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2021-12-31-accounts

Charity Registration No. 1129917

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev Jonathan Widdess Jane Vlitos Kathryn Elliott Vivien Payne Roger Long Janice Harris Dr David Henderson-Slater Eve Lockett Jean Horsman Karen Adamson Neil Grady Helen Azer Mr Malcolm Taylor - Hon Treasurer Charity number 1129917 Principal address 1 Abingdon Road Cumnor Oxford OX2 9QN Independent examiner Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers National Westminster Bank plc 121 High Street Oxford OX1 4DD

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The sole object of the PCC is the furtherance of God’s work in this place. The PCC is responsible for the day to day administration of the assets and the church of St Michael’s, Cumnor.

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. When planning our activities for 20 21 the PCC considered the Charity Commission’s guidance on public benefit and been mindful of the need to reach as many people as possible throughout the parish through a range of services and other activities, where there is teaching about Jesus, worship and prayer.

Achievements and performance

The attached accounts are for the year ended 31 December 202 1 .

Reserves policy

It is the policy of this church to hold in unrestricted funds, reserves equivalent to 3 months general running costs excluding Parish Share, a total of £12,000. Current reserves exceed this total following receipt of a significant donation from the Olive Herbert Trust.

This will be designated for use on capital projects, which in time, will bring the level of free reserves closer to the ideal level.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Plans for future periods

Outreach to the many new homes being built across the Parish, growth of our Ministry to young families and engaging with the under 40’s to transition church to the next generation, continue to be the three key long- term priorities for the church. However, the disruption caused by the pandemic has put on hold any further development of this vision until there is clarity on what “future church” will look like post COVID. The new Church building at St Andrews expected to be commissioned mid-year, will open up exciting new opportunities for community involvement and mission to Dean Court in the coming years

Structure, governance and management

St Michael’s, Cumnor is a body corporate under the PCC Powers Measure 1956 and Church Representation Rules 2006. On 1 June 2009, the PCC completed the process of registration with the Charity Commission (Registration Number 1129917) to comply with the new requirements introduced by the Charities Act 2006.

The charity is administered by the members of the PCC. However, between major parochial meetings various working teams operating under the overall guidance of the Chairman conduct the day-to-day business of the parish.

The members of the PCC hold their position either ex officio or by election. Elected members of the PCC are appointed at the Annual Parochial Church meeting by a vote of those parishioners whose names are registered on the churches' electoral rolls.

The Trustees who served during the year and up to the date of signature of the financial statements were: Rev Jonathan Widdess

Jane Vlitos Kathryn Elliott Vivien Payne Roger Long Janice Harris Dr David Henderson-Slater Eve Lockett Jean Horsman Karen Adamson Neil Grady Helen Azer Christopher Scruby Valerie Grady Islwyn Evans Mr Malcolm Taylor - Hon Treasurer

(Resigned 18 July 2021) (Resigned 18 July 2021) (Resigned 31 October 2021)

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 ststement of Trustees. responslbllltles The Trustees are responsible for Preparing thg Twstee$' Rwrt and the finanoal statements in a￿rdance 8ppllcable 18w and Unfted Kingdom A¢￿I￿n￿"n9 Standards (Unfite(l ￿"ngdoM Generally Accepted Accounting Pr8cticel. The 18W 8pplirable lo charities in Engl8nd and Wales requires the Trustees to pffjparè financl81 statements for 88ch fln8ncial year which give a Inje and fair view of the stste of 8ff8irs of the Charity and of the incoming resources and application of resources of the Chanty for that year. In preparing these financial statements, lh8 Trustees are required to.. - select suitable accountsng polici&s and then apply them eonsistenty; - obseNe the methods and prtndples in Ihtr Chèrilies SORP: - make ludgtrmènls and esthmates that are rtr8s0n8bltr and prudent.. stsltr whtrlhtsr appllcable accourrtlng sland8rds ha￿ been follo**d. subltet to any mBtadal departures Isdosed and explained in the finan¢i81 $latsments' 8nd prepare the financial statements on th8 going concem ba￿8 unless tt IS Inapproprfale lo pres(tm& that the charity wlll contlnue in op¢r81I0n. The Trustèè$ are responsible for keeping strfityenl accounting r&¢ords that disdosè wlth rèasonable accuracy al 8ny timè thè fin8n¢ial position ol the Charity and trnable them lo ensurè that thè fin8nci81 statements comply wllh tha Ch8rttles Act 2011, thé Charity (Aeeounts and R8POrtsl Regulab"ons 2(K)8 and the provisions of the trust dèad. Th8y 8r8 Also ￿SpoNSibl6 for saf$guarding th& assèts of th¢ Chadty and h&nce lor taking reasonable st8ps for thè préventlon and d•t•ction of fraud 8nd oth•r iN8gul8rtU8s. TheT ort was approvad by tha Board of Trust￿$. - Hon TrtrasU￿r Trustee Dale..

