OpenCharities

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

2020-12-31-accounts

TRUSTEES’ ANNUAL REPORT

AND

FINANCIAL STATEMENTS

for the year ended 31 December 2020

Registered Charity Number 1132854

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

INDEX TO 2020 TRUSTEES’ANNUAL REPORT AND FINANCIAL STATEMENTS

Page(s) 1-9 Trustees’ Annual Report 10 Summary of Income and Expenditure 11-14 Independent Auditor’s Report 15 Statement of Financial Activities 16 Balance Sheet 17 Cash Flow Statement

18-29 Notes to the Financial Statements

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020

The Parochial Church Council of the Ecclesiastical Parish of St Nicholas, Sevenoaks (PCC) present their report and accounts for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Church Accounting Regulations 2006, the Charities Act 2011 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objectives and activities

The PCC has the responsibility of co-operating with the incumbent, the Revd Angus MacLeay, in promoting the whole mission of the church, pastoral, evangelistic, social and ecumenical, in the ecclesiastical parish and beyond.

The PCC, with the St Nicholas church family has adopted the following Vision Statement to express its objectives, help guide its decision-making and allocate resources to activities which will support and help to fulfil its objectives.

ST NICHOLAS’ VISION STATEMENT - 2020

To know Jesus and make Him known locally and globally and so we prayerfully and lovingly proclaim Him in order to Reach, Nurture, Equip & Send for His glory.

Based on this vision statement, the main objectives for the year were to bring glory to God by ensuring that His word continued to be faithfully preached to all congregations at St Nicholas Church; to help members of the church family grow in Christian knowledge and maturity; to provide teaching in God’s word to the children and young people in the church family; to reach out to the wider community in Sevenoaks, in the nation and around the world to proclaim the Gospel of our Lord Jesus Christ and to provide practical support demonstrating our love for our neighbours near and far.

The specific activities carried out in 2020 in pursuit of these objectives are described in the Annual Report which accompanies these financial statements and are also published on our website. These activities involve members of our staff team and the voluntary contribution of time, amounting to several hundred hours per week, by many members of the church family in teaching, provision of pastoral care and a very wide range of other supporting activities.

The church’s policies for grant-making are implemented by the Mission committee. The committee meets regularly during the year to allocate gifts made to the mission fund to support missionaries, mission and relief agencies both in the UK and worldwide.

1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Achievements and Performance

Church attendance

As at 31 December 2020 there were 556 on the Electoral Roll (2019: 482). The roll was completely renewed in April 2019 and numbers usually fall in the renewal year. The estimated average attendance on a ‘normal’ Sunday for all congregations is usually based on counts made on the first three Sundays in October. However, due to the pandemic, many of our usual attendees – and many visitors - tuned in online rather than being physically in the buildings. Our evening service was only online, therefore the comparative figures are not available.

The Church and Undercroft

Pre-COVID-19 the church and Undercroft, which houses our book room as well as a suite of meeting rooms, were used extensively each day and most evenings by a mixture of church events and public bookings. Due to the pandemic, the usage this year has been minimal.

Young People’s Work

In addition to our Sunday groups, there are a number of weekday events for children and young people – most of which met online throughout 2020.

Mission and Evangelism

Mission activity is at the heart of St Nicholas. We provide significant support to a number of mission partners including many who have gone out from our church family. These include individuals and families serving in South Africa, Uganda, Thailand, Malaysia, Hungary, Ireland and Italy – these are detailed in Note 17 to the Accounts.

Financial Review

Overview

The church's operations and activities are separated into funds that are either restricted (with limitations as to how income can be spent) or unrestricted (the PCC has discretion with respect to expenditure).

Unrestricted Funds

The General Fund (GF) is used for the day to day running of the church. This includes collecting donations earmarked for general use, and the payment of all salaries and general running expenses. This is the main operating entity of the church. The Fabric Fund is a savings reserve for large scale capital expenditure projects, improvements and quinquennial expenditure. It receives transfers from the GF, usually on an annual basis and incurs irregular expenditure as needs arise. The Strategic Fund is used for special unbudgeted items.

T he Beech Rd Fund was the entity which reflects the PCC’s interest in the property on Beech Rd, Sevenoaks. This property was sold during the year for £410,000 and this fund has now been closed.

2

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Restricted Funds

Mission Fund (MF). This fund collects all donations earmarked for mission activity and allocates expenditure. Income can only be spent on mission activity and there are no operating overheads or ongoing financial commitments. Only income pledged or received in this fund is spent for these purposes.

Associate Rector House Fund (ARH). This was established in 2010 with the sole purpose of collecting gifts for the purchase of a house and for the payment of costs associated with the purchase of such a property. It has received regular income and received the proceeds from the St Nicholas Parish Hall Trust (PHT).

Curate’s House Fund. This fund reflects the PCC’s interest in the church’s house in South Park. The property is held in a custodial trust by the Diocese, all economic benefit will accrue to St Nicholas PCC.

The Endowment Fund has its own assets, and its income is used to fund the upkeep of the graves .

The Equipment Fund was used to fund the refurbishment of church equipment, the purpose for the fund has now been fulfilled and so it was closed during the year.

Unrestricted – General Fund

The voluntary income in 2020, including gift aid and grants, was £781,770 (2019: £658,221).

Total Resources used in the GF directly relating to work for the Church for 2020 were £934,033 (2019: £881,579).

We are very thankful for all gifts large and small for the Gospel work of St Nicholas in Sevenoaks.

Unrestricted - Strategic Reserve

The Reserve Policy, adopted in November 2008, included the provision of a designated fund called the Strategic Reserve. This reserve would enable advantage to be taken of new opportunities ahead of building a new income stream to sustain them. In 2013 £50,000 was lent to the Associate Rector House Fund (ARH) which was repaid in December 2020.

