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2020-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2020

Charity Number: 1165288

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2020

Contents Page
Legal and administrative information
Report of the trustees 1-3
Report of the independent examiner 4
Statement of Financial Activities 5
Balance sheet 6
Notes to the Financial Statements 7-12
Report of Chair of PCC for 2020 13-15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

LEGAL AND ADMINISTRATIVE INFORMATION

Parish Church Council at 31[st] Revd Dr Emmanuel Adeloye - chair December 2020 Miss Winifred Jordan Ms Althea Smith Mrs Janet Helder Miss Linda Smith Mrs Rosemary Hill Mrs Sharon Gabriel Mr Chukwuemeka Nzewi Mrs Maria Gabriel Ms Donna Mortley Ms Ana Baena Mr Luis Vega-Polido Ms Betty-Ann Stultz Mrs Patricia Williams Charity office 10a Meeting House Lane London SE15 2UN Independent Examiner David Barber Jubilee House 10 Moat Sole Sandwich CT13 9AU Accountants Accountancy Aid Ark House 24-26 Cherry Orchard Road Bromley, Kent BR2 8NE

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT OF THE TRUSTEES

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31[st] December 2020. The financial statements comply with the Charities Act 2011, and 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) (effective 1 January 2015).

TRUSTEES

The trustees named on page 1 have served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. New trustees undergo an orientation day to brief them on: their legal obligations under charity law, the Charity Commission guidance on public benefit, and inform them of the content of the governing document and decision-making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Parochial Church Council is formed under the Church of England Assembly (Powers) Act 1919 and Parochial Church Council (Powers) Measure 1956 as amended and is currently regulated by Church Representation Rules Schedule 3 of the Synodical Government Measure 1969 as amended

OBJECTS OF THE CHARITY

The charity has the responsibility of co-operating with the incumbent in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the church buildings

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT OF THE TRUSTEES - continued

RISK REVIEW

The trustees conduct periodic reviews of the major risks to which the charity is exposed and systems and procedures to manage those risks identified are implemented so as to minimise any potential impact on the charity should any of those risks materialise.

RESERVES POLICY

The trustees consider the current level of reserves is sufficient to cover eventualities as they arise.

PUBLIC BENEFIT

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or 'aims' that are for the public benefit. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

PRINCIPAL OBJECTIVES AND ACTIVITIES

The objects of the charity are promoting in the Parish the whole mission of the Church.

ACHIEVEMENTS AND PERFORMANCE

Please see page 13 - Report of Chair of PCC

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT OF THE TRUSTEES – continued

Financial Review

Total income in the year was £79,189 (2019 £93,233) and total expenditure £58,294 (2019 £64,569) During the year expenditure on essential church renovations continued costing £24,290 bringing the cost to £789,217 and this is being carried forward as a tangible fixed asset. The charity has sufficient funds to meet its ongoing obligations.

Parochial Church Council’s Responsibilities

The law applicable to charities in England and Wales requires the Parochial Church Council to prepare financial statements for each financial year, which give a true and fair view of the church’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the Parochial Church Council is required to:

(a) select suitable accounting policies and apply them consistently;

(b) observe the method and principles in the Charities SORP

(c) make judgements and estimates that are reasonable and prudent; (d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business; and (e)state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements. The Parochial Church Council has overall responsibility for ensuring that the church has appropriate systems of control, financial or otherwise. They are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and which enable them to ensure that the financial statements comply with the Charities Act 2011, they are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval This report was approved by the trustees on 6[th] May 2021

Revd Dr Emmanuel Adeloye – Chair of PCC

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT OF THE INDEPENDENT EXAMINER TO THE PCC

I report on the accounts for the year ended 31[st] December 2020, which are set out on pages 5 to 12.

Respective responsibilities of trustees and examiner

As members of the PCC you are responsible for the preparation of the accounts and you 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 required.

