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2020-12-31-accounts

The Parish Church of Saint Wulfram, Grantham

Parochial Church Council

Annual Report for the Year Ended December 2020 31[st]

Annual Report & Financial Statements For the Year Ended 31[st] December 2020 St Wulfram’s Church, Grantham Parochial Church Council

TABLE OF CONTENTS

AIM AND PURPOSES 1
OBJECTIVES AND ACTIVITIES 1
PEOPLE 1
PREAMBLE: A YEAR OF NEW OPPORTUNITIES AND 3
CHALLENGES
ACHIEVEMENTS AND PERFORMANCE 7
FINANCIAL REVIEW 29
RESERVES POLICY 31
STRUCTURE, GOVERNANCE & MANAGEMENT 32
ADMINISTRATIVE INFORMATION 35
STATEMENT OF FINANCIAL ACTIVITIES 36
BALANCE SHEET 37
NOTES TO THE FINANCIAL STATEMENTS 38-48
INDEPENDENT EXAMINER’S REPORT 49

AIM AND PURPOSES

St Wulfram’s Parochial Church Council (PCC) has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish of Grantham the whole mission of the Church, in daily worship of God, in matters pastoral, evangelistic, social and ecumenical to serve the people of the town and all who come to the church building.

The detail of this programme of mission is managed severally by the sub-groups (sub committees) of the PCC on its behalf. Their minutes and resolutions are available. From time to time, ad hoc working groups may be established to report to the PCC.

Full details of the PCC membership and officers are listed under ‘Administrative Information’ below.

OBJECTIVES AND ACTIVITIES

The PCC has the overall responsibility to make available to as many people as possible the ministry offered by the living Church based at St Wulfram’s, and to welcome the same people to the church building. We communicate the Christian faith and exercise Christian ministry in the worship of the church through the ministry of word and sacrament. We seek to meet the needs of a variety of people in the wide range of worship and activities offered. Our church building is sufficiently flexible that we can manage occasions sacred and secular on a large or modest scale.

When undertaking their programme of activities, the staff and PCC have taken seriously the Charity Commission’s guidance on public benefit, and in particular, the specific guidance on charities for the advancement of religion. It is our express aim to be a community of Christians in the town and, according to the Anglican understanding, to be available to every single person in the town and parish. We seek to help the people of the town to live out their Christian faith through:

To make all this possible the PCC has a prime responsibility to maintain the fabric of St Wulfram’s.

PEOPLE

Staff

1

In January, we congratulated Fr James Titley on gaining his BA from Durham University as part of his theological training at Westcott House, Cambridge. Later, we congratulated him on his ordination to the Priesthood at Lincoln Cathedral on 3 October (the occasion having been delayed owing to COVID-19 restrictions). It was impossible for members of the congregation to attend the service; but we were grateful to the cathedral Dean and Bishop Nicholas for allowing us to record the ordination element of the service to view afterwards on St Wulfram’s Facebook page.

Holders of the Bishop’s Licence

Those licensed by the Bishop to assist in the administration of the elements at Holy Communion in the parish (some within church and others within and outside church) are listed below. The[§] symbol denotes individuals for whom permission was granted by the Bishop during 2020. An asterisk indicates that the person did not administer the elements at all in 2020.

Permission to Administer (PTA) in church: Clare Arthur, Heather Arthur, Shaun Ashley, Michael Brooks, Paul Brooks, Tom Brooks, Daniel Castañeda, Katy Castañeda, Paul Davie, Dorothy Gaughan[§] , Michael Gaughan[§] , David Graham, Susanne Graham, Jerry Profitt[§] * (resigned during 2020), Georgina Stewart, Ian Stewart, Keith Streets (resigned during 2020), David West[§] , Sarah Whiting[§] * (resigned during 2020).

Permission to Administer (PTA) in church and out of church: Betty Fernyhough, Elizabeth Hill, Barbara Kime, Shirley Leverett, Brenda Patten, Sue Redmile, Eileen West, Valerie York.

Guild of Servers

Owing to the number of new members joining, in late 2019 the Guild of Servers began a period of consultation to address any training needs that members felt they needed. In early 2020 the group gathered for the first training session for server’s duties, and this was delivered by the Chaplain and the Head Server. At this time, it was decided that training would be offered throughout the year, to culminate with an en-masse service of admittance later in the year. Unfortunately, in April 2020, divine worship was suspended and subsequently the recruitment and further training opportunities of servers.

For a variety of reasons, we lost the services of a number of members of the Guild of Servers during 2020, either on a temporary or permanent basis, but have retained a suitable membership to offer assistance as services have resumed. To that end, training remains an ongoing concern and it is hoped that it can be resumed more formally as the social context

2

allows. The guild is not exclusive and is open to all members of the parish, of any age and experience.

PREAMBLE: A YEAR OF NEW OPPORTUNITIES AND CHALLENGES

We looked forward with excitement to 2020, a year of great significance in the history of our church as an ancient site of pilgrimage and prayer, and our life together. For this year of celebration, a number of special events had been planned to mark the 1300[th] anniversary of the death of our patron saint Wulfram.

The mission and ministry of St Wulfram’s Church in 2020 was defined and shaped by three significant developments, the headlines of which are set out below. Fuller details are provided in the pages that follow.

St Wulfram’s became an SDF-funded ‘resource church’

This will establish the groundwork, growth and pipeline needed for church planting. Each church will establish 2-3 new or revitalised ‘church plants’ - a total of 8 churches. The aim is for each church plant to grow by at least 150 people and become selfsustaining within five years. The diocese will consult with key stakeholders to determine the locations and timings of the three churches that St Wulfram’s has been challenged to plant or revitalise.

At the end of a two-day selection process that involved members of the PCC and culminated in candidate interviews with a panel chaired by the Archdeacon of Boston on 8 December, a preferred candidate was identified to take on the role of Associate Rector in 2021. The new appointee will play a key part in our ambitious and exciting vision, sharing in the overall leadership of St Wulfram’s. This will release the Rector

3

to oversee the strategic development of church planting teams.

The Coronavirus COVID-19 pandemic

1 The relic was to be housed in the Lady Chapel of St Wulfram’s Church in a reliquary (a gift from Gary McCann, theatre and opera designer) until the summer, before being returned to the Abbey at Wandrille. The loan of the relic would have been a rare and special privilege: the recognition granted to an Anglican church by a Roman Catholic community in France, and a demonstrable sign of friendship and trust in us as a community of faith, a faith that stretches beyond geographical and political bounds.

4

St Wulfram’s strongly advised that face-coverings should be worn by all those attending for worship.

Particular gratitude is expressed to Elaine Chambers (Parish Administrator) who has worked immensely hard behind the scenes to maintain the flow of information to and from members of the St Wulfram’s community. Her working conditions have been very different since March – sometimes frustrating, but rewarding – and her technical knowledge has expanded to cope with the many demands. In turn, she thanks the St Wulfram’s community for their patience and support this year.

