Registered Charity Number 1133033
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF PIMLICO ST PETER WITH WESTMINSTER CHRIST CHURCH
WORKING NAME ‘ST PETER’S EATON SQUARE PCC’
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
The members of the Parochial Church Council present their annual report and the unaudited financial statements for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting polices set out in note 1 to the accounts and comply with the Foundation’s governing document, 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 in the UK and Republic of Ireland (“FRS 102”) (effective 1 January 2015).
The accounts (financial statements) have been prepared to give a ‘true and fair view’.
GENERAL INFORMATION
Charity Name
The Parochial Church Council of the Ecclesiastical Parish of Pimlico St Peter with Westminster Christ Church
Charity Working Name St Peter’s Eaton Square Charity Registration 1133033 Number Charity Address St Peter’s Church 119 Eaton Square London SW1W 9AL
Independent Examiner
Independent Examiner Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Bankers Messrs Coutts & Co 440 Strand London WC2R 0QS
Investment Custodian The Share Centre Limited Oxford House, Oxford Rd, Aylesbury, Buckinghamshire HP21 8SZ
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
BACKGROUND INFORMATION
St Peter’s Parochial Church Council (PCC) has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church: pastoral, evangelistic, social and ecumenical. It also has the maintenance responsibilities for the church complex of St Peter’s Eaton Square, London. The PCC registered with the Charities Commission with effect from 1 December 2009.
MEMBERSHIP
Members of the PCC are either ex-officio, elected by the Annual Parochial Church Meeting or coopted by the PCC in accordance with the Church Representation Rules. There were no cooptions in 2021.
During the year the following served as members of the PCC:
Incumbent Priest Missioner Associate Priest
The Rev’d Ralph James Williamson (until 4 April 2021)
The Rev’d Julie Khovacs
The Rev’d Jacqui Miller
Churchwardens
Mr Richard Carter Ms Samantha Singlehurst
Ex-officio
Mr Richard Carter * Mr Jim Glen * Ms Samantha Singlehurst Mrs Nancy Wood Dr Judith Richardson+ Miss Valerie Smith*
Elected Members
Ms Sarah Armstrong (from 20 May 2021) Ms Samantha Atkins (from 20 May 2021) Ms Lucy Bannell (until 13 September 2021) Mr David Brown Mrs Deborah Chapman (from 20 May 2021) Ms Annabel Clark Mr Philip Course (until November 2021) Mrs Mary Drummond (until 20 May 2021) Mr Mark Dowsett (from 20 May 2021) Mr Robin Duttson Mr Luca Formica (until 20 May 2021)
Deanery Synod*
Diocesan Synod+
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
Mrs Jane Franses (until 20 May 2021) Ms Davida Forbes (until 20 May 2021) Mr John Hilary (from 20 May 2021) Mr Michael Johnston Ms Alex Mannion (from 24 November 2021) Professor David Payne Ms Ekanem Peers Mrs Kay Simon Mr Richard Wildash
PUBLIC BENEFIT
The PCC maintains and operates the church complex, providing a venue not only for its primary purpose of worship but also community events, youth activities, public hire and charitable fundraising. When planning our activities for the year 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. The council has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults).
COMMITTEES
The PCC operates through a number of committees and working groups which meet between full meetings of the PCC; all report back to the full PCC. These were as follows:
PCC Standing Committee: (To which the PCC delegates decision making in between meetings of the PCC): Chair: The Vicar (during interregnum, the Lay Vice-Chair)
Formation Committee: Chair: The Vicar (during interregnum, the Priest Missioner)
Worship Committee: Chair: The Vicar (during interregnum, the Priest Missioner)
Resources Committee: Chair: Richard Carter
Transformation/Outreach Committee: Chair: The Priest Missioner
GOVERNING DOCUMENT
The PCC is governed by two pieces of Church of England legislation: the Parochial Church Councils (Powers) Measure 1956 as amended, and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended).
