THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK (registered charity no. 1130866) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 HPH Chartered Accountants $4 Bootham YORK Y030 7XZ THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 CONTENTS Page(s) Annual Report of the Parochial Church Counal Independent Auditors, Report 12-14 Statement of Financial Activities 15 Balance Sheet 16 Cash Flow Statement 17 Notes lo the Financial Statements 18-30 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 The Parochial Church Council {PCC) has pleasure in presenting its Report together wrth the Financial Statements for the year ended 31 December 2020. The financial statements have been prepared in accordan￿ wth the Statement of Recommended Practice.. AcLounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019. the Charities Act 2011, the Church Accounting Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The PCC is a Public Benefrt Enlty OBJECTIVES AND ACTIVITIES Sl Michael le Belfrey Church Council {PCC) is responsible. with the Vicar {Matlhew Porter) for good governance of the Church. Over the last 12 months the church - oflen known as The Belfrey - has continued lo sustain and develop ils ministry and mission, aiming to be serving Gods translonnat￿n of the North through everything we do. The general theme of our activities and prayers in 2020 was Build. Not only did we make good plans for the future renovation and renewal of our church building, but stronger relational lies were built behveen many people through online small groups and meetings. as we learned to support and reach out drfferently due to the Covid-19 pandemic. Back in 2015 the PCC agreed four slralegic emphases lo help prioritise and plan more effectively, and these remained central lo our strategy and our work during 2020. These are.. making disciples levangelism),. nurtunng disciples Idiscipleshipl., d&v6loping leadors Ileadershipl and planting churches (church planting). The values of generosity, simplicity, feslivily and humility have also continued lo be highlighted. In 2020 the Leadership Team and PCC spent time revisiting these strategic emphases and values. in preparation for Ihe launch of a Five Year Roadmap in 2021. We believe that a community living a purposeful Chrisl-cenlred lrfe adds enomious value lo society. As we respond lo the gracious love of Christ. so we wanl lo live lives of service in our city and region. When considering the objectives of the charity Ihe trustees have referred lo the guidance contained in the Charty Commission's general guidance on public benefit. This financial report will highlight some of the public benefit of St Michael le Belfrey Church. ACHIEVEMENTS AND PERFORMANCE Church attendanc8 Sl Michael le Belfrey has a simple structure of congregalions and groups. At the start of 2020 we had 4 Week￿ services {on Sundays. meeting in Sl Michael le Belfrey Church or online at 9am, 11am and 6pm., and on Wednesdays, at 12.30pm when not in lockdown). From late March, in-person services were lemporarity replaced with online services on￿, due to nalional emergency regulalions. In July, an 8am in-person communion Servi￿ was launched, but was THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 replaced in September by the resumption of our 9am. 11 am and 6pm Sunday services. at which point our Wednesday 12.30pm seNice also resumed. By the end of 2020 our Sunday provision had grown to 5 weekly servI￿s, as the 11 am and 6pm had begun smaller services into the Belfrey Hall. Throughout 2020 we had approximately 37 midweek groups, known as Belfrey Groups. Al the Annual Meeting 2020 there were 398 people on the church electoral roll {plus a further 88 at G2, a church begun by us in 2004, still legalty under our governance). The average weekly attendance during October 2020 was 449 for congregations meeting in Sl Michael le Belfrey Churchlthe Belf￿Y Hall (including seNing teams), and 607 onlineltelephone linkups, making a weekty lotal of 1018. (Please note this is based on data for the month of October only, and was affected by CovKF19 r8Slnct￿nS.j Professions of farth, baplism, and confimialion are important lo us as public marks of following Jesus Christ. Wrth many services held online in 2020 il was hard for us lo gauge responses but nevertheless we know of at least 10 professions of faith. We have been restricted in our ability lo baptise but despite this we have conducted 1 revaffimiation of baptismal faith, and baptised 4 infants and 6 adults. and confirmed 4 adults. Public Benefit Review of the year Community The clergy and staff team have continued lo sepie nol just the people of The Belfrey but also the wider community. We have had Sl Michael le Belfrey church open almost every day during an average week when not in lockdown, welcoming over 10,000 visitors to come in and discover something of our heritage and lo hear stories of faith today. Up lo March 2020 our youth and children's centre. The Slorehouse, provided youth groups and support for a wide range of young people inside and outside the church. It also ran parenting courses, a group for those wrth pre-school children, including Dads & Little 'Uns. We also, up lo March served homeless and vulnerable members of our city through Never Give Up, providing a weekly hol meal in the Belfvey Hall. Welcome lunches l¢)ok place al The Vicarage in Jubilee Terrace in January and February. to welcome newcomers to The Beifrey, wtth one online welcome meeting taking place in October. The senior staff are able lo give up lo 1 Oyo of their time lo the Diocese of York or to assisting other churches and lo the New Wine network of churches. We continued to invest in running Alph8 courses, moving online in the autumn, which provided space for those exploring faith lo find answers lo their questions. We believe that helping people find faith in Jesus Christ is the greatest public benefit that we can provide. Buildings Sl Michael le Belfrey and Sl Cuthbert's Church {￿r House of Prayer) are significant buildings which we value very much and have continued to maintain and upgrade under the guidance of our Facilities Manager, Rob Hill, to assist us in our mission and ministry and as part of our heritage. Plans for the renovation and redevelopment of St Michael ￿ Belfrey Church continued as we mel wtih Ihe Diocesan Advisory Committee {DAC) and herttage groups lo discuss and consider our plans. The church also owns The Beifrey Hall, 13 Hempland Drive and 28 Langdale Avenue. It rented the Parish Centre111112 Minster Yard) from York Minster as church offices.11 also rented the Storehouse for our youth and children's work, until summer 2020. It owned various buildings to house interns. St Michael le Belfrey Church, St Culhbert's Church and the Belfrey Hall were, oulsKle of lockdown, used most days, not jusl for worship and prayer, but also for meelings, ￿nCerts, theatre produclions and as a home to Ihe THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Yorkshire Bach Choir. We provided Offi￿ space in the Parish Centre for G2, FUs￿n, and Ace Active, and other churches use our photocnpier to produ￿ their newsletters. Money Sl Michael le Belfrey is a not-profrt-making, charitable organisation and we see all financial provision as money for mission and ministry. Our income was £777,421 plus £5,920,427 restricted lo the Impact project and £2,550,000 restricted lo church planting for a total of £9,247,848. Not only was this money used to pay our staff and to fund various aspects of church life, but much was given away. especially to vanous long-lerm Mission Partners in York, the UK and abroad. We support the local Diocese, conlribuling £177,392 in 2020 which, after supporting our three full-time slipendiary clergy posts, supports the Diocese of York in its wider mission in schools, and a breadth of communities. rural and urban. People People are the key resource of the church, because church is first and foremost people. The PCC would like lo Ihank all the paid and voluntary staff who have contributed so much over the year. In 2020 we said goodbye to Chris Rousell. and welcomed 1 new full-lime member of staff - Joe Portway. Izzy Pysanczyn increased her hours with us as she added the role of Vicar's PA lo her existing role as Betfrey Doors c￿rdinatOr. Grateful thanks are given to Rev'd Liz Ransford who retired as a licensed dergy member of our church. Impact The Impacl team together with LDN Architects and the Oesign team are thankful Ihal we have continued to work on the project throughout 2020 with minimal disruption. The year presented its fair share of chalknges as we consulted wth stskeholders about Ihe proposed Reordering. For the Diocese of York, Historic England and the amenity societies this project is of a level of magnitude and complexity that has not had to be considered for some