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2021-12-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

COMPANY NO: 08824540 - CHARITY NO: 1156606

PARISH GIVING SCHEME

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021

STATUS Parish Giving Scheme is a charitable company limited
by guarantee, incorporated on 23rdDecember 2013 and
registered as a charity on 17thMarch 2014.
GOVERNING DOCUMENT The Company was established under a memorandum of
association which sets out its objects and powers and is
governed under its articles of association.
COMPANY NUMBER 08824540
CHARITY NUMBER 1156606
REGISTERED OFFICE &
OPERATIONAL ADDRESS 76 Kingsholm Road, Gloucester. GL1 3BD
PRESIDENT The Right Reverend Rachel Treweek
TRUSTEES Theo David Platt (Chair) (from 26thNovember 2021)
Victoria James (Chair) (from 1stJanuary 2021 to 25th
November 2021)
Adrian Beney
Phillip Blinkhorn
Revd David Brooke
Julie Dziegiel
Michael Eastwood
Rebecca Evans
Revd Dr Kevin Grumball
CHIEF EXECUTIVE OFFICER Grant Forrest (appointed 1stJune 2021)
Helen Richardson (resigned 31stJanuary 2021)
HEAD OF OPERATIONS Helen Taylor
HEAD OF IT Brendan Harris
BANKERS Barclays Bank, Britannia Warehouse, The Docks,
Gloucester, GL1 2EH
AUDITOR Buzzacott LLP, 130 Wood Street, London, EC2V 6DL
SOLICITOR Veale Wasbrough Vizards, Narrow Quay House,
Narrow Quay, Bristol BS1 4QA

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees present their report and the audited financial statements for the year ended 31 December 2021. Reference and administrative information set out on page 1 forms part of this report. Parish Giving Scheme (PGS) (also referred to as The Scheme) was incorporated on 23 December 2013 and registered as a charity on 17 March 2014. Dioceses that participate in the activities of PGS are required to become members of the company.

PGS commenced independent operations on 1 November 2014. Prior to this, equivalent activities were carried out by the Gloucester Diocesan Board of Finance (GDBF) and reported within their statutory accounts. Under prior agreement on 1 November 2014 donors migrated from donating to GDBF to donating to PGS.

The PGS has a board of up to 12 trustees. Trustees are recommended by the Board and agreed by the Members at the Annual Members Meeting (AMM). There are currently eight trustees reflecting a range of skills pertinent to the flourishing of the PGS service and the geographical spread of The Scheme around England.

Following the completion of term of office, Victoria James resigned from the board in November 2021 and Theo Platt was voted in as the Chair of the Board.

A skills audit was completed in 2021 recognising the need to plan ahead for upcoming terms of office ending and recruitment for additional trustees commenced.

Where new trustees are appointed, they are given a formal induction to the work of PGS by the Chair and CEO. They are provided with information they need to fulfil their roles, which includes information about the role of trustees and charity law. New trustees are nominated by members of the board, appointed where they have the necessary skills to contribute to the , and the appointment approved at the Annual Members Meeting. During 2022, there are plans to develop further training and induction as part of the ongoing recruitment process.

Trustees are expected to engage actively in the governance of PGS. Board meetings are held quarterly where trustees receive regular reports on the development, activity, and performance of the PGS organisation and service. The Board make strategic decisions on the operation of The Scheme, including structural and financial arrangements, the terms of business for The Scheme and approving, monitoring and reviewing development proposals.

Members of The Scheme are participating dioceses that have signed the Members Agreement and paid the subscription fee. Members meet annually at the AMM to approve new trustees and receive the Annual Trustees Report and accounts as well as hear about the development of The Scheme.

The PGS team was led by the Chief Executive Officer, Helen Richardson until 31 January 2021, who had been in post since 1st January 2016. Before that Helen had been instrumental in setting up The Scheme in the Diocese of Gloucester in 2008. A new CEO, Grant Forrest, commenced work with the PGS in June 2021.

In 2020, following the efficient launch of the telephone Direct Debit service, two new PGS Administrators were recruited on a fixed term contract. During 2021, it was clear that the growth of the service required a longer-term approach to the additional workload and the two fixed term roles were converted to full time employment. The Head of IT role, which was increased to 4 days per week during the development of the digital project, was reduced to one day per week in recognition of the reduced workload.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

________________

STRUCTURE, GOVERNANCE AND MANAGEMENT (ctd)

PGS is continuing to benefit from increased growth and it is planned that further work regarding the structure will be completed in 2022 to facilitate the operational requirements of the increased scale of operation.

