**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON (REGISTERED CHARITY NUMBER 1139480)** 

**TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **TRUSTEES ANNUAL REPORT** 

## **FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 DECEMBER 2021** 

|**CONTENTS**||
|---|---|
||Page|
|Administrative Information|1-2|
|Annual Report<br>|3-11|
|Report of the Independent Examiner|12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Notes to the Financial Statements|15-25|





## **THE PAROCHIAL CHURCH COUNCIL OF** 

## **THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **REFERENCE AND ADMINISTRATIVE INFORMATION** 

**YEAR ENDED 31 DECEMBER 2021** 

**Principal Address** St. Mary's Church 147 Hammersmith Road London W14 0QL 

## **Members of the Parochial Church Council** 

Interim Priest-in-Charge:                               Simon Downham Parish Assistant:                                             Jane Oldham (Co-opted) Safeguarding Officer:                                     Sandra Mohammed (Co-opted) Churchwarden:                                               John Bridges Jeremy Sharp Deanery Synod Representatives:                Ed Green (Vice Chairman) Andrew Hickman Elected Members: Sally Balan Kate Green Wilf Jevons Elin Jones Pat Medlen (Treasurer) Steven Neville Penny Thesen Nicola Walworth Robin Wedderburn 

## **Management** 

The PCC is managed by the Incumbent or, during a vacancy, by the Interim Priest-in Charge together with nominated members of the PCC, namely the Church Wardens, Parish Assistant and the Church Treasurer. 

1 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **REFERENCE AND ADMINISTRATIVE INFORMATION** 

**YEAR ENDED 31 DECEMBER 2021** 

**Independent Examiner** 

**Mario Koureas FCCA** Hetherington and Co Ltd Chartered Certified Accountants 289 Green Lanes Palmers Green London N13 4XS 

## **Bankers** 

Barclays Bank PLC 191 Earls Court Road London SW5 9AW 

2 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

The Parochial Church Council (PCC) of St Mary, West Kensington present their report and the unaudited financial statements for the year ended 31 December 2021. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Parochial Church Council (PCC) of St. Mary, West Kensington is a corporate body established by the Church of England. The PCC is a registered charity (Charity Number 1139480). The PCC is governed by the Parochial Church Council (Powers) Measure 1956, the Church Representation Rules and the Charities Act 2011. 

## _Appointment of PCC Members_ 

Members of the PCC are elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. Church members are invited to nominate candidates for election to the Parochial Church Council (PCC). Nominations for membership of the PCC are advertised in the Church and any person wishing to be considered completes the relevant application which requires both a proposer and seconder to be named. Ballot papers are then provided at the APCM for persons to be elected or re-elected to serve on the PCC. Once elected, each member is provided with details of the workings of the PCC and their responsibilities. 

Those persons who served as members of the PCC during the year or were appointed since were as follows: 

Interim Priest-in-Charge:                          Simon Downham (from 1[st] May 2021) Vice Chairman: Ed Green Parish Assistant:                                        Jane Oldham (Co-opted) Safeguarding Officer:                               Sandra Mohammed (Co-opted) Church Wardens:                                      John Bridges Jeremy Sharp Deanery Synod Representatives:           Ed Green Andrew Hickman 

3 



## **THE PAROCHIAL CHURCH COUNCIL OF** 

## **THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

Elected Members: 

Sally Balan 

Gaik-See Chew (until 23[rd] May 2021) Rachel Cooper (until 23[rd] May 2021) 

Kate Green 

Wilf Jevons (from 23[rd] May 2021) Elin Jones Pat Medlen (Treasurer) Steven Neville 

Penny Thesen (from 23[rd] May 2021) Nicola Walworth Robin Wedderburn 

## _Organisation_ 

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. 

The PCC carries out its aims and objectives through regular prayer, informal conversations, formal meetings and various groups. A draft agenda for each meeting is constructed by the Vicar, Interim Priest-in-Charge or Chairman incorporating any matters raised by PCC members. The full PCC met ten times during the year with an average level of attendance of 99%. 

It met to discuss the following suspended Church services due to COVID, future ministry, women in leadership, equal opportunities policies, role of Church Society, Interim Priest-in-Charge reports, safeguarding policy and online training,data protection, parish audit,  parish profile, parish history, rebranding, Mission Action Plan, Standing Committee terms of reference, staff reviews and recommendations, appointment of Josh Lees, May Najjar's resignation, Parish  Assistant's mini sabbatical, mid week prayer meeting, Church office, IT Church management software, West London Welcome use of premises, appointment of Jodie Edwards as Quinquennial Project Architect, Church electrics and other building works and repairs, No 3 Edith Road and 72 Edith Road Committee reports and recommendations, Diamond Jubilee celebrations, financial matters accounts and budgets. 

The annual budget is presented to the PCC to be considered and approved. Management accounts and financial updates are regularly presented to the PCC. 

The PCC operates by financing a paid team of three employees, together with a team of volunteers.  The teams develop the ministry of the Church within the parameters set by the PCC. 

Given its wide responsibilities, the PCC has a Standing Committee which meets between PCC meetings. It is responsible to the PCC and reports back to it with minutes of its decisions being received by the PCC and discussed as necessary. 

4 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## _Risk Policy_ 

The PCC established procedures in order to identify and minimise the major risks (financial and non-financial) which could impact the work of the Church in the parish. 

## _Reserve Policy_ 

The PCC has adopted a reserve policy, like many other churches, not to build up reserves deliberately. Consequently, the reserves of the church will have resulted from accumulated giving at any one time. The church remains dependent on the continued support of the congregation. The PCC considers that the reserves held at 31 December 2021 together with its forecasted cash flow will be sufficient to fund its work for the ensuing year. 

