Annual Finance Report for Church of Our Saviour for 2020
Overview
The headline figures are:
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Surplus on general Fund of £11,405 ( 2019 – deficit of £6,242 ) Over the last 2 years, there has been a surplus on General Fund of £5,163.
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Surplus on Building Fund of £18,774
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The total income for the year (see Statement of Financial Activities on page 4) amounted to £111,280 ( 2019 - £190,723 ), a reduction of £79,543. The decrease was due to:
-
Reductions (£38,586) in receipts from the insurers in respect of claims made for losses of income, to recover professional fees, and for goods damaged beyond economic repair. In 2020, including a release of provisions of £9,136 to the General Fund in respect of claims proceeds received not previously allocated, this amounted to £43,619 ( 2019 – £72,205 ).
-
Reduction in income from rents of Church Hall, Annex and Portabin, etc (2020 £7,577, 2019 - £25,054 ). This reduction amounted to £17,477.
-
Reduced giving by way of Planned Giving and other voluntary income. In 2020 this fell by £29,170 to £58,957 ( 2019 - £88,127 ). Part of this was a grant from URC to the improvements (£13,702) not repeated in 2020.
Happily, Expenditure also fell significantly to £81,101 ( 2019 - £127,728 ), as expenditure through the Building fund fell, now that work was completed and a reduction in Parish Share of £14,060.
Main points from the 2020 accounts
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Planning giving for the Church and Building Fund held up very well, for which, as a Treasurer, I’m very grateful. Thank you..
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Despite the insurers claiming they had settled in full at the end of 2019, we received further reimbursement of £34,483, were able to release to reserves unallocated income receipts of £9,136, and finally settled with the insurers for a further £12,000 in March 2021. £5,978 of this will be released as income in 2022.
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There was a sharp drop in rental income of (net) £16,153 as we were effectively closed for lettings for most of 2020.
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Parish Share was reduced by £14,060, as we had no Minister.
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On an ongoing basis, the reduction in Parish Share and reduction in rent roughly cancel out, and excluding the release of unallocated income, the General Fund had a modest surplus.
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Following the Fire and the building of the Annex, we now have a smart, updated and extended Church building, ready to serve the people of Chelmer Village and Chancellor Park.
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Charitable giving (Page 12)
It is the policy of the Church Council to make donations to charitable organisations equal to 10% of the income for the year, excluding rental income. Accordingly provision has been made in the accounts for donations of £4,925 ( 2019 - £4,797 ). Details of charitable giving are set out in page 12.
Christian ministry (Church Activities, Page 9)
£54,105 ( 2019 - £77,550 ) was spent to provide Christian Ministry from Church of Our Saviour. That sum includes a reduced contribution of £21,894 ( 2019 - £35,954 ) to the Diocesan Quota (Parish Share). Our contribution to the URC Ministry and Mission fund is also included within the Diocesan Quota. The contribution goes largely towards providing for stipends, salaries, pensions and housing for the clergy.
Building Fund (Pages 8, 9)
The Church raised £13,185 for the Building Fund during 2019 ( 2019 - £47,208 ). £16,930 was spent on professional fees etc, and £21,416 on extending and improving the Church. The fund balance stood at £326,423 ( 2019 – £307,649 ) at end 2020.
Running costs of the church (page 13)
Expenditure for the shared running costs of the Church totalled £21,042 ( 2019 – £14,907 ), an increase of 25%. This was mainly increased utility bills, some of which were catch ups. Church rental income was down sharply, because of the inability to rent the main Church. The result was a deficit of £17,754 ( 2019 - £1,760) to be shared 60% / 40% with the Catholic Community.
Insurance Claims
After the year-end, the Church and insurer agreed a settlement of £12,000, covering claims for reimbursement for restoration work (£6,022) and future loss of income (£5,978). The latter will be included as income in 2021.
Jeffrey Mushens
Hon Treasurer
22[nd] March, 2021
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The Church Council of Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
This report on the Accounts of the Church Council for the year ended 31 December 2020, which are set out on pages 4 to 13 inclusive, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 and Section 145 of the Charities Act 2011.
As members of Church Council you are responsible for the preparation of the Accounts; you consider that the audit requirement of Regulation 3(3) of the Church Accounting Regulations 2006 and Section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to issue this report on those Accounts in accordance with the terms of the Church Accounting Regulations 2006 and the Charities (Accounts and Reports) Regulations 2008.
