THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BUSBRIDGE AUDITED TRUSTEESANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
BUSBRIOGE PAROCHIAL CHURCH COUNCIL Contents Page Administrative Information Report of the Trustees 2to7 Audltor's Report 8toll Statement of Financial Activities 12 Balance Sheel 13 Cash Flow Statement 14 Notes forming part of the Financial Statements 15to35
Page I BUSBRIDGE PAROCHIAL CHURCH CQUNCIL ADMINISTRATIVE INFORMATIONAT 31 DECEMBER 2020 CHARITY REGISTRATION NUMBER 1128305 TRUSTEES.. The Rev Simon Taylor The Rev Simun Willetts The Rev David Preece The Rev Andrew Spencer The Rev David Jenkins MrGuy Cookes Mrs Shelagh Godwin Mr Keith Harper Dr Karen Hart Mr Michael Hawkey Mr Dudlèy Hiltoii Mr Martin Lambert Mrs Jill Mace Oi Frances Shsw Mr Mark Williaffts PRINCIPAL OFFICE.. Church Office Old Rectory, Old Rectory Garden5 Godalmlng, Surrey. GU7 IX8 MANAGEMENT ACCOUNTS: Lesley Reeves Tuesley Tax & Accounts 6 Tuesley Corner, Godalmin& GU7 ITB PAYROLL.. Bennewith and Co., Chartered Actountants 3 Weycourt. Mary Rgad, Guildford, Surrey GUI 4QU AUDITORS-. Moore15outhl LLP Priory House, Pilgrims Court Sydenham R03d Guildford, Surrey GUI 3RX BANKER5.. Natwest Bank knmited 280 Bishopsgate London EC2M 4RB INVESTMENT5'. I he CEIF Church of England Funds Senator House. 85 Queen Victuria SLreet London EC4V 4ET SOLICITOR5- Charles Russell Speechlys LLP One London Squar?, Cross Lanes Guildford, Surrey GUI IUN
Pagc 2 BUSiIRIDGE PAROCHIAL CHURCH COUNCIL REPORT OF THE TRUSTEES FOR YHE YEAR ENDED AT 31 DECEMBER 2020 Introduction The PCC members, who are also the charity's TrustoeJ, submit their annual riTrport ai)d the i3uditgd fiiiancial 5tatefflents lor thp year elided 31 Dgcember 2020. The Trustee5 have adopted the Church Accounting Regulations 2006 and Accounting <ind Roportiny tJ¥ Charitics.. Statement ol Recommended Practice1SORPI applicable to charities preparing theiraccounts in accordance with the Finiiici31 Reportirig Standard applicdblo IF) the UK & Republic of Ireland FRS102 second edition, and thp. Charities Act 2011. Governing Document The Parochial Church Council of the Ecclesiastical Parish of Busbridge IPCCI was regislored with the Charitv ComiTiission on 27th February 2009 and its governing document is the Parachial Church CoLJncil (Powers) Me35ure119561 and under this measuro the PCC h45 tlie rcsponsiliility of "co-operation with the minister in promoting in the parisli tl)e whole mission of the Church, pastoral, evangelistlc, SULial and ecumenic31". It IS dlso rp.5porisible for the n)aiiitcnai)ce ol BusbridRe Cliurih and other parish buildings. Objectives, Actlvllies and Publlc Beneflt The mission of Busbridge Church is expressed in the vision statement"TD Bring the Nation to Christ- and Ilie suh-5tatement5 "Loving God" Makifig Disciplgs" and "Transforming Communities" The mission of Busbridge Church In fulFilrnent of the vision is.. To build a worshipping and praying community To evangelise and sproad the gospel To provide excellent youth and children's work To support our church school To pruvide a care network for the beredved, elderly and lonely To develop and empower church and lay leader5 To provide facilities at the centrg of our cummunity. The PCC is dware ol the Charity Commi55ion'5 8uid3nce on public benefil Iri'The advancement of religion lor the Public Benpfit" and has regard to it In their administration of the church. The PCC believes that by promotin8 the Cliristian faith it provide5 3 bF.nefit to the public bv.. Providing faciliti¥¥ for piiblic worship* pastoral care 3nd spiritU21 development. both for cxistin8 churcli members and for anyone who wishes to benefit from whal the church offers. Promoting Christlan values, and seIle by mernber5 of the Ihurch in and to their community, to the benefit of individuals and society a5 a whole. Achievements and Peiforniance The number of people on the electoral roll 05 at 8 October 2020 WdS 223131 Decefflbpr 2U19.. 2231. On I ccount ul ihurch closures because of Covid-19. it is not possible to report avorage attendance in the usual way, but it is notablc that the online 51fviLes were well tillended, often with wpll over 200 "views" reported eath week.
Page 3 BUSBRIDGE PAROCHIAL CHURCH COUNCIL REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2020 Icontinuedl Achievements and Pcrformanee {continued) 2020 was an extraordinary year. Until early Mai'ch, as in previous year5, three congregdtions held Sunday service5 in ihe Church IBusbridge Quiet at 8.00, Classlc at 10.00 and Ivening SeNice at 6.301 and the Conten)porary congreBation continued to worship in Busbridge Junior School at 10.IKJam. From the start of the first Covid-19 lockdown on 20, M3Tch, churihès wcre obliged to close completely and all staff worke.d froin home. Sund31 v worship cind other nioetinEs moved online, using a combinatior) of loom and YouTLibe. For a period over the suiiirner until October. some in person services took place. albeit with iongregation sizes lirnlted by Socidl dist311cing requiroments. but this wa5 stopped by a further lockdown from Nnvember onvlards. Youth 2nd Children'5 work 3150 Tnoved online, although this pruved more effective for the older 3ge groups than for younger one5. Older age gfoups wore able to engage very effectively via Zoom, and a 5umii)er Ccimp Wcls held in tlie Old Reclory Bdrclen in lieu of more usual activities. For younger children scssions were also held via a combiriatiun of YouTube and Zoom. The Older Person's Ministry focu55ed on providing very valuable pastoral support to people who might otherwise have been ver¥ lonely as a result of Covid restrictions. Thi5 Wa5 Warmly welconied. The church continued to Use volunteers to Support activities as much a5 Possible, although this ability was rnoro constraincd than usual by covid.reslrictions. In particular, voluntoers continued to bc activo in providing pastoral support, organising small group activities via Zoom and providing technical Support. Two individu31s (Keith Harper and Philippa Baker) had Started Licencod Lay Minlster ILLMI training in 2017 both successfully completed the qualification during 2020. The church view5 grant-making to relevant external organisations as an important part of its mission to the wider community. The iliurcli 5UPPOrted tl)e following or8anisations with grants during the year.. Salvador Children's Trust ISALCETI, Trinity Trust Team, Samaritans Gulldford, Church of Messlah, Tearlund, Nazarèth Wsy, Five Talents UK, Elam Ministries, Warehouse Christian Trust, Bible Society, A Rocha UK, CPAS, BLTr50m Guildford, Children'5 SocieLy, BGCG. Total grants to orBanisation5 in 2020 totallod £16,64412019.. £25,0331. On account of Covid-19, the remit of the Church Family Support Fund was expanded to provide 511pport to those experiencing hardship as a result of tl)e pandemic. Total CFSP grants to 113dividuals in 2020 totalled £7,85012019.. £3,0001.
