Charity Registration Number - 1130762
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31[ST] DECEMBER 2020
ST KEA PAROCHIAL CHURCH COUNCIL
YEAR ENDED 31 DECEMBER 2020
CONTENTS
| Page | |
|---|---|
| Annual Report | 1-7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11-17 |
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
Reference and Administrative Details
Church Address: The Church Office Churchtown Killiow Truro TR3 6AE Telephone: 01872 262868 Email: office@stkea.org.uk Website: www.stkea.org.uk Charity Registration No: 1130762 Bankers: Lloyds Bank plc 7 Boscawen Street Truro TR1 2QT Independent Examiner: D M Batten BSc. FCPFA DMS Kingfisher House 14 Truro Road Lanivet PL30 5HF The following served as members of the PCC during the 2020 calendar year: Chair – Vicar: Rev. Marc Baker Church Wardens: Martin Handford Neil Bridle Titular Warden of Old Kea Jan Argall Assistant Curate: Rev. Will Harwood Representatives of the Deanery Synod: Richard Card (until APCM October 2020) Ben Goddard Trevor Grose (died June 2020) Claudia Loveland Alan Stanhope Elected Members Trustees: Heather Alford Stephen Baird Richard Card Joanna Craze Peter Emms Ben Goddard Maggie Heddon Jonathan Larkin Julie Le Masurier Graham Loveland (PCC Secretary) Natalie Russell Richard Stovin-Bradford (PCC Treasurer) Ex-officio:* Siân Goddard (Strategic Operations Manager)
- The Titular Warden of Old Kea is regarded as an honorary member of the PCC but does not normally attend PCC meetings and is not a trustee.
1
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
PCC members’ report
The PCC members (trustees) present the annual report together with the financial statements of the Charity for the year ended 31 December 2020.
Overview of Kea Parish & PCC operations for 2020
St Kea’s vision is “Seeing God transform lives”. As a church, we are committed to helping everyone join in this great adventure as God transforms us into the people we were made to be. We seek to be engaged with the world around us and committed to evangelism, sharing the good news of Jesus with those who do not know him. We want to see all Christians established in - and deepening - their faith as they seek to live for Jesus. We also want to equip everyone for the unique life God calls them to live, and long for everyone who lives and works in Truro and beyond to have the opportunity to receive the gospel from someone who loves them.
In practical terms, we seek to provide high-quality Christian worship and teaching and provide a pastoral support network for the church family and those living in the communities around us. We also engage in outreach to promote the Christian faith with youth and children in the church family and in local schools and through our work with Christians Against Poverty (CAP). We support gospel partners locally and, through UK-registered charities, further afield.
Full details and reports on all activities can be found in the supplementary annual report published for the Annual Parochial Church Meeting (APCM) in April, and on the church website: www.stkea.org.uk
Parish
The Parish of St Kea covers an area that includes Killiow, Playing Place, Calenick, Porth Kea and Coombe.
The parish has four centres of worship – the Parish Church of All Hallows (commonly known as “Kea Church”), Old Kea Church, Penair School in Truro and CAP Lanterns congregation that normally meets at Truro Baptist Church on Tuesdays.
There were 186 people on the electoral roll of the Parish of St Kea as at the 2020 APCM.
Worship & Ministry
The incumbent is The Rev. Marc Baker, who was inducted into the parish on 2 May 2013, and became Vicar on 18 October 2016. In July, he was appointed Rural Dean of the Powder Deanery. The Rev. Will Harwood, who joined the ministry team as Assistant Curate in July 2019, leads the congregation at Penair School in Truro. He was ordained Deacon on June 19 and priest on September 20. Steve Murray, who joined the staff in November 2018 as lay Associate Minister responsible for Youth and Families, leads the congregation at All Hallows. Paul Salaman, who joined the ministry team as an Ordinand Trainee in September 2018, left in June to be curate at St Probus & St Grace in Probus. Hannah Green was an intern during the year, assisting the church leadership across a range of activities.
