## **THE CHURCH OF ST. PETER MANCROFT**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**Registered Charity Number 1134653**
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Contents**|**Page**|
|---|---|
|Report of the Parochial Church Council|1 - 7|
|Auditor’s report|8 - 10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Statement of Cash flows|13|
|Notes to the Financial Statements|14 - 31|
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Parochial Church Council (PCC) presents its annual report and the audited financial statements of the Church for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
## **Reference and administrative information**
|**Registered charity name**|The Parochial Church Council of the Ecclesiastical Parish of St.|
|---|---|
||Peter Mancroft with St John Maddermarket, Norwich|
|**Other names**|St. Peter Mancroft PCC, Norwich|
|**Charity number**|1134653|
|**Ecclesiastical parish (Benefice)**|St. Peter Mancroft with St. John Maddermarket, Norwich|
|**Church address**|St. Peter’s Street|
||Norwich|
|**Correspondence address**|
Church Office|
||The Chantry|
||Norwich|
||NR2 1QZ|
|**Incumbent**|The Revd Canon Edward Carter|
||37 Unthank Road|
||Norwich|
||NR2 2PB|
|**Associate Priest**|The Revd Dr Fiona Haworth|
|**Assistant Priest**|The Revd Dr Lorna Allies (from 01 March 2020)|
|**Curate**|The Revd Graham Kirk-Spriggs|
|**Licensed Reader**|Gill Persicke|
|**Churchwardens**|Peter Threadkell|
||Helena Carr|
|**Elected members**|Carolyn Crosse|
||Sue Dartnell|
||Stephanie Grant (from 18 May 2020) (Secretary)|
||Julian Haggett|
||Fran Jackson|
||Geoffrey Loades CBE (Treasurer)|
||Anastasia Moskvina|
||John Sutton (died 17 February 2020)|
||Anne Tansley-Thomas|
||Richard Wilson (Chair Asset Management Committee)|
||Geoffrey Woolsey-Brown|
1
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Reference and administrative information (continued)**
|**Fabric Officer**|Nick Jackson|
|---|---|
|**Representatives on the Norwich**|Carolyn Crosse and Geoffrey Woolsey-Brown|
|**East Deanery**||
|**Bankers**|Barclays Bank PLC|
||St Stephens Branch|
||5/7 Red Lion Street|
||Norwich|
||NR3 3QH|
||CAF Bank Ltd|
||25 King’s Hill Avenue|
||King’s Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|**Solicitors**|Howes Percival|
||Flint Buildings|
||1 Bedding Lane|
||Norwich|
||NR3 1RG|
|**Chartered surveyors and valuers**|Arnolds Keys|
||2 Prince of Wales Road|
||Norwich|
||NR1 1LB|
|**Architects**|Ms Ruth Blackman|
||Birksall, Swash and Blackman|
||High House Farm|
||Beeston - next - Mileham|
||Kings Lynn|
||PE32 2NF|
|**Investment advisers**|Barratt & Cooke|
||5/6 Opie Street|
||Norwich|
||NR1 3DW|
|**Registered auditor**|Lovewell Blake LLP|
||Bankside 300|
||Peachman Way|
||Broadland Business Park|
||Norwich|
||Norfolk|
||NR7 0LB|
2
## **THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Aim and purposes**
The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC is required to co-operate with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
## **Objectives and activities**
## _**Public Benefit**_
The PCC is aware of the Charity Commission guidance on public benefit. It is also aware of the supplementary guidance relating to religious charities.
The PCC promotes the whole mission of the Church through the following activities - regular public worship open to all; the provision of sacred space for personal prayer and contemplation; pastoral work, including visiting the sick and the bereaved; teaching of Christianity through sermons, courses and small groups; promotion of Christianity through the staging of events and meetings, and the distribution of literature; promotion of the whole mission of the Church through activities for senior citizens, parents and toddlers and other special need groups; supporting other charities in the UK and overseas; promotion of an interest in music through concerts and recitals, the training of choristers and organ scholars; and the provision of Christian hospitality, refreshment and friendship to visitors, enquirers and others.
## **Achievements and performance**
## _Church Attendance_
The Covid-19 pandemic resulted in the closure of the Church for attended worship for much of the year although limited numbers were allowed as restrictions changed. The restrictions were particularly significant at the important events in the Churches calendar of Easter when we were unable to have any attended services and Christmas when limited numbers only were permitted. However, the numbers watching online are estimated to be typically around 100 for a Sunday morning service and some such as carol services having between 200 and 400 views. There has been something available online on every Sunday since the first lockdown began in March 2020.
## _Electoral Roll_
There were 111 people on the Church Electoral Roll as at March 2020 (2019:109).
## _**Review of the Year**_
2020 was dominated by the Covid-19 pandemic, and although some plans had to be postponed or cancelled, other new opportunities arose. In particular, while from mid-March the pattern of worship at the church building was disrupted, the installation of a live-streaming system in the Summer meant that services and other events could be broadcast live on the Mancroft YouTube channel. In this way the ‘reach’ of the church has become greater than ever. Other aspects of church life have also moved online, although this has not been easy in every department. For example, our music has been restricted, our work with children made somewhat less comprehensive, and the activities of the belltower curtailed severely. A new opportunity arose to partner with a local restaurant, Brick Pizza, and a licence was agreed so they could use part of the churchyard as a ‘sitting out’ area. This relationship looks set to continue, and has helped the church make connections with many new people.
The Ministry Team comprised of the Vicar (Revd Canon Edward Carter), the Associate Priest (Revd Dr Fiona Haworth), from 1st March the Assistant Priest (Revd Dr Lorna Allies), the Assistant Curate (Revd Graham Kirk-Spriggs), the Lay Reader (Gill Persicke), the Pastoral Care Coordinator (Julie Collis), as well as Michael Winter, Becky Minta (to July) and Ben Almond (from September) who have been at the church on the Ministry Experience Scheme. During the year Edward Carter and Lorna Allies became the new co-Rural Deans of Norwich East Deanery. Of note during 2020 have been the decisions for Mancroft to become a HeartEdge Hub Church (part of a national network), and an accredited Eco-Church. An example of a successful piece of community-facing ministry was a new Lockdown Crib Set, created for Christmas by local schools and other groups as well as congregation members.
3
## **THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Achievements and performance (continued)**
## _**Review of the Year (continued)**_
Our hopes to continue developing significantly the programme of events at the church, following the internal re-ordering completed in 2018, were adversely affected by the pandemic restrictions. However, Chris Sanham, in his role as Events Coordinator, has been successful in keeping activity as strong as possible.
