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2020-12-31-accounts

SWINDON OLD TOWN PARTNERSHIP OF CHURCHES

CHRIST CHURCH WITH ST MARY’S

ANNUAL REPORT AND

FINANCIAL STATEMENTS

OF THE PAROCHIAL CHURCH COUNCIL for the year ended 31[st] December 2020

Registered Charity Number 1134032

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Contents

Trustees’ Annual Report ....................................................................................................................... 3 Trustees’ Review of 2020 ...................................................................................................................... 3 Our vision and plan for 2021 ................................................................................................................. 5 Buildings and Grounds .......................................................................................................................... 6 Achievements and performance ........................................................................................................... 6 Administrative information .................................................................................................................. 7 Structure, management and governance: ............................................................................................. 9 Financial Review ................................................................................................................................. 10 Income ............................................................................................................................................... 12 Expenditure ........................................................................................................................................ 12 Reserves policy ................................................................................................................................... 12 Independent Examiner's Report 2020 ................................................................................................. 13 Financial Reports 2020 ........................................................................................................................ 14

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Trustees’ Annual Report

Charitable objects

The objects of the Charity is to promote the ecclesiastical parish the whole mission of the Church.

Our vision

To be Christ’s Church in the community

Our mission: By proclaiming Christ through teaching and example:

We will do this with humility, grace and respect, listening prayerfully to God and our neighbour.

Trustees’ Review of 2020

How, with God’s strength, we met our goals for 2020

In 2020 our Bible verse of the year was:

‘The earth is the Lord’s and everything in it, the world and all who live in it.’ Psalm 24:1.

1. Becoming an Eco-Congregation

With Christ Church and St. Mary’s being closed over Easter we were very grateful to Gervin Senior for his imaginative sculptures Crucifixion Recycled, Resurrection Retreaded. At the end of the year, Gervin further constructed an eco-stable, which was widely appreciated and was a great hit on our Christ Church Facebook page.

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2. Our response to the coronavirus pandemic/COVID-19:

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  1. Discipleship and training We have continued to inspire the congregation to grow in discipleship through our small groups. For example, we have led the Bible Course and the Prayer Course online to encourage growth in these areas. The staff team have taken advantage of many excellent webinars organised by, amongst others; the Church Pastoral Aid Society (CPAS), the Evangelism and Discipleship branch of the Church of England, and our own Bristol Diocese. This has covered Eco Church, climate change, children’s and youth work, leadership, education, Unconscious Bias training, community development, and spirituality. Bishop Viv’s Quiet days in Lent and Advent were a great blessing.

  2. Buildings and environment: Work was begun on the restoration of the former rose garden. A faculty application was made towards the end of the year and planning and design meetings were held to develop a plan of the new garden. We are grateful to the team working on this on our behalf.

5. Our Community Centre: The Community Centre operated to maintain services to support groups. It reopened as soon as allowed following covid secure guidance. We operated a Christmas hamper scheme in place of Alone at Christmas . We applied for and received lottery grant to assist future running of the community centre.

  1. Safeguarding: The PCC, with the safeguarding team (Pam Bridgeman, Ailsa Palmer and Norma McKemey) acting on its behalf, continue to maintain high safeguarding standards and has complied with the duty to have due regard to the House of Bishops’ Safeguarding Policy and Practice Guidance.

Our vision and plan for 2021 What are the focus-areas God is calling us to concentrate on during 2021?

Our Bible verse for 2021 is:

1 Peter 1 verse 3 Blessed be the God and Father of our Lord Jesus Christ! By his great mercy he has given us a new birth into a living hope Through the resurrection of Jesus Christ from the dead.

Our goals for 2021 include:

Lives matter and Outreach: Beginning with this foundation, we will continue to share our hope in God in the midst of all the effects the Covid 19 pandemic has had in our Old Town Swindon parish and our Swindon Borough, particularly in the area of mental health. In response, we will run the Wellbeing Journey, learning from its insights regarding our listening, prayer and pastoral support. We will also provide training in Mindfulness and the Christian faith.

We will further develop our KIT pastoral support scheme, supporting people and making relationships; to this end we will organise social events to help people build new friendships and regain confidence in returning to public life after all the isolation Covid has brought.

With our Partnership, we will support, as much as possible, our project with the school in Desai Kenya, which has been postponed due to Covid. We will also do all we can to help to support Messy Church as it

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starts again and we consider together how we can best support spiritually our children and young families through our Sunday Club, schools work, schools ministry and other activities.

Eco-church: We will continue to develop as an Eco-congregation with a goal to gain Eco-church accreditation, being supported Phil Mansfield as our Eco Champion. We are looking forward to the Revd Mark Siddall’s placement in September to provide further stimulus in this area.

Focus Forward and Transformation: We will support our Bristol Diocese as widely as possible especially in the ‘Transforming Church Together’ initiative as we build a new mission and ministry strategy for the forthcoming years. We will also support the Church of England nationally in considering the important ‘Living in Faith and Love’ materials regarding human sexuality and living in same sex partnerships. Additionally, we will continue to reappraise what we do and why we do it with all aspects of our Christian ministry as a result of the Covid 19 pandemic. This will also include building back our finances on a stronger footing, recognising the effect of the postponement of so many of our activities over the last year. Taking forward a further theme from our Strategic Review 2017, we will further develop our communication across the congregation. Our small groups will be particularly important with this as we welcome newcomers.

