OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

ST. JAMES CHURCH, WOLLASTON

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

Charity Number 1133799

FOLKES WORTON LLP

CHARTERED ACCOUNTANTS

ST. JAMES CHURCH, WOLLASTON

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

Contents Pages
Legal and administrative information 1
Report of the Trustees 2 - 4
Statement of Trustees' responsibilities 5
Independent auditors' report 6
Statement of financial activities 7
Balance sheet
8
Notes to the financial statements
9 - 15

ST. JAMES CHURCH, WOLLASTON LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2020

Trustees: The Parochial Church Council of the Ecclesiastical Parish of St. James, Wollaston Auditors: Folkes Worton LLP Chartered Accountants 15 & 17 Church Street Stourbridge West Midlands DY8 1LU Bankers: Lloyds TSB Bank plc 134 High Street Stourbridge West Midlands DY8 1DS Investment Advisers: EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN

Page 1

ST. JAMES CHURCH, WOLLASTON

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2020

The trustees submit their annual report and the audited financial statements for the year ended 31st December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in July 2014 in preparing the annual report and financial statements of the Charity.

Background

St. James' P.C.C. co-operates with the church wardens and Priest in Charge in exercising the whole ministry of the Church within the ecclesiastical parish of Wollaston.

Membership

Members of the P.C.C. are either ex officio or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules.

Vicar: Rev. Nicholas Kaleniuk Chairman
Vice Chair: Mr. Anthony Barrie Hope
Associate Priest: Rev. Diana Farmer
Wardens: Mr. Brian Dudley
Mr. Atanas Yordonov
Deanery Synod Representatives: Mr. Richard Green
Mr. Anthony Hope
Elected Members: Miss Wendy Burford
Mr. Martin Campbell
Mr. Andrew Cook
Mrs. Diana Hemming
Mr. Kevin Moore
Mr. Darrell Shaw
Mrs. Margaret Willis
Ex officio Members: Mrs. Daphne Darlington Safeguarding Officer
Mr. Daniel Muthuveloe Lay Reader
Mrs. Keri Robinson Children & Family Worker
Mrs. C. Skeldon School Representative

Committees

Required by the law, this committee meets approximately three weeks before each meeting of the P.C.C. in order to prepare the agenda for that meeting. It will also meet on occasions in order to deal with urgent business between meetings of the full council.

Meets with representatives of the uniformed branches to co-ordinate and arrange services and baptisms, where possible, for the third Sunday of every month.

Page 2

ST. JAMES CHURCH, WOLLASTON

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

Church Attendance

Revised Electoral Roll completed 4th November 2020 - number on the role was 83. During a count in October the adult attendance at normal Sunday services averaged 16 whilst that for children (under 16) averaged 0, which shows a reduction in adult attendance since last year, also a reduction in the figure for children. This is mainly due to COVID-19 restrictions and only 2 services during October, which has significantly reduced numbers.

Financial Reports

a) St. James Parochial Charity (Registered No. 1133799)

Custodian Trustee: Worcester Diocesan Board of Finance

Managing Trustee: The Parochial Church Council of the Ecclesiastical Parish of St. James, Wollaston

The affairs of the Charity are reported to the Parochial Church Council at each of the normal six meetings each year.

The effects of COVID-19 has had a significant impact on all aspects of church activity and is a direct cause of the loss generated this year. Restrictions on gatherings has meant has meant a significant fall in church hall lettings, collections and fees, resulting in reduced income of over £30,000. Unfortunately, most overheads are fixed costs. Trustees have managed to reduce as many as possible but there is still a loss for the year on activities of £51,579.

COVID-19 has also had a major impact on financial markets throughout the world. This resulted in losses on sale of investments of £67,372 and a further reduction in the market value of retained investments of £67,928. At the year end the overall market value of the investment portfolio is still a healthy £1,310,380 but investment performance is under constant review and there are signs of a recovery in values.

Page 3

ST. JAMES CHURCH, WOLLASTON

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

Review of the year

This was a year like no other for everyone, St James included. A year of complete and partial lock downs, which forced us to completely change the way we do things. The year started with the clear "Stay at home" message by the prime minister, which led to closing down of all the places of worship in the land. We were of course no exception. It brought to a complete paralysis our communal worship, wedding and funerals in the church, the usage of the hall by the usual groups and pretty much anything else we were doing. We were reduced to calling people on the phone to reassure them and see if they need any help, and Nick and Diana were able to do some pastoral work. For all intents and purposes St James was closed down!