5

Particular gratitude is expressed also to Dr Tim Williams (Master of the Music), who enabled the choir to continue to share in community, sing, produce music for Sundays and send out a positive message to the church family and beyond in challenging and unsettling times. The virtual music he and the musicians created in lockdown and the resilience he built among them were extraordinary; and we thank him for his magnificent efforts in learning and perfecting the art of producing composite virtual anthems while all members of the choir remained safe in their own homes. Online rehearsal and production methods kept the choir and organ scholars fully engaged; and there is now an extensive archive of virtual recordings accessible from the church website and Facebook. We are delighted that Dr Williams has been able to resource others by publishing articles about virtual music and resilience, and by co-chairing meetings of directors of music of other major parish churches about the recruitment and retention of choristers.

New resource space was acquired for St Wulfram’s at Grantham House

6

ACHIEVEMENTS AND PERFORMANCE

Worship and Prayer

The pattern in ‘normal times’

Actions during the COVID-19 pandemic

7

From mid-May, the Eucharist was broadcast from church; and at that stage it became possible (broadcasting to Facebook through Zoom) to include lay people at home reading the lessons and offering intercessions. On 21 and 28 June, we welcomed ‘visiting’ preachers via Zoom.

The online St George’s Service and Renewal of Promises for the Scout and Guide Association gave members of the movement the opportunity to come together to reaffirm their promises and share in some fellowship. The service reached members locally and around the diocese; and the video was viewed over 1,200 times during the first 28 days.

8

However, once the second lockdown was announced, plans changed. A virtual service of Remembrance was broadcast on Facebook from the locked church on Sunday 8 November. Sadly, there could be no parade through the town. Thomas Cradduck (the Rector’s son) played the Last Post from the church tower. The church was open for private prayer afterwards and wreaths were laid at the war memorial in the churchyard during the day.

Preparation to receive the Sacrament of the Eucharist, and Confirmation

For the first time in five years, Communion Club did not run in 2019, owing to low numbers; however, on the basis of interest expressed, we anticipated a larger group in 2020. However, the pandemic restrictions made it impossible to run Communion Club in 2020. Plans are being made for the Club to resume in Lent 2021, using digital technology.

Adult confirmation preparation is open to all who wish to recognise their personal development in faith. The usual format is meetings held on six consecutive Sundays, with the Confirmation service held in the centre of the course. This course is led by the clergy.

Sadly, no confirmation preparation could happen in 2020 owing to the pandemic restrictions; and there was no deanery Confirmation service. Plans are being made for preparation to start in Lent 2021, mainly using video conferencing.

9

Occasional Offices

In 2020 there was just one wedding. Those that were originally planned for 2020 (16 weddings plus 2 renewal of vows) changed the dates of their wedding to 2021 and some to 2022 due to the COVID-19 restrictions.

We were delighted that David Betts and Rachel Hare, members of our congregation, were able to marry at St Wulfram’s post-lockdown (25 July). The couple had originally invited between 80 and 100 guests to their ceremony but reduced the list to just 30 in line with Government guidelines. The service was live-streamed to friends and family unable to attend. Dr Williams, Master of the Music at St Wulfram’s, arranged for the church choir (of which David, his daughters and Rachel’s son are members) to record all the music virtually: the video of the choir, who filmed themselves singing, was shown on a large screen during the ceremony. Instead of a reception in the church, the couple enjoyed a low-key picnic with their close family. Fr Stuart told the Grantham Journal that this was another sign that the church was ‘springing back to life after such a difficult time for everyone’.

We conducted 7 baptisms: 5 children (one under one year of age, 4 aged between one and two years old) and 2 adults. We have an open baptism policy and do our best to keep in touch with the families involved.

A total of 21 funerals for people in the parish were conducted during the year, of which 10 took place in church.

Mission and Social Responsibility

10

11

£540; and gave a total of £700 worth of supermarket vouchers to several vulnerable families whom we identified through contacts with three local schools.

Safeguarding

12

Music

13

the UK) took place nationally in 2020. Between them, the choristers have now amassed 115 RSCM awards since 2011.

Actions during the COVID-19 pandemic

14

youngest and oldest members. After Easter, the choir moved from predominantly podcasting rehearsal files to primarily rehearsing in real time on Zoom.

15

Wider music programme

Church Community

(a) Children and Young People

16

of the service. There is a very dedicated team of volunteers (including three young people who are growing in confidence to plan and lead their own sessions).

Fr James is District Chaplain to Grantham District Scouts. This role is a Grantham-wide appointment but includes regular purposeful visits to the sections of the 2[nd] Grantham (St Wulfram’s) Scout Group.

Members of the clergy team lead weekly collective worship in two church schools. During the pandemic, the clergy team prepared videos for the schools instead.

Local schools, especially the church schools and the local state nursery school usually make regular visits to the church to learn about the church building, about Christianity and about the church’s role in the community. In normal times, local schools also use the church for services throughout the year, including carol services and services to mark the end of the school year. The neighbouring grammar school uses the church building for its annual Founder’s Day Service and Speech Night.

(b) Pastoral Care

17

this is possible. Those who are new to the congregation are made welcome and visited as soon as convenient.

(c) Community groups

18

Church and Fabric

19

Church flowers

Change ringing

20

the Tower Captain has continued to ring one or two bells on a Sunday to announce the start and end of 9.30 a.m. service, to provide an audible reminder to the community that the church is still here.

Hospitality for Pilgrims and Visitors

21

Trigge Library

22

freeze treatment. This seems to have worked and the remaining nine books were subsequently sent to Harwell for identical treatment. In addition, woodwork affected by furniture beetle including the book presses, floor and roof were also treated appropriately. Following this, the Library was deep-cleaned. The Condition Survey report provided a prioritised list of books requiring conservation of bindings and/or page blocks to ensure their long-term preservation.

Archive

Ministry training

23

Learning opportunities

Major Churches Network

Inclusive Church Network

We believe in inclusive Church - church which does not discriminate, on any level, on grounds of economic power, gender, mental health, physical ability, race or sexuality. We believe in Church which welcomes and serves all people in the name of Jesus Christ; which is scripturally faithful; which seeks to proclaim the Gospel afresh for each generation; and which, in the power of the Holy Spirit, allows all people to grasp how wide and long and high and deep is the love of Jesus Christ.