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
OBJECTIVES AND ACTIVITIES
The PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church: pastoral, evangelistic, social and ecumenical. It also has the maintenance responsibilities for the church complex at St Peter’s.
Activity in 2021
For the second consecutive year, parish life was significantly disrupted by the Covid-19 pandemic. Additionally in 2021, the departure of the Vicar meant that for the majority of the year there was an interregnum, which was still continuing as the calendar year ended.
The response to the pandemic followed the pattern of 2020. Whenever possible, the church was open for in-person worship. A relaxation of the rules in relation to places of worship, along with the success and rapid pace of the vaccination program, meant that much less of the year was spent delivering online-only services. In recognition of the fact that numerous members of the congregation were continuing to shield because of extreme clinical vulnerability, live streaming of the family and sung services continued throughout the year. The shortcomings identified in doing this led to a decision in principle to install sound and vision equipment which would deliver much better quality of both. This had not been installed by the close of 2021, but it was expected to proceed early in 2022. All aspects of the parish’s common life fluctuated between online and inperson according to the pandemic situation at the time. By the end of the year, every group had been able to resume at least some in-person activity, with some, including the PCC, offering both in-person and online options for attendance. The financial consequences of the pandemic are described in the financial sections below.
The PCC met nine times. Routine PCCs were held on 28 January, 22 April, 10 June, 20 July, 16 September and 24 November. As part of the appointment process, the PCC met without parochial clergy for the Section 11 and Section 12 meetings on 7 and 13 July respectively. In addition, the lay members of the PCC met the Bishop of London for an informal meeting on 14 June, in advance of the appointment process. The Standing Committee met four times. Other committees and groups met as required.
For much of 2021, ministry with the school continued to be affected by Covid regulations. Revd Julie provided recorded weekly services with contributions from the children through July 2021. Prayers and RE classes were also offered online. From September, in-person school services began in church and eventually in school, as well as class visits. Friday Mass was reintroduced and there has been a particular focus on helping the children understand the meaning of the
St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
service. Our partnership with the school continues to grow and flourish under the leadership of Jane Carrington, Headteacher.
The Family Eucharist grew steadily as Covid regulations were gradually relaxed from spring 2021. Children have played a greater role in the service by reading, leading prayers and serving. The children’s choir was reintroduced in September 2021 and there has been a general positive feeling amongst those attending the services. Fiona Hymns has done a wonderful job leading both the family choir and children’s choir.
Poppets was reintroduced in September 2021 and very quickly grew in numbers. Very sadly our Poppets coordinator Fiona Kushvid died in November 2021. Sarah Armstrong is our new Poppets coordinator and she has done a wonderful job. We have introduced singing, which has been well received. Several new people have begun to attend the family service and bring their children for baptism.
The Welcome Boxes scheme has re-started and we enjoyed a picnic in summer 2021 and supported refugees and asylum seekers with practical needs such as tuition, gym membership and donations. Our partnership with Housing Justice continued through regular email updates.
The Social Committee was reintroduced December 2021 to plan events and link with outreach.
The Revd Ralph Williamson formally vacated the benefice at the end of May 2021. His final service was the Sung Eucharist on Easter Day (4 April 2021). Governance arrangements for the interregnum, which were in place from the beginning of April, were as close as possible to the normal structures. The main exception was the creation of an ad hoc group, comprising the clergy and wardens, to take decisions which would normally fall to the incumbent. In addition, a number of committees were chaired by either the Priest Missioner or the Lay Vice Chair, with the latter ex officio chair of PCC meetings and of the Standing Committee (although on some occasions the chair was temporarily ceded to others when the Lay Vice Chair was unavailable). These arrangements continued through the remainder of 2021.
