2022-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of St Nicholas And St Luke Deptford

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Charity Registration Number: 1176157

THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE DEPTFORD

ACCOUNTS

FOR THE YEAR TO 31 DECEMBER 2022

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

The following served on the parochial church council during the year to 31 December 2022:

Ex Officio:

Vicar Revd Louise Codrington-Marshall Churchwardens Maureen Vitler (to 29 May 2022) Hope Moss (to 29 May 2022) Azuka Egboh Eleanor Smith Deanery Synod Representative Colin Moss Elected Members: Nick Uche Alim Ayodele Aliu Mark Gregory (Treasurer) 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 9 Hare and Billet Road Blackheath London, SE3 0RB

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD Annual Report for the year ended 31 December 2022

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 2022 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 roll increased from 66 in 2021 to 88 in 2022. The PCC is pleased to see this increase despite the impact of the pandemic on church attendance.

Church activities

At PCC meetings held during the year, the following subjects, reflecting the church's activities, achievements, issues and concerns, and demonstrating the benefit to the community, were discussed:

Church activities and worship started to return to normal, after the disruption caused by the pandemic. In addition to weekly worship and celebrations of church festivals, special events were held to commemorate her Majesty the Queen’s platinum jubilee, including a party in the church and football match in the church garden. Proceeds from these events were donated to the Bishop of Southwark’s Lent Call. At the end of the year, a New Year’s party was held in church together with a Watch Night service.

Events that took place outside the parish setting included joining the Woolwich Episcopal Area’s pilgrimage to Coventry Cathedral, and participation in the Passion of Jesus performance in Trafalgar Square on Good Friday.

Annual Report for the year ended 31 December 2022 (Continued)

Church activities (cont.)

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 ensuring that building remained safe, and clearance of items contained within the church. The clearance work included a significant amount of effort to clear areas of the building that had previously been occupied by Evelyn 190 Centre, a community charity that had occupied space within the church but which ceased to operate in 2021.

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 St Nicholas church building were carried out. This included repairs to the lightning conductor and electrical repairs.

Financial Review

As detailed in the accounts, expenditure for the year from unrestricted funds exceeded income by £16,932. This is compared with a deficit of £18,127 in 2021.

Although the underlying deficit on unrestricted funds is similar to the previous year, there were some significant variances within individual categories of income and expenditure. Income declined by around £3,000, reflecting a drop of approximately £5,000 in donations, partly offset by higher income from church activities (primarily wedding-related fees). Expenditure was also approximately £3,000 lower than the year before. This reflects a reduction in the parish support payment to the Diocese of £12,000, partly offset by higher church running costs (utility bills, church service expenses and general office expenses).

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 2022 investment income amounted to £31,533 (2021: £30,329). The value of investments decreased by £136,597 in the year to £973,145 at 31 December 2022, primarily reflecting the movement in equity markets during the year.

Fund balances

The balance of unrestricted PCC funds at 31 December 2022 was £951,501 and restricted funds amounted to £31,472, giving a total funds balance at the end of the year of £982,973, compared with £1,135,724 the year before.

Annual Report for the year ended 31 December 2022 (Continued)

Reserves Policy

The PCC's policy is to retain at least 3 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 2022 free reserves amounted to £4,359 which equates to less than 1 month’s expenditure. (2021: £16,632 representing 3 months' expenditure). The PCC is concerned by the rate of decline in free reserves seen in recent years. After the end of the financial year the PCC took the decision to sell £20,000 of long-term investments in order to provide sufficient liquidity to meet shortterm operating needs, as income is not expected to increase significantly in the short term and expenditure is likely to remain at least at a similar level to 2022 for the foreseeable future. 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]

______ Revd. Louise Codrington-Marshall – Vicar

Approved by the PCC on 14 May 2023 and signed on their behalf.

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE. DEPTFORD STATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Parochial Church Council are responsible for preparing the financial statements in accordan with applicable law and United Kingdom Generally Accepted Accounting Pra¢lice. Charity Law requires the Parochial Church Council to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the church and ils financial activities for that period. In preparing those financial stalemenls, the trustees are required lo". al select suitable accounting policies and apply them consislenlly.. bl observe the methods and principles in the Charities SORP., cl make judgements and estimates that are reasonable and prudent., dl slate whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures disclosed and explained in the financial slalements,. el prepare the financial statements on the going concern basis unless il 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 lime the financial position of the church, and which enable them to ensure that the financial statements compty 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.