Page 4 BUSBRIDGE PAROCHIAL CHURCH COUNCIL REPORT OF THETRUSTEE5 FOR THE YEAR ENDED AT 31 DECEMBER 2020 Icontinyedl Strncbjre, Governance and Management The PCC members are ele.cted from the individuals registered on the parish electoral rall. The mLambers Iiolcling office during the year 2020, and up to the date of this roport, were 35 follows.. Ex OffS¢10 Incumbent Assoclate Minister Curate lin tr3iningl The Rev Simon Taylor The Rev Simon Willetts The Rev David Preece Churchwardens Dr Frances Shaw Mr Keith Harper Treasurer Mr Martin Lamberl Licensed Lay Minisier5 Mr Dudley Hilton LLM Represe.ntative on PCC (Other LLMS.. Dr Peter Shaw, Mrs Gertrud Sollars, Mrs Clare Haddad. Mr Keith Harper and Mrs Philippa Bakerl Elerted Lay Members Mr Guy Cookes Mr Simon Gilbert (until October 20201 Mrs Shelagh GDdwin Dr Karen Hart Mr Michael Hawkev Mr Ellis Jones (until October 20201 Mr Steven Kindei (until October 20201 Mrslill Mace Mr Jonathan Whileman luntS1 October 20201 Mr Mark Williarn5 Co-opted Members Curate Curate The Rev Andrew Spencer The Rev David lenkin5 AII PCC members are commissioned each year alld agree to fulfil their responsiblllties as they are best able. An annual detlaration of conflicts of Interest is completed by each metnber. Busbrldge and Hambledon churches are a United Benefice and member5 of Busbridge PCC and Hambledon PCC meet as one group in a joint PCC. Six regular meetings were held in the year, plus separate special meetlngs Df each PCC to consider a possible merger into one parish. All PCC rnembers are encouraged to take an actlve part in their Sub-committee. The Governance group of Hambledon and 8usbridge met 51x tirnes to set the agendd fi)r p.ach regular PCC rneeting and to consider Sssues pertaining to management and finances. Day to Day management of rhe charity is delegated lo the rector, Aev Simon Taylor.
P3ge 5 BUSBRIDGE PAROCHIAL CHURCH COUNCIL REPORT OF THE TRUSTIES FOR THE YEAR ENDED AT 31 DECEMBER 2020 Icontinuedl Recrultmenl and Appointment of Trn5tees Lay church Inembers are encouT3god to stand for election to the pcc. 'fhey are prop05éJd dnd seconded bv anyone on the electoral roll prior to election at the Annual Parochial Church Meeting. Elected lay members of the PCC hc)Icl office lor three VL'<]rs and are cligiblc to stand for a second three-year term after wliich they re required to take a one year break before standing again, TraIng of Trnstees Policy New PCC members receive written information on the work of the PCC and their re5pofbsibilities 35 member5. Tiaining is tailored to individual needs depending on the experience of the individual involved. Summary of Results, Jtchievements and FinancAal Revlew INCOMING RESOURCES Total incDme for the year was £503,46512019.. £619,379). Total Linrestricted income amounted to £399,83512019'. £400,749). tho majority of which rel3ted to planned Eiving, which including gift aid was £280,81412019.. £287,995). RESOURCES USED Total resoLirces cxpcnded for the year was £569,5771?019.. £S81,9201, of which £4SO,75412019.. £392,257) was from uiirestricted funds, with parish share, £108,11112019.. £107,9) being the highest single cost. Total efftployment costs, including soci31 security and pension contribution5 totalled £151,628 12019.. f 123,6101. The significant increase frorll 2019 was on account of several vacancie5 havin8 been filled during 2019, and the lin81 youth worker position being filled in early 2020 leading to a full complement of stafl throughout the year. Consideration wa5 given to whether some staff should be furloughed under the Covid- 19 job retention scheme but it wa% decide.d not to do so. uNRESTRlED FUNDS At year end unrestricted funds were £303,567 12019.. £335,498) which includes 3 designated operational rLSserve fund of £130,07612019.. £80.0001. RESTRICTED FUNDS At the year end restricted funds were £3,485,95312Q19.' £3.040,1311. The main reason foi the inirea5e was the Lhange in le.tting èrr3nEemp.nt% for the investinent property, Sthool House. resulting in a significantly higher valuation of the Property Fund. The Wold lind Worsliip Fuiid sliowed a net expenditure of E23,2S7 during the year, with 3 balancè of £44,015 at end-202012019.. £67,302) Further details of all Restricted Funds can be found in note 22 on page 30.
Page 6 BUSBRIDGE PAROCHIALCHURCH COUNCIL REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 31 DECEMBER 2020 Icontinuedl FUTURE PLANS During 2021, the churcli iiitends tn put into effect plans to recove¥ from the sigtiificant effects of the Covid- 19 pandemic, taking the vpportunity to feview the overall 'product nffering" of tlie church. At the start of the year, it wa5 dgcidod, based on a risk assessment, not to allow in-person worsliirj, evon thDUEII governnient imposed restrictions rio Ioi)Eer prohibited thi.E. In person services resvrTied at Easter 2021. During the rest of the year, as Covid-19 case5 are expected to decline, il is inteiided to resuine in person wc)rship and other activities, although some continuing onliiio presence is a150 expected to cuntinue. RefleclinE the operation of the UniLed BenLlico of Busbridge and Hambledon, consideration is being given to tl)e chai'ity merging with Hambledon PCC at the end 012021, but this remains sul)ioct to deiisioiis to be Inade duriiiby 2021. RISK POLICY The PCC recogiii5e5 It5 responsibilities for managing rlsk. There are risk assessment protocols in place for all church activities on and off site. The PCC mairilaii)s a formal Risk Register, which is reviewed on an annual basis. The principal ri5k5 and uncertainties identified rolato to lal loss of income il voluntary giving were to fall subsldntially and Ibl (li5Satisfiction ol key employees or volunteers. These risks are actively managed in line with the risk register, and despite the major disruption of Covid, voluntary giviiig and engagement of people has Iipld up remarkably well. RESERVES POLICY It 15 the policy of the charity and the Trustee.5 to maintain unrestricted funds, some ol which are designated for specilic purpose5. The aim Is to Iiuld suff Icient uniÈstricted funds to meet the unrestricted expenses of the PCC for at least six months in rase of a substantial fall in income, thi5 is fell to be approximately £200,000 on an ongoinE basis. Tlie status of unrestricted reserves and decisions regarding those desigi)ated Icii" Specific purposes are reviewed annually by PCC, normally 05 part ol the budget setting process for the following year. INVESTMENT POLICY The PCC has a policy ol holding shares in Lhe CBF Church of Ingland Investment Fund to obtain 8 higher long- term return than available from a standard deposit account, providod thdt at least £1S0,OQO is retained in immediate Jcc1%5 éiccounts paying little or no interest. In addition, the PCC holds the Investment Properties as detailed in Note 15.
