Financial Statements of the Parochial Church Council of Wednesfield Team Ministry
Registered Charity number 1137018
For the year ended 31st December 2020
Independent Examiner's Report and Financial Statements of the Parochial Church Council of Wednesfield Team Ministry
Registered Charity number 1137018
I report on the accounts for the year ended 31st December 2020 which are set out on the following pages.
Respective responsibilities of the Trustees and Independent Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (the Charities Act) that an independent examination is needed.
It is my responsibility
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l to examine the accounts under section 145 of the Charities Act,
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l to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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l to state whether particular matters have come ot my attention.
Basis of Independent Examiner's Statement
My examination was carried out in accordance with the General Directions given by the Charity Commission An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent Examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in any material repsect:
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l accounting records were not kept in accordance with section 130 of the Charities Act or
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l the accounts do not accord with the accounting records
I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: …………………….………………………………………
04-Oct-21
Date: …………………………………………..
Jonathan Hill FCMA CGMA Lichfield Diocesan Board of Finance St Mary’s House, The Close, Lichfield WS13 7LD
The PCC Parochial Church Council of Wednesfield Team Ministry
Financial Statements for the Year Ended 31st December 2020
Receipts and Payments Account
| RECEIPTS Donations and Legacies 4a Activities for Generating Funds 4b Income from Investments 4c Church Activities 4d Other 4e Total Receipts PAYMENTS Raising Funds 5a Church Activities 5b Other 5c Total Payments Excess of Receipts over Payments Transfer between Funds 8 Cash at Bank and In Hand at 1st Jan 6 Cash at Bank and In Hand at 31st Dec 6 |
Unrestricted Funds £ |
Designated Funds £ |
Restricted Funds £ |
Endowment Funds £ |
Total Funds 2020 £ |
Total Funds 2019 £ |
|---|---|---|---|---|---|---|
| 77,177 | - | 4,086 | - | 81,263 | 74,528 | |
| 8,052 | - | - | - | 8,052 | 9,872 | |
| 12,890 | - | 798 | - | 13,688 | 1,017 | |
| 13,964 | - | - | - | 13,964 | 55,485 | |
| - | - | - | - | - | 3,688 | |
| 112,083 | - | 4,885 | - | 116,967 | 144,590 | |
| - | - | - | - | - | 929 | |
| 122,058 | - | 1,121 | - | 123,179 | 140,528 | |
| 199 | - | - | - | 199 | 10,808 | |
| 122,257 | - | 1,121 | - | 123,378 | 152,265 | |
| (10,175) | - | 3,764 | - | (6,411) | (7,675) | |
| - | - | |||||
| (10,175) | - | 3,764 | - | (6,411) | (7,675) | |
| 57,151 | 5,819 | 7,164 | - | 70,134 | 77,809 | |
| 46,976 | 5,819 | 10,928 | - | 63,723 | 70,134 |
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The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020
Statement of Assets and Liabilities
| Cash Funds 6 Bank Current Accounts CBF Deposit Accounts Petty Cash 31 Total Cash Funds Other Monetary Assets(due to PCC) Gift Aid Recoverable Other 34 Total Other Monetary Assets Investment Assets 7 CCLA Investment Fund_(at market value) Other Investments 32 Total Investment Assets Assets Retained for Church Use 8 Freehold House and Land Next to St Albans Moveable furnishings & office equipment 33 Total Assets Retained for Church Use Liabilities(owed by the PCC)_ Diocesan Parish Share Other 35 Total Liabilites |
Total 2020 £ |
Total 2019 £ |
|
|---|---|---|---|
| 28,230 | 38,528 | ||
| 35,453 | 31,426 | ||
| 40 | 180 | ||
| 63,723 70,134 |
|||
| 2,050 | 4,543 | ||
| 690 | 4,486 | ||
| 2,740 | 9,029 | ||
| 28,498 | 26,664 | ||
| - | - | ||
| 28,498 | 26,664 | ||
| 162,000 | 162,000 | ||
| 8,247 | 8,247 | ||
| 170,247 | 170,247 | ||
| 12,971 | 18,360 | ||
| 109 | 447 | ||
| 13,080 | 18,807 |
Approved by the Parochial Church Council on ….....................2021 and signed on its behalf by:
Signature:
Name: The Revd Tom Fish (PCC Chairman)
The notes on the following pages form part of these accounts
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The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020
1 Notes to the Accounts
The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis.
2 Fixed Assets
Consecrated and benefice property is not included from the accounts by s.10(2)(a)&(C) of the Charities Act 2011. Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the Church’s inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements.
Other tangible fixed asssts are valued at historical cost.
3 Description of Funds
Unrestricted funds are income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its "free reserves" as disclosed in the trustees' annual report.
Restricted funds comprise of two elements :-
a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest
b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.
4 Going Concern
There are no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern
5 Post year end event
The ongoing worldwide outbreak of the COVID-19 virus still represents a significant event since the end of the financial year. However, COVID-19 is considered to be a non-adjusting post year end event and therefore has not been taken into account in preparing these Financial Statements as at 31 December 2020.
