Charity Number: 1139504
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
ANNUAL REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
REFERENCE AND ADMINISTATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
| CONTENTS | Page |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and | 1 |
| Advisers | |
| Annual Report of the Parochial Church Council | 2 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
REFERENCE AND ADMINISTATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
| Charity registered number | 1139504 |
|---|---|
| Principal Address | St Margaret’s Church |
| Lothbury | |
| London EC2R 7HH | |
| Bankers | Brown Shipley |
| Founders Court | |
| Lothbury | |
| London EC2R 7HE | |
| HSBC Bank Plc | |
| PO Box 757 | |
| Hemel Hempstead | |
| Hertfordshire HP2 4SS | |
| Main Safeguarding Officer | Mr Cliff Radmore |
| Building Manager | Mr Cliff Radmore |
| Independent Examiners | Winchester Bourne Ltd |
| Sullivan Court | |
| Wessex Way | |
| Colden Common | |
| SO21 1WP | |
| Investment Advisers | CCLA Investment Management Ltd |
| St. Alphage House | |
| 2 Fore Street | |
| London EC2Y 5AQ | |
| The CBF Church of England | |
| St. Alphage House | |
| 2 Fore Street | |
| London EC2Y 5AQ |
1
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL
FOR THE YEAR ENDED 31 DECEMBER 2022
The members of the Parochial Church Council (the PCC) who are also the Trustees of the Charity by virtue of their membership of the Council are pleased to have the opportunity to present their Annual Report together with the Financial Statements of the Charity for the year ending 31st December 2022.
The Accounts have been prepared in accordance with the Accounting Policies set out in note 1 to the Accounts and comply with the Charities Act 2011 and the Accounting and Reporting Charities Statement of Recommended Practice as applicable to charities preparing their accounts in accordance with the Financial Reporting Standard set out in the UK and Republic of Ireland (FRS 102 ).
Objectives and Activities.
The Parochial Church Council have the responsibility of working with the Incumbent in promoting the whole mission of the Church and they fulfil this call both conscientiously and enthusiastically.
The focus of our ministry is our parish in the City of London as well as all the networks and organisations associated with the Church. We seek to be a church that longs to ensure that everyone with whom we come into contact should have the opportunity to experience the love of God in Jesus Christ. We seek to fulfil this aspiration not only through personal contacts and conversations but also through the public worship that is held each week.
Since the beginning of lockdown, we have done this online and since July 2020 in person as well. We have upgraded the quality of the equipment used for live streaming our services and have been encouraged that this offering is clearly valued by the growing numbers who join us at each of our services. The PCC’s commitment to this has been particularly valuable as many who are employed in City firms are still working from home for the majority of each week which inevitably has had an impact on the numbers attending our services. Monday morning’s Prayers for the City and Thursday morning’s Men’s Group remain online and have continued to grow.
During the second half of the year, we applied and were granted Faculties for the installation of a new AV system and a replacement heating system after our boilers failed in late September. The intense cold that gripped the building in the fourth quarter made life very difficult indeed and arrested the growth which we had hoped would come once again at that time of year. It is an enormous tribute to Cliff Radmore, our Operations Manager, to Will Jackson our Worship Pastor and to Richard Townend our Organist that all we had planned happened, albeit with much smaller numbers. The PCC has, of course, responsibility for the maintenance of a Grade 1 listed historic church building and has been conscious of maintaining its fabric in good repair.
In the summer of 2022, with the encouragement of the Archdeacon of Charing Cross we began a partnership with Trinity Church Central London who have been using our church on Sundays & Tuesday evenings. It has been encouraging to see the building used on Sundays for public worship by a growing congregation. The success of this joint venture has left both sides confident that this arrangement will almost certainly be regularised in 2023 if all continues as smoothly as at present.
Our support of the City Civic continues with a deep and genuine commitment: we value our relationships with those Livery Companies, Ward Clubs and the Unites Wards Club who are associated with the Church and to whom, in many cases, the Rector is Chaplain. Our membership of the Bank Churches Cluster, which began in 2007, has been both significant & great fun. As people return, we look forward to moving to in-person activity as well as having an online presence.
