Registered Charity number: 1132146
Parochial Church Council of St Mary, Old Swinford
Trustees’ Report and Financial Statements
31 December 2020
Parochial Church Council of St Mary, Old Swinford
Financial Statements
for the year ended 31 December 2020
| Contents | Pages |
|---|---|
| Trustees’ Annual Report | 1 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 17 |
Parochial Church Council of St Mary, Old Swinford
Trustees’ Annual Report
for the year ended 31 December 2020
The Parochial Church Council presents its report and the accounts for the year ended 31 December 2020.
Reference and Administrative Information
The Parochial Church Council has delegated routine matters to a standing committee which consists of the Rector, both Church Wardens, Secretary, Treasurer and Chair of the Resources Committee.
It is registered with the Charity Commission under reference number 1132146.
The Parochial Church Council of St Mary, Old Swinford is also known as PCC.
Principal Address
The main address for contact is:-
Old Swinford Rectory Rectory Road Stourbridge West Midlands DY8 2HA
Trustees
The Trustees at 31 December 2020 were:-
Judith Hall Chloe Jane Hancox Katharine Fletcher Michael Thomas Blaxland Pamela Jean Scudamore Malcolm Walter Frost Antony Walter Tatford Marjorie Ferguson Anthony Lloyd Les Timms Stanley Ernest Williams Christine McCullagh Drew Owen Roger Myrry King Elaine Buchan Revd. Jonathan Frederick Flitcroft
Revd. Jonathan Frederick Flitcroft was the Chair of the Charity.
Page 1
Parochial Church Council of St Mary, Old Swinford
Trustees’ Annual Report for the year ended 31 December 2020
- continued –
Structure Governance and Management
The PCC has been formed under the Parochial Church Council Powers Measure (1956) as amended and church representation rules.
The Trustees are elected at the AGM by members present. Their appointment is recorded in the minutes of the meeting and no signatures of acceptance are required. The Council has power to co-opt other members.
Objectives and Activities
Our principal objective is to follow Christ through worship, outreach and mission.
Whilst undertaking the above mentioned activities, the Trustees had due regard to guidance published by the Charity Commission on public benefit issues.
Achievement and Performance
This brief report covers the events of an extraordinary year, one which has presented unique challenges to every institution in the country and around the world. In meeting these challenges, the membership of St Mary’s, Old Swinford, has shown how love of God and love of neighbour, the foundational commands of our faith, are the means by which God brings good out of crisis and peril.
The first national lockdown occurred midway through Lent. The church building was completely closed for perhaps the first time since its rebuilding in the Nineteenth Century. But our worship, although reduced, continued online. This was due not least to the ingenuity and determination of our administrator, John Sutton, in finding the necessary technology and internet platforms. Initially, services were broadcast from the Rectory or the Curate’s house. Tuesday evening online services became a regular addition to the weekly worship as we adapted to life without live music and congregational singing. Another innovation was the expansion of the pew sheet as a means of sharing information with the congregations; this is now a firmly established, weekly email communication but great efforts have also been made to deliver it to those without internet access. We also established a coronavirus telephone friendship and help service which expanded the work of our pastoral team.
Prayer has been at the heart of our work as a church during the pandemic. On Wednesdays during Lent we often also met online for prayer and reflection. We maintained prayer groups during the Easter season and again for a time before Advent. With Churches Together in Stourbridge plans were made for a Retreat in Daily Life to take place at the start of the New Year.
Our Curate, Alex French, took up his first incumbency in September and the numbers who attended his farewell service in August demonstrated the affection in which he is held. Later in the year, our long-serving Church Warden, Tony Tatford, was finally able to step down when the lifting of restrictions allowed our much-delayed Annual Parochial Church Meeting to take place in October. At that meeting our Licensed Lay Minister, Roger King, was elected Church Warden alongside Judy Hall and a new PCC body began work often meeting online.
