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:
- 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 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:
- 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 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.
- 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 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**
- **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. 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