# The Parochial Church Council of the Ecclesiastical Parish of St. Peter & St. Paul, Aldeburgh # Annual Financial Statements of the Parochial Church Council for the year ended 31 December 2020 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. PETER & ST. PAU¥ ALDEBURGH ststement of Flnan¢lal Actlvltles for the year ended 31 De¢ember 2020 UNRESTRICTED FUNDS RESTRicfED FUNDS EMDOWMENr FUNOS TOTAL FUNDS 2020 2019 Notes Income and Endowm¢nts Grants, donations and legacles Fund ralsln8 actlvltles Church activitie5 Investment Income Other Totsl Incom• 21al 21bl 21cl 21dl 21el 90,342 261 29,216 709 3,668 124.196 90,342 261 29,216 6.894 3,668 130,381 107.868 9,060 48.995 6,828 5,888 178,639 5,579 606 5.579 606 Expendltur• Expenditure on church actlvitles Support costs Total exp•ndltur• 31al 112,029 90 112,119 112,029 152,434 112,119 152,434 N•t IncomIn￿lOUIS9lft￿} r•sour•s b￿ore transfers between funds 12,077 5,579 606 18,263 26,205 Trnnsfers betwe•n funds 20 16061 N•t Incomln811outgolngl r•sour•s befor• 8alnsl(1055e51 on Investments 12,663 5,599 18.263 26,205 Unreallsed 8alns/l1055esl on investments 916 12,168 1,395 14.479 33,123 N•t movement In fvnds 13,579 17.767 1,395 32,741 59,328 Total funds brought forward Adl. re change of accountin8 basls Total funds ¢arrled forward 212,175 252.002 20,197 484,374 452,036 126.9901 484,374 225,754 269,769 21,592 517.115 THE PAROCHIAL CHURCH COUNaL OF THE ECCLESIASncAL PARISH (* ST. PETER & ￿. PAUL ALDEBURGH Balance sheet as •131 December 2020 UNREsTricfED FUNDS ENIXVWMEKr TOTAL FUNDS FUND5 FUNDS 2020 2019* Note5 The ossets ondllo)Illll¢s of the dtorlty Flx•d Tanelble fixed assrfs lTh¥e¥trntNt assets 124.495 14,234 138.729 124.495 224.928 349,423 134.360 210,450 344.810 4b 189.102 189.102 21.592 21.592 Shon term dewslts C4sh •1 bank 53.284 33.741 87,025 48.256 32,411 80,667 101.$40 66.152 167.692 iC(1.948 38.617 139.565 Curr•nt l￿bIlItI•* Credltors due ￿thIn one year N•l(urr•nt •u•ts 87,025 J.667 167.692 139.565 TOTAL ASSETS LESS LIABILmÉ5 225.754 269.769 21.592 517.115 484,374 Thefvlds of thechorlty UN•5tr1d•d fvnd5 197,168 28,586 225,754 197.168 28.586 225.754 184.325 27I49 212.175 Deslin•ted IF•ltheld Centrel rot•l unr•stslrtqd funds Restrided fvnds 269.769 269.769 252.1x12 Efidovmient fur 21.S92 21.592 20.197 TOTAL FUNDS 225.754 269.769 21592 517,115 484,374 •The flguresfor 2019 have been re$￿ed io reneu a thary In ac(rAmtI￿1of Gfft These accounts were adopted at the Annual Parochial Church Meetin8 on rTr and signed by the Chaiman. the Revd. M Lowther: THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF sr. PEfER & ST. PAUL ALDEBURGH Notes to finan¢ial statements for year ended 31 December 2020 I. ACCOUNTING POUCIES Flxed assets The Stelnway Piano has been capltallsed at its purchase price and was depreclated on a straight line basi5, commenclng from the flr5t anniversary 2011. It is included in these accounts at the value the PCC belleves to be its value In the current market of £20,OCMJ so no further depreciation has been charged In the current year. The Prolectlon system was depreclated on a straight line basis over 4 years and the Snooker Table on a stral8ht Ilne basls over 2 years and are thu5 Included In these accounts at nll value. The financial statements have been prepared In accordance wlth the Church A¢¢ountin8 Regulations 21x16 tO8ether with the Staternent of Recommended Practlce applicable to charitles preparing their accounts under the Financial Reportin8 Standard appllcable In the UK and Republlc of Ireland IFRS1021 Issued on 16 July 20141 and the Flnanclal Reporting Standard appllcable In the Unlted Klngdom and Republlc of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practlce as It applle5 from l January 2015. They have been prepared under the historical cost convention except for the valuatlon of Investment assets, whlch are shown at market value. Church H•ll & Fairfleld Centre bulldln85 Commencing In 2000. depreclation 15 belng provlded on the buildings of the Church Hall and Falrfield Centre. The depreciation rates are.. Church Hall 4% of