One example of this is the use by the Original Norwich Charity Christmas Card Shop of space in the church during the Autumn. In late 2020 a major roof repair project was begun, on the South side of the church building. When this is completed it will leave the fabric in better condition than it has been for some time. The final element in this programme of improvements will be the replacement of the aging lighting system, although a timeframe for this project has not yet been agreed.
## **Financial Review**
Inevitably the pandemic had a major influence upon our financial management for 2020 but the position at the end of the year was markedly better than first feared.
Our initial view in March 2020 was that our budgeted outcome for the year would deteriorate by well over £30k. We knew that hire of the Church and Chantry Hall would not be possible and refunds were made to those who had paid deposits for bookings made. Collections and donations in offertory box would not be forthcoming and we assumed this would be the case for much of the remainder of the year. We also felt that dividend income would reduce perhaps by as much as 50% and that stock markets take some time beyond 2020 to recover from the then significant falls. Values of our own funds had fallen by in excess of £150k. Grant giving from Risebrow and Vicarage Trusts was likely to be impacted.
A decision was taken to continue to pay our staff in full and to take advantage of the furlough scheme such that 80% of the cost would be recovered. As we moved through the year and began to slowly re-open the furlough scheme reduced in the quantum of effect. However the total recovery at nearly £32k was a great benefit and greatly assisted in our operating flexibility. Much of our "normal" expenditure such as Parish Share and insurance continued as did utility costs (albeit at lower levels).
Cash management required greater focus because of the reduction in day to day income. However, the benefit of stewardship was evident in that planned giving remained at the level seen in 2019. We were also fortunate in receiving legacies totalling over £75k and specific donations in excess of £10k. These assisted in our cash flow particularly towards the end of the year. Dividend income held up much better than expected and the net result of our operations was a deficit of £16,345 which, ironically, given the challenges, was better than the 2019 deficit of £49,140. Also, despite our earlier concerns, an investment surplus of £12,140 (2019: £92,191 gain) was achieved resulting in an overall deficit for the year of £4,205 (2019: surplus of £43,051).
Despite the turbulence in the year several relatively small capital items were dealt with in the year and, in particular, the installation of the streaming system at a cost of £12,531 (before receipt of grants and donations totalling £7,420).
Our reserves were not as adversely affected as was feared and remained strong. This strength encouraged us to proceed with the necessary work on the South Aisle and Transept Roof which was a requirement of the 2019 Quinquennial Review. The closure of the Church was seen as an ideal opportunity meaning that the work did not then need to be done at a time when it is back to normal use and open to all. The total cost is in the region of £250k (net of VAT which should be recoverable). Approximately £30k of this has already been accounted for in the 2020 figures.
Our cash reserves at the end of 2020 are deliberately high (requiring some realisation of investments in the Autumn) to provide for the necessary prompt payment of invoices.
4
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Financial Review (continued)**
2021 will be challenging and we are budgeting for a significant deficit anticipating that "normality" is still somewhat distant. When we are able we will need to move quickly to seek ways of restoring income particularly through active use of all our resources. Planned giving has been of much comfort to us but it is hoped that we can continue to build on this such that we are able to withstand the challenges the pandemic has brought.
## _**Grants**_
Grants totalling £8,248 (2019: £8,177), were given to Missions, Charities instrumental awards and the Relief of Need.
## _**Investment policy**_
The Council seeks to achieve a balanced return between capital growth and a reasonable return of income in excess of inflation. The need to preserve endowment monies is recognised and the Church of England’s ethical policy on investments is followed as far as possible.
## _**Reserves policy**_
The Church aims to cover normal expenditure by regular income. On those occasions when income does not meet expenditure, the deficit will be drawn from reserves.
Free reserves at 31 December 2020 were £249,098 (2019: £237,461). These consist of unrestricted general funds, excluding tangible fixed assets. There are also designated reserves of £39,493 (2019: £36,092) which consist of monies set aside for specific purposes. Reserves are maintained partly to generate investment income, partly for specific projects, and partly to provide a contingency fund for emergency use.
Restricted reserves totalled £364,392 (2019: £395,530) at 31 December 2020.
## _**Principal funding sources**_
The PCC’s main sources of income are voluntary income in the form of planned giving (stewardship), collections, donations, grants, legacies and investment income.
Grants received from the Mission Hall Trust (a separately registered charity) are used for repairs and capital works at the Chantry Hall and Church Offices and to offset shortfalls in unrestricted income
Grants received from the Vicarage Trust (a separately registered charity) are used to pay clergy expenses and to off-set shortfalls in unrestricted income.
Grants from Alderman John Risebrow’s Charity (a separately registered charity and restricted funds) are used to meet the cost of the work with young people, including musical activities. The PCC nominates two trustees to serve on the Trust in addition to the incumbent who is _ex-officio_ .
Without these very generous grants, we would be quite unable to maintain Mancroft’s musical tradition and the youth work now being undertaken.
## **Plans for future periods**
Plans for 2021 include a number of cultural events at the church, including a visit of the ‘Gaia’ artwork by Luke Jerram in October. We hope also to revive the annual Christmas Tree Festival, and to host the Original Norwich Charity Christmas Card Shop again.
5
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Structure, governance and management**
## _**Legal Status**_
The PCC is a corporate body established by the Church of England and operates under the Parochial Church Council Powers Measure.
The PCC was registered with the Charity Commission on 4 March 2010 with registration number 1134653. The Church is classified as a charity under the Places of Worship Registration Act 1855.
Members of the PCC are Trustees of the Charity.
## _**Recruitment and appointment of members of the PCC**_
Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with Church Representation Rules. In addition, the PCC may also co-opt individuals in accordance with the aforementioned rules.
## _**Induction and training of members of the PCC**_
New members receive no specific training but are elected or co-opted on account of their knowledge of and contribution to the work of the Church.
## _**Organisational structure**_
The PCC meets about six to eight times per year and has established a Standing Committee and an Asset Management Committee which meet between PCC meetings. Temporary Working Groups meet as and when required and deal with various aspects of the life of the Church.
## _Standing Committee_
This is the only committee required by law. Its statutory members are the Vicar, Churchwardens, and two elected members of the PCC. In the year our Standing Committee has consisted of the Vicar/Priest in charge, Churchwardens, PCC Secretary, PCC Treasurer and the Chairman of the Asset Management Committee. This Committee has the power to transact urgent business of the PCC between its meetings, subject to any directions given by the Council. It also deals with the terms of engagement of staff.
