ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
The Parochial Church Council (‘PCC’) is pleased to present its reports and financial statements for the year-ended 31[st] December 2021.
Reference and Administrative Information
Charity Name: Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath.
Charity Registration Number 1133831
Office
St Philip’s Church Centre, Manor Road, Dorridge, Solihull, B93 8DX.
PCC
Members of the PCC who are trustees for the purpose of charity law and who served during the year and up to the date of this report (unless indicated otherwise) are set out below:
Ex Officio Members of the PCC
Elected Members
Rev Duncan Hill-Brown (Vicar + Chair) Colin Revans (Lay Chair) Derek Timms (Church Warden) Andy Carswell (Hon Treasurer) Heather Tomson (Church Warden) David Archer Stephen Street Elected Members of the Deanery Synod Lisa Maines Carol Linfield Peter Marshall Caroline Egan Richard Arbuthnot Sarah Sasse
Independent Examiner
Jeremy Kitson Prime Chartered Accountants 1 Homer Road Solihull West Midlands, B91 3QG.
Bankers
HSBC Bank Plc 34 Poplar Road Solihull West Midlands, B91 3AF.
ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
Solicitors
Shakespeare Martineau 1 Colmore Square Birmingham B4 6AA.
Structure Governance and Management
Governing Document
The constitution and rules for the proceedings of the PCC are set out in the Parochial Church Council Powers Measure (1956) as amended and in the Church Representation Rules. The PCC was registered with the Charity Commission on 28[th] January 2010.
Recruitment and Appointment of PCC
There are certain statutory ex officio members of the PCC eg the Vicar and any other clerk in Holy Orders beneficed in or licensed to the parish, any deacon, deaconess or lay workers licensed to the parish; the two churchwardens and persons on the electoral roll of the parish who are also members of the deanery synod, diocesan synod or General Synod. In addition, there are elected members of the PCC who are chosen at the annual parochial church meeting. Those elected must be on the electoral role, be over 16 and be confirmed. Members may also be co-opted by the PCC.
PCC Induction and Training
On appointment PCC members are given documents covering background information relating to the workings of the PCC.
Risk Management
Members of the PCC have reviewed the major strategic and operational risks which the church faces, in order to be satisfied that systems have been established to enable regular reports to be produced and that all necessary steps have been taken to minimise the effects of all such risks which may exist.
Organisational Structure
The PCC normally meets eight to ten times per annum with an agenda and supporting documents circulated to PCC members in advance of each meeting. As required under the Church Representation Rules, the PCC each year appoints a standing committee of five or more members including the Vicar the churchwardens, treasurer and secretary which meets as required to make recommendations and reports to and is accountable to the PCC. The
ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
PCC appoints several reporting committees and working parties to be responsible for particular functions.
The church wardens are PCC members and inter alia form a link between the Bishop and the parish. They see that the PCC carries out its responsibilities for the care, maintenance and insurance of the church, its contents, the churchyard and other buildings owned by the PCC and arrange to inspect the fabric of the church each year and report to the annual parochial church meeting.
During 2021 the PCC employed a Parish Operations Manager (25 hours a week) and a Parish Communications Manager (25 hours a week).
Remuneration Policy
For the posts of Parish Operations Manager and Parish Communications Manager salaries are determined by the PCC after taking advice on comparable posts in the area and the positions filled by open advertisement.
Objectives and Activities
The PCC's objective is to promote and to carry out Christian ministry in the parish of Dorridge and Bentley Heath. It is responsible for co-operating with the vicar and promoting the whole mission of the church, pastoral, evangelistic, social and ecumenical. It is also responsible for the maintenance of the churches of St Phillips and St James. The PCC has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives of the PCC and in planning its future activities.
Review of the Year and Future Plans
The major event during the year was the completion of the St Philip’s Centre, with the building handed over by the contractors to the church in late summer and the first services being held in early September. Up until then, services had been conducted online.
Our current service pattern is as follows;
Weekly: Sunday 10am and 6:30pm, Wednesday 10:30am Monthly: 1[st] Sunday 8:45am Breakfast Church
The number on the Electoral Roll in April 2021 was 213 (2020: 213) with the Worshipping Community in 2021 being 567 (2019: 642)
Since the opening of the new church centre, it is pleasing to see several community organisations hiring our facilities and we are continually receiving enquiries from other
ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
organisations looking to do likewise. Our plans for the future include maximising the use of the church centre for community involvement and to focus on our ministry among young people and families.
We are grateful to all the members of the church who have generously invested in the ministry and mission to grow God’s church in Dorridge, Bentley Heath and beyond. We recognise that we can do nothing without ‘God’s hand being with us’ (Acts 11:21).
Financial Review
Our financial priorities are;
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Invest in youth and children’s ministry
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Give away up to 7.5% of regular donations to Mission Beyond the Parish activities
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Meet our commitment to the Diocesan Common Fund
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Repay the loans incurred on the building project as quickly as possible
The PCC continues to be grateful that the ministry of the Church continues to be supported by the generous giving of time, money and talents of many of the Church’s members.
