2020-12-31-accounts

PAROCHIAL CHURCH COUNCIL

OF THE PARISH OF

ST MARY THE VIRGIN, SHENFIELD

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Charity registration number 1131547

Parochial Church Council of the Parish of St Mary the Virgin, Shenfield

Trustees' Report

Aims and Purposes

The Parochial Church Council of the Parish of St Mary the Virgin, Shenfield (hereafter "the PCC") has the responsibility of co-operating with the incumbent, the Reverend Christopher Mann (also referred to hereafter as "Father Chris"), in promoting in the ecclesiastical Parish and among Church members living in surrounding areas, the whole mission of the Church: pastoral, social and ecumenical.

The PCC is also specifically responsible for the maintenance of the physical Church of St Mary the Virgin, Shenfield (hereafter "St Mary's" or "the Church").

Objectives and Activities

The PCC is committed to welcoming local people to worship at St Mary's and to become part of our Parish community. The PCC maintains an overview of worship throughout the Parish and makes suggestions on how our services can involve the various groups within the Parish profile. Our services and worship put faith into practice through prayer and scripture, music and the Eucharist.

When planning our activities for the year, the incumbent and the PCC consider the Charity Commission's guidance on public benefit and, in particular, the specific guidance for charities on the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our Parish community through:

• worship and prayer

• provision of pastoral care for people living in the Parish

• missionary and outreach work

To facilitate this work it is important that we maintain the fabric of St Mary's Church.

Achievements and Performance

Worship and Prayer

The PCC is keen to offer a range of services during the week and over the year that our community finds both beneficial and spiritually fulfilling.

At the 9.30am Parish Eucharist services, the Footsteps crèche (led by Debbie Catton) is available for younger children whilst older children may attend Sunday School (Trekkers).

For those seeking a quieter and more reflective environment for worship, there are early and late services on Sundays (including Evensong), plus a mid-morning Eucharist service on Thursdays.

The ministry team aims to make services welcoming and easy to follow. Booklets are produced to ensure that both regular worshippers and visitors alike can follow the services and understand the

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message of the Gospel. Father Chris is keen to share with the congregation the variety and richness of Christian liturgy. Suzanna Brooks, our Director of Music, liaises with Father Chris to ensure that the music complements the changing themes of the liturgical year.

The average Sunday attendance during the year was 60 (2019 153). However, the number attending for special occasions such as Education Sunday, Easter Sunday and the Christmas services can be far higher, although in 2020 there were no special services as the church was closed due to Coronavirus restrictions. The church did open on Christmas day and there were approximately 30 people in attendance. Each year St Mary's normally holds 2 Christingle services and 3 Family Carol Services. During Advent 2020 the church was closed. (2019: 1,476).

As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. Through baptism we thank God for the gift of life; in marriage, public vows are exchanged with God's blessing; and through funeral services, friends and family express their grief and give thanks for the life of the departed and commend their soul to God's keeping. In 2020 at St Mary's we celebrated 11 baptisms (2019: 41) and 0 marriages (2019: 4). Additionally the ministry team led a total of 24 funeral services (2019: 30): 9 services in Church, 8 services elsewhere and 7 interments of ashes. (2019: 9, 11 and 10 respectively).

We are delighted to welcome both children (Year 6 and over) and adults to learn more about their faith through Confirmation classes and then affirm their faith fully by being confirmed. Nineteen children were being prepared for Confirmation in 2020, however three different dates for the service have had to be postponed due to the Coronavirus pandemic. At 31 December 2020 there were 473 parishioners on the Church Electoral Roll (2019: 448), 316 of whom are resident in the Parish and 157 outside of the Parish (2019: 304 and 144 respectively). The Electoral Roll was renewed in 2019 so the new roll was approved at the APCM in 2020.

Pastoral Care

Activities normally undertaken by St Mary’s Church prior to the introduction of Coronavirus restrictions include the following:

Footprints, a mother and toddler group, meets on Wednesdays in term time at Shenfield Parish Hall and is run by a team from St Mary's. In February each year there is a Baptism Party for the families of those baptised in the previous year. A Baptism Preparation Team visits families and provides support on the day of the service.

Visits are made to the housebound and elderly, with monthly visits to Old Shenfield Place care home to offer conversation, hymn singing and communion to the residents.

An active Book Group and a Craft Hub both offer company/fellowship whilst raising funds to support St Mary’s chosen charities.

