Registered Charity Number 1134650 The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour, Upper Chelsea REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
The PCC of Holy Trinity and St Saviour, Upper Chelsea Index to the Report and Financial Statements Page Charity's Information Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 10 Balance Sheet Cash Flow Statement 12 Notes to the Financial Statements 13
The PCC of Holy Trinity and St Saviour, Upper Chelsea CHARITY'S INFORMATION Charit name The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour Upper Chelsea Charit workin name Holy Trinity Sloane Square (Holy Trinity) Trustees Rector: The Revd Canon Nicholas Wheeler Assistant Priest: Fr Fergus Butler-Gallie - from Nov 2020 Carolyn Hallett - appointed 23 May 2021 Jeffrey Kabel Gill Dunley (ex Officio) John Renz (ex Officio) All appointed 23 May 2021 Until 2024: Michael Ashcroft Churchwardens: Assistant Churchwardens: Elected Members: Sameer Baajun Gerard Brown Helen Rice Until 2023: Vis. MayLin de Chezelles Robin Hellier Peter Macklin Kevin Muncey Jayne Chng Gogo-Rose Ilo Marianne Paltzer-studer Until 2022: Wendy Workman David Fairlamb Hon. Treasurer: Hon Secretary of the PCC: Sir Martin Bonham Inde endent Examiner John Millidge ACA Simpson Wreford & Partners Suffolk House, George Street Croydon CRO OYN Bankers National Westminster Bank Ltd Re istered charit number 1134650 Re istered office 146 Sloane Street, London SW1X 9BZ
The PCC of Holy Trinity and St Saviour, Upper Chelsea TRUSTEES, ANNUAL REPORT Despite hopes that the Covid-19 pandemic could be left behind in 2020, the arrival of 2021 brought another 'lockdown' and consequent impacts on the life of Holy Trinity Church. However, places of worship were not required to close on this occasion and Holy Trinity remained open for four hours a day during the week for silent prayer whilst the Sung Eucharist continued on Sundays and a livestream of the service allowing those who didn't wish to attend in person to participate. Holy Trinity Church of England Primary School was closed except for the children of key workers and home learning for the majority of pupils was put in place until March. The clergy undertook 'virtual pre-recorded, assemblies which were sent out to the children. A monthly collection of food and household basics for the Kensington and Chelsea Foodbank continued as did the 'Taking Care, programme providing pastoral care by telephone by volunteers from the congregation to church members. In January, the Parochial Church Council applied for funding to the Culture Recovery Fund and in April received £92,000 which enabled Holy Trinity to create a reserve, pay the parish staff and invest in the Arts and Crafts Festival as a 'reopening' event. In March, as the parish sought to recover from the pandemic, the Rector outlined a set of principles and priorities for the mission and ministry of the church going forward which included robust control of costs, the appointment of a full-time Assistant Priest, the creation of an unrestricted reserve, the rebuilding of the church's music department and the return to a generous Common Fund contribution. The Lent programme offered a number of activities via Zoom and we joined forces with St Mary's Bourne Street for pre-recorded Lent reflections on the life of the Blessed Virgin Mary each week. Holy Week and Easter services resumed their usual pattern. The church was beautifully decorated with flowers by the Flower Guild. The death of the Duke of Edinburgh in April was observed with a focal point for prayer at the entrance to church. Books of Condolence could not be used owing to the pandemic restrictions. May saw the launch of a new website www.sloanechurch.or and a return to the Parish Office for the clergy and staff as the restrictions eased. Following the financial challenges that led to the pairing down of the music department in 2020, an improving situation thanks to the generosity of music sponsors amongst the congregation saw the creation of a Music Review Group chaired by the Rector to chart the way ahead and work towards the appointment of a new Director of Music. Holy Trinity's Feast of Title was kept on Trinity Sunday with a Festival Eucharist at which the celebrant and preacher was The Bishop of Fulham. As the UK began to open up more, and restrictions were lifted by the Government, the decision was taken to end livestreaming of the Sunday service in June. An Assistant Priest appeal was launched to raise the money to appoint a new Assistant Priest in 2022 and received a very generous response. We said a farewell to Oliver Lallemant, Director of Music since 2015, on his appointment as Director of Music at St Stephens, Dulwich. In July, Sophie Wilson who had led Junior Church in-person and online since 2015 stood down. Jayne Zecha, a Junior Church parent and member of the PCC, kindly offered to lead Junior Church from September until a Junior Church co-ordinator could be appointed. Bishop Graeme Knowles came in July to baptise and confirm eight candidates who had been prepared online by our part-time Assistant Priest, Fr. Fergus Butler-Gallie. Two members of the Flower Guild held presentations in the Parish Room during July to raise funds for flowers.