## _Grant Policy_ 

Each year the PCC, at the discretion of the Vicar, or Interim Priest-in-Charge, provides grants for missionary work. In addition, further grants are made available throughout the year via dedicated collections for specific causes. 

## _Safeguarding_ 

The PCC has complied with the duty under Section 5 of the Safeguarding and Clergy Discipline Measure 2016, in relation to having due regard to the House of Bishops' guidance on safeguarding children and vulnerable adults. 

To comply with the Charity Commission recommendations all PCC members are asked to apply for a DBS check. All St Mary's staff who work with children are required to obtain a DBS check prior to being on the children's roster. It is also an expectation that paid and voluntary staff complete the Basic Safeguarding Training Courses. This course is open to all the congregation. The purpose of the course is to raise an awareness of what constitutes domestic abuse and to be vigilant, thus keeping the Church of England and St Mary's safe places to be. 

Mr Martin Goodwin began work as Head of Safeguarding at the London Diocese last Summer. Along with Mr Goodwin, St Mary's has a new Safeguarding Advisor, Caryn Weber, whom we have met and worked with. 

After the APCM each year St Mary's adopts a safeguarding policy which can be seen on the notice boards. A parish safeguarding Self Audit takes place at the same time. In November the Parish Visitation took place. The results were positive regarding safeguarding procedures at St. Mary's, with the one exception that it is necessary to draw up an Ex Offender's Agreement. This is taking place. 

5 



## **THE PAROCHIAL CHURCH COUNCIL OF** 

## **THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## **AIMS AND OBJECTIVES** 

The aims and objectives of the Parochial Church Council (PCC) of St Mary, West Kensington are to promote in the parish the whole mission of the Church. 

## **STRATEGIES ADOPTED TO ACHIEVE THE AIMS AND OBJECTIVES** 

The PCC seeks to promote the mission of the Church through its pastoral, evangelistic, social and ecumenical work. In doing so, 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. Mary's. 

The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live within our parish. In turn this provides for our services and worship to put faith into practice through regular prayer, scripture, music and sacrament. 

We also strive to enable people to live out their faith as part of our parish community through worship and prayer; learning about the Gospel, developing their knowledge and trust in Jesus, provision of pastoral care, missionary and outreach work. 

The PCC recognises that in order to achieve its aims and objectives, it relies on the invaluable support and contribution of the church members, who freely volunteer and devote their time, energy, and money towards the mission of St. Mary, West Kensington. Without the generous support of our congregation the charitable, social and outreach work of the church would not exist. 

The PCC thanks everyone involved for all that has been achieved in the last year. To facilitate this work, it is important that we maintain the fabric of the Church of St. Mary's. 

The activities undertaken in the year and related to our goals are set below. 

## _Public Benefit_ 

The charities commission in its Charities and Public Benefit Guidance requires that there are two principles to be met to show that the organisation's aims are for the public benefit. Firstly, there must be an identifiable benefit. Secondly the benefit must be to the public or a section of the public. 

When planning the activities and in exercising their duties and powers in order to meet the stated objective of the church for the year under review, the members of the PCC confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit and that they will continue to ensure that each year they consider how the PCC continues to meet the public benefit objectives outlined in section 4 of the Charities Act 2011. 

6 



## **THE PAROCHIAL CHURCH COUNCIL OF** 

## **THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## **NOTABLE ACHIEVEMENTS AND PERFORMANCE** 

These are set out in more detail under activities. Given the pastoral nature of so much of the work of the Church quantitative data is sometimes limited. We list below average church attendance and the electoral roll: 

## _Church Attendance_ 

Average attendance in 2021 is not straightforward owing to the changes in the number of services on each Sunday during the lockdowns and interregnum. Zoom services were held in January and from April to July. Services were held in church from February onwards. Average attendance when there was only one service was 29 adults and 2 children. When there were two services it was approximately 45 adults and 2 children. The largest attendance was for the carol service. 

## _Electoral Roll_ 

The Electoral Roll stood at 69, 24 of whom are resident and 45 whom are not resident within the parish, 5 names were added and 14 were removed including 2 members who have died. The previous year's total stood at 78. 

## _WORSHIP, PRAYER & CHURCH ACTIVITIES_ 

Our two Sunday services reduced to one on zoom from mid-January to March due to the covid lockdown at the beginning of the year. In April we started an in-person service again and continued with two services (one on zoom) until the end of July. For the rest of the year we continued with one in person Sunday service at 11am. Overall attendance at services has steadily increased during the year. We had a new service (Family Christmas Tea Party) at Christmas which was well attended by local families. We had a Toy Service and Carols by Candlelight. 

The church was open once a week for prayer and reflection for two hours over a week day lunchtime from January to July and then again from the end of October to December. 

St Mary's children's ministry continued to lead weekly sessions by zoom for the first three months of the year. From April these ran during the in-person morning service in Church. On Easter Sunday after the service there was an Easter Egg Hunt. 

A weekly prayer meeting ( **Kingdom Come)** began on Zoom, in September 2021. 

**Food & Fellowship** a weekly devotional and discussion meeting which includes lunch did not meet at the beginning of the year owing to Covid, but regularly met from June-December 2021. 

For Lent we ran a weekly course on zoom based on the Archbishop's 2021 Lent book titled 'Living his Story'. We also distributed copies of the Church of England Live Lent Book of daily reflections 'God's Story, Our Story' (also based on the Archbishop's 2021 Lent book.) 