During the pandemic, the weekly ‘The Link’ - distributed across the parish in electronic form - has lived up to its name. In addition to parish news, those in need as well as departed love ones are listed, to be remembered and prayed for at services.

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A team of volunteers, organised by St Mary’s members, has provided invaluable assistance to the elderly and vulnerable in the Brentwood area during the Coronavirus pandemic restrictions, dealing with shopping requests, deliveries and any emergencies.

Other groups that usually meet regularly are St Mary's Open Branch (led by past Presidents whilst a permanent President is sought), Shenfield Mothers' Union (led by Heather Mann), and the Dads' Group (led by Father Chris Mann). These groups only met in January and February 2020 due to Coronavirus restrictions.

Mission

Helping those in need is an expression of our faith. The Mission and Unity Committee is responsible for nominating charities for St Mary's to support. In 2020 a total of £1,459 was raised for the St Mary's nominated charities (2019: £1,946).

In addition, a total of £727 (before Gift Aid) was collected on behalf of specific charities in 2020 (2019: £6,224).

----- Start of picture text -----
2020 £ 2019 £
Christian Aid Week - 3,563
Christian Aid – Emergency Appeal - 283
Children's Society (Christingle Services) - 1,129
Children's Society (collecting boxes) 257 910
Friends of Essex Churches (Ride & Stride) - 163
Crisis - 80
Norway House 470 -
Other charities - 96
Total collected on behalf of specific charities 727 6,224
----- End of picture text -----*

*No collection due to the Coronavirus pandemic

All of the above figures are stated before any Gift Aid that the recipient charities may reclaim.

There was no Christmas Bazaar held in 2020 due to the pandemic, so this was a significant loss for our fundraising (2019: £3,175)

Members of the congregation also volunteer with Brentwood Street Pastors, Brentwood foodbank, Hope Mums and the Daily Bread Café, (St Peters, Hutton)

Financial Review

Income

Total income in 2020 was £142k (2019: £138k), representing an increase of £4k. Four legacies totalling £20,252 were received in 2020 (2019: £nil). However, there is a continuing decline of underlying income although some of it is as a result of Coronavirus pandemic restrictions closing the Church for the majority of the year.

Unfortunately, our regular tax-efficient giving continues to decline – by about 11% in 2020 on top of a 6% fall in 2019. Tax efficient income via the Parish Giving Scheme meant that for a number of

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donations we received the Gift Aid automatically in the same month instead of waiting until after the end of the tax year to make a claim. The PCC continues to enthusiastically promote this scheme.

Weekly collections and donations were marginally higher than prior year at £15k (2019: £13k).

Fee income relating to fees from weddings, funerals and baptisms declined this year and totalled £4.5k (2019: £8.6k). There were fewer services for each of these, particularly for weddings as there were no marriage services at St Mary’s in 2020 compared to 4 in 2019.

Investment income is slightly down at £21k (2019: £23k), however this is mostly as a result of the decline in the financial markets experienced in the year.

Expenditure

As a result of a number of factors, including the Church being closed due to the Coronavirus pandemic, total expenditure in 2020 decreased to £158k compared to £179k in 2019. Of this, our biggest cost was Parish Share at £120k (2019: £110k). The actual amount paid to the Diocese was 78.0% of our budgeted share request of £153.8k (2019: 71.1%), resulting in an underpayment to the Diocese of £33.8k (2019: £44.7k underpayment).

However, as in prior years, we could not have even met the £120k payment made without transferring funds from the Lewis Fund to the General Fund. In 2020, £36.6k was transferred from the Lewis Fund (2019: £33.9k) in order to fulfil the payments made to the Diocese in the year.

In order to pay our full 2020 share request, we would have had to have transferred a total of £70.4k from the Lewis Fund (2018: £78.5k). Doing this would rapidly diminish the Lewis Fund to nothing and leave the PCC exposed on how to meet the costs of repairs and running costs.

The Parish Share scheme is a Benefice assessment which splits the amounts requested by the Diocese between Gross Ministry Costs and a Mutual Support Contribution:

----- Start of picture text -----
2021 share 2020 share
request £ request £
Direct ministry costs 51,097 51,097
Contribution to future training 14,488 14,488
Contribution to services to Parishes 15,000 15,000
Contribution to other shared costs 9,882 9,882
Sub-total: Gross Ministry Costs 90,467 90,467
Mutual Support Contribution 65,394 65,394
Less: fee credits (2,088)
Total Benefice share request 155,861 153,773
----- End of picture text -----

The fall in non-Parish share expenditure from £61.5k to £34.3k is mainly due to lower Church Repair costs and lower cost of Church services due to the building being closed as a result of the Coronavirus pandemic. The PCC have also maintained a strong focus on expenditure in light of the fall of income in recent years.

