OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

The University Church of St Mary the Virgin

Charity number: 1130491

Unaudited Accounts for the year ended 31st December 2020

Wenn Townsend

Chartered Accountants

Oxford

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2020

Membership Vicar: The Revd Dr W Lamb (Chair) Associate Vicar: The Revd Dr Simon Thorn (until 18th March 2020) Precentor: The Revd Susannah Reide (from 1st December 2020) Associate Priests: The Revd C Bannister-Parker The Revd A Ramsey Licensed Lay Minister: S Mortimer - (from 7th November 2020)

Ex officio members/Trustees:

Elected members/Trustees:

N Hardyman - Churchwarden M Roper - Churchwarden (until 25th October 2020) J Greenland - Churchwarden (from 25th October 2020) F Leach - Deanery Synod, Diocesan Synod, Treasurer J Worsley - Deanery Synod (until 25th October 2020) S Maughan - Deanery Synod (from 25th October 2020) J Reece - Deanery Synod J Andrews D Barr - (Deputy Churchwarden) (until 25th October 2020) J Beveridge - (until 24th December 2020) T Blenkinsop M Chaundy - (Deputy Churchwarden, Safeguarding Lead) I Hewitt - (until 25th October 2020) M Lean M Lipscomb K Melham - (from 25th October 2020) V Mort - (from 25th October 2020) R Sandford-Smith L Sutton - (until 25th October 2020) L White - (from 25th October 2020) E Williams - (Secretary) K Wodehouse

- 1 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2020 (continued)

The members of the church present their annual report and the financial statements for the year ended 31st December 2020.

Structure, governance and management

The church is regulated by the Church of England and is a registered charity (no. 1130491) with the Charity Commissioners under the requirements of the Charities Act 2006. It operates under the guidance of the vicar, the church wardens and the parochial church council. It has the responsibility of promoting the whole mission of the church, pastoral, evangelistic, social and ecumenical. Along with the De Brome Trust, it also has maintenance responsibilities for the Church of St Mary the Virgin.

The PCC has been formed under the Parochial Church Council Rules (Powers) Measure 1956. The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. New PCC members are given induction training by the churchwardens. The PCC makes all decisions corporately except that the Standing Committee has delegated powers to make decisions between PCC meetings subject to keeping the PCC informed as necessary. The PCC has established three additional committees to oversee specific areas of our life and work: the Finance Committee, the Faith in Action Committee, and the Fabric Advisory Committee.

Objectives and activities for the public benefit

The objectives of the PCC are defined by the Parochial Church Council (Powers) Measure 1956 as to cooperate with the minister in promoting in the parish the whole mission of the church, pastoral, evangelistic, social and ecumenical.

The electoral roll now numbers 123 (2019: 123).

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Achievements and performance

Worship, learning and hospitality stand at the heart of the ministry of the University Church. Inevitably, the year was dominated by the Coronavirus pandemic. Public worship at St Mary’s ceased on the advice of the House of Bishops and in the light of government guidance from Wednesday 18th March until Sunday 5th July. Worship was suspended again by order of the government from Wednesday 4th November until Sunday 6th December. From Sunday 5th July, Sunday services included a celebration of the Eucharist at 8.30am and a Sung Eucharist at 10.30am. Numbers were limited in the light of guidance from the House of Bishops and those attending had to register for track and trace purposes. The usual Sunday attendance was 86 (although the numbers were restricted to 80). Throughout the lockdown period and the periods when public worship resumed, worship online was offered for those shielding at home. Statistics show that 415 people listened to the Easter Day podcast. In the course of the year, there were over 75,000 users of the website. Remarkably, 43% were aged between the ages of 18-34. 39% were aged 35-64 and 17% were 65 plus. 60% were female and 40% were male. The online worship pages were accessed by 5,153 users in the course of the year. Morning Prayer was offered via Zoom. In October, the number of weekday worshippers was 123 (in comparison with 150 the previous year). We welcomed the following preachers of University Sermons in the course of the year: Fra’ John Eidinow, Merton College (The Latin Sermon), His Eminence Archbishop Angaelos, Metropolitan of the Coptic Orthodox Church; Loretta Minghella, First Church Estates Commissioner; The Revd Canon Dr Peter Groves, Vicar of St Mary Magdalen, Oxford; Professor Helen King, The Open University; Dr Bethany Sollereder, Laudato Si’ Research Institute, Campion Hall; and the Revd Canon Dr Rachel Mann, Rector, St Nicholas, Burnage.

