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2020-12-31-accounts

Annual Report & Accounts For the Year Ending 31 December 2020

Contents

General Information Page 2 Independent Examiner’s Report Page 3 Trustees’ Annual Report Pages 4-8 Balance Sheet Page 9 Statement of Financial Activities Page 10 Notes to the Financial Statements Pages 11-19

Page 1

General Information

Incumbent: Revd Donald Davis St Luke’s Church Knights Hill West Norwood London SE27 0HS

Bank: Barclays Bank plc 136 Streatham High Road London SW16 1BN

Independent Examiner: Simon Lewcock FCCA Windsor Lodge Millfield Road Hounslow Middlesex TW4 5PN

www.stlukeswestnorwood.org Registered Charity No 1138272

Page 2

Independent Examiner’s Report

To the Parochial Church Council of St Luke’s Church, West Norwood

This report on the accounts of the PCC for the year ending 31 December 2020, which are set out attached to the report, is in respect of an examination carried out under the Church Accounting Regulations 2006 (‘the Regulations’) and the Charities Act 2011 (‘the Act’).

Respective responsibilities of the trustees and the Independent Examiner

As members of the PCC you are responsible for the preparation of the accounts; you consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Report

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

Independent Examiner’s statement

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

S.A. Lewcock FCCA Windsor Lodge Millfield Road Hounslow Middlesex TW4 5PN

10 May 2021

Page 3

Trustees’ Annual Report for the year ending 31 December 2020

Aims & Purposes

St Luke’s Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent, the Reverend Donald Davis, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the church building on Knights Hill and a house at 12 Chestnut Road, London SE27 9LF.

Objectives & Activities

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St Luke’s West Norwood. The PCC maintains an overview of worship throughout the parish and makes suggestions on how to involve more of the people living in our parish, in the life of the church. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year, we have considered the Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

Achievements & Performance

Worship & Prayer

The PCC is keen to offer a range of meetings during the week and over the course of the year that our community finds both beneficial and spiritually fulfilling. We run fellowship groups for Bible study and encouragement during the week. Some of these have a special focus such as evangelism or prayer; some are based at church and others are in people’s homes. Our main church service is on Sunday morning at 10.30am and we also lead a service at the British Home every Sunday afternoon. In addition we hold services for St Luke’s School at Easter, Summer, Harvest and Winter, and Revd Donald leads worship in the school on a weekly basis.

At the end of March 2020 as we went into the COVID-19 lockdown many of these activities had to be either suspended or relocated online. Sunday morning church services were broadcast live from the vicarage on Facebook and many fellowship groups moved onto Zoom to allow people to continue meeting. When possible, church-based worship has resumed although we have been unable to host any services for St Luke’s School this year. Some of the online Sunday services attracted as many as 500 viewers so we continued to live-stream services even after we had returned to church-based services.

Because of the restrictions brought by the pandemic we set up a St Luke’s Church chat on Whatsapp to allow members to talk, share resources and be a source of encouragement during times of isolation.

Page 4

To address the ban on congregational singing, the worship team began an online Zoom fellowship on Saturday mornings for anyone to come along and sing.

We continue to offer the Start course and Alpha course annually, to introduce anyone to the Christian faith and to prepare them for services of Thanksgiving and Baptism. We usually offer at least one course of marriage preparation/enrichment for anyone marrying or having they banns read at St Luke’s during the year. This year we joined with another church to offer the Alpha course online. We began a course of marriage preparation at the beginning of the year which had to be abandoned when we went into lockdown.

Our street witness activity on Wednesday afternoons is very effective at taking the gospel to the streets of our parish. There is a regular team of people who go out to witness and share the gospel every Wednesday evening, in pairs. This group is supported by missionaries sent by the International Mission Board. The IMB is now renting the PCC’s house at 12 Chestnut Road to house missionaries in training or on furlough, thereby returning the house to the original purpose of this bequest to St Luke’s.

