Charity Registration Number - 1130762
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31[ST] DECEMBER 2021
ST KEA PAROCHIAL CHURCH COUNCIL
YEAR ENDED 31 DECEMBER 2021
CONTENTS
| Page | |
|---|---|
| Annual Report | 1-8 |
| Independent Examiner's Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12-18 |
ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
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 Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW 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 2021 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 Associate minister – All Hallows, Youth & families: Rev. Hugh Barne Trustees: Heather Alford (Retired at APCM on 28 April 2021) Stephen Baird Joanna Craze (Retired at APCM) Peter Emms Ben Goddard (Deanery Synod Representative) Jonathan Larkin (Retired at APCM) Julie Le Masurier Claudia Loveland (Deanery Synod Representative) Graham Loveland (PCC Secretary) Natalie Russell Dr. Alan Stanhope (Deanery Synod Representative) Richard Stovin-Bradford (PCC Treasurer) Ex-officio (without voting rights):* Siân Goddard (Strategic Operations Manager) Steve Murray (Associate minister to July)
- 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.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
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 2021.
Overview of Kea Parish & PCC operations for 2021
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.
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, Archbishop Benson School in Truro and CAP Lanterns congregation that normally meets at Truro Baptist Church on Tuesdays.
There were 179 people on the electoral roll of the Parish of St Kea as at the 2021 Annual Parochial Church Meeting on 28 April.
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. He was appointed Rural Dean of the Powder Deanery in July 2020. The Rev. Will Harwood, who joined the ministry team as Assistant Curate in July 2019, leads the congregation at Archbishop Benson School in Truro. He was ordained Deacon in June 2020 and Priest on September 20 2021. Steve Murray, who joined the staff in November 2018 as lay Associate Minister responsible for Youth and families, led the congregation at All Hallows until July. In August he returned to New Zealand as Pastor of Welcome Bay Baptist Church in Tauranga. The Rev. Hugh Barne joined the ministry team as Associate Minister responsible for All Hallows and Youth and families in his place. He was ordained Deacon in July 2017 and Priest in June 2018 and was inducted into the parish on September 15 2021. Hannah Green continued to serve as an intern during the year, assisting the church leadership across a range of activities, while studying at South West Youth Ministries.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
Sunday worship:
The Coronavirus Covid-19 pandemic continued to disrupt church family meetings in person in the early part of the year, but whole-church worship and ministry continued via livestream broadcast on YouTube and Zoom with services at 10.15 a.m. every Sunday and, where possible, a monthly prayer and worship meeting once a month on Sunday evenings. Normal in-person meetings resumed as soon as restrictions were lifted, while observing applicable protocols. The information below reflects the normal pattern of worship when the church family was able to meet in person.
All Hallows: An informal, family-friendly service is held at 10.15 a.m. Holy Communion is celebrated once a month. A prayer and worship meeting is normally 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).
Archbishop Benson School, Truro: An informal, family-friendly service is held at 9.30 a.m. Holy Communion is celebrated once a month.
In 2021, eight funerals and five weddings 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 churchyard 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 or April) 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 other PCC members.
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.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
Staff
The PCC employs four members of staff:
Administrator/Leadership assistant: Kay Mumford (Part-time 25 hours per week); Associate minister responsible for Youth & Families: Steve Murray (full-time until July) Associate minister responsible for All Hallows, Youth & Families: The Rev. Hugh Barne (full-time from July); 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 until end-November).
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
Review of 2021
A year of recovery and preparing for renewal
The generous and sustained regular giving of the church family enabled us to maintain our focus on seeing God transform lives both within our church family, as individuals have grown in the Christian faith, and outside our church family, as we served our local communities and offered the good news of Jesus to others. In 2021, we concentrated on re-establishing and rebuilding the majority of our ministries after the pandemic-related disruptions of 2020.
At the start of the year many of our activities that serve the local community remained on hold because of the pandemic, while others took place online. Stay & Play, our toddler group, restarted during the year, and we resumed our ministry in local schools, including organising school visits to our church at Christmas. Sky Riders, our after-school club, was also able to restart fully after the disruptions of the pandemic. We welcomed back uniformed organisations for their children's and youth activities, including gathering in person for our Remembrance Sunday service. Our outreach activities also resumed, including the Christianity Explored course in September, as did our Connect Group, which meets in Truro and serves those suffering from loneliness and isolation.
