## The Parochial Church Council of St Mary's Church, Banbury
Report and Accounts Year ended 31st December 2021
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **The Parochial Church Council of St Mary's Church, Banbury**
## **CHARITY INFORMATION**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Members of the Parochial Church Council**|**Incumbent**|Revd Serena Tajima (Maternity leave from 28 May|2021)|
|---|---|---|---|
||**Associate Priests**|Revd Canon Jeff West||
|||Revd Dr Louise Adey-Huish||
|||Revd Sarah Bourne (Chaplain to the Arts)||
||**Churchwardens**|Ms Mary Parker||
|||Mr Stephen Birch||
|**Diocesan Synod Representatives**||Mr Stephen Birch||
|**Deanery Synod Representatives**||Mrs Juliet West||
|||Ms Mary Parker||
|||Mr Stephen Birch||
||**Elected (Trustees)**|Mrs Lesley Burge||
|||Mr Phil Burge|_PCC Treasurer_|
|||Mrs Helen Fuller||
|||Mr Kieron Galliard|_PCC Treasurer_|
|||Mr Steven Hearn||
|||Mrs Sarah Measures (resigned 26 April 2021)||
|||Mrs Sarah O'Farrell (appointed 26 April 2021)||
|||Mrs Caroline Owens (appointed 26 April 2021)||
|||Mrs Rachel Palmer-Hearn (resigned 26 April 2021)||
|||Mr John Punter||
|||Mrs Hazel Punter (appointed 26 April 2021)||
|||Mrs Catherine Smith|_PCC Secretary_|
||**Other role holders**|Mrs Lesley Burge|_Parish Safeguarding Officer_|
|||Mrs Jean Parker|_DBS Administrator (verifier)_|
|||Mrs Kate Hassall|_DBS Manager (recruiter)_|
|||Ms Mary Parker|_Health & Safety Officer_|
|||Dr Brendan O'Farrell|_Fire Safety Officer_|
|||Mrs Sarah O'Farrell|_Electoral Roll Officer_|
|||Mr Kieron Galliard|_Musical Director_|
|||Mr Barry Davies|_Bell Tower Captain_|
|||Mrs Kate Hirons|_Parish Administrator_|
|**Charity Registration Number**|1179456|||
|**Principal Address**|St Marys Church|||
||Horse Fair|||
||Banbury|||
|**Independent Examiner**|Lourens du Plessis ACA CA(SA)|||
||Stewardship|||
||1 Lamb's Passage|||
||London|||
||EC1Y 8AB|||
|**Bankers**|Yorkshire Bank|||
||7 Gold Street|||
||Northampton|||
||NN1 1EN|||
|**Appointed Architect**|Mr Nick Cox|||
||Nick Cox Architects|||
||77 Heyford Park|||
||Upper Heyford|||
||OX25 5HD|||
|**Contents**||**Page**||
|Charity Information||1||
|Annual Report of the Members of the Parochial Church Council||2-6||
|Independent Examiner's Report||7||
|Statement of Financial Activities||8||
|Balance Sheet||9||
|Notes to the Accounts||10 -16||
|Detailed Statement of Financial Activities with Comparatives||17||
Page 1
## **THE PAROCHIAL CHURCH COUNCIL OF ST MARY’S CHURCH,**
## **BANBURY**
## **ANNUAL REPORT OF THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL**
## **FOR THE YEAR ENDED 31[st] DECEMBER 2021**
The Members (who are the Trustees) present their report and accounts for the year ended 31[st] December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the “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[st] January 2015)”.
## **Aims and Purposes**
St Mary’s Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent, in promoting the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is responsible for the maintenance of the Parish Church of St Mary the Virgin. Horse Fair, Banbury and the adjacent Church Centre.
Our mission, purpose and vision can be summarised as:
worshipping God
sharing the gospel of Jesus Christ
welcoming all who come
celebrating our rich Christian and cultural heritage and handing it on
contributing to the flourishing of our town and region so that all might have life in all its fullness.
## **Our vision is to see lives and communities transformed by God’s love.**
This vision can be achieved by
worship and spirituality
hospitality and care
learning, nurture and formation
Page 2
outreach and engagement
heritage and building development
resources and stewardship
## **Structure, governance and management**
## _Parochial Church Council_
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Councils (Powers) Measure 1956 as amended by the Measure of 1969, and the Church Representation Rules 2011. The PCC is registered with the Charity Commission, number 1179456. The members named on the Charity Information page have, except where indicated, served throughout the year.