2
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
Sunday worship:
The coronavirus Covid-19 pandemic interrupted church family meetings in person for worship for much of the year, but whole-church worship and ministry continued via livestream broadcast on YouTube and Zoom with services at 10.30 a.m. every Sunday and a monthly prayer and worship meeting on one Sunday evening a month. The information below reflects the normal pattern of worship when the church family could meet in person.
All Hallows: An informal, family-friendly service is held at 10.30 a.m. Holy Communion is celebrated once a month. A prayer and worship meeting is held one Sunday evening a month.
Old Kea: Holy Communion is celebrated at 8.30 a.m. on the first Sunday in the month; Evensong is held at 6.30 p.m. on the third Sunday in the month. Services at Old Kea follow the Book of Common Prayer (1662).
Penair School, Truro: An informal, family-friendly service is held at 9.30 a.m. Holy Communion is celebrated once a month.
In 2020, 9 funerals were conducted in the parish.
PCC
The statutory role of the Parochial Church Council is to co-operate with the incumbent “in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical”. The PCC is, by law, a body corporate and is a registered charity (Charity number 1130762). The PCC is responsible for maintaining the fabric of the churches and churchyards and other property held in trust by the parish, and for the financial affairs of the parish.
Members are elected to the PCC at the APCM (usually held in March but held in October in 2020 as a result of the pandemic) and can serve in office for a period of up to three years. Members of the St Kea electoral roll can stand again for PCC or Deanery Synod membership at the end of a three-year term.
Standing Committee
The Standing Committee has been authorised to transact items of business on behalf of the whole PCC and to develop major proposals to the point at which they are ready for discussion by the PCC meeting.
The members of the Standing Committee comprise: the Incumbent, Churchwardens, PCC Secretary, PCC Treasurer, Strategic Operations Manager and two members appointed from the PCC. One PCC representative on the Standing Committee died in June and was not replaced before the end of the year.
Fabric
The fabric includes the two churches - All Hallows and Old Kea - and associated churchyards, and the church hall and church cottage on the All Hallows site.
3
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
Staff
The PCC employs four members of staff, one of whom occupies two posts:
Church Administrator: Kay Mumford (Part-time 15 hours per week); Leadership Assistant: Kay Mumford (Part-time 10 hours per week); Associate Minister with responsibility for Youth & Families: Steve Murray (full-time); CAP Truro Centre Manager: Natalie Gavan (Part-time 22.5 hours per week); and Strategic Operations Manager: Siân Goddard (Part-time 10 hours per week).
In the six months to end-June, the Strategic Operations Manager’s working hours were 16 hours per week and those of Ruth Putnam, the Church Administrator at the time, also 16 hours per week. When Ruth gave notice in April, a role review was undertaken, and the respective posts and working hours adjusted as set out above. Kay Mumford was appointed to the Church Administrator and Leadership Assistant roles (both advertised separately), and started in July.
In addition to paid staff, St Kea offers an internship training scheme. Hannah Green undertook our internship programme during the year. This is not a paid role; interns are instead entitled to apply for bursary support funding from St Kea to support their living costs, although this is not guaranteed.
Financial Review
Income and expenditure
Against the backdrop of the Coronavirus Covid-19 pandemic, 2020 was a year of running hard to keep the church family connected and to provide worship continuity through livestream broadcasts on YouTube and Zoom on Sundays, and house group meetings on Zoom during the week. Many regular outreach and parish activities were curtailed by the pandemic, so the leadership team focused instead on building community online and, with the pastoral team, on maintaining contact with the lonely and vulnerable.
In spite of the pandemic, the confidence given by the sustained level of regular giving and a generous unrestricted legacy from a former church member meant that we did not need to furlough or reduce staff. A grant by the Belling Trust enabled the PCC to cover the full cost of investment in high-tech equipment and software to provide livestream broadcasts, positioning St Kea strongly to increase its outreach into Truro and beyond for years to come, well after the pandemic has ended.
2020 was also a year of fixing the fabric and fittings of our meeting spaces when restrictions permitted. Essential work was commenced to repair the roof of the church hall and redecorate the upper meeting room, to creating a more welcoming and usable space. At Old Kea essential masonry repairs had to be carried out to the entrance at Old Kea; more efficient heaters replaced existing ones and work began on the access and WC project.