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

I report to the Trustees on my examination of the financial statements of The Parochial Church Council of the Ecclesiastical Parish of St Michael's Cumnor (the Charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I 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 charity has prepared financial statements 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 (FRS 102) 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 now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Katherine Wilkes FCA BSc (Hons) Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

Dated: ......................... 3 May 2022

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
122,451
46,016
Charitable activities
4
10,344
340
Investments
5
129
37
Other income
6
2,864
-
Total income
135,788
46,393
Expenditure on:
Charitable activities
7
162,729
5,027
Net (outgoing)/incoming
resources before transfers
(26,941)
41,366
Gross transfers
between funds
5,325
(5,325)
Net (expenditure)/income
for the year/
Net movement in funds
(21,616)
36,041
Fund balances at 1 January
2021
186,881
356,925
Fund balances at 31
December 2021
165,265
392,966		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
168,467
336,033
14,790
10,684
11,493
329
166
905
383
2,864
2,128
-
182,181
350,559
15,502
167,756
165,511
26,597
14,425
185,048
(11,095)
-
-
-
14,425
185,048
(11,095)
543,806
1,833
368,020
558,231
186,881
356,925		 Total
2020
£
350,823
11,822
1,288
2,128
366,061
192,108
173,953
-
173,953
369,853
543,806

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR BALANCE SHEET ASAT31 DECEMBER 2021 2021 2020 Not•• Flxed assets Tangib18 85581s 12 168.802 41,093 Currnnt as$•t• Debtors Cash al bank and in hand 13 6.873 414.271 4,521 504,016 421.144 508,537 Cr•dltor•: •mount• talllng due wlthl one year 14 131,715) 15,8241 N81 current assets 389,429 502.713 Total aii•t• l•M ¢urr•nt Il•bllltl•8 558,231 543.806 In¢omg lunds R6Stricted funds Unrestrlcted funds 15 392,966 165,265 3S6,925 186,881 558.231 543,806 tements were approved by the Truslets ... Ta or- Hon Treasurer Tr￿1¢*

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Parochial Church Council of the Ecclesiastical Parish of St Michael’s Cumnor is a body corporate under the PCC Powers Measure 1956 and Church Representation Rules 2006. On 1 June 2009, the PCC completed the process of registration with the Charity Commission (Registration Number 1129917).

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Parochial Church Council of the Ecclesiastical Parish of St Michael’s Cumnor is a body corporate under the PCC Powers Measure 1956 and Church Representation Rules 2006. On 1 June 2009, the PCC completed the process of registration with the Charity Commission (Registration Number 1129917).

1.2 Going concern

The accounts are prepared on a going concern basis as the trustees are confident that sufficient funds will be available to enable operations to continue at a sustainable level for a period of at least 12 months from the approval of the accounts by the Trustees.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Parochial Church Council in furtherance of its general objectives and which have not been designated for any other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Parochial Church Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

1.4 Income

All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Rental income from the letting of church premises is recognised when the rental is due. Dividends and interest are accounted for when receivable and are received gross.

No amounts are included in the financial statements for services donated by volunteers.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the 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.