24

Ecumenical relationships

Lincoln Diocesan Synod

Back in November 2019, the Acting Bishop of Lincoln had commissioned a group of individuals from across the diocese to address the systemic issues that it faced and discern how the diocese could build the healthy, vibrant and sustainable church that it longs to be. In January 2020, five working groups (comprising over 50 people – lay, clergy and officers) were established to look at the following areas: assets; Parish Share; costs; growth; and deployment. The groups reported in July and the proposals subsequently received overwhelming support from the Bishop’s Council of Diocesan Trustees and Diocesan Synod. In the autumn, the diocese held a series of virtual consultation meetings with parishes, gathered by ‘Greater Ecclesial Areas’ (GEAs), based roughly on the nine local authority areas. Feedback was then used to shape plans submitted to Diocesan Synod on 21 November.

92% of Synod members present at the November meeting voted to support the general principles laid out by the ‘Resourcing a Sustainable Church’ programme. Synod also voted ‘to support the exploration of the possible sale of Edward King House’ (the diocesan offices). In addition, Synod committed ‘in principle to the introduction of a Covenant Giving Scheme based on mutual responsibility between the parish and the diocese as a whole’, to replace the formula-based system of parish share, with ‘some

25

mechanism to support those parishes in areas of highest deprivation’ and support from a team of volunteer Covenant Pastors. Consultation with parishes in the autumn became the first step in a long process of engagement, consultation and refinement of plans, ahead of what the diocese called ‘a full working plan’ for consultation in March 2021 and presentation to Synod in April 2021.

Grantham Deanery

The version of the scheme favoured by Grantham Deanery designates St Wulfram’s as a ‘Key Mission Church’ within the ‘Local Ecclesial Area’ comprising the Grantham and Loveden Deaneries (one of three proposed divisions within the South Kesteven ‘Greater Ecclesial Area’). Representatives of deanery churches (including St Wulfram’s) participated in an online consultation meeting for the South Kesteven GEA with the bishops on 30 September.

The diocese has declared that changes to the number and structure of deployed clergy are essential; and it is working towards a model of 100 stipendiary posts or equivalent (a reduction from the aspiration of 153) and training 6 stipendiary curates a year. Collaborative ministry is at the heart of the new model, with groups of stipendiary clergy, self-supporting clergy and lay ministers working collegially in diverse teams across wider geographical areas. Grantham Deanery Synod has said it would accept a minimum of 6 stipendiary clergy + 2 House for Duty priests to cover the LEA. If, as anticipated, the current deanery is re-organised into three greater parishes (west, central and east), St Wulfram’s clergy would be responsible not only for St John’s Manthorpe but also for the current Earlsfield and Spitalgate parishes.

Communication

26

postings of information by the Parish Administrator keep it fully up-to-date. Contacts and requests continue to increase in number. We make full use of social media to involve members of our church community and of the wider community in the life of the church; social media is especially valuable in attracting visitors and audience members to our special events and engaging them in online conversations at those times. We recently enhanced our presence on the Church of England ‘A Church Near You’ website: the site directs those who view to the church’s own website and social media.

Since the start of the pandemic, an online version of the Magazine has been available through the church website; and printed copies have been mailed out to those who subscribe.

Special Events (including those for fund raising)

27

space, common ground’ strategy. Each event attracts significant numbers and at the same time raises useful funds for the church.

28

FINANCIAL REVIEW

29

30

necessarily maintained despite the fact that these assets are expected to yield lower returns over the longer term. Endowments, however, are typically invested wholly in equities where expected returns over the longer term are expected to be higher, as there is typically no need to sell them at short notice.

RESERVES POLICY

General Funds

31

were £42,093 (2019: £40,334). Whilst they are lower than the PCC would like, they do exceed average quarterly budgeted General Fund expenditure for 2021, excluding fundraising costs. General Fund surpluses are needed once the Covid-19 pandemic has ended to restore reserves to a more comfortable level, if possible.

Designated Funds

Fabric Fund

STRUCTURE, GOVERNANCE & MANAGEMENT

32

Following the first national pandemic lockdown, the Church of England issued guidance about online PCC meetings: this included the advice that decisions requiring a formal resolution of the PCC should be put into written form after a virtual meeting and circulated for formal approval under rule M29 (which, under rule 76, can be conducted by email). The PCC has followed this guidance for the six meetings held via Zoom video conference in 2020.

The advent of Zoom meetings has enabled PCC members to participate from the comfort of their own homes or offices, and obviated the need to venture outside on cold, dark autumn and winter evenings. The average level of attendance for the meetings in 2020 was 87% (as compared with an average of 82% in 2019).

We foresee the need to conduct PCC business by Zoom, at least in part, during 2021.

The committee comprises the Rector and Churchwardens ( ex officio ) and two further members (elected by the PCC). John Manterfield and Jane Sharp served on the committee throughout 2020. The Treasurer and PCC Secretary are attendees. Meetings of the Standing Committee tend to be ‘virtual’ conducted by email correspondence. Written reports from the committee are submitted to the PCC at the subsequent meeting.

The PCC established a new Creation Care Sub-group this year (with new terms of reference) and the group began its important work after the APCM.

PCC members are expected to sit on at least one sub-group. Members of the congregation are also invited to join sub-groups. Each sub-group includes at least one member of the clergy team and either one or both Churchwardens. A list of sub-group members is displayed in church. Minutes or written reports of sub-group deliberations are received by the full PCC and discussed as necessary.

33

The chairs in 2020 were: Jo Counsell (Mission & Social Responsibility); Laura Cradduck (Children & Youth); Paul Davie (Licence Management); Mel Fletcher (Social); John Manterfield (Fabric); Gary Moment (Finance), who took over from Jane Sharp on 13.9.20; and Mother Mel Parkin, Interim Chair of Creation Care from 13.9.20 until 18.11.20 when Gillian Kendon took over.

