CHARITY REGISTERED NUMBER:1164999
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
NOEL & CO.
CHARTERED ACCOUNTANTS 4 PARLIAMENT CLOSE PRESTWOOD GREAT MISSENDEN BUCKINGHAMSHIRE HP16 9DT
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
LEGAL AND ADMINISTRATIVE INFORMATION
| Registered Charity Number: | 1164999 |
|---|---|
| Trustees: | |
| Ex Officio: All Licenced Clergy of the Parish (Four) | |
| Churchwardens elected for the year at the annual Vestry Meetin (Two) | |
| Members of the Deanery Synod elected for the triennium by the Annual | |
| Parochial Church Meeting (Four) | |
| Members of the Diocesan Synod of the Electoral Roll of the Parish (None) | |
| Members of the General Synod on the Electoral Roll of the Parish (None) | |
| Registered Office: | 92 Vassall Road |
| London SW9 6JA | |
| Accountants: | Noel & Co. |
| Chartered Accountants | |
| 4 Parliament Close | |
| Prestwood | |
| Great Missenden | |
| Buckinghamshire | |
| HP16 9DT |
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON FOR THE YEAR ENDED 31 DECEMBER 2020
CONTENTS
| Page | |
|---|---|
| Charity - Examiners report | 1 |
| Trustees' report | 3 |
| Balance sheet | 6 |
| Statement of financial activities | 7 |
| Schedule of funds | 8 |
| Notes | 9 |
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
FOR THE YEAR ENDED 31 DECEMBER 2020
I report on the accounts which are set out on pages 6 to 13
Respective responsibilities of the Council and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
The trustees who are also directors of the company for the purpose of
Examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all 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 those matters set out in the statement below.
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 charity 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.
Page 1
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
........................................ Dated: April 2021
Noel & Co. Chartered Accountants 4 Parliament Close Prestwood
Great Missenden Buckinghamshire HP16 9DT
Page 2
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
REPORT OF THE COUNCIL
FOR THE YEAR ENDED 31 DECEMBER 2020
The Council present their annual report for the year ended 31 December 2020 under the Charities Act 2011, together with the financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005.
Structure, Governance and Management
Organisation
The Parochial Church Council of St John the Divine with St James the Apostle Kennington registered as a charity with the Charities Commission in England and Wales on 30th December 2015. The registered charity number is 1164999.
The Church is governed by the Parochial Church Council.
Members of the Council are:
Ex Officio: All Licenced Clergy of the Parish (Four) Churchwardens elected for the year at the annual Vestry Meeting (Two) Members of Deanery Synod elected for the triennium by the Annual Parochial Church Meeting (Four) Members of the Diocesan Synod on the Electoral Roll of the Parish (None) Members of General Synod on the Electoral Roll of the Parish (None)
Elected members
Twelve other members proposed and elected by the Annual Parochial Church Meeting
The Parochial Church Council has appointed a Treasurer and Secretary from its number. The Treasurer for 2020 was Mr Mark Dickinson and the Secretary, Mr Nicholas Hodgson. The Incumbent is the Chairman of the Council, and the Council appointed Ms Venessa Denny, Churchwarden, as Vice-Chairman of the Council. The Council reserves the right to co-opt members who might have a particular contribution to make.
The Council meets six times a year, and delegates some business to Finance, Pastoral, Social and Buildings subcommittees. The standing Committee of the Council comprises the Incumbent, Treasurer, Secretary and Churchwardens, and meets as necessary.
Risk policy
The Council has examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Objectives and activities
Page 3
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
REPORT OF THE COUNCIL (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
The objects of the Council are the furtherance of the mission and ministry of the Church of England in the Benefice of St John the Divine with St James the Apostle, Kennington, including within the Parish schools, St John the Divine Primary School and Saint Gabriel's College.
The Council has paid due regard to guidance issued by the Charities Commission the charity in deciding what activities the charity should undertake.
Achievements and performance
During the year the PCC has continued to extend its work with children and young people, most notably through music, but also incorporating the Parish schools. By necessity due to Covid this has been largely by virtual meetings. The church has responded well to the challenges of Covid and developed an enhanced online ministry through Facebook and You Tube channels as well as in person pastoral care within the Covid constraints. Considerable investment in enhanced audio visual capability has been made which will be useful as we emerge from Covid restriction. In addition to music ministry, online groups have sustained work with teenagers and young adults. Involvement with Citizens UK, a community organising network has continued to be a vehicle to improve community institutions. The lunch and exercise club for seniors has paused, and whilst the Robes project for rough sleepers has reverted to hotel accommodation, the parish has supported this work with essential provisions. Enhancing accessible community space is an ongoing priority for the PCC with ongoing partner discussions.
