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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1146203

CHURCH OF CHRIST THE SAVIOUR, EALING, NEW BROADWAY, W5 2XA

ANNUAL REPORT AND

FINANCIAL STATEMENTS

OF THE

PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED 31 DECEMBER 2020

INCUMBENT: Fr Richard Collins Christ the Saviour Clergy House 27 The Grove Ealing, London, W5 5DX

SECRETARY: Steven Wallis

BANK: Barclays Bank Ealing Broadway 53 The Broadway, Ealing, London W5 5JR

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR ANNUAL REPORT COVERING THE YEAR TO 31 DECEMBER 2020

REGISTERED CHARITY NUMBER: 1146203

Registered as ‘The Parochial Church Council of the ecclesiastical Parish of the Church of Christ the Saviour, Ealing’, known as ‘Christ the Saviour’.

AIMS AND PURPOSES

Christ the Saviour Parish Church Council (PCC) has the responsibility of cooperating with the incumbent priest, Fr Richard Collins, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, ecclesiastical, teaching, and social. The Church is located in the London Borough of Ealing and has a central location within the local community close to Ealing Broadway. It maintains through its membership of the Governing Body a close connection with Christ the Saviour C of E Primary School and Nursery, which is located very close to the Church. It has maintenance responsibilities for the Church, its grounds, the Church Hall, and rental properties nearby.

OBJECTIVES AND ACTIVITIES

The PCC is committed to maintaining the strong tradition of catholic worship and witness within the Church of England, continuing to interpret that tradition for each generation. Thus, we aim to draw a diverse range of people into worship of Almighty God, revealing the signs of His Kingdom growing in the World and to proclaim the Good News of his love for that world revealed in Christ our Saviour.

We seek to enable people in the local community to live out their faith through worship and prayer, encourage, people to learn about the gospel and develop their knowledge of the Christian faith and provide pastoral care for the people of the parish and work with others in the local community and beyond to enhance the lives of all in that community, through the creative use of our buildings and the gifts of our congregation.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR ANNUAL REPORT COVERING THE YEAR TO 31 DECEMBER 2020

ACHIEVEMENTS AND PERFORMANCE DURING 2020

For many of this this past year has been a time of isolation, anxiety and hesitancy as we have adjusted to life in the context of the COVID-19 pandemic. Without a familiar framework the pattern of our lives has changed, perhaps irrevocably, and this is as true for institutions as it is for us individually. For many months access to the church has been limited, and the constraints on public gatherings have had significant impact on our congregational worship.

Much of our regular activity has been curtailed or, for much of the year during lockdown, suspended. We have learned to hold meetings on zoom, to livestream masses and to compile and publish seasonal prayer resources. The requirement to have people checked in while church was open became an opportunity for real (though masked and distanced) welcome, listening and pastoral care and I am grateful to all who have shared in that much appreciated ministry. We have sought to discover what is at the core of our mission and ministry as our usual forms of expression have been impossible and there is much to take forward in what we have learned.

In common with many churches much of our income collapsed overnight as the Parish Hall and Community Hub were closed, and it will be some time before we see occupancy restored to pre pandemic levels. The diocese has been very understanding of the financial strain on parishes, and as we adjust to the new normal, we will need to reflect on how our life and ministry is funded.

Amidst the darkness of the pandemic physical attendance at church has suffered, but our online congregation continues to grow and we greatly value those who join us regularly from near and far. Services will continue to be streamed for the time being.

As we look forward, I hope that we shall do so with great hope in our hearts and that we shall soon be able to resume our live engagement with one another and our community, incorporating all that we have learned in these difficult months.

In commending the Annual Report for 2020 I should like to thank the many people who sustain the life of our church in so many ways. Without the support of such a dedicated team, we would not be able to offer our varied ministries. like living stones, you yourselves are being built into a spiritual house, to be a holy priesthood, to offer spiritual sacrifices acceptable to God through Jesus Christ.