The key management personnel of the charity include the Trustees listed on page 1, together with the Chief Executive (Grant Forrest) and Head of Operations (Helen Taylor). Whilst the Trustees are not remunerated for their services, the remuneration of the paid post holders is determined by the Trustees with due reference to charity sector benchmarks and related information.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

________________

OBJECTIVES

The objects of the charity are:

The Trustees continue to regard and consider the Charity Commission's general guidance on developments.

During 2021 the core PGS service has enabled over 3,700 Church of England parishes (an increase of 15% on 2020) to access funds from more than 61,000 givers (an increase of 13% on 2020) and the accompanying Gift Aid more quickly and efficiently than would have otherwise been the case. This supports parishes to better fulfil their key activities of promoting the whole mission of the Church throughout their community.

The impact of the Covid-19 pandemic was significant in all aspects of life and churches faced many challenges including financial sustainability. The Scheme proved its value to the Church of England during this time by continuing to enable committed regular giving to support the mission of the church locally. Parishes where the PGS has been well embedded as a method of giving, have been better able to sustain giving levels and meet their obligations during 2021.

Further
2021 Highlights for the PGS details on
page
Parish registrations increased during 2021 by 16% 6
Grant from Archbishops
Council enabled the continued development of the		 6
Digital Platform
Full launch of the Digital Platform in March 2021 which has contributed 6
towards the 16% income growth
Giver registration increased by 14% 7
Change of Accounting Policy for Capitalisation 10

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

ACTIVITIES

is to provide the most efficient and effective way for people to financially support the activity of the Church of England locally.

This is done through a regular giving scheme which collects gifts through Direct Debit and makes the giving available to be spent in a specified church/parish within 10 days. Givers can also commit to annually inflating their gifts to ensure its spending power is maintained. The diagram to the right illustrates the operation of this system during the period of this report.

Gift Aid is claimed each month on all eligible donations and is forwarded to the specified churches as soon as it is received from HMRC.

This activity has been designed to specifically support and enhance the ecclesiology of the Church of England; being one body working in and for every community in the country. The administrative costs of this activity are funded by participating Diocesan Boards of Finance who make contributions to PGS in order to enable the extension of this activity into their respective region. By the end of 2021, regular giving from 31 different dioceses were being processed in suppo

STRATEGIC REVIEW

ACHIEVEMENT AND PERFORMANCE

The principal activity of PGS is the provision of a professional and cost-effective scheme to enable givers to support their local church.

From the early days of its life in the Diocese of Gloucester, The Scheme was designed to be able to handle a substantial number of givers and to be usable for any parish regardless of size, or theological tradition. The simplification of parish administration is an important additional benefit, as this provides an element of futureincome stream.

The last few years have been full of uncertainty and our members, parishes and givers have been dealing with unprecedented challenges in the face of the Covid-19 pandemic and a costof-living crisis. In a period of change, regular giving provides stability and confidence and PGS has responded, working tirelessly to ensure we continue to enable committed, regular giving which transforms the life and ministry of churches.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

________________

STRATEGIC REVIEW ACHIEVEMENT AND PERFORMANCE(ctd)

2021 has been another year of significant growth and development. A further 483 parishes have joined, bringing the total number of active parishes to 3,709, an increase of 16%. During 2021, more than £60m was distributed to parishes across the 31 member dioceses. The number of member dioceses increased to 32 from January 2022 when Canterbury joined The Scheme.

The Scheme to make regular giving as simple as possible. The launch of the digital platform in March 2021 was a significant step forward in this ambition and we are already seeing hugely positive results - almost 6,000 regular giving commitments were made during its first eight months in operation, representing over £5m in annual gifts to parishes, contributing to the 16% increase in income processed. We are grateful to the Archbishops Council for investing in the project and to the five dioceses who took part in the pilot. The platform is continuously developing and improving and has fast become the most popular method for givers to register. During 2021, we were delighted to welcome the Diocese of Blackburn to The Scheme. Canterbury, Rochester, and Norwich have joined in 2022, bringing the membership to 34. A register of members is provided on pages 33 - 36.

