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2020-12-31-accounts

The Parochial Church Council of the Ecclesiastical Parish of St George-in-the-East with St Paul

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity Number: 1133761

The Parish Office, St George-in-the-East Church, 14 Cannon Street Road, London, Ei OBH

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ST. GEORGE-IN-THE-EAST PCC

REFERENCE & ADMINISTRATIVE INFORMATION

Registered Charity Number 1133761

Principal Address The Parish Office St George-In-The-East Church 14 Cannon Street Road London E1 OBH

Bookkeepers

Your Business Hub Services Ltd 62 High Street Merthyr Tydfil CF47 8DE

Bankers

Reliance Bank Limited Faith House 23 - 24 Lovat Lane London EC3R 8EB

HSBC 465 Bethnal Green Road Bethnal Green London E2 9QW

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ST. GEORGE-IN-THE-EAST PCC

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and the financial statements of the charity for the year ended 31 December 2020

CONSTITUTION & LEGAL STATUS

The Parochial Church Council of the Ecclesiastical Parish of St. George-in-the-East with St. Paul is a registered charity (No.1133761). Its working name is St. George-in-the-East PCC. The parish office is in the church. The Parish is of the Diocese of London, in the Stepney Episcopal Area (Deanery of Tower Hamlets). Our parish school is St Paul’s Whitechapel CE Primary School a short walk away in Wellclose Square.

The PCC is a corporate body established by the Church of England. The PCC has ultimate responsibility for all matters affecting the parish. Day to day management is exercised by (and as appropriate delegated to) the clergy, Churchwardens, and officers of the PCC, assisted by the Operations Director and Administration Assistant.

Although members of the PCC in the past may have been trustees of the Watney Street Hall Trust, Planet Street Institute Charitable Trust and the Thomas Dickerson Trust Funds, these Trusts no longer exist although the remaining funds are still held by the PCC to benefit the inhabitants of the parish and the Church building.

During 2020 the PCC met 7 times.

TRUSTEES

The method of appointment follows the Church of England Governance model. Trustees within the Charity are made up of a combination of Elected Trustees and Ex-Officio Trustees.

During the year 1 January 2020-31 December 2020 the following people acted as trustees:

Elected Trustees

Elected Trustees
Louise Barling
Claire Moll-Namas
Ivonne Lojan Maldonado
Marta Corti until 22 October 2020
Alan Dorji
Philip Hogan
Jane Earl from 22 October2020
Robert Hayward from 22 October2020
Tricia Bing DeanerySynod Rep
Shermara Fletcher Deanery Synod Rep
Ex-Officio Trustees
Rev. Richard Springer Clergy
Rev. Vienna McCarthy Clergy until 6September 2020
CanonAngus Ritchie Clergy
Rev. Alanna Harris Clergy
Rev. Josh Harris Clergy
SophieCampkin Churchwarden until 22October 2020
Francelise Mamilonne Churchwarden from 22 October2020
AnnadaleRamanoop Churchwarden from 22October2020

Each year Trustees can be added by election, or reconfirmed as Trustees but can resign during the year.

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ST. GEORGE-IN-THE-EAST PCC

OBJECTS OF THE CHARITY

Promoting in the ecclesiastical parish the whole mission of the Church

INTRODUCTION

The year of 2020 has brought the world closer together in terms of vulnerability and experience. However, the Coronavirus pandemic has revealed the disparities in communities that have always been there. At St Georgein-the-East we have deepened our neighbourhood roots in Shadwell. The phrases of ‘rooted’ and ‘building community’ have been watchwords for our community and congregation.

Through practical mercy projects like the Shadwell Responds Hardship Fund, and justice campaigning for better access to affordable meal vouchers for local families, supporting and partnering the Darul Ummah Mosque Food Hub, launching the congregation-wide support Telephone Tree and offering the church building as an open space for prayer, vigil, reflection and worship whenever possible between lockdowns the church has stayed deeply connected to the neighbourhood.

