St Nicholas Church, Chislehurst

1

St Nicholas Church, Chislehurst Registered Charity No. 1131855

Annual Report and Financial Statements of the

Parochial Church Council

for the year ended 31 December 2015

Rector: The Revd. Alan Mustoe

The Rectory 2 Cardinal Close

Chislehurst BR7 6SA

Parish Office:

St Nicholas Church Hall Church Lane Chislehurst

BR7 5PE

Banks: Barclays Bank plc and CAF Bank Ltd Chislehurst West Malling

Independent Examiner:

R L Vaughan FCA MBCS R L Vaughan & Co

Mortimer House 40 Chatsworth Parade Queensway Petts Wood Kent BR5 1DE

2

St Nicholas Church, Chislehurst

Registered Charity No. 1131855 Annual Report and Accounts of the Parochial Church Council for the year ended 31 December 2015 Rector: The Revd. Alan Mustoe, The Rectory, 2 Cardinal Close, BR7 6SA Parish Office: St Nicholas Church Hall, Church Lane, Chislehurst, BR7 5PE Banks: Barclays Bank plc, Chislehurst and CAF Bank Ltd, West Malling Independent Examiner: R L Vaughan FCA MBCS R L Vaughan & Co, Mortimer House, 40 Chatsworth Parade, Queensway, Petts Wood, BR5 1DE St Nicholas Church, Chislehurst – Annual Report for 2015 Reference and administrative information The Parochial Church Council (PCC) is responsible for the maintenance of St Nicholas Church and churchyard in Manor Park Road, Southbeech in Old Perry Street and the Church Hall in Church Lane. During the year the following served as members of the PCC: Rector (& Chair): Rev’d Alan Mustoe Church Wardens: Theodora Chamberlain, Wendy Lowdon Assistant Curate: Rev’d Jan Durrans Secretary: Zoe Warren Co-opted by PCC: Rev’d June Hurn (Assistant Priest), Peter Ridge (Vice Chair), Dewi Williams Representatives on Bromley Deanery Synod: Madeline Clarke, Geraldine Hawkes, Harriet Johnson, Mary Williams Member of Diocesan Synod: Alan Mustoe Elected Members Until 2015 APCM: Lois Booth, Wendy Lowdon, Steve Ripley, Sue Thorogood and Mary Williams Until 2016 APCM: Anne Barlow, Rita Hone, Harriet Johnson, Gwen Lardner and Gerald Wright Until 2017 APCM: Philip Annett, John Grant, Karen Jenner, John Bernays and Zoe Warren From 2015 APCM until 2018 APCM: Lois Booth, Sarah Cordwell, Mark Currans, David Sharpe and Steve Ripley The PCC’s buildings (Church Hall and Southbeech) and the endowment investments are held by the Rochester Diocesan Society and Board of Finance as Custodian Trustee.

3

Structure, governance and management The Parochial Church Council of the Ecclesiastical Parish of St Nicholas Chislehurst is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure, and is registered with the Charity Commission, Registered Number 1131855. PCC members, who are the Charity Trustees, are appointed in accordance with the Church Representation Rules. The full PCC met six times during the year, receiving reports from the main committees (which met as required between PCC meetings) and on the work of the Diocesan and Deanery Synod. The structure of committees continued to operate throughout 2015. The committees, which reflect the vision of St Nicholas in terms of worship, the church family and outreach, are made up of members of the PCC and other members who may be co-opted. Each committee is responsible for a number of relevant groups ensuring representation for all areas of church life. Churchyard Committee: A sub-committee of the Property Management Committee, responsible for the churchyard. Family Committee: Attends to matters related to the pastoral care of the congregation and in particular supports social activities and the nurture of house groups. Finance Committee: Administers the finances of the Church by monitoring income and expenditure, budgeting and maintaining appropriate financial controls. It reviews a list of the PCC’s current investments. Outreach Committee: Attends to matters related to the pastoral care of the parish outside the regular congregation, including mission. Property Management Committee: Responsible for the management of all land and buildings. Refurbishment: Created to consider the refurbishment and extension of St Nicholas Church that the building may be better equipped for the years to come. Safeguarding Committee: Responsible for ensuring that the PCC fulfils its requirements with respect to the protection of children and vulnerable adults. Standing Committee: The only committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the PCC. Objectives and activities: The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrine and practices of the Church of England. It is responsible for co-operating with the Rector in promoting in the parish the whole mission of the Church, pastoral, social, evangelistic and ecumenical. It achieves its object by provision of regular public worship open to all; by provision of sacred space for personal prayer and contemplation; through pastoral work and the teaching of Christianity; through promotion of the whole mission of the church by provision of activities for senior citizens, parents and toddlers, children and young people and other special need groups; and through support of other charities in the United Kingdom and overseas.

