ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
Financial Review
Normally I start the financial review with a comparison of income and expenditure in the current year against the previous year, but 2020 has been a year unlike no other and such a comparison would generally mean little in the context of events although I will highlight certain areas.
We are very fortunate that planned giving held up so well (£44,773 in 2020 against £46,043 in 2019), as did all other giving/voluntary receipts (approx £800 down). Gift aid tax recovered was also only a little lower than in 2019 (c -£400). Our biggest losses of revenue came from plate collections while the church was closed, fundraising activities (no Summer or Christmas fairs or raffles were possible to mention just two of our major annual fundraisers), Cornerstone was closed for much of the year, the coffee shop has been closed since the first lockdown, fees income also reduced significantly, we had just 2 weddings last year.
However, you can see from the accounts that fundraising did not stop completely in 2020, we did manage to raise half the amount we raised in 2019 which is a great achievement considering the year we had.
We took advantage of online giving via Give a Little which was set up very quickly, the national church paying the cost of the premium service for churches which allows gift aid details to be captured from donors. They also negotiating a reduced commission rate for churches. In 2020 we raised nearly £1,000 via Give a Little, the majority from fundraising events, but there was also income from donations after Sunday and other services. It is a very easy to use.
There is, however, a great deal of food for thought. You can see from the accounts that our general funds income (£79,050) only just exceeded our parish share (£75,418). Without the reserves and income from our endowment funds we would have been in a very serious situation. The PCC took the decision to pay our parish share in full and transfer whatever expenditure we could legitimately transfer against endowment funds. We also transferred funds the PCC had previously designated back into general funds (primarily legacies so that they would not just be lost in general funds, a decision made some years ago, but a fortunate decision in light of the circumstances). We thus ended the year with a very slight deficit, but note should be taken of the reduction in the balance remaining in endowment funds. Without the ability to utilise endowment funds for certain expenditure in the church we faced a deficit of circa £35,000 in 2020.
Donations via the Planned Giving Scheme (PGS) held up well, at the end of the year we had 41 donors using the scheme. We still have some donors who make their contribution by standing order (19) and a very small number via weekly envelopes (4). It was decided to close the weekly envelope scheme this year in light of the very small number of donors and taking into account the current situation. Donors can use gift aid envelopes (when they can be used again) or plate collections.
Our Parish Share for 2020 was paid in full and we received the 1% reduction for paying by direct debit; the net parish share paid was £75,418. Not all parishes in the Deanery paid their pledged share in full in 2020 although around two thirds did manage to pay in full. The Deanery deficit at the end of 2020 exceeded £220,000. The Diocese have supported the Deanery once again having a full time Area Dean, but with restrictions. The appointment will only be for 3 years and the Deanery have to commit to reviewing their share formula to allocate the share in full between parishes. This exercise is currently ongoing in the Deanery. Parish share for 2021 will remain the same as in 2020.
Deanery share for 2021 is a little different. Synod agreed that those parishes who had paid in 2020 would have nothing to pay in 2021 while those parishes who had not paid in 2020 would be asked to pay their share in 2021. Deanery reserves are sufficient to cover shortfall in income, expenses in 2020 were low and will probably remain low in 2021. Hence St Peter’s will have no Deanery Share to pay in 2021.
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
In 2020 applications were again made for grants from the Listed Places of Worship Scheme (LPWS) which is funded by the Government to cover the VAT paid on specified maintenance and security costs. Claims have to be made within 12 months of work taking place and grant income has to be returned to the fund from which the original expenditure was taken; a separate line is included in the accounts to show income from this source “LPWS VAT Grant”.
It should be noted that the 2021 budget agreed by the PCC again shows a deficit of nearly £15,000, between anticipated income and expenditure. We are eternal optimists, God is with us in our endeavours, but it is the PCC’s responsibility to ensure that we use our funds wisely and in the way they are intended to be utilised. It is also difficult to know what the future holds as I write this report although it is looking brighter that it has done for many months.
Designated Funds
Funds designated by the PCC in order that donations such as legacies or other non general income received are available for special purchases or unexpected events.
Reserves Policy
It is PCC policy to try to maintain a balance on unrestricted funds which equates to at least three month’s unrestricted payments; this is equivalent to £30,000. It would be held to smooth out fluctuations in cash flow and to meet emergencies. Unfortunately this has not been possible so far but remains a policy, if and when we have any surplus available.
