2021-12-31-accounts

Charity number: 1128863

Saffron Walden Parochial Church Council

Trustees’ Report and Financial Statements

For the year ended 31 December 2021

Address St Mary’s Church Church Path Saffron Walden Essex CB10 1JP

Independent Examiner Bankers Peters, Elworthy & Moore Barclays Bank Plc Salisbury House 12A Market Place Station Road Saffron Walden Cambridge Essex CB] 2LA CB10 1HR

Page No.

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2 to 4 Annual Report
5 Independent Examiner’s Report to the Trustees
6 Statement of Financial Activities
7 Balance Sheet
8 to 16 Notes to the Financial Statements
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Saffron Walden Parochial Church Council Annual Report For the year ended 31 December 2021

Report of the trustees for the year ended 31 December 2021

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019 effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.

The financial statements have been prepared to give a “true and fair’ view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019 effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from | April 2005 which has since been withdrawn.

Objectives and activities for the public benefit

St Mary’s in Saffron Walden is the town centre church which as well as being used for regular worship throughout the week is used for civic and other special services and concerts. The PCC is committed to bringing as many people as possible to worship at our church and to become part of our church community at St Mary’s. The church has many groups and activities. Our worship, expressed in prayer and scripture, music and sacrament is central to who we are and what we do.

The PCC is also committed to and offers financial support to the local church school, St Mary’s Primary School.

The Trustees keep in mind the Charity Commission’s guidance on public benefit when planning the activities for the year.

Activities and performance

The wide range of services normally offered during the week and throughout the year, continued to be restricted by Covid-19 throughout the year. As well as our regular services at St Mary’s, we enable our community to celebrate and thank God throughout their journey through life — at baptisms, weddings and funerals. Appropriate precautions against the spread of Covid-19 ensure the safety of all who attend our services.

The last full revision of the Electoral Roll was completed in March 2019, when there were 322 parishioners of whom 30 were non-resident. The most recent update in November 2021 showed there are currently 310 parishioners on the electoral roll, 33 of whom are not resident within the Parish. The next full revision of the Electoral Roll will be completed in 2025. Due to the Covid-19 restrictions, meaningful figures for average Sunday attendances during 2021 are not available. Some services continue to be livestreamed on You Tube.

There was one faculty application in 2021 for the repair of the Chancel Roof.

Buildings Development Project

The project was not progressed during 2021, due to Covid-19. However, substantial repair work on the Chancel Roof costing in excess of £150,000 was commenced in 2021 and will be completed in early 2022.

Financial Review

The balance sheet for all funds shows a decrease of £46,002 from £881,594 to £835,592 at the end of 2021. Excluding gains on investments of £17,750, the net decrease for the year was £63,752. This decrease is mainly due to the cost of repair work on the Chancel Roof amounting to £54,590. The impact of Covid-19 on income continued to be felt particularly in the first quarter as the church and parish hall remained closed. The General Fund benefitted from legacies amounting to £10,000.

The revaluation of investments at 31 December 2021 amounted to an unrealised gain of £15,422 (2020: £7,364), and a realised gain of £2,328 was made on the sale of one of the Endowment Funds. Fixed assets were depreciated by £10,887 (2020: £10,887). A provision for fees of £3,900 (2020: £3,800) has been included in these accounts for the independent examination,

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Contributions towards the Parish Share from St James Sewards End and St John’s Little Walden amounted to £3,439 (2020: £3,439) and £2,757 (2020: £2,757) respectively.

Once again, the continued generosity of parishioners through the stewardship schemes and Jocal fundraising activities enables the PCC to continue planning with confidence.

The PCC reviews the activities of the parish and considers the major risks that may arise from time to time. The major risks identified in the process have been assessed and satisfactory systems established to mitigate the risks. The PCC will continue to review the risks on an on-going basis.

Investment Policy

The PCC’s Policy is to place surplus working capital in interest bearing bank deposit accounts and the CBF Church of England Deposit Fund. Regarding longer term funds, including those to be held permanently (e.g. the endowment funds), the policy is to hold the funds in the CBF Church of England Investment Fund, which is managed by CCLA Investment Management Ltd. Investments are reviewed periodically by the Finance Committee.

