OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1179960

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Report of the Trustees 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Statement of Financial Position 10 to 11
Notes to the Financial Statements 12 to 23
Detailed Statement of Financial Activities 24 to 25

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The Parochial Church Council members (PCC) have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Church Accounting Regulations 2006, the Charities Act 2011 and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

All Saints PCC has the responsibility for co-operating with the lncumbent, the Reverend Oliver Coss, in promoting, in the Ecclesiastical Parish, the whole, continuing mission of the Church, both pastoral, ecclesiastical, social and sacramental. It also has maintenance responsibilities for the Church, the resident cafe, and the former curate's residence at 8 York Road. Following the closure of St. Katherine's Church in the mid-twentieth century, and redundancy of St. Peter's Church in 1998, the PCC is also responsible for the respective churchyards of those places of worship.

Page 1

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

OBJECTIVES AND ACTIVITIES Significant activities

At the outset of 2021 pressing matters of concern were the completion of major works to our West Organ and the completion of the Quinquennial Repairs scheme designed to address Priority 1 repairs highlighted in the 2017 report.

A new report is due to be written in 2022, providing the basis for expediting this work. In December 2020 the PCC signed a contract with William Drake Specialist Organ Builders for the restoration and upgrade of the West Organ, following a successful bid to the Bernard Sunley Charitable Trust. This exceptionally kind donation will provided for the cleaning of the instrument, the upgrade of much of its electronics, and some modest upgrades to the action. The bulk of this work was complete by September, with the exception of some minor snags and further suggested improvements deemed consistent with the overall scheme. A scheme for the completion of the Quinquennial Works was devised by our Architects Stimpson Walton Bond, and the PCC awarded CEL Group (1989) Ltd the contract. Works began in October 2021, following a short delay, and the year ended with the church dome surrounded (inside and out) with scaffold. This scheme will accomplish the objective of completing 2017's list of Priority 1 repairs. In December the PCC commissioned Lampholder Design Ltd to formulate a scheme to upgrade and replace the lighting in the chancel, to address the problem of significant amounts of defunct infrastructure.

The outbreak of the SARS-COV-2 (coronavirus) pandemic in the Spring of 2020 has continued to be highly consequential. The church opened the year in a voluntary lockdown, which lasted until the end of January 2021. While much of the UK continued under acute restriction we were able to reopen the church once more, and in the main our liturgical calendar has been celebrated uninterrupted, albeit with minor public health measures. Special services were held to mark Ash Wednesday, Ascension Day, Oak Apple Day, the Mayor's Charity Service, St Crispin's Day, and Remembrance Sunday. In April, as the nation gathered to remember the like of HRH the Prince Philip Duke of Edinburgh, our local plan for use in the event of the death of a significant national figure meant a series of special acts of worship to commemorate the life of the Queen's late consort, affording us no small amount of publicity. During the course of the year, All Saints' Church was invited to produce the Church of England national online service twice, for Corpus Christi and for Remembrance Sunday. Both services were well received, and our choirs and musicians deserve high praise for the immense work involved, not least as severe restrictions continued to restrict singing in church. Several special services organised with local schools for December 2021 were cancelled, as the Omicron strain of covid-19 swept through the UK.

While the church has remained open for almost the entire year, the continuing restrictions have left immense impacts. Some singing was reintroduced on Palm Sunday and Easter Day, but the real watershed was the removal of restrictions in July 2021 enabling us to sing together as a congregation just at the point the choir went on summer vacation. Our choirs, though prevented from singing between January and May have, nevertheless, continued to occupy a treasured place at the heart of our worshipping life. Some activities began online again at the start of the year, but through social distancing and the so-called 'rule of six' a compromised pattern emerged by which choristers could return during Eastertide. As the autumn drew on, we gradually moved the choir back to the chancel stalls (and away from their distanced places in the Galleries) and by Christmas we were able to (almost entirely) reintegrate the familiar visual of choir, servers, and clergy at the forefront of worship.

