2021-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of St Peter, Belsize Park

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Charity Registration Number: 1140111

Report & Accounts 31 December 2021

Simply Churches Chartered Accountants 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report and Financial Statements 2021 Contents

	Page
Legal & administrative information	1
Report of the Parochial Church Council	3
Independent Examiner's report to the Parochial Church Council	13
Statement of financial activities	14
Balance sheet	15
Notes to the financial statements	16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report and Financial Statements 2021 Legal and administrative information

Charity Name	The Parochial Church Council of the Ecclesiastical Parish of St Peter, Belsize Park.
Charity no	1140111. The church was registered with the Charity Commission on 28 January
	2011.
Principal	Church address: 53 Belsize Square, London, NW3 4HJ
Addresses	Administrative address: St Saviour’s Vicarage, 30 Eton Villas, London NW3 4SQ
The Governing	Parochial Church Council Powers Measure (1956) as amended and Church
Document	Representation Rules (2021).
Objective	Promoting in the ecclesiastical parish the whole mission of the Church.
	Under its charity registration St Peter’s is listed as engaged in religious activities and
	serves the general public within Belsize Park. In undertaking this it provides services,
	buildings and facilities, makes grants, provides opportunities for the community to
	come together and sponsors a community choir.
	The PCC adopted aMission Action Plan (MAP)at its meeting on 13 March 2013
	which has as its mission statement: “We are here to live our faith in Jesus Christ
	through worship, by welcoming all, and by sharing the love of God with the wider
	community”. A revised edition was agreed by the PCC at its meeting on 27/7/21.
PCC Members	The Members of the PCC who served during the year or who were serving at the
	date of this report were:

Clergy	Revd Paul Nicholson	Ex officio – also Chair
Churchwardens	Kenneth Robbie	Also Electoral Roll Officer &
		Deanery Synod representative
	Alaric Dunsmore-Rouse	Also Deanery Synod representative
Elected Lay
Representatives
	David Barton	Coopted from 8/6/21
	Guy Daines	Also Treasurer & Secretary
	Kate Gilbert	Also Lay Vice-Chair
	Cecile Goorney	Also Deputy Churchwarden &
		Safeguarding Officer
	Naa Aaku Jaatma	Coopted from 27/7/21
	Helen Nicholson
	Ellinor Palmstrom
	Mary Shakeshaft

Key Those in charge of directing, controlling, running and operating the Church on a day Management to day basis are the Priest in Charge, Churchwardens and elected officers of the Personnel PCC

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Report and Financial Statements 2021 Legal and administrative information

Bankers HSBC Bank PLC, CCLA 12 Hampstead High Street Senator House London NW3 1PR 85 Queen Victoria Street London EC4V 4ET Architect Thomas Ford & Partners 177 Kirkdale London SE26 4QH Independent John Helm ACA Examiner Simply Churches Limited 17 Heathville Road London N19 3AL

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

The Parochial Church Council of St Peter’s PCC Belsize Park (“PCC”) submits its report and the financial statements of the PCC for the year ended 31 December 2021. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102. The legal and administrative information set out earlier in this document forms part of this report.

1. Structure, Governance & Management

St Peter’s Church, Belsize Park is part of the Church of England. It:
is a parish within the Camden Deanery of the London Diocese of the Church of England
has the Dean and Chapter of Westminster Abbey as its patron
shares a Priest in Charge, Revd Paul Nicholson, with St Saviour’s Church, Eton Road, London NW3 4SQ

1.1 Trustees

The Parochial Church Council (PCC) is a body corporate with perpetual succession and is responsible for the management of the Church and associated property. The Priest in Charge has responsibility for the mission and worship at St Peter’s Church although it is exercised in consultation with the PCC.

The PCC is constituted in accordance with Church Representation Rules (2021). It consists of: The Priest in Charge (ex officio); the parish representatives on the Deanery Synod (ex officio) who are elected every three years by the Annual Parochial Church Meeting (APCM) in April; and two Church Wardens and up to 9 other Members who are also elected at the APCM. The Parish has not yet implemented the new procedure for PCC members to serve for three years, and all serve for one year.

The position of Chair of the PCC is held by the Priest-in-Charge. The positions of Lay Vice-Chair, Treasurer and Secretary are elected by members of the PCC from within their own number at their first meeting each year. The positions of Electoral Roll Officer, Health & Safety Officer and Safeguarding Officer are appointed by the PCC.

In 2021 the PCC met on: 19 January (by zoom); 9 March (by zoom); 28 April (by zoom); 8 June (by zoom); 27 July (in person); 28 September (in person); and 23 November (in person). The Annual Parochial Church Meeting was held on Sunday 9 May 2021 (by zoom).

None of the PCC members receives remuneration.

