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2020-12-31-accounts

The Parish of St Margaret’s, Northam

Address for correspondence: St Margaret’s Church, Fore Street, Northam, EX39 1JL

Annual Report and

Financial Statements

of the Parochial Church Council

for the year ended 31[st] December 2020

Team Rector: The Reverend Derek Arnold

Bankers:

National Westminster Bank Plc

High Street, Bideford

Independent Examiner:

Mrs J Watson BA FCA Simpkins Edwards LLP

Millennium House Roundswell Business Park Barnstaple

Our Mission Community website: www.tcmc.church

The Parochial Church Council is an Excepted Charity

The Parochial Church Council of St. Margaret’s, Northam

Annual Report For the year ended 31[st] December 2020

Aim and Purpose

St. Margaret’s Parochial Church Council (the PCC) has the responsibility of cooperating with the Team Rector, the Reverend Derek Arnold, together with the Team Vicar, the Reverend Roger Elkes, the Team Curate, the Reverend Sue Davies-Fletcher and the Associate Priest, the Reverend Sandra Juniper, in promoting the ecclesiastical parish, working together with our partners in the Torridge Coastal Mission Community, in the pastoral, evangelistic, social and ecumenical mission of the Church. As well as the Church itself, the PCC is also responsible for maintaining the Churchyard adjacent to the Church.

Objectives and Activities

The PCC is committed to enabling as many people as possible to worship at our church, and to become part of our parish family. When planning our activities, the PCC has considered the public benefit, and in particular the advancement of religion. Our services and worship put faith into practice through prayer and scripture, music and sacrament. We try to enable ordinary people to live out their faith as part of our parish family, through our Vision and Plan which is kept under review.

To facilitate this work, it is vital that we maintain the fabric of the Church and the Churchyard.

Achievements and Performance

Worship and Prayer

The PCC is keen to offer a range of services not only on Sundays, but also during the week, that our community with find both beneficial and spiritually fulfilling. For example, Wednesday morning Services of Holy Communion and Morning Worship provide a traditional form of service similar to the main Sunday Service. Evening Prayers are continuing with The Reverend Derek and take place weekly at 5pm on Mondays.

At present there are 50 parishioners on the Church Electoral Roll, most of whom live in the Parish, 3 were removed, either because of death or moving away. There was no average church attendance in 2020 due to the effect of COVID-19 restrictions. During this difficult time, the Parish Team introduced services and other interactions via the use of online video calls to keep in touch with the congregation.

As well as our regular services, we enable our community to celebrate and thank God at the milestones of the journey through life. There have been 2 weddings and 4 funerals and 19 interments (this was due to COVID-19 restrictions) during the year. Those who are no longer able to come to Church are not forgotten. We have a Pastoral Care Team in conjunction with St. Mary’s, Appledore and Holy Trinity, Westward Ho! and in addition, many receive Holy Communion in their homes.

Schools

Our Church supports both Northam Church of England schools with governors and in-school lessons. The Schools regularly visit the Church for activities and services. We also take part in the Open the Book scheme.

Mission and Evangelism

Helping those in need is a demonstration of our faith. The Committee raised and distributed £1,642 which was raised by fundraising, donations and collections and £1,000 from St. Margaret’s PCC, usually known as the tithe. This year the tithe was not approved to be distributed to recipients until very early 2021 and therefore, does not form part of the 2020 financial statements.

Deanery Synod

The last members of the PCC (Anne Irwin and Paula Martin) who sat on the Hartland Deanery Synod finished their 3 year election at the end of last year. There are currently no PCC members elected to Hartland Deanery Synod. The PCC welcomes any interest from the congregation in this role as it provides the PCC with a link with the Churches around us, and with the Diocese as a whole. It also receives reports from the General Synod. The Reverend Derek Arnold is now the Rural Dean.

Church Fabric

The state of the roof is such that St. Margaret’s has been on the list of Heritage Buildings ‘At Risk’ for several years. Members of the Church have worked hard to raise funds for repairs and generous grant support has been obtained from the Heritage Lottery Fund, Northam Town Council and other charities. The Friends of St. Margaret’s ran a ‘Sponsor a Slate’ campaign, among other fundraising drives, to raise the balance of the money required. The repair work finally started in early 2020, but due to the arrival of COVID-19 in March 2020 the works had to stop as the country was put into lockdown. The builders worked at every point they could throughout 2020 and only a few tasks remained by the end of the year.