Reserves Policy

The PCC’s Policy, which is reviewed annually, is to maintain free cash reserves equivalent to 3 months of total budgeted expenditure (around £64,800 for 2022). The policy is to retain excess free reserves until required for materia! capital expenditure to be approved by the PCC. Total ‘free reserves’ at 31 December 2021, amounted to £97,391, which means an amount of £32,600 is available for the budgeted deficit in 2022 without disturbing the PCC’s ideal level of reserves to be retained.

Going Concern

The Trustees continue to review the financial situation of the Charity following the impact that the pandemic and the closure of places of worship had on finances. The Trustees have approved a budgeted deficit of £44k for 2022 and every effort will be made to reduce this during the year. As noted above, ‘free reserves’ amounted to £97k at 31/12/21, well in excess of the budgeted deficit. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements.

Grants (outward giving) Policy

The PCC supports a small number of charitable entities (both at home and overseas), including the local Church of England Primary School in Saffron Walden and the Stort Valley Schools Trust. The policy is to give between 5 and 10% of planned giving. The amounts and recipients are reviewed annually.

In addition, special collections are held from time to time, to support, for example, DEC appeals.

Plans for the future

Prior to the commencement of the Covid-19 restrictions, the next phase of our Buildings Development Project was scheduled to be the relocation and restoration of the tomb of Thomas Audley to make this significant historical feature more accessible to visitors. This will be reviewed and hopefully progressed in due course.

Future phases of the project include the reordering of the choir and clergy vestries. Progress on these will depend upon our ability to raise the necessary funds.

We want St Mary’s to flourish in its important role as the parish church for the town of Saffron Walden: to be at the heart of community life and to be an attractive place for visitors.

Structure, governance and management

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure and is a Registered Charity. All PCC members are trustees. Representatives of the laity are elected by members of the electoral roll at the Annual Parochial Church Meeting for a 3 year term. Together with the clergy, churchwardens and co-opted members, they form the PCC.

The parish of Saffron Walden, which includes its daughter churches, St James Sewards End and St John Little Walden, continued to be governed by the PCC, under the Jay chairmanship of Denis Tindley, churchwarden, until 3 March 2021. The Revd Jeremy Trew was formally inducted as our new Rector on 3 March 2021, from which date he became the chairman of the PCC. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including decisions on how funds of the PCC are spent. Given its wide responsibilities, the PCC has a number of committees, each dealing with a particular aspect of parish life. These committees, for example, Worship, Children & Youth, Prayer, Property, Finance etc are all responsible to the PCC and report back to it regularly with minutes of their meetings being reviewed by the full PCC and discussed as necessary.

The PCC met six times during the year.

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During the year the following served as members of the Parochial Church Council:

Clergy: Revd Jeremy Trew, Chairman (from March 2021), Revd Paula Griffiths (to June 2021), Revd Rachel Prior (to June 2021), Revd John Saxon, Revd Alex Jeewan, Revd Caroline Currer

Churchwardens: Denis Tindley, Gill Caswell

Other members: Marisa Baltrock Rufus Barnes David Birchall (Treasurer) Lisa Brook Paddy Carver Hazel Colebrooke (until April 2021) Bronwen Ferland Richard Freeman Edward Gildea Judith Hasler (Deanery Synod member) & (Sewards End Representative) Steve Hasler

Martin Hugall Anna Martin Shawn Martin (Deanery Synod member) (from Apr 2021) Robin O’Neill Tracey Nicholls (Little Walden Representative) John Pickthorn Hannah Razzell Jan Siewertsen Noel Starr Clifford Want (Deanery Synod member) Matt Williamson

Co-opted member:

Oliver King (Director of Music)

Statement of Trustees’ Responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, for that period. In preparing the financial statements, the trustees are required to:

• e — select suitable accounting policies and then apply them consistently;

• e@ observe the methods and principles in the applicable Charities SORP; e make judgements and estimates that are reasonable and prudent; ® — state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial! statements;

• ® prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

C Signe¥ oni)the Parish by: Jer iTrew Date: 16 March 2022

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Independent Examiner’s Report to the Trustees For the year ended 31 December 2021

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on | April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after | January 2019.