It is my responsibility to:

BASIS OF THE INDEPENDENT EXAMINER’S STATEMENT

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 the Trustees concerning 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

In connection with my examination, no matter has come to my attention:

have not been met or

Independent Examiner:

David Barber

David Barber, Jubilee House, 10 Moat Sole, Sandwich, Kent CT13 9AU

6[th] May 2021

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

STATEMENT OF FINANCIAL ACTIVITIES – YEAR ENDED 31[st] DECEMBER 2020

----- Start of picture text -----
Notes Unrestricted Restricted Endowment
Funds Funds Funds 2020 2019
£ £ £ £ £
INCOMING
RESOURCES
Voluntary income 2 23,474 0 0 23,474 34,386
Activities for
generating funds 3 0 0 0 0
Church activities 4 227 0 0 227 1,794
Investment income 5 41,989 0 41,989 35,216
Other incoming
resources 6 13,499 0 0 13,499 21,837
TOTAL 79,189 0 0 79,189 93,233
----- End of picture text -----

----- Start of picture text -----
RESOURCES Notes Unrestricted Restricted Endowment 2020 2019
EXPENDED Funds Funds Funds £ £
Fundraising
trading costs 7 0 0 0 0 0
Church activities 8 62,114 0 0 62,114 60,509
Governance costs 9 3,322 0 0 3,322 4,060
TOTAL 65,436 0 0 65,436 64,569
NET INCOMING
RESOURCES 13,753 0 0 13,753 28,664
Gain (Loss) on
revaluation of 17 0 0 12,359 12,359 22,907
investments
Church renovations 20 782,076 782,076 0
NET MOVEMENT IN FUNDS (768,323) 12,359 (755,964) 56,891
Transfer of funds 19 0 0 0 0 0
Brought forward from previous 1,144,537 4,200 178,977 1,327,714 1,270,823
year
Total funds carried forward 376,214 4,200 191,336 571,750 1,327,714
----- End of picture text -----

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

BALANCE SHEET AS AT 31[st] DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
TOTAL FIXED ASSETS
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
14
TOTAL CURRENT ASSETS
CREDITORS– amounts falling due within
one year:
15
Creditors
TOTAL CREDITORS
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
16
General unrestricted
Restricted funds
Endowment funds
2020
2019
£
£
318
764,928
538,859
526,500
539,177
1,291,428
0
1,133
33,287
36,953
33,287
38,086
714
1,800
714
1,800
32,573
36,286
571,750
1,327,714
376,214
1,144,537
4,200
4,200
191,336
178,977
571,750
1,327,714

Approved by the Parochial Church Council on 6[th] May 2021

Signed on behalf of the Parochial Church Council by:

Revd Dr Emmanuel Adeloye – Chair of PCC

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

NOTES TO THE FINANCIAL STATEMENTS – 31[st] DECEMBER 2020

BASIS OF ACCOUNTING

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2015)', The financial statements have been prepared under the historical cost convention.

1 ACCOUNTING POLICIES

FUNDS

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. (These include funds designated for a particular purpose by the PCC). The purpose of any restricted funds is noted in the accounts.

The accounts include transactions, assets and liabilities for which the PCC can be held responsible. They do not include the accounts of Church Groups that own an affiliation to another body nor those that are informal gatherings of Church members.

INCOME

Voluntary income and capital sources

Collections are recognised when made.

Amounts receivable under covenant are recognised only when honoured by the covenanter. Income tax recoverable on covenanted or Gift Aided donations is recognised when claimable. Grants and legacies are accounted for as soon as the PCC is legally entitled to the amount due.

Funds raised by the fete and similar events are accounted for gross. Other ordinary income

Rental income from letting of Church premises is accounted for when earned. Parochial fees of the PCC for weddings, funerals etc are accounted for when received. Investment income

Dividends and interest are accounted for when due. Tax recoverable on such income is accrued for on the same basis.

APPLICATION OF RESOURCES

Grants

Grants and donations are accounted for when paid.

The Diocesan quota is accounted for when payable and quota unpaid at 31[st] December 2020 is shown as a creditor on the Balance Sheet.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

NOTES TO THE FINANCIAL STATEMENTS – 31[st] DECEMBER 2020 - continued

FIXED ASSETS

Consecrated land and buildings and movable Church furnishings.

Consecrated and beneficed property is excluded from the accounts by section 10(2)(c) of the Charities Act 2011.

No value is placed on movable Church furnishings held by the Churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable Church furnishings, whether maintenance or improvement is written off.

Tangible assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided so as to write off the cost of an asset, less any estimated residual value, over the useful life of that asset as follows:

Office equipment 20% straight line method; Church renovations 0%

CURRENT ASSETS

Amounts owing to the PCC is respect of fees, rents or other income are shown as debtors less any provision for amounts that may prove unrecoverable.