time. In response lo their concerns. the architect carried out a specrfic design options appraisal, which looked again at the gallery, staircases and the flexib￿ space on the ground floor. Despite making some design modifications rt was a struggle to elicit support, so in December 2020 Ihe Impact board instructed LDN Archtlects to carry out a more signrficant revision lo the ¢oncepl design. The Impact board are also revisiting a feasibility study prepared earlier in the year for No.12 Minster Yard, to consider whether a redevelopment of the parish centre provides options Ihal may support the revised concept design for Sl Michael le Belfrey and avoid the project needing to compromise againsl ils objeclives, particularly wrth respect to accessible meeting space. As part of the Facuty application proc£ss foi the Dmxese of York, it is essential that the Belfrey makes a strong case for the reordering through the Statements of Need and Signrficance. These documents will be strengthened acoxdingty and submitted lo the Di0￿Se along with the latest design drawings. The Belfrey, through Impact, has supported St Lawrence with the Organ restoration project which included underwriting some of the cost. It was a challenging project for St Lawrence and Nicholson & Co, the company who restored the organ. lo complele but the results are so worthwhile. The organ looks beaulrful and the sound of it being played just encourages you lo sing God's praisesl It has already been well used to help the church family of St Lawrence through advent and to celebrate Christmas. THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 During the summer a series of surveys were carried out to assess the extent and nature of repairs necessary for the project, while in September workshops were held to consider in more detail specrfic features such as seating and meeting spaces, slaging, a baptistery, sustainability and accessibilty. Revised cost reports were received refiecting the revisions to the Concept design which could impact on the later design and construction stages. A value engineering exercise was conducted to assess if all the proposed works were necessary and whether they sal within the scope of the Impact project. In early December a pre planning application was submitted to Cty of York Council seeking an inilial steer on external features of the projecl including the landscaping and new door openings at the wesl elevation. As 2021 is now well underway, we look forward lo receiving feedback from the Council soon.. consulting with the Diocese in March when we hope lo gain a greater sense of their support,. and to recommence the developed design work on the project. Church Planting Sl Michael le Bewrey is a resource church. seeking to give time, energy and people lo our Diocese and region in a variety of ways. especially through church planting, as part of the Diocese of York's Multiply strategy. We were pleased in 2020 to re￿1ve Vicky Earll as a new planting curate. We were also delighted to announce a large gtft of £2.55m to establish a Northern Church Planting Fund, lo be held in Irusl by Stewardship. The Fund will help support future plants across the North. In 2020 we took £50,000 from this Fund to support the work of the St Hild Centre for Church Planting {lo be distributed over 3 years), and we plan to lake £60,000 from the Fund for each future church plant. We are delighled that Ihe Fund can be added lo by further donalions, so the work of church planting and revitslisation may conlinue hopefully into the long term. PLANS FOR THE FUTURE In February 2020 we conducted a major church sutvey. The ￿sUItS were encouraging, with much to analyse and areas to improve. We aim to do such a survey annually. In order lo further our vision in the year ahead. we have begun to publicise our Five Year Roadmap. The map tums our previous strategic emphases into Aims, lo which a new first aim is added - of Serving York. Wrth many struggling in 2020 due to the effects of the pandemic. it is important that our church does all rt can lo support vulnerable and disadvantaged people. The Five Year Roadmap wll be communicated inside and outside of church in a variety of ways.11 particularly highlights five 'stretch goals., summarising key actions". every one loves one every one brings one every one disciples one every leader Irains one every church plants one St Michael le Belfrey continues to plan for growth. not for decline. We believe we have a strategic and God-given vision and humbly, prayerfully and confidently seek for it lo be furthered in 2021 and beyond. We plan lo send out Mike Perkins wilh a team in the next 12 months or so to revitalize a local church in the Diocese of York. We're pleased to be part of the Diocese's strategic planning for the coming years as they seek to grow and lo particularly THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 impact the 20s40s age group. We will also continue developing our strategic plans for r ordering St Michael le Beifrey church. All this will be demanding and exciting as we look to the future. In 2018 the PCC approved a proposal from the leadership of G2 thal, in view of the size lo which il has grown and its exciting plans for future developmenl, it should cease to be a satellite church of The Belfrey and become a free-standing church within the Diocese of York. The legal process for implementing this change began, with G2 becoming a Mission Initiative through a Bishop's Mission Order in January 2020, whilst still under The Belfrey's leadership. This is an interim stage towards G2's full Independen￿ from The Belfrey. The Belfrey will provide whalever support G2 needs during the process of transition. LEADERSHIP The Church is led by the Vicar wilh Ihe assistance of a Leadership Team (the 'Vicar's Leadership Team, which meets weekly) and is governed by the PCC, which meets monthly. It is managed by a team of staff and volunteers. The PCC has delegated some decision-making powers to the Human Resources Group (for HR matters), the Impact Project Board (for the reordering of Sl Michael le Belfrey Church) and the World Mission Steering Group {for overseeing mission partners) with terms of reference for the HR Group updated in 2018. Terms of Referen￿ for the Impact Project Board were updated in 2020, stating that the Chair need no longer be a member of ihe PCC, and that a Church Warden should be on the Board. All major governance matters are decided by the Vicar and PCC together. The only committee required by law is the Standing Committee. This is made up of the Vicar, Associate Minister, Church Wardens. Secretary and Treasurer. 11 has power to transact the business of the PCC between rts meetings. subject to any directions given by the Council. Given that the PCC meets monthly, the standing committee rarely meets. In 2020, decisions were made by the Standing Committee once in an online meeting. and occasionally by email, both relating to practical responses to the Covid-19 pandemic. CHARiff GOVERNANCE CODE: As a charitable body, we fulfil the 7 principles set out in the Charity Governance Code as follows.. 1. Organisational Purpose.. We exist for worship and mission in the parish of Sl Michael le Belfrey, York. Our vision is lo be setving Gc%J's transformation of the North and for this we work and pray. To fu￿11 this vision our strategic emphases in 2020 were: making disciples, nurturing disciples, developing leaders and planting churches. 2. Leadership.. The church is led by the Vicar with the aSsislan￿ of a Leadership Team and is governed by the PCC. The Vicar has freehold of the church. Both the Vicar and Associate Minister are of incumbent status. Responsibilrty for much day-tTrday church lrfe is delegated lo our staff. We THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 highly value the ministry of the whole church, with much work being done by volunteers, including small group leaders, helpers and pray-ers in all sorts of areas of church life. 3. Integrity.. We are followers of Jesus who seek to live under the authority of Scripture in the power of the Holy Spirit, while recognising our imperfections and weaknesses and our need of God's grace. We seek lo live with integrity, telling the truth and abiding by the law of the land. At pcc meetings we name conflicts of interest. We seek lo honour each other, speak well of each other and give each other the benefrt of the doubt. In 2020 we especially appreciated Ihe values of generosity, humility. simplicity and festivity. 4. Decision-making, Risk and Control.. We have a number of key goals for the year which are regularly monitored. We review terms of reference. policies and our risk register. Our PCC membership is refreshed annually. Our accounts are annually and professionalty audited. Our accounts, annual reports and various publications are shared wrth the 010￿$e of York, of which we are part. All staff are lin managed. 