In financial terms, the church had a surplus for the year of £32,606 (2019 surplus £13,725), compared with a projected budget deficit of £15,487 because the 18.4 per cent year-on-year fall in income was outpaced by a 26.7 per cent drop in expenditure.
Unrestricted income, mostly from planned regular giving and Gift Aid reclaimed, held up well in the circumstances at £205,885 as traditional cash and cheque givers moved their giving online. Regular online giving, primarily through the Parish Giving Scheme, accounted for almost 95 per cent of the total regular giving for the year. Even so, reduced activity-based income and bank interest resulted in a £1,098 decline in unrestricted income compared to 2019. Restricted income was £49,571 lower than a year ago, when the figure was boosted by a substantial donation for upgrades at All Hallows and a legacy for churchyard maintenance. In 2020, the unrestricted legacy mentioned, together with a generous restricted gift and the restricted Belling Trust grant accounted for much of the 4.8 per cent increase in overall funds.
4
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
Turning to expenditure, pandemic restrictions on meeting in person reduced our activity-based spending on initiatives such as our youth and children’s ministry and our work with Christians Against Poverty (CAP) in Truro. CAP refunded £9,120 of fees overpaid over the past 8 years, more than covering our regular fee outlay for 2020. We look forward to resuming our activities more fully as soon as we can. Our overall spending on premises was below budget, not least because we saved rental costs while Penair School, the meeting place for our Truro congregation, was closed. Another area of reduced spending was by our Mission Working Group, which did not achieve its intended target of spending 10 per cent of voluntary giving received on Gospel Partnerships. The £12,803 underspent will be carried forward in full and added to the 2021 giving target of £19,318.
Expenditure overall fell by £69,735 to £191,725, resulting in the £18,881 increase in net income to £32,606.
Balance sheet
Our balance sheet remains strong, with net current assets of £201,245 of which £55,227 is held in restricted funds and £37,803 in designated funds. Further details on these funds can be found on pages 10 and 14.
Reserves
At the balance sheet date, the church’s free reserves totalled £108,215, being the unrestricted portion of net current assets. On the basis of average monthly normal operating expenditure*, this represents seven months' cover.
The PCC’ policy is to hold sufficient reserves to cover at least three months’ normal operating expenditure to cushion the church in the event that income declines sharply. The minimum reserve agreed by the PCC is £60,000.
The PCC has approved a budget for 2021 that results in a deficit of £8,417. If the budget is achieved, amounts held in reserve would exceed the minimum reserve agreed.
*Normal operating expenditure includes the costs of the church’s outreach and discipleship activities, its staff team, clergy, buildings, online ministry, youth and children’s ministry, its work with Christians Against Poverty and gospel partnership initiatives locally and internationally.
Looking ahead
We expect expenditure to increase as coronavirus Covid-19 vaccination programmes gather momentum and we are able to resume normal activities more fully.
Although over time, we aim to cover expenditure from planned regular giving alone, such giving will need to increase if we are to continue to meet existing commitments and be in a position to seize growth opportunities and fulfil our vision to see God transform lives in Truro and beyond.
Unfortunately, fewer than half of the nearly 200 households in the church family currently give regularly and this constrains in our ability to plan with confidence. The PCC commits to providing regular updates on the activities our generous givers already fund.
5
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
----- Start of picture text -----
Events income Other Income
3% 1%
Gift Aid tax refunds
and GASDS Cottage rental
14% income
2%
Grants
5%
INCOME £224,131
Donations
10%
Planned Giving
64%
Collections and
other giving
1%
----- End of picture text -----
----- Start of picture text -----
Old Kea Church Other
Development 2%
3%
Gospel Partnerships
& Other Giving
6%
Staff Costs
38%
Church & office EXPENDITURE £191,725
16%
TDBF
35%
----- End of picture text -----
6
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2020
Statement of PCC members’ Responsibilities
The PCC members are responsible for preparing the Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the PCC members to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the PCC members are required to:
-
Select suitable accounting policies and then apply them consistently
-
Observe the methods and principles in the Charities SORP
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The PCC members are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The PCC confirms that the activities of the church meet the requirements of the Charity Commission in respect of Public Benefit. Details of how this is achieved are given in the section “Overview of Kea Parish & PCC Operations for 2020.”