The church increased its capacity to engage people online through the launch of a new website soon after the first lockdown was announced in March 2020. Holy Week and Easter was conducted through podcasts and pre-recorded materials thanks to the huge efforts of many lay people supporting the clergy. In the summer term Sunday worship began on zoom in the form of ‘Singing & Sacrament’. All this ingenuity to continue the life of prayer in the building and around the parish has meant we have stayed connected to God and one another.

We give thanks despite many dark days in the last year for our continuing mission and ministry in this remarkable community of solidarity, alliance and hope.

Fr Richard Springer, Rector

PARISH INFORMATION

The Anglican Parish of St George-in-the-East with St Paul serves a rapidly changing community in the far west of London’s East End. We are located between the City and Docklands, along the Highway that links the City with the Docklands and Essex. The area includes extremes of wealth and deprivation and has been home to many generations of immigrant groups (the majority now are Bengali) alongside lifelong, City and other professionals.

MISSION & ACTIVITIES REPORT

Over the last very difficult year, St George-in-the-East has nevertheless seen many things to be grateful for. It’s provided an opportunity to think about those things which really matter to our community and has enabled us to deepen our connections and test new approaches to our ambitions of worshipping God; building community; and challenging injustice.

WORSHIPPING GOD

The year started with a moving funeral for a long-standing friend Diana Woodbridge. Her untimely death has left a hole in the church family.

February saw us hosting the first Choir Church conference, led by our Director of Music, Tom Daggett. 60 delegates turned up from churches and parish schools and started the process of spreading the word amongst parishes across the country to start their own Choir Church worshipping communities. The conference will lead to the formation of a charity, and for Tom deciding to put more of his time and energy into that work. We thank him for everything he has done for the music and worship life at St George-in-the-East, and we look forward to seeing him as a member of the congregation and leader of our local Choir Church for years to come. Choir Club and Church continued on Zoom and when possible in-person throughout this past year.

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ST. GEORGE-IN-THE-EAST PCC

As the pandemic developed in March, we took the difficult decision to move all of our worship online, and begin to think about how we connected as community when we couldn’t be physically together. This was a challenge for all of us, but has provided the opportunity for deepening relationships, and finding new ways to engage people in our worshipping life.

With the help of Associate Rector, Mthr Vienna, we rebuilt the parish website and produced a podcast, with 70-80 listens every week. The Rector and clergy continued to pray in the church, and we were privileged in May to lead the national online Church of England service for the Feast of Corpus Christi. The service saw us reflect a number of our other values, as we did this in partnership with friends from St Mary’s in Cable Street, and a number of our Muslim neighbours.

Once it became clear that the closure of church was not a short-term matter, we continue to work on ways of bringing people together for worship, including the development of Singing & Sacrament a time to sing together and to be able to pray and worship online. This provided an opportunity to worship interactively with one another even when we couldn’t be physically together, and saw a number of members of the congregation offer reflections and sermons.

It was a great joy to be able to reopen the church building at the start of September by offering two different Sunday morning services in order to allow us to meet all of the social distancing requirements. This saw a number of new people join the congregation, and we continued with this until the second lockdown at the beginning of November. We were able to reopen the church for worship during Advent and up to Christmas in line with national directives, and it was a great privilege to be part of joyous Christmas activities including outdoor carols and four services over Christmas Eve and Christmas morning.

We know that many people in the congregation have had a difficult year, not least as a result of loss of friends and relatives to the virus. The impact on people living alone and on those in less than adequate accommodation means that the burden has not been shared equally amongst all, and we continue to remember in our prayers all those who have suffered in so many ways. But we give thanks for the growth in congregations and for people who now see themselves as part of St George-in-the-East worshipping communities.

Our future plans for next year include, following the appointment of a Liturgist, Ramond Mitchell, continuing the development of our liturgy, supporting worship in church in ways which meet all of the government guidance on social distancing, and through the work of Fr Josh Harris and Fr Angus Ritchie, preparing for increased ministry and activity in Eastminster — a new project in partnership with the Centre for Theology & Community.