We are very grateful to the congregation for all of their support, prayers, giving and hard work.

Buildings and Grounds

Having been granted permission to proceed, we will continue to develop the former rose garden under the direction of Ian Handy who is leading the work. A fund-raising campaign has been set up to seek contributions for the garden and for its further development and future maintenance. We also need to appoint a new Church Architect this year to assist us in the delayed quinquennial inspection. As funds for this coming year remain uncertain further development proposals for audio visual and lighting projects are on hold pending a review of finances and priorities.

Achievements and performance

Church attendance

Baptisms: 6 infants under I year. Two couples married in Christ Church. Our staff team took 20 funeral services in church (down from 22 in 2019). The ministry team conducted 17 interment of ashes and committals only. Offsite our team conducted 23 funeral services, down from 25 in 2019.

The Revd Canon Simon Stevenette, March 2021

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Administrative information

Incumbent:

Incumbent: Revd Canon Simon M Stevenette Christ Church Vicarage 26 Cricklade Street Swindon SN1 3HG Lay chair from October 2020: Pam Bridgeman 69 Sandringham Road, Swindon SN3 1HT

Christ Church with St Mary’s, Old Town, Swindon:

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Trustees during the Year

*Trustees

The PCC comprises of the Vicar and a curate, two churchwardens, three representatives on the Swindon Deanery Synod, and up to 15 other elected members. The members of the PCC are the Trustees of Registered Charity number 1134032.

Ex officio members:

*Revd Canon Simon Stevenette – Vicar

Revd Norma McKemey – Associate Minister Daniel Pitt (Ex officio as chair of Old Town Partnership of Churches)

*Ian Farr (Deanery Synod, until 2020 APCM)

Greg Kendall (Deanery Synod, until 2020 APCM) Anne Grainger (Deanery Synod, from 2020 APCM) *Kevin Penfold (Deanery Synod, from 2020 APCM)

Elected members:

*Ruth Awinyo (from 2019 APCM)

*Sean Bolger (from 2020 APCM)

*Steve Cox (from 2020 APCM)

*Rose Earle (from 2020 APCM)

*Mike Frost Foster (from 2020 APCM)

Non-voting Attendees:

Ailsa Palmer – acting PCC minutes secretary Chris Smith – Community Centre @ Christ Church Development Manager Sandie Rule - (from 2018 APCM, verger and deputy churchwarden)

Helen Parker-Drabble – parish administrator

Other officeholders:

Stephen Grosvenor – Gift Aid secretary Alison Harris – Electoral Roll Officer Carol Simmons – Parish Clerk

Safeguarding team:

Norma McKemey, Pam Bridgeman and Ailsa Palmer

Vulnerable adult adviser: Nitin Shinde

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Ministerial staff team

Vicar

Revd Canon Simon Stevenette

Associate Ministers

Revd Norma McKemey Revd Daphne Hardwick Revd David Day Revd David Howell (Retired 2020)

Licensed Lay Ministers Margaret Williams (LLM emeritus from Dec 2020) Genny Williams Anne Macmillan Carol Simmons Ailsa Palmer Kevin Penfold (from 2019)

Banks:

Lloyds Bank plc, 5 High Street, Swindon, SN1 3EN

Independent Examiner:

S G Fraser FCA, MHA Monahans, 38-42 Newport Street, Swindon, SN1 3DR

The Parochial Church Council is a corporate body established by the Church of England.

The PCC operates under the Parochial Church Council Powers Measure.

The PCC is a Registered Charity no. 1134032

Structure, management and governance:

The Trustees

The Trustees of Christ Church are the PCC, which has the responsibility of co-operating with the Vicar in promoting the work of the Church in the parish.

The appointment of PCC members is governed by and set out in the Church Representation Rules. The PCC is responsible for a wide range of activities affecting the parish including, but not restricted to, compliance with statutes and legislation and the creation of suitable policies and procedures to protect those considered to be vulnerable. It is important that the PCC adopts and implements suitable training procedures to ensure that members are equipped to handle the challenges this represents. In addition to the dissemination of appropriate reading matter, the PCC actively encourages individuals to attend training courses arranged by the Diocese or Deanery and to report back to the PCC as a body.

The PCC actively encourages members of its congregation to register on the Electoral Roll and stand for election to the PCC.

The PCC has:

A Standing Committee – contact – PCC Secretary

And 7 subcommittees that report back to the PCC:

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*As agreed at the January 2019 PCC, the earlier Community Networks Working Group and the Community Centre Advisory Group were amalgamated into the new Community Centre Events and Networks Group, under revised Terms of Reference.