One of the main ways we serve our local communities is through the work of Christians Against Poverty (CAP). Much of this ministry had to be moved online during 2020 but, from late 2021, we were delighted that Lanterns, our midweek congregation, could once again meet in person - and in increased numbers. CAP also resumed in-person meetings with potential clients, and began to rebuild its client base.
In terms of ministry towards church members themselves, experience gained in the first year of the pandemic meant that, despite further interruptions in 2021, St Kea was well prepared to resume regular worship as soon as conditions allowed. Even so, we continued our livestream broadcasts on YouTube to reach those unable to attend in person and others, in Truro and beyond, wanting to explore the Christian message of hope.
Our small groups grew in size during the year, so three new groups started in the autumn. Most groups have returned to meeting in person. The pandemic has taught us about new ways to minister, so some small groups will remain permanently online, ensuring greater access for those who cannot attend in person. Throughout the year our leadership and pastoral teams maintained regular contact with the lonely and vulnerable.
Our Sunday Club activities and youth groups, including individual small groups for sixth-form students on Tuesdays and a group for girls on Mondays, also gathered again in person.
We strive to equip our team leaders at all levels, so were pleased to be able to restart leadership training for our small group leaders. We also put in place plans to resume leadership training for those who lead and preach at our Sunday gatherings and those who work in our Youth and Children's ministry.
As a church we wish to support the work of the gospel, locally, nationally and internationally. Our Gospel Partnerships team resumed its rhythm of regular giving through UK-based charities. We were especially excited, alongside our regular giving, to be able to make a substantial contribution to the work of Compassion UK in Embu, Kenya. We also supported a wider variety of gospel partners in 2021.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
As part of the Church of England, St Kea is also keen to work in constructive partnership with other churches where this will advance our vision to see lives transformed by God. To that end, a significant moment in 2021 was the introduction of the long-heralded Bishop’s Mission Order (BMO), with the full involvement of St Kea. The BMO was signed on 18th November at a service led by Bishop Philip at Truro Cathedral for all the Church of England churches in Truro. It established two teams and St Kea is a member of the ‘Truro Renew’ team. Led by our Vicar, this team will work with other Church of England churches across Truro towards the renewal of those churches. This will mean working in collaboration, sharing resources and also receiving support in our ministries.
At St Kea itself, the continued support of church members and our ability to draw on funding set aside in prior years meant that 2021 could be another year of upgrading the fabric and fittings of our meeting spaces. This included equipping All Hallows with lighter, more-easily-stackable chairs to increase the flexibility of this, our largest, community space. We carried out further work on the disabled access ramp and composting WC at Old Kea, with completion expected in early 2022 and drawdown of the related grant funding. We also updated and transformed the upper room in the church hall to create a much more useful meeting room for the whole church family, with a special focus on our work amongst young people. We are fortunate to have such meeting spaces.
Financial review
Income and expenditure
In financial terms, the church had a deficit for the year of £31,536 (2020 surplus £32,606), compared with a projected budget deficit of £8,417. Although our income of £223,670 was almost the same as in 2020, expenditure rose to £255,143 (excluding a £63 loss on investments), an increase of 25 per cent.
To be clear, when we report a ‘deficit’, we mean the excess of expenditure in a given year over actual income in that year. In St Kea’s case, this expenditure was funded by a combination of income received in 2021 and funds set aside from income received in prior years and held as either designated or restricted funds. Similarly, if income in a given year exceeds expenditure that year, we report a ‘surplus’, as we did in 2020. Deficits reduce our overall available bank balances (but not designated or restricted funds, which are ring-fenced in our accounts). Conversely, surpluses increase our overall available bank balances.
Turning first to our unrestricted income, planned regular giving without any restrictions on its use rose to £155,528, up 9 per cent from a year ago. We are grateful that almost 99 per cent of the church family now gives regularly online to St Kea, primarily through the Parish Giving Scheme, which reclaims Gift Aid on our behalf. Gift Aid reclaimed boosted our income by more than £31,800.
