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2020-12-31-accounts

The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity N[o] : 1128087

Financial Statements for the year ending December 31, 2020

2020

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

CONTENTS Contents ............................................................................................................................................................................ 1 Report of the Parochial Church Council ........................................................................................................................... 3 Aims and Purposes ....................................................................................................................................................... 3 Structure, Governance and Management .................................................................................................................... 3 Objectives and Activities ............................................................................................................................................... 3 Public Benefit ................................................................................................................................................................ 4 Achievements and Performance .................................................................................................................................. 4 Treasurer’s Financial Review, Year Ended 31 December 2020 ........................................................................................ 7 The King Henry VIII Endowed Trust – Ministry and Mission in Warwick & Budbrooke ............................................... 8 Restricted Funds ........................................................................................................................................................... 9 Reserves Policy ........................................................................................................................................................... 10 Investment Policy ....................................................................................................................................................... 10 Plans for the Future .................................................................................................................................................... 10 Signatories .................................................................................................................................................................. 10 Independent Examiner’s Report to the PCC of St Mary’s Warwick ................................................................................ 11 Respective Responsibilities of the PCC and the Examiner .......................................................................................... 11 Basis of this Report ..................................................................................................................................................... 11 Independent Examiner’s Statement ........................................................................................................................... 11 Accounting Policies ......................................................................................................................................................... 12 Basis of Accounting ..................................................................................................................................................... 12 Incoming Resources .................................................................................................................................................... 12 Resources Expended ................................................................................................................................................... 12 Investments ................................................................................................................................................................ 12 Depreciation ............................................................................................................................................................... 12 Stock ........................................................................................................................................................................... 12 Fund Accounting ......................................................................................................................................................... 12 Statement of Financial Activities (Year Ended 31 December 2020) ............................................................................... 13 Balance Sheet (Year Ended 31 December 2020) ............................................................................................................ 14 Signatories .................................................................................................................................................................. 14 Statement of Cash Flows ................................................................................................................................................ 15 Notes to the Financial Statements (Year Ended 31 December 2020) ............................................................................ 16 Appendix 1: Statement of Financial Activities (Year Ended 31 December 2019) ........................................................... 24 Appendix 2: Selected Notes from the 2019 Financial Statements (For Comparison) .................................................... 25

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

Reference and Administrative Items

Address Old Square
(Church and Warwick
Parish Office) CV34 4RA
Diocese Diocese of Coventry within the Church of England
Website www.stmaryswarwick.org.uk
Charitable Status Registered Charity No. 1128087 (since February 16th 2009).
Trustees All members of the PCC as follows:
Incumbent & Chairman Rev’d Vaughan Roberts
Churchwardens John Luxton, Gail Guest
Curate Alyica Timmis
Deanery Synod Rep Gillian James
Elected PCC Members John Adams (Treasurer), Anne Brar (from November 2020),
Victoria Bartholomew (Secretary_until July 2020_), David Clark
Grahame Edmonds_(resigned August 2020)_,
Nicholas Edwards (from November 2020), Alan Faulkner
Desmond Jack, Tony King, Jayne McHale, Carol Warren,
Alice Webber (from November 2020).
PCC Ex Officio Reader Doreen Mills
Members Parish Administrator Felicity Bostock (retired March 2020)
Independent Steven Mugglestone FCA Greville House
Examiners Michael Harwood & Co. 10 Jury Street
Chartered Accountants & Warwick
Registered Auditors CV34 4EW
Banker Lloyds Bank PLC 12 Swan Street
Warwick
CV34 4BJ
Solicitors Rotherham & Co. 8 The Quadrant
Coventry
CV1 2EG
Insurance Broker Bausor Hall Associates Ltd. Unit 7, Mercia Business Village
Westwood Business Park
Coventry
CV4 8HX

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

REPORT OF THE PAROCHIAL CHURCH COUNCIL

The Council presents its report and Financial Statements of the Church for the year ended 31st December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out on page 12 (and following) and comply with the Parochial Church Council Powers Measure (1956), the Churches Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019.

AIMS AND PURPOSES

St Mary’s PCC has the responsibility of co‐operating with the incumbent, the Rev’d Vaughan Roberts, in promoting in the ecclesiastical parish the pastoral, evangelistic, social and ecumenical mission of the Church. The PCC also has the responsibility of maintaining the fabric of the historic Church of St Mary’s, a Grade I listed building.

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Mary’s Church operates as a member of a Team Ministry together with St Nicholas’, St Paul’s and All Saints’ Emscote and in conjunction with St Michael’s Budbrooke & Chase Meadow. The Warwick Team Ministry is part of the Warwick and Leamington Deanery in the Church of England Diocese of Coventry.

The method of appointment of PCC members is set out in the Church Representation Rules and the membership consists of the incumbent (our Rector), our curate, churchwardens and other members elected by congregation members who are on the Electoral Roll of the church. All those who attend our services are encouraged to register on the Electoral Roll and stand for election to the PCC.

In addition, any Deanery Synod Representatives are automatically members of the PCC. Furthermore, we have had two ex officio members, our Reader for the full year and our Parish Administrator until the end of March 2020.

The PCC is responsible for making decisions on all matters of general concern and importance to the parish. While our Operations Manager oversees the day‐to‐day running of the material side of church life, it is the PCC that determines general policy and decides how the funds of the PCC are to be spent.

The PCC met five times during the year with an average attendance of 80%. The March meeting was cancelled because of the national lockdown. The PCC operates a number of sub‐committees to deal with individual aspects of parish life. These sub‐committees include a Standing Committee to manage day‐to‐day fabric and finance matters, and committees looking at items such as Ministry, Safeguarding and Pastoral Care.

All sub‐committees regularly report back to the PCC with minutes or reports of their deliberations and decisions, and these are then discussed and reviewed by the full PCC as necessary. In addition, the PCC has responsibilities for managing policies and risks related to Health and Safety, Safeguarding, Employment Regulations and Discrimination. All these areas are reviewed regularly, policies updated and training put in place for key staff.

The PCC reviews pay and remuneration for all employees on an annual basis, taking into account the annual rate of inflation, the prevalent minimum and living wage levels and any changes in job description and responsibility.

