The United Parish of Saint Vedast-alias-Foster
Annual report and financial statements of the Parochial Church Council for the year ending 31 December 2021
Foster Lane London EC2V 6HH
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Responsibilities of the Parish Church Council
Under the Church Representation Rules, the Parochial Church Council (‘the Council’) is required to prepare an annual report on its proceedings and on the activities of the Parish generally. It is also required to prepare a financial statement for the financial year that gives a true and fair view of the state of affairs of the Parish at the end of the financial year and of its income and expenditure for that period. These are both presented herein for the year ended 31[st] December 2021. The Council agreed this report at its meeting on 13[th] March 2022.
The Council is responsible for keeping proper accounting records, for taking reasonable steps to safeguard the assets of the Parish and to prevent and detect fraud and other irregularities. The Council confirms that suitable accounting policies have been used and applied consistently; that the financial statements have been prepared on a going concern basis; and that reasonable and prudent judgements and estimates have been made in the preparation of the financial statements.
By order of the Council,
Paul Kennedy
Richard Batchelor
Rector
Treasurer
March 2022
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Activities of the Parochial Church Council during 2021
The parish church of Saint Vedast-alias-Foster is situated in Foster Lane, in the City of London. It is part of the Diocese of London within the Church of England. Saint Vedast’s Parochial Church Council is a corporate body established by the Church of England, and operates under the Parochial Church Councils (Powers) Measure 1956 (as amended). The Council is a registered charity (Charity number 1134024). The correspondence address is 4, Foster Lane, London EC2V 6HH.
The Council is, with the Rector, charged with promoting the pastoral, evangelistic, social and ecumenical mission of the church, in the united ecclesiastical parishes in its care in the City of London. It is also responsible for maintaining two fine (Grade I Listed) Wren churches (both restored after bomb damage during World War II) – Saint Vedast-alias-Foster in Foster Lane and Saint Anne & Saint Agnes in Gresham Street, together with the Parish Room and courtyard adjacent to the church in Foster Lane. The Council also has oversight of the use of the disused churchyards of the former parishes amalgamated to form the modern parish, although these are maintained by the City Corporation.
Council members who served during 2021 and to the meeting where this report was adopted were:
Ex-Officio Members
Rev Paul Kennedy Rector Barbara Harris Warden, Deanery Synod rep James Olley Warden Claire Beale Secretary, Deanery Synod rep
Elected Members Richard Batchelor Treasurer, Glebe Warden Simon Clark Victor Funtanares John Hill Norman James Valerie James Electoral Roll Officer Thomas Lawrance Ringing Master Erica Olley Children’s Champion, Safe-Guarding Officer Alan James Whelan
The method of appointment of Council members is set out in the Church Representation Rules (Schedule 3 of the Synodical Government Measure 1969, as amended). Previously, the number of lay representatives on the Council had been ten, but the 2013 APCM decided that (in line with Diocesan guidelines) the number of lay
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representatives elected to the Council should be no more than nine. The 2018 APCM decided that those nine should be elected for a term of three years, elected by thirds (with transitional arrangements for 2019 and 2020). All church attendees are encouraged to register on the Electoral Roll and stand for election to the Council, especially those whose attendance is on weekdays. The Electoral Roll included 69 names at 31 December 2021 compared with 68 at 31 December 2020. (The number had reached 70 during the year.)
The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, in relation to having due regard to House of Bishops’ guidance on safeguarding children and vulnerable adults. The parish has a safeguarding policy, which it reviewed at its April meeting.
The Council has a Standing Committee (which is the only committee required by the Church Representation Rules). It has power to transact the business of the Council between its meetings, subject to any directions given by the Council.
The full Council met six times in 2021; the Standing Committee met, when necessary, between Council meetings.
Review of the Year
2021 started for St Vedast as with the rest of England with another lockdown due to the Delta variant. Although the restrictions allowed for places of worship to remain open, on 8th January 2021, due to escalating numbers, the Mayor of London declared a Major Incident and requested that all places of worship close on a temporary basis. After much discussion and with a very heavy heart, the PCC made the very difficult decision to close our doors.
Worship continued to take place with attendance at the YouTube services remaining constant and when the situation began to improve, the church was able to reopen with services resuming initially on weekdays and then on Sundays. As the vaccine programme progressed, people felt able to return to the church building but with the online services continuing for those unable or uncomfortable to attend in person.
Lockdown prevented us from celebrating our patronal feast in the usual way but there was an online service of Evensong when we were joined by our former Reader, Edward Bunting who delivered the sermon from Virginia. A social zoom meeting followed allowing us to catch up with Edward and, as we were not able to offer our usual hospitality to the Livery Companies and other friends, a donation was made to the Bow Foodbank.
