Report of the Trustees and Unaudited Financial Statements for the year ended 31 December 2020 for PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
Contents of the Financial Statements for the year ended 31 December 2020
||Page|
|---|---|
|Report of the Trustees|1 – 3|
|Report of the Independent Examiner|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 - 12|
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## **Report of the Trustees for the year ended 31 December 2020**
The Trustees present their Report with the Financial Statements of the Charity for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in July 2015.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1128846
## **Principal address**
St Lawrence Church 50 High Street Chobham Surrey GU24 8AA
## **Trustees**
The Rev. D. Stork Banks The Rev. C.J. Bedford Mr P. Baillie Mrs G. Balister Mr G. Barham Mr P.R. Biddle FCA Mrs S. Buchanan Mrs E. Cook Mr C.R. Delacombe Mrs J. Evans Dr G. Hughes Mrs R.M. Kenmuir Mrs C. Money Lady Randall Mr P.D. Reed Mrs L. Scrivener Mrs L. Sealy Mrs M. Stewart Mrs C. Timms Mrs K. Wallbridge
Incumbent Assistant Priest Representative on the Deanery Synod Church Warden Church Warden Deputy Church Warden
Representative on the Deanery Synod Representative on the Deanery Synod Deputy Church Warden PCC Secretary Treasurer
Page 1
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## **Report of the Trustees**
## **for the year ended 31 December 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
St Lawrence Church is situated in Chobham, Surrey. It has an associated Church at St Saviour, Valley End, Surrey for which the Parochial Church Council (“PCC”) of St Lawrence is responsible. Both Churches are part of the Diocese of Guildford within the Church of England.
The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council (Powers) Measure 1956 as amended and The Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended). The PCC is registered as a charity with the Charity Commission. The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.
Covid 19 resulted in services being cancelled for 16 weeks from 22 March and then for 3 weeks from 8 November.
## **Risk management**
The PCC has a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
St Lawrence Church Chobham with St Saviour Valley End PCC have the responsibility of co-operating with the incumbent, the Rev. Dan Stork Banks, in promoting the ecclesiastical parish with the whole mission of the Church, pastoral, evangelistic, social and ecumenical. They also have responsibility for the maintenance of the Churches of St Lawrence in Chobham and St Saviour at Valley End.
## **ACHIEVEMENT AND PERFORMANCE**
The full PCC met five times during the year; of which four were virtual meetings. Committees met between meetings and minutes of their deliberations were received by the full PCC and discussed when necessary. There are a stable number of 122 parishioners on the Church Electoral Roll.
The financial performance of the PCC is discussed in the financial review below.
The PCC continues to look for the best ways to maximise the benefits that can be achieved from its missionary work given the restricted amount of funds available.
## **FINANCIAL REVIEW**
## **Reserves policy**
The PCC’s policy is to maintain a minimum level of investments to cover the equivalent of six months general expenditure, which based on the current year’s expenditure, would equate to £75,000.
Currently the PCC holds £276,407 of unrestricted reserves. These reserves have been assigned: £75,000 statutory reserves to cover six months of general expenditure and £201,407 discretionary reserves.
**Designated funds:** Following the death of Mrs Sandra Bedford, monies raised and held by her, mainly through the biannual flower festival, were gifted to the Church.
Page 2
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## **Report of the Trustees for the year ended 31 December 2020**
## **FINANCIAL REVIEW (continued)**
## **Restricted funds**
**Flexlands memorial fund:** Following the merger of Flexlands school with Coworth Park school the parents and governors of the original Flexlands school, which had strong ties with St Lawrence Church, had agreed to fund a memorial to the school within the confines of the Church. The original donation of £2,400 has been invested in a separate deposit account, the current value being £2,836.
**St Lawrence bell tower fund** : Following successful fund raising the repairs to the bell tower were undertaken during 2018. The remaining surplus monies of £35,672 are held in a separate restricted fund to meet the cost of future building works at St Lawrence. During 2020 St Lawrence Friends Heritage Trust donated £3,288 to cover the cost of a new boiler (£2,508) and a roof repair (£780) in St Lawrence Church Hall.