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St Wu]fram's Church is situated in Grallthat￿ tincojnshire and is part of the Diocese IAnco]n within the Church of England. The address for COTreS￿ndenee is: The Rectory, Church Street, Grantham, LincolnshiLE, NG316RIL The Parochial Church Council (rn 6 a charity registered withthe Charity Comn]ission, clwityregistration nuraber ll3￿75, as The Parochial Church cou￿￿ of the Ectsiastical Parish of StWulfrallL Gralltham." The PCC Treasurer is Stephen Howe. The PCCSe¢xetaryis Judith Muslott (who, sin( June. undertook this role on a voluntary basis alongside the salaried tK>st of Mission Facfiitator). Neitherthe Tre&surer northe Secretaryis an e]eied member of the PCC. PCC memTr￿ who serv￿at anyttme fro￿ iJanuary2020 untll the date this rep)rt was approved are 5etolltI￿1Ow. TwoVacanci&8forelertedmen]F￿rsWereUnfi￿edattheATrfM on ￿ Septemirr 2020. Name Date rfpart year Ex offi¢io members Fatherstuart Cradduek MotheiJutte Row]and MotherMelParki FatherJamesfdky Nick KeTry AndttwGtt80ry Jan Burrows Valyork Paul Davie IneumbeoLPCCChair. RuTal Deau & DM)ce5allSynod Bshop's PermE5ionto Of￿]ate. CornmunrfyChap]aill Assistant Curate & D￿teSanS)￿K)d Reader Warden&{wibl30.iiJo) DeaneryS)ry Warden& De8nerySl￿d Deanery Synod Deanerysyllod (from L1220) (from ￿.9.20) {frOn1￿.9.20) Elected mtmbe Jason BloomfieLd Jo Collnsell Paul Davie CherryEdw8rds Me]anie Fletther Jalle Gregory Jokn Manlerfrkl Garymojnent John Morri&8ey Jane Sbarp Briau Siagg lan Stewart David West EaeenWe5t (fro]n ￿.9.20) (until ￿.9.20} (from ￿.9.20) lutttil 13.9.20) (untik ￿.9.20) {uutil ￿.9.20) ReaderEmetitus&Cusiosof theTLryg£e IJTr*Tary c￿0ptedMenther5 Melanie Fletcher Jane Sharp (from 13.920) (from￿.9.20) BanKers AnvestsnelltMaTrgers HSBC Bank plc. Westgatr.Grdntham. CCIA JTwe5ttnentMaDage￿e￿tIJrn1te 84 QueenVictoriaStreeLtA)lldoll. Ecek5iathall￿w￿dllCe Group.Gloucester. NewtOD FallowelL 24MarketPlace,GrdnthaJn. streets11￿, wi[Ld5vrHo￿￿e,knBUsllIe￿Park, t#)ttg Bennington. In5urer5 l£tting AgeTrts IndepelldentLKaminers Approved bythe Pccon ed on their behalf, Father Sknart (hdduck 28 Marth 2021 35

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

STATEMENT OF FINANCIAL ACTIVITIES

For the year ending 31st December 2020

Note
INCOMING RESOURCES
Voluntary income
2(a)
Activities for generating funds
2(b)
Income from investments
2(c)
Church activities
2(d)
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Church activities
3(a)
Fund-raising costs
3(b)
Investment management costs
3(c)
Governance costs
3(d)
TOTAL RESOURCES EXPENDED
NET INCOMING RESOURCES/(OUTGOING)
RESOURCES BEFORE TRANSFERS
Transfers between funds
1 1
NET INCOMING RESOURCES/(OUTGOING
RESOURCES) BEFORE OTHER
RECOGNISED GAINS & LOSSES
Gains/(losses) on investment assets:
6(b)
on revaluation
1 4(b)
NET MOVEMENT IN FUNDS
14(c)
BALANCES BROUGHT FORWARD 1st JANUARY
14(a),(d)
BALANCES CARRIED FORWARD 31st DECEMBER
General
Designated
£
101,889
31,346
4,342
108
4,035
1,606
1,358
-
111,624
33,060
106,112
27,542
2,335
97
908
29
510
-
109,865
27,668
1,759
5,392
-
-
1,759
5,392
-
10,406
1,759
15,798
40,334
103,740
42,093
119,538
Unrestricted Funds
General
Designated
£
101,889
31,346
4,342
108
4,035
1,606
1,358
-
111,624
33,060
106,112
27,542
2,335
97
908
29
510
-
109,865
27,668
1,759
5,392
-
-
1,759
5,392
-
10,406
1,759
15,798
40,334
103,740
42,093
119,538
Unrestricted Funds
Restricted
Funds
£
37,104
536
8,700
10,133
Endowment
Funds
2020
2019
£
£
£
-
170,339
555,872
-
4,986
91,605
-
14,341
12,004
-
11,491
18,497
-
201,157
677,978
-
250,849
309,161
-
2,625
50,007
-
1,193
1,713
-
510
480
-
255,177
361,361
-
(54,020)
316,617
-
-
-
-
(54,020)
316,617
2,427
16,880
13,871
2,427
(37,140)
330,488
60,216
686,187
355,699
62,643
649,047
686,187
TOTAL FUNDS
111,624 33,060 56,473 -
106,112
2,335
908
510
27,542
97
29
-
117,195
193
256
-
-
-
-
-
109,865 27,668 117,644 -
1,759
-
1,759
-
5,392
-
5,392
10,406
(61,171)
-
(61,171)
4,047
-
-
-
2,427
1,759
40,334
15,798
103,740
(57,124)
481,897
2,427
60,216
42,093 **119,538 ** 424,773 62,643

The notes on pages 38 to 48 form part of these accounts

36

BAIANCE SlIEEr As at 31st D￿emEr 2020 2020 2019 FIXED ASSErs Tangible a&sets Investrnellts a) 6(b), 14 7.&2 J.722 583y149 284>392 CURREFrr ASSErs Debtor5 Short terni deT￿llts & cash at bank and in hand 16A 19,933 109,531 434,124 LIABILITIES Creditors- amounts falling due in oneyear 4&633 3£329 NET CURRENf ASSErs 65,898 401,795 TOTAL NET ASSEfS 14 PARKSH FUNDS Unrestrieted GeneTal Fund Designated Funds 4£093 40J34 li 161,6 io 144,074 io 424.773 64643 481,847 60,216 Endowment io 686.18 Approved by the parochi￿ Chvreb oxx 28th March 2021 and wed its beha]f by Father Stuart Craddudi (PCC Chairm￿) TheDOteSlKk pages38 to48 part rfthe accwnts 37

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2011, the Charities Act 2011, and the Statement of Recommended Practice Financial Reporting Standard applicable in the UK (Charities SORP (FRS 102)).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, 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 main affiliation to another body, nor those that are informal gatherings of church members.

Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted income or unrestricted income funds depending upon the purpose for which the endowment was established (see note 10).

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, income from investments is apportioned to individual funds on an average balance basis (see note 10).

Unrestricted funds are general funds which can be used for PCC ordinary purposes. Of the unrestricted funds, designated funds represent the valuation gain on investment property which can only be realised on sale, a fund for collections in memoriam, a fund designated for potential development, a deposit fund designated for religious, charitable and educational purposes comprised of accumulated income and interest, and a reserve of unrestricted funds held separate from general funds (see note 10).

Incoming resources

Planned giving, collections and donations are recognised when received. Tax recoverable on Gift Aid donations is recognised when the donation is recognised. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable and is accounted for gross.

Resources expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and is accounted for gross.

38

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

1. ACCOUNTING POLICIES (continued)

Fixed assets

Consecrated and beneficed property is not included in the accounts in accordance with s.10(2)(a) of the Charities Act 2011.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a Faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the church’s inventory, which can be inspected (at any reasonable time). For inalienable property acquired prior to 2005 there is insufficient cost information available and therefore such assets are not valued in the financial statements. All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of movable church furnishings acquired before 1st January 2005 is written off.

