THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees’ Report and Accounts For the year ended 31[st] December 2021
Registered Charity No 1129567
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
PCC Members during the year
Ex-officio members
Rev Canon Dr Eleanor Williams Incumbent
Rev Paula Spalding Associate Priest Stephen Martin Churchwarden Jacqueline Portman Churchwarden Resigned 5[th] November 2021 Janine Stewart Joint Secretary Valerie Badcock Joint Secretary Terry Chalmers Treasurer Deanery Synod Representatives Joanna Proctor Licensed Lay Minister Christine Fleming Elected Members
Thomas Elton Churchwarden’s Assistant Caroline Smith Churchwarden’s Assistant Wendy Smith Churchwarden’s Assistant Myrna Leech Robin Proctor Patricia Chalmers Simon Ogilvie Katherine Ogilvie Simon Portman Resigned 5[th] November 2021 Sally Swann
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
Vicarage Address:
The Vicarage 22 Isaacson Road Burwell Cambridge CB25 0AF
Registered Charity Number:
1129567
Independent Examiner: Mr Simon Rogers 1 Pound Close Burwell Cambridge CB25 0EP
Bankers:
Barclays Bank plc CCLA Investment Management Ltd 58 High Street CBF Church of England Funds Newmarket Senator House Suffolk 85 Queen Victoria Street CB8 8NH London EC4V 4ET
The parish church of St Mary the Virgin stands in a prominent position in High Street, Burwell, Cambs, CB25 0HB. It is in the Parish of Burwell with Reach, within the Fordham and Quy Deanery. St Mary’s is a very fine Perpendicular building and is Grade 1 listed. It also forms part of a conservation area. St Mary’s Church stands on a site previously occupied by an Anglo Saxon church in a conservation area at the south-western end of the village. It is part of a complex of ancient buildings including (the remains of) Burwell Castle, built by King Stephen in the C12[th] and itself on the site of a substantial Roman building, adjacent to a spring.
The Church of St Etheldreda and The Holy Trinity, Fair Green, Reach, Cambridgeshire CB25 0JD is a Grade II listed Victorian church. It occupies a prominent position on the east side of the green in the centre of the village, alongside the Village Centre and the village pub. Its Victorian architecture is completely in keeping with the overall ambience of the village.
The parishes of Burwell and Reach were combined in April 2004 to form the benefice of Burwell with Reach.
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
Structure Governance and Management
The PCC confirm that the annual report and audited accounts comply with the requirements of the Charities Act 2011 and the Charities SORP 2005.
Governing Document
The Parochial Church Council is a corporate body established by the Church of England and the PCC operates under the Parochial Church Council Powers Measure.
Recruitment and Appointment of PCC
The appointment of PCC members is governed by and set out in the Church Representation Rules.
Risk Management
The PCC has carried out a review of the major risks to which the charity is exposed. Where appropriate policies have been established to mitigate the risks the charity faces. These policies are periodically reviewed to ensure they continue to meet the needs of the charity.
Organisational Structure
In order to carry out its aims and objectives, the PCC sets up sub-committees, which may include other church members. Among these are groups to manage the church shop and the Guildhall.
Related Parties
St Mary’s Preservation Trust
The Preservation Trust is an independent charity, set up by the PCC in 1979 with the sole responsibility of conserving the fabric of the building of the church for the benefit of future generations. It is non-denominational and draws funds from both regular supporters and grantmaking bodies.
Feoffees
Burwell Church Lands Charity dates back to the 16th century when land was donated for the benefit of the Poor and the maintenance of the Parish Church. It now makes modest grants to assist children and young people living in Burwell to pursue their educational needs, and supports the upkeep of the Guildhall and grants the Church use of the building.
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
Objectives and Aims
In accordance with The PCC Powers Measure of 1956, the PCC aims to co-operate with the Vicar in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
Mission Statement
As the parish churches of Burwell & Reach we gather as people of all ages, seeking to grow together in faith, hope and love, sharing the good news of God’s love through
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Our prayer and worship
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Our daily lives
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Our service in our communities & in the world
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Our buildings being warm & welcoming centres of prayer and community life.
