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2020-12-31-accounts

THE PCC OF THE ECCLESIASTICAL PARISH OF CAMBRIDGE ST MARY THE GREAT WITH ST MICHAEL

Unaudited Financial Report For the year ended 31 December 2020

Registered Charity No 1127668

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2020

PCC Members during the year:

Chair

The Rev'd Canon Adrian Daffern Vicar

Churchwardens Margaret Johnston Joye Rosenstiel

Deanery Synod Representatives Margaret Ingram Sarah deMas Secretary until 19/10/20 Helen Bryant Andrew Dobson Aishwarya Jacob

Resigned 19/10/2020 Resigned 19/10/2020 Appointed 19/10/2020 Appointed 19/10/2020 Appointed 19/10/2020

Diocesan Synod Representatives Arvan Pritchard

Vice-Chair

Ex-officio members The Rev'd Andrew Day Curate The Rev'd Devin McLachlan Associate Vicar The Rev'd Helen Orr Associate Priest The Rev'd Shirley Holder Curate The Rev'd David Bagnall Curate Co-opted Members Patrick Brooke Treasurer until 9/11/20 Ed Cearns Chaplain to the Marketplace Carolynn Pritchard Children's Minister Elected Members Lorna Atwell Marion Cobby Secretary and Vestry Clerk

Elected Members Lorna Atwell Marion Cobby Brian Corby Andrew Crawford Alexander Crockford Tom Culver Graham Day

Assistant Treasuerer until 9/11/2020 Treasurer from 9/11/2020

Katherine Denmead David Grumett Selwyn Image Anne Lindley Louise Loxley Veronica McDouall Carolynn Pritchard Catherine Smart Sally Vernon Andrew Watson Alan Weeds

Electral Roll Officer

Appointed 1/09/2020

Resigned 9/11/2020 Appointed 9/11/2020 Resigned 19/10/2020 Appointed 19/10/2020

Resigned 19/10/2020

Appointed 19/10/2020

Appointed 19/10/2020 Resigned 19/10/2020 Resigned 19/10/2020 Resigned 19/10/2020

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2020

PCC Members during the year (cont.):

Attending members (non-voting) Rosemary Barrett Michaelhouse Manager Sam Hayes Director of Music Jennifer Houghton Minutes Secretary until 19/10/2020 ‘Dora Jejey Ordinand Yuce Kabakci Ordinand Sally McCubbin Ordinand Sam Perez Ordinand Richard Summers Director of Operations

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report

For the year ended 31 December 2020

Address: Great St Mary's, The University Church
Senate House Hill
Cambridge
CB2 3PQ
Registered Charity No.: 1127668
Independent Examiners: Staffords
Chartered Accountants
Unit
1 Cambridge House
Camboro Business Park
Oakington Road
Girton
CB3 0QH
Banks: HSBCBank SantanderUKple.
PO Box 85 BridleRoad
City Office Bootle
Cambridge Merseyside
CB23HZ L304GB

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report For the year ended 31 December 2020

A Brief history of the Parish of St Mary the Great with St Michael

Great St Mary’s is one of the ancient parish churches of Cambridge, dating probably from before the Norman Conquest in 1066. In the 13th century the patronage of the living (then known as St-Mary-by-the-Market) was in Crown hands; but in 1342 Edward III granted it to his new foundation of King’s Hall. In 1546 Henry VIII merged King’s Hall with Michaelhouse to form Trinity College. Trinity College is still patron and lay rector of Great St Mary’s. The Church has been served since medieval times by curates, termed Vicar since 1867. Great St Mary’s has been the Church of the University of Cambridge since scholars first arrived in the city in about 1209. The Church was the home of lectures, sermons, disputations and degree ceremonies held by the University for several centuries. Some university ceremonies continue to be held in it. Great St Mary’s has come to be recognised as the civic Church of Cambridge.

The patronage of St Michael’s was anciently in private hands; but in 1323 Harvey de Stanton acquired it and gave it to his new college, Michaelhouse. When Michaelhouse and King’s Hall were merged, Trinity College became patron and lay rector of St Michael’s. The incumbent of Great St Mary’s became Vicar of St. Michael’s from 1908 and the parishes were united in 1954.

Structure, Governance and Management

The PCC confirm that the annual report and examined accounts comply with the requirements of the Charities Act 2011 and the Charities SORP (FRS 102).

Governing Document

The Parochial Church Council is a corporate body established by the Church of England and the PCC operates under the Parochial Church Council Powers Measure (1956).

Recruitment and Appointment of PCC

The appointment of PCC members is governed by and set out in the Church Representation Rules (2020). Elected members are elected by the Electoral Roll membership at the Annual Parochial Church Meeting.

Training of PCC members

Appropriate training is provided as necessary, and all PCC members are required to undergo Safeguarding training.

Risk Management

The PCC periodically reviews the major risks to which the Charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. These procedures are periodically reviewed to ensure they continue to meet the needs of the Charity.

Organisational Structure & Decision Making

The diverse activities of the Church are currently grouped in four ministries, Great St. Mary’s Church, Michaelhouse, the University, and Education & Heritage.

In order to carry out its aims and objectives, the PCC ha established subgroups/committees (all of which report to the PCC) to manage and oversee the following policy areas:

Legal Responsibilties Finance and General Purposes Property Management Safeguarding Working Parties Communications Group Environment Group

5;

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report

For the year ended 31 December 2020

Organisational Structure & Decision Making (cont.)