Davida Forbes was appointed Parish Administrator in January 2021. A permanent move away from London necessitated her resignation from that role in December 2021. Joe Grogan, who moved on from the Pastoral Assistant role in September 2021 to fulfil the same role at St Michael and All Angels Croydon, was not replaced, in view of the cost pressures and expected financial overspend. Jim Glen retired as hon treasurer at the 2021 APCM and was succeeded at the following PCC meeting by John Hilary. Davida Forbes gave up the role of PCC Secretary at the APCM and was succeeded by Valerie Smith at the following PCC meeting.
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
The parish was notified in the course of the year of a proposal to make a Bishop’s Mission Order for work to be undertaken in part of the parish by an offshoot of St Nicholas Cole Abbey (a church in the City related to St Helen’s Bishopsgate), to be known as Victoria Talks. This provoked lively discussion at the PCC. The matter remained open as the year ended.
The parish arranged a residential retreat in mid-November at the Kairos Centre in Roehampton, as well as Quiet Days in February and July which were held at the church.
Buildings and maintenance
The most significant issue remains the problem with the portico at the west end of the church. There have been numerous expert visits. As the work that is required may well be extensive, the church applied to be added to the Historic England Heritage at Risk Register, and has been added to the register. As a temporary safety measure, a robust scaffolding entrance tunnel was designed and agreed with the church’s insurer to allow continued access via the west entrance. The building was surveyed for digital plans and sectional elevations, as part of the preparatory work in advance of the development of a costed repair strategy.
The PCC agreed to improve the quality of sound and vision of online worship in order to allow indefinite live streaming of services. The concept was developed, donations were sought, and it was decided that two cameras and four microphones would meet the requirement with minimal impact on fabric of the church. This included an overhaul of audio equipment, to allow new a digital approach with cupboard, camera and mixing desk for sound. A faculty was granted and updated as the project progressed to accommodate some changes in wiring routes. Although the whole sum to carry out the project had been raised, issues arising from the pandemic and Brexit meant that the implementation could not be completed within 2021.
The fire alarm system requires significant updating. Work was undertaken to develop the specification and alongside that a full fire containment strategy for the building. This work was still underway at the end of the year.
The tower clock has continued to be a problem because of issues associated with the weighting of its hands. Additionally the automatic chimer stopped working during the year, as the hammer mechanism broke.
All planned annual maintenance was undertaken. A new electricity and gas contract was signed.
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
FINANCIAL REVIEW
The challenge of the Covid pandemic continued to have consequences for the finances of St Peter’s in 2021. One of our long-term crypt tenants struggled to rebuild their business after lockdown and was forced to request a rescheduling of lease payments, although the gradual relaxation of restrictions over the year meant that our revenue from room rentals recovered slightly from the fall experienced in 2020. Fees to our subsidiary trading company from car parking in the church grounds, notably through the JustPark app, maintained the strong level seen the previous year, and there are positive indications that this income stream will continue to perform well in the coming year. We were fortunate in being awarded grant income not only from the St Andrew’s Church Hall Trust but also from the government’s Covid recovery fund, much of which was used in meeting the cost of extra cleaning required to combat the spread of infection.
Regular giving from the congregation continued to be an important element in our overall income profile, although we still need to encourage more parishioners to take out direct debits to St Peter’s via the Parish Giving Scheme. The installation of the GoodBox card reader has to some extent supplanted the use of cash in open plate collections at services, but our overall income from donations in 2021 was down at £91,718 (£108,601 in 2020).
We maintained a tight rein on expenditure over the year, despite incurring the first £33,000 in costs for exploratory work towards the repair of the portico and paying the Diocese of London a full Common Fund contribution, with supplement, of £95,500. We decided not to fill the pastoral assistant post again after the position fell vacant in the summer, and we benefited from reduced expenditure on choir fees as a result of continued social distancing throughout much of the year. As a result of these savings and the reduction in costs associated with the interregnum, our overall expenditure for the year was £457,926 (£526,771 in 2020).
With the above financial activities, St Peter’s posted a net gain of £65,256 in 2021 (against a net loss of £60,811 in 2020). This gain needs to be read against the considerable increase in outstanding debts to £122,435 at year end (£50,542 in 2020), although we are confident that we can recover these. The net current assets at the end of the year (taking debts, cash at bank and in hand and creditors into account) amounted to £86,686 (£42,291 in 2020).