The PCC has delegated authority to the Standing Committee to make day-to-day decisions when it is not practicable in terms of timescale to wait for the full PCC to convene and decide. This delegation may be withdrawn by the PCC at any time, and any decisions made by the Standing Committee under this authority must be approved by the PCC at the next suitable opportunity.

Trusts related to the PCC

Risk assessment

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The PCC encouraged members of the congregation to abide by the lone working policy. The PCC agreed a policy on vulnerable adults.

The PCC endeavours to undertake risk assessments for events it manages.

The PCC has a child protection policy.

The PCC has reviewed the major risks facing them and systems/procedures have been/are being established to manage those risks.

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Financial Review

Charitable activities

This year, the activities have been severely affected by the coronavirus pandemic lockdowns.

Up until the first lockdown in March, the Community Centre had continued to be a large focus for our engagement with our local community. There were many regular groups that meet there including: exercise (for children and adults); dancing (for toddlers, children and adults); groups from other churches; a sewing

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group; a watercolour painting group; and many others. The outreach activities had continued in the early part of this year particularly looking to help the many lonely people in our area including the weekly afternoon tea on Tuesdays but was not continued during lockdown

We have continued as best we could with policies established in 2004, of our designated mission giving being restricted to the amount collected in the offerings on special Mission Giving Sundays. On these weeks we have a focus on the work of the different organisations that we support. The total mission-giving contribution in this challenging year was £1,130 including gift-aid tax recovery which was sent to support the work of Send-a-cow, the Willows Counselling Service and the Church Mission Society (for Jimmy & Katya Rocks).

Our net parish share contribution was set at £110,000 at the beginning of the year. This contribution level was based on, after adjustment for inflation, a detailed review which was completed in 2017 and included consideration of the fact that our parish share more than covers the Diocese's costs for paying clergy stipends for our church and is viewed as part of our support for the wider mission of the church and particularly other churches in the Swindon Deanery. However, at the onset of the lockdown in March and the closure of the community centre and the churches it was decided to reduce this by £2750 per month, given the significant uncertainties about our ongoing income and the duration of the lockdown. This reduction was reviewed on a regular basis, and was maintained for the remainder of the year, leading to a final parish share for the year of £85,000.

These conditions remained broadly in place for the remainder of 2020 and as a consequence the budgeted parish share contribution for 2020 was set at £95,000.

We made extensive use of the government’s job Retention Scheme (JRS), with all five community centre employers plus the Director of Music being put on full furlough initially. Subsequently, these were furloughed flexibly as we opened up on a limited basis. The parish administrator was also put on flexible furlough later in the year as a precautionary measure.

Fund-raising

The usual fundraising activities including the beer festival, the autumn fayre and the Christmas charity market were all cancelled this year. However, we were able to run a modest virtual beer festival with the support of local partners.

Endowment and Restricted Funds

There have been no changes in the endowment fund this year.

We received a gift of £800 (£960 including gift aid) specifically for paying for tree pollarding, which was credited to the property & maintenance restricted fund and used to pay for the pollarding of trees in the church grounds. We also received a gift of £200 to support maintenance of our website. Further restricted funds were received for the community centre totalling £1,755.

Church Reordering/Development and Renewal Projects

The significant reordering and development works of the previous years were substantially completed before the start of 2020 which, combined with the coronavirus lockdown, meant there was little further expenditure on this item

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Income

Total receipts of unrestricted funds were down to £236,000 in 2020 from £376,000 in 2019. This is partly explained by the coronavirus lockdown and consequent loss of income from plate collections and other donations and from income to the community centre. In addition, receipts for restricted funds, including Property & Maintenance and Organ funds, was £4,165, down from £63,850 in 2019, when a generous legacy from John Sondermann for the organ and fabric works had been received. No legacies were received in 2020, but generous donations were received from the Friends of Christ Church

Although the “donation income” (see note 2a in the accounts below) was significantly lower than last year due to the lockdown, the donation income accounted for about 40% of our core income (i.e. Income excluding Legacies, Grants & D&R) this year which is a vital part of our income. Thank you very much to all who have supported the PCC during 2019, in which over £94,000 was received in donations.

The Community Centre was closed for much of the year due to the lockdown and lettings were down to £29,760 from £78,800 in 2019

Expenditure

£248,998 was spent to provide the Christian Ministry of Christ Church and St Mary’s Churches during 2020. However, this includes one off development and renewal costs of £12,621 which is the residue of the major works carried out in previous years, so taking this off gives a more representative figure of £237,000, for our ongoing expenditure on Church Activities, this compares with £302,000 spent in 2019. This figure includes our Parish Share contribution of £85,254, which is commented on above. Other reduced costs included church running and maintenance costs, down a combined £30,000, which is as a consequence of the coronavirus lockdown.

Reserves policy

It is PCC policy to maintain (whenever possible) sufficient general funds, equating to four months of ‘normal’ turnover, in order to cover unplanned situations that may occur from time to time. This is measured as one third of the budgeted income for the year. The General Fund Income Budget for 2021 is £153,000 so four months of this would equate to £50,863.