The PCC takes decisions for the parish. Responsibility for day to day operation of the parish is delegated to the relevant staff and clergy. The committees of the PCC review needs, prepare proposals, and submit reports to the PCC for information and approval. PCC members are either elected or are ex officio. The elected membership is drawn from the Electoral Roll. Others attend PCC meetings by invitation but do not have voting rights, such as the Director of Music and Operations Director. Working parties are set up as necessary and the PCC liaises with the Trustees and Friends of Michaelhouse, Church Schools of Cambridge and other partners as necessary.

Staffing

The Vicar is The Reverend Canon Adrian Daffern, who is supported by The Reverend Devin McLachlan as part-time Associate Vicar and a ‘Ministry Team’ of non-stipendiary priests and lay ministers. They are also supported by a faithful group of retired clergy.

At the year’s end, the Ministry Team comprised the Vicar, Associate Vicar (half stipend), Self-Supporting Curate, another Self-Supporting Curate (previously Licensed Lay Minister), a further Self-Supporting Curate, an honorary Associate Priest, and the Operations Director. During the first seven months of the year the church participated in the Ministry Experience Scheme and during that period the MES placement was also part of the Ministry Team. The non-stipendiary lay Chaplain to the Market Place and Lay Children’s Minister form part of a wider Ministry Team.

The impact of the Coronavirus epidemic meant that the staff team had to be re-shaped during the course of the year. The full-time Parish/Music Secretary, part-time Business Systems Support Manager and three part-time staff involved in running the shop volunteered to be made redundant. Other roles were re-shaped. At the end of the year, the full-time (non-clergy) team was comprised of the Operations Director, Building and Facilities Manager (“Head Verger”). Shop Manager, and Assistant Verger. The part-time staff include the Director of Music, the Assistant Director of Music, the Finance Manager, Education officer and part-time Assistant Verger. Volunteers have played a greater role in supporting our activities this year and we are grateful for their contribution.

Pay and remuneration of non-clergy staff is determined by recommendation from the Finance and General Purposes Committee and approved by the PCC as part of the budgetary process. The committee reviews comparable areas of pay and uses these to make its recommendations.

Staff training is arranged as practically necessary and through our Joint Annual Review process. There is a system of formal annual reviews and regular line management meetings for staff.

Related parties

The Michaelhouse Centre (Charity No. 1068472)

In 1997 the PCC set up a charitable company, limited by guarantee, to raise funds and oversee the conversion and restoration of St Michael’s Church. The primary object of the Charity is “to advance the Christian faith; to advance education, particularly in the arts; and to further such other charitable purposes as the Trustees shall from time to time determine”. This ambitious conversion was achieved and the Michaelhouse Centre opened in October 2002. The Company occupied part of St Michael’s Church under licence and successfully operated a café and community centre alongside the parish. A minority of the Michaelhouse Trustees are also PCC members.

At the end of February 2020, the company operating the Michaelhouse Café on behalf of the Trustees went into liquidation. This was immediately followed by the lockdown ordered by the Government in response to the coronavirus pandemic and the Centre had to close.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report

For the year ended 31 December 2020

Related parties (cont.)

This unprecedented situation caused the Trustees to review their role and together with the Vicar and Operations Director consider options for the future governance and operation of Michaelhouse. They ultimately concluded that it would be better for the PCC to take direct responsibility for operation of the café and community centre whilst the Trustees explored other ways in which they could best offer support for the charitable purposes of Michaelhouse.

Great St. Mary’s Trading Ltd. (Company Number 12785697)

Having taken responsibility for the operation of Michaelhouse, the PCC formed a trading company, Great St. Mary’s Trading Ltd., to provide a vehicle for this and which employed Wilson Vale Ltd. to operate the café on its behalf. The café re-opened at the beginning of September 2020 but closed again in November due to the Government lockdown; re-opening briefly in December before closing again due to lockdown after Christmas. The meeting rooms have remained closed until such time as the activities can be undertaken safely in accordance with Government guidelines, and public worship has not been held in the chapel since the first lockdown in early 2020.

The Society of Cambridge Youths

The SCY is an independent organisation which accepts responsibility for ringing the bells of Great St Mary’s for Sunday Services, University Services (along with the Cambridge University Guild of Change Ringers) and other special occasions. The Society was founded in 1724 and is the world’s second oldest bell ringing society with a continuous history. Regular practices are normally held on Monday evenings and there is a resident membership of around 25 who regularly ring the bells.

Public benefit

The PCC has paid due regard to the Charity Commission guidance on public benefit in deciding what activities the Charity should undertake.

Objectives and aims

The parish of St Mary the Great and St Michael is located in the heart of Cambridge, and ‘Great St. Mary’s’ is the University and Civic church, committed to providing a centre of worship, celebration and welcome - a place for exploring and living out faith, undertaking advocacy, supporting social justice and promoting an inclusive vision of society. This mission shapes and directs our activities.

