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2020-12-31-accounts

PAROCHIAL CHURCH COUNCIL OF WANTAGE

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

PAROCHIAL CHURCH COUNCIL OF WANTAGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS

INTRODUCTION 3
TRUSTEES’ REPORT………………………………………………………………………………….. 4
Our aims, objectives and activities………………………….………………………………… …. 4
Achievements and performance………………………………………………………………….. . 5
Financial position…………………………………………………………………………………….. 7
Reserves policy…………………………………………….…………………………………….. 8
Looking forward……….……………………………………………………………………………... 8
Our structure & governance………………………………………………………………………… 9
Safeguarding……………………………………………………………………………………… 10
Statement of trustees’ responsibilities…………………………………………………………. 10
Administrative information…………………………………………………………………...….. 11
Conclusion……………………………………………………………………………………………. 11
INDEPENDENT EXAMINER’S REPORT…………………………………………………………….. 13
FINANCIAL STATEMENTS……………………………………………………………………………. 14
Statement of Financial Activities…………………………………………………………………… 14
Balance Sheet………………….…………………………………………………………………….. 16
Notes to the Financial Statements…………………………………………………………………. 17

Charity registration number: 1181640

PAROCHIAL CHURCH COUNCIL OF WANTAGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INTRODUCTION

There are two parts to this document:

The PCC is a charity and the members of the PCC are its trustees, responsible for its affairs under charity law. This annual report and the financial statements are a public account of Parish activities during 2020. We hope that the document will be of interest to the wider community which we serve as well as to church members.

The annual report provides information about the life of the Parish, including what has been going on in our two church buildings – the Parish Church of St Peter & St Paul and Holy Trinity Church in Charlton – and also online. Significant developments during 2020 included:

More information about these developments and the life of the Parish more generally is given in the following annual report. Like other churches and charities, our activities have been significantly affected by the Covid-19 pandemic. The impact of this is discussed in the report.

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The members of the Parochial Church Council of Wantage (“the PCC”) are pleased to present their report for 2020. The PCC is a charity registered with the Charity Commission (registered number 1181640). Its full registered name is the Parochial Church Council of the Ecclesiastical Parish of St Peter & St Paul Wantage. Further information about the structure and governance of the PCC is given towards the end of this report.

Our aims, objectives and activities

The Parish is part of the Diocese of Oxford within the Church of England. Within the Diocese, our Parish is part of the Wantage Deanery.

The PCC, in collaboration with the Vicar, promotes the mission of the Church of England within the Parish.

This is our vision for the Parish:

ENCOUNTERING AND SHARING GOD’S TRANSFORMING LOVE

Encountering through

Inspiring, uplifting and enriching worship Faithful and compassionate prayer

Sharing

by A generous, open and embracing welcome Courageous and relevant outreach Compassionate care

Transformed

through Committed discipleship Nurturing spiritual growth

The PCC works with the clergy of the Parish to offer a range of opportunities to worship, to pray and to grow spiritually. These normally include:

Through the dedication of many volunteers, the Parish normally reaches out to the local community through activities including:

Inevitably, many of these activities could not take place for much of 2020 because of the Covid-19 pandemic. The Parish responded to the challenges of the pandemic in various ways, as discussed below.

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

We support a number of other charities each year through a Christmas appeal and other fundraising.

In leading and guiding the work of the charity, the PCC has had regard to the Charity Commission’s guidance on public benefit and in particular the supplementary guidance in relation to charities for the advancement of religion.

Achievements and performance

Whilst the Covid-19 pandemic and its impact (discussed below) were challenging, there was much to celebrate in the life of the Parish in 2020. We give thanks for everything that was achieved and those who made it possible.

The PCC’s focus in 2020 was on finalising a new Mission Action Plan for the Parish, setting an ambitious vision for how the Church in this place can develop and grow in the coming years. The plan has four sections, each looking at a key area of activity:

The Plan was presented at the Annual Parochial Church Meeting in October 2020 and action groups have been set up in 2021 to take forward the different areas.

A key priority is to engage with more children, young people and their families, seeing them grow in faith and regular worship. The PCC has agreed to employ a Children & Families Worker to focus on this and was very pleased to be awarded grant funding from the Diocese of Oxford’s Development Fund to support the cost of this post. An appointment is expected to be made later in 2021.

We were delighted during 2020 to welcome Fr Benji Tyler as Assistant Curate. Benji started work in the Parish in July, although because of Covid-19 his ordination was delayed until the autumn.

The Covid-19 pandemic created two major challenges for us:

From the very first week of lockdown, a weekly Mass was livestreamed on the Parish Facebook page so that anyone with the technology could join the service. Initially this was streamed by Fr Philip Wells, the Vicar, from the vicarage. Later Fr Philip was able to livestream from the Parish Church.

When lockdown was lifted for periods during the second half of the year, public worship in our churches resumed, but with precautions in place to make sure that the churches were Covid-secure. Inevitably, the numbers attending worship were lower because some people needed to shield or self-isolate at home. Social distancing also meant that the seating capacity was significantly reduced. One consequence of this was that the 9.15am Mass on Sunday mornings was moved from Holy Trinity to the Parish Church in order to allow more people to attend.

In the autumn, during a further period of lockdown, Fr Benji, our curate, initiated a new weekly Julian Prayer Meeting on Zoom.

