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2020-12-31-accounts

Parochial Church Council of St Barnabas, Cambridge

Unaudited Financial Report For the year ended 31 December 2020

Registered Charity No 1131057

Parochial Church Council of St Barnabas, Cambridge

PCC Report

For the year ended 31 December 2020

PCC Members during the year:

Churchwardens

David Hunt Helen Jackson Rebecca Middleton

Deanery Synod Representatives

Sarah Coppin Callum Harding Andrew Keiller

Ex-officio members Anne Maclaurin James Neal Tim Smith Danny Driver

Elected Members

Helen Colchester Lu Howard Ceinwen Mannall Jane McLarty Jonathan Middleton Adrian Popplewell Matt Rowley Nicky Shepard Thom Whiffen xx - Trustee with Dispensation

Lay Vice-Chair Resigned 19/10/2020 Appointed 19/10/2020 Elected 19/10/2020 Treasurer Vicar Associate Vicar Resigned 29/02/2020 Associate Vicar Appointed 17/06/2020 Curate Resigned 26/11/2020 Licensed Lay Minister Appointed 03/10/2020 Resigned 17/05/2020 Appointed 19/10/2020

Andy Irons is employed as PCC Secretary but is not an elected member of the PCC.

Address:

Registered Charity No.:

St Barnabas Church Mill Road Cambridge CB1 2BD 1131057

Independent Examiner

Bank:

Matthew Pettifer FCA Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road Girton Cambridge CB3 0QH CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

Parochial Church Council of St Barnabas, Cambridge

PCC Report For the year ended 31 December 2020

The PCC confirm that the annual report and examined accounts comply with the requirements of the Charities Act 2011, the Church Accounting Regulations 2006, the Trust Deed and the Charities SORP 2015 (FRS102).

Governance & legal Status

The Parochial Church Council is a corporate body established by the Church of England and operates under the Parochial Church Powers Measure 1956 as currently amended and the Church Representation Rules as currently amended. The Church Wardens Measure 2011 is also applicable. The Church is a registered charity number 1131057.

Methods of Appointment of PCC members

Appointment of PCC members is governed by the Church Representation Rules as currently amended. Most PCC members are appointed by election at the annual parochial church meeting (APCM). Some members including clergy, church wardens and Deanery Synod representatives are ex-officio. The PCC has the power to co-opt new members to fill unfilled positions or positions that come vacant during the year, but these then need to be confirmed at the next APCM.

Roles, Responsibilities and Delegated Powers

The roles, responsibilities and delegated powers of the members of the PCC including the Standing Committee, the Vicar, the Churchwardens and the Treasurer are defined in the Parochial Church Powers Measure and the Church Wardens Measure (see above for both).

Principal Objectives and Vision

The church’s objectives are given in our vision statement. A full copy can be obtained from the church office, or our website www.stbs.org.uk.

Our vision is that we are:

“Followers of Jesus sharing the goodness of God with everyone”

Our values as a church are:

Our vision is to become a mission church for the region, so that people are drawn into faith through friendship and outreach with new Christians being discipled and empowered to share Jesus to those around them. The vision for each year (which begins in September) is summarised in one word, as follows:

Review of development, activities and achievement s

Church developments, activities and achievements during 2020 are set out in the Annual Reports presented at the APCM and available from the church office. These include the following statutory reports:

1 Deanery Synod Report

Impact of COVID and Activities and Achievements in 2020

The COVID Pandemic severely impacted the activities of the church with many normal activities not allowed and replacement online activities provided where possible. Normal activities carried on until the week beginning the 23rd March when all public services of worship, church meetings and office working were stopped under the Coronavirus Act. The church responded by moving its activities online, where that proved possible. Later in the summer some activities restarted in church with a mixture of online and church services. Sunday services restarted on the 26th July, although initially only a spoken 9am service was held in church once appropriate social distancing and cleansing measures had been put in place. Sunday services in church were also stopped between 8th November and 6th December during the second lockdown. Both online and church services were held during the rest of December.

Parochial Church Council of St Barnabas, Cambridge

PCC Report For the year ended 31 December 2020

Impact of COVID and Activities and Achievements in 2020 (cont.)

Activities and achievements included:

Plans for future

Our plans for the future are to maintain and grow our normal activities once the COVID pandemic is over. We also plan to develop new activities in accordance with our vision statement (see above).

