balances C/Forward | 6,651 | 527,483 | 534,134 | 534,160 | ||||
| 12 |
Unrestricted Funds
General Fund This is the main fund of the Parish through which our income from congregational giving, rentals and other income is used to pay our day to day expenditure of running the Church including our contribution to the Diocese of London.
Unrestricted Designated Funds
St Denys' House Reserve Fund This fund has been set up to isolate the residual value of the St Denys' House rebuilding costs and the opening amount has been transferred from Unrestricted Funds through which original transactions were channelled. For the balance of the value see St Nicholas Hall Endowment Fund. Youth Fund Fund set up to segment amounts for youth work Flower Fund Fund receives subscriptions and donations for flowers the cost of which usually exceeds income when it is then funded from General Fund. Food Bank Fund Fund set up to segment donations to the Food Bank Restricted Funds Church Fabric Fund Fund to provide for maintaining the Church. The Belfry Fund Set up from the fundraising proceeds raised by the bell ringers for the benefit maintaining the church bells. 2013 to 2017 maintenance costs transferred to General Fund at end of year. The Graveyard Project Created from an initial grant from the Heritage Lottery Fund to appraise the feasibility of improving the graveyard. Special Offerings& Mission The PCC will discuss the use of this fund in due course, where not purpose specific. £1,000 held for mission of ESOL lessons in parish. The Church Development Project Fund Set up to receive restricted donations, funds from fund raising events and grants to enable re-ordering of the Church, organ renewal and external stone work. Crosslight Project Set up to receive restricted grants, donations and fundraising for the project and payment of costs in connection with the debt counselling service. S Simon & S Jude, Namacunde Linked parish in Angola for which the parish of St Nicholas raises funds initially enabling the purchase of land, subsequently to help in the building of a church building and on an ongoing basis to continue supporting the parish in its work. Archives Fund Fund receives Archive search fees and occasional grants, which are used on archive administration and special treatment of valuable documents. The Catherine Lloyd Will Trust Set up from a bequest freedom 1917 to support the poor of the Parish St Nicholas Fabric Fund Income to be used for the maintenance, repair and insurance of the church fabric. Restricted Income Fund Set up to reflect accumulated income from the permanent capital held by the LDF in respect of the Old Comrades Association Endowment fund Endowment Funds The Old Comrades Association Set up by the Middlesex Regiment with the income to be used for the preservation for posterity of the Regiment's Memorials in the church. The St Nicholas Hall Fund Created from the sale of St Nicholas Church Hall in August 2000 part of which proceeds have been spent on St Denys' House in 2002. The remaining capital may only be used for a replacement parish hall and has been used for the St Denys' House Project, which work was completed early in 2013.
13