Financial Review

Please see the report incorporated as part of the financial statements towards the back of this report.

Safeguarding

The PCC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have regard to House of Bishops’ guidance on safeguarding children and vulnerable adults). As of December 2020, the few PCC members who have not yet been on the C0 and C1 courses are in the process of completing the relevant safeguarding courses.

Volunteers

The members of the PCC would like to thank all the volunteers who work so tirelessly to make our Church a lively and vibrant community. Our special thanks go to The Friends of St. Margaret’s for all their hard work in supporting and promoting St. Margaret’s Church and the Parish of Northam.

Structure, Governance and Management

The method of appointment of PCC members is set out in the Church Representation Rules. The Council comprises the Team Rector or Team Vicar, the 2 Churchwardens, the 2 representatives elected to the Deanery Synod, and other members who are elected at the Annual Parochial Church Meeting, by those on the Electoral Roll. Members of the congregation are always urged to join the Electoral Roll, and to stand for election to the PCC.

The PCC members are responsible for making decisions on all matters of general concern and importance in the parish, and for all financial matters. The full PCC met four times during the year, with an average level of attendance of 76.4%. The first two meetings were held normally (face to face), the later meetings held by video call. Given its wide responsibilities, the PCC operates through a number of sub committees, which meet between full meetings of the PCC each dealing with a particular aspect of parish life. These include the Standing Committee which is the only Committee required by law. It has the power to transact the business of the PCC between its meetings, subject to any directions given by the Council. The Worship, Mission and Outreach, Buildings and Finance Committees are the other main Committees. Each is accountable to the full PCC. There is also The Friends of St. Margaret’s which organises and coordinates the social aspects of the Church.

Administrative Information

The Church is situated in The Square, Northam, EX39 1JL and is part of the Deanery of Hartland, in the Diocese of Exeter. The correspondence address is The Vestry, Tower Street, Northam, EX39 1JL.

The PCC is a body corporate (PCC Powers Measure 1956, and the Church Representation Rules 2006) and a Charity registered with the Charity Commission, number 1133811.

PCC members who have served from 11[th] October 2020, the date of the APCM are as follows:-

The Incumbent The Reverend Derek Arnold Chair
Team Curate The Reverend Sue Davies-Fletcher
Churchwardens Mrs Catherine Ellis Secretary
Mrs Judith McNeill
Deanery Synod Reps Vacancy
Vacancy
Elected Members Mrs Joanna Berry Treasurer
Mr Allister McNeill
Mr Rodney Hookway
Mrs Anne Irwin
Mrs Anthea Easton
Mrs Sally Rice

Mrs Joanna Berry PCC Treasurer (on behalf of Mrs Catherine Ellis, PCC Secretary)

THE PARISH OF NORTHAM

TREASURER’S ANNUAL FINANCIAL REVIEW

FOR THE YEAR ENDED 31ST DECEMBER 2020

Twenty-twenty will always be remembered as an extraordinarily strange year. Although the nation will mainly remember the impact of the pandemic, we will also know that 2020 was the year that St Margaret’s Church roof was repaired after so many years planning and anticipation.

Incoming Funds

Within the planning for the roof project, the Parish ensured that there were going to be no weddings held in the Church and that there would be very little scope for holding funerals either whilst repairs were going on. With over £20,000 of income coming from these sorts of services in previous years, we knew that unrestricted income would be affected.

The fact that COVID-19 arrived in March 2020, just as the roof project had started, meant that everything was paused for a few months but mostly the project was completed through a period of time when the population were unable to have weddings or attend funerals (except for the closest of family members). The Parish, therefore, did not feel the adverse effect of the pandemic to such an extent as others.

At the start of 2020, our Free Will Offering officer Jon Ellis put a lot of work into assisting givers with setting up their regular offering as a standing order instead of using envelopes at each service. This meant that when we were forced to stay at home for the majority of the year the Parish did not see too much of a decrease in the regular Parish givers’ donations (only down 11% on 2019).