Review of the year: Achievements and performance Administrator: We have continued to employ an Administrator with volunteer support in the school holidays until the end of May. From 1

st June, after discussion and mutual consent, the Administrator’s contract was changed to include holiday

entitlement (rather than school holidays) and a change to work Monday to Friday, 09:00-13:00. The work has covered a wide range of support for the worship and ministry of the church as well as for the community of Chislehurst. All Age Worship: This service has continued in the Church Hall on the first Sunday of every month with the continued support of a preparation group and practical support on the day. Attendance: The number of people attending church on a 'usual Sunday' in 2015 was 196 over 16 years of age and 50 under (2014-191/45). Baptism: We have maintained the number of baptism services to (usually) three Sundays a month - the 2nd, 3rd and 4th. We baptised 23 under the age of 1; 18 between ages 1 and 4; 0 between ages 5 and 12; and 2 aged 13 plus; total 43 (2014-24/21/1/4...total 50). Bellringers: The Bellringers continue to provide a "call to the community" every Sunday before the 9.30am service, a celebratory peal after most of our weddings, as well as other occasional celebrations. Children’s Groups: St Nicholas Toddlers and Chislehurst Parents’ Group have met throughout the year providing not only the opportunity of mutual support for parents and carers, but also occasions for worship in Church. Choir & Music: The Organist and Choirmaster and Choir provide high quality music every Sunday and at the regular festivals of the church throughout the year. Once a month, the Third Sunday Choir sings at the 9.30 Family Eucharist. Working parties: They continue to maintain and improve the churchyard, Church/Village Hall garden and car park. Church Cleaning and Flowers: The church continued to be kept clean and tidy and flowers enhanced the church throughout the year, save only Lent and Advent. CMS link partnership: The partnership continued with Ruth Radley, serving in Yei, South Sudan, who maintains regular contact by sending separate newsletters addressing the interests of both children & adults.

4

Confirmation & Communion: In July six adults and two youngsters were confirmed by Bishop Brian here at St Nicholas. In November one adult and one youngster were confirmed by Bishop James at All Saints, Orpington. No youngsters were received into Communion before Confirmation this year. Courses and House Groups: A number of regular and limited-number-of-weeks House/Study/Serious-Social groups meeting in homes around the parish and community in addition to Confirmation & Lent/Advent Courses and Preparation groups for youngsters wishing to receive Holy Communion before Confirmation. Mothers’ Union: The MU have continued to meet regularly as well as leading prayers on Monday mornings throughout the year, and maintaining their links with the MU overseas with prayer and practical support. Nativity Tableau: This popular event took place once again on Christmas Eve with musical accompaniment provided by the Salvation Army and a commentary accompanying the 'actors'. Karen Jenner continued as coordinator, whilst David Sharpe directed his first tableau since taking over from the Cordwells. Crusaders: This group for teenage youngsters continued to meet on Sunday nights with the support and encouragement of a number of Church Family members and included a successful week away on The Isle of Wight. PCC Minutes: The PCC minutes continued to be made available from the library corner for inspection. Services: On nearly every Sunday morning there were services at 8 o'clock, 9.30 and 11.15; there was also a monthly Choral evensong. In addition there was a weekly Wednesday morning service and on Monday to Thursday, Morning and/or Evening Prayer. There were 24 (2014-16) weddings and 39 (2014-29) funeral services (18 in church and 21 at a crematorium/chapel ...previous year 7/22). Additional services included Ash Wednesday, Ascension Day, various in Holy Week and the lead into Christmas. Coopers and St Nicholas schools also held services, supported by the clergy. Sunday School & Crèche: The former has continued to meet on two Sundays every month; the latter changed from three Sundays to two and moved from the Dalton to the Committee Room. The teaching continues to follow a pattern devised by the Rector and Curate and is supported by a large number of volunteers. Website: The website continues to provide information about the church, its personnel, services and activities.