5. Board Effectiveness.. The Vicar's Leadership Team meets most weeks and our PCC meets monthly. The Vicar meets with the Wardens every other month. We regularty take advice from experts Outside our church, especially in specialist HR or finance matters. We believe the PCC has a good mix of skills, experience, common sense and prayerfulness. New PCC members are given Iruslee induction and all undergo basic online safeguarding training. 6. Diversity.. God's Kingdom is made up of all manner of people but, historicalty, thè Belfrey has not fulty reflected this diversity in ils membership, slaffing and leadership, partty because of Ihe background and makeup of York residents. In a year in which issues of equality have gained particular prominence nalionalty and internationally through such things as the Black Lives Matter movement, we reviewed our hislonc memorials in church and found no links to slavery. We have continued to seek lo make progress towards greater diversity within the leadership of this church. We are pleased that dNersty is now one of our church values agreed by the PCC at the start of 2021. 7. Openness & Accountability.. Our key stakeholders are our church family. Those who belong lo The Belfrey nomially show this by joining our electoral roll, worshipping regularly al one of our services, joining a small group and giving regularty. Most choose lo receive a weekly email from the Vicar, which contains a weekly message. as well as news ttems. a calendar of services and Belfrey evenls, links to useful resour￿$ for church members, and the latest PCC Minules. Up lo lockdown, every two weeks the main news for all church members was produced on video and shown in serVI￿S and included in the weekty email. As well as verbal notices in our seNices our church provides regular infomiation on various social media plaffoms, including Facebook, Instagram and Twitter, and there is a Belfrey Prayer page on Facebook. At the start of2020 we produced the second edrtion of our church magazine- called Cuttivate, providing inforrnalion and stories about church lrfe, of interest both inside and outside our church. We take seriously negative feedback, and suggestions on how to improve our church lrfe, discussing this at VLT and occasionally at PCC. The Church Survey in February 2020 was helpful in many ways, giving us infomiation about lots of aspects of church lrfe from the church famity. We spent part of a PCC Day considering the survey. and it fed into our 5 Year Roadmap. We also encourage THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 questions to be asked throughout the year. with written questions being invited on our annual report and time given for a few verbal questions al our Annual Meeting. We are GDPR Idala protection) compliant and keep clear, accurale and up-to-date membership records using the safe and secure Churchsuite church management system. FINANCIAL REVIEW Overall ordinary unrestricted donation income rose by 6¥., but within this there were tremendous variations between different types of donations, which were mainly attributable lo the effects of the Covid-19 pandemic - weekty offerings in services fell from £41,569 to £10,056, bul we were blessed by a 7.5% rise in planned giving, other one-off donations rising from £18,438 to £30,357 and a £25,000 legacy (which more than offsel this decline}. It was encouraging to see that even though we could not meet as usual, giving was still in the forefront of people's minds and a lot of people found another way lo give, either through our Churchsuite giving link or by posting cheques to the Parish Cenlre. As we were unable to hire out neither the Belfrey Hall nor the church. trading income was £7k less than budgeted and £11 k less than in 2019. As the landlord of the Storehouse wanted to end our lease early for redevelopment of the area, we were offered a payment of £15.000. which included the rateable value of £1 Ok, £4k from the landlord and £1 k refund of rent paid in advance. This money will be used lowards future youth and children's work. Expenditure during the year was reduced as evenls and other aclivities had to be done either online or not al all. However, paymenls lo our mission partners, rent. insurance, and staff costs remained the same. Alhough, we did ulilise the government's Job Retention Scheme as appropriate and were able to reclaim £8.826 under the scheme. The total unrestricted income was £675,048 and total unrestricted expenditure was £739,572. Wè had planned lo use £144k of our reserves in order lo be able lo do everything we wanted to do in 2021. Because of the reduction of expenditure due to Covid-19 and the stabilty of our income we only needed to use £64k. In January 2020 we announced a donation of £5,900,000 restricled lo the building project Ilmpactl of St Michael le Belfrey Church. We received £750,000 of that donation and the rest will be re￿iVed over the next two years. The remaining £5.150.000 is shown as a debtor in the accounts. (see note 14 in the accounts) Expenditure on the Impact project can be broken down as follows.. Design team ILDN architect, engineers 8 cost consultants) Surveys & specialist advi Removal and restoration of the organ in collaboration with St Lawrence Project management team Isalariesl Communication activities other costs (bank charges, pr&planning app, z¢Jom etc) Total expenditure £137,886 £ 24,431 £125,000 £ 56,823 £ 3,675 £ 2,970 £350.785 In October 2020 we received a donation of £2,550,000 to create a Northern Church Planting Fund, to help new church plants in the North of England over the next 10 plus years. This fund THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 can be added to and is shown in OUT restricted funds {note 19 in the accounts). We received the first instalment of that donation in the amount of £50,000 be distributed over three years to St Hild Centre for Church Planting. As we onty received £50,000 of the £2,550,000 the remaining amount of £2,500,000 is show as a debtor. (see note 14 in the accounts) As a result of Ihese two large donations menlioned above our total funds carried fornard look very large al just over £10.5m. However, both of these donations are reslricled in purpose and will be spent over the next few years. If you look at note 2 in the accounts, the large amounts have been split out so you can clearty see the comparison between 2019 and 2020 excluding them. G2,$ 2020 budget was a deficit budget wtth planned use of savings lo balance it. Due lo Covid- 19 there were savings made due lo meeting only online for most of the year. They managed a nearly balanced budget onty using £844 of reserves. Total donations were £87,876 and their expenditure came to £88,720 as shown in the G2 Surplus restricted fund in note 19. Bewrey regdar gNiriJ G2 regLlar givirwJ Avg Avg per person rson pw per Avg per Avg per person Ison per per morth Total Year Dornrs Total DO￿rn Totsl 2018 2019 2020 263 £394,791 £1.501 274 £404,782 £1.477 286 £435.258 £1.6 £125 £123 £136 85 £67.797 £64.843 £58.630 £798 £66 £462.588 £469.625 £493.888 £931 £78 The table above shows the regular giving for Ihe Beffrey and G2 from 2018 10 2020 excluding Gift Aid. This includes all regular giving from Standing Orders direct into our bank account as well as all online giving plafforms ICAF, Churchsuite and Slewardshipl. Overall giving is up for the Belfrey from the last years. even though the number of donors has reduced. Our approach to fundraising - We don't use an external fundraiser and have no complaints about our fundraising activities. We are very thankful for the continued support of our finance volunteers Gill Mclntosh, Val Patrick and lan Fergie especialty as we had to work differently from the end of March. We are also grateful for the work of HPH, Chartered Accountants. to whom we outsource our payroll processing. Thank you also to Ben Burns. who lefl us as Treasurer in November 2020 10 spend more time with his growing famity. He was such a blessing lo us over the last few years as he helped to guide our finances. The Church Wardens are acling Treasurers with the support of the Finance Manager while we are looking for a new Treasurer. INVESTMENT POLICY The PCC has taken external financial advice on the investment of funds reslricled for expendrture on the Impact Project, taking account also of its reserves and funds held for other projects. In view of the likely limescale for expend[lU￿ of Ihe bulk of these funds and uncertainty over market conditions in the meanlime, the PCC has accepted advice that il would be appropriate to avoid signrficanl risk and keep ils funds in cash deposits. The PCC will authorise Ihe opening of additional bank deposrl accounts as necessary, seeking to maximise THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 