WELCOMING NEIGHBOURS

Difficult as the pandemic has been, it has provided new ways of enabling our congregation to work with our friends and neighbours to support our tocal communities. We have not been able to welcome people into the building and our focus has been on building community during the lockdowns.

Shadwell Responds, which is an alliance of mutual aid and community organising involving English Martyrs RC Church, Darul Ummah Mosque, St Mary‘s Cable Street, St Georges estate residents, St Paul’s Shadwell and our parish primary schools came together through weekly zoom calls to look at what we could do in a practical way to help.

This led to a partnership with St George-in-the-East congregation and colleagues supporting the food bank at Darul Ummah Mosque, support which will continue. It also provided the basis for us to begin planning a food hub in St George-in-the-East for faunch in 2021.

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ST. GEORGE-IN-THE-EAST PCC

A Hardship fund was launched in the summer term, to provide emergency grants for bills supplies and urgent needs for people around us. Congregation members Sarah-Emily Mutch and Miriam Brittenden worked hard to set it up. We are thankful for the impact it’s been able to have.

School assemblies and singing sessions continued to operate on zoom throughout all the lockdowns, led by Fr Richard and Tom Daggett.

The OpenTable had to close its on street provision from mid-March, but commitment to prayer, community organising through ‘Action Table’ has led to potential developments for temporary housing for the homeless in the parish. Outreach is ready to resume when circumstances allow.

Little Dragons — our sessions for parents and children was launched successfully in January 2020 but had to close when lockdown occurred. It’s hoped that this will be able to resume when guidance allows us to do so.

One of the great successes of the last year was the development of the Telephone Tree, providing muchneeded communication lifelines between and amongst members of the community. Thanks to all of those who worked so hard on setting up the system, which was genuinely a lifeline for many of our friends and colleagues

And it wasn’t all on zoom — we even manageda socially distanced outdoor gathering in the church gardens in the summer, in addition to the initiatives such as quizzes and other social activities online. We look forward to the point at which we can meet in person in the future.

CHALLENGING INJUSTICE

The pandemic has not changed our hunger to be involved in campaigns for challenging injustice, and has indeed demonstrated the need for action to make things change.

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We’ve also been thinking about our response as a church to the climate emergency, and as a result of this climate crisis team was formed to look at how we might make a difference in our individual decisions. A fair energy campaign has led to us changing energy suppliers for the church, and for a number of people within the church community to do so as well, meaning that more people are using environmentally friendly energy, and also helping to contribute to savings for the church.

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ST. GEORGE-IN-THE-EAST PCC

PCC

Because ofthe pandemic,[it] wasn’t[possible][to] hold the APCM[until] October, by which time the Church[of] England had agreed that meetings could take place online! At the APCM, new PCC was appointed and since then, meetings have taken place on a monthly basis.

To make sure that people in the church can see what issues the PCC have been dealing with, minutes are now are being published online, and the plan of major items for discussion is also included in the online resource.

A standing committee consisting of the treasurer ,the two churchwardens, the Rector and the secretary to the PCC is also in place and meets roughly monthly to look at items which need to be dealt with more quickly.

The last APCM raised a query about the current position of the lay community, and as a result a paper which has been drafted in conjunction with a number of people within the church.

OPERATIONS

STAFFING

There have been significant changes in staffing at St George’s in 2020. Fiona Lawrence transitioned to the role of Buildings Steward after 17 years as Administrator, applying her extensive knowledge to the maintenance and upkeep of the church building and site. In her new role, Fiona is responsible for ensuring the site is maintained and was key in making the church safe during both lockdowns and reopenings. Katie Peel was appointed as the one day a week Administration Worker in January to make operational improvements and to oversee the process of transferring finances to Your Business Hub. In December 2020 Katie’s role was increased to cover three days a week, to help make further operational changes and start a Food Hub. Lorima Cook’s lay community work ended in August. Ramond Mitchell was appointed for two days a week as a Liturgist for six months in August and has been ably expanding the liturgical repertoire in online services during lockdown and return to in-person worship in September and again in December. Mthr Vienna McCarthy left as Associate Rector in September after 2 years, to move to California.