Achievements and performance

During 2020 the normal work and activities of the church were significantly disrupted by the Coronavirus pandemic and the restrictions imposed to contain it. Nevertheless, the church sought to adapt and innovate and continued to undertake a variety of activities designed to achieve outcomes that would help it achieve its objectives:

Bearing witness to and providing opportunities for Christian Worship

The Church has traditionally offered four services every Sunday and we have also held Morning Prayer, Monday to Friday, with a Eucharist on a Wednesday lunchtime and Red Letter days, and a children’s Eucharist (“The Ark’) on Tuesday mornings. This year in response to lockdown and church closures, we have also developed a range of on-line services — Sunday online worship (either Eucharist or Mattins); weekday morning prayer and night prayer; mid-day prayer in Advent and Lent, and a weekly children’s service with Eucharist. When worship was possible in church this was livestreamed to YouTube, using equipment loaned by a member of the community, and we have fundraised to allow us to install our Own equipment to continue livestreaming in future. The church has also been open and available for private prayer when permitted by government regulations.

Our innovative Children’s Tuesday Communion Service (The Ark) has continued online, and opportunities for engaging with students and young people on a Wednesday lunchtime (Edge) and Sunday evening (HeartsEase) have continued in person where possible and appropriate or online.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2020

Achievements and performance (cont.)

Other service and activities have been held in a mix of online and physically present formats (according to the circumstances) to mark significant events such as Christmas, Easter, and Lent.

Engaging with and supporting the life ofthe City of Cambridge, its University and Residents

Despite the restrictions imposed in response to the pandemic there have been a number of special services over the year which we undertake as part of our role, in supporting and developing the diverse and varied life of the City and University of Cambridge and its residents. These include: an online Remembrance Day service, University Services (both online and in person where possible) including our traditional carols service for the University staff. The restrictions meant that the many local organisations that normally use the church for their annual carol service were not able to. However, the Stephen Perse School filmed a carol service in the church and we held four socially-distanced, ticketed, carol services with restricted numbers in place of our normal one or two candlelit carol services.

Although restricted by the pandemic, we have continued to develop our relationship with various facets of the University and continue to work with College Deans and Chaplains to explore how our joint ministry can be further developed

The church has continued its strong and supportive relationship with Park Street School for whom it provides governors and acts of collective worship. The school normally uses the church for significant occasions such as marking the beginning and end of term and saying farewell to leavers. It was a special pleasure to be able to hold a (social distanced) end of term carol service for key stage two at the end of the autumn term.

In the unusual circumstances this year, we were pleased to be able to offer the church as a venue for the (socially distanced) presentation of the British Empire Medal by the Lord Lieutenant of Cambridge.

The church normally organises a series of free lunchtime concerts providing a facility for residents and visitors and an opportunity for musicians to showcase their talents. We also make the church (and Michaelhouse chancel) available for partnership events and for hire as a concert, meeting and lecture venue. It was simply not possible to undertake these activities for most of the year and it felt significant that we did manage to hold one lunchtime concert when regulations were relaxed at the beginning of December (before the second lockdown).

The normal functioning of our choirs (some 75 members) has been disrupted by the pandemic but they have sung for services when permitted and continued to provide fellowship and musical opportunities online. It was fortunate that this year’s choir tour to Canterbury took place at the end of February before lockdown began, and was a great success.

Developing our Ministry to Visitors

Given our prime location in Cambridge, engagement with visitors is a core part of our ministry. In recent years, our visitor numbers have exceed 300,000 a year and we have hosted various events and exhibitions which generate interest from tourists and locals alike. The advent of the pandemic in 2020 changed things dramatically. The church closed to visitors when lockdown began in March and did not re-open until the lockdown restrictions were eased in middle of July. Then, following a rigorous risk assessment and changes to visitor routes and our practices and procedures we remained open for visitors until the second lockdown began at the beginning ofNovember — re-opening again when restrictions were eased at the beginning of December, to close again after Christmas. During the period we were open we received a substantial number of visitors most of whom (anecdotally) were from the UK, especially London, whereas the bulk of our visitors have normally been from overseas.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report For the year ended 31 December 2020

Achievements and performance (cont.)

Supporting Social Justice and Promoting an Inclusive Vision ofSociety

Working as part of Cambridge Churches Homelessness Project, regular accommodation is provided in the church for the homeless during the winter months. This took place at the start of the year, but due to the pandemic, we were not able to do it for winter 20-21. The Wider Concerns Committee organised special collections on behalf of third parties during the year, which collected moneys for charitable work locally and overseas. We also continued to disburse restricted funds (Sansom Bequest) and allocated £2,500 each to six projects as diverse as Rowan a local charity supporting those with learning disabilities and Partners for Change, Ethiopia - with whom we have a long term relationship involving us providing a retail outlet for sales goods in support of their work. We also sell cards in support of Cambridge City Foodbank for whom we also held two collections. Kitchen equipment, crockery and cutlery was donated to Jimmy’s Night shelter and our Vicar serves as an Ambassador for Centre 33 who provide free confidential support for local young people.

Children and Young People

Children and Young People are a fundamentally important part of our church community and our ministry to children and young people has continued despite the pandemic supported by many volunteers. This includes the Ark communion service for young children and their parents/carers which is well attended and much appreciated, providing a Fresh Expressions approach to ministry to young children. We have also hosted children’s church and all age services on line and created a Facebook page for our community ofchildren, young people and their parents/carers.

The Boys, Girls and Junior choirs provide a solid musical education and other opportunities for young people whether or not they are otherwise involved with the church.

Education and Heritage

The education programme is now integrated into the life of Great St. Mary’s and 2020 started off very well with a variety of very well received school visits. A successful monthly session for home schooling families was trialled and future sessions were planned. During the February halfterm we became involved with the Twilight at the Museums for the first time. This was very popular and we hope to continue our involvement in future years.