The figures above demonstrate the organic growth of PGS and its potential to underpin the work of parishes, however we know this may not be representative across the Church. Over the last six months, we have begun to shape and consult on a new vision which will support . By working with partners and members across the Church network, our intention is to broaden and deepen giving, maximising the potential of The Scheme and stimulating further growth. Alongside this, the board of trustees has been reviewing our charging model to ensure it is sustainable, fair and fit for purpose and in 2022 we will be strengthening the governance of PGS in the light of this vision and growth. We look forward to sharing more details with you over the coming months.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

_______________

KEY STATISTICS: Giver Value

PGS seeks to improve the quality of experience of giving to support parish ministry, improve the effectiveness of donations by giving givers reduce the local administrative burden on parishes. The following are some of the regularly monitored performance measures used by management:

Measure Dec-20 Dec-21 Change
Number of Givers 54,002 61,655 +14%
Number of Churches 3,209 3,709 +16%
Total forwarded to Churches in month £5.0M £5.7M +14%
Average Weekly Gift (Monthly Givers) £16.79 £16.82 +0.2%
Percentage of gifts on which Gift Aid is claimed 88.9% 88.5% -0.4%
Percentage of givers opting to inflate 54.1% 53.0% -2.0%

We have many testimonials of parishes, which have seen significant increases when they have run a good generosity campaign alongside the introduction of the PGS.

PGS is set up to serve the entire Church family, however much individuals wish to give and whether or not Gift Aid can be claimed on their giving. The lowest monthly donation handled is £1, the highest is £3,600. Both givers receive the same high-quality materials and service.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

________________

GROWTH AND FUTURE PLANS

2021 was the tenth year of the PGS serving parishes and givers across the Church. The growth shown has been enabled by both growing within existing areas of operation and moving into new dioceses and parishes.

Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 Forecast
2022
Underlying
£2.9m		 £5.3m £8.1m £13.3m £19.0m
£26.1m		 £36.5m £46.2m £53.4m £64.0m
gifts
Gift Aid £0.7m £1.3m £1.9m £3.2m £4.5m £6.2m £8.7m £10.8m £12.4m £14.8m
reclaimed
Total £3.6m £6.6m £10.0m £16.5m £23.5m £32.3m £45.2m £57.0m £65.8m £78.8m
forwarded
to
parishes
Givers 4,850 7,244 11,475 19,267 25,533 37,508 44,963 54,002 61,655 66,587
Number of
42		 76 111 183 257 345 483 601 701 799
givers
Processed
(k)

The Trustees expect that the income of the Charity in 2022 will again see substantial growth. This is expected to come from:

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

DIOCESAN ROLLOUT

PGS was established to serve the Church and understands the importance of the unity of the Body of the Risen Christ. In its operation it therefore actively seeks to enhance the common purpose of the Church and its structures.

The growth of PGS and its resourcing occurs through the Church of England diocesan structure. Diocesan Boards of Finance (DBFs) are invited to support the roll-out of PGS to parishes within their diocese. In committing to support PGS, DBFs agree to become a member of the company, pay an initial diocesan membership contribution to PGS to provide operational reserves and make a grant to PGS to cover ongoing service contributions to cover the overhead costs of operating within the diocese. This approach ensures the PGS has the formal support of the member Dioceses and is effectively supported by DBF staff. It is therefore positioned as a service provided by DBFs in support of parishes and is seen as a prime example of DBF support for the local church. PGS also seeks to be an excellent model of inter-diocesan collaboration, with advisers from participating dioceses helping neighbouring colleagues, and good practice being refined from one launch to another

Diocesan engagement with PGS as at 31[st] December 2021 was as follows:

By the end of 2022 the PGS will serve over three quarters of the mainland UK dioceses (34). We are aware of three other dioceses that are considering joining the Scheme within the next eighteen months.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

FUNDRAISING STANDARDS

The Charities Act 2011, as amended by the Charities (Protection and Social Investment) Act 2016, requires charities to publish information about fundraising standards. The Parish Giving Scheme does not itself carry out fundraising activity and therefore has nothing to report.

