## St. Luke's Oseney Crescent PCC
Report and Accounts Year ended 31 December 2021
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **ST LUKE'S OSENEY CRESCENT PCC**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **CHARITY INFORMATION**
## **Members of the Parochial Church Council**
|Incumbent and chairman:|The Reverend Jon March||
|---|---|---|
|Other clergy members:|The Reverend Natasha Beckles (resigned September 2021||
||The Reverend Colin Brookes (resigned November 2021)||
||Lara Edwards (appointed July 2021)||
|Church warden:|Simon Court||
||Bethan Sadler||
||David Watkinson (resigned April 2021)||
|Other members:|Olamide Akinsanya (appointed April 2021)||
||Simeon Castle||
||Karsen Cheung||
||David Cooke (treasurer from April 2021)||
||Lydia Devine||
||Peter Evans (resigned January 2022)||
||Nicole Adeney Jones (resigned November 2021)||
||Jasmine King||
||Russell Parsons (treasurer until his resignation in April 202||
||Rupesh Patel||
||Christopher Philpot||
||George Ward (appointed April 2021)||
||Jenny Wye (resigned June 2021)||
|**Charity Registration Number**|1145026||
|**Principal Address**|St. Luke's Parish Office||
||7 Dowdney Close||
||London||
||NW5 2BP||
|**Independent Examiner**|Ajay Rajani FCIE||
||Stewardship||
||1 Lamb's Passage||
||London||
||EC1Y 8AB||
|**Bankers**|HSBC UK Bank plc||
||**CONTENTS**||
|||**Page**|
|Charity Information||1|
|Annual Report of the Members of the Parochial Church Council||2-4|
|Independent Examiner's Report||5|
|Statement of Financial Activities||6|
|Balance Sheet||7|
|Notes to the Accounts||8 - 14|
|Detailed Statement of Financial Activities with Comparatives||15|
Page 1
## **ST LUKE'S OSENEY CRESCENT PCC ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The Members of the Parochial Church Council (PCC) have pleasure in presenting their report together with the financial statements for the year ended 31 December 2021.
## **Objects of the charity**
The charity is responsible for co-operating with the incumbent, in promoting in the ecclesiastical parish, the whole mission of the Church be it pastoral, evangelistic, social or ecumenical. The PCC is also responsible for maintaining certain church property situated within the parish, namely the church building at Oseney Crescent and the vicarage.
## **Vision**
The Vision at St Luke’s is to be centred on Jesus, transforming communities, one life at a time.
## **Summary of the charity's main activities and achievements**
The call to follow Jesus is not an easy call. It is the most life-giving adventure of redemption and freedom you could ever imagine. But it is not easy.
2021 was another challenging year for us all, building on the challenges, stresses and strains of 2020. There will be no-one on whom the pandemic has not left its mark.
Gathering together continued to prove challenging into the first few months of 2021. The changing restrictions and guidance made planning ahead very difficult but at each turn we sought God as to what He would have us do.
While some churches had already returned in some form, we believed that with mandatory mask-wearing, singing and mingling discouraged, and children’s work impossible due to our space limitations, these restrictions made gathering together in the traditional way unsatisfactory. At the same time, we were seeing the growth of our community and worshiping life through our Sunday cells. Those that were connected through the Sunday cells, found them to be places where their faith was sustained. While these two factors remained, we were in no rush, to return to large worship gatherings.
However, as we prepared for a new term in September, with widespread vaccinations and increasing ease at meeting together we felt that God was prophetically calling us to a “Noah’s Ark” season - a season where all of us could gather again under one roof. Where before we had two services, we had one, where before our children’s work was held off-site, it was now on-site.
We believe God led us prophetically to this well-known story and that we were to sit tight, under one roof, care for and ‘feed’ each other as we depart one land and set sail for another. During this time we felt that God was calling us to not rush into a new wave of busyness but to simply create space for us to gather to worship. We believed God was calling us to use this time of slower and less activity to remember our “first love,” and that as we rebuild, no matter what else we are known for, we are known as a group of people who worship Jesus.
We take very seriously the stewardship of our financial resources. Because of God’s faithfulness, the generosity of all those who give and the careful stewardship of our funds, some of the things we have been able to do this year are as follows:
• Marquees have been put up on site to support our children's and youth ministry which has grown over the year. There are now three specific age groups - younger children, juniors, and youth – all provided for in three locations on the church site.