Public Benefit
The PCC has paid due regard to the Charity Commission guidance on public benefit. We aim to provide a welcoming building for use of the whole community, whilst also meeting the expanding needs of the church. Our buildings are open not only as places of worship, but also as venues for cultural events such as concerts and exhibitions, for smaller community meetings. While recognising our rich heritage, we are moving forward with new facilities to enhance our buildings.
Achievements and Performance
The effects of the COVID pandemic continued to affect all aspects of church life throughout the year. As the vaccination programme rolled out, many people returned to church, but others remained vulnerable or anxious and preferred to worship at home. Our approach throughout has been to protect each other and respect the needs of the most vulnerable, and we therefore continued to offer worship online and through paper resources as well as in person.
Our Fresh Expression, Messy Church for families and Refresh Café for toddlers and their parents or carers continued to meet throughout the year, sometimes on-line, or in the churchyard and it was encouraging to see these groups thriving.
The pandemic gave us many opportunities to work in partnership with the wider community, an approach encouraged by our Partnership for Missional Church programme. One highlight of this was filling the church and churchyard with various representations of angels made by individuals and groups in the village. This display coincided with the presentation of Community Angel awards to people who go the extra mile to support others in the community.
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
One highlight of the year was the licensing of Revd Paula Spalding as our Associate Priest by the Archdeacon of Cambridge. Another was a concert by St Martins in the Fields singers, who had supported churches across the country by supplying recordings of hymns to use in on-line and live services. The church was as full as restrictions allowed for both events and the concert raised £500 for church funds.
After many years of delay and planning, a faculty was obtained for the re-ordering of Reach church, using a generous legacy. The scheme will see the installation of a toilet and servery, with new electric heating and efficient insulation to improve the comfort of the church in an eco-friendly way. Planning permission was also granted for alterations to the churchyard to provide level access and a pleasant garden area designed with biodiversity in mind. A firm of builders was appointed and the church was cleared ready for building work to start in January 2022.
Financial Review
Unrestricted incoming resources were significantly above last year at £114,167. Although the bulk of this income derives from the generous giving of Church members, this was lifted by a substantial legacy of £15,500 received this year. Resources expended of £103,128 showed reductions from earlier levels, partly due to less use of Church buildings, but were affected by heavy expenditure on repairs to the Guildhall. The PCC policy of making charitable grants of ten per cent of unrestricted income was maintained, and £7,100 was transferred to the restricted Mission Giving fund to support this. The net surplus on unrestricted funds was £3,941 compared to the previous year’s surplus of £4,609. Unrestricted reserves stood at £115,785 at the end of the year.
Restricted funds recorded total incoming resources including transfers of £11,151. Expenditures predominantly on the Reach re-ordering project were £35,320 and mission giving grants totaled £7,440. The expenditures were offset by a significant investment gain of £109,104 resulting in closing restricted reserves of £1,097,028.
In summary, many sources of PCC income were adversely affected by the COVID-19 restrictions, but the PCC benefited from the legacy from the late Pauline Rogers generously shared by Fordham PCC. The PCC budget for 2022 shows an expected deficit. It is, however, reassuring that PCC reserves remain in a strong position, and also that the Whitehead investments, necessary to fund the development project, show a further increase in value.
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Trustees Report for the year ended 31[st] December 2021
Principal Funding Sources
The major regular source of income is charitable donations from a generous and committed congregation. Useful additional income is derived from restricted fund dividends and income from Guildhall lettings. The church shop is merely self-supporting.
Investment Policy
The PCC reserves and restricted funds are invested with the CBF Church of England Funds, and in appropriate deposit accounts which are reviewed regularly.
Reserves Policy
The PCC aims to maintain unrestricted reserves at a level of between six months and eighteen months average expenditure. At the end of 2021 unrestricted cash reserves were approximately £115,000, with annual unrestricted expenditure of £103,000.
