THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH WARWICK AVENUE
FINANCIAL STATEMENTS
31 DECEMBER 2021
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH WARWICK AVENUE
TRUSTEES' REPORT
The Vicar and the Church Wardens present their report for the year ended 31 December 2021.
Members:
The Revd Gary Bradley
Vicar
Joanna Lewis Churchwarden Charlie Phillips Churcharden Gilbert Abou-Haydar Treasurer Jane Ireland PCC Secretary Charity number 1136054
Independent Examiner Kojo Amoah-Arko Kojo & Co. Ltd. 118-120 London Road Mitcham, Surrey CR4 3LB
STRUCTURE GOVERNANCE AND MANAGEMENT
The purpose of the Church of Saint Saviour Warwick Avenue London W9 is to promote the Christian faith within and beyons its parish boundaries by proclaiming the Gospel, by pastoral care and by liturgy. It cares for the church building which is made available not only for worship by other Christian groups but also by secular community groups. It hosts events for local schools and recitals and concerts. There are three ordained members staff: Fr Gary Bradley (The Vicar) and Fr Andrew Norwood (The Assisitant Curate) who are responsible for the day to day running of the organisation (The Parish). They are assisted by an honorary Assistant Priest, Fr Ellis Blackmore. The Parish Administrator (Karen Peakman) is paid to work for 30 hrs per week on parish administration and for 8 hours a week on children’s work in the Parish
Volunteer members are trained for office by information imparted at PCC meetings and sustained in their duties by the Clergy's constant prayer for them and by their own devotions. Assessment and appraisal of performance is measured against objectives defined by the Mission Action Plan 2018-2023 (MAP). Appraisal and Assessment occurs at every PCC meeting.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE TRUSTEES' REPORT (CONTD)
OBJECTIVES AND ACTIVITIES
During recent years the charity has undertaken a widespread colloquy, inviting all members of the organisation (Parishoners) to engage in planning for the future of church life, producing a document entitled The Mission Action Plan 2018-2023. The MAP includes plans for the community of worshipers, the impact of the church on the wider community, the fabric of the church building, the ministry to children, the ministry of music and its relationship with the Parish School.
The Parish has continued to benefit from the services of the Parish Administrator and children's work co-ordinator.
Much thought has been given in the past year to strategic financial planning to ensure the continued affordability of this vital position in the life of the parish. The post had historically been funded from the receipt of ground rents from Manor House Court. The tenants’ continuing buy out of these charges has resulted in significantly less annual revenue to the Parish.
ACHIEVEMENTS AND PERFORMANCE
In spite of the horrors of Brexit and Covid, as a result of which the Parish suffered the loss of 85 regular worshiping families, the parish has continued to meet objectives revealed in the MAP. The objectives are visited at each PCC and members are able to question PCC officers about progress.
Fundraising is dependent on the prudent letting of church space for religious, community and business use and on the generous donations of the worshipping community who are encouraged to give alms in the most tax effective way possible. Monies raised from these two sources are used in the furtherance of the aims and objectives of the parish. The enforced – and unforgivable closure of parishes has meant that parish finances throughout the Church have been seriously affected. The forbidding of physical collections by a plate led us to install three electronic giving stations. These are working well but it will be necessary to continue sustained fundraising owing to the turbulence in the congregation's accurately reflecting turbulence in the geographical area. By last March we could say that the congregations were “wiped out”. A great deal of A great deal of prayer and hard work means that we are beginning to see attendances improving as many new families move into the area.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE TRUSTEES' REPORT (CONTD)
ACHIEVEMENTS AND PERFORMANCE (contd)
I realise that this will be my penultimate Chairman’s Report as I have to leave in June 2023 when (if) I achieve the age of 70. The next year wil be spent in especial care for newcomers not only to the Parish but to the Christian Faith. We will need to become stronger as a Parish so that we can ensure that we garner a Priest who will be true to the traditions of the Catholic Church of England.
The last word must be one of gratitude to all those: Priests, Wardens, Treasurer, PCC Secretaries, PCC members, Parish School Headteacher and all members of her staff and all the Holy People of God who by their faith and good works have kept the light of the risen Christ shining in this Parish. My thanks and Blessings to them all.
FINANCIAL REVIEW
The financial state of the Church is healthy. As of December 31, 2021 the Reserve Account held £286,150 while the Fabric Fund Reserve account held £96,125. The Church's main funding comes from parishioner contributions, which totalled £45,732 for the year ending 31 Dec 2021 Another key source of funding in 2021 was a lease extension on one of the MHC flats, generating an income of £72,500. In addition, £35,000 was received in rental income of the basement to Little Sweetheart Nursery.
Fr Gary Bradley Chairman
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TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE
I report on the accounts of the PCC for the year ended 31 December 2021 which are set out on pages 5 to 15.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
Basis of independent examiner's report
to state whether particular matters have come to my attention
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts represented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act, and
(2) to which to prepare accounts which accord with the accounting records and comply with the understandi the requirements of the 2011 Act have not been met; or
Kojo Amoah-Arko FCCA Kojo & Co Ltd Association of Chartered Certified Accountants 118-120 London Road Mitcham Surrey CR4 3LB
Dated
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
INCOMING RESOURCES
| INCOMING RESOURCES | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Restricted | Unrestricted | Total | Total | ||
| £ | £ | £ | £ | ||
| Voluntary income | 2 | - | 70,614 | 70,614 | 67,071 |
| Other income | 3 | - | 71,773 | 71,773 | 35,498 |
| Investment income | 4 | - | 72,500 | 72,500 | 84,231 |
| __ ___ |
_____ | ||||
| TOTAL | - | 214,887 | 214,887 | 186,800 | |
| __ ___ |
_____ | ||||
| RESOURCES USED | |||||
| Support cost | 5 | 26,660 | 26,660 | 27,314 | |
| Charitable expenditure | 6 | - | 153,743 | 153,743 | 145,967 |
| __ ___ |
_____ | ||||
| TOTAL | - | 180,404 | 180,404 | 173,281 | |
| __ ___ |
_____ | ||||
| NET INCOMING RESOURCES | - | 34,484 | 34,484 | 13,519 | |
| Balances brought forward | 58,687 | 1,300,296 | 1,358,983 | 1,350,409 | |
| __ ___ |
_____ | ||||
| BALANCES CARRIED FORWARD | 58,687 | 1,334,780 | 1,393,467 | 1,363,928 | |
| __ ___ |
_____ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE BALANCE SHEET AS AT 31 DECEMBER 2021
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| TANGIBLE FIXED ASSETS | |||||
| Investments | 8 | 252,485 | 252,485 | ||
| CURRENT ASSETS | |||||
| Debtors | 9 | 79,515 | 58,150 | ||
| Cash at bank | 10 | 1,072,566 | 1,059,447 | ||
| ____ | ____ | ||||
| 1,152,081 | 1,117,597 | ||||
| CREDITORS: Amounts falling | |||||
| due within one year | 11 | 11,099 | 11,099 | ||
| ___ | ____ | ||||
| 1,140,983 | 1,106,498 | ||||
| ___ | ___ | ||||
| NET CURRENT ASSETS | 1,393,467 | 1,358,983 | |||
| ___ | ___ | ||||
| FUNDS: | |||||
| Unrestricted | 12 | 1,334,780 | 1,300,296 | ||
| Restricted | 12 | 58,687 | 58,687 | ||
| ____ | ___ | ||||
| 1,393,467 | 1,358,983 | ||||
| ___ | ___ |
Approved by the Parochial Church Council on
Chairman ……………………….. PCC Member ………………………..
