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2020-12-31-accounts

Charity registration number: 1131093

Morpeth Parochial Church Council

Annual Report and Financial Statements

for the Year Ended 31 December 2020

Wellway Accountants Limited Borough Hall Wellway Morpeth Northumberland NE61 1BN

Morpeth Parochial Church Council

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 3
Statement of Trustees' Responsibilities 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 20

Morpeth Parochial Church Council

Reference and Administrative Details

Trustees

Principal Office

Charity Registration Number

Auditor

Reverend Simon J H White Reverend Jeremy Cooper Reverend Elizabeth Brown Reverend Paul Rusby Mr Jonathan Richardson Mr Michael Daws Dr Robert Young Mrs Carol Reed Mrs Pauline Ferguson Mrs Val Pope Mrs Sally Keith Mrs Val Cowan Mr Dave Pope Mr David Waters Dr Lindsay Gilfillan Mrs Pauline Young Mrs Christine Stevenson Mrs Julia Tasker Mr Robert Bing Mrs Jeannette Waters Prof. Andrew Cant Morpeth Parish Office St Aidan's Church Shields Road Morpeth Northumberland NE61 2SA 1131093

Wellway Accountants Limited Borough Hall Wellway Morpeth Northumberland NE61 1BN

Page 1

Morpeth Parochial Church Council

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2020.

Objectives and activities

Public benefit

The Parish has been a centre of worship and of service to the community of Morpeth for over 800 years. Our purpose is to be a worshipping and praying community, which is open to the Grace of God, active in Christian service and ready to reach out in fellowship to enable people to respond to God, so that we can continue Christ’s work in the world.

Morpeth Parochial Church Council has the responsibility of co-operating with the incumbent, the Rev Simon White, in promoting in the ecclesiastical parish the whole mission of the church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the three local churches: St Mary’s, St James’ and St Aidan’s and the premises at 7 Manchester Street.

The parish has continued throughout the year to develop its outward looking focus and to invest in the community especially with its community project and worker based in Stobhill. The parish has now developed a mission action plan to help the parish grow in mission and evangelism. This plan has helped the parish to seek to develop all its church centres into sacred & community spaces and to continue to serve the wider community. As part of this plan, the parish conducted a feasibility plan, examining potential uses for its property at 7 Manchester Street.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how funds of the Parish are to be spent. The clergy and PCC consider the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Recruitment and appointment of trustees

Trustees are appointed at the APCM, however the trustees may appoint a new trustee to fill a vacancy temporarily or to bring in additional skills or experience. Such a trustee will retire at the next AGM but can then be reappointed.

Financial instruments

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Page 2

Morpeth Parochial Church Council

Trustees' Report

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

The annual report was approved by the trustees of the charity on 30 March 2021 and signed on its behalf by:

......................................... Reverend Simon J H White Trustee

Page 3

Morpeth Parochial Church Council

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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 trustees of the charity on 30 March 2021 and signed on its behalf by:

......................................... Reverend Simon J H White Trustee

Page 4

Morpeth Parochial Church Council

Independent Examiner's Report to the trustees, Morpeth Parochial Church Council

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 6 to 20.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Morpeth Parochial Church Council you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Morpeth Parochial Church Council's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Morpeth Parochial Church Council as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

......................................

Borough Hall Wellway Morpeth Northumberland NE61 1BN

30 March 2021

Page 5

Morpeth Parochial Church Council

Statement of Financial Activities for the Year Ended 31 December 2020

Note
Income and Endowments from:
Donations and legacies
Investment income
3
Other income
Total Income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
7
Total Expenditure
Gains/losses on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15
Note
Income and Endowments from:
Donations and legacies
Investment income
3
Other income
Total Income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
7
Total Expenditure
Gains/losses on investment assets
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 General
funds
£
121,633
1,882
4,233
127,748
(117,299)
(6,588)
(1,516)
(125,403)
-
2,345
14,792
17,137
General
funds
£
122,715
1,864
12,991
137,570
(126,293)
(7,472)
(3,088)
(136,853)
-
717
14,075
14,792		 Restricted
funds
£
22,067
67
-
22,134
(6,262)
(2,088)
(11,720)
(20,070)
4,057
6,121
98,470
104,591
Restricted
funds
£
24,356
101
-
24,457
(6,567)
(2,046)
(10,821)
(19,434)
9,573
14,596
83,874
98,470		 Total
2020
£
143,700
1,949
4,233
149,882
(123,561)
(8,676)
(13,236)
(145,473)
4,057
8,466
113,262
121,728
Total
2019
£
147,071
1,965
12,991
162,027
(132,860)
(9,518)
(13,909)
(156,287)
9,573
15,313
97,949
113,262

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 15.

