2020-12-31-accounts

St Dunstan’s Parish Office High Street Mayfield East Sussex TN20 6AQ T: 01435 873484 E: [e-mail]

Trustees Annual Report & Financial Report

The Parochial Church Council of the Ecclesiastical Parish of:

St Dunstan’s Church, Mayfield

Registered Charity no: 1132001

For the year ended 31 December 2020

		Page
PCC ANNUAL REPORT
	Administrative Information	2
	Structure, Governance & Management	3
	Objectives & Activities	3
	Achievements & Performance	3
	Electoral Roll	3
	Review of the Year	4
	Churchwardens’ Report	6
FINANCE
	Financial Review	8
ANNUAL	FINANCIAL REPORT OF THE PCC OF MAYFIELD & FIVE ASHES	11
	Statement of Financial Activities	12
	Balance Sheet	13
	Notes to the Financial Report	14
	Independent Examiner’s Report	23

Incumbent: Website:

Independent Examiner: Bankers:

Vacancy

www.stdunstansmayfield.org.uk

Vincent Blake National Westminster Bank

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St Dunstan’s, Mayfield Trustees Annual Re ort for 2020 p

Administrative Information

The Parochial Church Council of Mayfield was formed as a combined entity in April 2006. It is part of the Diocese of Chichester within the Church of England. During that year the Parish was pleased to join the Deanery of Rotherfield. All correspondence should be addressed to the incumbent, however, wef July 2020 we have a Vacancy; correspondence therefore to be addressed to the Churchwardens.

The Parish is a Charity and was registered as an independent charity with the Charity Commission during 2009 (Registered Charity Number: 1132001). It is governed under the powers of the Parochial Church Council (Powers) Measure (1956) as amended and Church Representation Rules as amended.

During the year April 2020 to March 2021 the following served as Members of the Mayfield & Five Ashes Parochial Church Council (PCC):

Ex-Officio Members

Incumbent The Reverend Nigel Prior Chairman (to July 2020) Deacon Di Blackden Elected Members Churchwardens Sheila Rait Chairman Jo Woodliffe Deputy Chairman Deanery Synod Julia Lawrence Denise Packham wef October 2020 Karen Mack wef October 2020 Pam Mather wef October 2020 Ordinary Members Robin Holliday Treasurer Chris Brock Secretary Mike Hand-Bowman David Robson Jenny Begeman Carl Walters Karen Dines Jo Eates Zoe Linden Emma Ryder Richardson

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Structure, Governance & Management

Membership of the PCC is determined under the Church Representation Rules and consists of certain ex-officio members; Churchwardens and 4 members of the Deanery Synod; plus 10 members of the Church who are elected by the Annual Parochial Church Meeting (APCM). Members are warmly encouraged to stand for election to the PCC and a balance of skills and experience is sought where possible.

Objectives & Activities

The primary objective of the PCC is the promotion of the Gospel of Our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC has the responsibility of cooperating with the Incumbent in promoting in the ecclesiastical Parish of Mayfield & Five Ashes, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

The main objects of the PCC are:

• To develop worship in the Community

• To develop links in the wider Community

• To maintain the Church properties

and hope this will be achieved by the fulfilment of the following Mission Statement:

“The Church of St Dunstan’s seeks to be a vibrant, worshipping community committed to serving God in the world. We seek to do this by following the example of Jesus Christ who taught us to care for one another and by helping others to know Him through what we say and do. Everyone is welcome to join our Church family and learn more about the love of God.”

Achievements & Performance

The Church family welcome visitors from within as well as outside the Parish boundary. Visitors attend by personal choice and it is our great pleasure to welcome anyone from all walks of life to take part in the life of the Church. During the month of October 2020 special statistical information is counted for 4 consecutive weeks. Each weekly count is allocated by Sunday or weekday; adults or children; totals as follows: this information shows a considerable drop in attendance due to the Covid-19 restrictions:

October 2020 October 2019 Adults 264 467 Children* 0 137

*no school services

Electoral Roll

There were 152 people on the Electoral Roll at the APCM in 2020 ( numbers counted as at September 2020).

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REVIEW OF THE YEAR

1. The full PCC has met via ‘Zoom’ on 7 occasions since our last APCM on 1 October 2020, which included an ‘Extraordinary’ meeting to discuss specifically ‘Section 11’ (authorisation to advertise for a new incumbent). The interview panel will sit on Monday 19 April 2021* - we all pray for a positive outcome. Additional PCC business has been discussed and finalised by email.

