2021-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of St Leonard's Wollaton

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PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Charity Number 1134834

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and 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 effective 1[st] January 2019.

OUR OBJECTIVES AND ACTIVITIES

The objects of the Parochial Church Council are: -

To provide a place of worship where Christians can meet to share their faith, increase knowledge, and broaden their commitment.
To be effective in the local community by providing services and facilities as appropriate.

Our Missional Vocation:

Living for Jesus

Our Vision:

Our vision is: To be a joyful and vibrant church empowered by the Holy Spirit, committed to sharing God’s love with the wider community, welcoming partnership with others, so that all may be drawn into the abundant life of Christ.

The main activity is the holding of Christian religious service and related activities each week for the benefit of Wollaton and the surrounding area. The Parochial Church Council is dependent on offerings received from its congregation and donations made. Many of the weekly activities are run by volunteers who are members of the church and without their commitment given as volunteers the church would not function effectively.

The PCC formally reviews and agrees priorities; our planned priorities from 2011 were agreed as:

Building the next generation of church
Building relationships with people who find themselves in marginal and vulnerable situations
Building authentic community

PUBLIC BENEFIT

As stated above the objects of the Parochial Church Council are to promote worship and related activities for the benefit of the local community. The Trustees confirm that they have complied with their duties under section 17 of the 2011 Charities Act regarding Public Benefit.

ACHIEVEMENTS AND PERFORMANCE

Church attendance

The year 2021 opened with 304 names on the Electoral Roll (307 in 2020). The Electoral Roll is revised annually for the APCM and was 295 at the May 2021 APCM (215 resident and eighty non-resident). At 31/12/21 the ER was 296.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Occasional offices

In 2021 10 (12 in 2020) baptisms were performed. There were 6 (3) marriages. A total of 27 (34) funerals were performed by the clergy of which 12 (5) took place in church. 0 (0) candidates were prepared for confirmation and 0 (0) children were admitted to Communion.

Hon. Secretary’s Review of 2021

The PCC has met six times in 2021 as did the Standing Committee and Resources Team. Key decisions made during the year included the following.

The House of Bishop’s Promoting a Safer Church: safeguarding policy statement was adopted.
The PCC adopted an amended Parish Declaration for Serious Safeguarding Incident Reporting.
Timely progress has been made with safeguarding training for PCC members with most having
completed relevant training modules. Satisfactory progress has also been made with DBS checks. • The Parish financial position continued to be reviewed carefully considering the ongoing impact of Covid.
The spiritual growth from children and families’ activities was noted and encouraged.
Changes were agreed relating to the strategic role of music and the post of Director of Music.
Work began on developing a safeguarding Code of Practice which will facilitate low level
conversations whilst ensuring that the key stakeholders are kept appropriately informed.
Agreed to commit a financial resource to exploration of mission engagement with the western edge
of the Parish and community (Dales/Firbeck).
Agreed to fund a Children and Families Worker Role. A bid was made to the Strategic Development
Funding Scheme supporting the Growing Younger & More Diverse initiative. This aims to strengthen and develop ministry with younger generations and reach out beyond existing contacts to grow the church. This role will also be financially supported using our ‘soft ring-fenced’ legacy fund.
Christmas services were determined in the context of the new Covid variant.
The Parish Share (to the Diocese) for 2021 was agreed as was the Budget for 2022.
A total sum of £7,500 was agreed for annual giving across eleven groups.
A new monthly pattern of worship services was agreed and implemented.
The Health & Safety Risk Register was reviewed and updated.

On behalf of the council, I would like to thank Gill Moore for her on going and unstinting work as our Minutes Secretary. Due to family commitments, I have decided to standdown as Honorary Secretary and PCC member from the 2021 APCM.

Mr Andrew Holbrook Honorary Secretary April 2022

FINANCIAL REVIEW

Treasurer’s Report for the year 2021

Effects of Covid-19 Pandemic

The ongoing effects of the pandemic continue to have an influence on the financial position of all churches. The direct effects of these challenges to our income and expenditure position are detailed below, but a highlevel summary of the major issues is as follows. Firstly, our income for the year continues to be significantly reduced both for the main church work and for the community centre compared with pre-pandemic levels. Whilst expenditure also remains slightly lower this is inevitably outweighed by the effects of the pandemic on income. During 2021 we continued to maximise our ability to use the government furlough scheme until this closed to try and minimise the impact on the overall financial position. The Diocese also provided a oneoff £20,000 discount on our parish share for 2021, to offset the reduced income seen by the community Centre in 2020, and this means that the overall financial position is stronger than would otherwise have been the case: however, there is no reduction in parish share for 2022 which brings a significant challenge.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

By the end of 2021, the stock market had recovered further, so the endowment fund position is better than that reported last year. The pandemic has also highlighted the challenge of the sustainability of the current Diocesan/Deanery share model, which continues to be kept under review.