We were able to open the Parish Church for Christmas and the PCC invested in additional technology so that all the principal services could be livestreamed. We also put on an additional carol service so that more people could celebrate the Nativity of Our Lord in church.

To bring the Christmas message to the wider community, the Parish created a Follow the Star trail around the town. Window and garden displays illustrating the Christmas theme (including some very creative nativity figures) were accompanied by a quiz sheet to engage younger children.

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Although churches were allowed to stay open during the further period of lockdown which followed Christmas 2020, the Vicar and PCC decided not to do so. This was to reduce the risk of Covid-19 transmission in the local community at a time of high infection rates. We have continued to livestream a weekly Mass from the Parish Church.

The Covid-19 pandemic has increased loneliness and isolation. We started a weekly email to keep church members in touch and also increased Parish social media activity on Facebook, Twitter and, more recently, Instagram. This online activity and livestreaming of services have widened our church community and drawn new people into contact with us.

We recognise, however, that there are significant groups of people without access to this sort of technology. As a church community we responded by setting up telephone support groups to maintain contact between individuals. In addition, everyone on the church electoral roll was contacted by the clergy in March or April 2020. Prayer booklets were sent to all those who requested them.

In place of our T bar drop-in tea and chat sessions, we have run some online sessions using Zoom. There have also been opportunities during lockdown to meet on Zoom for coffee and chat after the livestreamed Mass on Sundays.

Our choir has continued to rehearse and work on singing technique during lockdown by meeting on Zoom.

Volunteers from the Parish normally present a weekly Open the Book assembly to the children at Wantage Church of England Primary School. The sessions bring to life a story from the bible, helping the children to relate what the bible has to say to their own lives. With schools closed or not allowing visitors for much of 2020, the resourceful team started video recording stories instead.

During 2020 we raised money for both the Archbishop’s Together in Unity Coronavirus Appeal and the Wantage & Surrounding Area Coronavirus Support Group.

We look forward to being able to resume a much wider range of worship, prayer and other activities during the course of 2021.

One of the PCC’s responsibilities is to look after the Parish’s two church buildings and the house where our assistant curate lives.

A major refurbishment of Holy Trinity Church was completed in 2018. During 2020, a new altar and other sanctuary furniture were ordered and the two bells in the church were taken away for refurbishment. The bells have since been rehung and the new furniture delivered during March 2021.

Use of Holy Trinity Church by community groups has been increasing since its refurbishment (although many groups were not able to meet for extended periods during 2020 because of Covid-19). We were very pleased to receive, during 2020, a significant new booking for regular use of the church by Wantage Community Support Service. To facilitate community use of the church, we have appointed a caretaker to manage access and cleaning.

The Parish Church of St Peter & St Paul is a grade I listed building dating from the mediaeval period. It is almost 25 years since the interior of the church was last refurbished. The PCC has set up an action group to explore how the building can best serve the Parish’s mission as well as local community needs going forward. Out of this will come proposals for renewal of the building.

The launch of a new volunteer Company of Cleaners for the Parish Church was put on hold because of the periods of lockdown.

Quinquennial architect’s inspections of both our church buildings were carried out in 2020. The various issues identified are gradually being addressed. The inspections identified no major issues requiring urgent attention.

None of the activities and achievements described would be possible without the generous giving of money and time by church members. The Parish encourages church members to give 5% of their income to the church and 5% to other charitable causes, in line with recommendations of the Church of

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

England nationally. We prefer the use of the Parish Giving Scheme to collect regular contributions, in place of earlier envelope and standing order schemes. The PCC would like to thank all the volunteers who give their time and support the Parish in any way, and everyone who contributes financially.

Our parish is part of the wider Church of England. We benefit hugely from all the work that goes into training and supporting clergy, as well as from the wider support and guidance of the Diocese of Oxford. The Archdeacon of Dorchester visited the Parish in February 2020 to look at our buildings and records, and provided positive feedback. More locally in the Wantage area, we participate in Deanery Synod discussions.

Financial position

The PCC’s financial statements on pages 14 to 28 distinguish between:

A summary of income and expenditure for 2020 is set out on page 14, with comparative figures for 2019 on the following page.

The unrestricted income reported for 2020 includes a significant legacy of almost £72,000. We were informed of this legacy some time ago, but it was only in 2020 that the value became clear. The unrestricted income for 2020 also includes some £14,000 of additional Gift Aid that was recovered from the tax authorities in respect of earlier years. Our Gift Aid claims are now up to date.

What this means is that if these exceptional items are excluded, our unrestricted income was not sufficient to cover our day-to-day expenditure.

The day-to-day deficit for 2020 was almost £56,000, as follows:

£56,000, as follows:
Surplus shown on page 14
Less: Legacy
Less: Gift Aid for earlier years
Deficit on day-to-day income		 £
29,992
(71,816)
(14,078)
(55,902)

More information about unrestricted income is given in notes 2 to 5 of the financial statements. Collections at services, fundraising and some other income were reduced because of the closure of our churches for much of the year and other restrictions resulting from Covid-19. To some extent this was compensated for by grants received from Government for periods when our staff were furloughed. Rental income benefitted from the renting of the assistant curate’s house in Barnards Way during the first half of the year, prior to the arrival of Fr Benji Tyler.

