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2020-12-31-accounts

Christ Church, Warley, Brentwood

Annual Report and Financial Statements

Year ending 31[st] December 2020

Incumbent

Reverend Stuart Hull BA, BTh

Bankers

Nat West 46, High Street, Brentwood, CM14 4AL

Independent Examiner

Neville Reid ACA 19, Mills Grove, Poplar London E14 0RH

Page 1

Christ Church, Warley, Brentwood Trustees Annual Report for the year ending 31[st] December 2020

PCC Foreword

Administrative Information

Christ Church is situated at Warley Hill, Warley, Brentwood, Essex, CM13 3AA. This also the address for correspondence. It is part of the Diocese of Chelmsford within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956 and Church Representation Rules 2006). It is charity registered with the Charity Commission (CC registration number 1138758).

Aims and purposes

Christ Church Parochial Church Council has the responsibility of cooperating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the church complex at Christ Church, Warley.

Structure, governance and management

The method of appointment of PCC members is set out in the Church Representation Rules. At Christ Church the membership of the PCC consists of the Incumbent, Assistant Minister, the Church Wardens, members elected by those members of the congregation who are on the electoral roll of the Church, and any member(s) co-opted for specialist skills which are needed at the time.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including decisions on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC.

The PCC met 4 times during the year. Given its wide responsibilities the PCC has a number of committees, each dealing with a particular aspect of parish life. These committees include Worship and Spirituality, Buildings, Pastoral, Children and Youth, and Administration. All these groups are responsible to the PCC and report back to it regularly with minutes of their decisions being received by the full PCC and discussed as necessary

PCC Membership 2020

PCC Members who have served anytime from 1[st] January 2020 to the date this report is approved are shown below.

Ex Officio Members Incumbent and Chair of PCC: Reverend Stuart Hull Associate Minister: Reverend Doctor Adrian McConnaughie to 19[th] June 2020 Church Wardens: Brendon Horrocks

Suzanne Galliers from 25[th] October 2020

Elected Members: Fiona Benson to 25[th] October 2020 Suzanne Galliers to 25[th] October 2020 John Kettlewell, Treasurer Sarah McConnaughie to 19[th] June 2020 Olive Law Deanery Synod Representative

Page 2

Sylvia Partridge, PCC Secretary Simon See to 25[th] October 2020 Harry Stimpson Mark Townsend Barbara Moore from 25[th] October 2020

Co-opted Members: Louise Kearns Andrew Wood Heather Bradshaw from 11[th] November 2020

Objectives and Activities

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at Christ Church. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups which live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year we have considered the Charity Commission’s guidance on public benefit and in particular the supplementary guidance on charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of our parish community by

  1. Worship, bible study and prayer, learning about the gospel and developing their knowledge and trust in Jesus as Lord and Saviour

  2. Provision of pastoral care to people living in the parish

  3. Missionary and outreach work.

To facilitate this work it is important that we maintain the fabric of Christ Church. This report focuses on finance and governance matters. A separate report on the many activities of the Church shows how the PCC achieved the above objectives in 2020. However the impact of the Covid crisis and the resulting closure of the church building and centre has had a serious impact on the life of the Church in 2020. The financial implications are discussed in the section below.

Financial review

General Fund

The main account of Christ Church is the General Fund, described as unrestricted funds in the financial statements, meaning its funds are available to be spent on PCC general purposes. In 2020 income was £83,093 (compared with £88,339 in 2019), and expenditure was £87,178 compared with (£93,309 in 2019), meaning there was a deficit of £4,085 for the year. This compared with a deficit of £4,970 in 2019. The deficit for 2020, together with £3,627 referred to later, has been taken to the reserve of £7,704 brought forward into 2020 and so as at 31[st] December 2020 there was a reserve of £7,246 carried forward. The level of reserves is discussed later.