The financial resources managed by the PCC are split into three fund types (1) the General Fund (which comprises unencumbered gifts for the general purposes of the church and related expenditures including our Parish contribution to the Diocesan Common Fund) (2) a number of Designated Funds (representing monies given for specific purposes and where the PCC is expressly given the ability to apply unused funds for general purposes) and (3) Restricted Funds where monies are given for specific purposes and can be used for those purposes only.
The General Fund
The principal source of income is Parishoners’ giving, the majority of which is gifted aided. Total income in 2021 was £187.7K (2020: £170.0K), up 10% on the previous year primarily driven by increased giving. Expenditure in 2021 was £169.0K (2020: £165.9k), up 2% on the previous year. This resulted in a surplus in the General Fund of £18.8k compared to £4.6k in 2020. At the end of the year there was cash in the bank of £68.5k.
Designated and Restricted Funds
We have a designated and restricted fund for ‘Building for the Future’, although it is the intention to merge these into a designated fund. The fund was created in 2013 and its purpose is to raise funds to finance the creation of the new St Philip’s Centre. In March 2020 the PCC approved signing a contract with Keir Construction Ltd to build the first phase of the building (demolish existing buildings and construct new worship centre). In November 2020
ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
the PCC resolved unanimously to enter into the Phase 2 contract to complete the entire ground floor. To fund Phase 2 the PCC received unsecured loans from Parishioners of £125k and a £300k loan from a 3[rd] party church.
Expenditure during the year on the project was £2,761k (2020: £1,214k), leaving approximately £151k due to Keir in 2022 along with Professional fees of £3.6k. At the yearend there was £237k cash in the bank and £465k in outstanding loans.
‘Building for the Future’ (asset handling)
Consecrated land/buildings and equipment are not included in the financial statements by virtue of Charities Act 2011. In law ‘consecration’ is not considered to be the same as ‘dedication’ as the latter is no more than an expression of pious intention that the building or land is given back to God. By act of consecration, property is effectively dedicated to God and set aside solely for the sacred purposes. Costs associated with the maintenance or improvement of such assets will be written off in the year they are incurred. (ref: PCC accountability guide)
Consequently, and after having taken advice from the Diocese of Birmingham, all expenses associated with the construction of the new building are being written off and not capitalised.
Property Disposal & Revaluation
There were no property disposals or revaluations during 2021.
Reserves Policy
The General Funds has net reserves of £60.3K (2020: £41.5k), while the Building for the Future Funds had a net deficit of £390.2K (2020: surplus £2,126K). The PCC’s stated policy is that the bank balance in the General Fund should not go below £10k.
Annual Accounts
The accounts have been prepared by Andy Carswell (Honorary Treasurer) with invaluable support from David Archer (Honorary Treasurer until 20[th] September 2021) and Liz May (Honorary Bookkeeper). They have been prepared in accordance with the format recommended by the Central Board of Finance of the Church of England to comply with the Charities Act. Peter Hunt continues to deal with all regular giving and Gift Aid matters for which we are truly thankful.
ANNUAL Report of the Parochial Church Council of St Philip’s Dorridge with St James Bentley Heath, in the benefice of Dorridge and Bentley Heath, for the year-ended 31[st] December 2021.
Statement of Responsibilities of the Members of the PCC (the trustees)
The trustees are responsible for preparing the report of the PCC and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practise).
The law applicable to charges in England and 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 the financial statements the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charity's Statement of Recommended Practise; make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to assume that the Charity will continue.
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 (Account and Reports) Regulations 2008 and the provisions of the governing document. 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 the financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Independent Examiner
Prime Chartered Accountants have expressed their willingness to continue in office and will be proposed for re-appointment at the Annual Parch Church Meeting.
