2020-12-31-accounts

Registered Charity Number: 1130813

PARISH OF ST MARY'S PORTSEA ANNUAL REPORT

AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31ST DECEMBER 2020

PARISH OF ST MARY'S PORTSEA

1.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

Contents

2	-	6	Annual Report
		7	Statement of Responsibilities
		8	Independent Examiner’s Report
		9	Statement of Financial Activities
		10	Balance Sheet
11	-	20	Notes to the Financial Statements

PARISH OF ST MARY'S PORTSEA

2.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

ADMINISTRATIVE INFORMATION

The Parish of St Mary, Portsea has three churches. The parish is part of the Diocese of Portsmouth within the Church of England. The correspondence address of the Parish is The Vicarage, Fratton Road, Portsmouth, Hampshire, PO1 5PA.

The three churches are situated as follows:-

St Mary’s Parish Church - Fratton Road, Portsmouth St Faith’s Mission Church - Crasswell Street, Portsmouth St Wilfrid’s Mission Church - George Street, Portsmouth

The Parochial Church Council (PCC) is a registered Charity (No.1130813).

PCC members who have served from 1[st] January, 2020 until the date this report was approved are:

Incumbent: The Revd. Canon Bob White

Associate Vicar The Revd Dr Sam Cullen (from March 2020)

Asst Curates: The Revd. Sue Whitelock (SSM) The Revd. Marcus Collie

Licensed Reader: Fi Rosen Mandy Hollingsworth (from November 2020) Parish Wardens: Eugene Organ Lorraine Drinkwater Treasurer: Alison Barnicott (until Oct 2020 then an elected Member) Paul Morgan (From Oct 2020 previously an elected Member)

Secretary: Marie Lambert Deputy Wardens: Graham Basset Jackie Fisher Robert Rymill Debbie Oliver Jason Smith Deanery Synod: Lorraine Drinkwater Irene James Eugene Organ From Oct 2020 Previously Elected Members Matt Dixon Maggie Moles Until Oct 2020 Joy Tagg (then an elected Member) Elected Members: Stuart Butler Roger Gibbs David Hambrook (in addition Sandra Harris Shelly Horton Chris Lavis to the above) Shirley Rudder Alan Saffery Jeanette Sked Jenny Stemp Arthur Tagg Chris Wiltshire Tunde Williams From Oct 2020 Debbie Mitchell Cis Delmege

There were six parochial church council meetings (including the Annual Meeting) during the year. 5 of these were held online on Zoom due to the restrictions imposed by the COVID lockdowns. All guidance on how to do this from Church of England and Charity Commissioners were followed. There was an average attendance of 57%.

PARISH OF ST MARY'S PORTSEA

3.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

The PCC was assisted in its work by the following staff:

Director of Music:	Brian Moles
Asst Organist (St Mary’s): Matthew Dixon (and Organ Project Manager)
Organist:	Debbie Mitchell (St Faith’s) Tracey Dean (St Wilfrid’s)
Parish Admin Assistants:	Claire Loveridge & Margaret Moles
Bookkeeper:	Alison Barnicott
Ofce Assistant:	Shirley Rudder
Verger:	Rosie Francis (St Mary’s)
SWISHERS fc:	Various Staf paid by grants and managed by SWISHERS fc (until
Oct 2020)
Organ Project	Catherine Bretnall and Philip Collins White

STRUCTURE, GOVERNANCE AND MANAGEMENT

The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

OBJECTS AND ACTIVITIES

St Mary’s Parochial Church Council is responsible for all aspects of the day-to-day management of the Parish, pastoral, spiritual, social and commercial. It also has the responsibility for the maintenance and preservation of the fabric of all three churches and associated properties, i.e. St Mary’s Church, St Faith’s Church, St Wilfrid’s Church and Hall. St Mary’s Churchyard is leased to the City Council.

The PCC also supports the Vicar and Parish Wardens in the management of the Trusts listed in the Financial Statements.

Each of the three churches has a District Church Council, and there are various committees which further the work of the Parochial Church Council. The committees for 2020 were as follows:-

Standing Committee

This is the only committee required by law. It has the power to transact the business of the Parochial Church Council between its meetings, subject to any directions given by the Council.