The PCC of Holy Trinity and St Saviour, Upper Chelsea During the second half of 2021 we witnessed a flurry of occasional offices with weddings, wedding blessings and baptisms making their return to church life. August concluded with the annual Pilgrimage to the Shrine of Our Lady of Walsingham, this time in collaboration with All Saints, New Cross where our former Assistant Priest, Fr Grant Bolton-Debbage, is now Vicar. A month-long Arts and Crafts Festival, in conjunction with Open House London, took place in September with an array of events exploring the environment, including a performance of 'Pictures of Life, which brought together four of the five schools in the parish. Chelsea Flower Show unusually took place during September owing to the pandemic and the Flower Guild ran a 'Garden Café, during that week in the Patio Garden. Bishop Michael Marshall launched his biography of Bishop Edward King at Holy Trinity during September and celebrated the Diamond Anniversary of his ordination as a priest. Harvest Festival at the end of September saw many goods collected for the Kings Road Community drop-in centre given by the congregation of Holy Trinity and the families of Holy Trinity and Garden House Schools. Thanks to the efforts of the Facilities and Events Manager Clinton Mcmaster, a tentative recommencement of concerts and events began in the autumn but with arrival of the Omicron variant a number were eventually cancelled. During November, the Bishop of London came to visit Holy Trinity and Christ Church Schools, Federation and a tea was arranged by the Rector for the Bishops of London and Kensington to meet our Patrons, the Cadogan family. reception to thank music sponsors took place in November at which Holy Trinity musicians performed pro bono. In late November, the Archdeacon of Middlesex, The Venerable Richard Frank, visited the parish for the first time in his role and attended a meeting of the PCC. Advent began with a Quiet Day for which we joined the congregation at All Saints Margaret Street. During 2021, the funerals of two much-loved members of the congregation, Joan Rawle and Anthony Dawes, were held at Holy Trinity. There was a Memorial Service for The Revd. Douglas Bean, sometime Hon. Assistant at Holy Trinity, and the annual Sung Requiem returned on All Souls, Day. A funeral pall was given to Holy Trinity in memory of Reginald Hall. th This was to be the year in which Sloane Square Choral Society celebrated its 10 anniversary but the pandemic required the anniversary to be kept in a rather more muted form. Nevertheless, rehearsals resumed in church and online as soon as the lifting of restrictions allowed and concerts went ahead in July and December. During the year the Parochial Church Council returned to in-person meetings following the online meetings necessitated by the pandemic. Amongst its business was the renewal of Licences to occupy space at Holy Trinity Church by Garden House School and at St. Saviour's Church by Knightsbridge School. The Independent Examiner, David Powell, who had examined Holy Trinity's accounts for 25 years stood down and a new examiner, Simpson Wreford and Partners, was appointed. Cards for Good Causes returned to sell charity Christmas cards and did their best given the Covid- 19 restrictions that began to make a return as Christmas approached. The Christmas Fair was held in conjunction with Holy Trinity School and raised £3,600 which was divided equally between church and school. Christmas services went ahead as planned. It is largely due to the commitment and talents of volunteers that our church's life thrives and we thank them for their dedication.