Restricted – Mission Fund

The amount that was distributed to our mission partners in 2020 was £190,903 (2019: £213,702). The amount is for the continuing support of individuals and societies to whom we have supported for several years. A list of these grants are shown on page 28 of the accounts.

Restricted - Building Fund

There were no transactions in the year and this fund has a zero balance.

3

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Restricted - Associate Rector House Fund (ARH)

The purchase of a house for £795,000 was completed in March 2011. This was funded by gifts, interest free loans, a mortgage and the proceeds transferred from the Parish Hall Trust. In 2020 this house was sold for £1,192,500 and the net proceeds will be used to purchase another property.

Restricted - Endowment

The investments in this fund are all part of the General, Churchyard and Graves endowment. This is a restricted fund where money has been given to the church with the specific instructions that only the income earned from the money can be spent. They are permanent endowments which require income to be spent on the churchyard, graves, or the general purposes of the PCC. The income and expenditure in 2020 was £1,341.

The Year Ahead

General Fund

A key challenge for the church family will be to continue to broaden our giving base to enable us to fulfil our vision to know Jesus and make Him known locally and globally, in order to Reach, Nurture, Equip & Send for His glory.

Mission Fund

The Mission Fund has always been grateful for the provision of funds to support our mission expenditure. We prayerfully trust that God will meet the needs in the coming year through the generous giving of the church family. During the year Hazel Maunsell sadly retired due to ill health after a long and dedicated ministry in Ethiopia. The Shepherds moved back to the UK pending language training before taking up appointments in West Africa and the Perrys returned from Malaysia for Home Assignment. Sophie-Ann Rebettes started working with Crossteach and we expect Hannah Jackson be posted to Tanzania during 2021.

Reserves Policy

The Reserves Policy is to maintain a level of reserves in the General Fund and the Mission Fund equivalent to three months normal expenditure. Other designated funds are held to provide adequate reserves against periodic replacement or major renovation of assets. This includes making provision for the costs of repairs to the church buildings arising from quinquennial reviews. In 2008, it was agreed to set up a Strategic Reserve which would enable advantage to be taken of new opportunities, in advance of the building of a new income stream to sustain them; in the intervening years it has proved necessary to utilise the reserve for various purposes.

4

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Statement of the Responsibilities of the Trustees of the Parochial Church Council

The Trustees of the PCC are responsible for preparing the report of the PCC and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees of the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of that charity for that period. In preparing these financial statements the Trustees are required to: a) Select suitable accounting policies and then apply them consistently;

b) Observe the methods and principles in the Charities SORP;

c) Make judgements and accounting estimates that are reasonable and prudent; d) State whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

e) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in operation.

The Trustees of the PCC are responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the church, and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

So far as the Trustees of the PCC are aware:

Risk Policies

Throughout the year the PCC, through the work of its committees – particularly the Risk Management Committee - the Churchwardens and designated members of the staff team continued with their systematic risk assessment in Financial, Reputational, Statutory/Legal, Environmental, People, IT and Operational areas, as required by the Diocese. Parish Safeguarding Officer, Revd Dr Gavin McGrath and our Parish Lead Recruiter, Mrs Sue Stimson, have continued to ensure that we adhere to all relevant safeguarding legislation. Close attention is also paid to the implementation of policies regarding health and safety and to compliance with disability discrimination legislation.

5

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Post year end matters

The principal risk in 2020 has been dealing with the Covid 19 pandemic. This has meant streaming services and other activities; some members of the church family have had their employment affected, which might impact financial giving in 2021 and the consequential impact on the sustainability of certain activities. Furthermore, it is recognised that returning to St Nicholas and Lady Boswell’s School will present significant challenges and risk management issues as we seek to be compliant with all Health and Safety requirements. The trustees have therefore considered the impact of the pandemic on the finances of the Parochial Church Council and will monitor the costs and cash flow forecasts on a regular basis to ensure liabilities can be met for the foreseeable future.

Key Challenge

The Finance Strategy Group initiated a review of the financial position at St Nicholas in light of declining giving. A review was undertaken by John Truscott, who was both a trustee of St Nicholas and experienced consultant in church management. Rather than focus on the symptoms he stepped back to initially look at the cause of the problem. There has been a wide consensus that the report and its recommendations reflect the current position within St Nicholas. A key challenge and consequent risk confronting St Nicholas is the successful implementation of the recommendations of the Report.

Staff Changes

Since the end of the year, the Curate – Revd Matt Taylor – has completed his curacy and been licensed as Associate Rector. As part of the new congregational model adopted in September 2020, the posts of Congregational Pastor have been filled by Revd Gavin McGrath, Revd Matt Taylor, Mr John Khnana under the oversight of the Rector, Revd Angus MacLeay. Permission has been given by the Bishop for the appointment of a new Curate who will start with us in September 2021.

Structure, Governance and Management

Registered Charity

The Parochial Church Council of the Ecclesiastical Parish of St Nicholas, Sevenoaks was registered on 21 November 2009 with the Charity Commission, number 1132854.

Location

St Nicholas Church is situated at Rectory Lane, Sevenoaks. It is part of the Diocese of Rochester within the Church of England. The correspondence address is St Nicholas Church, Rectory Lane, Sevenoaks, Kent, TN13 1JA. The activities of the church take place principally at this location but also at other suitable venues in and around Sevenoaks.

