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2020-12-31-accounts

CHARITY REGISTRATION NUMBER: 1138632

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Unaudited financial statements

31 December 2020

LOVEWELL BLAKE LLP

Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Financial statements

Year ended 31 December 2020

Page
Trustees' annual report 1
Independent examiner's report to the trustees 9
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report

Year ended 31 December 2020

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, 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 published in October 2019.

Reference and administrative details

Registered charity name The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Charity registration number 1138632 Principal office Parish Office The Rectory Town Wall Road Great Yarmouth NR30 1DJ, Norfolk

The trustees

The trustees who served during the year and at the date of approval were as follows:

Revd Frank Cliff Revd John Greenway David Pearson Michael Hewitt Jane Freeman Pat Stringer Revd Stephen Andrews Paul Davies Michael Boon Revd Jemma Joan Sander-Heys Mrs P Spychal Mr P Spychal Revd Simon Ward Revd Helen Lynch Barry Blakesley Angela Marshall Anthony John Harris Wendy Betts Matt Holmes Paul Hubbard

- 1 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

Independent examiner

Paul Briddon FCA BSc Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD

- 2 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

Objectives and activities

The objectives of the PCC are to promote in the ecclesiastical parish of Great Yarmouth the whole mission of the Church, spiritual, pastoral and social.

Public Benefit

The members of the PCC are aware of the Charity Commission guidance on public benefit in "The Advancement of Religion for the Public Benefit" and have had regard to it in their administration of the PCC.

The PCC believes that by promoting the work of the Church of England in the parish of Great Yarmouth it provides a benefit to the public by:

Pastoral Care

Members of the Ministry Team and volunteers regularly visit members of the parish who are unable to attend church through age or illness. Regular collections of food and supplies are made to support the work of Great Yarmouth Pathway Café & Support Centre (Charity No. 1178940) and many church members who volunteer in this work. In addition care and support is provided to a number of people in need who visit the churches. The open door of the Minster frequently presents pastoral opportunities.

Contribution of Volunteers

The PCC is grateful for the contribution made to its work by volunteers who are involved in ministry, maintenance of the buildings, working with children and young people, providing pastoral care to members of the church and the wider community and representing the PCC on other secular bodies within the community.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

Achievements and performance

The global Coronavirus Pandemic and subsequent lockdown in this country had a huge impact on the Parish of Great Yarmouth.

In early 2020 we rolled out into a new year buoyed up with plenty of hope and fed by energy from what had been a hugely promising Christmas season in 2019. The first couple of months of a new year are often quiet in this parish during the long dark days of January and February. We began to look forward to spring and Lent started, with a selection of Lent groups and candidates preparing for confirmation. Then lockdown came.

Public worship ceased in all churches across the Church of England. From 23rd March 2020 all church buildings were locked and public worship ceased. This meant the whole like of the church needed to adapt and suddenly much of our ministry happened online. From March 2020 the following should be noted:

However, there were many things which could not happen in the usual way and the following impacts should also be noted.

Facility hire across the parish ceased (Minster, St Paul's and St Mary's Halls), leading to significant loss of income. IN 2020 there were 3 baptisms (44 in 2019) and 3 weddings (10 in 2019) held in the churches. The Minster was not able to open to the public in normal ways. From July it opened for 2 hours each day using volunteers. Minster coffee shop and gift shop did not operate after March 2020.

The strains upon PCC finances were considerable and, with regret, the PCC made the Minster Steward post redundant. We are thankful for the work and commitment of Neil Horn to the Great Yarmouth Minster during the time he was employed.

In June 2020 we said farewell to Barbara Rowe, who had served a Churchwarden for 5 years and moved away: her work, especially at Pathway, will be hugely missed. I am grateful to many people in the parish

- 4 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

who have worked hard despite restrictions. Most chiefly in showing compassion and concern for neighbours and those in need.

Church Buildings

The Church Buildings are owned by The Team Rector as the incumbent of the parish. The PCC is responsible for the maintenance and running costs. All buildings are subject to a regular quinquennial report by professional qualified architects. Funding the cost of the necessary repairs is a major concern of the PCC.

The Parish church is Great Yarmouth Minster. It is a Grade II* listed building and is the largest parish church in England. It is a member of the Greater Churches Group and is architecturally of regional and national significance. The PCC is aware of the need to upgrade the heating and facilities of the parish church.

Chapels of Ease. Regular services for the convenience of parishioners are held in these buildings. The PCC aims to keep these buildings in reasonable repair and meet all the running costs.

St Mary's Church Southtown is a Grade II listed building.

St Paul's Newtown is unlisted.