The PCC of Holy Trinity and St Saviour, Upper Chelsea Structure, governance and management The Parish of Holy Trinity and St Saviour, Upper Chelsea is part of the Diocese of London within the Church of England and was registered as a charity with the Charity Commission on 11 September 2012. It was formed when The Parochial Church Council of The Ecclesiastical of Holy Trinity with St Jude was joined by The Parochial Church Council of The Ecclesiastical Parish of St Saviour's Upper Chelsea (charity 1131700), with funds received from the latter. The Parochial Church Council (PCC) is governed by two pieces of Church of England legislation, being the Parochial Church Councils (Powers) Measure 1956 as amended and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended 1 November 2011). The PCC is a body corporate with perpetual succession. The PCC meets approximately five times per annum to discuss a full range of matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. The membership of the PCC consists of the Incumbent, Churchwardens, the Assistant Priest and members elected by those members of the congregation who are on the Electoral Roll of the church. Elected members are appointed for a period of 1, 2 or 3 years, after which they must stand election again. The PCC operates through a number of committees and working groups which meet between meetings of the PCC, and report back to the PCC. Objectives and activities for the public benefit The Parochial Church Council (PCC) of the Parish of Holy Trinity and St. Saviour, Upper Chelsea has the responsibility of cooperating with the Incumbent, the Reverend Canon Nicholas Wheeler, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. For over 130 years Holy Trinity Church has opened its doors each day for the praise of God and the service of neighbour. We are a diverse community formed in the Catholic tradition of the Church of England who believe that 'The world will be saved by beauty, (The Fool, Fyodor Dostoevsky). We see this beauty in the face of Jesus Christ calling us to: The Beauty of Holiness As The Parish Church of Upper Chelsea we seek to feed and form people of all ages to be confident disciples of Jesus Christ and equip them for the challenges of living the Gospel in the 21 st century. The Beauty of Creativity As 'The Cathedral of the Arts and Crafts, we seek to conserve and embellish the built heritage of Holy Trinity and to champion an ethical vision for education, healthcare, work, economics, the arts and the care of the environment. The Beauty of Worship As a Shrine and Sanctuary for Sloane Square we seek to provide a sacred space open every day of the week for those who live here, work nearby or visit to stop, think, reflect or pray in the midst of a turbulent and clamorous world. As the Body of Christ we endeavour to live His life and imitate His unconditional love for the world. By embracing the call to the beauty of holiness, creativity and worship we seek to be something beautiful for God.
The PCC of Holy Trinity and St Saviour, Upper Chelsea Financial results The financial results of Holy Trinity for 2021 reflect the recovering from the pandemic, especially thanks to the £91,891 Government's grant. The following is a summary of the formal accounts, which must comply with both the requirements of Church regulations and Charity Commission. This summary records the transactions of the on-going functions of Holy Trinity. Income & Ex enditure A summary of overall I&E is shown in the table below Accounts Summary 2021 Holy Trinity St Saviour Total HTISS 2020 Total sscs Total Income Less Expenditure 449,085 . 