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
Independent Examiner’s Report to the members/trustees of St Peter’s Church, Burnham, Parochial Church Council
I report on the accounts for the year ended 31[st] December, 2020, which are set out on pages F4 to F8.
Respective responsibilities of the Trustees and Independent Examiner
As trustees of the charity, the members of the PCC are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commission section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; or
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to prepare accounts, which accord with these accounting records
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Roger Webb 9 Barrs Road Taplow SL6 0LE
Date: ___, 2021.
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
Financial Statements for the year ended 2020 Receipts and Payments Accounts
| Note RECEIPTS Voluntary Receipts Planned Giving Collections at Services All other giving/voluntary receipts 5a Gift Aid Tax Recovered Activities for Generating Funds 5b Investment Income 5c Church activities 5d Other receipts Sub Total Church Groups (own bank account) 4 Total Receipts PAYMENTS Church activities: Parish Share Clergy & Staffing Costs Church Running Expenses 5e Costs of Trading Fundraising Costs Mission Giving & Donations 5f Cost of Generating funds Governance costs Other Payments Sub Total Payments Church Groups (own bank account) 4 Total Payments Excess of receipts over payments Transfers between funds Cash at bank & in hand at 1st January Cash at bank & in hand at 31 December |
Unrestricted Funds Restricted funds Endowment funds TOTAL 2020 TOTAL 2019 General Designated £ £ £ £ 44,773 44,773 46,043 2,148 2,148 6,346 4,684 1,766 6,449 5,622 13,365 13,365 13,772 |
|---|---|
| 64,970 0 1,766 0 66,735 71,783 8,442 785 9,226 18,838 81 24,799 24,880 23,670 4,609 4,609 7,634 949 335 1,450 2,734 7,468 |
|
| 79,050 1,120 3,216 24,799 108,184 129,393 776 776 846 |
|
| 79,050 1,895 3,216 24,799 108,959 130,239 75,418 75,418 73,795 9,244 335 3,592 13,171 16,896 1,083 275 43,379 44,737 31,922 639 316 426 1,381 4,202 168 150 318 288 1,942 2,080 4,311 3,665 |
|
| 86,840 926 2,092 49,478 139,335 130,480 15 15 231 94 94 50 947 1,300 2,247 2,651 |
|
| 87,896 926 3,392 49,478 141,691 133,413 1,617 1,617 1,487 |
|
| 87,896 2,543 3,392 49,478 143,308 134,899 -8,846 -647 -177 -24,679 -34,349 -4,660 8,741 -8,741 0 0 |
|
| -105 -9,388 -177 -24,679 -34,349 -4,660 £176 £11,194 £1,060 £142,394 £154,824 £159,484 £70 £1,806 £883 £117,716 £120,475 £154,824 |
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
STATEMENT OF FINANCIAL ASSETS
| STATEMENT OF FINANCIAL ASSETS | ||
|---|---|---|
| Cash at bank and in hand at 31st December | 2020 | 2019 |
| Barclays Current Account 1 | 8,032 | 10,310 |
| Barclays Current Account 2 | 684 | 1,187 |
| Natwest Current Account | 1,244 | 3,403 |
| Natwest Business Reserve | 1,578 | 1,577 |
| CBF Deposit Fund | 107,238 | 134,693 |
| Sub Total - bank accounts | 118,776 | 151,170 |
| Cash in hand | 0 | 1,403 |
| Uncleared cheques | 0 | -397 |
| Sub Total | 118,776 | 152,176 |
| Church Groups(own bank account) | 0 | 2,648 |
| TOTAL CASH AT BANK/IN HAND | 118,776 | 154,824 |
| Other Monetary Assets | 0 |
|---|---|
| Liabilities | 0 |
INVESTMENT ASSETS
| Endowment Funds Perpetual The Churchyard Trust J H Painter Bequest |
Balance b/f Unrealised Investment gains/losses Balance c/f 1,668 115 1,782 587,139 37,082 624,221 |
|---|---|
| 588,807 43,910 632,716 |
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
NOTES
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1 The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis.
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2 Burnham Church Estate Charity was established from the sale proceeds of the former infant school. As the managing trustees of the charity are the Churchwardens, the assets of the charity, which are investments in the CBF Investment Fund, are not reflected in these accounts. However, the income from these investments is mandated to the PCC and is included in these accounts. The income is to be used for the repair of the fabric of the parish church and other expenses.