Income from giving was £66,582, inclusive of tax recovered on gift aid, compared with £63,649 in 2019. Although regular gift aided giving and loose plate collections were down compared with 2019 by £8,040 there was an increase in other non gift aided planned giving from £130 in 2019 to £2,512 in 2020, and in donations from £6,584 in 2019 to £15,092 in 2020. Donations in giving are via CAF, and one off donations from regular and non regular givers. This was an encouraging outcome in the pandemic. However the Christ Church Centre has not been available for letting since March 2020 and so income was down from £9,521 in 2019 to £1,235 in 2020. We must not assume that once the Centre is available for use income will recover to previous levels. The Leg Club and Diocese who provided large amounts of income no longer use the Centre

Page 3

and other large generators of income are needed. Similarly with people working from home, income from car parking was down from £5,134 in 2019 to £2,763 in 2020. The income could have been lower but a number of users continued to pay for a while even though they were working from home. Fee income from weddings and funerals declined from £1,097 to £42. A positive was at last we reaped the benefit of the sale of the property at Thorndales in March 2019 and the investment of the sale proceeds by the Diocese on 30[th] April 2019 in the CCLA, Church Board of Finance Church of England Investment Fund in the income shares section. A full year dividend of £9,047 was the main reason for the increase in dividend income from £5,088 in 2019 to £10,069 in 2020. £3,627 was transferred from the Aged and Infirm Fund to support General Fund activities because many of these are provided in accordance with the aims and objectives of the former Fund. In 2019 the figure was £2,858.

As the church building has been closed for most of the year there have been reductions in expenditure. Expenditure on organists was £630 compared with £3,030 in 2019. Cleaning costs were £2,902 compared with £3,149. Expenditure on maintenance was much reduced from £2,714 in 2019 to £276 in 2020. Expenditure on administration was down from £1,347 in 2019 to £964 in 2020. There was no miscellaneous expenditure in 2020 (compared with £1,192 in 2019 on the general fund, £6,690 disposal costs on Thorndales, and £50 on a restricted fund). Printing and stationery costs fell from £1,905 to £844. The bulk of the 2020 expenditure on printing and stationery related to the leasing costs of the printer/photocopier. Gas bills fell from £2,210 in 2019 to £1,597 in 2020 and electricity from £1,749 to £1,228. However, in the case of electricity this was due to a credit as our bills were higher than usage.

What we cannot put a price on is the value of the work of our volunteers which is highlighted in the Activities Report which is produced separately from this report. Without their input the Church would not be able to carry out the many activities it undertakes. Our thanks go to all our volunteers.

On the expenditure side the Diocese requested an increase in our portion of the Parish share from £74,499 to £75,373. However our financial position has been deteriorating over the last few years. The PCC advised the Diocese at the start of 2020 that we were unable to pay the Parish Share in full. We paid £65,470 compared with £62,083 in 2019. When that was added to the amount paid by St Mary’s it meant that as a Benefice both Christ Church and St Mary’s had covered the cost of ministry, i.e. what it costs for one stipendiary minister to be employed plus all the overhead costs of the Diocese. During 2020 it looked as though there might be a sizable deficit on the year. However an overall deficit of £458 has meant that it has been possible to carry forward £7,246 into 2021 so that as a Benefice, Christ Church and St Mary’s can try to cover the cost of ministry in 2021, but it is unlikely we can pay the full Parish Share due. At present there are many uncertainties and much will depend on levels of giving increasing and a return to some sort of normalcy during the year. As we can no longer pay the Parish Share in full it is no longer possible to continue our policy of donating 10% of giving by church members to our chosen charities. No money has been set aside for Brentwood Schools Christian Worker Trust, Tearfund, Church Urban Fund and Christians Against Poverty. However in 2020 individual church members donated £1,562 to BSCWT through Christ Church accounts. In addition the Church raised £1,250 to help those affected by the pandemic. £800 of this has been donated to the Brentwood Food Bank with the remaining £450 being held for donation in 2021. No Christmas Market could be held in 2020.

Reserves Policy

The Diocese advises that PCCs should try and maintain a balance of unrestricted funds which equates to at least 3 months unrestricted payments. In the case of Christ Church this would be a reserve of around £22,000. The General Fund Reserve at 31[st] December 2020 was only £7,246. The importance of reserves is that they provide the cash necessary to smooth out fluctuations in cash flow and meet emergencies. Each month we pay the following large bills by direct debit: parish share (£5,456), salaries (£735), gas, electricity and utilities

Page 4

(£400 average). The income to meet them is much slower coming in. At the end of 2020 the cash balances on the General Fund were £29,759 compared with £30,879 at the end of 2019. The reason for the cash balances being higher than the General Fund Reserve is that there is £22,564 still in hand from the loan for the Parish Hall which is only due for repayment to the Diocese in the long term. Therefore, for this year sufficient cash resources are available to meet timing differences between income and expenditure and any emergency items. This position will need to be kept under review.

