Registered Charity no. 1165174
# **The Parochial Church Council Of The Parish Of St Laurence known as St Laurence Church In Reading**
**Trustees Annual Report and Accounts Year Ended 31st December 2020**
## **St Laurence Church In Reading**
**Year Ended 31st December 2020**
## **Contents Page**
||**Page**|
|---|---|
|Legal and Administrative Information|**1**|
|Trustee's Annual Report|**2**|
|Independent Examiners Report|**7**|
|Statement of Financial Activities|**8**|
|Statement of Financial Position|**9**|
|Notes to the Financial Statements|**10**|
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Legal and Administrative Information**
## **Reference**
The Charity is called “The Parochial Church Council Of The Parish Of St Laurence” which is also known as St Laurence Church In Reading and is registered with the Charity Commission for England and Wales.
**Registered Charity Number** 1165174 **Registered Office** St Laurence Church Friar Street Reading RG1 1DA **Postal Address** St. Laurence Church C/O St Mary's house Chain Street Reading RG1 2HX
## **The Trustees**
PCC members who have served from 1 January 2020 until the date this report was approved are:
Ex Officio members:
The Reverend Canon Christopher Russell
_Resigned September 2020_
The Reverend Christopher Jones
Clergy: The Reverend Christopher Jones Wardens: Mrs Ruth Pearse Mr Jack Palmer-White _Resigned June 2020_ Dr Naomi Brown
Mrs Rosanne Palmer-White _Resigned June 2020_
Assistant Warden: Mrs Rosanne Palmer-White _Resigned June 2020_ Elected members: Mrs Lydia Messling Mrs Hannah Owen _Resigned August 2020_ Mr Jon Sykes _Resigned August 2020_ Mrs Iva Butler _Resigned May 2020_ Mr Dan Buchanan _Appointed September 2020_ Mr Ben Brzezick _Appointed September 2020_ Mrs Eve Seaton _Appointed September 2020_ Mr Lee Smith _Appointed September 2020_
1
## **St Laurence Church In Reading**
**Year Ended 31st December 2020**
## **Legal and Administrative Information**
**Primary Bankers**
Lloyds TSB Market Place Reading RG1 2EQ
## **Independent Examiner:**
Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
2
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Trustee's Annual Report**
The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Aim and Purposes**
St Laurence Parochial Church Council (PCC) is a charity registered with the Charities Commission (registration number 1165174). The PCC has the responsibility of cooperating with the incumbent, the Reverend Canon Christopher Russell, 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 Building, Friar Street, Reading.
## **Objectives and Activities**
2021 marks 20 years that Saint Laurence has existed as a worshipping community with a particular focus on young people. As a town-centre church, the Deanery charged Saint Laurence with a particular vision to see young people come to faith and build new forms of church with them. This year also marks the 900 anniversary that the church has existed.
As a church, much of our activity seeks to provide spaces where we form contact, nurture relationships, encourage commitment and spiritual growth amongst young people. As well as serving the young people of Reading, we also have a congregation of adults, families and students. Our multigenerational congregation meets to worship together every Sunday.
This year has been a particularly difficult one for the congregation as in March of this year the country went into a series of enforced lockdowns. The first of which was broadcast during our final open youth club in March 2020. From the outset of the lockdowns, we sought to offer opportunities for children, young people and adults ways to connect, be nurtured and grow online. Our services continue to be streamed online today, even as people come back to the building. We have run residentials, morning prayer, youth socials and services, small groups, children’s work, and courses online in the past year. We have seen God use this time in unimaginable ways, however, it has also been a difficult time for the community as we have missed being with each other.
To facilitate this work it is important that we maintain the fabric of the Church building of Saint Laurence.
3
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Trustee's Annual Report**
## **Achievement and Performance**
## **Associate Vicar's Report**
2020 has been extremely challenging especially in our mission toward young people. We have seen several departures from the staff team and in our community. In September 2020, the Revd Canon Chris Russell moved to work full-time at Lambeth Palace. However, even at this time, we have ontinued to see the goodness of God, His provision, grace and favour as He holds us.