- 2 -

The University Church of St Mary the Virgin

Annual Report for the year ended 31st December 2020 (continued)

Achievements and performance (continued)

A number of events took place at St Mary’s in the course of the year. In January, we welcomed over 200 people to listen to a discussion between the Very Revd Dr Jeffrey John, the Revd Professor Diarmaid MacCulloch and Professor Helen King on the theology of equal marriage. 498 people attended a variety of opportunities for learning in the course of the Hilary Term. In subsequent terms, a number of events took place online. These included a weekly Bible study, gatherings on Sunday afternoons, a Poetry Workshop and a Theological Reading Group. We also developed a number of learning resources online: these included an exhibition ‘Passion and Compassion’ which included a website and an app. Based on the 14 stations of the cross, this involved a collaboration with a number of scholars and academics within the University of Oxford, as well as the Ashmolean Museum and the Christ Church Picture Gallery. We also developed a series of podcasts on Spirituality and Climate Change, and a series of Meditations on Mark. We also offered a series of seminars on Climate Change, led by the Revd Charlotte Bannister-Parker.

There were a number of key staff changes in the course of the year. The Revd Dr Simon Thorn arrived as Associate Vicar in January from Winchester College and left in March. The Revd Susannah Reide arrived as the Precentor in December, while continuing in her role as Chaplain, Harris Manchester College. In the course of the year, we have benefitted from the assistance of the following clergy: the Revd Julia Baldwin, the Revd Charlotte Bannister Parker, the Revd Dr Jane Baun, the Revd Susan Bridge, the Revd Dr John Findon, the Revd Canon Bruce Kinsey, the Revd Dr Erica Longfellow, the Revd Canon Dr Judith Maltby, the Revd Stephen McCarthy, the Revd Dr Alvyn Pettersen, the Revd Laurence Price, the Revd Alan Ramsey, the Revd Donald Reece, the Revd Georgie Simpson and the Revd Canon Robert Wright.. In addition, we welcomed a number of ordinands from Cuddesdon in the course of the year: Victoria Venmore-Rowland, Hannah Grivell, Becca McDonnell, Josh and Beth Whitnall.

In November, as part of the Oxford Christmas Light Festival, we worked with Lux Muralis to produce an online version of our son-et-lumiere. This collaboration with Lux Muralis, the Bodleian Library and Fusion Arts was supported by funding from the Arts Council. The Faith in Action Committee has supported the Community Emergency Food bank, the work of the Green Team, and Christian Aid. In December, three Carol Services took place which served to raise a substantial sum to support the Gatehouse, the Oxford Winter Night Shelter and the Porch.

Plans for the Future

The PCC had an Away Day in January 2020 to review the Strategic Plan. This work was paused in the light of the pandemic but will resume in 2021. In the course of 2020, we approved a new Surveyor of the Fabric, Mr Mark Hammond of Caroe Architects Ltd. He began work on a quinquennial inspection of the fabric and his report will be reviewed in 2021. The PCC has also worked with a consultant from the Cathedral and Major Church Projects Support Panel as we embarked on a review of the arrangements for catering in the Old Congregation House and the Old Library.

Financial review

During the year, the University Church received income of £350,952 (2019: £589,348). The regular income of the church arises from the use of church buildings and donations. Expenditure during the year totalled £422,850 (2019: £501,617) resulting in a deficit of £71,898 (2019: surplus £87,731). The general fund showed an accumulated surplus of £184,280 (2019: £252,743).

At 31st December 2020, there were free reserves of £34,222 (unrestricted general funds excluding fixed assets) (2019: £93,556).