So, thank you to the many individuals who work so hard, often behind the scenes, to help make Christ the Saviour such a visible welcoming sign of God’s love at the heart of Ealing Broadway.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR ANNUAL REPORT COVERING THE YEAR TO 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The method of appointment of PCC members is set out in the Church Representation Rules. Members of the PCC, who are also trustees of the charity, are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. All those who attend the church and are part of the congregation are encouraged to register on the Electoral Roll. Those who are on the Electoral Roll are able to stand for election to the PCC.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish. These include deciding upon how the funds of the PCC are to be spent, monitoring, and facilitating the delivery of the PCC’s aims and purposes.

During the past 6 months (since the November 2020 APCM) the following served as members of the PCC:

Fr Richard Collins* Chairman
Gary Toneguzzo Churchwarden, Lay Vice Chair
Robert Moore Churchwarden
Elected Members:
Kate Adams
Jackie Ashmenall*
Yvette Bynoe Children’s Champion
Angela Callender
Charles Cayley
Angela St.Clair*
Barbara Faulkner Children’s Champion
David Meggitt Safeguarding Officer
Pauline McCalla *+
Steven Wallis Secretary
Spencer Williams
Co-opted Member:
Mark Beastall Treasurer

The PCC can appoint sub-committees to deal with particular areas of Council business. The PCC appointed a Standing Committee. This is the only committee required by law. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council.

SAFE GUARDING

The Parish is in regular contact with Children and Young people and Vulnerable Adults. A policy for Safeguarding of Children, Young People and Vulnerable Adults, is in place and is monitored regularly.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR ANNUAL REPORT COVERING THE YEAR TO 31 DECEMBER 2020

FINANCIAL REVIEW

The Church continues to rely upon donations and legacies as its main form of income. During 2020, the COVID-19 pandemic resulted in the PCC having to close the church in line with government guidelines. This resulted in a significant reduction in donations received by the PCC, with donations reducing from £110,527 in 2019 to £82,663. The PCC did benefit from the receipt of a legacy from the late Father David Birt. The legacy received amounted to £40,538 and legacies of these size are not expected to be recurring in the future. This receipt has helped to fund the church through the pandemic.

The use of the Church’s facilities such as letting of the church hall continues to contribute to the income profile generating income of £34,993 in 2020 (2019: £37,377). The income was lower than expected as the church hall was closed for a significant period of the year in line with government guidelines which reduced rental income. The PCC also provided rent relief to a local charity which had entered into a rental agreement to use the community centre. This also contributed to the reduction in church activities income.

The PCC also benefited from the receipt of two grants during 2020 totalling £16,753. These were received to help fund repairs to the church roof and also a grant that refunded VAT paid by the PCC to repair the fabric of the church. Income of £11,918 was recognised on the restricted account given that it is to be used solely for roof repairs.

Expenditure for the year totalled £156,592 during the year (2019: £152,047) with the main expense recognised being the contributions made by the Church to the London Diocese of £85,200 (2019: £82,800). The PCC has also recognised expenses of £17,890 to repair the church roof, and £8,800 to redecorate the church hall. An administrator has also helped the PCC with the day to day running of the church, the cost of which has also been included within the operating expenses for the year. The PCC also continued to pay expenses while the church building itself was closed during the pandemic. These costs included utility bills and continuing to make payments to the cleaner while the church was closed.

The increase in costs year on year resulted in the Church making a net loss of £2,830 in 2020 (2019: profit of £14). There was a profit on the unrestricted account of £7,349, and a loss on the restricted account of £10,179 largely due to the costs associated with the roof repairs. Without the legacy of £40,538, the PCC would have recognised a loss on the unrestricted account of £33,189, and a loss overall of £43,368.

The PCC has net assets available at the balance sheet date of £130,910 (2019: £133,740). The majority of the PCC’s assets are held in the form of cash and are considered to be highly liquid. Given the highly liquid nature of the assets, the PCC considers that it has sufficient resources in place to continue as a going concern and as such the accounts have been prepared on a going concern basis.