Saint Laurence’s greatest asset continues to be the people who give so generously of themselves to see the mission of the church fulfilled. This time has seen new ways in which people have served and we have discovered new gifts within our community. The community have sought to creatively meet the challenges of COVID and there is little doubt there have been seeds planted in this time that will bear much fruit in the years to come. Undoubtedly, we also now face a very different future from the one we expected.
## **Deanery Synod**
Reading Deanery Synod is made up of representatives from each of the Anglican churches in Reading. Our representative this year has been Lydia Messling. There have been five meetings of the synod this last year, discussing everything from parish generosity to parish share. Lydia has been particularly active on the Synod in pressing for a motion drawing attention to the climate emergency and calling on the Church of England to take radical action. Once passed this motion went to Diocean synod - where it attracted national attention.
## **The Church Building**
Saint Laurence has been blessed with a wonderful building that went through a major reordering in the early 2000s. In the past twelve months we have continued to carry out repairs including the renewal of the lighting and electrics and a new alarm system. At the end of 2020 we began to undertake some major renewal work in response to the Quinquennial inspection.
## **Public Benefit**
St Laurence Church In Reading gives due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011.
Through the advancement of the Christian faith in the church benefits the public through the holding of worship services, prayer meetings, public celebration of Christian festivals, contributing to the spiritual and mental health of those who attend and contributing to the spiritual and moral education of children.
4
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Trustee's Annual Report**
## **Financial Review**
2020 has been an extremely difficult year financially due to the COVID crisis with a sizable reduction in rental income and the loss of the Lambeth Secondment Grant. However, the church has a very generous congregation with regards to their financial giving, their time and their investment. Some givers have moved on and other givers have begun to contribute. However, our regular giving remains fairly consistent with previous years. The PCC approved offsetting some costs relating to the building to the Ecclestical funds inline with the deeds of the charity. We are hoping that an end to the COVID restrictions will see an increase in the building lettings which will help to recover lost income into 2021.
No new staff were hired during the past twelve months despite having vacancies within the team. During the first lockdown, Saskia Parkinson (HR, Admin + Operations) was placed on the Government Retention Scheme allowing her to concentrate on her family with a child at home full-time. Megan Sawyers ’ contract was renewed for an additional year.
The fund balances at the year end were as follows:
||2020|2019|
|---|---|---|
||£|£|
|Unrestricted Funds|89,922|53,218|
|Endowment Funds|21,615|20,224|
|Restricted Funds|96,773|86,519|
|Total|**208,311**|**159,961**|
## **Reserves Policy**
During the COVID crisis the PCC took the decision to hold a working reserve due to the potential loss and changes to income. Saint Laurence also continues to hold a sizable reserve with the St Laurence Church Lands Trust & St Laurence Ecclesiastical Charity continues to have over £100k (Dec 2020) allocated for the ongoing ministry of St Laurence. In 2014 the PCC decided that these funds should be utilised as a reserve fund. In light of these available resources, it is our policy to hold our Bequest investments with the CBF Church of England Investment Fund allowing them to determine how the money is best invested, keeping all other resources available in readily available and accessible commercial banking accounts.
5
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Trustee's Annual Report**
## **Structure, Governance and Management**
## **Organisational structure; recruitment, appointment and induction of new trustees**
St Laurence Parochial Church Council (PCC) is a charity registered with the Charities Commission (registration number 1165174). The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure.
The method of appointment of PCC members is set out in the Church Representation Rules. At St Laurence's the membership of the PCC consists of the incumbent (our vicar), churchwardens, the curate and members elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services / members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC.
The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. The full PCC met seven times between January 2020 - December 2020.
In November 2020, when Revd Canon Chris Russell left, the church went into interregnum. The PCC appointed a vacancy team to hold the appointments process.
## **Trustee Meetings**
Trustee meetings were held nine times in the year including the Annual General Meeting, supplemented by any extraordinary meetings as and when required.