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. | confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

• I. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• D the accounts do not accord with those records; or

• 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.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: WWQO00A tHeneke

Dated? 22 MoyChw 2022

M Hewett FCA DChA For and on behalf of Peters Elworthy & Moore Chartered Accountants Cambridge

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Saffron Walden Parochial Church Council Statement of Financial Activities

For the year ended 31 December 2021

			Restricted			Restricted
			and			and
		Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
		Funds	Funds	Funds	Funds	Funds	Funds
				2021			2020
	Note	£	£	£	£	£	x
Income and Endowments
Income from donations and legacies	2a	217,814	11,222	229,036	207,188	10,243	217,431
Incomefrom charitable activites	2b	13,473	656	14,129	8,970	864	9,834
Investment income	2c	8,480	11,371	19,851	1,781	12,226	14,007
Other income	2d	3,514	6,684	10,198	5,676	-	5,676
Total Income		243.281	29,933	273,214	223,615	23,333	246,948
Expenditure
Grants	3a	16,035	2,991	19,026	18,869	180	19,049
Activities directly relating to
theworkoftheChurch Fundraising	3b 3c	240,818 .	76,497 625	317,315 625	245,834 -	6,944 158	252,778 158
Total Expenditure		256,853	80,113	336,966	264,703	7,282	271,985
Net(Expenditure) /Income beforeTransfers		(3,572)	(50,180)	(63,752)	(44,088)	16,051	(25,037)
Transfers between funds		783	(783)	-	(693)	693	-
Net(Expenditure) /Income and net		(12,789)	(50,963)	(63,752)	{41,781)	16,744	(25,037)
movement in funds before gainsand
losses on investments
Gainson Investments	5b	7,064	10,686	17,750	3,180	4,184	7,364
Netmovement in funds		(5,725)	(40,277)	(46,002)	(38,601)	20,928	(17,673)
Reconciliation offunds:
Total funds broughtforward		538,451	343,143	881,594	$77,052	322,215	899,267
Total funds carried forward		532,726 302,866 835,592 538,451 343,143 881,594 EIEIEyEeEeyEeEeEee—ESEeEeEeEee———ee————EESS————lEEEEeE——eEEoEoooaoaoESESESESE—E™EESPSIe eee

The attached notesform part ofthese financial statements.

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Saffron Walden Parochial Church Council Balance Sheet

31 December 2021

_

		2021	2020
	Note	£	£
Fixed Assets
Tangible fixed assets	5a	337,613	348,500
Investments	5b	129,682	126,052
		467,295	474,552
Current Assets
Debtors	6	10,039	10,612
Short term deposits		136,454	216,349
Cash at bank and in hand		233,465	192,467
		379,958	419,428
Liabilities: Amounts fallingduewithinoneyear	7	(11,661)	(12,386)
NetCurrentAssets		368,297	407,042
NetAssets		835,592	881,594
Funds
Unrestricted Funds:
Revaluation Reserve	10	218,190	226,277
Other Unrestricted Funds	10	314,536	312,174
Restricted and Endowment Funds	10	302,866	343,143
		835,592	881,594

“}y) Church Council on 16 March 2022and signed on its behalf by: Jeremy Chairman

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Kh iccfall
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David Birchall Treasurer

The attached notesform part of thesefinancial statements.

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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

1 Accounting Policies

• a) Basis of preparation of financial statements, reconciliation with previous Generally Accepted Accounting Practice and assessment ofgoing concern -

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been

prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (second edition of the Charities SORP (FRS102) October 2019 effective | January 2019), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.

The PCC constitutes a public benefit entity as defined by FRS 102.

There were no significant estimates orjudgements made by management in preparing these financial statements.

The Trustees have reviewed the financial position of the Charity including the impact of the coronavirus pandemic and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concem basis.

• b} 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. Restricted funds represent resources received and allocated according to limitations on their use specified by donors or other providers.

Endowment fund capital is invested and the income arising expended in accordance with the terms of the endowment

The accounts include all transactions, assets and liabilities for which the PCC is responsible. 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.

Further details of restricted and endowment funds are set out in note 8 to the accounts.

• c) Income recognition -

Voluntary income and charitable activities

Income is recognised when the PCC has entitlement to the funds, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Collections are recognised when received by or on behalf of the PCC.

Planned giving receivable under gift aid is recognised only when received.

Income tax recoverable on covenants or gift aid donations is recognised when the income is recognised.

Grants to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.

Legacy income is recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Income raised from fundraising events is accounted for gross and being immaterial to the overall income tevel of the PCC is included within income from charitable activities.

Sales of books and magazines from the Church bookstall are accounted for gross.

Other ordinary income

Rental income from the letting of church premises is recognised when the rent is due.