Unfortunately, after March all future bookings were unable to take place, although we were able to have a small school group visit in October. During the lockdown period we worked on developing online resources and planning for the resumption of physical visits.

Concern for the Environment

The Environment Group's members are active in raising awareness of environmental issues and have worked with other groups and churches across the city to respond to and highlight environmental issues. Having achieved Silver Eco Church status we are continuing to work towards the Gold. During the year have created a wildflower area and developed plans for supporting wildlife in the churchyard. Each week the group shares an ‘EcoTip’ in the weekly parish newsletter.

Safeguarding

Safeguarding has continued to be a high priority. The Safeguarding Committee has met regularly and practices and procedures have been reviewed and up-dated. Training for staff and volunteers has continued and we have worked to raise awareness of Safeguarding issues.

Building Community and Pastoral Care

During 2020 our primary focus was on finding ways of supporting and engaging with the church community and providing pastoral care in the context of the pandemic situation. We developed online study and house group meetings, and events such as the coffee and the Women’s and Men’s breakfasts have continued online where possible. There are now far more bible study and other small groups than in previous years. Our clergy and a team of volunteers have provided pastoral visits where appropriate and possible, and have kept in touch with the congregation by telephone. Our Ministry to those within our parish has continued and the Marketplace Chaplain has worked hard to engage with and support the market community during this difficult year.

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2020

Achievements and performance (cont.)

Developing Communication

We have a robust social media presence. There has been significant activity on our Facebook pages (with 1,160 followers) and on Twitter (1,224 Followers), as well as a new YouTube channel (194 subscribers, with 10,246 views in 2020). The church and those involved in our work have again featured in the local and national press and media. A weekly email newsletter now goes out to 290 people.

Ensuring our Systems and Processes are Fitfor Purpose

The need to rationalise our staffing and structures as a result of the pandemic led to a review of processes and procedure including developing new risk assessments and policies where appropriate.

Principal risks and uncertainties

The principal financial risk is if there were to be circumstances in which the tower had to be closed for a time. In the light of the pandemic we reviewed our systems, processes and visitor routes to ensure that the tower staircase is as safe as possible for visitors and extra staff and volunteers are now on duty at peak visitor times to ensure safe flow up and down. Visitor numbers were reduced dramatically due to the pandemic, but the indications are that Cambridge will continue to be a popular visitor attraction and that visitor numbers will rebuild once the pandemic is over.

Financial Review

As a result of the pandemic the church was either closed or restrictions were placed on the number of visitors, with the result that the income dependent on visitors was down by more than £200,000. Pledged giving and donations increased by over £100,000, including a very generous donation of £50,000 in support of staff salaries, which enabled the church to pay staff on furlough their full salary. Savings on costs were made from the staff restructuring and the church closures and the Church was able to benefit from the Government’s Coronavirus Job Retention Scheme. The surplus for the year, excluding designated funds, was about £23,000. Despite this we took advantage of a repayment holiday on the mortgage to preserve cashflow.

The PCC was again able to pay a Ministry Share above that asked. Fundraising continued for the South Aisle Roof including £12,500 transferred from the Friends of Great St Mary’s.

There were no significant expenditures on repairs or improvements during the year, which enabled the designated Fabric Fund to remain unused. As mentioned last year we are aware that over the next 4-5 years we will have to spend over £100,000 on repairs to the top of the tower and need, once the pandemic is over, to build up the Fabric Fund to pay for this work.

We have been fortunate to receive during the year several restricted donations for music, the choirs and live-streaming equipment.

Going concern

We are conscious of the fact that 2021 is going to be a difficult year and are budgeting at this stage for a deficit, but the Trustees are confident that despite the continuing effects of the pandemic the church has sufficient reserves, continuing income streams and cost savings from the staff restructuring to continue as a going concern.

Principal funding sources

The major regular sources of funds for normal operations continue to be charitable donations from Church members and charges made to visitors to climb the tower and from the sale of gifts and books from the shop. This year a significant source of income was the Government’s Coronavirus Job Retention Scheme, together with the continuing grant from the University and rents from the investment properties.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report

For the year ended 31 December 2020

Financial Review (cont.)

Investment policy

Great St Mary’s reserves are invested in low-risk deposit accounts.

Reserves policy

The church’s aim is to hold free reserves equivalent to one year’s normal running costs (around £375,000) so that it can continue its charitable purposes should there be a significant reduction in the income from visitors, who contribute about 60% of the total income in a normal year. At the beginning of the year the church had built up free reserves of £123,839 (£83,510 excluding designated funds) and, despite the impact of the pandemic free reserves at the end of the year, have increased to £156,920 (£83,929 excluding designated funds), and although any increase is unlikely during 2021 the church will look to build towards the reserves target in future years.

Investments

The Charity holds two properties as investments, for annual rental and capital growth.

Volunteers

The Church has continued to rely on some 100 volunteers throughout the year in addition to the paid staff. It is not possible to quantify their efforts but they are greatly appreciated.