Expenditure out of unrestricted income was lower than in 2019 largely as a result of lower building maintenance costs (see the analysis by type of fund in note 6). The Parish met its “parish share” commitment in full, contributing £88,000 (2018: £87,000) towards the cost of clergy stipends and training and other diocesan costs.

The third column of figures on page 14 shows the movements in restricted funds during 2020. The restricted funds benefitted from investment income of £14,000 and increases in investment values of £34,000 (discussed further below). Apart from this, there was relatively little restricted income or expenditure from the restricted funds during 2020. An analysis of movements in the different restricted funds can be found in note 14 of the financial statements.

The balance sheet on page 16 shows the assets held by the PCC at the end of 2020 (with comparative figures for 2019). Tangible assets are the house in Barnards Way occupied by our assistant curate (recorded at its cost of £40,000 some years ago) and a small amount for fixtures and fittings (mostly recent improvements to the curate’s house).

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The PCC’s investments are managed by CCLA Investment Management. The investments are recorded at their market value at the end of 2020. There was a sharp decline in investment values in March and April 2020 because of the onset of the Covid19 pandemic. Subsequent recoveries in values, however, meant that over the year as a whole the funds performed well, with gains in value of almost £34,000 (2019: £74,000) (as shown on page 14 and in note 11). The ongoing uncertainty caused by Covid-19 means that investment markets may continue to be volatile in the months ahead.

Amounts owed to the PCC as debtors were unusually high at the end of 2020 because of the inclusion of the legacy referred to above. This was received in the early part of 2021.

With effect from 2021, the PCC has decided to prepare accounts on the simpler receipts and payments method which does not take account of debtors or creditors until the relevant amounts are received or paid.

Reserves policy

The PCC has designated part of its unrestricted funds to reflect the funds tied up in the house purchased for the use of an assistant curate training in the Parish. The amount (£40,000) represents the cost of the house when it was purchased some years ago (rather than its current value). For as long as these funds are tied up in the house, they are not available for other purposes. The PCC has also designated a long-term organ maintenance fund to reflect the need periodically to undertake a major service of the organ at the Parish Church. A transfer of £1,000 is made into this fund each year out of general unrestricted funds.

Excluding the balances on these two designated funds, the general unrestricted funds of the PCC at the end of 2020 were some £108,000. It is the PCC’s policy to maintain general unrestricted funds of approximately six months’ unrestricted expenditure, to allow for fluctuations in income and unexpected repairs or other items of expenditure. The current level of general unrestricted funds is a little above this target.

Without the legacy recorded in 2020, however, the general unrestricted reserves would have fallen below the target level. This highlights the need to increase income from both regular giving by church members and fundraising activities in the years ahead.

The PCC is fortunate also to hold restricted funds, the largest element of which (totalling just over £600,000) arose from the sale of properties once owned by the PCC. This money can be used at the PCC’s discretion for any ecclesiastical purpose within the Parish. The PCC is undertaking a review of the Parish’s financial position and strategy which will consider how these funds can best be used to:

Over the next five years, the PCC will be putting a total of £40,000 of these reserves towards the cost of employing a Children and Families Worker in the Parish.

As far as other restricted funds given for specific purposes are concerned (detailed in note 14 to the financial statements), it is the policy of the PCC to spend them on those purposes as soon as reasonably possible.

Looking forward

The unprecedented situation caused by the Covid-19 pandemic has had a significant impact on the Parish, as it has on society at large. For the first time for hundreds of years the local community could not meet, worship and pray together in its Parish Church.

As a result of the pandemic, a number of new initiatives planned for 2020 had to be deferred. As long as the Covid-19 situation continues to improve, we expect to be able to start making progress again in the implementation of the Parish’s Mission Action during 2021. This will include the

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

appointment of a Children & Families Worker to start work in the autumn of 2021.

Our structure & governance

The PCC’s legal status and powers are determined by legislation, in particular the Parochial Church Councils (Powers) Measure 1956 (as amended). The PCC is a registered charity, and the members of the PCC are the charity’s trustees under charity law.

Membership of the PCC is governed by the Church Representation Rules. The Vicar, other clergy licensed to serve in the Parish and the churchwardens are automatically members. Other members are elected at the Annual Parochial Church Meeting by church members who are on the Electoral Roll of the Parish. We encourage everyone (aged 16 and over) who attends our churches regularly to register on the Electoral Roll.

Churchwardens are elected each year at the Annual Meeting of Parishioners, which is open to all residents of the Parish. They serve from the date they are subsequently admitted to office by the Bishop and continue in office until their successor is admitted by the Bishop following election.

Church members elect up to four people to serve on the Wantage Deanery Synod as well as on the PCC. Their term of office is three years and the previous term would normally have ended on 30 June 2020, but as a result of the Covid-19 pandemic was extended to 31 December 2020. At the end of their term of office, Deanery Synod representatives may be re-elected for a second three-year term but must then take a break of at least a three-year term before standing again for election (unless the PCC decides otherwise).

There are up to nine other elected PCC members, three from among those who normally worship at Holy Trinity Church and six from among those who normally worship at the Parish Church. They serve for terms of three years from the date of election. They may be re-elected for a second three-year term but must then take a break of at least a year before standing again for election (unless

the PCC decides otherwise). As a result of the Covid-19 pandemic, terms of office which would have expired in April 2020 were extended to the date of the delayed Annual Parochial Church Meeting which took place on 11 October 2020.