Finance Committee

It oversees the financial dimension of the work of the Parish by maintaining the Income and Expenditure and Budgeting.

Personnel Committee

This oversees the employment of staff and other issues relating to good practice in the area of volunteers.

Buildings Committee

This has a responsibility to advise on all the Buildings for which the PCC has a responsibility, with special reference to health and safety and other legal requirements.

PARISH OF ST MARY'S PORTSEA

4.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

In addition there are a series of groups or networks which are ‘accountable’ to the PCC. These include:

Spirituality Network

This is responsible for considering and developing the role of the Church in mission and outreach, and also in supporting the development of the spirituality of individuals and groups within the Parish.

Communications Group

This reflects on the various forms of communication within the Parish and seeks to establish good practise in all areas of PR and communication.

Social Justice Group

This advises the 3 Churches on issues relating to Social Justice.

ACHIEVEMENTS AND PERFORMANCE

Church Attendance
Electoral Roll:	268	(268 in 2019)
Baptisms:	4	(28 in 2019)
Weddings:	0	(8 in 2019)
Funerals:	170	(123 in 2019)
Average Weekly Attendance:
(Adults)	113	(199 in 2019)
(Young People)	11	(27 in 2019)

Review of the Year

The full Parochial Church Council met 6 times during the year. Due to COVID no Committees other than the Standing Committee met between meetings and minutes of their meetings were received by the full Parochial Church Council and discussed where necessary.

The aims and objectives of the Council are summarised in the Parish Vision. These are reviewed annually and form the basis of setting priorities for the coming year and measuring performance for the past year. The objectives arise from our understanding of the Trinity and seek to reflect that understanding on how we seek to serve God and His world, through our individual and corporate lives. The Vision seeks to ensure we use our resources to fulfil these objectives and include within them both our financial, material and spiritual resources. The Vision is summarised as: ‘Being with God; Being with others; Being with the rest of creation’. This will continue to be developed and reflected in the life of the Parish and the Governance structures. The Parish Vision is also in line with the Diocesan Strategic Programme ‘Live, Pray, Serve’.

2020 was marked by the impact of COVID on us as a nation and community. Through this period we continued to work with everyone whose lives are touched through contact with our Churches and the pastoral offices. We also supported those in our communities who were isolated or affected by lockdown. We maintained our close co-operation with the five schools within the Parish, We supported the work of HIVE Portsmouth and Fratton Big Local in providing volunteers and support to those around us. The Church continued to play a lead role in community partnerships seeking to improve the quality of life in the area and the work of the local Community Centres and other agencies. In Fratton the Church continues to be closely involved with the process of identifying how to spend the Big Local lottery grant of £1million over 10 years (now in its 7th year). The Incumbent is the Chair of the Fratton Big Local Partnership. The Fratton Federation, under the leadership of the Incumbent, also continues to be significant for that community. We also maintain strong links with our neighbouring parishes in the Inner City Cluster. There is a need to review and revitalise these

links between us. The Bishop’s Mission Order (Harbour Church) covers the Cluster and relationships with that community continue to develop. The Incumbent’s period as Acting Priest in Charge of All Saints, Portsea ended in December 2020.

PARISH OF ST MARY'S PORTSEA

5.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

Review of the Year (Continued)