7 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## _DEANERY SYNOD_ 

The Deanery Synod has met four times since St. Mary's last APCM in 2021. The Synod has returned to meeting in person, much to the delight of representatives. This not only enables representatives better to get to know each other and work together, but it also means they can learn about the priorities and issues facing churches in the deanery which host the meetings. 

Across the four meetings, the Deanery Synod has discussed the Bishop of London's 2030 vision, as well as hearing a number of interesting presentations of interest to the Synod including from a charity which helps provide family support through church volunteers, and a presentation on looking after mental health. 

The Synod has also transacted deanery business such as tracking churches' Common Fund contributions, appointing governors for Church of England schools in the Deanery, and handling elections to the Diocesan and General Synods. St. Mary's now has three representatives on the Deanery Synod thanks to Jane Oldham's election to Diocesan Synod. Don't forget that anyone is entitled to attend Deanery Synod meetings if you are interested in finding out more about what it does, though only representatives can vote. 

## _PASTORAL CARE_ 

The church community continues to seek to support each other pastorally, with support and assistance from the clergy and staff team, as well as the wardens and PCC. There have been opportunities for pastoral care through one-to-one meetings and phone calls to those who are housebound and unable to attend services. We continued with the newsletter with 14 editions during the year 

## _MISSION & EVANGELISM_ 

As the church considers its mission and ministry, a **Parish Audit** was conducted in August 2021, which highlighted groups, organisations, and businesses in the parish. Later in 2021 a **History Audit** was also conducted which noted Sunday attendance figures, electoral roll figures, as well as historic outreach, mission, and ministry. 

## _SOCIAL_ 

The **Parent and Toddler Group** started meeting again in November with mask wearing, changes to the refreshment time with a reduced maximum number in order to minimise the risk of catching Covid. After not running for 19 months it was very encouraging to be meeting again and providing an opportunity for parents/grandparents and their children and grandchildren to socialise and network with others in the local community. As well as refreshments, sessions included singing and free play time with a variety of toys and equipment. A total of 14 families and 16 children attend the group. 

## _BUILDINGS / FABRIC REPORT_ 

Owing to the pandemic and the lack of a permanent incumbent our major planned projects (church heating, flooring and seating) is continuing to be on hold. The lights in the hall have been replaced with LEDs and emergency lights added. A number of repairs including the disabled toilet, guttering and downpipes, and routine maintenance have been completed. Our thanks to our Parish Assistant, Jane Oldham and our church wardens. 

8 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## _HALL and CHURCH HIRE_ 

The bookings of the premises have slowly increased during the year with almost all hirers pre-covid returning. At the end of the year there were six weekly bookings and one monthly booking 

## _GROUNDS_ 

The trees in the churchyard are maintained by the council. This year we have been blessed with St Mary's volunteer gardener, Rod Heffernan, tending all the grounds. We give our sincere thanks for all the hard work undertaken in keeping the weeds down and the pathways clear of debris. 

The back garden has been in use with a BBQ held last July and again opened on December 19[th] (fairy lights twinkling) to host the mince pie event after the Carol Service. 

Food & Fellowship used the space for their weekly meetings during the warm months. 

It is noticed that since covid restrictions eased the garden is being used less frequently and it is hoped that ideas will come forward to open up the space for parish use. 

Care for Creation-Josh has built a truly wonderful St Mary's Bug Hotel. There are a number of bird houses on trees in the churchyard. 

## _CAR PARK_ 

The car park spaces have continued to be rented during the weekdays to local businesses with some weekly and daily hiring of spaces in addition to the long-term hirers. Regular hiring of spaces has still not returned to the full capacity of pre-covid times and was at 62.5% (5/8) in 2021. 

## _3 EDITH ROAD/72 EDITH ROAD_ 

The two properties are currently under the PCC and a committee which consists of Sally Balan, John Bridges, Pat Medlen, Sandra Mohammed and Jeremy Sharp. 

No 3 offers affordable accommodation to aid people moving to London, under the condition of helping out in the Church. Rachel Cooper is the current warden for the house and has been working hard with the committee to improve the living conditions for the tenants. 

HMO licence applications were submitted to the LBHF Council and a licence was granted in 2021 for No.72 and after the year end a licence was granted for No 3. 

At No 3 during the last year there was maintenance on the property which included gas safety, fire extinguishers, fire alarms checks and emergency lighting. Work was done on No 3a shower room, new furniture and carpets fitted. The trees at the back of the house were cut back to prevent blocking of the drains and to let in more light. A number of people came to see the current state of the roof. 

9 



## **THE PAROCHIAL CHURCH COUNCIL OF** 

## **THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

At No. 72 the electrical remedial work was completed for the EICR reports for three flats. New electrical appliances and furniture was purchased. Rooms have been decorated this year. Redecorations and works will continue to keep the house up to standard. As expected, expenditure was increased this year. The house was fully tenanted in 2021. 

## **FINANCIAL REVIEW** 

The results for the year can be found on page 13.  During the year under review the PCC’s main source of income continued to derive from generous donations from the congregation as well as from church hall, car park and property lettings. Total income generated in the year was £175,817 of which £167,688 (2020: £179,110) related to general funds and £8,129 (2020: £13,955) related to restricted funds. 

The PCC continued to manage the resources of the church carefully, in accordance with its annual budget. In overall terms the PCC incurred a deficit of £14,521 (2020: £6,749) on general funds, before taking account of revaluation movements on its investment properties. The deficit was mainly due to reduced donations collected via planned giving, although this to some extent, was cushioned by additional rent received for the scaffolding and continued government support under the under the coronavirus job retention scheme. 