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Socially distanced Easter Service in the Courtyard
As restrictions eased, the PCC was delighted to be advised by the Diocese that the Bishop wished Fr Paul to be installed as Rector of St. Vedast rather than Priest in Charge. A special service took place on 13th May when Bishop Sarah assisted by the Dean of St. Paul’s Cathedral, the Very Reverent Dr David Ison, the Area Dean, Katherine Hedderly and the Archdeacon, Fr Luke Miller formally installed Fr Paul as Rector and the service attended by many St.Vedast regulars was followed by breakfast in a very rainy courtyard.
The City churches held an Open Day to mark the easing of restrictions which attracted some new visitors as well as welcoming some local workers returning to the City who were pleased to once again enjoy the peace of our courtyard and the refreshments on offer
We were blessed with fine weather for our BBQ in July when we were honoured to be joined again by the Archdeacon, Fr Luke who preached at the Sunday Mass which preceded the BBQ and it was, as usual, a very enjoyable occasion.
St.Vedast was also able to assist with Anniversary services and other special services for the Worshipful Company of Fletchers and also for the Wax Chandlers, Saddlers, Parish Clerks, Plaisterers and the Pewterers who also held their usual Carol Services.
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In 2021 there were again be Carol Services for DLA Piper, Bryanston School, The Fanmakers, Moorfields Hospital Charity, Merton College and Bristol Alumni. Sadly, Peterhouse College, the Pewterers and the Goldsmiths had to cancel their Carol Services due to the Omicron variant.
St Vedast was also pleased to welcome the new Lord Mayor of London for his Service of Blessing. Unfortunately, Fr Paul could not take this service as he had Covid but it was a very special occasion.
Despite the pandemic we were able to host four weddings, one Blessing and two Baptisms.
Some lettings returned with various of the AA Groups returning and also Slimming World although their numbers were much reduced. Because of low numbers, Yoga will not return for a while. There were three lettings for choirs and now the City Chamber Choir meets weekly.
Attendance at services has understandably been variable over the year but we have been able to offer services on-line which are now livestreamed with improved visual and sound quality. Participation in the online services has been consistent.
Pastoral care continued with a weekly newsletter and monthly social evenings on zoom when the topic for discussion included art, books, music, films, special places and objects of desire. The Pastoral committee continued to meet at regular intervals.
Various difficulties have been overcome including Fr Paul having to isolate and also catching Covid and also the absence of our Director of Music, Jo Ramadan who also both had to isolate and who became ill. But despite all this, parish life continued. Staff who had been furloughed, returned initially part time and later working their usual hours. We had to say good bye to our cleaner Ronak who had to leave due to health problems but we welcomed Ampora, who has quickly become a valued member of our team.
Throughout these very difficult times, the parish remains committed to making God’s word known to the people and businesses of the City of London and its wider congregation. It strives to offer regular Sunday morning and weekday lunchtime services throughout the year in accordance with ever changing restrictions. The church and courtyard have been open for the benefit of the City’s residents, workers and visitors albeit on shorter hours than we would like.
Publicity, outreach and visiting groups.
The parish website attracted a steady stream of visitors. Our Twitter, Instagram and Facebook accounts were used to advertise church events. They are intended to complement one another and the website to promote the church and its work. The
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online services continue to provide solace for those unable to attend in person. In 2021 customary events such as the September Open House and the Lord Mayor’s Show were able to take place and some groups have been able to return to the hall.
Fabric
Most of the work on the fabric during the year was of a routine nature including a triennial testing of the electrical system. The courtyard was given a fresh coat of paint in time to welcome returning City workers and visitors to this haven of calm.
Perhaps as a forewarning that we must prepare for a major servicing of the organ, the blower motor broke down and had to be replaced.
A Quinquennial Inspection of the church was undertaken identifying a number of minor defects requiring attention in the coming year.
At the end of the year pieces of masonry were detected falling from the tower. Close inspection of the tower by steeplejacks was proving difficult to arrange, but identification of the source of the problem and remedial action needed is expected early in the new year.
The major fabric-related activity of the year was in our churchyard of St Mary Staining. This secluded green space with its ancient plane tree nestles between the Pewterers’ Hall and the curved frontage of a Norman Foster office building. Entrance was by a flight of steps, which limited access to the churchyard area and to events staged there. The PCC coordinated the replacement of the steps by a graduated pathway, which is wheelchair-friendly. The works were funded grants from the Community Infrastructure Levy Neighbourhood Fund and Worshipful Company of Pewterers.