The total funds held at 31 December 2020 were £1,069,200 of which £1,022,970 was held in Unrestricted Funds (see Note 6 in the accounts below). However, £656,966 of that is tied up in the Tangible Assets (i.e. the Community Centre) (Notes 5a & 6), £265,994 in investments (Note 6), and £15,388 is in designated funds for the ongoing running of the Community Centre, and other debtors. £10,649 is also in the Development and Renewal fund, but this is only there as a temporary measure to ensure enough funds to complete any outstanding D&R works, and as such can be considered part of the general reserve. This leaves a reserve of £84,622 which is £34,000 over the 2021 reserves target. We will continue to monitor this situation during the year.

During 2019, it was decided to set a reserves policy of £40,000 for the community centre funds. This fund is currently at £14,509, significantly below the policy due to expenses incurred during the lockdown. However, the combined policies have an excess of £8,268 so this is not seen as an issue.

It is our current policy to invest surplus funds with the CBF Church of England Deposit Fund.

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Independent Examiner's Report 2020

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Financial Reports 2020

PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Statement of Financial Activities for the year ended 31st December 2020

Note General Designated Restricted Endowment Total Funds
Fund Funds Funds Funds 2020 201~~9~~
INCOME AND ENDOWMENTS FROM:
 £ £
 £
 £ £ £
Donations and Legacies 2a 91,683 11,803 4,165 - 107,652 255,091
Church Activities 2b 8,880 63,235 - - 72,115 91,641
Investments 2c 37,409 - - - 37,409 35,171
Other Trading Activities 2d 16,474 6,696 - - 23,170 57,801
Other incoming resources 2e - - - - - -
Total income and endowments 154,446 81,734 4,165 - 240,345 439,703
EXPENDITURE ON:
Church Activities 3a 155,307 92,481 1,210 - 248,998 676,182
Raising Funds 3b 9,418 7,070 - - 16,489 25,795
Other 3c - - - - - 2
Total expenditure 164,725 99,552 1,210 - 265,487 701,979
Net gain/(loss) on investments 5b 13,388 - - - 13,388 26,056
NET INCOME / (EXPENDITURE) 3,108 (17,817) 2,955 - (11,754) (236,220)
Transfers between funds 9 (7,159) 7,159 - - - -
NET MOVEMENT IN FUNDS (4,050) (10,659) 2,955 - (11,754) (236,220)
Reconciliation of funds:
TOTAL FUNDS BROUGHT FORWARD 1,000,984 36,695 - 43,275 1,080,954 1,317,174
TOTAL FUNDS CARRIED FORWARD 996,934 26,036 2,955 43,275 1,069,200 1,080,954

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARYS. OLD TOWN SWINDON Balance Sheet as at 31st December 2020 2020 2019 FIXED ASSErs Note Tangible Instmerts 672.244 329,292 309,268 966.234 1.001.S36 Debtors arKt prepaymwrts Short tenn depostts Cash at Bank and in hand 8.188 12.091 118.312 128.764 126.500 140.855 UABILITIES: AMouKrs FALLING DUE WITHIN ONE Credito 23,534 534 61.437 61,437 NEf CURR￿ ASSETS 101965 79,418 TOTAL NEf ASSErs 1,069,21XI 1,080.954 FUNDS 1.OCQ.984 Designatg Restricted 26.036 2.955 43.275 43,275 1,069.2(K) 1.080,954 Apprnej tyy the Parochi# Church Council on Lg K Mcwckn 2021 )J SIgr￿ its behalf by.. The Remd Simon Ste*nette. Chaimian Member Page 15 of 26

PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Notes to the Financial Statements for the year ended 31st December 2020

1 Accounting Policies

Basis of Preparation

The financial statements of the charity have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trust constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

There are no significant areas of judgements or key sources of estimation uncertainty.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Legal Status

The charity is an unincorporated charitable trust constituted by trust deed. The address of the registered office and the nature of the charity’s operations and principal activities are given in the trustees report.

FUNDS

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The Revaluation reserve consists of surpluses arising on the revaluation of properties. This fund may only be used on the sale of the properties, by release to unrestricted funds.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of charitable groups that owe their affiliation to another body nor those that are informal gatherings of Church members.