TRAINING CLERGY

Josh and Alanna Harris continued as Assistant Curates and were priested under strict lockdown conditions in September. Alanna began maternity leave in November 2020. In September 2020, Dumaeza Nhlapo joined us as an ordinand, studying for three years at St Mellitus, having joined as a member of the congregation previously. Caitlin Harland continued to add her wealth of organising experience and creativity, as a secondyear ordinand, for which we are very grateful.

ADMINISTRATION

A year in lockdown has proved an opportunity to update our technological systems to better reflect who we are as a church. A new website was launched in April, to improve communications both internally and externally. Internal staff meetings and communication between staff transitioned to being primarily online, confirming various technological issues in an historic church, which the Operations team are working to find solutions for.

Lockdown presented considerable challenges for planned updates to financial systems at St George’s. Whilst headway was made over the course of the year to increase efficiency and clarity and implement cost reduction strategies, progress was frustratingly slow. Katie Peel continued to push this forward, and plans are in place to switch our current account provider in 2021, as well as streamlining the relationship with Your Business Hub, whose expertise and efficiency we greatly benefited from over the year.

Considerable effort was put into identifying utilities cost savings where possible to cheaper and greener tariffs. Each contract is evaluated when they come up for renewal.

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ST. GEORGE-IN-THE-EAST PCC

In November 2020, St George’s piloted a new system of staff appraisals, focusing on staff responsibilities and vocations. This provided the basis to ensure that all contracts and job descriptions were up to date, as well as illuminating areas of strength and development opportunities for each staff member. These will be followed up in 2021.

FABRIC

Last year’s report ended with:

“2020 will prove to be a far more active year with much of the quinquennial work taking place and the feasibility works to be progressed. These are indeed exciting times for St George-in-the-East.”

Sadly, this was not the case, but we must hope that the works which were put on hold will be at the very least started in 2021.

We were able to begin the electrical works although much still remains to be completed. Flat 2 became vacant in February and work was done to ensure that new tenants were able to move in and we were happy to welcome Az and Amber to St George’s in August. Flat 3 then became vacant and works were carried out with our Associate Rector moving in for a short period. We unfortunately were unable to find new tenants due to the circumstances of Covid. Although the flat was checked regularly a faulty ballcock in the main water tank flooded the premises and caused a great deal of damage.

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A number of the usual maintenance works was delayed but

are now back on track.

SAFEGUARDING

Claire Deegan continued in her role as Parish Safeguarding Officer. Claire has performed the role very effectively, ensuring we are compliant in all respects regarding safeguarding children and vulnerable adults. As PSO, she has also been available on the phone to support the Rector, staff, and congregation throughout the year. With PSO support the PCC has complied with our duty to have due regard to the House of Bishops’ guidance in relation to safeguarding.

With regard to the PCC’s obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

The last quingennial inspection was held in 2017. The church has developed a plan to carry out these works which includes an estimation of costs and timescales. This plan is reviewed and updated regularly by the Building Advisory Group and supervised by Fiona Lawrence, now Premises Manager.

RISK REVIEW

In common with other churches and charities the PCC faces risks be they operational, financial or reputational. The PCC will consider the major areas of risk to which it is exposed, measuring both the likelihood and impact of a particular event or action and will establish systems to mitigate those risks. This will involve regular reviews in identification, assessment and monitoring.

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ST. GEORGE-IN-THE-EAST PCC

FINANCIAL REVIEW

Total income for the year was £235,983 (2019: 305,452) with expenditure of £268,474 (2019: 359,612), resulting in net expenditure before movement on investments of £32,491 (2019: deficit £54,160).

Once the gain on investments of £54,878 (2019: £104,209) is factored in, the net movement in funds for the year shows an increase of £22,387 (2019: £50,049).

Closing funds at the end of the year amounted to £614,729 (2019: £542,292) of which £51,970 (2019: £68,260) was restricted.

RESERVES POLICY

The PCC recognises the need to hold reserves to allow protection of its core activities in the event of income shortfalls and to promote balanced strategic planning. Reserves are defined as income that becomes available and which is to be expended at the discretion of the PCC in furtherance of its objects but which has not yet been spent, committed or designated. The PCC has a policy of holding £50,000 for this purpose.

