2020-12-31-accounts - Church Society

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Council members	Council members	The Revd N TAtkinson
		The Revd Dr M E Burkill
		Mr P M Cawson QC (until 20 November	2020)
		The Revd Dr A V Cinnamond
		The Revd P T Darlington
		Mr J Eggertsen
		The Revd RW Farr
		The Revd Dr J Hughes
		Mrs R C Hunt
		The Revd C R H Kilgour
		Mr Niv Lobo (from 11August 2020)
		The Revd RS Munro
		Mrs A Robbie
		The Revd WTaylor (until 8 October 2020)
		The Revd A P J Towner (Chairman)
		The Revd DrJ D Ward
		The Revd R A R Weekes
		The Revd T Woolford
Director		The Revd Dr Lee Gatiss
Charity number		249574
Company	number	213142
Registered	office	Hille Business Estate
		132StAlbans Road
		Wafford
		WD24 4AE
Auditors		Jacob Cavenagh 8 Skeet
		5 Robin Hood Lane
		Sutton
		Surrey
		SM1 2SW
Principal address		Hille Business Estate
		132St Albans Road
		Watford
		WD24 4AE

Bankers	The Royal Bank ofScotland	pic
	London Fleet Street Branch
	1 Fleet Street
	London
	EC4Y 1BD
	Barclays Bank pic
	62/64 High Street
	Wafford
	WD17 2BT
Solicitors	Monro Wright &Wasbrough	LLP
	7-8 Great James Street
	London
	WC1N 3DF

Forthe year en	d	ed	31 December	2020
						nrestrlcted	estncted	n	wment		I/nrestrfct	Restrlc	~	Endowment
				Hates	i	funds E	funds		funds E	2020 Total	fundsf	funds 6	'	funds f i	20/e ro/a/ E
Income from:														I
Dona//ons and legacies						92,429	3,166			95,595	142,284	720			143,004
Other trading acdv/Vest
Rent receivable							200			200		200			200
Fees and other income						6,230				6,230	13,695	3,675			17,370
/nveshnents						35,233	77,282			112,515	29,275	76,557			105,832
Charitable acti vlties
Subscrlpdons, publications		and conferences				18,002				18,002	22,117	3,552			25,669
Total income						151,894	80,648			232,542	207,371	84,704			292,075
Expenditure on:
Raising funda/
Fundraising and publicity						17				17	667				667
Rental property costs						5,303	15,482			20,785	6,390	17,641			24,031
Char/tab/e acdvltles:
Grant funding of activities							30,086			30,086	750	27,920		19,026	47,696
Activities undenaken direcBy						169,977	1,413			171,390	171,142	7,451			178,593
Support costs						42,302				42,302	45,227				45,227
Total expenditure						217,599	46,981			264,580	224,176	53,012		19,026	296,214
Net gains/goskes) on investments						15,844	104,380		183,943	304,167	1,779)	(17,404)		36,433	17,250
Net (expenditure)/income						(49,881)	138,047		183,943	272,129	(18,584)	14,288		17,407	13,111
Gross transfers between	funds					41,983	(41,983)					(50,223)
Gains/(losses) on revaluation			offixed assets for charity's												"
own use						35,830			29,363	65,193	(42,763)			(34,521)	(77,284)
Net movement in funds						27.952	96,064		213,306	337,322	(11,124)	(35,935)		(17,114)	(64,173)
Reconciliation offunds
Balance at 1 January 2020						310,239	1,039,243		1,614,088	2,963,570	321,363	1,075,178		1,631$02	3,027,743
Balances cerned forward		at	31 December 2020			338,191	1,135,307		1,827,394	3,300,892	310,239	1,039,243		1,614,088	2,963,570
The notes on pages 12to 24 form perl ofthese financial				statements.

