Regisleied Char¢ty Number. 1130673 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 BEEVERAND STRUTHERS CHARTERED ACCOUNTANTS
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON Contents Pag8 PCC members and advisors Report of Ihe PCC Slalemenl of the PCC Responsibilities Report of Ihe independent examiners Slalemenl of FinatKial Activities Balance Sheet 10 Slalemenl ol Cash Flows Notes lo the Financial Slalements 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST IMRY THE VIRGIN LOUGHTON PAROCHIAL CHURCH COUNCIL MEMBERS AND ADVISORS FOR THE YEAR ENDING 31 DECEMBER 2021 Incumbènt and Chair of PCC Revd Malcolm M8cdonald Curdte Revd Stevè Opiè (rèslgned AugL5s120211 Hon Curate Revd Hugh TaylDr Churchwardens Paul Cuny Syhjla Vmlliams (appointed May 2021. reslgned as Assistant Churchwarden May 20211 Asslstant Churchwardens Michael Smilh Julie Leè18ppoinlèd 2021. resigned as ChurchwaTden May 2021) Elected Members Kale Mallhews (resigned May 20211 Richard Milne- Trèasurer and Vice Chair David Dronsfield Samantha Clayfield Cheiilee Ford Julie Huff Brenda MilleT Paulit)e Manning Natasha Poraj lappoinled May 20211 Jonathan Brown lappoinlod May 20211 co.opted Members Amanda Hart - PCC Secretary Representatlve$ on the Deanery Synod Debomh LakTr Carol Hartley Péter Blake Angle Blanche (resigned January 20211 Sylvia L8mbd8n lappoinled May 20211 Contsct Address 201 High Road Loughton Essex IGIO IBB Independent Examiners Beever and Slrulhers 15 Bunhill Row London EC1Y 8LP
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECENIBER 2021 PCC Chairman's Report- 2021 Objectlves The objectives of the charity are promotirEg the mission of Ihe church in Ihe ecclesiastical parish. Well done St Mary's famlly We made it through 20211 Honestly. well done lo the whole church family for persevering through what was at times a difficult year of ups and downs. I believe we have come Ihrough stronger in faith, hope and kjve. There is no doubt thal the past two years have changed LJS in a go way. I believe we are mor8 uriited, more hungry for God and because we know we are also al our weakest in some ways, we know how much we need God lo move. Vvhen the darkness is darkest. the light of Jesus shines brighlesll 2021 Reflectlons This was a year that looked towards renewal and emerging from the pandemic, bul we also needed perseverance as we fell things were not over yel and there was a sense of fatigue, grief and loss that was still clear, So il was a year of mixed emotions. Al the beginning of the year, we were still in lockdown. This gradualty eased leading up lo much more freedom in July. However, new variants continued lo impact life and navigating changes and restrictions has become part of people's lives over two years now. 11 has also beer) clear that there has been an impact from Covid. OUT Sunday's attendance has been 30 % down from 2019. Our regular giving has deGlined. mainly due lo the numbers who have passed away or Moved away. Our volunteer teams have been down by up to 8 third and our staff capacity also reduced due to illness. However, there have also been some real encouragemenls in 2021. We have seen new people join St Mary's. God has provKled financially in various ways, not least a wonderful response to our Renew Gift Days. Vve have sensed a new freedom in Sunday service5 in worship and sharing. New people have stepped in to serve. There 15 a fresh sense of vision and anticipation tor 2022. Highlights lo give thanks for.. Renew - At the beginning of 2021, we focussed on Isaiah 40.'3, °In the wildemess, prepare the way for the Lord,. We encouraged people in spiritual renewal and also to connect with one another and rest. People have fell tired from 2020 and needed fresh hope in 2021. Kingdom Come- We have also called the church lo prayer again in 2021. We now have a new prayer meeting every fottnighl on a miol-week evening. Sometimes we have met on Zoom and mostly in person. This has been better attended than previous prayer gatherings and very encouraging. Renew Gift Days In the summer we asked the church lo give into 7 areas lo help our recovery. We aimed at £40,000 and receDied approximately £45,000. This was such a sign of generosity and God's goodness. The seven areas were revit21ising Café Hope, online mission, investing in ignite, resourcing prayer, remembering our story, improving the experience of church and also upgrading the buildings. The delivery of these areas was limited due to unexpectedly reduced slafl capacily, bul we are Committed lo delivering as soon as possible in every area as promised and have been grateful for the generosity in giving.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON Helplng people reflect and remember This has been a year of reflection and remembering. We held a special service in July on Freedom Day, helping people process and reflect on the past 18 months of pandemic. We also held a memoiial service for HRH The Duke of Edinburgh and other memorial services for those who have died during these limes. Some of these had been delayed due to the pandemic. Church online in the first months of the year we relied agaln on onllne church for Sundays. We are very grateful lo Martin Slanesby and Mall Ayers for their help with this. We made the decision in the Spring to move lo teaching only content. This is becaLJse of our capacity in terms of volunteers and equipmenl needed. Plus. we know that there are a wide variety of worship resources available online and we don't really need lo keep broadcasting entire seTvices. We now have 215 YouTube subscribers lup 840/. from