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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1134709

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 December 2020

for

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2020

Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to the Financial Statements

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary objective 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 Trustees confirm that they have complied with their duty of the Charities Act 2011 in having due regard to the Charity Commission's guidance on Public Benefit when planning and reviewing the aims and objectives of St Michael's Church.

Vision

The vision of St Michael's Church is "Living to make a difference" by being "A Christian Heart at the Centre of the Community". The strategic components of realising that vision are defined as (i) Discipleship (ii) Outreach and (iii) Serving the community. It is worth noting that in 2021, the vision and strategy are being redefined.

We seek to maintain a balance between the Anglican liturgy that is at the heart of all Church of England worship, and the freedom to experiment and change which maintains life and freshness.

Significant activities

In 2020, St Michael's Church fulfilled its charitable objectives by undertaking a number of activities. Like everyone, our activities were significantly impacted by the Covid-19 pandemic and subsequent lockdowns. Many of our usual activities continued online, and many we developed and adapted.

Giving

St Michael's Church aims to set aside 10% of the voluntary unrestricted giving, to be given to mission partners in the UK and overseas. New mission partners are reviewed by the Mission Action Group (MAG) in accordance with agreed procedures.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Volunteers

There are a number of volunteers at St Michael's Church and they assist in numerous ways. This includes:

The PCC would like to offer its grateful thanks to all staff and volunteers who lead and support the activities and ministries of St Michael's Church.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE Charitable activities

Church attendance and electoral roll

Attendances based on averages throughout the year, have been:

2016 2017 2018 2019 2020
(Jan-Mar
only)
Adult Attendance 355 390 402 413 350
Child Attendance 131 91 121 84 74
Electoral Roll 376 381 395 335 340

During 2020 the services were largely live streamed due to the Covid-19 and therefore attendance could not be recorded in the same way. At the start of 2020 there were 28 subscribers to our YouTube channel. After our first live stream we had 125 subscribers which rose to 286 by June and 405 by the end of December 2020. Approximately 45% of viewers are subscribers and 55% have not subscribed. During the course of the year there were 500-700 viewers of the 10.30am celebrations by the end of the week in which they went live.

Baptisms, confirmations, wedding and funerals

Whilst there were several months when live events were not permitted in 2020, some events were able to take place. The numbers of services and celebrations have been:

2016 2017 2018 2019 2020
Baptisms 12 and under 8 26 15 9 9
Baptisms 12 and over 3 1 2 1 0
Confirmations 5 2 0 4 0
Weddings 9 5 4 1 2
Blessings 1 1 0 0 0
Funerals 6 13 13 5 3

St Michael's Church

Licensed ministry continues to play a key role in the parish. There are currently five Licensed Lay Ministers serving at St Michael's Church.

1. Discipleship

There continues to be a focus on discipleship, primarily through small group membership. At St Michael's, Lifegroups play a crucial part as we learn and grow together in discipleship, service and outreach and 'live to make a difference'. We grow in our discipleship within our community and Lifegroups are integral to this. There is a wide variety of groups of varying sizes and expressions. These groups are safe spaces for people to share their lives, deepen friendships, study the Bible and cultivate a sense of community and family. There have been a number of training sessions for the Lifegroup leaders this year, and study resources are now available online for leaders to access. Leading a Lifegroup can be complex and St Michael's continues to offer support to leaders in a structured way through clusters - as introduced in 2019. During 2020, help was given to leaders to move their groups online.

Lifegroups have been a lifeline to so many during the Covid-19 pandemic and St Michael's is committed to their continued flourishing.

Prayer Triplets and Three Is Enough (TIE) groups are also continuing to thrive and offer greater intimacy and accountability in the lives of the people who choose to be in a triplet and are seeking to go deeper with God.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Throughout 2020, St Michael's Church aimed to grow its student and young adult community. The existing Students and Young Adults worker left in the summer of 2020 and was replaced with a new Students and Young Adults worker in September 2020.

In 2020, Youth Provision continued to be a focus, with weekly meetings for the young people in FXG (Years 7-9) and WORD (Years 10-13), mostly via Zoom due to lockdown, with games, video resources, discussions and prayer. On Sunday mornings the youth tuned in to the online Sunday celebration with the rest of church then debriefed and chatted about it on Zoom afterwards. This is so that families can watch the live stream as a family and then talk about it over lunch. It also helps to keep the young people engaged in what the wider church is doing.

The Children and Family Ministry at St Michael's Church comprises of weekly clubs and activities throughout the year for children aged 0-11. The ministry includes: Sunday clubs, Messy Church, parent and toddler groups and work in the local school. On average we reach 50-60 children on a Sunday, 90-110 children and adults on average per session at Messy church and 40-50 on average at parent and toddler. The Children and Families Ministry is supported by a wonderful team of volunteers. As the lockdown took hold, and guidelines and restrictions were put in place, doing children's work face to face was no longer possible. Connection was kept with children and families during this time as much as possible through online resources and creative thinking.

2. Outreach in the community

St Michael's Church continues to run the Alpha course. It also runs the Marriage Course, the Marriage Preparation Course, the Parenting Course and Kintsugi Hope Wellbeing Groups. In normal times, there are regular events at Osborne Court, the residential care home next door to the St Michael's Centre, provided by clergy and volunteers. There is also a fortnightly service at the Beaufort Grange Nursing Home in Cheswick and at the Stoke Gifford Retirement Village, which is also in the parish.

Youth Outreach groups are run midweek and there were regular meetings) on Zoom with games, sandwich making competitions and much more. Outreach has been about making sure that young people have a safe space where they can share the issues they are facing and have support from friends and leaders. There have been team meetings to pray for the young people every fortnight and deep conversations with the young people. Lots of fun was had, helping to make lockdown more joyful for lots of young people.

The relationship with St Michael's Primary School remains strong and continues to grow. Assemblies were hosted via Zoom and the Open the Book (Bible story) team recorded some stories which were played to the children who were in school during the lockdown period. A Zoom session was held for year 6 leavers. Support work has also continued to those students identified by the school Family Support worker. This has been a mixture of face to face support in school or most recently over Zoom.

3. Serving the community

St Michael's Church, continues to serve the community, both local and further afield.

The Old School Rooms Coffee Shop - when lockdown rules allow- continues to be very popular with the local community and is seen as an integral part of the ministry of St Michael's Church, where people find a warm welcome into the community.

The three-fold pastoral strategy, of Connect, Care and Prayer continues to flourish. In 2020 the partnership with the Kintsugi Hope charity continued, seeking to support people in the areas of emotional and mental wellbeing, by running Kintsugi Hope Wellbeing Groups. At the start of the first lockdown, a postcard delivery to all homes in the parish was undertaken, with contact details for the team, and offers of practical and pastoral help. The pastoral team has grown and more people are now volunteering in this area

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

This year, youth ministry links with Abbeywood School have continued to strengthen even throughout lockdown. There were group mentoring sessions during the autumn term. The sessions are focused on the needs of the individual, but broadly aim to increase their confidence, resilience and ability to be self-reflective. The team consider it a huge privilege to be alongside these young people as they walk through life, being a listening ear and a source of encouragement for them. There was also the provision of several food parcels that have been gratefully received by families of students at Abbeywood who need extra support. This was done in partnership with the charity Love Bristol and with support of Sainsbury's.

A computer server with the game Minecraft was set up, which can be accessed by young people from the groups Teen Central, Club, FXG & WORD. There are community sessions with challenges and tasks to win prizes. There has been lots of creativity and skill from the young people during these sessions and it has built a sense of community.

Prior to lockdown, the community groups for toddlers and babies (Beehive and Bumps & Babies) continued to be a vital point of contact for young families. Both groups have a Facebook page which was used to share activities and connect with families who would usually attend. The parent and toddler group in Cheswick (Saplings) found a new home at a venue called 'The Vench', and online sessions have also been run. Resources were delivered to the families in the Cheswick area and children's trails laid through the woods.

The Pre-School & Nursery is a beautiful expression of the St Michael's Church vision "Living to make a difference" by being "A Christian Heart at the Centre of the Community" through outreach and serving the community. The team thank God for entrusting this ministry and look forward to the time when it is able to get back to a more 'normal' way of operation and engagement with the families, church and community. They are focussed on ensuring that the children entrusted to their care can grow and flourish. During the first lockdown, the majority of our children were away from the setting for several weeks, but staff worked hard to produce resources for parents to use with them at home. Thankfully they were able to welcome back a large cohort of school leavers from the beginning of June. Although the team was not able to hold the usual leavers' service and party, each child was given a Children's Bible and a graduation hat to take away to mark their leaving day.

The rest of the children started back on a phased return between mid-June and August. They were all placed in bubbles to minimise the risk of Covid-19 infection, and although they have had to make some significant changes to operations (e.g. at drop-off and pick-up times), the children have proved to be remarkably resilient and adaptable. Opportunities to interact with parents have also been significantly reduced, but staff work hard to keep parents updated through the Facebook group and Tapestry, the online learning forum, and through twice-yearly reports where children are assessed against the EYFS criteria.

It is with some amazement that, considering the impact of closure during the first lockdown, Pre-School & Nursery ended the year with a small operating surplus in the Ordinary Fund. This is due in part to £38,800 received from the Coronavirus Job Retention Scheme, £7,500 received from South Gloucestershire Council as a Discretionary Business Support Grant and also the generosity of some parents who made financial gifts despite their children being away from the setting. It is also a consequence of having carried staff vacancies for most of the year. This has been operationally challenging but the staff continue to show commitment above and beyond the ordinary call of duty, especially in additional administration of new Covid-19 procedures to ensure the safety of children, parents and staff. These procedures continue to be rigorously applied in 2021 including the use of "bubble-groups", cleaning protocols, the use of PPE and people-flow systems in and around the Nursery setting. 2020 drew to a close with major repairs to the roof of the Pre-School & Nursery building being undertaken and further work planned to improve the setting.

Fabric

Despite the various lockdowns in 2020, the Fabric Committee continued to progress the following works and projects:

Churchyard boundary wall rebuild:

Three quotations were obtained and List 'B' permission was granted by the Diocese. Fortunately, the footings were sound and the rebuild was completed with minimal use of new stone.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Ecclesiastes Board:

We obtained a quotation for a replacement board and placed an order with a local supplier.

Church Improvements:

A steering committee was formed to oversee the design and progress of the Church Improvement Project. The archaeological investigation, which will include five trial digs in different locations within the church building, will determine whether we can install underfloor heating. The plan is, subject to diocesan approval to remove the pillars between the nave and north aisle and level the floor throughout the body of the church and vestry, enabling unhindered access for all throughout the church building. The provision of toilets and kitchenette within the vestry, together with new seating will complete the project.

Archaeologist appointed:

Heritage Planning Services Ltd was appointed to compile the archaeology reports required by the Diocese. This company worked with us previously on the St Michael's Centre. We anticipate the investigative work to commence in March 2021. The work was required by the diocese in order to establish that there are no artefacts or remains under the existing flooring.

Footpath:

Members of the Fabric Committee met one afternoon to clear the overgrown areas and edges of the path to the porch and the memorial garden.

Fabric Committee

As always, the above work would not have been possible without the help and commitment of the Fabric Committee chair and committee members.

The Mission Action Group is still flourishing and supported 12 mission partners in 2020 (seven overseas and five in the UK) through finance, prayer and building relationships. Details about the mission partners can be seen on the church website, communication was maintained through email, social media and virtual platforms. MAG was concerned about the impact of Covid-19 on people in the areas where the mission partners work, with lockdowns in various countries resulting in loss of income for many and increasing food poverty. Video contributions from the mission partners were compiled into a Covid-19 update video, posted on the church website in August. Extra funds amounting to nearly £10,000 were provided through the year, to enable mission partners overseas and in Bristol to buy food and other essential items for those in their local areas. St Michael's also held a famine appeal for Moldova and this was generously supported. Epaphras Trust was welcomed as a new mission partner in April. The Trust supports work in four countries. St Michael's partnership is with one aspect of this work - supporting a Bible School in India. News updates and prayer requests from mission partners were regularly circulated. These items were also included in two meetings of the Mission Support Group, held on Zoom in June and November. In addition, news was posted on the Mission Facebook group. The core admin group dealt with organisational and administrative tasks through the year. Applications for Heart of the Community project (HOTC) tithe funds were considered in the Spring and Autumn. Six new projects and three ongoing projects received grants. A new display about all the current mission partners and their work, was put on notice boards in the church porch and the St Michael's Centre.

The three-fold strategic aims of Discipleship, Outreach and Serving the Community are fundamental precursors of a growing church and are essential to both the life of the church and the wider Heart of the Community project. Moving forward our strategic aims are being revised to: Learning and Growing Together, Sharing Jesus Together and Serving Together - these still maintain the elements of the current aims, but in a more accessible and Jesus-focussed way.