OBJECTIVES AND ACTIVITIES

The PCC remains committed to maintaining St Mary’s role in the life of the town and enabling as many people as possible to worship at our church. The church is a hub for the local area, attracting local people as well as visitors

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

and tourists. People enter the building for a variety of reasons, worship, prayer, history and culture being but a few of these.

The Coronavirus pandemic has seriously affected our ability to meet some of our annual objectives. The PCC has continued with its duty to keep the building in good repair, but it has not been possible to open the building to anything like the usual extent. As always, the PCC is immensely grateful to all those who were able to give their time, knowledge and passion to make and keep the church alive and vital, and to offer a warm welcome to those who were able to enter for whatever reason.

The PCC also has a responsibility to ensure that the church operates on a sound financial footing, with good, effective and responsible business practices. The PCC remains mindful that these practices must support rather than hinder the spiritual work of the church.

The church’s outward giving programme extends beyond the boundaries of CV34 to support both national and international causes. Any member of our congregation is welcome to suggest such a cause and these are discussed, recommended and approved by the Standing Committee and the PCC.

PUBLIC BENEFIT

The trustees confirm that they have complied with the Charities Act 2011 and in planning our activities for the year we have considered the Commission’s guidance on public benefit and the advancement of religion. In particular, we try to enable people to live out their faith as part of our parish community through:

Worship and prayer

Provision of pastoral care for people living in the parish

Missionary and outreach work

ACHIEVEMENTS AND PERFORMANCE

WORSHIP

During 2020 St Mary’s life and ministry changed dramatically. Until mid‐March the range and variety of worship continued as it has always done but, following the announcement of the first national lockdown, worship was moved online with a single pre‐recorded service streamed at 10.30 each Sunday morning. The services were attended and appreciated by members of St Mary’s congregations and by people from across the country and internationally as well. The PCC thanks everyone who played their part in these services: clergy, lesson readers, intercessors and members of the lockdown choir. Special thanks are given to Dave Clark for countless hours spent assembling all the various contributions into a coherent offering.

From July 5[th] the single Sunday service became a live (and livestreamed) service, back in church with a limited congregation and socially distanced seating. In September it was a joy to welcome back the choir, with their own socially distanced seating replacing the choirstalls in the Sanctuary.

The second lockdown in November saw us revert to online services only for another month, including Remembrance Sunday. With the easing of restrictions on December 2[nd] , we were able to return to live and/or livestreamed acts of worship in church. Activity commenced with a livestreamed Advent Carol Service. While attendance was restricted to clergy and choir only, it was wonderful to see the massed ranks of our boys’, girls’ and adults’ choirs performing together for the first time in nearly a year.

The difficult decision not to admit a congregation for the Advent Carol Service was repeated for the Christmas Carol service, which was again livestreamed with just clergy and a full choir present in the church. Congregations were however able to attend the four Christmas services, two on Christmas Eve and two on Christmas Day.

It would be an understatement to say that this has been a challenging year, and it has fallen to a small team of

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

dedicated volunteers to ensured that the church is open, closed, cleaned after every use and generally operating safely. The PCC is enormously grateful to this team, without whose support much of our activity would not have been possible.

All that said, the PCC wishes to acknowledge one individual who has been responsible for facilitating all our in‐ church activities and therefore records a huge vote of thanks to our new Operations Manager, Mary Adams. It is thanks to Mary’s tireless efforts that the church was fully risk‐assessed, reconfigured and equipped for opening in July and then able to continue operating safely through to the end of the year.

The timing of her appointment to the role in March, just as the first lockdown was announced, meant that a large challenge instantly became a huge one. We are immensely grateful that it is a challenge to which Mary has risen with such assurance.

The PCC believes that livestreaming of services will now continue to be a significant part of our worship offering, even when life returns to a more normal pattern. Livestreaming allows us to reach and address not just the needs of our own community but the needs of a much larger one. The variety of our acts of worship (choral and said) will continue to be made available to anyone who has the means to access them, whether that be physically or online.

Music has always been a vital part of St Mary’s life and ministry, and it has continued to play its role throughout an incredibly tough year. Offerings from the lockdown choir, recitals from our organists, live singing from our choirs and more recently online rehearsals have all ensured that our musical ministry remains in good health. The ongoing financial support from the Friends of Cathedral Music and the St Mary’s Guild of Ex‐Choristers continues to secure the post of organ scholar, while the support of the Ouseley Trust and the Warwick Choral Trust has enabled the continued provision of weekly vocal coaching (online and, when possible, in person) for the boy and girl choristers.

Note: in the following paragraphs, 2019 statistics are given in brackets for comparison.

The following attendance figures for 2020 must be viewed through the lens of social distancing which has reduced our maximum capacity to somewhere under 120 (where in previous years we have hosted more than 600 for a single service). Comparisons with 2019 are given but are therefore somewhat less meaningful than in previous years. We are not able to accurately record the number of people reached with our online offerings.

Given the limited attendance capacity since returning to live services in July, the average Sunday attendance for 2020 was 94 (171) adults and 12 (28) children and young people. Averages for midweek services are not available as only a few Wednesday evensongs have been possible since mid‐March.

As already stated, we were not able to open the church to a congregation for our Advent and Christmas Carol Services, but our combined attendance across the Christmas Eve and Christmas Day services reached 323 (1582). We were also not able to open church for Remembrance Sunday in 2020, but were delighted that the Regimental Service was able to proceed this year with an attendance of 57 (298).

5 (8) weddings and 1 (1) blessing were celebrated at St Mary’s during 2020, along with 2 (12) baptisms or thanksgivings. There were also 6 (9) funerals.

The number on the Electoral Roll stood at 142 (108).

DEANERY SYNOD

One member of the PCC sits on the deanery synod which provides the PCC with an important link between the parish and the wider structures of the church.

CHURCH FABRIC

The PCC’s intention had been to minimise expenditure on church fabric during 2020 in anticipation of major work starting on the restoration of the tower. However, it proved not possible to commence work on the tower during 2020 for a variety of reasons: national lockdowns, lack of funds and the challenge of raising funds during a difficult year, discussions with our telecommunications tenant about the impact of scaffolding on their equipment and

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

discussions with the County Council regarding road closures while the scaffolding is erected. We hope to be able to commence work on the scaffolding before the summer.