My examination was carried out in accordance with the General Directions given by the Charity Commission under Section 145(5)(b) of the Act and to be found in the guidance from the CBF. 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 accordance with my examination, no matter has come to my attention, which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act: and
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to prepare Accounts which accord with the accounting records and to comply with the requirements of the Act, as also contained in the Church Accounting Regulations 2006
have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Riverside House David Belbin 1-5 Como Street Independent Examiner ROMFORD Clemence Hoar Cummings RM7 7DN Chartered Accountants 23[rd] March, 2021
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2020
| notes INCOME AND ENDOWMENTS Voluntary Income 2a Activities for Generating Funds 2b Investment Income 2c (Reduction)/Increase in Value of Fixed Asset Investments Income from Church Activities 2d Other Income 2e TOTAL INCOME EXPENDITURE Church Activities 3a Church Extension/Annex Build Costs Transfer to Fixed Assets TOTAL EXPENDITURE NET INCOME/ (EXPENDITURE) Bought Forward BALANCES AT 31 DECEMBER 2020 |
Unrestricted Funds £ 45,774 7,577 4 3,019 9,136 65,510 54,105 54,105 11,405 28,927 40,332 |
Restricted Funds £ 13,185 598 (2,570) 75 34,483 45,770 26,996 21,416 (21,416) 26,996 18,774 307,649 326,423 |
TOTAL FUNDS 2020 2019 £ £ 88,127 93,532 25,054 22,636 764 773 (2,570) 2,111 3,064 2,462 43,619 72,205 111,280 190,723 81,101 127,728 21,416 102,780 (21,416) (102,780) 81,101 127,728 30,179 29,197 336,576 244,383 366,755 273,580 |
TOTAL FUNDS 2020 2019 £ £ 88,127 93,532 25,054 22,636 764 773 (2,570) 2,111 3,064 2,462 43,619 72,205 111,280 190,723 81,101 127,728 21,416 102,780 (21,416) (102,780) 81,101 127,728 30,179 29,197 336,576 244,383 366,755 273,580 |
|---|---|---|---|---|
| 190,723 | ||||
| 127,728 102,780 (102,780) |
||||
| 127,728 | ||||
| 29,197 244,383 |
||||
| 273,580 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685) BALANCE SHEET 31ST DECEMBER 2020
| notes FIXED ASSETS Tangible Assets 4 Investment Assets 5 CURRENT ASSETS Debtors 6 Cash at Bank and in hand CREDITORS falling due within one year 7 NET ASSETS / (LIABILITIES) FUNDS Unrestricted 9 Restricted 8 TOTAL FUNDS |
Unrestricted Funds £ 7,532 506 11,891 38,417 50,308 18,014 40,332 40,332 40,332 |
Restricted Funds £ 322,951 12,243 8,642 4,933 13,575 17,422 307,649 326,423 326,423 |
TOTAL FUNDS 2020 2019 £ £ 330,483 316,259 12,749 15,319 20,533 6,346 43,350 37,473 63,883 43,819 38,659 38,821 336,577 336,576 40,332 28,927 326,423 307,649 366,755 336,576 |
TOTAL FUNDS 2020 2019 £ £ 330,483 316,259 12,749 15,319 20,533 6,346 43,350 37,473 63,883 43,819 38,659 38,821 336,577 336,576 40,332 28,927 326,423 307,649 366,755 336,576 |
|---|---|---|---|---|
| 43,819 | ||||
| 38,821 | ||||
| 336,576 | ||||
| 28,927 307,649 |
||||
| 336,576 |
Approved by Church Council on 23[rd] March, 2021
………………………………………….. Church Officer
………………………………………...... Church Officer
………………………………………….. Treasurer
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)
NOTES TO THE FINANCIAL STATEMENTS.
For the year ended 31 December 20
1. ACCOUNTING POLICIES.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with United Kingdom Generally Accepted Accounting Practice (FRS 102), and the Charities Act 2011.
(a) Funds
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General Funds represent funds of the Church Council that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Church. Funds designated by the Church Council for a particular purpose are also unrestricted.
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Restricted funds represent donations or fundraising income received for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.
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The accounts include all transactions, assets and liabilities for which the Church Council is responsible in law. They do not include the accounts of Church Groups that owe their affiliation to another body nor those that are informal gatherings of Church members.
(b) Income and Endowments
All income and endowments are included in the statement of financial activities when the Church is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Collections are recognised when received on behalf of the Church Council.
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Planned giving receivable under pledge is recognised only when received.
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Income Tax recoverable on gift aided collections is brought to account on an accruals basis.
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Funds raised by fete, garden party and similar events are accounted for net.
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Grants and legacies to the Church Council are accounted for as soon as the Church Council is notified of its legal entitlement and the amount receivable.
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Rental income from the letting of church premises is recognised when the rental is due.
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Interest and dividends are recognised when received.
(c) Expenditure
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Expenses are charged against income in the period in which they are incurred.