Restricted income – funds provided by generous donors with restrictions on how it may be used - of almost £20,000 will, among other things, enable us to cover the cost of appointing a part-time Debt Coach at CAP on a two-year contract and provide vital support for the work of CAP in Truro as the need for its services increases. We are so grateful for the generous and gracious backing of our donors.
During the year, we encashed all of our endowments in order to be able to make more efficient use of the capital and accumulated income and reduce our administrative burden, while respecting applicable restrictions.
Turning to expenditure, items that contributed to our deficit in 2021 included some £17,300 of new chairs for All Hallows (using funds set aside previously); Some £23,500 of expenditure on the access ramp at Old Kea; higher-than-expected staff costs as the Rev. Hugh Barne took over from Steve Murray as Associate Minister in July; and the disbursement of £12,500 of Gospel Partnerships funds unspent in 2020 in support of the Compassion UK initiative in Embu, Kenya. In total, we disbursed £26,196 to gospel partners during 2021. We seek to remain a generous church in response to God’s goodness to us.
Taken in the round, our expenditure was in fact lower than expected in the revised budget approved by the PCC in July 2021, mainly because of variances in the timing of expected expenditure.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
Balance sheet
Our balance sheet remains strong, with net current assets of £174,641, of which £46,472 is held in restricted funds and £22,446 in designated funds to cover specific expenditure in the years to come. Further details on these funds can be found on pages 11 and 15.
Reserves
At the balance sheet date, the church’s free reserves totalled £105,723, which is the unrestricted portion of net current assets. On the basis of average monthly normal operating expenditure*, this represents six months' cover.
The PCC’s 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 currently £60,000.
The PCC has approved a budget for 2022 that could result in a deficit of £80,646. If the budget is achieved, amounts held in reserve would still 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 Partnerships initiatives locally and internationally.
Looking ahead
2022 is set to be a significant year in the life of the Deanery of Powder, the Church of England deanery to which St Kea belongs. Under the Diocese of Truro’s ‘On The Way’ process, a root-and-branch review of the ministry of every Church of England church in the deanery has been ordered. This could involve pastoral reorganisation across the deanery and a change in the way resources are redeployed across it. Consultations about what this might mean for St Kea will take place early in the new year with plans developed in March and April leading to a vote in the Deanery Synod by June. At that stage we will know how the new plans might change the nature of our ministry.
In changing times, St Kea retains its outward-looking vision and mission to see God transform lives in Truro and beyond. As the projected budget deficit suggests, we expect activity-based expenditure and planned maintenance costs to increase, much of them funded by drawing down designated and restricted funds. Additionally, in 2021 the PCC committed to provide £60,000 over a three-year period towards the cost of funding a combined Associate Minister at St Kea and priest-in-charge at St John the Evangelist church, Truro in terms of the BMO. To this end, the PCC designated £5,000 of this amount in 2021.
Changes will be made to our staff team following the resignations of both our Operations Manager and Administrator in late 2021; we will make new appointments to fill those posts. Further, we intend to appoint a new CAP Debt Coach to care for more clients in debt, so increasing the reach of our service at a critical time.
While remaining outward-looking, we must also continue with planned maintenance on the church cottage, the church hall and All Hallows. Once grant funding has been raised, we intend to commence work on repairing the pillars at Old Kea to secure the fabric of this precious worship space for generations to come.
Against the backdrop of so many significant changes, we also intend to resume our regular planning cycle. Inevitably, during the pandemic we have had to be nimble in adapting to rapidly-changing circumstances. In 2022, we will be asking our leadership teams to develop multi-year plans and present them to the PCC. We anticipate that these plans will move us from the recovery phase in 2021 towards a sustained growth phase in 2022, with a special focus on our ministry to children, young people and families.