Financial review
Net incoming resources for the year were £15,065. Two exceptional events contributed to this apparent net surplus: £29,000 of grants that were received in 2020 but are intended for activities in 2021, and a £14,748 increase in the market value of investments, which we cannot expect to be repeated. Absent these exceptional factors, net incoming resources would have been substantially negative, at around -£29,000. This large underlying deficit was a result of the pandemic, which has led to a £26,950 fall in donations and grants relative to 2019, and a reduction in income from hiring the Church and Community Centre. One employee was placed on government funded furlough from March 2020 onwards and the contract of one staff member was terminated, reflecting a reduction in the church’s activities resulting from the pandemic. The COVID restrictions led to reductions in some expenditure items (notably Children’s Choirs residentials), and increases in others (including audio visual equipment for webcasting services). Expenditure on property maintenance in 2020 increased by £7,170 relative to 2019. There was no expenditure on the Community Centre development project in 2020. Funds previously accrued for Saint Gabriel's College Chapel have now been spent. No legacy income was received. No investments were sold in 2020, and £12,000 investments were purchased.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.
Plans for future periods
With the encouragement of the Diocese of Southwark, the Parish continues to work towards the development of a new community centre and associated accommodation, and an organ project. With the disruption in activity as a result of the pandemic, significant outreach work is envisaged in the short to medium term. This will be supported with an additional pastoral assistant in a scheme working with the Society of the Sacred Mission. Opportunities for greater collaboration across the range of music at the church will also be developed.
Page 5
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
REPORT OF THE COUNCIL (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting and reporting responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees 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 these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently; -observe the methods and principles in the Charities SORP 2015 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which 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, the Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed. 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.
Approved by the trustees on 20 April 2020 signed on its behalf by:
..................................................... Mr Jeremy Martin Trustee
Page 5
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
BALANCE SHEET
AT 31 DECEMBER 2020
| Note | 2020 | 2019 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Tangible fixed assets | |||||
| Tangible assets | 5 | 80,000 | 80,000 | ||
| Investments | 6 | 172,458 | 145,710 | ||
| ––––––– | ––––––– | ||||
| 252,458 | 225,710 | ||||
| Current assets | |||||
| Debtors | 7 | 20,350 | 24,000 | ||
| Bank Accounts | 51,535 | 60,928 | |||
| ––––––– | ––––––– | ||||
| 71,885 | 84,928 | ||||
| Creditors | |||||
| Amounts falling due within | |||||
| one year | 8 | 6,759 | 8,119 | ||
| ––––––– | ––––––– | ||||
| Net current assets | 65,126 | 76,809 | |||
| ––––––– | ––––––– | ||||
| Total assets less current liabilities | 317,584 | 302,519 | |||
| ––––––– | ––––––– | ||||
| Net assets | £317,584 | £302,519 | |||
| ––––––– | ––––––– | ||||
| Capital funds | |||||
| Restricted funds | 55,474 | 36,768 | |||
| Unrestricted funds | 262,110 | 265,751 | |||
| ––––––– | ––––––– | ||||
| Total funds | £317,584 | £302,519 | |||
| ––––––– | ––––––– |
Approved by the trustees on 19 April 2021 and signed on its behalf. ................................................... Mr Mark Dickinson
The annexed notes form part of these financial statements.
Page 6
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrest'd Funds £ Incoming resources Incoming Resources from generated funds: Voluntary income 119,774 Investment income 18,487 ––––––– 138,261 Other incoming resources 101,590 ––––––– Total incoming resources 239,851 ––––––– Resources expended Costs of charitable activities 234,321 ––––––– Total resources expended 234,321 ––––––– Net movement in funds 5,530 Gross transfers between funds (9,171) Total funds brought forward £265,751 ––––––– Total funds carried forward £262,110 ––––––– |
Rest'd Total Total Income Funds Funds Funds 2020 2019 £ £ £ 75,507 195,281 216,459 0 18,487 23,004 ––––––– ––––––– ––––––– 75,507 213,768 239,463 0 101,590 120,895 ––––––– ––––––– ––––––– 75,507 315,358 360,358 ––––––– ––––––– ––––––– 65,972 300,293 320,577 ––––––– ––––––– ––––––– 65,972 300,293 320,577 ––––––– ––––––– ––––––– 9,535 15,065 39,781 9,171 0 0 £ 36,768 £302,519 262,738 ––––––– ––––––– ––––––– £ 55,474 £317,584 £302,519 ––––––– ––––––– ––––––– |
|---|---|
Details of Incoming resources and resources used are given in the notes to the financial statements.