- “Community Volunteers” were established in the pandemic to serve the needs of people in the local community.
- We partnered with Love Your Neighbour at Christmas, giving over 100 “bags of love” to bless our neighbours in our community.
• Members of St Luke’s provided funding for 27 children to receive presents from their parents in prison through Angel Tree.
• “Dig Deeper” conversations with Dr Stephen Backhouse continued online to help us grow deeper in our understanding of our faith.
• Crumbs returned to its regular slot in the St Luke’s week. Many who had been isolated in their childcare during the pandemic found a community to be part of every Thursday.
Page 2
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Summary of the charity's main activities and achievements continued**
• Alpha was offered online throughout the pandemic enabling many people to connect in from all over the world invited through relational connections.
• Once "normal" life resumed post-lockdown, we saw significant change on the staff team. Luke Adeney Jones, Natasha Beckles, Colin Brookes, Natalie Brookes, Sophie Cawood, and Pete Hopkins all moved to new ventures and we welcomed Jon Beagley, Evie Liszka with Lara Edwards remaining on team but in her new role as Assistant Curate.
“…he who began a good work in you will carry it on to completion until the day of Christ Jesus”. [Philippians 1:6]
Despite the challenges of the pandemic and sustaining a church community in all the fullness of what that means, I believe God has never left us. It has been a refining time, but one where I sense we look more like the One we worship. We look forward to seeing how God leads us in 2022.
We are grateful to God and all those who give to the work at St Luke’s for enabling us to do what do. Thank you!
In planning the charity's activities, the Trustees have complied with the duty to have due regard to the public benefit guidance published by the Charity Commission.
## **Structure, Governance and Management**
The charity is registered with the Charity Commission and operates under the Charities Act 2011. The governing documents for the charity are the Parochial Church Councils (Powers) Measure 1956 (as amended) and the Church Representation Rules.
The appointment of PCC members is governed by, and set out in, the Church Representation Rules. The PCC comprises ex-officio members (which includes clergy and churchwardens), elected members and co-opted members. The PCC organise elections annually before the Annual Parochial Church Meeting (APCM) to fill vacancies. The members of the PCC are the charity's trustees for the purposes of charity law.
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the PCC who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a management team led by the incumbent.
With regard to the PCC's obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.
## **Financial review**
During the year income decreased by £67,881, to £395,659, and expenditure fell by £49,828 to £336,658. As a result, this year the PCC has reported a surplus of £59,001 (2020: £77,054). The PCC's net assets have increased by £59,001 to £337,733; this includes cash of £294,550, of which £291,589 is unrestricted.
This year income from members (including related gift aid) fell by about £30,000, claims for the government's Job Retention Scheme grant fell by about £26,000 as most of the PCC's staff worked throughout the year, and other sources of grant income fell by £10,000. There was no repeat of last year's grant of £20,000 from the Diocese received to help pay for building work but the PCC did receive a new grant for just under £15,000 from the Church Revitalisation Trust to help meet the cost of providing accommodation to a new curate (see below).
This year's reduction in expenditure is largely due to a reduction of £72,000 in staff costs due to changes in staffing in both the current year and the and preceding year; this was partly offset by an increase of £13,000 in the cost of clergy accommodation following the appointment of a new curate.
This year the PCC paid the full Parish Standard Cost, which was £86,200, and in addition contributed £5,507 towards the cost of accommodation provided to the PCC's new curate.
Page 3
## **ST LUKE'S OSENEY CRESCENT PCC**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL CONTNUED**
## **Reserves policy**
The PCC recognises the need to hold free reserves so that the PCC can protect its core activities should there be shortfalls in income and to promote balanced strategic planning. The trustees define free reserves as being unrestricted and undesignated net assets.
The trustees aim to hold reserves equal to no less than three months’ projected operating expenses excluding grants made, which equates to approximately £130,000. At the year end free reserves amounted to £212,979 and the PCC is holding more than the stated minimum. The PCC expects to use some of the excess in 2022 to further it's vision.
## **Key risks and uncertainties**
The charity is exposed to various risks - be they operational, financial or reputational. The PCC review the charity's activities regularly to identify and monitor significant risks and, where possible, they take appropriate measures to mitigate those risks.
## **Quinquennial inspection**
A quinquennial inspection of our Church building was undertaken in June by our quinquennial architect, Mr Russell Hanslip. Recommendations from the report continue to be implemented into 2022.