Page 2

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

OBJECTIVES AND ACTIVITIES

In Summer 2020, we were approached by The Good Loaf CIC who requested an immediate release from their lease on All Saints' Café following a period of closure between March and June. It is recognised that the pandemic has represented a significant challenge for the hospitality sector, but the PCC considered it not in their interests to accept surrender of the lease without penalty unless there were demonstrably reasonable grounds. In particular, we sought an explanation of why it was not possible to restart business activities when pandemic conditions allowed, or at least one that would make the financial impact to the PCC justifiable. A satisfactory answer was not received, but the PCC entered into negotiations in November 2020 toward an agreeable surrender or assignment of the lease. By May 2021 a new potential tenant had been found, and a long process of agreeing the legal documentation was begun. At the end of the year, this was still in progress, and we undertake to make a full report to the Parish. In this we have needed to balance the maintenance of our charitable objectives with the needs of another charity also living through adverse conditions during the pandemic. We expect that, at the end of the assignment process, we will have sustained some financial damage from this process but are not at present able to estimate what that will be. These accounts will record little rent received from the lease on the café.

The PCC continues to pursue the legal process for returning the former highway (now All Saints' Piazza) to church ownership. We hope this will conclude with a Magistrate's decision, and with a new working agreement with West Northamptonshire Council.

Over the past year we have been sorry to mark the death of Kenneth Briers, who for many years was our PCC Treasurer. In the middle of the year, it became clear that Ken's successor, Paul Stokes, was encountering some serious difficulties in the role, and the PCC regretfully received his resignation in October 2021. In taking feedback from the outgoing treasurer, and the views of PCC members, the PCC decided it needed to set in motion some measures that would keep financial management away from the rather monolithic mode in which it had continued, making it difficult for the PCC treasurer to either invite or accept offers of practical support from others. A new finance committee was forged in the latter part of the year, and these accounts are, in large part, due to its industrious and diligent work which, we hope, will bear full fruit in the coming reporting period. The PCC expresses its deep gratitude to all staff and officers for their exceptionally hard work in difficult circumstances, and the forbearance they have exhibited in the face of every challenge.

While we hope to restore our programme to something resembling our pre-pandemic schedule, worship continues in its normal pattern, namely:

Sunday 8am Holy Communion
9.15am Morning Prayer
10.30am Solemn Mass
Monday 12.30pm Low Mass (livestreamed only)
6pm Choral Evensong (term-time)
Wednesday 12.30pm Holy Communion
Thursday 6pm Choral Evensong (term-time)
Friday 12.30pm Low Mass

Page 3

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

Financial Position

We are very thankful for the skill and dedication that Susan Galloway and Trevena Champion have brought to our financial management, and to Paul Adams from the Diocese of Peterborough for his help and support. At the time of the resignation of the former treasurer, we undertook to review the way in which we did things, and are further indebted to the members of our newly formed Finance Committee who have done much to underpin and support the work carried out by our parish officers. This work has been expertly and tenaciously co-ordinated by Jeff Lee, and we're grateful beyond measure to him for taking this work forward on behalf of the churchwardens.

The role of treasurer can hitherto be summarised in six simple statements:

Total incoming resources for the year ending 31/12/2021 were £283,553 (2020: £178,484).

Total resources expended for the year ending 31/12/2021 were £276,898 (2020: £113,678).

This resulted in a surplus for the year ending 31/12/2021 of £51,547, after net gains on investments of £44,892 (2020: £78,317, after net gains on investments of £13,511).

This includes £20,000 from the Constance Travis Charitable Trust for the choral activities of All Saints Church. It also includes the second tranche (£82,000) of a £150,000 grant from the Bernard Sunley Foundation toward the repair programme to the West Organ.

We extend many thanks to those in our Church family that donate to the church regularly by bank standing order. This reliable source of income enables the church to plan for the future. Every donation really does help. If there are any others who would like to join the scheme, we would be delighted to hear from you.

Please keep in mind that if you wish the church to claim gift aid on your donations you must pay enough income tax for the government to refund 25% of your church donation out of the tax you have paid.

If you don't pay income tax, or do not wish the church to claim gift aid on your giving, this still does not bar you from giving to the church by standing order.

Thank you to our congregation that generously give on the Church's collection plate. To all those that partake in fund-raising activities for the Church we extend our gratitude. We really are thankful for all the money received.

One important way we can all support the ministry of our Church into the future is by leaving a legacy in our Wills. If you wish to speak to me in private about how to go about doing this, we will be happy to assist you.

We now accept contactless donations. All donations are gratefully received.

