## **Christ Church Cockfosters** _Registered Charity No.: 1134144_ **Annual Report** and ## **Financial Statements** of the **Parochial Church Council** For the year ended 31 December 2020 **Incumbent:** Revd Jon Tuckwell **Associate Vicar:** Revd James Knowles **Associate Vicar:** Revd Jon Featherstone **Music Minister:** Mr David Gibson **Children’s and Families Minister:** Mr Tom Inman **Operations Manager:** Mr Vava Tsioupra **Treasurer:** Mr Mike Slevin ## **Banks:** _Barclays Bank PLC_ Whetstone and Finchley Group 1250 High Road Whetstone London N20 0PB _CAF Bank Ltd_ PO Box 289 West Malling ME19 4TA ## **Auditors:** _West Wake Price LLP_ 4 City Road London EC1Y 2AA Page **- 1 -** of **6** ## **2020 Annual Report for the Parochial Church Council of Christ Church Cockfosters** The members of the PCC present their annual report and financial statement of the PCC for the year ended 31 December 2020. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 together with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice, Accounting and Reporting by Charities [SORP (FRS 102)]. ## **AIM & PURPOSES** Christ Church PCC has the responsibility of co-operating with the Incumbent, Revd Jon Tuckwell, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Informal liaison arrangements exist with the Conventional District of St Paul’s, Hadley Wood, which forms part of the parish but has its own minister and Church Council and also with Grace Church Highlands which is a Charitable Incorporated Organisation. ## **STRUCTURE, GOVERNANCE & MANAGEMENT** The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. Members of the PCC are either ex-officio, co-opted or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. Three members are elected each year for a three-year term of office. At the first meeting of the new PCC an induction session takes place when membership, responsibilities and functions of the PCC are explained. During 2020 the following served as members of the PCC: |Clergy:|Revd Jon Tuckwell (Chair)| |---|---| ||Revd James Knowles| ||Revd Jon Featherstone| |Churchwardens:|Olive Hurdman (until September 2020)| ||Celeste Tilley (Vice Chair until September 2020)| ||Nicki Hooke (from September 2020)| ||Matt Lanstone (Vice Chair from September 2020)| |Elected Members:|Seun Adekunbi (from September 2020)| ||Janet Houghton| ||Soutonye Isaacs (until September 2020)| ||Chanelle Leher (from September 2020)| ||Kalpesh Patel| ||James Quinby| ||Mark Ratcliff| ||Mike Slevin (Treasurer from February 2020)| ||Vava Tsioupra (Treasurer until February 2020)| ||Erica Ward| |Deanery Synod:|Margarita Barr-Hamilton (also a member of Diocesan Synod)| ||Elia Casotti (until September 2020)| ||Glenda Hunter (re-elected)| Page **- 2 -** of **6** Tom Inman (from September 2020) Barbara Nagy (re-elected) Alison Ruoff (until September 2020) Chitra Robson (from September 2020) Susan Watford (re-elected) The PCC members are, with the Vicar, responsible for making decisions on matters of general concern and importance to the Parish including deciding on how the funds of the PCC are to be spent. ## **COMMITTEES / ACTION GROUPS** The PCC operates through a number of Action Groups which meet between full meetings of the PCC: - The Standing Committee has consisted of Vicar, Churchwardens, Treasurer, Associate Vicars, and a representative elected by PCC. It is the only committee required by canon law. It has the power to transact the business of the PCC between its meeting, subject to any directions given by the Council. Please note that Standing Committee combined with the Administration and Finance group in July 2020 becoming the Finance and Standing Committee. - Additionally, the following non-statutory groups met during the year (reports available separately): `o` Administration and Finance Action Group (until July 2020) - Fabric Group; - Mission Action Group. ## **SAFEGUARDING** The PCC has complied with its Safeguarding responsibilities under section 5 of the Safeguarding and Clergy Discipline Measure 2016. The PCC acknowledges that it must pay 'due regard' to safeguarding guidance issued by the House of Bishops (including both policy and practice guidance). The Church Safeguarding Officer was Mr Tom INMAN; and the Children’s Champion was Mrs Karen HOSKER for 2020. ## **CHURCH ATTENDANCE** It was reported at the 2020 APCM that the number on the Christ Church Electoral Roll was 315. Of these 57 were resident in the parish. Owing to Covid, the standard figures on the annual report would have been zero for most of 2020. Below is a selection of attendance statistics that have been supplied to the CoE, on our yearly returns and that may be of more use. Average worshipping community via livestream 2020: 700-1000 Christmas Eve & Christmas Day attendance in person: 270 Average