# **PAROCHIAL CHURCH COUNCIL OF ST MARY'S PAINSWICK** ## **Annual Accounts 2021** Financial statements for the calendar year 2021 are provided with this report in the form of : - - A Statement of Financial Activity (SOFA) - A Balance Sheet - An Independent Examiners report; and - Notes to the financial statements. ## **1. Overview** . Income generated for in the year was £173,095 (2020 £88,589). The increase is because of a legacy of £59,252 received from the estate of the late Gwen Welch. This has been transferred into our Reordering Account and ring-fenced for the repairs to the church organ (see Table 10B) The total expenditure for 2021 was £129,391 (2020 £137,924). Therefore the net outgoing was a gain of £43,704 (2020 net loss of £49,335). Our investment gains were £87,180 (2020 gain of £21,725). £20,000 was however transferred from our investment funds in order to maintain a sustainable balance in our Current account (see 2 below). The overall balance carried forward at 31 December 2021 was £895,210 being an increase of £130,884 over the year (see Net movement of funds in the SOFA). **2. Current account** . The balance held in the account at the start of the year was £23,358 but was increased to £28,018 at 31 December 2021 (see Row A of Note 10, Table 10B). The Current account includes the total amount £20,000 transferred from one of the CBF Deposit Accounts. This was necessary in order to maintain a reasonable ongoing balance in the Current account (see Row D of Note 10, Table 10B) **3** . **Charitable donations** . The PCC donated a total of £10,764 to charities in 2021, (£6,320 2020) (see Note 7 to the statement for details). **4** . **Parish Share.** The PCC paid £58,800, (£61,200 2020) in Parish Share to the Gloucester Diocese in 2021. This is our biggest item of expenditure and went towards the costs of providing ministry in the Beacon Benefice. The PCC agreed at its October 2021 meeting to pay the slightly reduced amount of £56,300 requested by the Diocese for the Parish Share in 2022. **5** . **Risks.** The PCC is not aware of any significant risks against which it is not reasonably protected by its insurance policies and its adherence to Health and Safety legislation. **6** . **Thanks** . The PCC are most grateful to all who encourage, enable and equip the Page 1 of 10 church in ministry, mission, and in the day to day running of St Mary’s Church, the Churchyard, the Church Rooms and the Lychgate Office. ## **Statement of Financial Activities for the year ended 31 December 2021** **----- Start of picture text -----**
Note Unrestricted Designate Restricted
s fund d fund fund 2021 2020
Incoming resources £ £ £ £ £
**----- End of picture text -----**
|Note
s|Unrestricted
fund
Designate
d fund
Restricted
fund
**2021**|**2020**| |---|---|---| |Incoming resources|£
£
£
£|£| |Voluntary income:||| |Planned giving|33,364
0
0
33,364|34,851| |Collections, donations & other giving|27,613
0
0
27,613|8,447| |Income tax recovered|11,607
0
0
11,607|10,792| |Legacies|59,252
0
0
59,252|0| |Activities for generating funds||| |Magazine/Bookstall sales/Hall
Lettings etc|2,841
0
0
2,841|2,847| |Income from other Properties|0
0
0
0|0| |Investment income:||| |Interest & dividends
6|23,375
0
0
23,375|23,046| |Income from charitable activities:||| |Parochial fees
4|9,862
0
0
9,862|4.875| |Other incoming resources:||| |Insurance claims|945
0
0
945|1,165| |Other|4,236
0
0
4,236|2,566| |**Total incoming resources**|**173,095**
**0**
**0**
**173,095**|**88,589**| |Resources expended||| |Charitable activities:||| |Donations/Grants to charities
7|(10,764)
0
0
(10,764)|(6,320)| |Mission & Evangelism|(9,280)
0
0
(9,280)|(8,893)| |Parish Share|(58,800)
0
0
(58,800)|(61,200)| |Clergy expenses|(1,379)
0
0
(1,379)|(1,044)| |Church running expenses|(23,925)
0
0
(23,925)|(23,212)| |Churchyard maintenance|(5,809)
0
0
(5,809)|(4,726)| |Cost of raising funds|(1,974)
0
0
(1,974)|(8,094)| |Running costs:||| |Support costs|(2,97
0)
0
0
(2,9
70)|(212
)| |Administration costs (incl. staf
costs)|(5,65
4)
0
0
(5,6
54)|(5,022)| |Other|(7,209)
0
0
(7,209)|(7,817)| |Governance costs|(834)
0
0
(834)|(792)| |Page 2 of 10||| |Repairs to church buildings|(793)|0
0
(793)|(7,352)|| |---|---|---|---|---| |Repairs to other property|0|0
0