Our two‐fold fundraising strategy remains in place, but all plans have been delayed. Many of the normal grant‐ making bodies have, not surprisingly, focused on people rather than buildings during 2020. As and when we and our consultants feel that the time is right, we will be submitting applications in support of our short‐term fabric work and commencing a programme of activity to financially secure the longer‐term future of our ministry and music.

Two significant fabric projects were unavoidable during 2020. Heavy rainfall during the late summer revealed two roofing problems. The first, a leak in the nave roof was repaired in quick time thanks to an 80% grant from the Historic England Covid‐19 Emergency Heritage at Risk Response Fund.

The second, water ingress in the north porch, revealed rather more significant work required to a number of roof areas above the porch and the staircase. Another 80% grant, from the Historic England Major Works Fund, was successfully secured and repair work commenced before Christmas. A new roof is now in place above the song school staircase and landing and the remaining work is due for completion before the end of March. The combined cost for these two projects reached a total of £200,000 with the church contributing 20% of the necessary funds.

The new nave chairs have proved to be a great blessing in the past 12 months. Easy reconfiguration of the layout, and the “easy clean” nature of the chairs themselves played a significant role in allowing us to reopen our doors to congregations in July and to the choir in September.

OTHER CHARITABLE WORK

For a number of years St Mary’s has aimed to make annual charitable donations equal in value to approximately 10% of the income received from the King Henry VIII Endowed Trust. Given the overall drop in our income, this outward giving target was not met in 2020.

We hope to return to a more normal level of charitable donation in 2022.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Report of the Parochial Church Council 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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.

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The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

TREASURER’S FINANCIAL REVIEW, YEAR ENDED 31 DECEMBER 2020

When the PCC agreed the budget for 2020 there was already an expectation of a financially challenging year. The budget set out the forecast income and expenditure for the usual range of church activities, and excluded income related to the Capital Campaign and income from unpredictable sources such as legacies.

The 2020 budget included incremental expenditure in a number of areas: a salary budget increase to accommodate staff changes in the administration department, funds to cover a predicted loss in the shop and visitor staff, general increases in running costs (insurance and utilities), ongoing and increasing maintenance bills for the organ and costs of fundraising consultancy. On top of these, the PCC also made the customary allowance for general fabric repairs.

In the worst‐case scenario, an operating deficit of up to £80,000 was predicted. As in previous years, this budget was not accepted lightly and various activities were commissioned to look at ways of increasing income and reducing or deferring expenditure. As March progressed it became clear that a major rethink of the budget would be necessary.

The first national lockdown brought a halt to all activity within the church building and the closure of the church for a minimum of three months. Cashflow predictions, reviewed by the Standing Committee, showed the likely month by month impact of both full and limited closures and assessed possible courses of actions to mitigate loss of income. At this time, we were predicting an average deficit of £7,000 per month before taking preventative action.

Decisions were taken to work with all suppliers to renegotiate or terminate contracts where possible and to take advantage of the Government’s Coronavirus Job Retention Scheme. All employees were placed on furlough at the beginning of April, with the government funding 80% of the salaries and the church “topping up” the remaining 20%. The only exception was the Operations Manager, who remained in place to handle all remaining day‐to‐day business activity and to administer the furlough scheme not just for the St Mary’s staff but for staff in the other four churches of the Warwick Team. St Mary’s provides payroll services for all the churches in the Warwick Team.

Expense reduction, under the ever‐watchful eye of our Operations Manager, was successful in many areas, and negotiations with our telecoms tenant brought an unexpected but very welcome windfall. However, by May, the losses were already considerable and Standing Committee concluded that the 20% salary top up was not sustainable. Top up payments ceased at the end of May.

It also became apparent that it would not be possible to reopen St Mary’s as a tourist attraction in a Covid‐secure way in 2020 and possibly for a large proportion of 2021. With the potential ending of the furlough scheme and the impending increase in employer contributions as the scheme wound down, Standing Committee and PCC reluctantly concluded that redundancies were inevitable in the Visitor Service Team. It was with great sadness that six redundancy packages were prepared and duly accepted. Our thanks go to those six people for their many years of loyal and hard‐working service.

The ability to reopen the building in a limited way in July was very welcome but did very little to ease the financial pressures. The reduced number of services and controlled number of attendees for the remainder of the year meant that Service collections for the full year were just over £19,000 down against the budget. Our visitor income (donations and tower charges) ended the year over £25,000 lower than budgeted. We also lost nearly £10,000 of income from the combination of lettings (hiring the building out for concerts) and service fees (weddings).

On a very positive note, the level of planned giving by Standing Order has remained constant throughout the year and met the budget forecast. We are hugely grateful to all our congregation members who have continued their giving and also to those who have joined the planned giving scheme during the year. Planned giving, which assures us of a fixed income, is of great assistance as we plan our way through these difficult times.

As we reopened the church, we took advantage of the revised furlough scheme which permitted part‐time working. Under this scheme, our musicians, premises verger and administrative assistant all returned to work for a limited number of hours – somewhere between one third and one half of normal hours. Under the terms of the scheme, the church has paid in full for all hours worked and the government has funded 80% of the salary for all hours that were not worked. We are very grateful to our worship vergers who have given their time voluntarily since July, thereby allowing us to open and close for private prayer and be prepared for services without incurring any cost.

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

We were unable to open the church for the annual Christmas Tree Festival and Victorian Evening, and our choirs were unable to attend their customary round of carol singing events. While these events help to swell the coffers, they also provide immense joy to large numbers of the local community and were sorely missed by thousands. We look forward to their return in 2021. While physical Christmas trees may not have been possible, the PCC thanks Helen and Tony Fitzpatrick for their staging of a truly wonderful Virtual Christmas Tree Festival online, which gave many the chance to enjoy highlights from previous years and get into the festive spirit during December.

After such a challenging year it is not in the least bit surprising that the final figures show that we ended the financial year with an operating deficit of just over £40,000. This is reflected in the diminished level of unrestricted reserves.

As we turn to 2021, we continue to face a huge level of uncertainty with regard to church life in the short and medium term and, unavoidably, this will affect our income adversely. Putting aside costs associated with fundraising (for the tower and the longer‐term future), our provisional budgets for 2021 show that losses could reach £90,000.