Future Developments

The advent of the pandemic meant that we had to place the next steps in our intended strategic re-visioning on hold. We hope that we will be able to proceed with this work in 2021 and will include as many of our stakeholders as possible in this process. In the meantime, subject to the restrictions created by the pandemic, we will focus on developing our existing objectives by:

MH.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report For the year ended 31 December 2020

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Report ofthe Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs ofthe Charity and the income and expenditure, ofthe Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe Charity and to 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC on 25 March 2021

Arvan Pritchard (Vice-Chair)

Independent Examiner's Report to the

Parochial Church Council of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

This reports on the accounts of the Trustees for the year ended 31 December 2020 is in respect of an examination carried out under the Church Accounting Regulations 2006 and s145 of the Charities Act 2011.

Respective responsibilities of Trustees and Examiner

The Charity's trustees consider that an audit is not required for this year under Section 142(2) of the Charities Act 2011 (the 2011 Act) and that an Independent Examination is required.

Having satisfied myself that the PCC is not subject to audit under Charity Law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 a full audit and consequently no opinion is given as to whether the accounts present a 'true and fair view’ and the report is limited to those matters set out in the statements below.

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

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

Matthewinieqe yaPettifer FCA eIER KER Date: 20/3/2 | Institute of Chartered Accountants in England and Wales Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road Girton, CB3 0QH United Kingdom

13,

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael Statement of Financial Activities incorporating the Income and Expenditure Account For the year ended 31 December 2020

Unrestricted Restricted Total Total Total
Funds Funds Funds 2020 Funds 2019
£ £ £ 2
INCOME FROM Note
Donations& legacies 198,238 104,528 302,766 359,371
Other trading activities 117,966 . 117,966 298,434
Income from investments 25,922 25 25,947 29,998
Other incoming resources 70,702 - 70,702 3,658
Income from charitable activities 4,035 - 4,035 26,380
TOTALINCOME 3 416,863 104,553 521,416 717,841
EXPENDITURE ON
Charitable activities 307,157 81,106 388,263 631,486
Raising funds 58,809 11,000 69,809 119,566
Other expenses 2,158 - 2,158 2517
TOTAL EXPENDITURE 4 368,124 92,106 460,230 753,569
NET INCOME/(EXPENDITURE) BEFORE
UNREALISEDGAINSONINVESTMENTASSETS 48,739 12,447 61,186 ( 35,728 )
Unrealised gains/(losses) on investment assets in year 12,500 - 12,500 75,000
Funds transferred in year - : i =
NETMOVEMENT IN FUNDS 61,239 12,447 73,686 39,272
Balances brought forward at 1 January 2020 935,452 7,077 942,529 903,257
BALANCES CARRIED FORWARD AT
31DECEMBER2020 996,691 19,524 1,016,215 942,529

The notes on pages 17 to 26 form part of the financial statements

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael Balance Sheet

As at 31 December 2020

2020 2019
Note £
£		 £ £
Fixed Assets 8
Fixtures& fittings 2,270 5,200
38EachardRoad(freehold) 537,500 525,000
55HanoverCourt(leasehold) 300,000 300,000
Fixed AssetInvestments 9 1 -
839,771 830,200
Current Assets
Debtors
Giftshop stock		 10 38,902
22,186		 10,934
20,376
Cashatbankand inhand 52,652 39,322
BankDeposits 216,840 201,025
FriendsofGreat StMary'sBank 13,153 12,812
343,733 284,469
Creditors: Amounts fallingdue within
oneyear it ( 58,956 ) ( 63,807 )
Net CurrentAssets 284,777 220,662
Creditors: Amounts fallingdue in more
than oneyear 12 (108,333 ) ( 108,333 )
TOTALNETASSETS 1,016,215 942,529
FUNDS 17
Unrestricted funds 214,725 165,986
Propertyinvestmentgainreserve 781,966 769,466
Total Unrestricted funds
Restricted		 996,691
19,524		 935,452
7,077
1,016,215 942,529

The notes on pages 17 to 26 form part of the financial statements

.

Approved by the Parochial Church Council on 25 March 2021 and signed on its behalf by:

Arvan Pritchard (Vice Chair)

15:

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael Statement of Cash Flows As at 31 December 2020

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2020|2019| |Note|-|£|£|£| |Net|cash|used|in operating|activities|3,540|(|50,188|)| |Cash|flows|from|investing|activities:| |Interest|and|dividends|487|774| |Purchase|of equipment|-|(|3,150|)| |Purchase|of fixed|asset|investment|(|1)|-| |Property|rental|income|25,460|29,224| |Net|cash|provided|by|investing|activities|25,946|26,848| |Change|in cash|and|cash|equivalents|in|the year|29,486|(|23,340|)| |Cash|and|cash|equivalent|brought|forward|253,159|276,499| |Cash and cash equivalent carried|forward|282,645|253,159| |Reconciliation|of net movement|in funds|to|net|cash|flow|from|operating|activities| |Net movement|in|funds|73,686|39,272| |Adjustments|for:| |Depreciation|charges|2,930|16,305| |Dividends,|interest|and|rents|from|investments|(|25,947|)|(|29,998|)| |Revaluation|of investment|properties|(|12,500|)|(|75,000|)| |(Increase)|in|stocks|(|1,810|)|(|10,856|)| |Decrease|in debtors|(|27,968|)|8,329| |Increase|in|creditors|(|4,851|)|1,760| |Net cash (used|in)|/ provided|by operating|activities|3,540|(|50,188|)|

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1 Legal Form

The Parochial Church Council is a corporate body established by the Church of England and operates under the Parochial Church Powers Measure 1956 as currently amended and the Church Representation Rules as currently amended. The Church Wardens Measure 2001 is also applicable. The church is a registered charity registered in England and Wales number 1127668. The address is Great St Mary's, The University Church, Senate House Hill, Cambridge, CB2 3PQ.