0|(3,240)|| |**Total resources expended**|**(129,391)**|**0**
**0**
**(129,39**
**1)**|**(137,924**
**)**|| |Net (outgoing)/ incoming resources|**43,704**|**0**
**0**
**43,704**|**(49,335)**|| |Transfers between funds|(39,252)|(20,000)
59,252
0|0|| |Net incoming/(outgoing) resources before
gains|4,452|(20,000)
59,252
43,704|(49,335)|| |Gains (Losses) on investment assets|0|87,180
0
87,180|21,725|| |**Net movement in funds**|**4,452**|**67,180**
**59,252**
**130,884**|**(**
**27,610)**|| |Funds brought forward at 1 Jan 2021|23,836|740,490
0
764,326|791,936|| |Funds carried forward at 31 Dec 2021|**28,288**|**807,670**
**59,252**
**895,210**|**764,326**|| Page 3 of 10 '$ Pal Regtsteredchority No. .' 1135419 B•larKe 5h¢et¥$ at31 Defember2011 Oesl8nated General RestyKted fvnd5 funds 2021 2020 tDtol fijnds Fixed Assets Tan81b￿ Assets IA) Investments IDI io 807.670 807,670 740.490 Total fixed assets wi 807.670 807,670 740.490 Current Auets 269 475 OebtorsiD> C•5h at bank & in h•TrJ 28,019 59.252 87.171 23,361 Tpt41 currtnt 455etS IC•DpEI 28,288 59252 87,540 23,836 Current Ilabllltles Credltors Iduewlthkn I yrl ff) Met cuireni assets l£*D•E.FI 28,288 59.252 87.510 23.836 Total as5et5 le55 cuThent Ilabllltle5 28.288 S9252 pm,670 895,210 761,326 IA*lrt*O*E-FI These statemethts We￿ siin¢d on ￿hl￿oI Painswic* PCC ty.. PCC T￿3$￿Ver2021 Troc4L&J Churchwardenk¥tc¥r TheNoteslomppvrtolth¢sefinvn¢tpl¥ttrtenJeftrs Page 4 of 10 PArneklal Chureh Colluli of SL Ma lAdepeTrdeTht eum1me￿9 rep7rt to the truleej of Pfft¢knlal Co¥Dtil of St ￿ry,$ Piillywl¢k I report to the charity trustees on my ethnin*ion of the A¢¢owity P¥￿181 Clwrcb Council of St Mary'$ Pain5w¢k (the Tn￿} for the year a¥Jed 31 Lkwnber 2021. Rwowibilltloj And of rep)rt As th¢ ¢h¥ity fflwecs of Tryst you resrKffjsibl¢ fir th¢ Prepirntion of the accounts IA accordbrKe with th¢ requittments of the CharitiH Act 2011 (the Act). I reyl in resF¢Ct of my exwnination of the TnJs¢s ruounls C4TTia se¢tiLYJ 145 of the Act and in carrying my ¢xamIn￿l0￿ I hw¢ folloTrrd ail wl*able Diredi0￿ 8]ven by the Chrity Commission under sectioTh14515Xb} of th¢ A¢1. Ind¢p¢Dd¢Dt stAtwofjt Sin¢¢ your chuilys ws llicome exuded £250,(th your eX￿1￿¢rrn￿St be i member of a lisl&J bc4Iy. I n ¢onfirnJ that l ￿ qualified to uTrJert￿¢ the exwninttion iwus¢ l Am i regist¢red member of FCCA Twhi¢h 1$ one of the lig*d bodi I hive ¢ompldèl my exmn1n￿I0O. I confrro that matsrI￿ mwers h•v¢ come lo my jttthion in COnD￿tIon with the ex8miMtion 8ivin8 me cause to Eelieve that in makrid respect.. l. ￿cOun11n8 not keo in respxt of the Trust￿ tequwed by ￿tion130 ofth¢ A¢ 2. the &¢ounts do nc4 &¢¢id with those rttoTds,' or 3. the a¢¢(￿lts do nLrt with the appli¢thle requirements ¢on¢erning the forn And conienl of cults set C￿¢ in the ch￿1￿¢$ IA¢¢ounts ReNNtsI R¢8ulauon$ 2008 other than any rtquir¢m¢nl that the ¥￿￿1￿ give a true knd flir view which 1$ a matter ￿nsIdered As of irthwdent eXWnin￿lon I have no ￿nCernS h8ve no other mitters in eortneaion with the emmhmtion to which attention Should be in this rerort in or&r to enible i prow unde￿dIng of th¢ awjunts to t* Louise Newm FCCA Louise N¢wThJn & Co Ltd 2 Bath M¢wJ Bath P8rade Cheltenh fjloucestershire GL53 7HL Page 5 of 10 ## **Parochial Church Council of St Mary's Painswick** _Registered Charity no. 1135419_ Notes to the Financial Statements for the Year Ended 31 December 2021 ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **Incoming resources** All incoming resources are included on the Statement of Financial Activities when the Church is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **Resources expended** Expenditure is accounted for on a receipts & payments basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Property assets** The PCC, in conjunction with the Gloucester Diocesan Trust, has effective ownership of three properties; the Church Rooms, the Lychgate Office and the Grave Diggers Hut. In principle, the values of these properties should be included in these accounts. There is no current intention of selling any of these properties and any such sale would require a lot of consultation. Furthermore, assigning a value to these unique properties is very difficult and would depend on conditions at the time of any sale. Thus property assets