**REGISTERED CHARITY NUMBER: 1131228** **Report of the Trustees and Financial Statements for the Year Ended 31st December 2023** **for** ## **Kidderminster East PCC** The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU **Kidderminster East PCC** ## **Contents of the Financial Statements for the Year Ended 31st December 2023** ||**Page**| |---|---| |**Report of the Trustees**|1 to 5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7 to 8| |**Balance Sheet**|9 to 10| |**Cash Flow Statement**|11| |**Notes to the Cash Flow Statement**|12| |**Notes to the Financial Statements**|13 to 27| |**Detailed Statement of Financial Activities**|28 to 29| **Kidderminster East PCC** ## **Report of the Trustees for the Year Ended 31st December 2023** The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** The principle objective in the year under review was that of promoting in the parish the whole mission of the Church. "Our aim is; to be a church where active followers of Jesus Christ worship God and live out His Love in the world". The trustees confirm that the PCC has complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit when reviewing the PCC's aims and objectives and in planning future activities. Kidderminster East PCC has the responsibility of co-operating with the Team Rector, the Reverend David Hildred and the Team Vicar, (although this post is vacant currently), in promoting in the Parish the whole mission of the church, pastoral, evangelistic, social and ecumenical. Its primary objective is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. It also has maintenance responsibilities for the church buildings of St George's, St Chad's. St Cecilia's, St Mary's and St Cassian's. ## **PCCs and DCCs** Much of the running of each church is delegated to five DCCs, which each meet six times a year. The PCC meets four times a year with additional meetings, as required. It oversees the finances of the whole parish and sets overall budget and policies. ## **ACHIEVEMENT AND PERFORMANCE** Through the work of Kidderminster East Parish, each year thousands of people who are not church members have contact with us, through the range of activities and services we provide. Some of them are more specifically 'spiritual' and to do with sharing the Christian faith. Others are more simply because we respond to that faith by caring for others. The following provide examples: - 61 funerals, 24 committals/burial of ashes and 1 burial of a body on a separate occasion, 1 exhumation and re-interment, 2 memorial services and 1 pre-funeral prayers have been undertaken within the parish, where sensitive pastoral care has been given to the families, as well as to others who attended the ceremonies. - Similarly, support has been provided to wedding couples with their plans and wedding preparation. In 2023, 6 weddings took place, 2 marriage blessings and 1 renewal of marriage vows. - Also 12 baptisms have taken place and 7 services of thanksgiving for the birth of a child. - With funerals and weddings, almost invariably we receive warm thanks for the quality of service provided. - The events on offer to children and families have been amplified with regular Family Fun Activity Afternoons, the Children's Club, school holiday events as well as the regular Sunday morning provision. - Social events have continued to be offered; these have met the needs of both churched and unchurched people, often including the needs of lonely and elderly people. - Church members volunteer with charities such as the Kidderminster Foodbank, HELP, along with others that offer social care. - Provision of warm spaces and refreshments in order to help combat the rises in the cost of living for many individuals - Care and maintenance of the church buildings to ensure that they are welcoming and accessible to all who use them. - The Parish Website remains an extremely useful tool for easily disseminating information across the Parish. - - Ministry amongst schools in the parish has continued with taking assemblies, offering "Open the Book" presentations, and welcoming a number of them into our churches for Christmas and Easter services. Page 1 ## **Kidderminster East PCC** ## **Report of the Trustees for the Year Ended 31st December 2023** ## **FINANCIAL REVIEW** On 1 January 2024, St Cassian's DCC began to work with another grouping of churches as part of the deanery reorganization, but remain legally part of Kidderminster East. Therefore the results of this DCC have been presented separately as discontinuing operations. Total unrestricted incoming resources for the year amounted to £356,218 (2022: £320,392), of which £52,154 (2022: £50,038) was attributable to St Cassian's DCC and £304,064 (2022: £270,352) was attributable to the remaining DCC's and Parish Office. This income increase is a result of a rise in voluntary donations, together with a legacy received by St George's DCC. Total unrestricted outgoing resources amounted to £331,698 (2022: £330,739), of which £41,342 (2022: £46,743) was attributable to St Cassian's DCC and £292,026 (2022: £283,994) was attributable to the remaining DCC's and Parish Office. This includes the contribution to the diocesan parish share, which largely provides the stipends and housing for the clergy. Total restricted incoming resources for the year amounted to £164,033 (2022: £202,130), of which £2,497 (2022: £46,862) was attributable to St Cassian's DCC and £161,536 (2022: £155,268) was attributable to the remaining