2 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, together with FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2019).

Great St Mary's PCC meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared under the historical cost convention except for investment properties which are shown at market value.

Going Concern Basis

The PCC considers that the going concern basis is appropriate as they consider the reserves levels and expected giving and other income to be at sufficient levels to ensure that the PCC can meet its financial obligations for the next 12 to 18 months and on that basis the PCC is a going concern. There are no material uncertainties about the PCC's ability to continue.

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.

The accounts include all transactions, assets and liabilities for which the PCC is responsible by law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

Income

Income is recognised when the PCC has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income and capital sources

te

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

Legacy income

Resources expended

Grants

Activities directly relating to the work ofthe Church

Fixed Assets

Consecrated property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011. Assets listed in the Church inventory, which require a faculty for disposal, are inalienable property and not included in the accounts. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life (initially over 5 years) on a straight line basis.

Investment Properties

Investment properties are shown at market value, valued regularly by the Trustees having sought professional advice.

Stocks

Stocks held for the gift shop and book shop are shown at the lower of cost and net realisable value.

Current Assets

Amounts owing to the PCC as 31 December in respect of fees, rents or other income are shown as debtors less provisions for amounts that may prove uncollectable.

Short terms deposits include cash held on deposit.

Creditors and provisions

Creditors and provisions are recognised when the PCC has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The PCC only has financial assets and financial liabilitics of a kind that qualify as basic financial instruments.

The PCC has elected to account for the concessionary loan at repayment amount, as permitted by the Charities SORP. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

Subsidiary undertakings

There is one wholly owned subsidiary undertaking, Great St Mary's Trading Limited, which was incorporated on 2 August 2020. This subsidiary has not been consolidated. It has been recognised at cost less impaired value.

Pension costs

The PCC contributes to an Auto-Enrolment pension scheme on behalf of its employees. This is a defined contribution pension scheme. Contributions are accounted for when payable.

19,

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

3 Income from:
Unrestricted Restricted Total Total
Funds Funds Funds 2020 Funds 2019
£ £ £ £
Donations& legacies
Pledged giving and donations 141,586 89,199 230,785 117,336
Tax recoverable 23,238 2,000 25,238 25,722
Collections 4,043 5,333 9,376 36,237
Boxes 4,880 . 4,880 12,190
University grants 23,332 . 23:332 22,536
Ministry Experience Scheme - 2,450 2,450 1,400
Listed Places ofWorship Scheme Grants 1,159 - 1,159 7,335
Church Schools ofCambridge Grant - 3,096 3,096 3,793
Michaelhouse Chancel Repairs Grant - 2,450 2,450 132,525
Friends ofGreat St Mary's - - - 297
198,238 104,528 302,766 359,371
Other trading activities
Concerts& events 2,209 - 2,209 14,506
Tower and shop L1S,757 - 115,757 283,928
117,966 . 117,966 298,434
Income from investments
Interest and dividends 462 25 487 774
Property rental 25,460 - 25,460 29,224
25,922 25 25,947 29,998
Income from charitable activities
Church lettings and fees 2,810 - 2,810 20,695
Education 625 - 625 3,065
St Michael's license fee 600 - 600 2,620
4,035 - 4,035 26,380
Other incoming resources
HMRC Job Retention Scheme 70,114 - 70,114 -
Other incoming resources 588 - 588 3,658
70,702 - 70,702 3,658
Total income 416,863 104,553 521,416 717,841
4 Expenditure on
Charitable Activities: Church Running Costs
Parish share: salaries, housingand training 91,760 - 91,760 86,884
Clergy expenses 5,025 - 5,025 9,285
Children and youth . 592
Flowers 944 - 944 2,966
balancec/f 97,729 - 97,729 99,727

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

For the year ended 31 December 2020
Unrestricted Restricted Total Total
Funds Funds Funds 2020 Funds 2019
Charitable Activities (continued) £ £ £ £
balance b/f 97,729 - 97,729 99,727
Communion wine and candles 716 - 716 1,704
Ministry experience scheme 5,000 3,150 8,150 3,700
Organists' salaries and fees 17,205 17,285 34,490 39,306
Choir and otherexpenses 5,416 1,000 6,416 15,370
Music 1,206 - 1,206 5,240
Organ and piano maintenance 767 - 767 4,181
Administration salaries 68,452 22,000 90,452 75,003
Stationery and copying 5,342 - 5,342 8,486
Equipment& IT 2,569 - 2,569 5,525
Telephone& internet 899 - 899 1,049
Postage 491 - 491 259
Books& subscriptions 195 - 195 250
Bank charges 201 - 201 157
Sundry 513 - 513 3,650
Cleaning 9,528 - 9,528 9,933
Verging and stewarding 36,966 5,000 41,966 53,116
Church insurance 13,611 - 13,611 15,165
Utilities 8,192 - 8,192 11,101
Maintenance 21,398 - 21,398 98,588
St Michael's maintenance - 2,450 2,450 136,977
Heritage education 6,718 6,096 12,814 9,162
Heritage Lottery Fund -WW1 project - - - 397
Depreciation 1,010 1,920 2,930 16,305
WiderConcerns Collections - 22,205 22,205 12,992
Independent Examiner 2,925 - 2,925 2,859
Legal fees - - - 900
Accountancy 108 - 108 384
307,157 81,106 388,263 631,486
Expenditure on Raising funds
Towerand shop 49,976 11,000 60,976 89,572
Concerts 1,307 - 1,307 9,355
Property management& repairs 5,972 - 5,972 15,073
Advertising & website 1,554 - 1,554 5,566
58,809 11,000 69,809 119,566
Other resources expended
Methodist loan interest payable 2,158 - 2,158 2,517
2,158 - 2,158 2,517
Totalexpenditure 368,124 92,106 460,230 753,569

