St James Finchampstead Accounts Year End 2010

8/7/2019 St James Finchampstead Accounts Year End 2010

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Finchampstead Parochial Church Council of St. James' Church, Finchampstead

SOFA - Statement of Financial Activities

For Year Ending 31st December 2010

Page 9

NoteUnrestricted

Funds

Restricted

FundsTotal 2010 2009

INCOMING RESOURCES

Voluntary Income 1(b) & 2(a) 107,232 10,957 118,190 133,023

Activities for Generating Funds 1(b) & 2(b) 33,391 2,323 35,714 37,991

Receipts from Church activities 2(c) 15,442 - 15,442 14,100

Income from Investments 1(b) & 2(d) 27,527 1,814 29,341 28,716

Other Incoming Resources 2(e) - 9,413 9,413 11,041

TOTAL INCOMING RESOURCES 183,592 24,508 208,100 224,871

RESOURCES EXPENDEDMissionary and charitable giving 1(c) & 3(a) 8,974 - 8,974 12,406

Ministry - The Work of the Church 1(c),3(b) & 4(a) 134,177 - 134,177 127,151

Church Conservation and Organ Restoration 3(c) 202 288,175 288,377 272,909

Church Centre and Grounds 3(d) 20,703 80 20,783 18,514

Manor House Flats 3(f) 5,707 - 5,707 6,041

Fund-raising and Donation costs 3(g) 1,031 823 1,854 1,109

Churchyard Trust (Helen Taylor) 3(e) - 10,896 10,896 10,060

Investment Costs 3(h) 540 - 540 1,037

TOTAL RESOURCES EXPENDED 171,334 299,973 471,307 449,226

12,258 275,465- 263,207- 224,355-

Transfer of Funds 8(b) 59,768- 59,768 - -

Gains/(losses) on investment assets

Capitalisation of assets - - - -

On revaluation 5(b) 67,929 9,361 77,290 46,106On disposal of investments - - -

NET MOVEMENT IN FUNDS 20,419 206,336- 185,917- 178,249-

BALANCES B/FWD 1ST JANUARY 2010 847,335 479,468 1,326,803 1,505,052

BALANCES C/FWD 31 DECEMBER 2010 867,754 273,132 1,140,886 1,326,803

NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS AND LOSSES


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Balance sheet at 31st December 2010

Page 10

Note 2010 2009

FIXED ASSETS

Tangible 1(d) & 5(a) 183,638 180,570

Investments 1(e) & 5(b) 863,545 798,255

1,047,183 978,826

CURRENT ASSETS

Gift Aid Tax Recoverable 6 6,611 4,617

Debtors 6 3,331 3,523

Cash at Bank and in Hand 106,736 352,864

116,678 361,004

Creditors - amounts falling due in one year 7 22,975 13,026

NET CURRENT ASSETS / (LIABILITIES) 93,703 347,978

Total assets less current liabilities 1,140,886 1,326,803

TOTAL NET ASSETS 1,140,886 1,326,803

PARISH FUNDS

Unrestricted 8 867,754 847,335

Restricted 8 273,132 479,468

1,140,886 1,326,803

Approved by the Parochial Church Council on 21st March 2011 and signed on its behalf by: Richard Peat (Vice Chairman of the PCC)

The notes on pages 11 to 16 form part of these accounts


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Page 111 ACCOUNTING POLICIES

(b) Incoming Resources

Other Ordinary Income

Gains and losses on investments

Intangible Income

(c) Resources used

During the year the PCC undertakes work / projects that will be funded out of Restrict ed or Unrestricted funds. From time to time it is necessary to transfer funds from Unrestri cted PCC General Funds to restricted funds to make provision for any projected

overspend. A full analysis of fund movements is available in Note 8. Restricted funds are always used for the purpose identifid at the formation

Funds raised by the Fete / Patronal Festival are accounted for gross as are Funds raised by other social events.

The financial statements have been prepared in accordance with the Church Accounting Regulations 1997 as amended by the Church Accounting (Amendment) Regulations 2006 together with applicable accounting standards and the Charities SORP 2005.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.

(a) Funds

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Collections are recognised when received by or on behalf of the PCC.

Notes to the Financial Statement for the Year ended 31 December 2010

Finchampstead Parochial Church Council

Other freehold land and buildings held primarily or exclusively for charity use are included at the cost of acquisition or, where such cost is not available, at the estimated value at the time of acquisition. Such assets are not depreciated (on grounds of materiality)

but they are subject to an annual impairment review.

Realised gains and losses are recognised when investments are sold. Unrealised gains and losses are accounted for on revaluation of investments at 31 December.

Dividends are accounted when due & payable. Interest entitlements are accounted for as an accrual. Interest on endowment funds are shared appropriately.

Sales of goods and books are accounted for gross.