During the year the Parochial Church Council continued its review of the resources, it has considered how best to use these in furthering the work and witness of the Church in the communities that it serves. The Parish vision and this review reflect the Diocesan initiative ‘Live, Pray, Serve’. In association with this the DCC & PCC refer to the ‘Parish Vision, which establishes the direction in which these resources could be used. This review is continuing to consider the development and use of the buildings. The Deanery Office is established in the Office space at St Faith’s (with the Incumbent as Area Dean). St Wilfrid’s has continued to manage a building which is not in good condition with limited resources. One of the impacts of COVID was the closure of SWISHERS flc after many years of service to the families of the area. Its remaining reserves have been transferred to the Parish and the PCC designated these to be spent on work with young families, The newly appointed Associate Vicar is working alongside the Incumbent and PCC in continuing to address the long term viability and development of that church community and potential proposals for the redevelopment of the site for a more fit for purpose building. St Mary’s continues to work with the Architect on the upkeep of the building. 2020 saw the successful granting of the Phase 2 grant from the Heritage Lottery Fund for the Organ restoration. One of the ‘positive’ impacts of COVID was the work beginning on the removal of the organ earlier than anticipated. It is hoped it will be restored to the Church in the Autumn of 2021 to then begin a phase of the project focusing on community engagement. There was an impact of income for the churches with the forced closure and then restricted use of the buildings which meant there were no church hire or lets for long periods and most significantly the cancellation of the Community May Fayre.

The work of the ecumenical Chaplaincies in the City continue to be important. Alongside this work has been the developing of our ecumenical and interfaith partnerships. These chaplaincies continue to involve the Incumbent as Area Dean facilitating a gathering of all ‘sector ministries’ in the City. 2020 meant that this ministry was essential in supporting those who sought to maintain the common life, but the group was unable to meet together.

The music department had a challenging year under the leadership of Brian Moles. He, Matt Dixon and the choir at St Mary’s maintained the high quality of music in worship in difficult circumstances and restrictions. The use of Social Media has also increased and became a lifeline for many. The Parish swiftly adapted to online streamed worship initially from the Vicarage on a daily basis and then from St Mary’s Church. This was accompanied by streamed daily reflections and other engagement with people through a well-established (and followed) presence on both Face Book (over 2000 followers) and Twitter. The Parish also established a YouTube page which has been heavily used. The accumulated effect of all these activities has been an ongoing growth in membership and a maintaining of a high profile within the local communities and further afield.

The PCC review the major risks which impact the work of the Church in the parish on a regular basis. Systems have been established to mitigate the significant risks. It should be noted that the PCC had a ‘responsibility’ as the overseeing body for SWISHERS flc. This is based at St Wilfrid’s Church and provides a range of ‘early year’ activities. The PCC’s liability is limited to the financial accounts and assets. The PCC working with Management Group agreed to the closure of this group in the Autumn of 2020.

PARISH OF ST MARY'S PORTSEA

6 .

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

The total income on ordinary unrestricted funds was £150,618 and is detailed in the Financial Statements. £367,554 was incurred to provide the Christian Ministry from the parish of St. Mary, Portsea, which included the contribution to the diocesan parish share, which largely provides the stipends and housing for the clergy. The sum that the Churches in the deanery have to find is shared between the churches according to a formula that is based mainly on a head count of congregations and an assessment of its socio economic situation.

The net result for the year was a deficit of £59,610 which decreased the unrestricted funds brought forward at the beginning of the year of £142,147 to £82,537 and increased the restricted from £30,762 to £33,564. The Parish has endowments of £1,121,847.

The St. Mary’s Church Portsea Music Foundation makes regular reports to the PCC. Its work of supporting the choir and organ scholars of the parish church makes an important contribution to the ministry of the Parish as well as sharing some of the music costs of the parish church.

The parish investments are set out in note 5 of the notes to the Financial Statements. The policy of the parish is to invest in funds to maintain a balance between income yielding investments and investments that provide both income and capital growth. All investments are with the Church of England Investments Funds or the Charities Official Investment Funds as the parish believe these funds have a policy of good practice as regards social, environmental and ethical considerations in their investments.

RESERVES POLICY

It is PCC policy to maintain balances on unrestricted funds (if possible), which equates to approximately three months unrestricted payments, to cover emergency situations that may arise from time to time. The balances of £82,537 on unrestricted and unallocated funds at the year end does not exceed this target.

It is our policy to invest funds balances with the CBF Church of England Deposit Fund and CCLA Investment Funds

On behalf of the Parochial Church Council

Reverend Canon R White Vicar

Mrs L Drinkwater Mr E Organ Churchwarden Churchwarden

Date:

PARISH OF ST MARY'S PORTSEA

7.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF RESPONSIBILITIES

The members of the Parochial Church Council are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the PCC and of the surplus or deficit of the PCC for the period. In preparing those financial statements, the PCC are required to:

• (i) select suitable accounting policies and then apply them consistently;

• (ii) make judgements and estimates that are reasonable and prudent;

• (iii) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in operation.