Approved by the Trustees on 24th March 2021 and signed on their behalf by:

F Leach

…………………………………………

- 3 -

University Church of St Mary the Virgin

Independent Examiner’s Report to the Trustees of The University Church of St Mary the Virgin

I report to the charity trustees on my examination of the accounts of the University Church of St Mary the Virgin for the year ended 31st December 2020 which are set out on pages 5 to 18.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

G L Cole BA FCA Partner Wenn Townsend Chartered Accountants Oxford

6th April 2021

- 4 -

The University Church of St Mary the Virgin

Statement of Financial Activities for the year ended 31st December 2020

Unrestricted Unrestricted Restricted Totals Unrestricted Unrestricted Restricted Totals
Note General Designated Funds 2020 General Designated Funds 2019
Funds Funds Funds Funds
£ £ £ £ £ £ £ £
Income and endowments from:
Donations and legacies 2
Government grants receivable 25,669 - - 25,669 - - - -
Donations and legacies 263,958 10,000 11,904 285,862 501,126 10,000 9,764 520,890
Charitable activities 3 32,500 6,363 - 38,863 68,214 - - 68,214
Interest received 4 558 - - 558 244 - - 244
Total income 322,685 16,363 11,904 350,952 569,584 10,000 9,764 589,348
Expenditure:
Church activities 5 375,722 31,789 15,339 422,850 427,655 54,925 19,037 501,617
Total expenditure 375,722 31,789 15,339 422,850 427,655 54,925 19,037 501,617
Net income/(expenditure) (53,037)
(15,426)		 (3,435) (71,898) 141,929 (44,925) (9,273) 87,731
Transferred between funds 13 (15,426)
15,426		 - - (44,925) 44,925 - -
Net movement in funds (68,463)
-		 (3,435) (71,898) 97,004 - (9,273)
87,731
Reconciliation of funds:
Total funds brought forward
at 1st January 2020 252,743 - 469,675 722,418 155,739 - 478,948 634,687
Total funds carried forward at
31st December 2020 184,280 - 466,240 650,520 252,743 - 469,675 722,418

The notes on pages 8 to 18 form an integral part of these accounts.

- 5 -

The University Church of St Mary the Virgin

Balance Sheet At 31st December 2020

Note
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
10
Creditors:amounts falling due
within one year
11
Net current assets
Net assets
Funds
Restricted
12
Unrestricted
- general
- designated
13
Total funds		 £
86,757
104,973
_
191,730
(4,798)
_		 2020
£
463,588
186,932
_
650,520
═════
466,240
184,280
-
_
650,520
═════		 £
320,410
75,169
_
395,579
(154,038)
_		 2019
£
480,877
241,541
_
722,418
═════
469,675
252,743
-
_
722,418
═════

These accounts were approved by the trustees at a meeting held on 24th March 2021 and signed on their behalf by:

F Leach

The notes on pages 8 to 18 form an integral part of these accounts.

- 6 -

The University Church of St Mary the Virgin

Statement of Cash Flows for the year ended 31st December 2020

Net cash generated by
operating activities (note 16)
Cash flows from investing activities:
Interest received
Additions to fixed assets
Net cash provided/(used) by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 558
-
_



 2020
£
29,246
558
_
29,804
75,169
_
104,973
═════		 244
(19,581)
_		 2019
£
267
(19,337)
_
(19,070)
94,239
_
75,169
═════

- 7 -

The University Church of St Mary the Virgin

Notes to the accounts

for the year ended 31st December 2020

1 Accounting policies

a) Basis of preparation

These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The accounts have been prepared in accordance with the Statement of Recommended Practice: 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts include all the transactions, assets and liabilities for which the Church is responsible in law. They do not include the accounts of church groups which owe their main affiliation to another body nor those which are informal gatherings of church members.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The impact of Covid-19 is detailed in the trustees report,

b) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the members in furtherance of the general objectives of the church and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the church for particular purposes.

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 cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Income recognition

Donations and legacies

Collections are recognised when received by or on behalf of The University Church. Planned giving receivable under covenant is recognised only when received. Income tax recoverable on covenants or gift aid donations is recognised when the income is recognised. Grants and legacies to The University Church are accounted for as soon as The University Church is notified of its legal entitlement and the amount due.