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ST KEA PAROCHIAL CHURCH COUNCIL
ANNUAL REPORT
FOR THE YEAR ENDING 31 DECEMBER 2021
----- Start of picture text -----
Events income Other Income
3% 1%
Cottage rental
Gift Aid tax
income
refunds and
2%
GASDS
14%
Grants INCOME
1% Donations
9% £223,670
Planned Giving
70%
----- End of picture text -----
----- Start of picture text -----
Old Kea Church
Other
Development 1%
9%
All Hallows
Development
7%
Staff Costs
29%
Gospel
Partnerships &
Other Giving
10% EXPENDITURE
£255,143
Church & office
16%
TDBF
CAP
25%
3%
----- End of picture text -----
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ST KEA PAROCHIAL CHURCH COUNCIL ANNUAL REPORT FOR THE YEAR ENDING 31 DECEMBER2021 Statement of PCC members, Respon51bilit1O5 The PCC member5 are responsible for preparing the Annual Report and the financial statemenls in accord8nce with the United Kingdom AOUnting Standards {United Kingdom Generally Acceptad Accounting Practice) and applicable law 8nd regulations. The18w applicable to charities requires the PCC members to prepare financial slaternents for financial year that give a true ar*d fair vW of the slate of affairs of the chartty ar 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 a¢counling policies and then apply them Gonsistently Observe the methods and principles in th8 Charities SORP Make judgments and estimates that are reasonable and prudent state whether 8pplicable accounting Stand8rds have been followed, subject to any mat8ri81 departures disclosed and explained in tha financial gtalements., and Prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continu8 in business. The PCC members are responsible for keeping proper accounting records Ihal disclose wth reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with Ihe Charities Act 2011. The PCC members are also responsible for safeguardiag the assets of the charity and hence laking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC confims that the activities of the church meet the requiremenls of the Charity Commission in respect of Public Benefit. Details of how this is achieved are given in the section °OveTview of Kea Parish & PCC Operations for 2021. This report was agreed by th8 Parochial Church Council on the 14, March 2022 and signed on their behalf by.. irnia
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 2021, which are set out on pages 10 to 18.
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 charity’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 14[th] March 2022
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ST KEA PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021
| 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 £ 191,146 10,300 170 2,125 _ 203,741 _ (224,414) _ (224,414) _ - (20,673) 2,496 (18,177) _ 646,458 _ 628,281 |
Restricted Funds £ 19,929 - - - _ 19,929 _ (30,729) _ (30,729) _ - (10,800) 2,045 (8,755) _ 55,227 _ 46,472 |
Endowment Funds £ - - - - _ - _ - _ - _ (63) (63) (4,541) (4,604) _ 4,604 _ - |
Total Funds 2021 £ 211,075 10,300 170 2,125 __ 223,670 __ (255,143) __ (255,143) __ (63) (31,536) - (31,536) ___ 706,289 ___ 674,753 |
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 |
|---|---|---|---|---|---|
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ST KEA PAROCHIAL CHURCH COUNCIL BALANCE SHEEf A8 AT 31 DECEMBER 2021 2021 2020 FIXED ASSETS: Tanglble Assets Investments 500.112 500.440 4,804 500,112 $05.044 CURRENT ASSErs: Debtors Cash at bank and in hand 1,217 178.095 15,492 188,597 TOTAL CURRENT ASSETS 179,312 204.089 LIABILlES. Creditors.. Amounts falliT¥J due withln one y83r 146711 {2.844) CURRENT ASSETS 174641 201,245 TOTAL NET ASSETS 674,7S3 706.289 THE FUNDS OF THE CHARITh: Endowmènt Funds Restricted Income Funds Unrestric18d Fund5 Designaled Funds 46,472 55,227 605,835 22,446 608,655 37.803 628,281 TOTAL CHARITY FUNDS 674753 706,289 The noles ¢)n pages 12-18 form an Intsgral part ofth8S8 accounts. These accounts were approved by the PCC on 144n March 2022 and srgn9d on their behalf by 11
ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
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.
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
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 2021 Additions As at 31stDec 2021 DEPRECIATION At 1stJan 2021 Charge for the Year Carried forward 31stDec 2021 NET BOOK VALUE As at 31 December 2021 As at 31 December 2020 |
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 _ _ - 43,932 - 328 _ _ - 44,260 _ _ 225,000 112 _ _ 225,000 440 |
Total £ 544,372 - _ 544,372 _ 43,932 328 _ 44,260 _ 500,112 _ 500,440 |
|---|---|---|---|
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.