FINANCIAL REVIEW

Financial position

Total income for the year was £1,186,658 (compared with £1,430,736 in 2019). Total expenditure exceeded income by £49,652 (in 2019, income exceeded expenditure by £73,085).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Principal funding sources

The Principal funding sources are the generous giving of the congregation, Gift Aid claims, the community support of the Pre-School & Nursery, and the serving of refreshments via the Coffee Shop. The St Michael's Church Centre Ltd (SMCC) also provides funding to contribute towards the salaries of staff members who are involved in SMCC work.

The expenditure has satisfied the charitable objectives by supporting the advancement of the Christian faith, extensive children and youth work, elderly people's ministry and a wide range of community services, such as the Coffee Shop, and Pre-School & Nursery. The church did not receive any money from the Diocese of Bristol in 2020 and is a net contributor to the Diocese of Bristol.

Investment policy

St Michael's Church invests funds in excess of short term requirements with the CBF Church of England Deposit Fund and Lloyds Bank Special Reserve accounts. There are no investment conditions which have been placed upon these funds.

Reserves policy

The PCC has sought to build up free reserves to a level which supports the operations of the church during any temporary reduction in income and to enable a controlled rundown of activities, if it became no longer feasible to continue the operations of the church. The Trustees are therefore working towards holding reserves of approximately three months core expenditure, which equates to £170,000. These reserves will ensure that staff will continue to be paid throughout their notice period, in the event that St Michael's ceases to be a going concern. It will also ensure that contributions can be made to the Bristol Diocese.

St Michael's total reserves were £470,339 as at 31 December 2020 (£519,991 in 2019). Of these reserves, St Michael's considers that £246,493 are free reserves (£266,012 in 2019).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Impact of Covid-19 on St Michael's Church

On 12 March 2020, the World Health Organisation upgraded the Covid-19 outbreak to pandemic status.

The impact of Covid-19 on the activities of St Michael's Church have been outlined in the trustees report above.

In summary, the following steps have been taken to mitigate the threats that Covid-19 may pose to the organisation;

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the Covid-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of Covid-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts

Grant making policy

The Trustees aim to set aside 10% of unrestricted giving and continue to work closely with existing mission partners, both in the UK and overseas. New mission partners are reviewed by the MAG in accordance with agreed procedures.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FUTURE PLANS

In 2018 St Michael's held a leadership day where leaders gathered together to pray and discern where God might be calling the church to next. A three-year Vision Action Plan for 2018- 2021 was developed to further the vision through discipleship, outreach and serving the community. The action plan set objectives across each area of ministry and was reviewed regularly by the leadership team. This has been refreshed in 2021 and going forward there will be a new subtly changed vision "Living to make a difference by being a Christian heart at the centre of our communities". The leadership team believe this better reflects the scope and reach of the church.

In 2021 and beyond, the focus will be on the revised strategic vision of:

Learning & Growing together

"Strengthen how we learn to follow Jesus and to grow more like Him through fellowship, prayer and Bible study. The leaders at St Michael's sense there is a continued need for Christian teaching, for more focused opportunities for discipleship, training and to equip people for works of service. We intend to continue to pray for, train and release more leaders."

Sharing Jesus together

Serving together

Strategic and Specific Objectives for September 2021 - September 2024

Learning & Growing together

Sharing Jesus together

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Serving together

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The PCC is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measure 1956) and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended). The charity constitutes an unincorporated charity.

Charity constitution

The PCC is a Body Corporate established by the Church of England and operates under the Parochial Church Council Powers Measure. It meets regularly, plus occasional extra meetings.

Recruitment, appointment, induction and training of new trustees

Members of the PCC (trustees) are appointed ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules or are co-opted onto the PCC due to the role they undertake. All trustees are given the Charity Commission publication CC3 The Essential Trustee - What You Need to Know to assist in the induction process and to allow all new trustees to be aware of their legal responsibilities. The Diocese of Bristol provides PCC (membership, trustee) training and new PCC members are encouraged to attend.

Organisational structure

The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (Stoke Gifford PCC) serves a district of the ecclesiastical parish of Stoke Gifford within the Kingswood and South Gloucestershire Deanery of the Bristol Diocese of the Church of England.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making

The day-to-day management is carried out by staff teams, committees and action groups who keep the PCC informed of their work. Each group provides a short report for the APCM.

Committees appointed by the PCC are:

There are many other groups which focus on aspects of delivering the strategic aims, These include New Housing Area Team, Alpha, Lifegroups, Pastoral Ministry, Prayer, Worship, Over 65's, Youth and Children's work. Further information on these is provided on our website.

Most church business is conducted at PCC meetings, including the approval of accounts, setting of occasional offices fees and approval of candidates wishing to become lay ministers. Appropriate training, procedures and policies have been adopted in relation to such matters as health and safety, disability discrimination legislation and safeguarding.

Related parties

St Michael's PCC is a related party of St Michael's Church Centre Ltd (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Centre. The centre is the continuing expression of the vision of St Michael's. The SMCC and St Michael's Church PCC have two trustees in common.

In order to deliver the new centre, SMCC has had to take out low-interest loans from individuals, the Bristol Diocese, and CAF Bank. CAF Bank has requested, (and the PCC of St Michael's has supplied) a "letter of comfort" to signify our support of the SMCC operations. At a PCC meeting held on 14th July 2014 it was resolved that: "the Directors of St Michael's Church Centre Limited be supported to undertake a loan of up to £800,000 from CAF Bank (including the initial loan of £150,000) and that the St Michael's PCC should stand behind the Directors of St Michael's Church Centre Limited and offer a "letter of comfort" to CAF Bank in support of that loan, in regard to honouring the capital and interest repayments on that loan if required. The total value of these loans at the year-end was £409,897.

In 2014, the Bristol Diocese provided a loan of £375,000 and an additional loan of £250,000 was provided in 2015. The purpose of these loans was to support the building of the new church centre and this loan has been re-loaned to SMCC for that purpose. The PCC pays interest on these loans and levies the same rate of interest to the SMCC who are the beneficiaries of these loans. Interest payments on those loans will be the liability of SMCC, and will be paid from SMCC funds. The additional loan of £250,000 was fully repaid by the end of May 2020.

At the year end, the total loan outstanding, and was recoverable from SMCC, was £328,125 (2019: £390,625).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Corporate Governance

Internal controls over all forms of commitment and expenditure continue to be refined to improve effectiveness. Processes are in place to ensure that performance is monitored and that appropriate management information is prepared and reviewed regularly by the PCC.

The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include:

Risk management

The Trustees have a risk management process. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing or mitigating the risks. The Trustees confirm that the major risks to which the charity is exposed, as identified by them, have been reviewed in the period and systems have been established and maintained to manage those risks.

Safeguarding

At St Michael's we are committed to enabling our church community to be a place where all are safe and protected from abuse, where all can be healed and where all can live life to the full. We seek to provide effective safeguarding processes to ensure the safety of young people and adults at risk. All those who work with children, young people or adults at St Michael's undertake a checking process, culminating in a Disclosure & Barring Service (DBS) check, which is renewed every five years.

In 2020 the parish dashboard replaced the parish audit questionnaire to the diocese over our 'Safer Recruiting' and general working practices. This enables us to monitor our performance and identify areas where further work is required. The diocese also has access to this. The current Parish Safeguarding Policy is available in the two church centres and the safeguarding section of the church website. You will see posters around the church estate, highlighting who to talk to about any safeguarding concerns. We also have a contact form on the website with a direct link to the Safeguarding Officer.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1134709

Principal address

St Michael's Centre North Road Stoke Gifford Bristol BS34 8PD

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

S Jones Rector T Benyon Associate Vicar J Bradley Associate Minister V Wicks Curate M Hepburn Licensed Lay Minister (ex officio) J Hobbs Licensed Lay Minister (ex officio) C Perkins Licensed Lay Minister (ex officio) J Spens Licensed Lay Minister (ex officio) R Willerton Licensed Lay Minister (ex officio) I Osborne Churchwarden M Watkivs Churchwarden I Taylor Co-opted (Operations Manager) (resigned 31.1.21) A Volkmer Co-opted (Financial Controller) (resigned 30.9.20) E Bakewell Elected member R Farrell Elected member P Hallett Allen Elected member D McCann Deanery Synod Representative O McGregor Elected member C Murphy Diocesan Synod Representative K Needham Elected member M Peacey Elected member M Roach Elected member L Thomas Diocesan Synod Representative A Mead (Co-opted 8.2.21)

Auditors Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Bath House 6-8 Bath Street Bristol BS1 6HL

Web address

www.stmichaelsbristol.org

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The PCC is responsible for all parish finance, its management and control, including the appointment of a treasurer. While it may delegate some of its duties, this does not remove its legal responsibilities.

Charity law requires the PCC as trustees of the church to prepare a trustees' annual report and financial statements for each financial year that give a true and fair view of the church's financial activities during the year and of its financial position at the end of the year. The PCC is also required to ensure that these are subjected to an annual independent examination or audit and to present these to the APCM in accordance with the Church Representation Rules.

In preparing these financial statements, the PCC is required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 2011 and applicable accounting standards. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the PCC on 12 April 2021 and signed on its behalf by:

S Jones - Rector and Chair of the Trustees

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Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

Opinion

We have audited the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' 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 trustees' 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 trustees with respect to going concern are described in the relevant sections of this report.

However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the charity's operations and activities. The trustees' view on the impact of COVID-19 is disclosed in the Trustees' Report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 15

Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

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 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 16

Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Bath House 6-8 Bath Street Bristol BS1 6HL

28 April 2021

Page 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Ministry and mission
Coffee Shop
Pre-school and Nursery
Raising funds
3
Investment income
4
Other income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Ministry and mission
Coffee Shop
Pre-school and Nursery
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
24
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds

£
404,977
34,779
59,565
347,549
166
1,578
-
848,614
176
456,644
73,024
365,818
895,662
(47,048)
(6,532)
(53,580)
499,516
445,936		 Restricted
funds
£
49,436
11,872
-
158,577
576
9
117,574
338,044
196
181,875
-
158,577
340,648
(2,604)
6,532
3,928
20,475
24,403		 2020
Total
funds
£
454,413
46,651
59,565
506,126
742
1,587
117,574
1,186,658
372
638,519
73,024
524,395
1,236,310
(49,652)
-
(49,652)
519,991
470,339		 2019
Total
funds
£
639,888
17,579
80,193
580,444
1,008
1,685
109,939
1,430,736
133
714,415
84,309
558,794
1,357,651
73,085
-
73,085
446,906
519,991

The notes form part of these financial statements

Page 18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Balance Sheet 31 DECEMBER 2020

Unrestricted
funds
Notes
£
CURRENT ASSETS
Stocks
18
841
Debtors: amounts falling due within one year
19
18,860
Debtors: amounts falling due after more than one
year
19
328,125
Cash at bank and in hand
487,796
835,622
CREDITORS
Amounts falling due within one year
20
(61,561)
NET CURRENT ASSETS
774,061
TOTAL ASSETS LESS CURRENT
LIABILITIES
774,061
CREDITORS
Amounts falling due after more than one year
21
(328,125)
NET ASSETS
445,936		 Restricted
funds
£
-
23,331
-
1,072
24,403
-
24,403
24,403
-
24,403		 2020
Total
funds
£
841
42,191
328,125
488,868
860,025
(61,561)
798,464
798,464
(328,125)
470,339		 2019
Total
funds
£
841
41,449
375,000
578,961
996,251
(101,260)
894,991
894,991
(375,000)
519,991

The notes form part of these financial statements

continued...

Page 19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Balance Sheet - continued 31 DECEMBER 2020

FUNDS
24
Unrestricted funds
Restricted funds
TOTAL FUNDS		 445,936
24,403
470,339		 499,516
20,475
519,991

The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2021 and were signed on its behalf by:

S Jones - Rector and Chair of the Trustees

I Osborne - Churchwarden

M Watkivs - Churchwarden

The notes form part of these financial statements

Page 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£
(29,180)
(29,180)
1,587
1,587
(62,500)
(62,500)
(90,093)
578,961
488,868		 2019
£
180,555
180,555
1,685
1,685
(62,500)
(62,500)
119,740
459,221
578,961

The notes form part of these financial statements

Page 21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2020 2019
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (49,652) 73,085
Adjustments for:
Interest received (1,587) (1,685)
Decrease in stocks - 321
Decrease in debtors 46,133 67,954
(Decrease)/increase in creditors (24,074) 40,880
Net cash (used in)/provided by operations (29,180) 180,555
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.20 Cash flow At 31.12.20
£ £ £
Net cash
Cash at bank and in hand 578,961 (90,093) 488,868
**578,961 ** (90,093) 488,868
Debt
Debts falling due within 1 year (15,625) 15,625 -
Debts falling due after 1 year (375,000) 46,875 (328,125)
(390,625) 62,500 **(328,125) **
Total 188,336 (27,593) 160,743

The notes form part of these financial statements

Page 22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Stoke Gifford PCC is an unincorporated charity. The address of the principal office is given in the Trustees report. The nature of the charity's operations and principal activities are detailed in the Trustees report of these financial statements.