Other funds

The closing balances and main transactions on other funds were as follows:

Endowment Funds. These were valued at £33,144 as at 31[st] December 2020. The comparable figure at the end of 2019 was £32,607. Dividend income of £1,022 was credited to the General Fund (£632 in 2019) and applied in accordance with the terms of the trusts. One of the above investments is held by the Diocese as Custodian Trustee. It was valued at £2,520 on 31[st] December 2020 (£2,358 on 31[st] December 2019) and produced dividend income to the General Fund of £71 (also included above).

Christ Church Centre . At the end of the year this has a balance of £201 which was the balance at the end of 2019.

Aged and Infirm . Investments produced dividend income of £4,070. This is a reduction from last years income of £5,042. £443 was used to pay for taxis which was well down from last year’s figure of £2,134. This meant that in spite of a reduced dividend the transfer to the General Fund was £3,627 compared with £2,858 last year. The investments which provide dividend income were valued at £83,384 as at 31[st] December 2020. The 31[st] December 2019 valuation was £100,887. There is a revenue balance on the Fund of £3,030 as at 31[st] December 2020.

Building Trust Fund . The Big Band concert at the beginning of January 2020 raised an additional £1,100 for the Fund. The year end balance was £12,096. This money is available to finance major works in both the building and church yard.

Fabric Fund . At the start of the year there was a balance of £459. Interest received from a deposit account held by the Diocese as Custodian Trustee re the Sale of the Parish Hall loan repayment added £100 to bring the year end balance to £559.

Thorndales . The net proceeds due to the PCC relating to the sale were invested in income shares of the CCLA Church Board of Finance Church of England Investment Fund on 30[th] April 2019. The value of the investment on 31[st] December 2020 was £322,954 compared with £302,174 a year earlier. The investment is held by the Diocese as Custodian Trustee. The PCC as Managing Trustee receives the dividend income. Full year dividend income in 2020 was £9,047 compared with part year income in 2019 of £4,456.

Parish Hall . The Diocese are custodian trustees and hold the cash. It represents the amount of loan repayments of £683.75 each year by the Church to the Diocese in respect of the loan granted by the Diocese in 1990 for the internal reordering of the Church. This is an interest free loan. At the end of the year the loan outstanding was £22,564 (£23,247 in 2019) and cash held by the Diocese as custodian trustee was £19,132 (£18,449 in 2019). The cash is invested in the CBF Deposit Account and the interest is credited to the Fabric Fund (see above).

Approved by the PCC on 17 March 2021

Reverend Stuart Hull BA, BTh Chair of the PCC

Page 5

Independent examiner’s report to the Trustees of Christ Church, Great Warley, Parochial Church Council

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31[st] December 2020.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the 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 examiners statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

Neville Reid, ACA 19 Mills Grove Poplar London E14 0RH

17 March 2021

Page 6

Christ Church, Warley, Brentwood Statement of Financial Activities for the year ending 31[st] December 2020

Note Unrestricted
funds
Designated
funds
Restricted
funds
Endowme
nt funds
Total
funds
Prior year
total funds
Income and endowments from:
2
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
7
Total income
Expenditure on:
3
Charitable activities
Other expenditure
7
Total expenditure
Net income / (expenditure) before
investment gains/losses
Net gains/(losses) on investments
7
Net income / (expenditure)
Transfers between funds:
Gross transfers between funds – in
6
Gross transfers between funds – out
6
Net movement in funds
Total funds brought forward
Total funds carried forward		 £
£
£
£
£
£
71,707
—
1,100
—
72,807
79,380
1,277
—
—
—
1,277
10,618
20
—
—
—
20
2,007
10,089
100
4,070
—
14,259
10,308
—
—
683
—
683
684
83,093
100
5,853
—
89,046
102,997
87,178
—
443
—
87.621
125,890
—
—
—
—
—
7,932
87,178
443
—
87,621
133,822
(4,085)
100
5,410
—
1,425
(30,825)
¤
—
20,780
(17,503)
537
3,814
40,375
(4,085)
20,880
(12,093)
537
5,239
9,550
3,627
—
—
—
3,627
2,858
—
—
(3,627)
—
(3,627)
(2,858)
(458)
20,880
(15,720)
537
5,239
9,550
7,704
303,821
133,563
32,607
477,695
468,145
7,246
324,701
117,843
33,144
482,934
477,695

