2020-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of Penn Street With Holmer Green

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REGISTERED CHARITY NUMBER 1129329

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

Report of the Trustees and Unaudited Financial Statements For the year ended 31 December 2020

Dashwoods Accountants Limited 31 Dashwood Avenue High Wycombe Bucks HP12 3DZ

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

INDEX TO THE FINANCIAL STATEMENTS

	Page
Report of the Trustees	1 to 5
Report of the independent examiner	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 to 12
Detailed statement of financial activities	13 to 14

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

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 March 2005.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 1129329

Principal address

The Parish Office The Church Centre Featherbed Lane, Holmer Green High Wycombe Buckinghamshire HP15 6XQ

Page 1

REFERENCE AND ADMINISTRATIVE DETAILS Trustees

The members who served the PCC during the year were as follows:

Incumbent (as of 02/11/20)	The Reverend Ruth Atkinson	Chairman
Wardens	Mr Robert Duerdoth
	Mr Michael Batchelor	Vice-Chairman
Representatives on the
Deanery Synod:-	Mrs Judy Knight	Secretary
	Mrs Carol Hornsby
	Mrs Joan Wainman
Elected members:-	Mrs Jean Batchelor
	Mr Michael Curry
	Mr Michael Large
	Mr Leigh Potkin	Treasurer
	Mr Jim Murray
	Mrs Joan Toye
	Mrs Mary Jay
	Mrs Linda Snowden

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The PCC is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Penn Street with Holmer Green Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent in promoting in the ecclesiastical parish the whole mission of the church; pastoral, evangelical, social and ecumenical. The PCC also has the responsibility for the maintenance of Holy Trinity church building, at Penn Street, and the building of Christ Church, Holmer Green, together with the Church Centre and the land that formerly contained Parsonage House, also at Holmer Green.

Recruitment and appointment of new trustees

Members are elected to the PCC at the Annual Parochial Church Meeting.

Induction and training of new trustees

No formalised system of training is currently provided but training for specific duties is provided on an ad-hoc basis as required for example, safe-guarding requirements.

Organisational structure

The full PCC met nine times during the year.

The Standing Committee, which did not meet during the year, is authorised by the PCC to transact the business of the PCC between its meetings, subject to any directions given by the Council.

Risk Management

The trustees have a duty to identify and review the risks to which the PCC is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

It is confirmed that the major risks in connection with the church and its activities, as identified by the PCC, have been reviewed and appropriate actions or procedures have been established to manage those risks.

Buildings, contents and liability insurance are in place with the Ecclesiastical Insurance Group.

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OBJECTIVES AND ACTIVITIES

Following the vacancy after The Revd Capt. Peter Simmon’s retirement, Revd Ruth Atkinson was appointed Priest in Charge and licenced on 2nd November 2020, which due to Covid-19 restrictions was conducted by Bishop Alan of Buckinghamshire via zoom with over 100 people attending virtually. Revd Atkinson’s induction will need to be conducted by Archdeacon Guy once Covid-19 restrictions allow.

Public Worship

Due to the Corona Virus pandemic, public worship and in-person services were suspended in the Spring of 2020. Members of the congregation were encouraged to attend virtual or on-line services provided by neighbouring Parishes, while virtual coffee and fellowship every Sunday provided the congregation with the opportunity to meet together socially. When restrictions allowed, public worship resumed in the Parish for those times when clergy cover was available.

Returning into lockdown on 5th November, initially services led by Revd Atkinson were on Zoom, then moved to being pre-recorded and uploaded to YouTube, initially with the congregation gathering on zoom to watch the service together but due to poor quality watching via zoom, the congregation then met on zoom for pre-service prayers and notices, and were provided with the link to watch the worship service on YouTube directly.

Our first All Age Service since the Corona Virus pandemic started is planned for early 2021.

There was a successful Christingle Service live on zoom, with families collecting activity packs from the Centre prior to the service. This was followed by a pre-recorded Christmas Carol Service uploaded to YouTube and Carols in the Car Park in Christ Church carpark as indoor public worship was not advised. The planned Carols in the Car Park at Holy Trinity was cancelled as the area was put into Tier 4 restrictions the day before.

Church attendance

Numbers attending the zoom pre-service meeting have been reducing since the congregation been asked to watch the services directly on YouTube. However, we regularly have on 120 viewings each week of the recorded services, giving a much wider reach than public was having. Moving forward, we will be looking for ways to connect with those engaging services that are not regular members of our congregation.

All other regular groups of the church have not been able to meet since Spring 2020.

There are currently 85 people on the electoral roll, of which 49 live in the parish.

Activities

An Angel Festival was held in both Penn Street and Holmer Green as a way of highlighting the church in the communities. There was a Christmas quiz on zoom with 10 teams of 6 taking part and, in January a Disney quiz for families is planned.

Revd Atkinson’s husband Ron leads a weekly bible study on zoom, followed by a virtual coffee morning.

ACHIEVEMENT AND PERFORMANCE

Fund-raising activities .

Fund raising activities have been severely impacted by the Corona Virus Pandemic. We were unable to open any buildings to the public or serve cream teas during the summer. This has greatly reduced our income for the year and we have had to carry out cost cutting exercises where ever possible. Hot drinks were served to walkers from Holy Trinity for a couple of weeks and had to stop when restrictions were tightened by the government.

Repair work to the electrics at Holy Trinity have been carried out and funding is being sought from Penn Street

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Village Association to meet the cost of lighting the Church Tower at night. Heating repairs at Church Centre have been completed, but the boiler is in need of replacing soon. There is a dead tree in Christ Church graveyard which will need removing due to safety reasons when we have permission from the Diocese to remove it.

We were able to have Parsonage House demolished due to a generous loan from the Deanery, as it had become derelict and a target for squatters. The local council had also introduced an empty property penalty which equated to a 200% rise in annual council tax creating a very large drain on our finances.

We will continue to apply for grants for any relevant repair projects.

PUBLIC BENEFIT

The trustees consider that due regard has been taken in relation to guidance published by the Charity Commission on public benefit.

FINANCIAL REVIEW

Reserves policy

It is the policy of the parish to maintain the reserves at a level that will help it underpin its longterm commitments and to allow it to continue its core activities. The trustees regularly assess the incoming resources profile and endeavour to maintain reserves to cover annual outgoing resources of approximately £100,000 for the foreseeable future in the event that incoming funds became uncertain. This has been an exceptional year with our income greatly reduced. This year, due to the pandemic, the Trustees have had to use the reserves to make up for the loss of income.

Principal funding sources

Regular giving rose again slightly this year however, as previously mentioned, this has been an exceptional year and the global pandemic has greatly reduced our income to £82,274 for the year. Of this £5,000 was a legacy and there was a £10,140 loan given to us by the Diocese to pay for the demolition of Parsonage House. Expenditure was slightly higher than the previous year due to the financial burden Parsonage had become. For this reason the PCC made a quick decision to demolish Parsonage House as soon as feasibly possible to avoid paying out any more money unnecessarily.

The local parish councils continue to provide valuable support with grants to aid the upkeep of the churchyards. The care of the grounds is carried out by a small team of parishioners at Holmer Green. We continue to employ a contractor for the upkeep at Penn Street.

In this time of financial difficulties the PCC is committed to carefully managing costs so that we are able to continue to provide support to worthy causes and to further the work of the church in the local area. The Parish Share was paid in full this year despite our financial challenges and there being a total deficit of £27,265 over the year. We were not able to make any charitable donations in 2020.

All monies were de-restricted with the permission of the donors and the agreement of the PCC.

FUTURE DEVELOPMENTS

The plans to redevelop grounds at Holmer Green are moving forward and being managed by the Diocese.

Future developments may include the upgrading of the sound and acoustic systems and renovating the Church Centre when funds allow.

Page 5

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

INDEPENDENT EXAMINER'S REPORT

I report on the accounts for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes to the Financial Statements.

Respective responsibilities of the trustees and the examiner

The charity's trustees 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 required.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
to state whether particular matters have come to my attention.

Basis of this 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statements below.

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; and
to prepare financial statements, which accord with the accounting records and comply with the requirements of the 2011 Act and the Regulations. 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.

P E Rackstraw FCCA Dashwoods Accountants Limited

31 Dashwood Avenue High Wycombe Bucks

HP12 3DZ ……………………… Date…………………….

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020

Restricted Funds £ 670 0 29 0 0 699 0 216 0 0 216 483 0 (8,414) (7,931) 7,931 0	2020 Total Funds £ 67,436 3,184 4,125 2,676 5,551 82,972 185 109,298 720 35 110,237 (27,265) 0 (27,265) 491,756 464,491	2019 Total Funds £ 78,339 4,808 15,014 6,804 2,223
		107,188
		598 113,056 720 3,404
		117,778
		(10,590) 0
		(10,590) 502,345
0	464,491	491,756

CONTINUING OPERATIONS

All incoming resources and resources expended arise from continuing activities.

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

BALANCE SHEET AS AT 31 DECEMBER 2020

Restricted Funds £ 0 0 0 (0) (0) 0 (0) 0 (0) (0) (0)	2020 Total Funds £ 470,000 470,000 0 12,120 12,120 547 11,573 17,082 464,491 464,491 (0) 464,491	2019 Total Funds £ 470,000
		470,000
		1,778 25,505
		27,283 5,527
		21,756
		0
		491,756
		483,825 7,931
(0)	464,491	491,756

The financial statements were approved by the Board of Trustees on…………….and were signed on its behalf by:-

Mr L Potkin - Trustee Mrs C Hornsby - Trustee

The notes on pages 9 - 14 form an integral part of these accounts.

Page 8

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

a) Basis of accounting

These accounts have been prepared on the basis of the historical cost basis of accounting in accordance with the Statement of Recommended Practice 2005 and the Charities Act 2011. There has been no change to the accounting policies since last year.

b) Voluntary income

Collections are recognised when received by or on behalf of the PCC. The gift aid tax that is reclaimable on these donations is recognised in the reserves to which they relate when the tax rebate is received into the bank account.

c) Income from investments

Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised only when received.

d) Grants

Grants are recognised when paid or received.

e) Other income

Funds raised by events are accounted for gross.

Rental income from the letting of church premises is recognised when the rental is due. Sales of books etc. from the church bookstall are accounted for gross.

f) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

Costs of generating funds are those costs incurred in fundraising to seek voluntary donations.

Charitable activities are grants made and costs incurred directly in the support of expenditure on the charity's objectives and include project management carried out from the charity's premises.

Governance costs include those incurred with the governance of the charity and its assets and are primarily associated with the compliance of constitutional and statutory requirements.

g) Activities directly relating to the work of the church

The diocesan parish share is accounted for when paid. Any parish share unpaid at the year end is not provided for in these financial statements as a liability on the balance sheet.

h) Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment straight line 25% Fixtures & fittings straight line 25%

Individual items of equipment with a purchase price of less than £2000 are written off when the asset is acquired.

Page 9

THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

i) Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.

No value is placed on moveable church furnishings which are held by the churchwardens on special trust for the PCC. These require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvements, is written off as expenditure in the statement of financial activities and separately disclosed.

j)

Other land and buildings

The Church Centre, Holmer Green is valued at its historical cost. The land that formerly contained Parsonage House is shown at its estimated market value. No depreciation is charged on either.

k) Taxation

The PCC is exempt from tax on its charitable activities.

l) Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the PCC for a particular purpose. The cost of raising and administering such funds is charged against the unrestricted reserve.

m) Realised and unrealised gains

Unrealised gains and losses arise when fixed asset investments are included in the balance sheet at revalued amounts or market value. They are included in the statement of financial activities as an incoming resource or additional depreciation as appropriate in the period they arise. Realised gains and losses are recognised when an asset is disposed of.