FINANCIAL REVIEW

Most of the PGS restricted income relates to the restricted parish donations and associated Gift Aid reclaimed. For 2021, the combined donation and Gift Aid amounted to £65.8m (2020: £57.1m). An equivalent amount is recorded as restricted expenditure, reflecting that this full amount is returned to the parishes.

The unrestricted income for PGS mainly comprises ongoing services contributions from member Dioceses of £589k (2020: £446k) and initial contributions from member Dioceses of £40k (2020: £40k) For further details, see note 2 on page 24. Unrestricted expenditure for 2021 amounted to £626k (2020: £292k). For further details, see notes 3 and 5 on pages 24 and 25).

Following the launch of the digital platform, the PGS Trustees recognise the creation of the digital platform as an intangible asset which therefore changes our approach to capitalisation. Given the significant investment made to digitise the giving experience for parishes, givers and dioceses, this new approach recognises the value of the website. The Trustees also recognise that the lifespan of the digital platform is relatively short as technology advances, so does the need to review regularly the underlying systems and processes. For the digital platform, it has been agreed to base the life span on four years, which equates to two cycles of support and maintenance with the CRM provider. In acknowledging the change of approach, the Trustees have agreed to restate the accounts from 2020 in light of the capitalisation approach to the digital project.

RESERVES POLICY AND POSITION

penditure is in relation to the amounts collected from donors and returned (in full) to the relevant parish. The Trustees recognise that these amounts are wholly restricted and therefore cannot be accessed or used by the Charity for its day-to-day operati of unrestricted funds. be earmarked for such purposes. As such, an amount of £200k has been set aside as a designated IT fund at 31 December 2021 (2020: £200k).

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

RESERVES POLICY AND POSITION (continued)

Following the change in accounting policy (see note 15 for more details), the Trustees also decided to earmark funds for the intangible fixed assets that have been capitalised in relation to the website development and the digital project. As such, an amount of £334k has been set aside as a designated intangible fixed asset fund at 31 December 2021 (2020: £297k)

The remainder of the Ch the Charity for its day-to-day requirements and to cover the cost of unforeseen contingencies. Further to a review of the reserves requirement in 2017, the Trustees determined that at any given time, the Charity should hold free reserves equal to the higher of £150,000 or six months budgeted unrestricted expenditure for the coming financial year in relation to non-staff costs plus two months of budgeted staff costs. At 31 December 2021, the Charity held free reserves totalling £212k which the Trustees recognise is in excess of the target requirement referenced above. The Trustees will be revisiting the reserves policy during the course of 2022 in light of wider considerations in relati

RISK MANAGEMENT

The Trustees have a risk management strategy which comprises:

and procedures to mitigate those risks identified in the annual review; and

the charity should those risks materialise.

The Trustees place high importance on managing reputational risk. We judge there to be two principal contributors to reputational risk - the first is systems failure which would prevent money being forwarded to parishes on time, which is managed by investing time and money maintaining systems as described above. The second element of risk is cyber-fraud, which is managed by buying in external expertise to support the development and monitoring of IT security across the platform and working environment.

COMPLAINTS POLICY

The PGS has a complaints policy and procedure for our service users and sets high standards for our staff. The Trustees are pleased to report that during 2021 no complaints were received (2020: nil).

When informal feedback is received from member dioceses or the network of giving advisers, this is considered appropriately either operationally or strategically depending on the nature of the feedback.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

________________

The Trustees (who are also the Directors of Parish Giving Scheme for the purposes of company law) are accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure for the period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that to the best of their knowledge there is no information relevant to the audit of which the auditors are unaware. The Trustees also confirm that they have taken all necessary steps to ensure that they themselves are aware of all relevant audit information and that this information has been communicated to the auditors.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of the corporate and financial governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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PARISH GIVING SCHEME

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

________________

THE TRUSTEES

The Trustees who served during the period up to the date of this report are shown on page 1.

AUDITORS

During the year, the external audit of PGS was tendered with Buzzacott LLP duly being appointed as auditors with effect from the year ended 31[st] December 2021.