Page 7

Christ Church, Warley, Brentwood Balance sheet for the year ending 31[st] December 2020

Total funds Prior year funds
Note
Fixed assets
Tangible assets
7(a)
Investments
7(b)
Current assets
Debtors
8
Cash at bank and in hand
10
Liabilities
Creditors: Amounts falling due
within one year
9(a)
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after one year
9(b)
Total net assets less liabilities
Funds of the Charity
11
Unrestricted
General fund
Designated
Fabric Fund
Buildings Capital
Memorial Fund
Restricted
Aged and Infirm Fund
Building Trust Fund
Christ Church Centre
Sale of old hall
13
Endowment
Endowment
Funds of the church		 £
£
—
—
439,482
435,668
439,482
435,668
3,406
4,552
65,965
64,877
69,371
69,429
3,355
4,155
66,016
65,274
505,498
500,942
22,564
23,247
482,934
477,695
7,246
7,704
559
459
322,954
302,174
1,188
1,188
86,414
103,917
12,096
10,996
201
201
19,132
18,449
33,144
32,607
482,934
477,695

Approved by the PCC on 17[th] March 2021 Reverend Stuart Hull BA, BTh Chair of the PCC

Page 8

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 1. ACCOUNTING POLICIES

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations “true and fair view” provisions. They are also prepared under FRS102 as the applicable accounting standard and the 2019 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP(FRS102)).

(a) Income

Planned giving, collections, and similar donations are recognized when received. Tax reclaimed in respect of Gift Aid is recognized when the incoming resources to which they relate are received. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain and the amounts due are reliably quantifiable. Dividends are accounted for when declared receivable, interest as and when received. All incoming resources are accounted gross with the exception of fees for weddings and funerals. The total income for these items includes amounts due to the Diocese and expenses to helpers. These are netted off the total amount leaving in the accounts only income properly due to the PCC.

(b) Expenditure

Grants and donations are accounted for when paid over or the PCC commits to paying from resources for the financial year in question. The Diocesan Parish Share is paid over when due provided resources are available. All other expenditure is generally recognized and is accounted for gross.

(c) Volunteers

Without our volunteers the Church could not function. However it is not possible to put a value on the work they do.

(d) Assets

Consecrated and benefice property

In so far as consecrated and benefice property of any kind is excluded from the statutory definition of charity by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalized in the financial statements.

Moveable church furnishings

Moveable church furnishings held by the Vicar and Church Wardens on special trust for the PCC and which require a faculty for disposal are accounted as inalienable property listed in the church’s inventory which can be inspected (at any reasonable time). For anything prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Since then no individual item has cost more than £1,000 (see below).

Tangible fixed assets for use by the charity.

These are capitalized if they can be used for more than one year and cost more than £1,000, and are then depreciated over their useful economic life. However since 2000 no individual item has cost more than £1,000 and so all expenditure has been written off when incurred.

Fixed assets. The property at Thorndales was sold in March 2019.

Investments These are valued at market value at the year end. Short term deposits

These are either cash held on deposit with the bank or CCLA.

Page 9

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

(e) Funds

Unrestricted Funds . These are income funds which are to be spent on the PCC’s general purposes. For Christ Church there is one unrestricted fund, the General Fund.

Designated Funds . These are general funds set aside by the PCC for use in the future. Designated funds remain unrestricted and the PCC may move any surplus to other general funds. Designated funds are the Fabric Fund, the Memorial Fund and the investment of the sale proceeds of Thorndales. In the case of the latter the Diocese holds the funds as Custodian Trustee.