2
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL
FOR THE YEAR ENDED 31 DECEMBER 2022
The PCC has ever been mindful of the Charity Commission’s guidelines on public benefit and in particular the specific guidance on ecclesiastical charities for the advancement of true religion. The Council is satisfied that the activities of St Margaret’s fall within such guidance.
We have been, as a Council, particularly fortunate to have had for yet another year Mrs Belinda McArdle as our Bookkeeper; for a church like ours to have the services of a qualified accountant & one who understands both the City and the Christian church has enabled all Council members to enjoy a much better sleep at night than might otherwise have been possible.
Financial review
The total funds of the PCC at the 31 December 2022 stand at £1,187,624, a decrease over the previous year of 8.5%, largely as a result of the previous year’s investment gains of 8.7% being reversed.
For the General Unrestricted Fund, income stood at £217,031 with corresponding expenditure of £225,745 , giving rise to a modest deficit for the year of £8,714.
Congregational giving remained steady. The PCC continue to look for alternative sources of income to maintain a strong reserve position.
The members of the PCC balance a low risk approach to investing against the requirement to generate a reasonable rate of return and take advice from qualified professionals as required and in accordance with the PCC investment policy. The current aims are to move funds away from short term bank balances and into investment funds generating better returns.
Signed on behalf of the Parochial Church Council of St. Margaret, Lothbury
The Reverend Prebendary Jeremy Crossley
27 September 2023
3
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
I report to the PCC members on my examination of the financial statements of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the PCC’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me any cause to believe that:
-
accounting records were not kept in respect of the charitable company as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 ( other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination); or
-
the financial statements have not been prepared in accordance with the methods and principles of the ‘Accounting and Reporting by Charities: the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).’
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Claire Clements Accountant
Dated: 18 August 2023
Winchester Bourne Ltd
Sullivan Court Wessex Way Colden Common SO21 1WP
4
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted | Restricted | Designated | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | ||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| INCOME AND | Notes | |||||
| ENDOWMENTS FROM | ||||||
| Donations and legacies | 2 | 181,594 | - | 6,250 | 187,844 | 166,986 |
| Charitable activities | 2 | 8,783 | - | - | 8,783 | 4,735 |
| Investment income | 2 | 19 | 8,818 | 10,769 | 19,606 | 13,399 |
| Other | 2 | 15,952 | 8,768 | - | 24,720 | 15,062 |
| ---------------- | --------------- | --------------- | ------------ | ---------------- | ||
| TOTAL INCOME | 206,348 | 17,586 | 17,019 | 240,953 | 200,182 | |
| ---------------- | --------------- | --------------- | --------------- | ---------------- | ||
| EXPENDITURE ON: | ||||||
| Raising funds | 2,484 | - | - | 2,484 | 2,630 | |
| Charitable activities | 3 | 223,261 | 14,369 | - | 237,630 | 204,801 |
| ------------------- | --------------- | --------------- | --------------- | ----------------- | ||
| TOTAL EXPENDITURE | 225,745 | 14,369 | - | 240,114 | 207,431 | |
| ------------------- | --------------- | --------------- | --------------- | ----------------- | ||
| NET EXPENDITURE | ||||||
| BEFORE | ||||||
| INVESTMENT | (19,397) | 3,217 | 17,019 | 839 | (7,249) | |
| GAINS/(LOSSES) | ||||||
| Transfers between funds | 10,683 | - | (10,683) | - | - | |
| Net gains/(losses) on | 7 | - | (24,519) | (85,904) | (110,423) | 110,739 |
| investments | ||||||
| ------------------- | --------------- | --------------- | --------------- | ---------------- | ||
| NET MOVEMENT IN | (8,714) | (21,302) | (79,568) | (109,584) | 103,490 | |
| FUNDS | ||||||
| RECONCILIATION OF | ||||||
| FUNDS: | ||||||
| Total funds brought forward | 294,107 | 308,388 | 694,713 | 1,297,208 | 1,193,718 | |
| ------------------- | --------------- | --------------- | --------------- | ----------------- | ||
| TOTAL FUNDS CARRIED | 12 | 285,393 | 287,086 | 615,145 | 1,187,624 | 1,297,208 |
| FORWARD | ||||||
| ========== | ======== | ======== | ======== | ======== |
The notes on pages 7 to 17 form part of these financial statements.