The following are the members of the PCC at the date of this report. Except where indicated, they served throughout 2020.

Clergy

Fr Philip Wells, Vicar

Fr Benji Tyler (from 27 September 2020)

Churchwardens Bill Jestico Jan Ralston

Representatives on Deanery Synod

Susie Lapwood (from 15 May 2019; up to that date an elected member of the PCC from April 2018)

John Ridgway

There are currently two vacancies for elected Deanery Synod representatives.

Other elected members of the PCC

There are currently three vacancies for elected PCC members.

In addition to those above, the following served on the PCC from the beginning of 2020 until standing down or coming to the end of their term of office at the Annual Parochial Church Meeting on 11 October 2020: Russell Leigh Lesley Royan (PCC Secretary) Linda Knight Sandra Ord Lucy Stone

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The PCC is responsible for overseeing the life and activities of the Parish and for making decisions about all matters of general importance, including how the PCC’s funds should be spent. The PCC met on six occasions during 2020.

The Vicar and the two Churchwardens provide leadership and take day-to-day management decisions. Together with Ann Gregory and Alastair Hunter (elected by the PCC from its members) and David Law (PCC Treasurer), they comprise the Standing and Finance Committee of the PCC, which has delegated powers to take decisions between meetings of the PCC.

Safeguarding

The PCC acknowledges that it has a duty of care towards the vulnerable in our church community. During 2020 we continued to take steps to ensure that the Parish is compliant with the safeguarding measures set out in the Church of England Parish Safeguarding Handbook.

These actions included:

The Parish Safeguarding Officer up to April 2020 was Cathryn Stanton. David Law then took over this role on an interim basis until January 2021 when Matt Godfrey was appointed.

Statement of trustees’ responsibilities

The members of the PCC, as the trustees of the charity, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the charity’s affairs and of its financial activities during the year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the requirements referred to above. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Administrative information

Our website is at www.wantageparish.com.

The address for correspondence in relation to Parish affairs is:

Parish Office The Butler Centre Church Street Wantage OX12 8BL

The PCC’s bankers are:

Barclays Bank plc 17 Market Place Wantage OX12 8AG

The independent examiner of the PCC’s financial statements is:

A Chapman FCA Chapman Worth Limited 3 Old Estate Yard East Hendred OX12 8JY

Conclusion

The closure of our churches for long periods in 2020 and other restrictions as a result of the Covid-19 pandemic had a major impact on our activities. Despite this, regular worship was maintained and was livestreamed to people in their homes. Other initiatives helped to keep people in touch with one another.

During 2020 the PCC made progress in developing and launching a Mission Action Plan with a clear vision for what we want to achieve over the next five years and planned actions to achieve our goals. A major step forward was the awarding a grant by the Diocese of Oxford to support the appointment of a Children and Families Worker. We plan to make this appointment later this year.

Work has started on a number of other new initiatives which we look forward to taking forward as the Covid-19 situation eases.

This report was approved by the members of the PCC as the trustees of the charity on 9 April 2021 and signed on their behalf by:

The Revd Philip Wells Chair

PAROCHIAL CHURCH COUNCIL OF WANTAGE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

This page is deliberately left blank.

PAROCHIAL CHURCH COUNCIL OF WANTAGE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL

I report to the trustees on my examination of the financial statements of the Parochial Church Council for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act. 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 that in any material respect:

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 financial statements to be reached.

A Chapman FCA Chapman Worth Limited

3 Old Estate Yard East Hendred Oxfordshire OX12 8JY

9 April 2021

PAROCHIAL CHURCH COUNCIL OF WANTAGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

General
Designated
unrestricted unrestricted
Restricted
funds
funds
funds
Notes
£
£
£
Income from:
Donations and legacies
2
159,893
-
2,106
Charitable activities
3
8,302
-
-
Other operating activities
4
17,336
-
4,444
Investments
5
1,426
-
13,609
Total income
186,957
-
20,159
Expenditure on:
Raising funds
6
1,306
-
-
Charitable activities
6
155,659
-
8,974
Total resources expended
156,965
-
8,974
Net income/(expenditure)
before investment gains
29,992
-
11,185
Net gains/(losses) on investments
9
-
-
33,724
Net income/(expenditure)
29,992
-
44,909
Transfers between funds
14
(1,000)
1,000
-
Net movement in funds
28,992
1,000
44,909
Fund balances at 1 January
78,932
51,000
656,641
Fund balances at 31 December
14
107,924
52,000
701,550		 Total
2020
£
161,999
8,302
21,780
15,035
207,116
1,306
164,633
165,939
41,117
33,724
74,901
-
74,901
786,573
861,474		 Total
2019
£
80,023
6,456
105,129
14,612
206,220
310
187,805
188,115
18,105
73,927
92,032
-
92,032
694,541
786,573

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The comparative figures for the previous year are analysed on the next page.