The COVID pandemic continues to have a negative impact on the funds of the PCC as the church has remained closed during the first three months of 2021. This has significantly reduced the income that the PCC receives from its regular Sunday service collections, and also the ability to earn rental income from the use if the church hall. The financial impact of this cannot be currently quantified. Despite this reduction in income, the trustees expect the PCC to have sufficient funds to continue as a going concern.

Unrestricted Fund

During the year, total incoming resources on the ordinary Unrestricted Fund amounted to a profit of £7,349 leaving a total of £126,899 (2019: £119,550) available.

Restricted Fund

The balance of the Restricted Fund at the end of the year was £4,011 (2019: £14,190). See note 9 in the financial statements for more detail of the Restricted Fund.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR ANNUAL REPORT COVERING THE YEAR TO 31 DECEMBER 2020

RESERVES POLICY

It is PCC policy to try and maintain a balance on unrestricted funds to cover emergency situations that may arise from time to time. This balance is typically held in the form of cash in a bank account.

It is our policy to invest our excess cash and other fund balances with the CBF Church of England Deposit Fund where appropriate.

May we be fresh stones for God’s building, as we look to a future in which we rebuild our community, refresh our mission and strengthen our vision. May we be found faithful to the inheritance we have received, and worthy stewards of all that has been entrusted to us.

The Reverend RA Collins Vicar 5[th] May 2021

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted Total Funds
Funds
Funds
2020
Notes
£
£
£
INCOME
Voluntary receipts
Donations, grants and legacies
2
127,793
12,161
139,954
Charitable activities
Church activities
3
34,993
-
34,993
Investment income
4
545
-
545
TOTAL INCOME
163,331
12,161
175,492
EXPENDITURE
Charitable activities
Church activities
5
156,592
22,340
178,932
TOTAL EXPENDITURE
156,592
22,340
178,932
NET (LOSS) / INCOME BEFORE
OTHER RECOGNISED GAINS AND LOSSES
6,739
(10,179)
(3,440)
GAINS ON THE REVALUATION OF INVESTMENT ASSETS
610
-
610
NET MOVEMENT IN FUNDS
7,349
(10,179)
(2,830)
RECONCILIATION OF FUNDS
Unrestricted
Restricted Total Funds
Funds
Funds
2020
Opening balance as at 1 January
119,550
14,190
133,740
Movement in funds
7,349
(10,179)
(2,830)
BALANCE CARRIED FORWARD AS
AT 31 DECEMBER
10(a)
126,899
4,011
130,910		 2019
£
112,527
37,376
137
150,040
152,047
152,047
(2,007)
2,021
14
2019
133,726
14
133,740

The notes on pages 9 to 16 form part of these financial statements

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

BALANCE SHEET AT 31 DECEMBER 2020

BALANCE SHEET AT 31 DECEMBER 2020
Notes
FIXED ASSETS
Tangible fixed assets
7(a)
Investment assets
7(b)
CURRENT ASSETS
Cash at bank and on deposit
1
Debtors and prepayments
8
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income
9(a)
NET CURRENT ASSETS
LIABILITIES: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
Loans
9(b)
NET ASSETS
FUNDS
10
Unrestricted
1
Restricted
TOTAL FUNDS		 2020
£
145,879
-
145,879
(19,133)
126,746		 2020
£
-
9,446
9,446
(5,282)
130,910
126,899
4,011
130,910		 2019
(Restated)
£
379
8,836
9,215
132,442
4,482
136,924
(5,452)
131,472
(6,947)
133,740
119,550
14,190
133,740

The notes on pages 9 to 16 form part of these financial statements

The accounts were approved by the Parochial Church Council on 05 May 2021 and signed on its behalf by:

The Reverend RA Collins Vicar 5[th] May 2021

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 as prescribed by the Business Committee of the General Synod, together with applicable Accounting Standards and the Statement of Recommended Practice (SORP 2015(FRS 102)) .