2. As with every Diocese across the country and beyond, the Covid-10 pandemic very sadly necessitated us closing our Church doors in order to protect the health and safety of our congregation and wider community. The PCC have reviewed very closely our response to the needs of the people, introducing both online services delivered via ‘YouTube’ and later shared ‘Zoom’ services with the kind help from a team of volunteers and not least a small team of clergy who had offered to stand in during this period of Vacancy. The PCC reached a decision at their Meeting on 23 February 2021 to re-open the Church for a socially-distanced, Said Mass service wef Sunday 7 March 2021 – the situation will be very closely monitored.

3. Through the unending and diligent overseeing of the fabric of our Church, the Fabric Committee played a major part in successfully completing major roof maintenance, the funds for which were raised through our Roof Appeal – contributions from across the village, from our schools and from various grants which enabled us to complete this work. In the neverending task of keeping our beautiful Church in top condition, maintenance continues; work on the Tower commenced on 22 March.

4. The upkeep of our extensive Churchyard continues to be a priority. We successfully awarded a new 3-year contract to Jeff Mitchell to continue this important work. Thanks also goes to the invaluable work of our Churchyard Working Party – volunteers always warmly welcomed!

5. Our Safeguarding Officer, Karen Dines, continues to oversee compliance with regard to policies, training and DBS certification.

6. Due to the Covid-19 pandemic and associated restrictions, the Cottage Hospice had to cease shared Sunday worship services.

7. We have still been able to support our chosen charities this year, Family Support Work and Friends of the Holy Land, in particular Deacon Di took a Toy Service in December when toy donations were afterwards distributed to those in need supported by the FSW.

8. Our various committees and its members have continued as best they can to run their respective business over the past year – we continue to highly value the time and effort that these people continue to give on a voluntary basis. A ‘Committees & Membership’ document has been put up on the Noticeboard for your information – please have a look at it and get in touch if you think you have either the skill or the enthusiasm to join one

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of these. It is a ‘draft’ work-in-progress document – please contact the Parish Office if there are any omissions/amendments or indeed any additions  – thank you.

1. In July 2020 we said farewell to Fr Nigel Prior and his wife Liz as he took up his new post of Rector of St Mary’s Woodbridge and Priest-in-Charge of Great Bealings, Suffolk. We wished him every happiness and fulfilment in his new role and thanked him for everything he has done in Mayfield and Five Ashes with Liz over the last 20 years. His commitment to the people in the Parish had been remarkable and fully appreciated - he left us with a Church which has been graciously transformed. We are still in a Vacancy since Fr Nigel’s departure – interviews for a new incumbent are scheduled for 25 April 2021.

Chris Brock PCC Secretary April 2021

• unfortunately we did not appoint a new incumbent on 19 April 2021 – a new Interview Date has now been set for 6 July 2021

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Churchwardens’ Report for APCM 2021

It does not seem so long ago that we had our last APCM (which of course it isn’t). The 2020 APCM, which reviewed 2019, was delayed to 1[st] October last as we entered the pandemic restrictions.

This year’s review for 2020 is like no other - we think it should be renamed ‘The Year of the Risk Assessment’!

Just when the Good Shepherd Chapel was dedicated and finally opened for services in Five Ashes, the Cottage Hospice closed its doors, creating a ring of steel to safeguard its patients and families during the first lockdown. When it reopened a strict risk assessment had to be written and adhered to with temperatures taken before we could engage in our Eucharist in Zone 1.

Churches closed for Easter, then reopened on a limited basis; closed again and then reopened just before Christmas. All extra activities were suspended: no Sunday Club, Messy Church, Monday Tots, Summer Fete or Christmas Fayre.

Singing was not allowed by the congregation, no touching, no mingling, instead social distancing and masks. The choir were permitted to sing and able to rehearse towards the end of the year, all socially distanced. Advent went by without services but fortunately services resumed in time for Christmas. We were lucky to have two Carol Services so that as many people as possible could attend although capacity was limited and we were able to hold our Midnight Mass and Christmas Day service.

Our staff were furloughed on and off. Visiting clergy were our lifeline - when Church was open they came and we thank them enormously for all their help. Numbers were restricted for weddings of which most were postponed. Funeral attendees’ numbers were limited and mostly burials only allowed by the graveside.

Bellringing was another casualty of lockdown - only allowed to ring 4 bells because of social distancing and then down to a single bell.

Church activities were also curtailed thus reducing some of our income. Committees worked hard with meetings by Zoom.

The work on the South Aisle was completed and general maintenance continued. Fr Nigel left in July for pastures new in Suffolk leaving the Churchwardens to hold the fort. We thank him for his 20 years of ministry in Mayfield.

We have seen our churchyard brought back up to standard by our gardener and members of the village and church communities, who contributed through working parties. Through the first lockdown it offered a space for villagers to enjoy the outdoors in safety. Many people asked if they could garden and it offered the opportunity for those with no gardens to support the maintenance of the churchyard while giving them the safe space outside.

