(Audit) Limited
&
‘
9 Hurst Road, Coventry CV6 6EG
t: 024 7664 4455 f: 01926 401600 e: admin@epw.net Ww: Www.epw.net
ST NICHOLAS’ CHURCH WARWICK
ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PCC FOR THE YEAR ENDED 31% DECEMBER 2020
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Limited company registered in England and Wales with registered number 6761855. The registered office and place of business is 8 Jury Street, Warwick CV34 4EVW.
St Nicholas’ Church Warwick Financial Statements for the Year Ended 31 December 2020
| Annual Report ofthe Parochial Church Council | 3-5 |
|---|---|
| Independent Examiner’s Report | 6 |
| Statement ofFinancial Activities | 7 |
| StatementofFinancial Position | 8 |
| NotestotheFinancialStatements | 9-17 |
2
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St Nicholas’ Church Warwick Annual Report of the Parochial Church Council for the Year Ended 31 December 2020
Administrative Information
St Nicholas’ Church is situated in St Nicholas Church Street, Warwick. It is part of the Diocese of Coventry. The correspondence address is St Nicholas Church, St Nicholas Church Street, Warwick, CV34 4JD.
The Parochial Church Council (PCC) is a charity — registration number 1131835, with the Church Representation Rules as its governing document.
PCC members, who are also trustees of the charity, who have served from 1 January 2020 until the date this report was approved (or as otherwise stated) are:-
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|---|---|---|---|---|---|---|---|
|Revd|Linda|Duckers|
|Wardens:|RevdMrs|Pam AnitaDaniel Morgan|poFrom|April|2017|(Vice|Chair)|
|Mr|Paul|Williams|From APCM|2020|
|a|
|Representatives|on|the|
|Deanery|Synod|Mr|Chris|Fo|Re-appointed|at APCM|2020|
|a|
|Elected|Members|Mrs|Sarah|Bazin|Re-appointed|at APCM|2020|
|Mr Roy|Emmerson|Re-appointed|at APCM|2020|
|Mr Jonathan|Forbes|Re-appointed|at APCM|2020|
|Mrs Anne|Heaney|Re-appointed|at APCM|2020|
|Mrs|Katie|Jelfs|Re-appointed|at APCM|2020|
|Mr|lan|Lovecy|Appointed|at APCM|2020|
|Mr|Robert|Perkins|Appointed|at APCM|2020|
|Mrs|Fiona|Trewick|Re-appointed|at APCM|2020|
|Mrs|Jane|Rogers|Treasurer|
|Re-appointed|at APCM|2020|
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St Nicholas’ Church Warwick Annual Report of the Parochial Church Council for the Year Ended 31 December 2020
Structure, governance and management The method of appointment of PCC members is set out in the Church Representation Rules. attendees are encouraged to register on the Electoral Roll and to stand for election to the PCC. St Nicholas Church is part of the Warwick Team Ministry.
All church
Objectives and activities
The PCC of St Nicholas Church has the responsibility of cooperating with the Team Vicar, the Rev'd Linda Duckers, in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has responsibility for the Church premises at St Nicholas Church Street, Warwick. The parish also seeks to support the Warwick Team Ministry, the Deanery and the Diocese. The Charity Trustees have complied with the duty in section 4 of the Charity’s act 2006 to have due regard to the public benefit guidance published by the charity commission.
Risk Review
The PCC of St Nicholas Church has considered the major risks (both financial and otherwise) that could occur and has identified controls to manage those risks. The PCC will review risks and corresponding controls regularly throughout the year. Safeguarding is on the agenda at each PCC meeting. During 2020 risk assessments were produced considering the opening of the church building during the Covid epidemic and a new policy was also agreed for Lone working.
Reserves Policy
It is the policy of the PCC to hold in general reserves the equivalent of six months' general running costs (approximately £42,500), to cover emergency situations that may arise. In addition to this the PCC will designate an amount to building reserves to meet future costs of maintaining the ancient building. At the end of 2020 the balances of £47,000 in general reserves, £33,000 in mission reserves, £80,564 in building reserves and £12,627 legacies received in 2019 cover these amounts. This policy will be reviewed in twelve months' time.
Achievements and Performance
Church attendance
There are 103 parishioners on the Church Electoral Roll. This compares with 104 in April 2020.