Restricted Funds. These comprise (a) income from trusts and endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations and grants for a specific PCC activity intended by the donor. Any balance unspent at the end of the year is carried forward as a balance on that fund. The major restricted funds for Christ Church are the Aged and Infirm, Christ Church Centre and the Building Trust. The Sale of the Old Hall is held by the Diocese.

Endowment Funds. These are funds, the capital of which must be retained either permanently or at the PCC’s discretion. The income derived from an endowment is to be used either as restricted or unrestricted funds depending on the purpose for which the fund was established in the first place. For Christ Church, endowments are the investments which are not part of the Aged and Infirm Fund. The dividend income is credited to the General Fund as the PCC consider it is spent in accordance with the purposes for which the funds were set up.

Page 10

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 2 (a). INCOME – 2020

Note
Donations and legacies
Gift Aid – Bank
12
Gift Aid – Envelopes
12
Other planned giving
Loose plate collections
Donations appeals for external projects
Donations etc for Christ Church
Tax recoverable on Gift Aid
Legacies
Other funds generated
Car Park income
Total
Charitable activities
Fees for weddings and funerals
Church hall lettings
Total
Other trading activities
Christmas Market
Total
Investments
Dividends
Bank and building society interest
Total
Other income
Loan repayment to Diocese
Total
INCOME TOTAL		 Unrestricted
Designated
Restricted
Endowment
Total
this year
Total
last year
£
£
£
£
£
£
29,110
—
—
—
29,110
30,608
5,688
—
—
—
5,688
9,224
2,512
—
—
—
2,512
130
2,469
—
—
—
2,469
5,474
2,270
—
—
—
2,270
564
15,092
—
1,100
—
16,192
13,354
11,711
—
—
11,711
13,082
—
—
—
—
—
—
92
—
—
—
92
1,810
2,763
—
—
—
2,763
5,134
71,707
—
1,100
—
72,807
79,380
42
—
—
—
42
1,097
1,235
—
—
—
1,235
9,521
1,277
—
—
—
1,277
10,618
20
—
—
—
20
2,007
20
—
—
—
20
2,007
10,069
—
4,070
—
14,139
10,130
20
100
—
120
178
10,089
100
4,070
—
14,259
10,308
—
—
683
—
683
684
—
—
683
—
683
684
83,093
100
5,853
—
89,046
102,997

Page 11

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 2 (b). INCOME – 2019

Note
Donations and legacies
Gift Aid – Bank
12
Gift Aid – Envelopes
12
Other planned giving
Loose plate collections
Donations appeals for external projects
Donations etc for Christ Church
Tax recoverable on Gift Aid
Legacies
Other funds generated
Car Park income
Total
Charitable activities
Fees for weddings and funerals
Church hall lettings
Total
Other trading activities
Christmas Market
Total
Investments
Dividends
Bank and building society interest
Total
Other income
Loan repayment to Diocese
Total
INCOME TOTAL		 Unrestricted
Designated
Restricted
Endowment
Total
for 2019
£
£
£
£
£
30,608
—
—
—
30,608
9,224
—
—
—
9,224
130
—
—
—
130
5,474
—
—
—
5,474
564
—
—
—
564
6,584
—
6,770
—
13,354
11,629
—
1,453
—
13,082
—
—
—
—
—
1,234
—
576
—
1,810
5,134
—
—
—
5,134
70,581
—
8,799
—
79,380
1,097
—
—
—
1,097
9,521
—
—
—
9,521
10,618
—
—
—
10,618
2,007
—
—
—
2,007
2,007
—
—
—
2,007
5,088
—
5,042
10,130
45
133
—
178
5,133
133
5,042
—
10,308
—
—
684
—
684
—
—
684
—
684
88,339
133
14,525
—
102,997