are not included in the balance sheet. ## **Stock** Stock is valued at cost. (see Note 9). ## **Taxation** The Church is exempt from corporation tax on its charitable activities. The PCC has paid PAYE / income tax on behalf of its one part-time employee. ## **Fund accounting** See Note 3 below ## **2. CASHBOOK** . Financial transactions of the PCC are recorded using the Gloucester Diocesan Board of Finance (DBF) supplied spreadsheet system called Cashbook v5.2. This allows semi-automated production of accounts not only for Painswick APCM but for DBF, Church of England and Charity Commission purposes as well. The Page 6 of 10 finances of the St. Mary’s Flower Guild and the Ancient Society of Painswick Youths (ASPY, the bell ringers) are not incorporated in these accounts. They have both had their own accounts for many years and are largely self-sufficient. The PCC does pay the Flower Guild for church flowers at Christmas, Easter and Harvest/Clypping. Wedding bell ringing fees are initially paid to the PCC and are then forwarded to ASPY. ## **3. UNRESTRICTED, DESIGNATED AND RESTRICTED FUNDS.** The Church of England defines three types of fund for PCC purposes :  **Unrestricted –** funds that can be used for any legitimate purpose of the PCC  **Restricted –** funds that have been raised for a specific purpose and are kept separate or which have been donated for specified projects or uses. The only restricted fund for Painswick is the Re-ordering fund and that has a bank account separate from other funds  **Designated -** funds which the PCC has put aside for specific purposes (but if circumstances change the PCC can decide to un-designate or re-designate). Our Designated funds are our investments totaling over £800,000. These funds were given to Painswick Church in the past for use by the PCC. Our predecessors chose to use them for income but there is no paperwork with the PCC Treasurer or DBF restricting their use as such. Thus, these are classified as Designated rather than Restricted funds. In principle, it would be possible to use some of these funds for major projects. Clearly that would require careful thought and it would be wise to find ways of replacing the lost investment income that would result. A list of our accounts and their classification is given in Table 10B of Note 10. ## **4. PAROCHIAL FEES** The figure of £9,862 quoted in the SOFA (Note 4) as the PCC income from parochial fees is the gross income to the PCC (i.e. £4,137 PCC statutory fees plus £5,725 non-statutory extras). The actual net income to the PCC was £5,716 after deducting £4,146 from the £9,862 for payments to the organist, bell ringers, choir and flower guild. ## **5. CHURCH ROOMS** Income from hire of Church Rooms, and contributions from the Tourist Office for electricity use, in 2021 amounted to £3,157. Expenditure (including gas, electricity, insurance, water and cleaning costs) was £3,631 (this is mainly included in Church Running Expenses in the SOFA). There was thus a loss of £474 in the year. The deficit amount brought forward from 2020 was £3,322 and therefore the total deficit at the end of 2021 is £3,796. Page 7 of 10 ## **6. INCOME FROM INVESTMENTS** The total investment account income in 2021 was £23,373 (£22,910 in 2020). This is 2.9% of our overall closing balance (£807,670). Income details for individual accounts is given in the table below. **----- Start of picture text -----**
Dividend %
& Return
Closing interest on
Acc Account Balance income investm
t Name/Description 31-12-21(£) (£) ent
Cash accounts (All are “unrestricted” funds except reordering which is
“restricted”)
A Barclays current 28,019 2
B Barclays reordering 59,252 0
C Office cash account 0 0
Totals, for cash accounts 87,271 2
Investment accounts (All are “designated income” funds)
D CBF 1994 fund 15,559 914 5.8
E M & G 1994 fund 43,791 2,082 4.8
F M & G PCC of Painswick 52,911 2,516 4.8
G Lychgate funds 114,022 2,894 2.5
H Goddard bequest 455,670 11,564 2.5
I Platt bequest 47,727 1,211 2.5
Lychgate funds (fixed
J interest) 17,320 487 2.8
Goddard bequest (fixed
K interest) 60,670 1,705 2.8
Totals for investment
accounts 807,670 23,373 2.9
**----- End of picture text -----**
**7. CHARITABLE GIVING (PSALMS/Sportily is included in Mission &** Page 8 of 10 ## **Evangelism in the SOFA)** **----- Start of picture text -----**
2021 2020