## **Risk Management**
The trustees acknowledge their responsibility to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in in place to provide reasonable assurance against fraud and error.
## **Approved by the Trustees of St Laurence Church In Reading**
Dr Naomi Brown
## **Name of Trustee:**
───────────────────────────────────────────────────
## **Signed on behalf of the Trustees:**
───────────────────────────────────────────────────
## **Date of approval:**
08/07/2021
───────────────────────────────────────────────────
6
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Independent Examiners Report**
I report to the trustees on my examination of the financial statements of The Parochial Church Council Of The Parish Of St Laurence ('the charity') for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 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 examiner's statement**
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
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.
Nigel Wyatt BSC FCA Date: 09/07/2021 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
7
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Statement of Financial Activities**
||||**2020**|||2019|
|---|---|---|---|---|---|---|
|||Unrestricted|Endowment|Restricted|**Total**||
|||Funds|Funds|Funds|**Funds**|Total funds|
||**Note**|£|£|£|**£**|£|
|**Income**|||||||
|Donations and legacies||157,418|-|36,119|**193,538**|181,342|
|Charitable activities||471|-|-|**471**|3,588|
|Activities for generating income|**2**|408|-|-|**408**|16,738|
|Investment Income||561|-|1,627|**2,188**|5,209|
|Other Income||2,190|-|-|**2,190**|160|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Total Income**||161,048|-|37,746|**198,794**|207,037|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Expenditure**|||||||
|Expenditure on charitable activities|**3**|122,963|-|24,947|**147,911**|171,904|
|Governance Costs|**4**|1,380|-|6,179|**7,559**|10,325|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Total Expenditure**||124,343|-|31,126|**155,469**|182,229|
|||──────────|
──────────|──────────|──────────|
──────────|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Net income / (expenditure) before**
**gains/(loses)**||36,704|-|6,620|**43,325**|24,808|
|||──────────|
──────────|──────────|──────────|
──────────|
|Gain/(loss) on investment|**9**|-|1,391|3,633|**5,024**|11,515|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Net income / (expenditure)**||36,704|1,391|10,254|**48,349**|36,323|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Net income and net movement in funds**|||||||
|Total funds brought forward|**12**|53,218|20,224|86,519|**159,961**|123,639|
|Transfers|**12**|-|-|-|**-**|-|
|||──────────|
──────────|──────────|──────────|
──────────|
|**Total funds carried forward**|**12**|89,922|21,615|96,773|**208,310**|159,961|
|||──────────|
──────────|──────────|──────────|
──────────|
All income and expenditure derive from continuing activities.
The statement is a combined Statement of Financial Activities and Income and Expenditure Account for the purposes of meeting both companies act and charity SORP reporting requirements.
8
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Statement of Financial Position**
|**Statement of Financial Position**||||
|---|---|---|---|
|||**2020**|2019|
||**Note**|**£**|£|
|**Fixed assets**||||
|Investments|**9**|78,092|61,360|
|**Current assets**||||
|Debtors|**10**|60,072|10,644|
|Cash at bank and in hand||71,347|66,479|
|||──────────|──────────|
|||131,418|77,123|
|**Creditors: amounts falling due within one year**|**11**|1,200|7,653|
|||──────────|──────────|
|**Net current assets**||130,218|69,470|
|||──────────|──────────|
|**Total assets less current liabilities**||208,310|130,830|
|||──────────|──────────|
|**Net assets**|**13**|208,310|130,830|
|||──────────|──────────|
|**Funds of the charity**||||
|Restricted funds||96,773|86,519|
|Endowment funds|**12**|21,615|20,224|
|Unrestricted funds||89,922|53,218|
|||──────────|──────────|
|**Total charity funds**||208,310|159,961|
|||──────────|──────────|
## **Directors Responsibilities**
These financial statements were approved by the board of trustees and authorised for issue :
## Dr. Naomi Brown
## **Name of Trustee:**
───────────────────────────────────────────────────
**Signed on behalf of the Trustees: Date of approval:**
─────────────────────────────────────────────────── 08/07/2021
───────────────────────────────────────────────────
9
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **Basis of Preparation**
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standards applicable in the UK and Republic of Ireland (Charities SORP 2019 FRS 102) and the Charities Act 2011.