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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

1 Accounting Policies (continued)

Incomefrom investments Interest on funds held on deposit is included when receivable and the arnount can be measured reliably by the PCC; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Tax recoverable on such income is recognised on a fiscal year basis.

Gains and losses on investments All gains and losses are taken to the Statement of Financia! Activities as they arise, Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unreatised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

• d) Expenditure recognition - All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged against the expenditure

Grants Grants and donations are accounted for when paid over, or when awarded, if an award creates a binding obligation on the PCC. Activities directly relating to the work ofthe church Charitable activities include alt costs that directly relate to the work of the Church, including running costs and costs of maintenance and repair. Support costs and governance costs are deemed to relate directly to the work of the Church.

The Parish share is accounted for when payable. Any share unpaid at 31 December is provided for in the accounts as an operational (though not a legal) liability and is shown as a creditor in the balance sheet.

Fundraising costs

Fundraising costs comprise the costs of running the fetes and sales held during the year.

e) ~~ Fixed Assets -

Consecrated land and buildings and moveable churchfurnishings

Consecrated and beneficed property is excluded from the accounts by Section 10(2)(a) of the Charities Act 2011.

No value is placed on moveable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Other land and buildings

Freehotd buildings, other than consecrated buildings, are depreciated on a straight line basis over fifty years. The gross book value is based on an insurance valuation from | January 1997 as adjusted for subsequent additions at cost

Otherfixtures, fittings and office equipment Equipment used within the church premises is depreciated on a straight line basis over four years. Individual items of equipment with a purchase price of £2,500 or less are written off when the asset is acquired. Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at 31 December using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

1 Accounting Policies (continued)

• f) Current assets - Debtors

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

Cash at bank and short term deposits

Cash at bank and in hand includes cash held on deposit either with CBF Church of England Funds or at the bank as short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

• g) Liabilities: amountsfalling due within one year

• Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the PCC to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

h) Financial Instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021 Relic Aa tabd Bechet aot stanclnct dat at kh OOO

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				Restricted			Restricted
2	Income& Endowments			and	Total		and	Total
			Unrestricted	Endowment	Funds	Unrestricted	Endowment	Funds
		Note	Funds	Funds	2021	Funds	Funds	2020
			£	£	£	£	£	£
	2a	Donationsand Legacies
		Planned giving:
		Tax efficient planned giving	145,630	1,685	147,315	142,311	1,685	143,996
		Taxrecoveredthrough GiftAid	36,801	-	36,801	37,083	-	37,083
		Otherplanned giving	10,777	-	10,777	12,028	-	12,028
		Collections (open plate) at all services	5,702	2,180	7,882	3,410	135	3,545
		OtherDonations Grants Legacies	8,904 - 10,000	7,357 - -	16,261 - 10,000	7,356 - 5,000	2,061 1,040 §,322	9,417 1,040 10,322
			217,814 L222 229,036 207,188 10,243 217,431 sss ta in a ee
	2b	Income from charitable activities
		Fetes, bazaars, otherfundraising events Cards and guides	2,910 166	656 -	3,566 166	582 136	864 -	1,446 136
		Magazines Lettings	980 3,057	- -	980 3,057	1,540 1,702	- -	1,540 1,701
		Fees	6,138	-	6,138	4,347	-	4,347
		Parish office, printingandstationery	222	-	222	664	-	664
			13,473 656 14,129 8,970 864 9,834 ee
	2¢	Investment income
		Dividends and interest including
		anyreclaimed tax	1,480	1,771	3,251	1,781	2,626	4,407
		Rent received	7,000	9,600	16,600	-	9,600	9,600
			8,480 11,371 19,851 1,781 12,226 14,007 ———SSSaoaoaoaoEoooaoaoaoamauamDoaaIEE——eeEeEEEEEE—————
	2d	= Otherincome
		Contribution to clergyexpenses	-	-	-	978	-	978
		Miscellaneous	3,514	6,684	10,198	4,698	-	4,698
			3,514 6,684 10,198 5,676 - 5,676 8 89°°00°50°2—————)
		Total Income& Endowments	243,281 29,933 273,214 223,615 a				23,333	246,948 eed

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Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