The budget we have set for 2022 shows a continuing significant shortfall, which will have to be supported from reserves, but the alternative of cutting activities would probably only further worsen the income position in the longer term.

Budget against 2021 forecast

In 2021 we paid the parish share at the recalibrated level based on the revised Diocesan and Deanery calculations: for 2021 this included a £20,000 one- off reduction as mentioned above. The total paid in the year was therefore £95,940. In 2021 regular giving fell by around £15,000 compared with 2020. Total income (excluding investments) for the year was slightly higher overall than in 2020 at £193,925 (£188,630 in 2020), due to £6,000 in legacy income and a recovery in the Community Centre income position. The total value of our investments rose in 2021 by nearly £20,000 which has also helped the overall financial position, although these funds can only be used for specific purposes.

Total expenditure during 2021 was reduced compared with 2020 at £210,973 (£246,772 in 2020), the major reasons being the one-off reduction in the parish share and less expenditure on general maintenance.

Overall financial position for 2021

The 2021 accounts continue to be influenced by the particularly large legacy of £237,959 which came in during 2016 and 2017. The PCC has previously designated £100,000 from this over the next few years for mission, which is in addition to the support already provided to the audio-visual upgrade undertaken in 2018 and 2019. The significant amount of this funding currently remaining in our reserves distorts the overall picture, but plans are well advanced about how best to use this funding to support the missional work of the church.

End of year position

The net effect of all these factors was that there was little change in overall funds which stood at £929,448 at the end of 2021 compared with £926,937 at the end of 2020.

The Community Centre financial position continued to be affected by the pandemic but showed a recovery from 2020. Income for the year was £38,876 (compared to £30,630 in 2020) and expenditure £36,379 compared to £39,506 in 2020. These figures include funds reclaimed from the national furlough scheme. The PCC has maintained registration with the Charity Commission.

Budget 2022

The budget set for 2021 was formulated on similar principles to the 2021 budget, factoring in the ongoing effects of the Covid-19 pandemic. We have continued to take a cautious view in estimating income, and we will need to monitor expenditure carefully during the year.

Any potential expenditure from the designated funding for mission described above is not shown in the operating budget.

Risks for 2022

At the time of writing this the UK has removed the majority of restrictions imposed due to the Covid-19 pandemic. The pandemic however continues to produce significant risks and uncertainty which will inevitably affect income during 2022. The war in Ukraine is likely to continue to bring volatility to stock markets, although to date stock markets have been fairly resilient. Church services and other activities are gradually increasing, and we expect activity in the Community Centre to also increase during the rest of the year.

Otherwise, the main risks for 2022 as in previous years are increased expenditure on unplanned maintenance and reduction in planned giving income. Ongoing lead thefts always remain a risk although we continue to mitigate this through a managed security system.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Final Comments

As ever, I would like to thank everyone who has helped with the church finances over the last year. This has obviously been another very challenging year for everyone, and I have continued to receive fantastic support from all the people involved in the financial running of the church and Community Centre. Roger Alton has been working closely with the Community Centre team to manage the Centre’s finances over the last year. David Martin is in the process of handing over his role as planned giving secretary, which will be taken up by Liz Norris as part of her work as finance administrator. I would like to express huge thanks to David for all his support over the years. Despite the challenges imposed by working during the pandemic, the parish office and Community Centre staff continue to be very supportive. I would also like to thank Tim Pullen and the Deanery for all their support over the year. Finally, I would like to thank Liz Norris for all her hard work in ensuring things run efficiently.

Professor Ian Hall Honorary Treasurer April 12[th] , 2022

Reserves Policy

The policy of the Parochial Church Council is to hold a sufficient sum in reserves to cover 6 months’ normal expenditure. Based upon current turnover this is a sum of around £100,000. Unrestricted Funds currently held total £258,546 with £160,063 of endowment funds.

Reserves and Assets 2021

The fund details for 2021 are summarised in note 9 of the accounts. These show the major (fixed) asset held by St Leonard’s to be the Community Centre. The Community Centre accounts have been incorporated into these summary accounts.

Investment Policy of the Parochial Church Council

Aside from retaining a prudent amount in reserves each year, most of the Parochial Church Council’s funds are to be spent in the short term, so there are fewer funds for long term investment. Having considered the options available, the trustees have invested excess not required in the short term on deposit with the Central Board of Finance.

Grant Making Policy

At the discretion of the board of Trustees, they may from time to time make donations to other Charities which have the same objectives as the Parochial Church Council.