Independent Examinerf5 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 flnarsclal statements of The Parochlal Church Council of St Nicholas and St Luke, Deptford I'the charily'l for the year ended 310ecember 2022 which cornpri5e the statement of Financial Activitie5, the Balance Sheet and related notes. This report is made 501ely to thè charltfs trtjstees, as a bodyi in accordance with Section 145 of the charitie5 Act 2011. My Work has been undertaken 50 that I might state to the charity's trustees those matters l am required to State to them in this report and for no other purpose. To the fullest extent permitted 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. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accoidance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charitls financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commi55ion under sectlon 14515llbl of the Act. An independent examination does not involve gatherlng all the evldence that would be required in an audit and consequently does not cover all the matters that an auditor consider5 in giving their oplnion on the financial Statement5. The planning and conduct of an audit goe5 beyond the limited a55urance that an independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and falrf view and my report is limited to those Specific matters Set out in the independent examinerfs statement. Independent examlner's ststement I have completed my 2xamination. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material Te5pect'. accounting records were not kept in respect of the charity as required by Section 130 of the Act- oi the financial 5tatement5 do not accord with those records,. or the financial 5tatement5 do not ccmply with the applicable requirements concerning the form antl content of accounts set out in the Charities (Accounts and RepDrtsl Regulations 2008 other than any requirement that the accountg give a 'true and fair view which Is not a matter considered as part Df an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attentlon Should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Klr5ty Nlcholls ACA Field Sullivan Limited- Chartered Accountants 9 Hare & Billet Road London SE3 ORB Date: 18 IS123 Fleld Sullivan Llmlted Reglstered In England no. 8024052

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 Total funds carried forward at 31 December 2022 Net (expenditure)/income Net (losses)/gains on investments	Notes 2 3 4 5 9	Unrestricted Funds 2022 £ 9,231 1,507 30,655 41,393 58,325 58,325 (16,932) (132,733) (149,665) (149,665) 1,101,166 951,501	Restricted Funds 2022 £ - - 878 878 100 100 778 (3,864) (3,086) (3,086) 34,558 31,472	TOTAL FUNDS 2022 £ 9,231 1,507 31,533 42,271 58,425 58,425 (16,154) (136,597) (152,751) (152,751) 1,135,724 982,973	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

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPFORD

BALANCE SHEET AT 31 DECEMBER 2022

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

4,679
733
6,868

Approved by the Parochial Church Council on 14 May 2023 and signed on its behalf

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

The accompanying notes form a part of these financial statements.

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently thr()ughout the year and the preceding year. General Infomiab'on The church is a charity with no share capital domiciled in England and Wales. The 8ddress of the principal Offi is St Nicholas Church. Deptford Green, London SE8 3DQ. The financial statements are prepared in sterling. which is the functional currency of the church. Monetary amounts in these finanaal statements are rounded to the nearest pound. lil Basis of accountin The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stalerment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021 (effective 1 January 20191 (Charities SORP IFRS 1021- Second edition October 20191, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. They also comply wlh the companies Act 2006 and Charities Act 2011. The finanaal statements have been prepared under the historical cost convention. lill Fund accountin Unrestricted funds represent the funds of the PCC that are not subject lo any restrictions regarding their use and are availaNe for the general purposes of the PCC. Funds designated for a particular purpose by the PCC a also unrestricted. Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions ar8 provided in note 13. The financial statements indude all transactions, assets and liabiliites for which the PCC is responsible in law. Thèy do not Indude the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. liiil Incomin resources Donated services and faalities 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 recogni58d only when received Tax iecoverable tsn Gift Aid donations is recognised when the donati(>n is recognised Grants and legacies to the PGC are accounted for as soon as the PCC is notified of its legal entitlement. the amount due is quantifiable and ils ultimate receipt by the PGC is reasonably certain Income from fundraising and similar events is accounted for gross. other income Rent81 InMe from the letting of church premises is re¢ognised when the rental is due Investment income Interest entitlements are accounted for as they are accrued. Tax recoverable on such income is recognised in th8 same accounting year.

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE. DEPTFORD NOTES TO THE FINANCIAL STATEMENTS leontinuèdl FOR THE YEAR ENDED 31 DECEMBER 2022 1. Accounting Policiès (Conti urce ex en Expenditure is accounted for on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully rec()vered, and is reported as part of the expenditure to which it relates. Grants and donations are accounted lor 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 slalemenls as an operational (though not a legall liability and is shown as a creditor in the b818nce sheet. Iv) Fixed assets Consecrated property and moveable church futnishings.. Consecrated and beneficed property of any kind is excluded from the accounts by s1012la Charities Act 2011. No value is placed on moveable churth fumishings 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. Ivil Current assets Amounts owing lo 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 wth the CBF Church of England Funds or at the bank. Iviil LgLLI nv 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 pr(>ceeds and their valLJe in the books on the date of sale is treated as a recognised gain or loss. viiil Debtors Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cosl 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 term5 of the receivables. ix} Cash and cash e uivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments th original Maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wthin borrowings in current liabilities. Trade creditors are recognised initially al 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.