----- Start of picture text -----
Old steps New Slope
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Bell-Ringing
For the first half of the year the bells were more or less silent. A single bell was rung for morning service for some of that time; some of the bells were rung for three weddings and for the Parish Clerks’ service, and there was ringing for the City Festival of Ringing at the end of July.
The band have kept in touch by various means, including a series of ‘tree-walks’ over the summer.
After a year and a half of disruption, regular service ringing began again in September, and the Monday night practices in October. St Vedast hosted the Southern Universities’ striking contest in November.
A new vacuum cleaner inspired a work party to give the ringing chamber a thorough clean. A splendid new set of books for peal records has been completed.
The band has not come through covid unscathed, and numbers are now very thin. On the other hand there has been an unusual amount of interest in learning, and the training sessions are at present encouragingly oversubscribed.
Finance
The impact of the coronavirus pandemic continued to be felt on both income and expenditure. While general service collections were low there was some improvement in collections at special services. Donations, mostly linked to carol services improved. Stewardship receipts increased slightly. There was a slight increase in hall and church lettings revenue, but still well below pre-pandemic levels. Yield from the Parish Rate also showed an upturn. Funds from the Job Retention Scheme continued to be received. The balances of the Cultural Recovery Fund and City Churches Grant Committee grants for 2020 works were received.
Economies were made in operational expenditure. A malfunction of the organ blower required a major repair. This was funded by a grant from the Worshipful Company of Firefighters, who have recently moved their base in to the parish. Likewise the accessibility works at St Mary Staining churchyard were fully funded from external sources. Otherwise only routine fabric repairs were made to conserve resources for future church redecoration.
We continued to pay our quota to the Common Fund and also maintained our level of charitable donations.
We were able to make an allocation of funds to our St Anne and St Agnes Fund for future restoration to the exterior of this church. Also £50,000 was invested in the Future Capital Fund towards redecoration works.
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Investment Income and Policy
For the third year running our investments realised healthy gains.
Deanery burial ground fund
A fund was established in 1988 by the City Deanery for the benefit of its churches with part of the proceeds of the sale of a City churchyard. Grants are made annually. In 2021 the fund made a grant of £2,500 to St Vedast, which was gratefully received by the Council.
St Anne and St Agnes
St Vedast manages the building and churchyard of St Anne & St Agnes. The church is a chapel of ease. Beginning in 2013, the parish has been working with a charity, Voces8 Foundation, to provide a long-term home for musical education as well as a place for worship. The Diocese has provided capital funding towards the repair of the building and charged the PCC with raising significant additional funds and supervision of the works and financial administration. Voces8 has taken a long fullrepairing lease.
Apart from the replacement of the 1950’s fluorescent lighting in the 15[th] century tower most major restoration and refurbishment work is complete. However, during the year refinements were added to enhance the south door main entrance and external noticeboards were erected. Following the tradition of Benefactor Boards, two huge examples of which hang on the west wall, a new, more modest benefactor board was erected in the church to recognise the many donors who have contributed to the works in the last decade.
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Statement of financial activities for the year ended 31 December 2021
