Parochial Church Council of St. Giles’ Church Exhall
Annual Financial Report for the year ending 31 December 2021
Incumbent
The Reverend Gail Phillip
Treasurer
The Reverend Stephen Carter
Bankers
Santander UK plc CCLA Investment Management Ltd. Churches’ Mutual Credit Union
Independent Examiner
Gavin Kibble
Page Contents
2 Introduction 3 Financial Report & Policies 4 Independent Examiner’s Report 5 Statement of Financial Activities
6 – 7 Statement of Assets and Liabilities 8 – 9 Analysis of Income and Expenditure 10 Conclusion
Page 2
Introduction
Basis of preparing the financial statements
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Incoming resources and resources expended
All incoming resources are included in the Statement of Financial Activities when the church is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure is accounted for on an accruals and prepayments basis and has been classified under headings that aggregate all costs related to that 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.
Fund accounting
Unrestricted funds can be used in accordance with the church’s objectives at the discretion of the PCC. Designated funds comprise funds that have been set aside at the discretion of the PCC for specific purposes and recorded as such in the minutes of the PCC. Restricted funds can only be used for the particular purposes specified by the donor or when funds are raised for particular restricted purposes.
The restricted fund for the Church Houses is supported by income derived from the legacy of Frances Riley. This can be used for the upkeep of the Churchyard (including the Meadow) and for maintenance of the church building.
The Church Maintenance restricted fund is largely supported by income derived from the legacy of Susan Bourne. It can be used for the maintenance of the church building and the enhancement of the audiovisual equipment.
Other, smaller, restricted funds derive their funds from direct grants, donations and investment income. They can be used for the specific purposes suggested by their titles.
Investments
Investments are stated at market value. The house in Coventry Road is currently used as an investment asset and generates income for the church. A valuation instructed by the PCC in 2019 indicated that its open market value at that time was £185,000.
Staff Costs
The average monthly headcount was 1.67 staff (2020: two staff) and the average monthly full-time equivalent headcount (including part-time staff) was one (2020: one). No staff were furloughed as a result of the Covid-19 pandemic. No staff were paid at a higher rate than £60,000 per annum during this or the previous year. The church subscribes to a workplace pension scheme. There was one member of the scheme until August 2021 and none thereafter.
Page 3
Financial Report
With great thankfulness, we are able to report that the current financial situation of the church is much healthier than we might have anticipated. It cannot yet be classed as good, but rather as a work in progress. Our overall income was up by £18,865 year on year and our overall expenditure decreased by £2,069 year on year. This still left us with a deficit of £8,626 for the year, but that was much better than the previous year’s deficit of £29,559.
The stewardship campaign we held at the beginning of the year encouraged people in their giving and brought significant benefit. Our average individual planned weekly giving went up from £6.63 in 2019 to £8.36 in 2021. Whilst this is a really positive outcome, we must not forget the fact that, for us to break even, average weekly giving needs to be nearer £12.00. One way to achieve this would be to encourage more people to join the planned giving scheme in one form or another. There were 92 households with planned givers in 2021 whilst there were 142 households represented on our Electoral Roll, so we still have some work to do on this. We have also diversified the ways in which people can contribute financially, for example through online giving and the recently installed card payment terminal.
A breakdown of all these figures is available on request. A copy of the full accounts is posted on a noticeboard in church.
The Large Church Hall is a charity in its own right and its finances have to be reported to the Charity Commission separately. The details of the figures, however, are part of the main church accounts. Income received from lettings and donations in the year totalled £6,262 (2020: £3,652), while total expenditure to run and maintain the hall and car park came in at £3,037 (2020: £4,416), giving a profit of £3,225 (2020: deficit of £764).
Accounting Policies
Reserves Policy
The PCC’s policy is to review the reserves of the church on a regular basis. This review encompasses the nature of income and expenditure streams, and the PCC has determined that a general fund reserve of three month’s unrestricted expenditure should be maintained. At the end of the year this target was £23,839 (2020: £26,159).
Risk Policy
The PCC has identified the risks that might affect the church and has provided relevant training as advised. The PCC reviews the church’s policies and procedures regularly to minimise any risks identified.
Page 4
Independent Examiner’s report to the PCC of St. Giles’ Church, Exhall for the year ended 31st December 2021.
This report on the accounts of the PCC for the year ended 31st December 2021, which are set out on pages 5 to 10, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (‘the Regulations’) and s.145 of the Charities Act 2011 (‘the Act’).