Reserves policy

All Saints' PCC has pursued a policy of developing a reserve in excess of £7,815 (roughly equivalent to 90 days of salaries and fees, according to 2020 figures) plus RPI sufficient to maintain basic resilience.

While the PCC has not drawn on our investment fund or the Permanent Endowment in order to meet the PCC's regular expenditure, it has maintained the building as matters have arisen.

Page 4

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW Going concern

The trustees of Northampton All Saints Church have performed their own assessment of the Church's ability to continue as a going concern to assure themselves of the validity of this assumption when preparing the accounts. In making this assessment, the trustees have taken account all available information about the future. This is a forward-looking attentive assessment which included: -

Further, there are no events after the balance sheet date of 31st December 2021 that require disclosure or changes to the accounts.

Funds in deficit

A deficit in the General (Unrestricted) Fund shows considerable increase from the position on 1 January 2021. This deficit was first caused by a substantial loss following the collapse of a bell manufacturer who were due to sell-on a set of bells removed from All Saints' Church when a new ring of ten bells were installed in 2006. The PCC registered this as unrealised income when our former bells, which otherwise would have been sold, were liquidated among the assets of the defunct firm. Further investment losses during the financial crash of 2008, meant the PCC registered a general (unrestricted) deficit of £192,143 in 2010, and measures have been applied over the ensuing years to continue paying down that loss. This has been aided by favourable market conditions. The PCC will consider and explore options within the next financial year for the writing down of that deficit, and of the unrestricted funds, or whether it should continue its present policy.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The governing body of the charity is the Parochial Church Council (PCC) is a Body Corporate 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, set out in the appendices to the measure. The charity was registered in 2018, and given the number 1179960.

Page 5

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

The Trustees of the Charity are, with the exception of ex-officio clergy members, churchwardens, and those co-opted, elected at the Annual Parish Church Meeting (APCM) in accordance with constitutional arrangements approved by the Church of England. Those elected directly on to the PCC are complemented by persons elected at the APCM to the Deanery Synod.

Members already elected to Diocesan Synod who are parishioners are also Members of the PCC. Eligibility for election is dependent on the individual being on the electoral roll, aged 16 years or over, and confirmed in the Church of England. Members are expected to share ideas and take seriously their responsibilities to other members of the congregation. The term of office is one year, though in the case of resignations or vacancies, however caused, occasional elections are held at the APCM. All members of the PCC (Trustees) have an equal vote at meetings.

Efforts are made to recruit persons with varying backgrounds for election to the PCC, looking to their wider experience of Parish and community life to enhance decision-making on the part of the Council. The Diocese of Peterborough, and the National Church, provides training for specialised roles, such as churchwardens, treasurers, fundraisers, and secretaries.

Meetings and structure

The PCC is scheduled to meet approximately six times a year, though additional special meetings may be called if necessary. All significant decisions made by the Charity, including financial decisions, are the sole responsibility of the PCC. Its members, however, form committees, to which other members of the wider church community may be, and usually are, co-opted. These committees are expected to examine and debate matters, manage areas of work, and make recommendations to the PCC. Amongst them is the Finance Committee whose role is to examine financial details, draws up plans and makes recommendations to the PCC. A firm of accountants is employed to draw up the financial statements for the consideration of the PCC on an annual basis.

Volunteers

The Church is dependent on a huge number of volunteers involved in Church activities. The Church greatly values the considerable time so generously given by all volunteers.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1179960

Principal address

All Saints Church George Row Northampton NN1 1DF

Page 6

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees

Council members

Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules.

During 2021 and up to the date the financial statements were approved, the following served as members of the PCC:

Name Position Appointment/Resignation date The Revered Oliver Coss Chairman Dr. Robin Sheppard Vice Chair, Safeguarding Officer Mr. Paul Stokes Treasurer Resigned 8th September 2021 Mrs. Katie Steel Secretary, co-opted Mr. Matthew Farmer Mrs. Alison Mills Churchwarden, ex-officio Mr. Tom Brown-Flowers Deanery Synod Member Mr. Jem Lowther Director of Music, co-opted Mr. Jeff Lee Mr. Michael Waterfield Mrs. Barbara Waterfield Churchwarden, ex-officio, Mr. Richard Lambert Deanery Synod Member Mr. David Fisher Resigned 16th May 2021 Mr. David White Resigned 16th May 2021 Mrs. Donna Mighty-Fisher Resigned 16th May 2021 Ms. Rachel Hewison Mr. Ken Briers Resigned 16th May 2021 Mr. Martin Rose Appointed 16th May 2021 Mr. Oliver Longden Appointed 16th May 2021 Mrs. Trevena Champion Appointed 8th December 2021 Ms. Susan Galloway* Appointed 8th December 2021 Mr. John Warr Appointed 10th April 2022

