THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF SAWBRIDGEWORTH

Transcription

1 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF SAWBRIDGEWORTH Report and Financial Statements Year ended 31 December 2011

2 Contents Annual Report 2-6 Independent Examiners Report 7 Statementof Financial Activities 8 Balance Sheet 9 Notes to the Financial Statements Incumbent The Reverend Canon R F Sibson The Vicarage Sheering Mill Lane Sawbridgeworth Hertfordshire CM21 9ND Bankers Barclays Bank pic 28 Knight Street Sawbridgeworth Hertfordshire CM219AU Lloyds Bank pic 37 Bell Street Sawbridgeworth Hertfordshire CM21 9AR Independent Examiners Price Bailey LLP Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT 1

3 Annual Report for 2011 Charitable status The Parochial Church Council of the Ecclesiastical Parish of Sawbridgeworth ('the PCC) is registered as a separate charity, nunnber The members of the PCC have had regard to the Charity Commission's guidance on public benefit. Administrative information The PCC administers the activities of Great St Mary's Church which is situated in Church Street, Sawbridgeworth. It is part of the Diocese of St Albans within the Church of England. The correspondence address is The Parish Office, Church House, 1, Vantorts Road, Sawbridgeworth, Hertfordshire CM21 9AH. The members of the PCC who served from 1 January 2011 until the date this report was approved are: The Revd Canon Robert Sibson Ms Dawn Bardwell Mrs Valerie Bright Mr Christopher Cook The Revd Robert Wynford-Harris Mr Peter Church Mr Matthew Forster Mr John Ireland Mrs Mary Ireland Mrs Caroline Lewis Mrs Penny Milne Miss Rachel Moate Mr Paul O'Leary Mrs Shona Passfield Mr Leslie Skipper Mrs Anna Sullivan Mrs Anne Thomas incumbent (Chairman) Churchwarden (Vice-Chairman) to 23'^ May 2011 Secretary to 28^ April Churchwarden (Vice-Chainnan) from 2^ May 2011 Churchwarden, Deanery and Diocesan Synod Representative Curate. To 31^ August 2012 Representative on the Deanery Synod. From April 2011 Representative on the Deanery Synod. From f 4"" April 2011 Representative on the Deanery Synod. To April 2011 Representative on the Deanery Synod Structure, governance and management (including objectives and activities) The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Training of PCC members commenced in 2009 and is to be continued, as required, in The primary objective of the PCC is to promote the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC has the responsibility of co-operating with the Incumbent, the Rev'd Canon Robert Sibson, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It fulfils this responsibility through periodic meetings, 5 of which took place in 2011 with an average level of attendance of 75%, and through delegating certain responsibilities to the following committees: 2

4 Standing Committee This committee has power to transact business between meetings of the PCC, subject to any directions given by the PCC. Fabric & Churchyard Committee (F&C) Chair: Mr Leslie Sl<ipper (70 28* yapri/20f/; Mr N\ckBr\ghi (From 28"'April 2011) This committee, in collaboration with the Vicar and Churchwardens, has oversight of the maintenance, repair and improvement of the Church building and churchyard. The Lodge, the Parish Hall, Church House, and other church owned land and buildings. It oversees the activities of the monthly Working Party, which carries out the maintenance and upkeep of the Churchyard and all associated grounds. Outreach Committee Chair: Mrs Caroline Lewis This committee promotes the engagement of the church with the community at local. Diocesan and national levels. It develops and has oversight of a programmed nurture policy for all ages of the church family. It keeps under review all means of communication within the church and wider community. It has general oversight, under the Churchwardens, of the 'Ministry of welcome' within Great St Mary's. It promotes, with the Vicar and Churchwardens, the development and maintenance of pastoral care structures within the church and community. This Committee also works to increase awareness of the mission work of the wider Church outside the parish and recommends to the PCC the recipients of the amount set aside for mission giving. Further, it also seeks to promote awareness of work undertaken by the recipients. Stewardship & Finance Committee (S&F) Chair Ms Dawn Bardwell (To 28i>'April 2011). Mr Matthew Forster (From 28'Mpn7 20) This committee has oversight of the finances of the PCC. To fulfil this responsibility it monitors both incoming and expended resources against the budget, as well as monitoring the deployment of the net assets, including the investment policy and performance. It provides advice and support to the Treasurer and reports at all PCC meetings on the financial position. There are many others, whilst not members of the PCC, who provide time and resources to further the work of the Church, including: Mr Jeremy Dickson Mr Chris Milne Dr Huw Lewis Mrs Carrie Johnson Mrs Hazel Mead Mrs Fay Clarke Mrs Danielle Osborne Mr David Wood Treasurer to 30^ June 2011 Treasurer from 2 P' July 2011 Stewardsiiip Recorder Parish Administrator and PCC Secretary from 2&>' April 2011 Child Protection Officer Electoral Roll Officer Children's Wori(er Director of Music In addition, support is received from: The Friends of Great St Mary The Ecclesiastical Charity Chair Mrs Georgina King Chair Mr Geoff Penketh 3

