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2020-12-31-accounts

Charity Registration No. 1189666

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

CONTENTS

Page
PCC Members report 1 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 20

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

PCC MEMBERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The members of St Margaret’s Parochial Church Council (PCC) submit their Annual Report and the financial statements for the year ended 31 st December 2020. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the governing regulations, the Charities Act 2011 and “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) (as amended for accounting periods commencing from 1 January 2016).

LOCATION

St Margaret’s Church address is Highland Road, Southsea, Hants PO4 9DD. Its bank accounts are held with Lloyds Bank plc, and Jones Avens Limited, Chartered Accountants, independently examines its accounts.

BACKGROUND

St Margaret’s PCC has responsibility for promoting within the ecclesiastical parish the mission of the Church: pastoral, evangelistic, social and ecumenical.

It is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure.

St Margaret’s parish falls within the Diocese of Portsmouth. The parish now makes an annual contribution, (“the parish share”), which is used to pay clergy stipends, to fund diocesan ministries that support the parish and for diocesan and general synod costs. The diocese appoints the parish clergy. St Margaret’s PCC is a charity - registration number 189666.

PUBLIC BENEFIT

The PCC has complied with the duty in the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission. St Margaret’s registered with the Charity Commission on 27 May 2020.

MEMBERSHIP OF THE CHURCH

The Electoral Roll for 2020 stood at 33 members, as reported by Sue Lynes, Electoral Roll Officer.

OPERATION OF THE PAROCHIAL CHURCH COUNCIL

The PCC was elected on October 11 th 2020 at the APCM which was held in the Church Hall and was both physical, with 11 people attending, and with others joining online. Before this a residual PCC of the Priest in Charge and one other member was in place working with the Senior Leadership Team of St Margaret’s. As the electoral roll number at the meeting stood at 34 people there were spaces for six members to be elected to the PCC. Those nominated were duly elected and a Deanery Synod representative for the parish was also appointed.

The new PCC met once during the year as it began its role of governance for the parish.

Standing & Finance Committee: This committee exists by law with power to transact the business of the PCC between meetings. It also considers financial needs, (including preparation of annual PCC budget), plans PCC meeting agendas, and makes recommendations for PCC consideration as it sees fit. Its membership comprised the Lay Pioneer Minister, the Priest in Charge, the Church Wardens, the Treasurer and the Secretary. The S&F met once in November 2020, following the APCM.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

REVIEW OF THE YEAR 2020

Ministry

Worship

The year started with services in the Church building although only temporary heating facilities were in place. A regular and growing congregation met at 4pm on Sundays and this was the hub of the church community. All worship in the building was suspended in March for the first Lockdown. Services were then moved to Facebook which was broadcast from homes or the church hall.

Prayer

Prayer continued to underpin all that we do at St. Margaret’s despite the challenges of lockdown. 24/7 prayer was held in church in February, small groups have continued to pray together online, and opportunities were given for prayer walking in socially distanced pairs and Zoom prayer sessions during lockdown.

Discipleship

Small Groups:

Over the past year we have been speaking of the value of being part of a mid-week small group. This is a place where you can build friendships and share your faith-journey with fellow sisters and brothers in Christ. We have also seen the value of linking the Sunday teaching into the small groups enabling an opportunity to go deeper and study God’s word. It also encourages a place where you can share and be open with each other and hold one another in prayer - additionally a place of fun and we encourage our small group leaders to organise socials.

Howard Jones is the small group coordinator, and pre-Covid, hosted the small group leaders, this was a time where the leaders could be supported through prayer and encouragement. We currently have 8 mid-week small groups

Bible Course:

The Bible Society’s 8-week Bible Course was run throughout February and March, starting with face-to-face meeting and continuing online during the lockdown. The course proved very popular and, along with the Prayer Course, now forms part of the offer for those completing an Alpha Course before they join a small group, as well as for the wider church community.

Prayer Course:

The 8-week Prayer Course developed by 24-7 Prayer was run online through July and August. As with the Bible Course, the course was well attended and well received and will be run, alternating with the Bible Course.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Mission

Alpha Course:

We ran our first online Alpha Course from Sep – Dec with 12 course members and found the materials and format excellent. A number of course members carried on to the Bible Course online.

Café and Shop:

The shop and café closed in March 2020 due to the restrictions imposed by the Coronavirus pandemic. Whilst we were sorry to have to close, it did provide the opportunity to fit out new kitchen and shop facilities, both of which will reopen in 2021.