General funds were increased by a further £117,090 and this represented unrealised revaluation gains arising on the property situated at 72 Edith Road (2020: unrealised gains of £42,930). The property is partly used by the Church for its own functional purposes (22%). The remaining part of the property (78%) is let on a commercial basis and is therefore regarded as an investment property 

For the year under review, restricted funds show a surplus of income over expenditure £841, and this excess is expected to be expended in the ensuing year. 

At the year-end date, general reserves stood at £3,341,325, designated reserves at £93,317 and restricted reserves at £19,424. 

## **FUTURE PLANS** 

We will continue with the various ministries and initiatives in pursuing our vision in worship, prayer and evangelism & mission. There are key priorities: 

1. Growth in church life 

2. Development in prayer 

3. Releasing the church into ministry 

4. Engagement in mission 

10 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **ANNUAL REPORT** 

## **YEAR ENDED 31 DECEMBER 2021** 

## **STATEMENT OF PAROCHIAL CHURCH COUNCIL MEMBERS'RESPONSIBILITIES** 

Charity law requires the PCC members to prepare financial statements for each financial year that give a true and fair view of the PCC's financial activities during the year and its financial position at the end of the year. In preparing financial statements giving a true and fair view, the PCC members should follow best practice and: 

Select suitable accounting policies and apply them consistently Make judgements and estimates that are reasonable and prudent 

Prepare financial statements on a going concern basis unless it is inappropriate to presume that the PCC will continue in operation 

The PCC members are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the PCC and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

We are immensely grateful to God for all he has done throughout the year. 

………………………………………………………………. Signed on behalf of the PCC of St. Mary, West Kensington by Simon Downham (Interim Priest-in-Charge) 

13 May 2022 

11 



## **INDEPENDENT EXAMINER’S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCESSIASTICAL PARISH OF ST MARY, WEST KENSIGTON** 

I report to the trustees on my examination of the accounts of the Parochial Church Council (PCC) of St Mary, West Kensington for the year ended 31 December 2021, which are set out on pages 13 to 25. 

## **Responsibilities and Basis of Report** 

The Church’s Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). The Church Trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Act) and that an independent examination is needed. 

It is my responsibility to 

- Examine the accounts under section 144 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 

- To state whether particular matters have come to my attention. 

## **Basis of independent Examiners Report** 

My examination was carried out 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 presented 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 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 the examination, no matters have come to my attention: 

1. Which gives me reasonable cause to believe in any material respect the requirements: 

   - to keep accounting records in accordance with section 130 of the 2011 Act and; 

   - To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met. 

2. To which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

M Koureas FCCA Hetherington & Co Chartered Certified Accountants 289 Green Lanes Palmers Green London N13 4XS 

13 May 2022 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021** 

|General<br>Funds<br>Notes<br>2021<br>£<br>**Income and endowments from:**<br>Voluntary Income<br>2.1<br>27,776<br>Activities for generating funds<br>2.2<br>74,635<br>Income from Investments<br>2.3<br>44,886<br>Church activities<br>2.4<br>15,426<br>Other income<br>2.5<br>4,965<br>**Total income**<br>167,688<br>**Expenditure on:**<br>Church activities<br>3.1<br>125,714<br>Raising funds<br>3.2<br>56,515<br>**Total expenditure**<br>182,229<br>**Net income /(expenditure) and net**<br>**movement in funds before gains/ (losses)**<br>**on investments**<br>5<br>(14,541)<br>Gains/ (Losses) on investments.<br>117,090<br>**Net Income/ (Expenditure) for the year**<br>102,549<br>**Transfer between funds**<br>13<br>(5,535)<br>**Net Movement in Funds**<br>97,014<br>**Reconciliation of funds**<br>Total funds brought forward<br>3,244,311<br>Total funds carried forward<br>3,341,325|General<br>Funds<br>Notes<br>2021<br>£<br>**Income and endowments from:**<br>Voluntary Income<br>2.1<br>27,776<br>Activities for generating funds<br>2.2<br>74,635<br>Income from Investments<br>2.3<br>44,886<br>Church activities<br>2.4<br>15,426<br>Other income<br>2.5<br>4,965<br>**Total income**<br>167,688<br>**Expenditure on:**<br>Church activities<br>3.1<br>125,714<br>Raising funds<br>3.2<br>56,515<br>**Total expenditure**<br>182,229<br>**Net income /(expenditure) and net**<br>**movement in funds before gains/ (losses)**<br>**on investments**<br>5<br>(14,541)<br>Gains/ (Losses) on investments.<br>117,090<br>**Net Income/ (Expenditure) for the year**<br>102,549<br>**Transfer between funds**<br>13<br>(5,535)<br>**Net Movement in Funds**<br>97,014<br>**Reconciliation of funds**<br>Total funds brought forward<br>3,244,311<br>Total funds carried forward<br>3,341,325|Designated<br>Funds<br>2021<br>£<br>-<br>-<br>-<br>-<br>-|Restricted<br>Funds<br>2021<br>£<br>8,129<br>-<br>-<br>-<br>-|Total<br>Funds<br>2021<br>£<br>35,905<br>74,635<br>44,886<br>15,426<br>4,965|Total<br>Funds<br>2020<br>£<br>61,775<br>60,396<br>50,647<br>11,986<br>8,261|
|---|---|---|---|---|---|
|||-|8,129|175,817|193,065|
|||-<br>-|7,288<br>-|133,002<br>56,515|140,428<br>63,244|
|||-|7,288|189,517|203,672|
|||-<br>-|841<br>-|(13,700)<br>117,090|(10,607)<br>42,930|
|||-<br>-|841<br>5,535|103,390<br>-|32,323<br>-|
|||-<br>93,317|6,376|103,390<br>3,350,676|32,323<br>3,318,353|
||3,244,311||13,048|||
||3,341,325|||||
|||93,317|19,424|3,454,066|3,350,676|



The notes form part of these financial statements. 