The members of the PCC are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the PCC. They are responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC and signed on its behalf by:

Revd. Canon R C White Name

Vicar Position

Date:

INDEPENDENT EXAMINER’S REPORT

8.

TO THE PAROCHIAL CHURCH COUNCIL OF

ST MARY’S PORTSEA

This report on the accounts of the PCC for the year ended 31 December 2020 which are set out on pages 9 to 21 is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (‘The Regulations’) and Section 145 of the Charities Act 2011 (‘The Act’).

This report is made to the members of the PCC in accordance with the terms of my engagement. To the fullest extent permitted by law I do not accept any responsibility to anyone other than the PCC for this report.

Respective responsibilities of basis of report

As the 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 have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act). In carrying our my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

My role is to state whether any material matters have come to my attention giving me cause to believe:

• the accounting records were not kept as required by section 130 of the Act; or

• that the accounts do not accord with those records; or

• that the accounts do not comply with the accounting requirements of the Act; or

• that there is further information needed for a proper understanding of the accounts.

Independent examiner’s statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.

Paul Underwood Morris Crocker Chartered Accountants Station House North Street Havant PO9 1QU

Date:

9.

PARISH OF ST MARY'S PORTSEA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

					2020	2019
	UnrestrictedRestrictedEndowment				Total	Total
		Funds	Funds	Funds Funds Funds
	Note	£	£	£	£	£
INCOME AND
ENDOWMENTS FROM
Donations and legacies	2a	84,900	151,032	-	235,932	95,916
Church activities	2b	26,772	-	-	26,772	45,757
Activities for generating funds	2c	4,290	-	-	4,290	18,202
Investment income	2d	34,656	850	-	35,506	36,315
						
TOTAL		150,618	151,882	-	302,500	196,190
						
EXPENDITURE ON
Raising funds	3a	-	-	-	-	1,000
Church activities	3b	216,522	151,032	-	367,554	217,573
						
TOTAL		216,522	151,032	-	367,554	218,573
						
(LOSSES)/GAINS ON
INVESTMENTS	8	6,293	1,952	70,917	79,162	189,091
(EXPENDITURE)/NET INCOME		(59,611)	2,802	70,917	14,108	166,709
TRANSFERS BETWEEN FUNDS		11	-	-	-	-	-
						
NET MOVEMENT OF FUNDS		(59,611)	2,802	70,917	14,108	166,709
RECONCILIATION OF FUNDS:
BALANCE BROUGHT FORWARD			142,147	30,762	1,050,930	1,223,839
	1,057,131				-	
		
BALANCE CARRIED FORWARD			82,536	33,564	1,121,847	1,237,947
1,223,840
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

10.

BALANCE SHEET 31 DECEMBER 2020

					2020	2019
	**Unrestricted **		**Restricted **	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
	Note	£	£	£	£	£
FIXED ASSETS
Investment assets	8	96,967	31,203	1,121,847	1,250,017	1,170,855
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
CURRENT ASSETS
Debtors	9	3,708	-	-	3,708	6,661
Cash at bank and in hand		-	2,361	-	2,361	58,484
						
		3,708	2,361	-	6,069	65,145
LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR	10	(18,139)	-	-	(18,139)	(12,162)
						
NET CURRENT ASSETS		(14,431)	2,361	-	(12,070)	52,984
						
TOTAL NET ASSETS		82,536	33,564	1,121,847	1,237,947	1,223,839
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
PARISH FUNDS
Unrestricted	11	82,536	-	-	82,536	142,147
Restricted	11	-	33,564	-	33,564	30,762
Endowment	11	-	-	1,121,847	1,121,847	1,050,930
						
		82,536	33,564	1,121,847	1,237,947	1,223,839
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

Approved by the Parochial Church Council on ________ and signed on its behalf by:

Chairman – Revd. Canon R C White

PARISH OF ST MARY'S PORTSEA

11.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015)’, the Charities Act 2011 and the Church Accounting Regulations 2006.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

The PCC consider that there are no material uncertainties regarding the PCC’s ability to continue as a going concern.