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Church Office & Admin costs have decreased to £3.9k (2019: £6.1k). Of this £1.9k relates to Churchdesk (2019: £1.9k). Prior to 2019 our banking services from Barclays were always free of charge but in 2019 they began charging for their services and in 2020 charged the church £0.9k (2019: £0.7k).

Church Running costs have increased from £17.9k in 2019 to £23.1k, mainly due to increased staff costs but with a reduction in utility costs. However the PCC benefitted from the UK Government’s furlough scheme for two of the employees’ non-working time.

Net income and other gains & losses

Net expenditure before transfers and unrealised investment losses was £16.4k (2019: net expenditure of £40.8k). Our Diocesan payments increased to £120k, and in addition there were no large purchases in the year.

The investment portfolio made an unrealised loss in 2020 of £8.5k, in sharp contrast to the unrealised investment gains of £58k seen by the increase in global markets in 2019. Of this, £8k relates to the Sustentation (Endowment) Fund and therefore does not decrease reserves available for general use.

The Coronavirus pandemic starting in early 2020 means that investment values were negatively impacted through most of the year, although markets substantially recovered by the end of 2020.

Reserves

A full breakdown of the movement in Reserves in the year and the position as at 31 December 2020 can be seen in Note 12 (Statement of Funds).

The PCC continued to consider the extension project at PCC meetings and considerable work was carried out by a dedicated group during 2020 to further the Project. Several options were considered in depth with regards to feasibility, planning and environmental issues, cost, etc. However, it was decided that it is not feasible to proceed with the project principally on the basis of very high costs.

The funds available for application to the extension project as at 31 December 2020 were £216k as shown below (2019: £247k). Although the General Fund is unrestricted, the £36k held in line with our Reserves Policy is a necessary buffer to meet short term obligations in the event of variations in income or unforeseen expenditure.

----- Start of picture text -----
Fund Balance at Could use for
31 Dec 2020 £ Type extension?
Lewis 113,494 Unrestricted Yes
Extension 102,202 Restricted Yes
Sub-total available for extension 215,696
General 36,000 Unrestricted No
Various small restricted 19,214 Restricted No
Fixed Assets 664,954 Restricted No
Sustentation 370,131 Endowed No
Sub-total not available 1,090,299
TOTAL CONSOLIDATED RESERVES 1,305,995
----- End of picture text -----

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Some of our historic reserves, such as the Fabric and Churchyard Funds, have been depleted by expenditure over the past few years, although the Fabric Fund has been boosted by the Campbell Pulley legacy. To avoid further depleting the Lewis Fund, it is advisable to fundraise for specific planned expenses such as landscaping the Garden of Remembrance, Church and Churchyard repairs, and replacing old or outdated items.

Structure, Governance and Management

The PCC is responsible for making decisions on all matters of general concern and importance to the Parish, including deciding on how the PCC funds are to be spent.

The full PCC meets five times a year. Given its wide responsibilities, the PCC has a number of committees, each of which may deal with a particular aspect of Parish life. These committees are all responsible to the PCC and report back to it regularly, with reports of their discussions being received by the full PCC and discussed as necessary.

In addition to these meetings, the Church Representation Rules require that an Annual Parochial Church Meeting (APCM) be held before 31 May each year. All members registered on the Electoral Roll are entitled to attend.

At the APCM, the financial accounts and other reports on the business of the Parish are presented to the attendees. Attendees are also asked to vote on the appointment of PCC members for the 12 month period until the next APCM.

Appointment of PCC members

The method of appointment of PCC members is set out in the Church Representation Rules. The membership of Shenfield PCC comprises a number of ex officio appointments plus 10 elected members.

The ex officio members, who are automatically PCC members as a result of the office they hold, include the incumbent, the churchwardens, the reader, the licensed lay minister and Deanery Synod representatives. With the exception of the incumbent, these officers are elected or re-elected to their posts at the APCM; annually for Churchwardens, and every 3 years for Deanery Synod representatives.

Deputy churchwardens, appointed to assist the Churchwardens with their duties, are not ex officio members under the Church Representation Rules. However they may, if they choose, stand for election as an elected PCC member.