Voluntary Income and capital sources

Income from Investments

Rental income from the letting of church properties is recognised when the rental is due. No bad debt write-off / provision is recognised until formal proceedings are start ed

The diocesan quota or parish share is accounted for when paid.

Planned giving receivable under Gift Aid is recognised only when received.

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

The Church School was purchased in 1925 and is held under trusts for ecclesiastical purposes in Finchampstead Parish. Under the terms of the conveyance of the property the Custodian Trustees are Diocesan Trustees (Oxford) Limited and the Administrative

Trustees are the PCC. The PCCs interest is included at the cost of original acquisition.

The Manor House; Centre, flats & grounds were given for ecclesiastical purposes. The Custodian Trustees are the DTOL and the Administrative Trustees and part of the property is let with income treated as tangible fixed assets. The PCC has a formal interest

in the property and bears the cost of all repair & maintenance.

The Church, its furniture and fittings, and the churchyard are not included in the Balance Sheet.

(d) Tangible Fixed Assets

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

The PCC receives substantial practical assistance from individual Church members, but the financial value is mainly unquantifiable and no attempt is made to reflect this in these accounts

Income tax recoverable on Gift Aid is recognised when the income is recognised.

(f) Transfer of Funds

Equipment used within the church premises is written off as expenditure in the SOFA. Office equipment is depreciated over 4 years and the handbells over 5 years

Depreciation is not provided on Land / Buildings.

The PCC considers that the market value of its interests in land and buildings is likely to be considerably in excess of their carrying value & considers it not practicable to quantify the difference in view of the nature of the properties, that any attempt at suchquantification would not assist users of the Accounts.

Investments are valued at Market Value. Investment Freehold property has been valued by the Treasurer as an estimate of the current market value.

(e) Investments


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Notes to Financial Statements


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2. INCOMING RESOURCESUnrestricted

Funds

Restricted

FundsTotal 2010 Total 2009

2(a) Voluntary Income

Gift Aid donations 68,456 4,783 73,238 67,466

Tax Recoverable 19,295 1,563 20,857 19,201

Collections 7,617 4,612 12,229 36,576

Bequests, Grants and Donations 11,865 - 11,865 9,780

107,232 10,957 118,190 133,023

2(b) Activities for generating fundsPatronal Festival/Fete - 2,323 2,323 5,283

Other Social Events 2,591 - 2,591 1,321

Manor House Flats - rental income 30,799 - 30,799 31,387

33,391 2,323 35,714 37,991

2(c) Receipts from Church activities

Church Groups 4,397 - 4,397 4,863

Service Fees - Weddings & Funerals 8,997 - 8,997 6,532

Donations for Church hall 2,048 - 2,048 2,705

15,442 - 15,442 14,100

2(d) Income from investments

Bank Interest 381 - 381 2,232

CBF Investment - Dividends 15,446 1,814 17,260 14,783

Rental Income - McCarthy Way 11,700 - 11,700 11,700

27,527 1,814 29,341 28,716

2(e) Other incoming resources

Churchyard Trust (Helen Taylor) - 8,395 8,395 8,048

SMK - St Matthews Kimberley - 1,019 1,019 2,993

- 9,413 9,413 11,041

Total Incoming resources 183,592 24,508 208,100 224,871


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Resources Expended (continued)Unrestricted

Funds

Restricted

FundsTotal 2010 Total 2009

Activities for generating funds

3(f) Manor House Flats

Repairs and Maintenance 845 - 845 1,152

Management Fees 2,905 - 2,905 2,940

Ground Maintenance - - - 58

Manor House Flats - Insurance 1,957 - 1,957 1,892

Other - - - -

5,707 - 5,707 6,041

3(g) Fund-raising and Donation costs

Patronal Festival - 823 823 -

Fete - - - 163

Other Social Events 71 - 71 404Gift aid and Donation costs 960 - 960 542

1,031 823 1,854 1,109

3(h) Investment Costs

Management costs 538 - 538 1,037

Investment charges 3 - 3 -

540 - 540 1,037

TOTAL RESOURCES EXPENDED 171,334 299,973 471,307 449,226

4. (a) STAFF COSTS

2010 2009

Parish Office - Staff Costs 9,354 7,416

Director of Music - Professional Fees: -

Employer's National Insurance 261 177

9,615 7,593

Parish Office Staff Costs includes the cost of 1 part time employee

The PCC pays a retainer to the Director of Music, this amount is not included in the above note as the Director of Music is not an employee of the PCC