| Note Unrestricted Funds Restricted Funds TOTAL 2021 TOTAL 2020 £ £ £ £ INCOMING RESOURCES Voluntary income 2(a) 5(a) 100,429 2,500 102,929 33,540 Activities for generating funds 2(b) 106,288 - 106,288 85,337 Income from investments 2(c) 5(c) 14,424 - 14,424 13,851 Gross income from church activities 2(d) 1,546 - 1,546 294 Other incoming resources 2(e) 4(e) 5(e) 21,968 - 21,968 69,035 TOTAL INCOMING RESOURCES 244,655 2,500 247,155 202,057 RESOURCES USED Church activities 3(a), 6(a) 191,123 2,500 193,623 185,611 Generation of voluntary income 3(b) - - - - Fund-raising costs 3(c) 2,641 - 2,641 2,732 Transferred to Investments 55,000 55,000 - TOTAL RESOURCES USED 248,764 2,500 251,264 188,343 NET INCOMING/(OUTGOING) RESOURCES -4,109 - -4,109 13,713 Gains on investments (unrealised) 137,653 - 137,653 21,406 Losses on investments (realised) - - - - Losses on investments (unrealised) - - - - NET MOVEMENT IN FUNDS 133,544 - 133,544 35,119 Balances brought forward at 1 January 637,977 - 637,977 602,858 Balances carried forward at 31 December 771,522 - 771,522 637,977 |
Note Unrestricted Funds Restricted Funds TOTAL 2021 TOTAL 2020 £ £ £ £ INCOMING RESOURCES Voluntary income 2(a) 5(a) 100,429 2,500 102,929 33,540 Activities for generating funds 2(b) 106,288 - 106,288 85,337 Income from investments 2(c) 5(c) 14,424 - 14,424 13,851 Gross income from church activities 2(d) 1,546 - 1,546 294 Other incoming resources 2(e) 4(e) 5(e) 21,968 - 21,968 69,035 TOTAL INCOMING RESOURCES 244,655 2,500 247,155 202,057 RESOURCES USED Church activities 3(a), 6(a) 191,123 2,500 193,623 185,611 Generation of voluntary income 3(b) - - - - Fund-raising costs 3(c) 2,641 - 2,641 2,732 Transferred to Investments 55,000 55,000 - TOTAL RESOURCES USED 248,764 2,500 251,264 188,343 NET INCOMING/(OUTGOING) RESOURCES -4,109 - -4,109 13,713 Gains on investments (unrealised) 137,653 - 137,653 21,406 Losses on investments (realised) - - - - Losses on investments (unrealised) - - - - NET MOVEMENT IN FUNDS 133,544 - 133,544 35,119 Balances brought forward at 1 January 637,977 - 637,977 602,858 Balances carried forward at 31 December 771,522 - 771,522 637,977 |
Note Unrestricted Funds Restricted Funds TOTAL 2021 TOTAL 2020 £ £ £ £ INCOMING RESOURCES Voluntary income 2(a) 5(a) 100,429 2,500 102,929 33,540 Activities for generating funds 2(b) 106,288 - 106,288 85,337 Income from investments 2(c) 5(c) 14,424 - 14,424 13,851 Gross income from church activities 2(d) 1,546 - 1,546 294 Other incoming resources 2(e) 4(e) 5(e) 21,968 - 21,968 69,035 TOTAL INCOMING RESOURCES 244,655 2,500 247,155 202,057 RESOURCES USED Church activities 3(a), 6(a) 191,123 2,500 193,623 185,611 Generation of voluntary income 3(b) - - - - Fund-raising costs 3(c) 2,641 - 2,641 2,732 Transferred to Investments 55,000 55,000 - TOTAL RESOURCES USED 248,764 2,500 251,264 188,343 NET INCOMING/(OUTGOING) RESOURCES -4,109 - -4,109 13,713 Gains on investments (unrealised) 137,653 - 137,653 21,406 Losses on investments (realised) - - - - Losses on investments (unrealised) - - - - NET MOVEMENT IN FUNDS 133,544 - 133,544 35,119 Balances brought forward at 1 January 637,977 - 637,977 602,858 Balances carried forward at 31 December 771,522 - 771,522 637,977 |
|---|---|---|
| 244,655 2,500 247,155 202,057 |
||
| 191,123 2,500 193,623 185,611 - - - - 2,641 - 2,641 2,732 55,000 55,000 - |
||
| 248,764 2,500 251,264 188,343 |
||
| -4,109 - -4,109 13,713 137,653 - 137,653 21,406 - - - - - - - - |
||
| 133,544 - 133,544 35,119 637,977 - 637,977 602,858 |
||
| 771,522 - 771,522 637,977 |
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Balance sheet as at 31 December 2021
| Balance sheet as at 31 December 2021 | |
|---|---|
| Note General Fund 2,3 Fabric Fund 5,6 Organ Fund 7 Future Capital Fund 4,14 St Anne and St Agnes Fund Represented by: Central Board of Finance of the Church of England Deposit accounts 6845 shares CBF Fixed Interest Securities Fund 8 13527.89 Income shares : CBF Investment Fund 8 186 accummulation shares : CBF Investment Fund 8 65501 shares : CBF Property Fund 8 668.097 M & G Charifund Income Units 8 Bank Balance : CAF Bank Cash in hand Debtors and prepayments 9 Creditors and deferred income` 10 Held in trust by the London Diocesan Fund: 7,769.03 Income shares : CBF Investment Fund 8 1,709.422 M & G Charifund Income Units 8 |
2021 2020 50,687 55,523 - 942 - 18,078 709,979 558,443 10,856 4,993 |
| 771,522 637,978 |
|
| 47,368 47,039 10,839 11,610 366,734 277,154 10,856 4,993 96,857 81,009 10,397 9,170 19,934 24,373 - - - - - - |
|
| 562,984 455,349 |
|
| 181,936 159,166 26,602 23,463 |
|
| 208,538 182,629 |
|
| 771,522 637,978 |
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Notes to the financial statements
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP (Statement of Recommended Practice) 2005.
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. 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.
Funds
Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on the fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis. Unrestricted funds are general funds which can be used for PCC ordinary purposes.