Future Developments
We are looking forward to the completion of the church development project in Reach and to continuing to develop our relationships with the communities in both Burwell and Reach.
Approved at the Parochial Church Council meeting on 23[rd] March 2022
Signed:
Rev Canon Dr Eleanor Williams (Vicar)
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH
Independent Examiner’s Report on the Accounts
Responsibilities of trustees and examiner
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, and that an independent examination is needed.
This report on the accounts of the PCC for the year ended 31 December 2021 is in respect of an examination carried out under section 145 of the Charities Act 2011, following procedures laid down in the General Directions given by the Charity Commission. The report will state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commissioners. 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 trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an 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:
a) 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 accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
b) to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Mr Simon Rogers 1 Pound Close Burwell, Cambridge, CB25 0EP
6[th] March 2022
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Statement of Financial Activities
| Unrestricted Designated Restricted Endowment Total Prior year funds funds funds funds funds total funds |
|
|---|---|
| Incoming resources Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Other voluntary income Incoming resources from charitable activities Other incoming resources Total income Resources used Grants Charitable activities Charitable activities - support costs Costs of generating funds Total expenditure Net income / (expenditure) resources before transfer Transfers Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains / losses on investment assets Net movement in funds Total funds brought forward Total funds carried forward Represented by Unrestricted General fund Reach Legacy Fund Designated Capital Expenditure Fund Restricted Bridgeman Trust Fund Building Work Fund Burwell Sunday School Fund Mission Giving Fund Reach Legacy Fund St Andrew's Church Fund Youth Work and Sunday School F |
70,032 — 3,849 — 73,881 80,567 645 — — — 645 718 4,827 8,322 57 — 13,207 13,931 15,573 — 144 — 15,718 1,279 12,716 — — — 12,716 8,969 2,051 — — — 2,051 176 |
| 105,845 8,322 4,051 — 118,219 105,642 120 — 7,439 — 7,559 6,745 101,793 — 35,320 — 137,114 139,016 1,214 — — — 1,214 1,741 — — 84 — 84 79 |
|
| 103,127 — 42,843 — 145,971 147,583 |
|
| 2,717 8,322 (38,792) — (27,751) (41,940) 17,000 — 7,100 — 24,100 32,125 (12,100) (12,000) — — (24,100) (32,125) — — 109,103 — 109,103 60,388 |
|
| 7,617 (3,677) 77,410 — 81,351 18,447 |
|
| 71,266 40,578 1,019,617 — 1,131,462 1,113,015 |
|
| 78,884 36,901 1,097,027 — 1,212,814 1,131,462 46,808 — — — 46,808 38,991 32,076 — — — 32,076 32,274 — 36,901 — — 36,901 40,578 — — 1,498 — 1,498 1,311 — — 43,676 — 43,676 40,235 — — 3,756 — 3,756 3,756 — — 500 — 500 500 — — 717,331 — 717,331 684,344 — — 327,853 — 327,853 286,822 — — 2,410 — 2,410 2,647 |
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Balance sheet
| Class and code Description |
This year Last year |
|---|---|
| Fixed assets Audio visual equipment Kitchen equipment Reach Legacy Acc Reach Legacy Inc St Andrew's mission church Bridgeman trust Burwell Sunday school Total Fixed assets Current assets Barclays current account Barclays deposit account CBF deposit account Barclays current account - Bldg Floats CBF deposit account - Bldg Gift aid tax recoverable Stock - CentrePeace Accounts Receivable Total Current assets Liabilities Post Box Account Agency collections Accounts Payable Total Liabilities Net Asset surplus(deficit) Reserves Excess / (deficit) to date Starting balances Gains/(losses) on investment assets Total Reserves Represented by funds Unrestricted Designated Restricted Endowment Total |