valuatlon, Fairfleld Centre 2%-5% of Cost. The Car Park is being depreclated at IO% of cost. No revaluatlon of the buildlngs has taken place subsequently. Investments Investments are valued at thelr market value at 315t December In the appllcable year. All expendlture Incurred In the year on consecrated or benefke buildings, any individual Items under £2,OCK> or the cosl of ￿PaIrS to movable church furnlshlngs acqulred before l January 2001 is wrltten off. Cons•cr*ttd property and movable chur¢h fvrnlshln8s Consecrated and beneflce property Is excluded from the financlal statements by s.1012llal of the Charbtles Art 2011. The accounts Ifinancial 5tatements1 have been prepared to 8lve a'true and falr, vlew and have departed from the Charltie5 (Accounls and Reports) Regulations 2CM)8 only to the extent requlred io provide a'true and falr vbew". Thls departure has Involved followlng Accountln8 and Reporting by Charltles preparlng thelr accounts In accordance wlth the Financial Reporting Standard applicable the UK and Republlc of Ireland IFRS 1021 Issued on 16 July 2014 rather than the Accounting and Reporting by Charltles: Statement of Recommended Practlce effective from l April 2C05 whKh has since been wlthdrawn. Other flxtures, ffttln89 and equlpment Equlpmenl used wlthin the church premlses Is depreclated on a stral8hi Ilne basls over 4 years. Individual Items wlth a purchase prlce of £2,OW or less are wrltten off when the a55et Is acqulred. Movable church furnlshlngs held by the Rector and Churchwardens on special trust for the PCC, and whlch requlre a faculty for disposal, are accounted for as inalienable property unless consecrated and Ibsted In the church's Inventory whlch can be inspected lat any reasonable tlmel. For inalienable property acqulred prlor to 2C￿ there Is Insufflclent cost Information available and therefore such assets are not valued In these accounts. Any items acqulred slnce 1st January 2(￿ have been capitalised and depreclated In the attounts over thelr currently antlcipated useful economic Ilfe. usually four years, on a strai8ht-Ilne basls. Current assets Arnounts owln8 to the PCC at 31st December In respect of fees, rents or other Income are shown as debtors les5 provlslon for amounts that may prove uncollectlble. Short-term deposlts include cash held on deposlt elther with the Central Board of Flnance or at the bank. The presentation currency is £ Ipoundl sterlln8. Current li¥bilitle5 The PCC meets the definitlon of a public benefit entity under FRSIO2. Other flxtures, fitting and equlpment Indfvidual items of equipment with a purchase price of £2[￿ or less are written off when the assetls acquired. Creditors are shown at their settlement amount. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. PETER & ST. PAU4 ALDEBURGH Notes to flnanclal statements for year ended 31 December 2020 Funds ralsed by fund raising events are accounted for gross. Sale of books and m38azlnes from the church bookslall are accounted for gross. Funds Value Added Tax is not generally recoverable by the charity, and is therefore included In the relevant ￿$ts In the Statement of Financial Activities. However. for some capltal assets included as part of the faculty, It Is Possible to reclaim the Value Added Tax charged. General fvI￿$ are those whlch are not subject to any restrictions regarding thelr use and are avallable for the PCCS general purposes. Funds designated for a particular use by the PCC itself are also unrestrirted. Restrlrted fvnds are those whlch must be spent on restrl¢ted purposes and detalls of the funds & thelr restrlctlons are included in the note5 to these account5 a5 are Endowment fvnds, where the Cap￿al must be retalned. Income from the hlre of property Thi5 is reco8nised when the hiring fee b recelved. Ineome from Investments Olvldends and interest are accounted for when recelved. Funds structur• pollcy General unrestricted funds are general funds whlch may be used for PCC ordlnary purposes. Galns and losses on Inve#m•nts Gain5 and losses are recognised when Investments are sold. Unreallsed galns