Page 6

Morpeth Parochial Church Council

(Registration number: 1131093) Balance Sheet as at 31 December 2020

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
15		 2020
£
1,390
50,809
52,199
2,203
103,297
105,500
(35,971)
69,529
121,728
104,591
17,137
121,728		 2019
£
1,630
60,752
62,382
564
80,011
80,575
(29,695)
50,880
113,262
98,470
14,792
113,262

The financial statements on pages 6 to 20 were approved by the trustees, and authorised for issue on 30 March 2021 and signed on their behalf by:

......................................... Reverend Simon J H White Trustee

Page 7

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Morpeth Parochial Church Council meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Gift aid

Income tax recoverable on Gift Aid donations is recognised when the income is received.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Raising funds

Costs of generating funds are the costs of trading for fundraising purposes.

Page 8

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Fixtures and fittings 15% on reducing balance

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Page 9

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 10

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 11

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 12

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 Income from donations and legacies

Donations and legacies
Planned giving
Gift aid tax reclaimed
Other voluntary incoming resources
Appeals and donations
Fundraising
Income from charitable trading
Parochial fees (Baptism, Wedding
and Funerals)		 General
funds
£
76,176
18,790
94,966
18,726
1,946
20,672
5,995
5,995
121,633		 Restricted
funds
£
-
-
-
22,067
-
22,067
-
-
22,067		 Total
2020
£
76,176
18,790
94,966
40,793
1,946
42,739
5,995
5,995
143,700		 Total
2019
£
80,644
19,248
99,892
36,665
2,359
39,024
8,155
8,155
147,071

Page 13

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

3 Investment income

Interest receivable and similar income;
Interest receivable
Other investment income
4
Other income
Church hall letting		 General
funds
£
63
1,819
1,882
General
funds
£
4,233		 Restricted
funds
£
67
-
67
Restricted
funds
£
-		 Total
2020
£
130
1,819
1,949
Total
2020
£
4,233		 Total
2019
£
199
1,766
1,965
Total
2019
£
12,991

5 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Expenditure on raising funds
Establishment costs
Repairs and maintenance
Church music and altar
requisites
Depreciation of tangible fixed
assets		 General
funds
£
105,078
8,286
3,695
240
117,299		 Restricted
funds
£
6,262
-
-
-
6,262		 Total
2020
£
111,340
8,286
3,695
240
123,561		 Total
2019
£
120,497
7,849
4,233
281
132,860

Page 14

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

6 Expenditure on charitable activities

Note
Mission giving
Governance costs
7
Other expenditure
Projects
Allocated support costs		 General
funds
£
3,146
3,442
6,588
General
funds
£
1,289
227
1,516		 Restricted
funds
£
-
2,088
2,088
Restricted
funds
£
11,600
120
11,720		 Total
2020
£
3,146
5,530
8,676
Total
2020
£
12,889
347
13,236		 Total
2019
£
3,859
5,659
9,518
Total
2019
£
13,500
409
13,909

Page 15

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

8 Net incoming/outgoing resources

Net incoming resources for the year include:

Depreciation of fixed assets 2020
£
240		 2019
£
281

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

11 Tangible fixed assets
Cost
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
12 Fixed asset investments
Other investments		 Furniture and
equipment
£
5,545
5,545
3,915
240
4,155
1,390
1,630
2020
£
50,809		 Total
£
5,545
5,545
3,915
240
4,155
1,390
1,630
2019
£
60,752
5,545
3,915
240
4,155
1,390
1,630
2020
£
50,809

Page 16

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

Other investments

Cost or Valuation
At 1 January 2020
Revaluation
Disposals
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
13 Debtors
Prepayments
Other debtors
14 Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals		 Listed
investments
£
60,753
3,268
(13,212)
50,809
50,809
60,753
2020
£
2,097
106
2,203
2020
£
3,564
28,253
4,154
35,971		 Listed
investments
£
60,753
3,268
(13,212)
50,809
50,809
60,753
2020
£
2,097
106
2,203
2020
£
3,564
28,253
4,154
35,971		 Total
£
60,753
3,268
(13,212)
50,809
50,809
60,753
2019
£
488
76
50,809
50,809
60,753
2020
£
2,097
106
2,203
2020
£
3,564
28,253
4,154
35,971
564
2019
£
1,970
23,179
4,546
29,695