Plans for Future Periods

The PCC will continue to match commitments to the mission and ministry activities with income generation into the future.

A focus on "growing disciples" as the top priority for the church's mission in the next phase of its life is intended to see the membership of the church grow which would also have the effect of increasing the numbers of those giving financially to St Leonard's.

St Leonard's regularly reviews the giving of parishioners and encourages donors to consider increasing their giving annually. We also arrange a major "Promise Programme" at least once every five years to help increase the base of those who give regularly to the church. As we move forward, the PCC will also encourage people to consider making provision for mission of St Leonard's in their wills. Generous legacies have made a positive contribution to the church finances in previous years.

Going forward the PCC also remains committed to a continual process of identifying ways of achieving cost reductions in administration overheads and improving the efficient use of resources.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

There are no current plans for new major building projects although some continuing rearrangement of the interior of the church will take place over the next couple of years and we will continue with our regular work programme to maintain the building.

SAFEGUARDING

The Safeguarding Policy was amended 2020 and prompted a review of training records and requirements for both safeguarding training and DBS checks in 2021. This work has progressed during the year.

WEBSITE:	www.stleonardswollaton.org.uk
CHARITY NUMBER:	1134834
PRINCIPAL OFFICE:	St Leonard’s Church
	Wollaton Road
	Wollaton
	Nottingham
	NG8 2AF
BANKERS:	Royal Bank of Scotland
	8, South Parade
	Nottingham
	NG1 2JS
INDEPENDENT EXAMINERS:	Haines Watts
	Chartered Accountants
	Cliffe Hill House
	22-26 Nottingham Road
	Stapleford
	Nottingham
	NG9 8AA
Trustees:
During the year, the following served as members of the Parochial Church Council:
*Incumbent*	The Revd Canon Tim Pullen (Chairman)
*Assistant Curate*	vacancy
*Churchwardens*	Mike Smith
	Mrs Valerie Sutton
*Elected member of Diocesan Synod*	Mr Roger Howes
*Elected members of*
*Nottingham North Deanery Synod*	Dr Charlotte Bolton
	Mrs Kate Breckles
	Mrs Emma Twissell
	Mr John Withers
	Dr Erica Bailey

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

*Elected members*	Mrs Catherine Fry
	Professor Ian Hall (Hon Treasurer of PCC)
	Mr Andrew Holbrook, Honorary Secretary of PCC
	Mrs Hilary Howes
	Mrs Lindy Jones
	Mrs Maria Phillips
	Miss Sally Smith
	Mr Kevin Twissell
	Mrs Elaine Thompson (co-opted as Reader’s Representative)
Patron	The Rt. Hon the Lord Middleton
Readers	Mrs Hilary Howes
	Dr Elaine Thompson
Recognised Lay Ministers	Mrs Pat Broxham
	Mrs Maryrose McHugh
	Mrs Anne Scothern
	Mrs Anne Walters
Appointments by PCC
Lay Vice-Chair	Mrs Valerie Sutton
Administrative Assistant to the PCC	Mrs Gill Moore
Assistant Churchwardens	Mr Peter Bailey	Mrs Mary Stacey
	Mrs Viv Chamberlain	Mrs Anne Walters
	Mrs Ali Hatton	Mrs Jo Young
	Mr Roger Howes	Mr Malcolm Stacey
	Mrs Barbara Lynes
Additional Member of Standing Committee	Mr Andrew Holbrook
	Mrs Maria Phillips
Bank Signatories	The Revd Canon Tim Pullen
	Professor Ian Hall	Mrs Elizabeth Norris
	Mike Smith
	Mrs Valerie Sutton
Director of Music	Mr Peter Price (to 31stDecember 2021)
Electoral Roll Officer	Dr Erica Bailey
Parish Safeguarding Co-ordinator	Dr Rachel Higginson
Planned Giving Secretary	Mrs Elizabeth Norris
Parish Database Maintenance	Mr Graham Birkett
Chair of St. Leonard’s Community Centre	Mr David Thompson

Chair of St. Leonard’s Community Centre Wollaton (SLCCW)

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Representatives nominated by the PCC to the Management Committee of SLCCW

The Revd Canon Tim Pullen

Website Administrators

Dr Charlotte Bolton The Revd Canon Tim Pullen

Teams Discipleship Worship Mission

Mr Peter Bailey, Mrs Hilary Howes Miss Sally Smith, Mrs Elaine Thompson Vacant

Lay People with permission from Bishop to administer Communion:

Mrs Pat Broxham Mrs Judith Robinson Mrs Carol Charmbury Mrs Anne Scothern Mrs Janet Fisher Mr Colin Shock Mr Roger Howes Miss Sally Smith Mr Malcolm Stacey Mrs Jan Stacey Mrs Barbara Lynes Mrs Mary Stacey Mrs Maryrose McHugh Mr Richard Burnett Mrs Pam Martin Mrs Elaine Thompson Mr Gordon Fletcher Mrs Hilary Vaughan Mrs Pam Orme Mrs Anne Walters Mr Peter Price Mrs Kate Breckles Mrs Jo Pullen Mr John Withers Mr Peter Bailey Mr Walt Budgen Mr Graham Birkett Mrs Karen Dinsmore Mr Ralph Buckingham Mr Ian Hall Mrs Alison Hatton Mr Robert Norris Mrs Hilary Howes Mrs Sonal Marner Mrs Wendy Sutton-Pryce Mr David Robinson Mrs Janet Fisher Mr Mike Radford

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Parochial Church Council is a statutory body and is governed by the regulations as set out in the official Church of England Church Representation Rules 2020, which cover all aspects in detail.

This is supplemented by the Handbook for churchwardens and parochial church Councillors (revised edition 2020).

Recruitment and Appointment of Trustees

Parochial Church Council members are recruited by election following nomination by any two members of the electoral roll.

Prospective candidates receive a detailed booklet produced in-house entitled Is the Parochial Church Council for me? and attend an initial meeting of the Parochial Church Council for clarification of their role and responsibilities within the Church structure.

Parochial Church Council members are elected at the Annual Parochial Church Meeting each year.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Key Management Personnel

The PCC consider the board of Trustees and the Rector as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-today basis. All the PCC give of their time freely and no member of the PCC received any remuneration in the year. Details of trustee expenses are disclosed in note eleven to the accounts.

The Diocese of Southwell & Nottingham pay the Rector.

Related Parties – Associated Churches

St. Leonards Parochial Church is part of the wider “Church of England” and reports directly to the Diocese of Southwell and Nottingham, paying its annual Parish Share to the diocese which, in 2021, totalled £95,940 (2020: £115,992).

Organisational Structure

The church is administered by the Parochial Church Council members and the day-to-day running of the Parochial Church Council is delegated by the trustees to the Rector (as paid chair of the Parochial Church Council) and Churchwardens, in conjunction with the Parish Administrator. Agenda items for the Parochial Church Council are agreed by Standing Committee which is chaired by the Rector. The Parochial Church Council meet on a regular basis and a record of all the meetings is kept.

Risk Management

The trustees have examined the major strategic, financial, and operational risks which the Parochial Church Council faces and confirm that systems have been established to enable regular reports to the Parochial Church Council meetings to be produced so that the necessary steps can be taken to lessen these risks.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the Trust Deed require the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for the financial year. In preparing those financial statements, the Trustees are required to:

Select suitable accounting policies and apply them consistently.
Observe the methods and principles in the appropriate charities SORP.
Make judgements and estimates that are reasonable and prudent.
State whether applicable accounting standard have been followed, subject to any material departures that must be disclosed and explained in the financial statements.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation; and

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

This report has been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities.

……………………………………………….

On behalf of the Trustees The Revd Canon Tim Pullen Chairman and Trustee

Dated:

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

I report to the trustees on my examination of the accounts of the Parochial Church Council of St. Leonard, Wollaton (the Trust) for the year ended 31 December 2021.

Responsibilities and Basis of Report

As the charity trustees of the Trust, 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 Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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.

……………………………………………….. Diane Lockwood, FCCA ACA ATT (fellow) Independent Examiner Haines Watts Chartered Accountants Cliffe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA

Dated:

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

					Total	Total
		Unrestricted	Restricted	Endowment	Funds	Funds
		Funds	Funds	Funds	2021	2020
	Note	£	£	£	£	£
INCOMING RESOURCES
Donations and Legacies	2(a)	147,526	4,697	-	152,223	155,618
Income from other Events & Activities	2(b)	37,674	-	-	37,674	28,698
Investment Income	2(c)	86	-	3,942	4,028	4,314
TOTAL INCOMING RESOURCES		185,286	4,697	3,942	193,925	188,630
EXPENDITURE
Costs of raising funds:	3(f)	-	-	-	-	90
Expenditure on Charitable Activities	3(a) –3(e)	192,635	18,338	-	210,973	246,682
TOTAL EXPENDITURE		192,635	18,338	-	210,973	246,772
Net gains (losses)
on investments assets – unrealised	6	-	-	19,559	19,559	8,780
NET INCOME/EXPENDITURE		(7,349)	(13,641)	23,501	2,511	(49,362)
Transfer between funds		3,942	-	(3,942)	-	-
Net Movement in Funds		(3,407)	(13,641)	19,559	2,511	(49,362)
RECONCILIATION OF FUNDS
Total funds brought forward		261,953	524,480	140,504	926,937	976,299
TOTAL FUNDS CARRIED FORWARD	9	258,546	510,839	160,063	929,448	926,937