100,475 549,560 25,340 574,901 344,204 308,485 21,428 329,913 27,985 357,899 330,386 Surplusl(Deficit) 140,600 79,047 (") including a £597 extraordinary loss in income 219,647 (2,645) 217,002 13,818 Holy Trinity (HT) HT'S income was £449,085 (2020." £238,302). The increase of £210,783 was mainly due to the receipt of grants, for Heritage recovery (£91,891) and music (£20,000), and fundraising for an Assistant Priest (£46,925). Additionally church activity improved with the easing of COVID restrictions. Concert income increased by £17,991 compared to 2020 (although it was still a third lower than pre-pandemic levels). The remaining increase of £34,051 was a result of church activity increasing, with attendances improving and visitor numbers also rising and, significantly, the Arts & Crafts Festival that ran for three weeks in September. A significant element of 2021 income was to support church activities in the future, Designated Fund balances increasing by £94,243. Expenditure was £308,405 (2020." £273,047) an increase of £35,358. The increase mainly related to the costs of the Arts & Crafts Festival and the cost of Web Site development. The resultant Surplus in 2021 was £140,600 (2020: (£34, 745) Deficit). St Saviour (SS) School License fee income was £100,475 (2020.. £70,260) as revised rental terms were negotiated. Expenditure was £21,428 (2020." £27,494), a reduction of £6,066 due to lower maintenance costs as some work has been rescheduled to 2022. The resultant Surplus in 2021 was £79,047 (2020.. £42, 766). Sloane Square Choral Society (SSCS) 2021 income was £25,340 (2020." £35,642), a reduction of £10,302 due to a reduction in membership, while the expenditure at £27,985 (2020." £29,845) only reduced by £1,860, mainly due
The PCC of Holy Trinity and St Saviour, Upper Chelsea to savings with concerts, costs. The resultant net position in 2021 was (£2,645) deficit, (2020: £5,797 surplus). Consolidated Overall, the surplus of £13,818 in 2020 improved to a surplus of £217,002 in 2021, as result of the effects described above. Reserves A summary of year-end reserves is shown in the following table. 2021 General & Designated 2020 General & Designated Restricted Restricted General Funds Holy Trinity & St Saviour Desi nated Funds Assistant Priest Denyse de Mauny Emergency Reserve Music Other designated Restricted The Kathleen Hannay grant Vicarage sscs Total Per accounts 108,459 3,054 46,850 100,033 43,270 6,235 9,853 100,000 9,204 2,795 20,000 225,328 23,164 268,492 225,328 25,809 251,137 314,700 583, 192 115,053 366, 190 Overall reserves increased by £217,002, with a £105,435 increase in general reserves (to £108,459) thanks mainly to the surplus generated by St Saviour's and to part of the Government's grant. Designated reserves increased by £94,243 (to £206,241) due mainly to the Assistant Priest appeal, launched in the summer of 2021 and the funding of an Emergency Reserve by a Government's grant. The PCC aims to maintain a General Reserves surplus to cover four months of annual running costs (amounted to £286,683 in 2021, but forecasted to £314,780 in 2022). At 31 December 2021 these reserves covered costs for circa 4.5 months. Additionally, the Government Grant received included £43,241 to build reserves and this is recorded as a Designated Reserve in the table. Therefore, the PCC believes that the level of reserves held are sufficient and reasonable to maintain the mission and safeguard the fabric of the church in 2022. Concerns The PCC is confident that with the pandemic behind us, 2022 will be a better year for the charity, but as happens with all businesses and charities, the future still presents some uncertainties. Those worth mentioning include the loss of St Saviour's income from the end of August 2022, the possible loss of rental income from Cards for Good Causes, as well as the UK'S energy crisis that will impact the charity from December 2022, when the charity will no longer have a fixed contract for the supply of gas.