weekly attendance in October 2020 in person: 85 (66 Adults, 19 Children) ## **REVIEW OF THE YEAR** I’m not sure what a ‘usual’ year on the church council would be – but this certainly wasn’t one! I am hugely grateful for the wisdom and patience of the whole church council as we have sought to lead the church family through a hard, but hopeful year. At the start of the pandemic the PCC took two significant decisions. We postponed plans for the ‘Building Church’ building project recognising the enormity of global events and wanting to have time to reflect on Page **- 3 -** of **6** their long-term impact. We also decided to commence a Ministry Review, taking the chance to review many aspects of ministry life at Christ Church. The Ministry Review highlighted the need for long-term changes to our morning services and so, much of our meeting time in the past year has been taken up with thinking through possible patterns of Sunday services in post-pandemic life. Alongside this, plans for a garden room on the graveyard were discussed and prayed about to facilitate an expansion of our Sunday morning ministries. During 2020 decisions were also made around two staff appointments (Pastoral Associate for families, and Youth Minister) along with housing provision for the newly appointed Youth Minister. Both roles commenced in January 2021. Finally, as ever, safeguarding was a regular part of our PCC discussions as we review our practices and work tirelessly to ensure that Christ is honoured in the diligence of our care for the church family. ## **FINANCE** Our original budget for 2020 was for a use of our General Fund reserves of £76,082 to allow us to continue re-shaping and investing in our ministry and administration teams, our digital capability and oneoff redundancy costs. This decision was supported by healthy General Fund reserves at the end of 2019 of £383,873, comfortably above our minimum reserve policy. The impact of Covid complicated and impacted our finances during the year, with the overall use of our General Fund reserves amounting to £113,553. Whilst we were blessed with giving income remaining at the same levels as 2019, income from the House Café, Lettings and Pre-School were all down. Expenditure increased versus 2019, as planned, to support our investment in ministry activities but was constrained lower than budget in response to the impact to Covid. Additionally, donations and gift aid of £317,013 were received for the purchase of 58 Fordham Road to house our new Youth Minister, which was held in a Restricted Fund and the purchase was successfully completed via Christ Church Trust. Remaining funds will be utilised for a much needed modernisation of the property, with any surplus being used to repay some of the mortgage provided by CAF Bank to assist with the purchase of the property. Our General Fund reserves finished the year at an amount of £270,320, which remains comfortably above our minimum reserves policy, and supports our ability to absorb any further near-term impacts of Covid and our longer term ministry plans. As ever, we remain thankful to God for blessing us with financial resources and pray that we will continue to be faithful and generous stewards. ## **RISK MANAGEMENT** During the year we continued a process of identifying the major risks that impact on the work of Christ Church. An analysis of the existing procedures and controls in place to deal with the risks will be continually reviewed by the PCC. Action to manage the risks will be implemented as necessary. The Church’s Safeguarding Policy is regularly kept up to date. Tom Inman is our Safeguarding Officer and maintains our safeguarding practices. All youth and children’s leaders are either DBS (Disclosure and Barring Service) checked and trained in safeguarding, or are undergoing the training and awaiting the outcome of DBS checks. Page **- 4 -** of **6** **RESERVES POLICY** It is the policy of the church to hold in reserves the equivalent of two months’ general running costs and an additional month’s salary costs. The PCC considers that our present reserves are sufficient to meet these requirements. ## **MEMBERS’ RESPONSBILITIES IN RELATION TO FINANCIAL STATEMENTS** The members of the PCC are responsible for preparing a PCC annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page **- 5 -** of **6** The law applicable to charitie5 in England and Wales require5 the PCC members to prepare fin2neial statements for each year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of re50urce5, of the PCC for that period. In preparing the financial statements. the member5 are required to.. 5elett 5Uttable accounting policies 2nd then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgements and estimate5 that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any