Funds

General 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. Funds designated for a particular purpose by the PCC are also unrestricted. Restricted Funds are used for the purpose for which the income was given. Interest earned on restricted funds is applied firstly to the purpose for the restricted fund and any surplus is applied to general purposes of the PCC. Endowment Funds are invested to provide income for the general purposes of the PCC.

The accounts 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.

Incoming Resources

Voluntary income and capital sources

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recognised when the income is recognised.

Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain and the amounts due are reliably quantifiable.

Funds raised by the fete, garden party and similar events are accounted for gross. Sales of books and magazines from the church bookstall are accounted for gross.

Other ordinary income

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments

Dividends are accounted for when declared receivable, interest as and when accrued by the payer.

Gains and losses on investments

Realised gains or losses are recognised when investments are sold.

Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Resources Used

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The diocesan quota or parish share is accounted for when payable.

PARISH OF ST MARY'S PORTSEA

12.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Fixed Assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by S.10(2)(a) of the Charities Act 2011.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight-line basis over 4 years. Individual items of equipment with a purchase price of £5,000 or less are written off when the asset is acquired.

Financial Instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below.

Investments

Investments are stated at market value inclusive of accrued income as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised/Unrealised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value or purchase date if later. Unrealised gains and losses are calculated as the difference between the market value at the end of the year and opening market value, or purchase date if later. Realised and unrealised gains are not separated in the Statement of Financial Activities.

Debtors and cash at bank

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

PARISH OF ST MARY'S PORTSEA

13.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. INCOME AND ENDOWMENTS FROM

					2020	2019
		UnrestrictedRestrictedEndowment			Total	Total
		Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£
2a.	Donations and legacies
	Planned giving:
	Gift aid donations	41,542	-	-	41,542	39,622
	Income tax recoverable	5,635	-	-	5,635	7,451
	Other planned giving	-	-	-	-	279
	Collections at all services	3,002	-	-	3,002	10,829
	Grants	912	151,032	-	151,944	28,890
	Donations, appeals, etc.	15,331	-	-	15,331	7,807
	Legacies	18,478	-	-	18,478	1,038
		──────	─────	─────	──────	─────
		84,900	151,032	-	235,932	95,916
		──────	─────	─────	──────	─────
	Grants received, included in the above are as follows:
	The National Heritage Lottery Fund				151,032	28,890
	DCMS Scheme				-	-
	Fitz Herbert Moody Trust
	Listed Place of Worship				912	-
					──────	─────
					151,944	28,890
					──────	─────
2b.	Church activities
	Church halls lettings etc.	12,256	-	-	12,256	14,993
	Church lettings etc.	8,254	-	-	8,254	9,941
	Fees	6,009	-	-	6,009	20,341
	Magazines	253	-	-	253	482
		──────	─────	─────	──────	─────
		26,772	-	-	26,772	45,757
		──────	─────	─────	──────	─────
2c.	Activities for generating funds
	Fetes, Bazaars, other fund raising events4,190		-	-	4,190	18,151
	Magazines (advertising fees)	-	-	-	-	51
	Stewardship	100	-	-	100	-
		──────	─────	─────	──────	─────
		4,290	-	-	4,290	18,202
		──────	─────	─────	──────	─────
2d.	Income from investments
	Dividends and interest	34,656	850	-	35,506	36,315
		──────	─────	─────	──────	─────
	TOTAL	150,618	151,882	-	302,500	196,191
		‗‗‗‗‗‗‗	‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA 14.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. EXPENDITURE ON