Page 7
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
STATEMENT OF FINANCIAL ACTIVITIES
DETAILED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Unrestricted Funds | |||||
| Balance B/fwd | 265,751 | 233,477 | |||
| Surplus for the year | 5,530 | 51,822 | |||
| Transfer to another heading | (9,171) | (19,548) | |||
| ––––––– | ––––––– | ||||
| 262,110 | 265,751 | ||||
| Mission Giving | |||||
| Voluntary Income from generated funds | 2,670 | 3,352 | |||
| Costs of charitable activities | (7,248) | (6,462) | |||
| Transfer to another heading | 4,578 | 3,110 | |||
| ––––––– | ––––––– | ||||
| 0 | 0 | ||||
| Clergy housing and St Gabriel’s College Chapel | |||||
| Opening Balance | 11,119 | 9,000 | |||
| Voluntary Income from generated funds | 56,597 | 35,136 | |||
| Costs re charitable activities | (50,820) | (41,110) | |||
| Transfer to another heading | 4,593 | 8,093 | |||
| ––––––– | ––––––– | ||||
| 21,489 | 11,119 | ||||
| Children's Choir | |||||
| Opening Balance | 1,878 | 0 | |||
| Voluntary Income from generated funds | 10,240 | 22,247 | |||
| Cost of charitable activities | (4,415) | (20,369) | |||
| ––––––– | ––––––– | ||||
| 7,703 | 1,878 | ||||
| Organ Scholarship | |||||
| Opening balance | 23,771 | 20,261 | |||
| Voluntary Income from generated funds | 6,000 | 9,000 | |||
| Costs of charitable activities | (3,489) | (5,490) | |||
| ––––––– | ––––––– | ||||
| 26,282 | 23,771 | ||||
| ––––––– | ––––––– | ||||
| Total funds at 31 December 2020 | £317,584 | £302,519 | |||
| ––––––– | ––––––– |
Page 8
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical convention (modified to include certain items at fair value). The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at estimated historic cost less depreciation. No depreciation is provided due to the Council's opinion that the estimate of historic cost is significantly below current market value.
Page 9
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees for particular purposes. the aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. the cost of raising and administering such funds are charged against the specific fund. the aim and use of each restricted fund as set out in the notes to the financial statements.
Investments
Fixed asset investments are stated at market value.
2. Staff costs
| Administration | 2 | 2 |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Salaries | 21,479 | 19,508 |
| Social Security costs | 310 | 0 |
| –––––– | –––––– | |
| £21,789 | £19,508 | |
| –––––– | –––––– |
No employee earned more than £60,000 in the year. During the year the charity received £6,480 from the Government furlough scheme. This is included in Other Income.
3. Investment Income
| Investment Income | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Investment income | 3,739 | 3,519 |
| Unrealised Gains on Investments | 14,748 | 19,485 |
| –––––– | –––––– | |
| £18,487 | £23,004 | |
| –––––– | –––––– |
Page 10
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
- Tangible fixed assets
| Land | Plant | |||
|---|---|---|---|---|
| and | and | |||
| Buildings | Machinery | Total | ||
| £ | £ | £ | ||
| Cost: | ||||
| At 1 January 2020 | 10,000 | 70,000 | 80,000 | |
| –––––– | –––––– | –––––– | ||
| At 31 December 2020 | 10,000 | 70,000 | 80,000 | |
| –––––– | –––––– | –––––– | ||
| Net book value: | ||||
| At 31 December 2020 | £10,000 | £70,000 | £80,000 | |
| –––––– | –––––– | –––––– | ||
| At 31 December 2019 | £10,000 | £70,000 | £80,000 | |
| –––––– | –––––– | –––––– | ||
| 5. | Fixed asset investments | |||
| 2020 | 2019 | |||
| £ | ||||
| £ | ||||
| Market value 1 January 2020 | 145,711 |
116,226 | ||
| Additions at cost | 12,000 | 10,000 | ||
| Increase in market value during the year | 14,747 | 19,485 | ||
| –––––– | –––––– | |||
| Market value 31 December 2020 | 172,458 | 145,711 | ||
| –––––– | –––––– | |||
| 6. | Debtors and prepayments | |||
| Amounts falling due within one year: | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Prepayments and Accrued Income | 20,350 | 24,000 | ||
| –––––– | –––––– |
Page 11
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