Depreciation of Tangible Fixed Assets

Depreciation on tangible fixed assets costing more than £1,000 is calculated to write off the cost of each asset over its expected useful life by equal annual instalments at the following rates, (% p.a. on cost):

Office equipment - 20% straight line basis. Computer equipment - 20% straight line basis. Gardening equipment - 20% straight line basis.

Fixed asset investments

Investment property is valued at 31[st] December, with reference to movements in a regional house price index, from the date of acquisition (see note 6).

Investment securities are valued at market value at 31[st] December.

Connected charity

The PCC cooperates with the “Friends of St. Wulfram’s Church, Grantham” which is a separately registered charity (registered charity number 1066896), chaired by the Rector.

The objects of the Friends of St. Wulfram’s are:

“to preserve and beautify the Church of St Wulfram, Grantham, its fabric, fixtures, fittings, monuments, ornaments and other chattels”.

39

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

2
INCOMING RESOURCES
2(a) Voluntary Income
Planned giving:
Gift Aid donations
Tax recoverable
Other
Collections (open plate)
Grants
Other donations and appeals
Choir Trips
Donations box
Other donations, appeals, etc.
Tax recoverable
Legacy income
2(b) Activities for generating funds
Coffee shop
Hire of church
Sales Unit
Grantham Business Awards
Lottery
Events Bar
Vintage Festival
Beer Festival
Christmas Tree Festival
Choir Trips
Parish Magazine Advertising
Tax recoverable
Other fund-raising
2(c) Income from investments
Rent from land & buildings
Dividends and interest
2(d) Income from church activities
Parish Magazine
Choir Trips
Other income from church activities
Fees paid to PCC for weddings & funerals
Insurance claim
TOTAL INCOMING RESOURCES
General
Designated
£
£
46,963
11,741
8,120
3,416
10,973
26,300
2,244
13,289
4,889
2,643
157
2,500
101,889
31,346
1,013
840
586
-
455
-
-
515
-
150
-
783
108
4,342
108
3,977
127
58
1,479
4,035
1,606
326
98
934
-
1,358
-
111,624
33,060
Unrestricted Funds
Restricted
Funds
£
1,200
300
31,753
30
2,558
263
1,000
37,104
12
461
43
20
536
1,121
7,579
8,700
36
503
9,594
10,133
56,473
Endowment
Funds
£
-
-
-
-
-
-
2020
2019
£
£
48,163
43,397
12,041
10,849
8,120
6,253
3,416
11,574
69,026
50,571
-
2,850
2,274
4,938
20,736
70,788
3,063
4,557
3,500
350,095
170,339
555,872
1,013
6,026
840
6,450
598
2,635
-
3,759
916
1,079
-
3,308
-
-
515
32,787
-
8,771
43
8,581
150
170
-
793
911
17,246
4,986
91,605
5,225
5,700
9,116
6,304
14,341
12,004
326
475
36
10,443
601
2,298
934
5,281
9,594
-
11,491
18,497
201,157
677,978
TOTAL FUNDS

40

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

3
RESOURCES EXPENDED
General
Designated
£
£
3(a) Church activities
Missionary and charitable giving (note 13)
1,500
Ministry
Diocesan parish share
29,849
Other ministry costs
7,187
Church running and maintenance
Heating, lighting & water
6,928
Insurance
1,575
292
Maintenance and other costs
1,936
20,640
Upkeep of services
5,514
697
Music & choir
25,848
Choir Trips
-
Children and young people
160
Printing, stationery & other parish office costs
6,127
2,720
Trigge Library
Parish magazine costs
300
Legal & professional fees
108
Bank charges
332
Other sundry expenses
2,488
3,193
Other church activities costs
735
Administration and support costs
15,525
106,112
27,542
3(b) Fund-raising costs
Coffee Shop
373
Sales Unit stock
355
Grantham Business Awards
-
Events Bar
-
Vintage Festival
122
Beer Festival
17
Christmas Tree Festival
100
Choir Trips
Other fund-raising
1,368
97
2,335
97
3(c) Investment management costs
Investment property insurance and repairs
431
14
Investment property management fees
477
15
908
29
3(d) Governance costs
510
-
TOTAL RESOURCES EXPENDED
109,865
27,668
Unrestricted Funds
Restricted
Funds
£
661
4,520
12,000
69,534
4,078
540
-
200
-
4,032
2,658
8,933
536
9,503
117,195
43
150
193
121
135
256
-
117,644
Endowment
Funds
£
-
-
-
-
-
2020
2019
£
£
2,161
4,483
29,849
37,119
7,187
7,056
11,448
16,987
13,867
13,188
92,110
116,295
10,289
9,583
26,388
31,172
-
22,216
360
1,345
8,847
6,686
4,032
2,655
300
1,247
2,766
5,784
332
406
14,614
14,492
1,271
3,374
25,028
15,073
250,849
309,161
373
1,555
355
2,535
-
1,414
-
1,452
122
-
17
27,094
100
2,520
43
-
1,615
13,437
2,625
50,007
566
1,029
627
684
1,193
1,713
510
480
255,177
361,361
TOTAL FUNDS
2020
2019
£
£
2,161
4,483
29,849
37,119
7,187
7,056
11,448
16,987
13,867
13,188
92,110
116,295
10,289
9,583
26,388
31,172
-
22,216
360
1,345
8,847
6,686
4,032
2,655
300
1,247
2,766
5,784
332
406
14,614
14,492
1,271
3,374
25,028
15,073
250,849
309,161
373
1,555
355
2,535
-
1,414
-
1,452
122
-
17
27,094
100
2,520
43
-
1,615
13,437
2,625
50,007
566
1,029
627
684
1,193
1,713
510
480
255,177
361,361
TOTAL FUNDS
2019
£
4,483
37,119
7,056
16,987
13,188
116,295
9,583
31,172
22,216
1,345
6,686
2,655
1,247
5,784
406
14,492
3,374
15,073
309,161
1,555
2,535
1,414
1,452
-
27,094
2,520
-
13,437
50,007
1,029
684
1,713
480
361,361

41

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

4 STAFF COSTS & EXPENSE PAYMENTS STAFF COSTS & EXPENSE PAYMENTS 2020 2019
£ £
4(a) Staff costs
Wages and salaries: Gross pay 46,021 37,889
Employer's NI and Pension Contributions 2,017 1,567
**48,038 ** **39,456 **

The full-time equivalent number of staff was 1.9 (2019 - 1.3) and no employee received remuneration in excess of £60,000. No wages or salaries were paid to PCC members during the year.

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

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

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes. Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

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

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

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable (2020: £2,017; 2019: £1,567).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2016.

For the Pension Builder Classic section, the valuation revealed a deficit of £14.2m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Grantham St Wulfram PCC could become responsible for paying a share of that employer’s pension liabilities.