Minster Mission is held on 198 year lease that expires in 2051 by the Rector and Churchwardens. It is the church hall of the old St James church that was disposed of some years ago.

Other church buildings

The Parish has the benefit of housing provided by the Diocese for the clergy. These are:

The Rectory Town Wall Rd - occupied by the Team Rector 1 Osbourne Ave - occupied by the Team Vicar 18 Royal Ave - occupied by the stipendiary curate

The parish has a part share in the Rectory having contributed to the building costs so that additional accommodation could be provided for the parish office.

Financial review

The PCC is grateful for the giving of members of the various Churches towards the mission and ministry of the Church. Under 'The Responsibility Is Ours' we are aware that funding needs to be increased if we want to pay our Parish Share in full and continue the daily work of the PCC.

In 2020 the PCC paid £20,000 of Parish Share (2019: £37,000). Whilst the contribution is voluntary the PCC is aware that failure to pay Parish Share may affect the future deployment of stipendiary clergy to the parish.

Details of the income and expenditure for the year are set out in the accompanying accounts.

- 5 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

Reserves policy

It is the aim of the PCC to maintain sufficient funds in the general funds to meet day to day running costs of the PCC and to pay any additional sums towards the cost of the Parish Share.

The PCC holds a number of designated and endowment funds which are disbursed in accordance with the charitable objects. From time to time sums are accumulated until there is specific need in accordance with the terms in which the reserves are held.

Investment Policy

During the year the charity held funds within the CCLA investment funds and deposit account. The funds are being held to provide income to allow the charity to continue its activities whilst providing capital growth. The Trustees consider the investments to be low risk.

- 6 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

Structure, governance and management

The Parochial Church Council is a body corporate established by the Church of England and is Governed by the Parochial Church Council Powers Measure (1956) as amended and the Church Representation Rules.

d. 12 lay members with the proviso that at least one member should be from the parish church and each licenced chapel of ease.

Trustee appointment, training and operation

The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Some Trustees are ex-officio; the Parish wardens are elected by the Easter Vestry Meeting and become ex-officio members; all other members are elected by the Annual Parochial Church Meeting. At the APCM held in April 2012 it was decided that members so elected should hold office for three years or the balance of of the term if elected to fill a casual vacancy.

On appointment trustees are given a copy of the guide to being a charity trustee issued by the Charity Commissioners. At the first meeting of the PCC there is a presentation on the role and responsibility of members. Those trustees who held office throughout the year are detailed on page 1. The following trustees retired/resigned during the year:

James Bishop (Retired 25 October 2020) Rose Bishop (Retired 25 October 2020) Molly Davies (Retired 25 October 2020) Barbara Rowe (Retired 25 October 2020)

The PCC appoints sub committees with differing delegated authority. There are sub committees for fabric of the churches, finance, mission and social committees for each church.

The PCC receives regular reports from the Deanery Synod member which provides the PCC with an important link between the parish and wider structures of the church.

The Trustees keep under review all activities and authorise specifically any special events. A risk assessment is prepared for each church and each building is subject to regular quinquennial reviews of the fabric. Regular electrical and gas safety checks and all fire extinguishers are regularly serviced.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Trustees' annual report (continued)

Year ended 31 December 2020

The PCC has approved policies for the safeguarding of children and vulnerable adults and appointed a specific person to handle any such concerns.

Independent examiner

Paul Briddon FCA BSc Lovewell Blake LLP has been re-appointed as independent examiner for the ensuing year.

The trustees' annual report was approved on 24 March 2021 and signed on behalf of the board of trustees by:

Michael Hewitt Trustee

Revd Simon Ward Trustee

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Independent examiner's report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Year ended 31 December 2020

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Independent examiner's report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth (continued)

Year ended 31 December 2020

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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Paul Briddon FCA BSc Independent Examiner

Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD

28 April 2021

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Statement of financial activities

Year ended 31 December 2020

2020 2020 2019
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 84,184 36,467 71 120,722 85,767
Charitable activities 5 12,644 – 252 12,896 18,229
Other trading activities 6 17,827 – 500 18,327 46,018
Investment income 7 6,270 21 9,739 16,030 12,103
Other income 8 – 13,566 – 13,566 –
    
Total income 120,925 50,054 10,562 181,541 162,117
    
Expenditure
Expenditure on raising funds:
Costs of raising
donations and
legacies 9 (7,571) (693) – (8,264) (10,142)
Expenditure on charitable
activities 10 (95,099) (23,462) (12,027) (130,588) (172,211)
    
Total expenditure (102,670) (24,155) (12,027) (138,852) (182,353)
    