It is our policy to invest our fund balances with the CBF Church of England Investment Fund.

With the designated future development fund running at £597,958 at the end of the year, even after allowing for building related costs, the Trustees are confident that additional funds can be released for general purposes if required. The trustees continue to monitor reserves against planned income and expenditure and will look to boost the unrestricted free reserves in the future. Based on this the PCC consider the church to be a going concern.

Funds donated in a restricted form are sought to be used for that purpose as soon as practicable need arises.

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ST. GEORGE-IN-THE-EAST PCC

RESPONSIBILITIES OF THE TRUSTEES

The PCC is 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).

Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year.

In preparing these financial statements, the PCC are required to:

The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.

Approved by the PCC on 15 July 2021 and signed on their behalf

Rev. Richard Springer Trustee (Rector)

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Mr Robert Hayward
Trustee
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ST. GEORGE-IN-THE-EAST PCC

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF ST. GEORGE-IN-THE-EAST PCC FOR THE YEAR ENDED 31 DECEMBER 2020

| report on the accounts of St. George-in-the-East PCC for the year ended 31 December 2020 set out on pages 12 to 20.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER

As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the Act) does not apply and that an independent examination is needed.

It is my responsibility to examine the accounts under section 145 of the Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

In connection with my examination, no matter has come to my attention:

Mr Paul Burnell C Management Services Ltd Independent Examiner 69 Velindre Road Cardiff CF14 2TF

Date: 1st July 2021

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ST. GEORGE-IN-THE-EAST PCC

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted| |Notes|Funds|Funds|2020 Total|2019 Total| |£|£|£|£| |Incoming|resources|Z|-| |Donations,|Legacies|&|Gift Aid|11,987|0|11,987|14,117| |Contribution|to|Clergy Work|0|19,788|19,788|0| |Grants|2|0|43,285|43,285|93,000| |Charitable|Activities|8]|0|0|2,304| |Other Trading|Activities|3|160,869|0|160,869|188,603| |Investments|17|37|55|264| |Other|Income|0|0|0|7,164| |Total|incoming|resources|172,874|63,110|235,983|305,452| |Resources|expended| |Charitable|Activities| |Ministries|4|41,192|39,719|80,912|120,350| |Employment|Costs|5|33,865|31,100|64,965|83,655| |Admin|6|27,341|0|27,341|21,857| |Building/Premises|7|37,095|6,144|43,239|50,950| |London|Diocesan|Fund|52,018|0|52,018|82,800| |Total|resources|expended|191,511|76,963|268,474|359,612| |Net|incoming/(outgeing)| |resources|before|Investments|(18,637)|(13,854)|(32,491)|(54,160)| |Investments|54,878|0|54,878|104,209| |Net|incoming/(outgoing)| |resources|before transfers|36,241|(13,854)|22,387|50,049| |Transfer|between funds|2,436|(2,436)|(8)|0| |Net|incoming/(outgoing)| |resources for the year|38,677|(16,290)|22,387|50,049| |Total|funds|brought forward|524,082|68,260|592,342|542,293| |Total|funds|carried forward|562,759|51,970|614,729|592,342|

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The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All the above income and expenditure relate to continuing services

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ST. GEORGE-IN-THE-EAST PCC

BALANCE SHEET AS AT 31 DECEMBER 2020

31 Dec 20 31 Dec 19
Notes £ £
Current Assets
Cash at bank and in hand 17,340 11,442
Debtors 16,415 7,415
Deposit Funds 8 12,920 12,865
Investments 9 597,959 563,080
Total CurrentAssets 644,633 594,802
Current Liabilities
Creditoramounts fallingdue within oneyear (29,904) (2,460)
Net Current Assets 614,729 592,342
Fixed Assets
Tangible Assets 0 0
Total Assets less Current Liabilities 614,729 592,342
Non-Current Liabilities
Creditor amounts falling due after morethan one
year 0 0
Net assets 614,729 592,342
Funds 10
Unrestricted Funds (49,641) (51,559)
Designated Funds 612,399 575,641
Restricted Funds 51,970 68,260
Totalfunds 614,729 592,342

Notes in pages 14 to 20 form part of these accounts

Approved by the PCC on 15 July 2021 and signed on their behalf

Rev. Richard Springer Trustee (Rector)

Mr Robert Hayward Trustee

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ST. GEORGE-IN-THE-EAST PCC

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

  1. Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the year preceding.