A considerable proportion of any deficit will be due to fabric, but we remain committed to the maintenance of our church. The north roofs project is yet to complete and we need to replace our central heating system before the end of the year. We will be working to secure further grants against specific projects, but cost is inevitable. We will continue to minimise any and all expenditure and certainly defer any optional expenditure for as long as possible.

We are also committed to retaining our remaining staff, and will take advantage of the furlough scheme for as long as it is available. While we wish to reopen to visitors in as full and meaningful a way as possible, we are undecided as to the future of our shop and unsure about the necessity for and financial feasibility of hiring paid staff. We had planned to recruit a Development Officer in 2020 to handle our Visitor Services, lettings, events and publicity, but these plans are on hold. It is clear that we will remain highly dependent on voluntary staff to fill as many gaps as possible as we set out on the road to a full reopening. We certainly look forward to welcoming back our church guides, when the time is right, as they play such an important role in the visitor experience.

At the time of writing, the PCC has no coherent plan to address the perilous position in which we find ourselves. Losing one fifth of our unrestricted reserves in one year might be recoverable, but losing half of our reserves in the space of two years is a warning sign that we cannot ignore. We will have to assess every project, large or small, on its merits. We will have to prioritise our spending according to necessity rather than desirability. We must not flinch from difficult decisions and some “nice to have” projects may fall by the wayside.

THE KING HENRY VIII ENDOWED TRUST – MINISTRY AND MISSION IN WARWICK & BUDBROOKE

St Mary’s is one of five churches in Warwick and Budbrooke that receive annual payments from the Trust, which was set up in 1545. The amount to be paid to the Church is set out in the Trust’s Scheme, which is approved by the Charity Commission. All payments are Restricted and only to be used for the prescribed purpose for which they are given. The five churches receive 50% of the Trust’s net income, allocated in accordance with the Scheme. The scheme was modified early in 2015, with the agreement of the PCC’s, to change allocations following the closure of Christ Church.

The Trustees make payments directly to the Diocese to cover the stipends, pensions and housing costs for nominated clergy and lay workers within the five parishes in a set order. The balance is allocated to the PCC’s. Of this St Mary’s is currently entitled to 40%, which can only be used for furthering the religious and other charitable work of the Church of England within the Warwick parishes. The Trustees have the discretion to change this percentage allocation, and it is the responsibility of the PCC to ensure and demonstrate that the terms of this grant are respected.

A variation to the allocation of the church share was agreed by the Trustees and the PCC’s to establish a Project Pool, managed by the Trustees, with all the PCC’s of the Warwick parishes being able to bid for funds for specific projects.

St Mary’s use of the grant is presented in the annual accounts. This demonstrates how the grant has been used to cover our mission in Warwick, specifically to cover expenditure associated with our ministry, worship and music. As well as covering the costs of clergy and custos, the grant allows St Mary’s to continue with its fine musical tradition.

Our range of worship, music and our accessibility distinguish St Mary’s amongst the Warwick churches and the PCC is immensely grateful to the King Henry VIIII Endowed Trust, without whose support this work would not be possible.

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

SUMMARY OF KING HENRY VIII ENDOWED TRUST INCOME & EXPENDITURE

This table shows a summary of the deployment of funds from the King Henry VIII Endowed Trust during 2020:

2020 (£) 2019 (£)
Carried forward from previous year + 49,244 + 4,552
Debtor previous year ‐ ‐
Income current year + 107,976 + 156,902
CJRS rebate against salaries + 16,818 ‐
Expenditure current year ‐ 114,709 ‐ 112,210
Balance to carry forward 59,329 49,244

PAYMENTS TO THE DIOCESE

Payments are made by the Trust to the Diocese to cover the stipend, pension and housing costs for the Vicar of St Mary’s and these are recorded in the Diocesan accounts. The payment to the Diocese from St Mary’s is in addition to the payment from the Trust and covers clergy training costs and a housing supplement for upkeep of the St Mary’s rectory, and also a contribution to the Support Fund to assist other parishes in the Diocese.

Paid By 2020 (£) 2019 (£)
Stipend, pension and NI KH VIII 38,949 37,956
Training & Housing St Mary's 18,983 19,157
Diocesan Support Fund & Deanery Costs St Mary's 20,985 20,045
Total received by the Diocese 78,917 77,158

RESTRICTED FUNDS

In this year’s accounts we have introduced a “Restricted Music Fund” in addition to the “Restricted Fund” and the “Capital Campaign Fund”. This allows us to provide clear separation between these three funds.

RESTRICTED FUND

At its core, the Restricted Fund contains our legacy Caxton, Rance and Library share portfolios which have been reserved for fabric projects since 2012. Specific project donations, such as the £10,000 donation from the Friends of St Mary’s, will also be placed in the Restricted Fund. Funds restricted for the use of music are now separated out.

RESTRICTED MUSIC FUND

The Restricted Music Fund contains the remainder of the very generous Mary Cochrane legacy and the remainder of the grants from the Ouseley Trust (a 2‐year grant in support of vocal coaching) and the Friends of Cathedral Music (a 5‐year grant in support of the post of organ scholar) as well as regular payments from the St Mary’s Guild of Ex‐ Choristers (organ scholar) and the Warwick Choral Trust (vocal coaching).

The following table presents a high‐level view of the income and expenditure of this fund during 2020:

Legacy FoCM GExC Ouseley WCT Total
£ £ £ £ £ £
Balance at Jan 1 2020 41,193 18,667 0 2,930 0 62,790
2020 income ‐ ‐ 2,500 ‐ 1,710 4,210
Fund Interest 21 ‐ ‐ ‐ ‐ 21
General Music Ministry (21,729) ‐ ‐ ‐ ‐ (21,729)
CJRS rebate against salaries 10,988 10,988
Organ Scholar Support ‐ (4,000) (2,500) ‐ ‐ (6,500)
Vocal CoachingSupport ‐ ‐ ‐ (1,758) (1,710) (3,468)
Balance at Dec 31 2020 30,473 14,667 0 1,172 0 46,312

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The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

RESERVES POLICY

The unrestricted reserves at the end of 2020 show a balance of £150,596, a decrease of over £40,000 on the value at the end of 2019. The decrease is mostly attributable to necessary expenditure on fabric and the loss of income due to church closures during the year. The balance in the King Henry VIII restricted fund has increased by £10,000 to £59,330 and the combination of the two funds stands at £209,925, a decrease of £30,000 from 2019.

