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2021-12-31-accounts

Charity Registration Number: 1176157

THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE DEPTFORD

ACCOUNTS

FOR THE YEAR TO 31 DECEMBER 2021

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

The following served on the parochial church council during the year to 31 December 2021:

Ex Officio:

Vicar Revd Louise Codrington-Marshall Churchwardens Maureen Vitler Hope Moss Azuka Egboh Eleanor Smith (from 16 May 2021. Elected member to 15 May 2021) Deanery Synod Representatives Colin Moss Letitia Addae-Kodua (to 16 May 2021) Elected Members Jennifer Morgan Nick Uche Alim Pauline Watkins Kay Ingledew Ayodele Aliu Co-opted Mark Gregory (from 7 June 2021) 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 Examiners 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 2021

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 2021 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

The number of church members on the electoral role increased to 66, compared with the last role that was compiled in 2019. (Due to the Covid-19 pandemic the Church Electoral Roll was not updated in 2020). The PCC is pleased to see this significant increase in church membership, despite the challenges presented by the Covid-19 pandemic.

Church activities

The PCC met eight times during the year to 31 December 2021, including one emergency meeting to address the scaffolding situation at St Luke’s and one additional meeting to conclude business carried over from the previous scheduled meeting. All were held on Zoom due to the pandemic. 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. The church reopened for Sunday worship in March, with social distancing and Covid protocols in place to keep those attending safe. When normal activities were not possible due to the pandemic these were replaced with 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.

2

Annual Report for the year ended 31 December 2021 (Continued)

Church activities (cont.)

For the first time since 2019 it was possible to elect new members onto the PCC. The existing churchwardens were all re-elected as it was felt important to have experienced churchwardens to provide stability and support through the pandemic.

St Luke’s Redevelopment: The redevelopment plans require Lewisham council’s consideration before detailed planning permission can be sought, and this has been delayed due to the pandemic. The PCC concentrated therefore on areas that were within its control and needed to be progressed, such as clearance of the building, moving items to St Nicholas for storage and ensuring that the building remained safe. In particular, the need ensure that the scaffolding was fit for purpose and was inspected in line with legal requirements was addressed by the PCC, assisted by Tim Gough (church architect). We welcomed Eric Williamson from the Diocese of Southwark and Tim Gough to the July meeting. Eric explained his role in assisting with projects and property developments, and updated the PCC on dialogue with Jubilee Resources and Lewisham Council to gain support for the plan to redevelop St Luke’s.

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. This included repairs to the church roof and guttering, as there have been significant leaks in wet weather.

Financial Review

As detailed in the accounts, expenditure for the year from unrestricted funds exceeded income by £18,127. This is compared with a deficit of £20,781 in 2020.

The decrease in the underlying deficit reflects increased collections at services, as the church reopened after the lockdown, as well as lower utility costs and telephone expenditure due to correction of prior year charges, partly offset by higher church maintenance expenditure as repairs were deferred from 2020 to 2021 because of Covid.

Investments

The policy of the PCC is to invest surplus funds not immediately required to meet foreseeable operating requirements in charity-specific investment funds. The overriding investment objective is to provide the best investment return within an acceptable level of risk. Specific, quantified investment returns have not been established, but the PCC aims to protect the long-term capital value of the investment assets whilst providing a long-term investment stream.

The performance of the selected investment funds is monitored regularly, and should there be any concerns the PCC may elect to invest in different funds. Any such decision would be taken in consultation with the Diocese of Southwark, who act as custodian trustee of the invested assets.

In 2021 Investment income amounted to £30,329 (2020: £29,902). The value of investments increased by £142,334 to £1,109,742 in the year to 31 December 2021, primarily reflecting the movement in equity markets during the year.

3

Annual Report for the year ended 31 December 2021 (Continued)

Fund balances

The balance of unrestricted PCC funds at 31 December 2021 was £1,101,166 and restricted funds amounted to £34,558, giving a total funds balance at the end of the year of £1,135,724 compared with £1,010,822 the year before

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 2021 the free reserves amounted to £16,632 which equates to 3 months' expenditure. (2020: £25,731 representing 5 months' expenditure). The PCC is concerned by the rate of decline in free reserves seen in recent years and it is likely that it will be necessary to sell unrestricted investments within the next one to two 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 parish.