Fundraising objectives

The church’s funding objectives are to be able to resource our activities in line with our objectives, and to be able to support external mission.

Principal funding sources

The church is primarily funded by donations from its members and other people associated with the church. It also receives income from the letting of church facilities to external bodies. In 2020 income from letting church facilities was reduced by almost 80% as a result of the COVID pandemic.

Volunteer time

This is difficult for us to quantify, because there is no clear line between what our members do 'for the church' and what they do as part of their own lives as Christians. Indeed, it is part of our vision that our whole lives are part of living as a community under God. However, specific church activities involving unpaid members include church gatherings, meetings of our Barnabas Communities and small groups, prayer meetings, youth and children's activities, student activities, training courses, Alpha and marriage courses, community outreach and service, and administrative and church maintenance activities.

Reserves Policy

The church holds financial reserves so that we can meet our financial commitments while allowing for short term fluctuations in our income and expenditure and potential unplanned declines in donated income. In particular we require working capital to allow for the delay in receiving income tax refunds and variations in monthly expenditure. Our reserves policy was reviewed by the PCC in 2016 when it was decided to aim for a minimum reserve of three months of average, which is currently equivalent to approximately £102,000. At the year end the unrestricted free reserves as measured by our General Fund (excluding fixed assets and Mary Holland Legacy) stood at £89,003 or 87% of the desired reserve. Restricted and allocated funds not available to be used as reserves stood at £63,925.

Investment Policy

St Barnabas' reserves are invested in deposit and savings accounts with the Charities Aid Foundation (CAF).

Grant-making Policy

Grant making for external mission is delegated by the PCC to the 'Mission Partner Group' (MPG) who allocate funds under a budget agreed by the PCC during the annual budgeting process. MPG meetings are minuted and decisions monitored by the PCC. Supporting external mission work in the UK and overseas is a key part of our vision; which is that we are “Followers of Jesus sharing the goodness of God everywhere”.

Parochial Church Council of St Barnabas, Cambridge

PCC Report For the year ended 31 December 2020

Setting Pay and Remuneration of Staff

The PCC is responsible for setting the pay and remuneration for all staff it employs. The PCC Standing Committee reviews staff pay and remuneration annually and recommends to the PCC any changes for the coming year.

Financial Highlights

1 Income

Income for 2020 was £429,517 (2019: £443,381). Excluding restricted funds, income for other activities was £407,729 (2019: £410,175).

2 Expenditure

Expenditure for 2020 was £435,492 (2019: £444,917). When restricted fund expenditure is removed expenditure was £413,325 (2019: £409,841).

3 Operating surplus or deficit

The church General Fund had a deficit before revaluation of £5,975 compared with a deficit of £1,536 in 2019. 4 2020 General Fund Budget

The 2020 General Fund budget was set at £444,672 at the start of the year.

5 Mission partners group

Funds distributed by the MPG were £23,101 (2019: £24,603). Full details of the grants awarded can be found in the notes to the accounts.

6 Parish Share

In 2020 we paid parish share to the Diocese of Ely of £144,135 (2019: £ 140,636). Parish share contributes to clergy stipends and pensions and Diocesan ministry and administrative costs. Parish Share for 2021 is expected to remain unchanged at £144,135.

7 Church & Hall Maintenance and Quinquennial

In 2020 £8,406 (2019: £11,320) was spent on general church maintenance and quinquennial related expenditure. The last Quinquennial survey was carried out in 2016 and a new one is due in 2021.

8 Staffing

In 2020 staffing costs decreased to £124,243 from £132,220 in 2019. The costs of the Curate who was engaged in 2020 are not included in the staffing costs. 9 Budgets

St Barnabas carries out a comprehensive budgeting process on an annual basis in the 3rd and 4th quarter of the financial year, enabling financial priorities to be set in a whole church context. This has been carried out in November 2020 for 2021. The 2021 budget has been set at £403,945.

Legal and Administrative Information

The accounts have been prepared on an accruals basis in compliance with our agreed accounting policy and current accounting regulations (see accounting policy note).

St Barnabas maintains its current and deposit accounts with CAF Bank, Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ. Its reserved are invested with the CAF and with Central Board of Finance Church of England Deposit Fund, St Alphage House, 2, Fore Street, London EX2Y 5AQ.

