STATEMENT OF FINANCIAL ACTIVITIES INCOMING RESOURCES Note Unrestricted Restricted Endowment TOTAL FUNDS TOTAL FUNDS Funds Funds Funds 2014 2013 Voluntary Income 2(a) 190,148 - - 190,148 153,244 Activities for generating funds 2(b) 8,954 - - 8,954 12,235 Income from Investments 2(c) 13,867 - - 13,867 8,221 Income from Church Activities 2(d) 14,366 - - 14,366 16,300 Other incoming resources 2(e) 25,347 - - 25,347 30,097 TOTAL INCOMING RESOURCES 252,682 - - 252,682 220,097 RESOURCES EXPENDED Church Activities 3(a) 271,747 - - 271,747 265,282 Costs of generating voluntary income 3(b) - - - - - Fund raising trading costs 3(c) - - - - - Governance costs 3(d) - - - - - TOTAL RESOURCES EXPENDED 271,747 - - 271,747 265,282 NET INCOMING (OUTGOING) RESOURCES (19,065) - - (19,065) (45,185) GAINS AND LOSSES ON INVESTMENTS - realised - - - - - - unrealised - - - - - NET MOVEMENT IN FUNDS (19,065) - - (19,065) (45,185) BALANCES B/fwd at 1st JANUARY 2014 142,341 93,046-235,387 280,572 BALANCES C/fwd at 31st DECEMBER 2014 123,276 93,046-216,322 235,387 10
BALANCE SHEET AS AT 31 DECEMBER 2014 Note 2014 2013 FIXED ASSETS Tangible fixed assets 4(a) 79,236 79,236 Investment assets 4(b) 4,450 4,450 CURRENT ASSETS Stock - - Debtors 6 7,051 26,660 Short term deposits 105,062 101,383 Cash at bank and in hand 67,043 42,719 179,156 170,762 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 7 (46,520) (19,061) NET CURRENT ASSETS 132,636 151,701 NET ASSETS 216,322 235,387 PARISH FUNDS Unrestricted 8 123,276 142,341 Restricted 9 93,046 93,046 Endowment - - 216,322 235,387 Approved by the Parochial Church Council on 2015 and signed on its behalf by:.. P. Dorling W. DIXON Hon. Treasurer Church Warden The notes on pages 8 to 12 form part of these accounts 11
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Accounting Convention The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2005. The financial statements have been prepared under the historical cost convention except for the valuation of assets which are shown at market value. The financial statements 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. Funds Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forwards as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average value basis. Unrestricted funds are general funds which can be used for PCC ordinary purposes. Incoming Resources Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross. Resources Expended Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and is accounted for gross. Fixed Assets Consecrated and benefice property is not included in the accounts in accordance with s.96(2)(a) of the Charities Act 1993. Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently no individual item has cost more than 1,000 so all such expenditure has been written off when incurred. Investments are valued at market value at 31st December. 12
2. INCOMING RESOURCES Unrestricted Restricted Endowment TOTAL FUNDS TOTAL FUNDS Funds Funds Funds 2014 2013 2(a) Voluntary Income Planned Giving: Gift Aid donations 86,403 - - 86,403 81,349 Tax recoverable 27,963 - - 27,963 23,652 Other 27,099 - - 27,099 22,927 Collections (open plate) 12,174 - - 12,174 13,425 Gift Days - - - - - Donations 36,509 - - 36,509 4,891 Special Appeals - - - - - Legacies - - - - 7,000 190,148 - - 190,148 153,244 2(b) Activities for generating funds Bookstall for fundraising 834 - - 834 713 Hall Letting for non-church purposes 8,120 - - 8,120 11,522 Rummage sales, fetes etc - - - - - Non-charitable trading - - - - - 8,954 - - 8,954 12,235 2(c) Income from Investments Dividends and Interest including tax recoverable 4,167 - - 4,167 680 Rent from land or buildings held as an investment 9,700 - - 9,700 7,541 13,867 - - 13,867 8,221 2(d) Income from Church Activities Church Hall lettings - - - - - Bookstall for promoting church objectives - - - - - Magazine income from sales 2,234 - - 2,234 2,318 PCC fees 12,132 - - 12,132 13,982 14,366 - - 14,366 16,300 2(e) Other incoming resources 25,347 - - 25,347 30,097 TOTAL INCOMING RESOURCES 252,682 - - 252,682 220,097 13
3. RESOURCES EXPENDED Unrestricted Restricted Endowment TOTAL FUNDS TOTAL FUNDS Funds Funds Funds 2014 2013 3(a) Church Activities Missionary and charitable giving Overseas missionary societies - - - - 3,000 Overseas relief and dev. agencies 17,373 - - 17,373 500 Home missions and other Church organisations 1,070 - - 1,070 6,148 Secular organisations - - - - - Ministry - - Parish Share 98,349 - - 98,349 94,764 Working expenses of clergy 4,568 - - 4,568 5,544 Parsonage house 3,000-3,000 2,149 Assistant staff costs 48,886 - - 48,886 38,264 Church running expenses - - Heating and lighting 5,499 - - 5,499 5,769 Insurance 3,960 - - 3,960 4,180 Other costs 10,042 - - 10,042 8,870 Church maintenance 33,069 - - 33,069 7,923 Upkeep of churchyard 5,678 - - 5,678 2,581 Printing and other costs of magazine 2,348 - - 2,348 2,451 Bookstall costs 900 - - 900 577 Parish training and mission 27,657 - - 27,657 35,738 Hall running costs 6,265 - - 6,265 5,361 Hall repairs and maintenance 3,083 - - 3,083 41,463 271,747 - - 271,747 265,282 3(b) Costs of generating voluntary income - - - - - 3(c) Fund raising trading costs - - - - - 3(d) Governance Costs - - - - - TOTAL RESOURCES EXPENDED 271,747 - - 271,747 265,282 14
4. FIXED ASSETS FOR USE BY THE PCC Freehold Fixtures & Total Land & Fittings Buildings 4(a) Tangible fixed assets GROSS BOOK VALUE At 1st January 2014 79,236-79,236 Additions - - - Disposals - - - At 31st December 2014 79,236-79,236 DEPRECIATION At 1st January 2014 - - - Charge for the year - - - Depreciation eliminated on disposals - - - At 31st December 2014 - - - NET BOOK VALUE At 31st December 2014 79,236-79,236 At 31st December 2013 79,236-79,236 2014 2013 4(b) Investments Historical Cost 2,055 2,055 Market Value 4,450 4,450 5. ANALYSIS OF NET ASSETS BY FUND Unrestricted Restricted Endowment TOTAL FUNDS Funds Funds Funds 2014 Fixed Assets - 83,686-83,686 Current Assets 169,796 9,360-179,156 Current Liabilities (46,520) - - (46,520) Fund Balance 123,276 93,046-216,323 6. DEBTORS 2014 2013 Income Tax recoverable 3,511 22,656 Prepayments and Accrued Interest 3,540 3,066 Other Debtors - 938 7,051 26,660 7. LIABILITIES: 2014 2013 AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and Deferred Income 23,874 4,041 Creditors for Goods and Services - - Other Creditors 22,646 15,020 46,520 19,061 15
8. UNRESTRICTED FUNDS 2014 2013 The closing balance of unrestricted funds comprised the following: General 102,803 124,173 Missions 17,392 14,706 Branches 3,082 3,462 123,276 142,341 9. RESTRICTED FUNDS 2014 2013 The closing balance of restricted funds comprised the following: Curates' Property 45,236 45,236 Church Refurbishment 9,360 9,360 Church Hall 34,000 34,000 Investments 4,450 4,450 93,046 93,046 16