the Tate of interest consistent wrth the securty of the funds and the required availabilrty for Impact and other expenditure. RISK MANAGEMENT The PCC acknowledges its responsibility to identrfy, assess and manage the major risks to which it is exF)osed. 11 maintains a register of major risks and continues to enhance plans lo ensure that systems and processes are in place lo mitKJate exposure to these risks. Major risks arise from a variety of aspects of the church's internal operations and external environment, including security, health and safety and finance. The PCC reviews the risk register on al least an annual basis and monitors implementation of the necessary miligaling actions. RESERVES POLICY Our policy is lo keep a cash reserve equating to three months, essential running costs. Al the moment that is around £71,000. This allows us to provide for unforeseen short-lerm expenditure lon such items as building repairs) or shortfalls in income,. and lo respond promptly lo future opportunities in support of the church's mission. Our lolal unrestricted net currenl assets at 31 sl Cecember 2020 amounted lo £308,026, and after allocating £144,400 to be spent in 2021 and £15,414 on fabric repairs in the nexi 12-18 months the cash reserve are £148,212. The PCC review this figure regularty so that any reserves held above the £71,000 in our policy can be used for projects as needed. The PCC holds propety and equipment valued at £801,815 included in the unreslricled reserves and £3,213 related to restricted funds which could be converted into cash. STRUCTURE, GOVERNANCE AND MANAGEMENT The Parish of Sl Michael le Belfrey, York is a parish within the Church of England as defined by canon law. Individual parishes within the Church of England do not have a separate constitution. They work within the framework of Church of England ecclesiastical law, consisting of ihe Parcthial Church Council Powers Measure 119561 and the Church Representation Rules. Charitable status was received on 30 July 2009. Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeling IAPCM} in accordance with the Church Representation Rules. The Church is led by the Vicar wlh the assistancE of a Leadership Team and is govemed by the PCC, which meets monthly. It is managed by a team of staff and volunteers. ADMINISTRATIVE INFORMATION Parish Name.. St Michael le Belfrey Church Address.. Sl Michael le Bewrey, High Pelergale, Yoth, Y01 7EN Office Address.. The Parish Cent￿. 11112 Minster Yard, York Y017HH Charity Name {working name).. St. Michael Le Belfrey PCC Registered Number: 1130866 Principal Address.. The Parish Centre, 11112 Minster Yard, York, Y01 7HH THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 PCC Trustees l Members The members of the PCC who served during the year were as follows.. Clergy Matthew Porter Andy Baker Michael Perkins Vicky Eadl (from Juty 2020 as a lay minister. and from Sept 2020 as an ordained minister) Liz Ransford (until Oct 2020) Jim Roberts Christian Selvaralnam Churchwardens Alison Dawson {Lay Chair of the PCCI Barrie Stephenson {until Nov 20201 Christopher Dobson Daniel Brookes Remi Oduyemi (from Nov 2020) Daniel Brookes Dudley Clark {until Nov 20201 John Lindley Martine SomeNille Tony S￿tt Ali Hale Alys Tarr James Webster {unlil Nov 2020) Jenny Hough Roger Holmes (until Nov 20201 Ben Burns {until Nov 2020) Dani Cook {from Nov 2020) Deanery Synod Elèctèd rèprèsèntstives Officers Secretary.. Rcrtjer Holmes (until Nov 20201 Treasurer.. Ben Burns lunlil Nov 20201 Electoral Roll offi￿r.. Ruth Somerville (until Feb 20201. Izzy Pysanczyn (from Feb 20201 10 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 STATEMENT OF RESPONSIBILITES OF THE PAROCHIAL CHURCH COUNCIL Law applicable lo charilies in England and Wales and guidance issued by Ihe Central Board of Finance of the Church of England require the members of the Parochial Church Council lo prepare financial statements which give a true and fair view of the Parochial Church Council's financial activrties during the year. In preparing financial statements giving a true and fair view. the members of the Parochial Church Council should follow best practice and.. select suitable accounting policies and then apply them consistently., make judgements and eslimales that are reasonable and prudent., slate whether the Church guidance, applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the Parochial Church Council will continue in operation. The members of the Parochial chU￿h Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Parochial Church Council and enable them to ensure that the financial slatemenls compty with the Church Accounting Regulations 2006 and Ihe Charilies Act 2011. They are also responsible for safeguarding the assets of the Parochial Church Council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITORS In so far as the PCC members are aware.. There is no relevant information of which the PCC'S auditors are unaware., and The PCC members have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information and to establish Ihal the audilofs are aware of that informalion. Approved by the Parochial Church Council and signed on its behalf by.. Revd Matth8w Porter Chair 3110312021 INDEPENDENT AUDITORS, REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK Unquallfled oplnlon We have audited the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Sl Michael Le Belfrey with St Cuthbert, York for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Slalement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice). This report is made solety to the Parochial Church Council (the PCCI as the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the PCC those matters we are required to state lo them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the PCC as a th)dy. for our audit work, for this reFJOrt, or for the opinions we have formed. In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of ￿SOurCes. for the year then ended.. have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011 and the Church Accounting Regulations 2006. Baslg for oplnlon We ¢ondu¢ted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charty in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identrfied any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubl on the charity's abilty to continue as a going con￿￿ for a period of al least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees Y￿th respect to going concern are described in the relevant sections of this report. 12 INDEPENDENT AUDITORS, REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK Other Inforniatlon The PCC are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statements and our auditors. report Ihereon. Our opinion on the financial statements does not cover the other information and we do not express any fomi of assurance ￿ndUs1On Ihereon. In connection with our audit of the financial slatemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knOw￿dge obtained in the audit or otherwise appears lo be Material￿ misslaled. If we idenlrfy such material inconsistencies or apparent material misstatements. we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch VR are requlred to report by exceptlon We have nothing to report in reSp￿t of the folbwing matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial ststements is inconsistent in any material respect with the PCC$' report.. or sufficient accounting records have not been kept.. or the financial slatemenls are not in agreement with the accounting records and returns., or we have not received all the informats'on and explanations we require for our audit Responsibilities of the Parochial Church Council As explained more fully in the statement of responsibilities of the Parochial Church Council set out on page 11, the PCC are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the PCC determine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements. the PCC are responsible for assessing the ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC either intend to liquidate or to cease operations, or have no realistic alternatr¥e but to do so. 13 INDEPENDENT AUDITORS, REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK Auditors. responsibilities for the audit of the financial sts¢ements We have been apwinted as auditors under section 144 of the Chanties Act 2011 and report in accordan￿ with the Act and relevant regulatsons made or having effect thereunder. Our objective$ are to obtain reasonable assurance about whether the finan¢ial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted In accordance with ISAS IUKI will a￿ayS delect a material misstslement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularib'es, induding fraud, a￿ instances of non**Income and endowments from:**
Donations and legacies
2
Income from charitable church activities