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NCOME RECc￿NITIoN All income is recognised once the charity has enliuemenl to the income, there is sufficient certainty of receipt and so il is probable that the income wll be receid, and the amount of ineome receirdble can ￿ measured reliably. For legacies. enlillemenl is taken as the earfier of. the dale on thich the charity is aware that probate ha5 been granted., the eslale has been Inalised and nolificalion has been made by the exeeulorfsl lo the Trust that a distrik￿liOn will be made,. or vthen a distribution is receNed frDm the e51ale. Receipt of a legacy, in thole or in part, is only considered probable when the amount ean be measured reliably and the charity has been notified of the execulorf5 intention lo make a distribution. Where legacies have been notified lo the charity, or the charity is aware of the granting of probate, and the criteria for income ￿CognItion ha￿ not been met, then the legacy is a treated as a conlingenl asset and disclosed if material. Fundraising is Funds raised by the Autumn Fayre similar events and are accounted br gross. Dmdends and investments are accounted for then receivable except fi)r Bank interest vthen unpaid interest is accNed. Tax recoverable on such income is recognised in the same accounting year. hcome fiDm go￿rnment and other grants are reco￿lSed at fair value ￿en the charity has enlillemenl after any performance conditions have been met, il is probable that the income will be recei4ed the amount can be measured reliably. If enlitlemenl is not met then these amounts are defetTed. Gainsand losson investments Realised gain5 or1055es are recogni5ed when in%tslments are sold. Unrealised gains or losses are accounted for on re¥8luation of investments al 31st December. EYPENDITURE RECOGNITION Liabilities are recognised as expenditure as soon as there is a legal or constNclive obligation committing the charity lo that expenditure, il is probable that settlem￿1 wll be required and the amount of the obligation can be measured reliably. All expenditure is a¢¢ounled t)r on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned lo the applicable expenditure heading5 in the slalemenl of financial actimlies. Irreco*rable VAT is charged against the expenditure heading for vthich il Wds incu￿ed. Grants Grants and donations are accounted tr when paid over, or when awarded, if that award ctEates a binding obligation on the PCC. Activities directly relating to the work of the Church The Diocesan parish share is accounted for vthen payable. Any share unpaid al 3151 December 15 provided kjr in these accounts as an optional Ilhough not a legall lialj'lily and is shown as a creditor in the Balance Sheet. Tangible fixed assets Depreciation is provided at the frjllowing annual rates in order lo write off each asset over its estimated usefijl li￿. Community centre building 50 years on straight line basis Fixtures, fittings and equipment 5 years on strdighl line basis hdiifidual items of erLuiEment with aJ)_urchaseyice of £1000 or less are written off ￿en the asset is a¢(Luired. Page 17 of 26

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by s.96(2)(a) of the Charities Act 1993.

No value is placed on movable Church furnishings held by the Churchwardens on special trust from the PCC and which requires a faculty for disposal since the PCC considers this to be inalienable property. All expenditures incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off in expenditure in the Statement of Financial Activities.

Investment properties

Investment properties are held at cost as a professional valuation would incur significant costs which would be onerous compared with the additional benefit gained by the user of the accounts.

Investments

Investments are valued at market value at 31st December.

Debtors

Amounts owing to the PCC at 31st December in respect of fees, rents or other income are shown as debtors less provisions for amounts that may prove uncollectable.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and Provisions

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme managed by NEST. The Church’s contribution is restricted to the contributions disclosed in note 4. There were no outstanding contributions at the year end.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Notes to the Financial Statements for the year ended 31st December 2020

2 Income and Endowments from:

2 Income and Endowments fro m:
General Designated Restricted Endowment Total Funds
Fund Funds Funds Funds 2020 2019
£ £ £ £ £ £
2a Donations and Legacies
Planned giving:
Standing Order donations 12,872 - - - 12,872 17,312
Parish Giving Scheme 48,010 - - - 48,010 46,817
Other planned giving (envelopes) 808 - - - 808 2,885
Collections, open plate at all services 2,441 - - - 2,441 12,642
Gift days 846 - - - 846 1,280
Sundry donations - - - - **- ** 200
Donations/appeals etc 10,833 - 2,235 - 13,068 18,914
Income tax recoverable (inc PGS) 15,873 - 210 - 16,083 19,087
Legacies - - - - **- ** 52,465
Development & Renewal - 7,111 - - 7,111 67,571
Community Centre grants - 4,693 1,720 - 6,413 15,918
91,683 11,803 4,165 **- ** 107,652 255,091
2b Church Activities
Halls lettings 625 29,135 - - 29,760 78,836
Fees 5,070 - - - 5,070 12,805
Government Grants:coronavirus job
retention scheme grant* 3,185 34,099 - - 37,285 -
8,880 63,235 **- ** **- ** 72,115 91,641
2c Investments
Dividends and interest 2,404 - - - 2,404 2,536
Renewable Energy 4,631 - - - 4,631 4,812
Properties 30,373 - - - 30,373 27,823
37,409 **- ** **- ** **- ** 37,409 35,171
2d Other Trading Activities
Fundraising Events 1,879 6,604 - - 8,484 43,057
Car Park 14,595 - - - 14,595 12,931
Community Centre Booking Service - 92 - - 92 1,813
16,474 6,696 **- ** **- ** 23,170 57,801
2e Other incoming resources
Other - - - - **- ** -
**- ** **- ** **- ** **- ** **- ** -
TOTAL INCOME AND ENDOWMENTS 154,446 81,734 4,165 **- ** 240,345 439,703
COMPARATIVE PREVIOUS YEAR 211,030 164,823 63,850 **- ** 439,703

*There were no unfilled conditions and other contingencies attached to grants that have been recognised in income, and the charity has not directly benefited from any other form of government assistance.