**Investment property (Endowment Asset):** The freehold property St Lawrence House (a block of 4 flats), is accounted for as an investment property, on the basis that, three of the flats are let on short term leases to third parties, charging commercial rents and there is no charitable element. The property is recorded at market value. The title deeds for this property are held in the name of the Guildford Diocese Board of Finance (GDBF) as a custodial asset, however custom and practice concerning historic transactions and standing instructions issued to the managing agents by the GDBF, means that the ultimate decision over the sale or granting of long leases on this asset resides with the Diocese as trustee and not the PCC. Consequently, the PCC feels that it is correct to present this asset as an endowment asset and treat it as a restricted fund.
**Uninsured losses fund:** The PCC continues to self-insure several items and accepts that it carries the risk of several policy excesses. The PCC considers that it has sufficient discretionary reserves to meet the risks.
## **Unrestricted funds**
**General fund:** Funds derived from normal giving less general expenditure resulted in a loss of £31,223 for the year ended 31 December 2020.
**Outward Giving:** The PCC made donations to The Woking and Sam Beare Hospice, St Lawrence Church of England Primary School and Valley End Church of England Infant School. During the year, the congregation raised £1,193 to provide healthy food boxes for vulnerable families.
## **ON BEHALF OF THE BOARD, 10 March 2021**
The Rev. D. Stork Banks – Trustee
K. Wallbridge ACA - Trustee
Page 3
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## **Independent Examiner’s Report to the Trustees on the Accounts for the year ended 31 December 2020**
I report to the Trustees on my examination of the Accounts of the Charity (No. 1128846) for the year ended 31 December 2020 set out on pages 5 to 12.
## **Responsibilities and basis of report**
As the Charity's Trustees, you are responsible for the preparation of the Accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s Accounts carried out under section of 145 of the Act and in carrying out my examination, I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
## I **ndependent Examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
- the accounting records have not been kept in accordance with Section 130 of the Charities Act
- the Accounts do not accord with the accounting records
- the Accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the Accounts give a “true and fair” view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the Accounts to be reached.
Ian A C Taylor CA Chartered Accountant Cherry Cottage Sandpit Hall Road Chobham Surrey GU24 8HA
11 March 2021
Page 4
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Statement of Financial Activities
## for the year ended 31 December 2020
|Notes
INCOMING RESOURCES
Voluntary income
Activities generating
income
2
Investment income
3
11
RESOURCES EXPENDED
Church activities
Charitable giving
Depreciation
Gain on disposal
Total resources expended
11
NETOUTGOING
RESOURCES BEFORE
TRANSFERS
Gross transfers between
funds
Net outgoing resources
before other recognised
gains and losses
Other recognised gains and
losses - Gains on investment
assets
Net movement in funds
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD|Year Ended 31 December 2020|Year Ended 31 December 2020|Year Ended 31 December 2020|Year Ended 31 December 2020|||2019|
|---|---|---|---|---|---|---|---|
||General funds
£
74,666
2,457
39,397
116,520
140,612
3,973
3,158
-
147,743
(31,223)
-
(31,223)
21,097
(10,126)
286,533
276,407|Designated
funds
£
2,680
-
-||Restricted
funds
£
3,288
-
909
4,197
2,828
-
-
-
2,828
1,369
-
1,369
1,877
3,246
775,262
778,508|Total
funds
£
80,634
2,457
40,306||Total
funds|
||||||||£|
|||||||||
||||||||144,450|
||||||||8,720|
||||||||37,964|
|||2,680|||123,397||191,134|
|||-
-
-
-|||143,440
3,973
3,158
-|||
||||||||196,188|
||||||||6,200|
||||||||3,846|
||||||||(249)|
|||-|||150,571||205,985|
|||2,680|||(27,174)||(14,851)|
|||-|||-||-|
|||2,680|||(27,174)||(14,851)|
|||-|||22,974||43,712|
|||2,680
-|||(4,200)
1,061,795||28,861|
|||||||||
||||||||1,032,934|