Obviously, with the church closed most of the year the ordinary church collections and donations were significantly lower than 2019.

As with recent years, the Friends of St Margaret’s have worked hard to support a lot of the repair works that took place in 2020. They were able to give several thousand pounds to ensure certain additional projects could be achieved whilst scaffolding remained up.

Expenditure

At the beginning of 2020 the intention was to attempt to pay the Parish Common Fund in full again but with delays in the roof project and the pandemic taking over, the PCC decided to pause monthly payments. The Diocese were sympathetic to all Parishes and their ability to keep up payments through the pandemic.

With no events able to take place in 2020 there were no fundraising costs in the year. The lack of services run through most of the year meant that the need for Assistant Clergy was not so necessary and this cost went from £5,409 in 2019 to only £762.

The extreme reduction in weddings and funerals in 2020 also meant that the ministry costs (Diocesan Fees) were only £2,317 in the year (£5,620 in 2019). Many of the general Parish running expenses have not significantly changed between the two years.

Of course, the main spend during 2020 can be seen in the Restricted Funds column where almost £300,000 was spent progressing the roof project and the next largest spend was on those other projects taken on in the year, totalling over £40,000. The hope is that less will need to be done at the next quinquennial.

As with every year I must say thank you to those who have assisted me. Thank you to Anne Irwin, Roger Guest and Jon Ellis. I hope to see the Parish and its Church flourish following the completion of the roof repair. It will be good to enjoy coming together again after the pandemic.

Mrs Joanna Berry BA (Hons) FCA, Parish Treasurer

ST MARGARET'S, NORTHAM

INDEPENDENT EXAMINERS REPORT TO THE PCC

FOR THE YEAR ENDING 31ST DECEMBER 2020

I report to the trustees on my examination of the financial statements of St Margaret’s, Northam (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance

with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the explanations from you as trustees concerning any such matters. The procedures undertaken do not extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mrs J Watson BA FCA Simpkins Edwards LLP Millennium House Roundswell Business Park BARNSTAPLE Devon. EX31 3TD

ST MARGARET'S, NORTHAM

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDING 31ST DECEMBER 2020

Note
INCOME
Voluntary income
3(a)
Activities for generating funds
3(b)
Income from investments
3(c)
Church activities
3(d)
Other income
3(e)
TOTAL INCOME
EXPENDITURE
Costs of generating voluntary income
4(a)
Fund-raising trading costs
4(b)
Church activities
4(c)
Governance costs
4(d)
TOTAL EXPENDITURE
NET INCOME / EXPENDITURE
GAINS AND LOSSES ON INVESTMENTS
6(b)
NET MOVEMENT OF FUNDS
BALANCES BROUGHT FORWARD AT
1ST JANUARY 2020
BALANCES CARRIED FORWARD AT
31ST DECEMBER 2020		 Unrestricted
Restricted
Funds
Funds
2020
2019
£
£
£
£
27,103
141,465
168,568
179,906
2,105
-
2,105
2,405
1,145
4,083
5,228
2,662
9,890
-
9,890
20,554
23,318
24,073
47,391
35,954
TOTAL FUNDS
63,561
169,621
233,182
241,481
60
-
60
-
-
-
-
1,812
49,439
305,908
355,347
200,002
1,582
-
1,582
2,755
51,081
305,908
356,989
204,569
12,480
(136,287)
(123,807)
36,912
-
1,233
1,233
11,165
12,480
(135,054)
(122,574)
48,077
11,631
226,998
238,629
190,552
24,111
91,944
116,055
238,629

ST MARGARET'S, NORTHAM

BALANCE SHEET

AS AT 31ST DECEMBER 2020

NOTE
FIXED ASSETS
Tangible fixed assets
6(a)
Investment assets
6(b)
CURRENT ASSETS
Debtors
8
Short term deposits
Cash at bank and in hand
LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR
9
NET CURRENT ASSETS
NET ASSETS
FUNDS
10
Unrestricted
Restricted		 2020
£
-
80,550
20,568
8,607
68,848
98,023
(62,518)
35,505
116,055
24,111
91,944
116,055		 2019
£
-
79,317
17,811
34,888
110,932
163,631
(4,319)
159,312
238,629
11,631
226,998
238,629

Approved by the Parochial Church Council on 13th April 2021 and signed on its behalf by:

Rev Derek Arnold Chairman

THE PARISH OF NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

1 BASIS OF PREPARATION

Basis of Accounting

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011 and '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 (FRS102)' (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment assets at fair value. The principal accounting policies adopted are set out below.