13 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF** 

## **ST MARY, WEST KENSINGTON** 

## **BALANCE SHEET AS AT 31 DECEMBER 2021** 

|2021<br>2020<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Tangible fixed assets<br>6<br>1,730,882<br>1,733,687<br>Investment property<br>7<br>1,553,380<br>1,436,290<br>3,284,262<br>3,169,977<br>**CURRENT ASSETS**<br>Debtors<br>8<br>12,783<br>11,785<br>Cash at bank and in hand<br>194,223<br>203,068<br>**TOTAL CURRENT ASSETS**<br>207,006<br>214,853<br>**CREDITORS:**Amounts falling<br>due within one year<br>9<br>(37,202)<br>(34,154)<br>**NET CURRENT ASSETS**<br>169,804<br>180,699<br>**NET ASSETS/ (LIABILITIES)**<br>3,454,066<br>3,350,676<br>**PARISH FUNDS**<br>General Funds<br>13<br>3,341,325<br>3,244,311<br>Designated Funds<br>14<br>93,317<br>93,317<br>Restricted Funds<br>15<br>19,424<br>13,048<br>3,454,066<br>3,350,676|2021<br>2020<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Tangible fixed assets<br>6<br>1,730,882<br>1,733,687<br>Investment property<br>7<br>1,553,380<br>1,436,290<br>3,284,262<br>3,169,977<br>**CURRENT ASSETS**<br>Debtors<br>8<br>12,783<br>11,785<br>Cash at bank and in hand<br>194,223<br>203,068<br>**TOTAL CURRENT ASSETS**<br>207,006<br>214,853<br>**CREDITORS:**Amounts falling<br>due within one year<br>9<br>(37,202)<br>(34,154)<br>**NET CURRENT ASSETS**<br>169,804<br>180,699<br>**NET ASSETS/ (LIABILITIES)**<br>3,454,066<br>3,350,676<br>**PARISH FUNDS**<br>General Funds<br>13<br>3,341,325<br>3,244,311<br>Designated Funds<br>14<br>93,317<br>93,317<br>Restricted Funds<br>15<br>19,424<br>13,048<br>3,454,066<br>3,350,676|2021<br>2020|2021<br>2020|
|---|---|---|---|
|||||
|||||
|||||
||||3,350,676|
|||3,454,066||
||||3,244,311<br>93,317<br>13,048|
|||3,341,325<br>93,317<br>19,424<br>3,454,066||
||||3,350,676|



Approved by the Parochial Church Council on 13 May 2022 and signed on its behalf by: 

……………………………………… ……………………………………… Simon Downham Pat Medlen (Interim Priest-in Charge) (Treasurer) 

Simon Downham (Interim Priest-in Charge) 

The notes form part of these financial statements. 

14 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **1. ACCOUNTING POLICIES** 

The PCC is a public benefit entity within the meaning of FRS 102. Accordingly the financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing individual accounts of PCC's and with the said Regulations' 'true and fair provisions, together with FRS 102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS 102)). 

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

## **1.1 Going concern** 

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast doubt on the ability of the PCC to continue as a going concern. As explained in the Trustees Annual Reportthe global pandemic and spread of COVID-19 has severely impacted many economies throughout the world. 

The Trustees have assessed the impact Covid-19 may have on the PCC’s forecast and projections and have made this assessment for a period of at least one year from the date of approving these financial statements. 

The PCC has concluded that the Church has sufficient resources to continue in operational existence for the foreseeable future and consequently it appropriate to continue to adopt the going concern basis in preparing its financial statements 

## **1.2 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. 

Restricted funds represent (a) income from trusts and endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance of that fund. The PCC does not usually invest separately for each fund. 

## **1.3 Incoming resources** 

Voluntary income, including planned giving, collections, legacies and donations are recognised where there is entitlement, certainty of receipt and where the amount can be measured with sufficient reliability. Tax refunds are recognised when the incoming resource to which they relate is receivable. 

Grants 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. 

Such income is only deferred when: 

a) The donor specifies that the grant or donation must only be used in future accounting periods. 

b) The donor has imposed conditions which must be met before the charity has unconditional entitlement. 

Income generated from fund raising activities is recognised when earned. 

15 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **1. ACCOUNTING POLICIES (Continued)** 

## **1.3 Incoming resources ( continued)** 

Gifts given for conversion into cash are included as receivable and, where material, an adjustment made upon subsequent realisation of the gift. Where the PCC receives goods and services in kind, then in the interest of transparency, these are included at the value to the PCC where quantifiable. Where the PCC receives donated assets these are recognised at their fair value as determined by the trustees at the time of the transfer. 

All other income is recognised when it is receivable. All incoming resources are accounted for gross. 

Legacies are recognised on receipt or otherwise if the PCC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 

## **1.4 Resources expended** 

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the PCC to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

Grants and donations are accounted for when paid over or when awarded, if that award creates a binding or constructive obligation to the PCC. The diocesan common fund is accounted for when payable. Any common fund unpaid at 31 December is provided in these accounts as an operational (though not a legal) liability and is shown as a creditor in the balance sheet. 

Irrecoverable VAT is charged against the category of resources expended for which it was incurred. 

## **(I) Cost of raising funds** 

These relate to those specific costs incurred in renting and maintaining properties or church facilities which may be sub-let by the PCC during any part of the year. 

## **(II) Charitable activities** 

These costs relate to those specific direct costs incurred by the PCC in order to promote the mission of the church within the parish. These costs also include those specific direct costs incurred in maintaining and developing the church building. 