The PCC of Holy Trinity and St Saviour, Upper Chelsea Two of the designated funds were funded in 2021 by donations from the congregation and a foundation. The Assistant Priest Fund, although doing well, still has pledged donations short of the £135,000 target and there is particular dependence on one donor. Additionally, in the new year the Music programme will be expanding, with the appointment of Music Director scheduled for the first quarter of 2022. The development of this programme relies deeply on another £20,000 grant being secured, as the donations from the congregation in 2021 were less than 50 % of those received in the previous year. Responsibilities of the Trustees and the PCC The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report has been approved by the PCC on 30 March 2022 and signed on its behalf by: Fr. Nicholas Wheeler Chair
The PCC of Holy Trinity and St Saviour, Upper Chelsea INDEPENDENT EXAMINER'S REPORT to the Trustees of the Parochial Church Council of the Ecclesiastical Parish of Holy Trinity and St Saviour Upper Chelsea I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Millidge ACA Simpson Wreford & Partners Suffolk House Date: 31 March 2022 George Street Croydon CRO OYN
The PCC of Holy Trinity and St Saviour, Upper Chelsea STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted General Designated Restricted 2021 total funds funds funds funds Unrestricted General Designated Restricted 2020 total funds funds funds funds Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Total 135,817 211,632 1,868 117 349,434 73,740 2,066 12,987 39 88,833 132,952 4,279 342,509 217,977 14,855 157 575,498 131,440 157,331 1,478 1,005 291,254 17,057 34,169 1,473 182,666 158,804 1,478 1,256 344,204 251 17,308 137,231 35,642 Expenditure on: Raising funds Charitable activities Other Total 298 20,451 23,328 44,077 298 328,554 29,047 357,899 280,117 5,719 285,836 27,985 293,304 5,209 31,873 330,386 27,985 293,304 5,209 31,873 330,386 Net incomel(expenditure) 63,598 44,755 109,246 217,599 (2,050 12,099 3,770 13,818 Transfers between funds 11 42,405 49,486 (91,891) 21,006 (21,006) Other gains/(losses) 11 (597) (597) (2,250) (129,688) (131,938) Net movement in funds 105,405 94,242 17,355 217,002 16,706 (8,907) (125,919) (118,120) Reconciliation of funds.. Total funds brought forward Total funds carried forward 3,054 108,459 111,999 206,241 251,137 268,492 366,190 583,192 (13,652) 3,054 120,906 111,999 377,055 251,137 484,310 366,190 The results set out above have been derived entirely from continuing operations. The notes on pages 13 to 19 form part of these financial statements. 10
The PCC of Holy Trinity and St Saviour, Upper Chelsea BALANCE SHEET AS AT 31 DECEMBER 2021 Unrestricted General Designated Restricted 2021 total funds funds funds funds 2020 total funds Current assets Debtors Cash at bank and in hand Total current assets 28,420 117,624 146,044 6,318 204,648 210,966 1,650 273,555 275,204 36,388 595,826 632,214 27,772 396,934 424,706 10 Creditors: amounts falling due 37,584 4,725 6,712 49,022 58,516 Net current assets/(liabilities) 108,459 206,241 268,492 583,192 366,190 Total assets less current liabilities 108,459 206,241 268,492 583,192 366,190 Total net assets or liabilities 108,459 206,241 268,492 583,192 366,190 The notes on pages 13 to 19 form part of these financial statements. 11
The PCC of Holy Trinity and St Saviour, Upper Chelsea CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Net income/(expenditure) Other gains/(losses) Transfers between funds Change in debtors Change in creditors Cash at bank and in hand 217,599 (597) 13,818 (131,938) (8,616) (9,494) 198,892 13,870 19,004 (85,245) Cash at bank and in hand at the beginning of the year 396,934 482,179 Total cash at bank and in hand at the end of the year 595,826 396,934 The notes on pages 13 to 19 form part of these financial statements. Approved by the Trustees on 30 March 2022 and signed on their behalf by Fr. Nicholas Wheeler David Fairlamb Chair Treasurer 12
The PCC of Holy Trinity and St Saviour, Upper Chelsea NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Note 1 Basis of re aration Basis of accounting These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenmise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Going concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. Change of accounting policy The accounts present a true and fair view and no changes have been made to the accounting policies adopted. Changes to accounting estimates No changes to accounting estimates have occurred in the reporting period. Material prior year errors No material prior year error has been identified in the reporting period. Note 2 Accountin olicies Income Recognition of income are included in the Statement of Financial Activities when: 13