Page 7 BUSBRIDGE PAROCHIAL CHURCH COUNCIL REPORT OF THE TRUSTEES FOR THE YEAR ENDED AT 310ECEMBER 2020 Icontinuedl TRUSTEES BESPONSIBILITIES The trustees are responsible for preparlng the Trustees, Annual Report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted A¢countinE Practice). The law applicable to charities in England & Wales requires the trustee5 tcl prepare financial statements for each financial year which give a true ènd fair view of the slate of affairs of the. charity and of the incoming resources and application of resources of the charlty for that period. In preparing these financial stalements, thè trustees are required to: select 5ultable accounting policie5 and then apply them consistently,. observe the methods and principles in the Cliarities SORP IFR510215econd edition.. make judgement5 and estimates that are rcasonable and prudent; state whether appliczble accounting standard5 have been followed, subject to any material departures disclosed and explained In the financial statement5,' prepare the financial statements on the going concern basis unless it Is inappropriote to presume that the charity will continue in operation. The trustees Bre responsible for kèeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the fi n3ncial stdlements comply with the Charities Act 2011, the Charity (Accounts and Report51 Regulations 2W8 and the provisions of the trust deed. They are also responsible for 53feguarding the assets ol the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on bohall of the Parochlal Churcli Council on 121A Tr/. 2021 Martin Lambert, Treasurer Simon Taylor, Rector
Page 8 INDEPENDENT AUDITOR'S REPQRT TOTHE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF TtrIE ECCLESIASTICAL PARISH OF BV58RIDGE Opinion WL-I hav(: ciuclited tlie finai)cial statenie.nts nlTlie PArorhial Church Coiincil of the Ccilesi3stical Parish of Busbridge Ilhe '¢harity'l for the year ended 31 DeLeinbÉir 2020 whiih comprise.Statement of Finrincial Activitie%, Balance Sheet, Cash flow and notos to the financial statenients, includins a Summary ol signilicaiit accouiitinp, policies. The financial reportiii£ framework that has been applied In thtrir preparation 15 applicable law and United Kingdom Accounting Standard5, Includirig FRS 102 "The Fin311cial Reporting Star)daJ"d )pp11Lab1e in the UK and Repijblic of Ireland" (United Kingdom Generally Aicepted Accounting Practice). In oiir opinion tlie financial sl3tomenls.' give a true and fair view of the state of the charitvs affaii's as at 31 December 2020 and of its incoming rf sources cind dpplication of resoiirce%, lor the ye3r then ended. have bèen properly prepared In accordance with United Kingdom Generally Accepted Aicountin PrdcLicc,' drid Iiave been prepared in accordance with the requirements of the charities Act 2011. Ba51s for opinion We curiducted our audit in accordanEe witli International St3ndardg on Auditing IUKI115As IUKII and applicable law. Oiir responsibilitie5 undei those Standards arc. flirther described in the Audito¢5 responsibilities for the audit of the financial statements section of our report. We are indopendent of the charity in accordance with thL Lthical requiroments that are re.levant to our audit Df the financial 5tatement5 in the UK. including the FRC'S Ethical Standard, and we ha VLJ fulfilled our ell)ical rpsponsibilities in accurdance with the.se iequirements. We believe that thè audit evidence we have obtained is sufficient and appropriate to provide a basis for our audil opinion. Conclusions relating to going concern In auditing the financial statemp.nts, we have concluded that the trustees, use of thé. going concern basis of acF.ountirig in the preparation of tlie financial statement5 is appropriate. Based on the. work WE have performed, wp h3ve not ide.ntified any material uncertainties relating to events or conditions that. individually or cDlleLtively, may cast significant doubt on the charity's ability ro continue as a going conc'ern for a period ol at least twelve months from wlien the financial statements are authori5ed for issue. Our responsibilities and the re5ponslbilitles of the tru5tee5 with respeLI to Koin6 concern are described in the relevant section£ of this report. Other information Thp utlier information comprise.s tlie information included In tho 3nnu31 report, other than tlie lindfiLial statements and our auditor's report thereon. Tho trustee5 are responsible for the other inft)rMation. Our opinion on the financial Statements does not cover the other inforrnètion èrid, except to the extent otherwlse explicitly stated in our reporl, we do riot express any fr)rm of assurance conclusion theOn. In coTrnnectlon with oiir audit of tlie financial statemen15, our responsibility is to read the other information 3 nd, iii dDing so, consider whether the other information is malerially incon5iStent with tho financidl statement5 or our knowledge obtained in tlie audit or oihorwi5e 3ppe3r5 to be i))aterially misstated. If wp identify such material inconsistencies or apparent material misstatements, we 31e rLquiri'.cl to determine wheLlier there 15 3 riiatÉri31 n)isstatement in thp financi31 statements or a material misstatement ol the other information. If, based on the work we have perforn)ed, we Lonclude tlii& t there is 3 moterial IvlisStateii)eiit of this othei ii)formation, ¥ve are required Lo report ih3r fact. We have nothirig to report iii thi5 roBard.
Page 9 INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF 8USBRIDGE Icontinuedl Matters on whlch we are required to report by emceptlon We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our upinic>n= the infomiation given in the Tiustee5' Annual Report is incoiisistent iii aiiy mateiial respect with the finanLidl statements., or the charity has not kept adequate ii ccounting ieco¥ds,' or the finiincial sratement% arp. not Iri 3Breement with the accounting records and returns,. or we have not received all the inlormation and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees are responsible for the preparation ul the finan¢ial statement5 and for being sat151ied that thoy give 3 true and fair view, and for such Internal cantrol as the rrustees determine 15 necessary to enable the preparation of financial statements that are frei& trom material misst3tement, whether due to fraLid or errnr. In preparing the financial statements, the trustees are respoi)sible for assessing the. charivs ability to conlinLJI' d% (I going concern, diSLlr)5iny,, as applicable, matters related to going concern and Lising the going concern ba515 of accounting unless the trustees either intend to liquidate the charity or to ceèse operations. or have no realistic alteriiative but to do so. AudStor's responsibilities for the audit of the financial statement5 We have been appointed as auditor under section 144 of the charities Act 2011 and report In accordance with regulatlons rllade under section 154 of that Act. Our objectives are to obtain reasonable 8S5urance about whether the financial Statements as a wholp Rre free I'roni rriaLLJfidl rnisstatement, wliether due to fraud or error, and to issue an audltor's report that includes our opinion. Reasonable as$Ljran is a high level of assurance. but is not a guarantee that an audit condLlCted in accordance. with ISAS IUKI will always detocl a material rriisstalement when it exists. MIsstatement5 can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of use.r% tAken on the basi5 of these financial statemeiits. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We de518n proccdurcs in line with our responsibillties, oiitlined above, to detect material mi5Stalemenis in respect of irregularitie5, including fraud. The extent lo which our procedures are capable of detecting irregularitie%, including fraud is dplii iled below.
PaEe lu INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF BUSBRIDGE Icontinuetll Explanation as to what extent tho audit was consldered capable of detecting irregularities, including fraud The objectivéas of Qui- dudit in i-g.%pèct of fr aiid. arp.,, to identily and assess thp risks of mdtcrial mi5Staiemei)t of the financial st3tements due to fraud,. to obtain sufficient appi'uprialo aiidit evidence regardin8 the assessed risks ol Inatoi"i31 misstatement due to fraud, through designing and implenienting £ippropi"iate responses to those asso55ed risks; and to rL>Spond appropriately to instances of Ir3ud or su5petted fraud identified during the audit. Howover, the primary responsibility foi. thL prevention aiid detection ol fr'aud rests with botrh rr13nagenient and those charged with governance of the charitv. Our approach was 3s follows.. I'he engagerlleni panner selected staff for the audit who had the reqLiired tompetence and skills in the not for profit sector to bo. ble to identify or recognise non-compliance with law5 aiid reBulJtlOn5. Ve assessed the risk ol irregularities a5 part of our audit planning, and ongoinE review, including dLJe to fraud. management override wa5 identified as a significant fraud risk from our assessent. Some iniome received 15 restricted in it5 use and a signific31it risk was identilied regJrdlng tho correct cla551ficaLion of income between restricted 3nd unrestricted funds and that the expenditure against this income was In line with any Specified restrictions. We obtained an unde.rstanding of the legal and regulatory requirements applicable to the ch31iiy and considered the m05t significant t(Tr be Chai'ities Ait 2011, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council, Cliurch Accouiiting Regulations and Gift Aid compliaiice. We obtained an understanding of how the charity complie5 Wlth these requirements by discussions with rndnagement and those charge.d wlth governance. We inquired of managerncnt 2nd those chargcd with governance a5 to any known inslance5 of nun-compliance or suspected non-compliancc witli laws and regulations. We assessed the control environment, docuinentinA tlie systems, controls and processes adopted. ThL audit 3pproach incorporated a combination of controls testing, where appropriate, analytical review and substantive prucedures. To addre55 the risk of fr3ud through management ovorrlde we, performed analyticil procedures to idonrify any unu5Udl or unexpected relationships,. tested journal entrie5 to ideiilily any unusual tran53Ctions; reviewed sensitive nomlnal ledger code5, and a55e5sed whetlier judgements and assumptions made in determininE the accounling o5timaLes were indicative of PDtential bia%. In response. to the classillcation of income and exponditure between rostricted and unrestricted we.. completed an¢il¥tlLLiI work, iomp3re.d to prior year and budget., agreed a sample of income recorded in the nominal ledger to suurce documentation to ensiife any restrictions were correctly identified.. 38reed 3 sample of expenditure pprthe nomindl ledger to supporling docLJnientatioll, confirming anv restrictloln 3pplied mel tlie ijurpD5e lor which the inc05¥1e was givon,. and rcvieivèd the c.liont5 3nalysis ol restricted funds for obvious rnisallocatic>n5 of incoine or expenditure,.