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Net Cash from operations | (15,925) | (26,918) | ||
| Add: | ||||
| Cash from investing activities | ||||
| Proceeds from sale of investments | 72,500 | 84,231 | ||
| Investment income | 71,773 | 35,498 | ||
| ___ | ___ | |||
| Net cash provided by investing activities | 144,273 | 119,729 | ||
| ___ | ___ | |||
| 128,349 | 92,811 | |||
| ___ | ___ | |||
| Change in cash and cash equivalent in the | ||||
| reporting year | ||||
| Change in cash and cash equivalent in the year | 13,119 | 33,728 | ||
| Cash at the beginning of period | 1,059,447 | 1,025,719 | ||
| ___ | ___ | |||
| Cash at the end of the year | 1,072,566 | 1,059,447 | ||
| ___ | ___ | |||
| Reconciliation of net income to cash from | ||||
| operations | ||||
| Net income for the period | 34,484 | 13,519 | ||
| Investment income | (71,773) | (35,498) | ||
| Increase/(Decrease) in debtors | 21,365 | (4,939) | ||
| Increase /(Decrease) in creditors | - | - | ||
| ___ | ___ | |||
| (15,925) | (26,918) | |||
| ___ | ___ | |||
| Analysis of cash and cash equivalent | ||||
| Cash at bank and notice deposit (less than 3 months) | 1,072,566 | 1,059,447 | ||
| ___ | ___ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
1a. Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2021)(Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). St Saviours meets the definition of a public benefit entity under FRS102. Assets are initially recorded at historical cost unless otherwise stated in the relevant accounting policy note.
1b Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within in current liabilities.
1c Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
1. ACCOUNTING POLICIES (Contd)
1d. Investments
Investments are stated at market value
1e. Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the PCC are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1f. Voluntary income and capital sources
Collections are recognised when made. Amounts recoverable under covenant are recognised only when honoured by the covenantor.
Income tax recoverable on covenanted or gift aid donations is recognised when received.
Grants and legacies are accounted for as soon as the PCC is notified of its entitlement and the likely amount due.
Funds raised by the fete and similar events are accounted for gross. Sales of books and magazines from church bookstalls are accounted for gross.
Rental income from letting of church premises is accounted for when earned.
Parochial fees due to the PCC for weddings, funerals etc. are accounted for on an event by event basis.
1g. Income from investments
Dividend and interest are accounted for when due. Tax recoverable on such income is
accru6d for ¢)n thè same basis.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
1. ACCOUNTING POLICIES (Contd)
1h. Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. These include funds designated for a particular purpose by the PCC.
The purpose of any restricted funds is noted in the accounts.
The accounts include transactions, assets and liabilities for which the PCC can be held responsible. They do not include the accounts of church groups that owe an affiliation to another body nor those that are informal gatherings of church members.
APPLICATION OF RESOURCES
1i. Grants
Grants and donations are accounted for when payable.
1j. Cost directly related to the work of the church
Resources expended are recognised in the period in which they are incurred.
The Diocesan quota is accounted for when payable and any quota unpaid at 31 December is shown as a creditor in the Balance Sheet.
Resources are allocated to particular activity where the cost relates directly to that activity. However the cost of overall direction and administration of each activity, comprising the the salary and overhead costs of the central function is apportioned on the basis that the trustees consider reasonable. For the year under review as there is no other specific project, all the overheads are allocated to the general running of the charity.
1k. Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
2. VOLUNTARY INCOME
| 2. VOLUNTARY INCOME | 2021 | 2020 | ||
| Restricted | Unrestricted | Total | Total | |
| £ | £ | £ | £ | |
| Loose cash/Stewardship envelopes | - | - | - | 5,910 |
| Covenanted giving and gift aid | - | 40,926 | 40,926 | 40,961 |