5
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 6 | 3,575 | 5,482 | ||
| Investments | 7 | 927,527 | 1,037,950 | ||
| ------------------- | ------------------- | ||||
| 931,102 | 1,043,432 | ||||
| CURRENT ASSETS | |||||
| Debtors | 8 | 32,498 | 25,003 | ||
| Investments: cash deposits | 106,656 | 101,273 | |||
| Cash at bank and in hand | 136,042 | 135,789 | |||
| ------------------- | ------------------- | ||||
| 275,196 | 262,065 | ||||
| CREDITORS | |||||
| Creditors: Amounts falling due within | |||||
| one year | 9 | (18,674) | (8,289) | ||
| ------------------- | ------------------- | ||||
| NET CURRENT (LIABILITIES) / | |||||
| ASSETS | |||||
| 256,522 | 253,776 | ||||
| ------------------- | ------------------- | ||||
| NET ASSETS | 1,187,624 | 1,297,208 | |||
| ========= | ========== | ||||
| CHARITY FUNDS | |||||
| Unrestricted funds | 12/14 | 285,393 | 294,107 | ||
| Restricted funds | 12/14 | 287,086 | 308,388 | ||
| Designated funds | 12/14 | 615,145 | 694,713 | ||
| ------------------- | ------------------- | ||||
| TOTAL FUNDS | 1,187,624 | 1,297,208 | |||
| ========= | ========== |
The financial statements on pages to were approved by the Parochial Church Council on 27 September 2023 and signed on their behalf by:
The Reverend Prebendary Jeremy Crossley Mr Mark Thomas Chairman Treasurer
The notes on pages 7 to 17 form part of these financial statements.
6
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition effective 1 January 2019 (Charities SORP (FRS 102)) and Financial Reporting Standard applicable the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
1.2
Going concern
At the time of approving the financial statements, given the level of reserves and the support of the Church of England, the church council have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the accounts.
1.3
Income and endowments
Donations and legacies
Collections are recognised when received on behalf of the PCC. Planned giving receivable under covenant is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due, except for Heritage Lottery Fund grants which are accounted for when the entitlement to the grant becomes certain. Sales of books and magazines from the Church bookstall are accounted for gross.
Income from investments
Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.
Gains and losses on investments
Realised and unrealised gains and losses on investments and investment properties are included in the statement of financial activities as ‘Net gains/(losses) on investments’.
1.4
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Expenditure includes any VAT which cannot be recovered.
7
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
1.4 Expenditure (continued)
Grants
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
Activities directly relating to the work of the Church
The diocesan quota or parish share is accounted for when payable. Any quota unpaid at the year end is provided for in these accounts as an accrual (though not a legal liability) and is included in the creditors shown on the balance sheet.
1.5 Tangible fixed assets and depreciation
Consecrated and beneficed property is excluded from the accounts in accordance with section 10(2)(a) of the Charities Act 2011.
No value is put on the movable Church furnishings held by the churchwardens in special trust for the PCC, and which require a faculty for disposal since the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable Church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Other fixtures, fittings and office equipment
Depreciation is provided on all tangible fixed assets over a purchase price of £500, so as to write off the cost of the assets over their estimated usual lives, as follows:
Soft furnishings Straight line basis over 10 years Fixtures, fittings and office equipment Straight line basis over 5 years
Investments
Investments are stated at fair value at the balance sheet date. Cash balances are included as fixed asset investments if they are invested in accounts of an investment nature and are intended to be held for a period of more than 12 months from the balance sheet date.
1.6 Current assets
Amounts owing to the PCC at the year end in respect of fees, rents or other income are shown as debtors.
Current asset investments include cash held on deposit either with the CBF Church of England Funds or at the bank, and are intended to be held for a period between 3 and 12 months from the balance sheet date.