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VAT incurred is included with the associated expenditure
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Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of running fundraising events.
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)
NOTES TO THE FINANCIAL STATEMENTS.
For the year ended 31 December 2020
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Church activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The costs of governance, which include those costs associated with meeting the constitutional and statutory requirements of the charity and include the Independent Examination fees and costs linked to the strategic management of the charity are included as support costs for our charitable activities.
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Known future material liabilities are provided for at the balance sheet date.
(d) Fixed Assets
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Fixed assets are depreciated on a straight line basis at rates calculated to write the assets down to their residual value over the estimated useful life of the asset.
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Individual items with a purchase price of £350 or less are charged against income when the asset is acquired.
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Any proceeds on the disposal of the Portakabin are for the account of the Diocese and accordingly no value is included in the accounts for the Portakabin.
(e) Investments
- Investments whether by way of loan or transferable security are valued at market value at the balance sheet date.
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Notes to the Financial Statements
for the year ended 31st December 2020
UNRESTRICTED RESTRICTED TOTAL FUNDS
| Note INCOME AND ENDOWMENTS 2a Voluntary Income Planned Giving Open Plate Collections Donations Tax recoverable on above Grants 2b Activities for Generating Funds Fund Raising Events Use of Church Hall Use of Portacabin Use of Annex 2c Investment Income Interest/Distributions (Decrease)/Increase in Market Value of Fixed Asset Investments 2d Income from Church Activities Fees Miscellaneous Income 2e Other Income Income from insurance TOTAL INCOME TOTAL EXPENDITURE Brought Forward Carried Forward |
General Fund £ 30,448 1,447 4,618 9,261 45,774 3,288 4,289 7,577 4 44 2,975 3,019 9,136 65,510 54,105 11,405 28,927 40,332 |
Building Fund £ 9,460 863 242 2,620 13,185 598 (2,570) 75 75 34,483 45,770 26,996 18,774 307,649 326,423 |
2020 £ 39,908 2,310 4,860 11,881 58,959 3,288 4,289 7,577 602 (2,570) 44 3,050 3,084 43,619 111,280 81,101 30,180 336,576 366,756 |
2019 £ 36,501 17,392 6,443 14,089 13,702 |
|
|---|---|---|---|---|---|
| 88,127 | |||||
| 1,322 13,147 7,246 3,339 |
|||||
| 25,054 | |||||
| 764 2,111 771 1,691 |
|||||
| 2,462 | |||||
| 72,205 190,723 127,728 |
|||||
| 62,995 273,581 |
|||||
| 335,576 |
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2020
| Note 3 EXPENDITURE 3a Church Activities Missionary & Charitable Giving (note 11) Ministry: - Parish Share Team Vicar Expenses Church Upkeep (note 13) Upkeep of services Bible Study & Teaching (inc Youth Ministry) Building Fund Professional Fees etc. Independent Examination Depreciation Write off fixed assets due to fire Church Vestibule and Fire Extras Transfer to fixed assets TOTAL EXPENDITURE |
UNRESTRICTED General Fund £ 6,953 21,894 3,445 13,238 3,433 3,900 540 702 54,105 54,105 |
RESTRICTED Building Fund £ 16,930 10,066 26,996 21,416 (21,416) 26,996 |
TOTAL FUNDS 2020 2019 £ £ 6,953 6,108 21,894 35,954 3,445 3,213 13,238 12,472 3,433 6,715 3,900 3,900 16,930 44,823 540 480 10,768 7,085 0 6,978 81,101 127,728 21,416 102,780 (21,416) (102,780) 81,101 127,728 |
TOTAL FUNDS 2020 2019 £ £ 6,953 6,108 21,894 35,954 3,445 3,213 13,238 12,472 3,433 6,715 3,900 3,900 16,930 44,823 540 480 10,768 7,085 0 6,978 81,101 127,728 21,416 102,780 (21,416) (102,780) 81,101 127,728 |
|---|---|---|---|---|
| 127,728 | ||||
| 102,780 (102,780) |
||||
| 127,728 |
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2020
| 4TANGIBLE FIXED ASSETS Gross Book Value at 1 Jan 2020 Additions Disposals At 31 December 2020 Depreciation At 1 Jan 2020 Charge for year Disposals At 31 December 2020 Net Book Value 1 Jan 2020 Net Book Value 31 Dec 2020 |