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

BALANCE SHEET AS AT 31 DECEMBER 2021

FIXED ASSETS Total Fixed Assets CURRENT ASSETS Total Current Assets CREDITORS: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS REPRESENTED BY FUNDS TOTAL CHARITY FUNDS	Tangible Fixed Assets Central Board of Finance - Investments Sundry Debtors Central Board of Finance – Deposits Cash at bank and in hand Advanced receipts Sundry Creditors Unrestricted Funds General Purposes Designated Funds Total Unrestricted funds Restricted funds Endowment funds	Note 7 8 9 158,546 100,000 10	2021 £ 490,243 156,188 646,431 8,061 64,791 216,401 289,253 - 6,236 6,236 283,017 929,448 258,546 510,839 160,063 929,448	2020 £ 517,527 136,629
				654,156
				7,361 64,774 206,291
				278,426
				- 5,645
				(5,645)
				272,781
				926,937
				261,953 524,480 140,504
				926,937

Approved by the Parochial Church Council on .................................................................. and signed on its behalf by:

………………………………………………… The Reverend Canon Tim Pullen – Chairman

………………………………………………… Professor Ian Hall

Dated:

The notes on pages 14 to 25 form part of these financial statements.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1[st] January 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The charity constitutes a public benefit entity as defined by FRS102.

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

The financial statements are presented in sterling (£).

Funds

Endowment funds are generally funds which the PCC must retain for the benefit of the Church and spend on capital purposes and authority for expenditure must be obtained from the Southwell diocese.

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. These include funds designated for a particular purpose by the PCC.

The purpose of any restricted funds is noted in the accounts.

The accounts only include transactions, assets and liabilities for which the PCC can be held responsible.

Incoming Resources

Voluntary income and capital sources

Collections and regular giving are recognised when received by or on behalf of the PCC.

Income tax recoverable on covenanted or gift aid donations is recognised when claimable.

Grants to the PCC are accounted for when received as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Funds raised by social and similar events are accounted for gross.

Other ordinary income

Rental income from the letting of church premises is accounted for when the hiring takes place.

Parochial fees due to the PCC for weddings, funerals etc are accounted for on an event by event basis, and are net of amounts due to the Southwell and Nottingham Diocese.

For legacies, entitlement is taken as the earlier of:

the date on which the charity is aware that probate has been granted;
the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made; or
when a distribution is received from the estate.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services and 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, where this can be quantified.

Income from investments

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Realised gains and losses

Realised gains or losses are recognised when investments are sold and are calculated as the difference between sales proceeds and the previous year end market value.

Unrealised gains or losses are accounted for on revaluation of investments at their year end market values.

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred and includes vat where appropriate, which cannot be recovered.

Giving

Grants and donations are accounted for when paid.

Costs directly related to the work of the church

The Diocesan Parish Share is accounted for when payable and any amount unpaid at the year end is shown as a creditor in the Balance Sheet.

Debtors

Debtors are recognised at the settlement amount owed to the Charity or prepaid.

Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.

Financial Instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

Judgement and Key Sources of Estimation Uncertainty

The preparation of accounts using generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.

The key estimates and assumptions used in the Financial Statements are detailed in the accounting policies.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Allocation of overhead and support costs

Overhead and support costs have been allocated as a direct cost between Charitable Activities and Governance Costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, payroll and governance costs which support the church activities.

Governance costs

Governance costs comprise all costs incurred in the governance of the PCC. These include costs related to the statutory audit together with a direct apportionment of overhead and support costs.

Fixed Assets

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the accounts by section 10(2)(a) of the Charities Act 2011.

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 an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement is written off as incurred.

Other land and buildings

Other land and buildings held on behalf of the PCC for its own purposes is shown at cost.

Building costs are depreciated at 2% per annum for each full year on cost.

Equipment and other fixtures and fittings

Equipment used for church purposes is depreciated on a straight line basis over 4 years. Individual items of equipment with a purchase price of £1,000 or less are written off in the period in which the asset is acquired.

Equipment for use in the Community Centre is depreciated on a straight line basis over the estimated useful life of each item, which varies between 6 and 12 years.

Investments

Investments are valued at market value as at the year end date.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

Pension costs

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.

The assets of the scheme are held separately from those of the employer.

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 means it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are contributions payable.

A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2020. This revealed, on the ongoing assumptions used, a deficit of £29.1m. There is no requirement for deficit payments at the current time.

Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

2. INCOMING RESOURCES 2(a) Donated Income – Voluntary Collections – General Collections - Baptisms, Weddings, Funerals Regular giving Gift Aid recoverable Legacies (note 13) Donations (National and Local) Donated Income – Specific use Youth work - Gift Aid recoverable Altar Rail - Gift Aid recoverable Bell Tower Fund Special Appeals (inc Gift Aid) Other Voluntary Income Wedding and funeral fees (net) Marriage preparation income Total Donations and Legacies 2(b) Gross income from events and activities Other Income Fund Raising Events Charity Stall (TraidCraft) Use of photocopiers Coffee and tea – Sunday Parents and Toddlers Wollaton Community Centre (note 4(a)) 2(c) Investment Income Bank interest Legacy fund interest Russell and Middleton Trust income Monuments fund income TOTAL INCOMING RESOURCES*	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2021 Total Funds 2020 £ £ £ £ £ 314 - 314 792 255 - 255 233 108,527 - 108,527 123,979 24,777 - 24,777 26,560 6,000 - 6,000 - 396 - 396 491
	140,269 - 140,269 152,055
	- 635 - 635 600 - 137 - 137 125 - - - - - - - - - - - - - - - - 3,925 - 3,925 619
	- 4,697 - 4,697 1,344
	7,257 - - 7,257 2,219 - - - - -
	7,257 - - 7,257 2,219
	147,526 4,697 - 152,223 155,618
	2,702 - - 2,702 1,716 18 - - 18 547 - - - - - 115 - - 115 184 157 - - 157 132 899 - - 899 705 33,783 - - 33,783 25,414
	37,674 - - 37,674 28,698
	14 - - 14 470 48 - - 48 91 - - 3,942 3,942 3,716 24 - - 24 37
	86 - 3,942 4,028 4,314

	185,286 4,697 3,942 193,925 188,630

*Other income includes claims made under the CJRS grants in respect of furloughed staff totalling £1,342.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 – CONTINUED

3. RESOURCES EXPENDED 3(a) Giving Overseas (note 12) Home (note 12) Wollaton Churches Committee Special Appeals/ Partnership for Missional Church 3(b) Support Costs Operating Expenses (note 4a) 3(c) Directly related to the work of the Church Diocesan Parish Share Gas Electricity Insurance Maintenance and Security Water rates – Cemetery Staff expenses – Rector Staff expenses – Curate’s Salaries – Director of Music Maintenance – Organ and Piano Cost of services Choir costs Catering Bereavement group Amplification/ AV System Marriage and Baptism preparation Spiritual Development Parents and Toddlers Printing, Stationery and Publications Miscellaneous expenditure Professional Fees	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2021 Total Funds 2020 £ £ £ £ £ - - - - 3,500 4,000 - - 4,000 4,500 3,562 - - 3,562 200 - 3,925 - - 1,281
	7,562 3,925 - 11,487 9,481
	36,379 - - 36,379 39,506
	36,379 - - 36,379 39,506
	95,940 - - 95,940 115,992 1,492 - - 1,492 2,420 1,123 - - 1,123 1,093 3,699 - - 3,699 3,729 2,470 219 - 2,689 9,838 92 - - 92 32 715 - - 715 625 65 - - 65 311 1,831 - - 1,831 4,394 - - - - 360 1,665 - - 1,665 1,824 110 - - 110 107 69 - - 69 201 29 - - 29 10 22 - - 22 1,853 87 - - 87 101 43 - - 43 435 3,292 - - 3,292 3,056 555 - - 555 345 1,758 - - 1,758 806 685 - - 685 2,956
	115,742 219 - 115,961 150,488

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

3. RESOURCES EXPENDED 3(d) Governance costs Telephone, internet and website costs Printing, stationery and publications Independent examination and accountancy Computer equipment and support Depreciation Staff salary costs 3(e) Land and Buildings Community Centre – depreciation 3(f) Fund raising and publicity Fund Raising Costs TOTAL RESOURCES EXPENDED 4. ST LEONARD'S COMMUNITY CENTRE 4(a) Operating statement Gross Income Income (inc CJRS Grant £8,239) Church contribution Expenditure Salaries and Wages Heating and Power Materials Administration Water charges Insurance Maintenance and repairs Depreciation Other costs Operating surplus/(deficit) Interest Add back Church contribution Net surplus/(deficit)	Unrestricted Funds Restricted Funds Endowment Funds £ £ £ 1,421 - - 230 - - 2,640 - - 533 - - 11,950 - - 16,178 - -	Total Funds 2021 Total Funds 2020 £ £ 1,421 911 230 355 2,640 2,640 533 75 11,950 12,843 16,178 16,189
	32,952 - -	32,952 33,013
	- 14,194 -	14,194 14,194
	- 14,194 -	14,194 14,194
	- - -	- 90
	- - -	- 90

