Charity Registration Number: 1176157
**THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE DEPTFORD**
## **ACCOUNTS**
**FOR THE YEAR TO 31 DECEMBER 2020**
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
The following served on the parochial church council during the year to 31 December 2020:
|**Ex Officio:**||
|---|---|
|Vicar|Revd Louise Codrington-Marshall|
|Churchwardens|Maureen Vitler|
||Hope Moss|
||Azuka Egboh|
|Deanery Synod Representatives|Colin Moss|
||Letitia Addae-Kodua|
|**Elected Members**|Jennifer Morgan|
||Nick Uche Alim|
||Pauline Watkins|
||Kay Ingledew|
||Eleanor Smith|
||Ayodele Aliu|
|**Co-opted**|Florence Soares|
|**Address**|St Nicholas Church|
||Deptford Green|
||London|
||SE8 3DQ|
|**Bankers**|CAF Bank|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent, ME19 4JQ|
||National Westminster Bank|
||2 Greenwich Church Street|
||London, SE10 9BQ|
|**Independent Examiner**|Field Sullivan|
||Chartered Accountants|
||Neptune House|
||70 Royal Hill|
||London, SE10 8RF|
1
**PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD** Annual Report for the year ended 31 December 2020
## **Reference and Administrative Details**
The parish consists of two churches: St Nicholas, which is situated in Deptford Green and St Luke, which is located at 190 Evelyn Street. St Luke's is not currently used for worship due to major structural defects. The parish is part of the Diocese of Southwark within the Church of England. The correspondence address is Parish Office, St Nicholas Church, Deptford Green, London SE8 3DQ.
The Parochial Church Council (PCC) is a registered charity (no. 1176157).
A list of PCC members for 2020 is shown on Page 1 of the Annual PCC Accounts.
## **Structure, Governance and Management**
The method of appointment of PCC members is set out in the Church Representation Rules. Apart from those who are ex-officio, PCC members are elected to serve for a term of three years. All church members are encouraged to register on the Electoral Roll and stand for election to the PCC.
## **Objectives, Activities and Public Benefit**
St Nicholas and St Luke PCC has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for St Nicholas' and St Luke's Churches. In setting its objectives and carrying out its activities, the PCC has had regard to the Charity Commission's guidance on public benefit.
## **Achievements and Performance**
## _**Church membership**_
Due to the Covid-19 pandemic the Church Electoral Roll was not updated in 2020. There are 48 church members on the Church Electoral Roll which was compiled in 2019. A number of people were away or ill when the roll was collated, so the 2019 figure does not fully reflect the current church membership.
## _**Church activities**_
The PCC met four times during the year to 31 December 2020. The last three meetings were conducted on Zoom, following changes in the church representation rules to allow meetings to take place virtually rather than in-person. The following subjects, reflecting the church's activities, achievements, issues and concerns, and demonstrating the benefit to the community, were discussed:
Covid-19: The impact on church activities and worship was discussed, including ensuring that all government and Church of England guidance was complied with. Sadly, normal church activities had to be curtailed for much of the year, however physical meetings and activities were replaced with regular online services and communication on Whatsapp. Weekly bible study and a Friday night social meeting was held on Zoom, so that the church community remained strong and supported during the pandemic, despite the inability to meet in person.
Protocols were put in place to ensure that when the church was able to reopen either for private prayer or services this was done in a Covid-secure way with the health and safety of church members, visitors and staff being paramount.
2
## Annual Report for the year ended 31 December 2020 (Continued)
## _**Church activities (cont.)**_
Due to the pandemic no elections for PCC members could be held in the year, and the existing terms of PCC members and churchwardens that were due to end were therefore extended by a year, until the 2021 Annual Parochial Church Meeting.
St Luke’s Redevelopment: An application that St Luke’s should be locally listed was put to Lewisham council by members of the local community. Had this application been successful this would have had significant implications for how the church could be redeveloped, however it was turned down. Due to the Covid pandemic, there was limited opportunity to progress on the redevelopment project during the year.