Respective responsibilities of the PCC and the examiner
As members of the PCC you are responsible for the preparation of the accounts; you consider that the audit requirement of the Regulations and section 144(2) of the Act do not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Act and the Regulations.
Basis of this report
My examination was carried out in accordance with the General Directions given by the Charity Commission under the Act and to be found in the Church Guidance, 2006 edition, issued by the Finance Division of the Archbishop’s Council. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1)which gives me reasonable cause to believe that in any material respect the requirements –
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare financial statements which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met; or
-
(2)to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Page 5
1 April 2022 Gavin Kibble ACMA 1 Kineton Road Wyken Coventry CV2 3NR
Page 6
Statement of Financial Activities
| Unrestricted RestrictedEndowment Total Prior year funds funds funds fundstotal funds |
Unrestricted RestrictedEndowment Total Prior year funds funds funds fundstotal funds |
|---|---|
| Income and endowments from: | |
| Donations and legacies | 60,937 10,587 — 71,524 61,112 |
| Income from charitable activities | 18,751 122 — 18,873 12,910 |
| Other trading activities | 2,355 9,000 — 11,355 8,761 |
| Investments | 0 10,651 — 10,651 10,755 |
| Total income | 82,043 30,361 — 112,405 93,540 |
| Expenditure on: | |
| Raising funds | 103 1,200 — 1,303 1,564 |
| Expenditure on charitable activities | 95,254 24,473 — 119,728 121,535 |
| Total expenditure | 95,357 25,673 — 121,031 123,100 |
| Net income / (expenditure) resources before transfer |
(13,313) 4,687 — (8,626) (29,559) |
| Transfers | |
| Gross transfers between funds - in | 35,184 10,597 — 45,782 18,771 |
| Gross transfers between funds - out | (31,132) (14,649) — (45,782) (18,771) |
| Other recognised gains / losses | |
| Gains / losses on investment assets | 7,832 52,303 — 60,135 27,676 |
| Net movement in funds | (1,429) 52,938 — 51,509 (1,883) |
| Total funds brought forward | 61,241 1,153,917 — 1,215,159 1,217,042 |
| Total funds carried forward | 59,812 1,206,856 — 1,266,668 1,215,159 |
| Represented by | |
| Unrestricted | |
| General fund | 59,269 — — 59,269 60,237 |
| Designated | |
| Church Hall - Large | 230 — — 230 (749) |
| Church Hall - Small | — — — — 122 |
| Church Maintenance | — — — — 1,317 |
| Church Meadow | 312 — — 312 312 |
| Restricted | |
| Church Hall - Large | — 220 — 220 580 |
| Church Hall - Small | — 338 — 338 500 |
| Church Houses | — 330,957 — 330,957 294,675 |
| Church Maintenance | — 183,494 — 183,494 160,489 |
| Church Meadow | — 636 — 636 1,821 |
| Churchyard | — (1,969) — (1,969) 2,664 |
| Property Values | — 691,084 — 691,084 691,084 |
| Remembrance Parade Road Closures | — 600 — 600 400 |
| St Giles' Toddlers' Group | — 56 — 56 264 |
| Youth Café | — 1,438 — 1,438 1,438 |
Page 7
Statement of assets and liabilities
| This year Last year |
|
|---|---|
| Investments | |
| CCLA Riley Trust Legacy A/c - 111002290S | |
| Church Houses (Restricted) - | 256,316 224,238 |
| 256,316 224,238 |
|
| CCLA Bourne Legacy A/c - 611067001S | |
| Church Maintenance (Restricted) - | 161,605 141,379 |
| 161,605 141,379 |
|
| CCLA General Investment A/c - 611067001J | |
| General fund (Unrestricted) - | 52,679 44,847 |
| 52,679 44,847 |
|
| Total for Investments | 470,601 410,465 |
| Tangible assets | |
| Large Hall | |
| Property Values (Restricted) - | 396,348 396,348 |
| 396,348 396,348 |
|
| Small Hall | |
| Property Values (Restricted) - | 109,736 109,736 |