Fast forward a year and despite us once again being in lock down, we are in a much better position. Unfortunately, at the time of writing this we are still not allowed congregation and the church is emptier in comparison with pre-pandemic times. However, we have made a lot of progress! We have a service being streamed online at least once a week in the benefice. We have evening worship, and we are open for private prayer as well. Funerals are allowed for up to 30 people, and the hall is open for COVID testing to support the community. The church has been deep cleaned, there are sanitizer stations and a one-way system, risk assessments have been completed and social distancing is ensured at all times. Technology has been brought in to allow us to stream worship and we are looking forward to opening up to the congregation once again soon.

The damage however has been significant. Not least in a financial term, where we saw little to no income from our usual streams, but the expenditure going up significantly, reflecting the needs of the community and the building, leading to a negative budget being set up for the year. We are blessed to be a well-off church, and we can all be proud by the efforts of the PCC to support the community in these unprecedented times so generously. We have set up a fund to help people affected by the pandemic and have significantly increased our support for various charities. Together with paying our parish share in full and supporting our staff and maintaining the building this has added to a significant cost. We can only pray, that as the restrictions begin to fall, our income will increase once again, and we will be able to return to financial sustainability. Despite the challenges of the pandemic, we are determined to look into the future and to bring the Word and works of God to the people. This was reflected in the employment of a youth and family worker in the benefice and by formalising Diana's role.

Unfortunately, after long peirods of illness and absence Nick has decided that his position is no longer attainable, and the parish becomes vacant on the 1st of April. We have begun the process of creating a parish profile and a final vacancy meeting has been planned. The next steps will be advertising of the role and interviews for potential candidates. We have been assured by AD Nikki that this process will be as quick and efficient as possible, and the post is viewed as "crucial" in the Diocese. However, it will inevitably take at the very least until August.

I have decided to step down as a churchwarden after 4 years, because of my work commitments, but I will continue to love and support St James and its people. I thank Brian for returning as churchwarden and pray that he will get all the help he needs in this difficult time. I thank everyone who supported me and apologise for falling short in my efforts. I pray for St James and St Michaels for all the people who work to bring the Gospel to a world which needs it more than ever! In Jesus name! Amen

On behalf of St. James P.C.C.

Atanas Yordanov Churchwarden

Page 4

ST. JAMES CHURCH, WOLLASTON

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31ST DECEMBER 2020

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

Page 5

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF ST. JAMES CHURCH, WOLLASTON

We have audited the financial statements of St. James Church, Wollaston, for the year ended 31st December 2020 set out on pages 7 to 15. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.

This report is made solely to the charity's trustees in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditors

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view.

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Report of the Trustees to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatement or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

15 & 17 Church Street, Mr. N.C. Smith BSc FCA (Senior Statutory Auditor) Stourbridge, for and on behalf of FOLKES WORTON LLP West Midlands, Chartered Accountants & DY8 1LU. Registered Auditors

09 April 2021

Page 6

ST. JAMES CHURCH, WOLLASTON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2020

Note
INCOMING RESOURCES
Incoming resources from donors
2 (a)
Other voluntary incoming resources
2 (b)
Incoming resources from operating
activities
2 (c)
Income from investments
2 (d)
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Grants
3 (a)
Activities directly relating to the work
of the church
3 (b)
Church management and administration
3 (c)
Support costs
3 (d)
TOTAL RESOURCES EXPENDED
NET INCOMING/(OUTGOING) RESOURCES
GAINS/(LOSSES) ON INVESTMENTS
NET MOVEMENT IN FUNDS
OTHER COMPREHENSIVE INCOME
Restatement to fair value
7
BALANCES AT 1ST JANUARY 2020
BALANCES AT 31ST DECEMBER 2020		 Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2020
2019
15,545
87
-
15,632
26,923
91,254
-
-
91,254
81,000
11,522
-
-
11,522
34,246
8,047
-
51,384
59,431
65,965
126,368
87
51,384
177,839
208,134
11,569
87
91,254
102,910
98,298
116,283
-
-
116,283
133,336
6,211
-
2,049
8,260
8,034
1,965
-
-
1,965
2,406
136,028
87
93,303
229,418
242,074
(9,660)
-
(41,919)
(51,579)
(33,940)
-
-
(67,372)
(67,372)
(2,261)
(9,660)
-
(109,291)
(118,951)
(36,201)
6,499
-
(74,427)
(67,928)
167,783
732,993
-
1,416,467
2,149,460
2,017,878
729,832
£
-
£
1,232,749
£
1,962,581
£
2,149,460
£
Total funds

Page 7

ST. JAMES CHURCH, WOLLASTON

BALANCE SHEET

AS AT 31ST DECEMBER 2020

Note
FIXED ASSETS
Tangible fixed assets
4 (a)
Investment assets
4 (b)
CURRENT ASSETS
Debtors
5 (a)
Cash at bank and in hand
5 (b)
Short term deposits
5 (c)
LIABILITIES DUE WITHIN ONE YEAR
6
NET CURRENT ASSETS
NET ASSETS
FUNDS
7
Unrestricted
Endowment		 9,124
42,784
70,412
122,320
8,820		 2020
£
538,701
1,310,380
1,849,081





113,500
1,962,581
£
729,832
1,232,749
1,962,581
£


11,856
23,306
80,073
115,235
11,171




 2019
£
546,716
1,498,680
2,045,396





104,064
2,149,460
£
732,993
1,416,467
2,149,460
£

Page 8

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 as amended by the Church Accounting (Amendment) Regulations 2001 together with applicable accounting standards and the Charities SORP.