DCC's and Parish Office. Last year St Cassian's DCC received a grant of £45K towards stonework repairs. Total restricted outgoing resources amounted to £160,177 (2022: £259,720), of which £1,228 (2022: £49,853) was attributable to St Cassian's DCC and £158,949 (2022: £209,867) was attributable to the remaining DCC's and Parish Office. The principle funding sources are voluntary contributions from members of the five churches in the parish and the corresponding gift aid tax reclaim. The charity also receives fee income from funerals and weddings and letting income from hiring out the church halls. In 2018 the Parish of Kidderminster East was appointed as the Local Trusted Organisation of Big Local DY10. Included in restricted income is the DY10 grant income of £145,064 (2022: £105,416) which was redistributed as stipulated by Big Local DY10. Other restricted grants and donations were received in relation to the St George's Roof Access project and Trees Fund. ## **Reserves Policy** It is our policy to invest our funds balances with the CBF Church of England Deposit Fund. The strategy agreed by the trustees is to maintain an unrestricted reserve fund equivalent to approximately 6 months’ expenditure. The PCC’s general unrestricted reserves, excluding fixed assets and designated reserves, were £165,794 at 31 December 2023 (2022: £150,951), representing approximately 6.5 months of unreserved expenditure, therefore the strategy has been achieved this year. Restricted reserves were £121,613 at 31 December 2023 (2022: £127,169). As at 31 December 2023 the unrestricted funds in relation to St Cassian's DCC were £33,950 (2022: £25,971) and restricted funds were £63,712 (2022: £58,334). Total funds held by the PCC as at 31 December 2023 were £668,999 (2022: £636,746). Page 2 **Kidderminster East PCC** ## **Report of the Trustees for the Year Ended 31st December 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The PCC of the Parish of Kidderminster East is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC of the Parish of Kidderminster East is a Registered Charity. The method of appointment of PCC members is set out in the Church Representation Rules. The membership of the PCC consists of the incumbent, Diocesan and Deanery Synod members on the electoral roll of the parish, churchwardens and members elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services/members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC. Given its wide responsibilities the PCC delegates decisions regarding the day-to-day management of the five churches in the benefice to the District Church Committee ("DCC") of each church but, where appropriate, the DCC's refer decisions to the PCC. The DCC's remain accountable to the PCC and report back regularly on activities and decisions in the respective churches. The PCC and DCC's have a number of committees, each dealing with a particular aspect of parish life. These committees include worship, mission and outreach and fabric and finance. Committees report back to the PCC / DCC. The PCC of Kidderminster East has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016, duty to have due regard to the House of Bishops' guidance on safeguarding children and vulnerable adults. In accordance with the House of Bishops' Key Roles and Responsibilities of Church Office Holders and Bodies Practice Guidance issued October 2017, the PCC continues to use the Parish Dashboard provided by the Diocese of Worcester as a way of self-assessment to ensure it continues to fulfil that duty. The PCC continues to comply with the duty to have "due regard" to the House of Bishops' guidance in relation to safeguarding. The PCC of Kidderminster East is committed to the care, nurture and pastoral ministry of all and safeguarding is of the highest priority. We adhere to Diocesan policy and guidelines, keep our safeguarding records up to date and respond promptly when required. The PCC has identified all activities involving children, young people and vulnerable adults and reviewed its policies at its meeting on 13 February 2023. The PCC of Kidderminster East has put into place processes in order to adhere to General Data Protection Regulations (GDPR), which came into force in May 2018. A Parish GDPR policy and privacy notice have been produced and are displayed in the 5 churches. Consent forms are completed by anyone wishing to be contacted by the parish agreeing to the retention of their personal information, as disclosed by them. ## **Volunteers** We would like to thank all the volunteers who work so hard to make our church the lively and vibrant community it is. ## **Risk Assessment** The members of the PCC regularly review the risks to which the Council might be exposed and recommend action to mitigate these or to manage the risk appropriately. The PCC reviews its child protection and health and safety policies on an annual basis. Financial risks are regularly reviewed. Each DCC is required to carry out risk assessments of both its church premises and church activities. Page 3 ## **Kidderminster East PCC** ## **Report of the Trustees for the Year Ended 31st December 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS** The Ecclesiastical Parish of Kidderminster East is a benefice consisting of the churches of St George's, St Chad's, St Cecilia's (all in the town of Kidderminster), St Mary's, Stone and St Cassian's, Chaddesley Corbett (both in the rural hinterland to the east of the town). St. George's