## _Asset Management Committee_
This committee is responsible to the PCC for the general oversight of the Church’s finances and property. It monitors the PCC’s income and expenditure, submits an annual budget and annual accounts to the PCC, seeks advice on the PCC’s investments and insurances, implements the PCC’s policies in respect of the management of its properties, authorises all reasonable routine expenditure within the approved budget and monitors and reviews the PCC’s risk management policy.
## _**Related Parties**_
The PCC receives grants from the Mission Hall Trust and the Vicarage Trust. PCC member G.Loades is a Trustee of the Vicarage Trust. The Revd Canon Edward Carter, Peter Threadkell and Helena Carr are Trustees of the Mission Hall Trust and attend meetings of the Vicarage Trust.
The PCC also receives grants from Alderman John Risebrow's Charity of which PCC members The Revd Canon Edward Carter and G.Loades are Trustees.
The PCC charges Mancroft Advice Project for its share of accommodation expenses and for additional room hire. PCC member The Revd Canon Edward Carter is a trustee of Mancroft Advice Project.
6
**THE CHURCH OF ST. PETER MANCROFT**
## **REPORT OF THE PAROCHIAL CHURCH COUNCIL (CONTINUED)**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## _**Risk Management**_
The PCC acknowledges that it is responsible for risk management. The PCC has identified possible operational, financial, strategic and external risks which are assessed and reviewed periodically to enable the appropriate action to be taken to deal with them
## **Parochial Church Council responsibilities**
The PCC members are responsible for preparing the Report of the Parochial Church Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period. In preparing these financial statements, the PCC members are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in operation.
The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
A resolution proposing that Lovewell Blake LLP be reappointed as auditor of the charity will be put to the Annual Parochial Church meeting.
On behalf of the Parochial Church Council
## **Revd Canon Edward Carter**
Date: 22 March 2021
7
## **THE CHURCH OF ST. PETER MANCROFT**
## **INDEPENDENT AUDITOR’S REPORT TO THE PCC MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT**
## **YEAR ENDED 31 DECEMBER 2020**
## **Opinion**
We have audited the financial statements of the Church of St Peter Mancroft for the year ended 31 December 2020, which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the PCC’s affairs as at 31 December 2020, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the Charities Act 2011 and the Church Accounting Regulations 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the PCC members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the PCC members with respect to going concern are described in the relevant sections of this report.
8
**THE CHURCH OF ST. PETER MANCROFT**
## **INDEPENDENT AUDITOR’S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT (continued)**
## **YEAR ENDED 31 DECEMBER 2020**
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and Church Accounting Regulations 2006 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the annual report; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the Parochial Church Council members**
As explained more fully in the PCC’s Responsibilities Statement (set out on page 7), the PCC members are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the PCC members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the PCC members are responsible for assessing the PCC’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC members either intend to liquidate the PCC or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the regulations made under Section 154 of that Act.
9
**THE CHURCH OF ST. PETER MANCROFT**
## **INDEPENDENT AUDITOR’S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE CHURCH OF ST. PETER MANCROFT (continued)**
## **YEAR ENDED 31 DECEMBER 2020**
## **Auditor's responsibilities for the audit of the financial statements (continued)**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance;
- Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanceforauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the PCC Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. Our audit work has been undertaken so that we might state to the PCC members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the PCC and the PCC’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Lovewell Blake LLP Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB
Lovewell Blake LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.
12 May 2021
10
## **THE CHURCH OF ST. PETER MANCROFT**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Notes**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Endowment**
**funds**
**£**
**Income and endowments from:**
Donations and legacies
2(a)
247,294
126,253
-
Activities for generating funds
2(b)
12,098
-
-
Income from investments
2(c)
6,781
8,134
9,975
Church activities
2(d)
4,390
-
-
Other income
2(e)
31,499
-
-
_______
_______
_____
**Total**
302,062
134,387
9,975
**Expenditure:**
Church activities
3
(282,809)
(179,960)
-
________
________
______
**Total**
(282,809)
(179,960)
-
Net (expenditure)/income before
investment gains/(losses)
19,253
(45,573)
9,975
Net gains on investments
9
(502)
(532)
13,174
**Net (expenditure)/income**
**before transfer of funds**
18,751
(46,105)
23,150
Transfers between funds
14
(4,992)
14,967
(9,976)
**Net movement in funds**
13,759
(31,138)
13,174
**Reconciliation of funds**
Total funds brought forward
274,833
395,530
367,014
Prior period adjustment
-
-
-
274,833
395,530
367,014
**Total funds carried forward**
14
288,592
364,392
380,188|**Total**
**2020**
**£**
373,547
12,098
24,890
4,390
31,499
_______
446,424
(462,769)
________
(462,769)
(16,345)
12,140
(4,205)
-
(4,205)
1,037,377
-
1,037,377
1,033,172|Total
2019
£
304,912
33,296
32,066
11,517
-
_______
381,791
(430,931)
________
(430,931)
(49,140)
92,191
43,051
-
43,051
1,012,010
(17,684)
994,326
1,037,377|
|---|---|---|
The notes on **pages 14 to 31** form an integral part of these financial statements
11
**THE CHURCH OF ST. PETER MANCROFT**
## **BALANCE SHEET**
## **31 DECEMBER 2020**
|**Note**
**Fixed assets**
Tangible assets
8
Investments
9
**Current assets**
Debtors and prepayments
10
Short-term deposits
Cash at bank and in hand
**Total current assets**
**Liabilities**
Creditors - Amounts falling due within
one year
11
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Parish funds**
Unrestricted funds
13
Restricted funds
13
Endowment funds
13
**Total charity funds**|**2020**
2019
**£**
**£**
£
£
-
1,281
904,076
961,937
904,076
963,218
14,216
24,366
16,259
16,190
149,781
61,039
180,256
101,595
(51,160)
(27,436)
129,096
74,159
1,033,172
1,037,377
1,033,172
1,037,377
288,592
274,833
364,392
395,530
380,188
367,014
1,033,172
1,037,377|**2020**
2019
**£**
**£**
£
£
-
1,281
904,076
961,937
904,076
963,218
14,216
24,366
16,259
16,190
149,781
61,039
180,256
101,595
(51,160)
(27,436)
129,096
74,159
1,033,172
1,037,377
1,033,172
1,037,377
288,592
274,833
364,392
395,530
380,188
367,014
1,033,172
1,037,377|£
1,281
961,937|
|---|---|---|---|
||||963,218
74,159|
|||1,037,377||
|||1,037,377||
|||274,833
395,530
367,014||
|||1,037,377||
Approved by the Parochial Church Council on 22 March 2021 and signed on its behalf by:
**Geoffrey Loades**
**Revd Canon Edward Carter**
The notes on **pages 14 to 31** form an integral part of these financial statements
12
## **THE CHURCH OF ST. PETER MANCROFT**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Cash flows from operating activities**
Net income/(expenditure)
Adjustments for:
Depreciation
Investment income
Gains on investments
Increase in short term deposits
Decrease in debtors
Increase/(decrease) in creditors
Net cash from operating activities
**Cash flows from investing activities**
Investment income
Proceeds from sale of investments
Purchase of investments
Net cash from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year|**2020**
**£**
(4,205)
1,281
(24,890)
(12,140)
(69)
10,150
23,724
(6,149)
24,890
103,975
(33,987)
88,742
88,742
61,039
149,781|
|2019
£
43,051
2,041
(32,066)
(92,191)
(121)
26,357
(8,563)
(61,492)
32,066
41,603
(41,741)
31,928
(29,564)
90,603
61,039|
|---|---|---|---|
|||
||
The notes on **pages 14 to 31** form an integral part of these financial statements
13
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. General information and accounting policies**
The Church of St Peter Mancroft is an unincorporated charity registered in England and Wales. The address of the registered office is given in the annual report on page 1 of these financial statements. The nature of the charity’s operations and principal activities are referred to in the annual report.