3.	EXPENDITURE ON
					2020	2019
	UnrestrictedRestrictedEndowment				Total	Total
		Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£
3a.	Raising funds
	Fetes, Bazaars, other fund raising events -		-	-	-	1,000
		─────	─────	─────	─────	─────
3b.	Church activities
	Missionary and charitable giving
	Home missions and other Church Societies -		-	-	-	-
		─────	─────	─────	─────	─────
		-	-	-	-	-
	Ministry - diocesan and deanery	quotas86,377	-	-	86,377	77,208
	- other ministry costs	7,852	-	-	7,852	24,126
	Churches - running expenses	30,146	-	-	30,146	33,864
	- maintenance	52,677	151,032	-	203,709	8,883
	Sunday school and youth work	250	-	-	250	754
	Parish magazines and bookstall	-	-	-	-	2,260
	Church Halls - running costs	-	-	-	-	2,637
	Organists and choirs	9,495	-	-	9,495	10,985
	Grants payable	-	-	-	-	26,968
		──────	──────	──────	──────	─────
		186,797	151,032	-	337,829	187,685
		──────	──────	──────	──────	─────
	Analysis of grants payable
	Grants to institutions
	St Mary’s Church Portsea Music Foundation				-	26,968
3c.	Support costs
	Secretarial services	20,260	-	-	20,260	21,937
	Printing and stationery	3,746	-	-	3,746	2,311
	Renewal of ofce equipment	1,631	-	-	1,631	740
	Legal & professional fees	1,004	-	-	1,004	640
	Independent Examination fees	3,084	-	-	3,084	4,260
		──────	──────	──────	──────	─────
		29,725	-	-	29,725	29,888
		──────	──────	──────	──────	─────
	TOTAL	216,522	151,032	-	367,554	218,573
		──────	──────	──────	──────	─────

PARISH OF ST MARY'S PORTSEA

15.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Support costs

4. Support costs
	**Management **	Governance	Total
		(note 5)
	£	£	£
Secretarial services	20,260	-	20,260
Printing and stationery	3,746	-	3,746
Renewal of ofce equipment	1,631	-	1,631
Copyright licences	1,004	-	1,004
Independent Examination fees	-	3,084	3,084
	────	────	────
	26,641	3,084	29,725
	────	────	────

5. Governance costs

Independent Examination fees	Unrestricted Fund £ 3,084 ──── 3,084 ────	Restricted Funds £ - ──── - ────	Endowment Funds £ - ──── - ────	Total 2020 £ 3,084 ──── 3,084 ────	Total
					2019
					£ 4,260 ──── 4,260 ────

		2020	2019
		£	£
6.	STAFF COSTS
	Wages and salaries	22,318	20,439
	Social security costs	-	-
			
		22,318	20,439
		‗‗‗‗‗	‗‗‗‗‗

Five (2019: Five) members of the PCC receive remuneration from the parish for work either as Parish Clerks or assisting with printing and collating in the parish office. Their joint remuneration was £10,056.93 (2019: £9,323). No other expenses were paid to PCC members. No employee had remuneration exceeding £60,000 (2019: £nil).

PARISH OF ST MARY'S PORTSEA

16.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

						2019
		UnrestrictedRestricted				Endowment
Total
		Funds	Funds Funds		Funds
		£	£		£	£
	INCOME AND
	ENDOWMENTS FROM
	Donations and legacies	95,662	254		-	95,916
	Church activities	45,757	-		-	45,757
	Activities for generating funds		18,202		-	-
	18,202
	Investment income	35,489	826		-	36,315
						
	TOTAL	195,110	1,080		-	196,190
						
	EXPENDITURE ON
	Raising funds	1,000	-		-	1,000
	Church activities	216,898	675		-	217,573
						
	TOTAL	217,898	675		-	218,573
						
	GAINS/(LOSSES) ON
	INVESTMENTS	14,422	4,475	170,194		189,091
	NET INCOME/(EXPENDITURE)	(8,366)	4,880	170,194		166,708
	TRANSFERS BETWEEN FUNDS	55,640	(214)	(55,426)		-
						
	NET MOVEMENT OF FUNDS		47,274		4,666	144,768
	166,708
	RECONCILIATION OF FUNDS:
	BALANCE BROUGHT FORWARD	94,873	26,096	936,162 1,057,131
						
	BALANCE CARRIED FORWARD	142,147	30,762	1,050,930 1,223,839
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