3
Other trading activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
7
Raising funds
Charitable church activities
**Total expenditure**
**Net income/(expenditure) before gains**
**and losses on investments**
Net (losses) on investments
12
**Net income/(expenditure)**
Transfers between funds
**Net movement in Funds**
**Total funds brought forward at**
**1 January 2020**
**Total funds carried forward at**
**31 December 2020**
18/19|**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**Funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
**£**
573,954
-
8,562,699
9,136,653
693,651
60,800
-
550
61,350
76,695
8,198
-
-
8,198
23,372
3,164
-
8,843
12,007
15,144
28,932
-
708
29,640
5,835
**675,048**
**-**
**8,572,800**
**9,247,848**
**814,697**
550
-
-
550
3,793
739,022
-
486,124
1,225,146
1,260,528
**739,572**
**-**
**486,124**
**1,225,695**
**1,264,321**
(64,524)
-
8,086,676
8,022,153
(449,624)
-
-
-
-
-
(64,524)
-
8,086,676
8,022,153
(449,624)
122,000
(122,000)
-
-
-
**57,476**
**(122,000)**
**8,086,676**
**8,022,153**
**(449,624)**
1,052,365
122,000
1,343,804
2,518,169
2,967,793
**£1,109,841**
**-**
**£ 9,430,480**
**10,540,321**
**£**
**2,518,169**
**£**
**Total Funds**| |---|---| ## **The notes on pages 18 to 30 form part of these financial statements.** The Statement of Financial Activities includes all gains and losses in the year and all of the above amounts relate to continuing activities. 15 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **BALANCE SHEET** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**Note**
**Fixed Assets**
Tangible fixed assets
11
Investments
12
**Current Assets**
Stock
13
Debtors
14
Cash at bank and in hand
15
**Total Current Assets**
**Current Liabilities**
Creditors: amounts falling
due within one year
16
**Total current liabilities**
**Net Current Assets**
**Net Assets**
**The funds of the charity**
Unrestricted general fund
18
Unrestricted revaluation reserve fund
18
Unrestricted designated funds
18
Restricted funds
19
**Total Charity Funds**
**Total assets less current liabilities**|**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**Funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
**£**
801,815
-
3,213
805,028
810,865
-
-
-
-
-
801,815
-
3,213
805,028
810,865
638
-
-
638
749
10,331
-
7,656,021
7,666,352
27,594
331,695
-
1,775,863
2,107,558
1,754,397
342,664
-
9,431,884
9,774,548
1,782,740
34,638
-
4,617
39,255
75,436
34,638
-
4,617
39,255
75,436
308,026
-
9,427,267
9,735,293
1,707,304
1,109,841
-
9,430,480
10,540,321
2,518,169
**1,109,841**
**£**
**-**
**£**
**9,430,480**
**£**
**10,540,321**
**£**
**2,518,169**
**£**
953,841
-
-
953,841
896,365
156,000
-
-
156,000
156,000
-
-
-
-
122,000
-
-
9,430,480
9,430,480
1,343,804
**1,109,841**
**£**
**-**
**£**
**9,430,480**
**£**
**10,540,321**
**£**
**2,518,169**
**£**
**Total Funds**| |---|---| Approved by the Parochial Church Council on 31/03/2021 and signed on its behalf by: Revd Matthew Porter (Chair) **The notes on pages 18 to 30 form part of these financial statements.** 16 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **CASH FLOW STATEMENT** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**Cash flows from operating activities:**
**Net income for the reporting period**
**_Adjusted for:_**
Depreciation charges and profit/loss on disposals of fixed assets
Dividends and interest from investments
Profit on disposal of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**Cash flows from investing activities:**
Dividends and interest from investments
Proceeds from disposal of investments
**Net cash provided by/(used in) investing activities**
**Analysis of cash and cash equivalents**
Cash in hand
No notice and notice deposits (less than 3 months)
Notice deposits (more than 3 months)
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2020**
**£**
**8,022,153**
5,838
(12,007)
-
111
(7,638,758)
(36,181)
**341,155**
12,007
-
**12,007**
**353,161**
**1,754,397**
**2,107,558**
**£**
383
479,376
1,627,799
**2,107,558**
**£**|**2019**
**£**
**(449,624)**
5,837
(15,144)
(426)
(51)
(5,486)
44,241
**(420,653)**
15,144
1,083
**16,227**
**(404,426)**
**2,158,823**
**1,754,397**
**£**
374
469,821
1,284,202
**1,754,397**
**£**| |---|---|---| Charity law requires separate administration of the cashflows of endowed and other restricted funds of the Charity. This constraint has not adversely affected cashflows as stated above. **The notes on pages 18 to 30 form part of these financial statements** 17 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY ￿TH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Basis of preparation The financial stalements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Chartties preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019, the Charities Act 2011, the Church Accounting Regulation5 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements include all transactions, assets and liabilrties for which the Parochial Church Council I'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 infomial gatherings of church members. The PCC is a public benefrt entty as defined by FRS 102. ststutory Infomiatlon The PCC is registered with the Charty Commission. registration number 1130866. The registered address is The Parish Cenlre, 11112 Minsler Yard, York, Y017HH. Funds Unrgstrictsd funds represent the general funds of the PCC that are not Subject to any restrictions regarding their use and are available for application for the ordinary purFJoses of the PCC. Deswn8led funds represent those unreslricted general funds which have been set aside by the PCC for a particular purpose. Restricted funds represenl la) income from trusts or endowmenls which may be expended only on those restricted objects provided in the terms of the trust or bequest, and Ibl donations or grants received for a specrfic object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent al the end of each year musl be carried forward as a balance on that fund. A large proportion of restricted funds are held in separate bank accounts and interest arising is allocated to restricted funds. The remaining inleresl largely represents monies accrued from unrestricted funds. Income recognltlon All income is recognised once the PCC has entitlement to the income. there is sufficient certainty of receipt and so rt is probable that Ihe income will be received. and Ihe amount of income receivable can be measured reliabty- Planned giving, collections and donations are recognised when received. Tax refunds are rec&Jnised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is enlitled lo the use of Ihe resources, their ultimate receipl is CLsnsidered reasonabty certain and the amounts due are readily quantifiable. Dividends are accounted for when declared receivable, interest as and when accrued by the payer. All other income is ￿cOgnised when it is ieceivable. Amounls received specifically for mission are dealt with as ￿$triCIed funds. All incoming resources are accounted for gross. 18 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY ￿TH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. ACCOUNTING POLICIES Icontinuedl Government grants Grants are accounted under the accruals model as pemittted by FRS 102. Grants of a revenue nature are recognized in the state of income and retained earnings in Ihe same period as Ihe related expenditure. Expendlture re¢ognltlon Liabilrties are reccgnised as expenditure as s(N)n as there is a legal or constructive obligation committing the PCC lo Ihal expenditure, il is probable that settlement will be required and the amount of obligation can be measured reliably. Grants and donations are accounted for when paid over, or when awarded, rf that award creales a binding or constructive obligation on Ihe PCC. The Diocesan Freewill Offering is accounled for when due. All other expenditure is generally recognised when rt is incurred and is accounted for gross. Flxed assets Consecrated and bener￿e property is not included in the financial slalemenls in accordance with section 10121 lal and Icl of the Charities Act 2011. Movable church fumishings held by the vicar and churchwardens on special Irusl for the PCC and which require a faculty for disposal are inalienable propety, listed in the church's inventory. which can be inspected al any reasonable time. All expendrture incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off. Other land and buiklings held on behaw of the PCC for its own purposes are valued at market value. No depreciation is charged against such properties as they are regularly maintained to such an extent that their estimated economic lives and residual values are such that their depreciation is insignrficanl. At each year end an assessment is carried out lo ascertain whether there is any indication Ihal the properties should be wrrtlen down li.e. whether its carrying amount is more than rts recoverable amount). If there is no indication that a propety should be written down, it is not necessary lo estimate the recoverable amount. Equipment used vthhin the church premises, The Parish Centre and Church Hall is depreciated on a straighl-line basis over its eslimaled useful lrfe of 4 10 10 years. Individual items of equipment with a purchase price of £3,000 or less are vKitten off in the period in which the asset is acquired. Debtors Trade and other debtors are recognised al Ihe settkment amounl due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short Maturity of two years or less from the date of acquistlion or opening of the deposrt or similar account. 