The 10 elected PCC members must all have communicated in the Parish Church at least 3 times in the previous year and be on the Electoral Roll of the Parish. Individuals must first be nominated for election to the PCC by a proposer and a seconder. If there are 10 nominees or fewer, the attendees of the APCM will be asked to vote by a show of hands to elect these nominees to the PCC. In the event that there are more than 10 nominees, a formal vote will be taken.

As the incumbent, the Reverend Christopher Mann holds the position of PCC Chairman.

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Deonery Synod Six members of the PCC sat on the Deanery Synod during 202012019: 41. This providesthe PCC with an important link between the Parish and the wider struttures of the Church. Administrative informatlon St Mary's Church is situated on Hall Lane, Shenfield. It is part of the Diocese of Chelmsford within the Church of England. The PCC is a body corporate IPCC Powers Measure 1956, Church Representation Rules 20201 and a charity registered with the Charity Commission (registration number 11315471. The following PCC members served during the financial year to 31 December 2020 and until the date that this Report was approved. subject to the dates of appointment and retirement below= Ex Officio members The Reverend Christopher Mann lan Eaton Edna Grimble Paul Betts Molly Hoyle Pauline Sweetingham Rector / PCC Chair/ Deanery Synod Churchwarden Churchwarden / Deanery Synod Reader/ Licensed Lay Ministerl Deanery Synod Deanery Synod Deanery Synod Elected and co-o Andrew Barton Paul Bradbury John Bridger David Bywater Lesley Cook Pat Masters ted members Chair of Trustees of Mid-Essex Anglican Academy Trust111 Treasurer (from 3 April 20201 {co-optedl Fabric Officer Lay Evangelist PCC Secretary Tree Officer111 Bill Hindley Elle O'Brien Gillian Oldham Norman Randall Linda Ward Trustee Parish Hall Committee (until Ottober 2020 APCMI Land Officer (l) Deonery Synod (co-OPted)from 3 November 2020 Approved by the PCC on 28 April 2021 and signed on their behalf by the Reverend Christopher Mann (PCC Chairnlan)

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME FROM: Donations and Legacies 2a Charitable Activities 2b Other Trading Activities 2c Investments 2d TOTAL EXPENDITURE ON: Raising Funds 3a Charitable Activities 3b TOTAL Net (expenditure)/income before transfers Transfers between funds 5 Net (expenditure)/income after transfers Other recognised gains/(losses): Unrealised gains/(losses) on investments 7 Net movement in funds Total funds brought forward 12 Total funds carried forward 12 Note	2020 Unrestricted £ 96,854 6,205 131 7,044 110,234 - 154,914 154,914 (44,680) 12,238 (32,442) (1,718) (34,160) 183,654 149,494	2020 Restricted £ 17,159 185 156 1,193 18,693 - 2,623 2,623 16,070 - 16,070 1,241 17,311 769,059 786,370	2020 Endowment £ - - - 12,590 12,590 - 352 352 12,238 (12,238) 0 (7,987) (7,987) 378,118 370,131	2020 Total £ 114,013 6,390 287 20,827 141,517 - 157,889 157,889 (16,372) - (16,372) (8,464) (24,836) 1,330,831 1,305,995	2019 Total £ 98,473 10,684 5,837 22,983 137,977 1,004 177,747 178,751 (40,774) - (40,774) 58,335 17,561 1,313,270 1,330,831

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PAROCHIAL CHURCH COUNCIL OFTHE PARISH OF ST. MARY THE VIRGIN SHENFIELD CONSOLIDATED BALANCE SHE AS AT 31 DECEMBER 2020 2020 2019 Note FIXED ASSETS Tangible Assets 664,954 664,954 Investments 599,193 1.264.147 607,657 1,272.611 CURRENT ASSErs Debtors 6,319 12,061 Investments- Depostts 6,2 6,174 Cash at bank and in hand 34.116 46,635 52,716 70,951 LIABIUTIES Creditors: amounts falling due within one yeaf io 14,7871 112,7311 CURRENT ASSETS 41.848 58,220 TOTAL NET ASSETS li 1,305,995 1.330,831 FUNDS Unrestricted 12 149,494 183.654 Restricted 12 786,370 769.059 Endowment 12 370,131 378,118 TOTAL FUNDS 1.305.995 1,330,831 Approved by the Parochial Church Council on 28 April 2021 and signed on its behalf by.. J .kL Reverend CJ. Mann Chairman Mrs E.M. Grimble Churchwarden

PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

a Basis of financial statements

The financial statements have been prepared under the Church Accounting Regulations 2006 in accordance with all applicable accounting standards, the Charities Act 2011, and the Charities SORP (FRS 102) effective from 1 January 2015 ("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)").