and losses are accounted for on revaluatlon of the Investments ar31 December. Deslgnated funds are unre5trl¢ted funds set aslde at the dlscretlon of the PCC for speclflc purposes. Restrlcted funds represent lal Income from trusts or endowments which may be expended only on those restricted oblerts provlded In the terms of the trust or Lwuest and Ibl donatlons or grants recelved for speclfic object. Any balance remalnSng unspent at the end of each year must be carrled forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there Is no separate investment, Inlerestls apportloned to Indlvidual funds on an average balance basls. The flnantial statement5 Include all transaction5, assets and Ilabilltles for whlch the PCC Is responslble In law. They do not Include the financlal statements of church 8roups that owe their maln afflliation to another body nor those that are Informal gatherlngs of church members. They do not include ¢ertaln minor funds each amountln8 to less than £350. Expendtture Rrtourus Exp•nded Grants and donatlons are accounted for when pald over or when awar(ied. if that award creates a blndln8 or wnstructive obligatlon on the PCC. The dlocesan parlsh sharels accounted for when due. Amounts recelved specifically for mlssion5 are dealt wlth as restrlcted funds. All other expendlture is generalty recognised when it is incurred and Is accounted for 8r055. Income Voluntary Income and ¢•plt•l resources Collections are recognlsed when recefved by or on behalf of the PCC. Endowment funds are funds, the capltal of whlch must be malntalned only Income arlslng from Investment of the endowment may be used either as restrlcted or unrestricted funds dependin8 upon the purpose for which the endowment was eslabllshed. Planned 8lvln8 recelvable under Glft Ald Is recognlsed when recelved. Tax recoverable on Glft Ald donatlons Is reco8nised when the donation Is recognised. Taxatlon As a reglstered charity, the organisation is exempt from income and corporation tax to the extent that Its Income and gains are applicable to charftable purposes only. Tax recovered from voluntary income recefved under grft aid is recognised when the related income 15 receivable and is allocated to the income category to which the income relates. Grants and legacies are accounted for when the PCC Is notffled of its legal entitlement, Its ultlmate recelptls reasonably certain and the amount due is quantifiable. There Is no formal policy of transfer between funds or on the allocation of funds to desvdnated fund5, Other than that described above. Any other prop¢)sed transfer between funds would be considered on the particular circumstances. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF sr. PEfER & ST. PAUL ALDEBURGH Notes to financlal ststements for year ended 31 December 2020 Accountlng for Legades Legacles are recognised where there 15 entitlemenl. certainty of receipt and the amount can be measured with sufficient ￿lIabIlIty. Debtors Debtor5 are measured at the undiscounted amount due from the customer. Credltors Creditors and provisKmS for liabiltties and charges are recognised at the undiscounted amount owed to the supplier. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. P￿Eft & ST. PAUL ALDEBURGH Notes to financlal Statements for year ended 31 DKember 2020 TOTAL TOTAL UNRESTRicfED FUNDS REThICtED FUNDS ENIX)WMENr FUNDS General Fund Designated IFabrfieldl 2020 2019 INCOME frorn 21al Grants. dob)atlons and leyde5 Committed donations Gift Aid recoved C*n plate collection5 Other donations Legacies 34,108 3,786 3.492 34.108 3,786 3.492 9.346 39,610 90.342 40.532 37,394 11.753 15.19) 39,610 gJ.342 107.868 21bl Fund ralslng •rtF41tles August Friday markets Spring and Christmas Fayres Other 6,654 261 261 261 261 21tl Income from thurth o¢¢l¥ltk5 Fee5 (weddings, funerals etcl Fairfield Centre Use of car park Use of church hall Youth Club Other 7.568 7,568 3.879 12.620 4,965 185 10,679 12,556 16,241 8,777 742 3.879 12.620 4,965 18S 25,337 3,879 29,216 8,995 21dl Investment IMome Interest and dividends 413 296 5.579 606 6.894 6,828 21el