2 ACCOUNTING POLICIES

Charity Information

The Parish of Northam is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is:

St Margaret's Church Fore Street Northam BIDEFORD Devon EX39 1JL

Fund Accounting

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (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 each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

Unrestricted funds are general funds which the charity may use for its own purposes at its discretion within the scheme rules.

Income

Planned giving, collections and donations are recognized when received. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognized when it is receivable. All incoming resources are accounted for gross.

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

. . . .Continued

Expenditure

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when paid. All other expenditure is generally recognized when a liability is incurred and is accounted for gross, irrecoverable VAT being charged against the category of resources expended for which it was incurred.

Fixed Assets

Consecrated property and moveable church furnishings

Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) of the Charities Act 2011.

Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2007 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Items acquired since 1 January 2007 have been capitalised and depreciated in the financial statements over their currently anticipated useful economic life (initially over 4 years) on a straight-line basis.

All expenditure incurred in the year on consecrated or beneficed buildings (individual items under £1,000) or on the repair of movable church furnishings acquired before 1 January 2007 is written off.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight-line basis over four years. 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 fair value (as determined by market value) at 31 December.

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 uncollectable.

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

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

3 INCOME
3(a) Voluntary income
Planned giving:
Gift aid donations
Tax recoverable
Other
Collections (open plate)
Donations, appeals, etc.
Missions
Sundry donations
Grants and legacies
3(b) Activities for generating funds
Church hall lettings
Fund-raising (fetes, coffee mornings, etc.)
3(c) Income from investments
Dividends and interest including
tax recoverable
3(d) Income from church activities:
Fees (weddings, funerals, etc.)
3(e) Other ordinary income
Friends account income
Mission Community expenses
Sundry Income
TOTAL INCOME
TOTAL
Unrestricted
Restricted
FUNDS
Funds
Funds
2020
£
£
£
11,226
-
11,226
3,076
-
3,076
1,671
-
1,671
748
-
748
-
50,935
50,935
-
720
720
711
50
761
9,671
89,760
99,431		 TOTAL
Unrestricted
Restricted
FUNDS
Funds
Funds
2019
£
£
£
12,678
-
12,678
4,550
-
4,550
1,954
-
1,954
3,977
-
3,977
-
32,725
32,725
-
1,221
1,221
931
420
1,351
1,350
120,100
121,450
27,103
141,465
168,568		 25,440
154,466
179,906
2,080
-
2,080
25
-
25		 2,253
-
2,253
152
-
152
2,105
-
2,105		 2,405
-
2,405
1,145
4,083
5,228		 1,363
1,299
2,662
1,145
4,083
5,228		 1,363
1,299
2,662
9,890
-
9,890		 20,554
-
20,554
9,890
-
9,890		 20,554
-
20,554
-
24,073
24,073
4,731
-
4,731
18,587
-
18,587		 -
25,391
25,391
9,159
-
9,159
1,404
-
1,404
23,318
24,073
47,391		 10,563
25,391
35,954
63,561
169,621
233,182		 60,325
181,156
241,481