m2terial departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unle55 It Is inappropriate to presume that the PCC will continue in business. The member5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Church Accounting Regulations 2006 and Part Vlll of the Charities Act 2011. They are also responsible for safeguarding the assets of the PCC and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the PCC member5 on Thursday 25, March 2021 and signed on their behalf by: Revd Jon Tuckwell Chair Pw-6.of6 CHkl¥J' CHVkLH COCKFOSTIRS BALiNCt SHÉET Afjist Otcember202 RKtrirityJAAd IInT￿o[l 2fl19 TOTAL TOTAL Prn5cknol Clra 5uFwFunO PrnS¢knl PffjpryF I.'LXID ASS¥TS 3.8¥U455 3.880.455 3 880 455 CLIRREKf ASSETS Deb￿ 36 3.57 452.047 474.297 LIABfLrriES 170 270 21.713 59? tT £270.329 £17J37 .310.45$ £4.327.29 PARtSH FUNIJS UnTC5tmrdwEF4ihnd fvnd5 270.320 2?0.31Q 109.7 66.n5 3,88Q.455 383.8Y3 92.448 7J37 10.8n 2Q.QOO 23.593 53.999 R￿￿tel￿d￿d unreslricte¢idewakd FuAd 1KJTAL PJiRISU FUNDS YO.320 £92.448 2D.QQQ £4.3?7.295 APP￿￿￿byT￿D1P0VdWCbwth C￿7{￿n$tC1h￿c0ckfo￿eIl)on M¥JGb75th ZD21 ￿ds1￿￿1Un itsbdwlfby:" Rewd JortThtkY¢tll IPCC ￿r> TheuDle5vn p4%e5 Its ¢D uktwal p#ndftbtsÈ ## **CHRIST CHURCH COCKFOSTERS STATEMENT OF FINANCIAL ACTIVITIES for year ended 31st December 2020** |**Notes**
**INCOME**
Voluntary income
1(a)
Activities for generating funds
1(b)
Income from investments:
1(c)
Church activities
1(d)
Other incoming resources
1 (e)
**TOTAL INCOME**
**EXPENDITURE**
Cost of raising funds
2(a)
Expenditure on Church activities
2(b)
_Other expenditure:_
Mission grants
5
**TOTAL EXPENDITURE**
**NET INCOME/EXPENDITURE BEFORE INVESTMENT GAINS**
Gain/(loss) on investment
7
**NET INCOME/EXPENDITURE**
_Transfer between funds:_
Pre School unrestricted designated to General fund unrestricted
The House unrestricted designated from General fund unrestricted
General unrestricted to Mission restricted
Redecoration costs 1 Chalk Lane
Staff Redundancy Costs
_Other recognised gains/(losses)_
Gain/(loss) on revaluation of fixed assets
8
**NET MOVEMENTS IN FUNDS**
_Reconciliation of funds_
Prior year adjustment of misposted transaction
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**|**Restricted Funds**|**Unrestricted Designated Funds**|**Restricted and**
**Unrestricted**
**Designated Funds**|**2020**
**TOTAL**|**2019**
**TOTAL**| |---|---|---|---|---|---|---| ||General Fund
421,077
3,930
298
4,427
-|Ministry
Trainees
Fordham Road
Mission Fund
Pre School
Burrowes/
Hutchins Fund
-
317,013
1,009
-
-
-
-
-
-
-
-
-
-
-
378
-
-
-
-
-
-
-
-
78,829
-|The House
Café
Support Fund
Pre School
Buildings Fund
-
12,768
-
4,274
13,155
-
14,322
-
-
-
67
16
-
-
-
-
-
-
-
-|Property Fund
-
-
-
-
-|756,141
31,407
759
4,427
78,829|430,117
90,961
1,369
6,594
104,428| ||£429,732|-
317,013
£1,009
£78,829
£378|£13,155
£12,768
£14,389
£4,290|-|£871,563|£633,469| ||-
448,209
-|-
-
-
78,829
-
4,231
224,565
-
-
-
-
-
37,100
-
-|28,674
-
1,868
-
-
500
-
2,488
-
-
-
-|-
-
-|109,371
679,993
37,100|133,386
404,074
34,500| ||£448,209|4,231
224,565
£37,100
£78,829
-|£28,674
£500
£1,868
£2,488|-|£826,464|£571,960| ||(18,477)
-|(4,231)
92,448
(36,091)
-
378
-
-
-
-
394|(15,519)
12,268
12,521
1,802
-
-
-
-|-
-|45,099
394|61,509
245| ||(18,477)
13,080
(14,744)
(36,090)
(31,722)
(25,600)
-|(4,231)
92,448
(36,091)
-
772
-
-
-
-
-
-
-
-
-
36,090
-

-
-
-
-|(15,519)
12,268
12,521
1,802
-
-
(13,080)
-
14,744
-
-
-
-
-
-
-
-
-|-
-
-
-
21,066|45,493
-
-
-
(31,722)
(25,600)
21,066|61,754
-
-
-
-
-
102,911| ||£(113,553)
383,873|(4,231)
92,448
(1)
-
£772
-
-
-
-
-
4,231
-
-
-
16,565|£(775)
£12,268
£(559)
£1,802
-
-
-
-
11,647
-
20,559
21,793|£21,066
-
3,859,389|£9,237
-
4,318,057|£164,665
-
4,153,392| ||£270,320|£0
£92,448
(1)
-
£17,337|£10,872
£12,268
£20,000
£23,595|£3,880,455|£4,327,294|£4,318,057| - 8 - ## **CHRIST CHURCH COCKFOSTERS STATEMENT OF CASH FLOWS for the year ended 31 December 2020** |**Cash flows from operating activities:**
**_Net cash provided by operating activities_**
**Cash flows from investing activities**
Dividends, interest and rents from investments
**_Net cash provided by investing activities_**
**_Change in cash and cash equivalents in the reporting period_**
Cash and cash equivalents at the beginning of the reporting period
**Cash and cash equivalents at the end of the reporting period**
**Note 1: Reconciliation of net income/(expenditure) to net cash flow**
**from operating activities**
**_Net income/(expenditure) for the reporting period (as per the statement of_**
**_financial activities)_**
Adjustments for:
(Gains)/losses on investments
Dividends, interest and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**_Net cash provided by operating activities_**
**Note 2: Analysis of cash and cash equivalents**
Cash in hand
Notice deposits (less than 3 months)