[signed by]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Revd Louise Codrington-Marshall – Vicar

Approved by the PCC on 9 May 2022 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 2021

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:

b) observe the methods and principles in the Charities SORP;

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 Parochial Church Council of St Nicholas and St Luke, Deptford I report to the trustees on my examination of the financial statements of The Parochial Church Council of St Nicholas and St Luke, Deptford I'the £hariVI for the year ended 31 December 2021 which comprise the Ststement of Financial Activities, the Balance Sheet and related notes. Thls report is made solely to the chariws trustees. as a body. in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the tharity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permStted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustee5 as a body, for my work. for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Art'l. I report in respect of my examination of the charitvs financial statements carried out under sedion 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commisslon under section 14515llbl of the Aci. An independent examination doe5 not involve 8athÈring all thè 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 conduct of an audit goes beyond the limited assurance that an independent examination tan 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 specific matters set out in the independent examinerfs statement. Independent èxaminer'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 reeords were not kept in respect of the charity as required 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 content of a¢¢ounts set out in the Charities IAccounts and Report51 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 conceins and have come across no other matters In connection with the examination to which attention should be drawn in this report in ordei to enable a proper understanding of the financial statements to be rparhpd. Timothy Sullivan FCA Field Sullivan ￿rnited- Chartered Accountants 70 Royal Hill London SEIO 8RF Date: Field Sullivan Limited Registered in England no. 8024052

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021
Total funds carried forward
at 31 December 2021
Net income
Net gains on investments		 Notes
2
3
4
5
9		 Unrestricted
Funds
2021
£
14,092
826
29,473
44,392
62,519
62,519
(18,127)
138,189
120,062
120,062
981,104
1,101,166		 Restricted
Funds
2021
£
-
-
856
856
161
161
695
4,145
4,840
4,840
29,718
34,558		 TOTAL
FUNDS
2021
£
14,092
826
30,329
45,248
62,680
62,680
(17,432)
142,334
124,902
124,902
1,010,822
1,135,724		 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

7

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPFORD

BALANCE SHEET AT 31 DECEMBER 2021

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
Creditors: amounts falling due after one year
NET ASSETS
13
REPRESENTED BY VALUE OF FUNDS
General Funds
14
Designated Funds
14
Total Unrestricted Funds
Restricted Funds
14		 4,659
8,707
14,457

Approved by the Parochial Church Council on 9 May 2022 and signed on their behalf

[signed by] [signed by] Revd Louise Codrington-Marshall – Vicar Mark Gregory – PCC Treasurer

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 2021

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 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 Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102) – Second edition October 2019. They also comply with the Charities Act 2011. 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:

Other income

Investment income

9

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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.

(vi) Fixed assets

Consecrated property and moveable church furnishings:

(vii) Current assets

(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 2021

2 Donations and Legacies
Planned giving - Standing Orders
Other Planned Giving
Income tax recoverable
Collections at all services
Other donations
3 Income from Charitable Activities
Church activities
Leapfrogs
Fees from weddings etc
Miscellaneous Income
4 Investment income
Dividends and interest		 Unrestricted
Funds
£
2,340
4,391
2,230
4,226
905
14,092
Unrestricted
Funds
£
118
450
258
826
Unrestricted
Funds
£
29,473
29,473		 Restricted
Funds
£
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
856
856		 TOTAL
FUNDS
2021
£
2,340
4,391
2,230
4,226
905
14,092
TOTAL
FUNDS
2021
£
118
450
258
826
TOTAL
FUNDS
2021
£
30,329
30,329		 TOTAL
FUNDS
2020
£
2,490
2,948
825
1,618
2,102
9,983
TOTAL
FUNDS
2020
£
144
86
-
230
TOTAL
FUNDS
2020
£
29,902
29,902