Incoming resources
Planned giving, collections and donations are recognised when received. Tax refunds are recognised for the tax year in which they are received - one year in arrears. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and accounted for gross.
Fixed assets
Consecrated and benefice property is not included in the accounts in accordance with s.77 of the Charities Act 2011. Movable church furnishings held by the rector and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired before 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. No individual item purchased subsequently has cost more than £1,000 so all such expenditure has been written off when incurred.
Investments are valued at market value as at 31st December.
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| GENERAL FUND | Unrestricted Funds |
Restricted Funds |
2021 | 2020 |
|---|---|---|---|---|
| 2. INCOMING RESOURCES | £ | £ | £ | £ |
| 2(a)Voluntaryincome | ||||
| Plannedgiving: | ||||
| Gift Aid donations | 15,612 | - | 15,612 | 14,819 |
| Alms(includingcandle andpublication sales) | 4,576 | - | 4,576 | 2,835 |
| Donations | 9,330 | - | 9,330 | 4,967 |
| Income tax recovered | 5,156 | - | 5,156 | 7,168 |
| Grants - CityDeaneryFund | - | 2,500 | 2,500 | 2,750 |
| Sundrydonations | - | - | - | - |
| 34,674 | 2,500 | 37,174 | 32,540 | |
| 2(b)Activities forgeneratingfunds | - | |||
| Parish rate | 62,201 | - | 62,201 | 40,765 |
| Church Hall lettings etc. | 9,456 | - | 9,456 | 7,828 |
| Glebe Fees | 34,631 | - | 34,631 | 36,744 |
| - | ||||
| 106,288 | - | 106,288 | 85,337 | |
| 2(c)income from investments | - | |||
| Future Capital Fund : Dividends and interest | - | |||
| includingtax recoverable | 14,424 | - | 14,424 | 13,851 |
| - | ||||
| 14,424 | - | 14,424 | 13,851 | |
| 2(d)Gross income from church activities | - | |||
| Service fees | 1,401 | - | 1,401 | 294 |
| Hospitality | 145 | - | 145 | - |
| - | ||||
| 1,546 | - | 1,546 | 294 | |
| 2(e)Other incomingresources | - | |||
| CityParochial Charities | 986 | - | 986 | 986 |
| Job Retention Schemegrant | 13,768 | - | 13,768 | 22,122 |
| Heritage EmergencyFund | - | - | 11,900 | |
| Cultural RecoveryFund | 3,780 | - | 3,780 | 34,020 |
| - | ||||
| 18,534 | - | 18,534 | 69,028 | |
| - | ||||
| TOTAL INCOMING RESOURCES | 175,466 | 2,500 | 177,966 | 201,049 |
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----- Start of picture text -----
GENERAL FUND Unrestricted Restricted TOTAL TOTAL
Funds Funds 2021 2020
3. RESOURCES USED £ £ £ £
3 (a) Church Activities
Missionary and Charitable Giving
Overseas 5,000 - 5,000 5,500
Home 3,500 - 3,500 3,500
8,500 - 8,500 9,000
Ministry : Contribution to Diocesan Common Fund 57,350 - 57,350 57,350
Other ministry costs 605 - 605 1,169
Church running and maintenance 6,276 - 6,276 5,944
Salaries and fees 30,481 2,500 32,981 38,595
Church Maintenance - cleaning 6,966 - 6,966 5,620
Stationery, printing and postage 1,153 - 1,153 1,332
Organist and choir 10,694 - 10,694 10,652
Hospitality 314 - 314 500
Bank charges 97 - 97 60
Examination fee 1,170 - 1,170 1,170
Sundries - - - 211
123,606 2,500 126,106 131,604
3 (b)
Stewardship envelopes - - - -
- - - -
3 (c) Fund-raising costs
Rate collection expenses 2,641 - 2,641 2,732
-
TOTAL RESOURCES USED 126,247 2,500 128,747 134,337
FUTURE CAPITAL FUND Unrestricted Restricted TOTAL TOTAL
Funds Funds 2021 2020
£ £ £ £
4(e) Other incoming resources - - - 13,915
TOTAL INCOMING RESOURCES - - - 13,915
4(f) Resources used - - - -
TOTAL RESOURCES USED - - - -
----- End of picture text -----
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| Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | |
|---|---|---|---|---|---|