Matters of safeguarding policy were also considered by the PCC. The PCC follows all diocesan safeguarding policies, and safeguarding training has been undertaken by key staff and volunteers.
In addition, the PCC ensured that necessary repairs and maintenance to the church building were carried out. Fortunately, no major items were identified by the quinquennial inspection, however repairs to the leaking roof will need to be carried out as well as repointing and relaying of pavings in the churchyard. These items were not dealt with in 2020 due to Covid-19.
## **Financial Review**
As detailed in the accounts, expenditure for the year from unrestricted funds exceeded income by £20,781. This is compared with a deficit of £16,593 in 2019.
The increase in the underlying deficit partly reflects the impact of Covid-19 in the last three-quarters of the year, as explained below. However, in addition to the consequences of the pandemic there was a decline in income compared with the prior year due to the Evelyn 190 Centre no longer renting part of the St Luke’s building as well as the lack of legacy income in 2020. This income shortfall was partly offset by the fact that no major repair work had to be undertaken on the St Nicholas church building in 2020.
## _**Covid-19 Financial Impact**_
As a result of the church remaining closed, or only open for private prayer, for much of the year, income from giving was only just over half of the previous year’s level. The overall adverse income impact of the pandemic, including lower gift aid and loss of activities from events, is estimated at approximately £11,200.
However, the pandemic also resulted in significant savings in church running costs (including lower cost of services, stationery and heating and lighting expenditure) as well as some ministry cost savings. These savings amounted to close to £8,500, resulting in an estimated net overall negative financial impact of Covid-19 during the year of approximately £2,700.
## _**Investments**_
Investment income amounted to £29,902 in 2020 (2019: £30,680). The value of investments increased by £48,559 in the year to 31 December 2020, primarily reflecting the movement in equity markets during the year.
## _**Fund balances**_
The balance of unrestricted PCC funds at 31 December 2020 was £981,104 and restricted funds amounted to £29,718, giving a total funds balance at the end of the year of £1,010,822, compared with £982,363 the year before.
3
## Annual Report for the year ended 31 December 2020 (Continued)
## **Reserves Policy**
The PCC's policy is to retain at least 6 months' expenditure as free reserves, to meet future shortfalls in income or unexpected expenditure. This excludes amounts that are held as long-term investments in order to generate ongoing income to finance church activities.
As at 31 December 2020 the free reserves amounted to £25,731 which equates to 5 months' expenditure. (2019: £46,512 representing 7 months' expenditure). The PCC is concerned that at the rate of decline in free reserves seen in recent years it is likely that it will be necessary to sell unrestricted investments within the next two to three years to provide working capital, as at the current time it is unrealistic to expect the gap between income and expenditure to be covered by an increase in donations or other income. In the longer term, the redevelopment of St Luke’s is expected to provide significant opportunities to increase church income and re-establish a firm financial footing for the PCC.
____________________________________ [signed by Revd. Louise Codrington-Marshall]
Approved by the PCC on 26 April 2021 and signed on their behalf.
4
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **STATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
The Parochial Church Council are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity Law requires the Parochial Church Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and its financial activities for that period. In preparing those financial statements, the trustees are required to:
- a) select suitable accounting policies and apply them consistently;
b) observe the methods and principles in the Charities SORP;
- c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in operation.
The Parochial Church Council are responsible for keeping proper records that 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
5
FIELD SuLLIVAN•
Independent Examinerfs Report to the Trustees of The Panxhial Church Council of St Nicholas and 5t Luke,
Deptford
report to the trustee5 on my examination of the finanaal statements of The Parochial Church Council of St
Nicholas and St Luke, Deptford I'the chariw) for the year ended 31 December 2020 which comprise the
Statement of Financial Artivities. the Balan Sheet and related notes.
This report is made solely to the chartty's trustees. as a body. in accordance wtth section 145 of the Charities Act
2011. My work has been undertaken so that I might state to the charty's trustees those matters l am required to
state to them in this report and for no other purpose. To the fullest extent permTtted by law, I do not accept or
assume responsibility to anyone other than the charrty and the ch3rtWs trustees as a body, for my worl for this
report, or for the opinions I have fomied.