The induction process for any individual newly appointed to the PCC comprises an annual workshop for PCC members and receipt of copies of:

the most recent financial statements and other key documents
the Charity Commission’s guidance ‘The Essential Trustee’

1.2 Committees of the Parochial Church Council

The Standing Committee - The Standing Committee is there to progress items in line with decisions taken by the PCC and to decide on more minor items of business between PCC meetings. Traditionally it includes Church Officers, and the following were appointed at the PCC meeting on 8 June 2021: the

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

Chair; Lay Vice-Chair, the Churchwardens, Deputy Churchwarden and the Secretary/Treasurer. The PCC agreed Standing Committee Guidance at its meeting on 16 December 2020 setting out guidelines for the operation of the Standing Committee. There were a few informal zoom meetings over the year and a more formal (in person) joint meeting with the Building Committee on 15 September looking at the overall financial position of St Peter’s and recommending a revised budget strategy to the PCC.

The Building Committee

The Building Committee was established by the PCC at its meeting on 27 July 2021 with Kenneth Robbie as Chair and Guy Daines, Alaric Dunsmore Rouse, Alex Large and Revd Paul Nicholson as members. Its remit is to advise on all aspects of the church building, external and internal, beginning initially with the current proposals for the adaptation and improvement of the church interior. It replaces the Funding Committee which had a similar remit but had not met since 2018. The Committee met on 11 August 2021, 13 August 2021 (a meeting with Enrico Brondelli from the architect’s Dow Jones) and jointly with the Standing Committee on 15 September to consider the overall financial position of St Peter’s, including the funding of the Internal Improvements Plan

The Mission Action Plan Working Group (MAP) was set up in 2012 to develop a Mission Action Plan for the parish which was formally approved by the PCC on 13 March 2013. The Group was reappointed in 2015 to review progress on the MAP. It was chaired by Celestine Keise until 18 October 2020 when Celestine Keise stood down from the Group and Mary Shakeshaft took over as Chair. Other members are: Guy Daines, Alaric Dunsmore-Rouse, Kate Gilbert (from 8/6/21), Cecile Goorney, Revd Paul Nicholson, and Kenneth Robbie. During the year the Group met on 14 January (by zoom); 4 March (by zoom), and 26 March (by zoom) to review progress with the MAP, including updating the MAP implementation programme. A revised version of the MAP, including the Implementation Plan was approved by the PCC at its meeting on 27/7/21 although it was recognised further consideration needed to be given to equalities and inclusion. An Interim Inclusion Working Group consisting of Revd Paul Nicholson, Helen Nicholson and Kate Gilbert was appointed at the PCC meeting on 28 September to take this forward.

Joint Meeting of St Peter’s and St Saviour’s PCCs – This brings together the two PCCs of St Peter’s and St Saviours, that share the same Priest-in-Charge. There was a zoom meeting of the two PCCs on 24 February 2021 looking at the timing of Sunday services, lay leadership and the future organisation of the two parishes. The idea of a joint letter from the Churchwardens of the two parishes to the Bishop of Edmonton expressing support for some form of parish reorganisation but requesting the active engagement of the parishes in the change process won general support.

There are also two working parties set up jointly with St Saviour’s to oversee arrangements relating to the Children’s Minister and the service contract of the Administrator, providing necessary support to the Priest-in-Charge.

1.3 Church Attendance

There were 64 on the Church roll at the end of the year.

1.4 Risk Management

As advised by the Diocese, St Peter’s undertook a risk assessment relating to the continuation of church services and activities permitted by the Health Protection (Coronavirus, etc) Regulations 2020. Our

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

first written Covid 19 risk assessment was completed in October 2020 and has been regularly reviewed since with provisions reflecting current Government and Church of England advice. Church officers, the Health & Safety officer and the PCC will continue to keep the risk assessment under continuous review.

2. Activities & Strategies

Our activities were greatly curtailed during the year by the continuing impact of the pandemic and the restrictions that were placed on all church activities across the nation. The year began with online worship only and in person worship could only be resumed in March 2021. Other restrictions relating to singing in church, the meeting of Church Groups (such as our Lectio Divina Group jointly organised with St Saviour’s Church, Chalk Farm), the provision of concerts and social gatherings were only relaxed at various stages later in the year. All our activities took place within Government Regulations and the guidance of the Church of England.

Regular public worship open to all – At St Peter’s a joint streamed Sunday morning service with our sister church St Saviour’s was introduced in March 2020 and continued until March 2021. In person services were not allowed under stricter Government Regulation’s introduced in December 2020 but were re-introduced from late March 2021 as the restrictions were relaxed. A new pattern of Sunday services was established in May 2021 with the main Sunday Eucharist taking place on alternate Sundays at 10.30am and at 6pm on the other Sundays: in those months with a fifth Sunday a Joint Parish Eucharist was celebrated with St Saviour’s Church, at one of the two churches. The Holy Communion service on Thursday morning was also resumed, and Evening Prayer was said regularly at 5pm every Tuesday-Saturday and was normally led by a lay member of the Church. We were fortunate in being able to hold a carol service on 18 December which once again was kindly sponsored by a local church member with carts in the garden providing mulled wine and mince pies and communal carol singing. There was a midnight mass on Christmas Eve and St Peter’s members could also attend a Eucharist at St Saviour’s on Christmas morning. The Singing Group, supporting worship at the Sunday morning eucharist, was able to reconvene in September.
The provision of a sacred space for prayer and contemplation – The church has been opened daily (apart from Mondays) between 3.30pm and 4.30pm since June 2020. This time for private prayer has attracted new people to St Peter’s as well as provide solace for more regular members of our community. The garden too has continued to be a community asset of immense value during the Pandemic: on sunnier days there have been up to 50 people in the garden, especially young children with their parents or carers. During the Summer months the Children’s Minister, Father Petrica Bistran, provided Children’s activities every Wednesday afternoon.
Pastoral work including visiting the sick and bereaved - Several congregation members as well as the Priest in Charge undertake this ministry. During the Pandemic, a group was set up to do shopping for more vulnerable people shielding from the virus and regular contributions were made to the local foodbank . This caring ministry had to be exercised mainly over the phone rather than by personal visit. During the year there were three funerals but no baptisms or weddings.
Teaching Christianity through sermons, courses, and small groups – The main teaching medium remained the sermon in the Sunday service. The Lectio Divina study group of St Saviour’s and St Peter’s members had to suspend its activities at the start of 2021 but was able