Approved by the PCC on 25[th] April 2022
Rev Duncan Hill-Brown Chairman of the PCC
Andy Carswell
Honorary Treasurer
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 December 2021
| General | Designat | **Restricted ** | Endowm | 2021 | 2020 | |||
|---|---|---|---|---|---|---|---|---|
| Notes | Fund | -ed Funds | Funds | -ent Funds | Total | Total | ||
| £ | £ | £ | £ | £ | ||||
| Income and endowments from: | ||||||||
| Donations and legacies | 2a | 181,565 | 192,135 | 35,022 | 0 | 408,722 | 517,982 | |
| Charitable activities | 2b | 0 | 0 | 2,015 | 0 | 2,015 | 1,839 | |
| Other trading activities | 2c | 5,498 | 16,091 | 130 | 0 | 21,720 | 2,420 | |
| Investments | 2d | 434 | 2 | 1,612 | 0 | 2,048 | 16,170 | |
| Other | 2e | 224 | 0 | 0 | 0 | 224 | 0 | |
| Total Income and Endowments | 187,722 | 208,228 | 38,779 | 0 | 434,729 | 538,410 | ||
| Expenditure on: | ||||||||
| Raising funds | 3a | 12,646 | 720 | 250 | 0 | 13,616 | 12,787 | |
| Charitable activities | 3b & 19 | 154,268 | 1,579,707 | 1,182,953 | 0 | 2,916,928 | 1,375,633 | |
| Other | 3c | 2,040 | 0 | 0 | 0 | 2,040 | 2,040 | |
| Total Expenditure | 168,953 | 1,580,427 | 1,183,203 | 0 | 2,932,584 | 1,390,460 | ||
| Net income/(expenditure) before transfers | 18,768 | (1,372,199) | (1,144,424) | 0 | (2,497,855) | (852,049) | ||
| Transfers between funds | 0 | 420,000 | (420,000) | 0 | 0 | 0 | ||
| Net income / (expenditure) | 18,768 | (952,199) | (1,564,424) | 0 | (2,497,855) | (852,049) | ||
| Other recognised gains (+) /losses (-) | ||||||||
| Endowment fund | 11 & 16 | 0 | 0 | 0 | 1,655 | 1,655 | 704 | |
| Gain on sale of 2 Hurst Green Roa | 11 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Net movements in funds | 18,768 | (952,199) | (1,564,424) | 1,655 | (2,496,200) | (851,346) | ||
| Total funds brought forward 1 January | 41,518 | 1,020,235 | 1,106,178 | 11,488 | 2,179,420 | 3,030,765 | ||
| 16, 17 & 18 | ||||||||
| Total funds carried forward 31 December | 60,287 | 68,036 | (458,247) | 13,143 | (316,780) | 2,179,420 |
All income and expenditure relates to continuing operations. There were no recognised gains or losses for 2021 or 2020 other than those included in the Statement of Financial Activities.
Amounts are shown rounded to nearest pound (and so may appear not precisely to add across or down).
page A1 Financial Activities
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
BALANCE SHEET AS AT 31 DECEMBER 2021
| 2021 2021 £ £ Notes Fixed assets Residual land next 6 Manor Rd 11 1 Endowment Fund held by Diocese 13,143 Current assets Debtors 12 14,069 Deposit Accounts General - CBF Deposit 0 General - HSBC Deposit 111,730 Bank Deposits 111,730 Diocesan Decoration Fund 377 112,107 Current Accounts Church General 28,227 Church Expenditure 3,540 Friendship Club 0 Buillding 151,670 Bank Accounts 183,436 Cash in Hand 30 183,466 Total current assets 309,642 Creditors: amounts falling due within one year 13 (249,566) Net current assets 60,075 Total assets less current liabilities 73,220 Creditors: amounts falling due after more than one year 14 (390,000) Net assets (316,780) Funds Unrestricted (General and Designated) 16 & 17 128,323 Restricted 16 to 18 (458,247) Endowment 4,11 & 16 13,143 Total Funds (316,780) |
2020 2020 £ £ 1 11,488 22,423 1,560,000 80,151 1,640,151 377 1,640,528 18,958 4,641 429 670,491 694,519 9 694,529 2,357,479 (144,549) 2,212,930 2,224,420 (45,000) 2,179,420 1,061,754 1,106,178 11,488 2,179,420 |
|---|---|
Approved by the Parochial Church Council on 25th April 2022 and signed on its behalf by:
Andrew Carswell Reverend Duncan Hill-Brown Hon Treasurer Chairman
The notes on pages A4 to A15 form part of these financial statements.
page A2 Balance Sheet
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
STATEMENT OF CASH FLOWS for the year ended 31 December 2021
| Note Net cash flow from operating activities 19 Rents received from investment properties Interest receivable Receipts from sales of investments Net cash flow from investing activities Long term loans received (net) Net cash flow from financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at start of year Cash and cash equivalents at end of year Cash and cash equivalents consists of: Cash at bank and in hand Short term deposits Cash and cash equivalents at end year |
2021 £ (2,386,532) - 2,048 - 2,048 345,000 345,000 (2,039,484) 2,335,057 295,573 183,466 112,107 295,573 |
2020 £ (798,952) - 16,170 - 16,170 5,000 5,000 - - (777,782) 3,112,838 2,335,057 694,529 1,640,528 2,335,057 |
|---|---|---|
page A3 Cashflow Summary
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
1. Summary of significant accounting policies
(a) General information and basis of preparation
The Parochial Church Council of St Philip's, Dorridge with St James, Bentley Heath is a registered unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of this Report and Accounts. The nature of the charity's operations and principal activities are to promote and to carry out Christian Ministry in the Parish of Dorridge and Bentley Heath. It is responsible for co-operating with the Vicar, Rev'd Duncan Hill-Brown, in promoting the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It is also responsible for maintenance of the churches of St Philip's and St James, and for the church centre including the strip of land that remains adjacent to 6 Manor Road (the former vicarage).