Responsibilities and basis of report
As the trustees of the charty you are responsible for the preparation of the financial statements in accordan
with the requirements of the Charities Att 20111.the Act'l.
I report in respect of my examination of the charit¢s financial statements carried out under section 145 of the Act
and in carrying out my examination I have followed all the applicable Dirertion5 Biven by the Charity Commission
under Section 1451511bl of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and
consequently does not cover all the matters that an auditor considers in giving their opinion on the financial
statements. The planning and condurt of an audit goes beyond the limtted assurance that an independent
examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true
and fairf view and my report is limited to those specrfic matters set out in the independent examinerfs statement.
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 require(I by section 130 of the Act: or
the financial statements do not accord with those records- or
the financial statements do not comply with the applicable requirements concerning the form and tontent of
accounts set out in the Charities IAccounts and Reports) Regulation5 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 eftable a proper understanding of the financial statements to be
reached.
Tlmothy Sullivan FCA
Field Sullivan Limited- Chartered Accountants
70 Royal Hill
London SEIO 8RF
Date.. /
Field SullDian Urnited R:gi5tered ¥n England no. 8024052
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Income from:**
_Donations and legacies_
_Charitable activities_
_Investments_
**Total income**
**Expenditure on:**
_Charitable activities_
**Total expenditure**
**Net (expenditure)/income**
**before investment gains**
**Net movement in funds**
Total funds brought forward
at 1 January 2020
**Total funds carried forward**
**at 31 December 2020**
**Net gains on investments**
**Net income**|Notes
2
3
4
5
9|Unrestricted
Funds
2020
£
9,983
230
29,063
39,276
60,057
60,057
(20,781)
46,803
26,022
26,022
955,082
981,104|Restricted
Funds
2020
£
-
-
839
839
158
158
681
1,756
2,437
2,437
27,281
29,718|**TOTAL**
**FUNDS**
**2020**
**£**
**9,983**
**230**
**29,902**
**40,115**
**60,215**
**60,215**
**(20,100)**
**48,559**
**28,459**
**28,459**
**982,363**
**1,010,822**|Unrestricted
Funds
2019
£
20,872
9,124
29,857
59,853
76,446
76,446
(16,593)
117,839
101,246
101,246
853,836
955,082|Restricted
Funds
2019
£
1,510
111
823
2,444
1,655
1,655
789
4,094
4,883
4,883
22,398
27,281|TOTAL
FUNDS
2019|
|---|---|---|---|---|---|---|---|
||||||||£
22,382
9,235
30,680|
||||||||62,297|
||||||||78,101|
||||||||78,101|
||||||||(15,804)
121,933|
||||||||106,129|
||||||||106,129
876,234|
||||||||982,363|
7
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPFORD**
## **BALANCE SHEET AT 31 DECEMBER 2020**
|Notes
**Fixed assets**
Tangible fixed assets
8
Investments
9
**Total fixed assets**
**Current assets**
Debtors
10
Cash Deposits with Central Board of Finance
Cash at bank and in hand
Creditors: amounts falling due within one year
11
**Net current assets**
**Total assets less current liabilities**
**NET ASSETS**
13
**REPRESENTED BY VALUE OF FUNDS**
**General Funds**
14
**Designated Funds**
14
**Total Unrestricted Funds**
**Restricted Funds**
14|**4,009**
**33,696**
**7,835**|
|---|---|
|||
Approved by the Parochial Church Council on 26 April 2021 and signed on its behalf
[signed by Revd. Louise Codrington-Marshall]
Vicar
The accompanying notes form a part of these financial statements.
8
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting Policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
- (i) Basis of accounting
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the 2015 Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102.
The financial statements have been prepared under the historical cost convention.