The church has been used as a distribution centre for Norwood & Brixton Foodbank Limited, which offers emergency food, advice and a community cafe on Tuesday and Friday mornings. This was suspended at the end of March 2020 when the foodbank switched to a delivery-only service.

St Luke’s has also participated in the Robes Project for the past four years, offering the church as a homeless night shelter one night a week on a take-turns rota. This project is staffed by volunteers from St Luke’s and other churches as well as many people from the local community who are not currently part of a church but want to take part in this valuable mission to those in need. Public Health England advised the closure of all dormitory-style shelters for what would have been the 2020/21 season and the Robes guests were housed in a hotel. Our volunteers donated and delivered support packages to the guests on a taketurns rota.

All are welcome to attend our regular services. At 31 December 2020 there were 60 parishioners on the electoral roll, 30 of whom were not resident in the parish. The average weekly attendance, counted during October 2020, was 33, with a further 194 following along on Facebook Live. Services at the British Home were cancelled at the beginning of the year.

As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. Through Thanksgiving we thank God for the gift of new life, through Baptism - usually a public event held in the church gardens on Pentecost Sunday - we celebrate repentance and the turning away from sin to new life in Christ. In marriage, public vows are exchanged with God’s blessing, and through funeral services friends and family express their grief and give thanks for the life which is now complete in this world. In 2020 we held three funerals in St Luke’s Church, two of which were for longstanding members of the church. There was one wedding, in September and one thanksgiving. We did not hold a Service of Baptism and the Service of Confirmation which had been scheduled for June was cancelled.

Deanery Synod

Two members of the PCC sit on the deanery synod. This provides the PCC with an important link between the parish and the wider structures of the church.

Page 5

The Church Building

The church building is open most days except Saturday for private prayer and contemplation. For seven years the church has opened its doors and churchyard to the West Norwood Feast, a street market run by local volunteers. The building also hosts the Spring and Summer shows of the Lambeth Horticultural Society each year.

In 2019 serviced pumps were installed in the crypt to address the issue of flooding. In 2017 the PCC launched a project to provide the church with new toilet and coffee bar facilities and to significantly improve the condition of the electrical installation. The aim of this work is to allow St Luke’s Church building to better serve the needs of its community. In 2020 work continued to obtain building consent for the refurbishment of the ground floor bathrooms. Following completion, it is hoped that the coffee bar facilities will be refurbished. The PCC’s buildings group has identified the need to relocate electrical supply from the crypt to the ground floor of the church due to the issues of access, health and safety and the effects of damp. The group has successfully located an electrical consultant to work with and this project is now moving forward.

Pastoral Care

Some members of the parish are unable to attend church due to sickness or age. Reverend Donald Davis has visited all church members who have requested it, to celebrate communion with them either at their homes or in hospital. Maria Layne Springer, a Southwark Pastoral Auxiliary, keeps in contact with those who are sick or unable to get out.

Mission

Externally, St Luke’s PCC continued to support David & Shelley Stokes in Argentina, Release International, the Bethany Children’s Trust and Spinnaker.

In our fellowship, St Luke’s mission is as follows:

Ecumenical Relationships

St Luke’s engages in a series of annual outreach activities with other Christian churches in the parish including Chatsworth Baptist Church, Lansdowne Evangelical Church, UP Church, Worldwide Mission Fellowship, Tulse Hill Methodist Church, St Matthews RC Church and the Salvation Army. These include a Walk of Witness on Good Friday and a family barbecue on Halloween. On Remembrance Sunday we have a joint Act of Remembrance with St Matthews Roman Catholic Church. Reverend Donald Davis also enjoys regular fellowship with the leaders of other churches in the parish.

Page 6

Financial Review

2020 was a year of change brought about by the global Covid-19 pandemic and adherence to government guidelines and directives.

Income: We received £102,870 in unrestricted funds, slightly down from previous year; this was due largely to your generous giving online. Receipts from hall lettings were also reduced from £19,725 in 2019 to £13.453, impacted by government lockdown restrictions limiting the use of the Church halls. Other sources of income include rental from the Chestnut Road house and the telecom aerial.