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3 Two endowment funds are held by the Diocese on behalf of St Peter's. The Churchyard Trust was established to provide income for the maintenance of the church and churchyard so long as two graves and two brass plaques are kept in good order. The J H Painter Bequest was established to provide income for the maintenance of the church and churchyard so long as certain graves are kept in good order and repair.
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4 The movements in designated, endowment and restricted funds during the year were:
| Designated Funds Legacies Traidcraft Redeemed Investments Designated Funds - Church Groups (own bank account) Flower Fund Puppets for All at St Peter's Total Designated Funds Endowment Funds Burnham Church Estate Charity The Churchyard Trust J H Painter Bequest CBF Deposit Fund LPWS - VAT Grants Restricted Funds All Churches Trust Outward Giving VE Day Grant |
Balance b/f Receipts Payments Transfers Balance c/f 7,791 335 -335 -7,791 0 -469 785 -316 0 950 -950 0 |
|---|---|
| 8,272 1,120 -651 -8,741 0 |
|
| 832 651 -1,483 0 1,816 125 -134 1,806 |
|
| 2,648 776 -1,617 0 1,806 |
|
| 10,919 1,895 -2,268 -8,741 1,806 |
|
| 25,161 4,143 -14,371 14,932 313 50 -178 184 111,572 18,523 -29,258 100,837 2,306 514 -1,322 1,499 3,043 1,570 -4,348 264 |
|
| 142,394 24,799 -49,478 0 117,715 |
|
| 0 1,300 -1,300 0 1,060 1,766 -1,942 883 0 150 -150 0 |
|
| 1,060 3,216 -3,392 0 883 |
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
| 5 Receipts & Payments Analysis RECEIPTS 5a All other giving/voluntary receipts Gift Aid Envelopes Other Donations Outward Giving 5bActivities for Generating Funds Fundraising Activities Cornerstone Income Hire of Cornerstone Traidcraft 5c Investment Income CBF Deposit Fund Bank Interest Monkhouse Bequest Burnham Church Estate Churchyard Trust Painter Endowment Fund LPWS VAT Grant 5dChurch activities Parochial Church Fees PAYMENTS 5e Church Running Expenses Annual Fees/Licences Church Repairs & Maintenance Deanery Share Insurance Office Costs Printing & Stationery Service Costs Telephone/Internet/Postage Utilities Other |
Unrestricted Funds Restricted funds Endowment funds TOTAL 2020 TOTAL 2019 General Designated £ £ £ £ £ £ 493 493 2,544 4,190 4,190 1,051 1,766 1,766 2,027 |
|---|---|
| 4,684 0 1,766 0 6,449 5,622 2,615 2,615 5,949 416 416 1,688 5,411 5,411 8,704 785 785 2,498 |
|
| 8,442 785 0 0 9,226 18,838 514 514 965 1 1 4 79 79 77 4,143 4,143 4,041 50 50 48 18,523 18,523 18,170 1,570 1,570 364 |
|
| 81 0 0 24,799 24,880 23,670 4,609 4,609 7,634 |
|
| 4,609 0 0 0 4,609 7,634 606 606 720 20,372 20,372 10,774 650 650 650 6,144 6,144 5,951 21 21 91 1,879 1,879 1,392 302 275 7,109 7,686 2,561 535 535 626 6,537 6,537 7,818 225 82 307 1,339 |
|
| 1,083 275 0 43,379 44,737 31,922 |
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION
| Notes (continued) 5f Mission Giving and Donations Beautiful Gate, Lesotho Bishop's Fund Burnham Abbey Burnham Lighthouse Burnham Resilience Children's Society College of St Barnabas Dementia UK MFG - Pride in Burnham Royal British Legion Pastoral Care/Parish Mission The Prayer Trust Slough Foodbank Toddler Group Unlock |
Unrestricted Funds Restricted Endowment TOTAL TOTAL General Designated funds funds 2020 2019 £ £ £ £ £ £ 361 0 0 453 100 100 500 500 500 921 0 660 0 325 0 200 288 288 50 0 1,400 0 418 1,090 1,090 72 0 4 0 92 390 390 0 152 |
|---|---|
| 288 0 1,942 2,080 4,311 3,665 |
Approved by the Parochial Church Council on 14[th] April, 2021, and signed on its behalf by:
Rev Janet Minkkinen Mrs Sheila Warburton (Vicar of St Peter’s Church) (PCC Treasurer)
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