## (ii) Assessment of Going Concern
The Parochial Church Council (PCC) has assessed whether the use of the going concern assumption is appropriate in preparing these accounts. In making this assessment the PCC has specifically considered the Covid-19 pandemic and its potential impact on the operations and finances of the charity. In view of the fact that the charity has unrestricted liquid assets, including cash and marketable securities, equivalent to over 10 years’ expenditure the PCC is confident that the church has adequate resources to operate for the foreseeable future, that there are no material uncertainties over its going concern status and that it can adopt the going concern basis in preparing its financial statements.
## (iii) Fund accounting
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in note 14.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.
## (iv) Incoming resources
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Voluntary income and capital sources:
- Collections are recognised when received by or on behalf of the PCC
- Planned giving under Gift Aid is recognised only when received
- Tax recoverable on Gift Aid donations is recognised when the donation is recognised
- Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain
- Income from fundraising and similar events is accounted for gross.
## Other income
- Rental income from the letting of church premises is recognised when the rental is due
## Investment income
- Interest entitlements are accounted for as they are accrued. Tax recoverable on such income is recognised in the same accounting year.
9
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting Policies (Cont.)**
## (v) Resources expended
Expenditure is accounted for on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
- The diocesan parish share is accounted for when due. Any parish share unpaid at 31 December is provided for in these financial statements as an operational though not a legal) liability and is shown as a creditor in the balance sheet.
## (vi) Fixed assets
Consecrated property and moveable church furnishings:
- Consecrated and beneficed property of any kind is excluded from the accounts by s10(2)a Charities Act 2011.
- No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC which requires a faculty for disposal.
- All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off.
## (vii) 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 uncollectable.
- Short-term deposits include cash held on deposit with the CBF Church of England Funds or at the bank.
## (viii) Investments
Investments held as fixed assets are initially valued at cost on the day of purchase. All investments are then revalued at mid-market price at the year end. The differences in the values of investments at the beginning and end of the year are treated as unrecognised gains or losses and form part of unrestricted reserves. When the investments are sold the difference between the sale proceeds and their value in the books on the date of sale is treated as a recognised gain or loss.
## (ix) Debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the church will not be able to collect all amounts due according to the original terms of the receivables.
- (x) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## (xi) Creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Short-term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
10
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**2 Donations and Legacies**
Planned giving - Standing Orders
Other Planned Giving
Income tax recoverable
Collections at all services
Other donations
Legacy
**3 Income from Charitable Activities**
_Church activities_
190 Centre Rent
Other rental income
Leapfrogs
Fees from weddings etc
Projects and events
Miscellaneous Income
**4 Investment income**
Dividends and interest|Unrestricted
Funds
£
2,490
2,948
825
1,618
2,102
**-**
9,983
Unrestricted
Funds
£
**-**
**-**
144
86
**-**
**-**
230
Unrestricted
Funds
£
29,063
29,063|Restricted
Funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
Restricted
Funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
Restricted
Funds
£
839
839|**TOTAL**
TOTAL
**FUNDS**
FUNDS
**2020**
2019
**£**
£
**2,490**
2,775
**2,948**
3,793
**825**
2,646
**1,618**
6,976
**2,102**
2,125
**-**
4,067
**9,983**
22,382
**TOTAL**
TOTAL
**FUNDS**
FUNDS
**2020**
2019
**£**
£
**-**
4,666
**-**
660
**144**
609
**86**
840
**-**
1,437
**-**
1,023
**230**
9,235
**TOTAL**
TOTAL
**FUNDS**
FUNDS
**2020**
2019
**£**
£
**29,902**
30,680
**29,902 **
30,680|
|---|---|---|---|
11
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**5 Charitable activities**
_Church activities_
Missionary and Charitable Giving
Ministry Costs
Parish Share paid to Diocese
Other ministry costs
Children's and youth activities
Church running expenses
Upkeep of services
Covid-19 health and safety measures
Projects and events
Electricity/gas/water
Music and books
Insurance
Stationery/general office expenses
Hospitality
Outsourced office services
Miscellaneous expenses
Church property expenses
_St Nicholas_
General maintenance and repairs
Professional Fees - quinquennnial
Cleaning and Garden Maintenance
Fire extinguishers/security
_St Luke_
Redevelopment costs
Independent examination|Unrestricted
Funds
£
914
24,000
549
24,549
102
1,072
1,561
-
4,329
719
8,579
5,235
193
6,029
425
28,142
601
1,140
1,477
1,720
-
4,938
1,412
60,057|Restricted
Funds
£
158
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
158|**TOTAL**
TOTAL
**FUNDS**
FUNDS
**2020**
2019
**£**
£
**1,072**
2,214
**24,000**
24,000
**549**
1,912
**24,549**
25,912
**102**
1,050
**1,072**
2,018
**1,561**
-
**-**
1,090
**4,329**
5,374
**719**
1,932
**8,579**
8,227
**5,235**
7,604
**193**
1,401
**6,029**
6,199
**425**
845
**28,142**
34,690
**601**
4,983
**1,140**
-
**1,477**
2,352
**1,720**
3,354
**-**
2,160
**4,938**
12,849
**1,412**
1,386
**60,215**
78,101|
|---|---|---|---|
12
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6 Staff Costs and Numbers**
No staff were employed by the charity in 2020 (2019: nil)
## **7 Transactions with PCC members**
No member of the PCC received any remuneration or expenses.