## **Assessment of Going Concern**
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
## **Fund Accounting**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal, often know as a ‘special offering’ in the church.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
## **Incoming Resources**
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Income resources from charitable trading activities such as the letting of the building are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustees annual report.
• Investment Income is included in the accounts when receivable.
10
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **Resources expended**
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
## **Governance Costs**
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
## **Liability Recognition**
Abilities are recognised as soon as there Is a legal or constructive obligation committing the charity to pay out resources.
## **Tangible fixed assets**
All assets costing more than £500 are capitalised and at historic cost. Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on furniture and equipment which is written off on a straight-line basis over time estimated useful live of the asset.
Equipment
Between 3 and 5 years
## **Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
## **Operating Leases**
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
## **Taxation**
The charity Is exempt from tax on its charitable activities.
11
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **2 Analysis of Income**
|**Analysis of Income**|||||
|---|---|---|---|---|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2020**|
||£|£|£|**£**|
|**Donations and legacies**|||||
|Donations|88,534|-|2,420|**90,954**|
|Gift Aid|49,234|-|194|**49,428**|
|Donated Goods and Services|-|-|-|**-**|
|Grants|19,650|-|33,505|**53,156**|
||──────────|──────────|──────────|
──────────|
||157,418|-|36,119|**193,538**|
|**Charitable activities**|||||
|Church Activity Contributions|471|-|-|**471**|
||──────────|──────────|──────────|
──────────|
||471|-|-|**471**|
|**Activities for generating income**|||||
|Building lettings|408|-|-|**408**|
||──────────|──────────|──────────|
──────────|
||408|-|-|**408**|
|**Investment Income**|||||
|Investment Portfolio Income|561|-|1,627|**2,188**|
|Bank Interest|-|-|-|**-**|
||──────────|──────────|──────────|
──────────|
||561|-|1,627|**2,188**|
|**Other Income**|||||
|Reimbursed Expenses|-|-|-|**-**|
|Insurance Claimes|250|-|-|**250**|
|Refunds|1,940|-|-|**1,940**|
||──────────|──────────|──────────|
──────────|
||2,190|-|-|**2,190**|
||──────────|──────────|──────────|
──────────|
|**Total Income**|**161,048**|**-**|**37,746**|**198,794**|
||──────────|──────────|──────────|
──────────|
## **Goverement Grants**
During the year the church received government grants through the Covid-19 Job Retention Scheme. The total amount received during the year was £3,505.34 (2019: £0). All conditions for the Job Retention Scheme grants were met.
12
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **2 Analysis of Income** _**(Continued)**_
|**Analysis of Income****_(Continued)_**|||||
|---|---|---|---|---|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2019**|
||£|£|£|**£**|
|**Donations and legacies**|||||
|Donations|113,587|-|-|**113,587**|
|Gift Aid|10,704|-|-|**10,704**|
|Donated Goods and Services|-|-|-|**-**|
|Grants|57,051|-|-|**57,051**|
||──────────|──────────|──────────|
──────────|
||181,342|-|-|**181,342**|
|**Charitable activities**|||||
|Church Activity Contributions|3,588|-|-|**3,588**|
||──────────|──────────|──────────|
──────────|
||3,588|-|-|**3,588**|
|**Activities for generating income**|||||
|Building lettings|16,738|-|-|**16,738**|
||──────────|──────────|──────────|
──────────|
||16,738|-|-|**16,738**|
|**Investment Income**|||||
|Investment Portfolio Income|2,122|2|3,077|**5,201**|
|Bank Interest|8|-|-|**8**|
||──────────|──────────|──────────|
──────────|
||2,130|2|3,077|**5,209**|
|**Other Income**|||||