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
## **(a) Basis of accounting**
The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, together with FRS102 as the applicable accounting standards and the Statement of Recommended Practice, Accounting and Reporting by Charities (FRS102).
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.
## **(b) Fund accounting**
Unrestricted funds – these represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its ‘free reserves’ as disclosed in the trustees’ report.
Restricted funds – these are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.
Endowment funds – these are restricted funds that must be retained as trust capital either permanently or subject to a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the capital may be restricted or unrestricted. Full details of all their restrictions are shown in the notes to the accounts.
## **(c) Income**
All income is included in the Statement of Financial Activities (SOFA) when:
1. The PCC becomes legally entitled to the benefit of use of the resources; 2. And inflow of economic benefit is probable;
3. The monetary value can be measured with sufficient reliability.
- The following specific policies are applied to particular categories of income:
Funds raised from events and trading activities are reported gross in the SOFA – i.e. before any related costs that may have been deducted from the gross proceeds.
Grants and donations are included in the SOFA when any preconditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received.
Gift Aid and other tax claims are included in the SOFA at the same time as the cash donations to which they relate.
14
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **(c) Income (continued)**
Legacy income is recognised when receipt is probable and entitlement is established.
The value of any voluntary help received is not included in the accounts but is described in the Annual Report.
Rental income from the letting of the church is recognised when the rental is due.
Investment income is included when receivable.
Income from operating activities are accounted for when earned.
## **(d) Expenditure and Liabilities**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Liabilities are recognised as soon as there is a legal or constructive obligation and settlement is probable and quantifiable.
Governance costs include the costs associated with the preparation and audit of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants and donations are included in the Statement of Financial Activities once authorised and there is a resulting obligation for payment.
The Diocesan Parish Share is accounted for when payable.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **(e) Consecrated and benefice property**
In so far as consecrated and benefice property of any kind is excluded from the statutory definition of ‘charity’ by Section 10(2) (a) and (c) of the Charities Act 2011, such assets are not capitalised in the financial statements.
## **(f) Fixed assets and depreciation**
Fixed assets costing more than £1,000 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is calculated so as to write off the cost of an asset, less their currently anticipated residual fair value, over their useful economic life of that asset as follows:
Fixtures and fittings 5 years straight line Office equipment 5 years straight line Tenant’s improvements 10 years straight line
15
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(g) Investments**
Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their midmarket value at the year end. The differences between market value and the original cost of the investments are shown as unrealised investment gains or losses and transferred to the Statement of Financial Activities.
## **(h) Short term deposits**
Short term deposits include cash held on deposit either with the CCLA Church of England Funds or at the bank.
## **(i) 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.
## **(j) Going concern**
The financial statements have been prepared on a going concern basis as the PCC Members believe that no material uncertainties exist. The PCC Members have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **(k) Redundancy**
Where an obligation to make a redundancy or termination payment exists such payment will be made in line with statutory minimum rates. Such costs will be included by the Charity and accounted for on an accruals basis and included within employee benefits.
16
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. Income and endowments (a) Donations and legacies**
|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
Planned giving (Stewardship)
58,552
-
Collections at all services
3,146
-
**Grants:**
Risebrow Trust grants for
youth work and choir
-
47,500
Risebrow Trust grants for
vicar’s discretionary use
-
-
Subscriptions & other income
for youth Activities
-
186
Grants from Vicarage Trust:
General
40,000
-
Grants from Mission Hall
Trust
32,415
-
Grants from Heritage lottery
For Bell Chamber project
-
30,165
Grant from Norwich Diocesan
Assn of Ringers for Bell
Chamber Project
-
2,000
Grant from FP Sheppard
Scholar GPCC (Heartedge)
-
10,000
_Creating Space for God:_
Grant St Martins in the Fields
for Creating Space for God
-
3,000
Grants from Archbishops
Council for Creating Space for
God
-
3,800
Grants from Diocese for
Creating Space for God
-
4,000
Grants from Diocese for
streaming project
-
600
Grant from Allchurches Trust
for streaming project
-
6,300
**Donations:**
General
17,752
-
Fabric fund
-
23
Bells Chamber Project
-
1,416
Church roof fund
-
100
Collins organ fund
-
-