19 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY ￿TH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. ACCOUNTING POLICIES Icontinuedl Creditors and provisions Creditors and provisions are recognised where the PCC has a present obligation resulting from a past event that will probably result in the Iransfer of funds to a third paty and Ihe amounl due to settle the obligation can be measured or estimated reliabW. Creditors and provisions are normally recognised at their setuement amount after allowing for any trade discounts due. Financial Instruments The PCC only has financial assets and financial liabilrties of a kind that qualrfy as basic financial instruments. Basic financial instruments are inf(ially recognised at transaction value and subsequently measured al their settlement value. Operatlng lease agreements Rentals applicable to operating leases where subslanlially all of the benefits and risks of ownership remain with the lessor are charged against income on a stTaTrght-line basis over the period of the lease. Irrecoverable Value Added Tax The PCC is not registered for Value Added Tax IVATI and accordingly expendrture is shown gross of irrecoverable VAT. The VAT incurred from lime lo time on certain fabric repair and maintenance expenditure can, however, be recovered under the Listed Places of Worship Grant Scheme. Golng Concern The PCC has cash resources and has no requirement for external funding. The PCC has a reasonable expectation that the church has adequate resources lo continue in operational existence for the foreseeable future. The Covid-19 pandemic and lockdowns have meant there has been a decrease in offerings & events income but these have not been signrficant. Expenditure has reduced due to less spending on the running of the church & small cutbacks to other budget areas. The church has also made use of the Job Retention Grant Scheme. Whilst the situation remains uncertain. it does appear that the church is dealing well with the current situation and from the most recent Govemmenl infomialion there is an indication that the church may be able lo reopen and charrtable church activities return to normal by late June 2021, at the earfiest. Plans for the future are being considered bul with Ihe possibilty thal church services may resume as normal by Juty 2021. no major changes are planned. Further cut backs on spending are possible rf required. The PCC continue to believe the goiThJ cOn￿M basis of acLounting is appropriate in preparing the financial slalemenls. 20 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY ￿TH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Icontinuedl Heritage Assets The Vicar and Church Wardens hold on special trust for the PCC sifver and plate gifted lo Ihe church for ecclesiastical purposes. They dale from the 17th century and therefore, there is insufficient cost information available. Due to the unique nature of these assets and their historic association with worship at the church over hundreds of years, convenlional valuation techniques are not applicable and therefore have not been valued in Ihe financial slalemenls. The silver and plate, 22 items in total are listed in the church's inventory and are regarded by law as inalienable assets which the PCC would require a facutty for disposal. Inspection can be arranged at reasonable times where they are located. Penslons The PCC pays employer contributions into a variety of pension schemes consisting of individual employee's personal pension schemes of their choice and a workplace pension scheme lo fulfil the PCC'S auto enrolmenl obligations {Church Workers Pension Fund). Church Workers Penslon Fund- Penslon Bulldèr 2014 Sl Michael le Belfrey PCC participates in the Pension Builder Scheme section of Church Workers Pènsion Fund for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assels of the schemes separalely from Ihose of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefrts Scheme, a deferred annuty section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. Pension Builder Scheme The Pension Builder Scheme of the Church Workers Pension Fund is made up of sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefrt schemes. Pension Builder 2014 is a cash balance scheme Ihal provides a lump sum thal members use to provide benefits at retirement. Pension contTibulions are recorded in an account for each member. This account may have bonuses added by Ihe Board before retirement. The bonuses depend on investment experience and other factors. There is no requiremenl for Ihe Board to grant any bonuses. The account. plus any bonuses declared, is payable from members, Normal Pension Age. There is no sutrpdivision of assets belween employers in each section of the Pension Builder Scheme. The scheme is considered to be a muk￿emploYer scheme as described in Section 28 of FRS 102. This is because il is not possible to attribute the Pension Builder Scheme's assets and liabilities to specrfic employers and means that contributions are accounted for 8s rf the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are the contributions payable {2020: £18,304, 2019: £16,297). 21 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY ￿TH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. ACCOUNTING POLICIES Icontinuedl Pension Builder Scheme (continued) A valuation of the Pension Builder Scheme is ca￿led OLrt On￿ every three years. The most recentwas carried out as al 31 December 2016. Avaluation as al 31 D￿ember 2019 was under way as at 31 December 2020. For Ihe Pension Builder 2014 section, the valualion revealed a surplus of £1.8m on Ihe ongoing assumptions used. There is no requirement for deficit payments at the current lime. The legal structure of the scheme is such that rf anolher employer fails, Sl Michael le Belfrey PCC could become responsible for paying a share of that employer's pension liabilities. Accounting Estimates and Judgements The preparation of the financial statements requires management lo make judgements. eslimales and assumptions that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors believe that the following judgement is critical due lo the potential material impact it has on the financial slalements. Included wrthin debtors are amounts received in respect of donalions towards the Impact project and Church planting. These amounts have been paid by donors to Stewardship who hold thè funds on trust for the Church. The Trustees consider that the income recognition criteria of entitlement, probabilty of ￿ceipt and measurement have all been met. The donations have therefore been reco3nised in full and included in income as shown in note 2. The debtor will be released as funds are received from Stewardship over the life of the projects. Had the income not been recognised in full this year then donations and reserves would reduce by £7,650,000. 22 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** ||**Unrestricted**|**Designated**|**Restricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| ||**Funds**|**Funds**|**Funds**|**2020**|**2019**| ||**£**|**£**|**£**|**£**|**£**| |**2. Donations and legacies**|||||| |Planned giving|435,258|-|58,630|493,888|469,626| |Tax recoverable|73,283|-|18,457|91,740|93,343| |Collections (open plate)|10,056|-|-|10,056|41,569| |Legacies|25,000|-|-|25,000|-| |Donations|30,357|-|35,612|65,970|89,113| |Donations - Impact Grant|-|-|5,900,000|5,900,000|-| |Donations - Church Planting Grant|-|-|2,550,000|2,550,000|-| ||573,954
£|-
£|8,562,699
£|9,136,653
£|693,651
£| |**3. Income from charitable church activities**
Events
57,071
Other income from church activities
3,729
In 2019, income from donations and legacies amounting
designated funds and £153,096 related to restricted funds.||-
-
to £540,555|550
57,621
-
3,729
related to unrestricted funds,||64,446
12,249
£Nil related to| ||60,800
£|-
£|£ 550|61,350
£|76,695
£| |**4. Other trading activities**
Sales
5,135
-
Hire of facilities
3,022
-
Music
41
-
In 2019, income from charitable church activities amounting to £70,386
designated funds and £6,309 related to restricted funds.|||-
5,135
-
3,022
-
41
related to unrestricted funds,||8,963