6

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Membership

Members of the PCC are either ex officio or elected at the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. During the year the following served as members of the PCC:

Incumbent: The Revd Canon Angus MacLeay #*+ Chairman Churchwardens: Mrs Christine Brindley (from 29 Sept 2020) Mr Justin Greig Mr Ian Nash (to 29 Sept 2020) Clergy: The Revd Dr Gavin McGrath+ The Revd Thomas Nash * (to 30 June 2020) The Revd Matt Taylor+

Representatives on the Deanery Synod Elected Members:

Invited attendees:

Mr Chris Barton (from 29 Sept 2020) Mr Andrew Coates (from 29 Sept 2020) Mr Haydn Cooper (to 29 May 2020) Brig. Ian Dobbie # Mr Anthony Jennings Mrs Emma Osei-Mensah (from 29 Sept 2020) Mr Peter Scott (from 29 Sept 2020) Mrs Carol Carpenter (from 29 Sept 2020) Mr John Collett (Treasurer from 29 Sept 2020) Mr Peter Harlow (from 29 Sept 2020) Mrs Isabel Hodgson (from 15 April 2020) Mr Adelbert Jennings Mr Ian Leigh (Treasurer to 29 Sept 2020) Mrs Sarah Mackenzie (from 29 Sept 2020) Mr Gerald O’Brien* Mrs Marion Russell (Resigned 22 March 2021) Mr Ben Stone Mr Robert Von Kaufmann (from 29 Sept 2020) Mr Mark Walkington Mr Henry Warde (to 29 Sept 2020) Mr Chris Webb (to 29 Sept 2020) Mr Stephen Wehrle (to 29 Sept 2020) Miss Hannah Blake Mr John Khnana Miss Cara Smith Mrs Sue Stimson Miss Andrea Trevenna

Key:

also a member of General Synod

PCC Secretary

Mrs Katie David (not a member of the PCC)

The APCM was held on 29 Sept 2020.

7

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Auditor

Bankers

Norman Cox & Ashby National Westminster Bank Plc Chartered Accountants and Statutory Auditor 67 High Street Grosvenor Lodge Sevenoaks 72 Grosvenor Road Kent TN13 1LA Tunbridge Wells Kent TN1 2AZ

Legal Advisors

Cripps 12 Mount Ephraim Road Tunbridge Wells Kent TN1 1EG

PCC

The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure 1956 as amended and the Church Representation Rules. The PCC was formerly an excepted charity and was registered as a charity from 21 November 2009. PCC members are responsible for making decisions on all matters of general concern and importance to the Parish, including deciding on how the funds of the PCC are to be spent.

Recruitment induction and training of PCC members

Recruitment to membership of the PCC, whether by election or ‘ex officio’ appointment, is carried out in accordance with the Church Representation Rules. New PCC members receive induction training to ensure they are aware of their responsibilities. The Churchwardens, and others with specific responsibilities for matters requiring specialist knowledge, are able to attend training courses offered by the Diocese or appropriate external bodies. Reading matter on relevant topics is disseminated to PCC members.

Committees

The PCC operates through several committees, listed below, which meet between full meetings of the PCC, under an approved Scheme of Delegation which with the terms of reference for each committee lays down their responsibilities and authority.

Standing Committee

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

Finance Strategy Group Buildings & Maintenance Committee Mission Committee Employment and Remuneration Committee Fellowship Fund Committee Risk Management Committee

8

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

TRUSTEES’ ANNUAL REPORT for the year ended 31 December 2020 (continued)

Public Benefit

The PCC is aware of its legal duty to have regard to the public benefit guidance and to report on the charity's compliance with the public benefit obligation. In this regard the PCC is totally committed to enable anyone to worship at St Nicholas’ services together with any of our activities taking place throughout the week. Our services and worship seek to encourage members of the church family to live out their faith as part of the local community and further afield. We seek to achieve this through worship, prayer and the faithful teaching from God's word to support in people learning about the Gospel, coming to faith in the Lord Jesus Christ and growing in their knowledge of scripture. With this aim the PCC has adopted the objectives and activities as noted on page 1 of this report.

Approved by the Parochial Church Council on 5[th] May 2021 and signed on its behalf by:

Revd Canon Angus MacLeay Chairman

9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2020

TOTAL INCOME (on continuing operations)
TOTAL EXPENDITURE (on continuing operations)
NET INCOME / (EXPENDITURE) for the year
STATEMENT OF RECOGNISED GAINS AND LOSSES
for the year ended 31 December 2020
Net (expenditure)/income for the year
Gain on revaluation of:
- Tangible fixed assets
- Investments assets
Total recognised gain/(loss) relating to the year
SPLIT OF NET (EXPENDITURE) / INCOME BY FUND
(before revaluations and transfers between funds)
Unrestricted Funds
General Fund
Fabric Fund
Restricted Funds
Mission Fund
Associate Rector's House Fund
Total for all funds		 2020
2019
£
£
1,260,038
958,777
1,175,481
1,102,124
84,557
(143,347)
2020
2019
£
£
84,557
(143,347)
75,000
-
2,767
6,047
162,324
(137,300)
2020
2019
£
£
(106,840)
(130,071)
(50,000)
-
(156,840)
(130,071)
10,308
(14,756)
231,089
1,480
241,397
(13,276)
84,557
(143,347)

10

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS For the year ended 31 December 2020

Opinion

We have audited the financial statements of The Parochial Church Council of the Ecclesiastical Parish of St. Nicholas, Sevenoaks, (the “Charity”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard FRS 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 of 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 trustees with respect to going concern are described in the relevant sections of this report.

11

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS For the year ended 31 December 2020 (continued)

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 trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to Report by Exception

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

Responsibilities of Trustees of the Parochial Church Council

As explained more fully in the trustees Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

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

12

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS For the year ended 31 December 2020 (continued)

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 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 are capable of detecting irregularities, including fraud, is detailed below.