Food Bank:

This ministry has grown over the past year from just 5 shelves in the community shop. The vision being that people from the community would donate items of food, and in-turn, those in need could take as needed. When our country went into lock-down at the end of March 2020, we opened 3 mornings a week; Monday, Wednesday and Friday from 0800-11am. This ministry has significantly grown because of the pandemic. From feeding 10 people per week, to having fed over 8000 people from March to February 2021. The vision and values have not changed, and we are now Portsmouth’s only non-referral foodbank! The foodbank is now managed by Amy, and we are blessed with a wonderful team of 20 plus volunteers.

Finance Report

The key event for 2020 was the transition of full financial responsibility of the accounts from St Jude’s to the PCC of St Margaret’s. This was effective from 1 January 2020, although some administrative actions were not finalised immediately.

2020 also saw the commencement of St Margaret’s making their “parish share” contribution to the diocese. Income by voluntary giving increased through the year with the Parish Giving Scheme (PGS) being the preferred method. By the end of the year there were thirteen members using PGS.

Restrictions on public gatherings imposed as a result of COVID 19 had a significant impact on income from room/hall bookings. This is income that would have been used to continue to develop the building and enable mission priorities.

The provision of a Foodbank at St Margaret’s from the outset of the pandemic has drawn a substantial response from supporters who have enabled this to be a financially stable operation and with sufficient funds to operate for some time even if income were to dip.

Day to day management of the accounts are undertaken within the office by Sue Lynes with appropriate approvals for expenditure provided by duly authorised persons, particularly in relation to works to progress the building.

The independent examiner's report included herein indicates that St Margaret's operated on a sound financial basis during 2020 with income exceeding expenditure by almost £80,000. This income was directed towards the financial priorities of the PCC which were progressing the completion of the building work and enabling mission activity within both the main building and the hall. All financial decisions have been made within the resources available.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Finance Report (continued)

All major expenditure in relation to the fabric of the building was planned and maintained within the limits of the Strategic Development Fund. This has been a successful project in re-enabling the delivery of the mission activities of the church from the main building. Thanks are expressed to Stephen Dawson for managing this in such an effective manner. Ongoing building development work is the responsibility of the PCC to prioritise and direct the staff team accordingly.

The PCC maintains a working balance of unrestricted funds to continue to operate for a period of no less than three months should income cease. In extremis, the church holds investments that are available as a reserve should circumstances dictate. Where any such situation occurs, and after which the church resumes its operation, it would be the intention to replenish these investments for income purposes.

Whilst the impact of a cessation of income is HIGH, the likelihood is considered to be LOW resulting in an overall risk assessment of LOW. This is monitored on at least a weekly basis by Sue Lynes and at least a monthly basis by the treasurer.

Staff

The Staff team of Fran Carabott, Licensed Pioneer Minister, Stephen Dawson, Operations Manager and Sue Lynes, Administrator continued to serve the church as the systems and processes for running the parish were implemented. There were regular staff meetings and leadership team meetings as the church office was equipped to serve the church. In September 2020 Fran Carabott started his training for ordination at St Mellitus College, London with Neil Smart as his supervisor.

Church Hall

Sadly lockdown meant that the Church Hall was unavailable for group use or worship for much of 2020.

Occasional Offices

During 2020 St Margaret’s Church held no baptisms or weddings. One funeral was taken by Fran Carabott.

Safeguarding

Members of the St Margaret’s Safeguarding team met with the Diocesan Safeguarding Advisor in November 2020. During the year systems were put in place to allow the Safeguarding role to move from St Jude’s to St Margaret’s. Hildah Mapeta was appointed Parish Safeguarding Officer whilst Sue Lynes took on the role of Safeguarding Administrator.

St Margaret’s Church Building

Work completed or commissioned in 2020 included:

  1. Underfloor heating using renewable energy New toilets including full disabled

  2. 4 -

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

PCC Membership

Members of PCC of St Margaret’s Church in 2020

The elections took place on Sunday 18 th October at the APCM

Fran Carabott Chair Laura Preston Vice Chair Howard Jones Neil Smart Paul Nelson Hildah Mapeta Jill Chalmers Stephen Dawson Rosie Fry Ray Smith Paul Thwaites

Licensed Pioneer Minister Churchwarden Churchwarden Priest in Charge Treasurer / Elected Member Deanery Synod Rep Elected Member Elected Member Elected Member Elected Member Elected Member

Steve Hayward Co-opted member (12th November 2020)

Fran Carabott

(Appointed 1 January 2020)

The PCC members r eport was approved by the Board of Members Of The PCC.

.............................. Fran Carabott

Dated: .........................

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PCC OF PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

I report to the members of the PCC on my examination of the financial statements of Parochial Church Council of St Margaret's Southsea (the PCC) for the year ended 31 December 2020.