5 Achievements and performance (including Review of the Year) Electoral Roll There were 191 parishioners entered on the new Church Electoral Roll compiled in March 2011, 15 of whom were not resident within the parish. Services The normal Sunday services were a said Eucharist at 8.00am, a sung Eucharist at 9.30am and an evening service at 6.30pm. Numbers attending through the year remained fairly constant. A full programme of special services was provided for Holy Week, Easter and at Christmas. The Christmas services continued to attract large congregations from the community. Morning Prayer was said daily at 8.00am (7.30am on Saints' days) and there was a Eucharist each Thursday at 9.30am and on Saints' days at 8.00am. Music The Director of Music continued to provide continuity and encouragement to the choir and to develop and extend their repertoire. The choir continued to give support to our regular worship and sang at weddings and other special services including the annual Civic Service. Choir practice took place on Friday evenings and the choir prepared an anthem for Sunday mornings. On Passion Sunday the choir performed 'Crucifixion' by John Stainer with solo parts being taken by members of the choir. In addition to the regular programme of worship the choir provided particular services in the evening on Advent Sunday and at the Service of Nine Lessons and Carols at Christmas. As in previous years, the choir also sang in support of other organisations, including Isabel Hospice (Lights of Love), Rotary (Carols on Fair Green) and carol singing for the Friends of Great St Mary's in Bell Street Pastoral Most of the Pastoral work comes through the occasional offices of funerals, baptisms and weddings. A monthly programme of Home Communions was provided for those unable to attend Church and hospital.visiting was earned out as required. Mission Mission giving has continued - with 60% allocated to overseas causes and 40% allocated to U.K. causes. In 2011 the overseas element was awarded to Five Talents towards the purchase of two motorcycles in Uganda to help employees of Five Talents to reach clients in more mral areas who need help with business planning etc. to enable them to become self sufficient The U.K. element was awarded to a CMS outreach initiative in Telford, a community with the fewest number of churches in the country. (See note 11 to the financial statements). Investment policy The investment policy is considered at regular intervals by the S&F Committee and the PCC. In 2011, because of cash flow needs, 25,000 of shares were sold. 4

6 Financial There was a decrease in our funds in 2011 of 9,292 The main contributor to the loss was the decrease in the value of CCLA's fixed interest and investment funds of 11,303 Looking forward to 2012, the financial position remains a cause for concern, with expected income again being insufficient to meet expected costs. Reserves (funds) policy The accounting rules under which the Financial Statements are prepared require funds to be analysed between those that, on the one hand, are restricted to specific purposes and those that, on the other hand, are unrestricted. Restricted funds comprise service collections for specific purposes (the Children's Worker Fund), and grants for certain church costs and repair and maintenance of certain graves. Unrestricted funds comprise all other funds. The PCC can decide whether to designate these funds for various purposes. It has been decided that there should be: - a property capital fund that at all times equals the balance sheet value of the properties, - a legacy capital fund, being the accumulation of legacies received, - a general fund containing the balance. The PCC considers that the amount of reserves necessary to ensure that the work of the Church continues at present levels is around 75,000 - this amounts to some six months of recurring expenditure. As the unrestricted general fund at 31 December 2011 stood at 154,095 ( ,159), there was an excess of 79,095, which is held to finance working capital, as well as quinquennial and major capital projects. 5