The financial statements of the charity, which is a public benefit entity under FRS 102, 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.

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 (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

The financial statements have been prepared on a going concern basis after consideration by the trustees of the commitments provided to St Michael's Church Centre Ltd in connection with the funding for the construction of the Church Centre building. As discussed in note 26 to the financial statements, the charity took loans of £375,000 and £250,000 from the Diocese of Bristol, the funds from which have been passed to St Michael's Church Centre Ltd. To date, repayments of £296,875 have been made. In addition, the charity has provided a letter of comfort to CAF Bank recognising the moral obligation the charity has in respect of an £800,000 loan provided to St Michael's Church Centre Ltd in the event of any default. The total value of this loan at the year-end was £409,897.

The trustees have considered the potential impact on the charity in the event of default on either or both of these debts by St Michael's Church Centre Ltd, and believe that the charity would be able to continue to meet its current obligations for at least a period of one year should this happen, due to the continued support of the Diocese of Bristol and the security the freehold property of the new Church Centre would provide. Current cash resources within the charity would enable on-going operation of the charity to continue for the foreseeable future whilst any issues on default of the loans were managed. Although this is only an uncertainty, the trustees have had due regard to the situation, and have decided that no adjustment to the figures, which would be required if the charity was not a going concern, is required.

Impact of Covid-19 on St Michael's Church

As concluded above the accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, the COVID-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charity. The trustees have considered the impact of this issue on the charity's current and future financial position. The charity holds general reserves of £49,801, designated reserves that can be drawn down if necessary of £199,371 and a cash balance of £488,868. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

continued...

Page 23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Income

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under gift aid is recognised only when received. Income tax recoverable on gift aid donations is recognised when the related income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Rental income from the letting of church premises is recognised when the rental is due. Other income is recognised on a receipts basis. The value of services provided by volunteers has not been included. Coffee Shop income is accounted for on a cash received basis. Pre-school and Nursery income is accounted for on an accrual basis.

Grants

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable, where all conditions associated with the grant have been met. Where conditions exist which remain unsatisfied, the grant is treated as a liability until the conditions have been substantially met.

Expenditure

Liabilities are recognised when goods or services have been supplied or provided to the charity, and where services relate to the accounting period but are provided subsequently.

Where expenditure does not fall entirely within one cost category, it is apportioned between categories so as to reflect an appropriate division of costs. VAT on expenditure is irrecoverable and costs reported in the financial statements include such VAT.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.

The PCC policy is to capitalise significant capital expenditure over £2,500.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold property improvements - 6 years, straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation

The charity is exempt from tax on its charitable activities.

continued...

Page 24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Debtors

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Creditors

The charity has creditors which are measured at settlement amounts.

Financial Instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

Fund accounting

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

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Page 25

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity participates in the Pension Builder Scheme section of Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers. This means that contributions are accounted for as if the Scheme were a defined contribution scheme.

Donated goods, services and facilities

Donated goods, services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2. DONATIONS AND LEGACIES

Standing orders
Weekly offering scheme
Other planned giving
Church collections
Sundry donations
Gift aid tax refunds
Legacies
3.
RAISING FUNDS
Fundraising events		 2020
£
302,517
301
60,401
1,717
5,017
84,029
431
454,413
2020
£
742		 2019
£
259,620
515
112,383
6,792
3,309
81,446
175,823
639,888
2019
£
1,008

Page 26

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

4. INVESTMENT INCOME

Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Church lettings
Ministry and mission
Wedding and funeral fees
Ministry and mission
Ministries
Ministry and mission
Youth work
Ministry and mission
Grants
Ministry and mission
Parish weekend
Ministry and mission
Grants
Coffee Shop
Coffee Shop takings
Coffee Shop
Grants
Pre-school and Nursery
Pre-school and Nursery fees Pre-school and Nursery
Grants received, included in the above, are as follows:
National Education Grants
DCMS Grant
HMRC Job Retention Scheme
South Gloucestershire Council General
Temple Ecclesiastical Charity
Bristol Archdeaconry Charity
Other
6.
OTHER INCOME
SMCC contribution to facilities
SMCC contribution to administration		 2020
£
1,587
2020
£
420
2,129
2,988
2,373
38,731
10
18,332
41,233
207,458
298,668
612,342
2020
£
158,577
22,354
65,090
7,500
5,000
5,000
1,000
264,521
2020
£
68,088
49,486
117,574		 2019
£
1,685
2019
£
1,175
2,051
7,487
6,866
-
-
-
80,193
141,890
438,554
678,216
2019
£
141,390
-
-
-
-
-
500
141,890
2019
£
60,559
49,380
109,939

continued...

Page 27

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. RAISING FUNDS

Raising donations and legacies
Fundraising event costs
8.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 9)
£
Ministry and mission
567,999
Coffee Shop
73,024
Pre-school and Nursery
520,858
1,161,881
9.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Other operating leases
Ministry
Youth and student work
Administration- general
Parish share
SMCC Contribution
Property costs
Employment costs - Other
Legal fees
Pre-school - catering
Pre-school - property costs
Pre-school - other
Coffee Shop - direct costs		 Grant
funding of
activities
(see note
10)
£
63,011
-
3,537
66,548		 2020
£
372
Support
costs (see
note 11)
£
7,509
-
-
7,509
2020
£
562,809
34,736
13,730
31,259
13,848
150,000
94,595
34,981
121,225
-
23,323
34,802
33,048
13,525
1,161,881		 2019
£
133
Totals
£
638,519
73,024
524,395
1,235,938
2019
£
534,965
33,065
20,013
23,237
12,864
158,400
92,445
138,504
117,725
596
35,341
31,539
52,358
26,101
1,277,153

continued...

Page 28

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

10. GRANTS PAYABLE

Ministry and mission
Pre-school and Nursery
The total grants paid to institutions during the year was as follows:
SIITA Nest Children's Home - Uganda
Network Counselling
Faith Home for Children - India
inHope
Transform Europe Network
Peace and Hope Trust - Nicaragua
Univida - Brazil
CMS - Brazil
Axe Valley Christian Trust
Bridges for Communities
The Brickworks
Hope Church Rhondda
Moldova Mission
Epaphras Trust
North Bristol Food Bank
Salvation Army Austrailia
Caring at Christmas
Youth for Christ
Kenya Thriving
Other		 2020
£
63,011
3,537
66,548
2020
£
12,173
2,640
-
4,020
5,040
2,340
2,760
4,460
1,050
1,512
4,450
2,400
8,563
1,800
1,500
1,808
-
-
-
4,632
61,148		 2019
£
73,865
1,700
75,565
2019
£
32,533
2,690
4,400
3,526
5,040
2,160
2,760
3,960
1,250
1,612
3,000
2,400
-
-
-
-
956
2,000
500
1,352
70,139

Grants payable in the previous year have been reanalysed and reallocated between grants to individuals and institution to reflect the nature of the grants.

Individuals experiencing difficulties are assisted through friendship and also in monetary form as appropriate. During the year, grants of £5,400 (2019 - £5,426) were paid to individuals. Where monetary support removes duplication of effort or where the charity does not have sufficient resources to be effective on its own, the charity shares the light and love of God through its monetary support of other churches and charities working within Bristol and the surrounding area.

continued...

Page 29

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

11. SUPPORT COSTS

11. SUPPORT COSTS
Governance
costs
£
Ministry and mission 7,509
Support costs, included in the above, are as follows:
Governance costs
2020 2019
Ministry
and Total
mission activities
£ £
Auditors' remuneration 4,360 2,800
Accounts preparation 3,149 2,000
7,509 4,800
12. AUDITORS' REMUNERATION
2020 2019
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 4,360 2,800
Accounts preparation 3,149 2,000
Total fees payable 7,509 4,800

13. TRUSTEES' REMUNERATION AND BENEFITS

The trustees all give freely of their time and expertise.

During 2020, payment was made under an employment contract to A Volkmer, in her role as Financial Controller. A Volkmer was a co-opted trustee by virtue of her position as Financial Controller and received total employee benefits of £7,644 and pension contributions of £335. A Volkmer resigned from her role on 30 September 2020.

Payment was also made during the year under an employment contract to I Taylor, in his role as Operations Director. I Taylor was a co-opted trustee by virtue of his position as Operations Director and received total employee benefits of £13,839 and pension contributions of £621. I Taylor resigned from his role on 12 February 2021.

Payment was made under an employment contract during the year to L Thomas, in her role as Church Administrator. L Thomas was a Diocesan Synod Representative and received total employee benefits of £12,044 and pension contributions of £540.

continued...

Page 30

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

13. TRUSTEES' REMUNERATION AND BENEFITS - continued

In addition, payment was made under an employment contract during the year to C Murphy, in her role as Events Co-ordinator and Vicar's PA. C Murphy was a Diocesan Synod Representative and received total employee benefits of £8,328 and pension contributions of £373.

Trustees' expenses

During the year 5 trustees (2019: 2) had their expenses met by the PCC. Expenses of £1,970 (2019 - £2,232) were paid for travel, subsistence, phone services, hospitality and provision of musical equipment.

14. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Pre-school and Nursery
Coffee Shop
Church administration
Youth, student and children's ministers
Assistant Youth ministers
Facilities		 2020
£
495,938
42,642
24,229
562,809
2020
22
5
4
3
2
2
38		 2019
£
475,517
36,801
22,647
534,965
2019
25
6
4
1
1
-
37

No employees received emoluments in excess of £60,000.

Staff costs by activity during the year were as follows:

PCC
Pre-school and Nursery
Coffee Shop		 2020
£
112,941
392,545
57,323
562,809		 2019
£
79,095
398,858
57,012

534,965

In addition to the above, other employment costs of £117,574 (2019 - £109,939) were incurred by the PCC for staff who are jointly employed by the PCC and SMCC but working for SMCC. Contributions have been made by SMCC and are included in other income.

continued...

Page 31

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
582,210
57,678
Charitable activities
Ministry and mission
17,579
-
Coffee Shop
80,193
-
Pre-school and Nursery
439,054
141,390
Raising funds
531
477
Investment income
1,677
8
Other income
-
109,939
Total
1,121,244
309,492
EXPENDITURE ON
Raising funds
-
133
Charitable activities
Ministry and mission
529,914
184,501
Coffee Shop
84,309
-
Pre-school and Nursery
417,404
141,390
Total
1,031,627
326,024
NET INCOME/(EXPENDITURE)
89,617
(16,532)
Transfers between funds
(3,780)
3,780
Net movement in funds
85,837
(12,752)
RECONCILIATION OF FUNDS
Total funds brought forward
413,679
33,227
TOTAL FUNDS CARRIED FORWARD
499,516
20,475		 Total
funds
£
639,888
17,579
80,193
580,444
1,008
1,685
109,939
1,430,736
133
714,415
84,309
558,794
1,357,651
73,085
-
73,085
446,906
519,991

continued...

Page 32

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16. DONATED GOODS, SERVICES AND FACILITIES

During the year, the church has benefitted from numerous services provided by volunteers covering areas such as children's and youth work, coffee shop, and all areas of ministry. Further services have been provided in the form of assistance with maintenance, finance and administration. It is not possible to measure the financial benefit of such services in the accounts.

During the year, a number of supplies have been donated to further the ministry of the church. It has not been possible to value the goods donated and the trustees do not believe the total value is material to the financial statements.

17. TANGIBLE FIXED ASSETS

COST
At 1 January 2020 and 31 December 2020
DEPRECIATION
At 1 January 2020 and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
18.
STOCKS
Stocks
19.
DEBTORS
Amounts falling due within one year:
Tax refunds
Pre-school fees owing
Other debtors
Loan to St Michael's Church
Centre Ltd		 Improvements
to
property
£
86,916
86,916
-
-
2020
2019
£
£
841
841
2020
2019
£
£
29,517
13,142
4,343
7,428
8,331
5,254
-
15,625
42,191
41,449

continued...

Page 33

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

19. DEBTORS - continued

Amounts falling due after more than one year:
Loan to St Michael's
Church Centre Ltd
Aggregate amounts		 2020
£
328,125
370,316		 2019
£
375,000
416,449

The onward loan of the Diocesan loan to the SMCC of £328,125 is to be repaid by 30th June 2024. See related parties (note 26) for more details of the loan.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020
£
Other loans (see note 22)
-
Social security and other taxes
5,090
Pension contributions payable
3,368
Other creditors
28,239
Pre-school deposits held
8,000
St Michael's Church Centre Ltd
1,227
Accrued expenses
9,098
Pre-school fees received in advance
6,539
61,561
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Other loans (see note 22)
328,125		 2019
£
15,625
-
4,360
37,505
9,700
11
10,539
23,520
101,260
2019
£
375,000

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The onward loan of the Diocesan loan to the SMCC of £328,125 is to be repaid by 30th June 2024. See related parties (note 26) for more details of the loan.

continued...