February 2020) and have had around 13,000 hits on our YouTube content in 2021. Revlve Sundays- We continued using Ihis model of church at 9am, 11am and 5ptn from March until August in 2021. This has beeTr a helpful model of church, which allowed for us lo meet the Covid requirements and also to bo able to worship together. It was only in July that we were also ahle lo reintroduce sung worship back into our services, which has been wonderful. We have also continued to seek to make space for the Holy Spifil 2nd listen lo one another. We even had a few open-air services, whiGh weie fantastic. In terms of Sundays, l also want pay tribute lo the amazing worship team we have. This team also reduced due to the pandemic. They have done so well in rebuilding through 2021. Food distribution We have conlinued thi5 year lo have a real ministry through Saved surplus food, Epping Forest Foodbank and also regular food deliverieg lo Norway House in Epping, which is accommodation for homeless families. Café Hope recovery - Café Hope has adapted so well al every stage of the pandemic and has been vital lo many people in terms of connecting. We have tried to keep il open as much as possible, but Iwioe have sadly had to close complelely due lo legal restrictions. I especially want lo pay tribute lo Paola Rs, Phyllis Prilchard and Peter Blake, who have kept Café Hope goirtrg during these lime5. 11 is so important as a place of support, love, prayer and belonging. In July, we said goodbye to Paola in her role as Acting Café Manager and recruited Brooke Smith as Café Hope Coordinator and Jeff Potter as Café Hope Missioner. Both are part time and have been an amazing team to take Café Hope into ils posl-pandemic recovery phase. We really wanled lo slep up OLtr offering lo get back lo where we had been in terms ol our missional and community impact. Café Hope is now back lo Ils normal opening hours and also regained a 5-slar rating from the Food Standards Agency. We are excited lo see what is next in 2022. New Mission Partners & Global Missions Coordinator - PCC approved Evangelical Alliance and International Justice Mission as two new mission partners in 2021. They will th receive financial support from St Mary's. Having said goodbye lo Carolyn Bluck who moved to Dorset who was a lantaslic advocate for missions in Sl Mary's, we were delighted to appoint Susan Brown to the role of Global Missions Coordinglor Ivoluntaryl. Susan has a real heart for mission and also revival. New website & Churchsuite - We were pleased to launGh a new website this year, which is easier to use, simpler, less cluttered and focussed mainly on people outside chLJrch, rather than church members. We also launched Churchsuile, which helps manage our database and rola management systems in a GDPR compliant way. Thls remains a work in progress, bul has been helpf ul in our adminislralion. Pastoral calls - We continued in the early part of 2021 with regular pastoral calls lo those most affected by lockdown. We sought lo identify people who would most Isolat and call them. This eased gradually and stopped following the easing of reslriGtions in July. Thank you lu everyone who has helped with this important ministry Ihroughoul the pandemic.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON Ignlte children & youth The pandemic has presented real challenges delivering children's and youth ministry, bul Michelle Slanesby, the ignite Advocates and ignite team members have done an amazing job al re-engaging our children and youth in 2021 as we emerged from lockdown. We reorganised so we could deliver ignite on Sundays again on a weekly basis. We started by offeririg ignite fortnighlly and building the team back again, which had reduced. During 2021, we renewed Wkty ignite ministry using four, rather than six, groups on Sundays. Also, the mid-week youth ministry was combined from groups into one group called Fusion. We also ran the Raising Faith Course for parents, and will do so aggin in 2022. Releasing new callings Each year we seem to be sending new people to train for ordained minlslry. In 2021, Debbie Lake started on placement al St Mary's as an ordinand. New Wine - We hosted Unlled Breaks Out online this yeai and it was good to find ways to do this in a way that brought new people lo experience New Vvine. Life Groups and Connect events 2021 was another challenging year for Life Groups. Many have mel as best they can either on zoom or in person. It has nol been easy. I wanl to thank all the Life Group Leaders who have been very faithful in connecting people, pastoral care and loving people through the past few years. Life Groups are the hearl-beal of Sl Mary's. We arranged a series of small-scale events in the summer to help peopl& reconnect, build back friendships and have fun together. These were all small, but very good. Quieter Christmas - Due to contlnued anxiety of the new Omicron covld variant, and also our staff tapacity reductions, our Christmas plans were reduced, but in a way that meant we could still celebrate and engage in mission. Highlighls included our first ever YouTube Christmas production that covered the whole of Christmas, 'The Best Christmas,. which was viewed over 350 times. We also Ghanged the larger Christmas Fayer into a smaller Chrislmas Café, which was well received. We still held all the events we did in previous years, bul wrth a smaller feel. Our main services were ticketed online, which was helpful in terms of expeclalions. But, due to Covid, around 40 /0 of those bookings did not come. We still fell every service was well