1.7 Donated assets and services
In accordance with the Charities SORP (FRS 102) the value of volunteer help is not included in the Financial Statements.
Donated assets are recognised as income when the PCC has control over the item; any conditions attached to the donation have been met; the receipt of economic benefit from the use by the PCC of the item is probable; and that economic benefit can be reliably measured.
8
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
1.7 Donated assets and services (continued)
On receipt, donated assets are recognised as income on the basis of the value of the gift to the PCC, which is the amount the PCC would have been willing to pay to obtain an asset of equivalent economic benefit on the open market; a corresponding amount is then recognised as an asset in the period of receipt.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the item value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risk specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.9
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Pensions
The charity contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
1.10
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the PCC members in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
9
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2. INCOME FROM DONATIONS AND GRANTS
| Unrestricted | Restricted | Designated | Total funds | Total funds | |
|---|---|---|---|---|---|
| funds | funds | funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Donations and | |||||
| legacies | |||||
| Donations made under | |||||
| the Gift Aid scheme | 84,336 | - | 5,000 | 89,336 | 61,976 |
| Income tax recoverable | 21,084 | - | 1,250 | 22,334 | 15,494 |
| Other donations | 50,184 | - | - | 50,184 | 57,894 |
| Voluntary church rate | 25,990 | - | - | 25,990 | 31,622 |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
| 181,594 | - | 6,250 | 187,844 | 166,986 | |
| ========== | ========== | ========== | ========== | ========== | |
| Charitable activities | |||||
| Service fees | 3,823 | - | - | 3,823 | 1,735 |
| Use of church building | 4,960 | - | - | 4,960 | 3,000 |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
| 8,783 | - | - | 8,783 | 4,735 | |
| ========== | ========== | ========== | ========== | ========== | |
| Investment income | |||||
| Dividends and interest | 19 | 8,818 | 10,769 | 19,606 | 13,399 |
| ========== | ========== | ========== | ========== | ========== | |
| Other income | |||||
| Grants | 6,325 | 8,768 | - | 15,093 | 3,684 |
| Salary contribution | 9,627 | - | - | 9,627 | 11,378 |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
| 15,952 | 8,768 | - | 24,720 | 15,062 | |
| ========== | ========== | ========== | ========== | ========== |
10
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| 3. | EXPENDITURE ON CHARITABLE ACTIVITIES | EXPENDITURE ON CHARITABLE ACTIVITIES | EXPENDITURE ON CHARITABLE ACTIVITIES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Designated | Total | Total | ||
| funds | funds | funds | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Grants | ||||||
| Charitable giving | 2,352 | - | - | 2,352 | - | |
| Activities directly relating | ||||||
| to the work of the church | ||||||
| Ministry | ||||||
| Diocesan quota | 85,200 | - | - | 85,200 | 85,200 | |
| Clergy expenses | 697 | - | - | 697 | 173 | |
| Outreach | 2,773 | - | - | 2,773 | 2,185 | |
| Other clergy & service costs | 1,996 | - | - | 1,996 | 2,460 | |
| CPD | 423 | - | - | 423 | 50 | |
| Building/Production manager | 40,360 | - | - | 40,360 | 36,336 | |
| Church running expenses | 10,146 | - | - | 10,146 | 12,750 | |
| Church maintenance (inc. | 9,379 | 14,369 | - | 23,748 | 9,787 | |
| organ) | ||||||
| Housekeeper | 5,056 | - | - | 5,056 | 3,713 | |
| Celebrate | 43,140 | - | - | 43,140 | 31,660 | |
| Support costs allocated to | ||||||
| activities: | ||||||
| Personnel costs | 14,132 | - | - | 14,132 | 11,298 | |
| Office costs | 2,263 | - | - | 2,263 | 3,030 | |
| Professional fees | 3,134 | - | - | 3,134 | 4,088 | |
| Bank interest and charges | 303 | - | - | 303 | 48 | |
| Depreciation | 1,907 | - | - | 1,907 | 2,023 | |
| -------------- | -------------- | -------------- | -------------- | -------------- | ||
| 223,261 | 14,369 | - | 237,630 | 204,801 | ||
| ======= | ======= | ======= | ======= | ======= |
Professional fees include the following amounts due to the Independent Examiner:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent Examination fees | 2,500 | 1,400 |
11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
4. PERSONNEL
Number of employees
The average monthly head count was 2 (2021: 2). The average monthly number of full-time equivalent employees during the year was 1 (2021: 1).