£ £
To PSALMS/Sportily 9,180 8,880
To Other Charities* 10,764 6,320
Total Giving 19,944 15,200
Notes * Other charities were The Children’s Society £514; The
Tear Fund £5,000, GARAS £5,000; British Legion Poppy Appeal
£250
**----- End of picture text -----**
## **8. BENEFICE OFFICE COSTS** The costs of running the Lychgate Office on behalf of the six churches of the Beacon Benefice are initially borne by Painswick PCC but were charged out to the other PCCs as per the following percentages: S H P P h a i C a e r t r i e E e c a n p d s h n s s g c c h w c T e o o a i o o m m m c m t b b k b a e e e l 1 5 1 1 4 5 5 2 7 5 0 . . . . . . 0 9 1 4 0 6 0 %% % % % % % Accounts are sent quarterly to the other parishes. Net office running costs in 2021 were as follows: **----- Start of picture text -----**
£ Painswic Other
k Parishes
Q1 1,116 642 474
2021
Q2 1,232 710 522
2021
Q3 1,802 1,038 764
2021
Q4 1,390 801 589
2021
Total 5,540 3,191 2,349
**----- End of picture text -----**
Page 9 of 10 Office costs include salaries for the Rev Andrew Leach, office electricity, copier rental, phone and broadband, website maintenance, stationery and stamps. The net cost to Painswick PCC for the Lychgate Office is thus 57.6% of £5,540 or £3,191. The income from other parishes is included in Other Incoming Resources. ## **9. STOCK** Stock is the postcards, church guides, leaflets and notelets that are available for purchase from the bookstall. The values below are the purchase values of the stock. The retail value (i.e. anticipated income if all purchasers paid the ticketed price) to the PCC through money in the donation boxes is a factor of 2 or 3 higher. **----- Start of picture text -----**
£
Stock value 31/12/2020 475
Stock additions during year 0
Estimated sales during year (206)
(based on a stock take in early Jan 2022)
Stock value 31/12/2021 269
**----- End of picture text -----**
## **10. STATEMENT OF FUNDS** ## **Table 10 A - by fund classification** **----- Start of picture text -----**
Brought Incoming Resource Transfer Depreciati Capital Carried
Forward Resource s s on Fixed Gains / Forward
from s Expende In (out) Assets & (Losses to 2022
2020 d Stock )
£ £ £ £ £ £ £
TOTAL
UNRESTRICTED
FUNDS 23,836 198,121 193,669 0 0 0 28,288
**----- End of picture text -----**
Page 10 of 10 **----- Start of picture text -----**
TOTAL (20,000 87,18 807,67
740,490 0 0 0
DESIGNATED ) 0 0
INCOME FUNDS
TOTAL
0 59,252 0 0 0 0 59,252
RESTRICTED
FUNDS
TOTAL - ALL 764,3 257,37 (20,00 0 87,18 895,2
FUNDS 26 3 193,66 0) 0 10
9
**----- End of picture text -----**
Notes : a) This table has been structured as per the revised classification of funds as adopted by the PCC in 2016 b) For the purposes of fund valuation at end of 2021 the mid-market share price values have been used. A more detailed breakdown of our funds giving capital gain is provided in Table 10B - below. Note 6 gives the investment income from our designated income funds ## **TABLE 10B – by individual account** **----- Start of picture text -----**
Capital
Openin gains
g (losses)
Fund ACTUA on Closing
Acc Account classificatio L Transactio Transacti investme ACTUAL
t Name/Description n Balance ns In ons Out nts Balance
**----- End of picture text -----**
Page 11 of 10 **----- Start of picture text -----**
01-Jan- during during during 31-12-
21 2021 2021 2021 21
£ £ £ £ £
Unrestricte
A Barclays Current (Cash) 23,358 198,121 193,461 0 28,018
d
Barclays Reordering
B Restricted 0 59,252 0 0 59,252
(Cash)
Unrestricte
C Office petty cash (Cash) 3 0 2 0 1
d
Designated
D CBF 1994 fund (Inv) – 31,509 0 20,000 4,050 15,559
Endowmen
t
E M & G 1994 fund (Inv) Ditto 38,624 0 0 5,167 43,791
M & G PCC of Painswick
F Ditto 46,667 0 0 6,244 52,911
(Inv)
G Lychgate funds (Inv) Ditto 99,752 0 0 14,270 114,022
H Goddard bequest (Inv) Ditto 398,643 0 0 57,027 455,670
I Platt bequest (Inv) Ditto 41,754 0 0 5,973 47,727
J Lychgate funds (Inv) Ditto 18,553 0 0 (1,233) 17,320
K Goddard bequest (Inv) Ditto 64,988 0 0 (4,318) 60,670
Unrestricte
L Stock (Cash) 475 0 206 0 269
d
TOTALS 764,326 257,373 (213,669) 87,180 895,210
**----- End of picture text -----**
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