Other matters which we are required to address:

We planned our audit so that our work was capable of detecting irregularities, including fraud. We reviewed our permanent files to ensure our general understanding of the legal and regulatory framework applicable to the charity. Discussions were held with trustees and management and our work included reviewing the correspondence supplied by the Church of England Pensions Board to ensure compliance with legislation and documentation relating to the disposals and revaluation of tangible assets. Further, our audit work was directed to ensure compliance with both the Charities Act 2011 and FRS 102 and at the date of signing the audit report, the charity was complying with regulatory solvency requirements.

Our audit work also assessed the risks of material misstatement in respect of fraud as follows.

Enquiries were made with trustees and management and verification was sought with third parties. Our analytical review procedures were geared towards identifying any unusual or unexpected relationships and variances (taking account of the inevitable variations caused by the pandemic) and we conducted our audit to identify transactions outside the normal course of business. No unusual transactions were identified. Our audit work reviewed the segregation of duties and ensured that those charged with governance were aware of and accept all matters arising under Ethical Standards. We considered the possibility of management override and carried out tests on journal entries posted. No instances of fraud or irregularities were identified.

13

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS For the year ended 31 December 2020 (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

NICHOLAS GOWER-SMITH FCA (Senior Statutory Auditor) for and on behalf of NORMAN COX & ASHBY Chartered Accountants and Statutory Auditor

Grosvenor Lodge 72 Grosvenor Road Tunbridge Wells Kent TN1 2AZ

7[th] May 2021

Norman Cox & Ashby is eligible to act as an auditor in the terms of section 1212 of the Companies Act 2006.

14

THE PAROCHIAL CHURCH COUNCIL OF

THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020

INCOME
Voluntary income
Activities for generating funds
Income from investments and deposits
Income from church activities
Other income
TOTAL INCOME
EXPENDITURE
Church activities
Missionary and charitable giving
Directly relating to the work of the church
Fund-raising trading costs
Other expenditure
TOTAL EXPENDITURE
NET (EXPENDITURE)/INCOME
BEFORE INVESTMENT GAINS/(LOSS)
NET GAIN / (LOSS) ON INVESTMENT
Investment Assets
NET (EXPENDITURE)/INCOME
OTHER RECOGNISED GAINS
Revaluation of Tangible Fixed Assets
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
AT 31 DECEMBER 2020		 Unrestricted
Restricted Endowment
Total funds Total funds
funds
funds
funds
2020
2019
Note
£
£
£
£
£
2(a)
781,770
207,048
-
988,818
863,899
2(b)
11,562
-
-
11,562
30,480
2(c)
1,995
329
1,341
3,665
4,489
2(d)
25,981
-
-
25,981
59,909
2(e)
-
230,012
-
230,012
-
821,308
437,389
1,341
1,260,038
958,777
3(a)
9,133
190,903
-
200,036
215,317
3(b)
903,056
5,089
1,341
909,486
861,862
3(c)
21,844
-
-
21,844
24,945
3(d)
44,115
-
-
44,115
-
978,148
195,992
1,341
1,175,481
1,102,124
(156,840)
241,397
-
84,557
(143,347)
7
-
-
2,767
2,767
6,047
(156,840)
241,397
2,767
87,324
(137,300)
6
-
75,000
-
75,000
-
(156,840)
316,397
2,767
162,324
(137,300)
985,206
1,504,241
38,864
2,528,311
2,665,611
16
828,366
1,820,638
41,631
2,690,635
2,528,311		 Unrestricted
Restricted Endowment
Total funds Total funds
funds
funds
funds
2020
2019
Note
£
£
£
£
£
2(a)
781,770
207,048
-
988,818
863,899
2(b)
11,562
-
-
11,562
30,480
2(c)
1,995
329
1,341
3,665
4,489
2(d)
25,981
-
-
25,981
59,909
2(e)
-
230,012
-
230,012
-
821,308
437,389
1,341
1,260,038
958,777
3(a)
9,133
190,903
-
200,036
215,317
3(b)
903,056
5,089
1,341
909,486
861,862
3(c)
21,844
-
-
21,844
24,945
3(d)
44,115
-
-
44,115
-
978,148
195,992
1,341
1,175,481
1,102,124
(156,840)
241,397
-
84,557
(143,347)
7
-
-
2,767
2,767
6,047
(156,840)
241,397
2,767
87,324
(137,300)
6
-
75,000
-
75,000
-
(156,840)
316,397
2,767
162,324
(137,300)
985,206
1,504,241
38,864
2,528,311
2,665,611
16
828,366
1,820,638
41,631
2,690,635
2,528,311
978,148
195,992
1,341
1,175,481
1,102,124
(156,840)
241,397
-
84,557
(143,347)
-
-
2,767
2,767
6,047
(156,840)
241,397
2,767
87,324
(137,300)
-
75,000
-
75,000
-
(156,840)
316,397
2,767
162,324
(137,300)
985,206
1,504,241
38,864
2,528,311
2,665,611
828,366
1,820,638
41,631
2,690,635
2,528,311