PAROCHIAL CHURCH COUNCIL OF WANTAGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2019

Comparative figures for 2019

General
Designated
unrestricted unrestricted
Restricted
funds
funds
funds
Notes
£
£
£
Income from:
Donations and legacies
2
77,856
-
2,167
Charitable activities
3
6,456
-
-
Other operating activities
4
25,631
-
79,498
Investments
5
231
-
14,381
Total income
110,174
-
96,046
Expenditure on:
Raising funds
6
310
-
-
Charitable activities
6
162,137
-
25,668
Total resources expended
162,447
-
25,668
Net income/(expenditure)
before investment gains
(52,273)
-
70,378
Net gains/(losses) on investments
9
-
-
73,927
Net income/(expenditure)
(52,273)
-
144,305
Transfers between funds
14
(1,000)
1,000
-
Net movement in funds
(53,273)
1,000
144,305
Fund balances at 1 January
132,205
50,000
512,336
Fund balances at 31 December
14
78,932
51,000
656,641		 Total
2019
£
80,023
6,456
105,129
14,612
206,220
310
187,805
188,115
18,105
73,927
92,032
-
-
92,032
694,541
786,573

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PAROCHIAL CHURCH COUNCIL OF WANTAGE BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
14
Designated unrestricted funds
14
General unrestricted funds
14		 2020
£
106,320
74,043
180,363
(2,250)		 £
47,228
636,133
683,361
178,113
861,474
701,550
52,000
107,924
861,474		 2019
£
57,802
87,084
144,886
(6,323)		 £
48,732
599,278
648,010
138,563
786,573
656,641
51,000
78,932
786,573

These financial statements were approved by the trustees on 9 April 2021

.......................................... ......................................... The Revd Philip Wells David Law Chair Treasurer

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

The Parochial Church Council of the Ecclesiastical Parish of St Peter & St Paul Wantage is a registered charity (number 1181640). References in these financial statements to "the PCC" are references to this charity. The members of the PCC are the trustees of the charity under charity law and are referred to in these financial statements as "the trustees".

The PCC constitutes a public benefit entity as defined by FRS102.

1.1 Accounting convention

The financial statements are for the year to 31 December 2020 and are presented in sterling, rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the subsequent notes.

The financial statements have been prepared in accordance with:

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are set out below.

1.2 Charitable funds

The funds of the PCC are divided into the categories set out below, depending on the terms on which they were donated.

Endowment funds comprise capital sums which must be permanently held. The income which arises on endowment funds can be used for specified purposes in accordance with the terms under which the funds were given. The PCC holds no endowment funds at this time.

Restricted funds are held for specific purposes based on the origin of the funds or the wishes of the donors, and are not available for any other purpose. The PCC has designated certain restricted funds to be held for particular uses within the broader purposes specified. The purposes and uses of the restricted funds are set out in note 14 below.

Designated unrestricted funds are those which, although available for any purpose within the broad charitable objectives of the PCC, have been designated by the PCC to be held for a specified purpose.

General unrestricted funds are those which may be used for any purpose within the broad charitable objectives of the PCC.

1.3 Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees to make judgements and estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are kept under review. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

Significant judgements and estimates are made from time to time in relation to:

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

1.4 Financial risk

The main form of financial risk faced by the PCC relates to its investments and concerns volatility in equity and other investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular investment sectors.

The PCC does not acquire options, derivatives or other complex financial instruments. Apart from its investments, the PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

1.5 Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect of a period of one year from the date of approval of the financial statements. The trustees acknowledge and recognise the impact of the Covid-19 coronavirus pandemic on the Parish. Church buildings were closed for long periods in 2020 and the first quarter of 2021. Restrictions on their use are likely to continue until later in 2021. This will reduce the PCC’s income from collections, from the use of church buildings by other organisations, and because fundraising events cannot be held. The income of the PCC may also be affected because of volatility in investment values.

Despite these uncertainties, because of the level of the PCC’s financial reserves, the trustees have concluded that the PCC will have sufficient resources to meet its liabilities as they fall due and that the current circumstances do not impact on the charity’s ability to operate as a going concern.

1.6 Incoming resources

Income is recognised once the PCC has entitlement to the incoming resources, any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations and grants are recognised when the PCC has confirmation of both the amount and settlement date. In the event of donations and grants pledged but not received, the amount is recorded when the receipt is considered probable. In the event that a donation or grant is subject to conditions, the income is deferred and not recognised until either the conditions are fully met or the fulfilment of the conditions is wholly within the control of the PCC and it is probable that they will be fulfilled in the reporting period. Income tax recoverable in relation to donations received under Gift Aid is recognised at the same time as the related donation.

Legacies are recognised when there is sufficient evidence to place a value on the amount the PCC is likely to receive. This is when either confirmation has been received from the executors of the estate, or probate has been granted, or a distribution is received. Recognition of legacies in a form other than cash or listed investments is subject to the value being reliably measurable. Where the PCC has or may have entitlement to a legacy but there is uncertainty about the amount or value, information is disclosed about the potential future asset.

Investment income is recognised once the PCC has been notified of the amount that is receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably; this is normally upon notification of the interest paid or payable by the bank.

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

1.7 Resources expended

Expenditure comprises direct costs and support costs. Support costs represent indirect charitable expenditure. The costs of each activity include both those costs directly attributable to the category and a proportion of general support costs. Governance costs comprise the costs relating to the public accountability of the charity and compliance with regulation and good practice.