Page 12

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 3 (a). EXPENDITURE – 2020

OTE 3 (a). EXPENDITURE – 2020
Note
Expenditure on charitable activities
Giving – relief and development agencies
Home mission
Secular charities
Ministry parish share etc
Salary of parish administrator
5
Working expenses of incumbent
Parsonage house expenses
Church running – insurance
Church office – telephone
Organ / piano tuning
Church maintenance
Cleaning
Upkeep of services
Administration
Visiting speakers / locums
Church running – electric
Church running – gas
Church running – water
Organist
Centre Manager
5
Car Park extension
Printing and stationery
Transport costs
Total
Other expenditure:
Miscellaneous expenditure
EXPENDITURE TOTAL		 Unrestricted
Designated
Restricted
Endowment
Total
this year
Total
last year
£
£
£
£
£
£
—
—
—
—
—
579
1,598
—
—
—
1,598
664
1,300
—
—
—
1,300
1,012
65,470
—
—
—
65,470
62,083
6,490
—
—
—
6,490
6,490
—
—
—
—
—
700
—
—
—
—
—
222
2,610
—
—
—
2,610
2,560
69
—
—
—
69
66
648
—
—
—
648
742
276
—
276
13,901
2,902
—
—
—
2,902
3,149
422
—
—
—
422
705
964
—
—
—
964
1,347
—
—
—
—
—
50
1,228
—
—
—
1,228
1,749
1,597
—
—
—
1,597
2,210
130
—
—
—
130
140
630
—
—
—
630
3,030
—
—
—
—
—
—
—
—
—
—
—
20,452
844
—
—
—
844
1,905
—
—
443
—
443
2,134
87,178
—
443
—
87,621
125,890
—
—
—
—
—
7,932
87,178
—
443
—
87,621
133,822

Page 13

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 3 (b). EXPENDITURE – 2019

Note
Expenditure on charitable activities
Giving – relief and development agencies
Home mission
Secular charities
Ministry parish share etc
Salary of parish administrator
5
Working expenses of incumbent
Parsonage house expenses
Church running – insurance
Church office – telephone
Organ / piano tuning
Church maintenance
Cleaning
Upkeep of services
Administration
Visiting speakers / locums
Church running – electric
Church running – gas
Church running – water
Organist
Centre Manager
5
Car Park extension
Printing and stationery
Transport costs
Total
Other expenditure:
Miscellaneous expenditure
7a
EXPENDITURE TOTAL		 Unrestricted
Designated
Restricted
Endowment
Total
for 2019
£
£
£
£
£
579
—
—
—
579
664
—
—
—
664
1,012
—
—
—
1,012
62,083
—
—
—
62,083
6,490
—
—
—
6,490
700
—
—
—
700
222
—
—
—
222
2,560
—
—
—
2,560
66
—
—
—
66
742
—
—
—
742
2,714
2,376
8,811
—
13,901
3,149
—
—
—
3,149
705
—
—
—
705
1,347
—
—
—
1,347
50
—
—
—
50
1,749
—
—
—
1,749
2,210
—
—
—
2,210
140
—
—
—
140
3,030
—
—
—
3,030
—
—
—
—
—
—
—
20,452
—
20,452
1,905
—
—
—
1,905
—
—
2,134
—
2,134
92,117
2,376
31,397
—
125,890
1,192
6,690
50
—
7,932
93,309
9,066
31,447
—
133,822

Page 14

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 4. ANALYSIS OF EXPENDITURE

2020 2019
£ £
Independent examiners remuneration 400 400

No trustee claimed any expenses in connection with their role as a trustee in either 2020 or 2019.

NOTE 5. STAFF COSTS

Salaries and wages
Pension costs
Total		 2020
£
8,320
333
8,653
 2019
£
8,320
333
8,653

During the year the PCC employed and paid a Parish Administrator and a cleaner (both part time). No payment was large enough to attract social security costs. Both employees exercised their right in 2017 to opt into a workplace pension (see below). The third employee, the Centre Manager, is on long term sick leave and has not been paid since the end of July 2018. Fiona Townsend, the Parish Administrator, is the wife of Mark Townsend, a PCC Member. No other expenses were claimed by employees.

The PCC has enrolled those employees who wish to be members of a workplace pension scheme into NEST. Contributions commenced in November 2017. This is a defined contribution scheme and so no liability will fall on the Trustees. Both employer and employee pay 4% into this scheme.

NOTE 6. ANALYSIS OF TRANSFER BETWEEN FUNDS

Unrestricted Unrestricted Restricted
£ £
Transfer from Aged and Infirm to General 3,627 (3,627)

In view of the age profile of the congregation the PCC agreed to transfer the annual surplus on the Aged and Infirm Fund to the General Fund as a large part of the Church’s general activities relate to the elderly and infirm.

