Parochial Church Council of St. Andrew's Corbridge with Halton and Newton Hall.

Transcription

1 Parochial Church Council of St. Andrew's Corbridge with Halton and Newton Hall. Financial Statements for the Year Ending 31 st December Independent Examiner's Report 2. Treasurer's Report st 3. Summarised Balance Sheet at 31 December Summarised Statement of Financial Activities 5. Notes to Financial Statements 6. Grants & Donations

2 ST ANDREW'S CHURCH, CORBRIDGE INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF ST ANDREW'S CHURCH, CORBRIDGE I report on the accounts of the Parochial Church Council for the year ended 31 December 2014 which are attached. Respective responsibilities of trustees and examiner. As the members of the Parochial Church Council, you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to state, on the basis of the procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to my attention. Basis of independent examiner's report. My examination was carried out in accordance with the General Directions given by the Charity Commissioners and to be found in the church guidance 2006 edition, An examination includes a review of the accounting records kept by the Parochial Church Council and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as members concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent Examiner's statement In connection with my examination, no matter has come to my attention: (a) which gives me reasonable cause to believe that in any material respect the requirements: (i) To keep accounting records in accordance with section 41 of the act; and (ii) To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act; have not been met; or (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Roger Jones Dated:~March 2014

3 Parochial Church Council of Corbridge, with Halton and Newton Hall. TREASURER'S REPORT For the year ending 31st December Accounting Changes There were 2 significant developments during the year: Classification of Income & Costs - The way in which the Fabric Fund is used has been rationalised and it now includes all significant repair and maintenance costs. In addition, income from fundraising activities, unless otherwise specified, is no longer included in the Fabric Fund. This switch has no effect on the overall result but it provides breathing space for the main operating bank account (General Fund Account). Related Activities' In previous years, financial transactions linked to related activities have not been included within the main body of the results but shown separately as memorandum items. These activities fall within the jurisdiction of the church and from 2014 the associated financial transactions are consolidated within the results. In 2014 this consolidation provides a windfall boost to the accounts as the bank balances for these activities are included for the first time. The activities, together with the windfall gain are shown below: Parish Magazine The magazine no longer operates in it's previous form. This is the closing balance. Womens Fellowship 415. Church Choir (including Chilcott Fund) Musical Events (FIESTA) Junior Church One inevitable effect of these changes for 2014 is to distort some of the comparisons with the previous year. 2. Results for 2014 Net Assets Increased by almost 41,000 over the year. The Fabric Fund bank account increased by 31,000 and other bank accounts by 12,000 as a result of the windfall gain arising from the inclusion of the accounts noted above. Current liabilities increased by 3000 with the debt owed to the Dominic Abrahams Trust, Movement in Net Assets in I 25 ) 20 ( OOO's) o -5 - Investments FabricFund RelatedActs G Fund Etc r- Liabilities' -t Fabric Fund Account - Legacies totalling 40,000 boosted the account in This was offset by repair and maintenance work and, in particular, by instalments paid on the Altar Frontal project of The project is now complete at a total cost of

4 Consolidation of Related Activities - See comments above. General Fund Account - This includes the operating activities of the Church. The result last year was broadly neutral. The main features were: Pledged Giving - This is our biggest source of revenue. In 2014 it had fallen by 21% compared to 2011 when income peaked following the last campaign. The 2014 result was lower than in 2009, the year before the last campaign began. The chart below shows the recent history. ( OOO's) ~~ -" " D o Pledged Giving (lncl Tax) ----_---- -~~ ~~----, Fund Raising - The various initiatives raised a remarkable 9652 last year and this is to the great credit of the individuals and teams involved and the imagination and commitment they demonstrated. The comparable figure for last year was The chart below provides a view of the contributing events. Fund Raising III Open Gardens 's 57 Organ Recitals Wedding Festival Grand Draw III Christmas Tree Festival III Christmas Cards m FIESTA In addition, income from votive candles, sale of literature etc in the church at 5234 was 33% up on Charitable Giving - Payments made in 2014 meant that we were able to meet our objective of donating 10% of pledged income to charity for 2013" Similarly, PCC agreed in January that we would make payments in the first quarter of this year to achieve the same objective for Conclusion - Financially, 2014 was a satisfactory year for St Andrew's. As a result of generous legacies, the Fabric Fund now has over 76,000 to address capital and major repair & maintenance issues. Bringing in, for the first time, the accounts of directly related activities provided a one off boost of more than 11,000. The General Fund account broke even and we have been able to meet our charitable giving target for 2013 and This is all good news but we must not lose sight of the weakness of pledged giving which, for the last 3 years, has been on a clear downward curve. This is a significant underlying problem that was disguised, last year, by an outstanding fund raising performance.