**Total cash and cash equivalents**|**Total Funds**
**Total Funds**
**Note**
**2020**
**2019**
**£**
**£**
**(65,775)**
**52,279**
**1**
759
1,369
**759**
**1,369**
**(65,016) 53,648**
452,047
398,399
**387,031**
**452,047**
**2**
**Current Year**
**Prior Year**
**£**
**£**
(11,828)
61,754
(394)
(245)
(759)
(1,369)
(53,964)
13,925
1,170
(21,786)
**(65,775)**
**52,279**
**Current Year**
**Prior Year**
**£**
**£**
58
521
386,973
451,526
**387,031**
**452,047**| |---|---| - 9 - ## **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31st December 2020** |**1.**
**INCOME**
**1(a)**
**Voluntary income**
**Donations and legacies**
Gift aid donations
Income tax recoverable
Donations via charitable trusts
Other giving
Legacy
Misc
**Donations for Mission**
Gift aid donations
Income tax recoverable
Gift Aid Fundraising events
Income tax recoverable
Other giving
Other fund raising giving
**Total voluntary income**
**1(b)**
**Activities for generating funds**
Pre-School fees (see note 2(a) for expenses)
Church House lettings
The House Café
**1(c)**
**Income from investments**
Interest from fixed securities
Interest from interest bearing bank accounts
**1 (d)**
**Church Activities**
Fees for weddings, funerals searches etc
**1 (e)**
**Other incoming resources**
Local authority grants
HMRC tax repayment supplement - prior year GA donation|**Unrestricted**|**Restricted Funds**|**Unrestricted Designated Funds**|**Restricted and**
**unrestricted**
**Designated Funds**|**2020**
**TOTAL**|**2019**
**TOTAL**| |---|---|---|---|---|---|---| ||General Fund
286,536
71,704
15,450
47,062
-
325|Ministry
Trainees
Fordham Road
Mission Fund
Pre School
Burrowes/
Hutchins Fund
-
247,530
-
-
-
-
61,883
-
-
-
-
-
-
-
-
-
7,600
-
-
-
-
-
-
-
-
-
-
-
-
-|The House
Café
Support Fund
Pre School
Buildings Fund
-
9,630
-
3,420
-
2,408
-
854
-
-
-
-
-
730
-
-
-
-
-
-
-
-
-
-|PropertyFund|547,116
136,849
15,450
55,392
-
325
|286,274
71,569
16,834
51,669
-
10| |||||-
-
-
-
-
-||| ||£421,077|-
317,013
-
-
-|-
12,768
-
£4,274|-|£755,132|£426,356| ||-
-
-
-
-
-|-
-
808
-
-
-
-
202
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-|808
202
-
-
-

-|858
215
1,866
467
-
355| ||-|-
-
£1,010
-
-|-
-
-
-|-|£1,010|£3,761| ||£421,077|-
£317,013
£1,010
-
-|-
£12,768
-
£4,274|-|£756,142|£430,117| ||-
3,930
-|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
14,322
-
-
-
-
-
13,155
-
-
-|-
-
-|14,322
3,930
13,155|37,396
15,725
37,840| ||£3,930|-
-
-
-
-|£13,155
-
£14,322
-|-|£31,407|£90,961| ||-
298|-
-
-
-
378
-
-
-
-|-
-
-
-
-
-
67
16|-
-|378
381|450
919| ||£298|-
-
-
-
£378|-
-
£67
£16|-|£759|£1,369| ||£4,427|-
-
-
-
-|-
-
-
-|-|£4,427|£6,594| ||-
-|-
-
-
78,829
-
-
-
-
-|-
-
-
-
-
-
-
-|-
-|78,829
-|71,928
32,500| ||-|-
-
-

£78,829
-|-
-
-
-|-|£78,829|£104,428| - 10 - **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS** **for year ended 31st December 2020** |**2.**
**EXPENDITURE**
**2(a)**
**Cost of raising funds**
Pre-School (see note 1(b) for income)
The House Café
**2(b)**
**Expenditure on Church activities**
Ministry: Diocesan Common Fund
Curate and expenses
Associate Minister and expenses
Clergy accommodation costs
Church maintenance and repairs
Church utilities and sundries
Church insurance
Church House maintenance and repairs
Church House utilities and sundries
Church House insurance
Caretaker's salary & house expenses
Music director's salary & music expenses
Youth/children ministers' salaries & youth activities/home groups
Ministry trainee expenses
Operations Manager, Communications Officer
Financial Administrator, Secretary & office expenses
IT Costs including maintenance
AV Costs
Support Grants
Training
Evangelism & Miscellaneous
Fees (see note 1(c) for income)
**Governance costs**
Audit fee
APGM - printing of annual report
**Total expenditure on Church activities**|**Unrestricted**|**Restricted Funds**|**Unrestricted Designated Funds**|**Restricted and**
**unrestricted**
**Designated Funds**|**2020**
**TOTAL**|**2019**
**TOTAL**| |---|---|---|---|---|---|---| ||General Fund
-
-|Ministry
Trainees
Fordham Road
Mission Fund
Pre School
Burrowes/
Hutchins Fund
-
-
-
78,829
-
-
-
-
-
-|The House
Café
Support Fund
Pre School
Buildings Fund
-
1,868
-
28,674
-
-
-|Property Fund
-
-|80,697
28,674|89,572
43,814| ||-|-
-
-
£78,829
-|£28,674
-
£1,868
-|-|£109,371|£133,386| ||85,200
41,683
41,056
5,899
3,088
5,341
4,721
9,840
31,371
2,437
18,508
39,013
45,811
-
82,058
2,259
14,030
-
1,629
6,026
1,739|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
224,565
-
-
-
4,231
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,488

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
500
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-

-
-
-|85,200
41,683
41,056
5,899
5,576
5,341
4,721
9,840
31,371
2,437
18,508
39,013
270,376
4,231
82,058
2,259
14,030
500