|||2,680|||1,057,595||1,061,795|
|||||||||
The notes form part of these Financial Statements
Page 5
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Balance Sheet at 31 December 2020
|Notes
FIXED ASSETS
Tangible assets
5
INVESTMENTS
Investments
6
CURRENT ASSETS
Debtors
7
Loan between funds
Investments
8
Cash at bank
CREDITORS
Amounts falling due
within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
Provisions and creditors
falling due after one year
10
NET ASSETS
FUNDS
11
Unrestricted statutory
Unrestricted discretionary
Discretionary
Restricted
TOTAL FUNDS||31 December 2020|31 December 2020|31 December 2020|||2019|
|---|---|---|---|---|---|---|---|
||General
fund
£
19,870
252,134
272,004
3,549
(4,529)
-
7,799
6,819
(2,416)
4,403
276,407
-
276,407
75,000
201,407
-
-
276,407|Designated
funds
£
-
-|
|Restricted
funds
£
-
771,092
771,092
-
4,529
2,887
-
7,416
-
7,416
778,508
-
778,508
-
-
-
778,508
778,508|Total
funds
£
19,870
1,023,226||Total
funds|
||||||||£|
|||||||||
||||||||23,028|
|||||||||
||||||||1,012,252|
|||-|||1,043,096||1,035,280|
|||-
-
2,680|||3,549
-
5,567
7,799|||
||||||||7,456|
||||||||-|
||||||||2,874|
||||||||28,826|
|||2,680|||16,915||39,156|
|||-|||(2,416)|||
||||||||(12,641)|
|||2,680|||14,499||26,515|
|||2,680
-|||1,057,595
-||1,061,795|
||||||||-|
|||2,680|||1,057,595||1,061,795|
|||-
-
2,680
-|||75,000
201,407
2,680
778,508|||
|||||||||
||||||||75,000|
||||||||211,533|
|||||||||
||||||||775,262|
|||2,680|||1,057,595||1,061,795|
|||||||||
The financial statements were approved by the Board of Trustees on 10 March 2021 and were signed on its behalf by:
The Rev. D. Stork Banks – Trustee
K. Wallbridge ACA - Trustee
The notes form part of these Financial Statements
Page 6
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Notes to the Financial Statements
for the year ended 31 December 2020
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The Financial Statements have been prepared in accordance with the Church Accounting Regulations 1997, together with applicable accounting standards and the The Charities: Statement of Recommended Practice (SORP) (FRS102) issued in July 2015.
The Financial Statements have been prepared under the historical cost convention except for the value of investment assets including investment property, which are shown at market value.
## **Accounting convention**
The Financial Statements have been prepared under the historical cost convention, with the exception of investments including Investment property which are included at market value and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities (“The SORP”).
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the PCC is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income and capital sources:
Collections are recognised when received by or on behalf of the PCC. Planned Giving under Gift Aid is only recognised when received.
Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.
Funds raised by fêtes, garden parties and similar events are accounted for gross.
Other ordinary income:
Rental income from the letting of Church premises is recognised when the rent is due.
Income from investments:
Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year. Rents arising from the letting of investment property are accounted for on an accruals basis.
Gains and losses on investments:
Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for at market value of investments at 31 December.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with the use of resources.
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
Activities relating to the work of the Church.
The Parish Share is accounted for when payable. Any Parish Share unpaid at 31 December is provided for in these Accounts as an operational (though not legal) liability and is shown as a creditor. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
Page 7
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
Notes to the Financial Statements - continued for the year ended 31 December 2020
## **1. ACCOUNTING POLICIES – continued**
## **Tangible fixed assets**
Consecrated land and buildings and moveable Church furnishings are excluded from the Accounts by virtue of S.96 (2) (a) of the Charities Act, 1993.
