St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st
**The Parochial Church Council of the Ecclesiastical Parish of St. Mary Magdalene, Sutton in Ashfield**
Registered Charity Number 1134798
Accounts for Year Ending December 31st 2020
## **INCOME**
## **VOLUNTARY DIRECT GIVING**
Gift Aid Tax Recovered Pledges Collections Donations Bequests Grants
## **EVENTS AND ACTIVITIES**
Fundraising Events
**FEES** For Fabric Appeal (inc. GiftAid)Weddings and Funerals For Charities and Missions Bell Fund Insurance Claims Choir Fund Foodbank (inc. GiftAid) Organ Fund Churchyard & Bench FundFees
## **TRADING**
Books and Candle Sales Parish Office
Page 1
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st
|**INCOME FROM**
**INVESTMENTS**
Trust income
Interest
Grosvenor Investment
**TOTAL INCOME FOR**
**THE YEAR**|Unrestricte
d
Restricted
**2020**
**2019**
£
£
**£**
**£**
28,897.15
**28,897.1**
**5**
**30,679.62**
9,217.72
50.00
**9,267.72**
**9,189.02**
7,265.20
**7,265.20**
**8,726.81**
848.71
**848.71**
**2,763.90**
596.04
0.00
**596.04**
**17,106.47**
0.00
0.00
**0.00**
**12,260.09**
0.00
**0.00**
**0.00**
46,824.82
50.00
**46,874.82**
**80,725.9**
**1**
235.00
**235.00**
**375.00**
3,675.00
**3,675.00**
**7,454.48**
0.00
**0.00**
**192.26**
0.00
**0.00**
**0.00**
17,331.90
**17,331.9**
**0**
**6,608.34**
0.00
**0.00**
**295.00**
1872.75
**1872.75**
235.00
22,879.65
**23,114.6**
**5**
**14,925.08**
1,430.00
**1,430.00**
**4,857.00**
505.56
**505.56**
**1,173.00**
754.29
**754.29**
**1,023.29**
4,886.84
**4,886.84**
**6,799.88**
5,945.00
**5,945.00**
**16,137.00**
7,375.00
6,146.69
**13,521.69**
**29,990.1**
**7**
1,139.17
50.20
1,189.37
0.00
**1,189.37**
**1,063.**
**05**
217.26
89.69
**306.95**
**298.97**
148.37
**148.37**
**163.56**
2,485.67
**2,485.67**
365.63
2,575.36
**2,940.99**
**462.53**
**1,139.1**
**7**
**609.40**
**50.20**
**453.65**|
|---|---|
Page 2
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st
## 55,989.82 31,651.70 **87,641.52 127,166.7 4**
*TOTAL INCOME NET OF STATUTARY FEES PAYABLE TO DIOCESAN BOARD OF FINANCE Statutory fees paid directly -2,446.00 to DBF TOTAL INCOME NET 53,543.82 31,651.70 **85,195.5** OF FEES **2**
_*Note: it is permissible to 'net off' the statutory fees paid directly to the Diocesan Board of Finance (SDBF),_
_however, this is not done as part of our current accounting procedure. An extra statement_
_has therefore been included in these accounts to represent the net income to the PCC. This figure represents the true income to the PCC in accordance with SORP recommended practice 2005._
## **EXPENDITURE**
## **GRANTS AND CHARITABLE GIVING**
Church Overseas Missions Overseas Relief Agencies Home Missions Secular Charities
## **SUPPORT COSTS**
Adult Training Courses Children's Work Children & Young People
## **MINISTRY**
Parish Share Clergy Working Expenses Lay Working Expenses
## **CHURCH**
Utilities Insurance Minor Repairs & Maintenance Churchyard Maintainance Upkeep of Services Choir & R.S.C.M. Organist (donated to Fabric Fund) Organ Maintainance/relief organist Bells Event Expenses Magdalene Centre Major Repairs & Maintainance Fees to SDBF/Organist/Vergers/etc.