| Donations & sundry income | - | 25,057 | 25,057 | 13,725 |
| Gift Aid | - | 4,631 | 4,631 | 6,475 |
| __ _ _ |
____ | |||
| - | 70,614 | 70,614 | 67,071 | |
| __ _ _ |
____ | |||
| 3. OTHER INCOME | ||||
| Sale of Manor House properties | - | 72,500 | 72,500 | 84,231 |
| __ _ _ |
____ | |||
| 4. INVESTMENT INCOME | ||||
| Letting of Church hall | - | 36,000 | 36,000 | 35,000 |
| Manor House Court rent | - | 35,726 | 35,726 | - |
| Interest, and dividend | - | 47 | 47 | 498 |
| Gains/(losses) on valuation of investments | - | - | - | |
| __ _ _ |
____ | |||
| - | 71,773 | 71,773 | 35,498 | |
| __ _ _ |
____ | |||
| 5. SUPPORT COST | ||||
| Salaries & wages | - | 26,660 | 26,660 | 27,314 |
| ____ _____ | _____ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
6. CHARITABLE EXPENDITURE
| 6. CHARITABLE EXPENDITURE | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Restricted | Unrestricted | Total | Total | |
| £ | £ | £ | £ | |
| Ministry: | ||||
| Diocesan quota | - | 57,350 | 57,350 | 63,000 |
| Clergy expenses | - | 7,740 | 7,740 | 3,304 |
| Church running expenses | - | 21,653 | 21,653 | 30,357 |
| Church repairs & maint | - | 32,282 | 32,282 | 16,443 |
| Telephone | - | 2,986 | 2,986 | 7,095 |
| Music & organist fees | - | 13,085 | 13,085 | 10,893 |
| Printing, stat. & Admin | - | 14,746 | 14,746 | 11,354 |
| Bank charges | - | 721 | 721 | 611 |
| Independent examiner's fees | - | 2,100 | 2,100 | 2,100 |
| Legal and professional | - | 1,080 | 1,080 | 810 |
| __ ____ |
____ | ____ | ||
| - | 153,743 | 153,743 | 145,967 | |
| __ ____ |
____ | ____ |
| 7. STAFF COST | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Salaries | 25,858 | 26,512 |
| Employer pension contribution | 802 | 802 |
| ______ | ____ | |
| 26,660 | 27,314 | |
| ______ | ____ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| 8. INVESTMENTS | ||
| Investments in Manor House leases | 252,485 | 252,485 |
| ____ | ||
| This represents the present value of future ground rents from | ||
| the Manor House court leases | ||
| 9. DEBTORS | ||
| Other debtors | 32,352 | 32,352 |
| Prepayment and accrued income | 47,163 | 25,798 |
| ____ | ||
| 79,515 | 58,150 | |
| ____ | ||
| 10. BANK & CASH BALANCES | ||
| Quinquennial Fabric Fund- Current account | 96,125 | 96,116 |
| Manor House Court Deposit | 9,072 | 9,072 |
| General church account | 597,106 | 587,606 |
| General church account- Reserve | 84,113 | 80,531 |
| Fabric Fund Account - Barclays Bank | 286,150 | 286,122 |
| ____ | ||
| 1,072,566 | 1,059,447 | |
| ____ | ||
| 11. CREDITORS; Amounts falling due within one year | ||
| Manor House Court residents' deposit | 8,999 | 8,999 |
| Accruals | 2,100 | 2,100 |
| ____ | ||
| 11,099 | 11,099 | |
| ____ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
12. FUNDS
| Balance | Receipts | Payments | Balance | |
|---|---|---|---|---|
| 01-Jan-21 | 31-Dec-21 | |||
| £ | £ | £ | £ | |
| Restricted | ||||
| Charity projects | 71 | - | - | 71 |
| Fabric fund | 58,616 | - | - | 58,616 |
| ____ | ____ | ____ | ||
| 58,687 | - | - | 58,687 | |
| ____ | ____ | ____ | ||
| Unrestricted | ||||
| General | 1,298,974 | 214,887 | 180,404 | 1,333,458 |
| Kilimanjaro Fund | 1,322 | - | - | 1,322 |
| ____ | ____ | ____ | ||
| 1,300,296 | 214,887 | 180,404 | 1,334,780 | |
| ____ | ____ | ____ | ||
| TOTAL FUNDS | 1,358,983 | 214,887 | 180,404 | 1,393,467 |
| ____ | ____ | ______ | ___ |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST SAVIOUR CHURCH, WARWICK AVENUE NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2021
13. STATEMENT OF FUND BALANCES
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Investments | - | 252,485 | 252,485 |
| Debtors | - | 79,515 | 79,515 |
| Bank & cash balances | 67,686 | 1,004,881 | 1,072,566 |
| Creditors: Amounts due within one year | (8,999) | (2,100) | (11,099) |
| ____ | _____ | ____ | |
| 58,687 | 1,334,780 | 1,393,467 | |
| ____ | _____ | ____ |
14. CONSOLIDATED ACCOUNTS
During the year certain charities existed mainly for the benefit of the church that were also under the control of the church. The accounts of these charities have not been consolidated. Due to the immateriality of the amounts involved, the PCC is of the opinion that the cost of consolidation far outweigh the benefit to the church. The charities were:
Henry Wallace Hornby Lillian Lees Memorial Fund Eliza Grafton Trust Delhane Small Trust