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Sadly, members of our worshipping community died. Our thoughts are with their families on what has been an extremely difficult time when they were unable to visit loved ones in hospital or homes.

With our Church closed, the online services started and restarted. Enormous thanks to Deacon Di, Julia, Mike and Philip for all their help.

We cannot say a big enough thank you to everybody who has helped in 2020. Deacon Di needs special mention as does Nicky in the office.

We both look forward to some sort of normality in 2021; as we write there seems to be light at the end of the tunnel.

Churchwardens

Sheila Rait & Jo Woodliffe

March 2021

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Financial Review

Financial Overview

2020 was a year dominated by the onset of the Coronavirus Covid-19. Its impact was felt everywhere and in most aspects our lives, limiting what could be done safely and changing the way in which many things could be done, if at all. Churches had to rethink how services took place, and for parts of the year were closed by Government decree. Services were moved to being on line via You Tube for a while, and later Zoom. Broader activities also had to be rethought but throughout the year, social contact was limited and sadly led to the cancellation of many of the normal activities. There were no Lenten charity lunches, no social mixing in church after services, no groups or societies using London House, or a summer fete and so on. Many of these had financial implications involving the loss of income but creating a safe environment also meant incurring additional costs to ensure that, when the church opened, it was safe for it to be open. During the year, the PCC furloughed those employees who could not work due to restrictions on their activity, and this helped to cover part of the lost revenue and increased costs. Equally, digital ways of giving were promoted using the web and through contactless payment means promoted through the E news- the weekly e-mailed news sheet from the Parish. This helped to stem the fall in income, but not fully.

2020 was also the year in which Fr Nigel left the Parish for Suffolk, and the Parish was in “Vacancy” awaiting the appointment of a successor. This does not mean costs reduce materially. The Parish share, which is the Parish’s largest annual commitment at £66,148 in 2020 continued to be paid. It covers clergy costs including accommodation, but each year is reduced pro rata across all Parishes in the Diocese by the reduction in costs which occur when a Parish is without a vicar! Thus the Parish has had the benefit in the past of reduced payments due to vacancies in other Parishes, now it is our turn to suffer from the lack of a priest whilst still paying the Parish’s share of total diocesan net clergy costs. Some costs have reduced but not materially.

The Parish is fortunate in having significant support from the Lund Trust, which in 2019 provided a grant of £65,000 towards running costs of the parish in 2019 and 2020, whilst the major repair work to the south aisle roof, and the church wall was completed. £32,500 of this grant was taken into the PCC’s 2020 accounts.

Continued generous and vital support from Parishioners through our Planned Giving Scheme and through other donations remains the bedrock of the Parish’s ability to cover its costs, including significant donations towards the cost of the repair of the South wall of the church. Friends of St Dunstan’s Graveyard continue to give significant support.

Global investment markets performed surprisingly strongly in the year, with the PCC’s core investments yielding a return of around 11% in the year. This cannot be relied on, indeed there will undoubtedly be years of losses, but in 2020 this once again has boosted the financial strength of the PCC. The PCC advised, by its Investment Committee, takes a cautious view and seeks to invest in funds which are managed to seek low volatility as well as growth. In 2020 this objective was achieved.

Taking all these factors together has led the accounts of the PCC for 2020 to show a modest surplus during the year. This allowed the PCC to make an additional contribution to the Diocese to support the wider church in response to the likelihood that other Parishes would find it particularly difficult to meet their Parish Share commitments in 2020 due to the impact of Covid . The Nicholson Trust also made a donation of £10,000 to Diocese alongside the PCC’s donation of £5,000.

The Parish continues to struggle to pay for its day to day costs from income it can rely on year to year, but in 2020 this was covered by other one off income.

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Giving

The PCC remains grateful to all those who generously give to the Church on a regular or one off basis and contribute in so many other ways. It is reliant on this giving for the core of its income. The Planned Giving Scheme supported by many in the Parish saw a fall of around 2% in its income. A stewardship campaign was launched early in the year but was interrupted by Lockdowns, but it served to deliver a 11% increase in giving. However, there was a significant number who left the scheme in 2020 due to moving out of the Parish or who sadly died and the net effect of the campaign is to leave the value of the scheme broadly the same as it was. A good outcome was seen but no impact was made in terms of bridging the gap between expenditure and committed income.

During the year two legacies were received. The PCC remains so grateful to all those who leave a bequest in their will for the Church. It is thanks to those who have done so in the past that the PCC has the reserves it has, which are so valuable, particularly in times such as these.

Other Income

In between lockdowns a Christmas cake sale and draw was held, which was well supported and delivered much needed extra income. Sadly little else could occur!

P C C Charitable Giving

Given the lack of ability to hold the normal “charity” events to support the PCC’s charities, and recognising the good fortune the PCC has in having substantial reserves, the PCC made donations to Christian Aid, Friends of the Holyland , Christian Aid and Family Support Work as detailed in the report. The PCC at the same time encouraged Parishioners to join in giving. Funds to help in the aftermath of the fires in Australia were also raised in the early months of the year. These initiatives met with a good response.

Work on St Dunstan’s Church and London House.

During the year, the final payment for the repair of the South Aisle roof was made (£5,000),the repair of the south wall and dealing with water ingress in the south west corner of the Church was completed (£40,000), together with the installation of better heating in the Lady Chapel and south aisle (£10,000) . London House needed substantial repairs to its wooden facade and repainting (£5,000).

Staff and Volunteers

During the year the P.C.C. employed an Administrator, a Cleaner for London House, a Musical Director, and additionally contracted out the maintenance of the Churchyard. The PCC is reliant on volunteers in every aspect of its operation, and is grateful to so many who do so much for the benefit of the Church and its mission.

Reserves

The agreed minimum figure of £400,000 for the value of General reserves has been exceeded, with reserves increasing over the last year. The level required is reviewed annually in line with the view of the extent they will be relied upon for the future operation of the Parish. The Trustees do not believe there to be any material uncertainties about the charity’s ability to continue.

Risk Management

The PCC examines major risks that the Parish faces each year during its activities and establishes policies where appropriate. During the year, the PCC were particularly challenged by the Covid outbreak as it sought to hold services and to manage the Parish activities safely. Guided by HMG, and the Church of England, plans were drawn up to deal with the assessed risks and implemented.

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This significantly impacted services, but the PCC are very grateful for the full cooperation of all in the Parish throughout the period, which is ongoing.

Public Benefit

The Trustees have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charities Commission on public benefit.

Conclusion

Thanks in no small part to the generosity of our Parishioners and the efforts of the many people involved in all spheres of Parish life, and of local Trusts, the PCC has come through a potentially financially challenging year in better shape than might have been envisaged. The major challenge remains however to balance the books of the PCC on a day to day basis.

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Annual Financial Report

of

The Parochial Church Council of the Ecclesiastical Parish of

Mayfield

London House, High Street, Mayfield, East Sussex, TN20 6AQ

Registered Charity no. 1132001

For the year ended 31st December 2020

CONTENTS

 Statement of Financial Activities

 Balance Sheet

 Notes to the Financial Report

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Statement of Financial Activities

	Unrestricted Fund	Restricted Fund/s	Restricted Fund/s	Endowed Fund/s	Endowed Fund/s	Total Funds 2020	Total Funds 2019 Notes	Total Funds 2019 Notes
Income and endowments from: Donations Charitable activities Other trading activities Investments Other receipts	£ 145,392 2,339 8,335 2,105 -		£ 34,617 4,666 35 2,458 -		£ - - - 523 -	£ 180,009 7,005 8,370 5,086 -	£ 244,719 8,814 20,975 6,724 -
Total income	158,171		41,776		523	200,470	281,232	2
Expenditure on: Raising funds Charitable activities Other trading activities Major repairs to St Dunstan's, London house	208 120,658 5,975 51,227		- 26,413 228 15,933		- - - -	- 208 147,071 6,203 67,160	- 155 146,489 10,280 101,026
Total expenditure	178,068		42,574		-	220,642	257,950	3
Net gains (or losses) on investments realised	(6,256)	(12,588)			-	(18,844)	-	8a
Net income or (net expenditure)	(26,153)	(13,386)			523	(39,016)	23,282
Transfers between funds/ Revaluations Gains on revaluation of investments Transfer of Chancel Fund to general	59,579 3,822	14,991			- (3,822)	- 74,570 -	- 84,675 (14,304)	8b 10
Net movement in funds	37,248	1,605			(3,299)	35,554	93,653
Total funds brought forward	1,006,807	163,477			33,299	1,203,583	1,109,930
Total funds carried forward	1,044,055	165,082			30,000	1,239,137	1,203,583

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Balance Sheet

Our financial position and summary of funds at the year end were

	Total Funds 2020	Total Funds 2019	Notes
Tangible assets Heritage assets Endowment investments	£ 255,445 - 30,000	£ 251,485 - 30,000	8a 8b
Total fixed assets	285,445	281,485	11
Debtors Investments Cash and deposits at bank and in hand	11,794 813,190 130,298	2,368 802,820 153,395	10 8b
Creditors: Amounts falling due within one year	(1,590)	(36,485)	11
Net current assets or (liabilities)	953,692	922,098
Total net assets or (liabilities)	1,239,137	1,203,583
The Funds of the Charity Endowment funds	30,000	33,299
Restricted income funds Restricted income revaluation reserve Total Restricted income Funds	108,157 56,925 165,082	122,864 40,613 163,477
Unrestricted funds Unrestricted Funds Revaluation Reserve Total Unrestricted Funds	831,424 212,631 1,044,055	817,027 189,780 1,006,807
Total charity funds	1,239,137	1,203,583	18