Page 3
## **CHURCH MANAGEMENT AND ADMINISTRATION**
Parish Office Salaries
St. Mary Magdalene Parochial Church Council Printing Stationary, Postage & Ind Exam Income and Expenditure for the year ended 31st Licences
Bank Charges Trading Expenses C Magazine, etc Gifts
|**TOTAL EXPENDITURE FOR**
**THE YEAR**
Phone
Ofce Equipment
Foodbank|Unrestricted
Restricted
**2020**
**2019**
£
£
**£**
**£**
0.00
0.0
0
**0.00**
**0.00**
0.00
0.0
0
**0.00**
**0.00**
0.00
0.0
0
**0.00**
**423.73**
0.00
0.0
0
**0.00**
**279.99**
0.00
0.0
0
**0.0**
**0**
**703.72**
0.00
0.00
0.00
0.00
0.0
0
**0.0**
**0**
**119.**
**06**
30,000.00
429.50
0.00
30,429.50
0.00
**30,429.50**
**66,381.**
**71**
3,591.37
**3,591.37**
**4,759.23**
3,420.47
**3,420.47**
**3,322.02**
1,993.81
0.00
**1,993.81**
**796.25**
0.00
**0.00**
**0.00**
378.79
**378.79**
**992.20**
107.00
**107.00**
**0.00**
2,300.00
**2,300.00**
**2,300.00**
0.00
**0.00**
**69.60**
313.80
**313.80**
**39.00**
0.00
**0.00**
**20.00**
1,406.13
**1,406.13**
**4,117.89**
0.00
0.00
**0.00**
**41,701.80**
5,265.00
**5,265.00**
**18,038.59**
18,355.57
420.80
**18,776.37**
**76,156.5**
**8**
27.20
**27.20**
**0.00**
1,345.60
**1,345.60**
**2,721.62**
521.58
**521.58**
**421.43**
305.00
**305.00**
**305.00**
655.94
**655.94**
**60.00**
0.00
**0.00**
**0.00**
1,098.37
**1,098.37**
**1,287.64**
0.00
**0.00**
**0.00**
3,015.00
**3,015.00**
**7,000.00**
3,953.69
3,015.00
6,968.69
11,795.69
**30,000.0**
**0**
**64,680.00**
**429.50**
**1,701.71**
**0.00**
**0.00**
**0.00**
**95.00**
**0.00**
**24.06**|
|---|---|
Page 4
St. Mary Magdalene Parochial Church Council Income and Expenditure for the year ended 31st
|52,738.76
3,435.80
**TOTAL INCOME FOR THE YEAR**
**EXCESS EXPENDITURE OVER**
**INCOME**
**EXCESS INCOME OVER**|56,174.56
155,156.76
**27,990.02**
3,251.06
28,215.90
**31,466.96**
55,989.82
31,651.70
**87,641.5**
**2**
**127,166.7**
**4**|
|---|---|
|||
Page 5
|**RESTRICTED FUNDS**|Income|Expenditure|Expenditure||
|---|---|---|---|---|
||£|£|**£**||
|**CHURCHYARD FUND**|||||
|Balance at 1st January2019||414.22|||
|Donations and Bench fund||0.00|||
|Trust Income-Radford Trust||89.69|||
|Expenditure|||0.00||
|Balance at 31st December2020||||**503.91**|
|**BELL FUND**|||||
|Balance at 1st|7,557.93||||
|January2020|505.56||||
|Donations,fees &|||||
|investment Fees|||||
|Expenditure||313.80|||
|Balance at 31st December2020|||**7,749.6**||
||||**9**||
|**CHOIR FUND**|||||
|Balance at 1st January2020||6,144.26|||
|Donations, fees & investment|||||
|Trust income||754.29|||
|Expenditure|||107.0||
||||0||
|Balance at 31st December2020||||**6,791.55**|
|**ORGAN FUND**|||||
|Balance at 1st|49,844.||||
|January2020
Donations and|90
4,886.84||||
|investment Fees|||||
|Expenditure||0.00|||
|Balance at 31st December2020|||**54,731.7**||
||||**4**||
|**FABRIC APPEAL**|||||
|Balance at 1st|9,771.45||||
|January2020 Receipts|3,675.00||||
|& investment|50.00||||
|GA Tax||0.0|||
|Recovered||0|||
|Rapairs|||||
|Balance at 31st December2020|||||
|**CHILDREN & YOUNG PEOPLE FUND**|||||
|Balance at 1st|46.21||||
|January2020 Receipts|1,872.75||||
|Payments||0.0|||
|Balance at 31st December2020||0|||
|**GROSVENOR HOUSE FUND**|||||
|Balance at 1st January2020
25,032.54|||||
|Receipts & Investment|2,485.67|0.00|||
|Payments||0.00|||
|Balance at 31st December2020|||||
|**FOODBANK**|||||
|Balance at 1st|15,290.54||||
|January2020 Receipts|17,331.90||||
|Payments||3,015.|||
|Balance at 31st December2020||00|||
|**CHARITIES and MISSIONS**|||||
|Balance at 1st January2020||0.00|||
|Receipts||0.00|||
|Payments|||0.0||
||||0||
|31st December 2020||||**0.00**|
## **ACCUMULATED FUNDS**
|**ACCUMULATED FU**|**NDS**|**2020**|**2019**|
|---|---|---|---|
||£|£|£
£|
|Unrestricted|||£58,846.8
55,595.79|
||||5|
|Restricted:||||
||Churchyard|503.91|414.22|
||Bells|7,749.69|7,557.93|
||Choir|6,791.55|6,144.26|
||Organ|54,731.74|49,844.90|
||Fabric Appeal|13,496.45|9,771.45|
||Children & Young|1,918.96|46.21|
||Grosvenor|27,518.21|25,032.54|
||Foodbank|29,607.44|15,290.54|
||Charities & mission|0.00|0.00|
|||142,317.95
114,102.05||
|**Total Funds as at 31 January 2020**||**201,164.80**
**169,697.84**||
|**CURRENT ASSETS**|£|£|£
£|
|Cash at Bank:||||
|Natwest:-||||
|Current Account||87,867.91|66,823.81|
|National Savings Investment||20,756.47|20,608.10|
|Account||92,827.42|84,401.66|
|CBF Church of England Investment|||0.00|
|Fund||-322.00|-2,170.73|
|Plus unreconciled|income|35.00|35.00|
|Less unpresented|Cheques||**169,697.84**|
|Petty cash||||
## **LIABILITIES**
SUMMARY OF FUNDS AS AT 31st March 2020
|Balance 1st January 2020
Excess
Expenditure/Income
Excess
Income/Expenditure|169,697.84
31,651.04
**201,1**
**64.80**|
|---|---|
|||
St. Mary Magdalene Parochial
## ACCOUNTING POLICIES
The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCC's and 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant notes to these accounts.