780 1,315 480 600 134,843 340,022 184,292 161,228 327,853 286,822 1,498 1,311 3,756 3,756 |
| 653,505 795,056 24,575 32,104 12,598 20,095 467,630 241,482 14,101 10,675 260 260 29,402 29,387 2,707 2,501 200 50 8,887 1,478 |
|
| 560,362 338,034 — — — — 1,054 1,629 |
|
| 1,054 1,629 |
|
| 1,212,814 1,131,462 |
|
| (27,751) (41,940) 1,131,462 1,113,015 109,103 60,388 |
|
| 1,212,814 1,131,462 78,884 71,266 36,901 40,578 1,097,027 1,019,617 — — |
|
| 1,212,814 1,131,462 |
Approved at the Parochial Church Council Meeting on 23[rd] March 2022
Signed:
Rev’d Canon Dr Eleanor Williams (Vicar)
Terry Chalmers (Treasurer)
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Analysis of income and expenditure
| Total Unrestricted Designated Restricted Endowment This year Last year INCOME AND ENDOWMENTS Incoming resources from generated funds - Voluntary income 1101BF - Bank giving - Bldg — — 2,880 — 2,880 2,880 1101CH - Bank giving 41,408 — — — 41,408 39,129 1102CH - Envelope giving 4,508 — — — 4,508 4,732 1103CP - Other planned giving 3,627 — — — 3,627 11,020 1104CH - Plate collections 1,225 — 339 — 1,564 2,393 1105BF - Gift aid tax recoverable - Bldg — — 630 — 630 630 1105CH - Gift aid tax recoverable 11,197 — — — 11,197 10,598 1106CH - WeddingFuneral collections 9 — — — 9 432 1108CH - Donations 8,057 — — — 8,057 8,750 Total 70,032 — 3,849 — 73,881 80,567 Incoming resources from generated funds - Activities for generating funds 1402CH - Other fund raising events 645 — — — 645 718 Total 645 — — — 645 718 Incoming resources from generated funds - Investment income 1501CH - Dividends 4,676 8,320 — — 12,997 12,551 1502SS - Dividends - Sunday School — — 41 — 41 57 1503BF - Bank deposit interest - Bldg — — 15 — 15 124 1503CH - Bank deposit interest 150 2 — — 153 1,198 Total 4,827 8,322 57 — 13,207 13,931 Incoming resources from generated funds - Other voluntary income 1201YW - Youth work and outreach income — — 144 — 144 707 1203CH - Legacies 15,500 — — — 15,500 500 1204CH - Wall safe 73 — — — 73 72 Total 15,573 — 144 — 15,718 1,279 Incoming resources from charitable activities 1301CP - CentrePeace takings 985 — — — 985 1,061 1302GH - Guildhall lettings 7,221 — — — 7,221 6,089 1303CH - WeddingFuneral fees 4,509 — — — 4,509 1,818 Total 12,716 — — — 12,716 8,969 Other incoming resources 1601CH - Other income 2,051 — — — 2,051 176 Total 2,051 — — — 2,051 176 |
Total Unrestricted Designated Restricted Endowment This year Last year INCOME AND ENDOWMENTS Incoming resources from generated funds - Voluntary income 1101BF - Bank giving - Bldg — — 2,880 — 2,880 2,880 1101CH - Bank giving 41,408 — — — 41,408 39,129 1102CH - Envelope giving 4,508 — — — 4,508 4,732 1103CP - Other planned giving 3,627 — — — 3,627 11,020 1104CH - Plate collections 1,225 — 339 — 1,564 2,393 1105BF - Gift aid tax recoverable - Bldg — — 630 — 630 630 1105CH - Gift aid tax recoverable 11,197 — — — 11,197 10,598 1106CH - WeddingFuneral collections 9 — — — 9 432 1108CH - Donations 8,057 — — — 8,057 8,750 Total 70,032 — 3,849 — 73,881 80,567 Incoming resources from generated funds - Activities for generating funds 1402CH - Other fund raising events 645 — — — 645 718 Total 645 — — — 645 718 Incoming resources from generated funds - Investment income 1501CH - Dividends 4,676 8,320 — — 12,997 12,551 1502SS - Dividends - Sunday School — — 41 — 41 57 1503BF - Bank deposit interest - Bldg — — 15 — 15 124 1503CH - Bank deposit interest 150 2 — — 153 1,198 Total 4,827 8,322 57 — 13,207 13,931 Incoming resources from generated funds - Other voluntary income 1201YW - Youth work and outreach income — — 144 — 144 707 1203CH - Legacies 15,500 — — — 15,500 500 1204CH - Wall safe 73 — — — 73 72 Total 15,573 — 144 — 15,718 1,279 Incoming resources from charitable activities 1301CP - CentrePeace takings 985 — — — 985 1,061 1302GH - Guildhall lettings 7,221 — — — 7,221 6,089 1303CH - WeddingFuneral fees 4,509 — — — 4,509 1,818 Total 12,716 — — — 12,716 8,969 Other incoming resources 1601CH - Other income 2,051 — — — 2,051 176 Total 2,051 — — — 2,051 176 |