This Financial Report for the year ended 31st December 2020, including the notes following, was approved by the PCC and signed on its behalf by Mrs Sheila Rait, Churchwarden and PCC Chairman:

Signed: Sheila Rait

Date: 23 February 2020

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Notes to the Financial Report

1 Accounting policies

Basis of preparation

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and the Church Accounting Regulations 2006, in accordance with applicable accounting standards and the current (2016) Statement of Recommended Practice, Accounting and Reporting by Charities, (SORP (FRS 102))

The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those which are informal gatherings of church members.

Funds accounting

Funds held by the PCC are:

Unrestricted funds - general funds which can be used for PCC ordinary purposes

• Restricted funds - a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest;

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 the year is carried forward as a balance on that fund

Endowment funds - funds for which the capital must be maintained; only income arising from the investment of the endowment may be used, either as restricted or unrestricted funds, depending on the purpose set out in the terms of the original endowment

Income and endowments

All income and endowments, accounted for without deduction for any costs of receivability, are recognised when there is evidence of entitlement, receipt is probable, and the amount can be measured reliably

Donations and legacies

Collections are recognised when received.

Planned giving receivable is recognised when received.

Gift aid recovered is recognised when the income to which it is attached is recognised.

Grants and legacies are recognised when the formal offer in writing of the funding is received by the PCC and payment is certain.

Charitable activities

Statutory fees for weddings and funerals are recognised when the office occurs.

Other trading activities

Trading activities are where income is receivable in return for selling goods or providing services. Income from trading is recognised either, when received or (in the case of concerts) for the year in which the event occurs, irrespective of date of receipt. Advance bookings are included in creditors until the concert has taken place.

Sales of magazines and study notes are recognised when received.

Rents from property are recognised in accordance with the rental agreements, when receipt is probable.

Investment income

Dividends are accounted for when received. Interest entitlements are accounted for as they accrue.

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All other income

All other income is recognised in accordance with the above overall policy.

Gains and losses on investments

Realised gains are recognised when the investments are sold.

Unrealised gains and losses are accounted for on revaluation at 31 December.

Expenditure

Expenditure is recognised when there is evidence of entitlement, payment is probable and the amount can be measured reliably.

Grants

Grants and donations are accounted for when paid over, or when awarded where the award creates a binding obligation on the PCC. Grants received are accounted for when recieved.

Church activities

The Diocesan Parish Share is accounted for on an annual basis as paid and reflects the allocation agreed by the PCC with the Deanery/Diocese.

Fixed assets

Tangible fixed assets

Consecrated and beneficed property of any kind is excluded from the accounts by s.10(2) of the Charities Act 2011.

Movable Church furnishing held by the Vicar and Churchwardens on special trust for the PCC and which require a Faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the Church's inventory which can be inspected but are not included in the financial statements.

All expenditure on consecrated or beneficed buildings and individual items costing under £1,000 are written off in the year they were incurred.

Depreciation

Depreciation is calculated to write down the cost of tangible fixed assets, excluding freehold properties, over their expected useful lives. The rates generally applicable are:

Land	Nil
Buildings	Nil
Fixtures and fittings	20%
Audio visual equipment	33%
Office equipment	20%
Heaters in London House	10%

No depreciation is provided on freehold buildings as the useful economic life of these assets exceeds 50 years and residual values so high that potential depreciation would be immaterial. It is the PCC's policy to maintain these assets in a continual state of sound repair. Resulting from regular impairment reviews, provision will be made if there has been any permanent diminution in value.

Investments

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

Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors, less provision for amounts that may prove uncollectible.

Short-term deposits include cash held on deposit either with the CBF Church of England Funds, or at the bank.