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

to resume with garden meetings in June when it studied the First Letter of St John. Later in the year it resumed meeting in one of the Churches and then continued its study of the Gospel of St Luke. Other teaching and learning opportunities were curtailed by the Pandemic.

Ministry to Young People (including taking religious assemblies in local schools) - Father Petrica Bistran, an ordained priest, joined us in October 2019 as the new Children’s Minister. During the lockdowns he provided an online presentation with emailed resources focusing on each Sunday’s service theme and as restrictions were relaxed in 2021 he provided Wednesday afternoon activities for children in the Church Garden. It was with sorrow that we saw Father Petrica leave us at the end of October 2021 for a salaried position as Priest-inCharge of a parish in the Coventry Diocese. We held a party for him and his wife, Mirela, both much loved in St Peter’s and St Saviour’s. Contacts were maintained with the Hall School with Father Paul Nicholson taking part in a number of school assemblies.
Promotion of Christianity through the staging of events, meetings, and the distribution of literature - Again the programme of events, deepening our understanding of our faith, was greatly curtailed by the Pandemic. The Hampstead Christian Study Centre programme was suspended for a further year and the much-delayed Donald Barnes lecture by Bishop Richard Harries finally took place on 20 November 2021: he spoke to his recent book “Hearing God in Poetry”. The St Peter’s Study Group became an online poetry appreciation group led by Mary Shakeshaft with sessions covering Yeats and Heaney, Donne and Herbert, and the Welsh poets, Dylan Thomas, RS Thomas and Edward Thomas. St Peter’s also takes part in the ecumenical Churches Together in Hampstead programme, and its joint team with St Saviour’s, “Saints and Sinners”, were triumphant in the 2021 quiz!.
Arts Events and other users - St Peter’s values opportunities to become fully involved in the wider community of Belsize Park. Our facilities are regularly used by others. For much of the year it was not possible to have a concert programme, but this was resumed, with suitable safety precautions in September and nine concerts took place in the last months of the year. This included concerts by the Belsize Baroque Orchestra and long-standing favourites such as the pianist Alexander Ardakov. Our key partner, the Royal Central School of Speech and Drama remain as long-term tenants of St Peter’s Church Hall.
Belsize Community Choir – the choir continued in 2021 with online rehearsals and, when possible, rehearsals in the church garden or church building taking all recommended precautions. The choir gave a concert with the Islington Choir in October 2021. It also led our carol singing at the carol service on 18 December which was both in the church and in its garden (where all could join in the singing). This was also the final appearance of the Choir’s Director, Sheena Phillips, who was returning to the States

Key events and Issues in 2021

This has been a second year dominated by the Pandemic. The varying restrictions imposed by the Government throughout the year once again significantly disrupted our work and worship. Despite this the PCC were able to meet the changing circumstances with resilience and also take important steps to address future opportunities and challenges. These included establishing a new pattern of worship, putting together an Internal Improvements Plan, and revising our Mission Action Plan. We also had the Triennial Visitation of the Archdeacon in November and took a positive stance with

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

the Diocese on any future parish reorganisation involving St Peter’s. One factor that started to inform our thinking was the retirement of our Priest-in-Charge, Father Paul Nicholson, at the end of 2022. This would be a great loss, but it was important to celebrate the time we still had together as well as plan for a future without him.

The future of St Peter’s featured strongly in the discussions of Church Officers and the PCC. The “Way Ahead” policy paper (presented to the PCC in September 2020) first formally raised the possibility of St Peter’s forming part of a new parish reorganisation as it was felt unrealistic to argue for a single church parish. The PCC supported an active exploration of possible future models, which might include a joint benefice with our sister church St Saviour’s, or a wider team ministry approach covering three or more parishes. A joint meeting with St Saviour’s PCC was held in March and a joint approach to the Bishop of Edmonton agreed expressing our willingness to look at future possible parish arrangements but stressing our wish to be active participants in this process. This approach was welcomed by the Bishop and the Archdeacon of Hampstead. It formed a major part of our discussions with him at the Triennial Archdeacon’s Visitation in November.