Page 11 INDEPENDENT AUDITOR'S REPORTTO THE TIIUSTEES OF THE PAROCHIAL CHUIICH COUNCIL OF THE ECCLESIASTICAL PARISH OF 8L158RIDGE Icontinuedl There are inherent limitations in our audit procedures described above. The more rernovèd that laws and regulation5 are from finanoal transactions, the less likely it 15 that we would become aware of non- compliance. Auditing standard5 3150 limit the audit procedures reqLrired to identtfy non-compliance with laws and re8ulations to enouiry of the directors and other managemenL and the inspection of regulatory and legal correspondence, if anv. Material niisstatemeiits that arise due to fraud can be liarder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is locatèd on the Financial Reporting Councils website at.. www.frc.org.uklauditorsre5ponsibililies. This description forms part of our auditorfs reporL Use of our report This report is made solely to the charity'5 trustees, as a body, In accordan with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work h35 been undertaken so that we mlght state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume rosponsibility to ally party other than the charity and charity's trustees 8$ a body, for our audit work, for this report, or for the opinion we h3ve formed. noofe (sth) LLP For Jnd on behalf of Moore Isouthl LLP, Statutory Auditor Moore (South) LLP is gligible to act as an auditor in terms of section 1212 of the. Companles Act 2006 Priory House Pilgrims Court Sydenham Road Guildford Surrey GUI 3RX
Page IZ BUSBRIDGE PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL AcfiviTIES AT 31 DECEMBER 2020 Unrestrlcted Restrirted Fund5 Funds Totsl 2020 Total 2019 Notes Income Donations and legacies Charitable activities Other trading activlties Investments Other 288,734 10,726 6,483 28,963 64,929 103,630 392,364 10,726 6,483 28,963 64,929 525,712 14,159 9,883 35,070 34,555 399,835 103,630 503,465 619,379 Expendlture Raising funds Charitable activities Other costs 43,468 384,068 23,218 43,468 502,891 23,218 6,766 553.158 21,996 118,823 io 450,754 118,823 569,577 581,920 Net 5ncome before Investment galns 150,9191 115,193) 166,1121 37,459 Unrealised galns on Investments 15117 22,927 457,076 480,3 39,808 Net Income 127.9921 441,883 413,891 77,267 Transfers between funds 22123 13,9391 3,939 Net movement in funds 131,9311 445,822 413,891 77,267 Reconciliation of Funds: Total tunds brought forward 335,498 3,040,131 3,375,629 3,298,362 Total funds carried forward 303,567 3,485,953 3,789,520 3.375.629 Notes 1- 28 on pages 15- 35 form an Inte8ral part of these account5
Page 11 BUSBRIDGE PAROCHIAL CHURCH COUNCIL BALANCE SHEET AT 31 DECEMBER 20ZD 2020 2019 Fixed A55et5 Tangible assets Investments 14 15 2,421,775 1.210,000 3,631,775 2,455,715 760,000 3,215,715 Current Assets Debtors Investments Cash at bank and In hand 16 17 33,105 303,457 396,727 733.289 72.070 248,453 423,594 744,117 Current Llabllitles Creditors.. amounts due wlthln one year 18 140,5441 149,2031 Net Current Assets 692,745 694,914 Total Asset5 le55 Current Llabilttles 4,324,520 3,910,629 Creditors.. amounts due after one year 19 1535,0001 (s35,¢? Total Net A55ets 3,789,520 3,375,629 The Fund5 of the Charlty Restricted Unrestricted 22 3,485,953 303,567 3.040,131 335,498 Total Fund5 3.789,520 3.375.629 Approved by the Parochial Church Council on.. 2021 and si8ned on its behalf by: Reverend S Taylor Incumbent Mr M Lambert Treasurer
Page 14 BUSBRIDGE PAROCHIAL CHURCH COUNCIL CASH FLOW STATEMENT AT 31 DECEMBER 2020 2020 Z019 Notes Cash Ilows friim operatlng activitles Net cash from operating activStles 27 116,207 15.913 Cash flows from Investing activities Intcrest & rents from investments Purchase of investments Purchase of fixed assets 23,854 125,0001 14,5141 30.632 158,0001 17,8251 Net cash used in investing activitles 15,660 135,1921 Cash flows from financing activities Repayments of borrowing 15,0001 Net cash used in financing activities 15,CQO Change In cash and cash equlvalents 126,8671 119,2791 Cash and czsh èqulvalents at l Jan 2020 423,594 442,873 Cash and tash equlvalents at 31 Det 2020 396,727 423,594
Pagè 15 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Iiontinuodl AT 31 DECEMBER 2020 ACCOUNTING POLICIES Basis of Preparatlon Tlie finaiicial 5tat@ments have bep.n prepared in accordance with Accounting and Reporting by Charilios.. Statemer)t of Rccommonde(J Practice applicable io charities preparing their acLuunts in accor'dènce with the Findncial Reporting Standard applicable in the UK ai)d Republicof Iieland IFRSIQ21 second edition 2019, Jrid the Cliarities ALI 201 I. The financial statement5 are prepared on a going concern basi5 under the historical cost convei)tion, with the excibptiun of irivL'51triL%nl prop(srlii.'S dnd curro)nt r155Q.t invcstmeiits whicli ai-o Inoliided at market value, The financial statements are plepad in sterling whicl) is the functional currency, and have been rounded tL) tliv nearest puuriLI. The charity is a public benefit entity as defiiied by FR5102 and is unincorporated. Golng Concern The PCC ha5 assessed whether the use of the going concern bdsis is appropriate 3nd has considered po&sible events or circuinslances including those as a result DI the Covid pandemic that rn18ht Cast 5ignifi¢ant doubl on the ability of the charity to continue as a going coricern. Particularly on account of voluntary giving havin8 continued largely unchanged despite the pandeiiiic, I1iÈ going concern basis 15 Still considered appropriate Income Planned giving. sundry and other donations, and collections are recognised when received by the PCC. Incomo Idx recoverable on donations eligiblè for Gift Aid is recognlscd when the doiiation is received and when elIlbilItY la valid Gift Aid declarationl15 established. Legacies are accounted lor at the earlier of.. the date on which the charity is aware that probate has beon granted,. the estate has been finalised and notili¢ation ha5 been made by the executorlsl to the charity that a distribution will be made,. or when a distributioii 1% Made from the estste. Receipt of a leEary, in wliale or part, is only considerod proE)able whon the amount cai) be iiieasLired reliably and the charity has been notified of the executor's intention tu make a distribution. Where leEècies have been notified to the. charity, 01 the charity is aware ol the granting of prob4te, and crilerla lor income recognition have not been met, then the legacy 15 treated as a contingent asset and disclosed f material. Grant Income is recognised when the PCC is notified of its leg.al enlitlL>rnL)Iil and the amount due. Otli?r Ir<iding caclivitio% include parochial Fee5 from weddings aiid fiinerals, and use of the centre. Along with income from fundraising, these are reco8ni5ed in the period in whicli the event takes place. Investment income, including rentBI inccme, is accounted for in the period in which the ch3rity 15 entitled to the receipt. Other iniome inr.ludes fees from Hambledon PCC and is accour)ted for in the period in wl)ich the charlty is entitled to receipt.