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

BALANCE SHEET at 31 December 2020

FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Stock
Debtors
Short term deposits
Bank balances and cash
LIABILITIES
Creditors- Amount falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
LIABILITIES:
Creditors - Amount falling due after one year
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted
Restricted
Endowment		 Notes
£
£
6
708,571
7
41,631
750,202
8
9,563
9
55,885
10
358,809
10
1,694,885
2,119,142
11
(178,709)
1,940,433
2,690,635
12
-
2,690,635
13
828,366
14
1,820,638
15
41,631
2,690,635
2020		 Notes
£
£
6
708,571
7
41,631
750,202
8
9,563
9
55,885
10
358,809
10
1,694,885
2,119,142
11
(178,709)
1,940,433
2,690,635
12
-
2,690,635
13
828,366
14
1,820,638
15
41,631
2,690,635
2020		 £
£
2,020,000
38,864
2,058,864
17,026
108,716
358,809
225,416
709,967
(123,129)
586,838
2,645,702
(117,391)
2,528,311
985,206
1,504,241
38,864
2,528,311
2019		 £
£
2,020,000
38,864
2,058,864
17,026
108,716
358,809
225,416
709,967
(123,129)
586,838
2,645,702
(117,391)
2,528,311
985,206
1,504,241
38,864
2,528,311
2019
6
7
8
9
10
10
11
12
13
14
15
2,645,702
(117,391)
2,528,311
985,206
1,504,241
38,864
2,528,311

Approved by the Parochial Church Council on 5[th] May 2021 and signed on its behalf by:

……………………………………………….. John Collett Treasurer

……………………………………………….. Revd Angus MacLeay Chairman, Parochial Church Council

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

CASH FLOW STATEMENT at 31 December 2020

2020 2019
£ £
Cash generated/(absorbed) from operations 27,389 (189,852)
Investing activities:
Interest received 3,665 4,489
Interest paid (5,068) (5,069)
Repayment of loans (125,986) (33,472)
Fixed Assets Additions (11,428) -
Proceeds on sale of fixed assets 1,580,897 -
Net cash generated/(absorbed) from investing activities 1,442,080 (34,052)
Net increase/(decrease) in cash and cash 1,469,469 (223,904)
equivalents
Cash and cash equivalents at beginning of year 584,225 808,129
Cash and cash equivalents at end of year 2,053,694 584,225
Cash at Bank and in Hand 1,694,885 225,416
Notice deposits 358,809 358,809
2,053,694 584,225
Cash generated from operations:
Net Movement in Funds during the year 162,324 (137,300)
Adjustments for:
Fair value (gain) on investments (2,767) (6,047)
Revaluation of Tangible Fixed Assets (75,000) -
Profit on disposal of Tangible Fixed Assets (185,897) -
Depreciation 2,857 -
Finance costs 5,068 5,069
Interest received (3,665) (4,489)
Movement in working capital:
Decrease/(increase) in stocks 7,463 (1,634)
Decrease/(increase in debtors 52,831 (48,186)
Increase in creditors 64,175 2,735
27,389 (189,852)

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

1. ACCOUNTING POLICIES

a. Basis of Preparation and Assessment of Going Concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 their affiliation to another body, nor those which are informal gatherings of church members.

The church constitutes a public benefit entity as defined by FRS 102.

The members of the PCC consider that there are no material uncertainties about the church’s ability to continue as a going concern.

b. Funds

Unrestricted funds (see note 13) represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. These include funds designated for a particular purpose by the PCC and are:

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)

Restricted funds (see note 14) represent sums which have been restricted by the donor for a particular purpose. Restricted funds are:

An endowment fund is a restricted fund where money has been given to the church with the specific instructions that only the income earned from the money can be spent or an asset donated to be retained for continuing use by the church. The General, Churchyard and Graves endowment (see note 15) comprises 4 funds. These are permanent endowments which require income to be spent on the churchyard, graves or the general purposes of the PCC.

c. Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when they have been communicated or received in writing with notification of both the amount and settlement date. Income tax recoverable on Gift Aid donations is recognised when claimable.

Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator or executor of the estate has communicated in writing both the amount and settlement date.

Interest on funds held on deposit is included upon notification of the interest paid into the bank.

Rental income from the letting of church premises is accounted for when earned. Parochial fees due to the PCC for weddings, funerals, and other events are accounted for on an event-by-event basis. Sales of books and magazines from the church bookstall are accounted for at point of sale.

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

Grants receivable are recognised when received.

d. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the church. In the case of an unconditional grant offer, this is accrued once approved. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued for when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the church. The expenditure on charitable activities includes supporting mission and mission-related activity, mainly outside the parish, allocated at the discretion of the Mission Committee.

Costs directly relating to the work of the church are for promoting the primary object, the promotion of the Gospel of Our Lord Jesus Christ, mainly within Sevenoaks. The Diocesan Quota or Parish Share is accounted for when payable, the amount being determined by the PCC.

The fund-raising trading costs consist of resources used to fund the bookstall.

e. Tangible Fixed assets and depreciation

i. Consecrated land and buildings and movable church furnishings. Consecrated and beneficed property is excluded from the accounts by section 10(2) to (4) of the Charities Act 2011.

No value is placed on moveable church furnishings held by the Churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings whether on maintenance or improvement is written off as expenditure in the Statement of Financial Activities and separately disclosed.

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

ii. Other land and buildings.

Other land and buildings held on behalf of the PCC for its own purposes are included at market value. Properties are generally revalued professionally every 5 years. The last professional valuation was conducted on 25 February 2021. Gains and losses are included in the Statement of Financial Activities. Depreciation on properties has not been provided for in these accounts as any charge is considered to be not material, on the basis that the asset either has a very long useful life, or a residual value based on its current value, which is not materially different from its carrying value.

iii. Fixtures, fittings and office equipment.