Responsibilities and basis of report

As the members of the PCC of the PCC you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the PCC’s financial statements carried out under section 145 of the 2011 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 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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.

Timothy Millett ACA

53 Kent Road Southsea Portsmouth Hampshire PO5 3HU

Dated: .........................

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
2020
2020
2020
2020
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
2
30,433
-
31,572
-
Charitable activities
3
19,701
-
69,726
-
Other trading activities
4
5,185
-
-
-
Investments
5
161
-
-
-
Other income
6
54,641
-
-
-
Total income
110,121
-
101,298
-
Expenditure on:
Raising funds
7
5,493
-
-
-
Charitable activities
St Margaret's church and
church hall
8
34,359
4,245
88,147
-
Total charitable expenditure
34,359
4,245
88,147
-
Total resources
expended
39,852
4,245
88,147
-
Net gains/(losses) on
investments
12
-
-
-
(1,391)
Net movement in funds
70,269
(4,245)
13,151
(1,391)		 TotalUnrestricted Unrestricted
Restricted Endowment
Total
funds
funds
funds
funds
general
d esignated
2020
2019
2019
2019
2019
2019
£
£
£
£
£
£
62,005
2,603
-
-
-
2,603
89,427
11,591
5,445
-
-
17,036
5,185
5,907
-
-
-
5,907
161
166
-
66
-
232
54,641
3,881
-
-
-
3,881
211,419
24,148
5,445
66
-
29,659
5,493
-
-
-
-
-
126,751
97,014
-
48,850
-
145,864
126,751
97,014
-
48,850
-
145,864
132,244
97,014
-
48,850
-
145,864
(1,391)
-
-
-
2,282
2,282
77,784
(71,666)
4,245
(48,784)
2,282
(113,923)

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Gross transfers between
funds
Net movement in funds
Fund balances at 1
January 2020
Fund balances at 31
December 2020		 -
70,269
26,208
96,477		 -
(4,245)
4,245
-		 -
13,151
-
13,151		 -
(1,391)
15,453
14,062		 -
77,784
45,906
123,690		 1,200
(71,666)
97,874
26,208		 (1,200)
4,245
-
4,245		 -
(48,784)
48,784
-		 -
-
2,282
(113,923)
13,171
159,829
15,453
45,906

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 ST MARGARET'S SOUTHSEA

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
17
Income funds
Restricted funds
18
Unrestricted funds-general
Designated funds
19
General unrestricted funds		 2020
£
15,906
94,946
110,852
(1,224)
-
96,477		 £
14,062
109,628
123,690
14,062
13,151
96,477
123,690		 2019
£
-
30,453
30,453
-
4,245
26,208		 £
15,453
30,453
45,906
15,453
-
30,453
45,906

The financial statements were approved by the Members Of The PCC on .........................

.............................. Fran Carabott Trustee

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Parochial Church Council of St Margaret's Southsea is a registered charity in England and Wales. The Trustees are the members of the PCC named in the Annual Report. The church of St Margaret's address is Highland road, Southsea,Hants,PO4 9DD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the PCC's [governing document], the Charities Act 2011 and "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)". The PCC is a Public Benefit Entity as defined by FRS 102.

The PCC has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the PCC. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2020 are the first financial statements of Parochial Church Council of St Margaret's Southsea prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2019. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2 Going concern

At the time of approving the financial statements, the members of the PCC have a reasonable expectation that the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the members of the PCC continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the members of the PCC in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the members of the PCC for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the PCC.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.4 Income

Income is recognised when the PCC is legally entitled to it after 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 are recognised once the PCC has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the PCC has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Costs are charges directly to the most appropriate activity or category of expenditure.

Parish share and other costs directly relating to the work and activities of the Church are accounted for when they are incurred or become due and payable.

Individual items of equipment with a purchase value of under £1,000 are written off when acquired.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The PCC has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the PCC's balance sheet when the PCC becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the PCC’s contractual obligations expire or are discharged or cancelled.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2020
2020
£
£
Donations and gifts
30,433
31,572
3
Charitable activities
Diocese of
Portsmouth
Grant
Room Hire
2020
2020
£
£
Sales within charitable activities
199
11,458
Grants
77,770
-
77,969
11,458
Analysis by fund
Unrestricted funds - general
8,243
11,458
Unrestricted funds - designated
-
-
Restricted funds
69,726
-
77,969
11,458		 TotalUnrestricted
funds
general
2020
2019
£
£
62,005
2,603
Total
2020
Room Hire
2019
£
£
11,657
17,036
77,770
-
89,427
17,036
19,701
11,591
-
5,445
69,726
-
89,427
17,036

