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2020-12-31-accounts

Mrs Anita Cleverly Senior Staff Staff Pastor [retired Sept 2020]
Mrs Jenny Corps Senior Staff Director ofOperations
Rev Simon Ponsonby Senior Staff Pastor ofTheology
Miss Chloe Pattison Employee PAtothe Rector and Secretary tothe PCC

Note
Unrestricted Funds Total Funds Total Funds
Restricted
General Designated Funds 2020 2019
Income
Donations
and Legacies		 2a 1,459,988 166,259 1,626,247 1,506,940
Income from investments 2b 725 725 1,220
Income from charitable activities 2c 172,741 172,741 242,420
Other income 2d 14,917 1,255 16,172 99,573
Total Income 1,648,371 167,514 1,815,885 1,850,153
Expenditure
Charitable
activities - Grants		 sa 102,404 48,689 151,093 121,320
Charitable
activities - Ministry		 3b&c 1,454,459 66,048 1,520,507 1,592,134
Total expenditure 1,556,863 114,737 1,671,600 1,713,454
Net income/(expenditure) 91,508 52,777 144,285 136,699
Gross Transfers
between		 funds 10 (59,045) 59,045
Net movement
in funds		 32,463 59,045 52,777 144,285 136,699
Total funds brought
forward		 from 2019 228,586 138,957 974,159 1,341,702 1,205,003
Total funds carried forward 10 261,049 198,002 1,026,936 1,485,987 1,341,702