Church, situated on the corner of Radford Avenue and Birmingham Road, St. Chad's, Burcher Green, Comberton, St. Cecilia's, Hoo Road, St Mary's, Stone and St Cassian's, Chaddesley Corbett form a Team Ministry, in the Diocese of Worcester within the Church of England. The correspondence address is The Parish Office, St Cecilia's Church, 164, Hoo Road, Kidderminster DY10 1LP. The PCC registered as a charity on 19 August 2009. The name of the charity was "The Parochial Church Council of the Ecclesiastical Parish of St George, Kidderminster". The name was changed during the year 2012 to "The Parochial Church Council of the Parish of Kidderminster East". The registered charity number is 1131228. PCC members who have served during 2023 are: ||**Diocesan**|**Deanery**|**Church**|| |---|---|---|---|---| ||**Synod**|**Synod**|**wardens**|**Notes**| |The Reverend David Hildred|X|X||Team Rector| |||||Team Vicar to| |The Reverend Robert Legge||X||19/03/2023| |Hugh Richards|X|X|X|| |Peter Gosling|X|X||| |Tim Morris||X||| |Robert Hudson||X||| |John Chesworth||X||Lay Chair| |Stephen Duckhouse||X||| |David Grist||X||| |Christine Hickman-Smith||X||| |Clare Stockford||X|X|| |Aley Richards||X||| |Colin Emeny||X|X|| |Beth Richards||||| |Anna Hanson||||| |Shirley Cadman||||| |Anthea Harris-Fry||||| |Margaret Hodgson|||X|| |Geoff Surridge|||X|| |Jean Bailey||||To 22/05/2023| |Shirley Surridge||||| |Andy Tainton|||X|| |David Trethewey|||X|| |John Heraty||||| |Elaine Voice||||| |Jennifer Tompkin||||| |Jan Ferguson|||X|| |Les Bishton|||X|| |Bernie Halama||||| |Rosemarie Moore||||| |John Griffiths||||| |Michael Gough|||X|| |Susan Laffey||||| |David Underhill||||| |Ron Layton||||From 22/05/2023| |Lyn Aston (not a Trustee)||||Treasurer| |Jane Chapman (not a Trustee)||||Secretary| Page 4 lfjddemln•trr knt PCC lor the Y￿fEnded 31st E*cembÈr 2023 The Parish is furtherorgarnsed *ilh indimthjal cfv￿th C(Krnittees (c￿5) ond al PCC rnmbors Are Also rTw>n*ers of Iheir ovm thur¢h ￿C. cto 2023 2022 82 35 St Cassian's st CecAlrd's st Cha(fs St Geo￿,* St Ma￿5 104 118 45 Total 382 374 2023 APCM SAFEGUAPDING REPORT The PCC of lfjddemiinster East has cfjmrfied vith the duty under section 5 of the SBf*Juarding and Cl¢rgy Eiscipline Measure 2016, duty to h8vè due regard to the House of &'shops' guidance on safeguarding thrfdren and vulnerable adults. In accordance *ith th¢ Hou$e of &"shrys' Kty Rc4es and ReSp￿￿￿1￿leS of Churth Office Holders and Bodies Practs￿ Guidance kssued October 2017. Ihe PCC tonlinues to use the Parish Dashboard provided ty Ihe Dtocese of Worcesler as a ￿Y of selkassessff*nl to ensure il conty.nues lo fulfil thal duty. The PCC conb.nues to c￿ty the duty to have 'due regarf to the House of Bishops. tyidanté M) relaiion to Safe￿a￿k)g. The PCC ol lfjddeminsler East 1$ c•mmitted to the care, nurture and pastofd mink8ty of dl and s8feuwarLlng is of the highest priority. adhere to Ciocesan poliw and guidelines. k¢ep our Safe￿arth"n9 reojrds up to date and resFond vthen rewired. The PCC has identified all acbmbes invthng chldren. young peoFle and vulneraile athlts and TEviewEd it5 po￿￿e$ at its rrn•tsng Ort 19 Febnjary 2024. Rob Poulsen. Safeguathg Offlc•r AFprn>￿d ty orderof th• board oftNstees .. 21.￿.LO￿l• arwj *￿ed ils bahalfty.. R•verend D IliidTed- TNstee Page 5 Kldd•m**t•r &#t PCC Ind•p•nd•nt •x•rnln•tr• rnport to th• E••t pcc I rewt to ￿ charity my a¥wnhhatkn rrf IM acoymls of I(￿d￿n￿￿ E•Bt PCC (the Tw¥t) fix th& y ended 31st DeC￿b$r2￿k3. RMpon•lblltl•• and bul• ol v•port requlr•m9nts Of1￿ Ch*fjties AGt 2011 Cttw A¢n. l rnport n rwpoL# of rny ox￿1natk￿ oftr* TnAf8 caniod Soc41cffi 145 oftr* caryirvJ out my ￿min￿l0n I ha¥• •t¥4k01￿ OtrfAaion8 by the Cfr*ty Cthrmo•ion undw PAdion 1451SKbl ofth 1nd•p•￿Tht •xifflln•f¥ •tat•ffl sin￿ your charityB 9￿$ ints)rn8 W) oftr* Act or Iho aCc￿jnts do not eompty lh• apF&c￿0 wu¥ernents conc4rrinp th• fonn ort1 COn￿t of •ccourts •ot o In th• Chart￿•8 IPfunds -
discontinuing
Endowment
operations
fund
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**1,193**
**-**
**Charitable activities**
5
Charitable Activities
**-**
**-**
Other trading activities
3
**-**
**-**
Investment income
4
**1,304**
**-**
Other income
6
**-**
**-**
**Total**
**2,497**
**-**
**EXPENDITURE ON**
Raising funds
7
**-**
**-**
**Charitable activities**
8
Charitable Activities
**1,228**
**-**
**Total**
**1,228**
**-**
Net gains/(losses) on investments
**4,107**
**-**
**NET INCOME/(EXPENDITURE)**
**5,376**
**-**
**Transfers between funds**
19
**-**
**-**
**Net movement in funds**
**5,376**
**-**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**58,334**
**-**
**TOTAL FUNDS CARRIED FORWARD**
**63,710**
**-**|**2023**
**Total**
**funds**
**£**
**411,705**
**62,144**
**28,514**
**5,781**
**12,107**
**520,251**
**4,889**
**488,656**
**493,545**
**5,547**
**32,253**
**-**
**32,253**
**636,746**
**668,999**|2022
Total
funds
£
425,483
53,815
23,304
3,584
16,334
522,520
6,204
584,253
590,457
(9,074)
(77,011)
-
(77,011)
713,757
636,746| |---|---|---| ## **DISCONTINUING OPERATIONS** Following a Deanery re-organisation, on 1 January 2024 St Cassian's DCC began to work with another grouping of churches as part of the deanery reorganization, but remain legally part of Kidderminster East. Therefore the results of this DCC have been presented separately as discontinuing operations. The notes form part of these financial statements Page 8 ## **Kidderminster East PCC** ## **Balance Sheet 31st December 2023** |Notes