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PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Notes to the Financial Statements for the year ended 31st December 2020 continued

3 EXPENDITURE ON:
General Designated Restricted Endowment Total Funds
Fund Funds Funds Funds 2020 2019
£ £ £ £
 £ £
3a Church Activities
Missionary and charitable giving
- missionary societies and overseas (30) - - - -30 3,807
- relief and development agencies - - - - 0 -
- home missions and other Church Societies - - - - 0 -
- secular charities 314 - - - 314 -
Sub-total Missionary & charitable 284 **- ** **- ** **- ** 284 3,807
Ministry:
Parish share (pledged)		 85,254 - - - 85,254 107,600
incumbent expenses 512 - - - 512 1,799
other clergy costs 1,206 - - - 1,206 1,467
Church running expenses 13,697 1,115 - - 14,812 25,863
Church maintenance 5,424 - 960 - 6,384 10,410
Children & Young People - - - - - 212
Church Family - - - - - -
Mission and Evangelism 20 - - - 20 789
Community Networks - - - - - -
Home Groups - - - - - -
Fees paid 1,598 - - - 1,598 4,079
Office expenses 1,201 - 250 - 1,451 1,684
Printing and stationery 2,290 - - - 2,290 4,204
Property 482 - - - 482 1,907
Church reordering project - 12,621 - - 12,621 374,272
Wages and salaries 26,393 - - 26,393 26,474
Independent examination fee 1,669 - - - 1,669 1,599
Community Centre
Wages and salaries - 70,307 - - 70,307 71,151
Maintenance - 139 - - 139 4,130
Administration - - - - - 61
Running Costs - 8,300 - - 8,300 19,395
Depreciation 15,278 - - - 15,278 15,278
Sub-total Community Centre 15,278 78,745 **- ** **- ** 94,024 110,016
Total Church Activities 155,307 92,481 1,210 **- ** 248,998 676,182
3b Raising Funds
Fundraising Events 869 7,070 - - 7,939 24,675
Fundraising (website, stewardship) 216 - - - 216 216
Property Maintenance 8,333 - - - 8,333 905
Total Raising Funds 9,418 7,070 **- ** **- ** 16,489 25,795
3c Other
Other expenditure - - - - **- ** 2
Total Other **- ** **- ** **- ** **- ** **- ** 2
TOTAL EXPENDITURE 164,725 99,552 1,210 **- ** 265,487 701,979
COMPARATIVE PREVIOUS YEAR 224,608 413,521 63,850 **- ** 701,979

Page 20 of 26

PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued
General Designated Restricted
 Total Funds
~~4~~ Staff costs Fund (£) Funds (£) Funds (£) 2020 (£) 2019 (£)
Wages and salaries 24,642 65,447 - 90,089 90,144
Employers Pension Costs 973 2,828 - 3,801 3,688
National Insurance 393 2,031 - 2,424 3,282
Payroll Administration Costs 385 - - 385 512
26,393 70,307 - 96,700 97,625

During the year the PCC employed a Director of Music, Parish Clerk, Parish Administrator, Community Centre Development Manager, Community Development Worker (on behalf of South Swindon Parish Council) and three Community Centre Cleaners, none of whom earned £60,000 pa or more.

The holiday year coincides with the PCC financial year, however, no provision is made for carrying over unused holiday to subsequent years, so no accrual needs to be made for this.

5 FIXED ASSETS **Freehold land ** Office equip Total
**and buildings ** fittings
5a Tangible fixed assets - all unrestricted £ £ £
GROSS BOOK VALUE At 1st January 2020 763,914 - 763,914
At 31st December 2020 763,914 - 763,914
DEPRECIATION At 1st January 2020 91,670 - 91,670
Charge 15,278 - 15,278
At 31st December 2020 106,948 - 106,948
NET BOOK VALUE At 1st January 2020 672,244 - 672,244
At 31st December 2020 656,966 **- ** 656,966
5b Investments As at Interest/Income Additions / (Loss) / Gain As at
01.01.2020 (Disposals) 31.12.2020
£ £ £ £ £
Investment properties 140,754 - - - 140,754
Listed Investments:
BDF Upham Road proceeds 1,028 4 - - 1,033
CBF Fabric Fund 1,573 559 - - 2,132
CBF Maintenance 18,660 - - 1,283 19,943
CBF General 1 34,082 26 (34,000) - 108
CBF General 2 95,063 - - 9,697 104,760
COIF Swindon Church & Poor Lands 37,638 - - 2,407 40,045
Liverpool 3.5% Irred Stock 494 - - - 494
329,292 589 (34,000) 13,388 309,268

Current values.

Investment properties comprise two houses in Cricklade Street and a 2/3rd share in a commercial property. The two houses in Cricklade Street are held at cost of £26,087 as a professional valuation would incur significant costs which would be onerous compared with the additional benefit gained by the user of the accounts. A professional valuation was undertaken at 31 December 2005 and estimated the properties to be worth £300,000. Additionally, we have a 2/3rds share in a commercial property, 121 Victoria Rd which is also valued at cost of £114,667.