The classification between activities is as follows:

Expenditure on charitable activities is split between:

No value is ascribed to the considerable effort of the many volunteers who support the ministry and other activities of the charity.

1.8 Tangible fixed assets

There are two Anglican church buildings within the Parish: the Parish Church of St Peter & St Paul and Holy Trinity Church, Charlton. In accordance with church legislation, the PCC is responsible for the upkeep of these buildings, including fixtures and furnishings within them, but does not own them. Accordingly, the church buildings and their contents are not included in these financial statements. All expenditure on maintaining and improving the church buildings, and on their fixtures and furnishings, is charged directly to the statement of financial activities when incurred.

All other tangible assets or groups of tangible assets costing more than £500 and with an expected useful economic life exceeding one year are capitalised. Depreciation is provided in order to write off the cost less any expected residual value over the estimated useful life of each asset (or group of assets) at the following annual rates:

1.9 Fixed asset investments

The PCC’s investments are held in investment funds managed by CCLA Investment Management. They are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and the opening carrying value at the beginning of the financial year (or the purchase value if acquired during the year). Unrealised gains and losses are calculated as the difference between the fair value at the year end and the previous carrying value. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are recorded in the year in which they arise.

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies (continued)

1.10 Debtors

Amounts of money owed to the PCC (referred to as debtors) are recognised at their settlement amount, less an allowance for any amounts which may not be recoverable. Prepayments are valued at the amount prepaid. Debtors and prepayments are discounted to the present value of the future cash receipt where such discounting is material.

1.11 Cash and cash equivalents

Cash at bank and in hand represents such accounts and balances that are available on demand or had an original maturity of less than three months. Term deposits for more than three months but less than one year are shown as short-term deposits. Cash placed on deposit for more than one year is included as part of fixed asset investments.

1.12 Creditors

Amounts of money owed by the PCC (referred to as creditors) and provisions for any other liabilities of the PCC are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the PCC anticipates it will pay to settle the debt. They are discounted to the present value of the future cash payment where such discounting is material.

2 Donations and legacies

General
unrestricted
Restricted
funds
funds
£
£
Planned giving by church members
53,924
-
Collections at services
3,464
2,106
Legacies
71,816
-
Other donations
3,534
-
Tax recoverable on donations under Gift Aid
27,155
-
159,893
2,106
Comparative figures for 2019
Planned giving by church members
58,482
-
Collections at services
10,910
-
Legacies
-
-
Other donations
1,985
2,167
Tax recoverable on donations under Gift Aid
6,479
-
77,856
2,167		 Total
2020
£
53,924
5,570
71,816
3,534
27,155
161,999		 Total
2019
£
58,482
10,910
-
4,152
6,479
80,023

58,482
10,910
-
4,152
6,479
80,023

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3 Income from charitable activities

General
unrestricted
Restricted
funds
funds
£
£
Fees & contributions for occasional offices
7,869
-
Publications, quiet days & pilgrimage visits
433
-
8,302
-
Comparative figures for 2019
Fees & contributions for occasional offices
5,783
-
Publications, quiet days & pilgrimage visits
673
-
6,456
-		 Total
2020
£
7,869
433
8,302		 Total
2019
£
5,783
673
6,456
5,783
673
6,456

Fees & contributions for occasional offices relate to baptisms, weddings and funerals held in the two Anglican churches of the Parish.

4 Income from other operating activities

General
unrestricted
Restricted
funds
funds
£
£
Fundraising
2,814
1,944
Grants
5,105
2,500
Use of churches by other organisations
1,917
-
Rental income
7,500
-
Other income
-
-
17,336
4,444
Comparative figures for 2019
Fundraising
9,403
2,698
Grants
-
76,800
Use of churches by other organisations
4,892
-
Rental income
6,100
-
Other income
5,236
-
25,631
79,498		 Total
2020
£
4,758
7,605
1,917
7,500
-
21,780		 Total
2019
£
12,101
76,800
4,892
6,100
5,236
105,129
12,101
76,800
4,892
6,100
5,236
105,129

5 Income from investments

General
unrestricted Restricted
funds
funds
£
£
Investment income
1,426
13,609
Comparative figures for 2019
231
14,381		 Total
Total
2020
2019
£
£
15,035
14,612
14,612

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6
Expenditure
Notes
Expenditure on charitable activities
Worship & ministry
Charitable giving
7
Costs of raising funds
Analysis by type of fund:
Unrestricted funds
Restricted funds
Comparative figures for 2019
Expenditure on charitable activities
Worship & ministry
Charitable giving
7
Costs of raising funds
Analysis by type of fund:
Unrestricted funds
Restricted funds		 Clergy
costs
£
90,838
-
90,838
-
90,838
90,838
-
90,838
89,338
-
89,338
-
89,338
89,338
-
89,338		 Church
buildings
£
37,327
-
37,327
-
37,327
31,022
6,305
37,327
60,432
-
60,432
-
60,432
46,051
14,381
60,432		 Other
costs
£
33,679
2,789
36,468
1,306
37,774
35,105
2,669
37,774
28,548
9,487
38,035
310
38,345
27,058
11,287
38,345		 Total
2020
£
161,844
2,789
164,633
1,306
165,939
156,965
8,974
165,939		 Total
2019
£
178,318
9,487
187,805
310
188,115
162,447
25,668
188,115
178,318
9,487
187,805
310
188,115
162,447
25,668
188,115

Expenditure includes:

Clergy costs include £87,810 (2019: £87,071) paid to the Diocese of Oxford as the Parish’s contribution to diocesan costs, principally stipend, training and other costs relating to parish clergy.