attended and the gospel was shared and received. New mission opportunities Living Hope has adapted so much during the pandemic. One such adaption has been the new Cook Project. Working with the Cook shop on the High Road, Living Hope volunteers have been visiting and delivering over 20 meals a week to vulnerable people. Other opportunities have included working with ASDA and Epping Forest Foodbank lo make up over 100 food parcels al Chrislmas for those in need. These are onty two of a number of such new opportunities that have happened in 2021. Other Living Hope ministry has been adapled including a Coffee Moming in Café Hope, which seeks to minister to the elderly. This was adapled from the lunch club which mel pre- pandemic. Our amazing staff team This has been another tough year for our team, who have adapted many times lo new rules, reslriclions, circumstances and have completed multiple risk assessments and procedures to keep us as open and compliant a8 possible. Much of our staff team has been furloughed lo varied extents during this year. A number of the team have also faced ill health this year. Sometimes this has meant extended time off work and ministry. As a team we love one another and when one part suffers, we all suffer. I want to pay tribute to our wonderful staff team, who all do everything they can to serve others. It is a genuine privilege to lead arHJ serve alongside them. Staffing & Leadership The PCC, which has the responsibility, together with the Vicar, to promote the mission of the Church within the Parish, met eight times during the year. The Standing comMttee mel five times during the year as the executive of the PCC. Ignite ministry is also led by a team of dedicated Advocates.. M ichael Smith {se¢ondary ages), Sam Clayfield {pre-school ages) and Eleni Con5tantinou (primary ages). Many thanks to Catl Lee, who stepped dDwn as an Advocate this year.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON In terms of staffing it has been yet another year of change and blessing.. Paola Rees left the interim Café Hope Manager role she has held during the height of the pandemic. Poola showed great patience 8nd grace in her flexibility as she led Café through various Incarnalions during the pandemic. Brooke Smith (Café Hope Coordinalorl and Jeff Potter (Café Hope Missioner) were appointed 8t the same time to lead Café Hope. We have been thrilled by their impact and new leadership. Peter Blake and Phil Lowrie were both able to help in Café Hope on casual basis, which was much appreciated. Paola Rees, later in 2021, was appointed Living Hope Assistant. This role is funded by the Charles Fren¢h Trust and is for one year, lo help wilh Living Hope ministry. Steve Opie was appointed Curate-in-charge of St Mary's Leyton in August 2021. This meanl Steve moving on from Sl Mary's after on5y two years as Curate, most of which h been during the pandemic. We miss Steve and are very grateful to him for all the amazing work he did from 2019-2021 as our Curate. There are also 8 few people to mention who are not technically on the st8ff team, but are really part of the team as far as l am concerned. They are doing phenOeal work on a daily basis. Heather Scholer has stepped down from her leadership of Epping Forest Foodbank. I want to thank Heather for the huge amount she did over the years as founder and leader of the Foodbank. Yvonne Merle and Delphine Kennedy have led Little Lambs nursery through the pandemic with such patience, care and love. Well done. Ken Bartells and Diana Dodds play the orgall each Sunday al the 8.'45am, whh is very much appreciated. Public Beneftt The trustees Gonfirm that they have complied with their duty under section 17 of the Charities Acts 2011 in respect of public benefit guidance published by the charity commission. Policies forthe recruitment, appointment, Indu¢tlon and training of new staff. The following applies to appointments made by Sl Mary's PCC. Clergy appointments are made by the diocese and separate arrangements apply to these. The filling of other posts is decided by the PCC. VacanGies are advertised internally and, if appropriate, externally as well. A job description is used for each post and selection Is made using application forms, ref erences ar7d an interview panel, The appointment decision rests with the panel. Appointments are nortnalty subjecl to a Irial period and DBS checks are undertaken as appropriate before appointment. Each employee has a formal 51alement of their principal terms and conditions of employmenl. Line managers conduct appraisals forall our staff each year. Induction is tailored lo individual roles and needs. We have a budget for trainlng and fomal training is provided as necessary. Financlal Reportfor 2021 Again in 2021, God has been goc#J to us in our church finances. I want to underline my thanks to the church family for continuing lo give. As l am sure you will appreciate, even when closed, we have significant monlhly expenses, and your generosity helps us keep going. It costs a lot to rull St Mary's. Again, this year, we have had a number of factors that have drained our usual finances.. Some reduction of regular Standing Order income. Decrease of Gift Aid, due to reduced Standing Orders. Loss of rental income Loss of ministry income, including Café Hope and Saved! Loss of Yellow Envelope income and resulting Gift Ald income.