5 3. Prospects for 2015 The situation with the Fabric Fund seems relatively comfortable but this is not the case with the General Fund account. The Parish Share cost for 2015 is likely to be about 4,000 more than for 2014 and the pledged income downward trend will continue it's course until the fruits of the new campaign are realised and that is unlikely to be until the second half of the year. There are no potential one-off benefits, such as the merging of related activities, in view. The fund raising result for 2014 was commendable but matching that result, let alone improving on it, will be a tough challenge. Much will depend on the success of the 2015 funding campaign. There are likely to be more "downs" than "ups" in 2015 and we can expect to lose money on the General Fund account in The level of activity on fund raising last year was high. In challenging circumstances we need to maintain or increase that level in 2015 and beyond.

6 Parocial Church Council of Corbridge with Halton and Newton Hall SUMMARISED BALANCE SHEET - at 31st December 2014 Note INVESTMENTS Investment assets 5 CBF Fund (CCLA 1S shares) ,815 M & G Fund (3033 units) , ,465 CURRENT ASSETS CBF Fund (CCLA 10 + CCLA 20) Cash at bank and In hand Halton General , ,594 ADD ACCRUED INCOME & PREPAYMENTS ,287 LESS LIABILITIES FALLING DUE WITHIN ONE YEAR ,284 NET CURRENT ASSETS NET ASSETS ,062 FUNDS 10 Unrestricted ,719 Restricted , ,062 The attached notes form part of these financial statements. Approved by the PCC on and signed on their behalf

7 Restricted TOTAL FUNDS Unrestricted Funds Funds Note INCOMING RESOURCES Incoming resources from donors 2a 81,389 2,919 84,308 89,117 Other voluntary Income resources 2b 1,292 22,794 24,086 11,257 Income from charitable and anclillary trading 2c 4,603 5,180 9,783 13,846 Other ordinary Incoming resources 2d 0 13,917 13,917 16,141 Extraordinary Income 2e 1,918 5,788 7,706 0 Income from Investments 21 2, ,503 2,353 Total incoming resources excl Legacies: 91,661 50, , ,713 RESOURCES EXPENDED Grants 3a 4,233 13,515 17,748 15,142 Activities related to the activities of church 3b 81,338 27, , ,176 Fund-raising and publicity 3c 0 2,477 2,477 0 Church management and administration 3d 4, ,168 6,099 Repairs & Maintenance 3e 0 4,977 4,977 5,190 Projects ,366 4,366 3,900 Expenditure In relation to prior years Total resources expended: 89,740 52, , ,507 INCOMING/OUTGOING RESOURCES (8,794) Legacies Received ,000 40,000 22,365 GAINS flosses ON INVESTMENTS ,451 (Gains on M&G + 1S Gift Aid) NET MOVEMENT IN FUNDS ,022 Transfer between funds 20,674 (20,674) 0 0 BALANCES BROUGHT FWD AT 1 JAN ,719 80, , ,041 BALANCES CARRIED FWD AT 31 DECEMBER ,861 97, , ,062