**FIXED ASSETS**
Tangible assets
14
Investments
15
**CURRENT ASSETS**
Stocks
16
Debtors
17
Cash at bank
**CREDITORS**
Amounts falling due within one year
18
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**|Unrestricted
funds
£
**282,594**
**3,335**
**285,929**
**100**
**10,020**
**232,341**
**242,461**
**(14,954)**
**227,507**
**513,436**
**513,436**|St
Cassian's
DCC
General
Fund -
discontinuing
operations
£
**-**
**-**
**-**
**-**
**3,208**
**30,742**
**33,950**
**-**
**33,950**
**33,950**
**33,950**|Restricted
funds
£
**-**
**12,955**
**12,955**
**-**
**-**
**107,237**
**107,237**
**(62,289)**
**44,948**
**57,903**
**57,903**| |---|---|---|---| The notes form part of these financial statements Page 9 continued... Kldd•rniln¥*r E*¥t PCC 8•lane• sheet.c0n1ln￿d 31st Decembèr 2023 2023 2022 funds- thsconlinuing Endowr*nt fund Total tundB Notes Jnds FIXED ASSET8 Tang*4e assets Investsnents 14 15 282.594 307.679 054 82 716 47.764 346.64 370.395 CURRENT ASSETS Stock3 Debtor¥ Cash at bank 16 17 100 13.228 40 22,694 311 692 15.946 399.594 334.426 AJnournS faiing thje vAth¥i one ye•r 18 (n.2431 (68.075} 15.946 266.351 TOTAL ASSETS LESS CLFIRENT UABILIIIES 63.710 636.746 NET ASSETS 668 999 FUNDS Unrestrh*d funds Reslricted luTrds 19 547.386 121 813 509.S77 127 169 TOTAL FUNDS Th• finanaal stslements ¥￿* arvov•d ty the Board of Trt￿6 aNI au#￿1$ed for issue on •)d w2re on ts i*haif Rtrvwend D Hiiirnd. TNs*tr The notes fm W olthes• thiffici81 statem?nts Pago 10 ## **Kidderminster East PCC** ## **Cash Flow Statement for the Year Ended 31st December 2023** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2023**
**£**
**64,584**
**64,584**
**-**
**4,209**
**3,889**
**1,892**
**9,990**
**74,574**
**311,692**
**386,266**|2022
£
(66,471)
(66,471)
(25,455)
26,781
892
2,692
4,910
(61,561)
373,253
311,692| |---|---|---| The notes form part of these financial statements Page 11 ## **Kidderminster East PCC** ## **Notes to the Cash Flow Statement for the Year Ended 31st December 2023** ## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** ## **2.** |**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
(Increase)/decrease in stocks
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**
**ANALYSIS OF CHANGES IN NET FUNDS**|**2023**
**£**
**32,253**
**25,085**
**(5,547)**
**(3,889)**
**(1,892)**
**(60)**
**9,466**
**9,168**
**64,584**|2022
£
(77,011)
24,914
9,074
(892)
(2,692)
60
2,054
(21,978)
(66,471)| |---|---|---| ||At 1.1.23|Cash flow|**At 31.12.23**| |---|---|---|---| ||£|£|**£**| |**Net cash**|||| |Cash at bank|**311,692**|**74,574**|**386,266**| ||**311,692**|**74,574**|**386,266**| |**Total**|**311,692**|**74,574**|**386,266**| The notes form part of these financial statements Page 12 **Kidderminster East PCC** ## **Notes to the Financial Statements for the Year Ended 31st December 2023** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. 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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Fundraising** Funds raised from events and trading activities (e.g. a fête, a garden party or sales of books and magazines) are reported gross in the SOFA, i.e. before any related costs that may have been deducted from the gross proceeds. ## **Grants and donations (incorporating government grants)** Grants and donations are included in the SOFA when the charity is entitled to the funds, i.e. when any preconditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received. ## **Legacies** Legacies are included when the amount receivable has been reasonably ascertained and notified by the executors. ## **Gift Aid** Gift Aid and other tax claims are included in the SOFA at the same time as the cash donations to which they relate. ## **Volunteer Help** No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report. ## **Rental income** Rental income from the letting of church premises is recognised when the rental is due. ## **Investment income** This is included in the accounts when receivable. ## **Investment gains and losses** This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Support costs are included within charitable expenditure. Page 13 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **1. ACCOUNTING POLICIES - continued** ## **EXPENDITURE (continued) Governance costs** Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. ## **Grants payable without performance conditions** These are recognised in the accounts when a commitment has been made externally and there are no preconditions still to be met for entitlement to the grant which remain within the control of the PCC. ## **Liability recognition** Liabilities are recognised as soon as the legal or constructive obligation arises. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - 2% on cost Fixtures and fittings - 33% on cost, 25% on cost, 20% on cost, 15% on reducing balance, 10% on cost and 5% on cost Expenditure is capitalised if the item can be used for more than one year, at cost of at least £1,000. The assets are valued at cost less depreciation. ## **Consecrated and benefice property** Consecrated and benefice property of any kind is excluded from the financial statements by Section 10(2) (a) and (c) of the Charities Act 2011. ## **Moveable church furnishings** These are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the Church’s inventory in any case. ## **Investments** Investments quoted on a recognised stock exchange or whose value derives from them (CIFs, etc) are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market value. ## **Short-term deposits** Include cash held on deposit either with the CBF Church of England Funds or at the bank. ## **STOCKS** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **TAXATION** The charity is exempt from tax on its charitable activities. ## **FUND ACCOUNTING** ## **Unrestricted funds** These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its 'free reserves' as disclosed in the trustees’ report. ## **Restricted funds** These are income funds that must be spent in accordance with specific restrictions imposed by donors (including funds raised by the PCC for a specific purpose) and details of the funds held and restrictions provided are shown in the notes to the accounts. ## **Redundancy and termination payments** Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the charity is either demonstrably committed to either: terminate the employment of an employee or group of employees before normal retirement date; or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The charity is considered to be demonstrably committed only when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal from the plan. Page 14 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. ## **2. DONATIONS AND LEGACIES** |Unrestricted
funds
£
Donations
**193,065**
Gift aid
**37,564**
Legacies
**20,200**
Grants
**2,352**
**253,181**|Restricted
Endowment
funds
funds
£
£
**11,135**
**-**
**574**
**-**
**-**
**-**
**146,815**
**-**
**158,524**
**-**|**2023**
**Total**
**funds**
**£**
**204,200**
**38,138**
**20,200**
**149,167**
**411,705**|2022
Total
funds
£
187,627
33,007
2,500
202,349| |---|---|---|---| ||||425,483| Grants received, included in the above, are as follows: |All Churches Trust
Commonwealth War Graves
The Friends of St Cassian's Chaddesley Corbett
Garfield Weston Foundation
Listed Places of Worship
Local Trust (as Local Trusted Organisation)
National Churches Trust
Stone Parish Council
Stone Parochial Charity
Worcester Diocesan Board of Finance
Worcestershire County Council
Wyre Forest District Council|**2023**
**£**
**-**
**15**
**-**
**-**
**-**
**145,065**
**-**
**750**
**2,337**
**-**
**-**
**1,000**
**149,167**|2022
£
4,000
15
45,517
7,500
24,997
105,416
5,000
750
2,245
5,959
200
750| |---|---|---| |||202,349| ## **3.** ## **OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| |Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Fundraising events
**8,201**
**3,321**
**-**
Café and coffee shop
**16,992**
**-**
**-**
**25,193**
**3,321**
**-**|**2023**
**Total**
**funds**
**£**
**11,522**
**16,992**
**28,514**|2022
Total
funds
£
14,494
8,810| |||23,304| Page 15 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **4. INVESTMENT INCOME** |Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Dividends
**223**
**1,669**
**-**
Deposit account interest
**3,530**
**359**
**-**
**3,753**
**2,028**
**-**
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Church and Church Hall
letting
Charitable Activities
Parish Magazine
Charitable Activities
Fees
Charitable Activities
**6.**
**OTHER INCOME**
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Sundry
**12,107**
**-**
**-**
**7.**
**RAISING FUNDS**
**RAISING DONATIONS AND LEGACIES**
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Fundraising events
**-**
**-**
**-**
**OTHER TRADING ACTIVITIES**
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Café and coffee shop
expenses
**4,889**
**-**
**-**
Aggregate amounts
**4,889**
**-**
**-**|**2023**
**Total**
**funds**
**£**
**1,892**
**3,889**
**5,781**
**2023**
**£**
**37,851**
**7,264**
**17,029**
**62,144**
**2023**
**Total**
**funds**
**£**
**12,107**
**2023**
**Total**
**funds**
**£**
**-**
**2023**
**Total**
**funds**
**£**
**4,889**
**4,889**|2022
Total
funds
£
2,692
892
3,584
2022
£
28,701
8,736
16,378
53,815
2022
Total
funds
£
16,334
2022
Total
funds
£
3,294
2022
Total
funds
£
2,910
6,204| |---|---|---| Page 16 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **8. CHARITABLE ACTIVITIES COSTS** |**8.**
**CHARITABLE ACTIVITIES COSTS**|||| |---|---|---|---| |Charitable Activities
**9.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staff costs
Rates and water
Insurance
Light and heat
Telephone and internet
Postage and stationery
Mission & Charitable Giving
Ministry - Diocesan Parish Share
Travel
Church Running Expenses
Church Maintenance
Churchyard upkeep
Clerical Assistance
Church Hall running costs
Subscriptions
Social Media
Upkeep of services
Youth work
Magazine costs
Education
Sundry
Verger, organist
Professional fees
Depreciation
**10.**
**SUPPORT COSTS**
Charitable Activities
Support costs, included in the above, are as follows:
Bank charges
Independent examination|Direct
Support
Costs (see
costs (see
note 9)
note 10)
£
£
**483,498**
**5,158**
**2023**
**£**
**4,604**
**404**
**11,915**
**32,461**
**1,119**
**1,214**
**146,590**
**134,140**
**1,373**
**3,299**
**32,575**
**4,850**
**36,518**
**2,423**
**3,331**
**715**
**1,757**
**340**
**2,953**
**438**
**17,744**
**4,905**
**12,745**
**25,085**
**483,498**
Governance
Finance
costs
£
£
**621**
**4,537**
**2023**
Charitable
Activities
**£**
**621**
**4,537**
**5,158**||Totals
£
**488,656**
2022
£
4,018
181
10,849
17,797
1,176
1,503
106,821
131,511
1,640
1,842
157,781
2,157
46,541
1,789
2,129
2,499
1,383
291
4,110
1,044
18,076
4,350
34,612
24,914
579,014
Totals
£
**5,158**
2022
Total
activities
£