Equipment used within the church premises is depreciated on a straight-line basis over 4 years. Individual items of equipment with a purchase price of less than £2,000 are written off in the period in which the asset is acquired.

iv. Impairment

Provision will be made should any annual impairment review of fixed assets indicate that a permanent diminution in value has occurred.

f. Fixed asset investments

Investments are initially recognised at transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

g. Realised and unrealised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value.

h. Current assets

Amounts owing to the PCC at 31 December 2020 in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. Short-term deposits include cash held on deposit either with CBF Church of England Funds, the Rochester Diocesan Board of Finance or at NatWest Bank.

Stock is valued at the lower of cost and net realisable value.

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

i. Pensions policy

St Nicholas Church PCC participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as Pension Builder 2014 as defined below.

Pension Builder 2014 Scheme

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019.

For the Pension Builder 2014 section, the valuation revealed a surplus of £2.3m using the accrued pools valuation method. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, St Nicholas Church PCC could become responsible for paying a share of that employer’s pension liabilities.

St Nicholas PCC is also registered with OPRA and supports staff if they prefer to take out Stakeholder Pensions by matching any contributions to a maximum of 7.5% of salary and these are accounted for on the basis of contributions payable in the year. The PCC therefore has no liability for final pensions provision for its staff.

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

j. Deferred income

Income received for a future year will be included as an incoming resource in the year to which it relates.

k. Contingent liabilities

A contingent liability is identified and disclosed when either a possible but uncertain obligation, or a present obligation that is not recognised because a transfer of economic benefit to settle the possible obligation is not probable, or the amount of the obligation cannot be estimated reliably.

2 INCOME

[a]
Voluntary Income
Planned giving:
Gift Aid eligible donations
Gift Aid receivable
Other donations
Cash collections
Grants
Legacies
[b]
Activities for generating funds
Trading
[c]
Income from investments
and deposits
Dividends and interest
[d]
Income from church activities
Fees & hire income
Contributions to houseparties
Contributions to outreach events
[e]
Other Income
Net gain on disposal of tangible assets
TOTAL INCOME		 Unrestricted
Endowm't
Total
Total
funds
Mission
ARH
funds
2020
2019
£
£
£
£
£
£
448,039
131,756
3,460
-
583,255
574,098
114,010
32,939
865
-
147,814
145,209
201,026
35,470
1,820
-
238,316
123,938
5,195
738
-
-
5,933
15,654
12,500
-
-
-
12,500
-
1,000
-
-
-
1,000
5,000
Restricted funds
781,770
200,903
6,145
-
988,818
863,899
11,562
-
-
-
11,562
30,480
1,995
329
1,341

3,665
4,489
14,343
-
-
-
14,343
24,141
735
-
-
-
735
22,780
10,903
-
-
-
10,903
12,988
25,981
-
-
-
25,981
59,909
-
-
230,012
-
230,012
-
821,308
201,232
236,157
1,341
1,260,038
958,777

23

THE PAROCHIAL CHURCH COUNCIL OF

THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

3 EXPENDITURE

(a) Church Activities
Missionary and charitable giving
Missionary societies (note 17)
Home missions/UK based agencies
Total Missionary and charitable
(b) Directly relating to the work
of the Church
Ministry
Diocesan Quota
Clergy expenses
Clergy housing
Ministers
Mortgage Interest
Support costs
Training
Apprentices
Pastoral Care
Church - running expenses
Church maintenance
Fabric repair
Fabric repair - car park
Furniture and fittings
Beech Road costs
Depreciation
Houseparties
Services & Outreach
Outreach events
Church plant
Salaries
Government Grants
Technical Support
Printing and stationery
Office expenses
Other expenditure
PCC costs
Audit fee
Bank charges
Professional fees
Other - sundry
Total directly relating to the
work of the Church
(c) Fund-raising trading costs
Trading purchases and costs
(d) Other expenditure
Net loss on disposal of tangible assets
TOTAL EXPENDITURE		 Unrestricted
Endowm't
funds
Mission
ARH
funds
2020
2019
£
£
£
£
£
-
190,903
-
-
190,903
213,702
9,133
-
-
-
9,133
1,615
Restricted funds
9,133
190,903
-
-
200,036
215,317
232,466
-
-
-
232,466
185,642
4,684
-
-
-
4,684
7,768
18,798
-
-
-
18,798
23,686
219,582
-
-
-
219,582
213,066
5,068
-
5,068
5,069
475,530
-
5,068
-
480,598
435,231
-
1,256
-
-
-
1,256
14,600
17,640
-
-
-
17,640
29,702
2,720
-
-
-
2,720
573
21,616
-
-
-
21,616
44,875
44,655
-
-
1,171
45,826
57,789
20,089
-
-
170
20,259
14,131
117,579
-
-
-
117,579
29,632
3,628
-
-
-
3,628
10,340
226
-
-
-
226
-
17,481
-
-
-
17,481
13,376
2,857
-
-
-
2,857
-
4,833
-
-
-
4,833
-
11,399
-
-
-
11,399
15,127
11,403
-
-
-
11,403
37,430
8,720
-
-
-
8,720
20,380
131,293
-
-
-
131,293
146,235
(8,740)
-
-
-
(8,740)
-
20,172
-
-
-
20,172
17,070
1,647
-
-
-
1,647
2,751
5,272
-
-
-
5,272
6,060
392,514
-
-
1,341
393,855
370,321
4,708
-
-
-
4,708
355
5,320
-
-
-
5,320
6,365
2,075
21
-
-
2,096
2,688
831
-
-
-
831
1,703
462
-
-
-
462
324
13,396
21
-
-
13,417
11,435
903,056
21
5,068
1,341
909,486
861,862
21,844
-
-
-
21,844
24,945
44,115
-
-
-
44,115
978,148
190,924
5,068
1,341
1,175,481
1,102,124

24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

4. NET MOVEMENT IN FUNDS
Stated after charging the following:
Audit Fees
Staff costs (see note 5)
5. STAFF COSTS
Salaries and Wages
Government Grants
Social Security costs
Pension costs		 2020
£
5,320
327,227
2020
£
297,773
(8,740)
23,106
312,139
15,088
327,227		 2019
£
5,525
350,586
2019
£
310,250
0
25,388
335,638
14,948
350,586

The average number of PCC employees during the year, calculated on a full-time equivalent basis, was 11 (2019: 12). No employee received emoluments in excess of £60,000.