The financial statements have been prepared under the historical cost convention except for Fixed Assets (Tangible and Investment), which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those which are informal gatherings of church members.

The financial statements have been prepared on the accruals basis of accounting. Therefore all income and expenditure relating to the year is brought into the accounts in the year to which it relates irrespective of the date of payment or receipt.

b Fund accounting

Endowment fund - this relates to the Sustentation Fund, being a separate trust which was established in 1950 to ensure the costs of St Mary's clergy could be met in perpetuity. The capital of this fund must be retained permanently whilst any income derived from the endowment may be transferred to the General Fund, where it is used towards St Mary's Parish Share.

Restricted funds arise either where a donor has restricted the use of their donation by stipulating that it be spent in a certain way, or where funds have been raised specifying that they will be used for a specific activity. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis.

Unrestricted funds are income funds which may be spent on the PCC's general purposes. Within unrestricted funds is the Lewis Fund, which was established to hold funds to be directed according to the discretion of St Mary's Churchwardens. Major gifts and legacies that are not otherwise restricted are directed into the Lewis Fund on the assumption that the donor of a large gift would intend for the funds to be used within St Mary's.

c Income

Planned giving, collections and similar donations are recognised when received. All incoming resources are accounted for gross.

Tax refunds are accrued on donations received in the year and for which a Gift Aid declaration has been received from the donor.

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

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

d Expenditure

Resources expended are accounted for on an accruals basis and are accounted for gross.

e Fixed Assets

Tangible fixed assets

Consecrated and beneficed property of any kind is excluded from the accounts by s.96(2) of the Charities Act 1993.

All expenditure on consecrated or beneficed buildings is written off in the year it is incurred. Similarly expenditure on individual items costing under £5,000 is written off in the year it is incurred.

Depreciation

No depreciation is provided on freehold property as it is the PCC's policy to maintain these assets in a continual state of sound repair. Material freehold property is revalued every 5 years unless circumstances indicate that a revaluation before the end of this period might materially affect the financial statements.

Investments

Investments are stated at market value at the balance sheet date.

f Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less a provision for amounts deemed to be uncollectable.

g Reserves

The Reserves Policy complies with the Charities Commission's best practice guidance "Charities and Reserves". The policy states that a minimum of 3 months' recurring non-discretionary expenditure should be held within free reserves (i.e. in the General Fund within unrestricted funds) at all times to ensure that costs can continue to be met in the short term if there is a sudden drop in income or an unexpected significant expense.

Monthly recurring non-discretionary expenditure has been calculated at £12,000 per calendar month for the current financial year and therefore a minimum of £36,000 is to be held in the General Fund. Any shortfall will be made up with a transfer from the Lewis Fund (also unrestricted).

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

2 INCOME ALL Unrestricted Restricted Endowment FUNDS INCOME FROM: Funds Funds Funds 2020 £ £ £ £ a Donations and Legacies Planned giving - Gift Aid donations 59,875 625 - 60,500 Planned giving - Tax Recovery 15,470 - - 15,470 Weekly collections 7,295 - - 7,295 Donations and other gifts 5,758 1,534 - 7,292 Legacies 5,252 15,000 - 20,252 Non-recurring one-off grants 3,204 - - 3,204 96,854 17,159 114,013 b Charitable Activities Fees from weddings, funerals etc 4,273 185 - 4,458 Sale of Parish Magazine & guides 1,932 - - 1,932 6,205 185 - 6,390 c Other Trading Activities Parish Magazine (advertising) - - - - Fundraising events: Christmas Bazaar 23 - - 23 Other events - - - - Other fundraising 108 156 - 264 131 156 - 287 d Investments CBF investment income 3,792 1,193 7,373 12,358 M&G investment income 2,908 - 5,203 8,111 CBF deposit income and bank interest 144 - 14 158 Rental income 200 - - 200 7,044 1,193 12,590 20,827 TOTAL INCOME 110,234 18,693 12,590 141,517