7 Future planis It Is intended ttiat ttie objectives and activities described above stiould continue without significant change. PCC Members' Responsibilities The PCC members are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The PCC members are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the financial activities of the PCC for that period. In preparing those financial statements the PCC members are required to: - select suitable accounting policies and apply them consistently, - make judgements and estimates that are reasonable and prudent, - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in operation. The PCC members are responsible for keeping proper books and accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and which enable them to ensure the financial statements comply with the Charities Act They are also responsible for safeguarding the assets of the PCC and fience for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PCC members confirm that, so far as they are aware, there is no relevant audit information of which the PCC's independent examiners are unaware. They have taken all the steps that they ought to have taken as PCC members in order to make themselves aware of any relevant audit information and to establish that the PCC's independent examiners are aware of that information. Independent Examiners Our Independent Examiners, Price Bailey LLP, have expressed their willingness to continue in office. Signed Mr Christopher Cook Churchwarden Dated 6

8 Independent Examiner's Report to the members of The Parochial Church Council of the Ecclesiastical Parish of Sawbridgeworth I report on the accounts of the PCC for the year ended 31 December 2011 which are set out on pages 8 to 17. Respective responsibilities of the members of the PCC and auditors The members of the PCC are responsible for the preparation of the accounts. The members of the PCC consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. ft It is my responsibility to: examine the accounts under section 145 of the 2011 Act;, i; follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and state whether particular matters have come to my attention. Basis of independent examiner's statement ^ My examination was carried out in accordance with general Directions given by the Charity Commission. An examination a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as members of the PCC concerning any such matters. The procedures undertaken do not provide all the evidence that would be required for an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below/. Independent examiner's statement ^ In connection with my examination, no matter has come to my attention: 1 which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Gary Miller For and on behalf of Price Bailey LLP Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT Date: 7

9 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2011 Unrestricted Restricted Funds Funds Note INCOIVIING RESOURCES Voluntary income Legacies 7,000 Planned giving 2 49,109 49,109 50,933 Service collections 3 6,722 4,242 10,964 12,288 Children's Woricer 5,953 5,953 12,362 Donations 4 5,124 5,124 8,049 Grants 5 5,319 23,879 29,198 15,038 66,274 34, , ,670 Ct)urch adivises Fees - weddings & funerals 6 12,909 12,909 19,315 Advertising income 7 9,322 9,322 9,328 Property lettings 8 21,402 21, Fund Raising 16,552 16,552 - Traidcraft Other ,642 16,552 61,194 46,161 Investment income Interest 9 28,097 28,097 33,151 Total incoming resources 139,013 50, , ,982 RESOURCES EXPENDED Ctiurct) activities Mission and charitable giving Ministry Church services Children's Woricer Property maintenance Magazine Fund Raising Parish management Property devebpment planning Other Governance Independent examination fee 11 4, , , , , , ,854 1,920 2,430 13,566 14,858 30,854 7,230 9,606 72,519 72,454 18,095 26,176 13,566 9,501 57,438 54,233 8,729 8, ,775 4,440 10,791 1, , ,209 1,920 2,004 Total resources expended 156,774 30, , ,213 Net incorrang/(outgoing) resources before other recognized gains and losses (17,761) 19,772 2,011 (13,231) Loss on revaluation of investments 19 (11,303) (11,303) 32,636 Net movement in funds Funds brought forward Funds carried forward (29,064) 1,200,959 1,171,895 The notes on pages 10 to 17 form part of these financial statements 8 19,772 8,680 28,452 (9,292) 19,405 1,209,639 1,190,234 1,200,347 1,209,639

10 BALANCE SHEET at 31 December Fixed assets Tangible Investments Current assets Debtors Stiort tenn deposits Cash at bank and in hand Note , , , ,837 1,153,533 1,189,837 8, , , , Liabilities Creditors payable within one year 22 (6,726) (14,293) Net current assets 46,814 19,802 Net assets 23 1,200,347 1,209,639 Parish funds 24 Unrestricted Property capital Legacy-capital General Restricted , , , , ,159 1,171,895 1,200,959 Children's Worker, Fund Raising etc 28,452 8,680 1,200,347 1,209,639 Approved by the Parochial Church Council on and signed on its behalf by: Mr Christopher Cook - Churchwarden Mrs Valerie Bright - Churchwarden The notes on pages 10 to 17 form part of these financial statements 9

