# **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:
- select suitable accounting policies and apply them consistently
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the activities of the church will continue.
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:
- give a true and fair view of the state of the church's affairs as at 31 December 2020, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ● have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the PCC members' annual report; or
- the church has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- ● we have not received all the information and explanations we require for our audit.
## **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:
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- ● Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of financial activities does not contain any irregular items;
- Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date;
- Verifying the existence, on a sample basis, of individual employees on the payroll;
- Enquiry of management and those charged with governance around actual and potential litigation and claims; and
- ● Reviewing minutes of PCC meetings.
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:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the church’s internal control.
- ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the PCC members.
- Conclude on the appropriateness of the PCC members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the church’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the church to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
## **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_
- Offerings are recognised when received by or on behalf of the PCC
- Planned giving receivable under Gift Aid is recognised only when received
- Income tax recoverable on Gift Aid donations is recognised when the income is recognised
- Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement when the due can be measured and assessed with reasonable accuracy
## _Income from church activities and other trading activities_
- Income from church letting and fee income is recognised when the rental or fee is due
- Sales from trading activities, which include the resources centre, are accounted for gross at point of sale
- Rental income from the letting of residential properties is recognised when the rental is due
- Other trading income is recognised as it arises
- All other income is recognised gross, and on a receivable basis
## _Income from investments_
- Interest entitlements are accounted for as they accrue
- Dividends are accounted for when due and payable
- Income from the Miss E L Bridges Trust endowment fund (Note 8b) is restricted. Income from the remaining funds is unrestricted
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:
- 139 Cleveland Street
- 25 Fitzroy Street
- The Clubhouse
Leasehold buildings comprise:
- 12 De Walden Street
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:**
- The World Mission Fund is for the support of All Souls Missionaries and grants made to third party missionary organisations.
- The Building Fund is a restricted fund resulting from monies raised at past Thanksgiving and Gift days plus ongoing contributions to maintaining the fabric of the buildings.
|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:**
- The General Fund.
- The Organ Fund - a designated fund which serves to provide for major repairs on the organ.
- The Building Support Fund - a designated fund to provide for buildings works in the Parish.
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:
- A grant of £5,000 (2019: £8,000) was given by the World Mission Fund to All Souls Clubhouse.
- Management charges of £13,966 (2019: £12,134) were made by the Church to All Souls Clubhouse. Total support costs provided to Clubhouse were £89,219 (2019: £89,219) resulting in a donation in kind of £75,253 (2019: £77,085).
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:
- creditors: amounts falling due within one year include £4,173 due to (2019: £1,072) Langham Arts Trust. This excludes the long-term and interest-free loan of £13,731 (2019: £13,731) given to Langham Arts Trust shown within current assets.
- creditors: amounts falling due within one year include £19,107 due to (2019: current assets include £5,536 due from) St Paul's Trust.
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).
Page 27
## **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|
Page 28