Misc restricted donations
-
1,120
Flower fund
-
438
Creating Space for God
-
3,420
Tax recoverable
19,468
854
Sundries
322
-
Legacies
75,639
-
**Listed Places of Worship:**
For Fabric Repair Fund
-
-
For Organ Fund
-
-
For Roof Project
-
3,423
For East End project
-
-
For Bell Chamber project
-
7,908
247,294
126,253|**Total**
**2020**
**£**
Unrestricted
Funds
£
Restricted
Funds
£
58,552
58,440
-
3,146
16,056
-
47,500
-
36,500
-
-
3,500
186
-
717
40,000
40,000
-
32,415
32,325
-
30,165
-
20,885
2,000
-
-
10,000
-
-
3,000
-
-
3,800
-
-
4,000
-
-
600
-
-
6,300
-
-
17,752
10,390
-
23
-
258
1,416
-
11,164
100
-
84
-
-
657
1,120
-
10,876
438
-
2,811
3,420
-
16,700
20,322
18,543
10,526
322
600
-
75,639
-
-
-
-
1,905
-
-
4,650
3,423
-
-
-
-
556
7,908
-
6,769
373,547
176,354
128,558|Total
2019
£
58,440
16,056
36,500
3,500
717
40,000
32,325
20,885
-
-
-
-
-
-
-
10,390
258
11,164
84
657
10,876
2,811
16,700
29,069
600
-
1,905
4,650
-
556
6,769|
|---|---|---|
|||
304,912|
17
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(b) Activities for generating funds**
|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
Risebrow Centre (MAP) share of
expenses
5,354
-
Chantry hall lettings
4,226
-
Use of church for concerts etc
2,518
-
`────────`
`────────`
12,098
-|**Total**
**2020**
**£**
Unrestricted
Funds
£
Restricted
Funds
£
5,354
8,716
-
4,226
15,225
-
2,518
9,355
-
`────────`
`────────`
`───────`
12,098
33,296
-|Total
2019
£
8,716
15,225
9,355
`────────`
33,296|
|---|---|---|
## **(c) Income from investments**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
**£**
**Quoted**
**investments:**
General
and
other
funds
1,430
1,044
-
Legacies
5,325
425
-
Fabric funds
-
1,616
7,560
Bell chamber fund
-
615
-
Organ fund
-
683
-
Church roof fund
-
2,708
-
Treasury & West End
fund
-
183
-
Mancroft charitable
-
283
-
Risebrow
-
125
-
Flower Fund
-
52
-
Creating Space for
God
-
236
-
Heartedge
-
84
-
Raymond King fund
-
49
2,404
**Cash accounts:**
General
and
other
funds
6
29
11
Legacies
20
2
-
`────────`
`───────`
`────────`
6,781
8,134
9,975|**Total**
**2020**
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
**£**
£
£
£
2,474
1,795
1,149
-
5,750
7,006
588
-
9,176
-
2,142
8,004
615
-
1,298
-
683
-
1,149
-
2,708
-
3,731
-
183
-
237
-
283
-
395
-
125
-
88
-
52
-
54
-
236
-
69
-
84
-
-
-
2,453
-
81
4,159
46
10
61
5
22
42
3
-
`─────────`
`────────`
`───────`
`────────`
24,890
8,853
11,045
12,168|Total
2019
£
2,944
7,594
10,146
1,298
1,149
3,731
237
395
88
54
69
-
3,437
76
45
`─────────`
32,066|
|---|---|---|
18
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(d) Income from church activities**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
Magazines - Sales
4
-
Books, cards, guides and candles
798
-
**Fees:**
Weddings
213
-
Funerals
1,198
-
Mancroft music – recitals and
concerts
2,001
-
Social events and activities
176
-
`───────`
`────────`
4,390
-
**(e)**
**Other income**
**Unrestricted**
**£**
Covid-19 Job Retention Scheme
31,499
31,499
|**Total**
**2020**
Unrestricted
Funds
**£**
£
4
35
798
2,616
213
1,476
1,198
1,752
2,001
4,272
176
1,366
`───────`
`────────`
4,390
11,517
**Restricted**
£
-
-
|Restricted
Funds
£
-
-
-
-
-
-
`─────────`
-
**2020**
**Total**
**£**
31,499
31,499
|Total
2019
£
35
2,616
1,476
1,752
4,272
1,366
`───────`
11,517
2019
Total
£
-
-
|
|---|---|---|---|
19
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **3. Expenditure**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
**£**
**Church activities**
Missionary and
charitable giving
(note 3a)
5,300
2,948
-
Ministry costs
(note 3b)
114,509
23,533
-
Church running and
maintenance
(note 3c)
47,437
176
-
Chantry Hall running
costs
(note 3d)
33,568
-
-
Major repairs
(note 3e)
5,111
102,752
-
Social activities
(note 3f)
1,845
1,182
-
Magazine and bookstall
(note 3g)
100
-
-
Wages and salaries
(note 3h)
33,888
43,688
-
Administrative
expenses
(note 3i)
41,051
5,681
-
_______
_______
_______
Total expenditure
282,809
179,960
-
`══════════`
`════════════`
`════════════`|**Total**
**2020**
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
**£**
£
£
£
8,248
5,000
3,177
-
138,042
113,814
10,173
-
47,613
52,057
1,590
-
33,568
26,277
-
-
107,863
-
93,558
-
3,027
4,646
3,064
-
100
550
-
-
77,576
35,440
36,931
-
46,732
40,257
4,181
216
_______
_______
_______
_______
462,769
278,041
152,674
216
`═══════════`
`══════════`
`════════════`
`════════════`|Total
2019
£
8,177
123,987
53,647
26,277
93,558
7,710
550
72,371
44,654
|
|---|---|---|
|||_______
430,931
`═══════════`|
## **(a) Missionary and charitable giving**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
||**£**|**£**|**£**|£|£|£|
|**Grants:**|||||||
|Relief and development|1,900|-|1,900|-|-|-|
|Home Missions|-|-|-|1,000|-|1,000|
|Secular|3,400|1000|4,400|4,000|1,000|5,000|
|Instrumental awards and organ|||||||
|scholarship|-|1,948|1,948|-|2,177|2,177|
||`────────`|`────────`|`────────`|`────────`|`────────`|`────────`|
|Total:|5,300|2,248|8,248|5,000|3,177|8,177|
||════|════|════|════|════|════|
20
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(b) Ministry costs**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
||**£**|**£**|**£**|£|£|£|
|Ministry – Diocesan Parish share|112,360|-|112,360|110,283|-|110,283|
|Clergy expenses:|||||||
|Vicar|793|-|793|949|-|949|
|Curate/assistant priest|1,356|-|1,356|1,562|-|1,562|
|Vicarage other|-|-|-|995|-|995|
|Creating Space for God|-|16,978|16,978|-|3,350|3,350|
|Heartedge|-|1,049|1,049|-|-|-|
|Other clergy|-|-|-|25|-|25|
|Youth work:|||||||
|Youth worker salaries|-|2,536|2,536|-|1,868|1,868|
|Youth general expenses|-|970|970|-|2,644|2,644|
|Room hire|-|2,000|2,000|-|2,000|2,000|