8 1 ACCOUNTING POLICIES The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP, The financial statements have been prepared under the historic cost convention, Funds The General Fund represents 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, The Fabric and other Funds are generally restricted, The financial statements Include all transactions, assets and liabilities for which the PCC is responsible in law, They Include the financial transactions of directly related church groups but not those of church groups that owe their main affiliation to another body nor those which are informal gatherings of church members, Incoming Resources Voluntary income and capital resources Collections are recognised when received by or on behalf of the PCC, Planned giving receivable under gift aid is recognised only when received, Income tax recoverable on covenants/gift aid donations is recognised when the Income tax is reclaimed, Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Income from fund raising events Is accounted for gross, Sales of books, magazines, postcards, etc. from the church bookstall are accounted for gross. Other ordinary income Rental income from the letting of church premises is recognised when the rental is due, Income from investments Dividends and Interest are accounted for when receivable, Tax recoverable on such Income is recognised In the same accounting year. Resources expended All expenditure Is accounted for on an accruals basis, All costs have been directly attributable to the expenditure categories used In the statement of financial activities. The church is not registered for VAT, accordingly expenditure is shown gross of unrecoverable VAT. Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The parish share Is accounted for when payable, Any share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet Fixed assets Consecrated land and buildings and church furnishings Consecrated and beneficed property Is excluded from the accounts by s.96(2)(a) of the Charities Act 1993, No value is placed on movable furnishings held by the churchwardens on special trust for the PCC and which requires a faculty for disposal since the PCC considers this an Inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or Improvements, is written off as expenditure In the SOFA and separately disclosed. Investments Investments are Included at market value at 31 December. and disposals during the year. The statement of financial activity Includes the net gains and losses arising on revaluations Current assets Amounts owing to the PCC at 31 December In respect of fees, rent and other income are shown as debtors less the provision for amounts that may prove uncollectable. Short-term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.

9 2. INCOMING RESOURCES Incoming resources from donors Unrestricted Restricted TOTAL FUNDS Income Income a Bankers orders to Personal Giving account 55, ,123 59,606 Tax refunds from all gift aid donations to StA 16, ,439 17,423 Planned giving made with weekly envelopes 2, ,933 3,285 Cash collections at all services 6,394 2,419 8,814 8,803 Total: 2a 81,389 2,919 84,308 89,117 Other voluntary income resources 2b Donations 1,292 5,245 6,537 5,011 Votive Candles/LileralurelWalibox 0 5,234 5,234 3,948 Fund raising 0 12,129 12,129 2,053 Sundries Halton 2b Church Box Income from charitable & anciliary trading Total: 2b 1,292 22,794 24,086 11,257 2c Fees 4,603 2,250 6,853 11,332 SI Andrew's Cottage 0 2,930 2,930 2,514 Total: ze 4,603 5,180 9,783 13,846 Other ordinary incoming resources 2d Funeral collections ,474 9,433 Special collections ,162 RC contribution 0 2,528 2,528 2,545 Extraordinary items Total: 2d 0 13,917 13,917 16,141 2e Fiesta Opening Bank Balance 0 5,788 5,788 0 Bridge Magazine funds transferred 1, ,918 0 Total: 2e 1,918 5,788 7,706 0 Income from investments 21 Dividends and interest 2, ,503 2,353 Total: 2f 2, ,503 2,353 Total Incoming resources before Legacies: 2a f 91,661 50, , ,714 Legacies 29 Total: ,000 40,000 22,365 Total incoming resources: 2a-g 91,661 90, , ,078

10 3. RESOURCES USED Unrestricted Restricted TOTAL FUNDS expenditure Expenditure Grants 3a PCC donations ,787 PCC grants ,358 2,921 Funeral services ,474 9,434 Total: 3a 4,233 13,515 17,748 15,142 Activities directly related to the activities of the church 3b Ministry - Parish Share + Dioc Serv Fees 70, ,906 70,385 - Vicarage 2, ,640 2,166 -Vicar 2, ,945 3,930 - Other Clergy 2, ,359 2,138 Church and Services - Building + building Insurance 0 14,178 14,178 16,179 - Cleaning ,465 1,473 - Service requisites 2, ,601 2,968 - Music Organ/Pianos Choir ,078 3,653 Organists ,775 3,915 Junior Church + Women's Fellowship St Andrew's Cottage ,543 2,338 - Cleaning Flowers + equipment+ catering Memorial Garden Engraving Total: 3b , ,176 Fund-raising and publicity 3c Cost 01events ,477 0 Total: 3c ,477 0 Church management and administration 3d Copying, stationery and telephone ,266 2,812 Relund 01parish magazine sales Bank charges + prof lees + mlsc ,914 Total: 3d ,168 6,099 Repairs and maintenance 3e Rool Lighting ,617 0 Tower ,374 Miscellaneous , Projects Total: ,977 5,190 3f Altar Frontal purchase ,366 3,900 Total: 3t Expenditure In relation to prior years Total resources used: 3a-f