All clergy and lay ministers licensed to the parish are members, as are, _ex officio,_ the churchwardens and diocesan and deanery synod members on the parish electoral roll. The remaining members are either elected at the Annual Parochial Church Meeting or are coopted. This is in accordance with the Church Representation Rules. All members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC.
The PCC normally meets not less than four times a year, chaired by the Vicar, or in the case of a vacancy, by the Vice Chair. The Standing Committee of the PCC meets regularly to plan agendas, deal with other urgent issues and for strategic development. A number of subgroups report to the PCC.
## **Safeguarding**
With regard to the PCC’s obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under Section 5 of the Safeguarding and Clergy Discipline Measure 2016.
## **Objectives and Activities**
The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St Mary’s, recognising that we also have a role as the civic church for Banbury. In planning the activities the church should undertake, the PCC have applied the guidance on public benefit issued by the Charity Commission.
The PCC maintains an overview of worship throughout the parish and makes suggestions on how services can involve many diverse groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.
In particular, we try to enable ordinary people to live out their faith as part of our parish community through:
Page 3
Worship and prayer. Learning about the Gospel and developing their knowledge and trust in Jesus.
Provision of pastoral care for people living in the parish, members of the
congregation or those who are in some way part of our parish community.
Missionary and outreach work.
To facilitate this work, it is important that we maintain the fabric of the Church and the Church Centre and explore new ways of using these resources. During 2019 we received National Lottery Heritage Funding of £200,000 to carry out the replacement of stonework to the outer east end of the church and to replace the main glass double entrance doors with disability friendly ones. This work was completed in June 2021.
The church Electoral Roll at the end of the year was 100.
The church had to close due to Covid at Christmas 2020 and did not reopen until Mothering Sunday, 14[th] March 2021.
## **Activities during the year**
Due to Covid-19, we were not able to open the church to visitors or for services between 1[st] January and 14[th] March. Once we reopened, our volunteers came forward to enable us to open the church for a part of each day for private prayer and visitors. We were not able to hold any of the usual concerts in church, usually a significant source of income, although the Remembrance Day civic service and Christmas services went ahead, albeit with greatly reduced numbers of attendees. Despite this, we still endeavoured to:
work to deliver our vision
address the funding issue by reducing our outgoings where possible, by continuing to promote the Parish Giving Scheme and by seeking new ways of generating income in order to sustain our ministry.
_Further details of the activities of the church can be found in the Churchwarden’s report which is available on request._
## **Quinquennial Inspection**
This was carried out on 5[th] February 2021 and the PCC is awaiting the report.
## **Financial Review**
The accounts are consolidated across the areas of PCC, Art@BSM and Bell Ringers.
Mission objectives were largely met in the year with £2,050 being disbursed to a range of local and international charities. There was a small increase in plate donations thanks to the church being open for more services than in 2020, and the total donations were significantly increased thanks to a one-off donation of £30,000. Centre lettings and church bookings also generated more income than in 2020, but still below pre-pandemic levels. The first craft fair since 2019 also generated welcome
Page 4
funds. However, this was the second year that the Parish share was not paid in full, with just half the allotted contribution being made.
The PCC continued to encourage the congregation to consider giving under the Parish Giving Scheme and for taxpayers amongst the congregation to consider making their financial donation to the Church under gift aid. This is an important and vital way to help ensure the financial future of St Mary’s.
## **Key Financial Policies**
## **Reserves Policy**
The Reserves Policy is reviewed periodically. This is geared to our budgeted expenditure and we aim to hold the equivalent of 6-8 months of unrestricted expenditure in reserve.
## **Investment Policy**
Our overall policy position is not to tie up too much money in long-term investments and our guiding principles are not to invest directly in stocks and shares and to limit the amounts held in long-term deposit investment accounts using investment in CBF funds for long-term growth. The position has been maintained.
## **Mission Policy**
The policy is to budget 5% of pledge, plus Parish Giving Scheme, plate and associated gift aid for the work of the Mission. This is split between international, national and local charities according to an agreed formula.
In addition to the planned giving for mission we may also respond to emergency situations either by a specific collection or a fundraising event.