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the Parochial Church Council (PCC) is responsible in law. The accounts are for those of the PCC and do not include the accounts of church groups that owe their main affiliation to the Church or another body, or any other informal gatherings of church members.

Going Concern

The accounts have been prepared on a going concern basis. The PCC Trustees are of the opinion that there are appropriate funds in place to support the ongoing activities of the Church. In forming this view the PCC has considered the financial reserves that it has in place. It has also considered the period over which these reserves would be able to support the day to day running costs of the church. The impact of COVID-19 has been considered, and while this has resulted in a significant reduction of income while the church has been closed to its congregation, the Trustees are of the view that the reserves the church has in place support the going concern basis of preparation.

Incoming Resources

Planned giving, collections and donations are recognised when received.

Tax refunds and in particular Gift Aid, are recognised when the incoming resource to which they relate is received and there is confirmation that a valid claim can be made.

Grants and legacies are accounted for when they are received by the PCC, or when there is a legal entitlement to the amounts due.

Dividends and interest income are accounted for when they are received.

Rental income is accounted for when the PCC is entitled to the amounts due in accordance with the legal agreements that may be in place.

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

Volunteer help received and the value attributable to it is not included in the financial statements.

Property rental income

The PCC has the right of use of a residential flat, and community centre space in a retail property development located close to the Church. The PCC does not have the right to sell the residential flat or community centre space under the arrangement. The PCC is able to rent the residential property and community centre space subject to certain covenants and retains the associated rental income.

The flat and community centre space is not recognised on the balance sheet as no payment was made by the PCC to obtain the right of use of the assets, and the properties cannot be sold for the benefit of the PCC under the arrangement. Rental income associated with the property is recognised when the PCC is entitled to receive it under a legal agreement.

Resources expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or creates a constructive obligation on behalf of the PCC.

The diocesan quota or parish share expected to be paid is accounted for when due.

Staff costs are accrued and recognised in the period in which the service was provided.

All other expenditure is generally recognised when it is incurred and is accounted for on a gross basis.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

Fixed assets

Consecrated and beneficed property is not included in these financial statements in accordance with Sect.10 (2) of the Charities Act 2011.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC, listed in the church’s inventory, and which can be inspected (at any reasonable time) are accounted for as inalienable property. For inalienable property where there is insufficient historic cost information available, such assets are not valued in the financial statements.

Items of more than £1,000 in value which are considered to be long term in nature and provide future economic benefits, are capitalized and depreciated in the financial statements over their anticipated useful economic life on a straight-line basis. The useful economic life of a fixed asset piano is estimated to be to 10 years. The piano was fully depreciated as at 31 December 2020.

Investments are valued at their market value as at 31 December each year. Movements in the value of the investment are recognised in the revaluation line within the statement of financial activities.

Current assets

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

Short-term deposits include cash held on deposit either with the CBF Church of England Funds, or at the bank.

Funds

Unrestricted funds are general funds which can be used for PCC ordinary purposes. The funds can be used by the PCC to spend on general purposes for its own use and to spend on ongoing costs as well as any projects the PCC may enter into. Funds ‘designated’ for a particular purpose by the PCC are also unrestricted.

Restricted funds represent (a) income or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific objective or invited by the PCC to be allocated to a specific object. The funds may only be spent on the specific object for which they were given. Any balance remaining unspent at the end of each year is carried forward as a balance on that fund for use in future periods. The PCC does not currently invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Unrestricted
Restricted
Total Funds
Funds
Funds
2020
£
£
£
2
DONATIONS, GRANTS AND LEGACIES
Planned giving:
Donations
41,170
-
41,170
Income tax recoverable
18,068
-
18,068
Other donations
23,182
-
23,182
Legacies
40,538
-
40,538
Grants received
4,835
11,918
16,753
Friends of CTS
-
243
243
Insurance receipt
-
-
-
127,793
12,161
139,954		 2019
£
45,055
11,241
45,980
2,000
2,000
1,813
4,438
112,527

During 2020, the PCC benefited significantly from a legacy that was left to the church by the late Father David Birt. This legacy has made up a significant amount of the income recognised during 2020.