1,629
6,026
1,739|82,800
19,634
44,072
1,055
20,173
3,751
4,442
12,506
12,147
2,547
28,432

28,082
44,465
-
54,313
4,608
21,400
-
1,050
8,934
3,163| ||£441,709|4,231
224,565
-
-
-|-
500
-
£2,488|-|£673,493|£397,574| ||6,000
500|-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-

-|-
-|6,000
500|6,000
500| ||£6,500|-
-
-
-
-|-
-
-
-|-|£6,500|£6,500| ||£448,209|4,231
224,565
-
-
-|-
500
-
£2,488|-|£679,993|£404,074| - 11 - ## **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2020** ## **3. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL** |||| |---|---|---| |**STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL**
Salaries
Redundancy Costs
Social security costs
Pension fund|**2020**
204,157
25,600
12,444
4,486
£246,687|**2019**
181,646
-
8,007
3,764| |||£193,417| The average number of employees during the year was 13 (2019: 14). The Parish considers Jon Tuckwell (Chairman) as its key management personnel and he had no employment benefits including employer pension contributions. (2019: none). Other PCC members give of their time freely and no remuneration was paid in the year with the exception of Mark Ratcliff, Chanelle Leher, Vava Tsioupra, Erica Ward and Elia Casotti. During the year the PCC employed a caretaker, music director, youth minister, operations manager, financial administrator, communications officer, cafe manager and deputy manager, secretaries and pre-school staff, none of whom had employment benefits in excess of £60,000 per annum (2019 : None). Clergy stipends are determined by the Diocese of London and include a provision for National Insurance and pension contributions. The Vicar stipend is included in the Common Fund contribution. ## **4. PENSIONS** There is a Group Stakeholder Pension Scheme for those members of staff who are eligible to join. The assets of this scheme are held separately from those of the PCC, being invested with insurance companies. Pension costs charged in the statement of financial activities represent the contributions payable by the PCC during the year. ## **5. MISSION** During the year gifts totalling £1,010 were received including income tax recoverable for use in mission beyond the parish. This was increased by a transfer of £36,090 from general fund. As a result £37,100 was paid out or allocated in mission grants, those £1,000 or over are noted below, including those from a previous year carried forward balance |Asaph Trust|£13,325| |---|---| |Wycliffe Nicolle|£6,000| |BMS Sandersons|£3,000| |OMF Margaret Rugira|£4,000| |T4 Global|£5,470| |CMJ|£5,500| |Open Doors|£2,000| ## **6. SPECIAL APPEALS** Special appeals were made which raised £6,894 and these were all paid over to the beneficiaries. Those £1,000 or over are noted below. ||Chipping Barnet Food Bank|£2,861||| |---|---|---|---|---| ||Open Doors|£4,033||| |**7. **|**INVESTMENTS (Restricted Funds)**||**2020**|**2019**| ||**Investment with Central Board of Finance re Burrowes/Hutchins Fund**|||| ||Market value as at 1 January 2020||11,159|10,914| ||Unrealised gain /(loss)||394|245| ||Market value as at 31 December 2020||£11,553|£11,159| ||Historical cost as at 31 December 2020||£10,500|£10,500| |**8. **|**TANGIBLE ASSETS - PROPERTIES**|||| |**TANGIBLE ASSETS - PROPERTIES**||||| |---|---|---|---|---| ||**Christ**|**1 & 2 Chalk**||| ||**Church**|**Lane**||| ||**House**|**Unrestricted**||| ||**Restricted**|**Designated**|**2020**|| ||**Freehold**|**Leasehold**|**TOTAL**|**2019 TOTAL**| |Value as at 1 January 2020|3,257,513|601,876|3,859,389|3,756,478| |Unrealised gain|-|21,066|21,066|102,911| |Value as at 31 December 2020|£3,257,513|£622,942|£3,880,455|£3,859,389| The PCC owns the following properties in the legal name of the London Diocesan Fund, held on trust for the PCC: * The freehold of Church House (shown at insurance value), and * Leases of 1 and 2 Chalk Lane for a period of 99 years from 24th June 1965 (shown at insurance value). The Church building and vicarage, as consecrated property, do not belong to the PCC. The Church was insured for £6,354,930 (2019 : £6,354,930) while responsibility for the vicarage rests with the diocese. - 12 - ## **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2020** ## **9. DEBTORS** |**DEBTORS**||||| |---|---|---|---|---| |Easter HP Deposit
Weekend Away 2021
Various receipts
Income tax recoverable
The House Café
Miscellaneous
Training, subscriptions and insura|**Unrestricted**
**General Fund**
-
5,300
-
8,345
1,835
1,572
n|**Restricted Funds**|
**The House**
**Support**
**Buildings**
**Fund**
**Pre School**
**2020**
**Total**
-
5,300
-
100
180
67,161
346
346
1,835
-
-
1,572
£346
£100
£180
-
£76,214
**Unrestricted Designated Fund**|**2019 Total**
840
5,300
1,766
12,545
-
1,443
356| |||**Mission**
**Fund**
**Fordham**
**Road**
**Buildings**
**Fund**
36
58,500
-||| ||£17,052|£36