PaEe 16 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Icontinuedl AT 31 DECEMBER 2020 ACCOUNTING POLICIES Icontinuedl Re50urce5 Expended All expenditure is accoLJlited for on the accrua15 basi5 inclusive of VAT. Raising tund5 inclLJdes those costs related to the tDandg£smLint and I'epair of the InvÈ.stment Properties and direit Costs associated with fundraising activities. Choritable exponditure include5 tlie. costs related to the production and sale of Tho Bridge and all other expenses including grants relating to relevant projects undertakon. The charily allocate5 Specific cost5 to the various activities tliat tliey undert3ke and determine those that can be treated as reJtrictcd in the accounts. Grants are charged in the year that they are approved for payment. No grcints are dLlerri.d. other costs include all expenditure not related to raising fund5 or the charitable activities undertaken. Corporation Tax The charitv IS Cmempt Iroili corporation tax according to 5Lhedule 3 01 tl)e Charities Act 2011. Support Costs Support costs are those fuiictions that aSS19t the ¥vork ol the c.harily but do not directly relate to raisin8 funds or charirable activities. These costs arè allocated between the expenditure categorios of the Charity on a basi5 designed to reflect the use ol iho iesource. Costs relatinLJ Lu a particular activity are allocated directly whi15t others are apportioned on an appropriate basis. L)onated Services and Goods Donatcd facilities and donated profession31 services are recognised in income at theirfair value whL'n thoir Liconomic bonelir is prob.Ible. it can be measured reli3bly and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the chai"Ity. FL)r exBinple the amjuiil the charitv would be willing to pay in the open market for such facllities and services. A corresponding amount is recognised in expenditure. In accordance willi the Charities SORP, the Services of volunteers are not reflected in the Statement of Financial Activities as their donated time is not quantifiable. Flxed Assets Consecrated land and buildings and movable churchfurnishings Consecraied and beneficed property is not reportpd wiihin these financial 5tsterne.nts in accordance with tlie Charities Act 2011. No cost or vÈlue is placed on movable cliurcli furnishings 1)eld by the Steward5 on trust for the PCC and wliich require a fJculty for disposal since the PCC considers them to be inalienzble property. All exponditure on consecrite.d building5 and Movabl church furnishings, whether maintenance or improvement, is written off. as expenditure in the Statement of Financial Activities. Freeholdpropvrtie5 Frcehold prope¥ties held for use by the PCC with a value linked loan ar& stated at valuation by the TrugtL&e5 on a rea50nable eslirnate of the currL'ni value. Tlio Trustecs review the value on an aniiual b3515 to consider the residual value, which they deem to be at least equal to cost. Therefc>ro, iio depreciation is cliarged. other Ireohold properties held for use by the PCC are stated <lt cost. ThLi non-land cost is depreciated over 10 yeaws on a Straight line basi5.
Pago 17
BUSBRIDGE PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS Icontinuodl
AT 31 DECEMBER 2020
ACCOUNTING POLICIES l¢¢ntinued
Fixed A55ets Icont.)
Office e
Page 18 8US8RIDGE PAROCHIAL CHURCH COUNaL NOTIS TO THE FINANCIAL STATEMENTS Icontlnuedl AT3I DECEMBER 2020 ACCOUNTING POLICIES Icontinuedl 1.17 Funds Uiirp.slricted Funds Unresti'icted fund5 iepre58nt the fundy of tlie prc that arc not subjert to any restriitions regardinR their Use and rhat are available for pplIcation on the general purposes of the PCC. They Include De5ignatL'(I FiJnd5 parmarkf d by the PCC for a particular purpose. The PCC has three Designated Funds12019 five),. the Operational Reserve Fund, The Bridge IinaE2zinel Fund and thL NL)xus Fund. FuIids set aside for Quinquvnntal repairs and the Old Rector'y project, have been reallocated to General Funds and the Operational Rcservc. Note 23 doscribes the fund5 and th(.ir purpose5. Rp5tricted Funds Restricted funds are funds of the PCC that Bre subject to restrictions on their usQ ilnposed by the donor, that Is, they are funds given fur a specific purpose and the PCC c3nnot use them to meet its 8encirdl purposes. Note 22 describe5 the fui)ds and their PLJrporeS. The balance on the restriLted funds lor capital items at the year end is at least equal to tho net book value in the account5. JUDGEMENTS AND KEY SOURCES QF ESTIMATION UNCERTAINTY In the application of the chaiity's accounting policies, the Trustees are required to ITiakL judgemc"nts, estimates and assumptions about the cariying amount of 355ets ai)d liabilities that are not leadily apparent from Dther sources. The esliniate5 dnd asrtsooialpd as5umplions tire based on hi5tOfical experienco and other factors ihat are considered to be relevant. Aclual results may differ from these estimates. The ostimate5 and underlying a55umption5 are revSEwed on an ongoing basis. Revislons to accounting estimates are recognised in the period wliich the estimate is revised where ihe revision 3ffects only that peripd, or in tho period of tl)e revision and future periods where the revi.sion affects both current and future perlods. Key sources of estlmation uncertainty The estim¢?te$ and assumptions which have a significant risk of causing a material adjustment to the carrying amounl uf assets and liabilities are cls follows.. Determinotion of v(Jlues of ffiivpstment property The Irustees review ihe valuation ol each of the investment property at the end of each year, thls is based on their knowledge of the market and house sales in and 8round the year from internet research. If the TrListee5 valuation 1% ini)ccurate then the valiiation of investment property iii the financial statement5 will be misstated. The valuation basis of each property is described in Notc 15.