## Funds:
_General funds_ represent funds of the PCC, which are not subject to any restrictions regarding their use and are available for application to the general purpose of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
_Restricted funds_ are those donated to the PCC where the donor specifies the use to which the donation must be applied. The use of these funds for other purposes can only be changed by the courts or the Charities Commission.
_The accounts_ include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include accounts for church groups, which owe their affiliation to another body or those which are informal groupings of church members. Neither do they include the accounts of the Magdalene Centre which is an independent activity operated by a management committee publishing its own accounts.
## Income (Incoming Resources):
Collections, gift aid payments and tax recovered under gift aid is recognised only when the income is received. Interest on investments is received gross. Funds raised by individual church members for specific charities are not included unless passed through PCC accounts. For all other fund raising, see individual reports.
## Expenditure (Resources Used):
Donations to Missions and Charities. Church Overseas Missions, Overseas Relief charities, Home Missions and Charities, Secular Charities.
Foodbank operates as part of the Church Charity by committee including church members. All income is generated by donations from the community under a restricted fund and is administered under the auspices of the PCC.
## ASSETS
Consecrated and benefice property is excluded from the accounts by section 96(2)(a) of the Charities act 1993. No value is placed on moveable 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.
## Fixed Assets:
Magdalene Centre – former Church hall – refurbished 2007 – Cost £128,000
## Trust Income:
Under the Charities act 1993 the PCC must disclose all Trusts held on its behalf. All investments held by Southwell Diocesan Board of Finance for St. Mary’s are endowments. The interest or dividends only is available for PCC use, which is shown as Trust Income in the accounts.
## St. Mary Magdalene Parochial
There are six Trusts, two of which are restricted. These are the Wright Legacy, which is for the benefit of the Church Choir, and the Radford Trust, which is for the upkeep of the Churchyard and the family graves.
**----- Start of picture text -----**
Origin Valu Value
Trust Statement as of 31 [st] Share al e Dec Dec
December 2020 s Invest 2020 2019
ment
Wright (1959) Restricted 360 £250.00 £7375.43 £6900.88
Radford (1944) Restricted 25 £25.00 £512.18 £479.23
Beecroft Unrestricted 314 £223.18 £ 6433.01 £6019.10
North Unrestricted 191 £1000.00 £3913.07 £3,661.30
Total in CBF Unrestricted £500.00 £500.00 £500.00
Investment
Beeley/Hibbert
(1969)
In CBF Deposit Unrestricted 24 £153.90 £732.65 £664.59
Account Simpson
Total Investments held by
the Southwell Diocesan
Board of Finance
£19,466.34 £18,225.10
On behalf of St. Mary’s PCC
**----- End of picture text -----**
The CBF Church of England investment Account was created on 1[st] July 2018. At this time 1,870.77 shares were purchased with an initial investment of £66,000. On the 31[st] of December 2020, the mid-market value of the shares was calculated as £92,827.42. The additional value of £8425.76 has been assigned proportionally to the following restricted funds: Grosvenor Fund £2485.67, Bell Fund £505.56, Choir Fund £547.69 and Organ Fund £4886.84.
Payments to trustees or persons connected with trustees:
Under a power available to charities under the Charities Act 2006, the PCC made payments to 0 persons trustee/connected to, for occasional services rendered at weddings etc. either as Minister, verger, bell ringer or chorister. No payments made in the year ended 31[st] December 2020.
## Reserves policy:
The PCC resolved to reserve out of unrestricted funds 3 months running costs (£30,000). The remaining unrestricted funds will be spent on meeting the charitable objects of the PCC, these being:
1. Regular public worship for all
2. Teaching of Christianity through sermons, courses, etc.
3. Religious assemblies and activities with schools
4. Promoting the mission of the church through activities for all ages and needs
5. Supporting other charities in the UK and overseas
6. Providing pastoral care through the foodbank to help alleviate poverty
## St. Mary Magdalene Parochial
mainly, but not exclusively to the Sutton in Ashfield area.
Accounts and reports prepared by Mrs Barbara Minett, Treasurer
St . Mary Magdalene Parochial Church Council
## **Independent Examiner's Report to the Parochial Church Council of St Mary**
## **Magdalene Responsibilities and basis of report**
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 ofthe Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(S)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
tcp chartered accountants 10 the triangle ng2 business park nottingham ng2 lae
Date: 25.03.2021
Approved by St. Mary Magdalene Parochial Church Council on
and signed on its behalf by:
**5[th] April** 2021
Chainnan: