You are on page 1of 8

Finchampstead Parochial Church Council of St.

James' Church, Finchampstead


SOFA - Statement of Financial Activities
For Year Ending 31st December 2010
Page 9
Unrestricted Restricted
Note Total 2010 2009
Funds Funds
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 EXPENDED
Missionary 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
NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS AND LOSSES £ 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 £ 46,106
On 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


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


Finchampstead Parochial Church Council
Notes to the Financial Statement for the Year ended 31 December 2010
Page 11
1 ACCOUNTING POLICIES

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

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.

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.

(b) Incoming Resources


Voluntary Income and capital sources
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 Gift Aid is recognised when the income is recognised.
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.
Funds raised by the Fete / Patronal Festival are accounted for gross as are Funds raised by other social events.
Sales of goods and books are accounted for gross.
Other Ordinary Income
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 started
Income from Investments
Dividends are accounted when due & payable. Interest entitlements are accounted for as an accrual. Interest on endowment funds are shared appropriately.
Gains and losses on investments
Realised gains and losses are recognised when investments are sold. Unrealised gains and losses are accounted for on revaluation of investments at 31 December.
Intangible Income
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
(c) Resources used
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
The diocesan quota or parish share is accounted for when paid.
(d) Tangible Fixed Assets
The Church, its furniture and fittings, and the churchyard are not included in the Balance Sheet.
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.
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 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 PCC’s interest is included at the cost of original acquisition.
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 such
quantification would not assist users of the Accounts.

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
(e) Investments
Investments are valued at Market Value. Investment Freehold property has been valued by the Treasurer as an estimate of the current market value.
(f) Transfer of Funds
During the year the PCC undertakes work / projects that will be funded out of Restricted or Unrestricted funds. From time to time it is necessary to transfer funds from Unrestricted 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
Finchampstead Parochial Church Council of St. James' Church, Finchampstead
Notes to Financial Statements
For Year Ending 31st December 2010
Page 12
Unrestricted Restricted
2. INCOMING RESOURCES Total 2010 Total 2009
Funds Funds
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 funds


Patronal 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


Finchampstead Parochial Church Council of St. James' Church, Finchampstead
Notes to Financial Statements
For Year Ending 31st December 2010
Page 13
Unrestricted Restricted
3. RESOURCES EXPENDED Total 2010 Total 2009
Funds Funds
Church Activities
3(a) Missionary and charitable giving
Overseas £ 1,500 £ - £ 1,500 £ 2,300
Home £ 7,474 £ 7,474 £ 4,600
St Matthew's - Kimberley £ - £ - £ - £ 5,506
£ 8,974 £ - £ 8,974 £ 12,406

3(b) Ministry - The Work of the Church


Parish Share £ 80,182 £ 80,182 £ 77,608
Priest-In-Charge Expenses £ 832 £ 832 £ 1,723
Associate-Priest Expenses £ 1,243 £ 1,243 £ 1,212
Church Services £ 6,375 £ 6,375 £ 6,071
Church Groups £ 4,907 £ 4,907 £ 7,081
Church running and maintenance £ 6,805 £ 6,805 £ 4,574
Parish administration costs £ 6,600 £ 6,600 £ 5,203
Independent Examiner £ 1,838 £ 1,838 £ 1,725
Staff Costs & Professional Fees £ 17,244 £ 17,244 £ 14,795
Diocesan (Clergy Duty) Fees - Weddings & Funerals £ 1,316 £ 1,316 £ 1,116
Church Insurance £ 2,744 £ 2,744 £ 2,834
Equipment Depreciation £ 4,091 £ 4,091 £ 3,210
Bank Charges £ - £ - £ -
£ 134,177 £ - £ 134,177 £ 127,151

3(c) Church Conservation and Organ Restoration


Consultants & Contractor Fees £ - £ 283,140 £ 283,140 £ 272,909
Organ restoration £ 202 £ 5,035 £ 5,237 £ -
£ 202 £ 288,175 £ 288,377 £ 272,909

3(d) Church Centre and Grounds


Repairs and Maintenance £ 8,989 £ - £ 8,989 £ 9,369
Utilities £ 6,348 £ - £ 6,348 £ 2,169
Ground Maintenance £ 2,380 £ 80 £ 2,460 £ 4,756
Manor House - Insurance £ 2,154 £ - £ 2,154 £ 2,180
Equipment £ - £ - £ - £ -
Other £ 832 £ - £ 832 £ 40
£ 20,703 £ 80 £ 20,783 £ 18,514

3(e) Churchyard Trust (Helen Taylor)


Churchyard Maintenance £ - £ 9,936 £ 9,936 £ 7,830
Stationery and Supplies £ - £ - £ - £ 37
Printing £ - £ - £ - £ -
Social Events £ - £ - £ - £ -
Sundry £ - £ - £ - £ -
Repairs and Maintenance £ - £ 960 £ 960 £ 2,193
£ - £ 10,896 £ 10,896 £ 10,060

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


Notes to Financial Statements
For Year Ending 31st December 2010
Page 14
Unrestricted Restricted
Resources Expended (continued) Total 2010 Total 2009
Funds Funds
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 £ 404
Gift 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
Finchampstead Parochial Church Council of St. James' Church, Finchampstead
Notes to Financial Statements
For Year Ending 31st December 2010
Page 15
Freehold land Church and PCC Total 2010
5. FIXED ASSETS
and buildings Equipment Tangible
(a) Tangible (all unrestricted)

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

PCC Trust PCC Equity H.T. Trust Total 2010 Total 2010 Fixed
(b) Investments H.T. Trust Equity
Property Investments Deposit Investments 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
Finchampstead Parochial Church Council of St. James' Church, Finchampstead
Notes to Financial Statements
For Year Ending 31st December 2010
Page 16
8. FUND MOVEMENTS

PCC Designated Funds


PCC St Matt's Manor House Inv Prop LongTerm
PCC Funds Fledgelings - - Total PCC Funds
Kimberley Maintenance Maintenance Investments
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

St Matt's Church Church Fabric Other Restricted Total Restricted


Restricted Funds Helen Taylor - - -
Kimberley Conservation Furnishings Funds 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 to
the 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


Unrestricted
by fund Restricted funds Total 2010 Total 2009
funds

Tangible fixed assets £ 180,944 £ 2,694 £ 183,638 £ 180,570


Investments 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