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7 Charitable giving

Toilet Twinning
Wantage Independent Advice Centre
Archbishop’s Together in Unity Coronavirus Appeal
Wantage & Surrounding Area Coronavirus Support Group
Disasters Emergency Committee
BeSpace
Stillbirth and Neonatal Death Charity
Royal British Legion
Royal Air Force Association
Support for Greenfields School, Thokoza		 2020
£
360
725
307
500
-
-
-
-
-
897
2,789		 2019
£
-
-
-
2,443
1,243
1,243
819
176
3,563
9,487

8 Trustees

The members of the Parochial Church Council are the trustees of the charity and are responsible for the overall direction and control of the charity. The Vicar and Churchwardens provide leadership and take day-today management decisions.

One trustee, John Ridgway, is remunerated as Assistant Organist under a contract which pre-dates his appointment as a trustee. In 2020, he received £2,562 (2019: £1,800) . He takes no part in the determination of his salary by the PCC. Russell Leigh, who was a trustee for part of 2020, sometimes plays the organ at services and is paid at the same rate as other occasional organists. In 2020, he received £60 (2019: £570) during the period when he was a trustee. In accordance with the Church of England’s normal policy, Fr Benji Tyler as Assistant Curate in the Parish (2019: Fr. Orazio Camaioni) lives in a house provided by the PCC. Except as noted in this paragraph, none of the trustees (or anyone connected with them) received from the PCC any remuneration, benefit or payment for services during the year (or the preceding year).

Seven trustees were reimbursed a total of £5,288 for expenses which they incurred on behalf of the PCC (2019: eight trustees reimbursed £3,656). These expenses comprised travel and office costs for the clergy serving the Parish and goods purchased for use in our churches.

Trustees made unrestricted donations to the PCC totalling £8,671 (2019: £8,610) during the periods when they were trustees.

9 Net gains/(losses) on investments

General
unrestricted
funds
Restricted
funds
£
£
Revaluation of investments
-
33,724
Comparative figures for 2019
-
73,927		 Total
2020
Total
2019
£
£
33,724
73,927
73,927

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10 Tangible fixed assets

Freehold
land and
buildings
£
Cost
At 1 January 2020
40,000
Additions
-
At 31 December 2020
40,000
Depreciation and impairment
At 1 January 2020
-
Depreciation charged in the year
-
At 31 December 2020
-
Carrying amount
At 31 December 2020
40,000
At 31 December 2019
40,000		 Fixtures
and
fittings
£
15,036
-
15,036
6,304
1,504
7,808
7,228
8,732		 Total
£
55,036
-
55,036
6,304
1,504
7,808
47,228
48,732

The freehold property comprises a house which is provided for the assistant curate serving the Parish. As the residual value is greater than the original cost, no depreciation is provided. The property was valued at £270,000 in 2015 and will have gone up further in value since then.

11 Fixed asset investments

2020
Managed investments
£
Market value at start of year
599,278
Additions
-
Withdrawals
-
Income reinvested
3,131
Unrealised gains/(losses)
33,724
Market value at end of year
636,133
Investments comprise holdings in the following funds managed by CCLA Investment Management:
CBF Church of England Investment Fund
528,445
CBF Church of England Deposit Fund
107,688
636,133		 2019
£
513,476
50,000
(41,500)
3,375
73,927
599,278
494,722
104,556
599,278

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12 Debtors

Debtors
Amounts falling due within one year
Tax recoverable on donations under Gift Aid
Legacies receivable
Other debtors & prepayments
Creditors: amounts falling due within one year
Other creditors & accruals		 2020
£
29,520
71,816
4,984
106,320
2020
£
2,250		 2019
£
57,802
-
-
57,802
2019
£
6,323

13 Creditors: amounts falling due within one year

14 Funds

The table on the following page summarises the different funds held by the PCC (the subsequent page shows comparative figures for the previous year).

The largest element of the restricted reserves arose from the sale of properties once owned by the PCC. This element is available to be spent on any ecclesiastical purpose within the Parish. The funds concerned totalled £603,795 at the end of 2020 (2019: £556,462) . The PCC has designated £40,000 of this element of the restricted funds to cover the cost (net of grants to be received) of employing a Children and Families Worker for five years from later in 2021.

The PCC has designated £40,000 (2019: £40,000) of its unrestricted reserves as a curate’s housing fund. This represents the cost of the property purchased by the PCC as a house for an assistant curate in training in the Parish. The amount has been designated as a separate fund since this cannot currently be realised and used for any other purpose.

The PCC has also designated a long-term organ maintenance fund totalling £12,000 (2019: £11,000) . A transfer is made into this fund each year from general unrestricted funds to reflect the need to undertake periodically a major service of the organ at the Parish Church.