Charitable activities

Rental income from the letting of The University Church property is recognised when the rental is due.

Investments

Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.

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

- 8 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

1. Accounting policies (continued)

d) Expenditure recognition

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 the use of the resources.

Governance costs are those incurred in connection with administration of the Church as a legal entity and are not connected with generating income or charitable expenditure.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The Church is not registered for VAT and, as such, irrecoverable VAT is included within the expense in which it was incurred.

e) Fixed assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the accounts by Section 10(2) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for The University Church and which require a faculty for disposal since The University Church considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA.

Freehold buildings (Stratford Street & Mary Price Close) This is included in the accounts at cost. The members consider that the property is maintained so that any depreciation would be immaterial and is therefore not required.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight line basis over 5 – 10 years.

f) Current assets

Amounts owing to The University Church at 31st December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible.

g) Government grants

The charity received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the statement of financial activities in the period in which the charity is entitled to such grants as a result of having furloughed staff members.

- 9 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

2 Donations

Donations
Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £
£		 £
Stewardship and planned giving 45,514 -
-		 45,514
Income tax recoverable on covenants and gift aid 8,218 -
-		 8,218
Collections - services 6,192 -
-		 6,192
- boxes 6,144 -
-		 6,144
Contribution from the de Brome Trust
197,890		 -
-		 197,890
Recurring grant (from University) - 10,000
-		 10,000
Oriel contribution for Chancel insurance - -
3,304		 3,304
Vicar discretionary fund - -
8,600		 8,600
263,958 10,000
11,904		 285,862
Government grants receivable 25,669 -
-		 25,669
289,627 10,000
11,904		 311,531

Included within donations, gifts and legacies for the Charity is £25,669 (2019: £nil) of Government grants relating to the Coronavirus Job Retention Scheme.

Unrestricted Unrestricted Restricted Total
general designated funds 2019
funds funds
£ £
£		 £
Stewardship and planned giving 27,027 -
2,900		 29,927
Income tax recoverable on covenants and gift aid 9,565 -
-		 9,565
Collections - services 22,507 -
-		 22,507
- boxes 16,285 -
-		 16,285
Donations and legacies 35,742 -
-		 35,742
Contribution from the de Brome Trust
390,000		 -
-		 390,000
Recurring grant (from University) - 10,000
-		 10,000
Oriel contribution for Chancel insurance - -
4,877		 4,877
Vicar discretionary fund - -
1,987		 1,987
501,126 10,000
9,764		 520,890

- 10 -

The University Church of St Mary the Virgin

Notes to the accounts (continued)

for the year ended 31st December 2020

3 Income from charitable activities

Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Old Library receipts 5,379 - - 5,379
Weddings and funerals 7,233 - - 7,233
Use of church buildings 11,511 - - 11,511
Rental income from Stratford St & Mary Price Close 8,377 6,363 - 14,740
32,500 6,363 - 38,863
Unrestricted Unrestricted Restricted Total
general designated funds 2019
funds funds
£ £ £ £
Old Library receipts 13,312 - - 13,312
Weddings and funerals 17,322 - - 17,322
Use of church buildings 37,580 - - 37,580
68,214 - - 68,214

4 Income from investments

Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Bank and building society interest receivable 558 - - 558
Unrestricted Unrestricted Restricted Total
general designated funds 2019
funds funds
£ £ £ £
Bank and building society interest receivable 244 - - 244

- 11 -

The University Church of St Mary the Virgin

Notes to the accounts (continued)