Due to Covid the church building was closed for many months during the year, however, each week a service was either sent electronically or by post to 118 addresses, some of whom included two or more members of the congregation. In October 2020 the church building was open but numbers were restricted to ensure Covid-safe. The average weekly attendance at services in October was 46 adults (including 2 funerals) and on a Sunday 32 adults and 4 children. In addition, a further 75 addresses received a service each week either through the post or electronically and presumably, many of them joined in the service too. Later in the year we held regular zoom services when the church building was closed which attracted approx. 50 adults and 3 children per week. (Again, this was in addition to the service being sent to those unable to access zoom).
Review of the year
The full PCC met 7 times during the year and a majority of the members were present at each meeting. Committees met between meetings and minutes of their deliberations were received by the full PCC and discussed where necessary.
,
4
St Nicholas’ Church Warwick Annual Report of the Parochial Church Council for the Year Ended 31 December 2020
Financial Review
The accounts for 2020 show a surplus of £25,721 (deficit of £223 in 2019): Unrestricted funds decreased by £40 from £47,040 to £47,000
Designated funds increased by £3,374 from £122,817 to £126,191
Restricted funds increased by £22,388 from £109,580 to £131,968
Points to note from the year are:
-
e Receipts from giving including income tax claims decreased to £51,968 (£58,510 in 2019). The reason for this is due to suspending services due to Covid and hence reduced collection plate and envelope giving. However some members of the congregation have contributed online and others have started new standing orders.
-
e Income from church bookings reduced to £129 (£2,629 in 2019). This is due to Covid. We did receive lettings income in 2020 for lettings that could not take place and this income has been moved into 2021.
-
e Income from weddings and funerals reduced to £936 (£3,054 in 2019). This is due to Covid. Some funerals were held at the crematorium and income for these funerals goes to the Diocese.
-
e Fund raising income (concerts and summer teas) has reduced to £2,912 (£7,025 in 2019). This is due to Covid.
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¢ Income from the King Henry VIII Endowed Trust was £40,105 (£33,627 in 2019). This income is restricted for furthering the religious and other charitable work of the Church in the parish. See note 5(b) which details exactly how this grant was used in 2020. The PCC is very grateful for all Henry funding and thanks the trustees for their generosity.
-
e There was £1,404 furlough income for the organist for April to December, salary costs for the whole year were £2,520.
-
e Building maintenance and running costs were £13,300 (£33,648 in 2019). There were no major projects in 2020.
-
e Up to March 2020, half of the salary and costs of the Myton Hospice Chaplain were paid by all the churches that receive income from the King Henry Vill Endowed Trust, these costs ended when Stig Graham retired. This was £907 (£3,796 in 2019).
-
e Other charitable giving was £7,850 (£7,020 in 2019). In addition to this £700 (£1,000 in 2019) was paid out to charities from funds raised at T4U on Woodloes in 2020.
-
e £27,915 was paid to the Diocese (training and voluntary contribution to the support fund) (£27,941 in 2019). The Diocese receivés payment for Linda’s stipend, NI, pension and housing costs directly from the King Henry VII] Endowed Trust.
Investments
The market value of the Lees Bequest increased during the year by £4,173 to £64,863.
Going Concern
There is no material uncertainty about the continuation of St Nicholas’ Church for the forthcoming twelve months.
independent Examiners
The Treasurer thanks Jonathan Cousins from Edwards, Pearson & White (Audit) Limited, the Independent examiners, for his valuable assistance with the accounts to a tight deadline.
Approved by the PCC on 23 March 2021 and signed on their behalf by Revd Linda Duckers (PCC Chair)
Lela Decciceyg Linda Duckers ;
5
St. Nicholas’ Church, Warwick Independent Examiner’s Report To the Parochial Church Council
This report on the accounts of the PCC for the year ended 31%t December 2020, which are set out on pages 7 — 17.
Respective responsibilities of the trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (‘the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act 2011,
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011, and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 2011, have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
vo —
Jonathan Cousins FCCA Edwards, Pearson & White (Audit) Limited 8 Jury Street Warwick
Date: 24 March 2021
CV34 4EW
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St Nicholas’ Church Warwick Statement of Financial Activities for St Nicholas For the year ended 31st December 2020
| Unrestricted | Designated | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | £ | |
| INCOMEANDENDOWMENTSFROM: | ||||||
| Donations andLegacies | A(a) | 56,703 | 0 | 0 | 56,703 | 92,114 |
| Charitable activities. | 4(b) | 0 | 0 | 50,105 | 50,105 | 33,627 |
| Othertrading activities | A(c) | 1,065 | 0 | 0 | 1,065 | 5,683 |
| Investments | 4(d) | 718 | 0 | 1,826 | 2,544 | 3,175 |
| TOTALINCOMINGRESOURCES | 58,487 | 0 | 51,931 | 110,418 | 134,600 | |
| EXPENDITURE ON: | ||||||
| Charitable activities | 5(a) | $5,153 | 0 | 33,717 | 88,870 | 144,386 |
| TOTALRESOURCESEXPENDED | 55,153 | 0 | 33,717 | 88,870 | 144,386 | |
| NETINCOMING/OUTGOING) RESOURCES | 3,334 | 0 | 18,214 | 21,548 | -9,786 | |
| BEFORE TRANSFERS | ||||||
| Transfers between funds | -3,374 | 3,374 | 0 | 0 | 0 | |
| NETINCOMING/(OUTGOING)RESOURCES | -40 | 3,374 | 18,214 | 21,548 | -9,786 | |
| BEFOREOTHERRECOGNISED GAINS | ||||||
| Unrealised (loss) gain on revaluation ofinvestments | 0 | 0 | 4,173 | 4,173 | 9,563 | |
| Netmovement in funds | -40 | 3,374 | 22,388 | 25,721 | -223 | |
| BALANCES BROUGHTFORWARDAT Ist | 47,040 | 122,817 | 109,580 | 279,437 | 279,660 | |
| JANUARY2020 | ||||||
| BALANCES CARRIEDFORWARDAT3ist | 47,000 | 126,191 | 131,968 | 305,158 | 279,437 | |
| DECEMBER2020 |
7
St Nicholas’ Church Warwick Statement of Financial Position For the year ended 315 December 2020
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|---|---|---|---|---|---|
|Total|Funds|
|2020|2019|
|Note|£|£|
|FIXED|ASSETS|
|Tangible|Fixed|Assets|8|172|231|
|Investments|11|64,863|60,689|
|65,035|60,920|
|CURRENT ASSETS|
|Debtors|9|2,111|1,846|
|Short term|deposits|182,436|181,723|
|Cash|at bank and|in hand|60,412|40,767|
|244,959|224,336|
|LIABILITIES|
|Amounts|falling due|within|10|4,836|5,818|
|one|year|
|NET CURRENT ASSETS|240,123|218,518|
|NET ASSETS|305,158|279,437|
|FUNDS|
|Unrestricted|funds|14|47,000|47,040|
|Designated|funds|13|126,191|122,817|
|Restricted|funds|12|131,967|109,580|
|.|7|305,158|279,437|
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Approved by the PCC on 23 March 2021 and signed on its behalf by
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|---|---|---|---|---|---|---|---|---|---|---|
|Revd.|L|Duckers — Chair|J Rogers — Treagirer|
|The|notes|on|pages|9|-|17|form|part|of these|accounts.|
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St Nicholas’ Church Warwick Notes to Financial Statements For the year ended 31st December 2020
1. GENERAL INFORMATION
St. Nicholas’ Church Warwick is a charity registered in England and Wales with charity number 1131835 and its principle place of activity is St Nicholas’ Church, St Nicholas Church Street, Warwick, CV34 4JD.
2. STATEMENT OF COMPLIANCE
The Financial Statements for the single entity St Nicholas’ Church Warwick have been prepared in accordance with the Church Regulations 1997 as amended by the Church Accounting Regulations 2006 together with applicable Accounting Standards FRS 102 (Charities) (small) and Statement of Recommended Practice for Charities 2011.
3. ACCOUNTING POLICIES
Basis of Preparation
The Financial Statements have been prepared under the historical cost convention with the exception of fixed asset investments which are stated at market value.
The Financial Statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
In preparing these financial statements the trustees have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates.
For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
The financial statements include all transactions, assets and liabilities for which the PCC is responsible.
Incoming Resources Voluntary income
Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when received.
Incomefrom investments
Interest entitlements are accounted for as they accrue.
Resources expended
Donations
Donations are accounted for when received.
9
St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Activities directly relating to the work ofthe church The amounts payable to the Coventry Diocesan Board of Finance (Training Share and Support Fund) are accounted for when paid.
Current Assets
Amounts owing to the PCC at 31 December in respect of grants, rent or other income are shown as debtors. Other current assets include short term deposits and fixed term accounts with Lloyds Bank.
Fixed Assets
Investments are made up of a bequest which is held in income units in The CBF Church of England Investment Fund. This is valued at market value.