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 Funds (continued)

Balance
Movement in funds
at 1
Revaluation
January
Incoming
Resources
gains and
2020
resources
expended
losses
£
£
£
£
Restricted funds
Funds arising from properties once
owned by the PCC and available for any
ecclesiastical purpose within the Parish:
Church House
538,640
13,075
-
33,724
Union Chapel
17,822
534
-
-
556,462
13,609
-
33,724
Other restricted funds:
Fabric of Parish
buildings
77,000
-
-
-
Maintenance of Parish
Church clock
1,663
-
-
-
Fabric of Holy Trinity
Church
21,414
-
(6,305)
-
Music in the Parish
-
-
-
-
Charitable giving fund
102
4,050
(2,289)
-
Children’s activities
-
2,500
(380)
-
656,641
20,159
(8,974)
33,724
Designated unrestricted
funds
Curate's housing fund
40,000
-
-
-
Long-term organ
maintenance fund
11,000
-
-
-
General unrestricted
funds
78,932
186,957
(156,965)
-
Total funds
786,573
207,166
(165,939)
33,724		 Balance
Transfers
at 31
between
December
reserves
2020
£
£
-
585,439
-
18,356
-
603,795
-
77,000
-
1,663
-
15,109
-
-
-
1,863
-
2,120
-
701,550
-
40,000
1,000
12,000
(1,000)
107,924
-
861,474		 Balance
Transfers
at 31
between
December
reserves
2020
£
£
-
585,439
-
18,356
-
603,795
-
77,000
-
1,663
-
15,109
-
-
-
1,863
-
2,120
-
701,550
-
40,000
1,000
12,000
(1,000)
107,924
-
861,474
603,795
77,000
1,663
15,109
-
1,863
2,120
701,550
40,000
12,000
107,924
861,474

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 Funds (continued)

Comparative figures for 2019

Balance
Movement in funds
at 1
Revaluation
January
Incoming
Resources
gains and
2019
resources
expended
losses
£
£
£
£
Restricted funds
Funds arising from properties once
owned by the PCC and available for any
ecclesiastical purpose within the Parish:
Church House
464,713
14,244
(14,244)
73,927
Union Chapel
17,822
137
(137)
-
482,535
14,381
(14,381)
73,927
Other restricted funds:
Fabric of Parish
buildings
2,000
75,000
-
-
Maintenance of Parish
Church
1,663
-
-
-
Fabric of Holy Trinity
Church
21,414
-
-
-
Music in the Parish
-
1,800 (1,800)
(1 800
-
Charitable giving fund
4,724
4,865
(9,487)
-
Children’s activities
-
-
-
-
512,336
96,046
(25,668)
73,927
Designated unrestricted
funds
Curate's housing fund
40,000
-
-
-
Long-term organ
maintenance fund
10,000
-
-
-
General unrestricted
funds
132,205
110,174
(162,447)
-
Total funds
694,541
206,220
(188,115)
73,927		 Balance
Transfers
at 31
between
December
reserves
2019
£
£
-
538,640
-
17,822
-
556,462
-
77,000
-
1,663
-
21,414
-
-
-
102
-
-
-
656,641
-
40,000
1,000
11,000
(1,000)
78,932
-
786,573		 Balance
Transfers
at 31
between
December
reserves
2019
£
£
-
538,640
-
17,822
-
556,462
-
77,000
-
1,663
-
21,414
-
-
-
102
-
-
-
656,641
-
40,000
1,000
11,000
(1,000)
78,932
-
786,573
556,462
77,000
1,663
21,414
-
102
-
656,641
40,000
11,000
78,932
786,573

PAROCHIAL CHURCH COUNCIL OF WANTAGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15 Analysis of net assets between funds

Analysis of net assets between funds
General
unrestricted
funds
Designated
unrestricted
funds
Restricted
funds
£
£
£
Fund balances at 31 December 2020 were represented by:
Tangible assets
7,228
40,000
-
Investments
44,098
-
592,035
Other current assets/(liabilities)
56,598
12,000
109,515
107,924
52,000
701,550
Comparative figures for 2019
Fund balances at 31 December 2019 were represented by:
Tangible assets
8,732
40,000
-
Investments
18,721
-
580,557
Other current assets/(liabilities)
51,479
11,000
76,084
78,932
51,000
656,641		 Total
£
47,228
636,133
178,113
861,474
48,732
599,278
138,563
786,573

16 Related party transactions

The William John Butler Memorial Fund (commonly referred to as the Butler Trust) is a charity whose objects are to advance the Christian religion, in particular (but not exclusively) by the maintenance, repair and improvement of the Parish Church in Wantage and Holy Trinity Church, Charlton. The trustees of the Butler Trust are the Vicar, Churchwardens and David Law, who are also members of the PCC, together with a fifth trustee who is married to a member of the PCC. In 2019, the PCC’s income included a grant of £70,000 from the Butler Trust for work on the fabric of Parish buildings. No grants were received from the Butler Trust in 2020. There were no amounts due to the PCC from the Butler Trust at the end of either 2020 or 2019.

The Wantage Parish Music Guild is a charity whose objects are to support music in the Parish. The trustees of the Music Guild include two individuals who are married to members of the PCC. In 2019, the PCC’s income included a grant of £1,800 from the Music Guild towards the cost of the PCC employing an Assistant Organist. No grants were received from the Music Guild in 2020. There were no amounts due to the PCC from the Music Guild at the end of either 2020 or 2019.