11 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December Accounting policies Basis of preparation The financial statements have been prepared in accordance with the Charities Act 2011, the Church Accounting Regulations 2006 and the Statement of Recommended Practice on Accounting and Reporting by Charities (SORP 2005). The financial statements have been prepared under the historical cost convention, except that properties are included at valuation and investments are included at market value. The financial statements include all transactions, assets and liabilifes for which the Parochial Church Council ('PCC') is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of church members. Funds Unrestricted designated funds Designated funds are unrestricted funds set aside at the discretion of the PCC for specific purposes. The property capital fund is represented by the value of property held. The legacy capital fund is the aggregate of legacies received and is represented by assets held for future major capital projects. Unrestricted general funds Unrestricted funds are those funds which can be used for the ordinary purposes of the PCC. Restricted funds Restricted funds arise where service collections are made for specific causes or where other income is subject to specific conditions imposed by donors or grant-making organisations. Incoming resources - Stewardship, Sen/ice collections and Donations Amounts are recognised when received; at which point income tax recoverable is accounted for. - Other voluntary income Grants and legacies are recognised when the amount receivable is sufficiently certain. - Fees and fund raising Weddings and funeral fees and fund raising income are recognised when the event occurs. - Advertising income Income is recognised following the publication of a magazine. - Property lettings and investment income Rental income from the letting of premises is recognised when due. Gifts in kind - Assets donated to the PCC are included in the financial records at valuation at the date of gift. Resources expended - Amounts are recognised when payable and include in'ecoverable VAT. All costs have been directly allocated to the relevant activity. 10

12 + NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 1. Accounting policies (continued) Tangible fixed assets - Consecrated land and buildings and moveable church furnishings Consecrated and benefice property is excluded from ttie financial statements under section 10(2)(a) of the Charities Act No value is placed on moveable church furnishings which require a faculty for their disposal as they are considered by the PCC as inalienable property. - Other property The freehold property (note 18) is included at a valuation, reflecting current usage, by Wright & Co a local estate agent in November No depreciation is provided; maintenance and improvement expenditure is written off as incurred. - Fixtures and fittings Items costing up to 3,000 are written off in the period in which the assets are acquired. The replacement sound system has been written off over three years. Investments Investments are stated at market value at the balance sheet date. Unrealised gains and losses arising from movements in market values during the year are credited or charged to the Statement of Financial Activities based on the market value at the year end. Stock Stock is valued at the lower of cost and net realisable value. Transactions involving members of the PCC and connected persons Members of the PCC are obliged to declare any interest in any proposed transaction that involves them or connected persons, and to withdraw from any discussions and not participate in any vote taken. Any transactions undertaken by or on behalf of the PCC and involving members of the PCC and/or connected persons are described in these notes, if applicable. 2. Planned giving (Stewardship) Planned giving 37,205 38,644 Tax recoverable under gift aid 11,904 12,289 49,109 50, Service collections Specific causes (see note 11) 2,355 4,306 Other 8,649 7,982 11,004 12,288 11

13 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) Collections at some services are for specific causes; tfie amount collected is then distributed to those causes (see note 11). 4. Donations (receivable) This amount represents donations not given under stewardship an^angements. 5. Grants The Ecclesiastical Charity (Sawbridgeworth) 23,879 13,640 The Josselin Society (Hatchments) Charities Aid Foundation 50 Listed Places of Worship 5,249 Sawbridgeworth Town Council (Trees) The Commonwealth War Graves Commission (Graves) -_ 28 29,198 15, Fees - weddings & funerals Earned 5,155 9,553 Payable to assistants 7,754 9,762 12,909 19,315 Fees receivable exclude amounts due to the clergy which, in accordance with normal church accounting practice, are not included. The fees above comprise amounts eamed by the PCC and amounts payable to assistants for their participation at weddings and funerals (see note 13). 7. Advertising income Magazine - 'Church and Town' 9,322 9, Property lettings Parish Hall 5,195 4,452 Church House 8,267 8,526 The Lodge 3,540 Car Park 4,400 4,540 21,402 17,518 12