The St Mary’s PCC has a policy to hold unrestricted reserves to a minimum value of £100,000 or 5 times the predicted annual operating deficit if that should prove to be greater. In the current climate, the predicted average deficit (excluding capital campaign activity) for the next 5 years is around £40,000 per annum and so our current level of reserves is only sufficient to cover 4 years. The PCC is aware that we are therefore operating outside policy and has accepted that in the short‐term our options to address the deficit are limited. The PCC will review finances in detail at its March and May meetings to determine an appropriate course of action.

Although unrestricted reserves have shrunk by £40,000, the overall balance of reserves stood at £705,079, an increase of £80,000 from year end 2019. This is attributable once again to the increased value of investments, an increase in the King Henry VIII Fund and to increases on the balance for the Capital Campaign.

INVESTMENT POLICY

The Church has a small portfolio of investments with the majority in CBF Shares. Note 10 to the Financial Statements details the investments in which the Church’s funds are held. With interest rates continuing to be low the PCC has not actively reviewed the investment policy in 2020.

PLANS FOR THE FUTURE

As already indicated, short‐ and medium‐term plans are non‐existent. While we continue to feel that it is important to keep our building open as much as possible, we are currently unclear as to how that will be achieved. We have always stated that the value, both to the local and the wider community, of being able to visit St Mary’s during the day is beyond any cost calculation. However, we will need to ensure that we have the minimum number of staff present in the building to meet Health and Safety regulations and also to ensure our duty of care to our own employees. An affordable and meaningful reopening plan is being devised by our senior Churchwarden.

Given the short season for which we were open as a visitor attraction in 2020 we had not tackled the challenge of recruiting volunteers. We are very much aware of the need to expand and diversify the volunteer base and aware that our approach to this challenge will shape our ability to reopen during 2021.

One of the more positive stories emerging from 2020 is the reception of our online offering, whether pre‐recorded or livestreamed. We are working on plans to improve and expand this offering during 2021 in the belief that there will continue to be an extended audience for years to come.

SIGNATORIES

Approved by St Mary’s PCC on 2 April 2021 and signed on their behalf by:

Rev’d V Roberts (Chairman)

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The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

INDEPENDENT EXAMINER’S REPORT TO THE PCC OF ST MARY’S WARWICK

I report on the accounts of the charity for the year ended 31 December 2020 which are set out on the following pages.

RESPECTIVE RESPONSIBILITIES OF THE PCC AND THE EXAMINER

As members of the PCC you are responsible for the preparation of the financial statements; you consider that the audit requirement of the Regulations and section 144 (2) 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 general Directions given by the Charity Commission under section 145 of the Act and in the Church guidance, 2006 edition. That 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 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:

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act and the Regulations 2006

or

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

Steven Mugglestone BA (Hons) FCA Michael Harwood & Co Greville House 10 Jury Street Warwick CV34 4EW

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Page 11 of 26

7

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The charity constitutes a public benefit entity as defined by FRS102. The Financial Statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of freehold property and in accordance with the Church Accounting Regulations 1997 as amended by the Church Accounting (Amendment) Regulations 2001.

They comply with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and applicable regulations.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

INCOMING RESOURCES

All incoming resources are accounted for on an accruals basis and grants are recognised when received. Legacies, donations, giving and other income are accounted for when received.

RESOURCES EXPENDED

Resources Expended are classified at a high level under the Parish’s functional categories of expenditure, but more detail is given in the Notes to the Financial Statements. Costs included within each functional category comprise direct expenditure attributable to the activity.

Grants in respect of charitable donations are recognised when awarded.

INVESTMENTS

Investments are stated at fair value.

DEPRECIATION

It is PCC policy to maintain any freehold property to at least its current standard and to charge to the income and expenditure account the cost of maintenance as incurred. In the opinion of the PCC the resulting charges do not materially differ from the value that could be attributed had the freehold buildings been depreciated.

Expenditure on the purchase of office equipment i.e. computers, photocopiers etc. is written off to income and expenditure as incurred.

STOCK

Stocks are stated at the lower of cost and net realisable value.

FUND ACCOUNTING

General funds comprise the accumulated surplus or deficit on the income and expenditure account. The funds are available for use at the discretion of the PCC in furtherance of the general objectives of the Parish.

Designated funds comprise unrestricted funds which have been set aside at the discretion of the PCC for specific purposes.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

2020 Financial Report¦Examined¦Final¦20210403.docx 7

Page 12 of 26

STATEMENT OF FINANCIAL ACTIVITIES(YEAR ENDED 31 DECEMBER 2020) 2020 Financial Report¦Examined¦Final¦20210403.docx
Page 13 of 26
Notes
Unrestricted
Funds
Restricted
Funds
King Henry VIII
Music Restricted
Funds
Capital Campaign
Total Funds
2020
Total Funds
2019
£
£
£
£
£
£
£
Incoming Resources
Voluntary income
1
99,000
52,198
124,794
15,198
73,427
364,617
369,305
Activities for generating funds
2
7,890
‐
‐
‐
7,890
52,756
Income from investments
3
11,189
‐
‐
21
‐
11,210
11,987
Church activities
4
12,988
‐
‐
‐
‐
12,988
39,859
Other incoming resources
5
39,948
‐
‐
‐
472
40,420
18,136
Capital Campaign
‐
‐
Total incoming resources
171,015
52,198
124,794
15,219
73,899
437,125
492,043
Resources Expended
Fund raising trading costs
6
15,938
23
‐
‐
‐
15,961
55,231
Church activities
7
189,596
42,198
114,708
31,697
17,211
395,410
429,761
Governance Costs
8
3,540
‐
‐
‐
‐
3,540
4,638
Capital Campaign Projects
‐
‐
Total resources expended
209,074
42,221
114,708
31,697
17,211
414,911
489,630
Net resources (before transfers)
(38,059)
9,977
10,086
(16,478)
56,688
22,214
2,413
Transfers between funds
‐
(62,790)
‐
62,790
‐
‐
‐
Net resources before other recognised gains
(38,059)
(52,813)
10,086
46,312
56,688
22,214
2,413
Other recognised gains & losses
Additions
‐
‐
‐
‐
‐
‐
‐
Unrealised gains on investment assets
10
(3,673)
23,340
‐
‐
(450)
19,217
57,565
Net movement in funds
(41,732)
(29,473)
10,086
46,312
56,238
41,431
59,978
Balance brought forward at 01.01.20
192,329
402,221
49,243
‐
19,856
663,649
603,671
Balance carried forward at 31.12.20
150,597
372,748
59,329
46,312
76,094
705,080
663,649
All activities are classified as continuing. The notes beginning on page 16 form part of these Financial Statements.
Note:Appendix 1 contains the 2019 Statement of Financial Activities for comparison