**Asset category Depreciation policy** Communion plate and silver 20 years straight line Audio visual equipment 3-5 years on a straight line
## **Investment property**
Investment property is accounted for at the market value determined by an independent valuer in 2015. The PCC has no plans to revalue these properties in the near future. Any improvements to the property will be expensed through the Statement of Financial Activities in the year incurred.
## **Taxation**
The Charity is exempt from tax on its charitable activities.
## **Fund accounting**
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted. These Accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of Church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
## **2. ACTIVITIES GENERATING INCOME**
|Church hall lettings
Fees for Services
**3.**
**INVESTMENT INCOME**
Rents from flats
Dividends and bank deposit interest|31.12.20
£
896
1,561
2,457
31.12.20
£
37,576
2,730
40,306|31.12.19|
|---|---|---|
|||£|
|||3,806|
|||4,914|
|||8,720|
|||31.12.19
£
36,443
1,521
37,964|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There was no Trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Page 8
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Notes to the Financial Statements - continued for the year ended 31 December 2020
## **5. TANGIBLE ASSETS**
|COST
At 1 January 2020
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 1 January 2020
**INVESTMENTS**
Investment property
Investments|Audio visual and
office equipment
Communion
plate & silver
£
£
22,043
23,384|Audio visual and
office equipment
Communion
plate & silver
£
£
22,043
23,384|Totals
£
45,427
45,427
22,399
3,158
25,557
19,870
23,028|
|---|---|---|---|
||22,043|23,384||
||16,661
1,989|5,738
1,169||
||18,650|6,907||
||3,393|16,477||
||5,382|17,646||
|||31.12.20
£
740,000
283,226
1,023,226||
||||31.12.19|
||||£|
||||740,000|
||||272,252|
||||1,012,252|
## **6. INVESTMENTS**
There were no investment assets outside the UK. Investments (neither listed nor unlisted) were as follows:
|Investment property
CBF Capital Accumulation Units
COIF Charity Fund Units|31.12.19
Additions/
disposals
Recognised
gains
31.12.20
£
£
£
£
740,000
-
-
740,000
183,735 (12,000) 17,287
189,022
88,517
-
5,687
94,204|
|---|---|
||1,012,252
(12,000)
22,974
1,023,226|
Investment property relates to three flats in St Lawrence House, Chobham, which are all let on commercial terms. The flats were revalued in 2015 and the PCC has no plans to revalue these properties in the near future.
Page 9
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Notes to the Financial Statements - continued for the year ended 31 December 2020
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade debtors
Prepayments and accrued income
**8.**
**CURRENT ASSET INVESTMENTS**
CBF - Deposit account – St Lawrence
CBF - Deposit account – Flexlands School Memorial
Barclays – Deposit Account – Flower Fund|31.12.20
£
3,259
290
3,549
31.12.20
£
51
2,836
2,680
5,567|31.12.19
£
7,186
270
7,456
31.12.19
£
50
2,824
-
2,874|
|---|---|---|
CBF stands for CCLA CBF Church of England. In respect of Note 11 Restricted Funds also include debtors for gift aid recoverable and cash in transit between funds at the year end.
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
Accruals
**10.**
**PROVISIONS AND CREDITORS DUE AFTER ONE YEAR**
Provisions and creditors|31.12.20
£
403
2,013
2,416
31.12.20
£
-|31.12.19
£
2,344
10,297
12,641
31.12.19
£
-|
|---|---|---|
Page 10
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Notes to the Financial Statements - continued for the year ended 31 December 2020
## **11. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Designated funds**
Flower fund
**Restricted funds**
Investment Property
Flexlands School Memorial
St Lawrence
TOTAL FUNDS|At 1.1.20
Net
movement
in funds
Transfers
between
funds
At 31.12.20
£
£
£
£
286,533
(10,126)
-
276,407
-2,680
-
2,680
740,000
-
-
740,0007
2,824 12
-
2,836
32,438
3,234
-
35,672
775,262
3,246
-
778,508
1,061,795
(4,200)
-
1,057,595|
|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Designated funds**
Flower fund
**Restricted funds**
Investment property
St Lawrence
Flexlands School Memorial
TOTAL FUNDS|Incoming
resources
£
116,520
2,680
-
4,185
12
4,197
123,397|Resources
expended
£
(147,743)
-
-
(2,828)
-
(2,828)
(150,571)|Gains
£
21,097
-
-
1,877
-
1,877
22,974|Net movement
in funds
£
(10,126)|
|---|---|---|---|---|
|||||2,680|
|||||-
3,234
12|
|||||3,246|
|||||(4,200)|
Page 11
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Notes to the Financial Statements - continued for the year ended 31 December 2020
## **11. MOVEMENT IN FUNDS (continued)**
Explanation of the movement in funds:
The PCC continues to self-insure several items and accepts that it carries the risk of several policy excesses. The PCC considers that it has sufficient discretionary reserves to meet the risks attaching thereto.