## **Legacy Policy**
The policy is to use legacies to help fund significant development projects in the parish, whether buildings, equipment or people. Members encouraged to leave gifts in their wills for the general purposes of the parish rather than for specific applications.
## **Giving Policy**
The policy is to encourage planned giving either through the Parish Giving Scheme, Bank Standing Order, by using the Contactless Payment system or by participation in an envelope scheme. For all giving we encourage gift-aiding if appropriate. Similarly, Contactless giving and gift-aid envelopes for one-off donations can be used. The Parish Giving Scheme helps cash flow and acts to inflation proof any giving via Direct Debit.
In line with Diocesan guidelines a figure of 5% of disposable income is suggested as appropriate giving.
The PCC recognise that generous financial giving is set alongside time and talent, and so is freely given.
Page 5
The Trustees report was approved by the Board of Trustees
………………………………………………………Trustee Mary Parker Dated: 7 April 2022
………………………………………………………Trustee Stephen Birch
Dated: 7 April 2022
Page 6
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF**
## **The Parochial Church Council of St Mary's Church, Banbury ('the Charity')**
I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2021 on pages 8 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 11.
## **Responsibilities and basis of report**
As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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 have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts 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.
Lourens du Plessis ACA CA(SA) Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 7 April 2022
Page 7
## **The Parochial Church Council of St Mary's Church, Banbury**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
3
Charitable activities
4
Investments
5
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities
6
Raising funds
7
**Total expenditure**
**Net gains/(losses) on investments**
**Net income/(expenditure)**
**Transfers between funds**
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
14|Unrestricted
Funds
£
127,565
15,163
-
142,728
102,239
121
102,360
-
40,368
(240)
40,128
19,435
59,563|Restricted
Funds
£
53,134
230
524
53,888
71,876
-
71,876
2,573
(15,415)
240
(15,175)
61,014
45,839|Total
Funds
2021
£
180,699
15,393
524
196,616
174,115
121
174,236
2,573
24,953
-
24,953
80,449
105,402|Total
Funds
2020
£
120,625
7,994
634|
|---|---|---|---|---|
|||||129,253|
|||||121,700
-|
|||||121,700|
|||||1,157|
|||||8,710
-|
|||||8,710
71,739|
|||||80,449|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on pages 10-17 form part of these accounts.
Page 8
## **The Parochial Church Council of St Mary's Church, Banbury**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2021**
|Note
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank and in hand
11
**CREDITORS: Amounts falling**
**due within one year**
12
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**TOTAL NET ASSETS**
**FUND BALANCES**
14
Unrestricted Funds
General funds
Designated funds
Restricted Funds|Unrestricted
Funds
£
-
-
8,075
67,932
76,007
(16,444)
59,563
59,563
59,563
25,502
34,061
59,563
-
59,563|Restricted
Funds
£
20,560
20,560
-
25,279
25,279
-
25,279
45,839
45,839
-
-
-
45,839
45,839|Total
Funds
2021
£
20,560
20,560
8,075
93,211
101,286
(16,444)
84,842
105,402
105,402
25,502
34,061
59,563
45,839
105,402|Total
Funds
2020
£
17,987|
|---|---|---|---|---|
|||||17,987|
|||||11,059
59,808|
|||||70,867
(8,405)|
|||||62,462|
||||||
|||||80,449|
|||||80,449|
|||||19,435
-|
|||||19,435
61,014|
|||||80,449|
The financial statements were approved by the members of the PCC and were signed on its behalf by:
Mary Parker, Trustee Stephen Birch, Trustee Date: 7 April 2022
Charity number: 1179456
The notes on pages 10-17 form part of these accounts.
Page 9
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1 Statutory Information**
The Parochial Church Council of St Mary's Church, Banbury is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
## **2 Accounting Policies**
These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.
These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
## a) Going concern
The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered how Covid-19 might affect projections.
## b) Income
Income (which includes planned giving, collections and other donations) is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part income is generally recognised when it is received by, or on behalf of, the PCC. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations includes:
- i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the Music @ BSM initiative and letting of the buildings.
Investment income represents income generated by the charity's assets and includes income from investements
## c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Expenditure on raising funds comprises the costs incurred on running fundraising events.
Page 10
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
## d) Fund accounting
- General funds are unrestricted funds which are available for use at the discretion of the PCC in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the PCC for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
## e) Tangible fixed assets
- Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.
Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.
## f) Investments
Fixed asset investments are held to generate income and / or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the charity expects to sell by the next balance sheet date. Investments, other than social investments (see below), are valued as follows:
- i) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date. ii) Unlisted investments are measured at cost less impairment where it becomes apparent that the amount that could be realised is less than cost.
## g) Pension scheme arrangements
- The charity also contributes to the Church of England Funded Pension Scheme, which is a multi-employer defined benefit pension scheme. The charity is unable to identify its share of this scheme's assets and liabilities therefore, as permitted by FRS 102, it is being treated as if it were a defined contribution scheme. Further information about this defined benefits scheme is disclosed elsewhere in the notes to these accounts.
## h) Taxation
The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
## i) Financial instruments
The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
## j) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
## **3 Donations**
|Donations of cash and similar
Government & other public body grants (note 3a)
Other grants receivable
Income tax recoverable
Heritage Lottery Fund
Cultural Recovery Fund
DCMS Listed Places of Worship
Historic England
ernment & other public body grants comprise:|2021
£
90,000
54,100
25,188
11,412
180,699
2021
£
21,820
14,900
13,560
3,820
54,100|2020
£
54,785
49,742
-
16,098|
|---|---|---|
|||120,625|
|||2020
£
-
-
31,069
18,673|
|||49,742|
**a** Government & other public body grants comprise:
Page 11
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **4 Income from charitable activities**
|Church fees
Rent, Lettings and Hire
Arts@BSM
Fundraising income
**5**
**Investment income**
Dividends
Bank interest
**6**
**Charitable expenditure**
**a**
**Costs incurred directly on specific activities**
Ministry expenses:
Parish share
Ministry staff employment costs
Clergy expenses
Services and hosplitality
Cost of choir & organist
Bell ringer fees
Arts@BSM
Other costs
Property expenses:
Church utilities
Routine repairs and maintenance
Major repairs
Operational costs for church hall & other buildings
Grants payable (note 6c)
**b**
**Costs incurred on support & administration**
Governance costs
Independent examiner's fee
Administrative staff
Office costs
Telephone & IT costs
Operating lease charges
Other expenses
Insurance
**Total expenditure**|2021
£
2,650
4,784
6,190
1,768
15,393
2021
£
522
2
524
2021
£
21,985
25,889
161
1,511
1,138
-
1,811
1,131
53,625
8,459
11,144
73,228
1,322
94,153
2,050
149,828
2,500
2,500
5,539
1,340
3,041
1,847
-
10,021
24,288
174,115|2020
£
3,638
4,308
-
48|
|---|---|---|
|||7,994|
|||2020
£
632
2|
|||634|
|||2020
£
14,635
-
596
3,726
668
30
169
3|
|||19,827
13,635
13,767
48,857
224|
|||76,483
2,100|
|||98,410|
|||2,234|
|||2,234
5,539
2,299
1,118
1,833
256
10,011|
|||23,290|
|||121,700|
The fee payable to the independent examiner for preparing and examining the accounts was £2,500 (2020: £2,234).
## **c Grants payable**
|Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training|Institutions
£
125
1,425
500
2,050|Individuals
£
-
-
-
-|2021
£
125
1,425
500|
|---|---|---|---|
||||2,050|
Page 12
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The comparatives for the previous year are as follows:
|The comparatives for the previous year are as follows:||||
|---|---|---|---|
|Grants for UK and overseas mission
Grants for the relief of poverty
Grants for education, including ministry training|Institutions
£
100
1,500
500
2,100|Individuals
£
-
-
-
-|2020
£
100
1,500
500|
||||2,100|
## **7 Cost of raising funds**
|Fundraising costs|2021
£
121
121|2020
£
-|
|---|---|---|
|||-|
## **8 Analysis of staff costs, the cost of key management personnel and trustee remuneration**
The average monthly number of employees during the year was 1 (2020: nil). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the members of the PCC and the key staff named on the Charity Information page. During the year key management received employment benefits totalling £25,889 (2020: £nil).