17.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. INVESTMENTS

				2019					2020
			**Historical **	Market				Unrealised	Market
			Cost	**Value **	**Additions **	Disposals		Gains	Value
			£	£	£		£	£	£
24,222		COIF Income Shares		19,994	410,048		-	-	26,224
		436,272
179		COIF Income Shares		1,343*	3,036		-	-	194
		3,230
CBF	Investment Fund
45,892		Income Shares	417,643	757,250	-		-	52,073	809,323
16		Income Shares	115*	307	-		-	21	328
375		Fixed Interest Shares		396	-		-	-	636
		636
11		Charibond Shares	135	214	-		-	14	228
									
			439,6261,170,855		-		-	79,1621,250,017
	Money deposited at CBF		-	-	-		-	-	-
									
			439,6261,170,855		-		-	79,1621,250,017
			‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
	*Value at 1st January 1996
9.	DEBTORS						2020		2019
								£	£
	Income Tax recoverable							-	-
	Other debtors						3,708		6,661
									
							3,708		6,661
							‗‗‗‗‗‗		‗‗‗‗‗‗
10.	LIABILITIES: AMOUNTS		FALLING DUE WITHIN ONE YEAR				2020		2019
								£	£
	Deposits received in advance							-	-
	Other creditors						18,139		12,162
									
							18,139		12,162
							‗‗‗‗‗‗		‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

18.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. MOVEMENT OF FUNDS

Balance at	Balance at	Incoming	Resources	Resources	Investment	Investment
Balance at
**01.01.2020 **		**resources **	**Expended **		Transfers	gains
31.12.2020
	£	£		£	£	£	£
Unrestricted
General Funds
- Parish	21,643	41,290		(50,929)	153	-	12,157
- St Mary’s Church	(15,690)	61,532	(127,454)		9,135	-	(72,477)
- St Wilfrid’s Church	2,891	19,392		(22,982)	(74)	259	(514)
- St Faith’s Church	79,203	9,926		(15,157)	-	5,229	79,201
Parish Contingency	33,560	-		-	-	417	33,977
Clergy Housing Repair
Fund	5,177	-		-	-	-	5,177
Crasswell Street Fund 93		-		-	-	5	98
St Mary’s Church
- CHA Fundraising	9,214	-		-	(9,214)	-	-
- Bell Tower Fund	3,981	-		-	-	-	3,981
-Youth Work Legacy	-	1,478		-	-	-	1,478
St Wilfrid’s Mission	Church
-Young Families Legacy -		17,000		-	-	-	17,000
St Faith’s Mission Church
- Minibus Fund	2,075	-		-	-	383	2,458
							
	142,147	150,618	(216,522)		-	6,293	82,536
							
Balance at		Incoming	Resources		Investment
Balance at
**01.01.2020 **		**resources **	**Expended **		Transfers	gains
31.12.2020
	£	£		£	£	£	£
Restricted
Charitable Giving	40	-		-	-	-	40
Drake Bequest	13,965	334		-	-	767	15,066
National Lottery Heritage -		151,032(151,032)			-	-	-
St Mary’s Church
- Assistant Organist Grant 231		-		-	-	-	231
- Flower Fund	-	-		-	-	-	-
St Wilfrid’s Mission	Church
- Restoration & Maintenance
Fund	856	-		-	-	-	856
St Faith’s Mission Church
- Minibus Fund	15,133	516		-	-	1,185	16,834
- Organ Fund	537	-		-	-	-	537
							
	30,762	151,882	(151,032)		-	1,952	33,564
							

Balance at Incoming Resources Investment Balance at 01.01.2020 resources Expended Transfers gains 31.12.2020

£	£	£	£	£	£
Endowment
Trust Funds and Bequests1,050,930	-	-	-	70,917	1,121,847
					

PARISH OF ST MARY'S PORTSEA

19.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. MOVEMENT OF FUNDS (Continued)

Comparative net movement in funds, included in the above are as follows:

Balance at	Incoming	Resources	Investment	Investment
Balance at
**01.01.2019 **	**resources **	**Expended **	Transfers	gains
31.12.2019
£	£	£	£	£	£
Unrestricted
General Funds
- Parish (25,586)	111,492	(172,250)	107,987	-	21,643
- St Mary’s Church (12,777)	76,165	(38,389)	(40,689)	-	(15,690)
- St Wilfrid’s Church 8,554	2,630	(1,558)	(7,329)	594	2,891
- St Faith’s Church 71,969	3,223	(3,642)	(4,329)	11,982	79,203
Parish Contingency 32,605	-	-	-	955	33,560
Clergy Housing Repair
Fund 5,177	-	-	-	-	5,177
Crasswell Street Fund 79	-	-	-	14	93
St Mary’s Church
- CHA Fundraising 10,014	200	(1,000)	-	-	9,214
- Bell Tower Fund 3,981	-	-	-	-	3,981
St Faith’s Mission Church
- Minibus Fund 857	2,400	(2,059)	-	877	2,075
					
94,873	196,110	(218,898)	55,640	14,422	142,147
					
Balance at	Incoming	Resources	Investment
Balance at
**01.01.2019 **	**resources **	**Expended **	Transfers	gains
31.12.2019
£	£	£	£	£	£
Restricted
Charitable Giving	-	40	-	-	-
40
Drake Bequest11,881		325	-	-	1,759
13,965
St Mary’s Church
- Assistant Organist Grant 906	-	(675)	-	-	231
- Flower Fund -	214	-	(214)	-	-
St Wilfrid’s Mission Church
- Restoration & Maintenance
Fund 856	-	-	-	-	856
St Faith’s Mission Church
- Minibus Fund 11,916	501	-	-	2,716	15,133
- Organ Fund 537	-	-	-	-	537
					
26,096	1,080	(675)	(214)	4,475	30,762
					
Balance at	Incoming	Resources	Investment
Balance at
**01.01.2019 **	**resources **	**Expended **	Transfers	gains
31.12.2019
£	£	£	£	£	£

Endowment

• • (55,426) 170,194 1,050,930

Trust Funds and Bequests936,162













20.

PARISH OF ST MARY'S PORTSEA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. MOVEMENT OF FUNDS (Continued)

The St Mary’s Church general fund has incurred a deficit of £26,268 and the Parish of St Mary’s Portsea general fund has incurred a deficit of £67,018. This was caused by substantial repairs carried out in the year including new lighting installation works of approx. £40,000.00 and Bi-annual maintenance carried out on St Mary’s.

Clergy Housing Repair Fund represents amounts set aside to redecorate clergy housing on a change of occupant.

St Wilfrid’s Restoration and Maintenance Fund represent donations and fund raising for the restoration and maintenance of St Wilfrid’s Church.

The Drake Bequest represents funds given to invest and provide income for the maintenance of the minibus for members of the Old People’s Day Centre at St Faiths and St. Faith’s Minibus Fund represents donations, grants and funds raised for the replacement of the minibus for the old people’s day centre. As the centre has now closed down, the parish is using the interest on these funds to assist the elderly in transport to Parish Events.

The St Mary’s Assistant Organist fund represents a grant received to cover the cost of the assistant organist.

The St Mary’s Flower fund represents amounts set aside to cover the cost of decorating St Mary’s church throughout the year.

St Faith’s Organ fund is used to cover the cost of repairs and maintenance of the organ.

The remaining transfers from St. Mary’s, St. Faith’s and St. Wilfrid’s Unrestricted General Funds represent contributions to the Parish’s expenses.

12. TRUSTS AND BEQUESTS

The following trusts are all permanent endowments which require income to be spent on the general purposes of the parish.

St Stephen’s Parish Hall Trust St Boniface Mission Church Trust St Mary’s Mission Hall Trust St Mary’s Mission Church Trust St Mary’s Institute Francis George Brown Memorial Trust St Faith’s Mission Hall Trust St Wilfrid’s Mission Church Trust Mabel Williams Bequest

The following trusts all provide income for the poor and needy of the parish:

E.M. Claypit W. Sheppard St Stephens's S & P Fund