|---|---|
| 12,716 — — — 12,716 8,969 2,051 — — — 2,051 176 |
|
| 2,051 — — — 2,051 176 |
|
| INCOME TOTAL | 105,845 8,322 4,051 — 118,219 105,642 |
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EXPENDITURE
| EXPENDITURE | |
|---|---|
| Grants 2101CH - Overseas missions — — 1,200 — 1,200 1,050 2102CH - Overseas relief agencies — — 1,850 — 1,850 1,250 2103CH - Home missions and Societies 120 — 4,389 — 4,509 4,445 Total 120 — 7,439 — 7,559 6,745 Charitable activities 2201CH - Ministry Share 59,112 — — — 59,112 59,149 2202CH - Clergy expenses 1,566 — — — 1,566 1,381 2203CH - Verger and services costs 945 — — — 945 407 2204CH - Choir and organ costs 1,574 — — — 1,574 2,637 2211CH - Electricity 2,013 — — — 2,013 2,042 2211CP - Electricity - CentrePeace 152 — — — 152 590 2211GH - Electricity - Guildhall 574 — — — 574 981 2212CH - Fuel oil and gas 613 — — — 613 1,256 2213GH - Gas - Guildhall 1,320 — — — 1,320 956 2214CP - Water - CentrePeace 158 — — — 158 104 2214GH - Water - Guildhall 514 — — — 514 284 2215CP - Rent - CentrePeace 4,160 — — — 4,160 4,160 2216CP - General rates - CentrePeace 61 — — — 61 21 2217CH - Insurance 4,903 — — — 4,903 4,728 2217GH - Insurance - Guildhall 900 — — — 900 888 2221CH - Maintenance and cleaning 3,133 — — — 3,133 2,731 2221CP - Maintenance - CentrePeace 36 — — — 36 186 2221GH - Cleaning - Guildhall 324 — — — 324 828 2222CH - Repairs and renewals 4,335 — — — 4,335 4,785 2222GH - Maintenance - Guildhall 12,872 — — — 12,872 2,442 2223BF - Building to serve project — — — — — 1,241 2224CH - Reach Church Re-ordering — — 34,896 — 34,896 43,819 2225CH - Depreciation 655 — — — 655 455 2231SS - Teaching materials — — 104 — 104 — 2231YW - Youth work and outreach expenses — — 319 — 319 1,036 2241CP - Stock purchases - CentrePeace 303 — — — 303 115 2242CH - Miscellaneous expenses 1,564 — — — 1,564 1,748 2242CP - Sundry expenses - CentrePeace — — — — — 39 Total 101,793 — 35,320 — 137,114 139,016 Charitable activities - Charitable activities - support costs 2301CH - Printing and stationery 1,100 — — — 1,100 1,600 2302CH - Books and publications 114 — — — 114 141 Total 1,214 — — — 1,214 1,741 Costs of generating funds 2401CH - Costs of fund raising events — — — — — 20 2402BF - Other fund raising costs - Bldg — — 84 — 84 59 Total — — 84 — 84 79 |
— — 1,200 — 1,200 1,050 — — 1,850 — 1,850 1,250 120 — 4,389 — 4,509 4,445 |
| 120 — 7,439 — 7,559 6,745 59,112 — — — 59,112 59,149 1,566 — — — 1,566 1,381 945 — — — 945 407 1,574 — — — 1,574 2,637 2,013 — — — 2,013 2,042 152 — — — 152 590 574 — — — 574 981 613 — — — 613 1,256 1,320 — — — 1,320 956 158 — — — 158 104 514 — — — 514 284 4,160 — — — 4,160 4,160 61 — — — 61 21 4,903 — — — 4,903 4,728 900 — — — 900 888 3,133 — — — 3,133 2,731 36 — — — 36 186 324 — — — 324 828 4,335 — — — 4,335 4,785 12,872 — — — 12,872 2,442 — — — — — 1,241 — — 34,896 — 34,896 43,819 655 — — — 655 455 — — 104 — 104 — — — 319 — 319 1,036 303 — — — 303 115 1,564 — — — 1,564 1,748 — — — — — 39 |
|
| 1,214 — — — 1,214 1,741 — — — — — 20 — — 84 — 84 59 |
|
| — — 84 — 84 79 |
|
| EXPENDITURE TOTAL | 103,127 — 42,843 — 145,971 147,583 |
| GRAND TOTAL | 2,717 8,322 (38,792) — (27,751) (41,940) |
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THE PCC OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN BURWELL WITH ST ETHELDREDA AND THE HOLY TRINITY REACH Notes to the Financial Statements for year ended 31[st] December 2021