Expenditure: Total expenditure amounted to £99,345. The ground floor bathrooms were refurbished at a cost of £22,680. This capital expenditure was financed using a combination of legacy payment, grants, corporate sponsors as well as donations from members of St Luke’s. Utilities increased marginally, an electricity smart meter has been installed and switching to a more competitive tariff should result in improved energy efficiency.

Our missionaries, Ann Moore and David and Shelley Stokes returned safely to the UK and we continue to support our other charities namely: Bethany Children’s Trust, Release International (Imtiaz) as well as the Spinnaker Trust. £12,500 of our parish share is still outstanding, this is in line with our proposed diocesan budget for 2021.

Looking Ahead – Projects for 2021:

Joy Olisa Hon Treasurer St Luke’s PCC

Volunteers

We would like to thank all our volunteers who work so hard to make our church the lively and vibrant community it is. In particular, we want to give thanks to the Sunday School leaders and helpers for providing exciting sessions that stimulate the children’s faith. They have successfully risen to the challenge of lockdown, taking Sunday school online when necessary.

Structure, Governance & Management

The method of appointment of PCC members is set out in the Church Representation Rules. At St Luke’s the membership of the PCC consists of the incumbent (our vicar), churchwardens, the Southwark Pastoral Auxiliary and members elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services are encouraged to register on the electoral roll and stand for election to the PCC.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding how the funds of the PCC are to be spent. The PCC met eleven times during the year with an average attendance of 57%. Given its wide responsibilities the PCC has sub-committees dealing with the church building, mission support and finance, which are responsible to the PCC and report to it regularly, with decisions and recommendations.

Page 7

Administrative Information

St Luke’s Church is situated at the centre of West Norwood in the London Borough of Lambeth, in South London. It is part of the Diocese of Southwark. The correspondence address is St Luke’s Church, Knights Hill, West Norwood, London SE27 0HS. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006) and a charity registered with the Charity Commission. The church’s website is at stlukeswestnorwood.wordpress.com.

PCC members who have served at any time from 1 January 2020 until the date this report was approved are:

Ex Officio Members Incumbent: The Reverend Donald Davis (Chairman) Southwark Pastoral Auxiliary: Maria Layne Springer Church Wardens: John Nyström & Budget Banya

Elected Members Judith Morgan representative on Deanery Synod Prince Eyitao Adegun representative on Deanery Synod Kristy Berwick Moore Hon Treasurer Joy Olisa Hon Treasurer Ian Berwick Moore Robert Rowe Val Rowe Collins Akumefula Mona Boateng Pat Hewitson Nora Velzeboer

Approved by the PCC on Monday 24 May 2021 and signed on their behalf by the Reverend Donald Davis (PCC Chairman).

Revd D Davis Vicar, St Luke’s Church, West Norwood

Page 8

Balance Sheet as at 31 December 2020

Note
FIXED ASSETS
Tangible Fixed Assets
2
Investment Assets
3
CURRENT ASSETS
Debtors
4
CBF Deposit
Cash at Bank and in Hand
LIABILITIES:AMOUNTS FALLING DUE
WITHIN ONE YEAR
5
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted
7
Restricted
7		 2020
£
£
17,152
707
17,859
13,390
80
60,673
74,143
21,245
21,245
52,898
70,757
46,565
24,192
70,757		 2019
£
£
17,379
707
18,086
13,432
80
45,792
59,304
6,654
6,654
52,650
70,736
44,274
26,462
70,736