In the fourth quarter of 2020, the PCC found out that it had been successful in two grant applications that it had made. The first of the grants relates to funding that has been given for emergency repairs to the church roof. This grant was received from Historic England’s COVID-19 Emergency Heritage at Risk Response Fund. The total amount granted is based upon the estimated costs to complete the roof repairs and totals £15,890. £11,918 of the grant was received during 2020 and has been recognised as income during the period. The remaining £3,972 is payable upon the completion of the roof repairs and as such. Given the dependency on the successful completion of the work, the £3,972 has not been reflected in the 2020 financial year. Income associated with the grant is recognised within restricted funds given the specific terms concerning how the funds can be used.

The second grant was received from the Listed Places of Worship scheme. The amount received totalled £4,835 and reflects the Value Added Tax (VAT) that had been paid in relation to qualifying building repairs under the terms of the scheme. As the VAT on these costs has already been incurred and recognised as part of the PCC’s unrestricted funds balance, the grant has also been recognised within unrestricted funds income.

During 2019, £4,438 was received in relation to an insurance claim made by the PCC following a theft of donations identified in 2018. No such insurance claims were made during 2020. A donation of £2,000 was received from Citizens UK during 2019. Citizens UK is a charity that promotes community organisation and works with the church. The funds are to be used to help promote the work of Citizens UK in the local community, and have been classified as restricted funds.

The Friends of CTS is a voluntary group that undertakes fund raising events to be used to for maintaining the fabric of the church. The proceeds of £243 (2019: £1,813) from the fundraising efforts are therefore considered to be restricted.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Unrestricted
Restricted
Total Funds
Funds
Funds
2020
£
£
£
3
CHURCH ACTIVITIES
Car park and church yard fees
6,595
-
6,595
Church hall and pastoral centre rentals
10,055
-
10,055
Residential property rental income
14,477
-
14,477
Community centre rental income
3,866
-
3,866
Sale of Christmas cards in church
-
-
-
34,993
-
34,993		 2019
£
6,980
17,032
1,765
11,000
600
37,377

During 2019, the PCC entered into an arrangement with the property development company under which the PCC acquired the right to use a residential flat and community space close to the church. During 2020, the impact of the COVID-19 pandemic has meant that the community centre has been closed for most of the year in line with government guidelines. The PCC provided rent relief during this period to the tenant of the community centre. This rent relief is not expected to be recovered in future periods. The income recognised in relation to the community centre for 2020 reflects the rental received.

Unrestricted
Restricted
Total Funds
Funds
Funds
2020
£
£
£
4
INVESTMENT INCOME
Dividends and interest including
any reclaimed tax
545
-
545
545
-
545		 2019
£
137
137

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

Unrestricted
Restricted
Total Funds
Funds
Funds
2020
£
£
£
5
CHURCH ACTIVITIES
Missionary and charitable giving:
- relief and development agencies
2,544
-
2,544
Grants provided
-
6,450
6,450
Walsingham missionary visit
-
-
-
2,544
6,450
8,994
Ministry costs:
Diocesan quota
85,200
-
85,200
Building maintenance costs:
Church hall redecoration
8,800
-
8,800
Church maintenance
11,765
-
11,765
Roof repairs
2,000
15,890
17,890
22,565
15,890
38,455
Operating costs:
Church running expenses
26,658
-
26,658
Administrator costs
7,312
-
7,312
Pest Control
4,493
-
4,493
Organist and music
1,292
-
1,292
Software and website costs
1,985
-
1,985
Printing and stationery
577
-
577
Depreciation of piano
379
-
379
Bank charges
535
-
535
Other costs
3,052
-
3,052
46,283
-
46,283
TOTAL COSTS
156,592
22,340
178,932		 2019
£
472
-
2,100
2,572
82,800
-
27,556
-
27,556
22,985
-
4,704
4,196
3,590
1,180
378
754
1,332
39,119
152,047

The missionary and charitable giving costs of £2,544 (2019: £472) relates to payments made to Citizens UK. Citizens UK is a charity that promotes community organisation and works with the church.