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOLJGHTON Loss of k)ose plate offering income Increased c081$ of ulililies, as everyone has experienced. On the plLES side, we were able to claim furlough for a number of staff as appropriate. Many thanks to Nicola Leach, who has processed these claims for us. We were also blessed by the Renew Gift Day and a gacY from the estate of Elna Green. We are aware that we are always called to be generous and sacrificial in giving. Vve are glad to report that we have been able to meet our essential spending requirements and be generous. 11 is important to remember that as a church family we depend on the giving of God's people to sustain mission and minlslry. Income received lo St Mary's was more than budgeted mainly due lo the Renew Gift Days and furlough income. We paid our Parish Share in full and during the year and were able to support st Michaels parish share with £10,000 which is included in our own parish share lo the Diocese and allocated to them. We also supported a significant numbei of Mission Partners as well as helping people in need on a discretionary basis. Once again, I would like to thank our finance team for 2021. Ollce again, they have all served with integrity and commitment and most are volullleers. Many thanks lo Richard Milne {Treasurer), Martin Huff (Finance Administrator) and Nicola Leach {Payroll & Furlough Adminislrator) for their oulslanding quality of work in fulfilling their role of keeping Sl Mary's finances in good order. Thank you also lo Zac Cook for overseeing Grft Aid and also a big thank you to Peter Blake and Zac Cook who oversaw Sunday offerings, while we mel on Sundays. Regular checks are made (by finance team, PCC and Standing Committ) on the spending against the budget and we are always seeking to lake measures lo reduce wastage. The total income received in 2021 was £359,488, with expenditure being £401,552. These figures take inlo account a £65,232 depreciation value, and income generated by ignite of approximately £567, and a pending Gift AKI recovery of nearly £2,419. Our cash reserves on 31 December 2021 stOQKI at £175,508. We do encourage every member of St Mary's to give generously. We are grateful for the generosity of the church family and know we can be confident that God will provide. Once again, thank you St Mary's for everything in Ihts year we will never forgel. You are amazing. Praise Ihe Lordl On behalf of the PCC of St. Mary the Virgin, Loughton Iaj Revd Malcolm Macdonald (PCC Chair)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S RESPONSIBILITIES FOR PREPARAllON OF THE FINANCIAL STATEMENTS The Parochial Church Council is responsible for preparing the Annual Report and the financial slalernenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England Wales requires the Council lo prapare financial slalemenls for each fingn¢ial year which give a true and fair view of th e slate of affairs of the church and of the incoming resources and application of rÈsource$ of the church for that period. In preparing these linancid stalemenls. the Council is required to.. select suitable accounting policies and then apply them consisténtly.. observe the methods and principles in the Ch1118 SORP.. mthe judgments 8nd eslim81ès that are reasonable and prudent., slate whether applicable accounting sdardS have been followed. subject lo any material departures disclosed and explaned in the financial stalemenls, and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the chuTch will continue in operation. The Council is responsible for keeping sufficient accounting records that disclos8 with reasonab accuracy al any limo the financial position of the church and Énable them to ensure that the financial statements comply with the Charities Act 2011 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COiJNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON I report lo the charity Iwslee5 on my ex8mln8tion of the accounts of IhL4 chathly for the year ended 31 December 2021 whlch ar¢ $61 out on pages 9 to 23. Responslbllltles and basi8 of report As the charaly's Iwsle25 you are responsible for the prepar8llon ol Ihe o¢counts In aacordance with th8 requirements of the Charitles Act 201 fj I'the Act'l. I report in re5PeCt of my examination of the charity's accounts carried out under sectlon 145 of the Act and In cairylng out my examination I have followa¢J all the 8pplieable Dlrectlons glven by the Charity Commlssion undgf section 145lSllbl of Ihe Act. Indepèndent exarninerf8 stat¢m•nt Slnce the Charity's gross Income exceeded £250,000 your examlner musl be a metnber ol a body listed in seollon 145 of the Act. l ¢onfl¥tn that l am qualifled lo uncfertake the examinatlon because l am a member of the Instltute of Chartered Accounlanls of England and Wales whlch is one of the listed bodies. I have completed my examinatlon. I confirm that no material malleis have come to my attention In connection with the examlnallon glvlng me cause lo believe that in any mat&rial respéct.. accounting records wÈre not kept In respect of the charlly as required by 88cllon 130 of ihe Act,. or the accounls dD not accord wlth those records., or the accoun15 do compty wllh the applicable r8quir6ments concerning the form and content of accounts sèt out in Ihe Charities (Accounts and Reports) Regulatlons 2tK)8 other than any iequiiement that the accounts give a 'true and fair vi* lch is not a malter consldered a8 part of an independent examlnatltsn. I havo no ccncems and have come a¢ro8s no other matters In connection with the examinolion to whlch atlentlon should be dr8TM7 in this report In order to ernab a propw undolstanding of the accounts lo be reached, 15 Bunhill Row London EC1Y8LP Adam Thom FCA Beever and Struthers Chartered Accountants Dale..