| FABRIC FUND | Unrestricted Funds |
Restricted Funds |
TOTAL 2021 |
TOTAL 2020 |
|
| 5. INCOMING RESOURCES | £ | £ | £ | ||
| 5(a)Voluntaryincome | |||||
| CityParochial Foundation : Grants | 16,000 | - | 16,000 | - | |
| Donations | - | - | - | 1,000 | |
| Donations for organ | 5,592 | - | 5,592 | - | |
| Donations for bells | - | - | - | - | |
| St MaryStainingaccess works | 44,163 | - | 44,163 | - | |
| 65,755 | - | 65,755 | 1,000 | ||
| 5(c)Income from investments | - | ||||
| Interest on CBF Fixed Interest | |||||
| - | - | - | - | ||
| 5(e)Other incomingresources | |||||
| VAT reclaimed | 3,435 | - | 3,435 | - | |
| 3,435 | - | 3,435 | |||
| TOTAL INCOMING RESOURCES | 69,189 | - | 69,189 | 1,000 | |
| 6. RESOURCES USED | Unrestricted Funds |
Restricted Funds |
TOTAL 2021 |
2020 | |
| 6(a)Church activities: | £ | £ | £ | ||
| Insurance | 574 | - | 574 | 574 | |
| Organ | 6,263 | - | 6,263 | 954 | |
| Architect's fees | 6,592 | - | 6,592 | 5,526 | |
| Bells : repairs and maintenance | - | - | - | 1,140 | |
| Minor repairs to church and courtyard | 4,945 | - | 4,945 | 3,794 | |
| Routine repairs and maintenance | 3,843 | - | 3,843 | 783 | |
| Furniture and equipment - other | 228 | - | 228 | 11,465 | |
| Exceptional repairs | 690 | - | 690 | 5,818 | |
| Tower and West Wall | - | - | - | 20,607 | |
| Kitchen/Vestry | - | - | - | 528 | |
| Courtyard | 2,066 | - | 2,066 | - | |
| St Anne and St Agnes maintenance | 2,000 | - | 2,000 | 158 | |
| St MaryStainingaccess | 40,315 | - | 40,315 | 2,660 | |
| TOTAL RESOURCES USED | 67,517 | - | 67,517 | 54,007 | |
| ORGAN FUND | Unrestricted Funds |
Restricted Funds |
TOTAL 2021 |
TOTAL 2020 |
|
| 7. INCOMING RESOURCES | £ | £ | £ | ||
| 7(a)Income from investments | |||||
| Interest on CBF Deposit Account | - | - | - | - | |
| TOTAL INCOMING RESOURCES | - | - | - | - |
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| Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 8. Gains and losses in investments (realised and unrealised) | ||||||||||
| The development of St Vedast'sportfolio of investments has been detailed inprevious annual reports. | ||||||||||
| Some investments are held directlybythe PCC and others held in trust on its behalf bythe London Diocesan Fund. | ||||||||||
| £50,000 was transferred into the CBF Investment Fund and £5,000 into the St Anne and St Agnes Fund. | ||||||||||
| Dividends from the CBF PropertyFund were accumulated in that fund. | ||||||||||
| St Vedast Investments | Date of Purchase |
Units | COST £ | Price 31.12.20 pence |
Price 31.12.21 pence |
Value end 2020 £ |
Value end 2021 £ |
Unrealised Gain/Loss 2021 £ |
||
| CBF Fixed Interest | June 1992 | 6845 | 10,000 | 169.62 | 158.35 | 11,610.49 | 10,839.06 | -771.43 | ||
| SASA CBF Investment Fund | 2020-21 | 186 | 10,000 | 4961.99 | 5,840.15 | 4,993.26 | 10,855.67 | 5,862.41 | ||
| CBF Investment Fund | 2000-2021 | 15660 | 254,039 | 2048.73 | 2341.81 | 277,154.45 | 366,733.77 | 89,579.32 | ||
| CBF Property Fund | 2015-2021 | 65501 | 87163 | 129.41 | 147.87 | 81,008.96 | 96,856.74 | 15,847.78 | ||
| M&G Charifund | April 2006 | 668 | 10,000 | 1372.57 | 1556.2 | 9,170.10 | 10,396.93 | 1,226.83 | ||
| Held in trust by London Diocesan Fund | ||||||||||
| CBF Investment Fund | April 2004 | 7769 | 79,065 | 2048.73 | 2341.81 | 159,166.45 | 181,935.92 | 22,769.47 | ||
| M&G Charifund | April 2000 | 1709 | 18,818 | 1372.57 | 1556.2 | 23,463.01 | 26,602.03 | 3,139.01 | ||
| Totals | 566,566.72 | 704,220.11 | 137,653.39 |
15
| Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 | Notes to the financial statements for theyear ended 31 December 2021 |
|---|---|---|---|---|---|
| 9. Debtors andpre-payments | |||||
| 2021 | 2020 | ||||