Net income and net
movements in funds before
gains and losses on
investments 18,255 25,899 (1,465) 42,689 (20,236)
Net gains on investments 11 1,850 – 11,667 13,517 33,698
    
Net income and net
movement in funds 20,105 25,899 10,202 56,206 13,462
    
Reconciliation of funds
Total funds brought forward 39,320 48,769 277,329 365,418 351,956
    
Total funds carried forward 59,425 74,668 287,531 421,624 365,418
    

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 26 form part of these financial statements.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Balance sheet

31 December 2020

2020 2019
Note £ £ £ £
Fixed assets
Tangible fixed assets 15 40,000 40,000
Investments 16 326,342 312,825
 
366,342 352,825
Current assets
Stocks 17 9,141 9,141
Debtors 18 907 907
Cash at bank and in hand 47,130 4,441
 
57,178 14,489
Creditors: Amounts falling due within
one year 19 (1,896) (1,896)
 
Net current assets 55,282 12,593
 
Total assets less current liabilities 421,624 365,418
 
Funds of the charity
Endowment funds 287,531 277,329
Restricted funds 74,668 48,769
Unrestricted funds 59,425 39,320
 
Total charity funds 20 421,624
		 365,418


These financial statements were approved by the board of trustees and authorised for issue on 24 March 2021, and are signed on behalf of the board by:

Michael Hewitt Trustee

Revd Simon Ward Trustee

The notes on pages 13 to 26 form part of these financial statements.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements

Year ended 31 December 2020

1. General information

The charity is a registered charity in England and Wales and is unincorporated.

The address of the principal office is Parish Office, The Rectory, Town Wall Road, Great Yarmouth, NR30 1DJ, Norfolk.

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth is involved in the following activities; regular worship, pastoral work, the teaching of Christianity through sermons, courses and small groups and ministering to the summer visitors.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(c) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

(d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or committment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Endowment Funds are capital funds and may be either permanent or expendable (in which case the PCC can convert the capital to be used as income funds) The nature of each such fund is described in the accounts notes.

(e) Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

(f) Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) Depreciation

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

Church equipment

(i) Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

(j) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

(k) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

4. Donations and legacies
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
Donations
Donations received 44,254 923 71 45,248
Tax recovered on gift aid 11,069 – – 11,069
Other funds generated 643 – – 643
Grants
Grants received 28,218 35,544 – 63,762
   
84,184 36,467 71 120,722
   
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Donations
Donations received 45,029 3,196 – 48,225
Tax recovered on gift aid 8,900 – – 8,900
Other funds generated 1,669 – – 1,669
Grants
Grants received (500) 27,473 – 26,973
   
55,098 30,669 – 85,767
   
5. Charitable activities
Unrestricted Endowment Total Funds
Funds Funds 2020
£ £ £
Fees for weddings and funerals 12,644 252 12,896
  
Unrestricted Endowment Total Funds
Funds Funds 2019
£ £ £
Fees for weddings and funerals 17,866 363 18,229
  
6. Other trading activities
Unrestricted Endowment Total Funds
Funds Funds 2020
£ £ £
Activities for generating funds 17,827 500 18,327
  
Unrestricted Endowment Total Funds
Funds Funds 2019
£ £ £
Activities for generating funds 46,018 – 46,018
  

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The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

7. Investment income
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
Rental income 4,271 – 4,500 8,771
Dividends and interest 1,999 21 5,239 7,259
   
6,270 21 9,739 16,030
   
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Rental income 152 – 4,650 4,802
Dividends and interest 2,103 53 5,145 7,301
   
2,255 53 9,795 12,103
   
8. Other income
Restricted Total Funds Restricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Business support income 13,566 13,566 – –
   
9. Costs of raising donations and legacies
Unrestricted Restricted Endowment
 Total Funds
Funds Funds Funds 2020
£ £ £ £
Cost of fetes & other events 8,265 – – 8,265
   
Unrestricted Restricted Endowment
 Total Funds
Funds Funds Funds 2019
£ £ £ £
Cost of fetes & other events 10,142 – – 10,142
   

- 18 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

10. Expenditure on charitable activities

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2020
£ £ £ £
Charitable giving 300 – – 300
Other charitable activities 34,283 4,118 2,197 40,598
Repairs to property 47,093 3,774 5,341 56,208
Support costs 13,423 15,570 4,489 33,482
   
95,099 23,462 12,027 130,588
   
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2019
£ £ £ £
Charitable giving 1,594 – – 1,594
Other charitable activities 46,443 4,783 9,166 60,392
Repairs to property 54,306 14,672 6,041 75,019
Support costs 18,429 16,777 – 35,206
   
120,772 36,232 15,207 172,211
   
Analysis of support costs:
2020 2019
£ £
Independent examination 1,728 1,674
Wages and salaries 31,754 33,532
 
Total 33,482 35,206
 
11. Net gains on investments
Unrestricted Endowment Total Funds
Funds Funds 2020
£ £ £
Gains/(losses) on listed investments 1,850 11,667 13,517
  
Unrestricted Endowment Total Funds
Funds Funds 2019
£ £ £
Gains/(losses) on listed investments 7,052 26,646 33,698
  
12. Independent examination fees
2020 2019
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,728 1,674
 

- 19 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

13. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2020 2019
£ £
Wages and salaries 31,754 33,532
 
The average head count of employees during the year was 21 (2019: 26).