The charity constitutes a public benefit entity as defined by FRS102. 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 (Charities SORP FRS 102) issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2016.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
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.
b) Going concern
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements show an insolvent balance sheet as a result of building expenditure incurred in the year. The trustees have prepared a cash flow forecast which, along with donations received since the year end, shows that the charity will have sufficient funds to meet their obligation for the next twelve months.
c) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page A4 Ac Policies
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
Summary of significant accounting policies - cont'd
d) Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasions legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
e) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
f) Support cost allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include building upkeep and running costs, office costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where suppport costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Page A5 Ac Policies
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
Summary of significant accounting policies - cont'd
g) Tangible Fixed Assets
Consecrated land and buildings and movable church furnishings
By reason of the Charities Act 2011 s10(2)(a) consecrated and beneficed property does not fall under the general requirements of the Charities Act. In consequence of this transactions that relate to such property including fundraising receipts and expenditure on the new church are recorded as income and costs in the Statement of Financial Activities as they arise and no amount has been capitalised or treated as work in progress; although the property is not yet consecrated there is no reason to believe this will not happen once building work is complete and the accounting reflects that expectation.
No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which requires a faculty for disposal since the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities and separately disclosed.
Freehold land and buildings
No depreciation is provided on freehold properties on the grounds that, in the opinion of the PCC, given the residual value of properties, the depreciation charge and accumulated depreciation would be immaterial to these accounts. The PCC has taken advice on the carrying value of the properties and a provision is not considered necessary.
h) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
i) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
j) Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
k) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Page A6 Ac Policies
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 2 Income and endowments from: (a) Donations and Legacies Planned giving: Gift Aided - standing orders and envelopes Gift Aided - annual and occasional gifts Gift Aid recoverable on the above Payroll and CAF Giving Giving not Gift Aided Other voluntary giving Collections (open plate) including GASDS Building for the Future appeal Youth Team appeal Child & Family Ministry appeal Gift Aid recoverable (on above appeals) Grants (Building for the Future project) Other grants and sundry donations Legacies received (b) Charitable activities Youth Events Parish & outreach events Nominated gifts & external appeals Gift Aid recoverable on nominated gifts Friendship Club (c) Other trading activities Building for the Future project events Fun Run (including Gift Aid recoverable) Allsorts Parent & Toddlers Group St Philip's Church Hall letting St James Church Hall letting 2 Hurst Green letting (to Diocese) Fees Charged (net) Items & Services including card sales (d) Investments (see Note 4) Interest from Bank Deposits Interest from Endowment Fund (e) Other Insurance claim Total Income and Endowments (f) Revaluation of Endowment Fund (Note 11) Total Income and Recognised Gains |
General Desig- Restr- Total General Desig- Restr- Total fund nated icted fund nated icted £ £ £ £ £ £ £ £ 117,523 - - 117,523 112,356 - - 112,356 7,435 - - 7,435 5,849 - - 5,849 32,027 - - 32,027 28,604 - - 28,604 7,505 - - 7,505 15,164 - - 15,164 14,002 - - 14,002 5,790 - - 5,790 178,492 - - 178,492 167,763 - - 167,763 3,073 - - 3,073 1,153 - - 1,153 - 166,633 28,818 195,451 - 115,922 57,781 173,703 - - 3,000 3,000 - - 420 420 - 3,132 - 3,132 - - - - - 22,370 3,204 25,574 - 16,935 15,808 32,742 - - - - - 6,000 36,200 42,200 - - - - - - - - - - - - - - 100,000 100,000 181,565 192,135 35,022 408,722 168,916 138,857 210,208 517,982 - - - - - - - - - - - - - - 394 394 - - 1,670 1,670 - - 1,260 1,260 - - 345 345 - - 45 45 - - - - 140 - - 140 - - 2,015 2,015 140 - 1,699 1,839 - 16,091 - 16,091 - 1,615 78 1,693 - - - - - - - - 213 - - 213 - - - - 4,613 - - 4,613 - - - - - - - - 536 - - 536 - - - - - - - - 673 - - 673 89 - - 89 - - 130 130 - - 102 102 5,498 16,091 130 21,720 625 1,615 180 2,420 100 2 1,612 1,714 - - 15,848 15,848 334 - - 334 323 - - 323 434 2 1,612 2,048 323 - 15,848 16,170 224 - - 224 - - - - 187,722 208,228 38,779 434,729 170,003 140,472 227,935 538,410 - - - 1,655 - - - 704 187,722 208,228 38,779 436,384 170,003 140,472 227,935 539,114 2021 2020 |
|---|---|
page A7 Income
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021