Solicitors and Investment Advisors are engaged when appropriate.

The PCC have compiled with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance.

Training of trustees

The roles and responsibilities of Trustees are explained to new trustees at the first PCC meeting after the APCM.

Risk Management

The PCC have identified and reviewed major risks to which the charity is exposed and systems have been established to mitigate these risks.

1 Financial risks

Church membership turnover is significant and it is difficult to predict future levels of donated income. The church has a budgeting process that bases budgeted expenditure on the previous year’s income and expenditure. In addition we aim to maintain a General Fund reserve of £100,000 which corresponds to approximately three months expenditure. The church reviews income and expenditure on a monthly basis. (Medium risk)

Parochial Church Council of St Barnabas, Cambridge

PCC Report For the year ended 31 December 2020

1 Financial risks (cont.)

Misappropriation of Church funds

A finance team is in place and a system is in place that ensures that no single individual has access to Church funds. (Low Risk)

2 Operational risks

Loss or damage to the buildings

Appropriate buildings insurance is in place. (Low Risk)

Loss of Key Personnel

Staff turnover will inevitably occur. However, recruitment and training policy ensures that staff could deputise for each other until a replacement is appointed. (Medium Risk)

3 Statutory or legal risks

Health and Safety

Every effort is made to ensure that the buildings and equipment are maintained in good order. An annual inspection takes place and expert advice is sought when required. Public liability Insurance is also in place. (Low Risk)

Employment Law

Advice is sought from our accountant (Staffords) as required and the Diocese of Ely legal team. (Low Risk)

Safeguarding Vulnerable Groups

Appropriate training has been given to all leaders of activities involving children, youth and other vulnerable groups. Advice is sought from the Diocese of Ely Safeguarding Officer. (Low Risk)

4 Reputational risk and reputational damage

Significant new public activities and announcements are only made on behalf of St Barnabas after the PCC or Standing Committee has been fully consulted. (Low Risk)

Statement of Trustees' Responsibilities

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Parochial Church Council on 17 March 2021 and signed on its behalf by:

Rev Anne Maclaurin (Chairman)

Mr Andrew Keiller (Treasurer)

Independent Examiner's Report to the

Parochial Church Council of St Barnabas, Cambridge

This reports on the accounts of the Trustees for the year ended 31 December 2020 is in respect of an examination carried out under the Church Accounting Regulations 2006 and s145 of the Charities Act 2011.

Respective responsibilities of Trustees and Examiner

The Charity's trustees consider that an audit is not required for this year under Section 142(2) of the Charities Act 2011 (the 2011 Act) and that an Independent Examination is required.

Having satisfied myself that the PCC is not subject to audit under Charity Law and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statements below.

Independent Examiner's statement

In connection with my examination, no matter has come to my attention:

• to prepare accounts which accord with the accounting records, comply with the methods and principles of the 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 1 January 2015) have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

………………………………………

Date:

Matthew Pettifer FCA

Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road Girton, CB3 0QH United Kingdom

Parochial Church Council of St Barnabas, Cambridge Statement of Financial Activities

For the year ended 31 December 2020

INCOME AND ENDOWMENTS FROM
Note
Donations and Legacies
Charitable activities
Other trading activities
Investment income
TOTAL INCOME
3
EXPENDITURE ON
Charitable activities
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE)
AND NET MOVEMENT IN FUNDS
Transfers between funds
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses) on revaluation of fixed assets &
investments
NET MOVEMENT IN FUNDS
Balances brought forward at 1 January 2020
BALANCES CARRIED FORWARD AT
31 DECEMBER 2020		 Unrestricted
Restricted
Funds
Funds
£
£
396,197
21,788
558
-
10,731
-
243
-
407,729
21,788
413,325
22,167
413,325
22,167
5,596 )
(
379 )
(
-
-
8,884
-
3,288
379 )
(
716,120
3,848
719,408
3,469		 Total
Funds 2020
£
417,985
558
10,731
243
429,517
435,492
435,492
5,975 )
(
-
8,884
2,909
719,968
722,877		 Total
Funds 2019
£
390,282
5,912
46,799
388
443,381
444,917
444,917
1,536 )
(
-
18,536
17,000
702,968
719,968

The notes on pages 8 to 15 form part of the financial statements

Parochial Church Council of St Barnabas, Cambridge Balance Sheet As at 31 December 2020