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Donations and Legacies Planned giving - Standing Orders Other Planned Giving Income tax recoverable Collections at all services Fuel Grant Received Other donations 3 Income from Charitable Activities Church activities Leapfrogs Fees from weddings etc Miscellaneous Income 4 Investment income Dividends and interest	Unrestricted Funds £ 2,225 1,393 1,031 2,898 1,400 284 9,231 Unrestricted Funds £ - 1,503 4 1,507 Unrestricted Funds £ 30,655 30,655	Restricted Funds £ - - - - - - - Restricted Funds £ - - - - Restricted Funds £ 878 878	TOTAL TOTAL FUNDS FUNDS 2022 2021 £ £ 2,225 2,340 1,393 4,391 1,031 2,230 2,898 4,226 1,400 - 284 905 9,231 14,092 TOTAL TOTAL FUNDS FUNDS 2022 2021 £ £ - 118 1,503 450 4 258 1,507 826 TOTAL TOTAL FUNDS FUNDS 2022 2021 £ £ 31,533 30,329 31,533 30,329

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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 Cleaning and Garden Maintenance Security/Health & Safety St Luke Maintenance and Redevelopment costs Professional fees Independent examination	Unrestricted Funds £ 992 12,000 591 12,591 10 2,022 - 1,296 4,511 19 9,197 4,759 1,496 6,649 823 30,772 3,473 450 4,582 1,200 1,190 1,440 12,335 1,625 58,325	Restricted Funds £ 100 - - - - - - - - - - - - - - - - - - - - - - 100	TOTAL FUNDS 2022 £ 1,092 12,000 591 12,591 10 2,022 - 1,296 4,511 19 9,197 4,759 1,496 6,649 823 30,772 3,473 450 4,582 1,200 1,190 1,440 12,335 1,625 58,425	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

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Staff Costs and Numbers

No staff were employed by the charity in 2022 (2021: 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 2022 Additions Disposals Revaluation At 31 December 2022 Depreciation At 1 January 2022 Provided in the year Disposals At 31 December 2022 0 Net book amounts At 1 January 2022 At 31 December 2022	Sound TOTAL system £ £ 15,808 15,808 - - - - - - 15,808 15,808 15,808 15,808 - - - - 15,808 15,808 - - - -

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

9 10 11 12	Investments Fixed Asset UK Investments Movement in year Brought forward 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	2022 £ 1,109,742 (136,597) 973,145 Units 133,478.00 40,592.56 1,618.46 2022 £ 1,031 1,248 2,400 4,679 2022 £ 351 2,101 2,452	2021
			£ 967,408 142,334
			1,109,742
			Market value £ 105,701 838,070 29,374
			973,145
			2021
			£ 2,230 - 2,429
			4,659
			2021
			£ 352 1,489
			1,841

At 31 December 2022 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 *Office equipment* Payments due within one year Payments due between one and two years Payments due between two and five years	2022 £ 1,687 - 1,687 1,363 341 - 1,704	2021
		£ 2,024 1,687
		3,711
		1,363 1,363 341
		3,067

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Analysis of net assets between funds

Fixed asset investments Current assets Current liabilities Net assets at 31 December 2022	Unrestricted Funds	Restricted Funds	Total
	£ 943,771 10,182 (2,452)	£ 29,374 2,098 -	£ 973,145 12,280 (2,452)
	951,501	31,472	982,973

At 1 January 2022	Income	Expenditure	Transfers	Loss on revaluation of investments	At 31 December 2022
£ 1,076,504 16,632	£ - 41,393	£ - (58,325)	£ - 4,659	£ (132,733) -	£ 943,771 4,359
1,093,136 5,810 2,220	41,393 - -	(58,325) - -	4,659 (2,439) (2,220)	(132,733) - -	948,130 3,371 -
8,030	-	-	(4,659)	-	3,371
1,101,166	41,393	(58,325)	-	(132,733)	951,501
6,264 26,822 1,350 121	165 713 -	- (100) - -	- - - -	(728) (3,136) - -	5,701 24,299 1,350 121
34,558	878	(100)	-	(3,864)	31,472
1,135,724	42,271	(58,425)	-	(136,597)	982,973

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.

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.

PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS AND ST LUKE, DEPTFORD

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

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.