NOTE 7. FIXED ASSETS

(a) Tangible assets
Valuation 1st January
Disposal proceeds
Revaluation in year
Valuation at end of year		 2020
£
—

—
—
—		 2019
£
287,500
(287,500)
—
—

50% share (with Diocese holding the other 50%) in 4 bed detached property at Thorndales. The property was sold on 18[th ] March 2019. The PCC invested its share of the proceeds after deduction of £6,690 sale costs.

Page 15

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

2020 2019
(b) Investments £ £
Market value 1st January 435,668 113,568
Purchases — 294,889
Disposals — (13,164)
Gains/(losses) 3,814 40,375
Market value 31st December 439,482 435,668
The market value at the end of the year represents investments for:
Endowment Funds 33,144 32,607
Housing Buildings Capital – Thorndales 322,954 302,174
Restricted Funds 83,384 100,887
439,482 435,668
NOTE 8. CURRENT ASSETS
Debtors 2020 2019
Unrestricted Funds: £ £
Tax recoverable 1,874 2,089
Prepayments 1,532 1,516
Other — 622
Restricted:
Tax recoverable — 325
Total 3,406 4,552

NOTE 9. LIABILITIES

(a) Creditors falling due within 1 year
2020 2019
Unrestricted Funds: £ £
Salaries and pensions 735 735
Charitable donations 931 962
Other 1,689 2,458
Total 3,355 4,155
(b) Creditors falling due after 1 year
Loan from Diocese re Parish Hall 22,564 23,247

In 1990 the proceeds from the sale of the parish Hall were paid over to the Diocese. These were immediately loaned back to the Parish to fund the internal reordering of the Church. The loan is interest free and is being paid back with annual instalments of £683.75 with final repayment due in 2053.

Page 16

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 10 (a). STATEMENT OF ASSETS AND LIABILITIES – 2020

General
Designated
Restricted
Endowment
This year
Last year
Fixed assets – Investments
Investments held by PCC
Totals
Current assets - Cash at bank and in hand
Aged and Infirm
General Fund
Building Trust Fund
Christ Church Centre
Fabric Fund
General Fund Deposit
Memorial Fund Deposit
CCLA Deposit Account 108001850D
Totals
Current assets – Debtors
Accounts Receivable
Totals
Liabilities - Creditors: due within one year
Accounts Payable
Totals
Creditors falling due after one year
Loans received
Totals
Grand total		 £
£
£
£
£
£
—
322,954
83,384
33,144
439,482
435,668
—
322,954
83,384
33,144
439,482
435,668
—
—
3,030
—
3,030
3,030
8,914
—
—
—
8,914
18,047
—
—
12,096
—
12,096
10,671
—
—
201
—
201
201
—
559
—
—
559
459
20,845
—
—
—
20,845
12,832
—
1,188
—
—
1,188
1,188
—
—
19,132
—
19,132
18,449
29,759
1,747
34,459
—
65,965
64,877
3,406
—
—
—
3,406
4,552
3,406
—
—
—
3,406
4,552
(3,355)
—
—
—
(3,355)
(4,154)
(3,355)
—
—
—
(3,355)
(4,154)
(22,564)
—
—
—
(22,564)
(23,247)
(22,564)
—
—
—
(22,564)
(23,247)
7,246
324,701
117,843
33,144
482,934
477,695

Page 17

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 10 (b). STATEMENT OF ASSETS AND LIABILITIES – 2019

General
Designated
Restricted
Endowment
Total for
2019
Fixed assets – Investments
Investments held by PCC
Totals
Current assets - Cash at bank and in hand
Aged and Infirm
General Fund
Building Trust Fund
Christ Church Centre
Fabric Fund
General Fund Deposit
Memorial Fund Deposit
CCLA Deposit Account 108001850D
Totals
Current assets – Debtors
Accounts Receivable
Totals
Liabilities - Creditors: due within one year
Accounts Payable
Totals
Creditors falling due after one year
Loans received
Totals
Grand total		 £
£
£
£
£
—
302,174
100,887
32,607
435,668
—
302,174
100,887
32,607
435,668
—
—
3,030
—
3,030
18,047
—
—
—
18,047
—
—
10,671
—
10,671
—
—
201
—
201
—
459
—
—
459
12,832
—
—
—
12,832
—
1,188
—
—
1,188
—
—
18,449
—
18,449
30,879
1,647
32,351
—
64,877
4,227
—
325
—
4,552
4,227
—
325
—
4,552
(4,155)
—
—
—
(4,155)
(4,155)
—
—
—
(4,155)
(23,247)
—
—
—
(23,247)
(23,247)
—
—
—
(23,247)
7,704
303,821
133,563
32,607
477,695