| mployees during the year was 1 (2021: 1). | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Wages and salaries | 63,263 | 56,451 |
| Social security costs | 1,670 | 987 |
| Other pension costs | 3,047 | 2,751 |
| ------------------- | ------------------- | |
| 67,980 | 60,189 | |
| ========== | ========== |
There were no employees whose annual remuneration was £60,000 or more.
Regular outsourced services:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Bookkeeper | 9,415 | 7,560 |
| Housekeeper | 5,056 | 3,713 |
| ------------------- | ------------------- | |
| 14,471 | 11,273 | |
| ========== | ========== |
During the year, the PCC outsourced bookkeeping and housekeeping services, neither of whom earned more than £60,000.
The members of the PCC and the building manager comprise the key management personnel of the charity and received aggregate remuneration totalling £40,360 (2021: £40,830). The members of the PCC received no remuneration (see note 5).
5. TRANSACTIONS WITH TRUSTEES
No member of the PCC (or any persons connected with them) received any remuneration during the year. Expenses totalling £697 were due to one member of the PCC for the year (2021: £173 to one member). No pension benefits are accruing to any member of the PCC.
12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
6. TANGIBLE FIXED ASSETS
| ANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Soft | Fixtures, | Total | |
| furnishings | fittings and | ||
| equipment | |||
| £ | £ | £ | |
| Cost | |||
| At 1 January 2022 | 12,570 | 30,964 | 43,534 |
| Additions | - | - | - |
| ------------------- | ------------------- | ------------------- | |
| At 31 December 2022 | 12,570 | 30,964 | 43,534 |
| ------------------- | ------------------- | ------------------- | |
| Depreciation and | |||
| Impairment | |||
| At 1 January 2022 | 11,882 | 26,170 | 38,052 |
| Charge for the year | 288 | 1,619 | 1,907 |
| ------------------- | ------------------- | ------------------- | |
| 31 December 2022 | 12,170 | 27,789 | 39,959 |
| ------------------- | ------------------- | ------------------- | |
| Net book value | |||
| At 31 December 2022 | 400 | 3,175 | 3,575 |
| ========== | ========== | ======== | |
| At 31 December 2021 | 688 | 4,794 | 5,482 |
| ========== | ========== | ========= |
Net book value at 31 December 2022 represents fixed assets used for direct charitable purposes.
7. FIXED ASSET INVESTMENTS
| IXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Unlisted | Cash or | ||
| Market value | Investments | Equivalents | Total |
| £ | £ | £ | |
| At 1 January 2022 | 1,037,950 | - | 1,037,950 |
| Additions | - | - | - |
| Disposals at book value | - | - | - |
| Net unrealised gains | (110,423) | - | (110,423) |
| ------------------- | ------------------- | ------------------- | |
| At 31 December 2022 | 927,527 | - | 927,527 |
| ========== | ========== | ========== |
Investments are held to provide an investment return for the PCC.
13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8. DEBTORS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Income tax recoverable | 22,334 | 15,494 |
| Occasional services | 2,284 | 1,845 |
| Other debtors and prepayments | 7,880 | 7,664 |
| ------------------- | ------------------- | |
| 32,498 | 25,003 | |
| ========== | ========== | |
| REDITORS: Amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Other creditors | 7,445 | 4,589 |
| Accruals and deferred income | 11,229 | 3,700 |
| ------------------- | ------------------- | |
| 18,674 | 8,289 | |
| ========== | ========== |
9. CREDITORS: Amounts falling due within one year
10. PENSIONS AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS
Defined contribution scheme
The PCC operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the PCC to the fund.