Following the death of Mrs Sandra Bedford, monies raised and held by her, mainly through the biannual flower festival, were gifted to the Church.
Following successful fund raising the repairs to the bell tower were undertaken during 2018. The remaining surplus monies of £35,672 are held in a separate restricted fund to meet the cost of future building works at St Lawrence. During 2020 St Lawrence Friends Heritage Trust donated £3,288 to cover the cost of a new boiler (£2,508) and a roof repair (£780) in St Lawrence Church Hall.
The PCC is the beneficial owner of 3 flats in St Lawrence House; these are currently let on commercial terms to third parties. These properties are treated as Investment properties. The title deeds to the freehold of the building and the land are recorded as being in the name of The Guildford Diocese Board of Finance (the “GDBF”). In addition, the GDBF has issued standing instructions to the managing agents and has directly controlled previous significant transactions in relation to the leases. This leads the PCC to believe that it does not have control over the disposal or the granting of long leaseholds on these properties. Consequently, the PCC believes the correct accounting treatment is to account for these flats as endowment assets within restricted funds.
Page 12
PAROCHIAL CHURCH COUNCIL OF ST LAWRENCE CHOBHAM WITH ST SAVIOUR VALLEY END
## Detailed Statement of Unrestricted Financial Activities for the year ended 31 December 2020
|**INCOMING RESOURCES**
**Voluntary income**
Direct credits
Yellow envelope
Plate
Other donations
Income tax recoverable
Legacies
Other giving
**Activities for generating funds**
Church hall lettings
Fees for services
**Investment income**
Rents from flats
Dividends and bank deposit interest
**Total incoming resources**
**RESOURCES EXPENDED**
**Costs of generating voluntary income**
Church and hall maintenance and running expenses
Church insurance
Parish share
Clergy expenses
Parish office
Tea service
Organist and music
Web site
Church and hall utility cost
New church hall kitchen (net of £15,000 donation)
Upkeep of vicarage
Interregnum costs
Church hall costs
Bank charges
Sundries
Commission, legal fees, maintenance and insurance - flats
**Charitable activities**
Grants and charitable giving
**Governance costs**
PCC expenses and supplies
**Finance**
Depreciation of tangible fixed assets
Gain on disposal
**Total resources expended**
**NET OUTGOING RESOURCES BEFORE TRANSFERS**|31.12.20
£
51,010
2,338
2,948
2,384
13,986
-
2,000
74,666
896
1,561
2,457
37,576
1,821
39,397
116,520
13,279
5,222
88,276
736
2,334
9,997
5,077
263
4,598
-
160
-
-
191
-
10,479
140,612
3,973
-
3,158
-
147,743
(31,223)|31.12.19
£
56,762
4,752
14,837
1,200
17,046
30,000
2,250
126,847
3,806
4,914
8,720
36,443
936
37,379
172,946
14,976
5,121
89,584
4,938
7,640
10,833
2,611
215
8,665
6,611
1,502
7,654
2,003
404
260
9,051
172,068
6,200
-
3,846
(249)
181,865
(8,919)|
|---|---|---|
This page does not form part of the statutory Financial Statements
Page 13