|Vicar’s discretionary expenses|-|-|-|-|311|311|
||`────────-─`|`────────`|`────────`|`────────`|`────────`|`────────`|
|Total:|114,509|23,533|138,042|113,814|10,173|123,987|
||═════|════|════|════|════|════|
## **(c) Church running costs and maintenance**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
||**£**|**£**|**£**|£|£|£|
|**Church running expenses:**|||||||
|Telephone|524|-|524|485|-|485|
|Electricity|2,802|-|2,802|4,135|-|4,135|
|Gas|6,886|-|6,886|7,740|-|7,740|
|Cleaning and waste|10,758|-|10,758|9,133|-|9,133|
|Insurance|16,120|-|16,120|15,802|-|15,802|
|Water|449|-|449|571|-|571|
|Flowers|-|100|100|-|774|774|
|**Church maintenance:**|||||||
|Maintenance and minor repairs|4,252|-|4,252|3,077|-|3,077|
|Bells fund expenses|462|-|462|-|-|-|
|**Upkeep of church services:**|||||||
|General church expenses|4,344|-|4,344|6,697|-|6,697|
|Choirs|50|76|126|690|816|1,506|
|Publicity|789|-|789|3,727|-|3,727|
||`────────`|`────────`|`────────`|`────────`|`────────`|`────────`|
|Total:|47,437|176|47,613|52,057|1,590|53,647|
||════|════|════|════|════|════|
21
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(d) Chantry Hall Running Costs**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
||**£**|**£**|**£**|£|£|£|
|Minor repairs and maintenance|2,776|-|2,776|1,827|-|1,827|
|Major repairs|8,568|-|8,568|1,249|-|1,249|
|Electricity|1,696|-|1,696|3,575|-|3,575|
|Gas|4,174|-|4,174|3,184|-|3,184|
|Water|4,669|-|4,669|3,363|-|3,363|
|Cleaning|5,074|-|5,074|7,169|-|7,169|
|Waste|2,149|-|2,149|2,191||2,191|
|Insurance|2,277|-|2,277|2,239|-|2,239|
|Sundries|2,185|-|2,185|1,480|-|1,480|
||`────────`|`────────`|`────────`|`────────`|`─────`|`─────`|
|Total:|33,568||33,568|26,277|-|26,277|
||════|════|════|════|════|════|
## **(e) Major repairs and projects**
|||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
|||**£**|**£**|**£**|£|£|£|
|Church fabric||-|42,943|42,943|-|18,312|18,312|
|Organ||-|-|-|-|28,448|28,448|
|East End project||-|-|-|-|3,989|3,989|
|Streaming project||5,111|7,420|12,531|-|-|-|
|Bell-chamber project||-|52,389|52,389|-|42,809|42,809|
|||`───────`|`───────`|`───────`|`───────`|`───────`|`───────`|
|Total:||5,111|102,752|107,863|-|93,558|93,558|
|||════|════|════|════|════|════|
|**(f)**|**Social activities**|||||||
|||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|||**Funds**|**Funds**|**2020**|Funds|Funds|2019|
|||**£**|**£**|**£**|£|£|£|
|**Mancroft music:**||||||||
|Publicity||-|-|-|540|-|540|
|Concert|expenses|1,336|-|1,336|2,028|-|2,028|
|Other expenses||65|-|65|50|-|50|
|**Social activities**||444|-|444|2,028|-|2,028|
|**Raymond King fund**||-|1,182|1,182|-|3,064|3,064|
|||`──────`|`──────`|`──────`|`──────`|`──────`|`──────`|
|Total:||1,845|1,182|3,027|4,646|3,064|7,710|
|||════|════|════|════|════|════|
22
## **THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **(g) Parish magazine and bookstall costs**
||**Unrestricted**|**Restricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||**Funds**|**Funds**||**2020**|Funds|Funds|2019|
||**£**|**£**||**£**|£|£|£|
|Magazine|-||-|-|-|-|-|
|Bookstall|100||-|100|550|-|550|
|Total:|100||-|100|550|-|550|
## **(h) Salaries and wages (including working expenses)**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**£**
**£**
Vergers
28,328
-
Organists
5,560
1,200
Director of music
-
27,253
Bell chamber staff
-
8,704
Choral scholars and deputies
-
6,347
Choristers
-
184
Total:
33,888
43,688|**Total**
**2020**
Unrestricted
Funds
Restricted
Funds
**£**
£
£
28,328
29,102
-
6,760
6,338
1,000
27,253
-
27,433
8,704
-
-
6,347
-
7,646
184
-
852
77,576
35,440
36,931|Total
2019
£
29,102
7,338
27,433
-
7,646
852|
|---|---|---|
|||72,371|
## **(i) Administrative expenses**
|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
**£**
**Office expenses:**
Office staffing and
admin fees
20,918
-
-
Office expenses and
postage
7,577
-
-
Printing, stationery and
office equipment
1,769
-
-
Office telephone and
internet
2,282
-
-
Bank charges
242
-
-
Depreciation of office
equipment
1,281
-
-
Sundry expenses
(226)
5,681
-
Payroll bureau
1,266
-
-
Investment Expenses
-
-
-
Accountants’ and audit
fees
5,942
-
-
`────────`
`────────`
`────────`
Total:
41,051
5,681
-|**Total**
**2020**
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
**£**
£
£
£
20,918
21,074
-
-
7,577
760
-
-
1,769
4,676
-
-
2,282
2,244
-
-
242
261
-
-
1,281
2,041
-
-
5,456
1,353
4,181
-
1,266
900
-
-
-
450
-
216
5,942
6,498
-
-
`────────`
`────────`
`──────`
`──────`
46,732
40,257
4,181
216|Total
2019
£
21,074
760
4,676
2,244
261
2,041
5,534
900
666
6,498
`────────`
44,654|
|---|---|---|
23
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **4. Analysis of expenditure including allocation of support costs**
The support costs have been allocated in their entirety to the unrestricted expenditure (church running and maintenance and administrative expenditure).
|Direct Costs
Support Costs
Governance costs
Administrative expenses
**5.**
**Governance costs**
Auditors remuneration
Other professional services
**6.**
**Amount payable to auditor**
Audit fees
Payroll fees
Other professional services
**7.**
**Staff costs**
Wages and salaries
Social security costs
Pension costs
|**2020**
**£**
416,037
3
46,732
`──────────`
462,769
4
**2020**
**£**
5,942
40,792
46,734
**2020**
**£**
5,942
-
5,942
**2020**
**£**
5,942
1,266
-
7,208
**2020**
**£**
90,399
-
1,080
91,479
|2019
£
86,277
44,654
`──────────`
30,931|
|---|---|---|
|||2019
**£**
6,498
38,156|
|||44,654|
|||2019
£
5,234
1,264
6,498
2019
£
5,234
900
1,264
7,398
2019
£
94,849
-
1,943
96,792|
During the year the PCC employed 9 (2019: 11) people, none of whom earned £60,000 p.a. or more.