The PCC of Holy Trinity and St Saviour, Upper Chelsea the charity becomes entitled to the resources; it is more likely than not that the trustees will receive the resources; the monetary value can be measured with sufficient reliability. There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Grants and donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). Legacies (if any) are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. The charity received government grants in the reporting period that are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received. Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Contractual income and performance related grants were only included in the SOFA once the charity has provided the related goods or services or met the performance related conditions. The value of any voluntary help received is not included in the accounts. Income from interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably. Membership subscriptions received in the nature of a gift are recognised in Donations. Recognition of expenditure and liabilities Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. The charity made no redundancy payments during the reporting period. No material item of deferred income has been included in the accounts. The charity has creditors which are measured at settlement amounts less any trade discounts. A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. Assets Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. 14
The PCC of Holy Trinity and St Saviour, Upper Chelsea Note 3 Income Unrestricted General Designated Restricted 2021 total funds funds funds funds Unrestricted General Designated Restricted 2020 total funds funds funds funds 2019 total funds Donations and legacies Donations and gifts Gift Aid Grants Total 116,862 17,215 1,740 135,817 68,546 5,194 18,275 2,786 111,891 132,952 203,683 25,195 113,631 342,509 111,239 20,201 14,202 2,855 29,105 5,065 154,545 28,121 219,682 26,645 73,740 131,440 17,057 34,169 182,666 266,327 Charitable activities Special services & events Property usage Chair hire, door sale & sundry Total 6,140 205,492 2,066 8,206 205,492 4,279 217,977 5,758 151,573 5,758 151,573 1,473 158,804 24,255 193,115 13,129 280,308 4,279 4,279 1,473 1,473 211,632 2,066 157,331 Other trading activities Sales Sundry income Total 1,868 12,987 14,855 1,445 33 1,478 1,445 33 1,478 3,564 1,865 5,428 1,868 12,987 14,855 Income from investments Interest income Total 117 117 39 39 157 157 1,005 1,005 251 251 1,256 1,256 2,575 2,575 Total income 349,434 88,833 137,231 575,498 291,254 17,308 35,642 344,204 554,638 Other than the two Government grants mentioned in the next note, the charity received a restricted £20,000 grant from The Kathleen Hannay Memorial Charity to support the costs with music. Note 4 Government rants The charity received two Government grants in 2021 (£nil in 2020): i) an unrestricted £1,740 Listed Places of Worship Grant scheme from the Department for Digital, Culture, Media & Sport to reimburse the VAT paid over qualified maintenance costs in the previous twelve months; and ii) a restricted £91,891 Culture Recovery Fund for Heritage: Second Round, from The National Lottery Heritage Fund, Historic England and the Department for Digital, Culture, Media & Sport. As all the conditions of this grant were met, the charity was allowed to establish a designated Emergency Reserve Fund of £43,264. The balance was to replenish the diminished reserves as a result of Covid-19 restrictions and to provide funds during the return to more normal levels of activity, including funding towards our annual Arts and Crafts Festival held in September 2021. 15