Financial Review and Reserves Policy In 2015 planned giving fell by £7,625 from the level of 2014, yet despite this we achieved an operating surplus of £8,566, before exceptional items. The principal causes for this good fortune were the changes introduced by the diocese during the year to share the costs of curacy training equitably over all parishes and the increase in fee income earned because we conducted many more weddings and funerals than in 2014. We did incur some heavy exceptional expenditure, but this was largely mitigated by generous individual donations and a grant from the Chislehurst Society. Last year we mourned the death of Peter Masson. This year we learned that he had remembered us in his will and we have received a legacy of £91,345; as he was a blessing to us in his life, so he was through his death. The PCC determined that this amount together with a £5,000 donation from the estate of Judith Thompson should be designated to form the start of a fund to pay for the refurbishment of the church, which has been the subject of discussion and planning in recent years. Our current reserves are strong, but we do face a bill in the region of £100,000 in 2016 to repair the roof of the church chancel and vestry. When this has been spent, the uninvested funds remaining after setting aside the refurbishment fund will be eliminated. The situation is not bleak, but does require a response from the congregation to increase our giving either by one off donations or through the familiar medium of standing orders. Otherwise our plans to enhance the church’s facilities will continue to be delayed. Risk Management The PCC has budgetary disciplines in place to reduce financial risk and endeavours to identify other risks which may prejudice the work of the church. Insurance policies are maintained with the Ecclesiastical Insurance Office to cover insurable risks, and their advice is followed to reduce risks. The PCC oversees the protection policy for children and vulnerable adults. Arrangements have been put in place to carry out checks on people working with these groups, in line with Diocesan guidelines. The PCC is very aware of the hard work and effort that goes in to maintaining our worship and outreach here at St Nicholas. This report provides the opportunity to say “thank you” to all the organisations and volunteers for their continuing commitment and help, which is greatly valued. Approved by the Standing Committee 6th April 2016 and signed on their behalf by Rev Alan Mustoe, PCC Chair

5

INDEPENDENT EXAMINER’S REPORT

TO THE PCC OF

ST NICHOLAS CHURCH, CHISLEHURST

This report on the financial statements of the PCC for the year ended 31 December 2015, which are set out on pages 6 to 12, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (the Regulations) and s.145 of the Charities Act 2011 (the Act) and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Respective responsibilities of the PCC and examiner As members of the PCC you are responsible for the preparation of the financial statements; you consider that the audit requirements of the Regulations and section 145 of the Act do not apply. It is my responsibility to issue this report on those financial statements in accordance with the terms of the Regulations. Basis of this report My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the Act and to be found in the Church guidance 2013 edition. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner’s statement In connection with my examination, no matter has come to my attention

(1) which gives me reasonable cause to believe that in any material respect the requirements

to keep accounting records in accordance with section 150 of the Act; and

to prepare financial statements, which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

R.L. Vaughan & Co Chartered Accountants

Mortimer House 40 Chatsworth Parade, Queensway

Petts Wood, Kent, BR5 1DE 25th April 2016

6

ST NICHOLAS CHISLEHURST PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2015 ____________________________________________________________________ Unrestricted Restricted Endowment TOTAL FUNDS funds funds funds 2015 2014 Note £ £ £ £ £ INCOMING RESOURCES Voluntary income 3(a) 232,367 14,336 - 246,703 222,347 Activities for generating funds 3(b) 26,436 3,477 - 29,913 28,336 Income from Church activities 3(c) 29,686 - - 29,686 17,928 Income from investments 3(d) 1,505 - 8,398 9,903 9,723 Other income 3(e) 11,042 6,941

- - 17,983 2,773

Total incoming resources 301,036 24,754 8,398 334,188 281,107 RESOURCES EXPENDED Church activities 4(a) 199,214 26,450 8398 234,062 230,845 Cost of generating voluntary income 4(b) 20 - - 20 558 Governance costs 4(c) 1,891 - - 1,891 1,989 Total resources expended 201,125 26,450 8,398 235,973 233,392 NET INCOMING RESOURCES