This report was agreed by the Parochial Church Council on the 8[th] March 2021 and signed on their behalf by:
.................................................... PCC Chairman
7
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF
ST KEA PAROCHIAL CHURCH COUNCIL
I report to the members of the PCC on my examination of the accounts of St Kea PCC for the year ended 31[st] December 2020, which are set out on pages 9 to 17.
Responsibilities and basis of report
As members of the PCC 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 Trust’s accounts carried out under section 145 of the 2011 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 2011 Act.
Independent examiner’s statement
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:
-
accounting records were not kept in respect of the PCC as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
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 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.
D M Batten BSc. FCPFA DMS Kingfisher House 14 Truro Road Lanivet PL30 5HF
Date 8[th] March 2021
8
ST KEA PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 7a Other trading activities 7b Investment income 7c Other income TOTAL EXPENDITURE ON: Charitable Activities 8 TOTAL NET GAINS/(LOSSES) ON INVESTMENTS 6a NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS 6a NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 6a TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds £ 194,483 10,604 159 639 _ 205,885 _ (180,178) _ (180,178) _ - 25,707 (8,986) 16,721 _ 629,737 _ 646,458 |
Restricted Funds £ 17,723 - - 451 _ 18,174 _ (11,547) _ (11,547) _ - 6,627 9,058 15,685 _ 39,542 _ 55,227 |
Endowment Funds £ - - 72 - _ 72 _ - _ - _ 200 272 (72) 200 _ 4,404 _ 4,604 |
Total Funds 2020 £ 212,206 10,604 231 1,090 __ 224,131 __ (191,725) __ (191,725) __ 200 32,606 - 32,606 ___ 673,683 ___ 706,289 |
Total Funds 2019 £ 258,142 13,988 1,232 1,437 _ 274,799 _ (261,460) _ (261,460) _ 386 13,725 - 13,725 _ 659,958 _ 673,683 |
|---|---|---|---|---|---|
9
ST KEA PAROCHIAL CHURCH COUNCIL
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note £ FIXED ASSETS: Tangible Assets 2 Investments 3 CURRENT ASSETS: Debtors 4 15,492 Cash at bank and in hand 188,597 __ TOTAL CURRENT ASSETS 204,089 LIABILITIES: Creditors: Amounts falling due within one year 5 (2,844) __ NET CURRENT ASSETS TOTAL NET ASSETS 6b THE FUNDS OF THE CHARITY: Endowment Funds 6a Restricted Income Funds 6a Unrestricted Funds 6a 608,655 Designated Funds 6a 37,803 __ TOTAL CHARITY FUNDS 6a |
2020 £ £ 500,440 4,604 __ 505,044 7,089 166,677 _ 173,766 (5,705) _ 201,245 __ 706,289 __ 4,604 55,227 590,237 39,500 646,458 __ __ 706,289 __ |
2019 £ 501,218 4,404 _ 505,622 168,061 _ 673,683 _ 4,404 39,542 629,737 _ 673,683 |
|---|---|---|
The notes on pages 11-17 form an integral part of these accounts.
These accounts were approved by the PCC on 8[th] March 2021 and signed on their behalf by
................................. PCC Member
10
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
General
These financial statements have been prepared in accordance with the Church Accounting Regulations 2016 together with applicable accounting standards, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standard 102 (FRS 102).
The financial statements have been prepared under the historical cost convention, except for the valuation of investment assets, which are shown at bid market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.
INCOME AND ENDOWMENTS
Donations and Legacies
Planned giving receivable under gift aid is recognised only when received. Planned giving includes donations given and the resultant gift aid donated through the Parish Giving Scheme.
Collections are recognised when received by or on behalf of the PCC.