2 ACTIVITIES FOR GENERATING FUNDS Cream teas Bookstall Fundraising social events 3 INVESTMENT INCOME Church Centre lettings Holy Trinity lettings Bank interest	2020 £ 0 430 2,754 3,184 2020 £ 3,847 250 29 4,125	2019 £ 3,167 728 913
		4,808
		2019 £ 14,878 79 58
	4,125	15,014

4 TRUSTEES' REMUNERATION AND BENEFITS

None of the trustees receive any remuneration from the PCC.

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST At 1 January 2020 and 31 December 2020 DEPRECIATION At 1 January 2020 and 31 December 2020 NET BOOK VALUE As at 31 December 2020 As at 31 December 2019	Freehold Fixtures & Totals Property Equipment Fittings £ £ £ £ 470,000 0 0 470,000
	0 0 0
	470,000 0 0 470,000

	470,000 0 0 470,000

The net book value of freehold property at the current and prior year balance sheet date is made up of £345,000, being the carrying value of the Church Centre, and the £125,000, being the carrying value of the land that Parsonage House once occupied.

It is not practicable to quantify the difference between the carrying value and market values but in the trustees' opinion the market values are not significantly different from the carrying values shown within the accounts.

6 FIXED ASSET INVESTMENTS MARKET VALUE AND NET BOOK VALUE At 1 January 2015 Redemption There were no investment assets outside the UK. The historical cost was £0 (2014 £225).	3.5% War Loan Stock £ 226 (226)
	0

7 DEBTORS - AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 8 CREDITORS Creditor amounts falling due within one year Loans from Diocese Total Creditors	2020 2019 £ £ 0 1,778
	2020 2019 £ £ 547 1,457 17,082 4,070
	17,629 5,527

There is no interest payable on the loans owed to the Diocese and no fixed repayment schedule. Repayment is due upon the redevelopment and subsequent sale of property on the land that one was Parsonage House.

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

DONATIONS AND GRANTS TO CHARITIES 2020

DONATIONS AND GRANTS TO CHARITIES 2020	TIES 2020	TIES 2020	TIES 2020	TIES 2020	TIES 2020
Overseas Home Secular Other Total DonationsDonations Donations DonationsDonations £ £ £ £ £ PCC 2020 The Children's Society 35 35 Total donations by PCC in 2019 35 0 0 0 35 The following were paid directly from groups within the church: Penn Street with Holmer Green PCC 400 400 Total donations by groups 0 0 0 400 400 Total donations 35 0 0 400 435	Overseas Home Secular Other Total DonationsDonations Donations DonationsDonations £ £ £ £ £ 35 35
	35	0	0	0	35
	0	0	0	400	400

	35	0	0	400	435

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020

10 INCOMING RESOURCES

Restricted Funds £ 0 0 0 0 670 0 670 0 0 0 0 0 0 0 29 0 0 29 0 0 0 0 699	2020 Total Funds £ 45,638 14,759 0 1,079 5,961 0 67,436 0 0 430 2,754 3,184 3,847 250 29 0 0 4,125 250 2,426 2,676 5,551 82,972	2019 Total Funds £ 45,013 19,247 0 10,193 3,887 0
		78,339
		0 3,167 728 913
		4,808
		14,878 79 58 0 0
		15,014
		1,750 5,054
		6,804

		2,223

699	82,972	107,188

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THE PARISH OF PENN STREET WITH HOLMER GREEN PCC

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020

11 RESOURCES EXPENDED

Restricted Funds £ 0 0 0 0 0 0 105 0 0 0 105 0 0 0 6 0 216 0 0 0 0 0 0 0 0 216	2020 Total Funds £ 185 5,135 68,344 1,286 0 0 5,825 21,260 637 739 433 2,556 0 3,077 6 0 109,298 720 0 720 35 0 0 0 35 110,237	2019 Total Funds £ 598 6,202 66,761 2,360 0 813 9,404 6,081 1,510 936 13,087 1,142 437 4,127 177 19
		113,056
		720 0
		720
		1904 0 1500 0
		3,404

216	110,237	117,778

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