Page 19 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENT5 l¢ontlnuedl AT31 OECEMBER 2020 3. Donatlon5 and legacie5 Unrestrlcted FuThJs £ Restricted Funds £ Total 2020 £ Total 2019 £ Ihcoming re50urce5 trom thnors Planned giving Gift Aid Tax recoverable - Planned Planned givin8 non Gift Aid Sundry donations Tax recoverable - Sundry Collections Special Collections Tax recoverable- Collettions Directed gifts Word and Wor5hlp Old Rectory Reordering Youth & Chlldren work Church Family Support Fund Centre refurbishment Livestream 192.347 48,111 40,357 4,789 I,C68 563 192,347 48,111 40,357 4,789 1,068 563 2,603 625 1,250 9,165 19,263 9,711 196,775 49,254 41,966 10,301 1.250 1,446 8,176 1,561 1.833 12,596 36,335 120,494 37,5(K) 2.070 2.603 376 250 1,250 9,1(75 19,263 'J,711 19,458 40,998 2,058 19.458 40,998 2,058 288,734 103,630 392,364 521,557 4,155 525,712 Le8aGy income 288,734 103,630 392,364 Included in 2019 was £218.141 of restricted income 4. charltable ActSvitie5 Unrestrlrted Funds £ 148 540 261 7,773 2,004 Restrfcted Funds£ Total 2020 E 148 540 261 7,773 2,004 Totil 2019 £ 700 507 1,031 8,773 2,069 1,078 Older Persons Work Youth & Children activitie5 ABC Groups The Bridge magazine Nexus Other parish activities 10,726 14,159 Included in 2019 was £489 of restricted income
Page 20 BUSBRIDGE PAROCHIALCHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl AT 31 DECEMBER 2020 5. Other Trading Actlvlties Unrestricted Funds£ 6,238 245 Restricted Funds £ Total 2020£ 6,238 245 Total 2019 £ 8,038 1,845 PCC fees and services Centre use 6,483 6,483 9,883 All income from othertrading activities was unrestrided in 2019 6. Income from Investments Unrestrfrted Funds E Restricted Funds £ Total 20ZO £ Total 2019 £ Bank interest.. Short term deposlt accounts 1,189 1,189 954 Rents.. School House 34 High Ridge Church Cottago 14 Phillip5 C105e 2,020 13.450 12,835 5,811 13,500 14,274 13,5(NJ 14,274 28,963 35.070 All investment income irb 2019 was unrestricted. In 2020 the school caretaker vatated School House which was refurbished for letting from J3nuèry 2021. In 20J 9 14 Phillips C105e was rented o(Jt for four months during Youth Mlnister vacancy, which was dpproved by the Dlocese. 7. Othèr Ordlnary Incomlng Resources Unrestricted Funds £ J,950 62,978 Restrirted Funds £ Total 2020 £ 1,950 62.978 Total 2019 £ 978 33,577 Other Intorne Hambledon 64,929 64,929 All Other Ordlnary Incomlng Resources income in 2019 w35 unr?stricted.
Page 21 BUSBRIOGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl AT 310ECEM8ER2020 8. Raising Funds Unrestrlcted Funds £ Restricled Funds £ Total 2020 £ Total 2019 £ Investment pruperty costs 43,468 43,468 6,766 43,468 6,766 All cost5 for raisinE funds in 2019 were unrestricted 2020 investment property cost5 include the following in respect of School House". An ex gratia paymont of £15,000 to BusbridEe Junior School following which School House was returned to PCC and available for commercial letting Charltable Artlvitie5 Unreslricted Funds £ Restricted Funds £ Total 2020 £ Total 2019 £ Grants Outward giving Church Family Support Fund grants Special collpctions 11,430 11,430 7,850 3.964 15,250 3,000 8,483 7,850 3,964 11.430 11.814 26,733 Directed gifts 1,250 1,250 1,3(M) 12.680 11,814 24,494 28,033 liicluded in 2019 are grants from restrirted funds of £11,483 Detai15 of 8rants made to Institutions in the year are Set out in Note 11
PaEe 22 BUSBRIDGE PAROCHIALCHURCH COUNaL NOTES TO THE FINANCIAL STATEMENTS Icontinuedl AT 31 DECEMBER 2020 Unrestricted Funds £ Re5trlcted Fund5 £ Total 2020 £ Total 2019 £ Ministry Parish Share churche.s Together Clergy expen5e.5 Rectory costs Clergy fees Hambledon clergy salary Service costs Word & Worship Youth & children work Older person5 & befriending work Pastoral Evangelism Qther 108,111 960 4,063 1,060 2,994 39,060 6,389 108,111 960 4,063 1,060 2,994 39,060 6.389 36,216 68,696 17,426 1,760 1.458 2,548 107,009 960 3,546 1,117 4,109 14,421 14,691 28,911 49,483 19,901 2,790 241 1,429 36,216 68.696 17,426 1,760 1,458 2,548 254,526 36.216 29Q,742 248,608 Included in 2019 are payment5 from restricted funds of £29,127 Tralnlng Training 881 881 4.241 Parish Actlvltles Youth & children activities The Bi'idge magazine Nexus Other activities 656 8.415 372 656 8,415 372 1.015 8.250 316 9,443 9,443 IJ.907 All payments for training and parish activitie5 in 2019 were from unrestricted funds
Page 23 BUSBRIDGE PAROCHIAI CHURCH COUNCII NOTES TO THE FINANCIAL STATEMENTS Icontinuedl AT 31 DECEMBER 2020 Unrestricted Funds £ Restrictèd Funds £ Total 2020 £ Total 2019 E Property Costs Re-ordering Church runninE Casts Church mairjtenance Upkeep of churchyard Centre refurbishment project Centre running costs Old Rectory + Yard projert Old Rertory running 105ts Depreclation Old Rectory / Yard Loan intÈr85t Clergy property rental Other property running costs Livestream 16,547 16,547 8.908 3,912 2,987 1,158 1,124 8,064 95,871 lQ,695 2,161 3.652 4.147 3,912 2.987 1,158 1,124 1.665 14,113 4,545 37,688 6,695 6,583 16,505 8.064 38,206 38,206 6,842 6,850 4,471 2,058 6,842 6,850 4,471 2,058 30,333 70,793 101,126 200.173 Included in 2019 are payments from restricted funds of £149.053 Support Costs General administrative costs AdministraLion salaries Depreciatiorb I write backs 28,929 47,030 247 28.929 47,030 2.47 19.812 42,334 11,9501 76.205 76,205 60,196 All 5UPPQrt costs relat@ to charitable activities12019- all relate to charitable activities) Total Charitable Actlvltles Expenditure 384,068 118,823 502,891 553.158
Page 24 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIALSTATEMENTS Icontinuedl AT 31 DECEMBER 2020 10. Other Costs Unrestricted Fund5 £ 10,0 1,233 10,788 1,197 Re5trSded Funds £ Total 2020 £ io,ook) 1,233 10,788 1.197 Total 2019 £ 9,000 Audit fees Audit fees- prictr year underaccrual Accountancy & payroll Bank charges 11.949 1,047 23,218 23,218 21,996 All 'other costs. for 2019 wore from unrestricted funds Other c05t5 relate to the Bovernance costs of the charitv 11, Grants In Year Total 2020 Grants to org3nisatlon$ In Year Salvador Children's Trust ISALCETI Trinity Trust Team Samaritans Guildford Church of Messiah Tearlund Nazareth Wav Five Talent5 UK Elam Ministries Warehouse Christian Trust Bible 5oclety A Rocha UK PAS 8esom Guildford Children's Society BGCG 3,787 2,000 1.430 1,250 1,033 1,000 1,000 I,oc 1,000 1,000 1,000 500 500 loo 45 16.644 CFSF granls to Individuals 7,850 24,494 Intludpd in the grant to SALCET is £2,787 from the 2019 Christmas Appeal. The grant to Samaritans Guildford was raised by Nexu5.
Page 25 8US8RIDGE PAROCHIAL CHURCH COUNaL NOTES TO THE FINANCIAL STATEMENT5 Icontlnuedl AT 310ECEMBER 2020 12. Staff Cost5 2020 2019 Wages and Salaries Employer National Insurance costs Employer pension costs 142,005 5,718 3,905 115,045 3,212 151.628 123,610 The costs above include payment5 for the youth minister, children'5 worker5. older person5 and befriending leader, word and worship minister and administrative staff. The average number of full and pzrt-time staff during the year was 9 12019- 71. No employees receivÈd emoluments In excess of £60,0Tr)12019- None), 13. PCC Members. Remuneration The PCC members did not receive any remuneration in the year12019 - None). Clergy expen5e5 Of £6,686 12019 - £4.3901 were reimbursed in the year.