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Notes to the Financial Report

2 Analysis of income and endowments

	Unrestricted Fund	Restricted Fund/s	Restricted Fund/s	Endowed Fund/s	Endowed Fund/s	Total Funds 2020	Total Funds 2019
Planned giving (excl. tax refunds) Planned giving (no tax refunds) Loose cash collections Other Special appeals Gift Aid recoverable Appeal for PCC charities Legacies Grants	£ 33,477 6,363 5,886 30,000 9,630 5,250 54,786		£ - 8,491 1,155 11,075 13,896		£ -	£ 33,477 6,363 5,886 38,491 10,785 11,075 5,250 68,682	£ 34,095 4,136 11,367 96,591 19,314 - 2,500 76,716
Donations and legacies	£145,392	£34,617			-	£180,009	£244,719
Charitable activities: Fees for weddings, funerals etc	£2,339	£4,666			-	£7,005	£8,814
Summer fete & Christmas bazaar & others Organ concert income Sales of the parish magazine and cards etc Magazine advertisement fees Rent from long term let London House Rent from hourly lets London House Hire of church for concerts etc Events for Charities	1,449 522 616 5,000 748	35				1,484 - 522 616 5,000 748 - -	9,864 929 565 1,245 5,000 1,782 1,590 -
Other trading activities	£8,335	£35			-	£8,370	£20,975
Bank & CBF deposit interest Dividends	637 1,468	4 2,454			15 508	656 4,430	972 5,752
Financial income	£2,105	£2,458			£523	£5,086	£6,724
Total income and endowments on all funds	£158,171	£41,776			£523	£200,470	£281,232

Of the grants received, £10,824 was received under the Listed Places of Worship scheme created by HMG to provide grants in respect of the VAT paid on qualifying expenditure on the fabric of Listed places of worship, and £4,571 was received under the terms of the Coronavirus Job Retention Scheme from HMG.

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Notes to the Financial Report

3 Analysis of expenditure

	Unrestricted	Restricted	Restricted	Endowed	Endowed	Total Funds	Total Funds
	Fund		Fund/s		Fund/s	2020	2019
Special appeals costs Stewardship costs Other fundraising costs	£ 208		£		£ - - -	£ 208 - -	£ 155 - -	Note
Cost of raising funds	£208		-		-	£208	£155
Charitable grants and donations Administration costs Diocesan parish share Clergy and other people's expenses Vicarage costs Organists costs Upkeep of services Church running costs Youth work Church maintenance and repair and insurance Upkeep of churchyard Bank charges Depreciation Governance	5,595 11,509 71,148 632 2,025 8,225 1,737 5,490 13,056 78 623 540		2,554 280 10,000 400 1,153 14 1,512 10,500		- - - - - - - - - - - - -	8,149 11,789 81,148 632 2,025 8,625 2,890 5,504 - 14,568 10,500 78 623 540	5,048 12,819 65,280 2,252 4,004 8,450 4,986 8,280 17,565 10,942 5,540 75 723 525	4 8a 7
Cost of charitable activities	£120,658	£26,413			-	£147,071	£146,489
Summer fete/Christmas bazaar costs Event costs and Organ concert costs Parish Magazine costs London house running costs	161 70 713 5,031	228			- - - -	161 298 713 5,031	2,465 658 1,320 5,837
Cost of other Trading activities	£5,975	£228			-	£6,203	£10,280
Expenditure on fabric- major repairs/ renewal	£51,227	£15,933				£67,160	£101,026
Total expended before prior year items	£178,068	£42,574			-	£220,642	£257,950

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Notes to the Financial Report

4 Missionary and charitable giving

	Unrestricted Fund	Restricted Fund/s	Restricted Fund/s	Endowed Fund/s	Endowed Fund/s	Total Funds 2020	Total Funds 2019
Overseas: Christian Aid Friends Of the Holyland Water Aid Australian Fire Fund Yemen-UNICEF Home: Family Support Work Flower Guild Historic Churches Trust Handbell Ringers Mayfacs	£ 500 2,187 2,158 250 500		£ 62 516 353 13 250		£	£ 500 2,250 - 516 - 2,511 13 - 250 750	£ 120 1,653 1,362 556 991 31 170 165
Bellringers donation for church bellropes			1360			1,360
Total	5,595		2,554	-		8,149	5,048

5 Staff costs

5 Staff costs
	Unrestricted Fund	Restricted Funds	Endowed Funds	2020 Total Funds	2019 Total Funds
Remuneration Wages and salaries Employer social security costs Employer pension costs	£ 19,020 88 -	£ -	£ - - -	£ 19,020 88 -	£ 32,997 854 210
Total	19,108	-	-	19,108	34,061

Numbers employed

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6a Payments to PCC members

Fr Nigel Prior received expenses relating to travel costs totalling £301. No other member received payment. No person received remuneration in excess of £60,000.

6b Transactions with persons related to PCC members

Payment is made in respect of his employment as Musical Director to Andrew Benians, husband of Mrs D Benians, who was a member of the PCC prior to October 2020.

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Notes to the Financial Report

6c Transactions with related charities

There have been no payments to related charities during the year, but the PCC has received financial support from Friends of St Dunstan’s in respect of the cost of certain repair and building work to the Church, from the Friends of the Churchyard for the upkeep of the churchyard and from The Nicholson Trust. These charities are independent of the PCC but have a number of common Trustees.