Reserves Policy
At 31 December 2021, net unrestricted funds stood at £239,881 (up from £175,918 at year end 2020). These reserves are needed to cover the essential costs of management and administration without which the church could not function. The pandemic has shown all too
St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
clearly how important it is to have strong reserves to fall back on, and we are pleased to have been able to carry through the plan announced in our last annual report to rebuild our funds after the loss experienced in 2020. Our reserves policy dictates that we should maintain unrestricted funds equivalent to a minimum of three months and a maximum of six months of expenditure, with a preference for a position at the higher end of that range. Restricted funds held at year end were £67,458 (£66,165 in 2020), which mainly represent funds raised for the access ramp that we intend to build once the repairs to the portico make this possible.
Plans for Future Periods
The church’s finances will face a particular challenge during 2022 as we prepare to take on a programme of major structural repairs to the portico and roof. We will not be able to cover these works through our normal income and will therefore need to undertake a dedicated fundraising campaign to meet the costs that the repairs will entail. Regular maintenance of the church fabric will place an extra strain on expenditure budgets, with the fire alarm system already identified as needing replacement, and we have also budgeted for increased energy costs. We will endeavour to return all our income streams to full operational functioning during 2022, with both crypt tenants paying rent regularly according to renewed schedules and with an increased focus on proactively building our income from room rentals as well as car parking. We will continue to use the budgeting process as an active management tool to plan and prioritise expenditure according to projected income, revising as necessary throughout the year. At the very end of 2021 we were notified by Coutts, our bankers for the past forty years, that they would no longer provide banking services to St Peter’s PCC. We will thus be switching bank accounts to a new provider during 2022.
Investments
The portfolio of quoted securities was principally held by The Share Centre Ltd in Blackrock Charitrak Common Inv Fund A (Inc) units, which aim to track the FTSE All Share index. The LDF M&G Charifund investment is held by the Diocese of London and we cannot access the capital, only the interest. This holding represents the proceeds from a historic lease on the Christchurch Westminster burial ground.
RISK MANAGEMENT
The members have identified and regularly review the major risks which impact the work of the church in the parish and they have established systems and insurances to mitigate any significant risks arising. The church already has a child protection policy in place. There are controls over all
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St. Peter’s Eaton Square PCC Members’ Annual Report For the year ended 31 December 2021
its financial procedures, including the handling of cash and the approval of expenses.
STATEMENT OF MEMBERS’ RESPONSIBILITIES
The members are responsible for preparing the Members’ Report and the accounts in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the members to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the members are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP FRS 102;
-
make judgements and estimates that are reasonable and prudent;
-
state whether application accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The members are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Circulated to the Parochial Church Council on 22 June 2022 and signed on its behalf by:
Richard Carter and Samantha Singlehurst - Trustees
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St. Peter's Eaton Square PCC Independent Examiner's Report to the Trustees of St. Peter's Eaton Square PCC For the year ended 31 December 2021
I report to the trustees on my examination of the accounts of the St. Peter's Eaton Square PCC (the PCC) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the PCC's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Cross Independent Examiner For and on behalf of Moore Kingston Smith LLP
Devonshire House 60 Goswell Road London, EC1M 7AD
Date: 19 July 2022
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St. Peter's Eaton Square PCC Statement of Financial Activities For the year ended 31 December 2021
----- Start of picture text -----
Unrestricted Restricted
Note Total 2021 Total 2020
Funds Funds
£ £ £ £
Income and endowments
from:
Donations and legacies 2(a) 229,367 54,827 284,194 268,658
-
Other trading activities 2(b) 211,067 211,067 200,570
Investments 2(c) 6,993 8 7,001 5,751
Other income 2(d) 60 - 60 409
Total
447,487 54,835 502,322 475,388
Expenditure on:
- - - -