The PCC was pleased to approve a refreshed and revised Mission Action Plan (MAP) at its meeting in July. The Mission Statement was not changed but the Implementation Plan was extensively revised. It included a theme of the 10 things we most wanted to do in the year ahead and the provisions also reflected many of the priorities in Vision 2030 drawn up by the London Diocese. A further innovation was the list of values we wished to show in our worship and work – prayerfulness, caring, generosity, inclusiveness, openness, a questioning faith, and simplicity. One area where it was appreciated further work was needed was regarding equalities and inclusion and a small working group was appointed to bring back proposals.

Questions of worship were important during the year and featured in the MAP. The Pandemic had shown the importance of online worship and it is now accepted that the future provision of worship at St Peter’s will be a blend of online and in person worship. The end of the Communal Sunday Eucharist at 11.30am in March 2020 had allowed reflection on what the best pattern of Sunday services would be post-Covid. It was agreed with our sister church St Saviour’s, that from May 2021, there would be an alternating 10.30am Eucharist at one of the Churches with the other Church holding a Eucharist service in the late afternoon or early evening. In months where there was a 5[th] Sunday, there would be a joint Eucharist service at 10.30am at one of the churches. The Sunday morning Eucharist would continue to be streamed. This has now become the established pattern for Sunday worship.

Another important development has been the increasing lay leadership of evening prayer that takes place Tuesday-Saturday at 5.00pm. This, on occasion, has also included Matins on Thursday morning when the Priest-in-Charge was not available to preside at Holy Communion. The extension of responsibilities of lay members has not only meant a greater diversity in Evening Prayer worship but helps ensure its regularity. A further welcome sign of greater normalcy was the day retreat at St Katherine’s in September led by Revd Susan Sayers which was fully subscribed and well-received. However, the biggest challenge facing St Peter’s is the future provision of a children’s ministry now Father Petrica Bistran has left. As a much-loved minister he leaves a big hole in such provision, and this will be an important consideration for the PCC in 2022.

As we sought a renewal in our worship and work, so we also agreed to embark on an ambitious Internal Improvements Plan. This also marked a continuation of our programme of external

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

maintenance and restoration carried out in 2019/20. It built on the Feasibility Study on internal improvements carried out by architect Alun Jones in 2020. During the year we received a Quantity Surveyor’s Report costing out our proposals and our architects provided outline designs of the proposals and produced the required heritage statement. It was agreed to split the overall project into three phases: phase 1 to include installing toilets, a servery, meetings rooms, additional storage and provision of a new reredos at the East End and the screening of the Lady Chapel; phase 2 to include the removal of the decrepit pews, the creation of a single-level nave floor and the provision of new seating for the nave; and phase 3 providing an enhanced lighting system for the Church. In July a Building Committee was established to oversee the project and a faculty application to approve Phase 1 was made to the Diocese in September. This resulted in a formal visit to view the Church by the Diocesan Advisory Committee (DAC) which will advise the Diocese as to the merit and appropriateness of the proposals. At the end of the year we still awaited the formal outcomes of the DAC discussions, although, in the main, the visit had been positive. Alongside developments in the faculty process there were discussions on funding the scheme, also involving the Diocese.

There were administrative developments running alongside the developments set out above. A start was made on a new website design and broadband was introduced to the church at the start of the year allowing the streaming of services and the introduction of a card reader for donations and payments. The PCC meetings were better organised and the agendas and papers made available on the Google system used by St Peter’s.

As restrictions were lifted during the year so St Peter’s felt able to party within the rules at any time. This included a garden reception for local friends on 31 July, including a visit to the South Garden led by Noel Brock and a welcome party on 19 September to encourage former members, as well as new people, to come to St Peter’s. There was also a glass of wine in the garden after a 6pm Eucharist on many Sundays. These were important occasions re-establishing contact and enhancing community. St Peter’s ended the year in strong heart with some impressive achievements to celebrate and thank the Lord for. It prepares us well the big challenges ahead in 2022.

3. Financial Review

3.1 Financial Activity and Financial Position [Section still to be reviewed 18/3/22]

Once more the year was dominated by the Pandemic. Our revised Budget Strategy 2021-2023, agreed in September 2021, shifted everything a year forward with another operational deficit planned in 2021, breakeven in 2022 and a surplus in 2023. However, in 2021 St Peter’s managed to keep within its revised operational budget * (see note on the definition of operational budget below) of a deficit of £5,000, ending up with an operational deficit of just £1,957. The target of a break-even operational budget for 2022 may prove more challenging.

The PCC’s main sources of funding remain the free will offerings of church members, lettings income from the hiring out of the church hall (also known as St Peter’s Studios) and the church building, and other fundraising activities. We did much better over the year than planned. The successful Giving Generously Campaign held in Lent 2020 continued to be reflected in our planned giving raising £23,318 in 2021 compared to the £9,798 in 2019.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

We were fortunate too in that the Royal Central School of Speech and Drama (RCSSD) continued to rent the Church Hall and provided a secure income of £15,000 in the year. The main rental agreement, formulated on a repair and lease basis with a peppercorn rent, comes to an end in July 2023 and we expect a significant increase in rental income from that date. Our current income is derived from a supplementary lease providing the RCSSD complete use of the property and curtailing St Peter’s use as set out in the original agreement.