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The PCC Parochial Church Council of Wednesfield Team Ministry
Financial Statements for the Year Ended 31st December 2020
| RECEIPTS 4 Donations and Legacies Voluntary Receipts 4a 1 Tax efficient planned giving 2 Other planned giving 3 Collections at services 4 All other giving and voluntary receipts including special appeals 6 Gift Aid Recovered 7 Legacies Received 8 Grants (recurring and one-off) Activities for Generating Funds 4b 9 Summer Fete 9 Christmas Fair 9 Other Fundraising Activities Finance Form Box Number |
Unrestricted Funds £ |
Designated Funds £ |
Restricted Funds £ |
Endowment Funds £ |
Total Funds 2020 £ |
Total Funds 2019 £ |
|---|---|---|---|---|---|---|
| 39,822 | - | - | - | 39,822 | 34,296 | |
| 7,279 | - | 900 | - | 8,179 | 7,165 | |
| 7,212 | - | 3,186 | - | 10,399 | 10,080 | |
| 8,090 | - | - | 8,090 | 4,764 | ||
| 10,815 | - | - | - | 10,815 | 10,794 | |
| - | - | - | - | - | - | |
| 3,959 | - | - | - | 3,959 | 7,429 | |
| 77,177 | - | 4,086 | - | 81,263 | 74,528 | |
| - | - | - | - | 3,846 | ||
| 2,615 | - | - | - | 2,615 | 6,026 | |
| 5,437 | - | - | - | 5,437 | - | |
| 8,052 | - | - | - | 8,052 | 9,872 |
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RECEIPTS continued
| Receipts from Investments 4c 10 Dividends Rental income 10 Bank Interest Church Activities 4d 11 Statutory Fees (retained by PCC) 12 Church Hall Hire 12 Sunday morning coffee 12 Parish Magazine 12 Weddings and Banns 12 Pop In 12 TLC, Kids Church, WLTDO, Lunch Club 12 Rental Ashmore Autos 12 Rental Duke Street 12 Other trading activities Other Receipts 4e 13 Other 13 A Total Receipts |
Unrestricted Funds £ |
Designated Funds £ |
Restricted Funds £ |
Endowment Funds £ |
Total Funds 2020 £ |
Total Funds 2019 £ |
|---|---|---|---|---|---|---|
| - | 798 | - | 798 | 775 | ||
| 12,654 | 12,654 | |||||
| 236 | - | - | 236 | 242 | ||
| 12,890 | - | 798 | - | 13,688 | 1,017 | |
| 5,695 | - | - | - | 5,695 | 12,039 | |
| 7,276 | - | - | - | 7,276 | 17,838 | |
| - | - | - | - | 2,035 | ||
| 993 | - | - | - | 993 | 993 | |
| - | - | - | - | 5,161 | ||
| - | - | - | - | 1,815 | ||
| - | - | - | 1,129 | |||
| - | - | - | - | 8,100 | ||
| - | - | - | - | 4,380 | ||
| - | - | - | - | 1,995 | ||
| 13,964 | - | - | - | 13,964 | 55,485 | |
| - | - | 3,688 | ||||
| - | ||||||
| - | - | - | - | - | 3,688 | |
| 112,083 | - | 4,885 | - | 116,967 | 144,590 |
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The PCC Parochial Church Council of Wednesfield Team Ministry
Financial Statements for the Year Ended 31st December 2020
| PAYMENTS 5 Raising Funds 5a Costs of Generating Funds 17 Stewardship Costs 17 Costs of Fund Raising 17 Coffee Morning Costs Charitable Activities 5b Church Activites 18 Mission Giving and Donations 19 Diocesan Parish Share 20 Salaries and Wages 21 Clergy and Staff Expenses Church Expenses 22 Church Expenses(Mission and Evangelism) 23 Church Running Expenses(incl Governance) 24 Church Utility Bills 25 Cost of Trading(Magazine, bookstall etc) 25 Insurance 25 St Thomas Committee 25 Support Costs 25 DBF Fees 25 Centre Running Costs Major Capital Expenditure 27 Major Repairs to the Church 28 Major Repairs to Church Hall 28 Other PCC Proprty Upkeep 29 New Building Work 99 Other Payments 5c Other C Total Payments Finance Form Box Number |
Unrestricted Funds £ |
Designated Funds £ |
Restricted Funds £ |
Endowment Funds £ |
Total Funds 2020 £ |
Total Funds 2019 £ |
|---|---|---|---|---|---|---|
| - | - | - | - | - | - | |
| - | - | - | - | 929 | ||
| - | ||||||
| - | - | - | - | - | 929 | |
| 1,180 | - | - | 1,180 | 1,271 | ||
| 82,270 | - | - | - | 82,270 | 79,524 | |
| 9,960 | - | - | - | 9,960 | 11,591 | |
| 1,467 | - | - | - | 1,467 | 1,134 | |
| 345 | 1,121 | - | 1,466 | 166 | ||
| 16,029 | - | - | - | 16,029 | 17,382 | |