*Co-opted member but not a Trustee

Independent Examiner

DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Incumbent

The Reverend Oliver Coss BSc MA FRSA SSC

Electoral Roll

There are 80 members of the congregation on the Electoral Roll.

11th July 2022

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. Rev. Fr. O Coss - Trustee

Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

Independent examiner's report to the trustees of PCC of All Saints' Church, Northampton

I report to the charity trustees on my examination of the accounts of PCC of All Saints' Church, Northampton (the Charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity trustees of the Charity 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 applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of 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 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.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our independent examination work, for this report, or for the opinions we have formed.

Nicola Fox FCA DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Date: 31 October 2022

Page 8

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
3
37,341
Funds from church activities 4
6,840
Investment income
5
14,283
Total
58,464
EXPENDITURE ON
Raising funds
6
597
Charitable activities
7
Charitable activities
82,060
Management and
administration
-
Other
698
Total
83,355
Net gains on investments
3,804
NET
INCOME/(EXPENDITURE)
(21,087)
Transfers between funds
20
(1,000)
Net movement in funds
(22,087)
RECONCILIATION OF
FUNDS
Total funds brought
forward
160,009
TOTAL FUNDS CARRIED
FORWARD
137,922		 Restricted
Endowment
funds
funds
£
£
225,089
-
-
-
-
-
225,089
-
1,238
-
192,305
-
-
-
-
-
193,543
-
8,769
32,319
40,315
32,319
1,000
-
41,315
32,319
287,873
198,020
329,188
230,339		 2021
Total
funds
£
262,430
6,840
14,283
283,553
1,835
274,365
-
698
276,898
44,892
51,547
-
51,547
645,902
697,449		 2020
Total
funds
£
151,955
12,582
13,947
178,484
(321)
102,506
10,561
932
113,678
13,511
78,317
-
78,317
567,585
645,902

The notes form part of these financial statements

Page 9

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
1,894
Investments
Investments
14
59,338
Investment property
15
170,000
231,232
CURRENT ASSETS
Debtors
16
1,756
Cash at bank
56,787
58,543
CREDITORS
Amounts falling due within
one year
17
(151,853)
NET CURRENT ASSETS
(93,310)
TOTAL ASSETS LESS
CURRENT LIABILITIES
137,922
NET ASSETS
137,922		 Restricted
funds
£
-
135,042
-
135,042
-
194,346
194,346
(200)
194,146
329,188
329,188
Endowment
funds
£
-
230,339
-
230,339
-
4,477
4,477
(4,477)
-
230,339
230,339		 2021
Total
funds
£
1,894
424,719
170,000
596,613
1,756
255,610
257,366
(156,530)
100,836
697,449
697,449		 2020
Total
funds
£
2,592
381,722
170,000
554,314
338
238,542
238,880
(147,292)
91,588
645,902
645,902

The notes form part of these financial statements

Page 10

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2021

Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£
£
£
FUNDS
20
Unrestricted funds:
General fund
Property Revaluation Reserve
Valerie Travis Music Fund
Reserves policy
Restricted funds:
Fabric Fund
Nora Moore Bequest
Bell Fund
St Peters
Peterborough Diocese - Mission Grant
West Organ Restoration fund- Bernard
Sunley Foundation
Endowment funds:
Permanent Endowment Fund
FCM Boys' Choir Endowment Fund
TOTAL FUNDS		 2021
Total
funds
£
(55,261)
115,000
69,376
8,807
137,922
262,052
41,459
2,364
30
2,380
20,903
329,188
200,227
30,112
230,339
697,449		 2020
Total
funds
£
(29,907)
115,000
66,109
8,807
160,009
198,847
39,167
2,364
30
2,380
45,085
287,873
172,385
25,635
198,020
645,902

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 11th July 2022

............................................. O Coss - Trustee

The notes form part of these financial statements

Page 11

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. LEGAL FORM

PCC of All Saints Church, Northampton is an unincorporated charity registered with the Charity Commission for England and Wales. Its registered address is listed on page 4.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

The trustees have considered a period of 12 months from the date of approval of these financial statements and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Music Equipment 5% - 25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Page 12

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is shown as gains or losses in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Investments

UK quoted investments are included within the accounts at market value.

Page 13

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

3. DONATIONS AND LEGACIES

Collections
Gift Aid recoverable
Legacies
Grants
Scholarship
Grants received, included in the above, are as follows:
Constance Travis Settlement
DCMS
Bernard Sunley Foundation
Davidge Usher Trust
Ouseley Church
NBC
National Churches Trust
4.
FUNDS FROM CHURCH ACTIVITIES
Coffee shop rent
Coffee shop recharges
Fees
5.
INVESTMENT INCOME
Rents received (York Road)
Interest and dividends		 2021
£
37,091
-
66,000
159,339
-
262,430
2021
£
20,000
25,162
82,000
-
-
250
31,927
159,339
2021
£
-
-
6,840
6,840
2021
£
9,000
5,283
14,283		 2020
£
50,728
(5,809)
-
102,891
4,145
151,955
2020
£
20,000
3,891
68,000
5,000
6,000
-
-
102,891
2020
£
10,820
1,762
-
12,582
2020
£
7,800
6,147
13,947

Page 14

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

6.
RAISING FUNDS
Investment management costs
2021
£
Portfolio management
1,835
Property costs - York Road
-
1,835
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
Support
note 8)
costs
£
£
Charitable activities
271,646
2,719
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2021
£
Advertising
-
Diocesan Parish Share
30,000
Service expenses
1,166
Music expenses
32,697
Organ and piano expenses
127,244
Church running expenses
18,486
Church maintenance
54,113
Administration - printing, stationery, telephone etc.
7,940
271,646
9.
INDEPENDENT EXAMINERS' REMUNERATION
2021
£
Fees payable to the Independent Examiner for the examination of the financial
statements
2,000		 2020
£
1,679
(2,000)
(321)
Totals
£
274,365
2020
£
257
20,000
2,095
25,664
24,367
16,216
7,972
7,470
104,041

2020
£
1,784

10. TRUSTEES' REMUNERATION AND BENEFITS

During the year trustees' emoluments were paid in respect of contracts of service between the church and Mr J Lowther in his capacity as Music Director totalling £21,000.

No remuneration is paid to any trustee for acting in this capacity.

Page 15

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

10. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

During the year, travel and admin expenses were reimbursed to 3 (2020: 8) trustees totalling £1,825 (2020: £1,769).

11. STAFF COSTS

The average monthly number of employees during the year was as follows:

Employees 2021
1		 2020
2

No employees received emoluments in excess of £60,000.

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
57,855
94,100
-
Funds from church activities
12,582
-
-
Investment income
13,947
-
-
Total
84,384
94,100
-
EXPENDITURE ON
Raising funds
(1,491)
1,170
-
Charitable activities
Charitable activities
51,847
50,659
-
Management and administration
10,561
-
-
Other
932
-
-
Total
61,849
51,829
-
Net gains/(losses) on investments
(236)
(542)
14,289
NET INCOME
22,299
41,729
14,289
Transfers between funds
(1,744)
1,744
-
Net movement in funds
20,555
43,473
14,289
RECONCILIATION OF FUNDS
Total funds brought forward
139,454
244,400
183,731
TOTAL FUNDS CARRIED FORWARD
160,009
287,873
198,020		 Total
funds
£
151,955
12,582
13,947
178,484
(321)
102,506
10,561
932
113,678
13,511
78,317
-
78,317
567,585
645,902

Page 16

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

13. TANGIBLE FIXED ASSETS
Music and
computer
equipment
£
COST
At 1 January 2021 and
31 December 2021 7,540
DEPRECIATION
At 1 January 2021 4,948
Charge for year 698
At 31 December 2021 5,646
NET BOOK VALUE
At 31 December 2021 1,894
At 31 December 2020 2,592
14. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2021 381,722
Disposals (1,895)
Revaluations 44,892
At 31 December 2021 424,719
NET BOOK VALUE
At 31 December 2021 424,719
At 31 December 2020 381,722
There were no investment assets outside the UK.
Included within the above is cash of £9,109 (2020: £8,281).
15. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 January 2021
and 31 December 2021 170,000
NET BOOK VALUE
At 31 December 2021 170,000
At 31 December 2020 170,000

The investment property was valued on 4th February 2019 by a chartered surveyor. It is the opinion of the trustees that the value held in the accounts shows a true representation for the current market conditions.