| Sundrydebtor | - | - | |||
| - | - | ||||
| 10. Creditors and Deferred Income | |||||
| Sundrycreditor | - | - | |||
| - | - | ||||
| 11. Depreciation | |||||
| The Council has never had occasion to capitalise expenditure. | |||||
| 12. Reserves Policy | |||||
| It is PCCpolicyto maintain in liquid form a balance of unrestricted funds(if | |||||
| possible)equivalent to approximatelysix months' unrestrictedpayments to cover | |||||
| emergencysituations that mayarise from time to time. On 31 December 2021 the | |||||
| total of such funds was around £47,000, just below the desired target. |
16
| Income and Expenditure accounts | Income and Expenditure accounts | |||
|---|---|---|---|---|
| GENERAL FUND | 2021 | 2020 | ||
| Income | ||||
| Church Rates | 62,201 | 40,765 | ||
| Collections | 4,576 | 2,835 | ||
| Donations | 9,330 | 4,967 | ||
| Gift-Aided StewardshipGiving | 15,612 | 14,819 | ||
| Tax recovered | 5,156 | 7,168 | ||
| Voluntaryreceipts | 96,875 | 70,555 | ||
| CityParochial Charities | 986 | 986 | ||
| Interest received on investments | 14,424 | 13,851 | ||
| Lettingof church andparish room | 9,456 | 7,828 | ||
| Glebe revenue | 34,631 | 36,744 | ||
| Job Retention Schemegrant | 13,768 | 22,122 | ||
| Heritage EmergencyFundgrant | - | 11,900 | ||
| Cultural RecoveryFundgrant | 3,780 | 34,020 | ||
| CityDeaneryFund : Grant | 2,500 | 2,750 | ||
| Hospitality | 145 | - | ||
| Service fees | 1,401 | 294 | ||
| Sponsored events | - | |||
| 177,966 | 201,049 |
17
| GENERAL FUND | 2021 | 2020 | ||
|---|---|---|---|---|
| Expenditure | £ | £ | ||
| Clergy | 605 | 1,169 | ||
| Hospitality | 314 | 500 | ||
| Laystaff salaries and fees | 32,981 | 38,595 | ||
| Liturgical expenses | 482 | 455 | ||
| Organist and choir | 11,592 | 10,652 | ||
| Rate collection expenses | 2,641 | 2,732 | ||
| Stationery, printingandpostage | 1,153 | 1,332 | ||
| Sundries | 1,267 | 1,230 | ||
| Utilities | 5,625 | 5,092 | ||
| Household/Flowers | 151 | 132 | ||
| Cleaning | 6,966 | 5,620 | ||
| Publicity | 19 | 266 | ||
| Charitable donations | 8,500 | 9,000 | ||
| Sponsored events | 0 | 211 | ||
| 72,295 | 76,986 | |||
| London Diocesan Fund(LDF) Quota | 57,350 | 57,350 | ||
| 129,645 | 134,336 | |||
| Excess of income over expenditure | 48,321 | 66,713 | ||
| Transfer to Fabric Fund | -3,157 | -65,000 | ||
| Transfer to Future Capital Fund | -50,000 | - | ||
| Openingbalance | 55,523 | 53,810 | ||
| Closingbalance | 50,687 | 55,523 |
18
| FABRIC FUND | 2021 | 2020 | ||
|---|---|---|---|---|
| Income | ||||
| CityChurches Grant Committeegrant | 16,000 | - | ||
| Donations | 1,000 | |||
| Donations for organ | 5,592 | - | ||
| Donations for St MaryStainingaccess works | 44,163 | - | ||
| Interest on CBF Deposit Account | - | - | ||
| Interest on CBF Fixed Interest Securities Fund | - | - | ||
| VAT reclaimed | 3,435 | - | ||
| 69,189 | 1,000 | |||
| Expenditure | ||||
| Insurance | 574 | 574 | ||
| Organ | 6,263 | 954 | ||
| Architect's fees | 6,592 | 5,526 | ||
| Bells : maintenance | 0 | 1,140 | ||
| Minor repairs to church and courtyard | 4,945 | 3,794 | ||
| Courtyard redecoration | 2,066 | - | ||
| Routine repairs and maintenance | 3,843 | 783 | ||
| Furniture and equipment - other | 228 | 11,465 | ||
| Kitchen/Vestry | - | 528 | ||
| Exceptional repairs | 690 | 5,818 | ||
| Tower and West Wall | - | 20,607 | ||
| St A & St A maintenance | 2,000 | 158 | ||
| St MaryStainingAccess | 40,315 | 2,660 | ||
| 67,517 | 54,007 | |||
| Excess of income over expenditure | 1,672 | -53,007 | ||
| Valuation of investments(gain/loss) | -771 | 396 | ||
| Transfer to Future Capital Fund | - | -13,774 | ||
| Transfer from Organ Fund | - | 1,204 | ||