Page 34

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

22. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Loan from Diocese of Bristol
Amounts falling due between two and five years:
Loan from Diocese of Bristol		 2020
£
-
328,125		 2019
£
15,625
375,000

23. LEASING AGREEMENTS

The following operating lease payments are committed to be paid as follows:

Expiring:
Within one year
Between one and five years
In more than five years		 Land and buildings
2020
2019
£
£
34,667
30,000
81,667
100,000
-
-
116,333
130,000		 Other operating leases
2020
2019
£
£
1,065
1,065
-
2,130
-
-
1,065
3,195

Page 35

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Children's Ministry
Church Repair fund
Student Ministry
TOTAL FUNDS		 At 1.1.20
£
67,498
133,041
65,473
1,353
11,045
10,018
5,635
1,443
12,391
150,325
39,332
1,962
499,516
4,974
12,000
228
885
6
628
1,754
-
20,475
519,991		 Net
movement
in funds
£
22,795
426
431
(50)
(38,477)
(6,210)
(483)
-
(12,328)
6,839
(16,620)
(3,371)
(47,048)
1,600
375
(31)
616
(4,285)
3,127
(2,106)
(1,900)
(2,604)
**(49,652) **		 Transfers
between
funds
£
(43,171)
-
-
-
35,502
1,200
-
-
(63)
(3,909)
2,500
1,409
(6,532)
-
-
-
-
4,280
-
352
1,900
6,532
-		 At
31.12.20
£
47,122
133,467
65,904
1,303
8,070
5,008
5,152
1,443
-
153,255
25,212
-
445,936
6,574
12,375
197
1,501
1
3,755
-
-
24,403
470,339

Page 36

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Nursery Education Grants fund
Children's Ministry
SMCC salary contribution
Church Repair fund
Student Ministry
TOTAL FUNDS		 Incoming
resources
£
406,779
426
431
-
6,774
20,842
-
60,696
352,500
-
166
848,614
6,646
375
5
866
7,888
158,577
32,851
117,574
3,262
10,000
338,044
1,186,658		 Resources
expended
£
(383,984)
-
-
(50)
(45,251)
(27,052)
(483)
(73,024)
(345,661)
(16,620)
(3,537)
(895,662)
(5,046)
-
(36)
(250)
(12,173)
(158,577)
(29,724)
(117,574)
(5,368)
(11,900)
(340,648)
**(1,236,310) **		 Movement
in funds
£
22,795
426
431
(50)
(38,477)
(6,210)
(483)
(12,328)
6,839
(16,620)
(3,371)
(47,048)
1,600
375
(31)
616
(4,285)
-
3,127
-
(2,106)
(1,900)
(2,604)
(49,652)

continued...

Page 37

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Children's Ministry
Health & Safety Officer
Church Repair fund
TOTAL FUNDS		 At 1.1.19
£
72,550
132,292
14,650
1,383
8,019
6,407
7,256
4,329
(1,733)
150,703
13,367
4,456
413,679
6,352
12,000
267
885
-
18
208
13,497
33,227
446,906		 Net
movement
in funds
£
55,626
749
175,823
(30)
(33,642)
(124,389)
(1,621)
(2,886)
(3,106)
34,622
(9,035)
(2,494)
89,617
(1,378)
-
(39)
-
(3,774)
610
(208)
(11,743)
(16,532)
73,085		 Transfers
between
funds
£
(60,678)
-
(125,000)
-
36,668
128,000
-
-
17,230
(35,000)
35,000
-
(3,780)
-
-
-
-
3,780
-
-
-
3,780
-		 At
31.12.19
£
67,498
133,041
65,473
1,353
11,045
10,018
5,635
1,443
12,391
150,325
39,332
1,962
499,516
4,974
12,000
228
885
6
628
-
1,754
20,475
519,991

continued...

Page 38

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Rowe Trust fund
SIITA fund
Carols On The Green fund
Nursery Education Grants fund
Children's Ministry
SMCC salary contribution
Health & Safety Officer
Church Repair fund
TOTAL FUNDS		 Incoming
resources
£
422,073
749
175,823
-
20
-
-
879
81,203
440,297
-
200
1,121,244
3,831
8
28,759
2,299
141,390
17,770
109,939
5,496
-
309,492
1,430,736		 Resources
expended
£
(366,447)
-
-
(30)
(33,662)
(124,389)
(1,621)
(3,765)
(84,309)
(405,675)
(9,035)
(2,694)
(1,031,627)
(5,209)
(47)
(32,533)
(2,299)
(141,390)
(17,160)
(109,939)
(5,704)
(11,743)
(326,024)
(1,357,651)		 Movement
in funds
£
55,626
749
175,823
(30)
(33,642)
(124,389)
(1,621)
(2,886)
(3,106)
34,622
(9,035)
(2,494)
89,617
(1,378)
(39)
(3,774)
-
-
610
-
(208)
(11,743)
(16,532)
73,085

General fund (unrestricted)

The fund represents the day to day operation of the Ministry and Mission of St Michael's Church.

During the year, £39,782 (2019 - £40,448) was transferred to the Missionary Bursaries fund in accordance with St Michael's grant making policy of setting aside 10 percent of voluntary planned giving for mission partners both in the UK and overseas. £1,200 (2019 - £3,000) was transferred to the Fabric fund as a provision for future costs. £63 was transferred from the Coffee Shop fund to reduce the historic balance held in the Coffee Shop fund. £1,900 was transferred to the Student Ministry fund to cover the Student Minister's salary costs. £352 was transferred to the Church Repair fund to cover the repair costs of St Michael's church tower which was completed during the year.

Windfall fund (unrestricted)

To provide a "reserve account" as a back-up to cover any deficits or special expenditure on the General Fund for the church.

continued...

Page 39

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Brimble fund (unrestricted)

To set aside legacy monies as a back-up to cover any deficits or special expenditure on the General Fund for the church.

Missionary Bursaries fund (designated)

The fund represents amounts set aside for the support of missionaries both at home and abroad. During the year, £39,782 (2019 - £40,448) was transferred from general funds. £4,280 (2019 - £3,780) was transferred to the SIITA fund.

Fabric fund (designated)

Created to set aside a fund for current and future provision for maintaining the fabric of St Michael's Church. During the year, £1,200 (2019 - £3,000) was transferred from the general fund.

Library fund (designated)

Created to identify and make easy the administration of the income and expenditure associated with buying and selling books and cards for the church.

Vicarage Redecoration and music fund (designated)

Created to set aside a fund for current and future provision for maintaining the fabric of the current vicarage and for musical equipment.

Coffee Shop fund (designated)

The fund represents the operating of the St Michael's Coffee Shop. During the year £63 was transferred to the general fund to clear the historic balance held in the Coffee Shop fund.

Pre-school and Nursery fund (designated)

The fund represents the operation of the St Michael's Church Pre-School and Nursery. During the year, a transfer of £2,500 (2019 - £35,000) was made to the Pre-school and Nursery Repairs fund as a provision for future repairs. An additional transfer of £1,409 was made to the Pre-School and Nursery Mission Hardship fund to clear the deficit balance.

Pre-school and Nursery Repairs fund (designated)

A fund to set aside current and future maintenance of the fabric of the old vicarage building and grounds rented from the Diocese. During the year, a transfer of £2,500 (2019 - £35,000) was made to the Pre-school and Nursery fund as a provision for future repairs.

Sharing fund (restricted)

The fund represents donations given specifically for the purpose of alleviating financial hardship of individuals that are in need.

Fabric HOTC grant fund (restricted)

The fund represents a grant received specifically for the church fabric under the HOTC project remit.

SMCC salary contribution (restricted)

The fund represents the recharge of salaries to SMCC from the PCC, where employees are jointly employed by the PCC and SMCC, but are on the payroll of the PCC for administrative purposes.

Nursery Education Grants fund (restricted)

The fund represents grants received from South Gloucestershire Council. The level of NEG's received is conditional upon the numbers of eligible children in the Pre-School and Nursery.

continued...

Page 40

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Church Repair fund (restricted)

The fund represents grants received specifically for the repairs and renovation of St Michael's church tower. £352 was transferred from the general fund to clear the fund balance following the completion of the church tower repairs during the year.

Comparative analysis of net assets between funds, are as follows:

Fund balances as at 31 December 2019
Unrestricted
Restricted
funds
funds
£
£
Current assets
975,766
20,485
Current liabilities
(101,250)
(10)
Non-current liabilities
(375,000)
-
Total net assets
499,516
20,475		 Total
funds
£
996,251
(101,260)
(375,000)

519,991

25. EMPLOYEE BENEFIT OBLIGATIONS

St Michael's PCC (Stoke Gifford) (PB 2014) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board grant any bonuses. The account, plus any bonuses declared, is payable from members' Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable 2020 - £24,229 (2019 - £22,647). There were contributions of £3,368 (2019 - £4,360) outstanding at the year-end.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2016. A valuation as at 31 December 2019 was under way as at 31 December 2020.

continued...

Page 41

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

For the Pension Builder Classic section, the valuation revealed a deficit of £14.2m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, St Michael's PCC (Stoke Gifford) (PB 2014) could become responsible for paying a share of that employer's pension liabilities.

26. RELATED PARTY DISCLOSURES

Stoke Gifford PCC is a related party of St Michael's Church Centre (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Church Centre. The SMCC and Stoke Gifford PCC have two trustees in common.

On 30th June 2014, Stoke Gifford PCC received a loan from the Diocese of Bristol in support of the construction of the St Michael's Church and Community Centre. This loan was at an interest rate of 0.55% over the CCLA base rate (during the year to 31 December 2020 was 0.5%), and it is required to be repaid by 30th June 2024 as funds allow. On 16th July 2014, these monies were onward loaned to SMCC on the same basis as St Michael's DCC received the loan from the Diocese.

During April and May of 2015, Stoke Gifford PCC received an additional loan of £250,000 from the Diocese of Bristol in support of the construction of the new St Michael's Church Centre. This loan was at an interest rate of 0.55% over the CCLA base rate (during the year to 31 December 2020 was 0.5%). During April and May 2015, these monies were onward loaned to SMCC on the same basis as St Michael's DCC received the loan from the Diocese. This loan was fully repaid by the end of May 2020.

At the year end, the Diocese loan outstanding were £328,125 (2019 - £390,625). Interest payments of £3,755 (2019 - £6,646) was paid by SMCC to the Diocese.

It has also been agreed that the Stoke Gifford PCC should stand behind the Directors of St Michael's Church Centre Limited (SMCC) and offer a "letter of comfort" to CAF Bank in support of that loan of £800,000 (£409,897 outstanding at the year end), in regard to honouring the capital and interest repayments on that loan if required. Whilst this letter of comfort does not form a legal guarantee, it does represent the commitment of the DCC to support the charitable purpose of SMCC.

During the year, a contribution of £94,595 (2019 - £92,445) was paid to St Michael's Church Centre Limited from the ordinary fund in recognition of the use of the Church Centre and Old School Rooms for church activities.

Contributions of £49,486 (2019: £49,380) and £68,088 (2019: £60,559) have been received from SMCC in recognition of work carried out by employees who are jointly employed by the PCC and SMCC, for administration and building maintenance of the Church Centre respectively and are included in other income in the financial statements.

Donations from trustees and related parties

The aggregate donations received from trustees were £121,268 (2019 - £102,901)

continued...

Page 42

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

26. RELATED PARTY DISCLOSURES - continued

Other related party transactions

An allowance of £nil (2019 - £2,400) was paid to J Bradley, a trustee for hosting a youth worker.

An allowance of £1,000 (2019 - £800) was paid to M Roach, a trustee for hosting a student ministry worker.

Page 43

REGISTERED CHARITY NUMBER: 1134709

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 December 2020

for

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2020

Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to the Financial Statements

Page 1 to 14 15 to 17 18 19 to 20 21 22 23 to 43

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary objective 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 Trustees confirm that they have complied with their duty of the Charities Act 2011 in having due regard to the Charity Commission's guidance on Public Benefit when planning and reviewing the aims and objectives of St Michael's Church.

Vision

The vision of St Michael's Church is "Living to make a difference" by being "A Christian Heart at the Centre of the Community". The strategic components of realising that vision are defined as (i) Discipleship (ii) Outreach and (iii) Serving the community. It is worth noting that in 2021, the vision and strategy are being redefined.

We seek to maintain a balance between the Anglican liturgy that is at the heart of all Church of England worship, and the freedom to experiment and change which maintains life and freshness.