When restrictions were lifted and we could meet again in church, the Warden team, supplemented by a new team of Stewards, worked extremely hard to maintain a ‘Covid-secure’ environment. We also benefit from a new ‘Tech Team’ who manage the online aspect of the services. Some of the Christmas services were pre-bookable only to ensure we didn’t exceed the safe capacity. A team of Makers created a wonderful outdoor Nativity Scene and we joined forces with Chawn Hill Church to make the scene the final destination of a ‘follow the star’ trail. Our work with children has been most severely affected by the limitations, but the Open the Book Team have been sending videos of stories to Old Swinford Primary School and we have maintained contact through ‘Zoom’ meetings with Youth Group young leaders, Junior Choir Members and the Brownies.
Page 2
Parochial Church Council of St Mary, Old Swinford
Trustees’ Annual Report for the year ended 31 December 2020
- continued –
Achievement and Performance ….. /continued
For large parts of this year, two of our three employees have been furloughed and we thank our Director of Music, James Bradley, and our cleaner, Glenys Bradley, for their patience and trust during those times. We also owe a debt of thanks to Richard Hall for all his work in establishing that support. Although our income from hall and church lettings has inevitably seen a steep fall, our church members have responded with great generosity and faith, and income from giving has been remarkably unaffected.
There is no doubt that the effects of the pandemic and the necessary restrictions will be with us for many months, indeed years, to come. In our church, as elsewhere, the enormous disruption to our lives will accelerate change and require us to examine every aspect of our response to God’s mission in this parish. But I am confident that, as we continue in prayer, fellowship and loving service, God will continue to transform challenge and fear into opportunity and hope.
Page 3
Parochial Church Council of St Mary, Old Swinford
Trustees’ Annual Report for the year ended 31 December 2020
- continued –
Financial Review
As a direct result of the pandemic, this year has been particularly challenging.
With services in church at times suspended, our cash flow position was a concern, especially in the early months. We have been sustained by a number of reasons. First of all, the generosity of our donors who have responded wonderfully well. Income from envelope giving, standing order payments and plate collections have fallen by only £857 or 1.2% when compared to 2019. Secondly, with at times the furloughing of two members of staff, £5,208 has been received under the Government’s Furlough Scheme. Whilst total income has fallen substantially, there has also been a considerable reduction in overall church expenditure. Costs have been controlled and revisited as we have gone through the year.
The accounts show a small deficit of £3,013. Because in recent years we have recorded small surpluses, the PCC made the decision to make a call on its reserves in order to make sure the best possible payment for Parish Share could be made to the Diocese. Parish Share payments totalling £75,000 have been made against an expected annual payment of £91,289. The shortfall in the payment has not been included in the accounts.
The Mission and Pastoral Committee have made charitable contributions to many worthwhile causes, both overseas and closer to home. Additionally, donations have been made to the Black County Food Bank in Brierley Hill.
With the year we have had, I believe this is a healthy set of accounts that accurately reflect the continued support and hard work put in by our church community.
Reserves Policy
The Trustees consider that the funds within the Charity should be at a level to cover operational costs for at least 3 months.
The reserves are needed to bridge the trading gap between spending on the Charity’s overheads and the receipt of new funds.
The reserves include cash at bank. The Trustees monitor the cash levels on a regular basis.
Worcester Diocese
The Church is required to contribute towards central costs (which include clergy stipends and pensions).
During the year, the Charity incurred the following:-
| he year, the Charity incurred the following:- | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Parish share | 75,000 | 81,000 |
| Wedding and other fees earned by | ||
| the clergy | 5,231 | 7,197 |
| _ | _ | |
| 80,231 | 88,197 | |
| ====== | ====== |
Page 4
Parochial Church Council of St Mary, Old Swinford
Trustees’ Annual Report
for the year ended 31 December 2020
- continued –
Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on ……………………. and signed by:
………………….................................
Revd. Jonathan Frederick Flitcroft (Chairman)
Page 5
Independent Examiner’s Report to the Trustees of Parochial Church Council of
St Mary, Old Swinford
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020 which are set out on pages 7 to 17.