Page 21 of 26

ANALYSIS OF NET ASSETS General Designated Fund Funds Restricted Funds Endowment Funds Total Funds Tangible fixed assets Investment fixed assets Current assets Cu￿ent liabilities (Note 81 656,966 265,994 88.192 114.2181 996,934 656,966 309,269 126,500 123,5341 1,069,200 43,275 33,636 17,5991 26.036 4,672 11.7171 2,955 43.275 2019 ANALYSIS OF NET ASSET. General Designated Fund Fund5 Restricted Funds Endowment Funds Total Funds Tangible fix ed assets Investment fixed as5els Current assets Current liabilities (Note 81 672,244 252,615 88,882 112.7581 1,000,984 672,244 329,292 140,855 161,4371 1,080,954 33,401 51,131 147,8371 36.695 43,275 842 18421 43.275 Page 22 of 26

PAROCHIAL CHURCH COUNCIL OF CHRIST CHURCH WITH ST MARY'S, OLD TOWN SWINDON

Notes to the Financial Statements for the year ended 31st December 2020 continued Notes to the Financial Statements for the year ended 31st December 2020 continued
~~7~~ DEBTORS 2020 2019
£
 £
Income tax recoverable (NB Some Gift Aid already recovered via PGS) 2,206 2,200
Prepayments 0 0
Other debtors (Community Centre bookings, FIT & RHI) 5,982 9,891
8,188 12,091
8 LIABILITIES:AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019
£
 £
Accruals and deferred income† 20,107 15,757
Accruals for utilities and other costs 0 0
Creditors for goods and services 1,710 44,838
Agency Monies 1,717 842
23,534 61,437
Notes to the Financial Statements for the year ended 31st December 2020 continued
~~7~~
DEBTORS
2020
2019
£
£
Income tax recoverable (NB Some Gift Aid already recovered via PGS)
2,206
2,200
Prepayments
0
0
Other debtors (Community Centre bookings, FIT & RHI)
5,982
9,891
8,188
12,091
8
LIABILITIES:AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
2019
£
£
Accruals and deferred income†
20,107
15,757
Accruals for utilities and other costs
0
0		 Notes to the Financial Statements for the year ended 31st December 2020 continued
~~7~~
DEBTORS
2020
2019
£
£
Income tax recoverable (NB Some Gift Aid already recovered via PGS)
2,206
2,200
Prepayments
0
0
Other debtors (Community Centre bookings, FIT & RHI)
5,982
9,891
8,188
12,091
8
LIABILITIES:AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
2019
£
£
Accruals and deferred income†
20,107
15,757
Accruals for utilities and other costs
0
0
8,188
12,091
2020
2019
£
£
20,107
15,757
0
0
Creditors for goods and services
Agency Monies		 1,710
44,838
1,717
842
23,534
61,437
Page23of26
† Deferred income comprises 2021: car park rent; community centre lettings; floodlight bookings & wedding fees
9
FUND DETAILS
At 01.01.2020
Income
Expenditure
Transfer
Gains/losses At 31.12.2020
£
£
£
£
£
£
General
1,000,984
154,446
164,725
(7,159)
13,388
996,934
Community Centre
Designated
35,797
74,623
86,911
(9,000)
-
14,509
Developm't & Renewal Designated
(0)
14,311
47,646
43,984
-
10,649
Organ
Designated
-
-
-
-
-
-
Property & Maint.
Designated
0
(7,200)
(35,025)
(27,825)
-
-
Bells & Towers
Designated
899
20
879
SUB-TOTAL
Designated
36,695
81,734
99,552
7,159
-
26,036
St Mary's
Restricted
-
-
-
-
-
-
Organ
Restricted
Property & Maintenanc Restricted
4,165
1,210
2,955
SUB-TOTAL
Restricted
-
4,165
1,210
-
-
2,955
Church & Poor Lands
Endowment
43,275
-
-
-
-
43,275
SUB-TOTAL
Endowment
43,275
-
-
-
-
43,275
TOTAL
1,080,954
240,345
265,487
0
13,388
1,069,200
Funds
Community Centre - this designated fund holds money relating to the running of the Community Centre
Organ Fund - this designated fund pays for repairs and maintenance of the church organ
Property & Maintenance - this designated fund holds money set aside for quinquennial repair works such as roof
Church & Poor Lands - income from this endowment fund can be used for church maintenance
Transfers Between Funds
3 transfers between funds were done during the year:
(3) £16,159 from general fund to D&R fund to fund D&R at Christ Church
(1) £9000 from Community Centre fund to General fund as part of annual payback.
(2) £27,825 from Property & Maintenance (P&M) fund to Development and Renewal fund (D&R), to zero out the
(P&M fund as they were performing the same function
Community Centre - this restricted fund holds money relating to donations and grants received for specific
activities relating to the Community Centre