1.1. Basis of Preparation

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

The financial statements include all activities for which the Charity is legally responsible; the activities of informal gatherings of volunteers or related groups that owe their main affiliation to another body and are excluded.

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102); and the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The accounts have been prepared on an accrual’s basis.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

1.4. Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific polices are applied to particular categories of income:

  1. Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Recoverable Gift-Aid is recognised when the related donation is received.

  2. Donated services and facilities are included at the value to the charity where this can be quantified. In accordance with SORP the value of services provided by volunteers has not been included.

  3. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Other

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ST. GEORGE-IN-THE-EAST PCC

1.5. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of as indirect nature necessary to support them.

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees, costs relating to the strategic development of the charity, management of assets and organisational administration.

Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred. This includes rental property that makes up part of the consecrated and beneficed assets.

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. The PCC current has not assets in excess of the capitalisation threshold.

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

1.10. Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

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ST. GEORGE-IN-THE-EAST PCC

2
Grants Income
Unrestricted Restricted
Funds Funds 2020 Total 2019 Total
£ £ £ £
ChoirChurch 0 7,557 7,557 5,250
Hardship Fund 0 2,541 2,541 0
OpenTable 0 2,502 2,502 4,250
Resource Church Grant 0 27,585 27,585 83,500
Technology Fund 0 3,100 3,100 0
Total i) 43,285 43,285 93,000
3.
OtherTradingActivities
Unrestricted Restricted
Funds Funds 2020Total 2019 Total
£ £ £ £
Rental ofChurch Properties 160,869 0 160,869 188,603
Total 160,869 0 160,869 188,603
4,
Ministry Expenses
Unrestricted Restricted
Funds Funds 2020 Total 2019Total
£ £ £ £
Kids Ministry Expenses 573 0 573 0
Publicity 1,610 0 1,610 0
Mission & Outreach 3,693 0 3,693 971
Organist 2,565 0 2,565 2,100
Clergy Expenses 29,502 18,224 47,725 40,456
Worship&Teaching 3,249 0 3,249 3,810
Hardship Fund 0 780 780 0
Open Table 0 569 569 3,185
Resource ChurchGrant 0 17,115 27,115 0
Technology Fund 0 3,033 3,033 0
Other 0 0 0 69,328
Total 41,192 39,719 80,912 120,350

Recordkeeping methodology changed from 2019 to 2020 so cannot be compared in these notes

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ST. GEORGE-IN-THE-EAST PCC

5.
Employment Costs
Unrestricted Restricted
Funds Funds 2020Total 2019Total
£ £ £ £
Salaries 29,467 31,100 60,567 83,655
Employers NI 2,730 0 2,730 0
Pensions 1,569 0 1,569 0
Other 100 0 100 0
Total 33,865 31,100 64,965 83,655

Recordkeeping methodology changed from 2019 to 2020 so cannot be compared in these notes No employee received emoluments of more than £60,000 (2019: none)

Shermara Fletcher was employed by the church and received payments for serving in that capacity, not for serving as members of the PCC; these payments are permitted by the charity's governing document.

Rev. Richard Springer and Canon Dr. Angus Ritchie (who are clergy members of the PCC) receive a stipend from the Diocese and so they are not employees; some of the Parish Share paid to the Diocese is used to help meet the cost of these stipends.