Grants and donations are mainly made for the propagation of the Gospel and to support other church-related organisations both at home and abroad.

The Diocesan Parish Share is accounted for when payable

1.6 Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Play area equipment 10 years straight line Electrical equipment 3 years straight line

Land and Buildings are not subject to depreciation as the members of PCC consider that the current valuation of land and buildings exceeds their carrying value on the financial statements.

Consecrated and beneficed property is excluded from the accounts in line with Section 10(2) of the Charities Act 2011. All expenditure, whether maintenance or improvement, incurred on consecrated or benefice property is immediately written off in the Statement of Financial Activities.

Movable church furnishings are inalienable assets which require a faculty for disposal. No cost or value is available for such items acquired before 2001 without incurring professional costs which the PCC considers would outweigh the benefit of providing such information. Items acquired after 1 January 2001 are capitalised at cost and depreciated over their effective useful lives.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity 's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The charity operates a defined contribution plan for the benefits of its employees. Contributions are expensed as they become payable.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
122,451
46,016
Charitable activities
Activities for
generating
funds
Income from
charitable
activities
2021
2021
£
£
Charitable activities
10,268
416
Analysis by fund
Unrestricted funds
10,268
76
Restricted funds
-
340
10,268
416		 TotalUnrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
168,467
336,033
14,790
Total
2021
Activities for
generating
funds
Income from
charitable
activities
2020
2020
£
£
£
10,684
11,457
365
10,344
11,293
200
340
164
165
10,684
11,457
365		 Total
2020
£
350,823
Total
2020
£
11,822
11,493
329
11,822

4 Charitable activities

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5
Investments
Unrestricted
Restricted
funds
funds
2021
2021
£
£
Interest receivable
129
37
6
Other income
Parish share rebate		 TotalUnrestricted
Restricted
Total
funds
funds
2021
2020
2020
2020
£
£
£
£
166
905
383
1,288
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
2,864
2,128

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Charitable activities

Charitable Charitable
activity activity
2021 2020
£ £
Ministry and church running costs
Staff costs 8,038 17,994
Depreciation and impairment 20,951 26,764
Church running expenses 21,033 21,782
Church maintenance 17,922 24,072
Sundry expenses 11,605 10,246
Parish share of diocesan expenses 71,663 70,406
Legal and professional fees - 2,766
Administration costs 7,730 7,622
158,942 181,652
Grant funding of activities (see note 8) 7,414 9,016
Share of governance costs (see note 9) 1,400 1,440
167,756 192,108
Analysis by fund
Unrestricted funds 162,729 165,511
Restricted funds 5,027 26,597
167,756 192,108

8 Grants payable

Charitable Charitable
activity activity
2021 2020
£ £
Grants and donations 7,414 9,016
-

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9
Support costs
Support
costs
Governance
costs
£
£
Governance costs
-
1,400
-
1,400
Analysed between
Charitable activities
-
1,400		 2021
Support
costs
Governance
costs
£
£
£
1,400
-
1,440
1,400
-
1,440
1,400
-
1,440		 2020
£
1,440
1,440
1,440

Governance costs includes payments to the independent examiners of £ 1,400 ( 2020: £ 1,320 ) for independent examination fees.

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

11 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
1 1
Employment costs 2021 2020
£ £
Wages and salaries 7,434 16,191
Social security costs 126 994
Other pension costs 478 809
8,038 17,994

The employee resigned on 31st of August 2021 so the above figure represents 70% of the accounting period.

There were no employees whose annual remuneration was more than £60,000.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12
Tangible fixed assets
Plant and
equipment
Assets under
construction
Play area
equipment
Electrical
equipment
£
£
£
£
Cost
At 1 January 2021
2,567
-
91,880
52,726
Additions
-
148,659
-
-
At 31 December 2021
2,567
148,659
91,880
52,726
Depreciation and impairment
At 1 January 2021
-
-
88,504
17,575
Depreciation charged in the year
-
-
3,376
17,575
At 31 December 2021
-
-
91,880
35,150
Carrying amount
At 31 December 2021
2,567
148,659
-
17,576
At 31 December 2020
2,567
-
3,376
35,150
13
Debtors
2021
Amounts falling due within one year:
£
Gift Aid
6,337
Other debtors
536
6,873
14
Creditors: amounts falling due within one year
2021
£
Accruals
30,315
Independent examination fee
1,400
31,715		 Total
£
147,173
148,659
295,832
106,079
20,951
127,030
168,802
41,093
2020
£
3,618
903
4,521
2020
£
4,504
1,320
5,824