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Contributions payable by the PCC for the year | 3,047 | 2,751 |
| ========= | ========= |
11. RELATED PARTY TRANSACTIONS
There were no transactions with related parties during the year other than as disclosed in note 5 (2021: £nil) and there were no balances outstanding with related parties as at 31 December 2022 (2021: £nil).
14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12. STATEMENT OF FUNDS
| Balance | Balance | |||||
|---|---|---|---|---|---|---|
| at 1 Jan | Transfers | Gains/ | at 31 Dec | |||
| 2022 | Income | Expenditure | In/(out) | (Losses) | 2022 | |
| CURRENT YEAR | £ | £ | £ | £ | £ | £ |
| Unrestricted funds | ||||||
| General Funds | 294,107 | 206,348 | (225,745) | 10,683 | - | 285,393 |
| ---------------- | -------------- | ----------------- | ----------------- | ---------------- | ----------------- | |
| Restricted funds | ||||||
| Capital funds: | ||||||
| Fabric capital fund | 168,774 | 4,429 | - | (4,429) | (19,868) | 148,906 |
| Organ investment | ||||||
| capital fund | 40,002 | 1,055 | - | (1,055) | (4,651) | 35,351 |
| Arising from endowments | ||||||
| and restricted capital funds: | ||||||
| Fabric fund | 30,647 | 869 | - | 4,429 | 35,945 | |
| Organ repair fund | 15,673 | - | (976) | 1,055 | 15,752 | |
| Building repairs | 52,916 | 11,233 | (13,393) | - | 50,756 | |
| Historic difference | 376 | - | - | - | 376 | |
| ---------------- | -------------- | ----------------- | ----------------- | ---------------- | ----------------- | |
| 308,388 | 17,586 | (14,369) | - | (24,519) | 287,086 | |
| ---------------- | -------------- | ----------------- | ----------------- | ---------------- | ----------------- | |
| Designated funds | ||||||
| Reserve | 692,227 | 10,769 | - | (10,683) | (85,904) | 606,409 |
| Vicar’s discretionary fund | 436 | - | - | 436 | ||
| Rectory repairs | 2,050 | 6,250 | - | - | 8,300 | |
| ---------------- | -------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| 694,713 | 17,019 | - | - | (85,904) | 615,145 | |
| ----------- | ---------- | ----------- | ----------- | ----------- | ----------- | |
| Total of funds | 1,297,208 | 240,953 | (240,114) | - | (110,423) | 1,187,624 |
| ======== | ======= | ======== | ======== | ======== | ======== |
RESTRICTED FUNDS
Building repair fund
This comprises a restricted fund held for the purpose of repairing and maintaining the building and covers maintenance and repair work on the essential systems within the church, and other work in the church not covered by the Building fabric fund. The income of this fund is received from an endowment fund held for the PCC by the London Diocese, who is the sole trustee.
Building fabric capital fund and Building fabric fund
The Building fabric capital fund comprises a fund held for the purpose of generating an investment return to be applied for the purpose of maintaining the fabric of the building. The income generated by the fund is paid into the Building fabric fund with the same purpose of maintaining the fabric of the building. The capital fund is protected and only to be used if there is no balance remaining on the Building fabric fund.
15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
RESTRICTED FUNDS (continued)
Organ investment capital fund and Organ repair fund
The organ investment capital fund comprises a fund held for the purpose of generating an investment return to be applied for the purpose of maintenance and repair work on the organ. The capital fund is protected and only to be used if there is no balance remaining on the Organ repair fund.
