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2020-12-31-accounts

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11 Annual Rewt X120 (conlin￿￿) Financial Report of the Parochial Church Council for 2020 Overall, the parish had an operating defiat of £ (172,009) on total funds, although thls was reduced by £90,832 of unrealised investment gains. Nevertheless, we actually had to speTrd £ (246,666) of our cash resource5 to cirtinue tD fund all our activrties, although we dld recoup £81,486, In cash There continued to be an op￿atIng defidt, of £ (101,958) this year, £ (78,331) in 2019, on the St Franas Parish Fund. wtrEre our expenditure on Youth Work, Chiklren's Work, Parlsh Support and Outreach activities In r￿ent Yea￿ has consistentty excethl income- a situation now exacerbated by a full yearfs costs ari4ng from ￿ appointments in late 2019 of a Pioneer Minister a DIr￿tOr of Operations. We are now completdy reliant on inci)me from Invest￿ galns (the so called ￿ots1 Incon￿. concept) to fund all the outgoings from the St Frdncis Parlsh Fund, mcrfe so because our"regula investment income fa115 every time we reallse 9)me of our Investffl￿t assets. As a result of the Coronavirus situalion, many thlngs have Chang￿ - some probably P￿nentsY-, and it IS Still not certain what the future holds. Hall lettirKJs for the OBH and St Helens were badly affected in 2020 (and thls continues to be the case in early 2021): dosed for Feriods of time, and many of their staff were furbughed; fees from wedding5 and funerals Cea￿￿. and all three churches Suffe￿ reductions in corKJregational giving and1055 of other inccrfne. Desprte all thls, we Contin￿ to pay all our staff their fv115alarie5 throughout the year. All furKI hoklers do have adequate r&erves at present to ensure that can continue to fund krown outgoings, but the ongoirKJ situation is now tecoming serK)us and financially "d)allenging", SQ some difficult decisions w￿1 need to be made soon as to what we can, and canno¢ afford to fund. Investment Policy The PCC holds the vast majorrty of its inveStrn￿ with the CIIA and considers that its investrn￿t policy in all materlal resFects meets the Charity CommissK)n'5 recommendations. The PCC'S general p)licy Is, whenever possible, to invest in collective investrnent funds With an acceptsble gxial, environmental and ethiol policy, pr(¥lucing a regular Income together wlth an element of capital growth. Other inveSty￿ts with similar chardtteristy'cs may be considered. Reserves Policy The general reserve5 of the a￿ malnly represented by equity investments, pr(pth, indudirKJ hou5ts for dergy and the parish hall (Oliver Bird Hall) and cash balances. The 'fr￿ reserves, (exduding designate funds) are represented by C￿eral Fund net Current assets, vthich at the end of the year amounted to £367,951 whlch e4uates to the sum required to meet about 5 months regular on-going costs. Whilst this is higher than the tharty Commisgons recommended amount of 3 to 4 months, in vlew of the age of St Alphege churth and the par5sh hall -both of whith could incur substantial expenditure at relativdy short notice-,the uncertalnties arigng from ongoing Coronavinjs situatson, and the need for the St Franas fund to hold sufflcient monies at the end of the finanaal year to fvrKI its projected bLKlget defidt for the ft)Ilowing year - the PCC considers that its fr reswves are reasonable under all the clrcumstsrr Audltors Prime Accountants and ￿￿nesS Advisors Limited have expressed their willingness to continue in office and will te propos&a for re-appoinknejit at the Annual Parish Church Meeting. Approved by the PCC on 27 July 2021 arKf signed on it5 behalf by: A. K. Wilson (Chairman)

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