Fixtures and fittings are depreciated on a straight line basis varying from three to twenty years at rates estimated to write each asset off over its useful life.
Financial instruments
The charity only has basic financial instruments.
e Financial Assets
Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the charity considers the evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss.
e Financial Liabilities
Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the charity considers the evidence of the impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
10
St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
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|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Restricted|Total|Total|
|£|£|£|£|
|4.|INCOME AND ENDOWMENTS FROM:|
|4(a)|Donations|and Legacies|
|Planned|giving|41,807|0|41,807|46,220|
|Other donations/fundraising|2,912|0|2,912|7,025|
|T4U|donations|212|0|212|1,109|
|Messy|Church|Donations|39|0|39|562|
|Income tax recovered|- planned|giving|9,669|0|9,669|10,253|
|Collections|at services|492|0|492|2,037|
|Legacies|0|0|0|12,627|
|Insurance|Claim|0|0|0|6,574|
|LPWS|grants,|Furlough|and other|grants|1,572|0|1,572|5,708|
|56,703|0|56,703|92,114|
|4(b)|Charitable|Activities|
|Grant from King Henry VIII Endowed Trust|0|40,105|40,105|33,627|
|Income from|Henry|Project Pool|0|10,000|10,000|0|
|0|50,105|50,105|33,627|
|A(c)|Other trading|activities|
|PCC|Wedding|fees|481|0|481|1,640|
|Funeral|fees|455|0|455|1,414|
|Church|bookings|129|0|129|2,629|
|1,065|0|1,065|5,683|
|4(d)|Investments|
|Investment|income|718|1,826|2,544|3,175|
|TOTAL INCOMING|RESOURCES|58,487|51,931|110,418|134,600|
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St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
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|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Restricted|Total|Total|
|5.|EXPENDITURE|ON:|£|£|£|£|
|5(a)|Charitable|Activities|
|Contribution|to|Diocese|Support Fund|13,673|0|13,673|13,496|
|Contribution|to|Diocesan|Training|Share|0|14,242|14,242|14,445|
|Clergy and Children's Family|Worker|expenses|1,289|0|1,289|1,496|
|Church &|Vicarage maintenance &|running|costs|13,300|0|13,300|33,648|
|Windows|0|0|0|20,566|
|Children's|Worker|using Henry|Project Pool|0|10,000|10,000|6,000|
|Children's|Worker using|Henry Funding|0|4,727|4,727|15,876|
|Independent|examination|costs|1,524|0|1,524|1,470|
|Music|costs|2,987|0|2,987|3,986|
|Worship|expenses|720|0|720|806|
|Office|costs|8,921|0|8,921|9,905|
|Insurance|7,018|0|7,018|6,760|
|Children's|Ministry|125|0|125|957|
|Messy|Church|costs|0|183|183|=|1,094|
|Ministry|costs|644|0|644|= 2,008|
|Depreciation|0|57|57|57|
|Contribution|to Myton Hospice|Chaplain's|costs|0|907|907|=.3,796|
|Other|Charitable|Donations|from|St|Nicholas|
|Myton Hospice|0|1,000|1,000|0|
|Warwick|St Mary's|scaffolding|0|1,000|1,000|0|
|Tezpur Hospital|Assam|1,000|0|1,000|1,000|
|W&L|Foodbank|0|500|500|500|
|2nd Warwick|Sea|Scouts|0|500|500|500|
|Alzheimer's|Society|300|0|300|0|
|Barnabas|Fund|300|0|300|300|
|Bible|Society|300|0|300|300|
|Children's|Society|Warwick|0|300|300|0|
|Cruse|Bereavement|300|0|300|0|
|Frank|Water|300|0|300|0|
|Home|for Good|300|0|300|300|
|National|Churches|Trust|250|0|250|250|
|NSPKU|300|0|300|300|
|Park|View|0|300|300|0|
|Scripture|Union|300|0|300|0|
|St|Luke's|Healthcare|for the|Clergy|300|0|300|300|
|Water Aid|300|0|300|0|
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St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| StChad's BishopsTachbrook | 0 | 0 | 0 | 1,000 |
| CPAS | 0 | 0 | 0 | 300 |
| ICS | 0 | 0 | 0 | 300 |
| Lifespace | 0 | 0 | 0 | 300 |
| Morning StarMinistries | 0 | 0 | 0 | 300 |
| Ridgeway School | 0 | 0 | 0 | 300 |
| Coventry Cathedral | 0 | 0 | 0 | 250 |
| Zoe'sPlaceBaby Hospice | 0 | 0 | 0 | 200 |
| Children's Society (from ChristmasEve service) | 0 | 0 | 0 | 120 |
| HelpingHands | 0 | 0 | 0 | 100 |
| Girl Guiding | 0 | 0 | 0 | 100 |
| Charitable Donations from T4U | ||||