11

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

5 Charitable activities
Unrestricted
Funds
£
Church activities
Missionary and Charitable Giving
1,339
Ministry Costs
Parish Share paid to Diocese
24,000
Other ministry costs
194
24,194
Children's and youth activities
16
Church running expenses
Upkeep of services
548
Covid-19 health and safety measures
430
Electricity/gas/water
941
Music and books
493
Insurance
8,687
Stationery/general office expenses
2,709
Hospitality
97
Outsourced office services
6,223
Miscellaneous expenses
319
20,447
Church property expenses
St Nicholas
General maintenance and repairs
3,615
Professional Fees - quinquennnial
-
Cleaning and Garden Maintenance
1,722
Security/Health & Safety
2,582
St Luke
Maintenance and Redevelopment costs
7,120
15,039
Independent examination
1,484
62,519		 Restricted
Funds
£
161
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
161		 TOTAL
FUNDS
2021
£
1,500
24,000
194
24,194
16
548
430
941
493
8,687
2,709
97
6,223
319
20,447
3,615
-
1,722
2,582
7,120
15,039
1,484
62,680		 TOTAL
FUNDS
2020
£
1,072
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
60,215

12

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Staff Costs and Numbers

No staff were employed by the charity in 2021 (2020: 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 2021
Additions
Disposals
Revaluation
At 31 December 2021
Depreciation
At 1 January 2021
Provided in the year
Disposals
At 31 December 2021
0
Net book amounts
At 1 January 2021
At 31 December 2021		 Sound
system
£
15,808
-
-
-
15,808
15,808
-
-

15,808
-
-		 TOTAL
£
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 2021

9
10
**11 **		 Investments
Fixed Asset UK Investments
Movement in year
Brought forward
Revaluation 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		 2021
£
967,408
142,334
1,109,742
Units
133,478.00
40,592.56
1,618.46
2021
£
2,230
-
2,429
4,659
2021
£
352
1,489
1,841		 2020
£
918,849
48,559
967,408
Market value
£
127,178
949,326
33,238
1,109,742
2020
£
825
305
2,879
4,009
2020
£
726
1,400
2,126

12 Commitments under operating leases

At 31 December 2021 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		 2021
£
2,024
1,687
-
3,711
1,363
1,363
341
3,067		 2020
£
2,024
2,024
1,687
5,735
1,363
1,363
1,704
4,430

14

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Analysis of net assets between funds

Fixed asset investments
Current assets
Current liabilities
Net assets at 31 December 2021		 Unrestricted
Funds
£
1,076,504
26,503
(1,841)
1,101,166		 Restricted
Funds
£
33,238
1,320
-
34,558		 Total
£
1,109,742
27,823
(1,841)
1,135,724
14 Movements in funds
Unrestricted funds:
General funds
Long-Term Investments
0.10 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
2021
£
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		 Income
£
-
44,392
44,392
-
-
-
44,392
161
695
-
-
856
45,248		 Expenditure
£
-
(53,491)
(53,491)
(1,908)
(7,120)
(9,028)
(62,519)
(161)
-
-
-
(161)
(62,680)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gain on
revaluation
of investments
£
138,189
-
138,189
-
-
-
138,189
781
3,364
-
-
4,145
142,334		 At
31 December
2021
£
1,076,504
16,632
1,093,136
5,810
2,220
8,030
1,101,166
6,264
26,823
1,350
121
34,558
1,135,724

Designated Funds

Fabric and Maintenance Fund

The PCC designated £10,000 as a fabric and maintenance fund at the beginning of 2019. 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 on the fund represents the amount unspent as at 31 December 2021.

St Luke's Redevelopment Fund

The St Luke's Redevelopment Fund represents the unspent balance of £10,000 ring-fenced by the PCC in 2019 to cover costs associated with the redevelopment of St Luke's Church.

15

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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. The charitable objective is the relief of poverty in the parish.

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-19

The church reopened for Sunday worship in March, resulting in increased income from collections at services compared with the year before, but due to social distancing requirements and other factors, the number of people attending church was generally lower than before the pandemic. Therefore Covid continued to have a negative impact on church finances in 2021. However, because the PCC has cash and unrestricted marketable investments worth over £1,000,000, the pandemic will not have a material impact on the overall financial viability of the church.

16