Other Ib)come Other TOTAL INCOME 120.021 4.175 5.579 130,381 178,639 THE PAROCHIAI CHURCH COUNCIL OF THE ECCLESIAsllcAL PARISH OF ST. PETER & ST. PAUL AiDEBURGH Notes to flnandal ststements for year ended 31 l>ecember 2020 Note TOTAL 2020 TOTAL 2019 3a EXPENDITiIRE on Churth artlTAtles Mlsslonary and charltable 8lvln8 Outreach Mlntstry.. Parfsh share Clergy expenses Church running costs lutilitiesl -repairs & malntenan Upkeep of servites Church administration Children and Youth club Bookstall Upkeep of churchyard Church Hall running costs lutilitiesl -repairs & maintenance 3,300 4,520 52,247 3,773 8,622 4,371 3.595 15.436 909 6S 5CK) 1,914 2,193 52,247 3,249 9.755 4.566 7.552 19.678 4,837 1,380 1,922 4,240 Fees Fairfield Centre West porth refublshment Sundry expenses less refvntls 3,439 20.065 1.95 2.599 140,647 932 102,164 Support Costs Independent Examinerf5 fee Dewttlatlon (note 4al 9.865 11,787 TOTAL EXPENDITURE 112,119 152,434 THE PAROCHIAL CHURCH COUPKILOFThE ECCLESIA￿ PARISH OF sr. PETEA & sr. PAUL AiDEBIJRGH Notes to tlnandal statements for ye•r ended 31 De(embÈr IOZO FIXEDA￿E[s T1￿￿￿4* I1¥￿ •ss¢ts Chjrth Hall ar*J Land Fairfdd Plantand Total Cost 01.01.2020 Additlons Cosi 31.12.2020 118P 75.243 103.748 2Y7.881 75243 103.748 297WI Depreclaiion 01.01.2020 Depreclation Depredatlon 31.12.2020 33.707 1.505 35.212 83.748 163.521 8.360 54.426 83.748 173.386 Net bookvalue 31.12.19 40.031 20.￿ 124.495 Unrestrktedlunds Certain assets of the unrestricted fur￿5 are in¥e5ted in the ir*ome shalesof thechurthof Er*aThl brfftSkn￿t Fund ￿alsO note (Y). The market value as at the balarKe $￿et date of these shares was £14.234. Re5trictedlunds Certain assets of the re51rirted fvnds are invested in the income shares of ihe CThur(h of E￿￿nd Irh*51ment see also r*)te17). The aggregate market value as atthe balan¢e sheet date of these thères was £189.102. The irKome and copitsl mayonly be usd for anyexpenses specrfled In the appropriatecon¥vwTht Endowmentlund The Church Hovse Trustfvnd Is a pernianent enth)WTr￿t irhEsted in the irKon* s￿re50f I1￿ch￿th of El￿￿1 In4r51n￿ Fw The rnarket Val￿ as * the balance sheet date was É21.592. Whllstthe capitsl must k held asa wmanerrt erwJowff*nt ￿ irKon* can be used foranyexptn5e related to the 0￿r(h Hall. STAFF COSTS WaKes & Sala￿e$ ￿u$ Soclal Securtty cO￿S Penslon contritrojtlor 12.992 174 ,166 18.Cts16 261 18.307 PAYMENT TOTRIISTEES Apartfrom relmbursement ofexpensesto Rewj N Winter. Ath￿J M•btyarKI Re4YlJ Marsts)n. no refimy*r￿ was P3KI to the Tru#ees byihe charitydurln8theyear12019 £01. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. PETER & ST. PAUL. AU)EBURGH Notes to flnanclal statements for year ended 31 De¢ember 2020 Notes RESTRICTED FUNDS Art Charitable gl¥ln8 Church house trust Ilncomel Fabric Fabrlcatlon Glass doors Church h411 Hazell memorlal Kagera Margaret Smlth legaty Mlldred Page le8acv Pleasance Partridge legacy Prolertlon system Roof fund Stacy Trlnlty chapel altar Vlcars and Churchwardens Tst Youth club Openlng balance 439 6,019 2.715 6,344 84.193 448 250 1.420 1201 868 105 132.224 507 34 12.174 2,911 Transfer Interest GalnllLossl Closln8 balance 445 6,019 2,962 6.344 89.259 454 250 1.420 75 172 1,618 3.448 20 12 879 106 144,493 514 35 12,266 2,951 108 1,263 269,769 3,721 8,548 92 40 1,263 252,C(12 5,579 12,168 ENDoWMEr￿ FUND Church House trust 20,197 16061 606 1,395 21,592 INDEPENDENT EXAMINER The accounts include the Independent Examlner's fees of £90 TRANSFERS Qua51fying expenditure from a restricted account is Identlfled by recordln8 It as a transfer to the PCC general unrestrlcted account and paylng from that account. There was a transfer ot £606 belng the Income on the permanent endowment fund for expen5e5 relatlng to the Church Hall. ID OThER Gift Aid is recognised when receNed from HMRC The fina￿la1 statements do not incorporate the frllowing charrtable trusts administered by the Rector and Churchwardens: Ecclesiastical Charity of the Reverend Thomas Emty The Charity ofjohn Edward Kemp The insured value of the Church. Church Hall. Church Office and FaIrf￿d