						2020	2019
Income						120,027	186,243
Gains/(losses)	on	investments				304,167	17,250
Interest and investment			income			112,515	105,832
Gross income	in	the reporting		period		536,709	309,325
Expenditure						263,520	293,633
Depreciation						1,060	2,581
Total expenditure		in the reporting			period	264,580	296,214
Net (expenditure)/income			for the	year		272,129	13,111

		2020	20f9
Net (expenditure)/income	for the year	272,129	13,111
Other comprehensive	income
Revaluation oftangible	fixed assets	65,193	(77,284)
Total comprehensive	income for the year	337,322	(64,173)

			Notes			2019
Fixed assets
Tangible assets					703,689	638,221
Investments					2,685,315	2,351,147
					3,389,004	2,989,368
Current assets
Stocks			10	9,132		7,616
Debtors				13,381		23,173
Cash at bank and	in	hand		352,749		412,450
				375,262		443,239
Creditors: amounts		falling due within one
year			12	(37804)		(33,101)
Net current assets					337,458	410,138
Total assets less	current liabilities				3,726,462	3,399,506
Creditors: amounts than one year		falling due after more	13		(421,570)	(429,936)
Provision for liabilities			22		(4,000)	(6,000)
Net Assets					3,300,892	2,963,570
Funds
Endowment funds			14		1,827,394	1,614,088
Restricted funds			15		1,135,307	1,039,243
Unrestricted funds			16		338,191	310,239
					3,300,892	2,963,570

Investment Inc	ome
							2020 f	2019f
Investment properties							81,180	76,039
Common investment		funds					31,215	29,069
Cash deposits							120	724
							112515	1D5 632
Grants Paid
							2020f	2019f
General Funds
Grant to Church	of England		Evangelical			Council		750
Amalgamated	Ordination		and	Training		Fund
Scholarships							5,000	2,750
Book grants							500	500
							5,500	3,250
Gloucester Mariners		Housing		Fund
Contribution to	Gloucester		Mariners		Church			2D QQD
Maidstone St Faith		Parish	Room
Contribution to	St Faith's, Maidstone						250	250
Paddock Wood Parochial			Hall	Trust
Contribution to	Paddock Wood			Church			24 336	23446

5	Operating leases
										2020f	2019f
	The charity is committed	to the following			payments	under operating	leases:
	Not later than one year									14,170	4,374
	Later than one year and not later than five years									18,791
										32,961	4,374
	Lease payments charged	to expenditure			in the year					14,897	13,020
6	Charitable activities					Staffcosts		Depreciation	Other costs	Total	Total
									f	2020 f	2019f
	Grant funding of activities								30,086	30,086	47,696
	Activities undertaken directly						69,154	1,060	101,176	171,390	178,593
	Support costs						31,458		10,844	42,302	45,227
							100,612	1,060	142,106	243,778	271,516
	Other costs - Activities	undertaken		directly						2020	2019
	Establishment and property									31,368	24,958
	Publications									24,371	31,815
	Meetings and conferences									3,750	10,346
	Professional and management		fees
	Other staff costs									37,408	42,223
	Miscellaneous									4,279	6,882
										101 176	116,224
	Other costs - Support costs									2020 f	2019 f
	Professional and management		fees							3,864	6,942
	Governance costs
	Meetings and conferences									2,188	4,050
	Auditors' remuneration —audit		services							4,792	4 574
										10,844	15,566
	Staff costs									2020f	2019 f
	Wages and salaries									86,566	85,615
	Social security costs									3,094	3,954
	Pension costs (see note	19)								10,952	120
										100,612	Bg,449

Tangible	fixed assets	fixed assets	rreslxxo p op rty-	rreslxxo p op rty-
			held for		Rxtures
			charitable		fittings	and
			purposes f		equi pment E		Total E
Cost or, valuation
As at 1 January		2020		637,198	12,851		650,049
Additions						1,335	1,335
Disposals
Revaluation				65,193			65,193
As at 31	December 2020			702 391	14 186		716577
depreciation
As at 1 January		2020			11,828		11,828
Provision	for the	year				1,060	1,060
Eliminated	on disposals
As at 31	December 2020				12,888		12,888
Net book	value
As at 31	December 2020			702,391		1,298	703,689
As at 31	December 2019			637 198		1,023	638,221

								Investment	Listed
								Properties	Investments	Total
									E	E
Cost or valuation
Valuation	at	1 January		2020				1,244,802	1,106,345	2,351,147
Additions									30,000	30,000
Disposals
Revaluation								184,807	119,361	304,168
Market valuation			at 31	December 2020				1,429,609	1,255,706	2,685,315
Historic	cost							1,007,868	1,020,569	2,028,437
Commercial		Road,	Paddock		Wood had a formal valuation	by Ibbett Mosely Chartered	Surveyors	on 31 December	2018 for 625,000.

