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2020-12-31-accounts

ALL SOULS CHURCH, LANGHAM PLACE 2 ALL SOULS PLACE LONDON W1B 3DA

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2020

The Reverend Jonathan Dyer Flat 4, 70 Harley Street London W1G 7HF

The Reverend Steven Nichols Flat 2, 56 Manchester Street London W1U 3QL

Bank

Barclays Bank plc UK House 180 Oxford Street London W1D 1EA

Auditors

Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street London WC1N 3GS

The PCC is a registered charity Charity Reg. No. 1132882

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE CONTENTS

Page
Annual report 1 - 6
Independent auditors' report 7 - 8
Statement of financial activities, including the income and expenditure account 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 28

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020

The council members have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Church Accounting Regulations 2006, the Charities Act 2011 and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) issued in October 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

Council members

Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. During 2020 and up to the date the financial statements were approved (unless stated otherwise), the following served as members of the PCC:

Clerks in Holy Orders: Reverend Hugh Palmer (To June 2020)
Reverend Jonathan Dyer
Reverend Luke Ijaz
Reverend Steven Nichols
Reverend Rico Tice
Reverend Dr Christopher Wright
Churchwardens: Louise Gibson
Robert Turner
Members of the Diocescan Synod: Paul Hawkins
Jeremy Thomas
Representatives on Kevin Ashman *Derek Lowe
the Deanery Synod: Richard Bagwell Stephen Mackay
James Brightwell Alison MacKenzie
*Alison Burn Litsa McClymont
*Sophie Clarke *Jonathan Morrow
Mary Currie Mark O'Leary
Jenny Gallagher David Rollason
Steven Ho Erna Smit
Gordon Hockey Sue Stamper-Iveson
* (From October 2020)
Lay Reader: David Turner
Elected Members: Kevin Carter
Victor Cumberbatch (To October 2020)
Anne Custance
John Ellerton
Sarah Gawley (From October 2020)
Michael Hall (Treasurer)
Ross Hendry
Joel Huang
Mei Ling Routley
Ndubuisi Kejeh
Steven Legg
Yan-Ling Li
Jessica Ling (To October 2020)
Natasha Ling
Martin Mills (To October 2020)
Fiona Ochan (From October 2020)
Grace Ong
Gill Phillips (To October 2020)
Rachel Rider
Kirsten Russell (From October 2020)
Robert Selby (From October 2020)
Michael Sharp (PCC Secretary)
Louise Smith
Paul Stamper-Iveson
Victor Truong (To October 2020)
Andrew Turner (From October 2020)
Richard Wang (From October 2020)
Brian Weaver
Nathaniel Yisa (From October 2020)

Page 1

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020 (CONTINUED)

Structure, governance and management

All Souls, Langham Place is an evangelical Anglican Church in the heart of the west end of London. The church is a Grade I listed building, designed by John Nash. It holds about 1,000 people and welcomes some 2,000 to three main Sunday services each Sunday. The church family is very international and has a healthy mix of all ages and nationalities. 1,060 people were recorded on the electoral role at the 2020 APCM. 1,174 people returned annual membership cards in 2020 demonstrating their commitment to pray, serve, give, share Christ and study God’s word. A second congregation worships at the All Souls Clubhouse in Cleveland Street.

All Souls Parochial Church Council (PCC) has responsibility to cooperate with the incumbent in promoting in the parish the whole mission of the Church: pastoral, evangelistic, social and ecumenical.

Senior lay staff attend PCC meetings in an advisory non-voting capacity.

Appointment and induction of PCC members

In accordance with the Church Representation Rules, one third of the elected members of the PCC are elected at the APCM every year for a three year term, in addition to any casual vacancies that need to be filled. The members of the PCC also currently include eighteen Deanery Synod representatives, who were elected for a three year term from 2020 to 2023. Our arrangements ensure that new PCC members undergo an induction to brief them on their legal obligations under charity and church law, and their role as members of the council.

Risk management statement

The PCC acknowledges its responsibility to monitor risks faced by the charity. The All Souls Risk Policy is approved annually by the PCC and outlines the means by which major risks are managed. The rector and principal PCC subcommittees (Finance, Buildings, Safeguarding, World Mission and Security, HR and Remuneration) are designated risk owners and, under the direction of the church officers group, comprising a Church Warden, the PCC Secretary and Director of Operations, the risk register is reviewed termly. Work is continuing to improve the effectiveness of the risk framework, particularly the ability of the charity to relate risks to objectives, score risks consistently and present risks consistently across different risk areas.

Organisational policy

The PCC meets every month, other than April and August, and there are sub-committees covering various different activities. Other sub-committees are formed as and when required. The Director of Operations, Monty Erskine, is appointed to manage the day to day operations of the charity. To facilitate effective operations, the Director of Operations has delegated authority, within the terms of delegation approved by the PCC members, for matters including strategic planning and delivery and operational oversight of the four Parish charities.

The church recognises the following roles as key management staff: The Rector, Senior Ministers (those reporting directly to the Rector until May and Associate Rectors thereafter), Director of Operations, Building and Finance Managers. Pay and remuneration of lay staff is set by the PCC, that of Clergy by the London Diocese.

Charitable status

All Souls Church is a registered charity under registration number 1132882.

Related charities

All Souls Church is closely linked to other charities within the parish, namely All Souls Clubhouse, the St Paul’s Trust, Langham Arts Trust and All Souls Serve The City from 1 January 2021. As the PCC technically has indirect control over these entities, either through the power to appoint or remove the majority of trustees or though common trusteeships, this would indicate a requirement for audited consolidated financial statements to be compiled reflecting the activities of the whole parish. However, given that the activities of the related charities are supplementary to the core activity of the PCC, we consider that if we were to include the financial performance of those entities within these financial statements, we may in substance dilute the understanding of the financial performance and position of the primary organisation that the PCC is responsible for. Accordingly, the financial statements to which this report relates only reflect the results and position of activities and programmes under the direct control of the PCC.

Even if it were considered appropriate to prepare consolidated financial statements, given the resources at the disposal of the PCC, and the disruption to normal life as a result of the Coronavirus, it is not practical for audited financial statements for the respective related charities to be prepared and approved and then incorporated into consolidated audited financial statements in time for presentation at the annual meeting. Moving forward, once the 2020 financial statements for all related entities have been completed, it is an aspiration for summary consolidated results to be prepared for the parish as a whole.

Page 2

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020 (CONTINUED)

OBJECTIVES AND ACTIVITIES

Our Vision: All For Jesus

The PCC has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. This has always been at the very heart of our mission statement and the following review depicts just some of our many activities enabling ordinary people to live out their faith as part of our parish community. In carrying out its responsibilities, the PCC has complied with its duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to House of Bishops' guidance on safeguarding children and vulnerable adults.

Review of the year

For us, as for the whole world, 2020 was a year of enormous challenge and extraordinary response. The All Souls church family and staff teams have relied on God’s strength and ever present help to bring creative responses to the unprecedented issues caused by the pandemic. These difficulties touched many areas of our personal, community and professional lives in different ways, and while we have much to celebrate we also have much to grieve. As this report is produced, at the start of 2021, we are still in lockdown, but with the prospect of restrictions being lifted over the next months. We continue to pray for God’s protection over this process.

The start of 2020 saw the Rector launch the long awaited new church vision ‘All For Jesus’, with a celebratory signing of the giant yellow vision board on Partnership Sunday. This was the culmination of many months work across the church family. On Partnership Sunday we highlighted the accompanying church values: prayerful, humble, faithful, thankful, generous, courageous and creative, and the mission aims of proclaiming the biblical gospel, building a community of grace, growing and teaching disciples, impacting our culture, loving one another and our city and serving the wider church.