Page 9

Statement of Financial Activities For the year ending 31 December 2019

Note
INCOME & ENDOWMENTS
Income from donors
9(a)
Income from church activities
9(b)
Income from investments
9(c)
TOTAL INCOME & ENDOWMENTS
EXPENDITURE
Missionary and charitable giving
10(a)
Activities directly related to the work of the church
10(b)
Cost of generating funds
10(c)
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE)
UNREALISED GAIN ON INVESTMENTS
TRANSFER OF FUNDS
BALANCES BROUGHT FORWARD AT
31st December 2019
BALANCES CARRIED FORWARD AT
31st December 2020		 Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
FUNDS
FUNDS
2020
2019
£
£
£
£
69,832
19,176
89,008
82,387
14,964
0
14,964
20,636
18,074
0
18,074
18,123
102,870
19,176 122,046 121,146
13,083
0
13,083
14,667
85,531
22,680 108,211
98,774
731
0
731
1,569
99,345
22,680 122,025 115,010
3,525
-3,504
21
6,136
0
0
0
22
-1,234
1,234
0
0
44,274
26,462
70,736
64,578
46,565
24,192
70,757
70,736

Page 10

Notes to the Financial Statements

1. Accounting Policies

Basis of Financial Statements

The financial statements have been prepared under the Charities Act 2011, and in accordance with the Statement of Recommended Practise on Accounting and Reporting by Charities (FRS 102) and the Church Accounting Regulations 2006 together with applicable accounting standards.

The financial statements have been prepared under the historical cost convention, except for the valuation of investment assets which are shown at market value.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members.

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. Funds designated for a particular purpose by the PCC are also unrestricted. Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in notes 8 and 9.

There are no Endowment funds held.

Income and endowments

Income from donors

Collections are recognised when received by and on behalf of the PCC. Planned giving under Gift Aid is recognised only when received. Income Tax recoverable on Gift Aid donations is recognised when income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable, and its ultimate receipt by the PCC is reasonably certain. Funds raised by events are accounted for gross.

Income from church activities

Rental income from letting of church premises is recognised when rental is due.

Income from investments

Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue.

Gains and losses on investments

Unrealised gains and losses created by revaluation on 31 December are accounted for via the investment trust fund.

Page 11

Expenditure

Mission and charitable giving

Mission and charitable giving is calculated as 10% of the total income in the previous year’s accounts. This is divided into six shares. Five of these shares are divided equally between The Bethany Children’s Trust, The Spinnaker Trust, Ann Moore (Church Mission Society), David & Shelley Stokes (Church Mission Society) and Release International (Imtiaz). The sixth share is allocated on a discretionary basis on the recommendation of the missionary committee.

Activities directly relating to the work of the Church

The diocesan parish share is accounted for when due.

Fixed Assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts by S.10(2) (a) and (c)b of the CA 2011. No value is placed on movable church furnishings held by the Priest-in-Charge and Churchwardens on special trust for the PCC and which require a faculty for disposal, are accounted for as inalienable property unless consecrated. For inalienable property there is insufficient cost information and therefore such assets are not valued in the financial statements. All expenditure incurred in the year on consecrated or beneficed buildings and the repair of movable church furnishings is written off.

Other property

The property at 12 Chestnut Road is recorded at historical cost and no provision is made for depreciation. It is vested in the South London Church Fund and Southwark Diocesan Board of Finance as custodian trustees.

Other plant and machinery, fixtures and fittings and office equipment

The sound system and projector used within church premises is depreciated on a straight line basis over 10 years. All other purchases of equipment are written off when the asset is acquired.

Investments

Investments are valued at the bid ruling at 31 December.

Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.

Cash is held on short term deposit with the Central Board of Finance of the Church of England or at the bank.

Page 12

Notes to the Financial Statements

2. Tangible Fixed Assets

COST
at 1st January 2020
Revaluation
Additions
at 31st December 2020
DEPRECIATION
at 1st January 2020
Charge for the year
at 31st December 2020
NET BOOK VALUE
at 31st December 2020
at 31st December 2019		 House
Sound Furniture &
Total
System Equipment
£
£
£
£
16,620
9,799
9,889
36,308
0
0
0
0
0
0
0
0
16,620
9,799
9,889
36,308
0
9,040
9,889
18,929
0
227
0
227
0
9,267
9,889
19,156
16,620
532
0
17,152
16,620
759
0
17,379