	192,635 18,338 -	210,973 246,772
	Unrestricted Funds Restricted Funds Endowment Funds £ £ £ 33,783 5,093 38,876 25,830 3,024 207 752 435 1,297 3,310 1,140 384	Total Funds 2021 Total Funds 2020 £ £ 33,783 25,414 5,093 5,216
		38,876 30,630
		25,830 25,397 3,024 3,227 207 228 752 538 435 859 1,297 1,277 3,310 4,751 1,140 2,526 384 703
	36,379 - -	36,379 39,506
		2,497 (8,876) - 13 (5,093) (5,216)
		(2,596) (14,079)

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

Unrestricted Funds £ -	Restricted Funds Endowment Funds £ £ 202 - 202 - - 202 - -	Total Funds 2021 Total Funds 2020 £ £ 202 202 - -
		202 202 - -
		- -
		202 202
		- -
- -	- 19,559 - -	19,559 8,780 - -
-	- 19,559	19,559 8,780
	Freehold Land and Buildings £ 709,712 - -	Equipment Total £ £ 111,492 821,204 - - - -
	709,712	111,492 821,204
	212,707 14,194 -	90,970 303,677 13,090 27,284 - -
	226,901	104,060 330,961
	497,005	20,522 517,527
	482,811	7,432 490,243

The freehold land and buildings comprise the Wollaton Community Centre.

A condition of funding received from the Lottery Community Fund places a restriction on the sale of the Community Centre for a 25 year period up to 2029.

The Community Centre building is currently insured for £1,220,000.

Whilst the PCC has a duty of care to maintain the church buildings, land and monuments which, combined, currently have an insurable value of over £8,000,000, they are not owned by the PCC and have therefore not been included in these accounts as heritage assets. Likewise, the Antiphonal, which was willed to the church in 1460, but is currently in the keeping of the University of Nottingham, where it has undergone extensive restoration, is not included in these Accounts and its present value is unknown.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

8. CENTRAL BOARD OF FINANCE INVESTMENTS

Value of shares in the Central Board of Finance Investment Fund Original cost of shares Number of Shares Held	Russell Trust Middleton Trust Funds 2021 Funds 2020 £ £ £ £ 120,499 35,689 156,188 136,629
	26,827 1,084 27,911 27,911
	5,145 1,524 6,669 6,669

At the last dealing day, being 6 April 2021, the above shares had a total market value of £141,498.

9. FUND DETAILS

Note Restricted Funds Community Centre – Building Community Centre – Equipment 1 Special projects Youth fund 2 Monuments 4 Endowment Funds Ministry Capital (CBF deposit a/c) 3 Middleton Trust (CBF investment fund) 3 Russell Trust (CBF investment fund) 5 Unrestricted fund Overall totals 31 December 2021 Note Restricted Funds Community Centre – Building Community Centre – Equipment 1 Special projects 6 Youth fund 2 Monuments 4 Endowment Funds Ministry Capital (CBF deposit a/c) 3 Middleton Trust (CBF investment fund) 3 Russell Trust (CBF investment fund) 5 Unrestricted fund Overall totals 31 December 2020	Balance b/fwd Incoming Outgoing Transfers Funds 2021 £ £ £ £ £ 497,005 - (14,194) - 482,811 202 - - - 202 4,271 3,925 (4,144) - 4,052 22,692 772 - - 23,464 310 - - - 310
	524,480 4,697 (18,338) - 510,839 3,875 - - - 3,875 31,222 900 - 3,567 35,689 105,407 3,042 - 12,050 120,499
	140,504 3,942 - 15,617 160,063
	261,953 185,286 (192,635) 3,942 258,546
	926,937 193,925 (210,973) 19,559 929,448
	Balance b/fwd Incoming Outgoing Transfers Funds 2020 £ £ £ £ £ 511,199 - (14,194) - 497,005 202 - - - 202 4,271 619 (619) - 4,271 21,967 725 - - 22,692 310 - - - 310
	537,949 1,344 (14,813) - 524,480 3,875 - - - 3,875 29,214 849 - 1,159 31,222 98,635 2,867 - 3,905 105,407
	131,724 3,716 - 5,064 140,504
	306,626 183,570 (231,959) 3,716 261,953
	976,299 188,630 (266,772) 8,780 926,937

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 – CONTINUED

1 The Community Centre equipment Fund relates to donations, the use of which is restricted to equipping the Centre.
2 The Youth Fund relates to donations, the use of which is restricted to youth expenditure.
3 Income arising from the Ministry Capital Fund and Middleton Trust can only be used for the care, maintenance and insurance of church goods and ornaments and ministry expenses.
4 The Monuments Fund can only be used for the care, maintenance and upkeep of the various church monuments.
5 Income arising from the Russell Trust is paid into the General Fund. The Fund represents the sale proceeds from the former curate’s residence and although no restrictions exist as to how it can be spent, permission from the diocese would be required before any future expenditure could be made.
6 Special Projects Funds at 1 January 2021 is £4,271 for the Bell Tower, expenditure in the year totalled £219. The balance carried forward at 31 December 2021 is £4,052.
7 Designated Funds of £100,000 were set aside in the year to support mission work.