| Transfer from General Fund | 3,157 | 65,000 | ||
| Transfer to St A & St A Fund | -5,000 | -5,000 | ||
| Openingbalance | 942 | 6,123 | ||
| Closingbalance | - | 942 |
19
| ORGAN FUND | 2021 | 2020 | ||
|---|---|---|---|---|
| Income | £ | £ | ||
| Interest receivable | - | - | ||
| - | - | |||
| Expenditure | ||||
| Transfer to Fabric Fund | 1,204 | |||
| Transfer to Future Capital Fund | 18,078 | |||
| 18,078 | 1,204 | |||
| Excess of income over expenditure | -18,078 | -1,204 | ||
| Openingbalance | 18,078 | 19,281 | ||
| Closingbalance | - | 18,078 | ||
| FUTURE CAPITAL FUND | 2021 | 2020 | ||
| Income | ||||
| Interest on CBF Deposit Account | 329 | 142 | ||
| 329 | 142 | |||
| Expenditure | ||||
| Adjustment | 557 - |
123 | ||
| 557 - |
123 | |||
| Excess of income over expenditure | 886 | 19 | ||
| Valuation of investments(gain/loss) | 82,562 | 21,017 | ||
| Transfer from General Fund | 50,000 | - | ||
| Transfer from Fabric Fund | - | 13,774 | ||
| Transfer from Organ Fund | 18,078 | - | ||
| Openingbalance | 558,453 | 523,644 | ||
| Closingbalance | 709,979 | 558,453 | ||
| ST ANNE & ST AGNES FUND | 2021 | 2020 | ||
| Income | ||||
| Transfer from Fabric Fund | 5,000 | 5,000 | ||
| Valuation of investments(gain/loss) | 862 | -7 | ||
| Openingbalance | 4,993 | - | ||
| Closingbalance | 10,856 | 4,993 |
20
| ST ANNE & ST AGNES REFURBISHMENT FUND | ST ANNE & ST AGNES REFURBISHMENT FUND | ST ANNE & ST AGNES REFURBISHMENT FUND | ST ANNE & ST AGNES REFURBISHMENT FUND | ST ANNE & ST AGNES REFURBISHMENT FUND |
|---|---|---|---|---|
| £ | £ | |||
| 2021 | 2020 | |||
| Income | ||||
| Private benefactor | 2,000 | |||
| St Vedast PCC | 2,000 | - | ||
| St Vedast bellringers | - | 500 | ||
| Middlesex CountyAssociation | - | 2,500 | ||
| Sharpe Trust | - | 100 | ||
| Friends of CityChurches | - | 2,000 | ||
| Listed Places of WorshipGrant Scheme | - | 1,537 | ||
| 2,000 | 8,637 | |||
| Expenditure | ||||
| 10,712 | 19,323 | |||
| 10,712 | 19,323 | |||
| Excess of income over expenditure | -8,712 | -10,685 | ||
| Openingbalance | 15,786 | 26,471 | ||
| Closingbalance | 7,074 | 15,786 |
21
Report of the independent examiner to the PCC members of the united parishes of Saint Vedast-alias-Foster This report on the accounts of the PCC for the year ended 31 Dember 2021, which are set out in pages 9-21 is in Tespect of an exaniinalion carrÉed oput under the Curth Accountiiig Re&rLill£ tl()El.5 21106 and the Charities Act 21111 I'tIIL Act,). Respective responsibilities of the PCC and Examiner The Ch£1rity',4 trubtees coiisider tlic2t <111 audit is iiot requircd for thi5 yeic r undL?r the section 144{2) of the Act and that an independent examination is needed. It is my responsibility to Examine the accounts under sections 145 of the Act; Follow procedures laid down in the general directions given by the Charity Commissioners section 145(5)(b) of the Act,. and 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 include5 a review of the aca)unting records kept by the charity and a comparison of the accounts presented wAth those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concernins any such rnatters. The ProdureS undertaken do not provide all the eviden that would be required in a full audit, and consequently I do not express an opinion on the accounts. Independent Examiner's Statement In connection with my examination, no matter has come to my attention: l. Which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance Tr¥qth s130 of the 2011 Act; or to prepare accounts, whith accord to these accounting records have not been met; or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Simia Wall Devonshire House 582 Honeypot Lane Stanmore HA7 IIS 22