There were no employee benefits to key management personnel in the previous or current years.
Wages and salaries include £726 (2019: £nil) of redundancy and non-contractual termination payments.
24
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|**8.**
**Tangible fixed assets**|||**Fixtures**|**Fixtures**|
**Fixtures**|
**Fixtures**|||
|---|---|---|---|---|---|---|---|---|
||||**and**||
**and**||||
||**Tenant’s**||**fittings**||
**fittings**||**Office**||
||**Improvements**||**Octagon**||**Chantry Hall**||**equipment**|**Total**|
||**£**||**£**||
**£**||**£**|**£**|
|**Cost**|||||||||
|At 1 January 2020|18,522||23,285||
29,150||14,712|85,669|
|At 31 December 2020|18,522||23,285||
29,150||14,712|85,669|
|**Depreciation**|||||||||
|At 1 January 2020|18,522||23,285||
29,150||13,431|84,388|
|Charge for the year||-||-||-|1,281|1,281|
|At 31 December 2020|18,522||23,285||
29,150||14,712|85,669|
|**Net book value**|||||||||
|At 31 December 2020||-||-|
|-|-|-|
|At 31 December 2019||-||-|
|-|1,281|1,281|
|**9.**
**Fixed asset investments**||||||||**£**|
|UK listed investments|||||||||
|Market value - at 1 January 2020||||||||961,937|
|Additions at cost||||||||33,974|
|Disposal proceeds||||||||(161,735)|
|Realised loss on disposal||||||||(20,573)|
|Unrealised gains for the year||||||||32,713|
|Movement in cash||||||||57,760|
|Market value at 31 December 2020||||||||904,076|
|Historical cost at 31 December 2020||||||||522,271|
25
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **9. Fixed asset investments (continued)**
Investments exceeding 5% of the portfolio are as follows:
|**2020**
**Market**
**value**
**£**
CBF fixed interest securities fund
60,004
CBF investment fund
176,271
Cash
124,728
**10.**
**Debtors**
**2020**
**£**
Other debtors
14,216
14,216
**11.**
**Liabilities: amounts falling due within one year**
**2020**
**£**
Accruals and deferred income 51,160
51,160
**Deferred income**
**2020**
**£**
Income deferred in the year
15,199
Deferred income carried income
15,199|2020
Cost
£
48,510
43,334
124,728
2019
£
24,366
24,366
2019
£
27,436
27,436
2019
£
-
-|
|---|---|
Deferred income relates to grants received for future periods.
## **12. Related Parties**
G Woolsey-Brown a PCC member received remuneration of £2,983 (2019: £5,236) for his role as part-time Verger.
A Moskvina a PCC member received remuneration of £Nil (2019: £1,998) for her role as part-time Verger.
J Haggett a PCC member received remuneration, fees and expenses totalling £9,908 (2019: £7,338) for his role as Organist.
Members of the PCC were neither entitled to nor waived any expenses incurred in their roles as PCC members during the year. The Revd Canon Edward Carter was reimbursed expenses incurred in his role as Incumbent. The Revd Fiona Haworth and The Revd Graham Kirk-Spriggs were reimbursed expenses incurred in their roles as associate Priest and Curate.
26
**THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **12. Related Parties (continued)**
During the year, grants were received from Alderman John Risebrow’s Charity amounting to £47,500 (2019: £40,000). PCC members G Loades and The Revd Canon Edward Carter are Trustees of Alderman John Risebrow’s Charity.
Grants were also received from the Mission Hall Trust amounting to £32,415 (2019: £32,325) and from the Vicarage Trust amounting to £40,000 (2019: £40,000). PCC member G Loades is Trustee of the Vicarage Trust. The Revd Canon Edward Carter, Peter Threadkell and Helena Carr are Trustees of the Mission Hall Trust.
During the year the PCC charged Mancroft Advice Project £5,354 (2019: £8,716) for its share of accommodation and expenses and £660 (2019: £3,039) for additional room hire. Of the latter amount £Nil (2019: £1,500) was paid from a PCC grant to Mancroft Advice Project for that purpose and £Nil (2019: £Nil) was outstanding at the year end. The Revd Canon Edward Carter is a Trustee of the Mancroft Advice Project.
During the year, donations of £21,158 (2019: £9,755) were made by the PCC members to the Church.