Responsibilities and basis of report
As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material aspect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr D I Hotchkiss Chartered Accountant
Brook House Moss Grove Kingswinford West Midlands DY6 9HS
12 March 2021
Page 6
Parochial Church Council of St Mary, Old Swinford
Statement of Financial Activities
for the year ended 31 December 2020
| Unrestricted | Restricted | TOTAL | FUNDS | ||
|---|---|---|---|---|---|
| Notes | Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | ||
| Incoming Resources | |||||
| Incoming resources from | |||||
| donors | 2a | 84,414 | - | 84,414 | 89,720 |
| Other voluntary incoming | |||||
| resources | 2b | 16,462 | - | 16,462 | 15,934 |
| Income from operating activities | |||||
| - to further the Council’s objectives | 2c | 15,148 | - | 15,148 | 24,170 |
| - to generate funds | 2d | 14,455 | - | 14,455 | 36,647 |
| Income from investments | 2e | 9,345 | - | 9,345 | 9,182 |
| Other income | 2f | 368 | - | 368 | 1,167 |
| _ | _ | _ | _ | ||
| Total incoming resources | 140,192 | - | 140,192 | 176,820 | |
| _ | _ | _ | _ | ||
| Resources Expended | |||||
| Grants | 3a | 7,927 | - | 7,927 | 2,488 |
| Activities directly relating to | |||||
| work of Church | 3b | 104,237 | - | 104,237 | 124,946 |
| Church management and | |||||
| administration | 3c | 18,550 | - | 18,550 | 25,916 |
| Cost of generating fund | 3d | 12,491 | - | 12,491 | 13,462 |
| _ | _ | _ | _ | ||
| Total resources expended | 143,205 | - | 143,205 | 166,812 | |
| _ | _ | _ | _ | ||
| Net incoming resources | (3,013) | - | (3,013) | 10,008 | |
| Transfers between funds | - | - | - | - | |
| _ | _ | _ | _ | ||
| Net movement in funds | (3,013) | - | (3,013) | 10,008 | |
| Total funds brought forward | 125,365 | 61,214 | 186,579 | 176,571 | |
| _ | _ | _ | _ | ||
| Total funds carried forward | 122,352 | 61,214 | 183,566 | 186,579 | |
| ======= | ======= | ======= | ======= |
Page 7
Parochial Church Council of St Mary, Old Swinford
Balance Sheet at 31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Investment assets | 5 | 58,903 | 58,903 |
| _ | ______ | ||
| Current assets | |||
| Debtors | 7 | 8,852 | 12,547 |
| Cash at bank and in hand | 127,069 | 133,326 | |
| Investment assets at cost | 9,446 | 9,446 | |
| (market value £27,507) | _ | _ | |
| 145,367 | 155,319 | ||
| _ | _ | ||
| Liabilities (amounts falling due | |||
| within one year) | 8 | (20,704) | (27,643) |
| _ | _ | ||
| Net current assets | 124,663 | 127,676 | |
| _ | _ | ||
| Net assets | 6 | 183,566 | 186,579 |
| ====== | ====== | ||
| Funds | |||
| Unrestricted | 9 | 122,352 | 125,365 |
| Restricted | 10 | 61,214 | 61,214 |
| _ | _ | ||
| 183,566 | 186,579 | ||
| ====== | ====== |
The financial statements on pages 7 to 17 were approved by the Trustees on 23 May 2021 and signed on its behalf by:-
………………………………………….
Revd. Jonathan Frederick Flitcroft (Chairman)
Page 8
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
1. Accounting Policies
The Parochial Church Council of St Mary, Oldswinford is a registered Charity in the United Kingdom. The principal contact address is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are outlined on page 2 of these financial statements.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Basis of Accounting
The accounts have been prepared on an accruals basis. The financial statements are prepared in sterling, which is the function currency of the entity.
Statement of compliance
The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Funds
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purpose of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.
Restricted funds are to be used for specific purposes as designated by the Trustees and as laid down by the donor.
The accounts include all transactions, assets and liabilities for which the Charity 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.