42

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

4(b) Payments to PCC members

4 members of the PCC were reimbursed a total of £3,257 expenses in relation to their work at St Wulfram's that was unrelated to their additional duties as PCC members. A further £900 was estimated to be due for 2020. These were for travel/mileage (£2,705), phone costs (£980), meals/subsistence (£195) & other charitable expenses (£277). A small immaterial portion of the expenses paid to the Rector may have related to his services as chairman of the PCC.

AF Electrical Installations was paid a total of £3,949 during 2020 for repair work done. Melanie Fletcher is married to the owner of the firm, but is not a member of the PCC Fabric Sub-group that selects the contractors to undertake repair & maintenance work.

No other expenses, except those listed above, were paid to any other PCC member, persons closely connected to them or related parties.

5 NET INCOMING RESOURCES FOR THE YEAR

----- Start of picture text -----
|||| |---|---|---| |2020|2019| |Net incoming resources for the year are after charging:|£|£| |Depreciation of gardening equipment (garden lawnmowers)|1,155|228| |Independent Examination of the Annual Report & Financial Statements|510|480|

----- End of picture text -----

6 FIXED ASSETS

----- Start of picture text -----
|||||| |---|---|---|---|---| |a) Tangible assets|GENERAL|DESIGNATED|TOTAL| |FUNDS|FUNDS|FUNDS| |Gardening|Office|Office| |Equipment|Photocopier|Computers| |£|£|£|£| |Cost or deemed cost| |At 1st January 2020|1,950|3,990|-|5,940| |Additions|-|-|7,245|7,245| |Disposals|-|-|-|-| |At 31st December 2020|1,950|3,990|7,245|13,185| |Depreciation| |At 1st January 2020|228|3,990|-|4,218| |Charge for the year|390|-|765|1,155| |Disposals|-|-|-|-| |At 31st December 2020|618|3,990|765|5,373| |Net book value| |At 31st December 2020|1,332|-|6,480|7,812| |At 31st December 2019|1,722|-|-|1,722|

----- End of picture text -----

43

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

6
b) Investments
Market value 1 January 2020
Additions
Disposals
Revaluation (loss)/gain
At 31 December 2020*
Historic cost as at 31st December 2020
Investment
property
£
118,045
-
-
10,116
128,161
68,768
Investment
Total
securities
investments
£
£
164,625
282,670
275,787
275,787
-
-
6,764
16,880
447,176
575,337

*An estimate of the increase in value of the investment property is obtained using the Nationwide House Price Calculator for properties in the East Midlands region from Q4 2019 to Q4 2020.

The market value at 31st December 2020 represents investments for:

General funds
Designated funds
Restricted funds
Endowment funds
Investment
property
£
42,093
59,393
26,675
-
128,161
Investment
Total
securities
investments
£
£
-
42,093
33,545
92,938
350,988
377,663
62,643
62,643
447,176
575,337

The allocation of the assets to the funds above reflects how the income is currently apportioned, with the exception of the designated investment property reserve of £59,393. Rental income relating to that part of the investment property is allocated to General funds. The type of asset actually used by a particular fund is ultimately dictated by liquidity needs - a fact that will aid the understanding of Note 12 also. Total fixed asset investment securities are within the United Kingdom and are all unlisted. They are intended to be held for longer than one year although can be sold at short notice, thereby ensuring sufficient liquidity.

7
DEBTORS
Prepayments:
Less than 1 year
More than 1 year
Tax recoverable
Other debtors
8
CASH AT BANK AND IN HAND
Short term deposits
Cash at bank and on hand
Other
2020
2019
£
£
3,043
5,814
427
2,136
9,556
1,396
3,458
10,587
16,484
19,933
2020
2019
£
£
40,080
370,080
52,967
44,111
-
-
93,047
**414,191 **

44

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS As at 31st December 2020

9
LIABILITIES
Amounts falling due in one year
Accruals for utility costs
Accruals for other costs
Deferred income
Grantham Ark (Registered Charity No. 1190668)
*
2020
2019
£
£
2,195
2,752
16,277
15,410
12,662
5,302
12,499
8,865
43,633
32,329

*Deferred income includes Parish Magazine income relating to 2021 (£111), monies held for a cancelled choir trip to Winchester (£4,667) & advance income mostly relating to cancelled events (£7,884). The movement in deferred income is analysed below:

Balance as at 1st January
Amounts added in current period
Amounts released to income from previous periods
Balance as at 31st December
2020
2019
£
£
5,302
20,499
8,018
5,302
(658)
(20,499)
12,662
5,302

**From November 2019, St Wulfram's Church has been receiving income and paying expenses on behalf of Grantham Ark, which is now registered with The Charity Commission (number 1190668). This was largely due to difficulty the charity has been experiencing in opening a bank account. Below is a brief summary of income and expenditure for 2019 & 2020, which has been recorded separately from the church's income & expenditure, and the net cash amount owed by St Wulfram's Church to Grantham Ark at the end of those years.

Balance as at 1st January
Income
Grants received on behalf of Grantham Ark
Donations (inc. Gift Aid) & fundraising income
Expenses
Portaloo hire (allocated expense relating to 2019)
Night shelter expenses
Accommodation expenses for homeless people
Balance as at 31st December*
£
3,103
3,490
(234)
(915)
(1,810)
202
£
£
£
8,865
-
-
8,865
6,593
8,865
-
-
-
(2,959)
-
12,499
8,865
0
2019

*Night shelter expenses included £45 reimbursed to 1 Grantham Ark trustee for taxi fares incurred. No other expenses were paid to any other Grantham Ark trustee, persons closely connected to them or related parties.