6. TANGIBLE FIXED ASSETS

Cost or valuation:
At 1 January 2020
Additions during the year
Revaluation during the year
Disposals during year
At 31 December 2020
Depreciation:
At 1 January 2020
Charge for year
At 31 December 2020
Net book value:
At 31 December 2020
At 31 December 2019		 Freehold Land
Office
Fixtures and
Total
and Buildings
Equipment
Fittings
£
£
£
£
2,020,000
24,111
43,910
2,088,021
-
11,428
11,428
75,000
-
-
75,000
(1,395,000)
-
-
(1,395,000)
700,000
35,539
43,910
779,449
-
24,111
43,910
68,021
-
2,857
-
2,857
-
26,968
43,910
70,878
700,000
8,571
-
708,571
2,020,000
-
-
2,020,000

The freehold land and buildings at the year end comprise the Curate's house located at 40 South Park, 23 Beech Road, which is held in trust by the Rector and Churchwardens for such purposes as the The freehold land and buildings at the year end comprise a house located at 40 South Park. Rector and the PCC shall decide. 26 Woodside Road was purchased in March 2011 for £795,000 and This property was valued at £700,000 on the 25th February 2021 by a RICS Registered is held in a restricted fund. All properties were revalued by Ibbett Mosely in Jan 2014 Valuation Surveyor. 23 Beech Road was sold during the year for £410,000. It was reported in the 2019 accounts at a value of £450,000. 26 Woodside Road was purchased in March 2011 for £795,000 and was sold during the year for £1,192,500 the net proceeds from the sale are held in a restricted fund. It was held in the 2019 accounts at a value of £945,000.

25

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

7. INVESTMENTS
Market value:
At 1 January 2019
Gain on revaluation
At 1 January 2020
Gain on revaluation
At 31 December 2020		 Endowment
Funds
£
32,817
6,047
38,864

2,767
41,631

The historical cost of the investments is £1,394. All the investments are with the Central Board of Finance of the Church of England and are in the United Kingdom. These investments cannot be realised for the reasons stated in Note 1c.

2020
2019
8. STOCK
£
£
Finished goods for resale
9,563
17,026
Unrestricted
Restricted
2020
2019
9. DEBTORS
funds
funds
Total
Total
£
£
£
£
Tax recoveries
31,505
11,735
43,240
53,496
Prepayments
-
-
-
5,220
Sundry debtors
12,645
-
12,645
50,000
44,150
11,735
55,885
108,716
10. BANK
Short term deposits
308,809
50,000
358,809
358,809
Bank balances and cash
614,328
1,080,557
1,694,885
225,416
923,137
1,130,557
2,053,694
584,225
11. LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Accruals
155,778
-
155,778
64,534
Sundry creditors
1,277
21,654
22,931
50,000
Mortgage
-
-
-
8,595
157,055
21,654
178,709
123,129
2020
2019
Deferred income
£
£
Balance brought forward at 1st January 2020
-
7,500
Released during the year
-
(7,500)
Balance carried forward at 31st December 2020
-
-
Closing stock is valued at lower of cost or net realisable value (market value), during the year an
impairment loss of £9,500 was recognised in cost of sales to account for slow moving or obsolete
books held in the book shop.		 2020
2019
8. STOCK
£
£
Finished goods for resale
9,563
17,026
Unrestricted
Restricted
2020
2019
9. DEBTORS
funds
funds
Total
Total
£
£
£
£
Tax recoveries
31,505
11,735
43,240
53,496
Prepayments
-
-
-
5,220
Sundry debtors
12,645
-
12,645
50,000
44,150
11,735
55,885
108,716
10. BANK
Short term deposits
308,809
50,000
358,809
358,809
Bank balances and cash
614,328
1,080,557
1,694,885
225,416
923,137
1,130,557
2,053,694
584,225
11. LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Accruals
155,778
-
155,778
64,534
Sundry creditors
1,277
21,654
22,931
50,000
Mortgage
-
-
-
8,595
157,055
21,654
178,709
123,129
2020
2019
Deferred income
£
£
Balance brought forward at 1st January 2020
-
7,500
Released during the year
-
(7,500)
Balance carried forward at 31st December 2020
-
-
Closing stock is valued at lower of cost or net realisable value (market value), during the year an
impairment loss of £9,500 was recognised in cost of sales to account for slow moving or obsolete
books held in the book shop.		 2020
2019
£
£
9,563
17,026
44,150
11,735		 55,885
108,716
308,809
50,000
614,328
1,080,557		 358,809
358,809
1,694,885
225,416
923,137
1,130,557		 2,053,694
584,225
155,778
-
1,277
21,654
-
-		 155,778
64,534
22,931
50,000
-
8,595
157,055
21,654		 178,709
123,129
2020
2019
£
£
-
7,500
-
(7,500)
-
-