Page 17

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

15 Funds

15 Funds
Unrestricted funds
General
Restricted Funds - Brought
forward
Restricted Funds - Incoming
resources
Restricted Funds - Resources
expended
Restricted Funds - Other
recognised gains/losses
Restricted funds
Total funds
Unrestricted funds
General
Restricted funds
Total funds		 Balance at 1
January
2020
£
(14,792)
(98,470)
-
-
-
(98,470)
(113,262)
Balance at 1
January
2019
£
(14,075)
(83,874)
(97,949)		 Incoming
resources
£
(127,748)
-
(22,134)
-
-
(22,134)
(149,882)
Incoming
resources
£
(137,570)
(24,457)
(162,027)		 Resources
expended
£
125,403
-
-
19,950
-
19,950
145,353
Resources
expended
£
136,853
19,341
156,194		 Other
recognised
gains/(losses)
£
-
-
-
-
(3,937)
(3,937)
(3,937)
Other
recognised
gains/(losses)
£
-
(9,480)
(9,480)		 Balance at
31
December
2020
£
(17,137)
(98,470)
(22,134)
19,950
(3,937)
(104,591)
(121,728)
Balance at
31
December
2019
£
(14,792)
(98,470)
(113,262)

Page 18

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

The specific purposes for which the funds are to be applied are as follows:

General Fund - This fund is unrestricted and can be used in accordance with the charitable objectives at the discretion of the trustees.

St Mary's Fabric Fund - The St Mary's Fabric Fund is restricted to the repair and maintenance of the fabric of St Mary's church or other purposes to the benefit of the fabric of St Mary's church at the discretion of the Morpeth Parochial Church Council acting as trustees.

St James' Fabric Fund - The St James' Fabric Fund is restricted to the repair and maintenance of the fabric of St James' church or other purposes to the benefit of the fabric of St James' church at the discretion of the Morpeth Parochial Church Council acting as trustees.

St Aidan's Beacon Community Fund - This fund is restricted for use on the Beacon Project.

St Mary's Organ Fund - St Mary's Organ Fund is restricted to the repair and maintenance of the organ in St Mary's Church or other purposes to the benefit of the organ in St Mary's Church at the discretion of the Morpeth Parochial Church Council acting as trustees.

St Luke's Investment Fund - This fund was created from the sale of St Luke's, Hepscott.

Dark Lane Investment Fund - This fund was created from the sale of church property.

Appeal Fabric Fund - The Appeal Fabric Fund is restricted to the repair and maintenance of the fabric of the churches and other buildings of Morpeth Parish or other purposes to the benefit of the fabric of these churches and other buildings at the discretion of the Morpeth Parochial Church Council acting as trustees.

St Aidan's Fabric Fund - The St Aidan's Fabric Fund is restricted to the repair and maintenance of the fabric of St Aidan's church or other purposes to the benefit of the fabric of St Aidan's church at the discretion of the Morpeth Parochial Church Council acting as trustees.

Manchester Street Fund - This fund is restricted to funding and expenses of the project to refurbish the property at 7 Manchester Street.

16 Analysis of net assets between funds

16 Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 General
funds
£
1,390
-
49,133
(33,385)
17,138		 Restricted
funds
£
-
50,809
56,367
(2,586)
104,590		 Total funds
£
1,390
50,809
105,500
(35,971)
121,728

Page 19

Morpeth Parochial Church Council

Notes to the Financial Statements for the Year Ended 31 December 2020

17 Analysis of net funds
Cash at bank and in hand
Net debt		 At 1 January
2020
£
80,011
80,011		 Cash flow
£
At 31 December
2020
£
23,286
103,297
23,286
103,297		 Cash flow
£
At 31 December
2020
£
23,286
103,297
23,286
103,297
103,297

Page 20

Morpeth Parochial Church Council

Statement of Financial Activities by fund for the Year Ended 31 December 2020

Income and Endowments from:
Donations and legacies
Investment income
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
funds
2020
£
121,633
1,882
4,233
127,748
(117,299)
(6,588)
(1,516)
(125,403)
2,345
2,345
14,792
17,137		 Unrestricted
funds
2019
£
122,715
1,864
12,991
137,570
(126,293)
(7,472)
(3,088)
(136,853)
717
717
14,075
14,792