3. Investments

Held in trust:

4. Debtors
Henrietta Atkins
Mrs. M. Parkinson
Others
Income tax recoverable
Other debtors		 Nominal
Value
69
3.50% Conversion stock
324
Charinco (Income)
2020
£
9,800
3,590
13,390		 Nominal
Value
69
3.50% Conversion stock
324
Charinco (Income)
2020
£
9,800
3,590
13,390		 2020
Mkt Val.
£

52
620
672
35
707
2019
£
11,033
2,399
13,432		 2019
Mkt Val.
£
52
620
672
35
707

Page 13

Notes to the Financial Statements

5. Liabilities Falling Due Within One Year

Diocesan parish share
Rental received in advance
Missionary and other giving
Foodbank
Payroll
Accrued expenses		 2020
£
12,817
1,500
1,817
4,474
237
400
21,245		 2019
£
0
1,500
437
3,554
477
686
6,654

6. Staff Costs

Wages and salaries
Pension costs
Social Security costs		 2020
£
17,016
1,442
780
19,238		 2019
£
16,709
1,798
780
19,287

During the year the PCC employed a church administrator and a cleaner. Nobody earned more than £40,000 PA and no other church member received any remuneration.

For eligible salaried employees St Luke’s (West Norwood) PCC participates in the Church of England Defined Contribution Scheme (DCS) within the Church Workers Pension Fund. The DCS is administered by the Church of England Pensions Board and provides benefits at retirement based on contributions made to the DCS prior to the date of retirement. The assets of the DCS are held separately from those of the employer. As at the formal valuation at December 2010, the DCS was in surplus on an ongoing funding basis.

St Luke’s (West Norwood) PCC is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the DCS. Para 9(b) of the Financial Reporting Standard 17 requires St Luke’s (West Norwood) PCC to account for pension costs on the basis of contributions payable to the Scheme in the year. St Luke’s (West Norwood) PCC contributes 10% of basic salary and the employees are not required to contribute anything. The contributions for the year totalled £1797.53 (2019 - £1797.53).

St Luke’s (West Norwood) PCC had one active member and three deferred members in the DCS at 31 December 2020.

Page 14

Notes to the Financial Statements

7. Movement in Funds

The Unrestricted funds
comprise the following;
General Fund
The Restricted funds
comprise the following:
Foodbank
Communal Hub
Investment Trust Fund
Trust Fund 12 Chestnut Road
Other Restricted Funds
Total movement of funds		 Balance
Balance
as at 01
Income & Expenditure
Surplus/
Transfer of as at 31
Jan-20 Endowments
(Deficit)
Funds
Dec-20
£
£
£
£
£
£
44,274
102,870
99,345
3,525
-1,234
46,565
44,274
102,870
99,345
3,525
-1,234
46,565
Balance
Balance
as at 01
Income & Expenditure
Surplus/
Transfer of as at 31
Jan-20 Endowments
(Deficit)
Funds
Dec-20
£
£
£
£
£
£
588
0
0
0
0
588
2,270
19,176
22,680
-3,504
1,234
0
707
0
0
0
0
707
16,620
0
0
0
0
16,620
6,277
0
0
0
0
6,277
26,462
19,176
22,680
-3,504
1,234
24,192
70,736
122,046
122,025
21
0
70,757

Page 15

Notes to the Financial Statements

8. Fund Details

Unrestricted Funds

General Fund Capital Improvements Fund

Used for all general receipts and expenditure. A reserve for future maintenance of the buildings, and for major work which needs to be carried out on the church.

Restricted Funds 12 Chestnut Road

Foodbank Investment Trust Fund Other Restricted Funds

This reflects the investment in the house at historical cost, if the property was to be put on the market Stephen James Estate Agents would recommend asking for £700,000.

This reflects the net of donations less expenses incurred in running ‘The Norwood Foodbank’. This reflects the market value of investments held in trust for the benefit of the church. This is the net balance of money donated for specific projects not yet spent.