| 1,651 | - | - | - | 1,651 | 15,150 | |
| - | - | - | - | 1,868 | ||
| - | - | - | - | 399 | ||
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| 2,794 | - | - | - | 2,794 | 345 | |
| 2,118 | - | - | - | 2,118 | 9,198 | |
| - | - | - | - | - | - | |
| 4,245 | - | - | 4,245 | 2,500 | ||
| - | - | - | - | - | - | |
| 122,058 | - | 1,121 | - | 123,179 | 140,528 | |
| 199 | - | - | 199 | 10,808 | ||
| 199 | - | - | - | 199 | 10,808 | |
| 122,257 | - | 1,121 | - | 123,378 | 152,265 |
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The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020
6 Cash at Bank and in hand (Cash Assets by Fund) - 2020
| Current Accounts CBF Deposit Account Petty Cash Total |
Unrestricted £ |
Restricted £ |
Endowment £ |
2020 Total £ |
Total 2019 £ |
|---|---|---|---|---|---|
| 27,407 | 823 | - | 28,230 | 38,528 | |
| 25,348 | 10,105 | - | 35,453 | 31,426 | |
| 40 | - | - | 40 | 180 | |
| 52,795 | 10,928 | - | 63,723 | 70,134 |
Cash at Bank and in hand (Cash Assets by Fund) - 2019
| Current Accounts CBF Deposit Account Petty Cash Total |
Unrestricted £ |
Restricted £ |
Endowment £ |
2019 Total £ |
Total 2018 £ |
|---|---|---|---|---|---|
| 32,509 | 6,019 | - | 38,528 | 42,010 | |
| 30,281 | 1,145 | - | 31,426 | 35,555 | |
| 180 | - | - | 180 | 244 | |
| 62,970 | 7,164 | - | 70,134 | 77,809 |
7 Investments
| Restricted funds Educational Fund Total |
At 1st Jan £ |
Additions £ |
Disposals £ |
Transfers £ |
Change in Market Value £ |
At 31st Dec £ |
|---|---|---|---|---|---|---|
| 26,664 | - | - | 1,834 | 28,498 | ||
| 26,664 | - | - | - | 1,834 | 28,498 |
1,391 Investment fund shares are held with the CCLA.
8 Fixed Assets
The PCC owns land adjacent to St Albans Church (valued at £110,000 in October 2017), and a freehold property in Duke Street valued at cost of £52,000 in 1994.
Rental income from the property in Duke Street and the land used as a parking lot, is shown as income in these accounts.
Church Equipment comprises office equipment, including a photocopier.
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9 Net Assets
| Fixed Assets Investments Current Assets Current Liabilities Total |
Unrestricted £ |
Restricted £ |
Endowment £ |
2020 Total £ |
Total 2019 £ |
|---|---|---|---|---|---|
| 170,247 | 170,247 | 170,247 | |||
| 28,498 | 28,498 | 26,664 | |||
| 55,535 | 10,928 | - | 66,463 | 79,163 | |
| (13,080) | (13,080) | (18,807) | |||
| 212,702 | 39,426 | - | 252,128 | 257,267 |
10 Summary of Cash Fund Movements - 2020
| Unrestricted Fund Designated Funds 1 2 Restricted Funds 1 2 Total Funds |
Balance at 1st Jan £ |
Receipts £ |
Payments £ |
Transfers £ |
Balance at 31st Dec £ |
|---|---|---|---|---|---|
| 57,151 | 112,083 | (122,257) | - | 46,976 | |
| 2,896 | - | - | - | 2,896 | |
| 2,923 | - | - | - | 2,923 | |
| 5,819 | - | - | - | 5,819 | |
| 6,019 | 4,086 | - | - | 10,105 | |
| 1,145 | 798 | (1,121) | 822 | ||
| 7,164 | 4,885 | (1,121) | - | 10,928 | |
| - | |||||
| 70,134 | 116,967 | (123,378) | - | 63,723 |
Summary of Cash Fund Movements - 2019
| Unrestricted Fund Designated Funds 1 2 Restricted Funds 1 2 Total Funds |
Balance at 1st Jan £ |
Receipts £ |
Payments £ |
Transfers £ |
Balance at 31st Dec £ |
|---|---|---|---|---|---|
| 50,047 | 142,327 | (149,219) | 13,996 | 57,151 | |
| 13,630 | 858 | (2,599) | (8,993) | 2,896 | |
| 2,803 | 120 | - | - | 2,923 | |
| 16,433 | 978 | (2,599) | (8,993) | 5,819 | |
| 5,975 | 44 | - | - | 6,019 | |
| 5,354 | 1,241 | (447) | (5,003) | 1,145 | |
| 11,329 | 1,285 | (447) | (5,003) | 7,164 | |
| - | |||||
| 77,809 | 144,590 | (152,265) | - | 70,134 |
Designated Fund 1 St Albans Deposit fund
Designated Fund 2 St Thomas funds for Flowers in memorium and choir
Restricted Fund 1 St Thomas Organ Fund
Restricted Fund 2 St Albans dividends from Education Fund
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