Approved by the Trustees on 12[th] May 2022 and signed on their behalf by:

Theo Platt

Chair of the Board of Trustees

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PARISH GIVING SCHEME

TO THE MEMBERS OF PARISH GIVING SCHEME

________________

Opinion

We have audited the financial statements of Parish Giving Scheme for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the a responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial sta concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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PARISH GIVING SCHEME

(continued) TO THE MEMBERS OF PARISH GIVING SCHEME

________________

Other information

The other information comprises the information included in the Annual Report and Financial Statements . The trustees are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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PARISH GIVING SCHEME

(continued) TO THE MEMBERS OF PARISH GIVING SCHEME

Responsibilities of trustees for the financial statements

As explained more fully in the ned within the Report of the Trustees), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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PARISH GIVING SCHEME

(continued) TO THE MEMBERS OF PARISH GIVING SCHEME

financial statements to material

misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located /auditorsresponsibilities. This

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PARISH GIVING SCHEME

TO THE MEMBERS OF PARISH GIVING SCHEME

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 8 June 2022

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PARISH GIVING SCHEME

Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2021

_____________

Note
Income from:
Charitable activities
2
Total
Expenditure on:
Charitable activities
3
Total
Net income and net
movement in funds
4
Transfer between funds
Reconciliation of funds
Funds at the start of the year
(as restated)
15
Funds at the end of the year		 Restricted
funds
Unrestricted
funds
2021
Total
2020
Total
Restated
£
£
£
£
66,142
639
66,781
57,785
66,142
639
66,781
57,785
65,992
626
66,618
57,586
65,992
626
66,618
57,586
150
13
163
199
(131)
131
-
-
-
602
602
403
19
746
765
602

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 11 to the financial statements.

Full comparatives for the year to 31[st] December 2020, are shown in note 13.

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PARISH GIVING SCHEME

Balance sheet

As at 31 December 2021

Company number 08824540

__________
Note
Fixed assets
Intangible fixed assets
7
Current assets
Stock
Debtors
8
Cash at bank and in hand
Creditors: amount due within one
year
9
Net current assets
Net assets
Reserves
Restricted funds
11
Unrestricted funds
Designated funds
11
- intangible fixed assets
- IT fund
General funds
Total funds		 _________

2021
2020
R_estated_
£
£
334
297
26
26
130
124
386
286
542
436
(111)
(131)
431
305
765
602
19
-
334
200
297
200
212
105
765
602

Approved by the Trustees on 12[th] May 2022 and signed on their behalf by:

Theo Platt Chair of the Board of Trustees

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PARISH GIVING SCHEME

Statement of Cashflows Year ended 31 December 2021

_____________

2021
2020
Restated
£
£
Net cash inflow/(outflow) from operating activities
(see below)		 248
142
Cash flows from investing activities
Purchase of intangible fixed assets (148)
(297)
Change in cash & cash equivalents during year 100
(155)
Cash & cash equivalents at 1 January 286
441
Cash & cash equivalents at 31 December 386
286
Reconciliation of net movement in funds to net cash
inflow/ from operating activities		 163
199
Adjustments for:
Amortisation of intangible fixed assets 111
-
Increase in stock -
(6)
(Increase) in debtors (6)
(111)
(Decrease)/Increase in creditors (20)
60
Net cash inflow/(outflow) from operating activities 248
142
Analysis of cash and cash equivalents
Cash in bank & in hand		 386
286
Total cash and cash equivalents 386
286

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

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PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

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PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

1. Accounting policies (continued)

23

PARISH GIVING SCHEME

Notes to the financial statements

For the year ended 31 December 2021

2. Income from charitable activities

Ongoing monthly service
contributions from member Dioceses
Restricted donations
Gift Aid reclaimed (restricted)
Initial contributions from member
Dioceses
Grant from Archbishops
Council
Other income		 Restricted
funds
Unrestricted
funds
2021
Total
2020
Total
-
589
589
446
53,388
-
53,388
46,232
12,444
-
12,444
10,828
-
40
40
40
310
-
310
234
-
10
10
5
66,142
639
66,781
57,785

All income from ongoing service contributions from member Dioceses, initial contributions from member Dioceses and other income in 2021 and 2020 was unrestricted. The grant from Archbishops Council in 2021 relates to digital project and is a contribution towards the development phase. All other income was credited to restricted funds in both 2021 and 2020.