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Unre3iriGlfd REBldrlod R1(led funds Hope Centre Hop ¢fiu[ch HaH Totsl Total Note Income and endowments from: Don81ions and legacies Charitable activilies Investments Other 300,654 300.654 267,333 18,552 18.552 13,736 468 52,n9 40,218 40,218 Totsl income and endowments 359,488 359,488 334,276 Expendlture on. Raising funds Charitable aclivities Govemance 27.789 306,462 5.560 27,769 368,223 5.560 27,826 356,451 5,640 25,398 1,495 34,868 Total expendithre 339.791 25,398 1.495 34,868 401.552 389,917 Net movement in funds 19,697 P5.3981 {1,4951 134,8681 42.0641 155,6411 ReeonclIla0n of fvnd$'. Total funds brought fotward 217,285 965.496 8,000 1,283,581 2,474,362 2,530,003 Total funds carried fOard 236,982 940,098 6,505 1,248.713 2.432,298 2.474,362 All Income expendllure derive from collllnuing acllvilles. The slalement of financial activities includes all gains and losses recognised during the year.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Notp Flxed assets Tangible assets f3 2,258,519 2,323,751 2,258.519 2.323,751 Current assets Debtors Cash al bank and in hand 14 7,304 175,508 17,945 147.961 182.812 165,906 Cr8dltors: amounts falllng duè within one year 15 19,033 115,2951 Net currenl assets I Iliabllltiesl 173,779 150,611 Total assets less current liabilitig 2,432.298 2,474,362 Net assets I Illabllltteg} 2,432,298 2.474,3e2 Charity Funds Restricted funds Unreslricled funds 16 16 2.195,316 236,982 2,257,077 217,285 Total charlty fund$ I Ideflcltl 16 2,432.298 2.474,362 The financid slalements were approved and suihorlsed for issue by the Trustees on Signed on behalf of the board of Iwslees.. Namé.. Malcolm Macdonald Name.. Richard Milne Role.. PCC Chair Role.. PCC Treasurer Dale.. 1513 Dale.. 16 The notes on pages 12 10 23 form part of Ihese fi¥>ancial slalemenls. qD
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST PJIARY THE VIRGIN LOUGHTON STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash flow from operaung actlvlties Intest P8id 18 27.483 11,435 Net cash ftow from Dperating activities 27,483 11,435 Cash flow from invèstlng 4ettv1Ès Payments lo acquire tangible fixed a8sels Interest received P,2111 468 64 Net cash flow from Investlng actlvltles 11.743) Cash flow from financing activities Nel cash flow from financing activltles Net inrroa¥g I Idpcrea3el in cash and cash equivalents 27,547 9,692 Cash and cash equlvalents at 1 January 2021 147,961 138,269 Ca$h and ¢ash equivalents at 31 December 2021 17S,508 147,961 Cash and cash equlvalents conslsts of: Cash al bank and in hand Short lerffl deposits 175,608 147,961 Cash and cash èquÈvalents at 31 December 2021 175,508 147.%1
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STMARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 PRINCIPAL ACCOUNTING POLICIES Basis of accountlng The flnancial statements have been prepared under the historical cost convention on an accruals basis. The financial statements have been prepared in 8ecordance with the Charitie5 Act 2011, Church Aocounling Regulations 2(8 together with the Financlal Rèport1 Standard FRS 102 and the Charity Comtnission Slalemenl of Recommended Practice.- Charities SORP IFRS 102). The addTess of the regislered office is given in the charity information on page l of these financial slaleinents. Ihe charity conslilules a public benefit entity as defined by FRS 102. The financlal statement have been prepared in accordance wilh Accounling and Reporting by Chailles.. Statement of Recc>mmended Praclicg applicablo lo ¢h8ri11gs preparing their accounts in accordance with ihe FiTBnGial Rgporting Standard applicable in the UK and Republic ol Ireland IFRS 11Y21 issued on 5 October 2018 the Financial Reporting Standard applicab16 in the Unitèd Kingdom and Republic of Ireland (FRS 1021, the Ch8rille8 Act 2011. and UK Generally Accepted Accounting Practicè. In¢omlng resources Giving atryj other voluntary income, rent. room hire and advertising income is rocognis8d whèn 13 recelv3ble. Gift aid refunds weto also shown on an accruals basis. Funds iaised through fetes and similar events are accounted for gross wlh assoclaled expenses shown on tha 8¢eounls. Legacie5 For legaoles. enlillemenl is the earfier of the charity being notified of an impending distribution OT the legacy being received. Al this point income is recognised. Qn occasion legaciès will be nolified to the charity however il is not possiblo lo measuTe the amount expected lo be distributed. On thÈsè occasions, Ih&18gacy Is Irealed as a contingent assel and disclosed. Grants recelvable Reven grants are credited lo the incorne and expenditure account over the period to which they relate. Outgoing resources lexpenditurel Expenditu is recognlsed when 11 is due laccruals basis) not when it is paid. Amounts are 81aled inclusive of VATa8 the church is unable lo recover Ihis. Tanglble a88pts al Consecrated and beneficed property is eludad from th8 ac¢ounls utKler Section 1Q of the Chartliès Act 2011. bl No value needs lo be placed on moveablfj church fumlshlngs held by the VScar and churchwardens on special Itusl for the PCC which iequires a dioce8an faculty fordisposal. cl The Parish Centre building is held by the PCC a5 Iw81ee8 for tho Dioc889 of Chelmsford and the property is Ihèrelorè not included as an asset of the PCC. Expenditure on repairs. renewals, maintenance and improvements lor each building has been Irealed as ievenue expenditure as Incurred. 