| 109,736 109,736 |
|
| House - Coventry Road | |
| Property Values (Restricted) - | 185,000 185,000 |
| 185,000 185,000 |
|
| Total for Tangible assets | 691,084 691,084 |
| Cash at bank and in hand | |
| Santander Current Account | |
| General fund (Unrestricted) - | 5,858 14,742 |
| Church Maintenance (Designated) - | — 1,317 |
| Church Maintenance (Restricted) - | — 1,331 |
| Church Hall - Large (Designated) - | 230 (749) |
| Church Hall - Large (Restricted) - | 220 580 |
| Church Hall - Small (Designated) - | — 122 |
| Church Hall - Small (Restricted) - | 338 500 |
| Churchyard (Restricted) - | (1,969) 2,664 |
| Church Meadow (Designated) - | 312 312 |
| Church Meadow (Restricted) - | 636 1,821 |
| Church Houses (Restricted) - | 1,763 4,199 |
| Youth Café (Restricted) - | 1,438 1,438 |
| St Giles' Toddlers' Group (Restricted) - | 56 159 |
| Remembrance Parade Road Closures (Restricted) - | 600 400 |
| Agency collection (Restricted) - | 65 — |
| 9,549 28,841 |
|
| CCLA No 2 A/c - 611067003D | |
| General fund (Unrestricted) - | 316 316 |
| 316 316 |
|
| CCLA Restoration A/c - 611067004D | |
| Church Maintenance (Restricted) - | 21,889 17,778 |
| 21,889 17,778 |
|
| CCLA Riley Trust Income A/c - 611067005D | |
| Church Houses (Restricted) - | 72,778 66,237 |
| 72,778 66,237 |
|
| CMCU Ltd A/c - 1031 | |
| General fund (Unrestricted) - | 316 316 |
| 316 316 |
Page 8
| Hawkins A/c - 222 Coventry Road | |
|---|---|
| Church Houses (Restricted) - | 100 — |
| 100 — |
|
| Treasurer's Cash A/c | |
| General fund (Unrestricted) - | 50 — |
| Agency collection (Restricted) - | (50) — |
| — — |
|
| Administrator's Cash A/c | |
| General fund (Unrestricted) - | 27 1 |
| 27 1 |
|
| Toddlers' Group Cash A/c | |
| St Giles' Toddlers' Group (Restricted) - | — 104 |
| — 104 |
|
| Churchwardens' Cash A/c | |
| General fund (Unrestricted) - | 20 12 |
| 20 12 |
|
| Total for Cash at bank and in hand | 104,998 113,609 |
| Agency accounts | |
| Agency collections | |
| Agency collection (Restricted) - | (15) — |
| Total for Agency accounts | (15) — |
| Grand total | 1,266,668 1,215,159 |
Page 9
Analysis of income and expenditure
| — — 122 — 122 — |
||
| 12,169 6,582 122 — 18,873 12,910 1,052 — — — 1,052 30 67 — — — 67 65 — — 9,000 — 9,000 6,824 22 — — — 22 — 91 — — — 91 15 — 651 — — 651 884 — — — — — 2 |
||
| 470 — — — 470 940 |
||
| 1,703 651 9,000 — 11,355 8,761 — — — — — 125 — — 10,605 — 10,605 10,293 |
||
| 0 — 45 — 45 336 |
||
| Total | 0 — 10,651 — 10,651 10,755 |
|
| INCOME TOTAL | 74,803 7,240 30,361 — 112,405 93,540 |
Page 10
EXPENDITURE
| EXPENDITURE | ||||||
|---|---|---|---|---|---|---|
| Raising funds | ||||||
| Costs of stewardship campaign | 103 | — | — | — | 103 | 271 |
| House management costs - | — | — | 1,200 | — | 1,200 | 1,292 |
| Coventry Road | ||||||
| Total | 103 | — | 1,200 | — | 1,303 | 1,564 |
| Expenditure on charitable activities | ||||||
| Giving - Missionary Societies | 690 | — | — | — | 690 | 1,360 |
| Giving - Relief & Development | 788 | — | — | — | 788 | 1,360 |
| Agencies | ||||||
| Giving - Home mission | — | — | — | — | — | 1,360 |
| Giving - Secular Charities | 690 | — | — | — | 690 | 1,360 |
| Ministry parish share etc | 63,336 | — | — | — | 63,336 | 67,220 |
| Family Worker Salary | 6,057 | — | 1,996 | — | 8,053 | 11,960 |
| Salary of parish administrator | 2,819 | — | — | — | 2,819 | 5,170 |
| Organists | — | — | — | — | — | 625 |
| Working expenses of Incumbent | 173 | — | — | — | 173 | 199 |
| Working expenses of Curate | 337 | — | — | — | 337 | — |
| Working expenses of F & C's | 162 | — | — | — | 162 | 393 |
| Worker | ||||||
| Vicar's telephone | 342 | — | — | — | 342 | 116 |
| Parish training | 50 | — | — | — | 50 | 144 |