Other income sources continued to be hit by the Pandemic. Voluntary giving (other than planned giving and online giving) at £4,513 was down £5,842 on the 2018 total of £10,355 (2019 had an exceptionally high figure). Church rental income was only £2,338 and, following the programme of internal refurbishment in 2022, will need to show a significant improvement in 2022 and be restored at least to its 2018 level of over £13,000 by 2023. Events, including concerts and study series, regained some ground lost during the Pandemic making £4,211in 2021compared to £5,899 in 2019.

Online giving, including payments by debit and credit cards, raised £3,194 in general donations and contributed significant sums to events and charitable giving that are not recorded separately. So the outcome for the 2021 operational budget had a total income of £57,803.

It might have been expected that the Pandemic would reduce some areas of expenditure as the Church was closed for much of the year and comparatively few events took place in the Church. However operational expenditure at £59,760 was almost the same as the expenditure of £59,926 in 2020 and only a little lower than the £65,004 in 2019. One reason for this was the daily opening of the Church for private prayer (apart from Mondays) for an hour when allowed which was started in 2020 and continued throughout 2021. The cost of utilities remained similar to that of 2020 (totalling £6,741 in 2021 and £7,326 in 2020) but the costs of events went up (costs of £1,635 compared to £1562 in 2019 and £280 in 2020).

Other significant costs included that of the Administrator, retained on a service contract, and shared with our sister church St Saviour’s, who cost £4,368 in 2021. Our Common Fund contribution to the Diocese remained at £34,400 and the depreciation charges of £800 were for the grand piano donated in 2015.

The main items falling outside the operational budget were capital expenditure on building repairs and refurbishment which was channelled through the designated St Peter’s Renewal Fund (£3,072). They were for architect and related professional fees for the proposed internal improvements programme which was delayed once more because of the pandemic. However, a faculty application was lodged in September 2021for approval of Phase 1 of the programme but the result was not known at the end of the year. In October there was also a meeting with the Archdeacon of Hampstead looking at options to progress the Vicarage Development Project and whether the St Peter’s share of any surplus could be used to support the Internal Improvements Plan. It was agreed that St Peter’s would take expert advice on other potential sources of funding before meeting again in early 2022 to come to a more informed decision on the best option for the Vicarage Development Project.

The accommodation costs of our Children’s Minister also fell outside the operational budget. The cost of £10,960 was covered by the generous donations of members of St Peter’s, whereas in 2020 donations received by our sister church, St Saviour’s had covered these costs. Other restricted funds not included in the operational budget were mainly for charitable donations made by St Peter’s over the year totalling £1,501.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

We enter 2022 well-placed but cautious. During 2022 we have a reserve fund of £56,250, which is stage 1 of 3 in returning to a reserve fund of half a full year’s operational expenditure rather than the full year’s operational expenditure set in 2021. We are also hopeful of making a proper start on our internal improvements project.

*Note:

Operational Income

Total Income (£62,418) less donations to charities including Gift Aid (£1,518), and Children's Minister donations including Gift Aid (£2,138) and income to other restricted funds (£959) = Annual Operational Income (£57,803)

Operational Expenditure

Total Expenditure (£76,315) less St Peter's Renewal Fund (£3,072) less Children’s Minister Fund (£10,964) less Other Restricted Funds (£2,519) = Annual Operational Expenditure (£59,760)

3.2 Reserves Policy

The PCC has examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. For 2021 The PCC decided that, given the nature of the church’s work, free reserves should be equivalent to approximately one year’s routine general fund expenditure (such projected expenditure over 2021-2024 averaging £67,250), plus committed future expenditure on other projects, where funds permit. The PCC adopted this more cautious approach – previously six month’s expenditure was put aside as reserves – because of the greater uncertainties created by the Pandemic. In our opinion this allowed sufficient flexibility to cover temporary shortfalls in incoming resources and enabled the church to cope and respond to unforeseen emergencies whilst specific action plans to remedy a situation were implemented. The PCC also plans to reduce reserves back to a 50% level over three years starting in 2022 if the situation allows. At 31 December 2021 the church had net free reserves of £143,870 (2020: £149,038) as follows:

Total reserves Less: restricted funds Less: tangible fixed assets Free reserves Free reserves requirement: 1 year’s budgeted routine expenditure (6 months in 2020)	2021	2020 £ 166,907 (14,669) (3,200)
	£
	152,170
	(5,900)
	(2,400)

		149,038 67,250
	143,870


	67,250

The high level of free reserves in comparison to the free reserves requirement reflects the impact of the generous bequest from Peter Roscoe of £257,397 in 2015. A substantial part of this bequest was used in 2020 to finance important repair work to the exterior of the Church as identified in the last Quinquennial Report on the church building.