| 3 | Expenditure: | 2021 | 2021 | 2020 | 2020 | ||||
|---|---|---|---|---|---|---|---|---|---|
| General | Desig- | Restr- | Total | General | Desig- | Restr- | Total | ||
| fund | nated | icted | fund | nated | icted | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | ||
| (a) | Raising funds | ||||||||
| Building for the Future project - fund raising | 100 | 718 | - | 818 | - | 3,378 | - | 3,378 | |
| Fun Run expenses | - | - | 250 | 250 | - | - | - | - | |
| 2 Hurst Green Road repairs | - | - | - | - | - | - | - | - | |
| Allocated support costs (see Note 5): | |||||||||
| St Philip's upkeep | 3,739 | - | - | 3,739 | 325 | - | - | 325 | |
| St Philip's running costs (incl insurance) | 792 | - | - | 792 | 648 | - | - | 648 | |
| St James's upkeep & running costs | 1,430 | - | - | 1,430 | 1,667 | - | - | 1,667 | |
| Administrative salaries etc | 6,107 | - | - | 6,107 | 6,060 | - | - | 6,060 | |
| General office expenses | 477 | 2 | 0 | 479 | 709 | - | - | 709 | |
| (b) | Charitable activities Mission, worship and pastoral care Common Fund Clergy Expenses Clergy Housing costs Youth Minister salary etc & expenses Child & Family Missioner contrib. to Diocese Youth & Children Activities (gross) Growth groups & Lay Team expenses Local Mission costs Music and worship Parish & outreach events (gross) Friendship Club Allsorts Parents & Toddlers Group Building for the Future - project costs Allocated support costs (see Note 5): St Philip's upkeep St Philip's running costs (incl insurance) St James's upkeep & running costs Administrative salaries etc General office expenses |
12,646 82,911 1,218 511 - - 386 - 2,341 1,644 1,321 21 123 - 14,957 3,168 5,719 24,430 1,908 |
720 - - - - - - - - - - - - 1,579,699 - - - - 8 |
250 - - - - - 142 - - - - - - 1,181,336 - - - - 2 |
13,616 82,911 1,218 511 - - 528 - 2,341 1,644 1,321 21 123 2,761,036 14,957 3,168 5,719 24,430 1,918 |
9,409 82,911 1,447 528 16,210 - 27 - 2,146 782 - 77 - - - 1,302 2,590 6,669 24,241 2,835 |
3,378 - - - - - - - - - - - - - - - - - - - |
- - - - 4,850 - 552 - - - - - - 1,213,769 - - - - - - |
12,787 82,911 1,447 528 21,060 - 579 - 2,146 782 - 77 - 1,213,769 - 1,302 2,590 6,669 24,241 2,835 |
| Grants (see note 19) Missionary & charitable giving: Mission & Church Overseas Relief & Development Home Missions &c Change in MBP reserve Other nominated gifts & hardship grants Fun Run Charities (external gifts) |
140,660 - 9,375 3,125 1,108 - - |
1,579,707 - - - - - - |
1,181,480 - 248 974 - 250 - |
2,901,847 - 9,623 4,099 1,108 250 - |
141,764 - 9,544 3,125 - - - |
- - - - - - - |
1,219,171 - 865 1,165 - - - |
1,360,935 - 10,409 4,290 - - - |
|
| (c) | Other Governance (fee for independent examination |
13,608 2,040 |
- - |
1,472 - |
15,081 2,040 |
12,669 2,040 |
- - |
2,030 - |
14,698 2,040 |
| Total Expenditure | 168,953 | 1,580,427 | 1,183,203 | 2,932,584 | 165,882 | 3,378 | 1,221,200 | 1,390,460 |
page A8 Expenditure
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
4 Interest from endowment fund
| 2021 | 2020 |
|---|---|
| £ | £ |
| -334 | -323 |
This arises from a holding of 562 CBF income shares given by a parishioner in 1957. The capital has to be retained as a permanent endowment fund held by the Diocese on behalf of the PCC, which is entitled only to use the income. This income may be used for unrestricted purposes.
5 Support Costs
Of the support costs shown in Note 3, building upkeep and running costs are allocated by estimated usage, and office and governance costs by estimated office time input, as follows:.
| Raising funds St Philip's upkeep & running costs St James's upkeep & running costs Administration, office costs & governance Charitable activities St Philip's upkeep & running costs St James's upkeep & running costs Administration, office costs & governance 6 Staff costs Wages and salaries Social security costs (before small business relief) Pension costs 7 Staff numbers and information Head count (average over the year) Full time equivalents (average over the year) |
2021 20% 20% 20% 80% 80% 80% 2021 £ 27,511 3,105 3,027 33,642 2021 2.00 1.33 |
2020 20% 20% 20% 80% 80% 80% 2020 £ 48,826 3,136 2,519 59,732 2020 2.58 1.92 |
|---|---|---|
The PCC employed a Parish Operations Manager and a Parish Communications Manager, both normally for 25 hours a week. Neither of these earned over £60,000 per annum.
8 Trustee remuneration, expenses and related party transactions Trustee remuneration and expenses
Revd Duncan Hill-Brown is a member of the PCC. He was reimbursed £1,218 (2020: £1,477) for the clergy operating expenses reported in Note 3.
Related party transactions
Members of the PCC provided interest-free loans totaling £70,000 included in Note 14.
page A9 Notes 1
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
8 Related party transactions (continued)
Aggregate contributions to the principal church funds from all PCC members (and their immediate family members) were as follows.
| General Fund contributions 'Building for the Future' contributions |
2021 £ 41,445 24,270 65,715 |
2020 £ 30,549 41,555 72,104 |
|---|---|---|
9 Taxation
As a charity the Parochial Church Council of St Philips, Dorridge with St James, Bentley Heath is exempt from tax on income and gains falling within section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the PCC.
10 St Philip's and St James's Friendship Club
As reported in the accounts for 2015, the PCC from 1 January 2016 accepted the assets and obligations of the St Philip's and St James's Friendship Club.