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

14. Trustee remuneration and expenses

A fee of £2,400 (2019: £2,400) was paid to M Hewitt, the treasurer, for accounting services. No other remuneration is paid to the trustees, other than Mrs T Lacy who received remuneration of £4,489 (2019: £5,542) for the role as Parish Administrator.

Only directly attributable expenses are reimbursed to trustees and no amounts were paid or waived during the period.

15. Tangible fixed assets

Freehold
property Equipment Total
£ £ £
Cost
At 1 January 2020 and 31 December 2020 40,000 5,784 45,784
  
Depreciation
At 1 January 2020 and 31 December 2020 – 5,784 5,784
  
Carrying amount
At 31 December 2020 40,000 – 40,000
  
At 31 December 2019 40,000 – 40,000
  

Freehold Property represents 7% of the cost of The Rectory, being its share of the interest in that property.

The balance is held in trust by The Norwich Diocesan Board of Finance on behalf of the incumbent.

- 20 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

16. Investments

Other
investments
£
Cost or valuation
At 1 January 2020 312,825
Additions –
Fair value movements 13,517

At 31 December 2020 326,342

Impairment
At 1 January 2020 and 31 December 2020 –

Carrying amount
At 31 December 2020 326,342

At 31 December 2019 312,825


All investments shown above are held at valuation.

Included within the above balance of £326,342 are cash deposits of £89,159 (2019: £89,155).

17. Stocks

2020 2019
£ £
Stock 9,141 9,141
 
The stock above represents Minster Gift Shop Stock.
18. Debtors
2020 2019
£ £
Other debtors 907 907
 
19. Creditors: Amounts falling due within one year
2020 2019
£ £
Other creditors 1,896 1,896
 

- 21 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

20. Analysis of charitable funds

Unrestricted Funds at year ended 31 December 2020

Gains and
losses and At 31 Dec
At 1 Jan 2020 Income Expenditure Transfers 2020
£ £ £ £ £
Unrestricted Funds 27,614 16,001 (15,995) 1,595 29,215
    
Unrestricted Funds at year ended 31 December 2019
Gains and
losses and At 31 Dec
At 1 Jan 2019 Income Expenditure Transfers 2019
£ £ £ £ £
Unrestricted Funds 13,851 22,345 (15,634) 7,052 27,614
    
Designated Funds at year ended 31 December 2020
At 31 Dec
At 1 Jan 2020 Income Expenditure Transfers 2020
£ £ £ £ £
Fabricated Designated 2,285 18,871 (1,086) 255 20,325
General Ministry 6,421 53,892 (55,203) – 5,110
St Paul's Fund 1,513 13,236 (12,510) – 2,239
Minster Mission 1,152 10,056 (9,684) – 1,524
St Mary's Fund 335 8,869 (8,192) – 1,012
    
11,706
		 104,924
		 (86,675)
		 255
		 30,210


Designated Funds at year ended 31 December 2019

At 31 Dec
At 1 Jan 2019 Income Expenditure Transfers 2019
£ £ £ £ £
Fabricated Designated 2,215 95 (25) – 2,285
General Ministry 19,318 63,744 (76,641) – 6,421
St Paul's Fund 2,639 23,526 (24,652) – 1,513
Youth Fund 104 150 (254) – –
Minster Mission 1,360 10,941 (11,149) – 1,152
St Mary's Fund 2,458 13,497 (15,620) – 335
    
28,094
		 111,953
		 (128,341)
		 –
		 11,706


The designated funds above are funds that arise from the individual churches and activities of the parochial church council. They are held for use in the specified churches however if needed the PCC has recourse to these funds.