Before other recognised gains & losses 99,911 (1,696) - 98,215 47,715 NET GAINS ON INVESTMENTS ASSETS 7(b) 4,381 - 2,181 6,562 17,975 NET MOVEMENT IN FUNDS 104,292 (1,696) 2,181 104,777 65,690 Balances brought forward 1 January 2015 (2014) 258,577 2,878 448,830 710,285 644,595 BALANCES CARRIED FORWARD 31 DECEMBER 2015 (2014) 362,869 1,182 451,011 815,062 710,285

The notes on pages 8 to 12 form part of this account

7

ST NICHOLAS CHISLEHURST PAROCHIAL CHURCH COUNCIL BALANCE SHEET at 31 December 2015 ____________________________________________________________________ Unrestricted Restricted Endowment TOTAL FUNDS funds funds funds 2015 2014 Note £ £ £ £ £ FIXED ASSETS Tangible 7(a) 60,260 - 232,500 292,760 292,760 Investments 7(b) 110,905 - 218,511 329,416 322,854 171,165 - 451,011 622,176 615,614 CURRENT ASSETS Debtors & prepayments 8 102,052 - - 102,052 17,543 Short term deposits 36,906 1,182 - 38,088 30,331 Cash at Bank and in Hand 77,278 - - 77,278 81,190 216,236 1,182 - 217,418 129,064 LIABILITIES due within one year 9 (24,532) - - (24,532) (34,393) NET CURRENT ASSETS 191,704 1,182 - 192,886 94,671 TOTAL NET ASSETS 362,869 1,182 451,011 815,062 710,285 FUNDS Unrestricted: General 121,694 - - 121,694 120,119 Designated: Church Repair Fund 11(a) 8,906 - - 8,906 6,435 Church Hall Refurbishment Fund

11(b) 11(c)

135,924

96,345

-

-

-

-

135,924

96,345

132,023 - -

Restricted: 14 - 1,182 - 1,182 2,878 Endowment 12 - _________ 451,011 451,011 448,830 362,869 1,182 451,011 815,062 710,285

The Financial Statements have been prepared in accordance with Financial Reporting Standard for Smaller Entities (effective April 2008), Approved by the Standing Committee on 6 April 2016 and signed on its behalf by:- Alan Mustoe (Chairman) (The notes on pages 8 to 12 form part of these Accounts)

8

ST NICHOLAS CHISLEHURST PAROCHIAL CHURCH COUNCIL NOTES TO THE ACCOUNTS For the year ended 31 December 2015 ____________________________________________________________________

1. CHARITY COMMISSION REGISTRATION

The Parochial Church Council of the Ecclesiastical Parish of St Nicholas, Chislehurst was registered with the Charity Commission on 28 September 2009, with Registered No. 1131855. It is required to file its annual report and accounts with the Commission, and must also send these to the Secretary of the Diocesan Board of Finance.

2. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP 2005. The policies are set out in full on page 12 of these accounts.

3. INCOMING RESOURCES

Unrestricted Restricted Endowment TOTAL FUNDS funds funds funds 2015 2014 £ £ £ £ £

(a) Voluntary income Planned giving 97,557 - - 97,557 105,182 Tax recoverable 25,493 500 - 25,993 23,496 Collections at services 10,141 8,739 - 18,880 17,769 Donations 7,831 5,097 - 12,928 2,956 Legacies 91,345 - - 91,345 72,944 232,367 14,336 - 246,703 222,347

(b) Activities for generating funds St Nicholas Fair - 3,477 - 3,477 3,570 Church Hall hiring 26,436 - - 26,436 24,766 26,436 3,477 - 29,913 28,336

(c) Income from Church Activities Fees 26,147 - - 26,147 13,885 Parish magazine 2,996 - - 2,996 2,846 Social activities (net) 543 - - 543 1,197 29,686 - - 29,686 17,928

(d) Income from investments Dividends & interest 1,505 - 8,398 9,903 9,723 1,505 - 8,398 9,903 9,723

(e) Other incoming resources Curate Housing Grant

8,000

-

-

8,000

-

VAT Refund 3,042 - - 3,042 - Chislehurst Society Grant - 6,941 - 6,941 2,773 11,042 6,941 - 17,983 2,773 TOTAL INCOMING RESOURCES 301,036 24,754 8,398 334,188 281,107

9

ST NICHOLAS CHISLEHURST PAROCHIAL CHURCH COUNCIL NOTES TO THE ACCOUNTS (continued) For the year ended 31 December 2015