**619**
**4,620**
**5,239**| |||**5,158**|| Page 17 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **11. TRUSTEES' REMUNERATION AND BENEFITS** During the year £240 was paid to T Morris, a member of St George's District Church Council, in his capacity as Director of Music at St George's Church (2022: £597). This is permitted by the PCC's governing document, the Parochial Church Councils (Powers) Measure 1956. Also during the year £9,895 was payable to R Hudson, a member of St George's District Church Council, in his capacity administering the funds for Big Local DY10 (2022: £13,809). ## **TRUSTEES' EXPENSES** Two trustees were paid travel expenses totalling £1,303 and one was reimbursed £397 for telephone and other sundry costs (2022: two trustees reimbursed £2,184). ## **12. STAFF COSTS** |Wages and salaries
Employer pensions
Redundancy
Total|**2023**
**£**
**38,424**
**1,750**
**-**
**40,174**|2022
£
41,757
1,994
7,725
51,476| |---|---|---| |The average monthly number of employees during the year was as follows:
Average number of employees
No employees received emoluments in excess of £60,000.|**2023**
**6**|2022
6| |---|---|---| |||| ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||St|| |---|---|---|---| |||Cassian's|| |||DCC|| |||General|| |||Fund -|| ||Unrestricted|discontinuing|Restricted| ||funds|operations|funds| ||£|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies|186,189|39,755|154,022| |**Charitable activities**|||| |Charitable Activities|48,853|4,962|-| |Other trading activities|17,897|5,262|145| |Investment income|1,089|59|1,091| |Other income|16,324|-|10| |**Total**|270,352|50,038|155,268| |**EXPENDITURE ON**|||| |Raising funds|5,446|758|-| |**Charitable activities**|||| |Charitable Activities|278,548|45,985|209,867| |**Total**|283,994|46,743|209,867| |Net gains/(losses) on investments|(873)|-|(1,671)| Page 18 continued... ## **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |||St||| |---|---|---|---|---| |||Cassian's||| |||DCC||| |||General||| |||Fund -||| ||Unrestricted|discontinuing||Restricted| ||funds|operations||funds| ||£|£||£| |**NET INCOME/(EXPENDITURE)**|(14,515)|3,295||(56,270)| |**Transfers between funds**|(80,878)||-|80,878| |**Net movement in funds**|(95,393)|3,295||24,608| |**RECONCILIATION OF FUNDS**||||| |Total funds brought forward|579,000|22,675||44,227| |**TOTAL FUNDS CARRIED FORWARD**|483,607|25,970||68,835| ||Restricted|||| ||funds -|||| ||discontinuing|Endowment||Total| ||operations|fund||funds| ||£|£||£| |**INCOME AND ENDOWMENTS FROM**||||| |Donations and legacies|45,517||-|425,483| |**Charitable activities**||||| |Charitable Activities|-||-|53,815| |Other trading activities|-||-|23,304| |Investment income|1,345||-|3,584| |Other income|-||-|16,334| |**Total**|46,862||-|522,520| |**EXPENDITURE ON**||||| |Raising funds|-||-|6,204| |**Charitable activities**||||| |Charitable Activities|49,853||-|584,253| |**Total**|49,853||-|590,457| |Net gains/(losses) on investments|(6,530)||-|(9,074)| |**NET INCOME/(EXPENDITURE)**|(9,521)||-|(77,011)| |**Transfers between funds**|4,459|(4,459)||-| |**Net movement in funds**|(5,062)|(4,459)||(77,011)| |**RECONCILIATION OF FUNDS**||||| |Total funds brought forward|63,396|4,459||713,757| |**TOTAL FUNDS CARRIED FORWARD**|58,334||-|636,746| Page 19 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **14. TANGIBLE FIXED ASSETS** |**14.**
**TANGIBLE FIXED ASSETS**|||| |---|---|---|---| |**COST**
At 1st January 2023 and
31st December 2023
**DEPRECIATION**
At 1st January 2023
Charge for year
At 31st December 2023
**NET BOOK VALUE**
At 31st December 2023
At 31st December 2022
**15.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1st January 2023
Disposals
Revaluations
At 31st December 2023
**NET BOOK VALUE**
At 31st December 2023
At 31st December 2022
There were no investment assets outside the UK.
**16.**
**STOCKS**
Stocks
**17.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Gift Aid recoverable
Accrued income
Prepayments|Freehold
property
£
**195,450**
**56,649**
**3,909**
**60,558**
**134,892**
138,801|Fixtures
and
fittings
Totals
£
£
**298,440**
**493,890**
**129,562**
**186,211**
**21,176**
**25,085**
**150,738**
**211,296**
**147,702**
**282,594**
168,878
307,679
Listed
investments
£
**62,716**
**(4,209)**
**5,547**
**64,054**
**64,054**
62,716
**2023**
2022
**£**
£
**100**
40
**2023**
2022
**£**
£
**1,050**
9,667
**9,392**
10,790
**1,598**
932
**1,188**
1,305
**13,228**
22,694|| ||||| Page 20 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |---|---|---| |Trade creditors
Social security and other taxes
Pensions
Funds held as agent
Deferred income
Accrued expenses|**2023**
**£**
**2,534**
**55**
**228**
**1,500**
**64,350**
**8,576**
**77,243**|2022
£
1,410
55
283
1,700
53,964
10,663| |||68,075| Deferred income includes deposits of £2,061 (2022: £1,600) for events which have not yet taken place. Also included within deferred income is £62,289 (2022: £52,365) of restricted grant income from Big Local DY10. The funds are held by St George's DCC as the Local Trusted Organisation and are distributable with the approval of the Big Local DY10 Chair. Any grant income which has not been distributed at the end of the Local Trust programme, is repayable to the Local Trust. The 'funds held as agent' of £1,500 (2022: £1,700) relates to monies held by St Cecilia's DCC on behalf of Young at Heart group. ## **19. MOVEMENT IN FUNDS** |**MOVEMENT IN FUNDS**||||| |---|---|---|---|---| |**Unrestricted funds**
General fund
St Chad's Cafe Fund
St Chad's Legacy Fund
Parish Office - Leswell Street Fund