Mthr. Vienna McCarthy was provided with accommodation (which is customary for clergy) and shown in note 4 of the accounts. There was no cost to the PCC for accommodation for The Rev. Richard Springer and Canon Dr. Angus Ritchie

6.
Admin Costs
Unrestricted Restricted
Funds Funds 2020Total 2019Total
£ £ £ £
Administration Costs 7,687 0 7,687 8,500
Bookkeeping&Accountancy 2,011 0 2,011 2,220
Bank Fees 101 0 101 0
Events & Hospitality 2,366 0 2,366 0
General 2,037 0 2,037 0
Insurance 11,427 0 11,427 11,137
ICT& Phones 1,713 0 i713 0
Total 27,341 (0) 27,341 21,857
7.
Building& Premises
Unrestricted Restricted
Funds Funds 2020Total 2019Total
£ £ £ £
Crypt Rental Costs 9,000 0 9,000 14,031
Flats Repair& Maintenance 6,203 0 6,203 4,096
Church Repair& Maintenance 0 6,144 6,144 17,700
Cleaning 5,501 0 5,501 6,824
Utilities 16,391 0 16,391 8,299
Total 37,095 6,144 43,239 50,950

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ST. GEORGE-IN-THE-EAST PCC

8. Deposit Funds

2020 2019
Total Total
= £
CBFChurch ofEngland DepositFund (General)
At 1January 8,811 18,732
Additions /(Withdrawals) 6) (10,000)
Interest 37 79
at 31 December 8,849 8,811
CBFChurch ofEngland Deposit Fund (Special)
At 1January 4,054 25,869
Additions /(Withdrawals) (8) (22,000)
Interest 17 185
at 31 December 4,071 4,054
Total 12,920 12,865
9. Investments
2020 2019
Total Total
£ £
Shares in theCBFChurch ofEngland Investment
Fund (Market Value)
At 1January 563,080 458,871
Additions /(Withdrawals) (20,000) 0
Revaluations 54,878 104,209
at 31 December 597,958 563,080
Total 597,958 563,080
  1. Funds

The purposes of each Fund are as follows: Designated Funds:

Restricted Funds:

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ST. GEORGE-IN-THE-EAST PCC

At 1st At 31st
January incoming Outgoing December
2020 resources resources Transfers 2020
£ £ £ £ £
Unrestricted Funds
General (51,559) 172,856 (190,938) 20,000 (49,641)
(51,559) 172,856 (190,938) 20,000 (49,641)
Designated Funds
Future Developments (Share
Fund) 563,080 54,878 0 (20,000) 597,958
Presentation Bibles 17 0 0 0 17
Open Table (2,436) 0 0 2,436 0
Children Resource 14,980 17 (573) 0 14,424
575,641 54,895 (573) (17,564) 612,399
Restricted Funds
Affordable Housing 982 0 0 0 982
Belfry 4,249 0 0 0 4,249
Choir Church 7,486 7,557 0 0 15,043
Church Refurbishment 6,948 37 (6,144) (e) 841
Fees for LDF & Rector 414 0 0 0 414
Hardship Fund 0 2,541 (780) 0 1,762
Hidden Workers 524 ) 0 0 524
Near Neighbours 3,003 0 0 0 3,003
Open Table 4,140 2,502 (569) (2,436) 3,637
Parish History Brochure 18 0 0 i) 18
Rectory Redecoration 199 0 0 0 199
Resource Church Grant 2,036 47,372 (66,438) 0 (17,030)
Technology Fund 0 3,100 (3,033) 0 67
Youth Safety 2,000 0 0 0 2,000
WatneyStreet Building Fabric 36,261 0 0 ) 36,261
68,260 63,110 (76,963) {2,436) 51,970
TotalFunds 592,342 290,861 (268,474) 0 614,729

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ST. GEORGE-IN-THE-EAST PCC

11. Operating Lease Commitments

The charity has an operating lease for a photocopier. The minimum amount payable in respect ofthis lease is as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2020|Total|2019 Total| |Payments|falling due:|£|£| |Within|one year|1,008|1,008| |between|one and|five years|504|1,512| |after|five years|0|,|0|

----- End of picture text -----

During the year the charity was charged £1,008 (2019: £1,008) for its operating lease.

12. Transactions with Trustees

There were no transactions with the Trustees during the year

Page 20