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

4
EXPENDITURE
4(a)
Costs of generating voluntary income
Envelopes and printing, etc.
4(b)
Fund-raising trading costs
Cost of fetes and other fund-raising events
4(c)
Church activities
Missionary and charitable giving
Overseas missions
Secular charities
Ministry
Diocesan parish share
Other ministry costs
Working expenses of incumbent
Assistant clergy
Church running expenses
Church maintenance
Upkeep of services
Upkeep of churchyard
Parish administration costs
Parish training and schooling costs
Major repairs - church clock & chancel roof
Wages and salaries
Major works - church roof & tower repairs
4(d)
Support costs
Independent examination fee
Sundry expenses
TOTAL EXPENDITURE		 Unrestricted
Restricted
TOTAL FUNDS		 Unrestricted
Restricted
TOTAL FUNDS
Funds
Funds
2020
£
£
£
60
-
60		 2019
£
-
60
-
60		 -
-
-
-		 1,812
-
-
-		 1,812
-
417
417
-
225
225
7,000
-
7,000
2,317
-
2,317
1,545
-
1,545
762
-
762
9,721
-
9,721
1,810
-
1,810
166
-
166
-
140
140
392
-
392
295
-
295
20,293
20,524
40,817
5,138
-
5,138
-
284,602
284,602		 1,963
815
24,614
5,620
1,859
5,409
9,346
2,254
602
280
725
354
5,127
9,247
131,787
49,439
305,908
355,347		 200,002
680
-
680
902
-
902		 648
2,107
1,582
-
1,582		 2,755
51,081
305,908
356,989		 204,569

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

5
STAFF COSTS
Wages and salaries		 2020
2019
£
£
5,139
9,247
5,139
9,247

During the year the PCC employed an organist, bellringers, verger, clerk and administrator (all part-time) but no payments were large enough to attract social security costs. No remuneration was paid to any PCC member and no benefits in kind or pension contributions were paid.

6
FIXED ASSETS FOR USE BY THE PCC
6(a)
Tangible fixed assets
(all unrestricted)
COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for the year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Church
equipment
TOTAL
£
£
2,538
2,538
-
-
2,538
2,538
2,538
2,538
-
-
2,538
2,538
-
-
-
-

6(b) Investment fixed assets
stment fixed assets
Market value at 1 January 2020
Revaluation increase
Market value at 31 December 2020		 £
79,316.48
1,233.06
80,549.54

Holdings at 31 December 2020: 1,294.04 units in the CBF Investment Fund 317.00 income units of Charifund 1,870.99 shares in CBF Investment Fund 457.20 units in COIF Investment Fund 258 shares in Royal Dutch Shell plc

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

7 NET INCOMING (OUTGOING) RESOURCES

This is stated after charging:
Legal fees
Independent examination
8
DEBTORS (UNRESTRICTED FUNDS)
Income tax recoverable
Mission Community expenses - other Parish shares 2020
Prepayments and Other Debtors
9
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR (UNRESTRICTED FUNDS)
Diocesan Parish Share
Deferred income
Other creditors		 2020
2019
£
£
-
-
680
648
2020
2019
£
£
12,833
9,756
6,662
4,731
738
345
20,233
14,832
2020
2019
£
£
-
-
50
50
2,311
4,269
2,361
4,319

Only amounts paid in respect of the Diocesan Parish Share have been included in the accounts. The PCC acknowledges that there are amounts that remain unpaid in respect of this and prior years. The Diocesan Parish Share is a voluntary contribution and the amount remaining unpaid for 2020 of £15,080 has not been included in the balance sheet at 31st December 2020 as it is not considered to be a creditor. If the financial cicumstances of the PCC improve, the PCC will consider paying some or all of this balance.

10 ANALYSIS OF NET ASSETS BY FUND

Tangible fixed assets
Investment Fixed Assets
Current Assets
Current Liabilities
Fund Balance		 Unrestricted
Restricted
Funds
Funds
TOTAL
£
£
£
-
-
-
-
80,550
80,550
26,472
71,551
98,023
(2,361)
(60,157)
(62,518)
24,111
91,944
116,055

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

11 MOVEMENTS ON RESTRICTED FUNDS

Fixed Asset Investments
Debtors
Short Term Deposits
Cash at Bank and in Hand
Current Liabilities
Fixed Asset Investments
Debtors
Short Term Deposits
Cash at Bank and in Hand
Current Liabilities		 Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 20
Resources
Resources
Transfers
(Losses)
31 Dec 20
79,317
-
-
-
1,233
80,550
2,979
335
(2,979)
-
-
335
34,888
1,204
-
(27,485)
-
8,607
110,357
167,539
(302,772)
87,485
-
62,609
(543)
543
(157)
(60,000)
-
(60,157)
226,998
169,621
(305,908)
-
1,233
91,944
Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 19
Resources
Resources
Transfers
(Losses)
31 Dec 19
68,105
-
-
-
11,212
79,317
-
2,979
-
-
-
2,979
33,589
1,299
-
-
-
34,888
72,844
174,047
(136,487)
-
(47)
110,357
(2,831)
2,831
(543)
-
-
(543)
171,707
181,156
(137,030)
-
11,165
226,998