| Myton Hospice | 200 | 0 | 200 | 0 |
| AdoptionUK | 100 | 0 | 100 | 0 |
| AirAmbulance | 100 | 0 | 100 | 0 |
| Guys Cliffe WalledGarden | 100 | 0 | 100 | 0 |
| Molly Olly's Wishes | 100 | 0 | 100 | 0 |
| Woodloes Winter Wonderland | 100 | 0 | 100 | 0 |
| CICRA | 0 | 0 | 0 | 100 |
| Dogs forGood | 0 | 0 | 0 | 100 |
| Helping Hands | 0 | 0 | 0 | 100 |
| Jubilee Sailing Trust | 0 | 0 | 0 | 100 |
| MAF Flying for Life | 0 | 0 | 0 | 100 |
| Rotary Club ofWarwick | 0 | 0 | 0 | 100 |
| RSPB Coventry andWarwickshire | 0 | 0 | 0 | 100 |
| Save The Children | 0 | 0 | 0 | 100 |
| The National Trust | 0 | 0 | 0 | 100 |
| Warwickshire Search& Rescue | 0 | 0 | 0 | 100 |
| Total Charitable Activities | 55,153 | 33,717 | 88,870 | 144,386 |
| 5(b) Use ofKing Henry VIII grant in2020 | ||||
| Contribution to Diocesan Training Share | 14,242 | |||
| Contribution toMytonHospice Chaplain's costs | 907 | |||
| CV34 Charitable donations | 3,600 | |||
| Children's Worker | 4,727 | |||
| Messy Church | 183 | |||
| 23,659 | ||||
| 5(c) Use ofKing Henry VIII ProjectPoolFunding | ||||
| Children'sWorker | 10,000 |
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St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
6. STAFF COSTS AND RELATED PARTY TRANSACTIONS
The average number ofemployees was 3 (2019: 2) for the year. The cost of their employment was £23,425 (2019: £27,726). The social security costs were £698 (2019: £1,568). No employee was paid more than £60,000 (2019: £Nil) Working expenses were paid to Revd Linda Duckers, the Children’s worker and the Curate.
A member of the PCC, Chris Foy, was paid £2,520 for work as a Music Director (Organist).
7. ANALYSIS OF NET ASSETS BY FUND
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Funds | Funds | |
| Funds | Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Fixed assets | 0 | 0 | 65,035 | 65,035 | 60,919 |
| Current assets | 51,835 | 126,191 | 66,932 | 244,958 | 224,336 |
| Current liabilities | ~4,835 | 0 | 0 | -4,835 | -5,818 |
| Fundbalance | 47,000 | 126,191 | 131,967 | 305,158 | 279,437 |
Restricted funds made up of:
Lees Bequest £82,777 (£17,915 of this accumulated interest) Unspent Henry funding £49,018 Fixed assets £173 as below
| Designated funds made up of: | |
|---|---|
| Mission reserves £33,000 | |
| Buildingreserves £80,564 | |
| Useoflegacies £12,627 | |
| 8. FIXED ASSETS | |
| COST | Total |
| £ | |
| At 31.12.19 and 31.12.20 | 6,106 |
| DEPRECIATION | |
| At 31.12.19 | 5,874 |
| Charge foryear | 37 |
| At31.12.20 | 5,931 |
| NET BOOKVALUE | |
| At 31.12.19 | 230 |
| At31.12.20 | 172 |
14
St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
,
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|||||||
|---|---|---|---|---|---|
|9, DEBTORS|2020|2019|
|£|£|
|Other debtors|2,111|1,846|
|2,111|1,846|
|10.|CREDITORS:|AMOUNTS|FALLING DUE WITHIN ONE YEAR|2020|2019|
|£|£|
|Other creditors|4,836|5,818|
|4,836|5,818|
|11.|INVESTMENTS|2020|2019|
|£|£|
|Market Value|at|1|Jan 2020|60,689|51,126|
|Net Gain/(Loss)|on|revaluation|4,173|9,563|
|Market Value|at 31|Dec 2020|64,863|60,689|
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12. RESTRICTED FUNDS
Restricted funds comprise the Lees Bequest and income from The King Henry VIII Endowed Trust. Fund movements during the year:
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|||||||||
|---|---|---|---|---|---|---|---|
|King|
|King|Henry|
|Henry|Vi|
|VII|Project|Lees|Fixed|
|Total|Trust|Pool|Bequest|_|Assets|
|£|£|£|£|£|
|Opening|Balances|31/12/19|109,580|32,572|0|76,777|231|
|Incoming|Resources|§1,931|40,105|10,000|1,826|0|
|Resources|Expended|-33,717|-23,659|-10,000|0|-57|
|Investment Gain|4,173|0|0|4,173|0|
|Closing|Balances|31/12/20|131,967|49,018|0|82,776|173|
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St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
13. DESIGNATED FUNDS
Designated funds have been set aside out of unrestricted funds by the trustees for outreach in the parish and for maintaining the building.