£58,500
-||£22,250| ## **10 CREDITORS** |Audit fee
Mission grants
Miscellaneous accruals|**Unrestricted**
**General Fund**
6,000
6,148|**Mission**
**Fund**
**Fordham**
**Road**
**Buildings**
**Fund**
3,615
11,328
**Restricted Funds**|**The House**
**Support**
**Building**
**Fund**
**Pre School**
**2020**
**Total**
6,000
3,615
270
597
18,343
270
-
-
597
£27,958
**Unrestricted Designated Fund**|**2019 Total**
6,000
13,060
7,728| |---|---|---|---|---| ||£12,148|£3,615
£11,328
-||£26,788| ## **11. RELATED PARTY TRANSACTIONS AND PCC MEMBERS EXPENSES** Rebecca Ratcliff was paid as a part time manager for The House Café during 2020. She is married to Mark Ratcliff a member of the PCC who received an amount of £8,450 in recognition of work undertaken "audio/video". Erica Ward was a paid office assistant during part of 2020 and Elia Casotti was employed as a caretaker and deputy cafe manager.There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties. Chanelle Leher received £2,400 during the year as a contributions towards Amelia Dew (ministry trainee) accommodation expenses. There were no expense reimbursements paid to PCC members during the year. (2019 NIL). ## **12. AUDITORS' REMUNERATION** The auditor's remuneration constituted an audit fee of £6,000 (2019: £6,000). ## **13. ACCOUNTING POLICIES** ## **Basis of preparation** The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounts Regulations 2006 governing the individual accounts of PCCs, and with the Regulations "true and fair view" provisions, together with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as the applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities [SORP (FRS 102)] The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the historical cost convention except for the valuation of investments and properties which are shown at fair value and insurance value respectively. ## **Going concern** The members of the PCC have considered all available information about the future and will ensure that the Church has adequate resources available to finance its activities and other obligations during the course of the next twelve months and, therefore, no material uncertainties have been identified by the members that may cast any significant doubt about the ability of the Church to continue as a going concern. Christ Church Trust is a connected charity and has produced its own accounts which are attached. The PCC has decided that as this trust is a separate charity, it is not appropriate to include its figures. - 13 - **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2020** ## **13. ACCOUNTING POLICIES (continued)** ## **Funds and Reserves Policy** ## _**Unrestricted Fund**_ This represents the funds of the PCC that are not subject to any restrictions regarding their use and are available for the general purposes of the PCC. These funds are maintained at a level sufficient to allow for normal expenditure to be met when due, even though the level of income fluctuates from month to month. ## _**Unrestricted Designated Funds**_ These represent funds designated by the PCC as follows : * _**The House Café**_ - In 2011 The House Café was launched as part of our evangelical outreach to the community. In order to give greater clarity the income and expenses are reported separately - _**Pre School Fund**_ - The pre school receives income from fees and donations which are unrestricted - _**Buildings Fund**_ - to pay for improvements to Church property ## _**Restricted Funds**_ This represents the funds of the PCC that are subject to restrictions and can only be applied for particular purposes within their objects. The following restricted funds are detailed below. ## _**Ministry Trainees**_ This fund is to support apprentices appointed by the Church leadership for training in Christian ministry and for serving within specified and general areas of the church's life and to assist with living expenses and reasonable church ministry expenses. ## _**Fordham Road**_ This fund is restricted to donations received for the purchase of Fordham Road together with expenses incurred during the purchase of this property for use by the Youth Minister. ## _**Mission Fund**_ This fund is for the support of our mission partners. _**Pre School Fund**_ - The pre school also receives grant income from the local authority which is restricted in use and cannot be used for the general purpose of Christ Church, therefore this income and the expenditures related to this is reported separately. ## _**Burrowes/Hutchins Fund**_ This represents gifts, the income for which is mainly to assist young people to go on Christian house parties and activities or short term placements with Christian organisations. ## _**Property Funds**_ _**Restricted - Christ Church House Fund**_ - Comprises the