The PCC of Holy Trinity and St Saviour, Upper Chelsea Note 5 enditure Unrestricted General Designated Restricted 2021 total funds funds funds funds Unrestricted General Designated Restricted 2020 total funds funds funds funds Expenditure on raising funds 298 298 Expenditure on charitable activities: Ministry Staff costs Professional & other fees Governance costs Bank & other charges Building and maintenance Insurance Heating, Water and Lighting Office, Telephone & Internet Sacristy and Votives Donations & gifts Music General and Sundries Directors Pay Scholars Marketing Total expenditure on charitable activities 90,376 55,788 27,177 4,922 1,481 26,575 15,456 19,687 19,341 3,406 414 9,393 6,103 90,376 57,540 28,677 5,622 1,976 26,575 15,456 19,687 20,023 3,406 414 28,903 15,132 9,900 4,400 468 106,091 56,157 29,675 3,587 1,741 24,426 15,552 18,025 13,808 487 1,025 17,281 5,450 106,091 56,157 29,675 4,292 2,039 26,454 15,552 18,025 13,907 487 1,025 30,338 11,126 9,900 4,400 918 1,752 1,500 700 76 705 236 2,028 418 62 682 99 12,625 3,473 6,886 5,556 9,900 4,400 468 4,245 803 8,813 4,873 9,900 4,400 918 280,117 20,451 27,985 328,554 293,304 5,209 31,873 330,386 Other Cost of Sales Total other expenditure 5,719 5,719 23,328 23,328 29,047 29,047 Total expenditure 285,836 44,077 27,985 357,899 293,304 5,209 31,873 330,386 The breakdown of governance costs was as follows: 2021 2020 Governance costs Independent Examiner's Fees Legal fees Total 2,100 3,522 5,622 2,000 2,292 4,292 Note 6 Paid em lo ees 2021 2020 Salaries and wages Social security costs Pension costs: defined contribution Total staff costs 55,275 981 53,664 1,256 1,284 57,540 1,237 56,157 No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000 and none were considered key management. The charity's average head count was 2. There were no ex~gratia payments to employees and others (excluding trustees) and no redundancy or termination payment was made in the period. Note 7 Defined contribution ension The charity assesses each employee for eligibility as a jobholder under the auto-enrolment system. Any eligible jobholders are auto-enrolled to a group money purchase defined contribution pension 16
The PCC of Holy Trinity and St Saviour, Upper Chelsea scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost represents the contributions payable under the scheme by the charity and the charity has no further liability other than the payment of those contributions and the jobholder is responsible for their own pension fund with the pension administrators. Note 8 Debtors and re ments 2021 2020 Trade debtors Prepayments Other debtors Total 27,833 6,557 1,998 36,388 9,253 5,350 13,168 27,772 Note 9 Creditors Amounts falling due within one year 2021 2020 Trade creditors Accruals and deferred income Taxation and social security Other creditors Total 15,302 27,631 1,089 5,000 49,022 13,473 38,947 1,096 5,000 58,516 Additionally, for the next four years, the charity will pay £8,735 per annum on a photocopier lease. The movement of the deferred income account was as follows: 2021 2020 Balance at the start of the reporting period Amounts added in current period Amounts released to income from previous periods Balance at the end of the reporting period 34,403 212,210 (231,086) 15,527 34,403 34,403 Note 10 Cash at bank and in hand 2021 2020 Short term cash investments Cash at bank and on hand Total 368,631 227,195 595,826 325,328 71,606 396,934 17
The PCC of Holy Trinity and St Saviour, Upper Chelsea Note11 Charit funds 2021 Fund balance brought forward Fund balances carried forward Income Expenditure Transfer Gains and losses Unrestricted - General: Holy Trinity & St S; Designated - Arts & Crafts Festival Designated - Assistant Priest Designated - Breakfast Club Designated - Clergy Vestments Designated - Denyse de Mauny Designated - Emergency Reserve Designated Flower Guild Designated - Friends Designated - Junior Church Designated - Music Designated - Rector's Discretionary Fund Restricted - Culture Recovery Fund 21 Restricted - The Kathleen Hannay Grant Restricted - Sloane Square Choral Society Restricted - Vicarage Fund Total 3,054 349,434 19,485 46,925 285,836 25,671 372 42,405 6,186 297 (597) 108,459 46,850 177 177 938 100,000 640 (297) 33 100,033 43,271 2,841 43,264 1,044 (1,008) 6,077 1,090 5,016 9,901 300 91,891 20,000 25,340 4,279 (83) 313 9,204 1,450 243 12,871 5,085 6,235 1,749 (91,891) 20,000 23,164 225,328 583,192 25,809 225,328 366,190 27,985 575,498 357,899 (597) The Arts & Crafts Festival has been held for several years, and in 2020 the charity has created a designated fund with any surplus generated being transferred to the general fund at the end of each year. Conversely, when the festival runs at a loss, the general fund will need to finance the festival by transferring moneys to cover for the loss. In 2017 the charity received a legacy from Denyse de Mauny, which was initially included in the Friends fund. However, in 2020 it was decided that it was better to create a separate designated fund for this legacy. During the year, residual donations into the Friends account are transferred to the general fund, to help with the running costs of Holy Trinity Church. In June 2021, the charity started raising funds with the aim of