					Restricted				Restricted
3	Expenditure				and	Total			and	Total
				Unrestricted	Endowment	Funds	Unrestricted		Endowment	Funds
			Note	Funds	Funds	2021	Funds		Funds	2020
				£	53	£		£	£	£
	3a	Grants
		Missionary and charitable giving:
		Church overseas:
		- missionary societies		6,885	-	6,885		7,650	-	7,650
		Home missionsand other
		Church Societies		2,931	2,759	5,690		3,976	180	4,156
		Secular charities		6,219	232	6,451		7,243	.	7,243
				16,035	2,991	19,026		18,869	180	19,049
	3b	Activitiesdirectly relating to theworkoftheChurch
		Parish share	3d	95,330	:	95,330		91,577	-	91,577
		Clergyexpenses		20,002	-	20,002		18,948	-	18,948
		Curate houseexpenses		2,697	-	2,697		1,338	-	1,338
		Church running expenses		20,732	-	20,732		23,379	-	23,379
		Church maintenance		2,855	-	2,855		1,553	-	1,553
		Maintenance -otherproperties		-	4,843	4,843		-	1,717	1,717
		Rectorymaintenance		4,191	-	4,191		6,358		6,358
		Lipkeepofservices		1,794	.	1,794		1,140	-	1,140
		Literature table purchases and
		parishmagazinecosts		1,218	:	1,218		646	-	646
		Training, outreach, etc		-	-	°		1,084	-	1,084
		Parishroomsrunningexpenses		6,691	-	6,691		7,046	-	7,046
		Parish rooms refurbishment		-	5	-		1,658	-	1,658
		Organistand choristers pay		20,814	3,096	23,910		20,913	3,156	24,069
		Youthwork expenses		36,086	125	36,211		35,750	69	35,819
		Church majorworks		.	66,383	66,383		8,483	-	8,483
		Printingand stationery		2,810	-	2,810		2,597	-	2,597
		Copyright fee		1,532	.	1,532		1,365	-	1,365
		Officeexpenses andequipment		2,000	:	2,000		2,110	-	2,110
		Miscellaneous		6,026	1,185	7,211		4,568	1,144	5712
		Professional fees		800	780	1,580		-	780	780
		Independent examination fee		3,898	-	3,898		3,798	-	3,798
		Bank charges		455	85	540		636	78	714
		Depreciation		10,887	:	10,887		10,887	-	10,887
				240,818	76,497	317,315	245,834		6,944	252,778
	3c	Fundraising
		Costoffundraisingevents		=	625	625		-	158	158
				-	625	625	i	-	158	158
		TotalExpenditure		256,853	80,113	336,966	264,703		7,282	271,985

3d Contributions towards the Parish Share in 3b above from St James Sewards End and St John's Little Walden amounted to £3,439 (2020: £3,439) and £2,757 (2020: £2,757) respectively.

Page 12

Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

4

Staff Costs, Key Management Personnel and Trustees' Remuneration and Expenses

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |&|£| |Wages|and|Salaries|77,824|75,054| |Social|Security|costs|(net of|employment|allowance of £3,988|(2020:|£3,168)|PAS|1,071| |Pension|costs|2,976|2,937| |81,017|79,062|

----- End of picture text -----

During the year the PCC employed a director ofmusic and organist, youth worker, Rector's secretary, parish administrator, weddings coordinator and a cleaner, none of whom earned £60,000 or more. The average number of employees throughout the year was 6 (2020: 6), equating to a full time equivalent of 2.9 (2020: 2.9). The following members of the PCC were paid the following amounts during the year: Mr O King, director ofmusic (including employer pension £679 (2020: £688) 15,768 15,981 Mr M Williamson, youth worker (including employer pension £1,403 (2020: £1,364) 31,682 31,682

Apart from the above, no other PCC member received any remuneration reimbursement of expenses or other benefit.

The two members of the PCC who were paid a salary during the year were legally authorised to be paid under the Legal Advisory Commission's guidance "PCC: legal position of members" published in January 2013. Paragraph 22 confirms that there is no objection to someone who is already an employee of the PCC becoming one of its trustees. In the case of Mr King and Mr Williamson, they were both employees of the PCC before they were subsequently invited to become Trustees.

A statutory redundancy payment of£1,712 was paid to one individual during the year.

During the year, the full cost of employers national insurance contributions, before employment allowance, amounted to £4,206 (2020: £4,239),

The PCC considers all trustees to be its key management personnel and for those who were paid a salary their remuneration (gross wages and employer pension) is as above.