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

4 Other trading activities

5
6
7		 UnrestrictedUnrestricted
funds
funds
general
general
2020
2019
£
£
Shop and cafe income
5,185
5,907
Investments
UnrestrictedUnrestricted
Restricted
Total
funds
funds
funds
general
general
2020
2019
2019
2019
£
£
£
£
Interest receivable
161
166
66
232
Other income
UnrestrictedUnrestricted
funds
funds
general
general
2020
2019
£
£
Other income
3,853
3,881
Transfer from PCC St Jude
50,788
-
54,641
3,881
Raising funds
Unrestricted
Total
funds
general
2020
2019
£
£
Trading costs
Shop and cafe
5,493
-
5,493
-

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Charitable activities

Food bank
Parish quota
Church building
Mission and support
Church management and administration
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds
Support costs
Support
costs
Governance
costs
£
£
Independent Examiners
fees
-
3,024
Legal and professional
-
302
-
3,326
Analysed between
Charitable activities
-
3,326		 2020
£
3,024
302
3,326
3,326		 St
Margaret's
church and
church hall
St
Margaret's
church and
church hall
2020
2019
£
£
7,156
-
1,895
-
104,927
145,862
2,905
-
6,542
2
123,425
145,864
3,326
-
126,751
145,864
34,359
97,014
4,245
-
88,147
48,850
126,751
145,864
Support
costs
Governance
costs
2019
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-

9 Support costs

10 Members Of The PCC

None of the members of the PCC (or any persons connected with them) received any remuneration during the year .

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Total - -
12 Net gains/(losses) on investments
Endowment Endowment
funds funds
2020 2019
£ £
Revaluation of investments (1,391)
2,282
13 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2020 15,453
Valuation changes (1,392)
At 31 December 2020 14,061
Carrying amount
At 31 December 2020 14,061
At 31 December 2019 15,453
14 Financial instruments 2020 2019
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 14,062 15,453

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
16
Creditors: amounts falling due within one year
Accruals and deferred income		 2020
£
14,966
940
15,906
2020
£
1,224		 2019
£
-
-
-
2019
£
-

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

17 Endowment funds

Endowment funds represent assets which must be held permanently by the PCC. Income arising on the endowment funds can be used in accordance with the objects of the PCC and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Revaluation
Balance at		 Incoming Resources Transfers Revaluation Balance at
1 January 2019 Resources expended gains
1 January 2020		 Resources expended gains 31 December
2020
£ £ £ £ £
£		 £ £ £ £ £
Permanent endowments
Benefice
Augmentation
Fund 13,171 - - - 2,282
15,453		 - - - (1,391)
14,062
13,171 - - - 2,282
15,453		 - - - (1,391)
14,062

The capital of this fund is not available to the PCC but the income from it may be used by the PCC for it's general purposes.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2019 Resources Expended
1		 January 2020 Resources Expended 31 December
2020
£ £ £ £ £ £ £
SDF -
Church
Building
Works - - - - 60,726 (60,726) -
Food Bank - - - - 20,307 (7,156)
13,151
Allchurches -
Air Source
Heat Pumps - - - - 9,000 (9,000) -
Other -
Church
Building
Works - - - - 11,265 (11,265) -
Fabric Fund 48,784 66 (48,850)
-		 - - -
48,784 66 (48,850)
-		 101,298 (88,147)
13,151

The fabric fund was restricted by the terms of the legacy through which it was set up. It's monies could be applied towards the cost of renewing and renovating the structure of the church and its surrounds, the external and internal appearance of the church, the fittings and appliances (lighting, heating, organ, sound system etc) which enable the church building to be used for worship and the other purposes for which it was intended. The fund was expended during the previous year.

The Strategic Development Fund is providing funding for the redevelopment of St Margaret's church building interior.

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds
Incoming Resources Balance at Resources Balance at
resources expended
1		 January 2020 expended 31 December
2020
£ £ £ £ £
5,445 (1,200)
4,245		 (4,245)
-
5,445 (1,200)
4,245		 (4,245)
-

This balance represented room hire received in advance from YOU Trust.

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

20
Analysis of net assets between funds
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
2020
2020
2020
2020
£
£
£
£
Fund balances at 31
December 2020 are
represented by:
Investments
-
-
-
14,062
Current assets/(liabilities)
96,477
-
13,151
-
96,477
-
13,151
14,062		 TotalUnrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
2020
2019
2019
2019
2019
£
£
£
£
£
14,062
-
-
-
15,453
109,628
26,208
4,245
-
-
123,690
26,208
4,245
-
15,453		 Total
2019
£
15,453
30,453
45,906

PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

21 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).