12 MOVEMENTS ON UNRESTRICTED FUNDS

Fixed Asset Investments
Debtors
Short Term Deposits
Cash at Bank and in Hand
Creditors
Fixed Asset Investments
Debtors
Short Term Deposits
Cash at Bank and in Hand
Creditors		 Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 20
Resources
Resources
Transfers
(Losses)
31 Dec 20
-
-
-
-
-
-
14,832
11,761
(6,360)
-
-
20,233
-
-
-
-
-
-
575
48,024
(42,360)
-
-
6,239
(3,776)
3,776
(2,361)
-
-
(2,361)
11,631
63,561
(51,081)
-
-
24,111
Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 19
Resources
Resources
Transfers
(Losses)
31 Dec 19
-
-
-
-
-
-
11,599
9,625
(6,392)
-
-
14,832
-
-
-
-
-
-
13,864
44,082
(57,371)
-
-
575
(6,618)
6,618
(3,776)
-
-
(3,776)
18,845
60,325
(67,539)
-
-
11,631

Unrestricted funds are general funds which can be used by the PCC on the charitable objectives and activities of the churches.

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2020

13 OBJECTIVES OF RESTRICTED FUNDS

Ecclesiastical Purposes
General Church Purposes
Church & Churchyard
Churchyard
Churchyard Project
St Margaret's Roof
St Margaret's Heating System
St Margaret's Fabric Maint'ce
Building Maintenance
Missions and Charities
The Sick and Poor of the Parish
Ecclesiastical Purposes
General Church Purposes
Church & Churchyard
Churchyard
Churchyard Project
St Margaret's Roof
St Margaret's Heating System
St Margaret's Fabric Maint'ce
Bell Restoration Fund
Building Maintenance
Missions and Charities
The Sick and Poor of the Parish		 Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 20
Resources
Resources
Transfers
(Losses)
31 Dec 20
13,312
-
-
-
919
14,231
44,196
3,974
-
-
(971)
47,199
186
-
-
-
13
199
11,252
-
-
-
777
12,029
140
50
(140)
-
-
50
121,247
140,759
(284,602)
8,000
-
(14,596)
74
-
-
-
-
74
26,345
24,107
(20,524)
(8,000)
-
21,928
2,506
11
-
-
-
2,517
-
720
(642)
-
-
78
7,740
-
-
-
495
8,235
226,998
169,621
(305,908)
-
1,233
91,944
Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 19
Resources
Resources
Transfers
(Losses)
31 Dec 19
11,212
-
-
-
2,100
13,312
37,146
1,073
(110)
6,087
44,196
157
-
-
-
29
186
9,477
-
-
-
1,775
11,252
-
420
(280)
-
-
140
56,239
135,863
(97,022)
26,167
-
121,247
73
1
-
-
-
74
44,833
25,462
(17,893)
(26,057)
-
26,345
3,517
17,097
(20,614)
-
-
-
2,487
19
-
-
-
2,506
-
1,221
(1,221)
-
-
-
6,566
-
-
-
1,174
7,740
171,707
181,156
(137,030)
-
11,165
226,998

Restricted funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward and spent on the specific purpose for which the funds were given.

Fund transfers have occurred because monies have been moved between accounts considered to be Restricted and others considered to be Unrestricted. It relates to tax recovered being passed to the friends of St Margaret's account and an amount approved to be recategorised as Unrestricted to ease cashflows.

The shortfall in the St Margaret's Roof fund at the year end was covered by a short term Diocese loan of £60,000 pending the receipt of final grant monies received after the year end.

14 RELATED PARTY TRANSACTIONS

In the year, no transactions have taken place between the Parish of Northam and any of the members, or any of their relations.