The grants provided during the year of £6,450 (2019: nil) relate to a £5,000 payment made to fund the fit-out costs of the community centre. This has been treated as a restricted payment as the funds used to make the payment were restricted and could only be used to support the development of the community centre. Grants of £1,450 have also been made in support the work of Citizens UK. The funds are to be used to help promote the work of Citizens UK in the local community, and have been classified as restricted funds as they have been made out of the proceeds of a grant received in 2019.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

5 CHURCH ACTIVITIES (CONTINUED)

During 2020, the PCC took the decision to redecorated the church hall while it has been empty during the pandemic. The costs associated with this have been expensed in full during the year and amounted to £8,800 (2019: nil). The PCC also entered into an agreement with Historic England’s COVID-19 Emergency Heritage at Risk Response Fund to fund emergency repairs to the roof. The costs associated with this are estimated to be £17,890 and are included within the 2020 year-end financial statements although the work is expected to take place in 2021. The agreement to start the work was committed to in 2020, in line with the terms of the grant received from Historic England. £15,890 of the costs is expected to be covered by the grant from Historic England and has therefore been classified as restricted expenditure. Included within 2019 church maintenance costs are £18,768 of costs associated with the repair and maintenance of the lighting system in the church, and £2,448 of costs paid to an architect to help design replacement doors to the church.

The PCC has used an administrator during 2020 to help co-ordinate the day-to-day activities of the church and to help oversee some of the maintenance of the church undertaken during 2020. Due to the nature of the arrangement with the administrator, the role is not that of an employee of the PCC. During 2019, the PCC paid organists fees of £3,085 (2019: £6,890) for the provision of music services over the course of the year. The organist is not an employee of the PCC. Organist fees are included in the Organist and Music costs of £4,196 (2019: £10,410) recognised in the year.

There were no monies paid to members of the PCC for their services other than for the reimbursement of expenses. There were no direct employees of the PCC during the period (2019: nil).

6. FIXED ASSETS FOR USE BY THE PCC

6(a)Tangible fixed assets
Piano
Cost as at 1 January
Addition
Depreciation
As at 1 January
Charge for year
Net book value at 31 December		 2020
£
3,780
-
3,780
3,401
379
3,780
-		 2019
£
3,780
-
3,780
3,023
378
3,401
379

Net book value at 31 December

The useful economic life of the piano which is classified as a fixed asset, is estimated to be 10 years. The depreciation charge in 2020 was £379 (2019: £378). As at 31 December 2020, the piano had been fully depreciated.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

6. FIXED ASSETS FOR USE BY THE PCC (CONTINUED)

Market Market
value at value at
31 December31 December
Historical cost 2020 2019
6(b) Investments £
 £ £
462 Shares in CBF’s Investment fund Not Known 9,446 8,836

The shares in the CBF’s Investment Fund are valued at the bid-price as the assets are considered to be liquid in nature and this reflects the price they could expect to be sold for. The valuation used at year end is taken from the investment fund statement provided by the fund manager.

7. DEBTORS, PREPAYMENTS AND ACCRUED INCOME

DEBTORS, PREPAYMENTS AND ACCRUED INCOME
Sale of Christmas cards
Sale of Christmas trees
Income tax recoverable
Church hall rental income		 2020
£
-
-
-
-
-		 2019
£
600
2,372
910
600
4,482

The income tax recoverable relates to Gift Aid claims that were made subsequent to the year end. As at the 31 December 2020, there was minimal Gift Aid outstanding to be re-claimed (2019: £910). The sale of Christmas trees in the Church grounds provides an income to the PCC and the amounts due in relation to this were received in full during 2020.