## **13. Analysis of net assets by fund**
## **2020**
|**Unrestricted**
**general**
**Designated**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
Tangible fixed assets
-
-
-
-
Investments
208,140
30,875
284,873
380,188
Net current assets
40,958
8,619
79,519
-
249,098
39,494
364,392
380,188|**Total**
**£**
-
904,076
129,096
1,033,172|
|---|---|
## **2019**
|**Unrestricted**
**general**
**Designated**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**funds**
**£**
**£**
**£**
**£**
Tangible fixed assets
1,281
-
-
-
Investments
594,923
-
-
367,014
Net current (liabilities) / assets
(357,463)
36,092
395,530
-
238,741
36,092
395,530
367,014|**Total**
**£**
1,281
961,937
74,159
1,037,377|**Total**
**£**
1,281
961,937
74,159|
|---|---|---|
27
## **THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Funds**
|**Restricted funds**
Legacies
Fabric repair
Mancroft Charitable
Organ fund
Risebrow Trust
Treasury and West End
Bell-chamber project
Raymond King income fund
Church Roof fund
Heartedge
Flower Fund
Creating Space for God
Other
**Endowment funds**
Fabric Endowment fund
Raymond King Endowment
**Unrestricted funds**
General funds, Legacies
General funds other
Designated funds:
Mancroft Music
Vicarage Fund
Mission Hall Fund
Bells Repair Fund
**TOTAL FUNDS**|**Balance**
**brought**
**forward**
**1.1.20**
**£**
20,110
77,813
13,471
32,295
-
8,646
42,092
3,189
132,306
-
2,354
14,344
48,910
395,530
253,314
113,700
367,014
238,741
-
17,397
-
-
18,695
274,833
1,037,377|**Balance**
**carried**
**Investment**
**forward**
**Income**
**Expenditure**
**gains Transfers 31.12.20**
**£**
**£**
**£**
**£**
**£**
427
-
(31)
-
20,506
1,645
(6,017)
(120)
7,562
80,883
284
(1,000)
(21)
-
12,734
685
-
(51)
-
32,929
47,812
(42,513)
(9)
-
5,290
184
-
(13)
-
8,817
42,107
(61,093)
-
4,992
28,098
49
(1,182)
(4)
2,413
4,465
6,266
(36,926)
(201)
-
101,445
10,084
(1,049)
-
-
9,035
569
(100)
(4)
-
2,819
15,807
(16,978)
-
-
13,173
8,468
(13,102)
(78)
-
44,198
134,387
(179,960)
(532)
14,967
364,392
7,562
-
13,352
(7,562) 266,666
2,413
-
(178)
(2,413) 113,522
9,975
-
13,174
(9,975) 380,188
80,985
-
(396)
(70,232) 249,098
145,212
(268,252)
-
123,040
-
2,396
(1,401)
(28)
-
18,364
40,366
(2,149)
(27)
(38,190)
-
32,675
(10,546)
(19)
(22,110)
-
428
(461)
(32)
2,500
21,130
302,062
(282,809)
(502)
(4,992) 288,592
446,424
(462,769)
12,140
- 1,033,172|
|---|---|---|
28
## **THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Funds (continued)**
|**Balance**
**brought**
**forward**
**1.1.19**
**(restated)**
**£**
**Restricted funds**
Legacies
19,260
Fabric repair
74,466
Mancroft Charitable
13,018
Organ fund
44,249
Risebrow Trust
4,396
Treasury and West End
7,773
Bell-chamber project
44,628
Raymond King income fund
2,601
Church Roof fund
122,113
East End Fund
-
Flower Fund
5
Creating Space for God
-
Other
35,611
368,120
**Endowment funds**
Fabric Endowment fund
223,765
Raymond King Endowment
99,667
323,432
**Unrestricted funds**
General funds, Legacies
274,417
General funds other
-
Designated funds:
Mancroft Music
13,987
Vicarage Fund
-
Mission Hall Fund
-
Bells Repair Fund
14,370
302,774
**TOTAL FUNDS**
994,326|**Balance**
**carried**
**Investment**
**forward**
**Income**
**Expenditure**
**gains Transfers 31.12.19**
**£**
**£**
**£**
**£**
**£**
592
-
1,571
(1,313)
20,110
4,317
(14,700)
5,721
8,009
77,813
397
(1,000)
1,056
-
13,471
13,423
(28,448)
3,071
-
32,295
40,805
(46,748)
234
1,313
-
239
-
634
-
8,646
40,273
(42,809)
-
-
42,092
81
(3,064)
216
3,355
3,189
3,837
(3,612)
9,968
-
132,306
556
(3,988)
-
3,432
-
2,978
(774)
145
-
2,354
17,694
(3,350)
-
-
14,344
14,411
(4,181)
3,069
-
48,910
139,603
(152,674)
25,685
14,796
395,530
8,009
-
29,549
(8,009) 253,314
4,159
(216)
13,445
(3,355) 113,700
12,168
(216)
42,994
(11,364) 367,014
7,047
-
18,716
(61,439) 238,741
144,449
(269,469)
-
125,020
-
4,840
(2,617)
1,187
-
17,397
40,413
(3,506)
1,097
(38,004)
-
32,772
(2,449)
1,186
(31,509)
-
499
-
1,326
2,500
18,695
230,020
(278,041)
23,512
(3,432) 274,833
381,791
(430,391)
92,191 - 1,037,377|
|---|---|
29
## **THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Funds (continued)**
## _Restricted funds_
The Legacies fund includes the balance of a number of legacies made specifically for expenditure on the choir and music.
The Fabric Repair fund contains the income arising from the Fabric Endowment fund and donations received for expenditure on repairs to the fabric.
The Mancroft Charitable fund consists of funds held on behalf of many small charities that were previously administered by the PCC.
The Organ fund consists of the balance of funds from a previous major appeal and a legacy and other donations, all specifically for restoration and repairs to the West End organ.
Income from The Risebrow Trust supports youth work, choir and discretionary expenses, as detailed in note 2a.
The Treasury and West End fund consists of the proceeds of the sale of shares donated by Paul King, and other donations which are to be used towards the Treasury and for West End developments.
The Bell-chamber project set up in 2013 consists of monies donated to be used for the improvement of the bell chamber, together with Heritage Lottery Funding. During 2020 the fund has been used to fund the Mancroft Ringing Discovery Centre.
The Raymond King income fund contains the income arising from the Raymond King Endowment for Vicar’s and Churchwardens’ discretionary expenses.
The Church Roof fund is inclusive of donations received for the purpose of repairs to the Church roof.
East End fund consists of grants and donations given specifically for the East End improvements.
The Heartedge fund consists of grants given to develop churches and communities and help them reimagine themselves and society
The Flower Fund was passed to us by the flower arrangers. The Fund will continue to have donations added to it and have disbursements to purchase flowers specifically for the decoration of the Church.
The Creating Space for God provides experience of church ministry to young people who are considering the Ministry as a vocation. In effect it is akin to a gap year internship. We are intending for it to be continued in 2020/21 for two or three new young people. It has been funded by contributions from church members and one or two grants which we are hopeful will be also forthcoming in the next year.
## _Endowment funds_
The Fabric Endowment fund consists of investments and must be retained as capital. The income arising from the Fabric Endowment fund adds to the Fabric Repair fund.
Investment income from the Raymond King Endowment fund is added to the Raymond King income fund. The PCC can transfer the fund capital to be used in the income fund as appropriate.
30
## **THE CHURCH OF ST. PETER MANCROFT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Funds (continued)**
## _Designated funds_
The Mancroft Music fund consists of monies put aside by the PCC to be used for Mancroft Music concerts.
Grants received from the Vicarage Trust are used to pay clergy expenses and to off-set shortfalls in unrestricted income.
Grants received from the Mission Hall Trust are used for repairs and capital works at the Chantry Hall and Church Offices and to offset shortfalls in unrestricted income.
The Bells Repair Fund, set up in 2010, consists of monies put aside by the PCC to be used for repairs to the bells and associated equipment.
## **15. Transfers between funds**
Transfers between restricted and unrestricted funds comprise of movements to eliminate deficits in restricted funds.
Transfers between restricted and endowment funds comprise of movements of investment income generated from investments to the corresponding restricted funds.
## **16. Commitments**
Contractual commitments for the roof repair project contracted for but not provided in the financial statements amounts to £220k (2019: £Nil).
31