11 Tangible fixed assets Endowment Fund
| gible fixed assets owment Fund |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Book value at 1 January | 11,488 | 10,785 |
| Revaluation of Endowment Fund | 1,655 | 703.56 |
| Book value at 31 December | 13,143 | 11,488 |
Under section 10 of the Charities Act 2011, and in accordance with advice from the Diocese of Birmingham, expenditure associated with the provison of new buildings is written off as incurred and is not capitalised.
The '9 metre strip' of residual land excluded from the 2016 sale of 6 Manor Road was valued for accounting purposes at £65,000, as explained in the 2015 Annual Report. After this became part of the church site, the PCC resolved to reduce its valuation to one pound at 31 December 2018.
The costs of the St James Church building have been written off as incurred, as the PCC does not own the asset, only the right to use it until 2200. Other major building works have been written off as incurred against the St Philip's Building Project Fund, in line with the accounting policy.
page A10 Notes 2
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
| 12 Debtors 2021 £ Gift aid and GASDS due (general fund) 8,649 End year gifts, interest and gift aid due (designated funds) 2,439 End year gifts and gift aid due (restricted funds) 1,391 Prepayments (insurance etc) 1,591 14,069 13 Creditors: amounts falling due within one year 2021 £ Building Project final payments (156,074) Giving for Mission Beyond the Parish (balance carried forward) (4,736) Other creditors and accruals (13,756) (174,566) (5,000) (70,000) Total (249,566) 14 Creditors: amounts falling due after more than one year 2021 £ (90,000) Loan from a 3rd party church (300,000) (390,000) 15 ANALYSIS OF NET ASSETS BY FUND at 31 Dec 2021 (see Note 11) General Designat Restricted Endowm Fund -ed Funds Funds -ent Funds £ £ £ £ Fixed Assets Endowment Fund (held by Diocese) - - 13,143 Residual land next 6 Manor Rd - 1 - - - 1 - 13,143 Current Assets Debtors (Note 12) 10,240 2,439 1,391 - Bank Balances 68,539 65,597 161,437 - Current Liabilities (Note 13) (18,492) 0 (231,074) - Net Current Assets 60,287 68,035 (68,247) - Creditors:(amounts falling due after more than one yea - ( 390,000) - Total Funds 60,287 68,036 (458,247) 13,143 Concessionary loans from members of the congregation Concessionary loans from members of the congregation to be repaid by 31 December 2022 Concessionary loan from 3rd Party Church to be repaid by 31 December 2022 |
2020 £ 7,112 7,217 2,029 6,065 22,423 2020 £ (134,413) (3,628) (6,508) (144,549) 0 (144,549) 2020 £ ( 5,000) (40,000) (45,000) Total £ 13,143 1 13,144 14,069 295,573 (249,566) 60,075 ( 390,000) ( 316,780) |
|---|---|
page A11 Notes 3
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
15A ANALYSIS OF NET ASSETS BY FUND (continued)
| Comparative Figures at 31 Dec 2020 (see Note 11) Fixed Assets Endowment Fund (held by Diocese) Residual land next 6 Manor Rd Current Assets Debtors (Note 12) Bank Balances Current Liabilities (Note 13) Net Current Assets Creditors:(amounts falling due after more than one year) Total Funds |
General Designat Restricted Endowm Fund -ed Funds Funds -ent Funds £ £ £ £ - - 11,488 - 1 - - - 1 - 11,488 13,177 7,217 2,029 - 38,477 1,013,019 1,283,561 - (10,136) - (134,413) - 41,518 1,020,235 1,151,177 - - ( 45,000) - 41,518 1,020,236 1,106,177 11,488 |
Total £ 11,488 1 11,489 22,423 2,335,057 ( 144,549) 2,212,930 ( 45,000) 2,179,420 |
|---|---|---|
General Fund - The Church General fund represents the accumulated difference between income and expenditure over the life of this parish, excluding any money given for specific causes. The money in this fund is not restricted or designated and is used for the general running of the church.
Building for the Future (designated) Fund - When the PCC in 2008 acquired the former vicarage (adjacent to the church site) for future use or disposal within the PCC's vision, it invited gifts designated for its purchase, on the declared intention that if the property was sold the proceeds (after repaying any debt) would be placed into the general funds. The PCC expected these proceeds to be used for the St Philip's building fund, but could not be tied to this use at that time. In October 2018 the PCC resolved to rename this fund as the Building for the Future (designated) Fund, more accurately to describe its current purpose.
Designated Fund (Child and Family Ministry) - £3,132 has been designated for missionary work among children and families in the parish.