Incoming Resources
Voluntary income and capital sources Collections are recognised when received by or on behalf of the Charity. Planned giving is recognised only when received. Income tax recoverable on gift aid donations is recognised when the income is received. Grants and legacies to the Charity are accounted for upon receipt, the amount due is quantifiable and its ultimate receipt by the Charity is reasonably certain.
Funds raised by the fayre, garden party and similar events are accounted for gross. Sales of books and magazines from the Church bookstall are accounted for gross.
Page 9
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
1. Accounting Policies (continued)
Other income
Rental income from the letting of church premises is recognised when the rental is due.
Income from investments
Dividends and interest are accounted for when due and payable.
Gains and losses on investments
Realised gains or losses are recognised when investments are sold.
Resources Expended
Grants
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation to the Charity.
Activities directly relating to the work of the Church
The diocesan and parish share is accounted for when paid.
Fixed Assets
VAT reclaimable
Where VAT is reclaimable on any eligible expenditure, the amount reclaimed is netted against the cost of the expenditure.
Consecrated land and buildings, and movable church furnishings
Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011.
No value is placed on movable church furnishings held by the church wardens on special trust for the Charity and which require a faculty for disposal, since the Charity considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
Other fixed assets
Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired.
Investments
Investments are valued at historical cost at 31 December 2020.
Current assets
Amounts owing to the Charity at 31 December 2020 in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.
Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.
Page 10
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
1. Accounting Policies (continued)
Current liabilities
Amounts payable within one year are recorded at transaction price and are shown as accrued charges.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value with any changes recognised in profit or loss with the exception of hedging instruments in a designated hedging relationship.
Page 11
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
| Unrestricted | Restricted | TOTAL | FUNDS | ||
|---|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | ||
| 2. | Incoming Resources | £ | £ | £ | £ |
| 2a. | Incoming resources from donors | ||||
| Planned giving: | |||||
| Donations by Gift Aid | 16,636 | - | 16,636 | 14,880 | |
| Income tax recoverable | 15,365 | - | 15,365 | 17,284 | |
| Other planned giving | 48,040 | - | 48,040 | 47,096 | |
| Collections (open plate) at all services | 4,373 | - | 4,373 | 10,460 | |
| _ | _ | _ | _ | ||
| 84,414 | - | 84,414 | 89,720 | ||
| _ | _ | _ | _ | ||
| 2b. | Other voluntary incoming resources | ||||
| Donations, appeals, etc. | 6,120 | - | 6,120 | 8,420 | |
| Legacies | - | - | - | 3,305 | |
| Churchyard | - | - | - | 338 | |
| Donations received for specific purposes | 5,134 | - | 5,134 | 3,871 | |
| HMRC furlough grants | 5,208 | - | 5,208 | - | |
| _ | _ | _ | _ | ||
| 16,462 | - | 16,462 | 15,934 | ||
| _ | _ | _ | _ | ||
| 2c. | Income from operating activities: | ||||
| to further the Council’s objects | |||||
| Magazine & bookstall | 25 | - | 25 | 150 | |
| Fees | 14,757 | - | 14,757 | 22,295 | |
| Candle rack | 37 | - | 37 | 216 | |