Revd Serena Tajima, incumbent, (who is a clergy member of the PCC) receives a stipend from the Diocese and so is not an employee; some of the Parish Share paid to the Diocese is used to help meet the cost of this stipend. The charity also reimbursed expenses to Revd Serena Tajima; these costs are disclosed in note 6 'Charitable Expenditure' under the heading 'Clergy expenses'.
|**9**
**Fixed asset investments**
Cost or fair value brought forward
Change in value of investments
Cost or fair value carried forward
**10**
**Debtors**
**Falling due within one year:**
Tax recoverable
Other debtors
Prepayments and accrued income
**Total debtors**
**11**
**Cash at Bank and in Hand**
Cash at bank with immediate access
Petty cash|CCLA
Investment
Fund
17,987
2,573
20,560|2021
£
17,987
2,573
20,560
2021
£
1,241
4,610
2,224
8,075
2021
£
92,903
308
93,211|2020
£
16,830
1,157|
|---|---|---|---|
||||17,987|
||||2020
£
5,233
5,826
-|
||||11,059|
||||2020
£
59,493
315|
||||59,808|
Page 13
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **12 Creditors: liabilities falling due within one year**
|**itors: liabilities falling due within one year**|||
|---|---|---|
|Trade creditors
Pension creditor
Other creditors
Accruals
Grant obligations|2021
£
1,921
8,412
1,671
2,500
1,940
16,444|2020
£
-
-
2,851
3,554
2,000|
|||8,405|
## **13 Pension commitments**
The charity participates in the Church of England Funded Pensions Scheme for stipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.
Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to specific Responsible Bodies and so contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are £8,412 (2020: £nil).
The charity is Minor Responsible Body for the scheme which means that they when the charity ceases to have any active members it is not required to contribute to any deficit in the Scheme. For this reason, no pension liability has been included in the accounts.
## **14 Funds**
During the year the movements in the charity's funds were as follows:
|_Designated Funds_
PCC Funds
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
Appeal Fund
Bell Ringers' Fund
Boiler Fund
Building Fund
St Mary's Centre Fund Capital
St Mary's Centre Fund Income
HLF East End/Doors Project
Maisie Green/A Bishop Fund
Rainwater Goods Project
Wardens/J W Harding Fund
Other ministry funds
Aggregate of funds|Opening
balance
2021
£
3,253
3,253
16,182
19,435
4,171
4,378
1,697
1,220
17,987
2,785
3,543
7,201
14,643
2,671
717
61,014
80,449|Incoming
resources
2021
£
32,425
32,425
110,303
142,728
-
340
-
-
-
522
44,113
-
8,319
-
595
53,888
196,616|Outgoing
resources
2021
£
(1,617)
(1,617)
(100,743)
(102,360)
-
(1,195)
-
-
-
-
(47,248)
-
(23,201)
-
(232)
(71,876)
(174,236)|Transfers
in the year
2021
£
-
-
(240)
(240)
-
-
-
-
-
-
-
-
240
-
-
240
-|Gains and
losses
2021
£
-
-
-
-
-
-
-
-
2,573
-
-
-
-
-
-
2,573
2,573|Closing
balance
2021
£
34,061|
|---|---|---|---|---|---|---|
|||||||34,061
25,502|
|||||||59,563|
|||||||4,171
3,524
1,697
1,220
20,560
3,307
409
7,201
-
2,671
1,080|
|||||||45,839|
|||||||105,402|
Page 14
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year
In the previous year the movements in the
_Designated Funds_
PCC Fund
_General Unrestricted Funds_
Total Unrestricted Funds
_Restricted Funds_
PCC Fund
Bell Fund
Aggregate of funds|charity's funds
Opening
balance
2020
£
3,253
3,253
13,492
16,745
50,002
4,992
54,994
71,739|General
Designated
funds
funds
£
£
-
-
8,075
-
33,871
34,061
(16,444)
-
25,502
34,061
were as follows:
Incoming
Outgoing
Transfers
resources
resources
in the year
2020
2020
2020
£
£
£
-
-
-
-
-
-
75,089
(72,399)
-
75,089
(72,399)
-
54,051
(48,763)
189
113
(538)
(189)
54,164
(49,301)
-
129,253
(121,700)
-
Unrestricted Funds|Restricted
funds
£
20,560
-
25,279
-
45,839
Gains and
losses
2020
£
-
-
-
-
1,157
-
1,157
1,157|2021
£
20,560
8,075
93,211
(16,444)|
|---|---|---|---|---|
|||||105,402|
|||||Closing
balance
2020
£
3,253|
|||||3,253
16,182|
|||||19,435|
|||||56,636
4,378|
|||||61,014|
|||||80,449|
## **Analysis of net assets by fund**
In the previous year, the assets and liabilities of the various funds were as follows:
|Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year||General
Designated
funds
funds
£
£
-
-
11,059
-
16,781
-
(8,405)
-
19,435
-
Unrestricted Funds|Restricted
funds
£
17,987
-
43,027
-
61,014|2020
£
17,987
11,059
59,808
(8,405)|
|---|---|---|---|---|
|||General
funds
£
-
11,059
16,781
(8,405)
19,435|||
|||||80,449|
The Appeal fund is for essential major fabric repairs
The Bell Ringers' Fund is for maintenance of the bells and furthering the aims of ringing The Boiler Fund is for the replacement of the church boiler in the event of failure.