3.3 Investment Policy

The church currently places spare funds on bank deposit.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

4. Plans for the Future

During the year, the PCC spent much time in considering the future. This was not only prompted by the continuing Pandemic and its impact on the national church and diocese as well as the Parish, but in the knowledge of Father Paul Nicholson’s retirement in a years’ time. At its September 2020 meeting, the PCC approved the recommendations in a “Way Ahead” paper looking at what St Peter’s needed to do to face the future with greater confidence. It covered the Mission Action Plan (a revised version now In place), the Internal Improvements Plan, PCC organisation and the possible future organisation of parishes within the Diocese and where St Peter’s could fit into that. A revised budget strategy 2021-2023 was agreed at a PCC meeting in September 2021. Work continues on these these themes.

Specifically in 2022 the PCC plans to:

Plan for Father Paul Nicholson’s retirement at the end of 2022 and the inter-regnum likely to follow
Work closely with St Saviour’s and the Diocese in determining the future organisation of St Peter’s and St Saviour’s within the diocese
Continue to open the Church for private prayer on a regular basis.
Develop and Implement an Inclusion policy to rest within the Mission Action Plan
Complete phase1 of the Internal Improvements Plan - the installation of accessible toilets, provision off a new servery, and creation of a new meetings room and additional storage space
Identify funding sources and a timetable for other elements in the Internal Improvements
Plan and deliver an Arts Programme and a study/poetry series
Perform well against the annual budget 2022 and meet the expectations of the Budget Strategy 2021-2023
Further improve the efficiency and effectiveness of the PCC

5. Responsibilities of Trustees for the Financial Statements

The PCC is responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing those financial statements, the PCC is required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles of the Charities SORP
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Parochial Church Council For the year ended 31 December 2021

The PCC is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports Regulations)2008 and the provisions of the governing document. The PCC is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC is responsible for the maintenance and integrity of the charity and financial information included in the charity’s website.

6. Approval

The report of the PCC was approved by the PCC on 8 May 2022 and signed on its behalf by:

Revd Paul Nicholson Chairman

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Report of the Independent Examiner to the Parochial Church Council of St Peter’s, Belsize Park

I report on the financial statements of St Peter’s PCC Belsize Park for the year ended 31 December 2021, set out on pages 14 to 23.

This report is made solely to the Parochial Church Council in accordance with section 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that I might state to the Parochial Church Council those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by the law, I do not accept responsibility to anyone other than the Trust and the Parochial Church Council for my independent examination, for this report, or the opinions I have formed.

RESPECTIVE RESPONSIBILITIES OF PAROCHIAL CHURCH COUNCIL AND EXAMINER

The Parochial Church Council considers that an audit is not required for this year under section 144(2) of the Act) and that an independent examination is needed.

It is my responsibility to:

Examine the accounts (under section 145 of the Act);
To follow the procedures laid down in the General Direction given by the Charity Commission (under section 145(5)(b) of the Act); and
To state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with General Directions given by the Charity Commissioners. 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 the Parochial Church Council concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the church as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts 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 accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

John Helm ACA 8 May 2022

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Statement of Financial Activities For the year ended 31 December 2021

	Unrestricted Funds 2020 £	Restricted Funds 2020 £	Total 2020 £
Total
2021
£

39,066	29,608	2,657	32,265
1,078	1,103	-	1,103
21,599	19,314	-	19,314
78	634	-	634
-	42	-	42
		2,657 - 424 424 2,233 - 2,233 12,436 14,669	53,358 280 76,167 76,447 (23,089) - (23,089) 189,156 166,067
	50,701
61,821

	280 75,743

1,717
74,001

	76,023
75,718

	(25,322)
(13,897)

	-
-

	(25,322) 176,720
(13,897)

166,067

	151,398
152,170

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Balance Sheet As at 31 December 2021

Note Fixed Assets Tangible Assets 5 Current Assets Debtors 6 Cash At Bank And In Hand Creditors - Amounts Falling Due Within One Year 7 Net Current Assets Net Assets Represented By: Restricted Funds 8 Unrestricted Income Funds 9 General Designated Total Funds	Unrestricted Funds 2021 £ 2,400 2,400 3,559 155,846 159,405 15,535 143,870 146,270 - 142,457 3,813 146,270	Restricted Funds 2021 £ - 0 - 5,900 5,900 - 5,900 5,900 5,900 - - 5,900		Total 2020 £ 3,200
			Total
			2021
			£

			2,400

				3,200 2,885 177,018
			2,400

			3,559
			161,746

				179,903 17,036
			165,305

			15,535

				162,867
			149,770

				166,067
			152,170

				14,669 147,959 3,439



			5,900

			142,457
			3,813

				166,067
			152,170

The financial statements were approved by the PCC on 8 May 2022 and signed on its behalf by:

Guy Daines Treasurer

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting.

The financial statements 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 an affiliation to another body or those that are informal gatherings of church members.

The PCC meets the definition of a public benefit entity under FRS 102.

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.

Income recognition

Voluntary income and donations (including legacies) are accounted for once the PCC has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Income from the recovery of tax on gift aided donations is accounted for in the period to which the relevant donation is received. Grant income is recognised on a receivable basis.