• § Fixed Assets for use by the PCC 5a Tangible fixed assets

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||||||| |---|---|---|---|---|---| |Freehold|tand| |and|buildings| |£| |Gross book|value|at beginning and|end of|year|601,388| |Additions/(Disposals)|-| |Gross book|value|at end of|year|601,388| |Accumulated|depreciation|at|beginning of year|252,888| |Depreciation|charge|for the|year|10,887| |Accumulated|depreciation|at end of|year|263,775| |Net book|value|at end|of|year|337,613| |Net|book|value|at beginning of year|348,500|

----- End of picture text -----

The freehold land and buildings comprise the Parish Rooms, the Verger’s Cottage, and 42 De Vigier Avenue, Saffron Walden.

The gross book value is based on the value estimated by the PCC as at | January 1997 for insurance purposes or cost of additions if after that date.

Page 13

Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

Sb Investments

Investments
	2021	2020
	£,	£
Market value at beginning ofyear	126,052	118,326
Add: acquisitions atcost	-	-
Less: disposals atopeningmarket value (proceeds£14,124, gain £2,328)	(11,796)	-
Add: income reinvested	4	362
Netgainson revaluation attheendoftheyear	15,422	7,364
Market value atendofyear -detailed below	129,682	126,052
	Market	Value
	2021	2020
	£	£
CBFChurch ofEngland Investment Funds and Deposits	129,682	126,052
	129,682	126,052

All investments are carried at their fair value. The basis of fair value for equities and CBF Investment Funds is equivalent to the mid market value at close of business on 31 December each year.

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment poltcy sections of the Trustees' Annual! Report.

6 Debtors

Debtors
	2021	2020
	£	£
Income tax recoverable	7,678	7,788
Other	2,361	2,824
	10,039	10,612
Liabilities: Amountsfallingdue within one year
	2021	2020
	£	£
Accruals	10,231	12,386
Deferred income (see below)	1,430	-
Other creditors	: 1,661	- 12,386
Deferred income	£	£
Deferred income at 1 January 2021	5	<
Deferred income duringthe year(magazine advertising)	1,430	-
Released from previous year	-	-
Deferred income at3! December2021	1,430 - Sn ———— ——I

7 Liabilities: Amounts falling due within one year

Page 14

Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

8 Restricted and Endowment Funds

8	Restricted and Endowment Funds
						Transfers
		Opening			Investment		between	Closing
	CurrentYear	Balance	Income	Expenditure	Gains		funds	Balance
		£	£	£		£	£	£
	FabricFund	123,883	11,302	(5,707)		7,689	(669)	136,498
	General Fund -Transition Project	1,040	219	(927)		-		332
	+Special Collections	-	1,947	(1,833)		-	(114)	-
	Restoration Fund	108,812	11,793	(66,383)		-	14,124	68,346
	St Mary'sMusic Association	15,906	2,099	(1,920)		-	-	16,085
	CyrilCoe Memorial Fund	4,065	1,685	(2,736)		-	-	3,014
	Buildings Development Fund	66,106	15	-		-		66,121
	Litle Walden -Camp404	-	555	(250)		-	-	305
	SewardsEnd - YouthFund	451	314	(357)		-	-	408
	Endowment Funds	22,880	4	:		2,997	(14,124)	11,757
		343,143	29,933	(80,113)		10,686	(783)	302,866
						Transfers
	PriorYear	Opening Balance	Income	Expenditure	Investment Gains		between funds	Closing Balance
		£	£	£		£	£	£
	FabricFund	105,777	16,598	(2,574)		3,458	624	123,883
	General Fund -Transition Project	”	1,175	(204)		-	69	1,040
	Restoration Fund	108,373	439	:		-		108,812
	St Mary's Music Association	15,280	22325	(1,699)		-	-	15,906
	Cyri! Coe Memorial Fund	5,115	1,686	(2,736)		-	-	4,065
	Buildings DevelopmentFund	65,479	627	-		-		66,106
	Sewards End - Youth Fund	399	121	(69}		-	-	451
	Endowment Funds	21,792	362	-		726	-	22,880
		322,215	23,333	(7,282)		4,184	693	343,143
	The Fabric Fund is restricted forexpenditureon maintaining, redecorating, repairingand improving all theSWPCC
	properties - the church, the parish rooms (external fabric), the verger's cottage and the Curate’s House.
	The General Fund ‘restriction’ of£332 at 31 December2021 isthe balanceofa£1,040grantreceived					in2020bythe Transition
	Project toenablethem to continue operatingfrom theirhomes
	The Restoration Fund is restricted forexpenditureon therestoration		ofthefabricofthe church, Duringtheyearthe				TitheChancel	investment
	held in the Endowment Fundswas sold and transferred tothe Restoration Fund tohelp			help finance theChancel	Chancel Roofrepair.
	The Buildings Development Fund was launched in late 2013 to finance the internal improvements				to the church and
	parishrooms, identified inthestatementofneedsviatheBuildingsDevelopment			Project.
9	Unrestricted Funds
						Transfers
	CurrentYear	Opening Balance	Income	Expenditure	Investment Gains		between funds	Closing Balance
		£	£	£		£	£	£
	St Mary‘'sGeneral Fund StJohn's - LittleWalden	272,617 15,951	227,081 8,443	(234,244) (6,334)		7,064 -	783 -	273,301 18,060
	StJames -SewardsEnd	23,606	TST:	(8,188)		-	.	23,175
	Revaluation Reserve (seenotebelow)	226,277 538,451	: 243,281	(8,087) (256,853)		- 7,064	- 783	218,190 532,726
						Transfers
	PriorYear	Opening Balance	Income	Expenditure	investment Gains		between funds	Closing Balance
		£	£	£		&	£	£
	StMary's General Fund	304,875	207,644	(242,389)		3,180	(693)	272,617
	StJohn's - Little Walden	14,145	8,887	(7,081)		-	-	15,951
	StJames - Sewards End	23,668	7,084	(7,146)		-	-	23,606
	Revaluation Reserve (seenotebelow}	234,364 577,052	- 223,615	(8,087) (264,703)		- 3,180	- (693)	226,277 538,451