Gift aid tax refunds and Gift Aid Small Donations Scheme (GASDS)
Income tax recoverable on gift aid donations and GASDS is recognised when the income is recognised.
Investment income
Income from investments is included in the year in which it is receivable.
EXPENDITURE
Expenditure is included on an accruals basis.
Charitable Activities
Comprises those costs incurred by the PCC in the delivery of its activities and services for its beneficiaries.
FIXED ASSETS
Consecrated Land and Buildings and Movable Church Furnishings
Consecrated and beneficed property is excluded from the accounts by s10 (2) (a) of the Charities Act 2011.
Movable church furnishings held by the vicar and Churchwardens on special trust for the PCC and which require faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church’s inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2003 there is insufficient cost information and therefore such assets are not valued in the accounts. Items acquired since 1[st] January 2003 have been capitalised and depreciated in the accounts over the current anticipated useful economic life (initially over 4 years) on a straight line basis.
Depreciation
No depreciation is provided on the freehold properties. The PCC consider that the life of these assets is so long and their residual value is so high that their depreciation is insignificant.
Fixtures, fittings and equipment that exceed £1,000 are capitalised only if they are bought from unrestricted funds. Depreciation is provided on these tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Fixtures, fittings and equipment
25% straight line basis
Fixed asset investments
Investments held as fixed assets are revalued at bid market value at the balance sheet date and the gain or loss taken to the statement of financial activities.
11
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES (continued)
Funds
Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC.
Designated funds are earmarked by the trustees for specific purposes in the future. The trustees
have the power to re-designate such funds within the unrestricted funds
Restricted funds represent the funds of the PCC where income has been raised for specific purposes, for individuals or special events.
Endowment funds are funds, the capital of which must be maintained. Only income arising from investment of the endowment may be used.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Going Concern
The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.
2. TANGIBLE ASSETS
| COST At 1stJan 2020 Additions As at 31stDec 2020 DEPRECIATION At 1stJan 2020 Charge for the Year Carried forward 31stDec 2020 NET BOOK VALUE As at 31 December 2020 As at 31 December 2019 |
Freehold Property Church Hall £ 275,000 - _ 275,000 _ - - _ - _ 275,000 _ 275,000 |
Freehold Fixtures, Fittings Property and Equipment Cottage £ £ 225,000 44,372 - - _ _ 225,000 44,372 _ _ - 43,154 - 778 _ _ - 43,932 _ _ 225,000 440 _ _ 225,000 1,218 |
Total £ 544,372 - _ 544,372 _ 43,154 778 _ 43,932 _ 500,440 _ 501,218 |
|---|---|---|---|
The freehold properties, Church hall and church cottage were valued on 28th February 2017 by Philip Martin & Co, Truro, FRCS. The valuation was made at market value assuming vacant possession.
12
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
3. FIXED ASSET INVESTMENTS
| Listed | |
|---|---|
| Investments | |
| £ | |
| Cost or Valuation | |
| At 1stJanuary 2020 | 4,404 |
| Revaluation | 200 |
| _ | |
| At 31stDecember 2020 | 4,604 |
| _ | |
| Net Book Value | |
| At 31stDecember 2020 | 4,604 |
| _ | |
| At 31stDecember 2019 | 4,404 |
| _ |
Investments consist of J C Daubuz Trust Fund and Q F Tinney Trust Fund administered by the Diocese of Truro Board of Finance on behalf of the PCC as custodian trustee. In addition, investments also include Mitchell Churchyard and Nicholas and Maria Mitchells Bounty which are invested directly with CCLA.
All investments are held in the UK.
The market value of the listed investments at 31[st] December 2020 was £4,604 (2019 - £4,404).