The income from trading activities includes rental income from the letting of church premises which is accounted for when earned. It is shown gross, with the associated costs included in fundraising costs.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The PCC is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting Policies (continued)

Charitable expenditure includes those costs in fulfilling the PCC’s principal objects, as outlined in the Report of the PCC. These include grants payable, governance costs and support costs.

Grants payable are payments made to third parties in furtherance of the PCC’s objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the PCC.
Governance costs comprise all costs involving the public accountability of the PCC and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees.

Tangible Fixed Assets

Consecrated Property and Moveable Church Furnishings

Consecrated land and benefice property such as the church building and vicarage is excluded the accounts in accordance with s10 of the Charities Act 2011. Moveable church contents are held by the vicar and churchwardens on special trust for the PCC and require a faculty for disposal are accounted as inalienable property unless consecrated. All expenditure incurred on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is expensed within the Statement of Financial Activities.

Other Fixtures, Fittings & Office Equipment

The cost of other furniture, fittings and equipment, less any expected residual value, is depreciated on a straight line basis over the effective useful life of the asset, which has been estimated as follows: Grand piano: 10 years

Sound System: 4 years

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

1. Accounting Policies (continued)

Fund accounting

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

2. Income

Donations & legacies Offerings and donations Income tax reclaimed Charitable activities Fee income (net) Outings/retreats Other trading income Lettings income Fundraising events Investments Dividends Bank Interest Other	Unrestricted Funds 2021 £ 29,979 5,384 35,363 166 - 166 17,388 4,211 21,599 - 78 78 - 57,206	Restricted Funds 2021 £ 3,115 587 3,702 - 912 912 - - 0 - - 0 - 4,614		Total 2020 £ 27,831 4,434
			Total
			2021
			£

			33,094
			5,971

				32,265 1,103 -
			39,065

			166
			912

				1,103 17,268 2,046
			1,078

			17,388
			4,211

				19,314 - 634
			21,599

			-
			78

				634 42
			78

			-

				53,358

			61,820

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

3. Expenditure: Raising Funds

3. Expenditure: Raising Funds
Events Collecting agent fees	Unrestricted Funds 2021 £ 1,635 71 1,706	Restricted Funds 2021 £ - 11 11		Total 2020 £ 280 -
			Total
			2021
			£

			1,635
			82

				280
			1,717

4. Expenditure: Charitable Activities

Provision of clergy: Common Fund Clergy expenses Accommodation Deanery Synod Church Life & Outreach Service Support Retreats Administration Charitable giving London Diocese Fees Provision of Buildings and Facilities St Peter’s Renewal Heat, light & water Insurance Repairs and maintenance Garden maintenance Depreciation Sundry Governance Independent Examination	Unrestricted Funds 2021 £ 34,400 351 - - 34,751 234 100 4,924 - 5,258 3,072 6,741 5,520 2,646 - 800 880 19,659 960 60,628	Restricted Funds 2021 £ - - 10,960 - 10,960 - 912 - 1,501 - 2,413 - - - - - - 0 - 13,373			Total 2020 £ 34,400 426 - -
			Total
			2021
			£

			34,400
			351
			10,960
			-

					34,826 333 - 4,807 523 638
			45,711

			234
			1,012
			4,924
			1,501
			-

					6,301 16,521 7,326 5,810 3,053 690 800 -
			7,671

			3,072
			6,741
			5,520
			2,646
			-
			800
			880

					34,200 840
			19,659

			960

					76,167
			74,001

There were no employees (2020: nil).

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

5. Tangible Fixed Assets

5. Tangible Fixed Assets
	Fixtures,
	fittings &
	equipment
	£
Cost
At 1 January 2021	16,576
At 31 December 2021	16,576
Depreciation
At 1 January 2021	13,376
Charge For Year	800
At 31 December 2021	14,176
Net Book Value
At 31 December 2021	2,400
At 31 December 2020	3,200

The properties which the PCC manages and maintains are:

Property	Ownership
St Peter’s Church	Diocese
The Church Halls (StPeter’s studios)	Diocese
StPeter’s Vicarage andgarden	Bishop

The Church Halls are currently leased to the Royal Central School of Speech & Drama on a 15 year lease at “a peppercorn rent of £1 per annum (if demanded)”. The Royal Central School of Speech & Drama undertook a renovation of the property costing about £500,000 in 2008. Initially St Peter’s had use of the Church Halls on Sundays and other agreed periods over the year. However, in October 2013 the Central School extended their use of the Church Halls to full-time use and now pay £12,500 pa rent for this additional facility (rising to £14,000 pa from October 2021) and all insurance and utility costs related to the Halls as well.