for the year ended 31st December 2020

5 Church activities

Church activities
Unrestricted Unrestricted Restricted Total
general designated funds 2020
funds funds
£ £ £ £
Parish share 91,086 - - 91,086
Curate’s stipend (including Er’s NI and pension) 14,587 - - 14,587
Stratford St and Mary Price Close costs 1,840 4,607 - 6,447
Publishing and printing 8,372 - - 8,372
Clergy expenses and salary 15,123 - - 15,123
Speaker fees and expenses 400 - - 400
Altar, flowers, cleaning & refreshments 6,051 - - 6,051
Staff training, entertaining and clothing 364 - - 364
Staff advertising and recruitment 366 - - 366
Music costs (including organist’s wages) - 27,182 - 27,182
Wages (including Er’s NI and pension) 143,976 - - 143,976
Maintenance and repairs 44,061 - - 44,061
Insurance - - 3,304 3,304
Telephone 3,076 - - 3,076
Sundry expenses 5,254 - - 5,254
Depreciation 9,129 - 8,160 17,289
Governance costs (note 7) 3,408 - - 3,408
Donations 14,721 - - 14,721
Vicar discretionary fund - - 3,875 3,875
Legal, professional and consulting 13,908 - - 13,908
375,722 31,789 15,339 422,850
Unrestricted Unrestricted Restricted Total
general designated funds 2019
funds funds
£ £ £ £
Parish share 86,893 - - 86,893
Curate’s stipend (including Er’s NI and pension) 33,396 - - 33,396
Stratford Street costs - 15,314 - 15,314
Publishing and printing 14,201 - - 14,201
Clergy expenses and salary 8,907 - - 8,907
Speaker fees and expenses 771 - - 771
Altar, flowers, cleaning & refreshments 17,930 - - 17,930
Staff training, entertaining and clothing 2,462 - - 2,462
Staff advertising and recruitment 5,838 - - 5,838
Music costs (including organist’s wages) - 39,611 - 39,611
Wages (including Er’s NI and pension) 135,901 - - 135,901
Maintenance and repairs 66,283 - - 66,283
Insurance - - 4,877 4,877
Telephone 3,218 - - 3,218
Event expenses 10,479 - 6,000 16,479
Sundry expenses 3,025 - - 3,025
Depreciation 9,832 - 8,160 17,992
Governance costs (note 7) 3,440 - - 3,440
Donations 11,777 - - 11,777
Legal, professional and consulting 13,302 - - 13,302
427,655 54,925 19,037 501,617

- 12 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

6 Wages and salaries

The wages and salaries costs comprise:-

2020 2019
£ £
Wages 142,274 150,179
Social security costs 7,317 9,948
Pension costs 2,119 9,170
Government grants (25,669) -
────── ──────
126,041 169,297
══════ ══════
The average number of employees (full time equivalent)
during the year was:- 7 7
══════ ══════

No employee during the above years earned more than £60,000.

F Leach and K Wodehouse were trustees during the year and received sums of £530 and £1,025 (2019: £1,465 and £570) for services in the choir. The Revd Dr W Lamb (a trustee) received expenses of £nil (2019: £734) incurred in his role as Vicar.

7 Governance costs

overnance costs
2020 2019
£ £
Examiner fees 3,408 3,440
═════ ═════

8 Tangible fixed assets

Cost
At 1st January 2020
At 31st December 2020
Depreciation
At 1st January 2020
Charge in year
At 31st December 2020
Net book value
At 31st December 2020
At 31st December 2019		 Freehold
Fixtures &
buildings
fittings
Piano
Total
£
£
£
£
442,462
66,545
81,595
590,602
442,464
66,545
81,595
590,602
-
39,820
69,905
109,725
-
9,129
8,160
17,289
-
48,949
78,065
127,014
442,462
17,596
3,530
463,588
442,462
26,725
11,690
480,877

The freehold buildings comprise the house located at Stratford Street, and the property purchased from the Mary Price Fund to house a church worker.

- 13 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

9 Debtors 2020 2019
£ £
University grant 10,000 10,000
Owed by The De Brome Trust 5,496 302,110
Owed by St Mary’s (PCC) Ltd 54,535 -
Other debtors 7,516 8,300
Prepayments 9,210 -
───── ─────
86,757 320,410
═════ ═════
10 Cash at bank and in hand
2020 2019
£ £
CAF cash 67,964 47,547
Nat West 37,009 27,622
───── ─────
104,973 75,169
═════ ═════
11 Creditors:Amounts falling due within one year
2020 2019
£ £
Owed to St Mary’s (PCC) Limited - 147,158
Other creditors 1,359 3,441
Accruals 3,439 3,439
───── ─────
4,798 154,038
═════ ═════