Page 26 BUSBRIOGE PAROCHIAL CHURCH COUNaL NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl AT 310ECEMBER2020 14. Tangible Fixed A55ets Freehold Off ice/Other Propertles equipment Flxture5 & Fltttngs Total Cost or valuation At l Janu4ry 2020 Additions 2,512,052 2,538 69,419 1,976 32,280 2,613,751 4,514 At 31 December 2020 2.514,590 71,39S 2,618,265 Dèpreclation At l January 2020 Charge in year 56,337 38,206 69,419 247 32,280 158,036 38.453 At 31 December 2020 94.544 69,666 32,280 196,490 Net Book Value5 At 31 Oecember 2019 2,455,715 2,455,715 At 31 December 2Q20 2,420,046 1,729 2,421,775 Freehold Properties The property at 14 Phillips Close was purchased in 1.991 lor occupatlon by a5515tant clergy for £102,QK)O plus incideTltal costs with assistance ol a valuè linked loan of £102,000 from the Church Cornrnissioners. The value linked loan is repayable either when the house is sgld or ceases to be occupied by a licensed person. The term5 of the value linked loan are such that the amount due to the Church Commissioner5 represents a flxed percentage of I% of the Vdlue of the property. Any adjustment to thi5 liability, as a result of change in thè carryrngvalue of the propertv, 15 offset against the gain or1055 on revaluation in the Statement of Financial Activitie5. Interest 15 charged by the Church Commissioner5 at 3% per annum on the amount origlnally borrowed, the rate rising annually in line with increase5 in the retail price index anrl is currentlv 6.71%. For 2020 the total interest paid on thls value Ilrhked loan was £6,842. The valLli> ol the house is shown as £440,000 which is the estimated Sale value as at 31 December 2020 and 2019 and is considered to be a fair e5tim8te of its current-value in use" The additions In rhe year relate to £2,538 work on the Old Rertory Yard. The Ireehold properties arè held within the Restricted Property Fund.
Page 27 BUS8RIDGE PAROCHIAI CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Iconthnuedl AT 31 DECEMBER 2020 15. Investment Properties 2020 2019 Cost or valuation At l January 2020 Transfers in R2valuation in yoar 760,000 760,OCKI 450,IK)O At 31 December 2020 1,210,000 760,ocrf) The property Bt 34 High Ridge was valued at £360,000 in December 2020 by the Trustees based on current arket conditions. The historic cost of this property is £83,950. School House has been revalued at £S00,(K)O In December 2020 by the Trustees bdsed on current market conditions. This follows the return of School House from Busbridge junior School to PCC in 2020, to which the TTustce5 made arb ex gratia contribution of £15.000. The property was refurbished in preparation for commercial letting Irom January 2021. In 2019, the property was valued at ES0.0(K) uslng a 4% return on the annual rental income. The historic cost of this property is £4LY). Church Cottage was valued at £350,000 in December 2020 by the Trustees, based Dn current market condition5. The historlc cost of this property is £75.492. The investment properties are held within the Restricted Property Fund.
Page 28 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS IcontSnuedl AT 31 DECEMBER 2020 16. Debtors 2020 2019 Amounts receivable withln one year Gift Aid recoverable Prepayments & accrued income Other debtors 14,421 1,125 17,560 44,318 9.272 18,481 33,105 72,070 17. Current Asset Investments 2020 2019 Market value al l January 2020 Additions Unrealised galn in year 248,453 25.(K)O 30,rx)4 150,645 s8,(N] 39,808 At 31 December 2020 303,457 248,453 The cost of investments is £226,00012019 - £201,000 IB. Creditor5 Falling Due Within One Year 2020 2019 Tr3de creditor5 Accrua15 Taxation and Social Security Other creditors Old Rectory Project loan 9.797 25,398 2,431 2,917 9,802 27,238 2,064 5,099 5,0(K) At 31 December 2020 40,544 49,203 The Old Rectory Project loan is held within the Old Rectory Restricted furkd
Page 29 8USBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Icontinuedl AT ai DECEMBER 2020 19. c ditors FallinB Due After More than One Year 2020 2019 Church Commissioners Equity Loan Old Rectory Project loan 440,000 95,000 440.000 95,0 At 31 December 2Q20 535,000 535,000 The Church Commissioners loan is not due until 14 Phillips Close is sold and matches the asset value. Interest is Pdyable at 3% per annum on the amount (>rigin211y borrowed, this rate rising annually In line with increases In the retail price index and is currently 6.71%. 20. Old Rectory Project Loan 2020 2019 Due within one year Due betwpen two and five year5 Oue after five year5 5.000 95,000 95,000 At 31 December 2020 95,000 100,000 The lohns have been provided on an intsrest free basis. £80,000 of the long-term loan 15 due for repayment in December 2024. The Old Rectory Project loan is held within the old Rectory Restricted Fund. 21. Retirement Benefit Sthemes Defined Contrlbution Scheme5 The charge to the SOFA during the year in SPeCt of defined contribution schemes wa5 £9,112 12D19- £7,695). At the year end, contributions of £773 were outstanding12019- £Nill.
Page 30 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS (contlnuedl AT 31 DECEMBER 2020 22. Restrlcted Funds l January Incoming 2020 resources Outgoing Transters In Unreallsed 31 December resources l (Out) gain5 2020 Property Fund Church Family Support Fund Prime Time Fund Word and Worship Youth and Children Other restricted income Old Rectory Project Re-ordering Project Staniford Children Fund Special Collections Fund Centre Refurbishmènt Livestream Project 2,775,715 138,2061 17,8501 2,538 450,CrfJJ 3,190,046 47,114 19.458 4,097 62.819 2,105 67,302 27,473 4,761 55,771 48,419 10,486 985 2.105 44,015 25,249 9,165 136,2161 314 14,7611 18,3781 116,5471 2,143 12,5381 1.621 19,263 9,711 66.656 41,583 13,640 1,796 1.358 2,979 40,998 2,058 13,9641 11,1581 12,0581 39,840 Total Restricted Funds 3,040,131 103,629 1118.8231 3,939 457,076 3,485,953 Funds held for the Staniford children were allocated to the investment account and unrealised gains attributed to it. Restrirted funds for the year ended 31 December 2019 l January Incoming 2019 resources Outgolng Transfers In Unrealised 31 Decelnber resources I (Out) galns 2019 Property Fund Church Famity Support Fund Prlme Time Fund Word and Worship Youth and Children Other restricted income Old Rectory Project Re-ordering Project Staniford Children Fund Special Collections Fund 2.805,578 {37,6881 13,0001 7.825 2,775,715 41,314 2,070 6,730 47,114 1,932 83,617 389 12,596 37,600 12161 {28.9111 12,3021 2,105 67.302 27.473 4,761 55,771 48.419 10.486 985 {7,825} 4,761 33,549 22,875 10,486 322 36,335 120,494 {14,1131 {94,9501 9,146 18,4831 Total Restricted Funds 3.004,434 218,630 1189,6631 6.730 3.040,131
Page 31 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 20ZO 22. RESTRicfED FUNDS Icontlnuedl l. The Property Fund - the PCC'S properties are held by this fund. 34 High Rid8e and Church Cottage are currently let. School House was refurbished in 2020 in preparation for commercial letting from January 2021. The income from the properties, when let, is not restricted. The Old Rectory was purchased in 2018 and transferred into the Property Fund. 2. The Church Family Support Fund holds funds received to support those in need, as agreed by the Stewards. 3. The Special Collections Fund hold5 funds ralsed for specific purpose5, and are paid out as grants to the nominated organisations (see Note 111 4. The Prime Time Fund holds funds received for the activities of Prime Tlme, the older persons ministry. 5. The Staniford Children Fund holds funds received for the children of the late Lisa Staniford to provide financial support and assistance for their education and wellbeing. 6. The Other Restricted Income Fund has been used for expenditure related to sundry hlstorlc balances held, including the church boiler. 7. The Word and Worship Mlnistry Fund holds donations specifically provided to fund the cost of a worship leader, along with contributions towards the word and worship ministry costs. 8. The Old Rectory Fund relates to monie5 raised for the purchase of the former church rectory, its conversion for use as an office I community centrè, and related projects. The related projects are princlpally conversion of Church Cottage Ithe former office) to residential use as an Investment Property and potential refurblshment of the existing Church Centre. Purchase of the Old Rectory was ompleted in 2018 and the asset transferred to Tangible Fixed Assets. 9. The Re-ordering Project holds funds given for the intended removal of pews from, installation of a wooden floor, and related upgrading work in the main church. Phase l of this project was completed in 2019, and further work was done in 2020, although somewhat delayed on account of Covid-19. The balance of the work is expected to be completed during 2021. 10. The Youth and Children Work Fund holds monies given specifically for projects to support work with young people. 11. The Centre Refurbishment Fund holds monies given specifica15y for thls project. 12. The Livestream Project Fund was used in 2020 to enhance service streaming capabilities.
