## **Annual Finance Report for Church of Our Saviour for 2020** ## **Overview** The headline figures are: - 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. - Surplus on Building Fund of £18,774 - 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** - Planning giving for the Church and Building Fund held up very well, for which, as a Treasurer, I’m very grateful. Thank you.. - 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. - There was a sharp drop in rental income of (net) £16,153 as we were effectively closed for lettings for most of 2020. - Parish Share was reduced by £14,060, as we had no Minister. - 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. - 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. 1 ## **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** 2 ## **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: - to keep accounting records in accordance with Section 130 of the 2011 Act: and - 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 3 ## **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| 4 ## **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 5 **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** - 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. - 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. - 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: - Collections are recognised when received on behalf of the Church Council. - Planned giving receivable under pledge is recognised only when received. - Income Tax recoverable on gift aided collections is brought to account on an accruals basis. - Funds raised by fete, garden party and similar events are accounted for net. - 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. - Rental income from the letting of church premises is recognised when the rental is due. - Interest and dividends are recognised when received. ## **(c) Expenditure** - Expenses are charged against income in the period in which they are incurred. - VAT incurred is included with the associated expenditure - Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of running fundraising events. 6 ## **CHURCH OF OUR SAVIOUR, CHELMER VILLAGE (Charity Registration No. 1169685)** ## **NOTES TO THE FINANCIAL STATEMENTS.** For the year ended 31 December 2020 - 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. - 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. - Known future material liabilities are provided for at the balance sheet date. ## **(d) Fixed Assets** - 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. - Individual items with a purchase price of £350 or less are charged against income when the asset is acquired. - 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. 7 ## **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|| 8 ## **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| 9 ## **CHURCH OF OUR SAVIOUR, CHELMER VILLAGE** **(Charity Registration No. 1169685)** ## **Notes to the Financial Statements for the year ended 31st December 2020** |4**TANGIBLE 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 10 ## **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. 11 ## **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. 12 ## **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