Page 21

Morpeth Parochial Church Council

Statement of Financial Activities by fund for the Year Ended 31 December 2020

Income and Endowments from:
Donations and legacies
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Restricted
funds
2020
£
22,067
67
22,134
(6,262)
(2,088)
(11,720)
(20,070)
4,057
6,121
6,121
98,470
104,591		 Restricted
funds
2019
£
24,356
101
24,457
(6,567)
(2,046)
(10,821)
(19,434)
9,573
14,596
14,596
83,874
98,470

Page 22

Morpeth Parochial Church Council

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

Income and Endowments from:
Donations and legacies (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Gains/losses on investment assets (analysed below)
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2020
£
143,700
1,949
4,233
149,882
(123,561)
(8,676)
(13,236)
(145,473)
4,057
8,466
8,466
113,262
121,728		 Total
2019
£
147,071
1,965
12,991
162,027
(132,860)
(9,518)
(13,909)
(156,287)
9,573
15,313
15,313
97,949
113,262

Page 23

Morpeth Parochial Church Council

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

Donations and legacies
Planned giving
Appeals and donations - St Mary's Fabric Fund
Appeals and donations - St James' Fabric Fund
Appeals and donations - St Aidan's Beacon Project Fund
Appeals and donations - St Mary's Organ Fund
Appeals and donations - General Fund
Gift Aid tax reclaimed
Parochial Fees
Manchester Street Fund
Mission Giving Funds Received
Investment income
Interest Received - St Mary's Fabric Fund
Interest Received - St James' Fabric Fund
Interest Received - St Mary's Organ Fund
Interest Received - Appeal Fabric Fund
Interest Received - St Aidan's Fabric Fund
Interest Received - General Fund
Income from other investments
Other income
Church Hall Lettings
Raising funds
Depreciation of fixtures and fittings
Parish Share
Clergy Expenses
Clergy Housing Costs
Water rates
Light, heat and power
Insurance
Church Hall Running Costs
Parish Office Costs - St Aidan's Becon Project Fund
Parish Office Costs - General Fund
Repairs and maintenance
Church Altar Requisites
Church Altar Requisites		 Total
2020
£
76,176
500
567
10,000
-
18,726
18,790
5,995
11,000
1,946
143,700
45
6
12
3
1
63
1,819
1,949
4,233
4,233
(240)
(65,800)
(1,983)
(3,977)
(282)
(8,806)
(11,466)
(2,435)
(6,262)
(10,329)
(8,286)
-
(667)		 Total
2019
£
80,644
3,317
3,919
-
2,120
12,309
19,248
8,155
15,000
2,359
147,071
55
32
6
6
2
98
1,766
1,965
12,991
12,991
(281)
(70,000)
(3,176)
(5,010)
(357)
(11,568)
(10,564)
(2,843)
(6,138)
(10,841)
(7,849)
(429)
(570)

Page 24

Morpeth Parochial Church Council

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

Church Organists, Choirs and Music
Charitable activities
Charitable donations
Parish Office Costs - St Aidan's Becon Project Fund
Parish Office Costs - General Fund
Other expenditure
Projects - St Mary's Fabric Fund
Projects - St James' Fabric Fund
Projects - St Aidan's Becon Project Fund
Projects
Projects - General Fund
Bank charges - St Mary's Fabric Fund
Bank charges - St James' Fabric Fund
Bank charges - St Aidan's Becon Project Fund
Bank charges - Manchester Street Fund
Bank charges - General Fund
Gains/losses on investment assets
(Gain)/loss on programme related investments
Funds - investment assets - St Luke's Fund
Funds - investment assets - Dark Lane Fund		 Total
2020
£
(3,028)
(123,561)
(3,146)
(2,088)
(3,442)
(8,676)
-
(80)
-
(11,520)
(1,289)
-
-
(60)
(60)
(227)
(13,236)
788
1,373
1,896		 Total
2019
£
(3,234)
(132,860)
(3,859)
(2,046)
(3,613)
(9,518)
(2,360)
(6,468)
(1,900)
-
(2,772)
(11)
(11)
(61)
(10)
(316)
(13,909)
-
5,229
4,344

Page 25