Page 23 of 26

2019 FUND DETAILS A01.01￿19 Intt>m Expenditurt Transfèr Gaiislkn&%è: 31.12.2019 General 984,576 211,030 224,608 3,930 26,056 1,000,984 co[r￿l￿ty Centr Designated Devek)PTnl & Renewdl Designated Otyan Designated P￿PertY & Mainl. Designated BelL% & TowEr Designated SUB-TOTAL Designated 75,422 59,030 102,117 8,737 101.026 160.462 5.799 146.214 20 413.521 140,7171 92.695 5,799 162.6271 919 3.930 35,797 101 1 $4,871 S3,970 899 36.895 289.323 164,823 St Marfs Restrted Organ ReSt￿ed Property & Malntenance Rest￿ed SUB-TOTAL Restrkted 36,489 27,361 3,850 36.489 27.361 63.850 Churth & Poor Lands SUB-TOTAL EndO￿Tran1 Endo￿nI 43.275 TOTAL 1,317.174 439,703 701.979 26,056 1,080.954 Funds St Mary's- this reslrided fund contains trK>ney given for develOp￿￿nt and tnaintenance of the St Ma￿S thurth Cotntwnty Centrp- this desynated fund hokls r￿neY relating to the running of Ihe Comtwnty Centr Development & Renewal- largety ￿gaCY rrK>ney set asKle for church devek)pment p￿leC1S- buildings and Organ Fund - this desvJnated fund pays for repair5 and rnaintenance of the churth oryan Organ fund - IhE restrirte(I fund pays for rep8irs and mainlen8nTr of the church organ from funds bequeathed or gNen p￿PertY & MainlenanTr- this dfysvJnaled fund hokls [r￿neY sel asKle for quinquennial repairwo￿￿$ such as roof p￿PertY & Maintenance fund . thi5 rEstr￿ted fund hoWs mney set aside for quinquenn￿1 repairworks such as roof from Churth & Poor Lands - inco￿￿ from this end0vJr￿nt funtj can be used forchurch maintenan( Tran5for$ Betsvoen Funds Throe tran$fors bgtsfoen fvnd5 Wgre done during the year 111 £43,000 was transferred from the Conynunity Centre desunaled fund to the Devek)p￿n1 and Renewal fund to 5UPPOrt the repair work5 on the church. and as part of annual pas￿ack 121 £15,599 was transferred from the general fund to the property & m9intenan￿ fund to 5UPPOrt the rBpair on the roof and lo zero out that fund folloNing Conv￿tKin of the woths Page 24 of 26

~~1~~0 FURTHER NOTES
Designated Rest.		 FURTHER NOTES
Designated Rest.		 2020 (£) 2019 (£)
Community Centre & Lettings/earnings 30,887
-
30,887		 81,673
Church Lettings
Donations, Grants&Inter		 43,736 1,720 45,456 20,383
Other -
-
4,066		 5,030
Total Income 74,623 1,720 80,409 107,085
Utilities 8,879
-
8,879		 19,103
Household/Maintenance 4,720
-
4,720		 7,310
Salaries 70,307
-
70,307		 71,212
Total Expenditure 83,906
-
83,906		 97,625
Surplus (9,282) 1,720 (3,496) 9,461
Transfers (12,288)
-
(12,288)		 1,030
Balances B/F 1st Jan 75,231
-
75,231		 64,815
Balances C/F 31st Dec 53,661 1,720 59,448 75,305
11 Related Party Transactions
Trustee Remuneration
The trustees do not receive any remuneration from the PCC
Trustee and Related Party Benefits & Expenses
No member of the PCC or related party received any benefits or expenses during the
year.
Trustee Donations
Total donations of £12,700 were received from trustees. These donations were all given
without conditions. Trustees also donate via church plate collections. These amounts
are not recorded separately.
12 Financial Risk Management
The charity has minimal exposure to customer credit risk, liquidity risk and market risk.
Please refer to the risk management section of the trustees annual report for information
on how risks are managed.

Page 25 of 26

13 Stst•m•nt ol Flnnnclal tDr th• y•ar •nd•d 31•t D•c•mhr 2019 Gene￿1 Fund svJnat8d R6slricl8d Funds Funds EndOm￿nt Totsl Fund6 Funds 2019 2018 IPKOMe AND eMDOVthENTS FROII: t1)nat￿nS and Legacs Church Aclivili85 Investrnnts Other TrBdww Athit5 Other In￿￿119 tssourts Toll in¢#m• and *nthJwThni# 112.541 13.084 3S.171 SO.233 78.899 78.557 63.850 255.091 91,641 35.171 57.801 163.850 97.654 21.885 54.938 2b 2d 2e 7.568 211.030 164.823 63.850 439.703 338.327 ExpeNDITURE ON.. Church Aclivilies Raising Funds Other Totsl •xynthtur• 3.871 20,735 408.461 5.060 63.850 678,182 25.795 408.093 36.045 824 444.962 3b 224,608 413.521 63.850 701.979 N•t g•lnlllo$BI on lThv•Blmenty NET INCOME I IEXPENDtTUREI 5b 247 1106.3881 12.477 1248.6571 1236.2201 Tran•hr4 ts•￿••n fvnd NET MOVEMENT IN FUNDS Rtr¢oTh¢iliation ￿ fur￿¥.. TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 3.930 {252.6281 16,408 1236.2201 1106.3881 984 576 1.OQIO,984 289 323 3é.695 43.275 43.275 1 317 174 1.080.954 1 423 562 1,317.174 Page 26 of 26