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

BALANCE SHEET(YEAR ENDED 31 DECEMBER 2020) BALANCE SHEET(YEAR ENDED 31 DECEMBER 2020)
Notes 2020 2019
£ £
Fixed Assets
Investments 10 404,515 385,298
Total Fixed Assets 404,515 385,298
Current Assets
Bookstall Stocks 16,265 10,710
Debtors 11 11,253 11,066
Cash at bank and in hand 282,533 272,889
Total Current Assets 310,051 294,665
Creditors
Amounts falling due within one year 12 9,486 16,314
Net Current Assets 300,564 278,351
Net Assets 705,080 663,649
Restricted Funds of the Charity
Restricted Funds 13 372,748 339,408
Restricted Fund Bookstall Refurbishment 13 ‐ 23
King Henry VIII 59,329 49,243
Music Restricted Fund 13 46,312 62,790
Capital Fund 13 76,094 19,856
Total Restricted Funds 554,483 471,320
Unrestricted Funds of the Charity
Designated Funds (Bookstall) 14 22,698 22,763
General funds 127,898 169,566
Total Unrestricted Funds 150,596 192,329
Net Funds 15 705,080 663,649

The notes beginning on page 16 form part of these Financial Statements.

SIGNATORIES

Approved by St Mary’s PCC on 2 April 2021 and signed on their behalf by:

----- Start of picture text -----
________
----- End of picture text -----

Rev’d V Roberts (Chairman)

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Page 14 of 26

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS
Cash flows from operating activities:
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Adjustments for:
‐ (Gains)/losses on investments
‐ Dividends, interest and rents from investments
‐ (Increase)/decrease in stocks
‐ (Increase)/decrease in debtors
‐ Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2020
2019
£
£
41,431
59,977
(19,216)
(57,565)
(11,210)
(11,987)
(5,556)
(2,304)
(188)
635
(6,829)
(8,547)
(1,568)
(19,792)
11,210
11,987
‐ ‐
‐ ‐
11,210 11,987
‐ ‐
‐ ‐
‐ ‐
- -
9,642
(7,805)
272,889
280,695
282,531
272,889