|Reimbursed Expenses|160|-|-|**160**|
|Insurance Claimes|-|-|-|**-**|
|Refunds|-|-|-|**-**|
||──────────|──────────|──────────|
──────────|
||160|-|-|**160**|
||──────────|──────────|──────────|
──────────|
|**Total Income**|**203,958**|**2**|**3,077**|**207,037**|
||──────────|──────────|──────────|
──────────|
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## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **3 Expenditure on charitable activities by fund type**
||Unrestricted|Endowment|Restricted|
**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2020**|
||£|£|£|**£**|
|Administrative Office & Support Costs|4,901|-|3,159|**8,060**|
|Building Maintenance and Running Costs|1,558|-|16,319|**17,877**|
|Church Activities|13,195|-|1,963|**15,158**|
|Outreach Activities|441|-|-|**441**|
|Staffing Employment Costs|92,726|-|3,505|**96,231**|
|Staffing Expenses|5,865|-|-|**5,865**|
|Youth and Children's Work Activities|4,278|-|-|**4,278**|
||──────────|──────────|──────────|
──────────|
||122,963|-|24,947|**147,911**|
||──────────|──────────|──────────|
──────────|
||Unrestricted
Funds|Endowment
Funds|Restricted
Funds|
**Total Funds**
**2019**|
|---|---|---|---|---|
||£|£|£|**£**|
|Administrative Office & Support Costs|5,838|-|461|**6,300**|
|Building Maintenance and Running Costs|34,744|-|-|**34,744**|
|Church Activities|4,813|-|85|**4,898**|
|Outreach Activities|1,216|-|-|**1,216**|
|Staffing Employment Costs|93,633|-|-|**93,633**|
|Staffing Expenses|3,825|-|-|**3,825**|
|Youth and Children's Work Activities|19,060|-|8,228|**27,288**|
||──────────|──────────|──────────|
──────────|
||163,130|-|8,774|**171,904**|
||──────────|──────────|──────────|
──────────|
14
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **4 Governance Costs**
|**Governance Costs**|||||
|---|---|---|---|---|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2020**|
||£|£|£|**£**|
|Insurance Costs|-|-|6,179|**6,179**|
|Legal & Professional Fees|1,380|-|-|**1,380**|
||──────────|──────────|──────────|
──────────|
||1,380|-|6,179|**7,559**|
||──────────|──────────|──────────|
──────────|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2019**|
||£|£|£|**£**|
|Insurance Costs|6,485|-|-|**6,485**|
|Legal & Professional Fees|3,840|-|-|**3,840**|
||──────────|──────────|──────────|
──────────|
||10,325|-|-|**10,325**|
||──────────|──────────|──────────|
──────────|
## **5 Volunteers**
The church benefits greatly from the voluntary contributions of time and money by its formal members and regular attendees. Please refer to the trustee's report for further detail about volunteer contributions in the organisation.
## **6 Independent examination fees**
Fees payable to the independent examiner for:
|**Independent examination fees**
Fees payable to the independent examiner for:|||
|---|---|---|
||**2020**|2019|
||£|£|
|Independent examination and preparation of the financial
statements|1,200|1,440|
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## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **7 Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
||**2020**|2019|
|---|---|---|
||£|£|
|Wages and salaries|78,850|76,654|
|Social security costs|5,848|5,839|
|Employer contributions to pension plans|11,534|11,140|
||──────────|──────────|
||96,231|93,633|
||──────────|──────────|
The average head count of employees during the year was as follows:
||**2020**|2019|
|---|---|---|
|Average Head Count|4|4|
|No employee received employee benefits of more than £60,000 during the year was as follows:|||
||**2020**|2019|
|More than £60,000|0|0|
## **Key Management Personnel**
The charity considers its key management personnel to be the Vicar and the Associate Vicar. The total employee benefits received by key management were as follows:
||**2020**|2019|
|---|---|---|
||£|£|
|Key management personnel employee benefit|38,875|38,899|
The Common Fund of the Oxford Diocese meets the stipend and other employment costs of the Vicar of Saint Laurence Church In Reading and provides his housing.