Significant activities

In 2020, St Michael's Church fulfilled its charitable objectives by undertaking a number of activities. Like everyone, our activities were significantly impacted by the Covid-19 pandemic and subsequent lockdowns. Many of our usual activities continued online, and many we developed and adapted.

Giving

St Michael's Church aims to set aside 10% of the voluntary unrestricted giving, to be given to mission partners in the UK and overseas. New mission partners are reviewed by the Mission Action Group (MAG) in accordance with agreed procedures.

Page 1

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Volunteers

There are a number of volunteers at St Michael's Church and they assist in numerous ways. This includes:

The PCC would like to offer its grateful thanks to all staff and volunteers who lead and support the activities and ministries of St Michael's Church.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE Charitable activities

Church attendance and electoral roll

Attendances based on averages throughout the year, have been:

2016 2017 2018 2019 2020
(Jan-Mar
only)
Adult Attendance 355 390 402 413 350
Child Attendance 131 91 121 84 74
Electoral Roll 376 381 395 335 340

During 2020 the services were largely live streamed due to the Covid-19 and therefore attendance could not be recorded in the same way. At the start of 2020 there were 28 subscribers to our YouTube channel. After our first live stream we had 125 subscribers which rose to 286 by June and 405 by the end of December 2020. Approximately 45% of viewers are subscribers and 55% have not subscribed. During the course of the year there were 500-700 viewers of the 10.30am celebrations by the end of the week in which they went live.

Baptisms, confirmations, wedding and funerals

Whilst there were several months when live events were not permitted in 2020, some events were able to take place. The numbers of services and celebrations have been:

2016 2017 2018 2019 2020
Baptisms 12 and under 8 26 15 9 9
Baptisms 12 and over 3 1 2 1 0
Confirmations 5 2 0 4 0
Weddings 9 5 4 1 2
Blessings 1 1 0 0 0
Funerals 6 13 13 5 3

St Michael's Church

Licensed ministry continues to play a key role in the parish. There are currently five Licensed Lay Ministers serving at St Michael's Church.

1. Discipleship

There continues to be a focus on discipleship, primarily through small group membership. At St Michael's, Lifegroups play a crucial part as we learn and grow together in discipleship, service and outreach and 'live to make a difference'. We grow in our discipleship within our community and Lifegroups are integral to this. There is a wide variety of groups of varying sizes and expressions. These groups are safe spaces for people to share their lives, deepen friendships, study the Bible and cultivate a sense of community and family. There have been a number of training sessions for the Lifegroup leaders this year, and study resources are now available online for leaders to access. Leading a Lifegroup can be complex and St Michael's continues to offer support to leaders in a structured way through clusters - as introduced in 2019. During 2020, help was given to leaders to move their groups online.

Lifegroups have been a lifeline to so many during the Covid-19 pandemic and St Michael's is committed to their continued flourishing.

Prayer Triplets and Three Is Enough (TIE) groups are also continuing to thrive and offer greater intimacy and accountability in the lives of the people who choose to be in a triplet and are seeking to go deeper with God.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Throughout 2020, St Michael's Church aimed to grow its student and young adult community. The existing Students and Young Adults worker left in the summer of 2020 and was replaced with a new Students and Young Adults worker in September 2020.

In 2020, Youth Provision continued to be a focus, with weekly meetings for the young people in FXG (Years 7-9) and WORD (Years 10-13), mostly via Zoom due to lockdown, with games, video resources, discussions and prayer. On Sunday mornings the youth tuned in to the online Sunday celebration with the rest of church then debriefed and chatted about it on Zoom afterwards. This is so that families can watch the live stream as a family and then talk about it over lunch. It also helps to keep the young people engaged in what the wider church is doing.

The Children and Family Ministry at St Michael's Church comprises of weekly clubs and activities throughout the year for children aged 0-11. The ministry includes: Sunday clubs, Messy Church, parent and toddler groups and work in the local school. On average we reach 50-60 children on a Sunday, 90-110 children and adults on average per session at Messy church and 40-50 on average at parent and toddler. The Children and Families Ministry is supported by a wonderful team of volunteers. As the lockdown took hold, and guidelines and restrictions were put in place, doing children's work face to face was no longer possible. Connection was kept with children and families during this time as much as possible through online resources and creative thinking.

2. Outreach in the community

St Michael's Church continues to run the Alpha course. It also runs the Marriage Course, the Marriage Preparation Course, the Parenting Course and Kintsugi Hope Wellbeing Groups. In normal times, there are regular events at Osborne Court, the residential care home next door to the St Michael's Centre, provided by clergy and volunteers. There is also a fortnightly service at the Beaufort Grange Nursing Home in Cheswick and at the Stoke Gifford Retirement Village, which is also in the parish.

Youth Outreach groups are run midweek and there were regular meetings) on Zoom with games, sandwich making competitions and much more. Outreach has been about making sure that young people have a safe space where they can share the issues they are facing and have support from friends and leaders. There have been team meetings to pray for the young people every fortnight and deep conversations with the young people. Lots of fun was had, helping to make lockdown more joyful for lots of young people.

The relationship with St Michael's Primary School remains strong and continues to grow. Assemblies were hosted via Zoom and the Open the Book (Bible story) team recorded some stories which were played to the children who were in school during the lockdown period. A Zoom session was held for year 6 leavers. Support work has also continued to those students identified by the school Family Support worker. This has been a mixture of face to face support in school or most recently over Zoom.

3. Serving the community

St Michael's Church, continues to serve the community, both local and further afield.

The Old School Rooms Coffee Shop - when lockdown rules allow- continues to be very popular with the local community and is seen as an integral part of the ministry of St Michael's Church, where people find a warm welcome into the community.

The three-fold pastoral strategy, of Connect, Care and Prayer continues to flourish. In 2020 the partnership with the Kintsugi Hope charity continued, seeking to support people in the areas of emotional and mental wellbeing, by running Kintsugi Hope Wellbeing Groups. At the start of the first lockdown, a postcard delivery to all homes in the parish was undertaken, with contact details for the team, and offers of practical and pastoral help. The pastoral team has grown and more people are now volunteering in this area

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

This year, youth ministry links with Abbeywood School have continued to strengthen even throughout lockdown. There were group mentoring sessions during the autumn term. The sessions are focused on the needs of the individual, but broadly aim to increase their confidence, resilience and ability to be self-reflective. The team consider it a huge privilege to be alongside these young people as they walk through life, being a listening ear and a source of encouragement for them. There was also the provision of several food parcels that have been gratefully received by families of students at Abbeywood who need extra support. This was done in partnership with the charity Love Bristol and with support of Sainsbury's.

A computer server with the game Minecraft was set up, which can be accessed by young people from the groups Teen Central, Club, FXG & WORD. There are community sessions with challenges and tasks to win prizes. There has been lots of creativity and skill from the young people during these sessions and it has built a sense of community.

Prior to lockdown, the community groups for toddlers and babies (Beehive and Bumps & Babies) continued to be a vital point of contact for young families. Both groups have a Facebook page which was used to share activities and connect with families who would usually attend. The parent and toddler group in Cheswick (Saplings) found a new home at a venue called 'The Vench', and online sessions have also been run. Resources were delivered to the families in the Cheswick area and children's trails laid through the woods.

The Pre-School & Nursery is a beautiful expression of the St Michael's Church vision "Living to make a difference" by being "A Christian Heart at the Centre of the Community" through outreach and serving the community. The team thank God for entrusting this ministry and look forward to the time when it is able to get back to a more 'normal' way of operation and engagement with the families, church and community. They are focussed on ensuring that the children entrusted to their care can grow and flourish. During the first lockdown, the majority of our children were away from the setting for several weeks, but staff worked hard to produce resources for parents to use with them at home. Thankfully they were able to welcome back a large cohort of school leavers from the beginning of June. Although the team was not able to hold the usual leavers' service and party, each child was given a Children's Bible and a graduation hat to take away to mark their leaving day.

The rest of the children started back on a phased return between mid-June and August. They were all placed in bubbles to minimise the risk of Covid-19 infection, and although they have had to make some significant changes to operations (e.g. at drop-off and pick-up times), the children have proved to be remarkably resilient and adaptable. Opportunities to interact with parents have also been significantly reduced, but staff work hard to keep parents updated through the Facebook group and Tapestry, the online learning forum, and through twice-yearly reports where children are assessed against the EYFS criteria.

It is with some amazement that, considering the impact of closure during the first lockdown, Pre-School & Nursery ended the year with a small operating surplus in the Ordinary Fund. This is due in part to £38,800 received from the Coronavirus Job Retention Scheme, £7,500 received from South Gloucestershire Council as a Discretionary Business Support Grant and also the generosity of some parents who made financial gifts despite their children being away from the setting. It is also a consequence of having carried staff vacancies for most of the year. This has been operationally challenging but the staff continue to show commitment above and beyond the ordinary call of duty, especially in additional administration of new Covid-19 procedures to ensure the safety of children, parents and staff. These procedures continue to be rigorously applied in 2021 including the use of "bubble-groups", cleaning protocols, the use of PPE and people-flow systems in and around the Nursery setting. 2020 drew to a close with major repairs to the roof of the Pre-School & Nursery building being undertaken and further work planned to improve the setting.

Fabric

Despite the various lockdowns in 2020, the Fabric Committee continued to progress the following works and projects:

Churchyard boundary wall rebuild:

Three quotations were obtained and List 'B' permission was granted by the Diocese. Fortunately, the footings were sound and the rebuild was completed with minimal use of new stone.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Ecclesiastes Board:

We obtained a quotation for a replacement board and placed an order with a local supplier.

Church Improvements:

A steering committee was formed to oversee the design and progress of the Church Improvement Project. The archaeological investigation, which will include five trial digs in different locations within the church building, will determine whether we can install underfloor heating. The plan is, subject to diocesan approval to remove the pillars between the nave and north aisle and level the floor throughout the body of the church and vestry, enabling unhindered access for all throughout the church building. The provision of toilets and kitchenette within the vestry, together with new seating will complete the project.

Archaeologist appointed:

Heritage Planning Services Ltd was appointed to compile the archaeology reports required by the Diocese. This company worked with us previously on the St Michael's Centre. We anticipate the investigative work to commence in March 2021. The work was required by the diocese in order to establish that there are no artefacts or remains under the existing flooring.

Footpath:

Members of the Fabric Committee met one afternoon to clear the overgrown areas and edges of the path to the porch and the memorial garden.

Fabric Committee

As always, the above work would not have been possible without the help and commitment of the Fabric Committee chair and committee members.

The Mission Action Group is still flourishing and supported 12 mission partners in 2020 (seven overseas and five in the UK) through finance, prayer and building relationships. Details about the mission partners can be seen on the church website, communication was maintained through email, social media and virtual platforms. MAG was concerned about the impact of Covid-19 on people in the areas where the mission partners work, with lockdowns in various countries resulting in loss of income for many and increasing food poverty. Video contributions from the mission partners were compiled into a Covid-19 update video, posted on the church website in August. Extra funds amounting to nearly £10,000 were provided through the year, to enable mission partners overseas and in Bristol to buy food and other essential items for those in their local areas. St Michael's also held a famine appeal for Moldova and this was generously supported. Epaphras Trust was welcomed as a new mission partner in April. The Trust supports work in four countries. St Michael's partnership is with one aspect of this work - supporting a Bible School in India. News updates and prayer requests from mission partners were regularly circulated. These items were also included in two meetings of the Mission Support Group, held on Zoom in June and November. In addition, news was posted on the Mission Facebook group. The core admin group dealt with organisational and administrative tasks through the year. Applications for Heart of the Community project (HOTC) tithe funds were considered in the Spring and Autumn. Six new projects and three ongoing projects received grants. A new display about all the current mission partners and their work, was put on notice boards in the church porch and the St Michael's Centre.

The three-fold strategic aims of Discipleship, Outreach and Serving the Community are fundamental precursors of a growing church and are essential to both the life of the church and the wider Heart of the Community project. Moving forward our strategic aims are being revised to: Learning and Growing Together, Sharing Jesus Together and Serving Together - these still maintain the elements of the current aims, but in a more accessible and Jesus-focussed way.

FINANCIAL REVIEW

Financial position

Total income for the year was £1,186,658 (compared with £1,430,736 in 2019). Total expenditure exceeded income by £49,652 (in 2019, income exceeded expenditure by £73,085).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Principal funding sources

The Principal funding sources are the generous giving of the congregation, Gift Aid claims, the community support of the Pre-School & Nursery, and the serving of refreshments via the Coffee Shop. The St Michael's Church Centre Ltd (SMCC) also provides funding to contribute towards the salaries of staff members who are involved in SMCC work.

The expenditure has satisfied the charitable objectives by supporting the advancement of the Christian faith, extensive children and youth work, elderly people's ministry and a wide range of community services, such as the Coffee Shop, and Pre-School & Nursery. The church did not receive any money from the Diocese of Bristol in 2020 and is a net contributor to the Diocese of Bristol.