4. RESOURCES EXPENDED

Unrestricted Restricted Endowment TOTAL FUNDS funds funds funds 2015 2014 £ £ £ £ £

(a) Church activities Mission and charitable giving 5,684 13,600 - 19,284 18,319 Ministry: Parish Offer to Diocese 105,910 - - 105,910 106,587 Clergy working expenses 3,824 - - 3,824 4,586 Clergy housing costs 3,596 - 749 4345 4,422 Assistant staff 133 847 - 980 945 Church services & music 10,407 - - 10,407 9,741 Church: Insurance 5,841 - - 5,841 5,838 Utility costs 5,665 - - 5,665 3,886 Repairs & maintenance 3,202 6,941 218 10,361 3,049 Major works 5,894 4,638 - 10,532 19,257 Southbeech costs - - 5,492 5,492 3,215 Churchyard upkeep 3,510 424 1,939 5,873 9,876 Parish magazine 3,967 - - 3,967 4,085 Education & training 1,419 - - 1,419 570 Church Hall running costs 14,681 - - 14,681 13,956 Church Hall major repairs 11,928 - - 11,928 9,496 Administrative support 13,553 - - 13,553 13,017 199,214 26,450 8,398 234,062 230,845

(b) Cost of generating voluntary income Stewardship & fundraising costs 20 - - 20 558 20 - - 20 558

(c) Governance costs Independent examination 1,800 - - 1,800 1,800 Bank charges 91 - - 91 186 1,891 - - 1,891 1,989 TOTAL RESOURCES EXPENDED 201,125 26,450 8,398 235,973 233,392

5. STAFF COSTS (included in the above figures) 19,376 18,343

For the organist and choirmaster, Parish Administrator and Hall caretaker (The Rector and Assistant Curate are self-employed)

10


6. TRANSACTIONS WITH MEMBERS OF THE PCC AND RELATED PARTIES Note 4(a) shows the total of PCC payments for the Rector and Assistant Curate towards their working expenses and housing costs. Mr D Williams was paid £5,442 as Church Hall caretaker. Three members together received in total £420 (2014: £378) from a special collection for voluntary members of the ministry team. There were no other disclosable transactions for PCC members or persons closely connected or related to them.

7. FIXED ASSETS (a) Tangible assets used by the PCC

Freehold land and buildings: Cost at 1 January 2015 and at 31 December 2015 £292,760 The Curate’s house at Southbeech, Old Perry Street, Chislehurst was purchased in 2001 for £232,500. St Nicholas Church Hall was given to the PCC in 1921, mostly rebuilt in 1977 and extended in 1987. The total historic cost was £60,260. Neither sum is being depreciated.

(b) Investments – movements during the year:- £ Represented by shares in CBF

Church of England Funds: £

Market value on 1 January 322,854 Global Equities Investment Fund 40,071 Net gains on revaluation 6,562 Investment Fund (Equities) 289,345 329,416 329,416

8. 8. DEBTORS 2015 2014 £ £ Debtors and prepayments 4,460 600 Tax recoverable Legacy

6,247 91,345

16,943

102,052 17,543 9. LIABILITIES due within one year Goods and services 10,482 20,143 Donations allocated out of 2014 income 14,050 14,250 24,532 34,393 10. GIVING TO MISSIONS & CHARITIES

Church Mission Society 4,000 4,000 Welcare in Bromley 1,840 1,840 Children in Distress 2,000 3,000 Whitechapel Mission 2,000 2,300 The Association of Christian Resource Organisations serving Sudan (UK) 1,700 1,000 Rochester’s Diocese Mission Appeals 3,144 1,000 Children's Society Church Army, Marylebone, Women's Hostel

1,500 2,000

1,500 2,000

Other 1,100 5,882 Total 19,284 18,319

11


11. FUNDS FOR CHURCH BUILDINGS Financial provision is being made via designated funds for future non-annual repairs and renewal (a) Church Repair Fund – a Diocesan Account into which the PCC makes regular deposits, as

recommended by the Church architect and the Diocesan surveyor, for future quinquennial fabric repairs to the Church and the curate’s house. The balance at 31 December 2015 was £8,906.