| Work with children | - | - | - | 181 | |
| Social committee and coffee | 329 | - | 329 | 1,328 | |
| _ | _ | _ | _ | ||
| 15,148 | - | 15,148 | 24,170 | ||
| _ | _ | _ | _ | ||
| 2d. | Income from operating activities: | ||||
| to generate funds | |||||
| Magazines (advertisement fees) | 75 | - | 75 | 55 | |
| Use of church | 4,625 | - | 4,625 | 4,837 | |
| Christmas market | - | - | - | 1,877 | |
| Photocopying | - | - | - | 135 | |
| Hall lettings | 9,755 | - | 9,755 | 29,743 | |
| _ | _ | _ | _ | ||
| 14,455 | - | 14,455 | 36,647 | ||
| _ | _ | _ | _ | ||
| 2e. | Income from investments | ||||
| Dividends and interest including any | |||||
| reclaimable tax | 4,301 | - | 4,301 | 4,203 | |
| Church Hall flat rent | 5,044 | - | 5,044 | 4,979 | |
| _ | _ | _ | _ | ||
| 9,345 | - | 9,345 | 9,182 | ||
| _ | _ | _ | _ | ||
| 2f. | Other income | ||||
| VAT reclaim on repairs | 368 | - | 368 | 1,167 | |
| _ | _ | _ | _ | ||
| 368 | - | 368 | 1,167 | ||
| _ | _ | _ | _ | ||
| Total incoming resources | 140,192 | - | 140,192 | 176,820 | |
| ====== | ====== | ====== | ====== |
Page 12
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2020
| Unrestricted | Restricted | TOTAL | FUNDS | ||
|---|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | ||
| 3. | Resources Expended | £ | £ | £ | £ |
| 3a. | Grants | ||||
| Missionary and charitable giving | 7,927 | - | 7,927 | 2,488 | |
| ______ | _ | _ | ______ | ||
| 3b. | Activities directly relating to the work | ||||
| of the Church | |||||
| Ministry: Diocesan parish share |
75,000 | - | 75,000 | 81,000 | |
| Clergy expenses | 62 | - | 62 | 2,575 | |
| Running expenses | 13,563 | - | 13,563 | 17,166 | |
| Repairs and maintenance | 3,352 | - | 3,352 | 9,104 | |
| Upkeep of Churchyard | 2,524 | - | 2,524 | 5,506 | |
| Organist fees and choir expenses | 7,260 | - | 7,260 | 6,529 | |
| Other expenses | 2,476 | - | 2,476 | 2,485 | |
| Social committee and coffee | - | - | - | 581 | |
| _ | _ | _ | _ | ||
| 104,237 | - | 104,237 | 124,946 | ||
| _ | _ | _ | _ | ||
| 3c. | Church management and administration | ||||
| Administration: | |||||
| Administrator’s salary | 7,586 | - | 7,586 | 7,652 | |
| Printing and stationery | 1,347 | - | 1,347 | 3,220 | |
| Subscriptions, bank and professional charges | 60 | - | 60 | 941 | |
| Independent Examiner’s fee | 2,470 | - | 2,470 | 2,490 | |
| Fees: Wedding, Funerals, Baptisms | 7,087 | - | 7,087 | 11,613 | |
| _ | _ | _ | _ | ||
| 18,550 | - | 18,550 | 25,916 | ||
| _ | _ | _ | _ | ||
| 3d. | Costs of generating funds | ||||
| Church Hall expenditure | 12,491 | - | 12,491 | 13,462 | |
| _ | _ | _ | _ | ||
| Total resources expended | 143,205 | - | 143,205 | 166,812 | |
| ====== | ====== | ====== | ====== |
Page 13
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| 4. | Staff Costs | £ | £ |
Wages and salaries |
22,875 |
19,750 | |
| _ | _ | ||
| 22,875 | 19,750 | ||
| ====== | ====== |
The average number of persons employed by the Charity during the year, including the Trustees was 3 (2019: 3).
This is in relation to the costs associated with an administrator, a cleaner and an organist. The Rector repaid expenses of £244 and the Curate was reimbursed expenses of £306. Apart from the above, no other member received any reimbursement of expenses.
5. Investment Assets
| These represent:- | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Central Board of Finance of the Church | ||
| of England’s investment fund | 57,878 | 57,878 |
| (market value £109,854 (2019 - £102,786) | ||
| Shares in Traidcraft Ltd | 1,025 | 1,025 |
| _ | _ | |
| 58,903 | 58,903 | |
| ====== | ====== |
6.