Balance Balance
as at 01
Income &		 Expenditure Surplus/ as at 31
Jan-20 Endowments (Deficit) Dec-20
£
£
£		 £ £
Alpha 53
0
0		 0 53
Bibles 195
0
0		 0 195
Children / young people 1,221
0
0		 0 1,221
Gardens / Car Park 42
0
0		 0 42
Gideons 25
0
0		 0 25
Mission 122
0
0		 0 122
Projector 3,854
0
0		 0 3,854
Robes Project 50
0
0		 0 50
Website 96
0
0		 0 96
Various 619
0
0		 0 619
6,277
0
0		 0 6,277

Page 16

Notes to the Financial Statements

9. Income and Endowments

9(a) Incoming resources from donors
Planned giving
Income tax recovered on gift aid
Telecom aerial income
General collections
Other funds generated
9(b) Income from church activities
Rental income - church halls
Fees for weddings and funerals
9(c) Income from investments
Rental income - 12 Chestnut Road
Dividends and interest
TOTAL INCOME AND ENDOWMENTS		 Unrestricted Restricted Funds
TOTAL
TOTAL
Funds
FUNDS
FUNDS
General Foodbank
Other
2020
2019
£
£
£
£
£
43,161
0
19,146
62,307
45,054
9,018
0
0
9,018
13,589
14,300
0
0
14,300
14,300
3,325
0
0
3,325
8,048
28
0
30
58
1,396
69,832
0
19,176
89,008
82,387
13,453
0
0
13,453
19,725
1,511
0
0
1,511
911
14,964
0
0
14,964
20,636
18,000
0
0
18,000
18,000
74
0
0
74
123
18,074
0
0
18,074
18,123
102,870
0
19,176
122,046
121,146

Page 17

Notes to the Financial Statements

10. Expenditure

Unrestricted Restricted Funds TOTAL TOTAL
Funds FUNDS FUNDS
General
Foodbank		 Other 2020 2019
£
£		 £ £ £
10(a) Missionary & charitable giving
Overseas
- CMS - David & Shelly Stokes 2,170
0		 0 2,170 2,012
- CMS - Ann Moore 2,201
0		 0 2,201 2,012
- The Bethany Children's Trust 1,971
0		 0 1,971 2,012
- Release International (Imtiaz) 1,971
0		 0 1,971 2,012
Home
- The Spinnaker Trust 1,971
0		 0 1,971 2,012
- Manna Christian Centre 0
0		 0 0 500
- Foodbank 920
0		 0 920 2,594
- Options 500
0		 0 500 500
- B & J Armacost 0
0		 0 0 500
- Alabare Christian 0
0		 0 0 500
- Discretionary 1,379
0		 0 1,379 13
13,083 0 0 13,083 14,667
10(b) Activities directly related to the work of the church
Ministry:
diocesan parish share 44,124
0		 0 44,124 44,124
clergy expenses 420
0		 0 420 420
guest preachers 0
0		 0 0 200
Church running expenses 20,758
0		 0 20,758 21,903
Church maintenance 3,599
0		 0 3,599 11,630
Wages & salaries & N.I 14,442
0		 0 14,442 17,489
Pension 1,442
0		 0 1,442 1,797
Administration costs 346
0		 0 346 346
Independent examiner's fee 400
0		 0 400 400
Ministry and worship expenses 0
0		 0 0 465
Major works - Communual hub 0
0		 22,680 22,680 0
85,531
0		 22,680 108,211 98,774
10(c) Cost of generating funds
Maintenance & management of rental property 731
0		 0 731 1,716
Parochial fees 0
0		 0 0 -147
731
0		 0 731 1,569
TOTAL
EXPENDITURE 99,345
0		 22,680 122,025 115,010

Page 18

Notes to the Financial Statements

11. Capital Commitments

There were no capital commitments at the year end.

12. Independent Examiner

Simon Lewcock FCCA, was appointed independent examiner for this year’s accounts.

Page 19