Raising funds 3(a)
Charitable activities 3(b)
(399,609) (58,317) (457,926) (526,771)
Total (399,609) (58,317) (457,926) (526,771)
Fund transfers 10 - - - -
Net income / (expenditure)
47,878 (3,482) 44,396 (51,383)
Unrealised gains/(losses) 6
16,085 4,775 20,860 (9,428)
on investments
Net movement in funds 63,963 1,293 65,256 (60,811)
Fund balances at 1
175,918 66,165 242,083 302,894
January 2021
Fund balances at 31
10 239,881 67,458 307,339 242,083
December 2021
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St. Peter's Eaton Square PCC Balance Sheet as at 31 December 2021
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Note 2021 2020
£ £ £ £
Fixed assets
Investments 6 220,653 199,792
220,653 199,792
Current assets
Debtors 7 122,435 50,542
Cash at bank and in hand 153,670 201,948
276,105 252,490
Creditors: amounts falling due
8 (189,419) (210,199)
within one year
Net current assets 86,686 42,291
Net assets 307,339 242,083
Funds:
Unrestricted funds 239,881 175,918
Restricted funds 10 67,458 66,165
307,339 242,083
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Approved by the Parochial Church Council on 22nd June 2022 and signed on its behalf by:
John Hilary Honorary Treasurer
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St. Peter's Eaton Square PCC Statement of Cash Flows for the year ended at 31 December 2021
| Note Note Cash flows from operating activities Net cash (absorbed)/provided by operating activities See below Cash flows from investing activities: Investment income Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2021 £ (55,278) 7,001 7,001 (48,277) 201,948 153,671 |
2020 £ 4,656 5,751 5,751 10,407 191,541 201,948 |
|---|---|---|
Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds (as per Statement of Financial activities) Adjustment for: Investment income Net unrealised (gains)/losses on investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities |
2021 £ 65,256 (7,001) (20,860) (71,894) (20,779) (55,278) |
2020 £ (60,811) (5,751) 9,428 28,275 33,515 4,656 |
|---|---|---|
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
1) Accounting policies
Charity information
The church is a registered charity in England and Wales. Its principal correspondence address is St Peter’s Church, 119 Eaton Square, London, SW1W 9AL. The nature of the charity’s operations and principal activities are set out in the members’ report.
a) Accounting Convention
These accounts have been prepared in accordance with the PCC’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”).
The accounts 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the PCC. Monetary amounts in these financial statements are rounded to the nearest £.
These accounts have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.
The PCC constitutes a public benefit entity as defined by FRS 102.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. These accounts do not include the church buildings, furnishings or land, as these assets are regarded as inalienable property and are listing in the church's inventory which can be inspected (at any reasonable time). These properties are essential for the mission of the church and have been in use for many years and these assets are included in other Church of England records. Accordingly they have not been capitalised as there is insufficient cost information and their depreciated cost is unlikely to be material. All expendiure on consecreated buildings is written off in the year of expenditure. Similarly, salaries and benefits for the clergy are not reflected in these accounts as these matters are dealt with directly by the London Diocese.
b) Consolidated accounts
The accounts present information about the PCC as an individual undertaking and not about its group. The gross income of the PCC and its subsidiary undertaking aggregate to less than £1m after consolidation adjustments and therefore the PCC has taken the available exemptions not to prepare consolidated accounts.
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St. Peter's Eaton Square PCC Notes to the Financial Statements
For the year ended 31 December 2021
c) Going Concern
After making reasonable enquiries, and assessing all data relating to the Charity’s liquidity the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and do not consider there to be any threat to the going concern status of the Charity. When making this judgement, the Trustees have taken into account the potential future impact of Covid-19 on the Charity's ability to continue as a going concern and have concluded that Covid19 is not a going concern risk to the Charity. Therefore, the Trustees continue to adopt the going concern basis in preparing the financial statements and confirm there are no material uncertainties at the date of the approval of these financial statements.
d) Income and endowments
Income from collections is 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 on an accruals basis.