The Revaluation Reserve represents the amount by which the PCC's land and property has been revalued, less annual depreciation.

Page 15

Saffron Walden Parochial Church Council Notes to the Financial Statements For the year ended 31 December 2021

10 Analysis of Net Assets by Fund

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||||||||| |---|---|---|---|---|---|---|---| |Restricted|Restricted| |and|Total|and|Total| |Unrestricted|Endowment|Funds|Unrestricted|Endowment|Funds| |Funds|Funds|2021|Funds|Funds|2020| |=|£|£|£|£|£| |Fixed|assets|394,100|73,195|467,295|397,923|76,629|474,552| |Current|assets|150,287|229,671|379,958|152,914|266,514|419,428| |Current|liabilities|(11,661)|-|(11,661)|(12,386)|(12,386)| |Fund|balance|532,726|302,866|835,592|538,451|343,143|881,594|

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The restricted and endowment funds comprise the Fabric Fund, Restoration Fund, Cyril Coe Memorial Fund, St Mary's Music Association, restricted collections and endowment funds. The endowment funds comprise miscellaneous trust funds and include unspent income amounting to £5,453 (2020: £10,331)

11 Grants

During the year the PCC made the following charitable grants:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |£|£| |St Mary's School|Saffron|Walden|3,440|3,000| |Church|Mission|Society|3,250|3,848| |Wycliffe|Bible Translators|2,400|2,400| |Stort|Valley Schools Trust|1,250|1,300| |Jimmy's|Night|Shelter|1,400|1,250| |Royal|British|Legion|220|.| |Children's|Society|(Christingle|collection)|329|366| |East|Anglia's Children's|Hospices|(Christms Tree services|collections)|$23|366| |Saffron Walden|Mayor's|charities (Christms Tree|services collections)|$23|-| |DEC|India|Coronavirus|Appeal!|258|-| |Uttlesford|Food Bank|-|1,500| |Friends|of Essex Churches|450|400| |National|Churches|Trust|200|200| |Greater Churches|Network|-|150| |Essex|Clergy Charity|50|50|

----- End of picture text -----

In addition to the grants above, made by St Mary's Saffron Walden, grants were made by St James' Sewards End and St John's Little Walden of £2,027 (2020: £1,742) and £1,345 (2020: 1,864) respectively.

There were no grants made to individuals during the year,

12 Donations made by the trustees to the PCC

During the year, the trustees made unconditional donations amounting to £54,632 which includes £10,606 of tax recovered through gift aid (2020: £45,855 including £8,842 of tax recovered through gift aid).

There were no related party transactions during the year that require reporting.

Page 16