Restricted Funds - Expenditure from funds shown in Note 17 and 17A is restricted to the purposes shown, comprising PCC Funds for St Philip's Building Project; special appeals for use outside the parish; and other Restricted Funds for use within the parish.
page A12 Notes 4
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS
Fund Movements for the year ended 31 December 2021
| 16 Unrestricted funds 2020 General fund: Current Assets 51,655 Current Liabilities (10,136) Net Current Assets 41,518 Fixed Asset - Total General Fund 41,518 Designated funds Building Project (designated) 1,020,235 Child and Family Ministry - Current Assets 1,020,235 Current Liabilities - Net Current Assets 1,020,235 Creditors: amounts falling due after more than one year - Fixed Asset (see Note 11) 1 Total Designated funds 1,020,236 Total Unrestricted Funds 1,061,755 17 Restricted funds 2020 PCC funds St Philip's Building Project 1,148,453 Loans Fund -45,000 Youth Ministry 0 Sub-total 1,103,453 Special appeal funds Byumba cards - Christian Aid lunches 49 Goodwill children's homes 118 St Basils - Sub-total 167 Other restricted funds Church furnishing - Diocesan decoration fund 377 Fair Trade - Fun Run 931 Hardship fund 709 Children's Activities - Nominated gifts 540 Sub-total 2,557 Total Restricted Funds Net Current Assets 1,106,177 Fixed Asset - Total Restricted Funds 1,106,177 Endowment Fund CBF Income Shares 11,488 31 December 31 December 31 December |
Income Expenditure Transfers 2021 78,779 (18,492) 187,722 168,953 0 60,287 - - - - 187,722 168,953 0 60,287 205,096 1,580,427 420,000 64,904 3,132 - 0 3,132 208,228 1,580,427 420,000 68,036 - - - - 208,228 1,580,427 420,000 68,036 - - - - - - - 1 208,228 1,580,427 420,000 68,037 395,950 1,749,381 420,000 128,324 Income Expenditure Transfers 2021 32,884 1,181,336 - - - - 420,000 - ( 465,000) 3,750 142 - 3,608 36,634 1,181,479 (420,000) (461,392) 60 60 - - - 49 - - 70 188 - - - - - - 130 297 - - - - - - - - - 377 - - - - - 250 - 681 1,556 250 - 2,016 - - - - 459 927 - 71 2,015 1,427 0 3,145 38,779 1,183,203 ( 420,000) ( 458,248) - - - - 38,779 1,183,203 (420,000) (458,248) 13,143 1,655 Revaluation 31 December 31 December 31 December 2021 2021 |
|---|---|
page A13 Fund Movements
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH
NOTES TO THE FINANCIAL STATEMENTS
Fund Movements for the year ended 31 December 2020
| 16A Unrestricted funds General fund: Current Assets 58,930 Current Liabilities (22,033) Net Current Assets 36,897 Fixed Asset - Total General Fund 36,897 Designated funds Building Project (designated) 854,651 Child and Family Ministry 23,381 Current Assets 878,032 Current Liabilities - Net Current Assets 878,032 Creditors: amounts falling due after more than one year - Fixed Asset (see Note 11) 1 Total Designated funds 878,033 Total Unrestricted Funds 914,930 17A Restricted funds PCC funds St Philip's Building Project 2,180,937 Loans Fund ( 80,000) Youth Ministry 5,300 Sub-total 2,106,237 Special appeal funds Byumba cards 60 Christian Aid lunches 155 Goodwill children's homes 16 St Basils 92 Sub-total 323 Other restricted funds Church furnishing 109 Diocesan decoration fund 377 Fair Trade 858 Fun Run 931 Hardship fund 709 Children's Activities 552 Nominated gifts 254 Sub-total 3,790 Total Restricted Funds Net Current Assets 2,105,051 Fixed Asset - Total Restricted Funds 1,404,528 Endowment Fund CBF Income Shares 10,785 31 Dec 2019 31 Dec 2019 31 Dec 2019 |
Income Expenditure Transfers 51,655 (10,136) 170,003 165,882 500 41,518 - - 0 - 170,003 165,882 500 41,518 140,472 3,378 28,490 1,020,235 - - ( 23,381) - 140,472 3,378 5,109 1,020,235 - - - - 140,472 3,378 5,109 1,020,235 - - - - - - - 1 140,472 3,378 5,109 1,020,236 310,475 169,260 5,609 1,061,755 Income Expenditure Transfers 221,284 1,213,769 ( 40,000) 1,148,453 - - 35,000 ( 45,000) 1,050 6,350 - - 222,334 1,220,119 (5,000) 1,103,453 - 60 - - 394 500 - 49 102 - - 118 148 240 - - 644 800 - 167 - - ( 109) - - - - 377 - 358 ( 500) - - - - 931 - - - 709 - 552 - - 1,157 871 - 540 1,157 1,782 (609) 2,557 227,935 1,221,200 ( 5,609) 1,106,177 - - - - 322,130 50,239 428,631 2,105,051 11,488 704 2020 2020 31 Dec 2020 Revaluation 31 Dec 2020 31 Dec 2020 |
|---|---|
page A14 Funds Comparatives
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH NOTES TO THE FINANCIAL STATEMENTfor the year ended 31 December 2021
18 Analysis of grants