The financial statements have been prepared under the historical cost convention.

St. James Parochial Charity

The St. James Parochial Charity is the endowment referred to in the financial statements and is a separate charity (No. 603941) created and regulated by the Charity Commission. The capital of the charity may not be spent without the prior approval of the Charity Commission, the income can only be spent on charitable purposes within the Ecclesiastical Parish of St. James, Wollaston.

General fund

General funds represent the funds of the P.C.C. that are not subject to any restrictions regarding their use and are available for application on the general purposes of the P.C.C.

With the exception of the St James Parochial Charity all other funds under the control of the P.C.C. are considered to be unrestricted as to their use.

Donations and legacies

Donations and legacies are accounted for as they are received.

Legacies are initially credited to the General Fund. Individual legacies of £1,000 or less and unrestricted as to their use are treated as income, those exceeding £1,000 are dealt with at the discretion of the P.C.C. and, so far as they are not immediately required for current expenditure, are transferred to the credit of the Parish Development Fund.

Gains and losses on investments

Gains and losses on disposal of investments are accounted for on realization and are recorded in the Investment Reserve Fund and Endowment Fund.

Income from investments

Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.

Page 9

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

Freehold land and buildings

This relates to the cost of building the church hall. No depreciation is charged in the financial statements.

Motor vehicles

The minibus is capitalised at cost and depreciated at 25% straight line, starting from the month of purchase.

Fixtures and fittings

These are capitalised at cost and depreciated at 25% straight line, starting from the month of purchase.

Investments

Investments are valued in the Balance Sheet at cost which is a departure from the Charities SORP, which recommends that market values should be used. Market values, however, are shown in note 4 (b) to the financial statements.

Debtors

Amounts owing to the P.C.C. at 31st December in respect of fees, accrued interest or other income are shown as debtors less provision for amounts that may prove uncollectable.

Page 10

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

2. INCOMING RESOURCES
(a) Incoming resources from donors
Planned giving:
Gift aid and other giving
Income tax recoverable
Legacies received
Collections
Sundry donations
(b) Other voluntary incoming resources
Grants
(c) Income from operating activities
Church hall lettings
Fees
Magazine sales
Magazine advertising fees
Government grants
(d) Income from investments
Dividends and interest
TOTAL INCOMING RESOURCES		 Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2020
2019
£
£
£
£
£
9,570
-
-
9,570
12,668
4,051
-
-
4,051
4,557
575
-
-
575
3,743
586
87
-
673
4,135
763
-
-
763
1,820
15,545
£
87
£
-
£
15,632
£
26,923
£
91,254
-
-
91,254
81,000
91,254
£
-
£
-
£
91,254
£
81,000
£
5,181
-
-
5,181
22,406
2,079
-
-
2,079
11,187
409
-
-
409
543
-
-
-
-
110
3,853
-
-
3,853
-
11,522
£
-
£
-
£
11,522
£
34,246
£
8,047
-
51,384
59,431
65,965
8,047
£
-
£
51,384
£
59,431
£
65,965
£
126,368
£
87
£
51,384
£
177,839
£
208,134
£
Total funds

Page 11

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

3. RESOURCES EXPENDED

(a) Grants
Church overseas
Home missions
Secular charities
(b) Activities directly relating to church work
Ministry :
diocesan quota
clergy expenses
Church :
running expenses
maintenance
upkeep of services
Upkeep of churchyard
Church Hall : running costs
Salaries and honoraria
Mini bus running costs
Depreciation
Profit/loss on sale tangible fixed asset
(c) Church management and administration
Printing and stationery
Audit fee
Church telephone and internet
(d) Support costs
Sundry expenses
TOTAL RESOURCES EXPENDED		 Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2020
2019
£
£
£
£
£
4,000
-
-
4,000
2,000
-
-
91,254
91,254
81,000
7,569
87
-
7,656
15,298
11,569
£
87
£
91,254
£
102,910
£
98,298
£
36,191
-
-
36,191
35,481
15,629
-
-
15,629
12,833
11,476
-
-
11,476
15,982
4,374
-
-
4,374
10,051
1,557
-
-
1,557
1,945
1,678
-
-
1,678
1,528
19,986
-
-
19,986
14,030
30,830
-
-
30,830
36,047
596
-
-
596
1,195
80
-
-
80
4,244
(6,114)
-
-
(6,114)
-
116,283
£
-
£
-
£
116,283
£
133,336
£
2,443
-
-
2,443
2,876
2,049
-
2,049
4,098
4,732
1,719
-
-
1,719
426
6,211
£
-
£
2,049
£
8,260
£
8,034
£
1,965
£
-
£
-
£
1,965
£
2,406
£
136,028
£
87
£
93,303
£
229,418
£
242,074
£
Total funds