Church £ 10,691 3,575 14,266 6,033 702 12,171 4,658 7,732 |
Building Fund £ 316,955 21,416 338,371 5,354 10,066 15,421 311,601 322,951 |
Total £ 327,647 24,991 |
|---|---|---|---|
| 352,637 | |||
| 11,387 10,768 |
|||
| 22,155 | |||
| 316,259 | |||
| 330,482 |
5 INVESTMENT ASSETS
£ Unlisted Investments - at Cost Traid Craft 506 Building Fund Listed Investments - at Market Value M&G Charifund Shares I January 2020 14,813 Reduction in Value (2,570) 31 December 2020 12,243
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2020
| 6 STAFF COSTS Wages and Salaries Social Security Costs The Church employed a part time Youth Worker. 7 DEBTORS Income Tax Recoverable Insurance Claim URC share of expenses Other Debtors 8 Cash at Bank and in Hand Cash Held General Fund Cash held at Bank General Fund Cash held at Bank Building Fund 9 CREDITORS Missionary Giving General Fund Amount due to Catholic Community General Fund Accrued Expenses General Fund Prepaid Income re Insurance General Fund Accrued Expenses Building Fund Building Contract Outstanding Building Fund |
2020 £ 3,900 3,900 3,452 12,000 4,692 409 |
2019 £ 3,900 |
|---|---|---|
| 3,900 | ||
| 4,054 1,362 |
||
| 20,533 | 5,416 | |
| 206 38,212 4,934 43,352 4,925 3,857 3,254 5,978 1,188 21,158 40,360 |
831 42,795 (5,329) |
|
| 38,297 | ||
| 4,797 7,958 752 7,892 4,892 12,530 |
||
| 38,821 |
10 RESTRICTED FUNDS
The Building Fund was set up with the intention of extending the Church.
Repairs, improvements and refurbishments to the church following the fire in 2018 have been funded through the Restricted Fund, net of associated insurance claim monies during 2019 and 2020.
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2020
11 MISSIONARY and other GRANTS
The amount set aside in this year's accounts and included in creditors is £4,925 ( 2019 - £4,797
| Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | following:- | following:- | |
|---|---|---|---|---|---|---|
| Overseas | Overseas | Home | Total | |||
| Mission | Relief | Societies | ||||
| £ | £ | £ | £ | |||
| Monies Set Aside from 2019 | ||||||
| Bethany Childrens Trust | 300 | 300 | ||||
| Christians Against Poverty | 579 | 579 | ||||
| Mission Aviation Fellowship | 581 | 581 | ||||
| Prison Fellowship | 158 | 158 | ||||
| Open Doors UK | 400 | 400 | ||||
| Romans 1-11 Trust | 400 | 400 | ||||
| CADEF | 360 | 360 | ||||
| Chelmsford Foodbank | 400 | 400 | ||||
| CHESS | 479 | 479 | ||||
| Christian Aid | 400 | 400 | ||||
| Fellowship Afloat | 200 | 200 | ||||
| SYM | 200 | 200 | ||||
| The Children’s Society | 584 | 584 | ||||
| Society of St Vincent de Paul | 400 | 400 | ||||
| 781 | 300 | 4,360 | 5,441 | |||
| Additional Giving in Year | ||||||
| Meadgate | 10 | 10 | ||||
| Little Pantry/Picnic Bags/Christmas Bags |
1,374 | 1,374 | ||||
| 781 | 300 | 5,744 | 6,825 |
The amount shown in the accounts is £6,953. This comprises the amounts shown above less the amount provided in 2019 (£4,797) plus the provision of £4,925 in this year’s accounts.
12 PAYMENTS TO TRUSTEES and RELATED PARTIES
Rev. Mandy Hewson and Maria Lee (URC CRCW) received reimbursement of expenses (see note 3a). During the year £3,900 was paid to Claire Musselwhite for services as our youth worker. ( 2019 - £3,900 ). aClaire was in post when the parish became an independent charity.
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CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2020
13 RUNNING COSTS OF CHURCH BUILDING SHARED WITH THE CATHOLIC COMMUNITY
| Church Rents Received (included in income) Less Heat and Light Cleaning Water Upkeep and Repairs Letting Management Insurance Running Costs of Church Shared Depreciation (included in charge for year) (Deficit)/Surplus of Income over Expenditure Amount due to/(from) Catholic Community (Deficit)/Surplus to Anglican and Free Church Community Running Costs per accounts Total Running Costs (Deficit)/Surplus payable (from)/to Catholic Community |
2020 3,288 5,806 5,324 3,137 4,461 256 1,355 20,339 702 21,042 (17,754) (7,101) (10,652) 20,340 (7,101) 13,238 |
2019 13,147 2,325 5,408 1,189 2,345 576 1,333 |
|---|---|---|
| 13,176 1,731 |
||
| 14,907 | ||
| (1,760) (704) (1,056) 13,176 (704) |
||
| 12,472 |
13