Charitable costs also include costs relating to public accountability of the PCC and its compliance with regulation and good practice 

## **1.5 Fixed assets** 

## **(i) Land and buildings and other church property** 

The PCC being an Ecclesiastical Corporation is exempted under section 10 of the Charities Act 2011 from accounting for ecclesiastical property (including consecrated or benefice property). 

Moveable church furnishings held by the Vicar and Churchwardens on Special Trust for the PCC and which require faculty for disposal are accounted for as inalienable property unless consecrated. 

The Vicar's accommodation is held in trust by The London Diocesan Fund on behalf of the PCC. The property is essential for the mission of the church and no value has been placed on it as there is no likelihood of the property being realised. 


16 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **1.6 Depreciation of fixed assets** 

Functional tangible assets used for the work of the PCC are depreciated over their estimated useful lives as follows: 

Computer and musical e - on a straight line basis over 3 years Office furniture & equipm- 25% reducing balance basis 

Purchases of functional fixed assets costing less than £500 are written off to the Statement of Financial Activities. 

Tangible fixed assets include freehold land and buildings. The proportion of the property used for functional purposes (determined to be 22%) situated at 72 Edith Road is stated at cost. The property situated at 3 Edith Road is stated at the fair value of the property when it was donated to the PCC. Depreciation is provided on the value of the freehold properties (less the value of the land and the estimated residual value) over their useful lives at the rate of 2% per annum. 

The property situated at 3 Edith Road, is regarded as functional property as it is only used by or let to members of the congregation who provide assistance to the church. 

## **1.7 Impairment of fixed assets** 

At each reporting end date, the PCC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

## **1.8 Investment property** 

The proportion of the property (determined to be approximately 78%) situated at 72 Edith and held primarily for its investment potential and to generate income is stated at open market.  The property is valued annually with any gains or losses taken to the SOFA. 

**1.9** The PCC operates a defined contribution pension scheme. Contributions payable to the PCC's pension scheme are charged to SOFA in the period to which they relate. 

## **1.10 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 borrowings in current liabilities. 

## **1.11 Financial instruments** 

The PCC 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 PCC's balance sheet when it 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. 

## **1.12 Basic financial assets** 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

17 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **1.13 Basic financial liabilities** 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## **1.14 Derecognition of financial liabilities** 

Financial liabilities are derecognised when the PCC's contractual obligations expire or are discharged or cancelled. 

## **1.15 Critical accounting estimates and judgements** 

In the application of the PCC's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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. 


18 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

|**2. INCOME AND ENDOWMENTS**<br>**2.1 VOLUNTARY INCOME**<br>Planned giving:<br>Covenants and gift aid donations<br>Tax recoverable<br>Uncovenanted and non gift aid<br>donations<br>Sundry offerings<br>Youth Groups<br>Missionary giving(inc. tax recoverable)<br>_Other voluntary incoming resources_<br>_Legacies_<br>Grants<br>**2.2 ACTIVITIES FOR GENERATING FUNDS**<br>Rent from functional property<br>Scaffolding licence<br>Car park and garage<br>**2.3 INCOME FROM INVESTMENTS**<br>Rent from investment property<br>UK Bank interest<br>**2.4 INCOME FROM CHURCH ACTIVITIES**<br>Fees (net of LDF proportion)<br>Letting of church hall<br>Sundry income<br>Church weekend<br>**2.5 OTHER INCOME**<br>Furlough grants|General<br>Funds<br>£<br>14,804<br>4,319<br>8,595<br>58<br>-<br>-<br>-<br>-|Designated<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Restricted<br>Fund<br>£<br>-<br>-<br>100<br>25<br>-<br>-<br>-<br>8,004|Total<br>2021<br>£<br>14,804<br>4,319<br>8,695<br>83<br>-<br>-<br>-<br>8,004|Total<br>2020<br>£<br>30,594<br>9,620<br>13,280<br>45<br>138<br>1,429<br>-<br>6,669|
|---|---|---|---|---|---|
||27,776|-|8,129|35,905|61,775|
||33,732<br>25,740<br>15,163|-<br>-|-<br>-|33,732<br>25,740<br>15,163|27,412<br>15,111<br>17,873|
||74,635|-|-|74,635|60,396|
||44,720<br>166|-<br>-|-<br>-|44,720<br>166|49,690<br>957|
||44,886|-|-|44,886|50,647|
||520<br>14,554<br>352<br>-|-<br>-<br>-<br>-|-<br>-<br>-<br>-|520<br>14,554<br>352<br>-|45<br>11,684<br>137<br>120|
||15,426|-|-|15,426|11,986|
||4,965|-|-|4,965|8,261|
||4,965|-|-|4,965|8,261|
||167,688|-|8,129|175,817|193,065|