World Mission Sunday on the 9 February focused on our proclamation of God’s word, and the perseverance needed as we bring it to the world. While finalising arrangements for the Pillar and Step Mission at the end of March however the government announced, on 16 and 23 of March, the first lockdown. Heroic efforts by the Pillar and Step crew allowed them to record and broadcast an interview with John Lennox, but the rest of the programme was shelved.

Once lockdown began in March 2020, worship patterns changed for all. The serving partner and staff teams, not least the tech team and music teams, moved incredibly quickly to develop the online patterns of worship that were maintained and developed for the rest of the year, with face to face Sunday services taking place when guidance permitted. At all times the charity has been careful to adhere to Government and Diocesan rules relating to worship, building use and working.

Working patterns also changed in line with government guidance, and almost all serving partners and staff worked from home to deliver ministry during 2020, running and supporting their online and hybrid areas of ministry. This represented a considerable personal and professional challenge, and it is a testament to the faith and commitment of the church family and staff teams that despite the lockdown restrictions we have continued to worship, evangelise and disciple.

The parish has also made use of the government furlough scheme, and is grateful for those staff who have had to sit on furlough for the year. The Associate Rectors and Senior Team will be reviewing the status of furloughed staff as the scheme comes to an end, mindful of the need to be good stewards of God’s resources while at the same time trying to anticipate what the ‘new normal’ will look like.

God’s financial provision to the church has been wonderfully steadfast during 2020, and the church is thankful for the continued support for World Mission, Thanksgiving and Gift Day and the 2024 Project and the General Fund of the church. In response to the impact of the pandemic, the church opened a "Good Samaritan" fund to make gifts to members of the congregation who sought some financial relief.

Despite all activities moving online from March, in the Spring the PCC signed off the new governance documentation created as a result of the governance and management review. This included the overarching agreement between the parish charities, and memoranda of understanding and terms of reference defining the roles of charities, sub committees and advisory groups. Implementation of this framework began in September, and will continue through 2021.

After considerable work by a team of serving partners and staff on the transition of the Clubhouse charity to a new CIO called All Souls Serve the City (ASSTC), the new CIO which came into existence in December 2020, but only became operational on 1 January 2021. Staff from ASLAN, Tamar, Jellies and the then Clubhouse charity teams (Seniors and Club Kids) were successfully transferred to the new CIO.

The plans for the potential development of SPRAS continued during 2020, and the PCC received regular reports from the development team. There were also opportunities for stakeholders to feed into the plans for the final design, work that is still ongoing.

Page 3

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020 (CONTINUED)

2021 Plans

In 2021 the church will continue to plan the reopening of the parish in line with the government roadmap. This will be a complex programme that will include establishing what the ‘new normal’ will look like for the parish, serving partners and staff teams.

2020 has witnessed an extraordinary uptake of All Souls online resources around the world, with many messages of thanks and appreciation from those who have benefitted from the services, music and other resources. In 2021 the church will be reviewing how this new and exciting gospel reach can be built upon while retaining the primacy of the local church as our focus. We are fulfilling our mission aim of serving the wider church, and on Partnership Sunday 2021 will offer the choice of people becoming ‘Friends’ of All Souls, while making clear that this category is not the same as being a worshipping Partner.

The church will continue with the 2020-21 objective to begin implementation of the governance and management changes approved by the PCC in the spring of 2020.

The new ASSTC CIO will continue to take shape, with the appointment of a Director as a priority. It is planned that the Director will be part of the Rector’s Senior Team, integrating Serve the City ministries into the centre of the church.

The Associate Rectors and Senior Team are planning for the arrival of the new Rector at the end of April.

The St Paul’s Trust trustees will continue to develop plans for the redevelopment of St Paul's Robert Adam Street, liaising with church family and the Diocese.

Christian Service

All Souls depends on its members' involvement in Christian Service. Despite the halt to ‘live’ parish activities caused by coronavirus, serving partners have continued to be involved in many areas of online and hybrid church life including small groups, pastoral care, online worship, music, youth and children’s work, men’s and women’s ministry, evangelism and training.

FINANCIAL REVIEW

The Statement of Financial Activities (SOFA) shows unrestricted net income of £93,312 from normal operations (excluding legacies) (2019: net income of £94,864). Unrestricted legacies totalled £566,000 this year (2019: £5,297), with £376,000 received before the year end and £190,000 accrued for in 2020 debtors and received in February 2021. Restricted net income was £591,830 for the year (2019: £332,540).

Of the total unrestricted Income of £2,954,066, 73% (2019: £2,443,116, 87%) was sourced from congregational giving and 27% (2019: 13%) came from other sources, including legacies. Rental income from facilities was negatively impacted by lockdown restrictions.

Unrestricted expenditure on Church activities totalled £2,120,201 (2019: £2,312,357). The breakdown of this expenditure is as follows: £791,228, 37% (2019: £810,087, 35%) relates to salaries and other costs for the ministry team, £239,483, 11% (2019: £328,615, 14%) is direct property costs for All Souls, SPRAS and SPVS, £59,445, 3% (2019: £108,669, 5%) is direct ministry costs and £230,886, 11% (2019: £249,373, 11%) relates to grants made. The balance of £799,159, 38% (2019: £815,613, 35%) relates to support team and governance costs for all activities, which have been allocated to unrestricted church activities as per Note 3d.

Due to government restrictions, the catering department has been unable to function since 22 March 2020. Whilst a loss of £52,135 is recognised in note 5 of the accounts, the catering staff have all been on furlough and £23,973 of the government grants relate to the catering department.

The Good Samaritan fund, reported within the Rector's Discretionary Fund, began in November 2020 and received income of £18,904. Distributions of £300 had been made by 31 December 2020.

Flat C, 5 All Souls Place, continued for the full year as an investment property to earn commercial rentals. In accordance with FRS 102, the property was valued at fair value of £1,000,000 by an independent valuer, resulting in a decrease of £100,000 on last year's valuation of £1,100,000.

The annual Thanksgiving and Gift Day brought in £83,853 from donations and £12,476 in gift aid (2019: £183,338 and £30,526 respectively). This Gift Day is usually used to support a building project but in light of events around the world, it was decided to give this money to both London City Mission and World Mission Partners and Projects. We were able to donate £36,078 from the June gift day to LCM for their Pioneers Training Programme – Christians who were raised and still live in some of the poorest areas of London and who have a heart to reach the lost. Income of £658,377 (2019: £496,291) was received in 2020 for the World Mission Fund. The World Mission committee approved grants totalling £530,485 (2019: £462,158). These are detailed in Note 15.

Page 4

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020 (CONTINUED)

Staff

Despite the restrictions of lockdown we have had some turnover of staff in 2020. Hugh and Clare Palmer left in June, though our farewells were muted due to lockdown.

Selection of a new Rector was led by our parish representatives, Louise Gibson and Rob Turner, who, along with other members of the selection panel and after a lengthy and collaborative process were delighted to appoint Rev Charlie Skrine, currently Associate Rector at St Helen’s Bishopsgate, as the new Rector. We look forward to welcoming Charlie and his wife Claire and family in the Spring of 2021.

In the interregnum the Associate Rectors, with the support of the senior team, have taken responsibility for the day to day running of the parish. A small group has worked as a Serve the City task force meeting weekly to address pressing issues until a new ASSTC Director is appointed.

Principal risks and strategies for mitigation

The principal strategic risks identified in 2020 remain that key objectives are not being set and met for 2021 and beyond, the ongoing risk that All Souls will face pressure in the future to remain a biblical gospel church in the event of doctrinal changes that may affect the Church of England and that All Souls may be affected by the safeguarding issues being identified and acted upon across the Church of England.