Page 17

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Prepayments and accrued income
Other debtors
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 18)
Trade creditors
PAYE & NIC
Other creditors
Accruals and deferred income
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts		 2021
£
256
1,500
1,756
2021
£
145,979
2,546
528
5,135
2,342
156,530
2021
£
145,979		 2020
£
216
122
338
2020
£
140,292
1,292
246
3,607
1,855
147,292
2020
£
140,292

A technical (computed) bank overdraft arises where a fund is in deficit or where the fund comprises mainly non-cash assets. This is not indicative of an actual overdraft facility at the bank.

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2021
£
2,107
6,797
428
9,332		 2020
£
1,665
832
-
2,497

Page 18

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Property Revaluation Reserve
Valerie Travis Music Fund
Reserves policy
Restricted funds
Fabric Fund
Nora Moore Bequest
Bell Fund
St Peters
Constance Travis Charitable Trust
Fund
Peterborough Diocese - Mission Grant
West Organ Restoration fund- Bernard
Sunley Foundation
Endowment funds
Permanent Endowment Fund
FCM Boys' Choir Endowment Fund
TOTAL FUNDS		 At 1/1/21
£
(29,907)
115,000
66,109
8,807
160,009
198,847
39,167
2,364
30
-
2,380
45,085
287,873
172,385
25,635
198,020
645,902		 Net
movement
in funds
£
(24,354)
-
3,267
-
(21,087)
63,205
2,292
-
-
(1,000)
-
(24,182)
40,315
27,842
4,477
32,319
51,547		 Transfers
between
funds
£
(1,000)
-
-
-
(1,000)
-
-
-
-
1,000
-
-
1,000
-
-
-
-		 At
31/12/21
£
(55,261)
115,000
69,376
8,807
137,922
262,052
41,459
2,364
30
-
2,380
20,903
329,188
200,227
30,112
230,339
697,449

Page 19

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Valerie Travis Music Fund
Restricted funds
Fabric Fund
Nora Moore Bequest
Constance Travis Charitable Trust
Fund
West Organ Restoration fund- Bernard
Sunley Foundation
Endowment funds
Permanent Endowment Fund
FCM Boys' Choir Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
58,464
-
58,464
102,027
-
20,000
103,062
225,089
-
-
-
283,553		 Resources
expended
£
(82,818)
(537)
(83,355)
(44,922)
(377)
(21,000)
(127,244)
(193,543)
-
-
-
(276,898)		 Gains and
Movement
losses
in funds
£
£
-
(24,354)
3,804
3,267
3,804
(21,087)
6,100
63,205
2,669
2,292
-
(1,000)
-
(24,182)
8,769
40,315
27,842
27,842
4,477
4,477
32,319
32,319
44,892
51,547

Page 20

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Property Revaluation Reserve
Valerie Travis Music Fund
Reserves policy
Restricted funds
Fabric Fund
Nora Moore Bequest
Bell Fund
St Peters
Constance Travis Charitable Trust
Fund
Peterborough Diocese - Mission Grant
West Organ Restoration fund- Bernard
Sunley Foundation
Organ Scholarship Fund - Ouseley
Church
Endowment funds
Permanent Endowment Fund
FCM Boys' Choir Endowment Fund
TOTAL FUNDS		 At 1/1/20
£
(51,207)
115,000
66,854
8,807
139,454
200,038
39,688
2,264
30
-
2,380
-
-
244,400
158,731
25,000
183,731
567,585		 Net
movement
in funds
£
23,044
-
(745)
-
22,299
(1,191)
(521)
100
-
(1,844)
-
45,085
100
41,729
13,654
635
14,289
78,317		 Transfers
between
funds
£
(1,744)
-
-
-
(1,744)
-
-
-
-
1,844
-
-
(100)
1,744
-
-
-
-		 At
31/12/20
£
(29,907)
115,000
66,109
8,807
160,009
198,847
39,167
2,364
30
-
2,380
45,085
-
287,873
172,385
25,635
198,020
645,902