	Listed investments	are investments p	laced with Ruffer LLP and CCLA Investment Mana	gement Limited.
10	Stocks			2020f	2019 E
	Publications for resale			9,132	7,616
11	Debtors			2020	2019
					E
	Prepayments			8,281	5,812
	Other debtors			5,100	17361
				13381	23 173
12	Creditors: amounts	falling due within	one year	2020f	2019f
	Other creditors			4,265	2,204
	Deferred Income			5,043	7,802
	Accruals			20,024	15,026
	Mortgage liability			8,472	8,069
				37,804	33,101
13	Creditors: amounts	falling due after	more than one year	2020	2019
	Mortgage liability			E	E
	Due within 1 - 2 years			8,839	8,472
	Due within 2 - 5 years			28,831	27,633
	Due in more than 5	years		383,900	393,831
				421,570	429,936

Movement	on Endowment	on Endowment	on Endowment			Sfovement	In funds					Movemsnt	In frmds
				Balance 1				Gafns/		Balance 31				Gains/		Balance 31
				January	Income	Expenditure	Transfers	(losses)	on	December	Income	Expenditure	Transfers	Posses)	on	December
				2019				revalusdon		2019				revaluation		2020
						E	f	5						6
Permanent	endowment
furlds
E A Beynon	Fund			151,357				(3,153)		148,204						175,138
Birchington	Convalescent
Benefit Fund				61,572				4,080		65,652				4,960		70,612
Brighton Emmanuel				266,943				(8,362)		258,581				54,	191	312,772
Oeen Wacs	Memorial			836,860				10,936		847,796				86.020		933,816
Gloucester	Msnnem	Church		1,000						1,000						1,000
Leemlngton	Spa,
Christchurch				58,797				1,935		60,T32				7,324
Maidstone,	St Faith	Parish
Room				179,T11				(4,405)		175,308				33,585		208,891
Old Hill Hall				1,000						1,000						1,000
Walthamstow, Penrhyn			Hall
Trust				1,000						1,000						1,000
				1,558,240				1,031		1,559,271				213,014		1,772,285
Expendable	sndownmnt
funds
Ughtbowne	Evangelical
Church, Manchester				1,000						1,000						1,000
Gloucester	Mariners	Hall		1,000						1,000						1,000
St Andrews,	Montserrat			1,000						1,000						1;000
Ousseldorf	Chaplaincy			2,290					(39)	2,251					292	2,543
Gloucester	Mariners
Residence				41,672		(19,026)			920	23,566						23,566
Paddock Wood Parochial
Church Hall	Trust			25,000						25,000						25,000
Wigan Recreation Ground				1,000						1,000						1,000
				72,962		(i9,026)			881	54,817					292	55,109
				1,631,202		(19,026)		1,912		1,614,088				213,306		1,827,394