(b) Church Hall – operations are run on a self-financing basis to generate sufficient funds to meet any major work on the fabric of the Hall and to contribute any surplus to parish income. The designated Church Hall investments increased by £3,901 (£6,209 in 2014).

(c) Church Refurbishment Fund – the PCC determined to establish this fund with a donation of £5,000 from the family of Judith Thompson and the legacy from the estate of Peter Masson £91,345, to begin raising and setting aside the necessary funds for the refurbishment of the church.

12. ENDOWMENT FUNDS Capital funds which the PCC has no power to expend (permanent), or which may be spent in certain circumstances (expendable). The income is available for specific purposes as follows: (a) Churchyard fund – to maintain 26 graves in St Nicholas churchyard ) permanent (b) Fabric Trust – for repairs to the church fabric ) endowments (c) Nussey Trust – for church maintenance ) (market value £56,439) (d) Clergy House Trust – an expendable endowment. The curate’s house is held in this Trust and its

value is reported in Note 7(a). The remaining capital and income are available to provide towards the cost of insuring and repairing the curate’s house. (Market value of Clergy House Trust investments £155,204).

(e) Hawes Trust – it is agreed that the capital may be invested in an accumulating fund, provided that the two family graves are maintained. The capital may be used after May 2059. (Market value £5,444).

13. CONNECTED CHARITIES Monies handled by the St Nicholas branch of the Mothers’ Union are not included in these accounts and are dealt with as part of those of the parent body.

14. RESTRICTED FUNDS (a) The church holds a fund of £740 (2014 £740) available, in accordance with the objects of Chislehurst

Relief in Need, to help people in need.

(b) The Clock Repair Fund raised £2,138 in 2014. A further £2,500 was donated in 2015. The fund was closed during the year and the total of £4,638 was applied against the £6,012 cost of refurbishing the tower clock's mechanism.

(c) During the year £442 was raised towards funding the cost to refurbish the churchyard’s memorial to

Colonel Lewis

12

ST NICHOLAS CHISLEHURST PAROCHIAL CHURCH COUNCIL ACCOUNTING POLICIES

The Financial Statements have been prepared in accordance with the Church Accounting Regulations 2006, the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Charities SORP 2005. They have also been prepared under the historical cost convention except for the value of investment assets, which are shown at market value. Funds General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. Restrictions on the use of Restricted and Endowment funds are noted in the accounts. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members. Incoming Resources Voluntary income and capital sources Collections and planned giving are recognised when received. Income tax recoverable on Gift Aid donations is recognised when the income is receivable. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Other income Rental income, from lettings of St Nicholas Church Hall, is recognised when due. Income from investments Dividends and interest are accounted for when due. Tax recoverable on such income is recognised in the same accounting year. Gains and losses on investments Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31

st

December. Resources used Grants Grants and donations are accounted for when paid.

Activities directly related to the work of the Church The diocesan parish share is accounted for when payable. The cost of the quinquennial repairs and redecoration contracted for during the year (but completed in the following year) is accounted for when contracted. Other expenditure is recognised when incurred. Amounts outstanding at the year-end are shown as creditors in the Balance Sheet. Fixed Assets Consecrated property and movable church furnishings Consecrated and benefice property is excluded from these accounts by section 10(2)(a) and (c) of the Charities Act 2011. Historic movable church furnishings, which require a faculty for disposal, are accounted as inalienable. They are listed in the church’s inventory but are not valued in these accounts. Items acquired since 1 January 2000, exceeding £5,000 in cost, are capitalised and depreciated over their estimated useful life. Expenditure incurred in the year on consecrated or beneficed buildings, individual items under £5,000, or the repair of historic movable furnishings is written off. Curate house and St Nicholas Church Hall These buildings are held by the PCC for its continuing work, and are included in these accounts at their historic cost. Depreciation has not been provided as any charge is considered to be not material, on the basis that the asset has either a very long useful life, or a residual value, based on its current value, which is not materially different from its carrying value. Other fixtures, fittings and equipment Equipment used within the church premises is depreciated on a straight line basis over 4 years. Individual items with a purchase price of £5,000 or less are written off when acquired. Investments Investments are valued at market value at 31 December. 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 be uncollectable. Short term deposits include cash held on deposit with the CBF Church of England Funds or the Diocese.

Documents

St Nicholas Church, Chislehurst