St Cassian's DCC General Fund -
discontinuing operations
**Restricted funds**
St Cassian's Chancel Fund
St Cassian's E. Pratt Fund
St Cassian's General Repair Fund
St Cassian's Greatwich Fund
St Cassian's John Giles Bellringer Fund
St Cassian's Mills Children's Activities Fund
St Cassian's William Sebright Fund
St Cecilia's Community Fund
St Cecilia's Jubilee Fund
St Chad's Community Support Fund
St George's DCC - Choir and Organ Fund
St George's DCC - General Purchase Fund
St George's DCC - Knit and Knatter Fund
St George's DCC - Macfarlane Fund
St George's DCC - Roof Access Fund
St George's DCC - Trees Fund
Heating Fund
St Mary's DCC - Bell / Tower Repairs Fund
St Mary's DCC - Corner Cafe Fund
Parish Office - Emily Jane Brooks Fund
Parish Office - Mary Wilcox Fund
**TOTAL FUNDS**|At 1.1.23
£
**435,984**
**3,959**
**2,513**
**41,150**
**25,971**
**509,577**
**693**
**7,777**
**-**
**27,929**
**868**
**2,335**
**18,732**
**572**
**38**
**5,665**
**438**
**199**
**201**
**12,722**
**35,000**
**-**
**-**
**3,248**
**400**
**355**
**9,997**
**127,169**
**636,746**|Net
movement
in funds
£
**9,274**
**3,690**
**(2,513)**
**1,710**
**10,812**
**22,973**
**-**
**763**
**1,005**
**2,100**
**88**
**202**
**1,218**
**(490)**
**-**
**1,156**
**(562)**
**(5)**
**(201)**
**321**
**3,918**
**(1,075)**
**835**
**-**
**-**
**(355)**
**362**
**9,280**
**32,253**|Transfers
between
funds
£
**1,459**
**-**
**-**
**16,210**
**(2,833)**
**14,836**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**38**
**(38)**
**-**
**124**
**-**
**-**
**-**
**(19,918)**
**4,958**
**-**
**-**
**-**
**-**
**-**
**(14,836)**
**-**|At
31.12.23
£
**446,717**
**7,649**
**-**
**59,070**
**33,950**| |||||**547,386**
**693**
**8,540**
**1,005**
**30,029**
**956**
**2,537**
**19,950**
**120**
**-**
**6,821**
**-**
**194**
**-**
**13,043**
**19,000**
**3,883**
**835**
**3,248**
**400**
**-**
**10,359**| |||||**121,613**| |||||**668,999**| Page 21 continued... ## **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **19. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
St Chad's Cafe Fund
St Chad's Legacy Fund
Parish Office - Leswell Street Fund
St Cassian's DCC General Fund -
discontinuing operations
**Restricted funds**
St Cassian's Chaddesley Connect Fund
St Cassian's E. Pratt Fund
St Cassian's General Repair Fund
St Cassian's Greatwich Fund
St Cassian's John Giles Bellringer Fund
St Cassian's Mills Children's Activities Fund
St Cassian's William Sebright Fund
St Cecilia's Community Fund
St Chad's Community Support Fund
St George's DCC - Big Local DY10
St George's DCC - Choir and Organ Fund
St George's DCC - General Purchase Fund
St George's DCC - Knit and Knatter Fund
St George's DCC - Macfarlane Fund
St George's DCC - Roof Access Fund
St George's DCC - Trees Fund
Heating Fund
St Mary's DCC - Churchyard Fund
Parish Office - Emily Jane Brooks Fund
Parish Office - Mary Wilcox Fund
**TOTAL FUNDS**|Incoming
resources
£
**290,376**
**12,101**
**-**
**1,587**
**52,154**
**356,218**
**188**
**184**
**1,005**
**564**
**21**
**49**
**486**
**-**
**2,566**
**145,064**
**-**
**-**
**250**
**524**
**7,810**
**1,875**
**2,335**
**750**
**-**
**362**
**164,033**
**520,251**|Resources
expended
£
**(281,102)**
**(8,411)**
**(2,513)**
**-**
**(41,342)**
**(333,368)**
**(188)**
**-**
**-**
**(240)**
**-**
**-**
**(800)**
**(490)**
**(1,410)**
**(145,064)**
**(562)**
**(5)**
**(451)**
**(1,338)**
**(3,892)**
**(3,132)**
**(1,500)**
**(750)**
**(355)**
**-**
**(160,177)**
**(493,545)**|Gains and
Movement
losses
in funds
£
£
**-**
**9,274**
**-**
**3,690**
**-**
**(2,513)**
**123**
**1,710**
**-**
**10,812**
**123**
**22,973**
**-**
**-**
**579**
**763**
**-**
**1,005**
**1,776**
**2,100**
**67**
**88**
**153**
**202**
**1,532**
**1,218**
**-**
**(490)**
**-**
**1,156**
**-**
**-**
**-**
**(562)**
**-**
**(5)**
**-**
**(201)**
**1,135**
**321**
**-**
**3,918**
**182**
**(1,075)**
**-**
**835**
**-**
**-**
**-**
**(355)**
**-**
**362**
**5,424**
**9,280**
**5,547**
**32,253**| |---|---|---|---| Page 22 continued... ## **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **19. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
St Chad's Cafe Fund
St Chad's Legacy Fund
St George's DCC - Roof Access Fund
Parish Office - Leswell Street Fund
St Cassian's DCC General Fund -
discontinuing operations
**Restricted funds**
St Cassian's Chancel Fund
St Cassian's Church Bells Fund
St Cassian's E. Pratt Fund
St Cassian's Greatwich Fund
St Cassian's John Giles Bellringer Fund
St Cassian's Mills Children's Activities Fund
St Cassian's Mitchell Charity
St Cassian's William Sebright Fund
St Cecilia's Community Fund
St Cecilia's Jubilee Fund
St Chad's Repair Fund
St Chad's Community Support Fund
St George's DCC - Choir and Organ Fund
St George's DCC - General Purchase Fund
St George's DCC - Knit and Knatter Fund
St George's DCC - Macfarlane Fund
St George's DCC - Roof Access Fund
St Mary's DCC - Bell / Tower Repairs Fund
St Mary's DCC - Corner Cafe Fund
Parish Office - Emily Jane Brooks Fund
Parish Office - Mary Wilcox Fund
**Endowment funds**
St Cassian's Endowment Fund
**TOTAL FUNDS**|At 1.1.22
£
470,720
3,194
2,262
26,500
76,324
22,675
601,675
-
1,460
8,781
23,436
999
2,504
3,784
22,432
-
-
-
-
440
190
-
14,582
13,933
3,248
400
1,500
9,934
107,623
4,459
713,757|Net
movement
in funds
£
(15,107)
765
-
-
(174)
3,296
(11,220)
(743)
(1,460)
(1,004)
34
(131)
(169)
(2,348)
(3,700)
572
38
251
5,665
(2)
9
201
(1,860)
(60,062)
-
-
(1,145)
63
(65,791)
-
(77,011)|Transfers
between
funds
£