The first risk is being mitigated by the ongoing implementation of improved governance and management structures; the second risk is mitigated by the continued use of influence withing Church of England structures where possible to prevent changes that would be difficult to work with. The Safeguarding risks are being mitigated by the implementation of a comprehensive review of All Souls policies, procedures and culture in the light of the recommendations contained in the Independent Inquiry into Child Sexual abuse commissioned by the Church of England; the Lessons Learned Review Report for Emmanuel Church Wimbledon by ThirtyOne:Eight; and the John Smyth Independent Case Review commissioned by Scripture Union and any further relevant reports into abuse within the Church or other Christian bodies.

Investment policy

Investments are held on behalf of the parish by the London Diocesan Fund to provide an income return. All Souls has also directly invested with Hargreaves Lansdown to provide an income return. Most of these investments are short term; they are held for the ongoing running costs of the church.

Grant-making policy

The PCC approves grants. They are made to charities or as part of unsolicited giving to beneficiaries recommended by the World Mission Committee.

Reserves policy

At 31 December 2020 funds held totalled £4,586,454 (2019: £3,358,834), of which £1,668,493 (2019: £1,256,435) were restricted funds. The PCC members have established a policy whereby unrestricted funds (net of fixed assets and long term liabilities secured on them and net of stock in hand) held by the charity equate to a minimum of 20% (2019: 20%) of unrestricted resources expended (excluding depreciation). At this level the PCC members feel that they would be able to continue the activities of the charity in the event of a significant drop in funding.

At 31 December 2020 the adjusted unrestricted fund balance was calculated as being £1,131,609 in surplus. This is £702k more than the £430k required by the policy.

Auditors

A resolution will be proposed at the Annual Parochial Church Meeting that Griffin Stone Moscrop & Co. be reappointed auditors to the charity for the ensuing year.

PCC members’ responsibilities

The PCC members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources of the church.

In preparing those financial statements, the PCC members are required to:

Page 5

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE ANNUAL REPORT 2020 (CONTINUED)

PCC members’ responsibilities (continued)

The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the PCC on 26 April 2021 and signed on its behalf by:

………………………………

Robert Turner (Churchwarden)

………………………………

Louise Gibson (Churchwarden)

Page 6

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE

Opinion

We have audited the financial statements of All Souls Church, Langham Place for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the " Auditors' responsibilities for the audit of the financial statements " section of our report. We are independent of the church 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 opinon.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the PCC members’ 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 church's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. The PCC members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of PCC members

As explained more fully in the "PCC members' responsibilities" statement set out on pages 5 and 6, the PCC members 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 PCC members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 7

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE (CONTINUED)

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Use of our report

This report is made solely to the PCC members (who are trustees for the purposes of charity legislation), as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the church and the PCC members, as a body, for our audit work, for this report, or for the opinions we have formed.

Griffin Stone Moscrop & Co.

21-27 Lamb's Conduit Street London WC1N 3GS

Chartered Accountants Statutory Auditors Date 202130/4/2021

Griffin Stone Moscrop & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 8

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

FUNDS FUNDS 2020 2019
Endow-
Unrestricted Restricted ment TOTAL TOTAL
World
Mission Building Other Total
Note £ £ £ £ £ £ £ £
Income and
endowments
from:
Donations and
legacies 2a. 2,838,294 656,421 325,299 138,919 1,120,639 - 3,958,933 2,985,714
Church activities 2b. 14,678 - 66,000 211,087 277,087 -
291,765		 376,978
Other trading
activities 2c. 96,747 -
-
-		 -
-
96,747		 251,502
Investments 2d. 4,347 1,956 28,624
-		 30,580 -
34,927		 38,887
Total income and
endowments 2,954,066 658,377 419,923 350,006 **1,428,306 ** - 4,382,372 3,653,081
Expenditure on:
Raising funds
- Trading expense 5 (81,475) -
-
(125)		 (125) -
(81,600)		 (184,640)
- Investment
management 4 -
-
(7,079)		 - (7,079) -
(7,079)		 (6,847)
Church activities 3a. **(2,120,201) ** (533,023) **(49,116) ** (247,134) (829,273) - (2,949,474) (3,184,130)
Total expenditure **(2,201,676) ** (533,023) **(56,195) ** (247,258) **(836,477) ** - (3,038,153) (3,375,617)
Net income /
(expenditure)
before gain /
(loss) on
investments 752,390 125,354 363,728 102,748 591,830 -
1,344,220		 277,464
Gain / (Loss) on
investments 4 (93,078) -
-
-		 - (23,522) (116,600) 154,831
Net income /
(expenditure) 659,312 125,354 363,728 102,748 **591,830 ** (23,522) 1,227,620 432,295
Transfer of funds 179,772 - (139,122) (40,651) (179,772) -
-		 -
Net movement in
funds 839,084 125,354 224,606 62,097 **412,058 ** (23,522) 1,227,620 432,295
Reconciliation of
funds:
Total funds
brought forward 2,033,974 197,005 534,122 525,308 1,256,435 68,425 3,358,834 2,926,539
Total funds
carried forward 2,873,058 322,359 758,728 587,405 1,668,493 44,903 4,586,454 3,358,834

The notes on pages 12 to 28 form part of these financial statements.

Page 9

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE BALANCE SHEET AS AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible assets
7
Investment property
8a.
Investments
8b.
CURRENT ASSETS
Stock
9
Debtors and prepayments
10
Amounts due from:
- All Souls Clubhouse
- Christianity Explored
- Langham Arts Trust (long-term loan)
- St Paul's Trust
- Inspire Church Plant
Short-term deposits
Cash at bank (including minor fundholders)
Cash in hand
Creditors: amounts falling due within one year
11a.
NET CURRENT ASSETS
Creditors: amounts falling due after more than one year
11b.
NET ASSETS
PARISH FUNDS
Unrestricted funds
14b.
Restricted funds
14a.
Endowment funds
4
TOTAL FUNDS		 2020
£
911,442
1,000,000
178,953
2,090,395
7,836
408,687
19,050
-
13,731
-
321
785,251
1,870,031
523
3,105,429
181,744
2,923,684
427,626
4,586,454
2,873,058
1,668,493
44,903
4,586,454		 2019
£
792,482
1,100,000
165,054
2,057,536
7,943
189,157
-
1,168
13,731
5,536
324
781,963
974,615
591
1,975,028
214,203
1,760,825
459,527
3,358,834
2,033,974
1,256,435
68,425
3,358,834

The financial statements were approved by the PCC on 26 April 2021 and signed on its behalf by:

………………………………………………. ……………………………………………….

Robert Turner (Churchwarden) Louise Gibson (Churchwarden)

The notes on pages 12 to 28 form part of these financial statements.

Page 10

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Cash flows from operating activities:
Net cash provided by operating activities
13a.
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Purchase of investments and investment property
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
13b.		 2020
£
1,071,335
34,927
(177,127)
(30,499)
(172,699)
898,636
1,757,169
2,655,805		 2019
£
955,696
38,887
(598,919)
(147,555)
(707,587)
248,109
1,509,060
1,757,169

The notes on pages 12 to 28 form part of these financial statements.

Page 11

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following 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 in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Church constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on the accruals basis and under the historical cost convention except for the valuation of investment assets, which are shown at market value.

Going concern

The financial statements have been prepared on the going concern basis. There are no material uncertanties related to events or conditions that may cast significant doubt upon the PCC's ability to continue as a going concern.

Accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The PCC makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related acutual results.

Funds

General unrestricted funds represent the funds of the Parochial Church Council (PCC) that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose are also unrestricted.

Restricted funds are those subject to specific trusts, which may be declared by the donor or with their authority. The restricted funds of All Souls, Langham Place include restricted income funds which are expendable at the discretion of the PCC in the furtherance of some particular aspects of the activities of the Church, and restricted capital funds, whose income is restricted.

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 main affiliation to another body nor those that are informal gatherings of church members.