ment ofCash Flows for the year ended 31 December 2020
~te Total fundse 2019funds
Gash flows from operating
activities:
Net cash provided
by (used in) operating
activities		 14a 164,649 71,871
Cash flows from investing
activities:
Dividends,
interest and rents from investments		 725 1,220
Purchase of property,
plant and equipment		 (14,980) (8,413)
Net cash provided
by (used in) investing
activities		 (14,255) (7,193)
Change
in cash and cash equivalents
in the reporting		 period 150,394 64,678
Cash and cash equivalents
at the beginning
ofthe reporting		 period 440,514 375,836
Cash and cash equivalents
at the end ofthe reporting		 period 14b 590,908 440,514
Notes to the financial statements
for the year ended		 Notes to the financial statements
for the year ended		 31 December 31 December 2020 2020 2020 2020 (1) (1) (1) (1)
1 Accounting
Policies
The financial
statements
have been prepared
in accordance
with the Church
Accounting		 Regulations 2006 together with the Statement of Recommended Practice:
Accounting
and Reporting
by Charities
preparing
their accounts		 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) (Charities SORP (FRS 102) issued
in October 2019),the Financial		 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Charities Act 2011.
The financial statements
have been prepared
under the historical		 cost convention except for the valuation of the Catacombs.
The Charity
constitutes
a public benefit
entity as defined
by FRS 102. The Trustees consider		 that there are no material uncertainties about the Charity's ability to
continue as a going concern.
Funds
Unrestricted
funds
consist of a General
Fund
which
the PCC		 may use, for the furtherance of the objects of the PCC, at its discretion. Designated funds are
unrestricted
funds which have been allocated
for future expenditure
for a specific purpose		 by the PCC. Restricted Funds are subject to specific conditions imposed
by the donors or by terms ofan appeal, these conditions
being legally binding
upon		 the PCC.
The accounts
include
all transactions,
assets and liabilities for which the PCC is		 responsible in law.
Income and Endowments
Donations
and ca
ital sources
Collections are recognised
when received
by or on behalf ofthe PCC.
Planned		 giving receivable under Gift Aid is recognised
only		 when received. Income tax
recoverable
on Gift Aid donations
is recognised
when the income		 is recognised.
Grants and legacies to the PCC are accounted
for as soon as the		 PCC is notified of its legal entitlement and the amount due is quantifiable and its ultimate receipt by
the PCC is probable.
Other tradin
activities
Rental income from the letting ofPCC premises
is recognised
when the rental
is		 due.
Income for events and fees for services
is accounted
for on an accruals basis.
Income from investments
Dividends
and interest are accounted
for when received.
Expenditure
Grants
Grants and donations
are accounted
for when
paid over, or when		 awarded,
ifthat award creates		 a binding obligation on the PCC.
The annual
report details the policy for Grants made.
Governance
costs
These include those costs associated
with meeting
the constitutional
and statutory		 requirements ofthe PCC and include the audit fee and costs linked to the strategic
management
ofthe PCC.
Pension costs
As detailed
in note 13,St Aldates
(Oxford)
participates
in three pension schemes:		 the Church of England Funded Pensions Scheme (CEFPS) for stipendiary clergy;
the Pension
Builder Scheme of the Church
Workers
Pension
Fund and NEST Pension		 Fund for lay staff. In accordance with FRS 17 contributions to the schemes
are accounted
for in the year they are payable.
~Mi
i t
The diocesan
parish share is accounted
for when payable.
Any parish share unpaid		 at 31 December is provided for in these accounts as an operational (though not a
legal) liability and is shown as a creditor
in the Balance Sheet.
Irrecoverable
VAT
In common
with similar organisations,
the charity
is not able to reclaim
most of the VAT that		 it incurs. Irrecoverable VAT is treated as expenditure in the principal
activity that incurred
the original VAT.
Fixed assets
Consecrated
ro ert
and movable
church fumishin
s
Consecrated
and beneficed
property ofany kind is excluded
from		 the accounts.
Movable
church
furnishings
held
by the Rector and
Church
Wardens
on special		 trust for the PCC, and which require a faculty for disposal, are accounted as
inalienable
property
unless consecrated.
They are listed
in the church's
inventory		 which can be inspected. For inalienable property acquired prior to 2001 there is
insufficient
cost information
available
and therefore
such assets		 are not valued in the accounts. Items acquired since 1 January 2001 have been capitalised and
depreciated
in the accounts over three to six years on a straight-line
basis.
All expenditure
incurred
in the year on consecrated
or beneficed		 buildings,
individual
items		 under 61,000 or on the repair of movable church furnishings acquired
before
1 January 2001 is written
off.
Other land and buildin
s
The buildings
are maintained
in such a state of repair that their residual
value
is		 at least equal to their net book value and any depreciation would therefore be
immaterial.
Annual
impairment
reviews are carried out to confirm		 this. The Catacombs building improvements are being depreciated on a straight-line basis over 20
years.
E ui
ment
furniture
and vehicles
These assets are depreciated
on a straight-line
basis over 3to		 6 years.
Individual		 items with a purchase price of 61,000 or less are written off when the asset is
acquired.
Current assets
Stock consists of purchased
goods for resale.
Stocks are valued		 at the lower of cost and net realisable value. Items donated
for resale are not		 included in the
financial statements
until they are sold.
Amounts
owing to the PCC at 31 December
in respect offees, rents or other income		 are shown as debtors less provision for amounts that may prove uncollectable.
Short-term
deposits
include cash held on deposit with the COIF Charities
Deposit Fund, or		 at the bank.
Debtors and creditors receivable/payable
within one year are recorded at transaction		 price.
Total income
in 2020 was L1,815,885 [2019:E1,850,153]ofwhich E1,648,371 [2019:F1,739,386]was unrestricted		 Total income
in 2020 was L1,815,885 [2019:E1,850,153]ofwhich E1,648,371 [2019:F1,739,386]was unrestricted		 Total income
in 2020 was L1,815,885 [2019:E1,850,153]ofwhich E1,648,371 [2019:F1,739,386]was unrestricted		 Total income
in 2020 was L1,815,885 [2019:E1,850,153]ofwhich E1,648,371 [2019:F1,739,386]was unrestricted		 Total income
in 2020 was L1,815,885 [2019:E1,850,153]ofwhich E1,648,371 [2019:F1,739,386]was unrestricted		 income
and F167,514[2019:F110,767]was restricted income.
Prior Year comparatives 2019
Unrestricted		 2019 Restncted Total Funds
General
Funds		 Funds
2019
2 a Donations
and Legacies		 1,398,423 108,517 1,506,940
2 b Investments
income		 1,220 1,220
2 c Charitable
activities		 240,170 2,250 242,420
2 d Other Income 99.573 99.573
Total Income 1,739,386 110,767 1,850,153
Total expenditure Total expenditure in 2020 was E1,671,600 [2019:E1,713,454]ofwhich E1,556,863 [2019:E1,580,509]was unrestricted in 2020 was E1,671,600 [2019:E1,713,454]ofwhich E1,556,863 [2019:E1,580,509]was unrestricted in 2020 was E1,671,600 [2019:E1,713,454]ofwhich E1,556,863 [2019:E1,580,509]was unrestricted in 2020 was E1,671,600 [2019:E1,713,454]ofwhich E1,556,863 [2019:E1,580,509]was unrestricted
expenditure
and E114,737 [2019:E132,945]was restricted		 expenditure.
Prior Year comparatives 2019
Unrestricted		 2019 Restricted Total Funds
General
Funds		 Funds
2019
3 a Chahtable
activities		 - Grants 103,275 18,045 121,320
3 b Charitable
activities		 —Ministry 1,453,915 112,947 1,566,862
3 c Governance
costs		 23.319 1.953 25.272
Total Expenditure 1,580,509 132,945 1,713,454

Note s to the financial stat ements
for the year e		 ements
for the year e		 nded 31 Decemb er 2020
(14)
14a Reconciliation
of net		 income/(expenditure) to net cash flow from operating activities
2020 2019
Net income/(expenditure)
for the reporting
activities)		 period (as per the statement offinancial 144,285 136,699
Adjustments
for:
Depreciation
charges		 26,480 25,409
Dividends,
interest and rents from investments		 (725) (1,220)
(Increase)/decrease in stocks 699 (2.452)
(Increase)/decrease in debtors 6,626 (5,957)
Increase/(decrease) in creditors (12,716) (60,606)
Net cash provided
by (used in) operating		 acbvities 71,871
14b Analysis ofcash and caah equivalents
2020 2019
Cash in hand 66,207 76,625
Notice deposits (less than 3months) 524,701 363,869
Total cash and cash equivalents 590,908 440,514

21[￿151220