## **Plans for the future**
As we emerge from the impact of the pandemic we are seeking to rebuild the foundations of our community life in the first half of 2022. As we settle into rhythms of gathering, worshipping and sustaining, we will then seek to explore where God is leading us in terms of His mission for north London and our role in serving His call.
## **Statement of Responsibilities of the Members of the Parochial Church Council**
The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity
will continue in operation.
The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are 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.
## **Approval**
This report was approved by the PCC and signed on their behalf by:
## **Jon March**
Rev'd Jon March
Date: 14 June 2022
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF**
## **ST LUKE'S OSENEY CRESCENT PCC ('the Charity')**
I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2021 on pages 6 to 15 following, which have been prepared on the basis of the accounting policies set out on pages 8 and 9.
## **Responsibilities and basis of report**
As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. 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.
## **Ajay Rajani**
Ajay Rajani FCIE Fellow of the Association of Charity Independent Examiners Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 1 July 2022
Page 5
## **ST LUKE'S OSENEY CRESCENT PCC**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities:
Contract for placement of aerial
Bank interest receivable
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income**
**Transfers between funds**
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
13|Unrestricted
Funds
£
348,004
1,749
14,800
1
364,554
305,587
305,587
58,967
-
58,967
275,805
334,772|Restricted
Funds
£
31,105
-
-
-
31,105
31,071
31,071
34
-
34
2,927
2,961|Total
Funds
2021
£
379,109
1,749
14,800
1
395,659
336,658
336,658
59,001
-
59,001
278,732
337,733|Total
Funds
2020
£
445,615
3,609
14,300
16|
|---|---|---|---|---|
|||||463,540|
|||||386,486|
|||||386,486|
||||||
|||||77,054
-|
|||||77,054
201,678|
|||||278,732|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 8 to 15 form part of these accounts.
Page 6
## **ST LUKE'S OSENEY CRESCENT PCC**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2021**
|Note
**FIXED ASSETS**
Tangible assets
7
**CURRENT ASSETS**
Debtors
8
Cash at bank and in hand
9
**CREDITORS: Amounts falling**
**due within one year**
10
**Net current assets**
**Total assets less current liabilities**
**CREDITORS: Amounts falling due**
11
**after more than one year**
**TOTAL NET ASSETS**
**FUND BALANCES**
13
Unrestricted Funds
General funds
Designated funds
Restricted Funds|Unrestricted
Funds
£
32,825
32,825
42,071
291,589
333,660
(22,113)
311,547
344,372
(9,600)
334,772
212,979
121,793
-
334,772|Restricted
Funds
£
-
-
-
2,961
2,961
-
2,961
2,961
-
2,961
-
-
2,961
2,961|Total
Funds
2021
£
32,825
32,825
42,071
294,550
336,621
(22,113)
314,508
347,333
(9,600)
337,733
212,979
121,793
2,961
337,733|Total
Funds
2020
£
26,351|
|---|---|---|---|---|
|||||26,351|
|||||10,740
269,818|
|||||280,558
(9,777)|
|||||270,781|
||||||
|||||297,132
(18,400)|
|||||278,732|
|||||161,319
114,486
2,927|
|||||278,732|
The financial statements were approved by the members of the Parochial Church Council and were signed on its behalf by:
## **Jon March**
Rev'd Jon March
Date 14 June 2022
The notes on pages 8 to 15 form part of these accounts.
Page 7
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1 Statutory Information**
The Parochial Church Council of St Luke's Oseney Crescent is a charity registered in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.
These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the '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)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the PCC has considered how COVID-19 might affect the charity's forecasts.
## b) Income
Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations includes recoverable gift aid, which is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from conferences and events and the letting of the church's facilities for the benefit of the local community.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
## c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Page 8
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2 Accounting Policies continued**
## d) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
## e) Tangible fixed assets
Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.
Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
## Fixtures, fittings and equipment Over 3 to 10 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
- f) Leased assets Leases which do not transfer substantially all the risks and rewards of ownership to the charity are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
## g) Pension scheme arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
## h) Taxation
The charity has taken advantage of various reliefs from taxation available to charities and no tax is payable on income.
i) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).