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 PRINCIPAL ACCOUNTING POLICIES (continued) d) The new chutch hall ha5 been conslrucled and has beèn eapilallsed as expendite was Incurred. The building 11 bedepreoiated at per annum. el Olher equipmènt and assets used by the church has hlslorically been charged lo revenue oxpènditurè 8s Incurred ralher Ihan depreclaled over ils useful life. From l Jalluary 2006 expenditure above £5,000 on equipment and other assets will be capilalised and depreciated over its esllmated useful life of five years. Hope Centre The Hop8 CÈntre has been constructed ard has been capilallsod as expenditure was incurred. Thè Hope Centre will be depreciated at 2% per annutn and the equipment for the Hope Centre will be depreciated at 200A per annum. Debtor Amounts reeesvable lor paid ir? advance) al the end of the period are included in the accounts under debtors. These include invoic¥d 5ewi¢e and prepaid expenditure. Llahilities Amounts payable al the end of the period are included in the aecounls undor amounts payable wilhill Dr aller one year as approprialè. This includes smounls due lo suppliers and accrued expenditure (d bul not invoiced). Restrlctéd and designated funds Futxjs received for speciflc purposes are funds reslricled for use for that purpose, Ihe Parochial Church Council may designate part of the aeeumu131ed 8urplus for certan purposes. In either case those funds are shown s8par#lely in the accounts. Pxrochlal Church Council remunerauon During the year the church èmployed one full-time operations rnanager wtm) was a member of the PCC. Fknw8ver rg.muneralion was not received in respeGI of their capacity as PCC member or Repre5eri131ive, these costs are shown under staff costs in note 10. Otherwlse no PCC members received any remuneration duiing the year. Staff costs The church èmployed a Cleaner, a catake[, an Adminislralor and Worship Director, an Operations Manager. a Cslé Hope CD-or(linalor. a Café Fbpe Missioner, a Living Hopè Co- Ofdinalor, a Livbng Hope Assislanl and an Adminislralorfor Ignlto Children's Ministry. The cosls are shown in the accounts in note 11. Clergy are p3id by the Dioce8e and are not employeas of thè P2rochlal Church Council. Expenses incurred by the clergy on behalf of the church are reimbursed and shown in note 10 lo the accounts. 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINAhlCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 PRINCIPAL ACCOUNTING POLICIES (conlinued) Golng concem The financial slalemenls have been prepared on a going concetn basis as the trustees believe that no material unceriainlies exist. The Iruslees have considered the level ol funds held and the expecled level ol income and experxlilure for 12 months from aulhonsing these financial slalemenls. The budgeted income and expendltura Is suffitt18nl wllh thè lèval of rÉseN6s for the charily lo be able lo continue as a going ¢oncem. Judgements and key sources ofe8tirnatioD uncertainty The following judgements (apart from those involving eslimalesl have been made in the PToce88 Of applying the above secounting policies that have had the most significant ef lecl o n amounts recognised In the flnaneial slalsmènts.. Incorne is recognisèd when it is probable that it will be received at the best eslimaie available, e.g. Gllt Ald recoverable ba88d on donatlons recfjlved. The key assumptions conoemlng the lulure and other key sources of estimation uncertainty at the reporting dale that havo a signiflcanl risk of oauslng a maleilal adjustment lo the carrying 8mounls of assets and liabilities wilhin the next financial year include.. Tangible fixed assets. Tangible flxed assets are deprec181ed ov&r IheSi useful lives taking Into account residual values. where appropriate. The actual lives of the assets and iesidual values are assessed annually 8nd may vary dEPEftding on a number of factors. In re- assessing ass81 lives, factors 5u¢h as lechnDlogical innovation, producl life cycles and mainlenanee programmes are taken inlo account. Residual value