45

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
As at 31st December 2020
As at
Prior Year
As at Incoming Resources Investment Transfers As at
10 FUNDS 1st Jan 20
Adjustments
1st Jan 20 Resources Expended Gains/ 31st Dec 20
Designated Funds (See note 14) (Losses)
£ £ £ £ £ £ £
Funeral collections "in memoriam" 5,976
-
5,976 - (697) 128 - 5,407
Grantham Land Adj Harrowby School (Income) 27,756
-
27,756 3,693 (22,158) 787 - 10,078
Mission & Social Responsibility 5,235
-
5,235 2,455 (3,291) - - 4,399
Development (Grantham House) 15,496
-
15,496 29,000 (5,186) 951 - 40,261
Revaluation of investment property 49,277
-
49,277 - - 10,116 - 59,393
103,740
-
103,740 35,148 (31,332) **11,982 ** - 119,538
Funeral collections "in memoriam" Collections at funeral services for the benefit of St Wulfram designated for use to purchase fixtures, fittings and other items 'in memoriam'.
Grantham Land Adj Harrowby School (Income) Accumulated income from restricted income fund of same name, plus interest.
Revaluation of investment property Revaluation reserve for the investment property at 8 Lytham Close.
Restricted Income Funds As at
Prior Year
As at Incoming Resources Investment Transfers As at
1st Jan 20(as
Adjustments
1st Jan 20 Resources Expended Gains/ 31st Dec 20
reported 2019)
(See note 14)
(Restated) (Losses)
£ £ £ £ £ £ £
5050 booklet appeal 1,204
-
1,204 - - 29 - 1,233
A Pinchbeck fund 2,140
-
2,140 - - 73 - 2,213
AG Hardy fund books for lay readers 2,560
-
2,560 - - 120 - 2,680
Book of Remembrance 317
-
317 - - 8 - 325
Chained (Trigge) library [Books] 5,501
-
5,501 3,200 (4,032) 113 - 4,782
Chained (Trigge) library [All Purposes] 883
-
883 82 (133) 19 - 851
Choir Fund 3,330
-
3,330 2,178 (1,699) 92 - 3,901
Clarkes Charity 869
-
869 - - 78 - 947
Downton bequest 16,435
-
16,435 - (4,245) 294 - 12,484
Fabric fund 418,041
-
418,041 29,131 (97,715) 8,954 - 358,411
Flowers 1,884
-
1,884 534 (505) 46 - 1,959
Friends of Cathedral Music Grant -
-
- - - 784 - 784
Grantham Land Adj Harrowby School (Capital) 22,276
-
22,276 - - 1,538 - 23,814
Langwith Charity 3,789
-
3,789 - - 309 - 4,098
Organ Fund -
-
- 125 - 3 - 128
P Burdett bequest 2,429
-
2,429 - (1,386) 25 - 1,068
South Porch & Garden of Remembrance 239
-
239 - - 6 - 245
Strategic Development Funding (SDF) -
-
- 9,503 (9,503) - - -
Wulfram Spring 2020 Arts Council England Grant -
-
- 13,050 (8,200) - - **4,850 **
481,897
-
481,897 57,803 (127,418) **12,491 ** - 424,773
5050 booklet appeal Funds for the colour guide to the church.
A Pinchbeck fund Income to be applied for use by the servers.
AG Hardy fund books for lay readers Income to be applied to reader ministry.
Book of Remembrance Donation from the Machine Gun Corp for preservation of the Book of Remembrance.
Chained (Trigge) library Book restoration and upkeep of Trigge Library funded by donations for the purpose.
Choir Fund Income from collections at music recitals, grants, sales of CDs and donations for choir and music expenditure.
Clarkes Charity Income - 1/3rd to orphans, 2/3rds to beautifying the church.(£1,650 spent 2018 on Altar Frontal. £825 still to be applied to orphans.)
Downton bequest Rector & churchwardens discretionary fund.
Fabric fund Income from bequests, legacies and other donations for preservation of the church fabric.
Flowers Purchase of flowers funded by donations for the purpose.
Friends of Cathedral Music Grant Income from endowment for St.Wulfram's Music for Choral Scholarships.
Grantham Land Adj Harrowby School (Capital) Capital for religious, charitable & educational purposes in parish. Income to designated fund of same name.
Langwith Charity Discretionary fund for distribution to poor.
Organ Fund Saturday Morning music and other donations to meet the running costs of the organ and expenses of visiting organists
P Burdett bequest Vestments for servers and clergy.
South Porch & Garden of Remembrance Donations for upkeep of the South Porch and Garden of Remembrance.
Strategic Development Funding (SDF) Strategic Development Funding from Lincoln Diocesan Trust & Board of Finance.
Wulfram Spring 2020 Arts Council England Grant Grant from Arts Council England for Wulfram Spring 2020 project (No. ACPG-00209771; 90%). Interrupted due to Covid-19.

46

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS

As at 31st December 2020

10
FUNDS (continued)
Endowment Funds
A Pinchbeck fund
A G Hardy fund
Clarkes Charity (REGISTERED)
Donal charity (REGISTERED)
Fabric fund
Friends of Cathedral Music Endowment Grant
Grantham St Saviour Chapel & Schoolroom
Hodds bequest
Langwith Charity (REGISTERED)
Miss Harrison bequest
P Barnes Fund
A Pinchbeck fund
A G Hardy fund
Clarkes Charity (REGISTERED)
Donal charity (REGISTERED)
Fabric fund
Friends of Cathedral Music Endowment Grant
Grantham St Saviour Chapel & Schoolroom
Hodds bequest
Langwith Charity (REGISTERED)
Miss Harrison bequest
P Barnes Fund
As at
Prior Year
As at
Incoming
Resources
Investment
1st Jan 20(as
Adjustments
1st Jan 20
Resources
Expended
Gains/
reported 2019)
(See note 14)
(Restated)
(Losses)
£
£
£
£
£
1,187
-
1,187
-
-
7
3,234
-
3,234
-
-
20
3,208
-
3,208
-
-
21
157
-
157
-
-
1
16,448
-
16,448
-
-
1,136
25,351
-
25,351
-
-
767
18,246
(18,246)
-
-
-
-
2,836
-
2,836
-
-
18
7,043
-
7,043
-
-
453
541
-
541
-
-
3
211
-
211
-
-
1
78,462
(18,246)
60,216
-
-
2,427
Income to be applied for use by the servers.
Income to be applied to reader ministry.
Income to be applied one third to orphans and two thirds to beautifying the church.
Discretionary fund for distribution to the poor - income transferred to the general fund.
Income to be applied for church fabric - income transferred to the fabric restricted income fun
Income for St.Wulfram's Music for Choral Scholarships allocated to restricted income fund of
Expendable endowment for church building devoted to Divine Service & ecclesiastical purposes
Income transferred to general funds to set against cost of verger, bellringers, servers and choir.
Discretionary fund for distribution to poor.
Income transferred to general funds to set against cost of choir, music etc
Income to be applied for the children of parish - transferred to general funds to set against cost
Transfers
As at
31st Dec 20
£
£
-
1,194
-
3,254
-
3,229
-
158
-
17,584
-
26,118
-
-
-
2,854
-
7,496
-
544
-
212
-
62,643
d.
same name.
therein. REMOVED.

of Sunday Club & other childrens mi

Income to be applied for the children of parish - transferred to general funds to set against cost of Sunday Club & other childrens ministry expenses.

11 TRANSFERS BETWEEN FUNDS Transfers between general and restricted funds normally represent a one-off transfer of incoming resources applied to restricted funds where resources expended for the same purpose have previously been met from general funds.