- 22 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

Restricted funds at year ended 31 December 2020

At
At 1 Jan 2020 Income Expenditure Transfers31 Dec 2020
£ £ £ £ £
Organ 20,811 876 (3,546) – 18,141
Minster Redevelopment
Fund 19,129 – – – 19,129
Music Outreach
Programme 1,932 39,110 (19,892) – 21,150
Young People's Youth
Voice 6,220 – (600) – 5,620
Choristers Fund 651 68 (117) – 602
Choral Scholarship 26 10,000 – – 10,026
    
48,769 50,054 (24,155) – 74,668
    
Restricted funds at year ended 31 December 2019
At
At 1 Jan 2019 Income Expenditure Transfers31 Dec 2019
£ £ £ £ £
Organ 22,311 3,223 (4,723) – 20,811
Minster Redevelopment
Fund 19,129 – – – 19,129
Music Outreach
Programme 12,839 9,823 (20,730) – 1,932
Young People's Youth
Voice – 7,000 (780) – 6,220
Choristers Fund – 700 (49) – 651
Minster clock repair fund – 9,950 (9,950) – –
Choral Scholarship – 26 – – 26
    
54,279 30,722 (36,232) – 48,769
    

The Organ Fund - Donations received specifically for contribution towards the restoration and maintenance of the Minster Organ.

The Minster Redevelopment Fund - Donations received specifically for contribution towards the redevelopment of the Minster.

The Music Outreach Programme Fund - Relates to donations received in order to assist and develop users through the aid of music.

Young People's Youth Voice - Income to resource a young people's singing group.

Choristers Fund - Income to resource young choristers of the Minster.

Minster Clock Repair Fund - Funds for repair of Minster Clock.

Choral Scholarship - Provision towards the cost of young choristers of the Minster.

- 23 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

Endowment Funds

Year ended 31 December 2020

Gains and At 31 Dec
At 1 Jan 2020 Income Expenditure losses 2020
£ £ £ £ £
Assistant Ministry 127,484 9,102 (10,810) 8,483 134,259
Clergy Housing 149,845 1,460 (1,217) 3,184 153,272
    
277,329
		 10,562
		 (12,027)
		 11,667
		 287,531


Year ended 31 December 2019

Gains and At 31 Dec
At 1 Jan 2019 Income Expenditure losses 2019
£ £ £ £ £
Assistant Ministry 114,445 8,714 (15,049) 19,374 127,484
Clergy Housing 141,291 1,444 (162) 7,272 149,845
    
255,736
		 10,158
		 (15,211)
		 26,646
		 277,329


Assistant Ministry - Provision towards the cost of the Clergy & Ministers, and their expenses in the parish.

Clergy Housing - Provision towards the cost of the housing needs of the Clergy serving in the parish. Included in the endowment fund is a property with an original minimal cost and which was acquired by the church council some years ago.

- 24 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

21. Analysis of net assets between funds

As at 31 December 2020
Tangible Net Current Total Funds
Fixed Assets Investments Assets 2020
£ £ £ £
Restricted Funds
Organ – – 18,141 18,141
Minster Redevelopment – – 19,129 19,129
Music Outreach Programme – – 21,150 21,150
Young People's Youth Voice – – 5,620 5,620
Choristers Fund – – 602 602
Choral Scholarship – – 10,026 10,026
   
– – 74,668 74,668
   
Endowment Funds
Assistant Ministry – 147,985 (13,726) 134,259
Clergy Housing 40,000 63,086 50,186 153,272
   
40,000 211,071 46,486 287,531
   
   
Unrestricted Income Funds – 115,271 (55,846) 59,425
   
   
Total Funds 40,000 326,342 55,282 421,624
   
As at 31 December 2019
Tangible Net Current Total Funds
Fixed Assets Investments Assets 2019
£ £ £ £
Restricted Funds
Organ – – 20,811 20,811
Minster Redevelopment – – 19,129 19,129
Music Outreach Programme – – 1,932 1,932
Young People's Youth Voice – – 6,220 6,220
Choristers Fund – – 651 651
Choral Scholarship – – 26 26
   
– – 48,769 48,769
   
Endowment Funds
Assistant Ministry – 139,502 (12,018) 127,484
Clergy Housing 40,000 59,902 49,943 149,845
   
40,000
		 199,404
		 37,951
		 277,329


- 25 -

The Parochial Church Council of the Ecclesiastical Parish of Great Yarmouth

Notes to the financial statements (continued)

Year ended 31 December 2020

   
Unrestricted Income Funds – 113,421 (74,101) 39,320
   
   
Total Funds 40,000 312,825 12,593 365,418
   
Financial instruments
The carrying amount for each category of financial instrument is as follows:
2020 2019
£ £
Financial assets measured at fair value through income and expenditure
Investments 237,183 223,670
 
Financial liabilities measured at amortised cost
Accruals 1,896 1,896
 

22. Financial instruments The carrying amount for each category of financial instrument is as follows:

- 26 -