Page 21

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Valerie Travis Music Fund
Restricted funds
Fabric Fund
Nora Moore Bequest
Bell Fund
Constance Travis Charitable Trust
Fund
West Organ Restoration fund- Bernard
Sunley Foundation
Organ Scholarship Fund - Ouseley
Church
Endowment funds
Permanent Endowment Fund
FCM Boys' Choir Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
84,384
-
84,384
-
-
100
20,000
68,000
6,000
94,100
-
-
-
178,484		 Resources
expended
£
(61,340)
(509)
(61,849)
(814)
(356)
-
(21,844)
(22,915)
(5,900)
(51,829)
-
-
-
(113,678)		 Gains and
Movement
losses
in funds
£
£
-
23,044
(236)
(745)
(236)
22,299
(377)
(1,191)
(165)
(521)
-
100
-
(1,844)
-
45,085
-
100
(542)
41,729
13,654
13,654
635
635
14,289
14,289
13,511
78,317

Funds information:

The designated and restricted funds are for the following purposes:

Fabric Fund - donations specifically towards maintenance of the buildings and fabric of the church.

Nora Moore Bequest - funds to be applied in accordance with the Will of Nora Moore deceased.

Bell Fund - funds ring fenced for bell ringers' activities.

St Peters - represents funds transferred when St Peters Church was closed - to be applied to maintenance of the St Peters churchyard.

Valerie Travis Music Fund - funds received from a will to support the music department and for any other general purposes.

Constance Travis Charitable Trust Fund- grant received to help towards the salary of the director of music.

Peterborough Diocese - Mission Grant - for use of mission in the Parish.

Friends of Cathedral Music (FCM) Boys' Choir Endowment Fund - an endowment grant of £25,000, for the continuing development and recruitment of the boys' choir. Grant received in 2019.

West Organ Restoration Fund - grant received to repair the organ. The balance on the fund will be used on future capital and repairs projects

Page 22

continued...

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

20. MOVEMENT IN FUNDS - continued

Organ Scholarship Fund - funding for the organ scholar and assistant organist costs.

Transfers between funds

The transfer from the General Fund to the Constance Travis Charitable Trust Fund is due to an overspend in the Constance Travis Charitable Trust Fund.

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

22. OPERATING LEASES - LESSOR

Minimum lease receipts under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2021
£
6,750
-
-

6,750		 2020
£
9,000
6,750

-
15,750

Page 23

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

INCOME AND ENDOWMENTS
Donations and legacies
Collections
Gift Aid recoverable
Legacies
Grants
Scholarship
Funds from church activities
Coffee shop rent
Coffee shop recharges
Fees
Investment income
Rents received (York Road)
Interest and dividends
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Property costs - York Road
Charitable activities
Advertising
Diocesan Parish Share
Service expenses
Music expenses
Organ and piano expenses
Church running expenses
Church maintenance
Administration - printing, stationery,
telephone etc.
Grants to individuals
Other
Depreciation of tangible fixed assets		 2021
£
37,091
-
66,000
159,339
-
262,430
-
-
6,840
6,840
9,000
5,283
14,283
283,553
1,835
-
1,835
-
30,000
1,166
32,697
127,244
18,486
54,113
7,940
-
271,646
698		 2020
£
50,728
(5,809)
-
102,891
4,145
151,955
10,820
1,762
-
12,582
7,800
6,147
13,947
178,484
1,679
(2,000)
(321)
257
20,000
2,095
25,664
24,367
16,216
7,972
7,470
5,900
109,941
932

This page does not form part of the statutory financial statements

Page 24

PCC OF ALL SAINTS' CHURCH, NORTHAMPTON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Support costs
Management
Sundries
Finance
Bank charges
Governance costs
Independent examiners remuneration
Accountancy and legal fees
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income		 2021
£
-
12
2,000
707
2,707
276,898
6,655
44,892
51,547		 2020
£
242
(37)
1,784
1,137
2,921
113,678
64,806
13,511
78,317

This page does not form part of the statutory financial statements

Page 25