## j) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
- k) Critical accounting estimates and areas of judgement
- The members of the PCC do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
## **3 Donations and legacies**
|Donations of cash and similar
Grants receivable
Income tax recoverable
Government grants:
Listed Places of Worship Grant Scheme
Job Retention Scheme
**4**
**Income from charitable activities**
Church events, courses and similar
Letting in furtherance of charitable activities|2021
£
303,050
26,634
40,361
4,374
4,690
379,109
2021
£
225
1,524
1,749|2020
£
328,871
34,000
44,608
7,082
31,054|
|---|---|---|
|||445,615|
|||2020
£
2,544
1,065|
|||3,609|
Page 9
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5 Charitable expenditure**
|**a**
**Costs incurred directly on church activities**
Parish share
Staff costs
Clergy & Ordinand accommodation costs
Clergy & staff expenses
Training costs
Mission & ministries
Church events & hospitality
Sunday costs
Expenses for Older People's Project
Staff costs
Other costs
**b**
**Costs incurred on support & administration**
Church office expenses
Office rent & service charge
Building cleaning & small repairs
Major building repairs and improvements
Utilities
Insurance
Council tax
Depreciation
Accounts preparation and examination
Other professional fees
Grants payable (note 5c)|2021
£
91,707
78,962
16,053
3,363
2,592
8,190
3,080
2,803
-
-
206,750
16,518
12,751
15,261
37,927
1,288
6,363
2,586
7,482
2,940
2,190
105,306
24,602
336,658|2020
£
86,200
107,881
3,028
1,628
1,248
10,385
8,498
2,332
42,765
1,366|
|---|---|---|
|||265,331
13,220
13,249
10,004
35,999
7,051
7,227
2,582
4,344
2,880
2,662|
|||99,218
21,937|
|||386,486|
In addition to the fees payable for the preparation and examination of the accounts, the charity paid £883 (2020: £1,027) to Stewardship for payroll bureau and consultancy services.
## **c Grants payable**
|Grants for UK and overseas mission
Grants to help poor and marginalised young people and children
Grants for the relief of poverty
In the previous year the charity distributed grants totalling £21,937 as follows:
Grants for UK and overseas mission
Grants to help poor and marginalised young people and children
Grants for the relief of poverty
Grants to promote mental health
The charity's principal grants to institutions comprised:
Fusion
Home for Good
Kids Club Kampala
Resource Uganda
St Peter's, Bury
Tearfund
XLP
Other grants individually less than £1,000|Institutions
£
13,250
8,250
3,063
24,563
Institutions
£
4,000
9,557
4,755
-
18,312|Individuals
£
-
-
39
39
Individuals
£
576
-
192
2,857
3,625
2021
£
1,200
2,000
6,250
2,000
10,000
3,063
-
50
24,563|2021
£
13,250
8,250
3,102|
|---|---|---|---|
||||24,602|
||||2020
£
4,576
9,557
4,947
2,857|
||||21,937|
||||2020
£
1,500
2,500
6,250
2,500
-
3,750
807
1,005|
||||18,312|
Page 10
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6 Analysis of staff costs, the cost of key management personnel and remuneration of members of the PCC**
|Gross wages and salaries
Social security
Pension costs
Contributions towards apprenticeship|2021
£
68,479
1,139
1,844
7,500
78,962|2020
£
135,914
6,605
3,977
4,150|
|---|---|---|
|||150,646|
Following the outbreak of COVID-19, the PCC decided to furlough several members of staff. The PCC received grants totalling £4,690 (2020: £31,054) from the government's Job Retention Scheme (see note 3) to help meet the on-going cost of employing these staff. The net payroll cost, after deducting these grants, is £74,272 (2020: £119,592).
The average monthly number of employees during the year was 3.8 (2020: 6.7). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The clergy members of the PCC are not employees of the PCC. They receive a stipend and, usually, accommodation from the Diocese; some of the Parish Share paid to the Diocese is used to help meet the cost. The PCC also paid some clergy accommodation costs directly and this expenditure is separately disclosed in note 5 'Charitable expenditure'.
No member of the PCC, who are the charity's only key management, received employment benefits in either the current year or the preceding year.