The Building Fund is for church building works
The St Mary's Centre Fund - the Capital Fund is held with the Central Board of Finance. Only the income may be used for the provision & upkeep of a Church Centre.
HLF East End / Doors Project Fund relates to a project largely funded by the National Lottery Heritage Fund to make essential repairs to the chancel roof, install new accessible doors and produce a new guidebook. Maisie Green/ A Bishop Fund is for church repairs & maintenance
Page 15
## **The Parochial Church Council of St Mary's Church, Banbury**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
The Rainwater Goods fund relates to a completed project funded by Historic England to improve the rainwater disposal system above the south vestry
The Churchwarden's / JW Harding Fund is for furthering religious and other charitable work within the parish. Other ministry funds include the Children's Work Fund for supporting children's work and the Music Fund for supporting music.
In the 2020 accounts, designated PCC Funds were included with restricted PCC Funds but in the comparatives above this has been separated out. In the 2020 accounts, the separate restricted funds were amalgamated in the PCC Funds total. The PCC have decided for 2021 to show these separately in order to better comply with the requirements of the SORP.
## **15 Operating lease commitments**
The charity has an operating lease for its photocopier. The minimum amount payable in respect of this lease is as follows:
|Within one year
Between one and five years
After five years
Payments falling due:|2021
£
1,584
5,544
-
7,128|2020
£
852
-
-|
|---|---|---|
|||852|
During the year the charity was charged £1,847 (2020: £1,843) for its operating lease.
## **15 Transactions with related parties**
During the year the charity:
- a) received donations totalling £27,840 (2020: £17,140) from related parties (which includes members of the PCC, any other members of key management and anyone closely connected to them).
- b) paid expenses totalling £75 (2020: £nil) to 1 (2020: 0) non-clergy member of the PCC for training costs for carrying out duties associated with being a PCC member; reimbursements for expenses incurred when acting as agent for the charity or incurred when undertaking employment duties not connected with serving as a PCC member are not included in this disclosure.
Page 16
## **The Parochial Church Council of St Mary's Church, Banbury**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
|Note
**INCOME AND ENDOWMENTS FROM:**
Donations
3
Charitable activities
4
Investments
5
**Total income and endowments**
**EXPENDITURE ON:**
Charitable activities:
6
Raising funds
7
**Total Expenditure**
**Net gains/(losses) on investments**
**Net income/(expenditure)**
**Transfers between funds**
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
14||General
Designated
2021
2021
£
£
97,565
30,000
12,738
2,425
-
-
110,303
32,425
100,622
1,617
121
-
100,743
1,617
-
-
9,560
30,808
(240)
-
9,320
30,808
16,182
3,253
25,502
34,061
Unrestricted funds|Restricted
2021
£
53,134
230
524
53,888
71,876
-
71,876
2,573
(15,415)
240
(15,175)
61,014
45,839|Total
2021
£
180,699
15,393
524
196,616
174,115
121
174,236
2,573
24,953
-
24,953
80,449
105,402|||General
Designated
2020
2020
£
£
67,095
-
7,994
-
-
-
75,089
-
72,399
-
-
-
72,399
-
-
-
2,690
-
-
-
2,690
-
13,492
3,253
16,182
3,253
Unrestricted funds|Restricted
2020
£
53,530
634
54,164
49,301
49,301
1,157
6,020
-
6,020
54,994
61,014|Total
2020
£
120,625
7,994
634
129,253
121,700
-
121,700
1,157
8,710
-
8,710
71,739
80,449|
|---|---|---|---|---|---|---|---|---|---|
Page 17