2 Voluntary income

Planned giving
Tax recoverable
Grants and gifts
Collections
Donations and appeals
Unrestricted
Funds
£
13,806
941
0
8,727
0
Restricted
Funds
£
0
0
0
0
0

Endowment
Funds
£
0
0
0
0
0

Total
2020
£

13,806

941

0

8,727
0
Total
2019
£
14,060
4,187
4,200
11,791
148
23,474 0 0 23,474 34,386

3 Activities for generating funds

Fundraising events
4 Church activities
Other
0 0 0 0 0
0
227
0 0 0 0
0 0 227 1,794
227 0 0 227 1,794

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

5 Investment income

Unrestricted
Funds
£
Investment property
income
41,989
41,989
6 Other incoming resources
Legacy and grants
8,043
Dividends received
5,370
Other
86
13,499
7 Fund raising expenses
Cost of events
0
0
8 Church activities
Giving
1,140
Contribution to Diocese
24,600
Repairs and maintenance
13,259
Insurance
3,406
Gas, electricity, water
7,340
Telephone
772
Printing, post, stationery
871
Staff wages
5,395
Waste disposal
1,248
Depreciation
106
Organist fees
2,525
Bank charges
-50
Other costs
1,502
62,114
9 Governance costs
Independent examiner’s
fees
550
Accountancy fees
2,772
Professional fees
0
3,322
Unrestricted
Funds
£
41,989
Unrestricted
Funds
£
41,989
Unrestricted
Funds
£
41,989
Restricted
Funds
£
0
Endowment
Funds
£
0
Total
2020
£
41,989
Total
2019
£
35,216
41,989 0 0 41,989 35,216
0 0 8,043 21,837

Legacy and grants
Dividends received
Other
7 Fund raising expenses
Cost of events
8 Church activities
Giving
Contribution to Diocese
Repairs and maintenance
Insurance
Gas, electricity, water
Telephone
Printing, post, stationery
Staff wages
Waste disposal
Depreciation
Organist fees
Bank charges
Other costs
9 Governance costs
Independent examiner’s
fees
Accountancy fees
Professional fees
5,370 0 0 5,370 0
86 0 0 86 0
13,499 0 0 13,499 21,837
0
0
0 0 0
0 0 0 0 0
1,140
24,600
13,259
3,406
7,340
772
871
5,395
1,248
106
2,525
-50
1,502
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,140
24,600
13,259
3,406
7,340
772
871
5,395
1,248
106
2,525
-50
1,502
3,098
26,826
857
3,115
6,619
1,156
2,690
5,384
1,224
0
3,844
0
5,696
62,114 0 0 62,114 60,509
550
2,772
0
0
0
0
0
0
0
550
2,772
0
500
3,024
536
3,322 0 0 3,322 4,060

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

NOTES TO THE FINANCIAL STATEMENTS – 31[st] DECEMBER 2020 - continued

10 Staff costs

Wages and salaries Unrestricted
Funds
£
5,395
Total
2020
£
5,395
Total
2019
£
5,384
5,395 5,395 5,384

10A Related Party Transactions.

Any amounts paid to PCC Members or to the Incumbent during the year are in reimbursement of expenses incurred solely on activities related to the Parish.

11 Tangible fixed assets

Cost
At 1stJanuary 2020
Additions
At 31stDecember 2020
Depreciation
At 1stJanuary 2020
Charge in the year
Transfer to SoFA
At 31stDecember 2020
Net book value
At 31stDecember 2020
At 31stDecember 2019
12 Investments
Property Springall Street
Bruce McMurray
Memorial Fund
Unrestricted
Funds
£
347,524
0
Church
renovations
£
Office
equipment
£
764,928
4,680
17,148
425
782,076
5,105
0
4,680
0
106
(782,076)
0
0
4,786
0
318
764,928
0
Restricted
Funds
£
Endowment
Funds
£
Total
2020
£
0
0
347,524
0
191,335
191,335
Church
renovations
£
Office
equipment
£
764,928
4,680
17,148
425
Church
renovations
£
Office
equipment
£
764,928
4,680
17,148
425
Church
renovations
£
Office
equipment
£
764,928
4,680
17,148
425
Total
£l
769,608
17,573
782,076 5,105 787,181
0
0
4,680
106
4,680
106
(782,076) 0 (782,076)
0 4,786 4,786
0 318 318
764,928 0 764,928
Endowment
Funds
£
0
191,335
Total
2020
£
347,524
191,335
Total
2019
£
347,524
178,977
347,524 0 191,355 538,859 526,500