Investment policy

St Michael's Church invests funds in excess of short term requirements with the CBF Church of England Deposit Fund and Lloyds Bank Special Reserve accounts. There are no investment conditions which have been placed upon these funds.

Reserves policy

The PCC has sought to build up free reserves to a level which supports the operations of the church during any temporary reduction in income and to enable a controlled rundown of activities, if it became no longer feasible to continue the operations of the church. The Trustees are therefore working towards holding reserves of approximately three months core expenditure, which equates to £170,000. These reserves will ensure that staff will continue to be paid throughout their notice period, in the event that St Michael's ceases to be a going concern. It will also ensure that contributions can be made to the Bristol Diocese.

St Michael's total reserves were £470,339 as at 31 December 2020 (£519,991 in 2019). Of these reserves, St Michael's considers that £246,493 are free reserves (£266,012 in 2019).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Impact of Covid-19 on St Michael's Church

On 12 March 2020, the World Health Organisation upgraded the Covid-19 outbreak to pandemic status.

The impact of Covid-19 on the activities of St Michael's Church have been outlined in the trustees report above.

In summary, the following steps have been taken to mitigate the threats that Covid-19 may pose to the organisation;

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the Covid-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of Covid-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts

Grant making policy

The Trustees aim to set aside 10% of unrestricted giving and continue to work closely with existing mission partners, both in the UK and overseas. New mission partners are reviewed by the MAG in accordance with agreed procedures.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

FUTURE PLANS

In 2018 St Michael's held a leadership day where leaders gathered together to pray and discern where God might be calling the church to next. A three-year Vision Action Plan for 2018- 2021 was developed to further the vision through discipleship, outreach and serving the community. The action plan set objectives across each area of ministry and was reviewed regularly by the leadership team. This has been refreshed in 2021 and going forward there will be a new subtly changed vision "Living to make a difference by being a Christian heart at the centre of our communities". The leadership team believe this better reflects the scope and reach of the church.

In 2021 and beyond, the focus will be on the revised strategic vision of:

Learning & Growing together

"Strengthen how we learn to follow Jesus and to grow more like Him through fellowship, prayer and Bible study. The leaders at St Michael's sense there is a continued need for Christian teaching, for more focused opportunities for discipleship, training and to equip people for works of service. We intend to continue to pray for, train and release more leaders."

Sharing Jesus together

Serving together

Strategic and Specific Objectives for September 2021 - September 2024

Learning & Growing together

Sharing Jesus together

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Serving together

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The PCC is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measure 1956) and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended). The charity constitutes an unincorporated charity.

Charity constitution

The PCC is a Body Corporate established by the Church of England and operates under the Parochial Church Council Powers Measure. It meets regularly, plus occasional extra meetings.

Recruitment, appointment, induction and training of new trustees

Members of the PCC (trustees) are appointed ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules or are co-opted onto the PCC due to the role they undertake. All trustees are given the Charity Commission publication CC3 The Essential Trustee - What You Need to Know to assist in the induction process and to allow all new trustees to be aware of their legal responsibilities. The Diocese of Bristol provides PCC (membership, trustee) training and new PCC members are encouraged to attend.

Organisational structure

The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (Stoke Gifford PCC) serves a district of the ecclesiastical parish of Stoke Gifford within the Kingswood and South Gloucestershire Deanery of the Bristol Diocese of the Church of England.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making

The day-to-day management is carried out by staff teams, committees and action groups who keep the PCC informed of their work. Each group provides a short report for the APCM.

Committees appointed by the PCC are:

There are many other groups which focus on aspects of delivering the strategic aims, These include New Housing Area Team, Alpha, Lifegroups, Pastoral Ministry, Prayer, Worship, Over 65's, Youth and Children's work. Further information on these is provided on our website.

Most church business is conducted at PCC meetings, including the approval of accounts, setting of occasional offices fees and approval of candidates wishing to become lay ministers. Appropriate training, procedures and policies have been adopted in relation to such matters as health and safety, disability discrimination legislation and safeguarding.

Related parties

St Michael's PCC is a related party of St Michael's Church Centre Ltd (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Centre. The centre is the continuing expression of the vision of St Michael's. The SMCC and St Michael's Church PCC have two trustees in common.

In order to deliver the new centre, SMCC has had to take out low-interest loans from individuals, the Bristol Diocese, and CAF Bank. CAF Bank has requested, (and the PCC of St Michael's has supplied) a "letter of comfort" to signify our support of the SMCC operations. At a PCC meeting held on 14th July 2014 it was resolved that: "the Directors of St Michael's Church Centre Limited be supported to undertake a loan of up to £800,000 from CAF Bank (including the initial loan of £150,000) and that the St Michael's PCC should stand behind the Directors of St Michael's Church Centre Limited and offer a "letter of comfort" to CAF Bank in support of that loan, in regard to honouring the capital and interest repayments on that loan if required. The total value of these loans at the year-end was £409,897.

In 2014, the Bristol Diocese provided a loan of £375,000 and an additional loan of £250,000 was provided in 2015. The purpose of these loans was to support the building of the new church centre and this loan has been re-loaned to SMCC for that purpose. The PCC pays interest on these loans and levies the same rate of interest to the SMCC who are the beneficiaries of these loans. Interest payments on those loans will be the liability of SMCC, and will be paid from SMCC funds. The additional loan of £250,000 was fully repaid by the end of May 2020.

At the year end, the total loan outstanding, and was recoverable from SMCC, was £328,125 (2019: £390,625).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Corporate Governance

Internal controls over all forms of commitment and expenditure continue to be refined to improve effectiveness. Processes are in place to ensure that performance is monitored and that appropriate management information is prepared and reviewed regularly by the PCC.

The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include:

Risk management

The Trustees have a risk management process. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing or mitigating the risks. The Trustees confirm that the major risks to which the charity is exposed, as identified by them, have been reviewed in the period and systems have been established and maintained to manage those risks.

Safeguarding

At St Michael's we are committed to enabling our church community to be a place where all are safe and protected from abuse, where all can be healed and where all can live life to the full. We seek to provide effective safeguarding processes to ensure the safety of young people and adults at risk. All those who work with children, young people or adults at St Michael's undertake a checking process, culminating in a Disclosure & Barring Service (DBS) check, which is renewed every five years.

In 2020 the parish dashboard replaced the parish audit questionnaire to the diocese over our 'Safer Recruiting' and general working practices. This enables us to monitor our performance and identify areas where further work is required. The diocese also has access to this. The current Parish Safeguarding Policy is available in the two church centres and the safeguarding section of the church website. You will see posters around the church estate, highlighting who to talk to about any safeguarding concerns. We also have a contact form on the website with a direct link to the Safeguarding Officer.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1134709

Principal address

St Michael's Centre North Road Stoke Gifford Bristol BS34 8PD

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

S Jones Rector T Benyon Associate Vicar J Bradley Associate Minister V Wicks Curate M Hepburn Licensed Lay Minister (ex officio) J Hobbs Licensed Lay Minister (ex officio) C Perkins Licensed Lay Minister (ex officio) J Spens Licensed Lay Minister (ex officio) R Willerton Licensed Lay Minister (ex officio) I Osborne Churchwarden M Watkivs Churchwarden I Taylor Co-opted (Operations Manager) (resigned 31.1.21) A Volkmer Co-opted (Financial Controller) (resigned 30.9.20) E Bakewell Elected member R Farrell Elected member P Hallett Allen Elected member D McCann Deanery Synod Representative O McGregor Elected member C Murphy Diocesan Synod Representative K Needham Elected member M Peacey Elected member M Roach Elected member L Thomas Diocesan Synod Representative A Mead (Co-opted 8.2.21)

Auditors Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Bath House 6-8 Bath Street Bristol BS1 6HL

Web address

www.stmichaelsbristol.org

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The PCC is responsible for all parish finance, its management and control, including the appointment of a treasurer. While it may delegate some of its duties, this does not remove its legal responsibilities.

Charity law requires the PCC as trustees of the church to prepare a trustees' annual report and financial statements for each financial year that give a true and fair view of the church's financial activities during the year and of its financial position at the end of the year. The PCC is also required to ensure that these are subjected to an annual independent examination or audit and to present these to the APCM in accordance with the Church Representation Rules.

In preparing these financial statements, the PCC is required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Act 2011 and applicable accounting standards. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the PCC on 12 April 2021 and signed on its behalf by:

S Jones - Rector and Chair of the Trustees

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Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

Opinion

We have audited the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' 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 trustees' 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 trustees with respect to going concern are described in the relevant sections of this report.

However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the charity's operations and activities. The trustees' view on the impact of COVID-19 is disclosed in the Trustees' Report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

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 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Stoke Gifford

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts Bristol Limited Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Bath House 6-8 Bath Street Bristol BS1 6HL

28 April 2021

Page 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Ministry and mission
Coffee Shop
Pre-school and Nursery
Raising funds
3
Investment income
4
Other income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Ministry and mission
Coffee Shop
Pre-school and Nursery
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
24
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds

£
404,977
34,779
59,565
347,549
166
1,578
-
848,614
176
456,644
73,024
365,818
895,662
(47,048)
(6,532)
(53,580)
499,516
445,936		 Restricted
funds
£
49,436
11,872
-
158,577
576
9
117,574
338,044
196
181,875
-
158,577
340,648
(2,604)
6,532
3,928
20,475
24,403		 2020
Total
funds
£
454,413
46,651
59,565
506,126
742
1,587
117,574
1,186,658
372
638,519
73,024
524,395
1,236,310
(49,652)
-
(49,652)
519,991
470,339		 2019
Total
funds
£
639,888
17,579
80,193
580,444
1,008
1,685
109,939
1,430,736
133
714,415
84,309
558,794
1,357,651
73,085
-
73,085
446,906
519,991

The notes form part of these financial statements

Page 18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Balance Sheet 31 DECEMBER 2020

Unrestricted
funds
Notes
£
CURRENT ASSETS
Stocks
18
841
Debtors: amounts falling due within one year
19
18,860
Debtors: amounts falling due after more than one
year
19
328,125
Cash at bank and in hand
487,796
835,622
CREDITORS
Amounts falling due within one year
20
(61,561)
NET CURRENT ASSETS
774,061
TOTAL ASSETS LESS CURRENT
LIABILITIES
774,061
CREDITORS
Amounts falling due after more than one year
21
(328,125)
NET ASSETS
445,936		 Restricted
funds
£
-
23,331
-
1,072
24,403
-
24,403
24,403
-
24,403		 2020
Total
funds
£
841
42,191
328,125
488,868
860,025
(61,561)
798,464
798,464
(328,125)
470,339		 2019
Total
funds
£
841
41,449
375,000
578,961
996,251
(101,260)
894,991
894,991
(375,000)
519,991

The notes form part of these financial statements

continued...

Page 19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Balance Sheet - continued 31 DECEMBER 2020

FUNDS
24
Unrestricted funds
Restricted funds
TOTAL FUNDS		 445,936
24,403
470,339		 499,516
20,475
519,991

The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2021 and were signed on its behalf by:

S Jones - Rector and Chair of the Trustees

I Osborne - Churchwarden

M Watkivs - Churchwarden

The notes form part of these financial statements

Page 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£
(29,180)
(29,180)
1,587
1,587
(62,500)
(62,500)
(90,093)
578,961
488,868		 2019
£
180,555
180,555
1,685
1,685
(62,500)
(62,500)
119,740
459,221
578,961

The notes form part of these financial statements

Page 21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2020 2019
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (49,652) 73,085
Adjustments for:
Interest received (1,587) (1,685)
Decrease in stocks - 321
Decrease in debtors 46,133 67,954
(Decrease)/increase in creditors (24,074) 40,880
Net cash (used in)/provided by operations (29,180) 180,555
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.20 Cash flow At 31.12.20
£ £ £
Net cash
Cash at bank and in hand 578,961 (90,093) 488,868
**578,961 ** (90,093) 488,868
Debt
Debts falling due within 1 year (15,625) 15,625 -
Debts falling due after 1 year (375,000) 46,875 (328,125)
(390,625) 62,500 **(328,125) **
Total 188,336 (27,593) 160,743

The notes form part of these financial statements

Page 22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Stoke Gifford PCC is an unincorporated charity. The address of the principal office is given in the Trustees report. The nature of the charity's operations and principal activities are detailed in the Trustees report of these financial statements.

The financial statements of the charity, which is a public benefit entity under FRS 102, 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.

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 (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

The financial statements have been prepared on a going concern basis after consideration by the trustees of the commitments provided to St Michael's Church Centre Ltd in connection with the funding for the construction of the Church Centre building. As discussed in note 26 to the financial statements, the charity took loans of £375,000 and £250,000 from the Diocese of Bristol, the funds from which have been passed to St Michael's Church Centre Ltd. To date, repayments of £296,875 have been made. In addition, the charity has provided a letter of comfort to CAF Bank recognising the moral obligation the charity has in respect of an £800,000 loan provided to St Michael's Church Centre Ltd in the event of any default. The total value of this loan at the year-end was £409,897.