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
3. FIXED ASSET INVESTMENTS
| Listed | |
|---|---|
| Investments | |
| £ | |
| Cost or Valuation | |
| At 1stJanuary 2021 | 4,604 |
| Revaluation | (63) |
| Encashment | (4,541) |
| _ | |
| At 31stDecember 2021 | - |
| _ | |
| Net Book Value | |
| At 31stDecember 2021 | - |
| _ | |
| At 31stDecember 2020 | 4,604 |
| _ |
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 were redeemed during the year
The market value of the listed investments at 31[st] December 2021 was £Nil (2020 - £4,604).
4. DEBTORS
HMRC – Gift Aid Prepayments CAP overpayments Other Debtors |
2021 £ 1,132 - - 85 _ 1,217 |
2020 £ 2,287 4,085 9,120 - _ 15,492 |
|---|---|---|
5. CREDITORS: Amounts falling due within one year:
Taxation and Social Security Trade Creditors Other Creditors Accruals |
2021 £ 368 1,672 947 1,684 _ 4,671 |
2020 £ 712 864 268 1,000 _ 2,844 |
|---|---|---|
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
6a. TOTAL FUNDS
| Fund Balances B/Forward £ UNRESTRICTED FUND Unrestricted Fund 608,655 DESIGNATED FUNDS Gospel Partnerships 12,803 All Hallows Development Fund 25,000 Associate Minister – St Johns - _ 37,803 _ Total Unrestricted Funds 646,458 _ PERMANENT ENDOWMENT FUNDS JC Daubuz Trust Fund 27 Nicholas and Maria Mitchells Bounty 1,785 Mitchell Churchyard 747 QF Tinney 2,045 _ Total Endowment Funds 4,604 _ RESTRICTED FUNDS Legacy 1 9,200 Legacy 2 - Intern & New Chairs Donation 5,200 Belling Trust Grant 3,412 All Hallows Development Fund 3,560 Old Kea Church Development 33,855 CAP Debt Coach & Truro Centre - CAP Income - _ 55,227 _ 706,289 |
Other recognised Fund Income Expenditure Transfers gains/(losses) Balances C/Forward £ £ £ £ £ 184,423 (184,739) (2,504) 605,835 19,318 (26,196) - 5,925 (13,479) - 11,521 - - 5,000 5,000 _ _ _ _ _ 19,318 (39,675) 5,000 - 22,446 _ _ _ _ _ 203,741 (224,414) 2,496 - 628,281 _ _ _ _ _ - - (27) - - - (1,741) (44) - - - (728) (19) - - - (2,045) - - __ _ _ _ _ - - (4,541) (63) - _ _ _ _ _ - (359) - - 8,841 - (261) 2,045 - 1,784 - (1,500) - - 3,700 - (1,495) - - 1,917 - (3,560) - - - 2,825 (23,554) - - 13,126 13,359 - - - 13,359 3,745 - - - 3,745 _ _ _ _ _ 19,929 (30,729) 2,045 - 46,472 _ _ _ ____ _ 223,670 (255,143) - (63) 674,753 |
|---|---|
Endowment Funds
Income is generated by the endowment investments held by the PCC. The encashments of the endowment funds were transferred to unrestricted or restricted funds as appropriate.
Legacies
These funds consist of legacies given to pay for the maintenance of a family grave and the All Hallows churchyard.
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.
Christians against Poverty Funds (CAP)
These funds consist of donations given towards the various works of Christians against Poverty.