14,317
92
£Nil related to| ||8,198
£|-
£|-
£|8,198
£|23,372
£| |**5. Investment income**
Dividends received
-
-
1,126
Deposit interest
3,164
-
7,717
In 2019, all income from other trading activities related to unrestricted funds.||||1,126
10,881|1,167
13,977| ||3,164
£|-
£|8,843
£|12,007
£|15,144
£| |**6. Other income**
Other income
20,106
-
708
Government grants
8,826
-
-
Profit on disposal of fixed assets
-
-
In 2019, investment income amounting to £4,767 related to unrestricted funds, £Nil related
related to restricted funds.||||20,814
5,409
8,826
-
-
426
to designated funds and £10,377|| ||28,932
£|-
£|708
£|29,640
£|5,835
£| |**Total Income**
**675,048**
**£**
**-**
**£**
**8,572,800**
**£**
**9,247,848**
**£**
**814,697**
**£**
In 2019, other income amounting to £5,795 related to unrestricted funds, £Nil related to designated funds and £40 related to
restricted funds.|||||| 23 |**Restricted**
**Total**|**Funds**
**2020**
**2019**|**£**
**£**
**£**||-
£
550
£
3,793
£|||10,926
10,936
79,657|-
57,092
47,129|8,447
23,853
31,489|19,373
91,881
158,275
2,600
177,392
173,860|6,199
53,634
104,460|293,970
418,666
346,081|101
6,081
2,493|136
13,211
23,251|150,839
412,946
391,938|12,615
38,740
48,367|291
3,012
2,714|-
2,592
2,496|-
6,990
6,593|486,124
£
1,225,146
£
1,260,528
£|**486,124**
**£**
**1,225,695**
**£**
**1,264,321**
**£**|| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**Designated**|**Funds**|**£**||-
£|||-|-|-|-
-|-|-|-|-|-|-|-|-|-|-
£|**-**
**£**|| |**Unrestricted**|**Funds**|**£**||550
£|||10|57,092|15,406|72,508
174,792|47,436|124,696|5,980|13,075|262,107|26,125|2,721|2,592|6,990|739,022
£|**739,572**
**£**|| ||||**7. Analysis of expenditure**|Raising funds|Charitable church activities|Missionary and charitable giving (note 8)|Grants|Overseas mission|Home mission|Ministry: Diocesan free will offering|Church - general upkeep and services|Church - premises|Music|Events|Staff salaries, pensions and other staffing costs|Office and administration costs|Finance costs|Audit fee|Outsourced accountancy, taxation and payroll||**Total**|| **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** |**8. Mission and charitable grants**
_Grants_
Acts 435
Storehouse Restricted Expenditure
House of Prayer Restricted Donations
Donations for IJM Rachel Sterling
One-Off Restricted Donations
Giving from Gift Day
_Overseas mission_
Blacker Support
Wycliffe (Eves)
Fletcher Support
Homer Support
Philippines Outreach Centre
Roberts Support
Tear Fund
Wilson
International Students
Missionary Discretionary
Global Connections
Seed Fund
Short Term Mission
_Home mission_
Church Missions
Eastfield
Friends International
Ace Active Ministry
Paul Myers Mission
Poor Fund
Restore
Riding Lights
YoYo Mission Giving
Evangelism Cafes
Women's Ministry
Student Mission
Children and Family Outreach
Youth Outreach
Evangelism Ministry
G2 Giving to mission
Youth Outreach Legacy
Social Justice & Action
Student Alpha|**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**Funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
**£**
-
-
1,659
1,659
215
-
-
120
120
232
-
-
1
1
650
-
-
-
-
9
10
-
9,008
9,018
77,375
-
-
138
138
1,176
10
-
10,926
10,936
79,657
10,318
-
-
10,318
1,000
8,610
-
-
8,610
7,850
8,020
-
-
8,020
7,220
6,120
-
-
6,120
6,320
-
-
-
-
1,000
11,064
-
-
11,064
10,160
10,000
-
-
10,000
10,000
2,040
-
-
2,040
2,240
-
-
-
-
106
190
-
-
190
18
230
-
-
230
215
-
-
-
-
500
500
-
-
500
500
57,092
-
-
57,092
47,129
-
-
-
-
494
2,000
-
-
2,000
2,000
2,000
-
-
2,000
2,000
2,000
-
-
2,000
2,000
2,000
-
-
2,000
2,000
-
-
-
-
49
1,000
-
-
1,000
1,000
3,000
-
-
3,000
3,000
3,000
-
-
3,000
3,000
16
-
-
16
791
-
-
265
265
813
186
-
-
186
752
-
-
-
-
576
-
-
-
-
115
85
-
-
85
903
-
-
3,023
3,023
2,923
-
-
5,142
5,142
9,073
-
-
17
17
-
119
-
-
119
-
15,406
-
8,447
23,853
31,489
72,508
£
-
£
19,373
£
91,881
£
158,275
£
**Total**| |---|---| In 2019, Grants was made up of £Nil relating to unrestricted funds, £50,000 relating to designated funds and £29,657 relating to restricted funds. Overseas Mission was made up of £47,129 relating to unrestricted funds, £Nil relating to designated funds and £Nil relating to restricted funds. Home Mission was made up of £18,680 relating to unrestricted funds, £Nil relating to designated funds and £12,809 relating to restricted funds. |**9. Net income for the year**
This is stated after charging:
Staff pension contribution
Depreciation
Auditors' remuneration - audit of financial statements
**10. Staff costs and emoluments**
Total staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs|18,304
16,297
5,838
5,837
2,592
2,496
366,754
339,055
19,205
19,665
18,304
16,297
404,263
£
375,017
£| |---|---| During the year the PCC employed no one who earned more than £60,000. The average head count (number of staff employed - all administrative staff) during the year was 28 (2019 - 29). The average number of employees calculated on the basis of full-time equivalents was 16 (2019 - 15) The PCC considers its key management personnel to comprise only of the PCC Members (Trustees). They receive no remuneration in their capacity as trustees but may be employed under a contract of employment to carry out their roles within the church. The total of renumeration received by 2 trustees and key management personnel for their services to the church amounted to £19,088 (2019 - £18,894). 25 ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED) 11. Tangible fixed assets** **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Freehold Land|Motor|Church| |& Buildings|Vehicles|Equipment|Total| |£|£|£|£| |Cost or valuation| |At 1 January 2020|795,000|12,850|83,891|891,741| |At 31 December 2020|795,000|12,850|83,891|891,741| |Depreciation| |-| |At 1 January 2020|6,425|74,451|80,876| |-| |Charge for year|3,213|2,625|5,838| |At 31 December 2020|-|9,638|77,076|86,714| |Net book value| |At 31 December 2020|£ 795,000 £ 3,213 £ 6,815 £ 805,028| |At 31 December 2019|£ 795,000 £ 6,425 £ 9,440 £ 810,865| **----- End of picture text -----**
The freehold land and buildings, comprising 13 Hempland Drive, 28 Langdale Avenue and the Church Hall were revalued at 1 December 2016 by Stephensons Estate Agents, and are included at their revised market values of £375,000, £155,000 and £265,000 respectively. If the freehold property had not been included at valuation, they would have been included under the historical cost convention as follows: **----- Start of picture text -----**
||| |---|---| |2020|2019| |Historical cost at 31 December 2020|£ 639,000 £ 639,000| **----- End of picture text -----**
At 31 December 2020 tangible fixed assets with a net book value of £801,815 (2019 - £804,440) related to the unrestricted funds and tangible fixed assets with a net book value of £3,213 (2018 - £6,425) related to restricted funds. **----- Start of picture text -----**
|||||| |---|---|---|---|---| |2020|2019| |£|£| |12. Investments| |Market value at 1 January 2020|-|657| |-| |Disposal|(657)| |Market value at 31 December 2020|£|-|£|-| |Historical cost at 31 December 2020|£|-|£|-| **----- End of picture text -----**
The investments are UK listed quoted shares. At 31 December 2019 all investments related to the unrestricted funds. The PCC also receives income from 2,212 Charities Official Investment Fund shares. However, the value of the shares has not been included within the balance sheet because, although the PCC receives the income, the legal title belongs to two charities associated to the PCC. **----- Start of picture text -----**
|||||| |---|---|---|---|---| |13. Stock| |Bookstall stock and other|£|638|£|749| |At both 31 December 2019 and 31 December 2020 stock related to the unrestricted funds.| |14. Debtors| |Trade debtors|15|2,087| |Income tax recoverable|7,524|6,351| |Prepayments and accrued income|8,813|19,156| |-| |Accrued income - Church Planting and Impact grants within one year|400,000| |-| |Accrued income - Church Planting and Impact grants more than one year|7,250,000| |£ 7,666,352|£ 27,594| **----- End of picture text -----**
At 31 December 2020 £7,656,021 (2019 - £6,505) of debtors related to restricted funds, the balance of debtors related to the unrestricted funds. 26 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** |**15. Cash at bank and in hand**
Bank balances
Cash balances|**2020**
**2019**
**£**
**£**
2,107,175
1,754,023
383
374
2,107,558
£
1,754,397
£| |---|---| At 31 December 2020 £331,705 (2019 - £271,793) of cash and bank balances related to unrestricted funds, £NIL (2019 - £122,000) related to designated funds and £1,775,853 (2019 - £1,360,604) related to restricted funds. |**16. Creditors: amounts falling due within one year**
Trade creditors
Accruals
Tax and social security creditor
Pension creditors|4,634
16,360
28,725
48,847
5,474
5,586
422
4,643
39,255
£
75,436