Movement	on Restricted	on Restricted	on Restricted	funda
										Movemerd		in funds					ltbvement		in hinds			I
							Ba/ance 1 January 2019			Expendfture	Transfers		Gains/ (losses) ori revalueu'on		Balance 31 December 2019		Expenctiture	Transfers '		Gains/ (lenses) on revaluadon		Balance 31 December 2020
											E		E		E			E		E		E
Amalg. Ord.		and Training		Fund			827,875		44,137	(15,992)	(30,420)		(34,042)		791,558	51,051	(15,756)	(27,159)				887,918
Birchington		Convalescent		Fund				(110)	1,058			(754)			194	1,885			(441)			1,638
Brighton Errmanuel			Trust					10,839	13,744	(3,843)		(7,012)			13,728	13,786	(4,171)		(6,232)			17,111
Du as e id orf								460				(14)			446	69						515
Gloucester,		Mariners	Hall					228							228							228
Gloucester	Mariners		Residence			Fund		971	371	(974)		(498)			(130)	21	(21)					(130)
JAEC									3,552	(6,332)		2,780
Leansngton		Spa, Christchurch			Fund				949			(684)			1,270				(396)			2,813
Maidstona,	St Faith		Parish Room Fund					5,873	9,161	(2,425)		(5,701)			6,908	9,107	(2,637)		(5,191)			8,187
Paddock Wood Parochial				Church		Hall
Trust Fund							192,388		8,792	(23,446)		(3,127)	14,439		187,046	2,285	(24,383)		(2,338)	14,288		176,898
Ryde Ecclesiastical			Charily					25,013	224			(240)			25,531	175	(13)		(93l	1,139		26,739
The Prisciga		Fund							4,395			(4,395)
Walthamstow, Penrhyn Hali Trust fund								6,296				(93)		987	7,380	196			(79)		421	7,918
Wahhamslow,		St John Fund						4,340	131			(65)		678	5,084	134			54)		308	5,472
							1,075,178			(53,012)	(50,223)		(17,404)		1,039,243	80,648	[46,981)	(41.983)		104,380		1,135,307

16	Movement on unrestricted	Movement on unrestricted	funds
					Movement in funds
			Balance 1 January 2020	Income	Expenditure	Transfers	Gains/ (losses) on revaluati on	Balance 31 December 2020
							f
	General	Fund	289,008	131,444	(214,666)	41,983	51,674	299,443
	Dean Wace Income		21,231	20,450	(2,933)			38,748
			310,239	151,894	(217,599)	41,983	51,674	338,191
					Movement in funds
			Balance 1 January 2019	Income	Expenditure	Transfers	Gains/ (losses) o. revaluation	D,cemb,r 2019
							f	f
	General	Fund	313,665	191,074	(221,412)	50,223	(44,542)	289,008
	Dean Wace Income		7,698	16,297	(2,764)			21,231
			321,363	207,371	(224,176)	50,223	(44,542)	310,239
17	Net assets held by funds
						Balance 31	December 2020
					Unrestricted fundsf	Restricted funds f	Endowment funds f	Total funds
	Tangible	fixed assets			383,480		320,209	703,689
	Fixed asset investments				172,080	1,033,628	1,479,607	2,685,315
	Net current assets				208,201	101,679	27,578	337,458
	Long Term Liabilities				(421,570)			(421,570)
	Provision	for liabilities			(4,000)			(4,000)
					338,191	1,135,307	1,827,394	3,300,892
						Balance 31	December 2019
					Unrestricted	Restricted	Endowment
					fundsf	funds f	funds f	Total funds
	Tangible	fixed assets			347,375		290,846	638,221
	Fixed asset investments				126,236	929,247	1,295,664	2,351,147
	Net current ass'ets				272,564	109,996	27,578	410,138
	Long Term Liabilities				(429,936)			(429,936)
	Provision	for liabilities			(6,000)			(6,000)
					310,239	1,039,243	1,614,088	2,963,570

ficit recovery con	tributions (as a percentage	ofpensionable stipends) are as set ou	t in the table below.
%ofpensionable	stipends	January 2018to	January 2021 to
		December 2020	December 2022
Deficit repair contributions		11.9%	7.1%

				2020	2019
Balance sheet liability at	1 January			6,000	19,000
Deficit contribution paid				(3,000)	(3,000)
Interest cost (recognised	in SoFA)			0	0
Remaining change to the	balance sheet liability	(recognised	in SoFA)	1,000	(10,000)
Balance sheet liability at	31 December			4,000	6,000

		December 2020	December 2019	December 2018
Discount rate		0.2% pa	1,1%pa	2.1%pa
Price infla'tion		3.1%pa	2.8% pa	3.1%pa
Increase to total pensionable	payroll	1.6% pa	1.3%pa	1.6%pa