The Terrier and Inventory lists the furniture, fittings and possessions of the Church obtained at various dates from the consecration of the church in 1859. None of the items are priced and it would be a disproportionate cost to get them valued.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

6. Debtors

6. Debtors
Prepayments Income tax recoverable Lettings receivable Other debtors	2021	2020 £ 317 2,428 140 0 2,885
	£
	267
	2,648
	-
	644

	3,559

7. Creditors - Amounts Falling Due Within One Year

7. Creditors - Amounts Falling Due Within One Year
Accruals Deferred income	2021	2020 £ 5,786 11,250 17,036
	£

	4,285
	11,250

	15,535

8. Restricted Funds

8a Current year

8a Current year
Building St Mungo’s St Martin’s St Katherine’s Projector Fund Garden Lent Appeal 2021 Children’s Minister	At 1 January 2021 £ 4,863		Income £ Expenditure £ Transfers £ Gains/ (losses) £ 17 - - -					At 31
								December
									2021
									£

									4,880
		205		-	-	-	-		205
		0		1,118	(1,108)	-	-		10
		0		912	(912)	-	-		0
		50		-	-	-	-		50
		0		30	-	-	-		30
		0		400	(400)	-	-		0
		9,551		2,138	(10,964)	-	-		725
		14,669		4,615	(13,384)	0	0
									5,900

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

8. Restricted Funds (continued)

8b Prior year

At 1 January 2020 £ 4,846	Income £ Expenditure £ Transfers £ Gains/ (losses) £ 17 - - -	Income £ Expenditure £ Transfers £ Gains/ (losses) £ 17 - - -	Income £ Expenditure £ Transfers £ Gains/ (losses) £ 17 - - -	Income £ Expenditure £ Transfers £ Gains/ (losses) £ 17 - - -	At 31	At 31
					December
						2020
						£

						4,863
40	165	-	-	-		205
0	114	(114)	-	-		0
50	-	-	-	-		50
0	203	(203)	-	-		0
0	80	(80)	-	-		0
7,500	2,078	(27)	-	-		9,551
12,436	2,657	(424)	0	0
						14,669

Descriptions of the main restricted funds are as follows.

The Building Fund – This is funded mainly by personal donations and covers all building and significant maintenance costs.

The Clock Appeal – This was launched at the end of 2021. It is a public appeal to raise funds for restoring the tower clock at St Peter’s which will take place in Spring of 2021.

Children’s Minister – This fund was launched in 2021 and currently is made up of personal donations. It will fund the accommodation of the Children’s Minister who serves as a volunteer and is currently a student at the University of Arts, London. The agreement lasts for 3 years and the funding is shared jointly with St Saviour’s Church, South Hampstead. It is hoped that voluntary donations will cover the costs fully, but both parishes have agreed to underwrite any shortfall.

Other Restricted Funds – The other listed funds are all funds raising contributions to specific charities.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

9. Unrestricted Funds

At 1 January 2021 £ 147,960 0 0 3,438 151,398	Income £ Expenditure £ Transfers £ 57,206 (59,262) (3,447) - (3,072) 3,072 - - - - - 375 57,206 (62,334) 0	Gains/ (losses) £ - - - - 0	At 31	At 31
			December
				2021
				£

				142,457


				0
				0
				3,813

				146,270

	Income £ Expenditure £ Transfers £ 50,701 (59,502) (16,896) - (16,521) 16,521 - - - - - 375 50,701 (76,023) 0	Gains/ (losses) £ - - - - 0
At 1 January 2020 £ 173,657 0 0 3,063 176,720				At 31
			December
				2020
				£

				147,960


				0
				0
				3,438

				151,398

St Peter’s has three designated funds:

St Peter’s Renewal Fund. This designated fund was set up in 2021 to support the building maintenance and internal refurbishment programme that St Peter’s started in 2021 but will mainly take place in 2021. The original fund of £150,000 comes from the Peter Roscoe Bequest. It should be noted that funds in the Restricted Building Fund can also be used for this purpose and this fund will be run down.

St Peter’s vicarage. St Peter’s vicarage is currently vacant and became the responsibility of the London Diocese in April 2021. Formerly it housed a church support worker, jointly shared with St Saviour’s Church, South Hampstead. Up until April 2021 the cost of rates were shared proportionately between the parishes of St Peter’s and St Saviour’s. St Peter’s also bore other costs such as water with the residents responsible for some costs (eg electricity). Once the other contributions have been included, an appropriate amount is transferred from the General Fund of St Peter’s to the designated fund to ensure it is balanced at the end of the year.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PETER, BELSIZE PARK

Notes to the Financial Statements For the year ended 31 December 2021

9. Unrestricted Funds (continued)

Vicarage repair. As St Peter’s shares a Priest in Charge with St Saviour’s in South Hampstead, both parishes share responsibility for the PCC’s obligations for the upkeep of the Vicarage – the Priest-in-Charge lives at St Saviour’s Vicarage. It is usual to contribute £750 a year for the decoration of the vicarage and therefore a sum of £375 (St Peter’s share) is added to the designated St Saviour’s Vicarage Fund for use when required by the Priest in Charge.

10. Related Party Transactions

No payments were made to members of the PCC or any persons connected with them during the year. No material transactions took place between the organisation and members of the PCC or any person connected with them.

The aggregate unrestricted donations of members of the PCC amounted to £10,355 (2020: £9,675).