## **7 Tangible fixed assets**
|Cost
At 1 January 2021
Additions
At 31 December 2021
Accumulated depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
**Debtors**
Tax recoverable
Other debtors
Prepayments and accrued income
**Cash at Bank and in Hand**
Cash at bank|Fixtures,
fittings and
equipment
£
46,245
13,956
60,201
19,894
7,482
27,376
32,825
26,351
2021
£
17,400
1,863
22,808
42,071
2021
£
294,550|Total
2021
£
46,245
13,956|
|---|---|---|
|||60,201|
|||19,894
7,482|
|||27,376|
|||32,825|
|||26,351|
|||2020
£
9,790
-
950|
|||10,740|
|||2020
£
269,818|
## **8 Debtors**
- **9 Cash at Bank and in Hand**
Page 11
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10 Creditors: liabilities falling due within one year**
|**itors: liabilities falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors
Accruals
Loan from Diocese|2021
£
-
8,521
3,192
10,400
22,113|2020
£
4,431
866
2,880
1,600|
|||9,777|
## **11 Creditors: amounts falling due after more than one year**
|**itors: amounts falling due after more than one year**|||
|---|---|---|
||2021|2020|
||£|£|
|Loan from Diocese|9,600|18,400|
During the year the PCC received an interest free, unsecured, loan of £20,000 from the Diocese of London (see also note 10). The loan is repayable in monthly instalments by December 2023.
## **12 Pension commitments**
During the year employer’s pension contributions totalling £1,844 (2020: £3,977) were payable to defined contribution personal pension schemes. At the balance sheet date pension contributions totalling £314 (2020: £349) were owed.
## **13 Funds**
During the year the movements in the charity's funds were as follows:
|_Designated Funds_
Church planting fund
Equipment fund
Building sinking fund
Church giving fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Special Offerings
War Memorial
St Pancras Lands Trust
Building repair and improvement
Bursary
Clergy accommodation
Aggregate of funds|Opening
balance
2021
£
31,135
26,351
30,000
27,000
114,486
161,319
275,805
530
396
-
-
2,001
-
2,927
278,732|Incoming
resources
2021
£
-
-
-
-
-
364,554
364,554
97
-
12,000
4,374
-
14,634
31,105
395,659|Outgoing
resources
2021
£
(10,000)
-
(33,553)
(15,914)
(59,467)
(246,120)
(305,587)
(63)
-
(12,000)
(4,374)
-
(14,634)
(31,071)
(336,658)|Transfers
in the year
2021
£
6,060
6,474
30,000
24,240
66,774
(66,774)
-
-
-
-
-
-
-
-|Closing
balance
2021
£
27,195
32,825
26,447
35,326|
|---|---|---|---|---|---|
||||||121,793
212,979|
||||||334,772|
||||||564
396
-
-
2,001
-|
||||||2,961|
||||||337,733|
During the year the PCC transferred £66,774 from unrestricted general funds to various designated funds to increase the amounts set aside for specific initiatives.
Page 12
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13 Funds continued**
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
Creditors due after one year|General
Designated
funds
funds
£
£
-
32,825
42,071
-
202,621
88,968
(22,113)
-
(9,600)
-
212,979
121,793
Unrestricted Funds|Restricted
funds
£
-
-
2,961
-
-
2,961|2021
£
32,825
42,071
294,550
(22,113)
(9,600)|
|---|---|---|---|
||||337,733|
In the previous year the movements in the charity's funds were as follows:
|_Designated Funds_
Church Planting
Equipment fund
Building sinking fund
Church giving fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Special Offerings
War Memorial
St Pancras Lands Trust
Building repair and improvement
Bursary
Aggregate of funds|Opening
balance
2020
£
28,335
30,695
-
13,300
72,330
126,392
198,722
2,560
396
-
-
-
2,956
201,678|Incoming
resources
2020
£
-
-
-
-
-
420,099
420,099
358
-
14,000
27,082
2,001
43,441
463,540|Outgoing
resources
2020
£
-
-
-
(16,500)
(16,500)
(326,516)
(343,016)
(2,388)
-
(14,000)
(27,082)
-
(43,470)
(386,486)|Transfers
in the year
2020
£
2,800
(4,344)
30,000
30,200
58,656
(58,656)
-
-
-
-
-
-
-|Closing
balance
2020
£
31,135
26,351
30,000
27,000|
|---|---|---|---|---|---|
||||||114,486
161,319|
||||||275,805|
||||||530
396
-
-
2,001|
||||||2,927|
||||||278,732|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors due within one year
Creditors due after one year|General
Designated
funds
funds
£
£
-
26,351
10,740
-
178,756
88,135
(9,777)
-
(18,400)
-
161,319
114,486
Unrestricted Funds|Restricted
funds
£
-
-
2,927
-
-
2,927|2020
£
26,351
10,740
269,818
(9,777)
(18,400)|
|---|---|---|---|
||||278,732|
Page 13
## **ST LUKE'S OSENEY CRESCENT PCC**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13 Funds continued**
## _Designated funds_
- a) The **Church planting fund** represent monies set aside to promote church planting by the Anglican church.