2020 2019
Note £ £ £ £
Fixed Assets 7 569,949 562,311
Current Assets
Current asset investments 9 7,048 6,594
Debtors 10 17,402 33,907
Cash at bank and in hand 146,199 137,101
170,649 177,602
Creditors: Amounts falling due within
one year 11 ( 17,721 )
 ( 19,945 )
Net Current Assets 152,928 157,657
NET ASSETS 722,877 719,968
FUNDS
Unrestricted 242,803 248,399
Revaluation reserve 476,605 467,721
Total unrestricted funds 12 719,408 716,120
Restricted 12 3,469 3,848
722,877 719,968

The notes on pages 8 to 15 form part of the financial statements

Approved by the Parochial Church Council on 17 March 2021 and signed on its behalf by:

Rev Anne Maclaurin (Chairman)

Mr Andrew Keiller (Treasurer)

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

1 Legal Form & reference information

The Parochial Church Council is a corporate body established by the Church of England and operates under the Parochial Church Powers Measure 1956 as currently amended and the Church Representation Rules as currently amended. The Church Wardens Measure 2011 is also applicable. The Church is a registered charity registered in England and Wales number 1131057. Our address is St Barnabas Church, Mill Road, Cambridge, CB1 2BD.

2 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006,

together with applicable accounting standards and Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2015).

St Barnabas PCC meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared under the historical cost convention except for investment assets which are shown at market value and the Old School building which is valued at replacement value.

Going Concern Basis

The PCC considers that the going concern basis is appropriate as they consider the reserves levels and expected giving and other income to be at sufficient levels to ensure that the PCC can meet its financial obligations for the next 12 to 18 months and on that basis the PCC is a going concern.

Financial reporting standard 102 - reduced disclosure exemptions

The PCC has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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.

The accounts include all transactions, assets and liabilities for which the PCC is responsible by law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

Income

Income is recognised when the PCC has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income and capital sources

Other income

Income from investments

Grant income

Legacy income

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

2 Accounting Policies (continued) Resources Expended (continued)

Grants

Activities directly relating to the work of the Church

Fixed Assets

Consecrated property and movable church furnishings

a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the Church's

inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since

1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic

life (initially over 4 years) on a straight line basis.

Old School

The Old School building is accounted for on a replacement valuation basis, the PCC having the view that a market value would be impossible to arrive at given the specialist nature of the building.

The Old School building is not depreciated as the useful economic life is in excess of 50 years.

Other fixtures, fittings and office equipment

Debtors

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised when the PCC 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.

Financial instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, aside from the concessionary loan from the Tabeel Trust, which, as an interest-free loan is a complex financial instrument. The PCC has elected to account for the concessionary loan at repayment amount, as permitted by the Charities SORP. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pensions

The PCC makes contributions to a defined contribution scheme operated by the Church of England Pension Board. Contributions are recognised when payable.

Activity Basis

The PCC takes the view that the charity has one charitable activity - that of the running of St Barnabas Church and as such has not further subdivided the charitable activities in these financial statements.

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

3 Incoming Resources

Donations and legacies
Planned giving - non gift aided
Planned giving by standing order - gift aided
Other planned giving (CAF, GAYE etc.)
Legacy income
Grant income
HMRC Job Retention Scheme
Income tax recovered
Collections
Unplanned other giving
Other trading activities
Substation rental income
Church and hall lettings
Investment income
Norman Piggott Fund Income
Interest CBF investment & other deposit accounts
Charitable activities
Youth, children and community
Deanery rebate
Sundry Income
Total income		 Unrestricted
Funds
£
17,383
193,307
44,819
-
-
14,822
62,422
5,324
58,120
396,197
1,300
9,431
10,731
-
243
243
222
336
558
407,729		 Restricted
Funds
£
-
-
-
-
13,876
-
-
7,912
21,788
-
-
-
-
-
-
-
-
-
-
21,788		 Total
Funds 2020
£
17,383
193,307
44,819
-
13,876
14,822
62,422
5,324
66,032
417,985
1,300
9,431
10,731
-
243
243
222
-
336
558
429,517		 Total
Funds 2019
£
27,275
180,596
57,439
5,297
22,677
-
52,505
18,931
25,562
390,282
1,300
45,499
46,799
294
94
388
1,485
3,420
1,007
5,912
443,381