| £ | |
|---|---|
| Opening Balances 31/12/19 | 122,817 |
| Incoming Resources | 0 |
| Resources Expended | 0 |
| Transferbetween funds | 3,374 |
| ClosingBalances31/12/20 | 126,191 |
14. UNRESTRICTED FUNDS
| £ | |
|---|---|
| Opening Balances 31/12/19 | 47,040 |
| Incoming Resources | 58,487 |
| Resources Expended | -55,153 |
| Transferbetween funds | -3,374 |
| ClosingBalances31/12/20 | 47,000 |
15. KING HENRY VIII ENDOWED TRUST
The church is one of five in Warwick and Budbrooke that is the recipient of annual payments from the Trust, which was set up in 1545. The amount to be paid to the Church is set out in the Trust’s Scheme, which is approved by the Charity Commission. All payments are Restricted and can only be used for the prescribed purpose for which they are given.
The five churches receive 50% of the Trust’s net distribution and this amount is allocated in accordance with the Scheme. From this, payments are first allocated for the payment of stipends, pensions and housing costs for nominated clergy and lay workers within the five parishes in a set order. The balance is then allocated to the PCCs and the Project Pool. St Nicholas’ is currently entitled to 13%, which can only be used for furthering the religious and other charitable work of the Church of England in the five parishes. The Trustees have the discretion to change this percentage allocation.
A variation to the allocation of the church share has now been agreed between the Trustees and the PCC’s of the five parishes to set up the Project Pool. The Project Pool is managed by the parishes, approved by Team Council and subsequently ratified by the King Henry Trustees. The PCCs of the five parishes bid for funds for specific projects. In 2020 the Project Pool funded two initiatives (Acceler8 and Transforming Communities Together). The Acceler8 project is focused on ministry to the 20’s and 30’s. The Transforming Communities Together project is focused on developing work with the elderly and isolated as well as with families and young people. St Nicholas received £10,000 for the Children’s and Families Worker in 2020.
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St Nicholas’ Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2020
16. PAYMENTS TO THE DIOCESE
Payments are made by The Trust to the Diocese to cover the stipends, pension and housing costs for Linda Duckers and these are recorded in the Diocesan accounts. The payment to the Diocese from St Nicholas is in addition to the payment from The Trust and is made up of a contribution to the Support Fund (assisting other parishes in the Diocese) and for Diocesan training costs:
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|---|---|---|---|---|---|---|---|
|2020|=|=2019|
|Stipend,|pension, NI and housing costs|46,217|45,243|Paid by King Henry VIII|Trust|
|Contribution|to the Diocese|(Training Fund)|14,242|14,445|Paid by|St Nicholas|
|Contribution|to the Diocese|(Support Fund and Deanery|costs)|13,673|13,496|Paid by|St Nicholas|
|Total received by the|Diocese|74,132|73,184|
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17. INDEPENDENT EXAMINERS REMUNERATION
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|---|---|---|---|---|---|
|2020|2019|
|Fees|payable|to|Independent|Examiner|for:|
|Independent examination of the|financial|statements|1,524|1,470|
|1,524|1,470|
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18. OPERATING LEASE COMMITMENTS
The total future minimum lease payments under non-cancellable operating leases are as follows:
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|||||||||
|---|---|---|---|---|---|---|---|
|2020|2019|
|Not|later than|1|year|946|946|
|Later than|1|year and not|later than|5|years|1,654|2,600|
|2,600|3,546|
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