Rental income from the letting of church premises is recognised on an accruals basis. Any income received in advance is deferred and is included in the balance sheet at the year end date.
Distributions receivable from the trading subsidiary are recognised on a paid basis.
Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.
Dividends from investments are accounted for when due and payable. Investment interest entitlements are accounted for as they accrue.
e) Expenditure
Provision is made in the accounts for all expenditure incurred before the year end. Staff remuneration and travelling costs are allocated between activities directly relating to the work of the church, fundraising and publicity, church management and administration cost centres, on the basis of estimates of the time spent on each type of activity.
Grants and donations are accounted for when paid or when awarded, if that award creates a legal or constructive obligation on the PCC.
f) Fixed assets
(i) Tangible assets – office equipment
Tangible fixed assets are capitalised at cost and are depreciated by equal annual amounts over their estimated economic useful lives at the rate of 20% per annum.
(ii) Investments
Investments are stated in the balance sheet at market value. Realised gains and losses on investments comprise the difference between proceeds and market value at the latest balance sheet date. Unrealised gains and losses comprise the adjustment required to restate investments at market value at the balance sheet date.
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
g) Financial instruments
The PCC has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
h) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid Investments with original maturities of three months or less.
i) Funds
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC.
Restricted funds represent funds that are received in respect of pledges made by donors and restricted by them to specific projects. Restricted grants for ongoing projects to be completed in future years are recorded in the Statement of Financial Activities and any unexpended amounts are carried forward in reserves.
j) Critical accounting estimates and areas of judgements
In the view of the trustees in applying the accounting policies adopted, no judgements were required, that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
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2) Income and endowments
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
a) Donations and legacies: U R
Gift Aid donations and
-
58,980 58,980 57,018
planned giving
Grants - 39,220 39,220 -
Income tax recoverable
-
18,102 18,102 15,632
on Gift Aid donations
Collections (open plate) at -
2,508 2,508 1,927
all services
- - -
Access ramp appeal 16,292
Christmas Charities
- 1,607 1,607 688
Collection
Poppets 142 - 142 685
Alms, candles and -
11,632 11,632 26,974
donations
-
Special services 1,353 1,353 3,308
Distributions from the
-
110,549 110,549 112,202
trading subsidiary
St. Andrews Church Hall
-
25,155 25,155 25,982
Trust
Children's Choir
430 - 430 900
Donations
Miscellaneous 516 14,000 14,516 7,050
229,367 54,827 284,194 268,658
b) Other trading activities:
Rental income and
-
197,832 197,832 187,487
service charges
-
Insurance recharge 13,235 13,235 13,083
Fundraising events - MayFair - - - -
-
211,067 211,067 200,570
c) Investments:
Dividends and interest:
General fund 6,993 - 6,993 5,670
Repairs fund - 8 8 81
6,993 8 7,001 5,751
Other:
Magazines 60 - 60 409
447,487 54,835 502,322 475,388
Total income
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
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3) Expenditure
Unrestricted Restricted Total Funds Total Funds
(a) Raising funds:
Funds Funds 2021 2020
£ £ £ £
Fund raising – May fair costs - - - -
- - - -
Unrestricted Restricted Total Funds Total Funds
(b) Charitable activities
Funds Funds 2021 2020
£ £ £ £
Direct Ministry Payments:
Ministry: London Diocesan -
112,080 112,080 137,007
Fund
-
Ministry expenses 10,900 10,900 15,887
Church maintenance 70,761 10,822 81,583 73,868
Organ & instrument 2,782 - 2,782 50
maintenance
Choir, music and related -
57,798 57,798 56,430
expenses