| Mission Resources | 177 | — | 400 | — | 577 | 485 |
| Website | — | — | — | — | — | 93 |
| Social Outreach Events | 138 | — | — | — | 138 | — |
| Church running - insurance | 3,776 | — | — | — | 3,776 | 3,956 |
| Church ofce - Telephone / | 447 | — | — | — | 447 | 466 |
| Internet | ||||||
| Organ / piano tuning | 295 | — | — | — | 295 | 295 |
| Church maintenance | 47 | — | 544 | — | 591 | 2,072 |
| Cleaning | 876 | — | — | — | 876 | 592 |
| Sundry church expenses | 1,149 | — | — | — | 1,149 | 672 |
| Covid-19 Expenses | 51 | — | — | — | 51 | 342 |
| Upkeep of services | 1,392 | — | — | — | 1,392 | 1,224 |
| Choir Expenses | 115 | — | — | — | 115 | — |
| Upkeep of Churchyard | — | — | 5,656 | — | 5,656 | 3,039 |
| Upkeep of Meadow | — | — | 5,255 | — | 5,255 | 1,622 |
| Waste Disposal | — | — | 986 | — | 986 | 986 |
| Administration | 582 | — | — | — | 582 | 207 |
| Ofce Stationery | 818 | — | — | — | 818 | 904 |
| Photocopier Costs | 1,718 | — | — | — | 1,718 | 1,682 |
| Refreshments | 99 | — | — | — | 99 | 235 |
| Playgroup expenses | — | — | 230 | — | 230 | — |
| Church running - electric | 421 | — | — | — | 421 | 305 |
| Church running - gas | 1,235 | — | — | — | 1,235 | 1,182 |
| Church Broadband Connection | 489 | — | — | — | 489 | 238 |
| Magazine expenses | 110 | — | — | — | 110 | 110 |
| Large Hall running - electricity | — | 853 | — | — | 853 | 1,535 |
| Large Hall running - licencing | — | 35 | — | — | 35 | 124 |
| Large Hall running - insurance | — | 1,240 | — | — | 1,240 | 1,299 |
| Large Hall running - maintenance | — | 88 | — | — | 88 | 838 |
| Large Hall running - cleaning | — | 821 | — | — | 821 | 620 |
| Small Hall running - electricity | — | 349 | — | — | 349 | 445 |
| Small Hall running - insurance | — | 377 | — | — | 377 | 395 |
| Small Hall running - maintenance | — | 208 | — | — | 208 | 33 |
| Small Hall running - cleaning | — | 320 | — | — | 320 | 263 |
| House insurance costs - Coventry | — | — | 190 | — | 190 | 178 |
| Road | ||||||
| House minor repair costs - | — | — | 130 | — | 130 | 3,506 |
| Coventry Road | ||||||
| House running costs - Coventry | — | — | 230 | — | 230 | 55 |
| Road | ||||||
| Governance costs | 250 | — | — | — | 250 | 250 |
| examination/audit fee | ||||||
| Church major repairs - structure | — | 1,317 | 3,542 | — | 4,860 | — |
| Church Technology Equipment | — | — | 2,793 | — | 2,793 | — |
Page 11
| Large Hall - major repairs (installation |
— — 2,518 — 2,518 — |
|---|---|
| Total | 89,641 5,612 24,473 — 119,728 121,535 |
| EXPENDITURE TOTAL | 89,744 5,612 25,673 — 121,031 123,100 |
| GRAND TOTAL | (14,942) 1,628 4,687 — (8,626) (29,559) |
Page 12
Conclusion
Stephen and Gwyneth Carter continued to count and bank the money until the end of August, and our thanks go to them for their great help. The relaxing of Covid-19 restrictions from then on meant that Sue Talbot and her friend Valerie Wells were able once again to do this for us regularly and we are extremely grateful for their care and diligence in helping us in this way.
We are, thankfully, in a better financial position than we might have expected or hoped, but we do still need to increase our regular giving to ensure longer-term sustainability and growth. The Finance and Stewardship Committee has worked hard over the last two years on raising awareness of, and addressing, the financial challenges that face us. We are deeply grateful for their diligence in this work, which will continue to be a key area for discussion, prayer and development, with an emphasis on every member of the church family having a vital part to play.
This report dated: 17 February 2022
Stephen Carter PCC Treasurer
Gail Phillip Incumbent & PCC Chair
Page 13