## **8 Tangible Fixed Assets**
|**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluation
At 31 December 2020
**Depreciation**
At 1 January 2020
Provided in the year
Disposals
At 31 December 2020
0
**Net book amounts**
**At 1 January 2020**
At 31 December 2020|Sound
**TOTAL**
system
£
£
15,808
**15,808**
-
**-**
-
**-**
-
**-**
15,808
**15,808**
15,808
**15,808**
-
**-**
-
**-**
15,808
**15,808**
**-**
**-**
-
-|
|---|---|
13
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
|**9 **
**10 **
**11 **
**12 **|**Investments**
Fixed Asset UK Investments
_Movement in year_
Brought forward
Additions during the Year:
Elizabeth Giles - Donation
Revaluation (Loss)/Gain
_Portfolio details_
Mayfair Property Income Trust for Charities (Unrestricted)
CBF Investment Fund (Unrestricted)
COIF Investment Funds (Restricted)
**Debtors**
Income Tax Recoverable
Other Debtors
Prepayments and Accrued Income
**Creditors: amounts falling due within one year**
Creditors
Accruals
**Commitments under operating leases**|**2020**
£
918,848
-
48,559
967,408
**Units**
133,478.00
40,592.56
1,618.46
**2020**
**£**
**825**
**305**
**2,879**
**4,009**
**2020**
**£**
**726**
**1,400**
**2,126**|2019|
|---|---|---|---|
||||£
796,915
-
121,933|
||||918,848|
||||**Market value**
£
108,331
829,984
29,093|
||||967,408|
||||2019|
||||£
1,749
305
2,651|
||||4,705|
||||2019|
||||£
1,882
2,030|
||||3,912|
|||||
At 31 December 2020 the PCC was committed to making the following total minimum lease payments under non-cancellable agreements in respect of:
|**_Health and safety agreement_**
Payments due within one year
Payments due between one and two years
Payments due between two and five years
**_Office equipment_**
Payments due within one year
Payments due between one and two years
Payments due between two and five years|**2020**
**£**
**2,024**
**2,024**
**1,687**
**5,735**
**1,363**
**1,363**
**1,704**
**4,430**|2019|
|---|---|---|
|||£
2,024
2,024
3,711|
|||7,759|
|||1,363
1,363
3,066|
|||5,792|
14
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **13 Analysis of net assets between funds**
|Fixed asset investments
Current assets
Current liabilities
Net assets at 31 December 2020|**Unrestricted**
**Funds**
**£**
938,315
44,915
(2,126)
981,104|**Restricted**
**Funds**
**£**
29,093
625
-
29,718|**Total**|
|---|---|---|---|
||||**£**
967,408
45,540
(2,126)|
||||1,010,822|
|**14 Movements in funds**
Unrestricted funds:
General funds
Long-Term Investment
Free Reserves
Total general funds
Designated funds:
Fabric and Maintenance fund
St Luke's Redevelopment fund
Total designated funds
Total unrestricted funds
Restricted funds:
Elizabeth Giles fund
Machin's fund
War Memorial fund
Organ Fund
Total restricted funds
Total funds|**At 1 January**
**2020**
**£**
891,512
46,512
938,024
7,718
9,340
17,058
955,082
5,152
20,658
1,350
121
27,281
982,363|**Income**
**£**
-
39,276
39,276
-
-
-
39,276
158
681
-
-
839
40,115|**Expenditure**
**£**
-
(60,057)
(60,057)
-
-
-
(60,057)
(158)
-
-
-
(158)
(60,215)|**Gain on**
**At**
**revaluation**
**31 December**
**Transfers**
**of investments**
**2020**
**£**
**£**
**£**
-
46,803
938,315
-
-
25,731
-
46,803
964,046
-
-
7,718
-
-
9,340
-
-
17,058
-
46,803
981,104
-
331
5,483
-
1,425
22,764
-
-