`

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Page 15 of 26

NOTES TO THE FINANCIAL STATEMENTS(YEAR ENDED 31 DECEMBER 2020)
2019
Total
£
29,702
42,709
17,790
89,792
26,104
3,666
156,902
‐
‐
‐
2,640
369,305		 £
50,161
2,595
52,756		 £
11,942
45
11,987
2020
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
1.
Voluntary Income
£
£
£
£
£
£
Collections and envelopes
10,752
‐
‐
‐
‐
10,752
Planned giving
42,111
‐
‐
‐
1,140
43,251
Income tax refunds
14,164
‐
‐
‐
350
14,514
Other collections
6,364
11,626
‐
‐
71,937
89,927
Income from visitors
‐ Boxes and Tower
3,261
‐
‐
‐
‐
3,261
‐ Candles and others
1,032
‐
‐
‐
‐
1,032
King Henry VIII Trust income
‐
‐
107,976
‐
‐
107,976
Legacies
500
‐
‐
‐
‐
500
Grants
‐
40,572
‐
4,210
‐
44,782
CJRS
20,816
‐
16,818
10,988
‐
48,622
CC giving and donations
‐
‐
‐
‐
‐
-
Subtotal
99,000
52,198
124,794
15,198
73,427
364,617		 Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
2.
Activities for generating funds
£
£
£
£
£
£
St Mary’s bookstall
7,890
‐
‐
‐
‐
7,890
CC event income
‐
‐
‐
‐
‐
-
Subtotal
7,890
-
-
-
-
7,890		 Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
3.
Income from Investments
£
£
£
£
£
£
Investment Income
11,177
‐
‐
‐
‐
11,177
Bank interest
12
‐
‐
21
‐
33
Subtotal
11,189
-
-
21
-
11,210
2019
£
5,183
9,721
11,973
845
12,137
39,859		 £
4,092
14,044
18,136		 £
55,231
55,231
2020
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
4.
Church Activities
£
£
£
£
£
£
Service fees
2,714
-
-
-
-
2,714
Lettings income
1,704
-
-
-
-
1,704
Choir
4,650
-
-
-
-
4,650
Recharges of administration costs
1,267
-
-
-
-
1,267
Fund raising
2,653
-
-
-
-
2,653
Subtotal
12,988
-
-
-
-
12,988		 Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
5.
Other Incoming Resources
£
£
£
£
£
£
VAT reclaim
15,235
-
-
-
472
15,707
Income from telecommunications mast
24,713
-
-
-
-
24,713
Subtotal
39,948
-
-
-
472
40,420		 Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
6.
Fund Raising Trading Costs
£
£
£
£
£
£
St Mary’s bookstall
15,938
23
-
‐
-
15,961
Subtotal
15,938
23
-
-
-
15,961
2019 £ 716 690 10,162 966 4,924 59,359 18,750 99,386 9,710 3,600 25,989 2,036 8,842 1,645 19,802 1,800 26,458 2,998 10,746 2,840 19,616 39,202 25,092 24,000 10,432 429,761
Total £ - 614 2,482 86 1,906 60,948 7,661 78,792 26,908 - 27,009 661 10,377 835 15,020 450 34,741 - 11,092 1,023 37,990 39,968 18,461 14,332 4,056 395,410
C Campgn £ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 384 16,061 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 666 100 ‐ ‐ ‐ ‐ 17,211
Music Restricted £ ‐ ‐ ‐ ‐ ‐ 27,707 3,990 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 31,697
2020 KH VIII £ ‐ ‐ 2,482 86 1,906 16,620 500 30,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 14,434 ‐ ‐ ‐ ‐ 18,983 15,365 14,332 ‐ 114,708
Restricted £ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 31,590 10,608 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 42,198
Unrestricted £ ‐ 614 ‐ ‐ ‐ 16,621 3,171 16,818 239 ‐ 27,009 661 10,377 835 15,020 450 20,307 10,426 1,023 37,890 20,985 3,096 ‐ 4,056 189,596
Subtotal
Church Activities British Legion Discretionary donations and outward giving Myton Hospice Clergy Expenses: Clergy standins Clergy expenses Music Establishment Costs: Salaries Expenses (including organ tuning and repairs) Property Maintenance: St Mary’s Other property costs and fees Capital Campaign repairs (was Special Projects) Property Running Costs: Insurance Cleaning and Waste Disposal Supplies & regular servicing Premises expenses Power & Utilities– Churches Other Costs Administration: Staff Costs Photocopier costs Office costs Marketing Fund raising costs Ministry: Parish share Worship & Ministry costs St Mary’s Reception Choir
7.
2020
2019
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
8.
Governance Costs
£
£
£
£
£
£
£
Legal Fees
420
‐
‐
‐
‐
420
1,578
Independent Examiner's Fee
3,120
‐
‐
‐
‐
3,120
3,060
Subtotal
3,540
-
-
-
-
3,540
4,638
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
9.
Staff Costs
£
£
£
£
£
£
£
Wages and salaries
44,846
‐
59,384
25,602
‐
129,832
123,516
Social security costs
1,969
‐
571
1,290
‐
3,830
4,657
Pensions
2,202
‐
797
815
‐
3,814
2,638
Subtotal
49,017
-
60,752
27,707
-
137,476
130,811
Average number of employees
11
Notes:
The Collegiate Church of St Mary participates in the Pension Builder Scheme (PB 2014) section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by
the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.
PB 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member.
This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to
grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.
There is no sub‐division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi‐employer scheme as described in Section 28
of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme
were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable of £3,813 (2019: £3,893).
A valuation of the scheme is carried out once every three years. PB 2014 is valued in relation to the lump sum payable to members at normal pension age. There are no annual pension
benefits. The most recent scheme valuation completed was carried out as at 31 December 2016. This revealed, on the ongoing assumptions used, a surplus of £1.8m. There is no
requirement for deficit payments at the current time. A valuation as at 31 December 2019 was under way as at 31 December 2020.
The legal structure of the scheme is such that if another employer fails, the Collegiate Church of St Mary could become responsible for paying a share of that employer’s pension
liabilities.
No employee received emoluments over £60,000 in the year.
No trustee received emoluments or expenses in the year.		 2020 Financial Report¦Examined¦Final¦20210403.docx
Page 19 of 26
2019
£
1,578
3,060
4,638
£
123,516
4,657
2,638
130,811
2020
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
8.
Governance Costs
£
£
£
£
£
£
Legal Fees
420
‐
‐
‐
‐
420
Independent Examiner's Fee
3,120
‐
‐
‐
‐
3,120
Subtotal
3,540
-
-
-
-
3,540
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
9.
Staff Costs
£
£
£
£
£
£
Wages and salaries
44,846
‐
59,384
25,602
‐
129,832
Social security costs
1,969
‐
571
1,290
‐
3,830
Pensions
2,202
‐
797
815
‐
3,814
Subtotal
49,017
-
60,752
27,707
-
137,476
2019 £ 327,733 57,565 385,298 168,713 £ 6,103 346,002 33,193 385,298 £ 183 10,058 1,701 11,942
Total £ 385,298 19,217 404,515 168,713 Total £ 6,493 369,796 28,226 404,515 Total £ 10,359 631 187 11,177
C Campgn £ 3,477 (450) 3,027 - C Campgn £ ‐ 362,748 3,027 365,775 C Campgn £ ‐ ‐ ‐ -
Music Restricted £ ‐ ‐ - - Music Restricted £ ‐ ‐ ‐ - Music Restricted £ ‐ ‐ ‐ -
£ ‐ ‐ - - £ ‐ ‐ ‐ - £ ‐ ‐ ‐ -
2020 KH VIII KH VIII KH VIII
Unrestricted
Restricted		 Investments
£
£		 Market value 1 January 2020
42,413
339,408		 Net unrealised investment gains/(losses)
(3,673)
23,340		 Market value 31 December 2020
38,740
362,748		 Original Cost
168,713
‐		 The market value of the investments held by the Parochial Church Council is as follows:‐ Unrestricted
Restricted		 £
£		 COIF Shares
6,493
‐		 CBF shares
7,048
‐		 Portfolios
25,199
‐		 Subtotal
38,740
-		 Investment income is analysed as follows:‐ Unrestricted
Restricted		 £
£		 COIF Shares
10,359
‐		 CBF Shares
631
‐		 Legacy/ Portfolio
187
‐		 Subtotal
11,177
-		 All investment income arises from UK investments.
10.
2019
£
11,066
11,066		 £
862
9,383
‐
6,069
16,314
2020
Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
£
£
£
£
£
£
11,117
‐
‐
‐
136
11,253
Subtotal
11,117
-
-
-
136
11,253		 Unrestricted
Restricted
KH VIII
Music
Restricted
C Campgn
Total
12.
Creditors (amounts falling due within one year)
£
£
£
£
£
£
Trade creditors
2,177
‐
‐
‐
‐
2,177
Accruals
5,115
‐
‐
‐
‐
5,115
Deferred Income
‐
‐
‐
‐
‐
-
Other creditors
2,194
‐
‐
‐
‐
2,194
Subtotal
9,486
-
-
-
-
9,486
11.
Debtors
Debtors & prepayments

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

13. Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpended balances of investment income held on trusts to be applied for specific purposes

Net
Balance movement (Utilised) / Balance
1 Jan '20 in funds Released Transfer 31 Dec '20
£ £ £ £ £
Caxton Book Trust 36,268 2,494 ‐ - 38,762
Rance Bequest 10,505 722 ‐ - 11,227
St Mary's Library Fund 292,635 20,124 ‐ - 312,759
Restricted 62,790 10,000 ‐ (62,790) 10,000
Bookstall Refurbishment Fund 23 (23) ‐ - 0
King Henry VIII 49,243 10,086 ‐ - 59,329
Music Restricted ‐ (16,478) ‐ 62,790 46,312
Capital Campaign 16,380 56,688 ‐ - 73,068
Capital Campaign Portfolio 3,476 (450) ‐ - 3,026
471,320 83,163 - - 554,483

In June 2012, the PCC approved the transfer of the three historical restricted funds, the Caxton Book Trust, the Rance Bequest and St. Mary’s Library Fund, into the new restricted fund, The Capital Fund. This table shows the respective value of each fund although the funds are now effectively consolidated into the Capital Fund.