DESIGNATED FUNDS
These represent funds set aside by the members of the PCC to cover specific aims. The Reserve fund is to ensure sufficient reserves are held to enable the PCC to continue to operate for a period of twelve months. The Vicar’s discretionary fund and the Rectory repair fund are to cover additional costs as described.
| Balance | Balance | |||||
|---|---|---|---|---|---|---|
| at 1 Jan | Transfers | Gains/ | at 31 Dec | |||
| 2021 | Income | Expenditure | In/(out) | (Losses) | 2021 | |
| PRIOR YEAR | £ | £ | £ | £ | £ | £ |
| Unrestricted funds | ||||||
| General Funds | 303,583 | 186,795 | (201,918) | 5,647 | 294,107 | |
| 107 | ----------------- | ----------------- | ---------------------- | ----------------- | ----------------- | ----------------- |
| Restricted funds | ||||||
| Capital funds: | ||||||
| Fabric capital fund | 147,652 | 4,283 | - | (4,283) | 21,122 | 168,774 |
| Organ investment | 35,032 | 1,029 | - | (1,029) | 4,970 | 40,002 |
| capital fund | ||||||
| Arising from endowments | ||||||
| and restricted capital | ||||||
| funds: | ||||||
| Fabric fund | 26,333 | 31 | - | 4,283 | - | 30,647 |
| Organ repair fund | 15,740 | - | (1,096) | 1,029 | - | 15,673 |
| Building repairs | 54,949 | 2,384 | (4,417) | - | - | 52,916 |
| Historic difference | 376 | - | - | - | - | 376 |
| ----------------- | ----------------- | ---------------------- | ----------------- | ----------------- | ----------------- | |
| 280,082 | 7,727 | (5,513) | - | 26,092 | 308,388 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | |
| Designated funds | ||||||
| Reserve | 607,567 | 5,660 | - | (5,647) | 84,647 | 692,227 |
| Vicar’s discretionary | ||||||
| fund | 436 | - | - | - | - | 436 |
| Rectory repairs | 2,050 | - | - | - | - | 2,050 |
| ---------------- | ---------------- | ----------------- | ----------------- | ---------------- | ---------------- | |
| 610,053 | 5,660 | - | (5,647) | 84,647 | 694,713 | |
| ----------- | ----------- | ----------- | ----------- | ----------- | ----------- | |
| Total of funds | 1,193,718 | 200,182 | (207,431) | - | 110,739 | 1,297,208 |
| ======== | ======== | =========== | ======== | ======== | ======== |
16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARGARET, LOTHBURY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13. CAPITAL COMMITMENT
In November 2021 the PCC had entered into a contract for the purchase of a new sound system for the building at a total cost of £73,893. The equipment had not been received at 31 December 2022, and the cost has therefore not been provided for in the accounts (2021: £nil ).
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Designated | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | |
| 2022 | 2022 | 2022 | 2022 | 2021 | |
| CURRENT YEAR | £ | £ | £ | £ | £ |
| Tangible fixed assets | 3,575 | - | - | 3,575 | 5,482 |
| Fixed asset investments | 151,455 | 211,083 | 564,989 | 927,527 | 1,037,950 |
| Current assets | 140,804 | 84,236 | 50,156 | 275,196 | 262,065 |
| Current liabilities | (10,441) | (8,233) | - | (18,674) | (8,289) |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
| 285,393 | 287,086 | 615,145 | 1,187,624 | 1,297,208 | |
| ========= | ========= | ========== | ========= | ========== | |
| Unrestricted | Restricted | Designated | Total | Total | |
| Funds | Funds | Funds | Funds | Funds | |
| 2021 | 2021 | 2021 | 2021 | 2020 | |
| PRIOR YEAR | £ | £ | £ | ||
| Tangible fixed assets | 5,482 | - | - | 5,482 | 4.206 |
| Fixed asset investments | 141,850 | 208,776 | 687,324 | 1,037,950 | 777.211 |
| Current assets | 155,064 | 99,612 | 7,389 | 262,065 | 418.045 |
| Current liabilities | (8,289) | - | - | (8,289) | (5,744) |
| --------------- | -------------- | --------------- | --------------- | --------------- | |
| 294,107 | 308,388 | 694,713 | 1,297,208 | 1,193,718 | |
| ========== | ========= | ========== | ========== | ========== |
15. ENDOWMENT FUND
A Building Repair endowment fund is held for the PCC by the Diocese of London, which acts as sole trustee and has sole managerial responsibility for the capital value of this fund. The value of this fund held at the year end is £82,894 (2021: £93,953).
17