1,350
-
-
121
-
1,756
29,718
-
48,559
1,010,822|**Gain on**
**At**
**revaluation**
**31 December**
**Transfers**
**of investments**
**2020**
**£**
**£**
**£**
-
46,803
938,315
-
-
25,731
-
46,803
964,046
-
-
7,718
-
-
9,340
-
-
17,058
-
46,803
981,104
-
331
5,483
-
1,425
22,764
-
-
1,350
-
-
121
-
1,756
29,718
-
48,559
1,010,822|
|---|---|---|---|---|---|
||||||**£**
938,315
25,731|
||||||964,046
7,718
9,340|
||||||17,058|
||||||981,104|
||||||5,483
22,764
1,350
121|
||||||29,718|
||||||1,010,822|
## **Designated Funds**
## _**Fabric and Maintenance Fund**_
The PCC designated £10,000 as a fabric and maintenance fund at the beginning of previous year. The amount is equivalent to the total major repair expenditure in the previous five years (2014-2018). The amount was designed to cover potential major repair expenditure identified as a result of the quinquennial inspection of St Nicholas Church carrried out in 2019. The balance at 31 December 2020 is the same as the prior year as no major repairs were carried out in 2020.
## _**St Luke's Redevelopment Fund**_
The St Luke's Redevelopment Fund (designated) represents £10,000 ring-fenced by the PCC in 2019 to cover costs associated with the redevelopment of St Luke's Church, less redevelopment-related professional fees incurred in 2019. No expenditure was incurred related to the redevelopment in 2020.
15
## **PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020**
- **14 Movements in funds** (cont.)
## **Restricted Funds**
## _**Elizabeth Giles Fund**_
The restricted fund known as the "Elizabeth Giles Fund" was created in 2014 when the former Elizabeth Giles Charity donated its assets to the PCC.
## _**Machin's Fund**_
Machin's Fund was created in January 2015 when the assets of the former Thomas Machin's Educational Charity were donated to the PCC. Its purpose is to provide educational benefits to the children in the parish of St Nicholas and St Luke Deptford. A committee consisting of the vicar and the churchwardens determine what grants should be made from this fund.
## _**War Memorial Fund**_
The war memorial fund represents restricted donations made to towards the cost of replacing the lost war memorial at St Luke's Church. A new memorial was originally proposed to be constructed in conjunction with the commemoration of the centenary of the end of the First World War, and relocated to St Nicholas' Church. Subsequently, in line with the wishes of the donors, the work on the memorial has now been deferred so that it can be located at St Luke's once the reconstruction of the church has been completed.
## _**Organ Fund**_
The organ fund represents restricted donations made to support the cost of moving the organ currently at St Luke's Church and relocating it to St Nicholas.
## **15 Covid**
p g Nicholas church building had to be closed until the end of June, when it reopened for private prayer on Sundays. Sunday services resumed in the first week of September with limited numbers. The Covid-19 has had some negative impact on the church finances. However, because the PCC has cash and unrestricted marketable investments worth over £900,000, the pandemic will not have a material impact on the overall financial viability of the church.
16