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. Page F1 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. Page F2 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: - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity Commission section 145(5)(b) of the 2011 Act; and - 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: 1. 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 - to prepare accounts, which accord with these accounting records - have not been met; or 2. 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. Page F3 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| Page F4 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| Page F5 ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER, 2020 – FINANCE SECTION ## NOTES - 1 The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis. - 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. - 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. - 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| Page F6 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
5b**Activities 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
5d**Church 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| Page F7 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) ______________________________________ ______________________________ Page F8