The trustees have considered the potential impact on the charity in the event of default on either or both of these debts by St Michael's Church Centre Ltd, and believe that the charity would be able to continue to meet its current obligations for at least a period of one year should this happen, due to the continued support of the Diocese of Bristol and the security the freehold property of the new Church Centre would provide. Current cash resources within the charity would enable on-going operation of the charity to continue for the foreseeable future whilst any issues on default of the loans were managed. Although this is only an uncertainty, the trustees have had due regard to the situation, and have decided that no adjustment to the figures, which would be required if the charity was not a going concern, is required.

Impact of Covid-19 on St Michael's Church

As concluded above the accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, the COVID-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charity. The trustees have considered the impact of this issue on the charity's current and future financial position. The charity holds general reserves of £49,801, designated reserves that can be drawn down if necessary of £199,371 and a cash balance of £488,868. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

continued...

Page 23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Income

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under gift aid is recognised only when received. Income tax recoverable on gift aid donations is recognised when the related income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Rental income from the letting of church premises is recognised when the rental is due. Other income is recognised on a receipts basis. The value of services provided by volunteers has not been included. Coffee Shop income is accounted for on a cash received basis. Pre-school and Nursery income is accounted for on an accrual basis.

Grants

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable, where all conditions associated with the grant have been met. Where conditions exist which remain unsatisfied, the grant is treated as a liability until the conditions have been substantially met.

Expenditure

Liabilities are recognised when goods or services have been supplied or provided to the charity, and where services relate to the accounting period but are provided subsequently.

Where expenditure does not fall entirely within one cost category, it is apportioned between categories so as to reflect an appropriate division of costs. VAT on expenditure is irrecoverable and costs reported in the financial statements include such VAT.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.

The PCC policy is to capitalise significant capital expenditure over £2,500.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold property improvements - 6 years, straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation

The charity is exempt from tax on its charitable activities.

continued...

Page 24

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Debtors

Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Creditors

The charity has creditors which are measured at settlement amounts.

Financial Instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

Fund accounting

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

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Page 25

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity participates in the Pension Builder Scheme section of Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers. This means that contributions are accounted for as if the Scheme were a defined contribution scheme.

Donated goods, services and facilities

Donated goods, services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2. DONATIONS AND LEGACIES

Standing orders
Weekly offering scheme
Other planned giving
Church collections
Sundry donations
Gift aid tax refunds
Legacies
3.
RAISING FUNDS
Fundraising events		 2020
£
302,517
301
60,401
1,717
5,017
84,029
431
454,413
2020
£
742		 2019
£
259,620
515
112,383
6,792
3,309
81,446
175,823
639,888
2019
£
1,008

Page 26

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

4. INVESTMENT INCOME

Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Church lettings
Ministry and mission
Wedding and funeral fees
Ministry and mission
Ministries
Ministry and mission
Youth work
Ministry and mission
Grants
Ministry and mission
Parish weekend
Ministry and mission
Grants
Coffee Shop
Coffee Shop takings
Coffee Shop
Grants
Pre-school and Nursery
Pre-school and Nursery fees Pre-school and Nursery
Grants received, included in the above, are as follows:
National Education Grants
DCMS Grant
HMRC Job Retention Scheme
South Gloucestershire Council General
Temple Ecclesiastical Charity
Bristol Archdeaconry Charity
Other
6.
OTHER INCOME
SMCC contribution to facilities
SMCC contribution to administration		 2020
£
1,587
2020
£
420
2,129
2,988
2,373
38,731
10
18,332
41,233
207,458
298,668
612,342
2020
£
158,577
22,354
65,090
7,500
5,000
5,000
1,000
264,521
2020
£
68,088
49,486
117,574		 2019
£
1,685
2019
£
1,175
2,051
7,487
6,866
-
-
-
80,193
141,890
438,554
678,216
2019
£
141,390
-
-
-
-
-
500
141,890
2019
£
60,559
49,380
109,939

continued...

Page 27

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. RAISING FUNDS

Raising donations and legacies
Fundraising event costs
8.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 9)
£
Ministry and mission
567,999
Coffee Shop
73,024
Pre-school and Nursery
520,858
1,161,881
9.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Other operating leases
Ministry
Youth and student work
Administration- general
Parish share
SMCC Contribution
Property costs
Employment costs - Other
Legal fees
Pre-school - catering
Pre-school - property costs
Pre-school - other
Coffee Shop - direct costs		 Grant
funding of
activities
(see note
10)
£
63,011
-
3,537
66,548		 2020
£
372
Support
costs (see
note 11)
£
7,509
-
-
7,509
2020
£
562,809
34,736
13,730
31,259
13,848
150,000
94,595
34,981
121,225
-
23,323
34,802
33,048
13,525
1,161,881		 2019
£
133
Totals
£
638,519
73,024
524,395
1,235,938
2019
£
534,965
33,065
20,013
23,237
12,864
158,400
92,445
138,504
117,725
596
35,341
31,539
52,358
26,101
1,277,153

continued...

Page 28

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

10. GRANTS PAYABLE

Ministry and mission
Pre-school and Nursery
The total grants paid to institutions during the year was as follows:
SIITA Nest Children's Home - Uganda
Network Counselling
Faith Home for Children - India
inHope
Transform Europe Network
Peace and Hope Trust - Nicaragua
Univida - Brazil
CMS - Brazil
Axe Valley Christian Trust
Bridges for Communities
The Brickworks
Hope Church Rhondda
Moldova Mission
Epaphras Trust
North Bristol Food Bank
Salvation Army Austrailia
Caring at Christmas
Youth for Christ
Kenya Thriving
Other		 2020
£
63,011
3,537
66,548
2020
£
12,173
2,640
-
4,020
5,040
2,340
2,760
4,460
1,050
1,512
4,450
2,400
8,563
1,800
1,500
1,808
-
-
-
4,632
61,148		 2019
£
73,865
1,700
75,565
2019
£
32,533
2,690
4,400
3,526
5,040
2,160
2,760
3,960
1,250
1,612
3,000
2,400
-
-
-
-
956
2,000
500
1,352
70,139

Grants payable in the previous year have been reanalysed and reallocated between grants to individuals and institution to reflect the nature of the grants.

Individuals experiencing difficulties are assisted through friendship and also in monetary form as appropriate. During the year, grants of £5,400 (2019 - £5,426) were paid to individuals. Where monetary support removes duplication of effort or where the charity does not have sufficient resources to be effective on its own, the charity shares the light and love of God through its monetary support of other churches and charities working within Bristol and the surrounding area.

continued...

Page 29

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

11. SUPPORT COSTS

11. SUPPORT COSTS
Governance
costs
£
Ministry and mission 7,509
Support costs, included in the above, are as follows:
Governance costs
2020 2019
Ministry
and Total
mission activities
£ £
Auditors' remuneration 4,360 2,800
Accounts preparation 3,149 2,000
7,509 4,800
12. AUDITORS' REMUNERATION
2020 2019
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 4,360 2,800
Accounts preparation 3,149 2,000
Total fees payable 7,509 4,800

13. TRUSTEES' REMUNERATION AND BENEFITS

The trustees all give freely of their time and expertise.

During 2020, payment was made under an employment contract to A Volkmer, in her role as Financial Controller. A Volkmer was a co-opted trustee by virtue of her position as Financial Controller and received total employee benefits of £7,644 and pension contributions of £335. A Volkmer resigned from her role on 30 September 2020.

Payment was also made during the year under an employment contract to I Taylor, in his role as Operations Director. I Taylor was a co-opted trustee by virtue of his position as Operations Director and received total employee benefits of £13,839 and pension contributions of £621. I Taylor resigned from his role on 12 February 2021.

Payment was made under an employment contract during the year to L Thomas, in her role as Church Administrator. L Thomas was a Diocesan Synod Representative and received total employee benefits of £12,044 and pension contributions of £540.

continued...

Page 30

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

13. TRUSTEES' REMUNERATION AND BENEFITS - continued

In addition, payment was made under an employment contract during the year to C Murphy, in her role as Events Co-ordinator and Vicar's PA. C Murphy was a Diocesan Synod Representative and received total employee benefits of £8,328 and pension contributions of £373.

Trustees' expenses

During the year 5 trustees (2019: 2) had their expenses met by the PCC. Expenses of £1,970 (2019 - £2,232) were paid for travel, subsistence, phone services, hospitality and provision of musical equipment.

14. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Pre-school and Nursery
Coffee Shop
Church administration
Youth, student and children's ministers
Assistant Youth ministers
Facilities		 2020
£
495,938
42,642
24,229
562,809
2020
22
5
4
3
2
2
38		 2019
£
475,517
36,801
22,647
534,965
2019
25
6
4
1
1
-
37

No employees received emoluments in excess of £60,000.

Staff costs by activity during the year were as follows:

PCC
Pre-school and Nursery
Coffee Shop		 2020
£
112,941
392,545
57,323
562,809		 2019
£
79,095
398,858
57,012

534,965

In addition to the above, other employment costs of £117,574 (2019 - £109,939) were incurred by the PCC for staff who are jointly employed by the PCC and SMCC but working for SMCC. Contributions have been made by SMCC and are included in other income.

continued...

Page 31

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
582,210
57,678
Charitable activities
Ministry and mission
17,579
-
Coffee Shop
80,193
-
Pre-school and Nursery
439,054
141,390
Raising funds
531
477
Investment income
1,677
8
Other income
-
109,939
Total
1,121,244
309,492
EXPENDITURE ON
Raising funds
-
133
Charitable activities
Ministry and mission
529,914
184,501
Coffee Shop
84,309
-
Pre-school and Nursery
417,404
141,390
Total
1,031,627
326,024
NET INCOME/(EXPENDITURE)
89,617
(16,532)
Transfers between funds
(3,780)
3,780
Net movement in funds
85,837
(12,752)
RECONCILIATION OF FUNDS
Total funds brought forward
413,679
33,227
TOTAL FUNDS CARRIED FORWARD
499,516
20,475		 Total
funds
£
639,888
17,579
80,193
580,444
1,008
1,685
109,939
1,430,736
133
714,415
84,309
558,794
1,357,651
73,085
-
73,085
446,906
519,991

continued...

Page 32

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16. DONATED GOODS, SERVICES AND FACILITIES

During the year, the church has benefitted from numerous services provided by volunteers covering areas such as children's and youth work, coffee shop, and all areas of ministry. Further services have been provided in the form of assistance with maintenance, finance and administration. It is not possible to measure the financial benefit of such services in the accounts.

During the year, a number of supplies have been donated to further the ministry of the church. It has not been possible to value the goods donated and the trustees do not believe the total value is material to the financial statements.

17. TANGIBLE FIXED ASSETS

COST
At 1 January 2020 and 31 December 2020
DEPRECIATION
At 1 January 2020 and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
18.
STOCKS
Stocks
19.
DEBTORS
Amounts falling due within one year:
Tax refunds
Pre-school fees owing
Other debtors
Loan to St Michael's Church
Centre Ltd		 Improvements
to
property
£
86,916
86,916
-
-
2020
2019
£
£
841
841
2020
2019
£
£
29,517
13,142
4,343
7,428
8,331
5,254
-
15,625
42,191
41,449

continued...

Page 33

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

19. DEBTORS - continued

Amounts falling due after more than one year:
Loan to St Michael's
Church Centre Ltd
Aggregate amounts		 2020
£
328,125
370,316		 2019
£
375,000
416,449

The onward loan of the Diocesan loan to the SMCC of £328,125 is to be repaid by 30th June 2024. See related parties (note 26) for more details of the loan.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020
£
Other loans (see note 22)
-
Social security and other taxes
5,090
Pension contributions payable
3,368
Other creditors
28,239
Pre-school deposits held
8,000
St Michael's Church Centre Ltd
1,227
Accrued expenses
9,098
Pre-school fees received in advance
6,539
61,561
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Other loans (see note 22)
328,125		 2019
£
15,625
-
4,360
37,505
9,700
11
10,539
23,520
101,260
2019
£
375,000

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The onward loan of the Diocesan loan to the SMCC of £328,125 is to be repaid by 30th June 2024. See related parties (note 26) for more details of the loan.

continued...