| 18 | Analysis of grants | ||||||
|---|---|---|---|---|---|---|---|
| Mission and | Overseas | Home | Other | Total | |||
| GIVING FROM GENERAL FUNDS Church Overseas | Relief | Missions | |||||
| Mission Beyond the Parish | £ | £ | £ | £ | £ | ||
| Christians Against Poverty | - | - | 1,250 | - | 1,250 | ||
| Church Mission Society (support for Yanez) | 3,750 | - | - | 3,750 | |||
| CPAS Falcon Camps | - | - | 1,875 | - | 1,875 | ||
| Grassroots Rwanda (David Dale Shyogwe Tr | 3,125 | - | - | 3,125 | |||
| Fund for the Needy (Widows of Dornakel) | - | 2,500 | - | - | 2,500 | ||
| The Children's Society (Christingle costs) | - | - | - | - | 0 | ||
| Total Payments 2021 - General funds | 6,875 | 2,500 | 3,125 | - | 12,500 | ||
| RESTRICTED GIFTS | |||||||
| Friends of Byumba Trust (cards) | 60 | - | - | - | 60 | ||
| Christian Aid lunches | - | 49 | - | - | 49 | ||
| Goodwill Children's Homes (cards) | - | 188 | - | - | 188 | ||
| Friends of the Holy Land (Carol Service) | - | - | - | - | - | ||
| Widows of Dornakal | - | - | - | 0 | |||
| Aston and Nechells Food Bank | - | - | - | 0 | |||
| Traidcraft | - | 0 | - | - | 0 | ||
| St Basil's | - | 0 | - | - | 0 | ||
| Salvation Army | - | - | 925 | - | 925 | ||
| Support from Hardship Fund | - | - | - | 250 | 250 | ||
| Total Payments 2021 - Restricted funds | 60 | 237 | 925 | 250 | 1,472 | ||
| Change in MPB reserve | 1,108 | ||||||
| Total Grants - 2021 | 6,935 | 2,737 | 4,050 | 250 | 15,081 | ||
| 18A | Analysis of grants - comparative figures for 2020 | ||||||
| Mission and GIVING FROM GENERAL FUNDS Church Overseas |
Overseas Relief |
Home Missions |
Other | Total | |||
| Mission Beyond the Parish | £ | £ | £ | £ | £ | ||
| Christians Against Poverty | - | - | 1,250 | - | 1,250 | ||
| Church Mission Society (support for Yanez) | 3,750 | - | - | 3,750 | |||
| CPAS Falcon Camps | - | - | 1,875 | - | 1,875 | ||
| Grassroots Rwanda (David Dale Shyogwe Tr | 3,125 | - | - | 3,125 | |||
| Fund for the Needy (Widows of Dornakel) | - | 2,500 | - | - | 2,500 | ||
| The Children's Society (Christingle costs) | - | - | - | - | 0 | ||
| Total Payments 2020- General funds | 6,875 | 2,500 | 3,125 | - | 12,500 | ||
| RESTRICTED GIFTS | |||||||
| Friends of Byumba Trust (cards) | 60 | - | - | - | 60 | ||
| Christian Aid lunches | - | 500 | - | - | 500 | ||
| Goodwill Children's Homes (cards) | - | - | - | - | - | ||
| Friends of the Holy Land (Carol Service) | - | - | - | - | - | ||
| Widows of Dornakal | - | 305 | - | - | 305 | ||
| Aston and Nechells Food Bank | - | 335 | - | - | 335 | ||
| Traidcraft | - | 358 | - | - | 358 | ||
| St Basil's | - | 240 | - | - | 240 | ||
| Salvation Army | - | - | 231 | - | 231 | ||
| Support from Hardship Fund | - | - | - | - | - | ||
| Total Payments 2020 - Restricted funds | 60 | 1,739 | 231 | - | 2,030 | ||
| Change in MPB reserve | 169 | ||||||
| Total Grants - 2020 | 6,935 | 4,239 | 3,356 | - | 14,698 |
PAROCHIAL CHURCH COUNCIL OF ST PHILIP, DORRIDGE WITH ST JAMES, BENTLEY HEATH NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021
19 RECONCILIATION OF NET INCOME/EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Note Net income / (expenditure) SOFA (page 1) Less: Non-operating income Rents received from investment properties Interest receivable Net operating income / (expenditure) (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash flow from operating activities SOCF (Page 3) |
2021 £ (2,497,855) - (2,048) (2,048) 8,353 105,018 (2,386,532) |
2020 £ (852,049) - (16,170) (16,170) (42) 69,310 (798,952) |
|---|---|---|
20 CHURCH WORKERS PENSION FUND
Since 1st April 2016 the PCC has participated in the Pension Builder Scheme section of the CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.
CWPF has two sections:
1.the Defined Benefits Scheme
2.the Pension Builder Scheme, which has two subsections; i.a deferred annuity section known as Pension Builder Classic, and, ii.a cash balance section known as Pension Builder 2014.
Pension Builder Scheme
Both sections of the Pension Builder Scheme are classed as defined benefit schemes.
Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2021: £3,027, 2020: £2,519).
A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.
page A16 Notes 5
For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, the PCC could become responsible for paying a share of that employer’s pension liabilities.
page A16 Notes 5