4. DEBTORS
| HMRC – Gift Aid Prepayments CAP overpayments Duchy of Cornwall |
2020 £ 2,287 4,085 9,120 _ 15,492 _ |
2019 £ 2,868 3,889 332 _ 7,089 |
|---|---|---|
5. CREDITORS: Amounts falling due within one year:
| Taxation and Social Security Trade Creditors Other Creditors Accruals |
2020 £ 712 864 268 1,000 _ 2,844 |
2019 £ 881 3,824 1,000 _ 5,705 |
|---|---|---|
13
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
6a. TOTAL FUNDS
| Fund Balances B/Forward £ UNRESTRICTED FUND Unrestricted Fund 590,237 DESIGNATED FUNDS Gospel Partnerships 4,500 All Hallows Development Fund 25,000 Old Kea Church Development Fund 10,000 _ 39,500 _ Total Unrestricted Funds 629,737 _ PERMANENT ENDOWMENT FUNDS JC Daubuz Trust Fund 27 Nicholas and Maria Mitchells Bounty 1,655 Mitchell Churchyard 692 QF Tinney 2,030 _ Total Endowment Funds 4,404 _ RESTRICTED FUNDS Legacy 9,200 Christians Against Poverty (CAP) Special Collections Fund Intern & New Chairs Donation Belling Trust Grant All Hallows Development Fund 5,002 Old Kea Church Development 25,340 _ 39,542 _ 673,683 |
Income £ 186,845 19,040 _ 19,040 _ 205,885 _ - 51 21 - __ 72 _ 410 40 5,200 9,000 244 3,280 18,174 ___ 224,131 |
Other recognised Fund Expenditure Transfers gains/(losses) Balances C/Forward £ £ £ £ (169,441) 1,014 608,655 (10,737) 12,803 25,000 (10,000) 0 _ _ _ _ (10,737) (10,000) 0 37,803 _ _ _ _ (180,178) (8,986) 0 646,458 _ _ _ _ - - - 27 - (51) 130 1,785 - (21) 55 747 - - 15 2,045 _ _ _ _ - (72) 200 4,604 _ _ _ _ 9,200 (863) 453 0 (30) (10) 0 5,200 (5,588) 3,412 (1,686) 3,560 (5,066) 10,301 33,855 _ _ _ _ (11,547) (9,058) 0 55,227 _ _ _ _ (191,725) 0 200 706,289 |
|---|---|---|
Endowment Funds
Income is generated by the endowment investments held by the PCC. The income generated by the endowment fund is transferred to unrestricted or restricted funds as appropriate.
Legacy
This fund consists of a legacy given to pay for the maintenance of the churchyard.
Christians against Poverty Fund
This fund consists of donations given towards the work of Christians against Poverty.
Special Collections Fund
This fund consists of collections made for particular charities, organisations or individuals.
Intern & New Chairs Donation
This fund consists of a donation towards a bursary for an intern and towards the cost of additional new chairs for All Hallows; any unspent balance may be used for general purposes thereafter.
Belling Trust Grant
For Livestream and other technical equipment and improvements
All Hallows Development Fund
This fund consists of donations given towards the work of developing All Hallows Church
Old Kea Church Development Fund
This fund consists of donations given towards the work of developing Old Kea Church.
14
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
6b ANALYSIS OF FUNDS
| Permanent Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Tangible fixed Assets 500,440 - - Investments - - 4,604 Current Assets 148,862 55,227 - Current Liabilities (2,844) - - _ __ ____ TOTAL NET ASSETS 646,458 55,227 4,604 |
Total Funds £ 500,440 4,604 204,089 (2,844) _ 706,289 |
|---|---|
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
INCOME
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Funds | Funds | ||
| Funds | Funds | Funds | 2020 | 2019 | ||
| £ | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | ||||||
| FROM: | ||||||
| 7a | Donations and Legacies | |||||
| Planned Giving | 142,659 | 1,450 | - | 144,109 | 166,956 | |
| Collections and other giving | 2,579 | - | - | 2,579 | 12,130 | |
| Donations | 16,987 |
5,773 | - | 22,760 | 63,894 | |
| Grants | 0 | 10,500 | - | 10,500 | 7,150 | |