7 Governance

7 Governance
		Unrestricted Funds		Restricted Fund/s		Endowed Fund/s	Total Funds 2020	Total Funds 2019
Independent examination		£ 540		£		£	£ 540	£ 525

8 Fixed assets

a) Tangible fixed assets

a) Tangible fixed assets
	Freehold land and and buildings			Heaters London house		Office equipment	Total fixed Assets
Cost or valuation At 1 January 2020 Additions;- Photocopier Elimination on disposal of Photocopier		£ 250,000 -		£ 1,649 -		£ 5,139 4,583 (5,139)	£ 256,788 4,583 (5,139)
At 31 December 2020		250,000		1,649		4,583	256,232
Charge for depreciation At 1 January 2020 Additions;- Photocopier Elimination on disposal of Photocopier		- -		165 165		5,138 458 (5,139)	5,303 623 (5,139)
At 31 December 2020		-		330		457	787
Net book amounts At 31 December 2020		250,000		1,484		1	251,485
At 1January 2020		250,000		1,319		4,126	255,445

The freehold land and buildings comprise London House. It was purchased in 1974 for £12,500 and the leasehold interest in a flat in London House repurchased in 2000 for £30,000. After substantial refurbishment in 2001, the Churchwardens revalued the property at £385,000, since when all costs of ownership including repairs have been expensed. An indicative valuation during 2010, led the Churchwardens to reduce the valuation to £250,000.

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Notes to the Financial Report

b) Investments

	Unrestricted Fund	Restricted Fund/s	Restricted Fund/s	Endowed Fund/s	Endowed Fund/s	Total Funds
Market value 1 January 2020 Sales at value Purchases at cost Net gains (losses) realised on sale Revaluation gains	£ 657,796 (117,440) 72,084 (6,256) 59,579	£ 145,024 (27,776) 27,776 (12,588) 14,991			£ 30,000	£ 832,820 (145,216) 99,860 (18,844) 74,570
Market value 31 December 2020	£665,763	£147,427		£30,000		£843,190

The Endowed fund investments are held as a Fixed Asset, all other investments as Current Assets.

In June2020, the PCC sold all it’s holding in J O Hambros Equity Fund. The sale proceeds received by the Organ Fund and the Bruxner Randall Fund were reinvested half in units in the Ruffer units and half in Miton units purchased from the General Fund at market value. The net proceeds to the General Fund was £45,356. In August2020 the General Fund also sold Miton units to the value of £72,084 and reinvested this sum in further units in the Ruffer units held.

The CF Miton Cautious Multi Asset Fund was renamed the Premier Miton Multi Asset Fund following the merger of Miton Group plc and Premier Asset Management Group in November 2020.

Investments held at 31 December 2020 were:-

General Fund £665,763

L E Ruffer Total Return Fund ‘O’ accumulation units – 89,624 units, value £442,520

Premier Miton Cautious Multi Asset Fund B accumulation units- 59,714 units, value £178,796 Bankers Investment Trust -4,048 shares, value £44,447

Organ Fund (Restricted Fund)-£118,925

L E Ruffer Total Return Fund ‘O’ accumulation units – 9,852 units, value £48,646

Premier Miton Cautious Multi Asset Fund B accumulation units - 15,991 units, value £47,879 Bankers Investment Trust -2,040 shares, value £22,400

Bruxner Randall Fund (Restricted Fund-£30,000 Endowment) - £38,890

L E Ruffer Total Return Fund ‘O’ accumulation units – 1,523units, value £7,522

Premier Miton Cautious Multi Asset Fund B accumulation units - 2,673 units, value £8,003 Bankers Investment Trust -2,127 shares, value £23,365

Fabric Fund-£4,222

CBF Fixed interest Fund- 968 units, value £1,642 M & G Charifund -188 units, value £2580

Graveyard Fund-£15,390

CBF Fixed interest Fund- 367 units, value £622

CBF Investment Fund Income units 721 units, value £14,768

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Notes to the Financial Report

9 Net assets by fund

9 Net assets by fund
	Unrestricted Funds	Restricted Fund/s	Endowed Fund/s		Total Funds 2020	Total Funds 2019
Fixed assets for church use Investments Current assets (except cash) Cash at bank and on deposit Current liabilities	£ 255,445 665,763 6,398 118,039 (1,590)	£ 147,427 5,396 15,259 -		£ 30,000 - -	£ 255,445 843,190 11,794 130,298 (1,590)	£ 251,485 832,820 2,368 153,395 (36,485)
	£1,044,055	£165,082	£30,000		£1,239,137	£1,203,583