3. Expenditure on charitable activities

Grants back to parishes (restricted)
Gift Aid forwarded to parishes
(restricted)
Grants back to parishes including gift
aid (restricted)
Support costs:
Staff costs
note 5
Governance
Website development costs
Digital project IT costs
Amortisation charge
Other costs		 Restricted
funds
Unrestricted
funds
2021
Total
2020
Total
Restated
53,388
-
53,388
£
46,232
12,444
-
12,444
10,828

65,832
-
65,832
57,060
-
289
289
276
-
12
12
16
-
90
90
90
160
-
160
45
-
111
111
-
-
124
124
99
65,992
626
66,618
57,586

All expenditure on staff costs, governance costs and other costs in 2021 and 2020 was unrestricted.

24

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

4. Net movement in funds

2021 2020
Total Total
Restated
This is stated after charging: £ £
Auditors
remuneration		 audit 10 7
Amortisation 111 -
Operating leases land and
buildings (note 12) 22 22

5. Staff numbers and costs

The aggregate payroll costs for staff was as follows:

Wages and salaries
Social security costs
Employers pension contributions		 2021
2020
£
£
231
225
21
20
37
31
289
276

The average number of persons employed by the charity (excluding Trustees who are all nonexecutive) are as follows:

Charitable activities No of
Employees
No of
employees
2021
2020
8.0
8.0
8.0
8.0

On an annualised basis, one employee earned more than £60,000 during the year. (2020: Nil).

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the directors, for planning, directing and controlling the activities of the PGS. During 2021 the key management personnel comprised the Chief Executive Officer and the Head of Operations. The total remuneration for these two employees (together with employer pension and national insurance contributions) amounted to £101k (2020: £90k)

Transactions with Trustees

Two Trustees (2020: two) received reimbursement for out of pocket expenses during the period amounting to £501 (2020: £169). Four Trustees (2020: five) made donations of £2,061 (2020: £6,913) (excluding Gift Aid) to PGS during the year, to financially support the Church of England in their locality.

25

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

6. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

7. Intangible fixed assets

----- Start of picture text -----
Intangible Fixed Assets
Digital project
and website Total
Cost or valuation:
At 1 January 2021 297 297
Additions 148 148
At 31 December 2021 445 445
Amortisation:
At 1 January 2021 - -
Charge for year 111 111
At 31 December 2021 111 111
Net book value:
At 1 January 2021 297 297
At 31 December 2021 334 334
8. Debtors: amounts falling due within one year
2021 2020
Trade debtors 21 3
Prepayments and other debtors 34 24
Accrued income grant
instalment due from
Archbishops Council 75 97
130 124
----- End of picture text -----

8. Debtors: amounts falling due within one year

26

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

9. Creditors: amounts falling due within one year

Trade creditors
Other taxes and social security
Accruals and other creditors		 2021
2020
26
72
6
5
79
54
111
131

10. Analysis of net assets between funds

Restricted Designated General Total
funds funds funds funds
Intangible fixed assets 2021
-		 2021
334		 2021
-		 2021
334
Net current assets 19 200 212 431
Net assets at 31 December 2021 19 534 212 765
omparative analysis for 2020 as restated
Restricted Designated General Total
funds funds funds Funds
Intangible fixed assets 2020
-		 2020
297		 2020
-		 2020
297
Net current assets - 200 105 305
Net assets at 31 December 2020 - 497 105 602

Comparative analysis for 2020 as restated

27

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

11. Movement in funds

Balance at Balance at Income Expenditure Transfers Transfers Balance Balance
1st January at 31st
2021 December
(Restated) 2021
£ £ £ £ £
Unrestricted funds
General fund 105 639 (626) 94 212
Designated funds
- IT fund 200 - - - 200
- intangible fixed
assets fund 297 - - 37 334
602 639 (626) 131 746
Restricted funds
Parish donations - 65,832 (65,832) - -
Digital project grant - 310 (160) (131) 19
- 66,142 (65,992) (131) 19
Total 602 66,781 (66,618) - 765
omparative movements for 2020
Balance at Income Expenditure Transfers Balance at 31st
1st January December
2020 2020
(restated)
Unrestricted funds
General fund 203 491 (526) (63) 105
Designated funds
- IT fund
200 - - - 200
- intangible fixed
assets fund - - - 297 297
403 491 (526) 234 602
Restricted funds
Parish donations - 57,060 (57,060) - -
Digital project grant
- 234 - (234) -
- 57,294 (57,060) (234) -
Total 403 57,785 (57,586) - 602

Comparative movements for 2020

28

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

11. Movement in funds (continued)

Designated funds

The IT fund was set up as a designated fund during 2016, to make a fund available to support During 2018, the Trustees decided to increase this designated fund to £200k.