26

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

12. LIABILITIES: AMOUNTS FALLING
DUE AFTER ONE YEAR
17 year mortgage
13. UNRESTRICTED FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
General fund
173,602 821,308
(884,033)
517,489
Designated Funds
Fabric fund
261,604
-
(50,000)
(111,604)
Strategic Reserve
100,000
-
-
Beech Road property fund (note 6)
450,000
-
-
(405,885)
TOTAL
985,206 821,308
(934,033)
-
14. RESTRICTED FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
Mission fund
81,522 201,232
(190,924)
-
Curate's house fund (note 6)
625,000
-
-
-
Associate Rector's House Fund
797,719
6,145
(5,068)
-
TOTAL
1,504,241 207,377
(195,992)
-
15. ENDOWMENT FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
General, Churchyard & Graves
38,864
1,341
(1,341)
-
TOTAL
38,864
1,341
(1,341)
-		 12. LIABILITIES: AMOUNTS FALLING
DUE AFTER ONE YEAR
17 year mortgage
13. UNRESTRICTED FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
General fund
173,602 821,308
(884,033)
517,489
Designated Funds
Fabric fund
261,604
-
(50,000)
(111,604)
Strategic Reserve
100,000
-
-
Beech Road property fund (note 6)
450,000
-
-
(405,885)
TOTAL
985,206 821,308
(934,033)
-
14. RESTRICTED FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
Mission fund
81,522 201,232
(190,924)
-
Curate's house fund (note 6)
625,000
-
-
-
Associate Rector's House Fund
797,719
6,145
(5,068)
-
TOTAL
1,504,241 207,377
(195,992)
-
15. ENDOWMENT FUNDS
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
General, Churchyard & Graves
38,864
1,341
(1,341)
-
TOTAL
38,864
1,341
(1,341)
-		 2020
2019
£
£
-
117,391
-
117,391
Realised
(loss)
31-Dec-20
31-Dec-19
£
£
£
-
628,366
173,602
-
100,000
261,604
-
100,000
100,000
(44,115)
-
450,000
985,206 821,308
(934,033)
-		 (44,115)
828,366
985,206
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
81,522 201,232
(190,924)
-
625,000
-
-
-
797,719
6,145
(5,068)
-		 Realised
gain
31-Dec-20
31-Dec-19
£
£
£
-
91,830
81,522
75,000
700,000
625,000
230,012
1,028,808
797,719
1,504,241 207,377
(195,992)
-		 305,012
1,820,638
1,504,241
01-Jan-20 Income Expenditure
Transfers
£
£
£
£
38,864
1,341
(1,341)
-		 Unrealised
Gains
31-Dec-20
31-Dec-19
£
£
£
2,767
41,631
38,864
38,864
1,341
(1,341)
-		 2,767
41,631
38,864

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 December 2020
are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total Net Assets		 Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
8,571
700,000
-
708,571
2,020,000
-
-
41,631
41,631
38,864
976,850
1,142,292
-
2,119,142
709,967
(157,055)
(21,654)
-
(178,709)
(123,129)
-
-
-
-
(117,391)
828,366
1,820,638
41,631
2,690,635
2,528,311

27

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

17. SUMMARY OF GRANTS PAYABLE FOR MISSIONARY ACTIVITIES

A Rocha International
A Rocha UK
AIM
Paul and Helen Shepherd
AMiE
Anglican Mainstream
C of E Evangelical Council
Christian Unions Ireland
Mark Ellis
Christianity Explored
Cross Teach Trust
Sophie-Ann Rebettes
Crosslinks
Anna Poor
Crosslinks
Hazel Maunsell
Crosslinks
Jamie Read
Crosslinks
Mark Oden
Diocese of Rochester
Diocese of Kondoa (Tanzania)
ECM International
Chris Wigram
EFAC
Julia Cameron
EFAC
Theological & Ministry Conference
Emmanuel Bristol
Ian Taylor
Fowey Anchor Church
GAFCON
Japan Christian Link
Selvan Anketell
Japan Christian Link
IT Appeal
Langham Trust
London City Mission
Newcastle University CU
Mission
Oak Hill College
Daniel Halpin
OMF
Beverlea Parkhill
OMF
General
OMF
Kathryn Bowen
OMF
StJohn & Ellie Perry
OMF
Tony Waghorn
Oxtrad
Bishop Nazir Ali
Oxtrad
Bicycles South Sudan
Penny Trust
Pete Portal
Proclamation Trust
Proclamation Trust
Sophie-Ann Rebettes
Redcliffe College
Kathryn Bowen
RZIM
Sam Allberry
Sevenoaks Area Youth Trust
SIM
Emma Brewster
Stewardship
SAGE - Peter Redmayne
Tear Fund
Connected Church
The Faith Mission
Trinity School		 2020
2019
£
£
500
-
1,000
500
10,050
8,160
500
500
1,100
1,100
1,000
1,000
16,000
14,000
2,000
2,000
2,500
-
16,800
16,800
4,000
16,000
-
1,150
16,213
16,557
2,000
2,000
-
3,000
6,000
6,000
-
1,000
-
1,250
-
2,000
7,000
7,000
8,000
8,000
-
2,000
2,000
2,000
5,000
5,000
-
200
1,250
1,250
17,000
17,000
-
250
16,000
16,000
24,000
24,000
3,000
3,000
5,000
5,250
-
1,200
1,000
1,000
2,000
2,000
2,180
1,090
810
-
1,000
1,000
6,000
6,000
8,000
8,000
-
2,200
-
245
2,000
2,000
-
5,000
190,903
213,702

28

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. NICHOLAS, SEVENOAKS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (Continued)

18. TRANSACTIONS WITH MEMBERS OF THE PCC AND CONNECTED PERSONS

The stipends/salaries and expenses of the clergy, who are all PCC members, are shown in note 3 (b). Transactions with other (non-clergy) members of the PCC and connected persons were as follows: nil (2019: nil)

29