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

5 StaffCosts & Transactions withPCC Members 2020 2019
£ £
Wages and salaries (including rent paid) 201,394 196,482
Social security costs (including Employer's Allowance reduction) 10,444 10,456
Pension costs 2,811 2,649
214,649 209,587

The average number of the staff during the year was 14 (2019: 20). No employee has received emoluments which exceed £60,000.

No PCC member has been paid a salary in 2020 or 2019. The PCC considers there are no paid Key Management Personnel. During the year the PCC members made donations to the PCC without condition totalling £15,445 (2019: £10,886)

A small immaterial part of expenses paid to the clergy may have related to their services as members of the PCC. Expenses of £4,705 (2019: £8,973) were reimbursed to PCC members for Church costs incurred personally. PCC members are not reimbursed for personal out of pocket expenses.

No PCC members were reimbursed expenses for out of pocket expenses relating to their ministry work (2019: Enil).

6 Comparatives for the Statement of Financial Activities

Unrestricted Unrestricted Restricted Total
Funds Funds Funds 2019
£ £ £
INCOME FROM
Donations and Legacies 182,967 176,404 359,371
Other trading activities 298,434 - 298,434
Income from investments 29,998 - 29,998
Other incoming resources 3,658 - 3,658
Income from charitable activities 26,380 . 26,380
TOTALINCOME 541,437 176,404 717,841
EXPENDITURE ON
Charitable activities 443,120 188,366 631,486
Raising funds 119,566 - 119,566
Other expenses (including Development) 2,517 - 2,517
TOTALEXPENDITURE 3 565,203 188,366 753,569
NET INCOME/(EXPENDITURE)
ANDNETMOVEMENT INFUNDSBEFORETRANSFERS ( 23,766) ( 11,962 ) ( 35,728 )
Unrealised losses on investment assets in year 75,000 - 75,000
Transfers between funds ( 16,667 ) 16,667 -
NETMOVEMENT INFUNDS 34,567 4,705 392272
Balances brought forward at 1 January 2019 900,885 2,372 903,257
BALANCES CARRIEDFORWARD AT
31DECEMBER2019 935,452 7,077 942,529

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

7 Analysis of Net Assets by Fund

7 Analysis of NetNet Assets by FundFund
Unrestricted Restricted
Funds Funds Total
£ £ £
Fixed Assets 839,771 - 839,771
Current Assets 199,209 144,524 343,733
Longterm Liabilities - ( 108,333 ) ( 108,333 )
Current Liabilities ( 42,289) ( 16,667 ) ( 58,956 )
Fund Balance 996,691 19,524 1,016,215
8a Tangible Fixed Assets - Investment Properties
38 Eachard 55 Hanover
Road Court Total
Freehold Leasehold
Market Value at 1 January 2020 525,000 300,000 825,000
Movement on revaluation in year 12,500 - 12,500
Market Value as at 31 December 2020 537,500 300,000 837,500
HistoricalCost 6,700 48,834 55,534

38 Eachard Road and 55 Hanover Court were revalued on an open market basis at the end of the year by the Trustees based on professional advice.

8b Fixtures & Fittings Cost

At 1 January 2020 Additions in year

At 31 December 2020

£
81,527
P
81,527

Depreciation At 1 January 2020 Charge for the year

At 31 December 2020

----- Start of picture text -----
76,327
2,930
719.257
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Net Book Value

At 31 December 2020

At 31 December 2019

2,270 5,200

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

9 Fixed Asset Investments

9 Fixed Asset Investments
Shares in Group
Undertakings
£
Market Value at 31 December 2019 i
Additions in the year 1
MarketValueat31December2020 1

This represents an investment of 100% of the share capital in Great St Mary's Trading Limited.

10a Debtors: amounts fallingdue within one year 2020 2019
£ £
IncomeTax recoverable 4,426 5,744
Accounts receivable 424 531
Other debtors 3,297 -
Prepayments& accrued income 6,513 4,659
14,660 10,934
10b Debtors: amounts falling due in more than one year
Securedloans 24,242 -

This represents a loan to Great St Mary's Trading Limited, with interest rate of 1% over base rate, repayable on 31 December 2025 and secured on the fixed assets of the trading subsidiary.