| Unrestricted | Restricted | ||
|---|---|---|---|
| Analysis of Net Assets by Fund | Funds | Funds | Total |
| £ | £ | £ | |
| Fixed assets for Church use: | |||
| Investment fixed assets | 1,025 | 57,878 | 58,903 |
| Current assets | 142,031 | 3,336 | 145,367 |
| Current liabilities | (20,704) | - | (20,704) |
| _ | _ | _ | |
| Fund balance | 122,352 | 61,214 | 183,566 |
| ====== | ====== | ====== |
Page 14
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements
for the year ended 31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| 7. | Debtors | £ | £ |
| Income tax recoverable | 7,952 | 9,220 | |
| Prepayments | 900 | 3,327 | |
| _ | _ | ||
| 8,852 | 12,547 | ||
| ====== | ====== | ||
| 2020 | 2019 | ||
| 8. | Liabilities (amounts falling due | £ | £ |
| within one year) | |||
| Accrued charges | 20,704 | 27,643 | |
| ====== | ====== |
Page 15
Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
9. Unrestricted Funds
The balances on each Designated Fund as at the end year are as follows:-
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Designated Funds | ||
| Clergy Housing | 2,599 | 2,599 |
| Church Legacies and Gifts | 14,130 | 14,130 |
| Organ Fund | 1,425 | 2,880 |
| Church Hall | 47,877 | 50,310 |
| Bells Fund | 438 | 395 |
| Anchor Bereavement | 30 | 30 |
| Agatha Downing Children Fund | 1,851 | 1,851 |
| Graveyard Fund | 409 | 434 |
| Tower Fund | 467 | 467 |
| Friends of the Music | 4,017 | 3,144 |
| Rectors Charities | 1,921 | 2,021 |
| Water Aid | 170 | 137 |
| Furlough Scheme | 5,208 | - |
| Social Committee | 913 | - |
| _ | _ | |
| 81,455 | 78,398 | |
| ====== | ====== | |
| General Funds | ||
| Church | 39,105 | 45,440 |
| ====== | ====== | |
| Other Balances | ||
| Church Flowers | 1,792 | 1,527 |
| ====== | ====== | |
| Total | 122,352 | 125,365 |
| ====== | ====== |
The Clergy Housing Fund represents monies used for maintenance of the clergy accommodation. The Church Legacies and Gifts Fund represent monies held for legacies and gifts that are not restricted in their use.
The Organ Fund represents monies used for the maintenance of the Church organ.
The Church Hall Fund represents monies used to maintain the church hall and manage its finances.
The Bells Fund represents monies used for maintenance of the Church bells.
The Anchor Bereavement Fund represents monies used to support those who are bereaved.
The Agatha Downing Children Fund represents monies used for the Church’s work with children. The Graveyard Fund represents monies used to maintain the church graveyard.
The Tower Fund represents monies used for maintenance of the Church tower.
The Friends of the Music Fund represents monies used to fund development of music within the Church environment.
The Rector’s Charities represents monies for charitable giving at the Rector’s discretion.
The Water Aid fund represents monies used for charitable overseas water provision. The Furlough Scheme Fund represents monies received under the Furlough Scheme. When this scheme ends, monies will be available to fund Organ / Church building improvements.
The Social Committee fund represents monies available to fund church social events. The General Funds represents the Church’s working capital.
The Church Flowers Fund represents monies used to fund the Church floral decoration.
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Parochial Church Council of St Mary, Old Swinford
Notes to the Financial Statements for the year ended 31 December 2020
10. Restricted Funds
The balances on each fund as at the year end are as follows:-
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Legacies and Gift Fund | 3,000 | 3,000 |
| St John’s Church Hall Fund | 57,878 | 57,878 |
| Fabric Fund | 336 | 336 |
| _ | _ | |
| 61,214 | 61,214 | |
| ====== | ====== |
The Legacies and Gift Fund represents monies used for legacies and gifts for a specific purpose.
St John’s Church Hall Fund represents the Charity’s capital reserve. Interest is earned on the capital sum.
The Fabric Fund represents monies used for the improvements and maintenance of the Church building.
11. Related Party Transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
12. Controlling Interest
The Charity was under the control of the Trustees throughout the current and previous year.
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