19 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF** 

## **ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

|**3. EXPENDITURE**<br>3.1 **CHURCH ACTIVITIES**<br>(I) _Outreach activities and grants_<br>Christian Agencies and fees<br>Overseas mission and missionary giving<br>(ii) _Activities directly relating to the work of_<br>_the church_<br>Ministry :  Common Fund<br>Clergy expenses<br>Church Hall costs<br>Church weekend<br>Church running expenses<br>Church routine maintenance<br>Major property repairs<br>(iii) _Church management and administration_<br>Administration and professional fees<br>Accountancy Fees<br>**TOTAL CHARITABLE EXPENDITURE**<br>**3.2 RAISING FUNDS**<br>(I) **_Expenditure on 72 Edith Road_**<br>Repairs and running costs -72 Edith Road<br>Management fees - 72 Edith Road<br>Administration fees - 72 Edith Road<br>Depreciation<br>**_Other Expenditure on fund raising activities_**<br>(iii) _Expenditure on 3 Edith Road -functional asset_<br>Repairs and running costs - 3 Edith Road<br>Administration fees - 3 Edith Road<br>Depreciation<br>**TOTAL FUND RAISING EXPENDITURE**<br>**TOTAL EXPENDITURE**|General<br>Funds<br>£<br>-<br>-<br>-<br>70,209<br>-<br>5,273<br>-<br>27,476<br>3,814<br>2,506<br>109,278<br>10,498<br>5,938<br>16,436<br>125,714<br>27,591<br>4,994<br>-<br>10<br>32,595<br>19,079<br>1,341<br>3,500<br>23,920<br>56,515<br>182,229|Designated<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Restricted<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,970<br>240<br>1,078<br>7,288<br>-<br>-<br>-<br>7,288<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>7,288|Total<br>2021<br>£<br>-<br>-<br>-<br>70,209<br>-<br>5,273<br>-<br>33,446<br>4,054<br>3,584<br>116,566<br>10,498<br>5,938<br>16,436<br>133,002<br>27,591<br>4,994<br>-<br>10<br>32,595<br>19,079<br>1,341<br>3,500<br>23,920<br>56,515<br>189,517|Total<br>2020<br>£<br>1,863<br>1,930|
|---|---|---|---|---|---|
||||||3,793|
||||||70,209<br>723<br>6,504<br>-<br>36,084<br>2,442<br>3,429|
||||||119,391|
||||||11,706<br>5,538|
||||||17,244|
||||||140,428|
||||||11,468<br>5,179<br>1,300<br>10|
||||||17,957|
||||||41,191<br>596<br>3,500|
||||||45,287|
||||||63,244|
||||||203,672|



20 



**ST MARY, WEST KENSINGTON** 

## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **4. STAFF COSTS** 

|**STAFF COSTS**<br>Salaries (see note below)<br>Social security costs|2021<br>2020<br>£<br>£<br>105,515<br>109,508<br>362<br>189<br>105,877<br>109,697|
|---|---|



The average number of staff employed throughout the year was 3 (2020:3). Salaries incorporate the cost of the clergy (including associated training and housing costs).  No employee earned more than £60,000 per annum. The PCC paid £70,209 as part of the quota payable to the London Diocese (2020: £70,209). During the year the Vicar was reimbursed £Nil (2020: £14) for travel and hospitality expenses incurred in connection with carrying out his duties. 

## **5. NET INCOMING RESOURCES** 

|_Net incoming resources are stated after charging:_<br>Independent examiner<br>Independent examiner - other services<br>Depreciation|2021<br>£<br>4,000<br>1,938<br>3,863|2020<br>£<br>4,710<br>828<br>3,510|
|---|---|---|



## **6. TANGIBLE FIXED ASSETS** 

Freehold land and buildings -held for the PCC's own use. 

|**Cost**<br>Opening balance 1 January 2021<br>Additions in year<br>Closing balance 31 December 2021<br>**Depreciation**<br>Opening balance 1 January 2021<br>Charge for year<br>Closing balance 31 December 2021|Office<br>equipment<br>£<br>1,058<br>1,058<br>353<br>353|Land and<br>buildings<br>£<br>1,755,160<br>1,755,160<br>21,473<br>3,510<br>24,983|Total|
|---|---|---|---|
||||£<br>1,755,160|
||||1,058|
||||1,756,218|
||||21,473|
||||3,863|
||||25,336|
|||||
|**Net Book Value**<br>At 31 December 2021|705|1,730,177||
||||1,730,882|
|||||
|At 31 December 2020|Nil|1,733,687|1,733,687|



Tangible fixed assets consist of two freehold properties and a laptop purchased during the year. The property situated at 72 Edith Road, is partly used for functional purposes, with the remaining part let commercially. The proportion of the property used for functional purposes has been determined as 22% of the total area and therefore this proportion of the property is stated at cost. The other property situated at 3 Edith Road, is regarded as functional property as it is only used by or let to members of the congregation who provide assistance to the church. 

The property was capitalised at fair value, as determined by Alexander Lyons (Chartered Surveyors), following the transfer of the asset to the PCC by St. Mary's Church House Trust on 4th December 2014. 

Depreciation is provided on both properties on a straight line basis at the rate of 2% per annum on the capitalised value of the property (except the value of the land) less its estimated residual value and the end of its expect useful life. 

21 



## **THE PAROCHIAL CHURCH COUNCIL OF ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

|**7. INVESTMENT PROPERTY**<br>**At valuation:**<br>Opening balance 1 January 2021<br>Revaluation in year<br>Closing balance 31 December 2021|2021<br>£<br>1,436,290<br>117,090<br>1,553,380|2020<br>£<br>1,393,360<br>42,930|
|---|---|---|
|||1,436,290|



The year end value was determined by the Trustees on an open market value basis. The valuation relates to the proportion of the property being held for investment potential and to generate income. 

|**8. DEBTORS**<br>Taxation recoverable<br>Accrued income and prepaid expenses<br>**9. CREDITORS: AMOUNTS FALLING**<br>**DUE WITHIN ONE YEAR**<br>Taxation, social security and pensions<br>Monies received in advance<br>Other creditors and accruals.<br>Sundry Loan (see note 17)|2021<br>£<br>818<br>11,965<br>12,783<br>2021<br>£<br>216<br>6,101<br>12,885<br>18,000<br>37,202|2020<br>£<br>1,734<br>10,051|
|---|---|---|
|||11,785|
|||2020<br>£<br>229<br>5,530<br>5,395<br>23,000|
|||34,154|



## **10. PENSION COMMITMENTS** 

The PCC operates a defined contribution pension scheme for its employees. The assets of the scheme are 

held separately from those of the PCC. At the balance sheet date £Nil was due to the fund (2020: £87). 