11 Creditors: amounts falling due within one year

Taxes and social security 1,611 3,476
VAT 4,100 5,703
Sundry creditors and accruals 53,245 54,628
58,956 63,807
12 Creditors: amounts falling due in more than one year
Amounts fallingdue in 2-5 years 83,333 83,333
Amounts falling due in more than 5 years 25,000 25,000
108,333 108,333

This is made up of two loans:

An interest free loan of £50,000 due for payment in two instalments, the first £25,000 being due in December 2024 and the balancing £25,000 being due in December 20235. A loan of £100,000 repayable in 12 equal instalments over 6 years. Interest accrued in each 6 month period is payable with that instalment. At 31/12/2020 £25,000 had been repaid.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

13 Secured Debts

The following secured debts are included within creditors:

Bank loans

----- Start of picture text -----
75,000 75,000
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The bank loan is secured by way of a legal charge over the 55 Hanover Court investment property. The loan is repayable over a period of 6 years and 6 months until December 2024. The interest rate on the loan is variable, with an initial rate of 2.90%.

14 Operating Lease Commitments

The PCC is committed to make lease payments of £nil (2019: £nil) in the next 12 months on leases. The amount included in expenditure this year for lease payments is £nil.

15 Capital Commitments

Amounts contracted for but not provided in the financial statements amounted to £nil (2019: £nil).

16 Independent examination fees

Independent Examination fee

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||| |---|---| |2020|2019| |£|£| |2,925|2,600|

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25;

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

17 Fund Movements

Gains/ (losses)
on investment Fund
Balanceb/f Income Expenditure assets transfers Balancec/f
£ £ £ £ £ £
UnrestrictedFunds
General Fund 125,657 391,434 368,124 - ( 7,233) 141,734
Property Investment Gain Reserve 769,466 - - 12,500 - 781,966
DesignatedFunds
Fabric Fund 22,767 . - - 7,233 30,000
Michaelhouse Fund - 15,000 - . - 15,000
Music Fund 17,562 418 - . - 17,980
Vision Fund . 10,011 - . - 10,011
935,452 416,863 368,124 12,500 - 996,691
Restricted Funds
AD Fund 6,362 - - - - 6,362
Angela and Richard Wright Memorial Fund - 15,665 - - - 15,665
Assistant Organist Fund 39,109 - 9.285 - - 29,824
Camera Fund . 10,250 - - - 10,250
Choir Robes Fund 5,000 11,250 - - - 16,250
Church Schools Grant - 3,096 3,096 - - -
Fondiller Fund 1,414 - . - : 1,414
Friends ofGreat St Mary's 12,531 622 - - (— 12,500 ) 653
Heritage Lottery Fund 1,920 - 1,920 - - -
Heritage Lottery Fund -WW1 98 - - - - 98
Michaelhouse Chancel - 2,450 2,450 - - -
North Cambridge Ministry Experience 700 2,450 3,150 - - -
RoofFund (117,324 ) 2,254 - - 12,500 ( 102,570 )
Salary Support Fund - 50,000 50,000 - - -
Sansom Bequest 50,576 - 15,000 - - 35,576
WiderConcerns 6,691 6,516 7,205 - - 6,002
7,077 104,553 92,106 - - 19,524
Total 942,529 521,416 460,230 12,500 - 1,016,215

Designated Funds

Fabric fund

Michaelhouse fund Music fund Vision fund

represents funds which the PCC has set aside for the fabric of the Church.

represents funds which the PCC has set aside for to support the activities in Michaelhouse. represents income which the PCC has set aside for the provision of music. represents funds which the PCC has set aside for projects recommended by the Vision committee.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

17 Fund Movements (cont.)

Restricted Funds

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |AD|fund|represents|funds|received|for|general|purposes|at|the discretion|of the|Vicar.| |Angela|and|Richard|Wright|Memorial|Fi|represents|funds donated|for|the|provision|of music|in|the Church.| |Assistant Organist Fund|represents|restricted|donations|specifically|made|for the salary of a|second organist.| |Camera|Fund|represents|funds|donated|for the purchase|and|installation|of live-streaming|equipment.| |Choir|Robes|Fund|represents|restricted|donations|specifically made|for|the purchase of choir|robes.| |Church|Schools|Grant|represents a|grant|from the Church|Schools|of|Cambridge|towards|Heritage|Education|costs.| |Fondiller|fund|represents|funds|set|aside|for|visiting|preachers|expenses,|at the discretion|of the|Vicar.| |Friends of Great|St|Mary's|represents|funds|donated|to|the|Friends|of Great|St|Mary's.| |Heritage|Lottery|Fund|represents|funding|to 2016|for the capital|expenditure of the|Heritage|Centre & ongoing|costs.| |The|fund|balance|includes|the|net book|value of fixed assets|funded by|the|grant.| |Heritage|Lottery|Fund|- WW1|represents|a|grant|for the WW1|activity|day and|exhibition|in|2018.| |Michaelhouse Chancel|represents|funds|received|for|the works|on|the Chancel|of Michaelhouse.| |North Cambridge Ministry|Experience|_represents funds|received|to|cover the expenses of the ministry experience placement candidate.| |Roof Fund|represents|funds|received|for|the|repair of the|South|Aisle roof.| |Salary Support Fund|represents|funds|donated|to|support|salaries during the Coronavirus|pandemic.| |Sansom|bequest|represents|funds|received|for|distribution|to|Wider Concerns,|at|the|discretion|of the PCC.| |Wider Concerns|represents|funds|collected|to|pass|on|to|other|charities|supported by the Church.|

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Fund Transfers

During the year a transfer was made of £12,500 from the Friends to the Roof Fund to cover some of the costs of the Roof. This was at the agreement of the Friends of Great St Mary's.

The Trustees have designated a further £7,233 to increase the designated Fabric Fund to £30,000.