2021-12-31-accounts

PAROCHIAL CHURCH COUNCIL

OF THE PARISH OF

ST MARY THE VIRGIN, SHENFIELD

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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, the Footsteps creche (led by Debbie Catton) for younger children and Trekkers for older children remains suspended since 2020.

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

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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 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 church was closed for public worship after the services on Christmas Day 2020 until Easter Day 2021 (4th April). During those months, the Eucharist was celebrated in church every Sunday by the Rector, accompanied by his wife, and live streamed on the parish Facebook page. On Easter Day, the pattern established previously of celebrations of the Eucharist at 08.00, 09.30 and 11.00 a.m. on Sundays was resumed; and at 11.00 a.m. on Thursday mornings. The celebration of the Eucharist at 11.00 a.m. on Sunday took place for the last time on 27th June, to free up time for baptisms to take place. By the end of 2021, the emergence of the omicron variant forced the cancellation of the ‘bigger’ Advent and Christmas services – notably the Christingle and Christmas Eve Family Carol Services, for the second year running.

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 2021 at St Mary's we celebrated 31 baptisms (2020: 11) and 1 marriage (all other 2021 bookings all postponed until 2022) (2020: 0). Additionally the ministry team led a total of 18 funeral services (2020: 24): 11 services in Church, 7 services elsewhere and 15 interments of ashes. (2020: 9, 8 and 7 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. 38 people were confirmed in 2021 over three different services. At 31 December 2021 there were 488 parishioners on the Church Electoral Roll (2020: 473), 318 of whom are resident in the Parish and 170 outside of the Parish (2020: 316 and 157 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 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 but this was cancelled in 2021 due to the Coronavirus situation. 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.

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

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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.

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). St Mary’s Open Branch resumed their monthly meetings from September 2021 following Coronavirus pandemic restrictions. In January 2022 the Mothers’ Union went into abeyance as no leader could be found to take over from Heather Mann who had completed her three year term of office.

Mission

Helping those in need is an expression of our faith at St Mary’s Church. The Mission and Unity Committee is responsible for nominating charities for St Mary's to support. The committee has not met since 2020 but we have continued to support all of our previous charities in 2021, with the exception of ‘Crossroads Care’ which has now ceased to operate.

In 2021 a total of £607 was raised for the St Mary's nominated charities (2020: £1,459) through donations and Easy fundraising, and in the absence of any particular fund raising projects. A total of £288 is has also been added from cheques issued in 2018 and 2019 for a charity which was then disbanded. This makes a total of £896 to be allocated in 2021.

In addition, a total of £1,191 (before Gift Aid) was collected on behalf of specific charities in 2021 (2020: £727).

----- Start of picture text -----
2021 £ 2020 £
Children's Society (collecting boxes) 578 257
Crisis (collected in Church in December) 103 -
Norway House 510 470
Total collected on behalf of specific charities 1,191 727
----- 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 2021 due to the pandemic and Parish Hall availability, so this was a significant loss for our fundraising (2020: £nil)

Members of the congregation also volunteer directly with Brentwood Street Pastors, Brentwood Foodbank, Mothers’ Union, foodbank.community and Brentwood Single Parent pop-up foodbank, amongst other charities.

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Financial Review

Income

Total income in 2021 was £168k (2020: £142k), representing an increase of £26k. Three legacies totalling £35,370 were received in 2021 (2020: £20,252).

Our regular tax-efficient giving has increased following a previous number years of decline. Tax efficient income via the Parish Giving Scheme meant that for a number of 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 lower than prior year at £11k (2020: £15k) but the focus has been to encourage giving via the Parish Giving Scheme during 2021.

Fee income relating to fees from weddings, funerals and baptisms declined this year and totalled £8k (2020: £4.5k).

Investment income is slightly down at £20k (2020: £21k).

Expenditure

As a result of a number of factors, total expenditure in 2021 increased slightly to £160k compared to £158k in 2020. Of this, our biggest cost was Parish Share at £120k (2020: £120k). The actual amount paid to the Diocese was 77.0% of our budgeted share request of £155.9k (2020: 78.0%), resulting in an underpayment to the Diocese of £35.9k (2020: £33.8k underpayment).

In order to pay our full 2021 share request, we would have had to have transferred a total of £30.9k from the Lewis Fund (2020: £70.4k). 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 -----
2022 share 2021 share
request £ request £
Direct ministry costs 51,996 51,097
Contribution to future training 16,725 14,488
Contribution to services to Parishes 17,379 15,000
Contribution to other shared costs 11,366 9,882
Sub-total: Gross Ministry Costs 97,466 90,467
Mutual Support Contribution 63,905 65,394
Less: fee credits (1,321)
Total Benefice share request 160,050 155,861
----- End of picture text -----

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The smaller expenditure in non-Parish share costs continues the 2020 trend into 2021 to an amount of £37.1k and 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.

Church Office & Admin costs have decreased to £3.3k (2019: £3.9k). Of this £1.7k 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 2021 charged the church £0.6k (2019: £0.9k).

Church Running costs have decreased from £23.1k in 2020 to £21.2k, noting increased staff costs in 2021 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 income before transfers and unrealised investment losses was £7.4k (2020: net expenditure of £16.4k). Our Diocesan payments remained at £120k, and in addition there were no large purchases in the year.

The investment portfolio made an unrealised gain in 2021 of £41k, in contrast to the unrealised investment loss of £8.5k seen by the decrease in global markets in 2020. Of this, £31k relates to the Sustentation (Endowment) Fund and therefore does not increase reserves available for general use.

Reserves

A full breakdown of the movement in Reserves in the year and the position as at 31 December 2021 can be seen in Note 12 (Statement of Funds).

Some of our historic reserves, such as the Fabric and Churchyard Funds, have been depleted by expenditure over the past few years. 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.

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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.

Deanery Synod

Seven members of the PCC sat on the Deanery Synod during 2021 (2020: 6). This provides the PCC with an important link between the Parish and the wider structures of the Church.

Administrative information

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 (PCC Powers Measure 1956, Church Representation Rules 2020) and a charity registered with the Charity Commission (registration number 1131547).

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The following PCC members served during the financial year to 31 December 2021 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 Rector / PCC Chair/ Oeanery Synod Churchwarden Churchwarden / Deanery Synod Reader / Licensed Lay Minister / Deanery Synod Deanery Synod Deanery Synod Edna Grimble Paul Betts Molly Hoyle Pauline Sweetingham Elected and co-o Andrew Barton Paul Bradbury John Bridger David Bywater Lesley Cook Pat Masters Bill Hindley Elle O'Brien Norman Randall ted members Chair of Trustees of Mid-Essex Anglican Academy Trust111 Treasurer Fabric Officer (to 2021 APCMJ (to 2021 APCM) Lay Evan8elist PCC Secretary Tree Officer111 (to 2021 APCM) Linda Ward Land Officer (l) Deanery Synod (co-opted) Approved by the PCC on 5 May 2022 and signed on their behalf by the Reverend Christopher Mann IPCC Chairman)

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

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

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	2021 Unrestricted £ 137,320 8,040 15 6,807 152,182 - 158,029 158,029 (5,847) 10,802 4,955 12,692 17,647 149,494 167,141	2021 Restricted £ 1,793 240 0 957 2,990 - 1,904 1,904 1,086 1,405 2,491 (2,420) 71 786,370 786,441	2021 Endowment £ - - - 12,592 12,592 - 385 385 12,207 (12,207) 0 31,090 31,090 370,131 401,221	2021 Total £ 139,113 8,280 15 20,356 167,764 - 160,318 160,318 7,446 - 7,446 41,362 48,808 1,305,995 1,354,803	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

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PAROCHIAL CHURCH COUNCIL OF THE PARISH OF ST. MARY THE VIRGIN SHENFIELD CONSOLIDATED BALANCE SHE AS AT 31 DECEMBER 2021 2021 2020 Note FIXED ASSErs Tangible Assets 664,954 664,954 Investments 640,555 1,305,509 599,193 1,264,147 CURRENT ASSErs Debtors 13,169 6,319 Investments- Deposits 6,204 6,2LK) Cash at bank and in hand 37.515 56,888 34,116 46,635 LIABIUTIES Creditors= amounts falling due within one year io 17,5941 14,7871 NET CURRENT ASSETS 49.294 41,848 TOTAL NET ASSETS li 1.354.803 1,305.995 FUNDS Unrestricted 12 167,141 149,494 Restricted 12 786.441 786.370 Endowment 12 401,221 370,131 TOTAL FUNDS 1,354,803 1.305,995 Approved by the Parochial Church Council on 5 May 2022 and signed on its behalf by= Reverend C.J. Mann Chairman Mrs E.M. Grimble Churchwarde

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

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2021

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 2021

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 2021

2 INCOME ALL Unrestricted Restricted Endowment FUNDS INCOME FROM: Funds Funds Funds 2021 £ £ £ £ a Donations and Legacies Planned giving - Gift Aid donations 73,810 350 - 74,160 Planned giving - Tax Recovery 18,396 50 - 18,446 Weekly collections 6,593 - - 6,593 Donations and other gifts 753 1,393 - 2,146 Legacies 35,370 - - 35,370 Non-recurring one-off grants 2,398 - - 2,398 137,320 1,793 139,113 b Charitable Activities Fees from weddings, funerals etc 7,998 240 - 8,238 Sale of Parish Magazine & guides 42 - - 42 8,040 240 - 8,280 c Other Trading Activities Fundraising events: Christmas Bazaar - - - - Other events 15 - - 15 Other fundraising - - - - 15 - 15 d Investments CBF investment income 3,562 957 7,115 11,634 M&G investment income 2,983 - 5,474 8,457 CBF deposit income and bank interest 62 - 3 65 Rental income 200 - - 200 6,807 957 12,592 20,356 TOTAL INCOME 152,182 2,990 12,592 167,764

ALL FUNDS 2020 £ 60,500 15,470 7,295 7,292 20,252 3,204 114,013 4,458 1,932 6,390 23 - 264 287 12,358 8,111 158 200 20,827 141,517

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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 2021

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 Ministry: Parish Share Other clergy costs Other Charitable Activities: Church running costs Cost of Church services Church repairs Baptism & children's services Parish magazine costs Churchyard upkeep Church office & admin Rent payable Sundry expenses TOTAL EXPENDITURE*	ALL Unrestricted Restricted Endowment FUNDS Funds Funds Funds 2021 £ £ £ £ - - - - - - - - - - - - - 1,053 - 1,053 - - - - 1,053 - 1,053 120,000 - - 120,000 1,800 - 300 2,100 121,800 - 300 122,100 21,217 - - 21,217 2,341 - - 2,341 6,138 - - 6,138 150 - 150 98 - - 98 3,433 180 - 3,613 2,552 671 85 3,308 208 - - 208 92 - - 92 36,229 851 85 37,165 158,029 1,904 385 160,318	ALL FUNDS 2020 £ - - 1,459 220 1,679 120,000 1,907 121,907 23,106 734 3,843 492 359 1,651 3,910 208 - 34,303 157,889

*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 2021

4 Staff costs 4(a) Wages and salaries During the year the PCC had 3 employees (2020: 3), namely: - part-time caretaker - part-time Director of Music - part-time Administrative Assistant	2021 £ 12,954	2020 £ 12,542

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.

5 Prior year adjustments Total transfers between funds Transfers between Funds Investment income from Sustentation Fund	Unrestricted Funds £ 12,207 (1,405) 10,802	Restricted Funds £ - 1,405 1,405	Endowment Funds £ (12,207) - (12,207)

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 no transfer was required from the Lewis fund (unrestricted) in 2021 (2020: £36,593)

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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 2021

6 Tangible Fixed Assets Freehold Land & Buildings Market value at beginning and end of the year Properties owned 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	2021 £ 664,954 Market Value £ 650,000 5,000 4,000 5,954 664,954	2020 £ 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 gains/(losses) on sale of investment assets Net realised & unrealised gains/(losses) on investment assets	2021 £ 599,193 - - - 41,362 640,555 2021 £ 449,365 - 449,365 41,362 - 41,362	2020 £ 607,657 - - (8,464) 599,193 2020 £ 449,365 - 449,365 (8,464) - (8,464)

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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 2021

8 Debtors Accrued Gift Aid recoverable - Unrestricted Funds Prepayments 9 Deposits Cost and Market Value at start of year Interest income Cost and Market Value at end of year 10 Creditors falling due within one year Fee creditors Deferred inscription income Accruals Charities Fund disbursements	2021 £ 12,270 899 13,169 2021 £ 6,200 4 6,204 2021 £ 4,172 1,480 774 1,168 7,594	2020 £ 5,236 1,083 6,319 2020 £ 6,174 26 6,200 2020 £ 2,630 80 247 1,830 4,787

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 - 217,648 34,026 388,881 13,169 - - - 3,074 3,130 (57,250) 85,555 9,210 (6,426) (1,168) - 167,141 786,441 401,221	Total Funds 2021 £ 664,954 640,555 13,169 6,204 37,515 (7,594) 1,354,803

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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 2021

12 Statement of funds Unrestricted Funds General Fund Lewis Fund Restricted Funds Fabric Fund Extension Fund Churchyard Fund Churchyard: Flowers Memorial Garden 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 2021 Resources Expended gains/(losses) 31 Dec 2021 £ £ £ £ £ £ 36,000 152,182 (158,029) 10,802 - 40,955 113,494 - - - 12,692 126,186 149,494 152,182 (158,029) 10,802 12,692 167,141 15,000 - - - - 15,000 102,202 956 - - (2,420) 100,738 - 180 (180) - - - - 250 - - - 250 - - - 960 - 960 - 100 - - - 100 1,304 - - - - 1,304 1,469 11 (411) - - 1,069 1,204 241 (261) - - 1,184 - 607 (1,052) 445 - - 237 645 - - - 882 664,954 - - - - 664,954 786,370 2,990 (1,904) 1,405 (2,420) 786,441 370,131 12,592 (385) (12,207) 31,090 401,221 370,131 12,592 (385) (12,207) 31,090 401,221 1,305,995 167,764 (160,318) - 41,362 1,354,803

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