16
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **8 Trustee remuneration and expenses**
The trustees did not receive any remuneration for their service as trustees. The charity did however employ one trustee and made salary payments of £26,877 in total (2019: 1 trustee, £26,877) for the administration of the charity.
||**2020**|2019|
|---|---|---|
||£|£|
|C Jones|26,877|26,877|
During the year 4 trustees incurred out of pocked expenses totalling £1,006.29 which were all incurred for the day to day running of the charity's activities (2019: £3,069.75). The types of expenditure include travel costs, mobile phone costs and other charitable activity expenditure.
During the year the total aggregated donations made to the charity by the trustee's during the year was £7,272.50 (2019: £6,290).
## **9 Investments held as fixed assets**
||**2020**|2019|
|---|---|---|
||**£**|£|
|Investment portfolio valuation|78,092|61,360|
||──────────|──────────|
||78,092|61,360|
||──────────|──────────|
||**2020**|2019|
||**£**|£|
|Market value brought forward|73,068|61,360|
|Unrealised gain / (loss)|5,024|11,708|
||──────────|──────────|
|Market value carried forward|78,092|61,360|
||──────────|──────────|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2020**|
||£|£|£|**£**|
|Unrealised gain / (loss)|-|1,391|3,633|**5,024**|
||──────────|──────────|──────────|
──────────|
||-|1,391|3,633|**5,024**|
||──────────|──────────|──────────|
──────────|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2019**|
||£|£|£|**£**|
|Unrealised gain / (loss)|-|3,187|8,291|**11,477**|
||──────────|──────────|──────────|
──────────|
||-|3,187|8,291|**11,477**|
||──────────|──────────|──────────|
──────────|
17
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **10 Debtors**
||**2020**|2019|
|---|---|---|
||**£**|£|
|Trade Debtors|-|930|
|Accrued Income|60,072|10,644|
||──────────|──────────|
||60,072|10,644|
||──────────|──────────|
|**Creditors: amounts falling due within one year**|||
||**2020**|2019|
||**£**|£|
|Accruals|1,200|1,440|
|Trade Creditors|-|6,213|
||──────────|──────────|
||1,200|7,653|
||──────────|──────────|
## **11 Creditors: amounts falling due within one year**
18
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **12 Analysis of Charitable Funds**
||1 Jan 2020|Income|Expenditure|Gains/Loses|Transfers **31 Dec 2020**|Transfers **31 Dec 2020**|
|---|---|---|---|---|---|---|
||£|£|£|£|£|**£**|
|**Unrestricted Funds**|||||||
|**Unrestricted**|||||||
|General funds|48,035|161,048|(124,343)|-|-|**84,739**|
|**Designated**|||||||
|Refurbishment
Sinking Fund|5,183|-|-|-|-|**5,183**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Total**|**53,218**|**161,048**|**(124,343)**|**-**|**-**|**89,922**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Endowment Funds**|||||||
|Flook Bequest|4,792|-|-|330|-|5,122|
|Russell Bequest|575|-|-|40|-|614|
|Burton Bequest|14,858|-|-|1,022|-|15,879|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Total**|**20,224**|**-**|**-**|**1,391**|**-**|**21,615**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Restricted Funds**|||||||
|Francis Bequest|55,800|0|-|3,633|-|**59,434**|
|Francis Bequest -
Music & Worship|2,784|1,626|(3,159)|-|-|**1,251**|
|Relief in Need Trust|-|300|(612)|-|-|**(312)**|
|Chapel Reordering|||||||
|(previously Organ|27,935|-|-|-|-|**27,935**|
|Appeal)|||||||
|SRF Youth Counsellor|||||||
|Grant|-|-|-|-|-|**-**|
|Restricted Gifts|-|2,314|(1,351)|-|-|**963**|
|Maintenance &|||||||
|Building
(Ecclesiastical)|-|30,000|(22,498)|-|-|**7,502**|
|Covid-19 Job|||||||
|Retention Scheme|-|3,505|(3,505)|-|-|**-**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Total**|**86,519**|**37,746**|**(31,126)**|**3,633**|**-**|**96,773**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Total Funds**|||||||
||──────────|──────────|──────────|
──────────|──────────|──────────|
|**Total**|**159,961**|**198,794**|**(155,469)**|**5,024**|**-**|**208,310**|
||──────────|──────────|──────────|
──────────|──────────|──────────|
19
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **Fund Descriptions**
## **Designated Funds**
## Refurbishment Sinking Fund
The "Refurbishment Sinking Fund", was a designated fund established towards the end of 201 3 in preparation for potential future costs associated with the upkeep and maintenance of the Vicarage / Parsonage occupied by St Laurence incumbent and curate.