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

4 Resources Expended

Charitable Activities
Mission Grants
Overseas MPG Grants were awarded to:
OMF International
Arab World Ministries
Wycliffe Bible Translators
Home mission:
Grant awarded to Romsey Mill
Grant awarded to Besom
Agape Family Life Grant
Youth with a Mission
Mothers of Pre-schoolers in Trumpington
Small Mission Funding for trips
HoverAid
Fish Club (books)
Railway Mission
Alpha expenses
Total Mission costs
Church activities
Parish share
Curate stipend, NI and pension
Curate rent
Clergy expenses
Church running costs
Buildings running expenses
Buildings maintenance
Moveable furnishings and equipment
Upkeep of services
Ministry Support
Youth, children & student staff salaries & pensions
Youth, children & student ministry expenses
FORM
Events & projects
Other ministry expenses
Gifts passed on
Church management & administration
Staff salaries & pensions
Depreciation
Printing, stationery & postage
Photocopying
Advertising, recruitment & publicity
General staff expenses
Contingency & insurance claim costs
Other church management, phone, internet,
IT & admin costs
Governance Costs
Independent examination fees
Total Charitable Activities costs & total expenditure		 Unrestricted
Funds
£
6,500
-
7,500
14,000
2,562
500
-
740
250
-
3,000
136
1,060
853
9,101
23,101
144,135
29,234
15,383
1,632
25,767
8,406
1,137
31,585
3,617
3,461
11,719
3,516
-
279,592
85,720
792
302
1,296
1,516
971
7,292
9,839
107,728
2,904
2,904
413,325		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,938
-
-
-
-
-
-
-
-
5,771
2,520
-
15,229
6,938
-
-
-
-
6,938
-
-
22,167		 Total
Funds 2020
£
6,500
-
7,500
14,000
2,562
500
-
740
250
-
3,000
136
1,060
853
9,101
23,101
144,135
36,172
15,383
1,632
25,767
8,406
-
1,137
31,585
3,617
3,461
17,490
6,036
-
294,821
92,658
792
302
1,296
1,516
971
7,292
9,839
114,666
2,904
2,904
435,492		 Total
Funds 2019
£
5,500
500
8,000
14,000
2,624
450
1,000
840
320
1,500
2,801
87
-
981
10,603
24,603
140,435
18,427
6,552
3,057
30,126
11,320
1,054
1,323
36,728
6,984
10,932
12,725
8,369
-
288,032
95,492
3,072
699
1,306
69
1,004
14,592
13,288
129,522
2,760
2,760
444,917

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

5 Staff Costs
Wages and salaries
Social security costs
Pension costs		 2020
£
112,162
3,143
8,938
124,243		 2019
£
118,911
4,573
8,736
132,220

The average number of the staff during the year was 8 (2019: 10). No employee has received emoluments which exceed £60,000. No staff member is considered Key Management Personnel by the PCC as the Vicar is paid by the Diocese.

During the year 7 PCC Members were reimbursed expenses totalling £3,905 (2019: 7 trustees reimbursed £3,884). These are mainly expenses reimbursed to the Vicar and Associate Vicar for service expenses reimbursed and FORM student expenses. During the year the PCC members made donations to the PCC without condition totalling £65,324 (2019: £37,813) No PCC members were paid salaries in 2020. (2019: None) for employment duties separate from duties as a PCC member.

6 Comparatives for the Statement of Financial Activities

INCOME AND ENDOWMENTS FROM
Note
Donations and Legacies
Charitable activities
Other trading activities
Investment income
TOTAL INCOME
EXPENDITURE ON
Charitable activities
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfers between funds
Gains/(losses) on revaluation of fixed assets
NET MOVEMENT IN FUNDS
Balances brought forward at 1 January 2019
BALANCES CARRIED FORWARD AT
31 DECEMBER 2019		 Unrestricted
Restricted
Funds
Funds
2019
2019
£
£
357,076
33,206
5,912
-
46,799
-
388
-
410,175
33,206
409,841
35,076
409,841
35,076
334
1,870 )
(
401
401 )
(
18,536
-
19,271
2,271 )
(
696,849
6,119
716,120
3,848		 Total
Funds
2019
£
390,282
5,912
46,799
388
443,381
444,917
444,917
1,536 )
(
-
18,536
17,000
702,968
719,968