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
6b ANALYSIS OF FUNDS
| Permanent Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Tangible fixed Assets 500,112 - - Investments - - - Current Assets 132,840 46,472 - Current Liabilities (4,671) - - _ __ ____ TOTAL NET ASSETS 628,281 46,472 - |
Total Funds £ 500,112 - 179,312 (4,671) _ 674,753 |
|---|---|
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
INCOME
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Funds | Funds | ||
| Funds | Funds | Funds | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | ||||||
| FROM: | ||||||
| 7a | Donations and Legacies | |||||
| Planned Giving | 155,528 | 1,740 | - | 157,268 | 144,109 | |
| Collections and other giving | - | - | - | - | 2,579 | |
| Donations | 3,817 |
125 | - | 3,942 | 22,760 | |
| Grants | - | 2,000 | - | 2,000 | 10,500 | |
| Gift Aid tax refunds and GASDS | 31,801 | - | - | 31,801 | 32,259 | |
| CAP donations | - | 16,064 | - | 16,064 | - | |
| __ | __ | __ | __ | __ | ||
| 191,146 | 19,929 | - | 211,075 | 212,207 | ||
| __ | __ | __ | __ | __ | ||
| 7b | Other trading activities | |||||
| Events income: Fees Weddings | 5,462 | - | - | 5,462 | 5,725 | |
| & Funerals | ||||||
| Events income: Other | 352 | - | - | 352 | 297 | |
| Cottage rental income | 4,226 | - | - | 4,226 | 4,085 | |
| Contributions for use of hall | 260 | - | - | 260 | 496 | |
| _ | _ | _ | _ | _ | ||
| 10,300 | - | - | 10,300 | 10,603 | ||
| _ | _ | _ | _ | _ | ||
| 7c | Investment income | |||||
| Bank interest | 170 | - | - | 170 | 159 | |
| Dividends | - | - | - | - | 72 | |
| _ | _ | _ | _ | _ | ||
| 170 | - | - | 170 | 231 | ||
| _ | _ | _ | _ | _ |
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
EXPENDITURE
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Funds | |||
| Funds | Funds | 2021 | 2020 | |||
| **Note ** | £ |
£ | £ | £ | ||
| EXPENDITURE ON: | ||||||
| 8 | Charitable activities | |||||
| Salary and pension costs | 10 | 74,120 | - | 74,120 | 68,540 | |
| TDBF MMF contribution | 63,163 | - | 63,163 | 63,163 | ||
| TDBF and other fees | - | - | - | 2,723 | ||
| CAP fees | 6,695 | - | 6,695 | (780) | ||
| CAP office/other costs | 272 | - | 272 | 996 | ||
| Church running expenses | 34,108 | 2,120 | 36,228 | 27,268 | ||
| Printing, postage, stationery | 1,848 | - | 1,848 | 1,638 | ||
| Gospel Partnerships | 9 | 26,196 | - | 26,196 | 10,737 | |
| Special Collection giving | - | - | - | 30 | ||
| Lease of photocopier | 1,275 | - | 1,275 | 1,341 | ||
| Other expenditure | 985 | - | 985 | 2,598 | ||
| Clergy & Staff expenses | 945 | - | 945 | 1,089 | ||
| Belling Trust funded IT Equipment | - | 1,495 | 1,495 | 5,588 | ||
| All Hallows Development | 13,479 | 3,560 | 17,039 | - | ||
| Old Kea Church Development | - | 23,554 | 23,554 | 5,066 | ||
| Depreciation | 328 | - | 328 | 778 | ||
| Independent Examiner’s fee | 1,000 | - | 1,000 | 950 | ||
| _ | _ | _ | _ | |||
| 224,414 | 30,729 | 255,143 | 191,725 | |||
| _ | _ | _ | _ |
9. GOSPEL PARTNERSHIPS
The following gifts were made during the year to the organisations and individuals listed below.
| Christian Associates UK / Communitas (Reg. 1070351) Discretionary Payments Truro Foodbank Mercy Rescue Trust_(Reg. 1121584) Churches Together in Truro Compassion UK(Reg. 1077216) Tear Fund(Reg. 265464) Barnabas Fund(Reg. 1092935)_ |
2021 £ 2,000 - 2,000 5,000 300 12,896 2,000 2,000 ______ 26,196 ______ |
2020 £ 2,750 300 2,000 5,000 300 370 - - ______ 10,737 |
|---|---|---|
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ST KEA PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
10. STAFF COSTS
Total employees’ remuneration for the year amounted to £74,120 for 4 employees – 1 full time and 3 part time (2020 - £68,540 for 4 employees 1 full time and 3 part time). Gross salaries amounted to £72,776. Employer’s NIC amounted to £219. Pension costs amounted to £1,125.
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 and Ministry Fund (formerly Diocesan Common Fund) paid by each parish.
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