insurance value of Christ Church House which is regarded as being funded originally by specific gifts of a restrictive nature. _**Unrestricted but designated - 1 & 2 Chalk Lane Fund**_ - comprises the insurance value of 1 & 2 Chalk Lane. They were funded by a mortgage which was repaid out of unrestricted funds. ## **Income Resources** ## _**Voluntary income - donations and legacies**_ Collections are recognised when received. Amounts receivable under gift aid are recognised only when received. Income tax recoverable on gift aid donations is recognised when the income is recognised. Grants and legacies to the PCC are recognised only when received. Share giving is recognised at the market value when the shares are transferred. Funds received by the Pre-school and bookstall are accounted for gross. ## _**Activities for generating funds**_ Rental income from the letting of Church premises is recognised when the rental is due. Fees due to the PCC for weddings etc are accounted for on an event by event basis. The House Café activities are accounted for on accruals basis. ## _**Income from Investments**_ Dividends and interest are accounted for when due and payable. ## _**Church Activities**_ Realised gains or losses are recognised when the investments and properties are sold. Unrealised gains or losses are accounted for on the revaluation of investments and properties at 31st December each year. ## **Expenditure and Liabilities** ## _**Mission Grants**_ Grants and donations are accounted for when paid over or when awarded, if that award creates a binding obligation on the PCC. ## _**Expenditure on Church activities**_ The Diocesan parish share is accounted for when payable. There was no amount outstanding at 31st December 2020. ## _**Liabilities Recognition**_ Liabilities are recognised as soon as there is a legal or constructive obligation and settlement is probable and quantifiable. ## _**Irrecoverable VAT**_ Irrecoverable VAT is charged against the category of expenditure for which it was incurred. - 14 - **CHRIST CHURCH COCKFOSTERS NOTES TO THE FINANCIAL STATEMENTS for year ended 31 December 2020** ## **13. ACCOUNTING POLICIES (continued)** ## **Tangible Fixed Assets** ## _**Consecrated land and buildings and movable church furnishings.**_ Consecrated and beneficed property is excluded from the accounts by S.10(2)(a) and (c) of the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditures incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off when incurred. ## _**Other land, buildings, fittings and equipment**_ Other land, buildings, fittings and equipment are regarded as inalienable property held on special trust on behalf of the PCC. The freehold of Church House and the leaseholds of 1 and 2 Chalk Lane are shown in the balance sheet at their value for insurance purposes . The surplus arising on revaluation each year, arising from the index-linking of insurance policies, is added to the relevant funds. No depreciation has been provided due to their very long lives and high residual values. The fixtures and fittings are shown by way of note with no value being incorporated in the financial statements. Any expenditure on maintenance or repairs is written off when incurred. ## **Fixed Asset Investments** Investments are valued at market value as at 31 December 2020. ## **Current Assets** Amounts owing to the PCC at 31 December 2020 in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove un-collectable. - 15 - West Wake Price LLP Statutory Audilors Chartered Accountants 4 City Road London ECIY 2AA IndepeDd¢nt Audilors? Report to the Mcmbers of Trent Parochial Church Council, Cbri$t Chureh Coekfosters Opinion We have audited ihe financiai statements of Trent Parochial Church Council. Christ Church Cockfosters. for the year ended 31 December 2020 whiLh comprise ihe %taternent of FinaThcial ActlVLties, th¢ Staieinent of kinaneial Position, Siaiement of Cash Flows and the r¢lated notes. The financial r¢porting fraTnework that hAS been applicd in Iheir preparation is applicable law the United Kingdoni Accounting St2lldards, including FRS 10? The rinancial Reporting Standard applicable in th¢ IJK and Ropublic of Ireland (iJniied Kingdom Gcn¢rally Accepted Accounting Piactice}. In our opinion the finanLial s(aiemenis- give a true and fair view of the state of Trent Parochial Church Council's affairs as at 31 December ?O?O a￿d ol. its incoming resources aiid applicali0￿ of Te%ources, including its incoine ai)d exptnditure. f()r th¢ year then ¢nded- have been properly prepared in accordance with United Kin¥dom Generally AL¢ept¢d Accuuntin¥ Practice. have been prtparEd in acLordance with the requirements of the Charities Act 2011. Basi5 for opinion We conduered our audii in accordance wilh Internalional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibiltlies under ihose standard5 are fijrther descrli )ed in the auditorfs responsibilities for the audit of the financial staTemenis secrion of our rew)rt. We are tJdependent of the charity in accordance with the ethical TeqLtiremen15 Ihai are relevant to our audit of ihe financial STatemeiits in ihe UK. iDcludin¥ the FRC'S Ethical Sthiidard, w)d we have fulfilled uur other etliical re5ponsibililic5 itj &ccoidance with thcse requirenients. We believe thai ihe audit evidence we l)ave ob￿￿lled i5 sufficienl and appropriate io provide a basi5 for our opinion. ConLluyiony relating to %oiDE eoneern We have nothing to report in respect of the following matt¢TS in r¢lation lo whirh the ISAS (UK) requÉre us to report to you where-. the meinbers, use of the going concern basis of accounting in the preparation of the financial 5tateincn¢s is not appropriate,. or the rnembers have not disc105¢d in the financial S￿l¢mentS any identified mal¢rial uncertaintL¢?S (hai may c&st significant doubt about the charity's ability to continue to adopt thc going concern basis of ￿LOlIntin for a period of at least twelve month5 from thc date when the fin&ncial statem¢nts arc authoriscd for i55U¢. Othcr informAtio The other infom)ation comprises the inforTnation incliided in ihc atjnual report, other than the financial stdleTneT]Is and our auditor's report thereon. l-he meinbers dre responsible for the uthei. inforn)ation. Our opinion on th¢ rinallcial statements does not cover the other information and we do not express ally form of &ssurance conclusion Lhereon. llldcpendcn* Auditor4, Report to the Members of Trent Paroehial Church Council. Christ Church Co¢kfosterJ (continued) In conneciion witb our audit of th¢ financial statement& Oltr responsibility is to read the other infornation ￿d. in doilltt so. consider wheiher t]ie other informatioll is materially inconsislent with the financial %tatemenls or (Jur knowledge obtaiiied in Ehe dudil vr otheiwisc apprars to be maleriallv rnisstated. If we ideniify such matcrial inconsislLncies or appareni material mibstdtemonts. we are required io determine whether there is a material misstaietnent in the fin￿£]&1 siatements ()r a rnaterial misstatemcni of the other infomTr2tion. If. bascd on the work we liave perfonned. we conclude tbat ihere is a m#lerial mtSStatemenl of this othcr Trnformation. wc arc required io repon thai faLI. W¢ have nothing to report tn this regard. Matters whieh we arc required to repDrt by exception We havc iioiliing io report in reSp￿t ofthe following Inatter￿ in relation to which Ihe Chariti¢s IAccounr8 and Reports.) Regul13 WtrtsnRsadPmpertyU*lation{27Octsher?S20}
58For#wrRBadPmperty\/*x{h*r{A$epWreer 282*}|s75,*$S
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58S.S#8|3t1.47'r| |TelFired Assets||||-| |Csrryrf Asseh||||-ril}x| |CdrdBtr*||s.45#|6""45$|4"*S6| |lbtetC$ffsrtAssets||6,"45$|$.45*|| |,*ratflt{Sm||||---4SS| |CAFBffi*mgryRepyrrer*s*#y{+iffi*l?sre}-etr
CAFffi
il{mtgageReprynw*s dtpafierrrx}retfxan cmeyear|rs.3s
373,37S||t*.3ss
373,37S|| ||s76,23S|6,.S5S|,*€r.**,$|pt5,s6?| |F{ffidsofffi*C*alr{y||||| |{..$rmmtrided{:Y,gpryt},Ftsd|s76"225||876,225|31t"47'*| |L$rresbictedf*terdFHrd||s,459|s,459|4"4$6| |Tstal Fur*ds|s?s,*25|s,45S,|S$3-SBC|---5{ffir| ## ||tlrtrestrieted|[Inrcstricted||| |---|---|---|---|---| ||Prap*rty|General|TSTAX-|t&{*| ||F*md|Furld||| ||g|€|s|€| |frlc*nr$rrgrassr;rcgs||||| |Rent -CfiristCfiurdtCocffosters||4,8SS|4_8S0|{,5SS| |*ffterrec*ipts fromChrtstCh*rdt*o*$Efosters|2SS_$*S|gs3|2SS,ffi3|| |T*tsl*mcox*ingr*s*rlr*#|2SS,fiS*|5.S13|3*5,&'! 3|re| |F*s**,mc*$ s;rpended||||| |Charttahte actlvit*es||||| |Pr*p*rtyEryenditureamdCcsts
SAF8,ank &#*rtgageHep*yrne*ts{5SFordhamRd}|{1,225)|'$_*44
't,s4s|1,s44
szt|7SS| |Bank Charges||6ff||6S| |*enatisn tcChrist Churcft C*ckfssters||||&fis| |Ycta*r*s$€irs€s sxpe$ded|(1,225)|3"S5*|a"$25|1,ffi8| |$**ti*csrnl*g{*utg*i*glre**$rcesfor they*ar|201.2?5|r.ss3|2*3.1S8|| |*therrecegnisedgain#{lasses}
13Witt*n fteadRevafuati*nGaim|3S3.52$.||3S3,52$|z*,718| ||564,79|*,*$3|sfi8,?'f7|a*,?'l*| |Fu*dsbroughtforward|311"471|4,4SS|3t 5,967|?95,257| |Fu**sGarr$edFetwad|876,345|s,4ss|
s82,$s4|re| |f*cte:Pr*FrtyValue|lllfi*ton&oadFcrdf**rnRoad|ffi2$ TOTAL|2${$ TSTAL| |---|---|---|---| |Prepertyrmlue asafi3tflecer*her3$dS|311,471
nfa|3tt,*7,|r90,7$t| |Hevaluatio* Gain{tffiltcmftcad}|3S3-SZS
nla|3S3,52$|2S_71S| |Properfsretruea*d3tfkceffiber2$2$|s?s,{}*$sss,ss$|t,a6{},{}ffi|3tt-*71| **Trent Parochial Church Council** ## **Christ Church Cockfosters** ## **Financial Statements - Year to 31 December 2020** ## **INDEX** |Annual Report
Balance Sheet
Statement of Financial Activities
Statement of Cash Flows
Notes to Financial Statements
Independent Auditors’ Report
CCT Balance Sheet & Statement|Page
1-6
7
8
9
10-15
16-18
19-20| |---|---|