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

7 Fixed Assets for use by the PCC

Cost/Valuation
At 1 January 2020
Additions
Revaluation in year
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Eliminated on disposal
At 31 December 2020
Net Book Value
At 31 December 2020
At 31 December 2019		 Old School
Buildings
£
561,519
-
8,430
569,949
-
-
-
-
569,949
561,519		 Equipment
£
61,067
-
-
61,067
60,275
792
-
61,067
-
792		 Total
£
622,586
-
8,430
631,016
60,275
792
-
61,067
569,949
562,311

The Old School Building has been revalued at 31/12/20 to insured replacement value, a reliable market value being very difficult to ascertain, given the specialist nature and situation of the building. The historical cost is unknown, apart from the funds spent on the BFM project in 2013/14 of £95,821.

8 Analysis of Net Assets by Fund
Unrestricted
Funds
Fixed assets for Church use
569,949
Current Assets
167,180
Current Liabilities
17,721 )
(
Fund Balance
719,408
9 Current Asset Investment
Norman Piggott Fund
10 Debtors
Income Tax recoverable
Other debtors
Prepayments & accrued income
11 Creditors: amounts falling due within one year
Other creditors
Tax & social security
Accruals & deferred income		 Restricted Funds
Total
-
569,949
3,469
170,649
-
17,721 )
(
3,469
722,877
2020
2019
£
£
7,048
6,594
2020
2019
£
£
3,905
16,335
8,967
13,047
4,530
4,525
17,402
33,907
2020
2019
£
£
8,488
12,480
1,575
1,628
7,658
5,837
17,721
19,945		 Restricted Funds
Total
-
569,949
3,469
170,649
-
17,721 )
(
3,469
722,877
2020
2019
£
£
7,048
6,594
2020
2019
£
£
3,905
16,335
8,967
13,047
4,530
4,525
17,402
33,907
2020
2019
£
£
8,488
12,480
1,575
1,628
7,658
5,837
17,721
19,945
2019
£
6,594
2019
£
16,335
13,047
4,525
33,907
2019
£
12,480
1,628
5,837
19,945

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued)

For the year ended 31 December 2020

12 Fund Movements

Unrestricted Funds
General Fund
Mary Holland Legacy designated fund
Old School Valuation Reserve
Restricted Funds
Cinnamon Trust
Ely Diocese Board of Finance
Small Restricted Funds
Total		 Balance at
01-Jan-20
£
190,012
60,410
465,698
716,120
1,432
-
2,416
3,848
719,968		 Incoming
Resources
£
407,683
46
-
407,729
-
13,876
7,912
21,788
429,517		 Resources
Expended
£
413,325
-
-
413,325
-
13,876
8,291
22,167
435,492		 Fund
Transfers
£
-
-
-
-
-
-
-
-
-		 Other
recognised
gains and losses
£
454
-
8,430
8,884
-
-
-
-
8,884		 Balance at
31-Dec-20
£
184,824
60,456
474,128
719,408
1,432
-
2,037
3,469
722,877

The Cinnamon Trust fund represents a grant towards the costs of running a Parent Kind course.

Small restricted funds represents funding provided for specific purposes which is not so material to the financial statements to require separate disclosure.

The Mary Holland designated fund has been received in full and the PCC will make a decision on the specific designation.

13 Independent Examiner's Remuneration

The Independent Examiner's fee for the preparation and examination of the accounts for the year ending 31 December 2020 amounts to £2,480 plus VAT and is included in Support Costs.

14 Related Party Transactions

There are no transactions with related parties requiring disclosure other than those already disclosed in note 5.

15 Church Workers Pension Fund

St Barnabas (Cambridge) (PB 2014) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Parochial Church Council of St Barnabas, Cambridge

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2020

16 Church Workers Pension Fund (cont.)

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable (2020: £8,938, 2019: £8,736).

A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2016. This revealed, on the ongoing assumptions used, a surplus of £0.5m. There is no requirement for deficit payments at the current time.

Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits. The next full valuation of that section will be carried out at the next CWPF valuation date, 31 December 2020. This will be reflected in the financial statements for the year ended 31 December 2021 as the information was not available to the PCC prior to the completion of the financial statements for the year ended 30 December 2020.