| Gift Aid tax refunds and GASDS | 32,259 | - | - | 32,259 | 8,012 | |
| __ | __ | __ | __ | __ | ||
| 194,484 | 17,723 | - | 212,207 | 258,142 | ||
| __ | __ | __ | __ | __ | ||
| 7b | Other trading activities | |||||
| Events income: Fees Weddings | 5,725 | - | - | 5,725 | 5,494 | |
| & Funerals | ||||||
| Events income: Other | 297 | - | - | 297 | 2,463 | |
| Cottage rental income | 4,085 | - | - | 4,085 | 3,978 | |
| Contributions for use of hall | 496 | - | - | 496 | 2,053 | |
| _ | _ | _ | _ | _ | ||
| 10,603 | - | - | 10,603 | 13,988 | ||
| _ | _ | _ | _ | _ | ||
| 7c | Investment income | |||||
| Bank interest | 159 | - | - | 159 | 1,161 | |
| Dividends | - | - | 72 | 72 | 71 | |
| _ | _ | _ | _ | _ | ||
| 159 | - | 72 | 231 | 1,232 | ||
| _ | _ | _ | _ | _ |
15
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
EXPENDITURE
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | |||
| Funds | Funds | 2020 | 2019 | |||
| **Note ** | £ |
£ | £ | £ | ||
| EXPENDITURE ON: | ||||||
| 8 | Charitable activities | |||||
| Salary and pension costs | 10 | 68,540 | - | 68,540 | 69,605 | |
| TDBF MMF contribution | 63,163 | - | 63,163 | 82,054 | ||
| TDBF and other fees | 2,723 | - | 2,723 | 1,149 | ||
| CAP fees | (780) | - | (780) | 8,340 | ||
| CAP office/other costs | 133 | 863 | 996 | 2,525 | ||
| Church running expenses | 27,268 | - | 27,268 | 34,271 | ||
| Printing, postage, stationery and | hall | 1,638 | - | 1,638 | 1,026 | |
| hire | ||||||
| Gospel Partnerships | 9 | 10,737 | - | 10,737 | 13,872 | |
| Special Collection giving | - | 30 | 30 | 529 | ||
| Lease of photocopier | 1,341 | - | 1,341 | 1,404 | ||
| Other expenditure | 2,598 | - | 2,598 | 897 | ||
| Clergy & Staff expenses | 1,089 | - | 1,089 | 4,520 | ||
| Belling Trust funded IT Equipment | - | 5,588 | 5,588 |
- | ||
| All Hallows Development | - | - | - | 35,085 | ||
| Old Kea Church Development | - | 5,066 | 5,066 | 3,641 | ||
| Depreciation | 778 | - | 778 | 778 | ||
| Accounting & Independent examiner’s | 950 | - | 950 | 1,764 | ||
| fee | ||||||
| _ | _ | _ | _ | |||
| 180,178 | 11,547 | 191,725 | 261,460 | |||
| _ | _ | _ | _ |
9. GOSPEL PARTNERSHIPS
The following gifts were made during the year to the organisations and individuals listed below.
| Christian Associates UK / Communitas Discretionary Payments Foodbank Mercy Rescue Trust Churches Together Compassion UK Falmouth University Christian Union SkyRiders/Individuals |
2020 £ 2,750 300 2,000 5,000 300 370 - - ______ 10,737 |
2019 £ 5,000 - 2,000 5,000 300 370 200 1002 ______ 13,872 |
|---|---|---|
16
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
10. STAFF COSTS
Total employee’s remuneration for the year amounted to £68,540 for 4 employees – 1 full time and 3 part time (2019 - £69,605 for 4 employees plus a bursary). Gross salaries amounted to £66,038. Employer’s NIC amounted to £1,034. Pension costs amounted to £1,468.
There were no employees with remuneration above £60,000.
In addition to paid staff, St Kea offers an unpaid internship training scheme. Interns are entitled to apply for bursary support funding from St Kea to support their living costs, although this is not guaranteed.
11. TRUSTEES’ REMUNERATION AND EXPENSES
No remuneration directly or indirectly out of the funds of the church was paid or payable for the year to any members of the Parochial Church Council or to any person or persons known to be connected with any of them. No PCC member has received reimbursement for services provided to the PCC during the year. The clergy are paid by the Diocese from the Mission in Ministry Fund (formerly Diocesan Common Fund) paid by each parish.
17