Note: For purpose of comparison, Appendix 2 contains the 2019 Notes related to Restricted Funds.

14. Designated Funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance New (Utilised) / Balance
1 Jan '20 Designations Released 31 Dec '20
£ £ £ £
St Mary's Bookstall 22,763 (65) ‐ 22,698
(Represented by bookstall assets)

Note: For purpose of comparison, Appendix 2 contains the 2019 Notes related to Designated Funds.

2020 Financial Report¦Examined¦Final¦20210403.docx

Page 22 of 28

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

15. Analysis of Net Assets between Funds
Net Current
Investments Assets Total
£ £ £
Restricted funds:
Caxton Book Trust 38,762 38,762
Rance Bequest 11,227 11,227
St Mary's Library Fund 312,759 312,759
Restricted 10,000 10,000
Bookstall Refurbishment Fund 0 0
King Henry VIII 59,329 59,329
Music Restricted 46,312 46,312
Capital Campaign inc Portfolio 3,026 73,068 76,094
Subtotal 365,774 188,709 554,483
Unrestricted funds 38,741 111,856 150,597
Total Funds 404,515 300,565 705,080
Unrealised gains included above 235,801 235,801
Historical cost of investments
Caxton Book Trust 12,254
Rance Bequest 3,550
St Mary's Library Fund 98,878
Portfolio 54,031
Total Cost 168,713

Note: For purpose of comparison, Appendix 2 contains the 2019 Notes for the Analysis of Net Assets between Funds

1 6. Related Party Transactions

There were no Related Party Transactions requiring disclosure for the year ending December 31st, 2020.

17. Capital Commitments for 2020

St Mary's had made no capital commitments before the end of 2020 that carried over to 2021.

18. Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the levels of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2020 Financial Report¦Examined¦Final¦20210403.docx

Page 23 of 28

Total Funds 2018 £ 282,471 81,608 12,016 32,443 24,440 ‐ 432,978 64,411 400,872 2,490 ‐ 467,773 (34,795) ‐ ‐ (34,795) ‐ (10,877) (45,672) 649,343 603,671
Total Funds 2019 £ 369,305 52,756 11,987 39,859 18,136 ‐ 492,043 55,231 429,761 4,638 ‐ 489,630 2,413 ‐ ‐ 2,413 ‐ 57,565 59,978 603,671 663,649
Capital Campaign £ 3,169 2,595 ‐ ‐ 965 - 6,729 ‐ 11,247 ‐ - 11,247 (4,518) - - (4,518) ‐ 732 (3,786) 23,642 19,856
Restricted Funds £ 24,870 ‐ 31 ‐ ‐ - 24,901 1,544 26,121 ‐ - 27,665 (2,764) - - (2,764) - 53,483 50,719 351,502 402,221
King Henry VIII £ 156,902 ‐ ‐ ‐ ‐ - 156,902 ‐ 112,210 ‐ - 112,210 44,692 - - 44,692 - ‐ 44,692 4,551 49,243
Unrestricted Funds £ 184,364 50,161 11,956 39,859 17,171 - 303,511 53,687 280,183 4,638 - 338,508 (34,997) - - (34,997) - 3,350 (31,647) 223,976 192,329
Notes 1 2 3 4 5 6 7 8 10
Incoming Resources Voluntary income Activities for generating funds Income from investments Church activities Other incoming resources Capital Campaign Total incoming resources Resources Expended Fund raising trading costs Church activities Governance Costs Capital Campaign Projects Total resources expended Net resources (before transfers) Net income from Capital Campaign Transfers between funds Transfers between funds Net resources before other recognised gains Other recognised gains & losses Additions Unrealised gains on investment assets Net movement in funds Balance brought forward at 01.01.19 Balance carried forward at 31.12.19

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

APPENDIX 2: SELECTED NOTES FROM THE 2019 FINANCIAL STATEMENTS (FOR COMPARISON)

13. Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpended balances of investment income held on trusts to be applied for specific purposes.

Net
Balance movement (Utilised) / Balance
1 Jan '19 in funds Released Transfer 31 Dec '19
£ £ £ £ £
Caxton Book Trust 30,553 5,715 36,268
Rance Bequest 8,849 1,656 10,505
St Mary's Library Fund 246,523 46,112 292,635
Restricted (Music) 64,010 ‐ (1,220) 62,790
Bookstall Refurbishment Fund 1,567 ‐ (1,544) 23
King Henry VIII 4,551 44,692 49,243
Capital Campaign 20,898 (4,518) 16,380
Capital Campaign Portfolio 2,744 732 3,476
379,695 94,389 (2,764) - 471,320

In June 2012, the PCC approved the transfer of the three historical restricted funds, the Caxton Book Trust, the Rance Bequest and St. Mary’s Library Fund, into the new restricted fund, The Capital Fund. This table shows the respective value of each fund although the funds are now effectively consolidated into the Capital Fund.

14. Designated Funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance New (Utilised) / Balance
1 Jan '19 Designations Released 31 Dec '19
£ £ £ £
St Mary's Bookstall 26,288 (3,526) 22,763
(Represented by bookstall assets)

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

15. Analysis of Net Assets between Funds
Investments Net Current Assets Total
£ £ £
Restricted funds:
Caxton Book Trust 36,268 36,268
Rance Bequest 10,505 10,505
St Mary's Library Fund 292,635 292,635
Restricted (Music) 62,790 62,790
King Henry VIII 49,243 49,243
Bookstall Refurbishment Fund 23 23
Capital Campaign inc Portfolio 3,477 16,379 19,856
Subtotal 342,885 128,435 471,320
Unrestricted funds 42,413 149,916 192,329
Total Funds 385,298 278,351 663,649
Unrealised gains included above 216,585 216,585
Historical cost of investments
Caxton Book Trust 12,254
Rance Bequest 3,550
St Mary's Library Fund 98,878
Portfolio 54,031
Total Cost 168,713

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2020