Professional Documents
Culture Documents
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
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
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 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.
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
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
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.
Balance at 31 December 2010 £ 232,306 £ 4,000 £ 10,000 £ 8,000 £ 403 £ 613,045 £ - £ - £ 867,754
(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