- b) The **Equipment fund** represents the carrying value of the charity's fixed assets and are not therefore available to spend on the charity's on-going activities.
- c) The **Building sinking fund** represent money set aside for major repairs and improvements to church property.
- d) The **Church giving fund** represents money set aside for grant giving to other charities and individuals to undertake activities undertaken in furtherance of the church's own charitable objects. It is anticipated that most, if not all, of these funds will be distributed in the new financial year.
## _Restricted funds_
- a) The **Special Offerings fund** represent monies received for a wide variety of purposes, including grant giving.
- b) The **War Memorial** fund was created from grants receive to help pay for the up keep of a war memorial.
- c) The **St Pancras Land Trus** t fund represents grants received to help meet some of the costs associated with operating a church; the grants principally help pay for premises related expenditure.
- d) The **Building Repair and Improvement** fund was created from grant and donations received to help fund major repairs and improvements to church property.
- e) The **Bursar** y fund was created from donations received to help people attend conferences.
- f) The **Clergy Accommodation** fund was created from a grant received to help cover the cost of accommodation provided to a member of clergy.
## **14 Operating leases: commitments and related expenditure**
The charity has an operating lease for offices. The minimum amounts payable in respect of this lease is as follows:
|Within one year
Between one and five years
Payments falling due:|2021
£
12,800
28,800
41,600|2020
£
16,846
40,950|
|---|---|---|
|||57,796|
During the year the charity was charged £18,216 (2020: £16,120) for its operating lease.
## **15 Operating lease income**
The charity has granted an operating lease for the placement of telecommunications equipment on its church building. The minimum amounts receivable (until the next break clause and ignoring the potential effect of future rent reviews and any unforeseen events that could result in early termination) in respect of this lease is as follows:
|Within one year
Between one and five years
After five years
Income falling due:|2021
£
14,300
45,283
-
59,583|2020
£
14,300
57,200
2,383|
|---|---|---|
|||73,883|
## **16 Transactions with related parties**
During the year the charity received donations totalling £112,161 (2020: £115,076) from related parties (which includes members of the PCC, anyone closely connected to them and any other member of key management).
During the year (or, if later, from the date of their appointment as trustees), the PCC paid employment benefits totalling £23,178 (2020: £4,807) to individuals closely related to members of the PCC.
Except for the reimbursement of expenses incurred when acting as agent for the charity, or incurred when undertaking clergy and employment duties, no expenses were paid to (or for) members of the PCC.
Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.
Page 14
## **ST LUKE'S OSENEY CRESCENT PCC**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities:
Contract for placement of aerial
Bank interest receivable
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
5
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
13||General
Funds
2021
£
348,004
1,749
14,800
1
364,554
246,120
246,120
118,434
(66,774)
51,660
161,319
212,979
Unrestrict|Unrestrict|Designated
Funds
2021
£
-
-
-
-
-
59,467
59,467
(59,467)
66,774
7,307
114,486
121,793
ed Funds|Restricted
Funds
2021
£
31,105
-
-
-
31,105
31,071
31,071
34
-
34
2,927
2,961|Total
Funds
2021
£
379,109
1,749
14,800
1
395,659
336,658
336,658
59,001
-
59,001
278,732
337,733|||General
Funds
2020
£
402,174
3,609
14,300
16
420,099
326,516
326,516
93,583
(58,656)
34,927
126,392
161,319
Unrestrict|Unrestrict|Designated
Funds
2020
£
-
-
-
-
-
16,500
16,500
(16,500)
58,656
42,156
72,330
114,486
ed Funds|Restricted
Funds
2020
£
43,441
-
-
-
43,441
43,470
43,470
(29)
-
(29)
2,956
2,927|Total
Funds
2020
£
445,615
3,609
14,300
16
463,540
386,486
386,486
77,054
-
77,054
201,678
278,732|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Page 15