STATEMENT OF ACCOUNTING POLICIES
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, together with applicable accounting standards and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005).
The financial statements have been prepared under the historical cost convention.
Funds
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.
The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
Restricted funds represent amounts given to the PCC where the donor has specified that the funds are spent on a particular purpose.
Incoming Resources
Voluntary income
Collections are recognised when received by the PCC.
Gift Aid donations are administered directly by the Church and the Gift Aid is recognised as income at the same time that the donation is recognised as income, which is when the donation is received. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal -1 (1) entitlement, the ultimate receipt is virtually certain, and the monetary value can be measured reliably. Amounts charged and raised at church events, such as money for food provided, and sale of books and craft items at the church shop, are recognised as income. Associated expenditure is recognised separately under Resources Expended.
Gifts in kind
Gifts in kind are accounted for at a reasonable estimate of their value at the time of gift to the PCC, if material and feasible, or else at the amount actually realised from their disposal. Rental income
Rental income from the letting of church premises is recognised when the rent is due in accordance with the arrangement, lease or licence.
Income from investments
Dividends and interest are accounted for when receivable.
Resources Expended
Liabilities
Liabilities are recognised as soon as the legal or constructive obligation arises. Grants payable
These are recognised in the accounts when a commitment has been made externally and there are no pre-conditions still to be met for entitlement to the grant which remain within the control of the PCC.
Activities directly relating to the work of the Church
The diocesan quota or ministry share is accounted for when payable. Any quota unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet. Governance costs
These could include the costs of the preparation and audit of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters. Page 13
Fixed Assets
Consecrated land and buildings and movable church furnishings
Consecrated and beneficed property is excluded from the accounts by Section 10(2) (a) and (c) 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 Statement of Financial Activities and separately disclosed.
Capitalisation of tangible fixed assets
Tangible fixed assets are capitalised if they will be used for more than one year and cost over £300.
Depreciation of tangible fixed assets
Depreciation is provided on all fixed assets on a straight line basis calculated to write off the cost over their expected useful lives, as follows:
| Short-life electrical equipment |
Short-life electrical equipment |
Short-life electrical equipment |
4 years |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other fittings and equipment |
10 years |
|||||||||||
No depreciation is provided on buildings due to their high residual value.
Stock
Stock is second hand books and craft items held for sale in the Church shop. It is valued at the lower of cost and net realisable value, with no value given to s/hand books.
Current Assets
Amounts owing to the PCC at 31 December in respect of fees, rents, grants or other income, less provision for amounts that may prove uncollectable, are shown as other debtors.
Taxation
The PCC is a charity and as such is not liable to taxation.
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
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