Income

Donations and legacies

Income from church activities and other trading activities

Income from investments

Page 12

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Expenditure

Allocation of support and governance costs

Expenditure is charged on the Accruals basis. It is allocated to the activities in the SOFA based on staff time.

Expenditure on raising funds

This relates to costs of the audio and resource centre, canteen and other trading activities.

Grants

Grants and donations are accounted for when paid, or when awarded, if that award creates a binding obligation on the PCC.

Treatment of irrecoverable VAT

As a registered charity the Church is generally not liable to tax on its surplus or capital gains. It is not, however, exempt from value added tax. Irrecoverable value added tax is included in the cost of those items to which it relates.

Operating leases

Rentals under operating leases are charged to the SOFA in the period to which they relate.

Activities directly relating to the work of the Church

The diocesan quota or parish share is accounted for when payable. Any diocesan fees are accounted for when the services are incurred. Any unpaid fees at 31 December are provided for in these financial statements as an operational liability and is shown as a creditor in the balance sheet.

Support costs

Costs incurred or payments made which are an integral part of expenditure on the PCC’s objects.

Governance costs

Expenditure incurred in ensuring that the PCC complies with all legal and regulatory obligations.

Pension contributions

The PCC operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the PCC in an independently administered fund. Contributions are charged when payable.

Tangible fixed assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the financial statements by s10(2)(a) of the Charities Act 2011.

Moveable church furnishings held by the churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church’s inventory, which can be inspected (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated on a straight-line basis in the accounts over their currently anticipated useful economic life (initially over 20 years).

All expenditure incurred during the year on consecrated or benefice building, individual items under £5,000 or on repair of movable church furnishings acquired before 1 January 2000 is written off.

Freehold and leasehold property

Freehold properties are valued at purchase price. In the opinion of the PCC members, depreciation of the freehold properties would be immaterial and has not been charged. The members carry out an annual impairment review, and in their opinion no provision is necessary in respect of the value at which freehold properties are included in the financial statements. Leasehold properties are valued at cost and are depreciated on a straight line basis over the life of the lease.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 2 to 10 years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired.

Page 13

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Investment properties

Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year.

Stocks

Stocks are shown at the lower of cost or net realisable value.

Debtors

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due.

Cash and cash equivalents

Cash at bank and in hand and short term deposits comprise cash and short-term highly liquid investments held with the CBF Church of England Deposit Fund or Barclays Bank and other institutions, maturing within three months or less from the opening of the deposit or similar account.

Creditors

Creditors are recognised when the PCC has an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors are recognised at the amount that the PCC anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide.

Financial Instruments

The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognized at transaction value and subsequently measured at their settlement value.

1a. Charity information

All Souls, Langham Place is an evangelical Anglican Church located at 2 All Souls Place, London, W1B 3DA. A description of the nature of the charity's operations and its principal activites can be found in the Annual Report of the PCC.

Page 14

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Income and endowments

2a. Donations and legacies

Gift aid
Charity vouchers
Income tax
recovered
Offerings
Gift days
Donations
Grants
Legacies		 Unrestricted
£
1,205,980
253,868
303,666
23,834
-
381,602
103,344
566,000		 2020
2019
World
Mission Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
158,317
154,836
40,126
353,279
1,559,260
1,357,363
73,213
103,866
4,478
181,557
435,425
268,119
91,571
38,318
9,748
139,637
443,303
398,196
-
-
1,698
1,698
25,531
203,392
258,968
-
-
258,968
258,968
387,176
74,352
27,426
31,309
133,087
514,689
339,684
-
853
354
1,207
104,551
21,487
- -
51,206
51,206
617,206
10,297
Restricted
FUNDS
2,838,294 656,421
325,299
138,919
1,120,639
3,958,933
2,985,714

Unrestricted grants include £103,162 (2019: nil) from the government's coronavirus job retention scheme.

2b. Church activities

2b. Church activities
Unrestricted
£
Facilities use
12,045
ASLAN & Wetfoot
-
TAMAR
-
Fees
2,633
14,678
Unrestricted
Note
£
Income from trading
5
18,515
Church hall lettings
6,964
Residential rents
48,171
Other
23,096
96,747
Unrestricted
£
Interest on short-
term deposits
3,288
Dividends on trusts
and holdings
1,059
Property
-
4,347
2d. Income from investments
2c. Other trading activities		 Unrestricted
£
12,045
-
-
2,633		 2020
2019
World
Mission Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
-
66,000
-
66,000
78,045
125,778
- -
98,246
98,246
98,246
146,345
- -
112,841
112,841
112,841
100,205
- - - -
2,633
4,650
FUNDS
Restricted
14,678 -
66,000
211,087
277,087
291,765
376,978
2020
2019
World
Mission Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
- - - -
18,515
141,908
- - - -
6,964
36,377
- - - -
48,171
47,088
- - - -
23,096
26,129
FUNDS
Restricted
96,747 - - - -
96,747
251,502
2020
2019
World
Mission Building
Other
Total
TOTAL
TOTAL
£
£
£
£
£
£
- - - -
3,288
5,812
1,956
- -
1,956
3,015
4,803
-
28,624
-
28,624
28,624
28,272
Restricted
FUNDS
4,347 1,956
28,624
-
30,580
34,927
38,887