10. ANALYSIS OF NET ASSETS BY FUND

Fixed Assets Current Assets/Liabilities Fund Balance Fixed Assets Current Assets/Liabilities Fund Balance 11. STAFF COSTS Wages and salaries Social security costs Pension costs	Unrestricted Funds £ - 258,546	Restricted Funds Endowment Funds Total Funds 2021 Total Funds 2020 £ £ £ £ 490,243 156,188 646,431 654,156 20,596 3,875 283,017 272,781
	258,546	510,839 160,063 929,448 926,937
	Unrestricted Funds £ - 261,953	Restricted Funds Endowment Funds Total Funds 2020 Total Funds 2019 £ £ £ £ 517,527 136,629 654,156 660,424 6,953 3,875 272,781 315,885
	261,953	524,480 140,504 926,937 976,299
		PCC Community Centre Total 2021 Total 2020 £ £ £ £ 19,966 23,089 43,055 44,899 294 594 888 983 1,041 2,147 3,188 3,154 21,301 25,830 47,131 49,036

During the year the PCC employed on a part time basis a Parish administrator, an Accounts clerk, a Music Director, and a Toddler and Youth Group leader.

In addition the Community Centre employed on a part time basis a Caretaker and a Secretary.

None of these earned £60,000 p.a. or more.

No PCC members received or are due to receive any expenses or remuneration for the year, other than reimbursed expenses paid to the Rector and Curate totalling £780 (2020: £936). These were mainly made up of travelling, telephone, postage and stationery expenses incurred and in one-off donations for training costs.

Giving by PCC Members totalled £20,028 (2020: £20,808). There are no other related party disclosures

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

12. GIVING Overseas Church Mission Society (CMS) Home Leone Home Framework Crossteach Renew Wellbeing Christians Against Poverty Betel Community Refugee Roots (formerly Rainbow Project ) Safe Families for Children UCCF BRF Notts Clergy Widows 13. LEGACIES Michael Stacey Dorothy Lawry	2021 2020 £ £ 3,502 3,500 500 -
	4,002 3,500
	250 500 500 500 500 500 562 750 500 500 500 500 250 250 - 500 250 250 250 250
	3,562 4,500
	2021 2020 £ £ 1,000 - 5,000 -
	6,000 -

14. CONTINGENT LIABILITIES

In accordance with normal practice, the terms of certain grants may result in repayment of all or part of the grants receivable if the conditions of the grants are not met. The trustees do not believe that any material amounts will need to be repaid.

15. PENSION CONTRIBUTIONS

St Leonard’s PCC contributes to the pension scheme an amount based on the employee’s basic salary and the employees are required to make a minimum contribution. The contributions for the year totalled £3,188 (2020: £3,154).

St Leonard’s PCC had 3 active members and 1 deferred member in the DCS at 31 December 2021.

PAROCHIAL CHURCH COUNCIL OF ST. LEONARD, WOLLATON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021 - CONTINUED

16. PARISH SHARE

During the year there has been much discussion as regards the level of the parish Share payable by St Leonard’s PCC between the PCC and the Deanery (See Trustees Report).

The total assessed as payable by the Diocese of Southwell and Nottingham for 2021 was £95,940 (2020: £115,992) which was fully paid, a parish share discount and support fund monies of £21,477 reduced the annual total payable of £117,417.

17. SOFA COMPARATIVE INFORMATION

INCOMING RESOURCES Donations and legacies Income from other events and activities Investment income TOTAL INCOMING RESOURCES EXPENDITURE Costs of raising funds Expenditure on charitable activities TOTAL EXPENDITURE Net gains/(losses) on investment assets – unrealised NET INCOME/EXPENDITURE Transfer between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2020 £ £ £ £ 154,274 1,344 - 155,618 28,698 - - 28,698 598 - 3,716 4,314
	183,570 1,344 3,716 188,630
	90 - - 90 231,869 14,813 - 246,682
	231,959 14,813 - 246,772
	- - 8,780 8,780
	(48,389) (13,469) 12,496 (49,362) 3,716 - (3,716) -
	(44,673) (13,469) 8,780 (49,362) 301,626 537,949 131,724 976,299
	261,953 524,480 140,504 926,937