12
ANALYSIS OF NET ASSETS by fund
General funds
Designated funds
Restricted funds
Endowment funds
13
MISSIONARY & CHARITABLE GIVING
Mission & Social Responsibility
Other charitable giving
The Children's Society
DEC (Various appeals)
Grantham Foodbank
WaterAid
Macmillan
Traidcraft donation for Grantham SleepOut
Fixed
Assets
£
43,425
99,418
377,663
62,643
583,149
General
£
1,500
-
-
-
-
-
-
1,500
Unrestric
Current
Assets
£
16,014
26,503
67,014
-
109,531
Designated
£
-
-
-
-
-
-
-
-
ted Funds
Liabilities
£
(17,346)
(6,383)
(19,904)
-
(43,633)
Restricted
Funds
£
-
54
-
298
309
-
-
661
Total
£
42,093
119,538
424,773
62,643
649,047
Endowment
Funds
£
-
-
-
-
-
-
TOTAL FUNDS
2020
2019
£
£
1,500
3,525
54
660
-
15
298
-
309
-
-
183
-
100
2,161
4,483

47

PAROCHIAL CHURCH COUNCIL OF ST WULFRAM, GRANTHAM

NOTES TO THE FINANCIAL STATEMENTS

As at 31st December 2020

14 PRIOR YEAR ADJUSTMENTS (Reconciliation of opening balances 2019 & 2020, and net movement in funds 2019)

Unfortunately, since the last Annual Report & Accounts were drafted further information was received from Lincoln Diocesan Trust & Board of Finance with regards to the St Saviour Chapel & Schoolroom Fund. It became apparent that a copy trust deed that we had on file was obsolete and Grantham St Wulfram PCC did not in fact have the right to the capital or income from this fund. In confirmation, the fund valuation statement as at 31st December 2020 was not received from the Diocese. Therefore, it has been necessary to remove this fund from the list of endowments shown on our balance sheet.

In order to restate last year's comparative figures on a like for like basis, the St Saviour Fund has been removed from 2019 opening reserves, together with the investment gain previously reported in 2019 relating to that fund. The valuation of the endowment fund at the beginning of 2019 was £15,369, and the investment gain previously reported in 2019 was £2,877.

The net effect of these adjustments is to reduce opening net assets in 2020 by £18,246 to £686,187 from £704,433 as previously reported in the 2019 accounts. Listed below is a summary of all the adjustments made and their effect.

14(a) RECONCILIATION OF RESTATED 1st JANUARY 2019 BALANCES (vs. reported 2019)

1st January 2019 balances (as reported 2019)
Removal of investments (£15,369):
Grantham St Saviour Chapel & Schoolroom Fund
Restated 1st January 2019 opening balances
General
£
47,940
47,940
Unrestricte
Designated
£
102,387
102,387
d Funds
Restricted
E
Funds
£
173,381
173,381
ndowment
Funds
£
47,360
(15,369)
31,991
T otal
Funds
£
371,068
(15,369)
355,699

14(b) RECONCILIATION OF RESTATED OTHER RECOGNISED GAINS AND LOSSES 2019 (vs. reported 2019)

Gains/(losses) on investment assets 2019 on
revaluation as previously reported in 2019 accounts
Deduction of investment gains/(losses) 2019:
Grantham St Saviour Chapel & Schoolroom Fund
Restated gains/(losses) on investments 2019
General
£
-
-
Unrestricte
Designated
£
810
810
d Funds
Restricted
E
Funds
£
9,836
**9,836 **
ndowment
T otal
Funds
Funds
£
£
6,102
16,748
(2,877)
(2,877)
3,225
**13,871 **

14(c) RECONCILIATION OF RESTATED NET MOVEMENT IN FUNDS 2019 (vs. reported 2019)

Net movement in funds (as reported 2019)
Change in recognised gains and losses 2019 (as
outlined above in 14(b))
Restated net movement in funds 2019
General
£
(7,606)
(7,606)
Unrestricte
Designated
£
1,353
1,353
d Funds
Restricted
E
Funds
£
308,516
308,516
ndowment
Funds
£
31,102
(2,877)
28,225
T otal
Funds
£
333,365
(2,877)
330,488

14(d) RECONCILIATION OF RESTATED 1st JANUARY 2020 BALANCES (vs. reported 2019)

1st January 2020 balances (as reported 2019)
Change in 1st January 2019 opening balances (as
outlined above in 14(a))
Change in net movement in funds 2019 (as
outlined above in 14(c))
Restated 1st January 2020 opening balances
General
£
40,334
40,334
Unrestricte
Designated
£
103,740
103,740
d Funds
Restricted
E
Funds
£
481,897
481,897
ndowment
Funds
£
78,462
(15,369)
(2,877)
60,216
T otal
Funds
£
704,433
(15,369)
(2,877)
686,187

48

INDEPENDENT EXAMINER'S REPORT To the Tr￿teeS of The Proehial Cbm￿h CoDn¢ii of the Etelesiastieal Parish of St WMlfrm. Graotham I rew)rt to thc Trustees on my examinati(￿ of the accounts of The PanKhiaJ Chur¢h Council of the Ecclesi&sLicat Parish of St WUlfr￿ Grantham (the TnLSt). for the year ctKlcd 31 D¢¢¢mber 2020. wbi¢h ar¢ set wl (N) pages 36 ￿ 37. Resw)llsibiti¢ies a4d b￿1% of As thc charity tru¢¢s of thc Trust you are re4YXL%ible for the prcl￿atiOn of the a¢￿Unts in accordance with thc requirements ofthe Charities Act 2011('the Act.). I in ff5F￿1 of my cxamination of thc Tntstrc'5 accounts carried out under s¢dion 145 of the 2011 Act and in canying (Njt my exami￿00 I have followed all the applicable Directio￿ given by the Charity C(KnMi￿iffl UDdu ￿tion 145(5Xb) 01th¢ 2011 Act. Independent eLgmin¢r'$ $¢aleme•¢ I bav¢ ¢ompl¢led my exominatiLM. I confirni thal no material matters have com¢ to my attenlion iti ￿¢¢11￿ with the exa[nit￿lI￿ giTring me cause kn belicve that ill any n￿erIal resFttt: (l) accounling w¢re kept in resp￿1 of the Tn￿ as rquir¢d by wtion 130 of th¢ ACL or (2) the do n( accord with th(Ee rec¢xds' or (3) the accounts do compty with the applicable requircments ￿)ncerning the forni and Content of accounts set out in the CFwities (Accounts and Re￿rts) Regulations 2(M)8 othcr than any rcquirem¢nt th¢ accounts givc a 'tnJc and fair view. which is not a I have no concerns and have come across Th) other matters in w1n￿ti(￿n with the exarninatii to which attcntion should be draTh￿ in this rqJLYt in order ￿ enabk a woper understanding of the accounts to 24 March 2021 Chris Hubbard FCA Streets LLP Windsor H0￿C Al Business Park at L(fflg Betiniw Nottingham NG23 5JR 49