-
Sanctuary 3,628 3,628 3,124
- - -
Poppets expenditure 1,023
Youth club 205 - 205 89
- - -
Ramp Appeal Expenditure 8,436
258,154 10,822 268,976 295,914
Support costs:
Utilities and rates 33,934 5,826 39,760 26,098
-
Telephone 1,598 1,598 2,109
Wages, salaries and other
46,983 6,416 53,399 49,726
staff costs
Printing, postage, stationery
1,293 5,409 6,702 8,565
and supplies
-
Hospitality and advertising 4,353 4,353 2,881
Cleaning 19,270 13,704 32,974 19,020
Insurance 24,138 7,865 32,003 30,403
- - -
Legal fees 3,014
Bad and doubtful debts - - - 73,840
Miscellaneous support costs -
2,965 2,965 2,242
134,534 39,220 173,754 217,898
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
3) Expenditure (continued)
| (b) Charitable activities Payments to other charities: May Fair Christmas Charities fund Welcome box Congregational Tithings Church Donations Lent box Governance costs: Independent examination fees Total charitable expenditure Total expenditure 4) Staff costs Wages and salaries Social security costs Pension costs |
Unrestricted Funds £ - - - - 935 - 935 5,986 5,986 399,609 399,609 |
Restricted Funds £ - 1,262 1,782 5,231 - - 8,275 - - 58,317 58,317 |
Total Funds 2021 £ - 1,262 1,782 5,231 935 - 9,210 5,986 5,986 457,926 457,926 2021 £ 52,644 0 755 53,399 |
Total Funds 2020 £ - 688 2,213 5,238 - - 8,139 4,820 4,820 526,771 526,771 2020 £ 48,726 293 707 49,726 |
|---|---|---|---|---|
The full time equivalent (average number) of staff employed by the PCC during the year was 5 (2020: 5). The total number of staff employed during the year was 5 (2020: 5).
Included above are expenses paid to 3 members of Clergy of £10,900 (2019: 5 members of Clergy £15,887). No members or key management personnel received any remuneration from the PCC in the year.
No employee was paid more than £60,000 per year.
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
4) Staff costs (continued)
The PCC relies heavily on volunteers to enable the smooth running of all aspects the Church's mission and daily activities; from the churchwardens, ex-officio and elected members of the PCC; to the volunteers who serve in the regular worship, run youth groups, support fund raising activities, undertake key outreach programmes (with the local community and national/international charities), improve communications and publicity, provide and serve refreshments and generally help manage all these activities through committees and rotas. Many individuals work together to achieve the outcomes shown in this report, none of whom receive any financial reward.
5) Tangible fixed assets
| Cost At 1 January 2021 and 31 December 2021 Depreciation At 1 January 2021 and 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Office Equipment £ 23,069 23,069 - - |
|---|---|
6) Fixed asset investments
| Market value at 1 January 2021 Net unrealised gains Market value at 31 December 2021 Historical cost at 31 December 2021 |
Unrestricted Fund £ 164,105 16,085 180,190 87,075 |
Restricted Fund £ 35,688 4,775 40,463 37,768 |
Total 2021 £ 199,793 20,860 220,653 124,843 |
|---|---|---|---|
The portfolio of quoted securities was principally managed by The Share Centre during the year on a discretionary basis. All investments are held on behalf of the Church by custodians of Barclays Global Investors Limited in a pooled investment account.
At 31 December 2021 the following investment holdings represent 5% or more of the fair value of the total portfolio:
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
6) Fixed asset investments (continued)
| Investment LDF M&G Charifund Blackrock Charitrak Common Investment Fund A 7) Debtors Trade debtors Provision against bad and doubtful debts Prepayments and accrued income |
Number of shares 2,600 12,517 |
Historic cost £ 37,768 87,070 2021 £ 173,074 (83,840) 33,201 122,435 |
2021 Market Value £ 40,463 180,190 2020 £ 92,264 (73,840) 32,118 50,542 |
|---|---|---|---|
The provision against bad and doubtful debts is in respect of rental income. The trustees have taken the decision to fully provide for the rental income owed by one of the PCC's tenants at year end as they have reasonable cause to believe the tenant may be unable to repay this rent.
8) Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals Deferred income (i) |
2021 £ 46,535 66,919 21,526 54,439 189,419 |
2020 £ 64,218 66,913 28,695 50,373 210,199 |
|---|---|---|
(i) Deferred income relates to rental income received in advance of the rental period and is deferred at the year end. Deferred income is analysed as follows:
| Deferred income 2021 Deferred income 2020 |
50,373 50,472 Brought forward |
54,439 50,373 Amount added |
(50,373) (50,472) Amount released |
54,439 50,373 Carried released |
|---|---|---|---|---|
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
9) Analysis of net assets between funds
| Investments Current assets Creditors falling due within one year |
Unrestricted Fund £ 180,190 249,110 (189,419) 239,881 |
Restricted Fund £ 40,463 26,995 - 67,458 |
Total 2021 £ 220,653 276,105 (189,419) 307,339 |
|---|---|---|---|
10) Analysis of restricted funds
The restricted funds comprise of the following: The Christ Church, Westminster Fund arose from the sale of the burial ground of Christ Church, Westminster and the income can be applied for the upkeep of St Peter’s Church. The Christmas Charities Fund arises from collections held in the Church at the end of the year which are to be donated to certain nominated charities. The Congregational Tithings Fund arises from collections held in the Church throughout the year which are to be donated to certain nominated charities. The Access Ramp Appeal Fund can be applied for the construction of an access ramp to the church.
| Access Ramp Appeal Lent boxes National Heritage Fund Congregational Tithing Church gifts and donations Christmas Charities Fund Streaming Equipment Project Total |
At 1 January 2021 45,188 272 - - 16,405 4,300 - 66,165 |
Income - - 39,220 - 8 1,607 14,000 54,835 |
Expenditure - (39,220) (5,231) (1,782) (1,262) (10,822) (58,317) |
Gains / (losses) & transfers - - - 5,231 (456) - - 4,775 |
At 1 December 2021 45,188 272 - - 14,175 4,645 3,178 67,458 |
|---|---|---|---|---|---|
Where restricted fund balances are expected to be negative at year end transfers are raised, including the transfer into the Congregational Tithing fund of £5,231, during the year to fund these deficits. Funds are only carried forward in deficit at year end when there is restricted income expected in the next financial period.
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St. Peter's Eaton Square PCC Notes to the Financial Statements For the year ended 31 December 2021
11) Related parties
James Gourlay, a Member of the charity, was also a Trustee of the St Andrews Church Hall Trust, which made grants to the charity in the year of £25,155 (2020: £25 982).
During the year the charity’s trading subsidiary (St Peter's Eaton Square Trading Limited) made distributions to the charity totalling £110,549 (2020: £112,202). At the year end, the trading company owed £Nil (2020: £Nil) to the PCC.
12) Operating leases
At the year end the charity has the following commitment under non-cancellable operating leases:
| Within 1 year Over 1 year |
2021 £ 3,312 1,974 5,286 |
2020 £ 3,312 5,286 8,598 |
|---|---|---|
13) Comparative Statement of Financial Activities
| Note Income and endowments from: Donations and legacies 2(a) Other trading activities 2(b) Investments 2(c) Other income 2(d) Total Expenditure on: Raising funds 3(a) Charitable activities 3(b) Total Fund transfers Net income 6 Unrealised gains/(losses) on investment 6 Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
Unrestricted Funds £ 251,678 200,570 5,751 409 458,408 - (510,196) (510,196) (5,238) (57,026) (8,012) (65,038) 240,956 175,918 |
Restricted Funds £ 16,980 - - - 16,980 - (16,575) (16,575) 5,238 5,643 (1,416) 4,227 61,938 66,165 |
Total 2020 £ 268,658 200,570 5,751 409 475,388 - (526,771) (526,771) - (51,383) (9,428) (60,811) 302,894 242,083 |
|---|---|---|---|
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