Page 15

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Expenditure

3a. Church activities

2020
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
Grants
All Souls mission partners
15a
232,185
-
500
232,685
232,685
Other world mission grants
15b
298,300
-
3,000
301,300
301,300
Ordinands and bursaries
-
- - -
15,960
Extra-parochial grants
16
-
- - -
214,926
Other grants made
-
-
8,350
8,350
8,350
530,485
-
11,850
542,335
773,221
Activities directly relating
to the work of the Church
Clergy and ministries
-
4,313
4,463
8,776
1,042,949
Clergy Diocesan Common
Fund salaries
-
- - -
272,700
Ministry salaries, NI and
pensions
-
-
4,105
4,105
350,753
Ministry working costs
- -
151
151
15,210
Ministry accommodation
costs
-
1,956
154
2,110
152,084
Telephone
-
- - -
6,847
Support and governance
allocation
3d
-
2,357
53
2,410
245,355
ASLP, SPRAS, and SPVS
2,538
40,989
61,569
105,096
507,606
Electricity
-
-
-
-
28,825
Gas
-
-
-
-
13,750
Water
-
-
-
-
7,168
Maintenance and repairs
-
38,392
60,816
99,208
161,256
Insurance
-
-
-
-
33,168
Consumables
-
-
-
-
2,507
Depreciation
-
-
-
-
57,210
CAF and bank charges
2,538
1,016
304
3,859
16,231
Broadsheet
-
-
-
-
579
Services and communion
-
-
221
221
445
Other church running costs
-
-
193
193
18,419
Bad and doubtful debts
-
-
-
-
3,404
Support and governance
allocation
3d
-
1,581
35
1,616
164,644
Direct ministry costs
-
3,814
169,252
173,066
625,697
Music and organ tuning
-
- - -
3,330
Children and youth
-
-
555
555
4,951
Student work
-
- - -
4,491
Church family and
workplace
- -
261
261
4,148
Sunday services
-
- - -
988
Springboard
-
- - -
149
Pastoral
-
-
300
300
11,210
Evangelism
-
-
1,500
1,500
2,546
Recovery
-
- - -
180
Special events
-
-
23
23
30,091
ASLAN and Wetfoot
-
-
58,401
58,401
58,401
TAMAR
-
- 108,127
108,127
108,127
Support and governance
allocation
3d
-
3,814
85
3,899
397,085
TOTAL
533,023
49,116
247,134
829,273
2,949,474
149
-
393,186
2,120,201
10,910
1,046
180
30,068
-
3,330
4,396
4,491
3,887
988
224
18,226
163,028
452,631
3,404
33,168
2,507
57,210
12,373
579
402,511
28,825
13,750
7,168
62,049
15,059
149,974
6,847
242,945
230,886
1,034,173
272,700
346,648
Note
FUNDS
Unrestricted
Restricted
-
-
15,960
214,926
-		 2020
TOTAL
World
Mission
Building
Other
Total
£
£
£
£
£
£
Grants
All Souls mission partners
15a
232,185
-
500
232,685
232,685
Other world mission grants
15b
298,300
-
3,000
301,300
301,300
Ordinands and bursaries
-
- - -
15,960
Extra-parochial grants
16
-
- - -
214,926
Other grants made
-
-
8,350
8,350
8,350
530,485
-
11,850
542,335
773,221
Activities directly relating
to the work of the Church
Clergy and ministries
-
4,313
4,463
8,776
1,042,949
Clergy Diocesan Common
Fund salaries
-
- - -
272,700
Ministry salaries, NI and
pensions
-
-
4,105
4,105
350,753
Ministry working costs
- -
151
151
15,210
Ministry accommodation
costs
-
1,956
154
2,110
152,084
Telephone
-
- - -
6,847
Support and governance
allocation
3d
-
2,357
53
2,410
245,355
ASLP, SPRAS, and SPVS
2,538
40,989
61,569
105,096
507,606
Electricity
-
-
-
-
28,825
Gas
-
-
-
-
13,750
Water
-
-
-
-
7,168
Maintenance and repairs
-
38,392
60,816
99,208
161,256
Insurance
-
-
-
-
33,168
Consumables
-
-
-
-
2,507
Depreciation
-
-
-
-
57,210
CAF and bank charges
2,538
1,016
304
3,859
16,231
Broadsheet
-
-
-
-
579
Services and communion
-
-
221
221
445
Other church running costs
-
-
193
193
18,419
Bad and doubtful debts
-
-
-
-
3,404
Support and governance
allocation
3d
-
1,581
35
1,616
164,644
Direct ministry costs
-
3,814
169,252
173,066
625,697
Music and organ tuning
-
- - -
3,330
Children and youth
-
-
555
555
4,951
Student work
-
- - -
4,491
Church family and
workplace
- -
261
261
4,148
Sunday services
-
- - -
988
Springboard
-
- - -
149
Pastoral
-
-
300
300
11,210
Evangelism
-
-
1,500
1,500
2,546
Recovery
-
- - -
180
Special events
-
-
23
23
30,091
ASLAN and Wetfoot
-
-
58,401
58,401
58,401
TAMAR
-
- 108,127
108,127
108,127
Support and governance
allocation
3d
-
3,814
85
3,899
397,085
TOTAL
533,023
49,116
247,134
829,273
2,949,474
149
-
393,186
2,120,201
10,910
1,046
180
30,068
-
3,330
4,396
4,491
3,887
988
224
18,226
163,028
452,631
3,404
33,168
2,507
57,210
12,373
579
402,511
28,825
13,750
7,168
62,049
15,059
149,974
6,847
242,945
230,886
1,034,173
272,700
346,648
Note
FUNDS
Unrestricted
Restricted
-
-
15,960
214,926
-		 2019
TOTAL
£
259,598
206,060
42,719
206,708
77,688
792,773
Clergy and ministries -
4,313
4,463
8,776
1,042,949
1,034,173		 1,062,023
Clergy Diocesan Common
Fund salaries
Ministry salaries, NI and
pensions
Ministry working costs
Ministry accommodation
costs
Telephone
Support and governance
allocation
3d		 265,800
333,926
52,071
160,697
15,832
233,697
ASLP, SPRAS, and SPVS 2,538
40,989
61,569
105,096
507,606
402,511		 549,408
Electricity
Gas
Water
Maintenance and repairs
Insurance
Consumables
Depreciation
CAF and bank charges
Broadsheet
Services and communion
Other church running costs
Bad and doubtful debts
Support and governance
allocation
3d		 40,101
11,971
4,939
201,331
52,853
13,076
48,169
9,282
1,068
1,697
8,097
-
156,824
Direct ministry costs -
3,814
169,252
173,066
625,697
452,631		 779,926
Music and organ tuning
Children and youth
Student work
Church family and
workplace
Sunday services
Springboard
Pastoral
Evangelism
Recovery
Special events
ASLAN and Wetfoot
TAMAR
Support and governance
allocation
3d
TOTAL		 9,861
6,810
19,759
10,366
30,972
4,434
12,755
(217)
113
18,577
131,372
95,406
439,718
533,023
49,116
247,134
829,273
2,949,474
2,120,201		 3,184,130

Page 16

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Expenditure (continued)

3b. Support costs

Support staff salaries, NI
and pensions
Support staff working
costs
Telephone
Print, postage and
stationery
Computing
Note
PCC expenses
Audit fees
Over-provision of prior
year audit fee
Legal, professional and
accountancy fees
Total support and
governance costs
3d.
3c. Governance costs		 £
706,158
12,290
10,566
238
20,918
Unrestricted		 2020
2019
TOTAL
TOTAL
World
Mission Building
Other
Total
£
£
£
£
£
£
- - - -
706,158
711,039
- - - -
12,290
15,615
-
-
173
173
10,738
10,574
- -
-
-
238
18,077
-
7,752
- 7,752
28,670
41,488
FUNDS
Restricted
750,169 -
7,752
173 7,925
758,094
796,793
£
-
14,300
-
34,690
Unrestricted		 2020
2019
TOTAL
TOTAL
World
Mission Building
Other
Total
£
£
£
£
£
£
- - - -
-
400
- - - -
14,300
12,600

- - - -
-
(600)
- - - -
34,690
21,046
FUNDS
Restricted
48,990 - - -
-
48,990
33,446
799,159 -
7,752
173
7,925
807,084
830,239

3d. Allocation of support and governance costs

Support and governance costs have been allocated to the activities shown in Note 3a. by apportioning time spent by staff on each activity area. All such costs are charged in their entirety against unrestricted income. ASLP, SPRAS and SPVS costs relate to the running of the three main buildings.

Activity
Clergy and ministries
ASLP, SPRAS, and SPVS
Direct ministry costs		 £
242,945
163,028
393,186
Unrestricted		 2020
2019
TOTAL
TOTAL
World
Mission Building
Other
Total
£
£
£
£
£
£
-
2,357
53
2,410
245,355
233,697
-
1,581
35
1,616
164,644
156,824
-
3,814
85
3,899
397,085
439,718
Restricted
FUNDS
799,159 -
7,752
173
7,925
807,084
830,239

Page 17

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. (Losses) / Gains on investments and investment property

Endowment investments
Market value at 1 January
Disposals at market value
Cash held by Endowment investment manager
Market value after disposal
Market value at 31 December
Unrealised gain / (loss) in year
Realised loss on disposal
Loss on Endowment fund
Hargreaves Lansdown investments
Market value at 1 January
Additions, at cost
Market value at 31 December
Unrealised gain / (loss) in year
Investment property - Flat C, 5 All Souls Place
Market value at 1 January
Additions, at cost
Market value at 31 December, determined by independent valuer
(Decrease) / Increase in market value
Total (losses) / gains
Investment property management costs		 2020
£
68,425
(65,966)
42,352
44,811
44,903
92
(23,614)
(23,522)
96,629
30,499
134,050
6,922
1,100,000
-
1,000,000
(100,000)
(116,600)
(7,079)		 2019
£
68,831
-
-
68,831
68,425
(406)
-
(406)
43,837
46,277
96,629
6,515
850,000
101,278
1,100,000
148,722
154,831
(6,847)

5. Net income / (expenditure) from trading

Net income / (expenditure) for various activities which include items of both income and expenditure are as follows:

Catering
Receipts
Stock at 1 January
Add: Purchases
Less: Stock at 31 December
Cost of stock used
Staff costs
Maintenance
Depreciation
Total costs
Catering deficit
Audio and resource centre
Receipts
Stock at 1 January
Add: Purchases
Less: Stock at 31 December
Cost of stock sold
Staff costs
Depreciation
Total costs
Resources deficit
Total trading deficit
The total trading deficit can be split as follows:
Income - unrestricted
Expenditure - unrestricted
Expenditure - restricted		 2020
£
£
13,995
1,711
14,078
-
15,789
49,032
352
957
(66,130)
(52,135)
4,520
6,232
4,592
(7,836)
2,988
12,482
-
(15,470)
(10,950)
(63,085)
18,515
(81,475)
(125)
(63,085)		 2020
£
£
13,995
1,711
14,078
-
15,789
49,032
352
957
(66,130)
(52,135)
4,520
6,232
4,592
(7,836)
2,988
12,482
-
(15,470)
(10,950)
(63,085)
18,515
(81,475)
(125)
(63,085)		 £
955
65,431
(1,711)		 2019
£
105,270
64,675
48,942
4,353
996
6,690
28,026
(6,232)
(118,966)
(13,696)
36,638
28,484
36,775
415
(15,470) (65,674)
(10,950) (29,036)
(63,085) (42,732)
18,515
(81,475)
(125)		 141,908
(184,400)
(240)
(63,085) (42,732)

Page 18

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Consolidated staff costs

Wages and salaries
Social security costs
Pension costs		 2020
£
983,709
66,241
64,256
1,114,206		 2019
£
996,713
62,956
60,923
1,120,592

During the year the PCC employed 46 (2019: 43) lay staff, none of whom earned £60,000 p.a. or more. The above figures include full and part time staff and staff working only for All Souls Church PCC. It excludes any contributions made to mitigate the costs of any person's salary. The number of full time equivalent (FTE) staff in 2020 was 39 (2019: 39). 5 (2019: 5) clergy were paid stipends by the Diocese of London. A Diocesan Common Fund contribution of £272,700 (2019: £265,800) was made to cover these costs. The above pension costs represent the contributions payable for the year; they include an amount of £8,194 (2019: £nil) arising from December 2020 salaries but paid in January 2021.

There are 11 (2019: 11) individuals identified as key management who received remuneration during the year, including 5 (2019: 5) ordained clergy. The total remuneration (including pension and NI) was £530,638 (2019: £509,558).

7. Tangible fixed assets

Freehold land and buildings comprise:

Leasehold buildings comprise:

The London Diocesan Fund is custodian trustee and the All Souls PCC is managing trustee of all freehold and leasehold properties.

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Accumulated depreciation
At 1 January 2020
Charge for the year
Disposals
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
land and
buildings
Leasehold
land and
buildings
Motor
vehicles
Fixtures,
fittings and
equipment
Total
£
£
£
£
£
44,000
606,442
8,522
696,648
1,355,612
-
139,122
-
38,005
177,127
-
-
-
(43,530)
(43,530)
44,000
745,564
8,522
691,123
1,489,209
-
39,919
8,522
514,689
563,130
-
15,721
-
42,446
58,167
-
-
-
(43,530)
(43,530)
-
55,640
8,522
513,605
577,767
44,000
689,924
-
177,518
911,442
44,000
566,523
-
181,959
792,482

Page 19

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Investments

At 1 January 2020
Additions at cost
Revaluation (loss) / gain
At 31 December 2020
8a. Investment property		 2020
2019
£
£
1,100,000
850,000
-101,278
(100,000)
148,722
1,000,000
1,100,000

During 2013, the PCC decided to make the leasehold property, Flat C, 5 All Souls Place, available for commercial rental. In accordance with reporting requirements the property was valued on a market value basis by Robert Irving Burns, property consultants, in January 2021.

8b. Other investments
At 1 January 2020
Additions at cost
Disposals
Cash held from disposal
Net gain
At 31 December 2020		 2020
2019
£
£
165,054
112,668
30,499
46,277
(65,966)
-
42,352
-
7,014
6,109
178,953
165,054

The London Diocesan Fund holds investments that provide an income return for the Church. Their historical cost and market values at the beginning and end of the year are as follows:

London Diocesan Fund holdings 2020 2019 2020 2019
Historical cost Market value
No. of units £ £ £ £
Rev T B Wood
Central Board of Finance Investment Fund 70 36 36 1,434 1,342
Miss E L Bridges Trust
Keystone Investment Trust Plc - - 172 - 11,524
Central Board of Finance Deposit Fund (disposal) - 1,117 1,117 1,117 1,117
Royal Dutch Shell Plc - - 43,916 - 54,442
Cash held from disposal 42,352 - 42,352 -
Sub-total 43,505 45,241 44,903 68,425
Hargreaves Lansdown holdings 2020 2019 2020 2019
Historical cost Market value
No. of units £ £ £ £
Aegon (2019: Kames) Ethical Equity Fund 10,778.4689 24,818
 24,781 27,066 27,250
Capital Gearing Trust Plc 368 15,726
 10,650 17,296 11,006
Legal & General International Index Trust 13,167.5310 19,902
 9,925 23,873 10,746
Lindsell Train Global Equity Fund 7,617.3730 20,238
 20,056 22,050 19,734
Royal London Ethical Bond Fund 7,457.1216 9,943 9,943 11,775 10,932
Investments with market values < £10,000 35,058 19,831 31,990 16,961
Sub-total 125,685 95,186 134,050 96,629
Total other investments 169,190 140,427 178,953 165,054

The market value of other investments at 31 December 2020 was £178,953 (2019: £165,054) which, after allowing for additions of £30,499, and disposals of £65,966 gives rise to a net gain of £7,014 (2019: £6,109) of which a loss of £23,522 (2019: £406) relates to the endowment fund. The Royal Dutch Shell and Keystone shares were liquidated due to the high management charges on the fund and the cash realised was reinvested in a CCLA income account on 5 January 2021.

9. Stock

The following stock was held as at 31 December: Audio and resource centre stock Food and catering supplies

2020 2019
£ £
7,836 6,232
- 1,711
7,836 7,943

Page 20

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Debtors and prepayments

10. Debtors and prepayments
Unpaid sales invoices
Gift aid tax recoverable
Prepayments
Other debtors
Accruals for grants payable
Accruals
Other creditors
Other creditors
Trade creditors
11a. Creditors: amounts falling due within one year
Amount due to All Souls Clubhouse
11b. Creditors: amounts falling due after more than one year
Amount due to Langham Arts Trust
Amount due to St Paul's Trust
Taxation and social security		 2020
£
5,621
105,738
57,124
240,203		 2019
£
30,850
96,545
22,846
38,916
408,687 189,157
2020
£
29,099
69,143
-
4,173
19,107
11,360
112
48,750		 2019
£
26,000
88,907
42,042
1,072
-
14,040
-
42,142
181,744 214,203
2020
£
427,626		 2019
£
459,527

Of the above amount, £351,626 (2019: £383,527) falls due after more than 5 years of the balance sheet date.

Included within other creditors, in aggregate, are loans from St Paul's Trust totalling £446,626 (£478,528) which are secured by a fixed legal charge over one of the Church's leasehold properties and its investment property.

12. Financial instruments

Financial assets measured at fair value through net income / expenditure 2020
£
2,834,758		 2019
£
1,922,223

The above comprise fixed asset investments, short-term deposits, cash at bank and in hand.