- 14 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

12 Restricted funds

Vicar Faith Mary
Discretionary Piano Development Butler Chancel in Action Price Total
fund fund fund fund fund fund fund fund
£ £ £ £ £ £ £ £
Balance at 1st January 2020 3,881 32,176 113,001 7,717 - 2,900 310,000 469,675
Donations received 8,600 - - - 3,304 - - 11,904
Expenditure (3,875) (8,160) - - (3,304) - - (15,339)
Balance at 31st December 2020 8,606 24,016 113,001 7,717 - 2,900 310,000 466,240
Vicar Faith Mary
Discretionary Piano Development Butler Chancel in Action Price Total
fund fund fund fund fund fund fund fund
£ £ £ £ £ £ £ £
Balance at 1st January 2019 1,894 40,336 113,001 13,717 - - 310,000 478,948
Donations received 1,987 - - - 4,877 2,900 - 9,764
Expenditure - (8,160) - (6,000) (4,877) - - (19,037)
Balance at 31st December 2019 3,881 32,176 113,001 7,717 - 2,900 310,000 469,675

The Piano fund comprises monies received in 2011 to 2013 for the purchase and ongoing maintenance of a new piano for the church. £3,530 of the fund is represented by the book value of the piano, with the balance held as cash for future maintenance costs.

The Development fund comprises monies received as grant funding and other donations to be used for the major development project at the Church.

The Butler fund comprises monies to be applied for ministry to students, assistance of students and the Sunday School, and is represented by cash held in savings accounts.

The Mary Price fund comprises of monies received towards the purchase of a new property to house a Church worker. The property is held in the accounts at cost at £403,769. The restricted fund of £310,000 along with unrestricted funds of £93,769 is represented by the cost of the building.

- 15 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

13 Designated funds

Stratford Street £
Balance at 1st January 2020 -
Income from Stratford Street property 6,363
Expenditure on Stratford Street property (4,607)
Transfer from general funds (1,756)
──────
Balance at 31st December 2020 -
══════
£
Balance at 1st January 2019 -
Expenditure on Stratford Street property (15,314)
Transfer from general funds 15,314
──────
Balance at 31st December 2019 -
══════

These funds are to pay for repairs to the property at Stratford Street.

Other designated funds

Balance at Balance at Income Expenditure Transferred Balance at
1/1/2020 in year in year from 31/12/2020
General
£ £ £ £ £
Music costs - 10,000 (27,182) 17,182 -
- 10,000 (27,182) 17,182 -
Balance at Income Expenditure Transferred Balance at
1/1/2019 in year in year from 31/12/2019
General
£ £ £ £ £
Music costs - 10,000 (39,611) 29,611 -
- 10,000 (39,611) 29,611 -

- 16 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

14 Analysis of net assets between funds
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2020 were
represented by:-
Tangible fixed assets 150,058 - 313,530 463,588
Current assets 39,020 - 152,710 191,730
Current liabilities (4,798) - - (4,798)
Total net assets 184,280 - 466,240 650,520
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund balances at 31st December 2019 were
represented by:-
Tangible fixed assets 159,187 - 321,690 480,877
Current assets 247,594 - 147,985 395,579
Current liabilities (154,038) - - (154,038)
Total net assets 252,743 - 469,675 722,418

- 17 -

The University Church of St Mary the Virgin

Notes to the accounts (continued) for the year ended 31st December 2020

15 Transactions with related parties

During the year, The de Brome Trust made donations towards the following expenses, in accordance with its objects, which would otherwise have been borne by the church :-

£ Salaries 106,804 Parish share 91,086 ───── 197,890 ═════

16 Reconciliation of net movement in funds to net cash flow from operating activities

2020 2019
£ £
Net movement in funds (71,898) 87,731
Add back depreciation charge 17,289 17,992
Deduct interest income shown in investing activities (558) (244)
Decrease in debtors 233,653 (254,503)
Increase/(decrease) in creditors (149,240) 149,291
───── ─────
Net cash generated by operating activities 29,246 267
═════ ═════

- 18 -