**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 .
- The COVID pandemic continued to have a huge financial impact on the parish accounts. In January 2021 the PCC approved a break-even operating budget for 2021 assuming planned giving and donations income at 2020 level and rental and fundraising income returning to pre Pandemic levels in the 2nd half of the year. Unfortunately, with restrictions in place and the churches closed for part of the year , overall income was 25% below budget leading to a significant operating deficit for the year.
- The project to rebuild St Andrew’s Church made significant progress in 2021. Planning permission was granted, a tender process was initiated leading to the appointment of a contractor in June and on-site construction started in November. Fund raising has been very successful and by end 2021 approx. 90% of the project budget of £630,000 had been secured. Agreement was reached with Dean Court Community Centre to hold worship services there for the duration of the project. Project completion is estimated at July 2022.
- The significant investment in a new AV system in St Michael’s church has proved a huge blessing which ensured that live streaming of Sunday services could continue to be offered to the congregation when the churches were closed.
- Government restrictions during the pandemic meant most church activities outside of Sunday worship were not able to take place, although some house group meetings did take place on ZOOM.
## **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.
- 1 -
## **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)
- 2 -
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 ardance
8ppllcable 18w and Unfted Kingdom A¢In"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 $latsments' 8nd
prepare the financial statements on th8 going concem ba8 unless tt IS Inapproprfale lo pres(tm& that the
charity wlll contlnue in op¢r81I0n.
The Trustèè$ 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 TrtrasUr
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:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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
- 4 -
**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.
- 5 -
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
Tr1¢*
**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.
- 7 -
**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.
- 8 -
**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.
- 9 -
**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|**Total**Unrestricted
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**
- 10 -
## **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|**Total**Unrestricted
Restricted
Total
funds
funds
**2021**
2020
2020
2020
**£**
£
£
£
166
905
383
1,288
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
2,864
2,128|
|---|---|
- 11 -
**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|
|-|||
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**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.
- 13 -
**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|
|---|---|
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## **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|
|---|---|---|
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## **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.
- 16 -
**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|**Total**Unrestricted
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).
- 17 -