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

NOTES TO THE FINANCIAL STATEMENTS – 31[st] DECEMBER 2020 - continued

----- Start of picture text -----
13 Debtors
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2020 2019
£ £ £ £ £
Recoverable Gift Aid 0 0 0 0 1,133
----- End of picture text -----

Recoverable Gift Aid £
0
£
0
£
0
£
0
£
1,133
0 0 0 0 1,133
14 Cash at bank and in hand
PCC Bank Account 1,229 4,200 0 5,429 6,272
Restoration Account 749 0 0 749 9,022
CBF – Deposit Fund 4,729 0 0 4,729 4,729
BM current account
CBF T1169137002465D 22,380 0 0 22,380 16,930
29,087 4,200 0 33,287 36,953
15 Creditors (due within one year)
Short term loan 0 0 0 0 1,300
Accruals 714 0 0 714 500
714 0 0 714 1,800
16 Analysis of net assets by fund
Fixed assets 318 0 0 318 764,928
Investments 347,524 0 191,336 538,859 526,500
Cash at bank 29,087 4,200 0 33,287 36,953
Debtors – gift aid 0 0 0 0 1,133
Creditors -714 0 0 -714 -1,800
376,215 4,200 191,336 571,750 1,327,714
17 net gains (losses) on investments
Bruce McMurray Fund 0 0 12,359 12,359 22,907
0 0 12,359 12,359 22,907

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

NOTES TO THE FINANCIAL STATEMENTS – 31[st] DECEMBER 2020continued

18 Funds

8 Funds
General or unrestricted
funds
Restricted funds
Endowment funds
Brought forward
Incoming
Resources
Resources
Expended
Transfer of
funds
Carried forward
1,144,538
79,189
847,512
0
376,215
4,200
0
0
0
4,200
178,976
12,359
0
0
191,335
1,327,714
91,548
847,512
0
571,750

19 Transfer of Funds

There were no transfers of funds in the year. The balance of Endowment Funds carried forward at 31[st] December 2020 relates to the Bruce McMurray Fund.

20 Church renovations

Extensive renovation and improvement works have now been completed and in accordance with the Church policy that all expenditure incurred on improvements to the building be written off, the sum of £782,076 has been transferred to the Statement of Financial Activities (SoFA).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF S. JOHN CHRYSOSTOM WITH S. ANDREW, PECKHAM

REPORT ON THE ACTIVITY OF THE PCC FOR 2020

The Church continued her work of witness via worship, evangelism and mission. Our Church building continues to offer space and a place for dignified, warm and welcoming worship of Almighty God.

Much of the year was disrupted by the COVID-19 pandemic, resulting in suspension of public worship at certain times. Thanks be to God, during those times of suspension of public worship, we were able to continue our worship via zoom.

The PCC met regularly, with the Standing Committee meeting frequently between PCC meetings, to monitor financial and building issues as well as highlighting any specific issues needed to be considered by the PCC.

The new Sanctuary come Altar project was completed and dedicated by Bishop Christopher at the beginning of the year. Despite a decrease in our income due to the COVID-19 pandemic, we were able to pay our Diocesan pledges up to date. Other financial obligations were met, necessary repairs and maintenance works were carried out.

The audited Accounts show that our income in the year went down a little. This was due to the COVID-19 pandemic. Efforts were made to be prudent in our expenses and we were able to have some surplus.

Thanks are due to all members of the congregation who have taken on various roles both at worship and outside worship. Thanks to our Churchwardens, Treasurer other officers and PCC members, who despite the restrictions of COVId-19, worked tirelessly during the year, for the smooth running of the church.

During the year, the Sunday Academy could not meet due to lack of DBS approved adults to assist in the Sunday Academy. We hope to work towards rejuvenating the Sunday School and the Teenagers’ department very soon. Fr Emmanuel and his wife Temi have begun the process of introducing Boys’ Brigade and Girls’ Brigade meetings at the Church.

The Church supported some charities with donations during the year and will continue to do so as part of her social responsibilities.

As a registered charity, the Church pursues her mission of service through worship, educational support to the local community and cultural activities. Although, the current pandemic disrupted this aspect of our mission considerably in 2020, we hope to work hard to continue this mission in the years ahead.

14

We will continue to make our facilities available as we have done in the past. We will also engage in

The Revd Dr Emmanuel Adeloye, Vicar

Maria Gabriel & Linda Smith, Church Wardens