Page 18

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 11 (a). SUMMARY OF FUND MOVEMENTS – 2020

Opening
Incoming
Outgoing
Transfers
Gains/
losses
Closing
Unrestricted
General fund
Designated
Fabric Fund
House – Buildings Capital
Memorial Fund
Restricted
Aged and Infirm Fund
Building Trust Fund
Christ Church Centre
Sale of old hall
Endowment
Endowment
Grand total		 £
£
£
£
£
£
7,704
83,093
87,178
3,627
—
7,246
7,704
83,093
87,178
3,627
—
7,246
459
100
—
—
—
559
302,174
—
—
—
20,780
322,954
1,188
—
—
—
—
1,188
303,821
100
—
—
20,780
324,701
103,917
4,070
443
(3,627)
(17,503)
86,414
10,996
1,100
—
—
—
12,096
201
—
—
—
—
201
18,449
683
—
—
—
19,132
133,563
5,853
443
(3,627)
(17,503)
117,843
32,607
—
—
—
537
33,144
32,607
—
—
—
537
33,144
477,695
89,046
87,621
—
3,814
482,934

Page 19

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 11 (b). SUMMARY OF FUND MOVEMENTS – 2019

Opening
Incoming
Outgoing
Transfers
Gains/
losses
Closing
Unrestricted
General fund
Designated
Fabric Fund
House – Buildings Capital
Memorial Fund
Restricted
Aged and Infirm Fund
Building Trust Fund
Christ Church Centre
Sale of old hall
Endowment
Endowment
Grand total		 £
£
£
£
£
£
9,816
88,339
93,309
2,858
—
7,704
9,816
88,339
93,309
2,858
—
7,704
2,702
133
2,376
—
—
459
287,500
—
6,690
—
21,364
302,174
1,188
—
—
—
—
1,188
291,390
133
9,066
—
21,364
303,821
93,945
5,042
6,589
(2,858)
14,377
103,917
7,179
8,223
4,406
—
—
10,996
20,077
576
20,452
—
—
201
17,765
684
—
—
—
18,449
138,966
14,525
31,447
(2,858)
14,377
133,563
27,973
—
—
—
4,634
32,607
27,973
—
—
—
4,634
32,607
468,145
102,997
133,822
—
40,375
477,695

Page 20

Christ Church, Warley, Brentwood Notes to the Financial Statements for the year ending 31[st] December 2020

NOTE 12. RELATED PARTIES
2020 2019
£ £
Giving by Trustees 24,639 21,855

This is the giving by members of the PCC for the work of the Church excluding gift aid.

NOTE 13. FUNDS HELD BY DIOCESE

The Chelmsford Diocesan Board of Finance holds legal title as Custodian Trustee of the funds below. The management of the trust funds is the responsibility of the PCC as Managing Trustees.

2020 2019 £ £ Parish hall loan repaid 19,132 18,449 The funds have been placed in a dedicated deposit account managed by the CCLA. Clerical assistance for the vicar 2,520 2,358 The funds have been invested in the CCLA Church Board of Finance Church of England Investment Fund Income Shares. This fund is included within the figures in note 11 for Endowment Funds.

Sale of Thorndales 322,954 302,174 The funds have been invested in the CCLA Church Board of Finance Church of England Investment Fund Income Shares.

Income is accounted for in Christ Church’s accounts as follows:

2020 2019
£ £
Parish hall loan repaid
100		 130
Deposit account interest is credited to the Fabric Fund.
Clerical assistance for the vicar
71		 68
Dividend income is credited to the General Fund.
Sale of Thorndales
9,047		 4,456
Dividend income is credited to the General Fund.

Page 21