14 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 9. Investment income Interest on casti deposits Dividends on CClJ^ Fixed Interest Fund investment 14,268 14,268 Dividends on CCLA Investment Fund investment 13,774 18,601 28,097 33,151 Church House Church House was transferred to the ownership of the PCC as at the end of October No consideration was payable. The net assets acquired by the PCC were: The freehold property - Church House, valued by Wright & Co at market value 110,000 Cash 15, ,394 Donations (payable) Mission grants Overseas -Five Talents 2,880, 3,160 UK - CMS - Telford project 1,920 1,940 4,800 5,100 Distribution of collections for designated causes - The Bishop of St Albans' Harvest Appeal Haiti Earthquake Appeal Crisis UK Christian Aid The Childrens' Society Church Housing Tmst The Royal British Legion Scouts Train-a-Priest Compassion (formeriy paid through Tearfund) The Sheffield Foundation for Motor Neurone Disease East Herts District Council Chaimnan's Appeal (Civic Service) The Sawbridgeworth Mayor's Appeal (Civic Service) ,315 4,306 13

15 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 11. Donations (payable) (continued) Other The College of St Barnabas National Churches Trust - 50 Bedfordshire & Hertfordshire Historic Churches Trust - 25 Fraternity of Friends of St Albans Abbey Total , Ministry Diocesan parish share 67,355 65,879 Clergy expenses Training Honoraria 1, Outreach ,519 72,454 The Vicar and Assistant Curate are reimbursed for expenses incun-ed on PCC business and two PCC members are reimbursed for expenses incurred in training to become a Reader. 13. Church services Organist, organ & choir 8, Fees payable to assistants (see note 6) ,762 Other 2,121 3,260 18,095 26,176 14

16 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 14 Property maintenance Church " 28,410 38,597 Parish Hall, St Mary's Lodge and Church House 27,571 14,538 Churchyard 1,457 1,098 57,438 54, Magazine Costs of production of the monthly magazine 'Church & Town'. 16. Parish management Parish office 5,775 4, Tangible fixed assets Freehold land& buildings Fixtures & fittings Total Valuation / Cost Beginning and end of year 490,000 7, ,899 Depreciation Beginning and end of year 7,899 7,899 Net tmk value Beginning and end of year 490, ,000 The amount of freehold land and buildings comprises valuations of St Mary's Lodge 335,000, the Parish Hall 45,000 and Church House 110,000. The historical cost of Church House is 110,000; there is no record of the historical cost of St Mary's Lodge and the Parish Hall. Fixtures and fittings comprise the sound system. 15

17 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 19. Investments Market value at beginning of year 699, ,201 (Withdrawal)/additions at cost (25,000) 200,000 Loss on revaluation (11,303) 32,636 Market value at end of year 663, ,837 The portfolio consists of investments in: CCLA Fixed Interest Fund 265, ,480 CCLA Investment Fund 398, , , , Debtors (receivable within one year) Tax recoverable 7,908 6,200 Accmed interest - 4,756 Other (payments in advance, etc) 135 3,677 Stock of fair trade consumables and other goods for re-sale _ 8,604 14, Short term deposits These cash deposits are held with The Central Board of Finance of the Church of England. 22. Creditors (payable within one year) Wedding deposits Independent examination fee 1,920 1,920 Repairs to Church building - 7,022 Parish Hall kitchen renovation - 2,666 Church House Flooring 4,406 - Other (accmals, etc) - 1,785 6,726 14, Analysis of net assets The net assets are all attributable to Unrestricted Funds, with the exception of cash of 28,452 (2010 8,680) attributable to the Children's Worker Fund and Heating Fund. 16

18 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2011 (continued) 24. Funds Balances Movement Balances end of in end of Unrestricted - Property capital 490, ,000 -Legacy-capital 527, ,800 -General 183,159 (29,064) 154,095 1,200,959 (29,064) 1,171,895 Restricted - Children's Worker (see the Pastoral paragraph in the Trustees'Report) 8,680 19, Fund Raising Total 1,209,639 (9,292) 1,200,347 17