Centre buildir8s and contents ￿ £19.1410.IXA) THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIAsllcAL PARISH OF ST PETER AND ST PAUL ALDEBURGH Independent Examiner's Report to the Tntstees of the Charlty I report on the accounts of the church for the year ended 31st December 2020, which are annexed hereto. Respective respon￿bIlItIeS of trustees and examlnty. The church's trustees are responsible for the preparation of the accounts. The church's trustees consider that an audit is not required for this year under Section 144121 of the Charities Act 2011 {"the Art.) and that an independent examination is needed, It Is my responsibility: to examine accounts under Section 145 of the Art, to follow the procedures laid down In the 8eneral Dlrections given by the Charity Commission pursuant to Section 14515llb) of the Act, and to state whether particular matters have come to my attentlon. Basls of Irbdependent examlner's report. My examlnatlon was carrled out in accordance wlth the General Dlrections given by the Charlty Commisslon. The examination includes a review of the accounting records kept bv the charity and a comparison of the accounts presented by those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concernln8 any such matters. The procedures undertaken do not provlde all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and falr view" and the report is limited to those matters set out In the statement below. Independent examlnerfs statement In connexlon with my examination, no matter has come to my attention: which glves me reasonable cause to believe that in any materlal respect the requlrements to keep accountin8 records within Sertlon 130 of the Act: and to prepare accounts which accord with the accountin8 record5 and comply wlth the accounting requirements of the Art have not been met; or to which. in my opinion, attention should be drawn in orderto enable a proper understandlng of the accounts to be reached . Date: Pere8rine unt Toad Hajl Stratford St Andrew Suffolk IP17 IU ST PEfER & ST PAUL'S CHURCH THE REVD MARK LOIArrHER- RECTOR REPORTTO 2021'S APCM Following on from last yearfs rather odd and unusual report. here's another onel We last met for an APCM in October lasi year- and that was the delayed APCM for 2019. So we're now back on track as far as timing is concemed but, On￿ again, looking back on a very unusual year. It began quite nonnally. There was a Lent Course. We held a special service in February themed around 'Time and Timelessness, at which we welcomed The Revd Malcolm Doney to preach. And then lockdown. The first Sunday to be affected was Palm Sunday and then ... no service in church at Easter. No Festival SeNice. No Carnival Songs of Praise. No Lifeboat Seplice. No ecumenical services at the Fairfield Centre- which remained closed for most of the year, I could go on. But, though the church buildings were closed for much of the time, 'the church, certainly wasn't. We worshipped together, albeit online. We were able to share worship with the other churches in our benefice. Thanks to Claire's hard work we distributed a weekly online pew-sheet and Orders of Sepiice for Sunday. Though weddings and baptisms seized up, funerals didn't- I took 35 altogether. The Sunday online services began when the church buildings were closed and so my dining-room curtains became 8 familiar sight io one and all. And, technically, I have to say that some of my early attempts y￿re pretty ropey. Talk about 'leaming on the hoof . But gradually things improved a bit and eventually we could go back into church to record services and, briefly in the autumn, even have a congregation. We managed a truncated Remembrance Day sepiice and even services at Christmas - before lockdown 2 struck. But let me end this part of the report on a hopeful note. Tomorrow things begin to relax just a little bit mo￿. We plan to leave the church open during the week once again. We plan to reinstate weekday communion services on 'red letter, days in the church calendar. And we plan to hold a special ser11￿ here for the whole