13a. Reconciliation of net income / (expenditure) to net cash flow from operating activities

13a. Reconciliation of net income / (expenditure) to net cash flow from operating
activities
Depreciation charge
Dividends, interest and rent from investments
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
Decrease / (Increase) in current accounts
Net income / (expenditure) for the year
Adjustments for:
(Increase) / Decrease in stocks
(Gains) / losses on investments
Net cash provided by operating activities
Cash in hand
Cash at bank (including minor funds)
Short-term deposits
13b. Analysis of cash and cash equivalents		 2020
£
1,227,620
58,167
116,600
(34,927)
107
(219,530)
(12,342)
(64,360)		 2019
£
432,295
49,580
(154,831)
(38,887)
(298)
34,798
50,413
582,626
1,071,335 955,696
2020
£
785,251
1,870,031
523		 2019
£
781,963
974,615
591
2,655,805 1,757,169

Page 21

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14a. Funds detail - restricted funds

The major restricted funds comprise:

At 1 January
Income
Expenditure
Movement
Transfer to General Fund
At 31 December		 Building
Fund
World
Mission
Fund
2020
TOTAL
Building
Fund
World
Mission Fund
2019
TOTAL
£
£
£
£
£
£
534,122
197,005
731,127
353,638
164,306
517,944
419,923
658,377 1,078,300
403,345
496,291
899,636
(56,195)
(533,023) (589,218)
(76,893)
(463,592)
(540,485)
363,728
125,354
489,082
326,452
32,699
359,151
(139,122) -(139,122)
(145,968)
-
(145,968)
758,728
322,359 1,081,087
534,122
197,005
731,127

The minor restricted funds comprise:

TAMAR

TAMAR works in Westminster to reach and support workers in the sex industry, with a focus on trafficked women.

Clubhouse Church

A church family meeting at the All Souls Clubhouse under the leadership of Luke Ijaz.

Wetfoot

Wetfoot provides an opportunity for All Souls members to grow, learn and serve alongside Christians in another cultural context.

Rector's Discretionary Fund

A Discretionary Fund for the Rector’s special projects, causes or needs, including 'Serve the City' ministries.

Student Bursary Fund

A fund to provide bursaries for students attending All Souls student events.

ASLAN

The ASLAN fund supports All Souls work with homeless people.

St Peters Church Vere Street Fund

A fund to be spent on improvements to St Peter’s.

2020 Rector’s Student
Clubhouse Discretionary Bursary
TAMAR Church Wetfoot Fund Fund ASLAN St Peters TOTAL
£ £ £ £ £ £ £ £
At 1 January 109,473 55,378 12,320 33,127 8,468 164,217 142,325 525,308
Income 112,840 22,124 636 **65,234 ** - 148,817 354 350,005
Expenditure (108,127) (5,720) (1,058) **(14,193) ** - (57,343) (60,816) (247,257)
Movement 4,713 16,404 (422) **51,041 ** - 91,474 (60,462) 102,748
Transfers (16,848) (9,163) - - - (14,640) - (40,651)
At 31
December 97,338 62,620 11,898 84,168 8,468 241,051 81,863 587,405
Total restricted funds at 31 December 2020 1,668,493
2019 Rector’s Student
Clubhouse Discretionary Bursary
TAMAR Church Wetfoot Fund Fund ASLAN St Peters TOTAL
£ £ £ £ £ £ £ £
At 1 January 119,348 48,831 13,735 88,308 8,468 159,073 163,443 601,206
Income 100,205 29,365 33,794 26,747 - 118,291 1,927 310,329
Expenditure (95,049) (5,438) (35,209) (81,928) - (96,271) (23,045) (336,940)
Movement 5,156 23,927 (1,415) (55,181) - 22,020 (21,118) (26,611)
Transfer (15,031) (17,380) - - - (16,876) - (49,287)
At 31
December 109,473 55,378 12,320 33,127 8,468 164,217 142,325 525,308
Total restricted funds at 31 December 2019 1,256,435

Page 22

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14b. Funds detail - unrestricted funds

The unrestricted funds comprise:

Movements on these funds are shown below:

2020
Balance at 1 January 2020
Income
Expenditure
Movement
Gain / (Loss) on investments
Transfers
Balance at 31 December 2020
2019
Balance at 1 January 2019
Income
Expenditure
Movement
Loss on investments
Transfer
Balance at 31 December 2019
Analysis of net assets by fund type
2020
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due after more than year
2019
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due after more than year		 Building
General
Organ
Support
2020
Fund
Fund
Fund
Total
£
£
£
£
1,903,223
99,446
31,305
2,033,974
2,954,066
-
-
2,954,066
(2,198,676)
-
(3,000)
(2,201,676)
755,390
-
(3,000)
752,390
(93,078)
-
-
(93,078)
172,772
7,000
-
179,772
2,738,307
106,446
28,305
2,873,058
Building
General
Organ
Support
2019
Fund
Fund
Fund
Total
£
£
£
£
1,558,312
91,446
88,800
1,738,558
2,442,116 1,000 -
2,443,116
(2,440,697)
-
(57,495)
(2,498,192)
1,419 1,000
(57,495)
(55,076)
155,237
- -
155,237
188,255
7,000
-
195,255
1,903,223
99,446
31,305
2,033,974
2020
2020
2020
2020
Unrestricted
Restricted Endowment
Total
Funds
Funds
Fund
£
£
£
£
911,442
-
-
911,442
1,134,050
-
44,903
1,178,953
1,405,414
1,700,015
-
3,105,429
(150,222)
(31,522)
-
(181,744)
(427,626)
-
-
(427,626)
2,873,058
1,668,493
44,903
4,586,454
2019
2019
2019
2019
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Fund
£
£
£
£
792,482
- -
792,482
1,196,629
-
68,425
1,265,054
687,062 1,287,966 -
1,975,028
(182,672)
(31,531)
-
(214,203)
(459,527)
- -
(459,527)
2,033,974
1,256,435
68,425
3,358,834

Page 23

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. World Mission grants made

World Mission funds are generated each year through regular giving and special days that are set aside on the church calendar. A World Mission committee meets to propose how these funds are to be distributed and the final approval of this is given by the PCC. All Souls sees this as an ongoing and vital mission policy that reaches out both in the UK and throughout the world.

The following grants were approved by the PCC during the year:

15a. All Souls Mission Partners
Note
Payments made towards the support of All Souls Mission Partners
Adventure Plus (J&T Cox)
Arab World Ministries (I&D F)
Anna T
BMS Mission Worldwide (H M)
Church Mission Society (RL)
Crosslinks (W&M Mahiani)
GBU Italy (J Elliot)
Friends International (K Gillespie)
IFES (V Ramachandra, T Vickers & P V)
Interserve (J Rogers)
London City Mission (D Luogon & J Purslow)
MAF (S Kempsell)
OMF Int. (A&L McClymont, A Dunsmore-Rouse, R&C East, S Parry, R&A L
OM (A&J H & R Olney)
SIM – UK (M Proctor, K Thompson & S&K R)
UFM Worldwide (T&N Sandell)
Wycliffe Bible Translators (J&S LW)
Sub-total
Discretionary payments
Arocha
I & D F
OMF
IFES
Iserve
Josh S
R & M T
Sub-total
Carried forward
3a		 2020
£
14,280
15,620
-
8,930
2,165
15,620
3,120
8,930
28,490
8,930
5,420
2,170
60,255
24,550
17,725
12,980
-
229,185
-
1,000
-
-
1,500
500
-
3,000
232,185		 2019
£
15,030
16,370
216
9,180
4,780
16,220
3,150
9,530
30,140
9,380
6,620
2,620
59,015
25,750
23,840
13,730
4,930
250,501
3,000
-
898
898
-
-
3,800
8,597
259,098