## **Endowment Funds**
The endowment funds are invested with the Investment Fund of the Central Board of Finance of the Church of England and annual income is credited to the General Fund.
## **Restricted Funds**
## Francis Bequest - Music & Worship
The "Francis Bequest" fund is a restricted fund for the provision of church music at St Laurence, Reading.
## Chapel Reordering
The PCC Mission Fund was formally known as the "Organ Appeal Fund". This is a historic fund towards the maintenance and care of the Organ at St Laurence, Reading. The organ's present condition is such that it would take funding significantly higher than the fund available to bring it back into working use, therefore this was renamed in 2015.
## SRF Youth Counsellor Grant
The "SRF Youth Counsellor Grant" fund relates to a three year grant which we have received in order to employ Youth Counsellor to work alongside our Youth Work team and to support the Young People in our community. Since 2016 we have seen the Youth Counsellor appointed build great relationships with young people and provide a safe space for conversations which otherwise may not be able to take place
## Restricted Gifts
Gifts recived during the year to be passed on and given to other organistions.
## Maintenance & Building (Ecclesiastical)
Funds for the maintenance, servicing and repair costs of the church building.
## Covid-19 Job Retention Scheme
Government grants recived during the year for staff members placed on furlough during the Covid-19 pandemic.
20
## **St Laurence Church In Reading**
## **Year Ended 31st December 2020**
## **Notes to the Financial Statements**
## **13 Analysis of net assets between funds**
||Unrestricted|Endowment|Restricted|
**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2020**|
||£|£|£|**£**|
|Fixed Assets|-|21,615|56,477|78,092|
|Current Assets|91,123|(1)|40,296|131,418|
|Creditors less than 1 year|(1,200)|-|-|(1,200)|
||──────────|──────────|──────────|
──────────|
||89,923|21,614|96,773|208,310|
||──────────|──────────|──────────|
──────────|
||Unrestricted|Endowment|Restricted|
**Total Funds**|
||Funds|Funds|Funds|**2019**|
||£|£|£|**£**|
|Fixed Assets|-|20,223|52,844|73,068|
|Current Assets|60,872|1|33,674|94,547|
|Creditors less than 1 year|(7,653)|-|-|(7,653)|
||──────────|──────────|──────────|
──────────|
||53,219|20,224|86,519|159,961|
||──────────|──────────|──────────|
──────────|
## **14 Events after the Reporting Period**
After the year end a non-adjusting post balance sheet event took place. In January of 2021, the UK was put under lockdown by the government due to the spread of the Covid-19 virus. The estimated financial impact to the charity from the pandemic at the point of signing the accounts is as follows:
£ Estimated loss of building rental income (6,000)
## **15 Consecrated land and buildings and other church property**
The PCC has the use of property in Friar Street, Reading together with benefice property (clergy accommodation) which is excluded from the accounts by virtue of s.10(2) of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised where appropriate and allocated to the appropriate fixed asset category. The church halls and certain clergy accommodation are held in trust by the Oxford Diocesan Fund on behalf of the PCC. These properties are essential for the mission of the church and have been in use for many years. Accordingly, they have not been capitalised as there is insufficient cost information and their depreciated cost is unlikely to be material. All expenditure on consecrated or benefice buildings is written off in the year of expenditure.
## **16 Related party transactions**
No related party transactions took place during the year (2019: £0)
21