10 Debtors

10 Debtors
	Unrestricted Funds		Restricted Fund/s		Endowed Fund/s		Total Funds 2020	Total Funds 2019
Income tax recoverable Loan made to handbell Ringers Grant for 2020 Churchyard maintenance Chichester Diocese Chancel insurance grant		£ 2,326 250 3,822		£ 5,396		£ - - -	£ 2,326 250 5,396 3,822	£ 1,762 - 606
	£6,398			5,396 -		-	£11,794	£2,368

Following a legal review, investments previously shown in the balance sheet by the chancel endowment fund were transferred to the Diocese in 2019. The accrued dividends were shown as cash with the Diocese. As a result of the legal review, dividend income will no longer be receivable but the amount received by the Diocese will be paid to the PCC by the Diocese by way of a restricted grant. All accrued grant is receivable by the PCC to reimburse it for covering the cost of insurance of the Chancel and will be paid to the PCC in early 2021.

11 Creditors

Due within 12 months	Unrestricted Funds	Unrestricted Funds	Restricted Fund/s	Restricted Fund/s	Endowed Fund/s	Endowed Fund/s	Total Funds 2020	Total Funds 2019
Deferred income- grant for 2020 Accruals for utilities and governance Deposit held re long term lease of London House.		£ 540 1,050		£ -		£ -	£ 540 1,050	£ - 32,500 2,935 1,050
	£1,590			-		-	£1,590	£36,485

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Notes to the Financial Report

12 Statement of funds

Explanation of funds

Endowed funds are required by the donors to be invested and the income spent on specific objectives

£30,000 of the Bruxner Randall Fund has been recorded as an Endowment Fund since only the interest on the original capital of £30,000 is available for spending.

Restricted funds are required to be spent on specific purposes determined when created by the terms of their gift. The Restricted Funds and their purposes are:-

The Bruxner Randall Fund finances music in the Church or for fabric if not so needed.

The Organ Fund maintains and promotes the use of the organ.

The Fabric Fund pays the preservation and improvement of the fabric of St Dunstan's Church. The Churchyard Fund meets the costs of the repair of tombs and maintenance of the Churchyard. The Charity Fund collects donations for named charities.

The Flower Guild Fund receives donations and pays for flowers in the church.

The Choir Fund receives donations and pays choristers for weddings etc.

The Library Fund received donations and provides books for the Church library. The Bellringers Fund receives and pays fees for bell ringing at weddings etc.

Unrestricted funds are not subject to any donor restrictions and can be spent as the PCC decides

Summary of all funds

Fund income and expenditure and final balances are as follows:

	Balances b/fwd 1 Jan 2020	Income	Expenditure	Transfers, other gains and losses	Prior Year	Balances c/fwd 31 Dec 2020	Of which Investments
Chancel Fund Bruxner Randall	£ 3,299 30,000	£	£	£ (3,299)		£ - 30,000	£ 30,000
Total of all endowed funds	33,299	-	-	(3,299)	-	30,000	30,000
Bruxner Randall Fabric Fund Organ Fund Churchyard Fund Flower Guild Bellringers Fund Choir Fund Library Fund Charity Fund	14,565 7,305 115,278 21,392 2,088 1,707 798 344 -	940 13,390 901 13,121 524 1,590 80 11,230	(1,094) (13,358) (4,117) (10,500) (419) (1,891) - (11,194)	(2,845) (486) 4,763 970 -		11,566 6,851 116,825 24,983 2,193 1,406 878 344 36	8,890 3,961 118,925 15,227
Total of all restricted funds	163,477	41,776	(42,573)	2,402	-	165,082	147,003
General fund	1,006,807	158,171	(178,552)	57,145	484	1,044,055	665,763
Total funds	£1,203,583	£199,947	£(221,125)	£56,248	£484	£1,239,137	£842,766

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Independent Examiner’s Report to the PCC of Mayfield & Five Ashes for the Year Ended 31[st] December, 2020

This is my report to the Parochial Church Council of the Ecclesiastical Parish (PCC) of Mayfield & Five Ashes, on the annual report for the year ended 31[st] December 2019.

Respective responsibilities of trustees and examiner

The PCC Members are responsible for the preparation of the Annual Reports. The PCC members 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: 1. examine the accounts under section 145 of the Charities Act; 2. to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and 3. 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

1 which gives me reasonable cause to believe that in, any material respect, the requirements: a) to keep accounting records in accordance with section 130 of the Charities Act; and b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Examiner’s signature Vincent Blake Examiner’s name VINCENT BLAKE Date 23 May 2021

Relevant professional qualification(s) or body Institute of Chartered Accountants in England and Wales Examiner’s address The Old Farmhouse, Town Row Green, Rotherfield, East Sussex, TN6 3QU

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