Page 32 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2020 23. Unrestrlcted Funds l January Incomlng 2020 resources Outgolng Transfers In Unrealised 31 December resources / (Outl gains 2020 DeslEnated Funds Operational Reserve Quinquennial Sinking Fund The Bridge magazine Nexus Workin8 Wlth elderly Old Rertory Project 80,OIJO 37,123 12,953 130,076 23,394 123,3941 2,426 7,773 2,lJ)4 18,4151 11,8021 12031 1,783 1.708 1.506 203 72,0(K) 172,0001 178,023 9.777 110,4201 156,7651 12,953 133,567 General Unrestricted Fund 157,475 390,058 1440.3341 52,827 9.974 170.0 Total Unrestricted Funds 335,498 399,835 1450.7541 13,9391 22.927 303,567 In 2019, Nexus funds were held in General funds and were separately designated In 2020. The Quinquennial and Rectory Project designated funds were reassi8ned to the Operational Reserve and General funds. Unrestricted funds for the year ended 31 December 2019 l January Incorning 2019 resources Outgolng Transfer5 In Unreallsed 31 December resources l (Out) galn5 2019 Deslgnated Funds Operational ReseNe Quirbquennial Sinking Fund The Brid8e magazine Working Wlth elderly Old Rectory Project 80,IJ)O 80.) 23,394 23,394 1,903 8,773 203 18,2501 2,426 203 72.CNxi 72,(KK) 177,297 8,976 18,2501 178,023 General Unrestricted Fund 116,631 391,773 I384,7) 33,078 157,475 Total Unrestricted Funds 293,928 400,749 1392,2571 33,078 335,498
Page 33 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS {continuedl AT 31 DECEMBER 2020 23. UNRESTRicfED FUNDS (¢ontlnued) l. The Operational Reserve Fund holds funds to ensure that vnrestricted expenditure can be met if there Is a fall in income. This has been increased in 2020 by funds reallocated from the Rectory Desi8nated funds. 2. The Quinquennial Sinking Fund has been returned to General Funds in 2020. The Trustee5 believe the enhanced Operational Reserve is sufficient to meet the cost of repairs identified from quinquennial reviews. 3. The Brid8e Fund holds funds received for the publication of The Bridge" magazine, published 6 times per year. Income and expenses for The Bridge are shown separately in notes 4 and 9 respectively. 4. The Nexus Fund was previously included in General Funds. However, it has been 5eparatelv designated in 2020. 5. The Old Rectory Fund designated monies have been reallocated to the Operational Reserve and General Funds In 2020, as the remaining money held in the restritted fund is believed sufficient to cover remainin8 project requirements, mainly related to upgrading of the Church Centre. 24. Analys55 of Net Assets between Funds Llabllltles Total over one 31 December 2020 Flxed Net current assets assets year Restrlcted Funds Property Fund Church Family Support Fund Prime Time Fund Word and Worship Youth and Children Work Other restrirted income Old Rectory Project Re-orderlng Proje staniford Children Fund Special Collettions Fund Centre Refurbishment Project Livestream Project 3,630,046 1440,0001 3,190,046 62,819 2,105 44,015 25,249 62,819 2,105 44,015 25,249 161,656 41,583 13.640 195,0001 66,656 41,583 13,640 39.840 39,840 Total Restrlrted Funds 3,630,046 390,906 1535,0001 3,485,953 Unrestricted Funds 1,729 301.838 303,567 Total Funds 3.631.775 692,745 1535,0001 3,789,520
Page 34 BUSBRIDGE PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS (continued) AT 31 DECEMBER 2020 24. Analysi5 of Net A55ets between Funds- 2019 Liabilities Totsl over one 31 December 2019 Flxed Net current assets assets year Restrfrted Funds Property Fund Church Family Support Fund Prime Time Fund Word and Worship Youth and Children Work Other restricted income Old Rectory Project Re-ordering Projert Staniford Children Fund Special Collections Fund 3,215,715 1440,OQVJI 2,775,715 47.114 2,104 67,302 27,473 4,761 55,771 48,419 10,486 985 47,114 2,104 67,302 27,473 4,761 150,771 48,419 10,486 985 195,(X)01 Total Restrirted Funds 3,215,715 359.416 1535,0001 3,040,131 Unrestrlcted Funds 335,498 335,498 Totsl Funds 3.215,715 694.914 1535,0001 3,375,629 25. Operatln8 Leases Lessee The charity had outstandlng commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2020 2019 Due within one year Due between two and five years Due after five years 1,321 4,623 1,099 4,632 290 5,943 6,021 Lessor The charity was due minimum lease payments under non-cancellable leases of Investment properties, which fall due as follows.. 2020 2019 Due within one year 10,413 7,795 10,413 7,795
Page 35 BUSBRIDGE PAROCHIAL CHURCH COUNaL NOTES TO THE FINANCIAL STATEMENTS Itontlnued) AT31 DECEMBER 2020 26. Related Party Transactlons During the year 13 12019- 161 Trustee5 gave a total of £56,855 {2019 - £55,994) in donations to the thurch. In September 2020, the charity entered a contract for provision of technical online broadcasting services with Jacob Taylor, 50n of Simon Taylor (Rector). In February 2020, the charity entered an employment contract with Judith Hawkey, wife of Michael Hawkey ITrusteel. as Children's Worker. Amounts paid under these contracts during the year amounted to £16,080. None of the key management personnel are remunerated by the charity.. the Rettor is remunerated by the Guildford Diocesan Board of Finance. 27. Net Cash Provided by Operatlng Actlvities Reconciliation of net income l expendlture to net cash flow from operating artlvltles 2020 2019 Net Income for the reportlng period Adjustments for: 413,891 77.267 Depreciation charges (Gains) on investrnent5 Interest & rents from investment5 Decrease I lincreasel in debtor5 IDecreasel / increase in creditors 38,454 1480,CM)31 123,8541 38,966 13,6591 37.688 139,8081 130,6321 140,0881 11,486 Net cash provlded by operatlng actlvltles 116,2071 15,913 28. Analysls of change In Net Cash Asatl Jan 2020 Asat31 Dec2020 Cashflow Cash at bank and in hand Loans falllng due within one year Loans falling due after one year 423,594 15,0001 195,0001 126,8661 s,000 396,727 195,C(JO} 323,594 121,8661 301,727 Exclude5 Church Commissioners loan linked to potential asset sale at estimated value of £440,000 Asati Jan 2019 Asat31 Dec2019 Cashflow Cash at bank and in hand Loans falling due within one year Loans falling due after one year 442,873 iio,0001 190,0001 119,2791 5,000 15,0001 423.594 15,IK)01 195,(K)01 342,873 119,2791 323,594 * Excludes Church Commissioners loan linked to potential asset sale at estimated value of £440,OCK)
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