## **11. CAPITAL COMMITMENTS** 

At the year end date there were no unprovided capital commitments for which the PCC had authorised or contracted for (2020: £Nil). 

## **12. ANALYSIS OF NET ASSETS BY FUND** 

|Fixed assets<br>Current assets<br>Creditors<br>Fund balance|General<br>Funds<br>£<br>3,284,262<br>94,265<br>(37,202)<br>3,341,325|Designated<br>Funds<br>£<br>-<br>93,317<br>-<br>93,317|Restricted<br>Total<br>Funds<br>2021<br>£<br>£<br>-<br>3,284,262<br>19,424<br>207,006<br>-<br>(37,202)<br>19,424<br>3,454,066|
|---|---|---|---|



22 



**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **13. GENERAL FUNDS** 

General Funds comprise those funds which the PCC is free to use in order to further the work of the Church. 

|Accumulated funds<br>Church -operating reserves<br>Property revaluation  reserves<br>Functional property reserve<br>Total general funds|Funds<br>brought<br>forward<br>£<br>96,297<br>96,297<br>1,419,014<br>1,419,014<br>1,729,000<br>1,729,000<br>3,244,311|Surplus /<br>(deficit)<br>in year<br>£<br>(11,041)|Transfer to<br>restricted<br>funds<br>£<br>(5,535)|Funds<br>carried<br>forward<br>£<br>79,721|
|---|---|---|---|---|
|||(11,041)|(5,535)|79,721|
|||117,090||1,536,104|
|||117,090|-|1,536,104|
|||(3,500)|-|1,725,500|
|||(3,500)|-|1,725,500|
|||102,549|(5,535)|3,341,325|



_Church reserves_ represent the free reserves of the PCC. 

Property revaluation reserves relate to the unrealised valuation gains attributable to the let part of the property situated at 72 Edith Road, 

Functional property reserves relate to the capitalised value of the property situated at 3 Edith Road. 

The reserve transfer refers to the re-classification of monies received under the job retention scheme in 2020 for the children's worker which were credited to general funds instead of restricted funds. 

## **14. DESIGNATED FUNDS** 

Designated funds are those funds which the Trustees set aside from general funds to be used or held for a specified purpose. 

|held for a specified purpose.|||
|---|---|---|
|Edith Road -property maintenance fund|Funds<br>Brought<br>Forward<br>£<br>93,317|Surplus /<br>Funds<br>(deficit)<br>Carried<br>in year<br>Forward<br>£<br>£<br>-<br>93,317<br>-<br>93,317|
||93,317||



23 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF** 

## **ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

|**RESTRICTED FUNDS**<br>Children's worker<br>Kitchen and flower room<br>refurbishment fund<br>Church Refurbishment<br>Church weekend fund<br>Specific missionary<br>Organ Fund<br>Heating repair fund<br>Retirement collections|Funds<br>Brought<br>Forward<br>£<br>539<br>6,078<br>5,648<br>143<br>34<br>232<br>288<br>86<br>13,048|Trf from<br>General<br>Funds<br>£<br>5,535<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,535|Received<br>in year<br>£<br>8,004<br>100<br>-<br>-<br>-<br>25<br>-<br>-<br>8,129|Funds<br>used<br>£<br>5,713<br>1,078<br>-<br>-<br>-<br>257<br>240<br>-<br>7,288|Funds<br>Carried<br>Forward<br>£<br>8,365<br>5,100<br>5,648<br>143<br>34<br>-<br>48<br>86|
|---|---|---|---|---|---|
||||||19,424|



## **15. RESTRICTED FUNDS** 

_Children's worker_ : This refers to donations received to cover the cost of the children's worker salary and expenses. 

_Kitchen and flower room refurbishment fund:_ This fund relates to monies received specifically towards the refurbishment and upgrade of the church kitchen and flower room. 

_Church Refurbishment:_ This relates to monies received towards replacement/refurbishment  of the church chairs. 

_Church weekend:_ This fund relates to monies collected and expended on the church weekend. 

_Specific missionary_ : This relates to monies specifically  collected and expended for mission giving, the details of which can be found in note 16. 

_Organ Fund:_ This relates to the balance of unexpended monies received towards the repair of the church organ. 

_Heating repair fund:_ This relates to the unexpended monies received  towards  repairing the church boiler. 

_Retirement collections_ : This relates to monies collected from the congregation as leaving gifts for Vicar Roger Curl 

24 



## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY, WEST KENSINGTON** 

## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021** 

## **16. GRANTS** 

During the year, the PCC made the following external and charitable giving: 

|**_To UK organisations and individuals:_**<br>Tear Fund<br>**_Overseas Missions_**<br>GLO<br>Total|**£**<br>-<br>-|
|---|---|
||-|



## **17. RELATED PARTIES** 

As permitted by the provisions of section 3a of the Parochial Church Councils (Powers) Measure 1956, the following members of the PCC were remunerated during the year in their capacity as employees of the Church. 

|Jane Oldham (Parish assistant)<br>Steven Neville|£<br>23,968<br>8,385|
|---|---|
||32,353|



Donations received from related parties (PCC Members) for the year totalled £5,830 (2020: £6,406). 

Creditors include £18,000 (2020: £23,000) still owed to Pat Medlen (Treasurer and PCC member) for an interest free loan received in previous years. The amount owed is expected to be repaid in the ensuing year. 

25