Page 12

NOTES TO THE FINANCIAL STATEMENTS

ST. JAMES CHURCH, WOLLASTON

FOR THE YEAR ENDED 31ST DECEMBER 2020

4. FIXED ASSETS FOR USE BY THE P.C.C.

(a) Tangible fixed assets

Cost
At 1st January 2020
Additions
Disposals
At 31st December 2020
Depreciation
At 1st January 2020
Charge for year
Adjustment re disposals
At 31st December 2020
Net book value
At 31st December 2020
At 31st December 2019
Investments
Cost/valuation at 1st January 2020
Purchases in year
Disposals at cost
Restatement to fair value
Cost/valuation at 31st December 2020		 Freehold
Fixtures
land and
and
Motor
buildings
fittings
vehicle
Total
£
£
£
£
538,466
28,300
16,500
583,266
-
315
-
315
-
-
(16,500)
(16,500)
538,466
28,615
-
567,081
-
28,300
8,250
36,550
-
80
80
-
-
(8,250)
(8,250)
-
28,380
-
28,380
538,466
£
235
£
-
£
538,701
£
538,466
£
-
£
8,250
£
546,716
£
St. James
Parochial
General
Development
Charity
fund
fund
Total
£
£
£
£
1,404,178
17,661
76,841
1,498,680
1,367,773
-
-
1,367,773
(1,488,145)
-
-
(1,488,145)
(74,427)
1,215
5,284
(67,928)
1,209,379
£
18,876
£
82,125
£
1,310,380
£

(b) Investments

Page 13

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

5. CURRENT ASSETS

Hall
General
fund
fund
£
£
(a) Debtors
Taxation recoverable
-
3,676
Other debtors
2,176
585
At 31st December 2020
2,176
£
4,261
£
At 31st December 2019
2,687
£
5,613
£
(b) Cash at bank and in hand
Lloyds TSB Bank plc
- current accounts
1,186
7,834
- deposit accounts
-
-
1,186
7,834
Cash in hand
-
528
At 31st December 2020
1,186
£
8,362
£
At 31st December 2019
6,418
£
7,311
£
(c) Short term deposits
CBF of the Church of England - Deposit Fund
St. James Parochial Charity		 St. James
Fabric
Parochial
fund
Charity
£
£

-
-

-
2,687

-
£
2,687
£

-
£
3,556
£

-
-

-
33,236

-
33,236

-
-

-
£
33,236
£

-
£
9,577
£
2020
£
70,412
70,412
£		 Total
£

3,676

5,448

9,124
£

11,856
£

9,020

33,236
-

42,256

528

42,784
£

23,306
£
2019
£
80,073
80,073
£

Page 14

ST. JAMES CHURCH, WOLLASTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

6. LIABILITIES DUE WITHIN ONE YEAR

Accruals of utility and other costs
Creditors for goods and services
Other creditors
At 31st December 2020
At 31st December 2019
7. FUNDS
St. James P.C.C. Funds (Unrestricted)
Hall fund:
Capital account
Income account
Parish development account
Fair value adjustment
General fund
Fair value adjustment
St. James Parochial Charity (Endowment)
Capital account
Income account
Investment reserve fund
Fair value adjustment
Total		 Hall
fund
£
250
-
129
379
£
1,120
£		 St. James
General
Parochial
fund
Charity
Total
£
£
£

1,120
-
1,370

2,034
2,034
4,068

1,077
2,176
3,382

4,231
£
4,210
£
8,820
£

5,892
£
4,159
£
11,171
£
At 1st
At 31st
January
Movement
December
2020
in year
2020
£
£
£
541,153
(512)
540,641
5,298
(4,490)
808
30,819
-
30,819
46,022
5,284
51,306
99,124
(4,658)
94,466
10,577
1,215
11,792
732,993
£
(3,161)
£
729,832
£
1,056,045
-
1,056,045
(68,297)
(41,919)
(110,216)
194,407
(67,372)
127,035
234,312
(74,427)
159,885
1,416,467
£
(183,718)
£
1,232,749
£
2,149,460
£
(186,879)
£
1,962,581
£

Page 15