benefi￿ on Sunday June 27th to mark not just our Patronal Festival but also, belatedly, James's priesting last year and Jo's casting off of her 'L'.pl8tes and becoming a fully-formed Assistant Priest. Archdeacon Jeanette will be here to preside and preach - and there will be a lunch afterwards. It promises to be a very special day. Back at that delayed APCM in October Ken Smith was elected churchwarden. He has tsken to the role like the proverbial duck to water, from welcoming worshippers on a Sunday moming to playing a very important part in the masterminding of the work in the churchyard (MO￿ about that in a moment) and even (a first) digging a hole for an ashes casket to be buried a few days ago. Ken ￿allY cares and goes about his caring in a thoughtful, gentle and practic81 way and l owe him a huge debt of thanks already. Dick Jeffery remains our 'Warden Emeritus.. After six years as warden there isn't much al)out church life in Aldeburgh that Dick doesn't know something about. During the last year here hasn't been much for a 'Warden Emeritus, to do but I'm sure that in the months to come his wisdom and his experience will be a huge asset to everyone and I know that that is known - if you see what I mean. Dick - thank-you. trhe churchyard continues to improve. Spurred on, and helped a huge amount, by Nigel Howcutt, a small team consisting of Nigel, Ken, Derek Cook. Adrian Brown and Karen Thackray have planned the long-overdue clearing and improvement of the closed churchyard. Much of the work needs permissions, from council and di0￿Se and these have been sought and. for the most part, already ￿CeIved. Much has already been done but there is rnuch left to do. Watch this (or that) space.] A very important part of this report is thank-yous and they are due to lots of people. I've already mentioned Ken but my thanks are due to all of the members of the PCC. many of whom have continued to cary out important jobs during the lockdown. To Valerie who, despite having regular fights with her computer still manages to keep the PCC running and today well prepared-for. She's now handing over to Jenny and so won'l have to battle with that computer for very much longer- thank-you Valerie for all that you've done and continue to do. To all of those who keep this place looking so beautiful. We're not quite fully recovered from the lockdown but very soon will be and there has already been lots of cleaning. polishing, shifting, sorting and the like going on. Thank you all who have contributed so positivety. To Richard for captaining our tower with such care and efficiency. It's a lot more than just luming up and ringing bells and Richard has climbed this tower more times than you could ever imagine- to sort out flags, to get into the bell-chamber for a bit of routine maintenance. And having been up there on Thursday for Ascension Day I can tell you that it's not a climb to be taken lightly or wantonly.... I suspect that Richard is very fitl To Adrian and Derek. who have both offered invaluable help in so many different ways. They and Ken fonn a glorious triumvirate and even though titles may change their loyalty and sheer hard work conlinue. Gents- thank you. To those who help to set up for and clear up after services, deal with audio-visual '8ltuations', deal with collections. decorate the church so beautifully- it's so good that we're doing all of these things again and thank-you for doing them so loyally and well. Thanks too to my clergy colleagues- we still manage io laugh quite a lot at our meetings as we'll as do serious things and that's a good sign, l think. And renewed thanks to Claire for keeping me looking much more organised than I really am, for all that she does quietly behind the scenes - and, yes, for the fun that vft have too. We simply couldn't function without you. And so to the future. I will be retiring at the end of August. The more I have thought and prayed about this the more I have realised thatjust as we speak of full-time ministry as a calling, there is eventually a call to stop too- and I believe I can