8(a) LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR

LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals:
Roof repairs
Deferred rental income
After date invoices
Other
Insurance proceeds		 2020
£
17,890
1,206
-
36
-
19,132		 2019
£
-
-
1,224
36
4,192
5,452

The roof repairs accrual of £17,890 (2019: nil) reflects the estimated costs of the works to be performed as at the end of 2020. The roof repairs work is expected to be undertaken in 2021. The deferred rental income of £1,206 (2019: nil) related to property rental income received in December 2020 that related to January 2021 and has been recognised as deferred income.

£1,224 was accrued for invoices relating to 2019 and were paid in January and February 2020. The insurance proceeds recognised in 2019 relates to a claim that was made by the church with regards to building repairs. The insurance proceeds accrued in 2019 were released to the income statement in 2020 against the expenditure to which it related.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

8(b) LIABILITIES: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR 2020 2019
£ £
Loan from the Diocese of London 5,282 6,947

In February 2016 the PCC entered into a loan agreement with the Diocese of London for £10,000. The loan is interest free and has been recognised on the balance sheet at its notional value. The loan was initial to be repaid within 60 months of the draw down date. However, the terms were altered with the repayment of the loan beginning in March 2018 and £138.75 will be taken on the 1[st] of the month until the final payment is requested.

9(a) ANALYSIS OF NET ASSETS BY FUND

Unrestricted
Restricted
Funds
Funds
£
£
Fixed assets
9,446
-
Cash at bank and on deposit
125,977
19,901
Current liabilities
(3,242)
(15,890)
Creditors due in more than 1 year
(5,282)
-
Fund balance
126,899
4,011		 Total
£
9,446
145,878
(19,132)
(5,282)
130,910

9(b) FUND DETAILS

The Restricted Fund comprise the funds held on account for the Friends of Christ the Saviour of £4,197 (2019: £3,954). The Friends of CTS is a community group that was set up by members of the church in 2014. These funds are to be spent on the fabric of the church in accordance with the constitution. There is a balance of £2,800 included in the restricted fund from a legacy left by David Birt in relation to his wife. The Church also received a grant of £2,000 from the Citizens UK charity. The grant is to be spent by the church on promoting the work of Citizens UK in the community and £1,450 of this was provided in grants during 2020 leaving a balance of £550. A grant of £5,000 was also included within the restricted funds which was to be used to fund the fit out of the community centre. This was utilised over the course of 2020.

During 2020, the PCC received a grant of £11,918 to fund essential roof repairs. The roof repair works took place in the first quarter of 2021, and £15,980 has been accrued against the restricted fund being an estimate of the costs associated with this work that will be covered in full by a grant from Historic England. This has resulted in a deficit of £4,062. This represents the amount the PCC expects to be received under the grant once the roof repairs are completed in 2021.

Included in the Unrestricted Fund is a ‘designated’ music fund with a balance of £4.

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PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR

INDEPENDENT EXAMINER’S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF CHURCH OF CHRIST THE SAVIOUR FOR THE YEAR ENDED 31 DECEMBER 2020

This report on the financial statements of the Parochial Church Council (PCC) for the year ended 31 December 2020, which are set out on pages 7 to 16, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (‘the Regulations’) and s.145 of the Charities Act 2011 (‘the Act’ ).

Respective responsibilities of the PCC and the Examiner

As the members of the PCC you are responsible for the preparation of the financial statements; you consider that the audit requirement of the Regulations and section 144(2) of the Act does not apply. This report is issued on the in accordance with the terms of the Regulations.

Basis of this report

My examination was carried out in accordance with the General Directions given by the Charity Commission and the Church Accounting Regulations 2006 edition. An examination includes a review of the accounting records kept by the PCC and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters and the disclosure of them. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to the those matters set out in the statement below.

Independent Examiner’s statement

In connection with my examination, no matter has come to my attention which gives me cause to believe that in, any material respect:

I 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.

Ian McDonald

Dated: 5[th] May 2021

80 Oaklands Road Hanwell London W7 2DU

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