11 3 RESOURCES USED - ADDITIONAL NOTES Grants 3a PCC Donations in 2013 included a donation of 2000 which was handed on to Fiesta which was then a separate entity. Fiesta is now included within the St Andrew's accounts. PCC Grants in 2014 included 3295 that related to the 2013 target. Activities directly related to the activities of the church 3b Ministry - Vicar - Costs for 2013 included 641 which related to Church and Services - Building + building Insurance - Significant repair and maintenance costs now appear in 3e (below). Church and Services - Music - Choir - The cost for 2014 includes 1,639 windfall gain when the Choir Fund account is ccnsollcated. Jumlor Church + Women's Fellowship - The 2014 result Includes the windfall gain of 654 from consolidating the bank accounts of these 2 activities. St Andrew's Cottage - Heating costs were up by 799 following a series of estimated reads in Fund-raising and publicity 3c Cost of events includes costs associated with Fiesta which was not included in the accounts in The general level of fund-raising activity was much higher in 2014 than Church management and administration 3d Bank charges + prof fees + mlsc - The 2013 charge Included 720 for the examination of the 2012 accounts. In addition, 2013 included 858 for a projection screen. 4 STAFF COSTS Wages and Salaries 7,495 6,615 During the year, the PCC employed a cleaner for the Church, a cleaner for the Cottage and paid fees for organists, a trumpeter and for musicians playing at the Music Festival weekend. None of the recipients were paid more than 50,000. No member of the PCC received any remuneration or benefit during the year. 5 INVESTMENTS CBF CCLA ls Investment Fund:. Units = Historic cost = 3,519. Market value at 31 Dec 2014 = (31 Dec 2013 = ). M&G Investment Fund. Units = 3033 Historic cost = 12,000. Market value at 31 Dec 2014 = (31 Dec 2013 = ). 6 DEBTORS Prepayments and Accrued Income Other Debtors - General Catholic Church Prepayments 2,528 1,749 2,545 1,742 4,276 4,287

12 7 CASH AT BANK AND IN HAND Bank - Corbridge PCC - Planned Giving - Choir (Incl Chilcott Fund) - Womens Fellowship - Musical Events (fomnerly FIESTA) - Fabric 25,258 4,284 1, ,921 76,389 21,819 4,415 45, ,907 71,850 8 LIABILITIES: FALLING DUE WITHIN ONE YEAR Accruals 5,352 2,284 5,352 2,284 Accruals for 2014 include 3219 representing the proceeds (including gift aid) from the funeral collection of the late Dominic Abraham. The funds are being held by St Andrew's pending the establishment of a trust fund in memory of Mr Abraham. 9 FUND DETAILS There are restricted funds including Fabric Fund (St Andrew's) and Halton as well as those associated with specific fund raising initiatives and donations. Financial transactions in which the church Is simply an intemnediary, receiving and passing on charitable donations as in the cases of funeral services or "bucket" collections, are aso treated as restricted funds. Transactions in the General Fund are not restricted. 10 ANALYSIS OF NET ASSETS BY FUND Unrestricted Restricted Total Funds Funds Investments 55,011 55,011 Current Assets 32,598 98, ,819 Current Debtors ,276 Current Liabilities (1,183) (4,168) (5,352) 86,861 97, ,754 Restricted funds: Outgoing At 31 At 1 January 2014 Incoming resources resources Transfers December 2014 Fabric Fund Other Restricted (St Andrew's) Halton Fund 'The values shown In ''Transfers'' represent adjustments and corrections to the starting position following a review.

13 PCC Grants & Donations Buque Family - Support for medical studies NDBF - Botswana Diocesan Link Projext 824 Tearfund 824 Tynedale Hospice at Home 824 Corbridge Youth Initiative 824 Christian Aid Newcastle Licensed Readers Association 50 Musicians Benevolent Fund 338 The Peoples Kitchen Royal British Legion The Children's Society Womens World Day of Prayer 253 Operation Christmas Child 33 Tom Collins- Contribution to voluntary work overseas 100 Philippines Typhoon Appeal 459 Great North Chlldrens Hospital 335 MacMillan Cancer Support Note that pee grants of 3295 paid in 2014 related to the 2013 objective of donaffng 10% of pledged giving to charity. Similarly, 2585 has been paid out In the first quarter of 2015 relating to the 2014 objective. In both years, therefore, the objective has been achieved.