hear it. I'm finnly convinced it's the right b'me, though I shall miss it a huge amount. But the parishes will be in excellent hands during the vacancy- James will be 'curate-in- charge, and will tske on some more responsibilities from the beginning of September. I know that meetings have already begun to plan the appointment of my successor and the hope is that there will be a new Rector here befo￿ next summer. There'll be time at a later date for me to say a proper goodbye - you're stud( viith me for 3½ months yet! For now . onwardl THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. PEfER & sr PAU¥ ALDEBURGH TREASURER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 Flnanclal Revlew Total income for the year amounted to £130.38112019'. £178,369> and expenditure £112.11912019: £152,434}. These sums are after allowing for depreciation of £9,86512019.' £11.7871 but are before an unrealised increase of £14.47912019.' £33.1231 in the value of investment5 over the year, most of the latter accrulng to stricted funds. Under government imposed lockdowns in the flght against COVID-19 the church was forced to close for much of 2020 includlng over Easter and even when open for seNices congregations were much reduced. Smaller con8re8ations and the lack of visltors severely undermlned income in the year: the reduction In income would have been even greater had It not been for le8acies totalling £39,61012019: £3,1X(JI. Excludin8 legacies income almost hafved. Expenditure was reduced wherever possible but the largest expense femains the Parish Share paid to the Diocese which. at £52,247 was the same as that paid in 2019. Vlrtually no actlve fund raislng was possible durln8 the year resulting In a loss of nearly £9,000 of potentlal income. Income from both the car park and hire of the church hall was also substantially reduced. The Parish Giving Scheme which was as launched at the start of 2018 as a more efficient alternative to envelope schemes and standing orders has continued to prove a stable source of income and one that eliminates the work associated with paying in cash and claimlng Gift Aid. We receive, including Glft Ald, Ilttle over £20,c￿ a year through thls scheme. £2,8LX) was ￿(eIVed from the govemmenvs furlough scheme but, unfortunatety, church halls were bar￿d from claimlng COVID-19 flnancial support avallable to many community halls. The two contactless termlnals have come into thelr own In 2020 as they have allowed collectlons at services without the rlsks attachin8 to the use of cash. They also eliminate the time and cost of countlng and banking any cash donatlons ￿ce1Ved. Investment Pollcy The PCC'S policy Is to place surplus workin8 capital in interest-bearing deposlt accounts and to hold longer term funds Ilncluding the permanent endowment fund) In the CBF Church of En8land Investment Fund managed by CCLA Investment Management Ltd. It Is the PCC'S policy that these investments should be reviewed perlodically. CCLA Investment Management has warned that the Income from funds held in Its deposit account may become negative if Inte￿$t rates remaln under pressure. If this happens the funds held In thls account wlll be wlthdrawn, Reserves Policy The PCC'S policy Is to maintain cash reserves equivalent to 6 months, expenditure in accordance wlth diocesan guidelines. The PCC is currently in compliance with this 8uidance. Grants outword The PCC supports a small number of charitable entities both at home and overseas including the Kagera Diocese in Tanzania. Additionallyi special collections are held from time to tlme to support various other charities. Summary While the church's financial position remalns sound wlth cash reseNes covering in excess of 6 months expenditure there is a steady erosion of ￿SeNeS which was fully offset in 2020 by income from legacies. Regular donatlons including Gift Aid recoverable together wlth income from the car park provide a relatively secure base of inwme but fund raising continues to be needed to assist in coverin8 OUt80ings and reduce the dependence on uncertain legacy income.