(b) PAYMENTS to PCC MEMBERS

There were no payments made to PCC members other than costs incurred by them as part of the general costs related to running the PCC. All payments made were receipted and approved via the PCC

expenses policy


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5. FIXED ASSETSFreehold land

and buildings

Church and PCC

Equipment

Total 2010

Tangible

(a) Tangible

ACTUAL / DEEMED COST At 1st January 2010 170,400 31,941 202,341

Disposal - - -

Additions at cost - 7,159 7,159

At 31st December 2010 170,400 39,100 209,500

DEPRECIATION At 1st January 2010 - 21,771 21,771

Withdrawn on disposal - - -

Charge for the year - 4,091 4,091

At 31st December 2010 - 25,862 25,862

Net Book Value at 31 December 2009 170,400 13,238 183,638

(b) InvestmentsPCC Trust

Property

PCC Equity

InvestmentsH.T. Trust Equity

H.T. Trust

Deposit

Total 2010

Investments

Total 2010 Fixed

Assets

Market value at 1st January 2010 227,153 317,964 130,139 123,000 798,255 Tangible

Purchases at cost - - - - - plus

Disposal at carrying value - - - - 12,000 - 12,000 Investments

surplus on revaluation 22,847 45,082 9,361 - 77,290

loss on disposal - - - - -

Market value at 31 December 2010 250,000 363,046 139,500 111,000 863,545 1,047,183

2010 2009

Unrestricted funds 796,684 725,687

Restricted funds 250,500 253,139

1,047,183 978,826

The equity investments are in the CBF Church of England UK Equity fund.

6. DEBTORS 2010 2009

Gift Aid recoverable 6,611 4,617

Prepayments and accrued interest 3,331 3,523

9,942 8,140

7. LIABILITIES

Accruals for costs 22,975 13,026

22,975 13,026

(all unrestricted)


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8. FUND MOVEMENTS

PCC FundsSt Matt's

Kimberley

Manor House

Maintenance

Inv Prop

MaintenanceFledgelings

LongTerm

Investments- - Total PCC Funds

Balance at 1January 2010 297,999 4,000 - - 220 545,116 - - 847,335

2010 Incoming resources 183,034 - - - 557 - - - 183,592

2010 Resources expended 170,959 - - - 374 - - - 171,334

Transfer of Funds 77,768- - 10,000 8,000 - - - - 59,768-

Investment gains/(losses) - - - - - 67,929 - - 67,929

Balance at 31 December 2010 232,306 4,000 10,000 8,000 403 613,045 - - 867,754

Restricted Funds Helen Taylor St Matt's

Kimberley

Church

Conservation

Church Fabric

Furnishings

Other Restricted

Funds- - -

Total Restricted

Funds

Balance at 1 January 2010 260,633 6,714 174,288 28,000 9,835 - - - 479,469

2010 Incoming resources 10,209 1,019 13,280 - - - - - 24,508

2010 Resources expended 10,896 - 288,998 - 80 - - - 299,973

Transfer of Funds 12,505- - 103,715 28,000- 3,442- - - - 59,768

Investment gains 9,361 - - - - - - - 9,361

Balance at 31 December 2010 256,802 7,732 2,285 - 6,313 - - - 273,132

Total Funds 1,140,886

(8.a.) Total unrestricted funds at the end of 2010 were 867,753. During the year the PCC set up two new designated funds to allow investment in the properties held for income generation purposes

and secondly to make a provision for work that is needed on the Manor House, both funds were funding from PCC General Funds. During the year the Helen Taylor trust transferred 12,505 tothe conservation project to pay for work to the pathways, gates and churchyard boundaries.

(8.b.) The conservation project was completed during March 2010 but further invoices continue to be received up until the final retention becomes due in March 2011. During the year there were

several transfers into the conservation fund, namely; transfer from PCC funds to finalise work on the project, the use of 26,500 from Church Fabric and Furnishings for elements of the

conservation work, a final transfer from the organ fund for the cost of works to the organ

(8.c.) Other restricted funds is represented by; Memorial Garden (679.84), Organ Restoration (2,693.99), Bell Restoration (860.28) and Church Hall Curtains (2079.43)

(8.d.) The conservation project was completed during the year but shows an overall deficit while awaiting the outcome of the Listed Place of Worship Grant Application (LPW), which allows for the

refunding of VAT on certain repair works carried out during the conservation. For the purposes of these accounts a transfer is made from PCC funds to the conservation project to reflect a small

surplus position. During December a final claim was made to the LPW scheme which had a value of 23,422.68, due to the contingent nature of this claim it is not recognised in the

annual accounts as accrued income

9. ANALYSIS OF NET ASSETS

by fundUnrestricted

fundsRestricted funds Total 2010 Total 2009

Tangible fixed assets 180,944 2,694 183,638 180,570Investments fixed assets 613,046 250,500 863,545 798,255

Current Assets

Debtors 9,592 350 9,942 8,140

Bank Accounts 76,522 30,214 106,736 352,864

Liabilities

Amounts falling due in one year 12,350- 10,625- 22,975- 13,026-

Amounts falling due after one year

867,754 273,132 1,140,886 1,326,803

PCC Designated Funds

PCC

Documents

St James Finchampstead Accounts Year End 2010