assessments consider Issues such as future market oc>nditions, the remaining life of the assel and PTojecled disposal valu8S. Flnanci41 instruments Financial instruments such as accounts payables. accounts receivables and cash are cla8slfl8d ellher as basic or complex. All financial instruments are initially measured al their fair valup.s al the lime Ihe transactions occur. Subsequenlly 811 basic inslrnmenls are measured al amortised cost and 311 complex financial InstMentS are measUd al a fair value Ihrtsugh tha comprehensive income. Financial inslrumenls held by the charity are classified as follows.. Financial assets SUGh as cash and receivables a classified ag receivables and held al amortised cost using the effective interest mglhnd, Finanoial Ilabllilies stjch as payables are held 8t amortised cost using the effective interest method. 14
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NIARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Incomè frnm donations and legacies 2021 2020 Glfls {Glfl Aid) Direct giving Gift aid recov6ry 157.606 46.236 177,541 39,701 Gifts (Non Gilt Aid) Diie¢l glving Legacies 88,76S 8,047 300,654 50.091 267,333 Income from charitable aetlvltlès 2021 2D20 Rent and lellings Away weekend Other 8Ctivilie$ Other functions 12,652 150 210 4,973 567 8,559 4,281 18,552 13,736 Income from investments 2021 2020 Bank Interest and dividends 64 64 468 Other income 2021 2020 Church fees receiv8d Coffeo shop Furfough grant incoFne Other Living Hope gr8nl Sncome {reslricledl Hope Centre counselling f¢Jnd Grant received 2,746 16,220 ZO,502 t,352 14.856 27,981 8,OOQI 20 750 40,218 52,739 15
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of resources expèndèd Staff Costs Other Direot Costs Other Allocated Cosls Total 20Z1 Tolal 2020 Cost of en Coffee shop Gosl ol functions 14,525 13,244 27.769 27.308 518 27.826 14,525 13,244 27,769 Charitable activities Missionary & charitable work Parish running cost Church support ¢osl Youth work 16,024 101,(K9 79.717 2,014 198.824 16,024 163,864 177,090 13.000 165,453 168.393 9,605 35e,451 62,7g5 653 98,720 9,231 105,961 63,448 368.223 Total charitable activity before govemance costs 120,476 212,068 63,448 395,992 384,277 Governance costs 2021 2020 TrLJslee remuneralicin Trustee expenses Independent examiners remuneration (including expenses and beneflls In klndl 10 2,800 2.760 2,640 5,560 5,84 Tmslees do not recelve a remuneration as Twslees. Thtry are relmbursod for incidelllal expens05. Nèt Income I l&xpendlturèl for the year endlng 31 December 2021 Net income I lexpendilure} is staled after charging l (crediting).. 2021 2020 Depreciallon of langlblo flxed 8ss¢Is 65,232 65.233 IndeyndÈnt examlnèrs remunèration Ihe independent examiners remuneration amounts to an independent examination fee of £2,300 {2020 - £2,200) eXGluding VAT. 16
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10 Trustees. and key management personnel remuneration and •xpÈnses Icontinued Th& ¥simbtJrs6mènl of th8 expenses of Irusl8es Malcolm Macdonald and Steve Ople was as follows.. 2021 2020 Number ol Trustees 2021 2020 Sub8islenc8 2,800 2,800 3,0(H) 3,OCM) Staff costs and eEnployee benefits The average monthly number of èmpltsy88s and full Iitn8 equivalent IFTEI during the year ending 31 Decèmbèr 2021 was ag follows.. 2021 Number 2021 FTE 2020 NumbBr 2020 FTE Raising funds Charilable activities The lolal Staff costs and employees benefit's was as follo.. 2021 2r)20 Wages and salaries SoGial security P6nsitsn 110,671 6,718 3,087 113.303 6,137 2,844 120,476 122,284 17
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12 Staff costs and employee benefits No employees received total employee benefits of more than £eo,ocM). 13 Tangible fixed assets Furniture and Equipment Churoh Organ Hope Cenlre Hope Cenlfe Equipment Church Hall Total Cost At 1 January 2021 Additions Al 31 December 2021 1,743.381 87,478 22,115 1,062.936 20.694 2.936,604 1,743,381 87,476 22,115 1.062.936 20.694 2,936,604 Depreciation.. Al l January 2021 Charge forthe year Al 31 December 2021 451,437 34,868 486,305 76,559 3,492 BO,051 8,845 1,474 10,319 63.595 21,259 8£854 12,417 4,139 16,556 612,853 65.232 678,085 Net book value.. Al 31 December 2021 1,257.076 7,427 11.796 978,082 4,138 2,258,519 Al 31 D8cèmber 2ry20 1,291,944 10.919 13,270 999,341 8.277 2,323,751 14 Debtor$ 2021 202Ck Gift aid reooverabEe - Sl Maty'8 Prepayments 2.419 4,886 16,643 1,302 7,304 17,945 15 Credltors: amounts fralling due within one year 2021 2020 Olher creditors 9.033 15,295 9,033 15,295 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16 Fund reeoncillatlon Unrestricted funds Balance al 31 December 2020 Balance al 31 December 2021 Iorne Expènditurè Transfer Unrestricted 217,285 359,488 {339.7911 236,S82 Totsl 217,285 359,488 1339,7911 236,982 Restricted funds B8lantt8 at 31 Decembèr 2020 Bal8nc& al 31 December 2021 IroMe Expenditure Transfer Hope Centre 965,49S (25.3981, 940,098 virva Hope 8,OOL) 11,4951 6,505 Church Bijilding 1.283,581 4,868)" 1,248,713 Total Restricted Funds 2,257.077 161,7611 2,195,316 "DBpreoiation on the Hope Centre Depreciation on the church hall Fund description8 al Unrestricted lunds Funds lo be used In the ordinary course ol the busirEss ol the chatity b) Reslricled lunds Funds received for specific purposes 8re funds rè$lrieled for use for that purpose. The church building fund represents the value of the building and ils fixtures and liltings. The Hope Centre reslricled fund was established lo represent Ihe income and expenditur& rèlating lo works lo the Hope Centre which have now been completed, Hope Centre depreciation is charged through this fund. The Living Hope fund repres@n18 grant received for the specific purpose of meeting the ¥1$ ol the Livlng Hope Project. The Parochial Church Councll may deslgnale part of the accumulaled surplus lor certain purposès. 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17 Analysls of nèt assets b•ian funds Unroslricled funds Re51rycled funds Totsl Fixed assets Cash and eurrent Investments Other cu¥renl assels I liabililles 19,223 175,508 42,251 2.239,296 2,258,519 175,508 11,7291 (43.9801 Total 236,982 2,195.316 2,432.298 18 Reconclllatlon of net Income I lexpendItu} to nèt cash flow from op•raVng a¢llvltlg$ 2021 2020 Nel income I lexpendilurel for year I period 142,0641 155.6411 Intere81 recelv8ble Deprecialion and irnpairrnenl of tangible fixed assets Ilncrea58) I decrease In deblots Increase I Idecreasel in creditors 14681 65,233 613 1,698 65,232 10.641 16,2621 Nél Lash flow Irtsm opèrating acliv11I8S 27,483 11,435 19 Related paty transactions Related parties lo be disclosed under Charity SORP 2019 are the relationships between.. the Chairman Malcolm Macdonald and Living Hope Coordinator Caroline Jan& Macdonald, the WorshSp Direclorand Admlnlslralor Martin Huff and PGC Member Julie Huff. 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19 R•latsd party transacttons Icontlnuedl Information about r618t8d party transactions and oulslan¢Jing balances is olI1n8d below.. Outstanding balances Incorne Expenditure Commitments Michael Smith a Iruslee is a direclorof Epping Paving & Buildinu Supplies Ltd At end date 2021 Al end dale 2020 534 937 Sharon Milne, spouse of Treasurer and Vice Chair Richard Milne, provided CDunselling Services Al end dale 2021 At énd dale 2020 480 1S5 Tho following employees srè algo Iwslees or Represenlallves on the Deanery Synod. The Ituslees are satisfied that all salarie8 are either al or below market rale forsimilar rolès in the area. Name Posltlon Gross pay Employer Pension Amanda Hart Operations Manager and PCC Secretary 27,673 643 Total 27.673 643 The followlng employees are related parties via family connections lo either the Irusleès or key management personnel. The trustees are sallsfied that all salaries are either al or below market rale for similar roles in thé area. Name RelaOn¥h[P Gross pxy Employèr Pensltsn Caroline Jane Macdonald Spouse Macdonald Spouse of PCC Member Juliè Huff of Chaiman Malcolm 11,148 147 Martin Huff 23,114 Total 34,262 147 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20 Capital and Major Repalrs Commltménts 2021 2020 ConlTacled bul not Involced Authorised bul not conlrAcled for 21 Flnanclal Instruments The Charity's financial instruments may be analysed 8s follows.. Flnanclal Assets 2021 2020 Flnanclal Assets Measured at Cost Cash and Cash Equivalonls 175,508 147,961 Financial As#ets Measured at Amortised Cost Other Debtors 17,945 Totsl Flnanclal Assets 182 812 165,9( Fln8nelal Llabilities Flnancial Liabilities Measured at Amortl$ed Cost Trade clIrg Other Creditors 9,033 15,295 Tot81 Flnancial Liabilities 22
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STMARY THE VIRGIN LOUGHYON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 22. 2020 statement of Flnanclal Activities Unr8strfcled R¢8tilctÉd Hopj Cenlre ReStCle Lfvlnu R$lCl Cburch Total In¢oTne and endowments from.. Donations and leg8cI6s Chaiilablg aalivllles Investments Other 267,333 13,736 468 44.739 267.333 13.736 468 52.739 8,000 Total Income and endowments 32e,276 8,0 334.276 Expendlture on: Raising funds Charitable activities Governance 27,826 296.184 5,640 27.826 356.4SI 5,640 25.398 34,869 Total expenditure 329,650 25,398 34,869 389,917 Not movement in fvnd8 13,3741 P5,3981 8,000 134.8691 155,641 Reconciliation of fvnds: Total funds brought fopNaid 220,659 990,894 1.318,45D 2,530,003 Totsl funds carried fornard 217,285 965,496 8,000 1,283,581 2.474,362 23