Page 24

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. World Mission grants made (continued)
Brought forward
15b. Mission grants to projects and organisations
Arocha
Adventure Plus
African Enterprise
Agape
All Souls Clubhouse
AIM
Al Massira
Armonia UK Trust
Arab World Ministries
Bulgarian Support Fund
CARE
Christianity Explored
Christian Institute
Christian Solidarity Worldwide
Choices
CMS
Crosslinks
Crossteach
Daada Luogon (Liberia)
Ditch Foundation
Eagle Project
Focus
Friends International
Free! Recovery
Global Connections
Gospel for Asia
Humanitarian Aid Relief Trust
IFES
International Justice Mission
Interserve
Iserve Africa
Kisiizi Hospital
Langham Partnership International
Lapis Lazuli
Lausanne
LICC
London City Mission (Paget Centre)
MAT
MEDS
Micah Network
Morphe Arts
OM UK (silk road challenge)
OMF
Open Doors (Conflict Zones)
St Julien's Anglican Training Centre (Kenya)
Railway Mission
Regent College (Hannah Hawksbee)
Release International
Resurrection Church
SAT7
School in C.Asia
SIM
Tearfund - Cyclone Idai
Tearfund (Various Other Projects & Relief)
Tearfund - Zimbabwe
Trustbridge Global Foundation
UCCF
UFM
Via Design
West London Day Centre
Wycliffe
Zimonya
Sub-total
3a
Total cost of World Mission grants		 2020
£
232,185
5,000
4,500
-
2,000
5,000
9,000
6,000
3,000
5,000
2,000
-
5,000
6,000
2,000
-
2,500
14,600
2,000
8,000
10,000
3,300
2,000
1,000
10,000
1,675
1,000
1,000
-
4,747
-
-
3,000
20,000
2,000
1,000
5,000
37,078
13,000
2,500
100
-
8,000
8,000
9,500
-
-
6,000
6,000
3,000
2,000
-
23,000
-
-
5,000
10,000
2,000
5,000
3,000
-
4,800
3,000
298,300
530,485		 2019
£
259,098
4,000
3,000
3,000
-
8,000
4,000
3,000
3,000
8,000
-
860
5,000
3,000
1,000
1,000
-
5,100
2,000
10,000
-
-
1,000
4,500
-
1,500
1,000
-
11,500
2,000
2,000
1,500
1,000
15,000
-
1,000
5,000
5,000
8,000
-
100
2,500
7,000
10,000
3,000
5,000
2,500
-
3,000
-
2,000
1,000
15,000
3,000
6,000
-
-
5,000
-
-
3,000
10,000
1,000
203,060
462,158

Page 25

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Extra-parochial grants

Each year the PCC approves grants to support related charities within the Parish. A further 1% of our unrestricted donations is set aside to support other mainly local causes that have been identified by the World Mission committee and approved by the PCC.

The following grants from unrestricted funds were approved by the PCC during the year:

Note
Langham Arts Trust
Adventure Plus
Anglican Mainstream
CARE
Choices
Christian Embassy
Church of England Evangelical Council
Evangelical Small Churches
Evangelical Alliance Grant
London City Mission
West London Day Centre
Total unrestricted extra-parochial grants
3a		 2020
£
193,656
5,000
500
1,000
4,000
-
750
5,000
1,000
1,000
3,020
21,270
214,926		 2019
£
186,318
5,000
500
140
3,000
2,000
3,750
5,000
1,000
-
-
20,390
206,708

Page 26

PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Related party transactions and balances

Total donations, across all funds, received from PCC members amounted to £282,630 (2019: £253,315).

Out of pocket expenditure for items bought on behalf of the Church has been reimbursed to members of the PCC. Expenditure is categorised within the relevant expenditure category and as such is not separately disclosed in the financial statements.

7 PCC members received a total of £884 for expenses incurred on behalf of the PCC (2019: 2 PCC members were reimbursed £1,583). 3 PCC members, Mrs Natasha Ling, Mr Ross Hendry and Mr Michael Sharp, are married to serving ministers at All Souls, Langham Place. During the year ended 31 December 2020, by virtue of their relationships, Mrs Natasha Ling and Mr Ross Hendry benefited from the provision of housing within the parish, and Mr Michael Sharp benefited from an annual housing allowance of £10,000.

At 31 December 2020 £172 was owed to PCC members.

In order to show our appreciation for Hugh and Clare Palmer's 15 years of service, the church held a retiring collection. A total of £46,989 was donated and passed on to the Palmers.

At 31 December 2020, £19,050 was due from (2019: £42,042 was owed to) All Souls Clubhouse. This is a related party as All Souls Church has the power to appoint or remove a significant number of the trustees of the Clubhouse. Transactions with All Souls Clubhouse were as follows:

All Souls Church has continued to provide administrative and technical support to the Clubhouse during 2020 and expects to do so for the newly formed All Souls Serve The City CIO, for the foreseeable future.

All Souls Church, Langham Place also has a controlling interest in both St Paul's Trust and Langham Arts Trust. As well as operational control over St Paul's Trust and Langham Arts Trust, the majority of trustees for these two organisations are also trustees of All Souls Church.

As at 31 December 2020:

In 2020 Langham Arts Trust was paid grants totalling £193,656 (2019: £186,318).

In 2020 grants totalling £2,000 were made to Lapis Lazuli Schools. Michael Hall, a member of the PCC, is also a trustee of this charity.

18. Auditors' remuneration

The audit fee for 2020 is £14,300 (2019: £12,600). Expenditure recognised in the SOFA in connection with the auditors was £14,300 (2019: £12,000) in respect of audit services, £720 (2019: £1,440) in respect of accountancy services and £3,067 (2019: £3,845) in respect of payroll services.

19. Operating leases

As at 31 December 2020 total future minimum lease payments under non-cancellable operating leases were as follows:

Amounts falling due:
Within one year
Later than one year and not later than five years		 2020
£
34,982
38,480
73,462		 2019
£
34,982
40,978
75,960

Lease payments recognised as an expense in the SOFA total £34,982 (2019: £36,165).

20. Capital commitments

As at the balance sheet date, the Church had no capital commitments (2019: £130,672).

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PAROCHIAL CHURCH COUNCIL OF ALL SOULS CHURCH, LANGHAM PLACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. Post balance sheet events

Between January and April 2021, the charity received notification that it was to receive significant legacies, resulting in interim distributions totalling £157,000 being received which will be recognised as income in the financial statements for the year ended 31 December 2021.

22. Statement of financial activities for the year ended 31 December 2019

Income and endowments
from:
Donations and legacies
Church activities
Other trading activities
Investments
Total income and
endowments
Expenditure on:
Raising funds
- Trading expense
- Investment
management costs
Church activities
Total expenditure
Net income / (expenditure)
before gain/(loss) on
investments
Gain / (Loss) on
investments
Net Income / (Expenditure)
Transfer of funds
Net movement in funds
Reconciliation of funds:
Total funds brought
forward at 1 January 2019
Total funds carried forward
at 31 December 2019		 2019
Unrestricted
Endowment
TOTAL
World
Mission Building
Other
Total
£
£
£
£
£
£
£
2,134,558
492,329
295,473
63,354
851,156
-
2,985,714
50,828
-
79,600
246,550
326,150
-
376,978
251,102
-
-
400
400
-
251,502
6,628
3,962
28,272
25
32,259
-
38,887
FUNDS
Restricted
2,443,116
496,291
403,345
310,329
1,209,965
-
3,653,081
(184,400)
-
-
(240)
(240)
-
(184,400)
(1,435)
-
(5,412)
-
(5,412)
-
(6,847)
(2,312,357) (463,592)
(71,481) (336,700)
(871,773)
- (3,184,130)
(2,498,192) (463,592)
(76,893) (336,940)
(877,425)
- (3,375,617)
(55,076)
32,699
326,452
(26,611)
332,540
-
277,464
155,237
-
-
-
-
(406)
154,831
100,161
32,699
326,452
(26,611)
332,540
(406)
432,295
195,255
- (145,968)
(49,287)
(195,255)
-
-
295,416
32,699
180,484
(75,898)
137,285
(406)
432,295
1,738,558
164,306
353,638
601,206
1,119,150
68,831
2,926,539
2,033,974
197,005
534,122
525,308
1,256,435
68,425
3,358,834

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