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2020

£
St Mary Building
-
St Andrews FA Fund (MUGA)
12,564
St Andrews Dev Fund
127,571
St Michaels Restoration
4,290
St Michaels Improvement Fund
10,713
Vicars Discr'n Fund
1,750
Youth Workers
724
Memories Cafe
408
Poulton Fund
210,000
Fixed Assets Fund
-
368,020		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 January 2021

£
£
£
£
-
-
-
-
-
(9,188)
-
3,376
11,942
(1,700)
208,934
346,748
-
(2,793)
-
1,497
1,076
(11,222)
-
567
-
(347)
-
1,403
2,198
(281)
-
2,640
286
-
-
694
-
(1,066)
(208,934)
-
-
-
-
-
15,502
(26,597)
-
356,925		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 December
2021
£
£
£
£
-
-
-
-
-
(3,376)
-
-
44,230
(180)
(148,659)
242,139
-
(1,306)
-
191
730
(45)
(1,252)
-
-
-
-
1,403
1,433
-
(4,073)
-
-
(120)
-
574
-
-
-
-
-
-
148,659
148,659
46,393
(5,027)
(5,325)
392,966

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

15 Restricted funds

(Continued)

The Charity utilises the following restricted funds:

St Mary’s Building Fund (restricted)

Monies received specifically for the upkeep of St Mary’s Church

MUGA Fixed Assets Fund

Balance on this fund reflects the net book value of the assets relating to the multi-use games area.

St Andrew’s Development Fund

Monies received specifically for the future replacement building for St Andrew's Church.

St Michael’s Improvements Fund

Monies received specifically for the project to improve the access to, and facilities for, St Michael's Church.

St Michael’s Restoration Fund

Monies received specifically for the upkeep of St Michael’s Church.

Vicar’s Discretionary Fund

Monies received for use at the discretion of the vicar.

Youth Worker Fund

Donations and grants received to support the Cumnor PCC youth worker.

Memories Café Fund

Donations received at fortnightly meetings for early dementia sufferers and their carers.

Poulton Fund

A donation given specifically for the furtherance of religious activity in the Parish of Cumnor.

Fixed Asset Fund

The balance in this fund represents amounts capitalised as fixed assets.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL'S CUMNOR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Olive Herbert Fund (designated)

A donation from the distribution of funds following the closure of the Olive Herbert Charitable Trust. The PCC have proposed that this fund should be used where possible to finance capital projects which further the mission of the church across the Parish.

17 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
December 2021 are
represented by:
Tangible assets
20,143
148,659
Current assets/
(liabilities)
145,122
244,307
165,265
392,966		 TotalUnrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
168,802
37,717
3,376
389,429
149,164
353,549
558,231
186,881
356,925		 Total
2020
£
41,093
502,713
543,806

Total Restricted funds fell significantly through the year primarily due to spending on the St Andrew’s Rebuilding project. Through the year the deficit in the general fund (Unrestricted) continued to grow. The impact of the COVID pandemic continued to cause a significant reduction in collections, rental income and proceeds from fund raising events and a continuing deficit in the general operating budget. There is uncertainty on when we might recover these income streams, and the PCC are urgently looking at options to bring the budget back in balance.

18 Related party transactions

No members of The Parochial Church Council received or waived any emoluments during the period (2020: £Nil).

Ordained members of the clergy in receipt of a stipend do so directly from the Church of England.

£1,790 expenses were reimbursed to Trustees during the year. (2020: £1,166).

Donations made by Trustees to the churches in the year totalled £11,515 (2020: £16,583).