ALL FUNDS 2019 £ 65,805 19,590 11,071 2,007 - - 98,473 8,601 2,083 10,684 390 3,439 163 1,845 5,837 13,253 9,484 46 200 22,983 137,977

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

3 EXPENDITURE 3(a) EXPENDITURE ON RAISING FUNDS Stewardship costs Fundraising costs Total Expenditure on Raising Funds 3(b) EXPENDITURE ON CHARITABLE ACTIVITIES Mission and charitable giving: Donations to nominated charities Contributions to Churches Together Other mission & charitable giving Ministry: Parish Share Other clergy costs Other Charitable Activities: Church running costs Cost of Church services Church repairs Church extension costs Baptism & children's services Parish magazine costs Churchyard upkeep Church office & admin Rent payable Sundry expenses Total Expenditure on Charitable Activities TOTAL EXPENDITURE*	ALL Unrestricted Restricted Endowment FUNDS Funds Funds Funds 2020 £ £ £ £ - - - - - - - - - - - - - 1,459 - 1,459 220 - - 220 - - - 220 1,459 - 1,679 120,000 - - 120,000 1,607 - 300 1,907 121,607 - 300 121,907 23,106 - - 23,106 734 - - 734 3,843 - - 3,843 - - - - 310 182 - 492 359 - - 359 1,026 625 - 1,651 3,501 357 52 3,910 208 - - 208 - - - - 33,087 1,164 52 34,303 154,914 2,623 352 157,889 154,914 2,623 352 157,889	ALL FUNDS 2019 £ 740 264 1,004 2,000 240 629 2,869 110,000 3,405 113,405 17,863 9,875 17,075 430 1,088 1,427 7,262 6,108 208 137 61,473 177,747 178,751

*Contributions to Churches Together in Hutton & Shenfield and Brentwood Deanery Synod

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

4 Staff costs 4(a) Wages and salaries During the year the PCC had 3 employees (2019: 3), namely: - part-time caretaker - part-time Director of Music - part-time Administrative Assistant	2020 £ 12,542	2019 £ 10,599

4(b) Payments to PCC members

Ministry and travelling expenses are reimbursed to the Rector. None of these expenses related to his role on the PCC.

Other sundry expenses incurred on behalf of the Church, such as photocopier paper and stamps, were reimbursed to the Churchwardens and other PCC members in the year, but all of these expenses were reimbursements of Church costs and not payment for any service.

Total transfers between funds Transfers between Funds Investment income from Sustentation Fund	Unrestricted Funds £ 12,238 12,238	Restricted Funds £ - -	Endowment Funds £ (12,238) (12,238)

5 Transfers between Funds

The transfer between the Endowment (Sustentation) Fund to the General Fund relates to the transfer of investment income. Under the terms of the endowment, the net income from the Sustentation Fund may be transferred to General Funds as long as the capital remains within Endowment Funds.

There is also a transfer within Unrestricted Funds to keep the General Fund in line with the Reserves Policy detailed in Note 1(g).

The policy is to hold 3 months' outgoings within the General Fund and therefore a transfer of £36,593 (2019: £33,875) has been made out of the Lewis Fund (unrestricted) and into the General Fund (unrestricted) to maintain the General Fund buffer at £36k. This is included within the transfers between the General and Lewis Funds in Note 12.

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

6 Tangible Fixed Assets Freehold Land & Buildings Market value at beginning and end of the year Properties owed by the PCC: Church Cottage, 31 Hall Lane Land at end of Garden of Remembrance Land in Alexander Lane Land between Church and Birley Grange	Cost £ - - - 5,954 5,954	2020 £ 664,954 Market Value £ 650,000 5,000 4,000 5,954 664,954	2019 £ 664,954 Revaluation Reserve £ 650,000 5,000 4,000 - 659,000

There is no depreciation charged on any of the Freehold Land & Buildings. Material properties are revalued every 5 years unless circumstances indicate that a revaluation before the end of a 5 year period would have a material effect on the financial statements. The previous revaluation of Church Cottage in September 2020 gave a range of £650k - £675k. The PCC believes it is appropriate to retain the valuation of Church Cottage at £650k.

7 Fixed Assets - Investments Market value at start of year Proceeds of sale of investment Loss on sale of investment Disposals in the year Net unrealised (losses)/gains in the year Market value at end of year Historic cost disclosure: Historic cost at the start of the year Less: disposals in the year Historic cost at the end of the year Net unrealised gains/(losses) on investment assets Net realised losses on sale of investment assets Net realised & unrealised gains/(losses) on investment assets	2020 £ 607,657 - - - (8,464) 599,193 2020 £ 449,365 - 449,365 (8,464) - (8,464)	2019 £ 549,322 - - 58,335 607,657 2019 £ 449,365 - 449,365 58,335 - 58,335

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

8 Debtors

Accrued Gift Aid recoverable - Unrestricted Funds Accrued Gift Aid recoverable - Restricted Funds Prepayments Fees receivable	2020 £ 5,236 - 1,083 - 6,319	2019 £ 9,788 69 1,083 1,121 12,061

9 Deposits

Cost and Market Value at start of year Interest income Cost and Market Value at end of year	2020 £ 6,174 26 6,200	2019 £ 6,128 46 6,174

10 Creditors falling due within one year

Fee creditors Deferred inscription income Accruals Charities Fund disbursements	2020 £ 2,630 80 247 1,830 4,787	2019 £ 4,535 2,880 1,036 4,280 12,731

11 Analysis of Net Assets by Fund

Tangible fixed assets Investment fixed assets Debtors Deposits Cash Creditors Net Assets	Unrestricted Restricted Endowment Funds Funds Funds £ £ £ - 664,954 - 204,955 36,447 357,791 6,319 - - - 3,085 3,115 (58,823) 83,714 9,225 (2,957) (1,830) - 149,494 786,370 370,131	Total Funds 2020 £ 664,954 599,193 6,319 6,200 34,116 (4,787) 1,305,995

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN, SHENFIELD

NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2020

12 Statement of funds Unrestricted Funds General Fund Lewis Fund Restricted Funds Fabric Fund Extension Fund Churchyard Fund Young People Fund Soft Furnishing Fund Bell Fund Choir Fund Charities Fund Flowers Fund Fixed Asset Revaluation Endowment Fund Sustentation Fund Total funds

Realised & Bal b/fwd Incoming Resources Transfers unrealised Bal c/fwd 1 Jan 2020 Resources Expended gains/(losses) 31 Dec 2020 £ £ £ £ £ £ 36,000 104,982 (154,914) 48,831 1,101 36,000 147,654 5,252 - (36,593) (2,819) 113,494 183,654 110,234 (154,914) 12,238 (1,718) 149,494 - 15,000 - - - 15,000 99,768 1,192 - - 1,242 102,202 - 625 (625) - - - 182 - (182) - - - 1,304 - - - - 1,304 1,389 221 (141) - - 1,469 1,225 195 (216) - - 1,204 - 1,459 (1,459) - - - 237 - - - - 237 664,954 - - - - 664,954 769,059 18,692 (2,623) - 1,242 786,370 378,118 12,590 (352) (12,238) (7,987) 370,131 378,118 12,590 (352) (12,238) (7,987) 370,131 1,330,831 141,516 (157,889) - (8,463) 1,305,995

17

Ihe PCC d St the ￿lyIn Shenfith (Cha1￿Y P). 113154n ReBpocUvo rn8p0n￿bll1¢1Q$ ol truste￿ and examlner charl￿S trustoe5 C￿SIder that an audrt L8 r#)t required for this year urthr seciw 144 of the Charrt￿5 Ad 2011 {the Charli8 Act) and that an It is my re¥wJthilty to.. . to fotkxf the ￿￿% (kn•m in ts gerwal Dir￿1¢)n3 gNen by the Chanty CLynmisSi￿ s￿n 145(51{b) ofthe Chantie8 Acl. and Ba$b of independent examinerfs Ststement My examinatirm vras carried in ￿0)[￿anCe with genera Direction8 given by the Chanty Commission. An a¥￿Inall￿ includes a revitrN ofthe a£countiThJ records kept by the charity and a ¢(Thpan50n of the xcounls un￿L￿1 items or d1scktsu￿ in ts xcounts. and seeking explanatiws (k> p￿VIde all the Wide￿ that wjuld be ￿uIred in an audil, and arnl thè fqxyi is to mtW5 set in the Indepofid￿t oxamln•rfs 8tatomMt In conrction with my exam1r￿lI￿. no matter has come to my attention requirements.. com&* with the xcourting WUITW￿bts d the Charthes Act I to in my cyin￿. attention shtyjld be dwm in crfderto a S￿n•d. 28th April 2021 ALAN JAMES WARD qu•lifi¢atson Addrws: arvJletrees" 21 W¢yrin Ro CM1580E