OpenCharities

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

2021-12-31-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 2021

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 2021

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 will find both beneficial and spiritually fulfilling. However, the Wednesday morning services have not restarted since the last lockdown and it is likely that they will only be reintroduced in 2023 along with the new incumbent. Evening Prayers are now led by our lay team 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, 2 were removed, either because of death or moving away and 2 were added as they moved into the area. At the beginning of the year there was no church attendance (due to COVID-19) but since reopening, the average attendance has been around 32 people. The services and other interactions via the use of online video calls to keep in touch with the congregation that had been introduced in 2020 have continued.

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 1 wedding and 9 funerals and 11 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 £4,004 which was raised by fundraising, donations and collections and £1,000 from St. Margaret’s PCC, usually known as the tithe. Last year the tithe was not approved to be distributed to recipients until very early 2021 and therefore, this year the missionary and charity giving is for both 2020 and 2021.

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 2019. 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 was the Rural Dean throughout the year.

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 continued to run various fundraising drives, to raise the balance of the money required. The repair work was finally completed in late 2021, after the delays due to COVID-19. The final costs were due to be paid in early 2022.

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 2021, 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 87.7%. 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 25[th] May 2021, 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 2021

There had been a hope that 2021 would be an opportunity to rebuild from what we had all coped with the year before. Unfortunately, 2021 started with a new lockdown from 4[th] January. We were back to Zoom PCC meetings and worship through digital means. Gradually, from March 2021, we were able to start considering opening the church again and we were able to hold the APCM face to face on 25[th] May.

Whilst the national pandemic was continuing, St Margaret’s Church’s roof repairs were being completed. It took a great deal of hard work to get to this point. Thank you to Anne Irwin and Alec McNeill who saw it over the line. I’m sure that we would all like to thank Jamie Brown for his hard work.

Incoming Funds

As mentioned above, the roof repair project completed in 2021 and this meant the Parish was able to receive the final 10% tranche of grant (£22,440).

The church was able to be open and run face to face services for more time in 2021 than last year which meant that open plate collections started to increase to £1,932 (2020: £748). This remains low compared to usual, pre-pandemic, years. We will hope for around £4,000 next year.

There was very little change in the quantity of income from weddings and funerals in the year since 2020 but there was no real chance for weddings to take place in 2021 any more than there was in 2020. However, there were several £50 deposits taken this year for future weddings. I hope that we will see this income go back up to around £20,000 next year and future years.

In every year, the St Margaret’s Friends work tirelessly to raise funds to cover costs of church repairs. This year was no exception. In addition, it was decided that the amounts collected from the Christmas Tree Festival would be given to the church to be used as general funds. Much needed, much appreciated.

Expenditure

Several costs relating to the roof repair project were increased due to the pandemic, others increased due to materials supply issues. All contingency amounts included in the project budget were used and this meant that Parish cashflows were hit dramatically to ensure the roof was completed and paid for.

The knock-on effect of the completion of this major project has meant that the Parish was not able to pay the full amount of Common Fund to the Diocese as requested. The PCC agreed that we should pay an amount that showed we understand its importance. We could afford £11,040, half that requested.

Giving to missionary and charitable organisations seems a great deal more than 2020 but this was mainly because 2021 started with distribution of the annual Parish tythe for 2020.

In 2021, with the church open more than last year, the cost of incumbent expenses and assistant clergy was a lot higher but, of course, still not at its usual level of around £4,000.

One successful area of cost reduction this year was where we kept a closer eye on the amount of electric and gas being used, and the amount being paid to Scottish Power. At every opportunity the direct debits were reduced, and overpayment refunds received. We will continue to do this but expect to suffer with price rises in 2022.

Whilst the roof repair project was continuing in 2021, there were other projects undertaken to make benefit of scaffolding and the presence of Jamie Brown. Repairs were made to the church tower, the chancel roof, and the church clock. A lot of these costs were covered by fundraising by St Margaret’s Friends.

Thank you again this year to Anne Irwin for being a huge support, better than I could possibly ask for. Thank you to our FWO Officer Jon Ellis and to Roger Guest with his back-up support too.

Mrs Joanna Berry BA (Hons) FCA, Parish Treasurer

ST MARGARET'S, NORTHAM

INDEPENDENT EXAMINERS REPORT TO THE PCC

FOR THE YEAR ENDING 31ST DECEMBER 2021

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 2021.

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 2021

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 2021
BALANCES CARRIED FORWARD AT
31ST DECEMBER 2021		 Unrestricted
Restricted
Funds
Funds
2021
2020
£
£
£
£
26,610
32,986
59,596
168,568
4,018
-
4,018
2,105
2,142
1,116
3,258
5,228
10,289
-
10,289
9,890
6,592
6,435
13,027
47,391
TOTAL FUNDS
49,651
40,537
90,188
233,182
-
-
-
60
-
-
-
-
39,630
44,742
84,372
355,347
1,273
-
1,273
1,582
40,903
44,742
85,645
356,989
8,748
(4,205)
4,543
(123,807)
-
11,978
11,978
1,233
8,748
7,773
16,521
(122,574)
24,111
91,944
116,055
238,629
32,859
99,717
132,576
116,055

ST MARGARET'S, NORTHAM

BALANCE SHEET

AS AT 31ST DECEMBER 2021

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		 2021
£
-
92,528
11,967
5,723
33,650
51,340
(11,292)
40,048
132,576
32,859
99,717
132,576		 2020
£
-
80,550
20,568
8,607
68,848
98,023
(62,518)
35,505
116,055
24,111
91,944
116,055

Approved by the Parochial Church Council on its behalf by:

Mrs J McNeill Mrs C Ellis Churchwarden Churchwarden

THE PARISH OF NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2021

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 2021

. . . .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 2021

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
2021
£
£
£
10,620
-
10,620
3,542
-
3,542
1,509
-
1,509
1,932
-
1,932
-
9,788
9,788
-
758
758
6,518
-
6,518
2,489
22,440
24,929		 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
26,610
32,986
59,596		 27,103
141,465
168,568
2,080
-
2,080
1,938
-
1,938		 2,080
-
2,080
25
-
25
4,018
-
4,018		 2,105
-
2,105
2,142
1,116
3,258		 1,145
4,083
5,228
2,142
1,116
3,258		 1,145
4,083
5,228
10,289
-
10,289		 9,890
-
9,890
10,289
-
10,289		 9,890
-
9,890
-
6,435
6,435
5,539
-
5,539
1,053
-
1,053		 -
24,073
24,073
4,731
-
4,731
18,587
-
18,587
6,592
6,435
13,027		 23,318
24,073
47,391
49,651
40,537
90,188		 63,561
169,621
233,182

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2021

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
2021
£
£
£
-
-
-		 2020
£
60
-
-
-		 60
-
-
-		 -
-
-
-		 -
1,336
266
1,602
1,833
569
2,402
11,040
-
11,040
2,842
-
2,842
2,012
-
2,012
2,666
-
2,666
4,310
-
4,310
2,337
-
2,337
154
-
154
386
50
436
795
-
795
347
-
347
4,548
11,904
16,452
5,024
-
5,024
-
31,953
31,953		 417
225
7,000
2,317
1,545
762
9,721
1,810
166
140
392
295
40,817
5,138
284,602
39,630
44,742
84,372		 355,347
680
-
680
593
-
593		 680
902
1,273
-
1,273		 1,582
40,903
44,742
85,645		 356,989

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2021

5
STAFF COSTS
Wages and salaries		 2021
2020
£
£
5,024
5,139
5,024
5,139

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
FIXED ASSETS FOR USE BY THE PCC
6(a)
Tangible fixed assets
(all unrestricted)
COST
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for the year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Church
equipment
TOTAL
£
£
2,538
2,538
-
-
2,538
2,538
2,538
2,538
-
-
2,538
2,538
-
-
-
-
6(b)
Investment fixed assets
Market value at 1 January 2021
Revaluation increase
Market value at 31 December 2021		 £
80,549.54
11,978.43
92,527.97

Holdings at 31 December 2021:

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 2021

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 2021
Prepayments and Other Debtors
9
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR (UNRESTRICTED FUNDS)
Diocesan Parish Share
Deferred income
Other creditors		 2021
2020
£
£
-
-
680
680
2021
2020
£
£
3,486
12,833
7,396
6,662
1,085
738
11,967
20,233
2021
2020
£
£
-
-
300
50
3,570
2,311
3,870
2,361

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 2021 of £11,040 has not been included in the balance sheet at 31st December 2021 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
£
£
£
-
-
-
-
92,528
92,528
36,729
14,611
51,340
(3,870)
(7,422)
(11,292)
32,859
99,717
132,576

ST MARGARET'S, NORTHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDING 31ST DECEMBER 2021

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 21
Resources
Resources
Transfers
(Losses)
31 Dec 21
80,550
-
-
11,978
92,528
335
-
(335)
-
-
-
8,607
1,116
-
(4,000)
-
5,723
62,609
7,036
(4,757)
(56,000)
-
8,888
(60,157)
32,385
(39,650)
60,000
-
(7,422)
91,944
40,537
(44,742)
-
11,978
99,717
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

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 21
Resources
Resources
Transfers
(Losses)
31 Dec 21
-
-
-
-
-
-
20,233
11,967
(20,233)
-
-
11,967
-
-
-
-
-
-
6,239
35,373
(16,850)
-
-
24,762
(2,361)
2,311
(3,820)
-
-
(3,870)
24,111
49,651
(40,903)
-
-
32,859
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

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 2021

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
Building Maintenance
Missions and Charities
The Sick and Poor of the Parish		 Balance at
Incoming
Expended
Fund
Gains
Balance at
1 Jan 21
Resources
Resources
Transfers
(Losses)
31 Dec 21
14,231
-
-
-
2,046
16,277
47,199
1,116
-
(4,000)
7,020
51,335
199
-
-
-
28
227
12,029
-
-
-
1,730
13,759
50
-
(50)
-
-
-
(14,596)
32,228
(31,952)
4,000
-
(10,320)
74
-
-
-
-
74
21,928
6,434
(11,904)
-
-
16,458
2,517
1
-
-
-
2,518
78
758
(836)
-
-
-
8,235
-
-
-
1,154
9,389
91,944
40,537
(44,742)
-
11,978
99,717
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

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 unrestricted funds used to pay the final invoices 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.