£| |---|---| At 31 December 2020 £4,617 (2019 - £29,730) of creditors related to restricted funds, the balance of creditors related to unrestricted funds. ## **17. Commitments under operating leases** At 31 December 2020 the PCC had annual commitments under non-cancellable operating leases as set out below: |Operating leases which expire
Under 1 year
Within 2 to 5 years
After more than 5 years
**18. Unrestricted and Designated Funds**
_Current Year_
Unrestricted fund - General
Unrestricted fund - Revaluation Reserve
Designated fund - Pastoral Development
Total Unrestricted and Designated Funds
_Comparative Year_
Unrestricted fund - General
Unrestricted fund - Revaluation Reserve
Designated fund - Church Planting
Designated fund - Pastoral Development
Designated fund - Prayer Leadership
Designated fund - Student Mission
Designated fund - Youth Mission
Total Unrestricted and Designated Funds|Brought
forward
Incoming
01/01/2020
Resources
£
£
896,365
675,048
156,000
-
1,052,365
675,048
122,000
-
122,000
-
1,174,365
£
675,048
£
Brought
forward
Incoming
01/01/2019
Resources
£
£
1,031,104
644,875
156,000
-
1,187,104
-
50,000
-
122,000
-
5,165
-
15,926
-
998
-
194,089
-
1,381,193
£
644,875
£|Land and
Other
Land and
Other
buildings
items
buildings
items
£
£
£
£
-
2,210
32,800
2,947
7,644
-
20,844
-
32,800
-
-
-
40,444
£
2,210
£
53,644
£
2,947
£
Other
Transfers
recognised
Carried
Outgoing
Between
gains and
forward
Resources
Funds
(losses)
31/12/2020
£
£
£
£
(739,572)
122,000
-
953,841
-
-
-
156,000
(739,572)
122,000
-
1,109,841
-
(122,000)
-
-
-
(122,000)
-
-
£ (739,572)
-
-
1,109,841
£
Other
Transfers
recognised
Carried
Outgoing
Between
gains and
forward
Resources
Funds
(losses)
31/12/2019
£
£
£
£
(779,614)
-
-
896,365
-
-
-
156,000
-
-
-
1,052,365
(50,000)
-
-
-
-
-
-
122,000
(5,165)
-
-
-
(15,926)
-
-
-
(998)
-
-
-
(72,089)
-
-
122,000
£ 851,703
-
-
1,174,365
£
2019
2020| |---|---|---| The Designated Funds are from prior year gifts. The notes above show the 2019 and 2020 spend on each fund. 27 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** ## **19. Restricted Funds** |_Current Year_
G2 Surplus Fund
Acts 435
Storehouse
Belfrey Youth Besom Christmas Hamper Fund
Bible Fund
Church Planting fund
St Wilfred Ecclesiastical Charity (COIF)
Evangelism of the North
Funeral Collections
Giving Away Day
Hardship Fund
Holding Crosses
House Of Prayer
House of Prayer People
Impact Project
Jim Fox Donation
Kidz Club
Legacy for Church Silver
Never Give Up
One-Off Collections
Premises Legacy
Youth Fund Legacy
Music (royalties)
Shoeboxes
Sozo Fund
St Cuthbert's Garden
Stained Glass Maintenance St Michael's Warwick Burton
Stained Glass Maintenance St Cuthbert's Warwick Burton
Student Worker Fund
The Corner Youth Outreach
Unspecified but Restricted
Women's Ministry (previously Women of Worth)|Brought
Carried
forward
Incoming
Outgoing
forward
01/01/2020
Resources
Resources
Transfers
31/12/2020
£
£
£
£
£
31,495
87,876
(88,720)
-
30,651
29
1,630
(1,659)
-
-
3,808
890
(3,578)
-
1,120
-
134
(134)
-
-
32
-
-
-
32
-
2,550,000
-
2,550,000
3,972
1,126
-
-
5,098
161
-
-
-
161
69
-
-
-
69
15,058
-
(273)
-
14,785
-
96
(15)
500
581
-
840
(340)
500
-
0
-
1,387
148
(1)
-
1,534
25,000
-
(7,680)
-
17,320
1,068,350
5,920,427
(350,785)
-
6,637,992
39
-
(39)
-
-
1
-
(1)
-
-
311
-
-
-
311
4,806
10
(496)
-
4,321
186
8,571
(8,519)
-
238
154,825
-
-
-
154,825
9,227
-
(5,142)
-
4,085
382
-
-
-
382
14
-
-
-
14
744
300
(136)
-
908
70
-
(70)
-
-
2,000
-
-
-
2,000
1,000
-
-
-
1,000
18,272
-
(18,272)
-
-
-
500
-
-
500
573
-
-
-
573
1,993
253
(265)
-
1,981
1,343,804
8,572,800
(486,124)
-
9,430,480| |---|---| The purpose and use of each restricted fund is generally explained by the name of that respective fund. The Impact Project fund is to be used to fulfil the plans to renovate and renew St Michael le Belfrey Church building so it can become more fit for purpose for worship and mission in the coming years. The Church Planting Fund is a new fund and has nothing to do with the previous Desginated Fund for Church Planting in Note 18. 28 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** |**19. Restricted Funds - continued**
_Comparative Year_
G2 Surplus Fund
Acts 435
Storehouse
Ben Doolan Church Plant
Bible Fund
Burundi
St Wilfred Ecclesiastical Charity (COIF)
Evangelism of the North
Funeral Collections
Giving Away Day (supporting local mission organisations)
House Of Prayer
House of Prayer People
Impact Project
Jim Fox Donation
Kidz Club
Legacy for Church Silver
Never Give Up
One-Off Collections
Premises Legacy
Youth Fund Legacy
Rachel Sterling IJM
Revive (Roberts)
Music (royalties)
Shoeboxes
Sozo Fund
St Cuthbert's Garden
Stained Glass Maintenance St Michael's Warwick Burton
Stained Glass Maintenance St Cuthbert's Warwick Burton
Student Worker Fund
Unspecified but Restricted
Women of Worth
**20. Analysis of net assets by fund**
_Current Year_
Tangible fixed assets
Investment fixed assets
Current assets
Creditors:
Amounts falling due within one year
_Comparative Year_
Tangible fixed assets
Investment fixed assets
Current assets
Creditors:
Amounts falling due within one year|Brought
forward
01/01/2019
£
27,706
29
2,600
150
32
-
2,868
161
69
16,234
1,626
-
1,323,414
1,500
1
311
5,655
1,151
154,825
18,300
-
50
382
36
444
230
2,000
1,000
24,184
573
1,069
1,586,600
£|Carried
Incoming
Outgoing
forward
Resources
Resources
Transfers
31/12/2019
£
£
£
£
104,389
(100,600)
-
31,495
215
(215)
-
29
1,440
(232)
-
3,808
-
(150)
-
-
-
-
-
32
10,000
(10,000)
-
-
1,104
-
-
3,972
-
-
-
161
814
(814)
-
69
-
(1,176)
-
15,058
411
(650)
-
1,387
25,000
-
-
25,000
9,434
(264,498)
-
1,068,350
-
(1,461)
-
39
-
-
-
1
-
-
-
311
466
(1,315)
-
4,806
14,486
(15,451)
-
186
-
-
-
154,825
-
(9,073)
-
9,227
9
(9)
-
-
-
(50)
-
-
-
-
-
382
18
(40)
-
14
300
-
-
744
-
(160)
-
70
-
-
-
2,000
-
-
-
1,000
-
(5,912)
-
18,272
-
-
-
573
1,736
(812)
-
1,993
169,822
£
£ (412,618)
-
1,343,804
£
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total 2020
£
£
£
£
801,815
-
3,213
805,028
-
-
-
-
342,664
-
9,431,884
9,774,548
(34,638)
-
(4,617)
(39,255)
1,109,841
£
-
£
9,430,480
£
10,540,321
£
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total 2019
£
£
£
£
804,440
-
6,425
810,865
-
-
-
-
293,631
122,000
1,367,109
1,782,740
(45,706)
-
(29,730)
(75,436)
1,052,365
£
122,000
£
1,343,804
£
2,518,169
£| |---|---|---| ## **21. Related party transactions** No member of the PCC received any remuneration or expenses for their services to the PCC. Rev'd Matthew Porter, Rev'd Andrew Baker, Rev'd Michael Perkins and Rev'd Victoria Earll are reimbursed for parochial expenses which are necessarily incurred by them to fulfil the duties of their post in accordance with the guidelines set down by the Central Stipends Authority of the Church of England. In addition Rev'd Porter receives set statutory parochial fees for officiating at weddings and funerals, these are accounted for to the local Diocese. Rev'd Christian Selvaratnam was employed under a contract of employment to carry out his role within the church but is not paid for his services as a PCC member. A son of a trustee was paid £850 for design work relating to the Impact project and it is included under office and administration costs. There is no outstanding balance as at 31st December 2020. During the year a total of £66,445 (including gift aid) (2019 - £71,511) was donated to the PCC by PCC Members (trustees), including close family members. 29 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 (CONTINUED)** ## **22. Comparative Statement of Financial Activities** |**Income and endowments from:**
Donations and legacies
Income from charitable church activities
Other trading activities
Investments
Other income
**Total income**
**Expenditure on:**
Raising funds
Charitable church activities
**Total expenditure**
**Net income/(expenditure) before gains**
**and losses on investments**
Net (losses) on investments
**Net income/(expenditure)**
Transfers between funds
**Net movement in Funds**
**Total funds brought forward at**
**1 January 2019**
**Total funds carried forward at**
**31 December 2019**|**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**Funds**
**2019**
**2018**
**£**
**£**
**£**
**£**
**£**
540,555
-
153,096
693,651
1,310,225
70,386
-
6,309
76,695
59,956
23,372
-
-
23,372
18,854
4,767
-
10,377
15,144
13,451
5,795
-
40
5,835
11,031
**644,875**
**-**
**169,822**
**814,697**
**1,413,517**
2,354
-
1,439
3,793
3,684
777,260
72,089
411,179
1,260,528
972,679
**779,614**
**72,089**
**412,618**
**1,264,321**
**976,363**
(134,739)
(72,089)
(242,796)
(449,624)
437,154
-
-
-
-
(160)
(134,739)
(72,089)
(242,796)
449,624
-
436,994
-
-
-
-
-
**(134,739)**
**(72,089)**
**242,796**
**-**
**(449,624)**
**436,994**
1,187,104
194,089
1,586,600
2,967,793
2,530,799
**£1,052,365**
**£122,000**
**£ 1,343,804**
**2,518,169**
**£**
**2,967,793**
**£**
**Total Funds**
**STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 DECEMBER 2019**| |---|---| 30