Page 34

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

22. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Loan from Diocese of Bristol
Amounts falling due between two and five years:
Loan from Diocese of Bristol		 2020
£
-
328,125		 2019
£
15,625
375,000

23. LEASING AGREEMENTS

The following operating lease payments are committed to be paid as follows:

Expiring:
Within one year
Between one and five years
In more than five years		 Land and buildings
2020
2019
£
£
34,667
30,000
81,667
100,000
-
-
116,333
130,000		 Other operating leases
2020
2019
£
£
1,065
1,065
-
2,130
-
-
1,065
3,195

Page 35

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Children's Ministry
Church Repair fund
Student Ministry
TOTAL FUNDS		 At 1.1.20
£
67,498
133,041
65,473
1,353
11,045
10,018
5,635
1,443
12,391
150,325
39,332
1,962
499,516
4,974
12,000
228
885
6
628
1,754
-
20,475
519,991		 Net
movement
in funds
£
22,795
426
431
(50)
(38,477)
(6,210)
(483)
-
(12,328)
6,839
(16,620)
(3,371)
(47,048)
1,600
375
(31)
616
(4,285)
3,127
(2,106)
(1,900)
(2,604)
**(49,652) **		 Transfers
between
funds
£
(43,171)
-
-
-
35,502
1,200
-
-
(63)
(3,909)
2,500
1,409
(6,532)
-
-
-
-
4,280
-
352
1,900
6,532
-		 At
31.12.20
£
47,122
133,467
65,904
1,303
8,070
5,008
5,152
1,443
-
153,255
25,212
-
445,936
6,574
12,375
197
1,501
1
3,755
-
-
24,403
470,339

Page 36

continued...

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Nursery Education Grants fund
Children's Ministry
SMCC salary contribution
Church Repair fund
Student Ministry
TOTAL FUNDS		 Incoming
resources
£
406,779
426
431
-
6,774
20,842
-
60,696
352,500
-
166
848,614
6,646
375
5
866
7,888
158,577
32,851
117,574
3,262
10,000
338,044
1,186,658		 Resources
expended
£
(383,984)
-
-
(50)
(45,251)
(27,052)
(483)
(73,024)
(345,661)
(16,620)
(3,537)
(895,662)
(5,046)
-
(36)
(250)
(12,173)
(158,577)
(29,724)
(117,574)
(5,368)
(11,900)
(340,648)
**(1,236,310) **		 Movement
in funds
£
22,795
426
431
(50)
(38,477)
(6,210)
(483)
(12,328)
6,839
(16,620)
(3,371)
(47,048)
1,600
375
(31)
616
(4,285)
-
3,127
-
(2,106)
(1,900)
(2,604)
(49,652)

continued...

Page 37

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Fabric HOTC grant fund
Rowe Trust fund
Parish Weekend fund
SIITA fund
Children's Ministry
Health & Safety Officer
Church Repair fund
TOTAL FUNDS		 At 1.1.19
£
72,550
132,292
14,650
1,383
8,019
6,407
7,256
4,329
(1,733)
150,703
13,367
4,456
413,679
6,352
12,000
267
885
-
18
208
13,497
33,227
446,906		 Net
movement
in funds
£
55,626
749
175,823
(30)
(33,642)
(124,389)
(1,621)
(2,886)
(3,106)
34,622
(9,035)
(2,494)
89,617
(1,378)
-
(39)
-
(3,774)
610
(208)
(11,743)
(16,532)
73,085		 Transfers
between
funds
£
(60,678)
-
(125,000)
-
36,668
128,000
-
-
17,230
(35,000)
35,000
-
(3,780)
-
-
-
-
3,780
-
-
-
3,780
-		 At
31.12.19
£
67,498
133,041
65,473
1,353
11,045
10,018
5,635
1,443
12,391
150,325
39,332
1,962
499,516
4,974
12,000
228
885
6
628
-
1,754
20,475
519,991

continued...

Page 38

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Windfall fund
Brimble fund
Service fund
Missionary Bursaries fund
Fabric fund
Library fund
Vicarage redecoration and music fund
Coffee Shop fund
Pre-school and Nursery fund
Pre-school and Nursery Repairs fund
Pre-school and Nursery Mission Hardship
fund
Restricted funds
Sharing fund
Rowe Trust fund
SIITA fund
Carols On The Green fund
Nursery Education Grants fund
Children's Ministry
SMCC salary contribution
Health & Safety Officer
Church Repair fund
TOTAL FUNDS		 Incoming
resources
£
422,073
749
175,823
-
20
-
-
879
81,203
440,297
-
200
1,121,244
3,831
8
28,759
2,299
141,390
17,770
109,939
5,496
-
309,492
1,430,736		 Resources
expended
£
(366,447)
-
-
(30)
(33,662)
(124,389)
(1,621)
(3,765)
(84,309)
(405,675)
(9,035)
(2,694)
(1,031,627)
(5,209)
(47)
(32,533)
(2,299)
(141,390)
(17,160)
(109,939)
(5,704)
(11,743)
(326,024)
(1,357,651)		 Movement
in funds
£
55,626
749
175,823
(30)
(33,642)
(124,389)
(1,621)
(2,886)
(3,106)
34,622
(9,035)
(2,494)
89,617
(1,378)
(39)
(3,774)
-
-
610
-
(208)
(11,743)
(16,532)
73,085

General fund (unrestricted)

The fund represents the day to day operation of the Ministry and Mission of St Michael's Church.

During the year, £39,782 (2019 - £40,448) was transferred to the Missionary Bursaries fund in accordance with St Michael's grant making policy of setting aside 10 percent of voluntary planned giving for mission partners both in the UK and overseas. £1,200 (2019 - £3,000) was transferred to the Fabric fund as a provision for future costs. £63 was transferred from the Coffee Shop fund to reduce the historic balance held in the Coffee Shop fund. £1,900 was transferred to the Student Ministry fund to cover the Student Minister's salary costs. £352 was transferred to the Church Repair fund to cover the repair costs of St Michael's church tower which was completed during the year.

Windfall fund (unrestricted)

To provide a "reserve account" as a back-up to cover any deficits or special expenditure on the General Fund for the church.

continued...

Page 39

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Brimble fund (unrestricted)

To set aside legacy monies as a back-up to cover any deficits or special expenditure on the General Fund for the church.

Missionary Bursaries fund (designated)

The fund represents amounts set aside for the support of missionaries both at home and abroad. During the year, £39,782 (2019 - £40,448) was transferred from general funds. £4,280 (2019 - £3,780) was transferred to the SIITA fund.

Fabric fund (designated)

Created to set aside a fund for current and future provision for maintaining the fabric of St Michael's Church. During the year, £1,200 (2019 - £3,000) was transferred from the general fund.

Library fund (designated)

Created to identify and make easy the administration of the income and expenditure associated with buying and selling books and cards for the church.

Vicarage Redecoration and music fund (designated)

Created to set aside a fund for current and future provision for maintaining the fabric of the current vicarage and for musical equipment.

Coffee Shop fund (designated)

The fund represents the operating of the St Michael's Coffee Shop. During the year £63 was transferred to the general fund to clear the historic balance held in the Coffee Shop fund.

Pre-school and Nursery fund (designated)

The fund represents the operation of the St Michael's Church Pre-School and Nursery. During the year, a transfer of £2,500 (2019 - £35,000) was made to the Pre-school and Nursery Repairs fund as a provision for future repairs. An additional transfer of £1,409 was made to the Pre-School and Nursery Mission Hardship fund to clear the deficit balance.

Pre-school and Nursery Repairs fund (designated)

A fund to set aside current and future maintenance of the fabric of the old vicarage building and grounds rented from the Diocese. During the year, a transfer of £2,500 (2019 - £35,000) was made to the Pre-school and Nursery fund as a provision for future repairs.

Sharing fund (restricted)

The fund represents donations given specifically for the purpose of alleviating financial hardship of individuals that are in need.

Fabric HOTC grant fund (restricted)

The fund represents a grant received specifically for the church fabric under the HOTC project remit.

SMCC salary contribution (restricted)

The fund represents the recharge of salaries to SMCC from the PCC, where employees are jointly employed by the PCC and SMCC, but are on the payroll of the PCC for administrative purposes.

Nursery Education Grants fund (restricted)

The fund represents grants received from South Gloucestershire Council. The level of NEG's received is conditional upon the numbers of eligible children in the Pre-School and Nursery.

continued...

Page 40

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. MOVEMENT IN FUNDS - continued

Church Repair fund (restricted)

The fund represents grants received specifically for the repairs and renovation of St Michael's church tower. £352 was transferred from the general fund to clear the fund balance following the completion of the church tower repairs during the year.

Comparative analysis of net assets between funds, are as follows:

Fund balances as at 31 December 2019
Unrestricted
Restricted
funds
funds
£
£
Current assets
975,766
20,485
Current liabilities
(101,250)
(10)
Non-current liabilities
(375,000)
-
Total net assets
499,516
20,475		 Total
funds
£
996,251
(101,260)
(375,000)

519,991

25. EMPLOYEE BENEFIT OBLIGATIONS

St Michael's PCC (Stoke Gifford) (PB 2014) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board grant any bonuses. The account, plus any bonuses declared, is payable from members' Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable 2020 - £24,229 (2019 - £22,647). There were contributions of £3,368 (2019 - £4,360) outstanding at the year-end.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2016. A valuation as at 31 December 2019 was under way as at 31 December 2020.

continued...

Page 41

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

For the Pension Builder Classic section, the valuation revealed a deficit of £14.2m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, St Michael's PCC (Stoke Gifford) (PB 2014) could become responsible for paying a share of that employer's pension liabilities.

26. RELATED PARTY DISCLOSURES

Stoke Gifford PCC is a related party of St Michael's Church Centre (SMCC). The SMCC is responsible for the construction and operation of the St Michael's Church Centre. The SMCC and Stoke Gifford PCC have two trustees in common.

On 30th June 2014, Stoke Gifford PCC received a loan from the Diocese of Bristol in support of the construction of the St Michael's Church and Community Centre. This loan was at an interest rate of 0.55% over the CCLA base rate (during the year to 31 December 2020 was 0.5%), and it is required to be repaid by 30th June 2024 as funds allow. On 16th July 2014, these monies were onward loaned to SMCC on the same basis as St Michael's DCC received the loan from the Diocese.

During April and May of 2015, Stoke Gifford PCC received an additional loan of £250,000 from the Diocese of Bristol in support of the construction of the new St Michael's Church Centre. This loan was at an interest rate of 0.55% over the CCLA base rate (during the year to 31 December 2020 was 0.5%). During April and May 2015, these monies were onward loaned to SMCC on the same basis as St Michael's DCC received the loan from the Diocese. This loan was fully repaid by the end of May 2020.

At the year end, the Diocese loan outstanding were £328,125 (2019 - £390,625). Interest payments of £3,755 (2019 - £6,646) was paid by SMCC to the Diocese.

It has also been agreed that the Stoke Gifford PCC should stand behind the Directors of St Michael's Church Centre Limited (SMCC) and offer a "letter of comfort" to CAF Bank in support of that loan of £800,000 (£409,897 outstanding at the year end), in regard to honouring the capital and interest repayments on that loan if required. Whilst this letter of comfort does not form a legal guarantee, it does represent the commitment of the DCC to support the charitable purpose of SMCC.

During the year, a contribution of £94,595 (2019 - £92,445) was paid to St Michael's Church Centre Limited from the ordinary fund in recognition of the use of the Church Centre and Old School Rooms for church activities.

Contributions of £49,486 (2019: £49,380) and £68,088 (2019: £60,559) have been received from SMCC in recognition of work carried out by employees who are jointly employed by the PCC and SMCC, for administration and building maintenance of the Church Centre respectively and are included in other income in the financial statements.

Donations from trustees and related parties

The aggregate donations received from trustees were £121,268 (2019 - £102,901)

continued...

Page 42

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF STOKE GIFFORD

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2020

26. RELATED PARTY DISCLOSURES - continued

Other related party transactions

An allowance of £nil (2019 - £2,400) was paid to J Bradley, a trustee for hosting a youth worker.

An allowance of £1,000 (2019 - £800) was paid to M Roach, a trustee for hosting a student ministry worker.

Page 43

Report Dftbe Independent AudÈtors to the Tr&8ttts The P2rochial Chureh Coun£i] of the Eede5iastieal Parish of Stoke Gifford Use of our rnwjrt This rep(￿1 Js made solely to the itharitys Injslets, a FKxty, ￿ act(￿d8￿ce with 4 of the Cbarities (Aeeounts and Reports) Re8Ull￿s 2008. audit wyrk UDdtttakf￿ SO that ￿lEb1 io the dwitys ￿￿te£S those mattws we are required to slate to them ill an audi￿, rqxKt and ts no Lhcr PWFK>&G To the fulle4 p¢rniitt¢d by law. w¢ do not accept or assume rwsibility io aayone ittiotss we have f(xmed. H8ines W8tt$ Bristol Limited Chartered Acxountaftts and Audit Eligible to act as *) audittt in ttrms of secti￿ 1212 ofthe c{￿pa￿leS Act 2006 Bath Hou5 &8 Bath Street Bristol BSI 6FU. Page 17