The intangible fixed asset fund reflects the carrying value of the website development and digital project costs which have been capitalised on the balance sheet and which the charity is expected to benefit from over the next few years. The annual amortisation charge is allocated against this fund accordingly.

unrestricted funds in recognition of the fact that the amounts capitalised are essential to the day-to-day operation of the charity and cannot be realised by the charity in order to meet day to day working capital requirements.

Restricted funds

These comprise:-

12. Financial commitments: operating leases

Total commitments under non-cancellable operating leases are
as follows:-
Land and buildings where the lease expires:
Within one year of the balance sheet date
In the second to fifth years inclusive of the balance sheet date		 2021
2020
22
22
88
88
110
110

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PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

13. Comparative statement of financial activities

Income from:
Charitable activities
Total
Expenditure on:
Charitable activities
Total resources expended
Net movement in funds
Reconciliation of funds
Funds at the start of the year
Funds at the end of the year
(restated)		 Restricted
funds
Restated
Unrestricted
funds
Restated
2020
Total
Restated
57,294
491
57,785
57,294
491
57,785
57,294
292
57,586
57,294
292
57,586
-
199
199
-
403
403
-
602
602

14. Related party transactions

Trustees are provided at note 5. There were no other related party transactions during the period of report (2020 none).

30

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

15. Prior year adjustments

A reconciliation of the opening fund balances at 1[st] January 2021, the net expenditure for the year ended 31[st] December 2020 and the intangible fixed assets at 31[st] December 2020 together with the amounts as previously reported is shown below:

Reconciliation of fund balances at 31[st] December 2020

----- Start of picture text -----
As
previously Adjustment Adjustment
stated (a) (b) As restated
Designated fund IT Fund 98 - 102 200
Designated fund Intangible fixed 297 297
asset fund -
General fund 207 63 (165) 105
Restricted fund parish donations - - - -
Restricted fund digital project fund - 234 (234) -
Total 305 297 - 602
----- End of picture text -----

(a) Adjustment in relation to items treated as capital rather than revenue expenditure

(b) Transfer between funds to reflect the transfer to the designated IT fund in 2020 that needs to be reversed, together with the creation of a designated fund for the intangible fixed asset.

Reconciliation of reported expenditure for the year ended 31[st] December 2020

Net expenditure as previously stated
Adjustment in relation to items treated as capital rather than expenditure
Reconciliation of intangible fixed assets at 31stDecember 2020
Intangible fixed assets as previously stated
Adjustment in relation to items treated as capital rather than expenditure		 57,883
(297)
57,586
Nil
297
297

During the year ended 31 December 2021, the Trustees had reconsidered the expenditure incurred in relation to the digital project and the website development and decided that much of the costs incurred satisfy the criteria for capitalisation. This represents a change of accounting policy and the accounting treatment has been applied retrospectively, resulting in a restatement of the comparative figures.

31

PARISH GIVING SCHEME

Notes to the financial statements For the year ended 31 December 2021

15. Prior year adjustments (continued)

The comparative Statement of Financial Activities has been adjusted to reduce expenditure by £297k, with an equivalent amount being included as intangible fixed assets. As the digital project and the website were still being progressed at 31[st] December 2020, no amortisation charge has been reflected in the restated accounts as the asset was not in use until March 2021.

The fund balances brought forward have also been adjusted to reflect this change, with an additional designated fund established reflecting the carrying value of the intangible assets created (which are not available to the charity for working capital requirements).

32

PARISH GIVING SCHEME

REGISTER OF MEMBERS at 31[st] December 2021

33

PARISH GIVING SCHEME

REGISTER OF MEMBERS at 31[st] December 2021 (ctd)

34

PARISH GIVING SCHEME

REGISTER OF MEMBERS at 31[st] December 2021 (ctd)

35

PARISH GIVING SCHEME

REGISTER OF MEMBERS at 31[st] December 2021 (ctd)

Since the end of the financial year, the following new members have joined the PGS:

36