7. Creditors
Amounts falling due within one year:-
| Sundry Creditors |
2020 £ 6,759 ––––––– £ 6,759 ––––––– |
2019 £ 8,119 ––––––– £ 8,119 ––––––– |
|---|---|---|
| 8. | Incoming resources | ||||
|---|---|---|---|---|---|
| Rest'd | |||||
| Unrest'd | Income | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Voluntary income | |||||
| Donations and Grants | 119,774 | 0 | 119,774 | 146,724 | |
| Organ Studentships | 0 | 6,000 | 6,000 | 9,000 | |
| Organ Project | 0 | - | - | 1,080 | |
| St Gabriel’s College Chapel | 0 | 10,930 | 10,930 | 9,840 | |
| Mission Giving | 0 | 2,670 | 2,670 | 3,352 | |
| Clergy Housing/Ministry | 0 | 41,972 | 41,972 | 19,955 | |
| Other | 0 | 3,695 | 3,695 | 4,261 | |
| Children’s Choirs | 0 | 10,240 | 10,242 | 22,247 | |
| ––––––– | ––––––– | ––––––– | ––––––– | ||
| 119,774 | 75,507 | 195,281 | 216,459 | ||
| ––––––– | ––––––– | ––––––– | ––––––– | ||
| Investment income | |||||
| Investment income | 3,739 | 0 | 3,739 | 3,519 | |
| Unrealised Gains | 14,748 | 0 | 14,748 | 19,485 | |
| ––––––– | ––––––– | ––––––– | ––––––– | ||
| 18,487 | 0 | 18,487 | 23,004 | ||
| ––––––– | ––––––– | ––––––– | ––––––– | ||
| Other incoming resources | |||||
| Other income | 12,302 | 0 | 12,302 | 10,099 | |
| Rent receivable | 89,288 | 0 | 89,288 | 110,796 | |
| ––––––– | ––––––– | ––––––– | ––––––– | ||
| 101,590 | 0 | 101,590 | 120,895 | ||
| ––––––– | ––––––– | ––––––– | ––––––– |
Page 12
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2019
ST JOHN THE DIVINE
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
9. Costs of charitable activities
| 2020 2020 £ £ Parish Support Fund 79,000 Projects, Mission and Ministry 7,720 Music 26,838 Staff 24,834 Property 55,419 Utilities and Insurance 32,190 Office and Support 7,320 Independent Examiner fees 1,000 Mission Giving 7,248 Ministry, Clergy Housing and Special Projects 31,875 St Gabriel’s Chapel 18,945 Organ Studentship 3,489 Children’s Choirs 4,415 Development Project - ––––––– 300,293 ––––––– Restricted Funds 1 January 2020 Income Expenditure 31 And transfers £ £ £ Organ Studentships 23,771 6.000 4,489 St Gabriel’s Sanctuary 7,030 10,930 18,945 St Gabriel’s Sanctuary Transfers (985) Mission Giving 0 2,670 7,248 Mission Giving transfer (4,578) Organ Fund 2,080 0 0 Other 2,009 3,695 5,119 Other Transfer (3,608) Clergy Housing/Ministry 0 25,112 21,696 SSM Grant for Pastoral assistant 0 16,860 5.060 Children’s Choirs 1,878 10,240 4,415 ––––––– ––––––– ––––––– Totals 36,768 75,507 65,972 Less: Transfer from Unrestricted Funds (9,171) ––––––– ––––––– ––––––– |
2019 £ 76,000 20,903 24,147 20,149 48,249 34,586 13,317 1,450 6,462 30,300 10,810 5,490 20,369 8,346 ––––––– 320,577 ––––––– December 2020 £ 26,282 0 0 0 2,080 4,193 3,416 11,800 7,703 ––––––– 55,474 ––––––– |
|---|---|
10. Restricted Funds
Organ Studentships is a fund to be used for organ tuition for young people. Mission Giving is a fund used for donations received and paid for good causes. The Organ fund is for future expenditure on the Organ.
St Gabriel’s Chapel fund is to meet future costs of the new St Gabriel’s College Chapel. The
ST JOHN THE DIVINE & ST JOHN THE APOSTLE, KENNINGTON
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2019
Clergy Housing fund is used to provide accommodation for a member of the clergy team. The Children’s Choir fund is to meet expenses connected with the Children’s Choir. This includes £10,000 from the Pastoral Trust Fund, and £1,000 from the Peter Rose Trust.
11. Net Assets between Funds
| Unrestricted funds Designated funds | Unrestricted funds Designated funds | Restricted funds | Total funds | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Tangible fixed assets | ||||
| Tangible assets | 80,000 | 0 | 80,000 | |
| Investments | 172,458 | 0 | 172,458 | |
| Current assets | 16,411 | 0 | 55,474 | 71,995 |
| Creditors | ||||
| Amounts falling due within | ||||
| one year | (6,759 | 0 | 0 | (6,759) |
| Net assets | 89,652 | 172,458 | 55,474 |
317,584 |
The Designated fund are those amounts designated by the Council to provide income for the future activities of the Church.