employing a full time Assistant Priest and all donations for that purpose are allocated to the Assistant Priest fund. Thanks to the Culture Recovery Fund for Heritage: Second Round, the charity was able to establish a designated Emergency Reserve Fund with £43,264, which covers 6.5 weeks of the expenditure of the general fund. The funds received in relation to the Music Fund came from those wishing to support the charity's tradition of music in worship. These funds will help with the appointment of a Director of Music. The charity also intends to appoint a team of choral scholars to work with the charity's singer and create a children's choir in partnership with local state and private schools. The charity also received a restricted £20,000 grant from The Kathleen Hannay Memorial Charity to support its music plans. When the Flower Guild was founded in 2020, a group of parishioners, who add floral beauty to the church, self-financed the cost of the flowers with the exception of the lilies for All Souls's day, when members of the congregation contributed for the flowers. In 2021, some members of the Guild continued to pay directly for the flowers, but it was considered best to establish a fund on which moneys could be drawn to pay for flowers when the arrangers on the rota would not be doing so. The fund was mainly supported by donations of some of its members, the surplus generated by the Garden Café run by the Guild in September and by the purchase of lilies by members of the congregation during two liturgical festivals. The restricted Vicarage fund holds the proceeds of sale of rectory flats in 1998. The diocese, pending a suitable, property related, application for their use being made by the PCC, holds the funds. 18
The PCC of Holy Trinity and St Saviour, Upper Chelsea The extraordinary loss in 2021 was mainly due to the unilateral decision of Cards for Good Causes of not paying the full amount they owed us for the sale of the Charity's Christmas cards in 2020. In the 2020, the restricted funds showed a loss of £128,950 corresponding to the transfer of Intermission Youth Theatre's funds to the new charity, Intermission Youth, and the release of the T- shirts fund to its legitimate owner. 2020 Fund balance brought forward Fund balances carried forward Income Expenditure Gains and losses Transfer Unrestricted General: Holy Trinity & St Saviour Designated - Arts & Crafts Festival Designated - Breakfast Club Designated - Clergy Vestments Designated - Denyse de Mauny Designated - Friends Designated - General Saved Funds Designated - Junior Church Designated - Music Designated - Rector's Discretionary Fund Restricted - Cadogan Building Fund Restricted Harrods Chaplaincy Restricted - Intermission Youth Theatre (several funds) Restricted - Tshirts Restricted - Sloane Square Choral Society Restricted - Vicarage Fund Total (13,652) 291,254 2,785 293,304 1,233 21,006 (1,553) (2,250) 3,054 176 938 177 938 100,000 (83) (o) 313 9,204 1,450 100,000 (101,090) (18,364) 99,918 18,113 313 1,090 251 13,178 3,973 1,450 1,090 938 128,950 738 20,011 225,328 484,310 1,090 938 (128,950) (738) 35,642 29,845 25,809 225,328 366,190 344,204 330,386 (131,938) Note 12 Transactions with trustees and related arties The charity is part of the Diocese of London, and, therefore, material interdependencies between the Church and the Diocese arise as a consequence of this relationship. For reporting purposes, the charity and Diocese are not treated as related parties as defined in FRS 102. The Rector and Assistant Priest, both trustees of the charity, received housing related benefits, directly or indirectly, of £3,369 during the year. Rectory water rates totalled £228, Assistant Priest's service charge and council tax £3,141 (2020: £6,982, this higher amount includes Rectory water rates of £313 and £3,740 for the Assistant Priest's service charge and council tax as well as moving expenses and resettlement grant). No other trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity this year and the preceding year. No trustees, expenses for fulfilling their duties have been incurred this year and the preceding year. Costs relating to legitimate church business of £2,292 was reimbursed to six trustees (2020: £1,890 to five trustees). At the end of 2021, the Rector, in his role as Chaplain to the Worshipful Company of Wheelwrights, owed £83 to the charity, which was paid in February 2022. The charity has accrued £1,450 for the potential liability of in future reimbursing the Rector for any expenses he might claim for the period July to December 2021. 19