(19,629)
-
251
(26,500)
(35,000)
-
(80,878)
1,436
-
-
4,459
-
-
(1,436)
-
-
-
(251)
-
-
-
-
-
81,129
-
-
-
-
85,337
(4,459)
-|At
31.12.22
£
435,984
3,959
2,513
-
41,150
25,971| |---|---|---|---|---| |||||509,577
693
-
7,777
27,929
868
2,335
-
18,732
572
38
-
5,665
438
199
201
12,722
35,000
3,248
400
355
9,997| |||||127,169
-| |||||636,746| Page 23 continued... ## **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **19. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
St Chad's Cafe Fund
Parish Office - Leswell Street Fund
St Cassian's DCC General Fund -
discontinuing operations
**Restricted funds**
St Cassian's Chancel Fund
St Cassian's Church Bells Fund
St Cassian's E. Pratt Fund
St Cassian's General Repair Fund
St Cassian's Greatwich Fund
St Cassian's John Giles Bellringer Fund
St Cassian's Mills Children's Activities Fund
St Cassian's Mitchell Charity
St Cassian's William Sebright Fund
St Cecilia's Community Fund
St Cecilia's Jubilee Fund
St Cecilia's Miscellaneous Expenses Fund
St Chad's Repair Fund
St Chad's Community Support Fund
St George's DCC - Big Local DY10
St George's DCC - Choir and Organ Fund
St George's DCC - General Purchase Fund
St George's DCC - Knit and Knatter Fund
St George's DCC - Macfarlane Fund
St George's DCC - Roof Access Fund
Heating Fund
St Mary's DCC - Churchyard Fund
Parish Office - Emily Jane Brooks Fund
Parish Office - Mary Wilcox Fund
**TOTAL FUNDS**|Incoming
resources
£
263,849
6,248
255
50,038
320,390
-
28
188
45,517
518
22
49
44
496
662
250
254
500
5,665
105,416
-
10
300
373
33,911
6,459
750
655
63
202,130
522,520|Resources
expended
£
(278,512)
(5,483)
-
(46,742)
(330,737)
(743)
(1,386)
(210)
(45,517)
(190)
(40)
-
(167)
(1,600)
(90)
(212)
(254)
(249)
-
(105,416)
(2)
(1)
(99)
(562)
(93,973)
(6,459)
(750)
(1,800)
-
(259,720)
(590,457)|Gains and
Movement
losses
in funds
£
£
(444)
(15,107)
-
765
(429)
(174)
-
3,296
(873)
(11,220)
-
(743)
(102)
(1,460)
(982)
(1,004)
-
-
(294)
34
(113)
(131)
(218)
(169)
(2,225)
(2,348)
(2,596)
(3,700)
-
572
-
38
-
-
-
251
-
5,665
-
-
-
(2)
-
9
-
201
(1,671)
(1,860)
-
(60,062)
-
-
-
-
-
(1,145)
-
63
(8,201)
(65,791)
(9,074)
(77,011)| |---|---|---|---| ## **TRANSFERS BETWEEN FUNDS** The following transfers were made during the year: £16,210 was transferred from the restricted St George's Roof Access fund to the unrestricted Leswell Street Fund, representing part repayment of a loan from plus interest. £3,708 was also transferred from the restricted St George's Roof Access fund to the unrestricted general fund as part-reimbursement of the £19.6K transferred last year to cover the fund deficit. £4,958 was transferred from the unrestricted general fund to the restricted St George's Trees Fund, following sale of an investment which had historically been treated as unrestricted in error. Page 24 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **20. EMPLOYEE BENEFIT OBLIGATIONS** Kidderminster East Parochial Church Council participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections: 1. the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections; - a. a deferred annuity section known as Pension Builder Classic, and, - b. a cash balance section known as Pension Builder 2014. ## **Pension Builder Scheme** Both sections of the Pension Builder Scheme are classed as defined benefit schemes. **Pension Builder Classic** provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. **Pension Builder 2014** is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2023: £1,750, 2022: £1,994). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025. For the Pension Builder Classic section, the 2022 valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the 2022 valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, Kidderminster East Parochial Church Council could become responsible for paying a share of the failed employer's pension liabilities. ## **21. RELATED PARTY DISCLOSURES** During the year a grant of £2,337 (2022: £2,245) was received from the Stone Parochial Charity, of which Mr R Legge, Mr M Gough, Mrs S Laffey and Mr C Emeny are trustees. This grant was in relation to St Mary’s churchyard repairs and maintenance. During the year grants of £nil (2022: £45,517) were received from Friends of St Cassian's, of which A Hanson, C Hickman-Smith and H Richards are trustees. This grant was in relation to church repairs and maintenance. During the year the parish office managed the operations and finances of The Emily Jane Brooks Trust (charity no. 235782), a charity which shares common trustees of Kidderminster East. No income is received for the provision of this service by the parish office. It was identified that a historic restricted fund 'The Emily Jane Brooks Fund' was included in the PCC accounts in error, when the transactions related to an entirely separate charity 'The Emily Jane Brooks Trust' (charity no. 235782). The brought forward balance on this fund was £355 and, together with historic annual income and expenditure, is deemed trivial to the financial statements. This balance has been adjusted for in the current year accounts Page 25 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **22. PURPOSE OF FUNDS** ## **UNRESTRICTED FUNDS** ## **General Fund** The unrestricted general fund can be used for any charitable purpose within the charity’s objects and approved by the Trustees. ## **St Chad's DCC Café Fund** This fund is designated for the purpose of supporting the café at St Chad’s church. ## **St Chad's DCC Legacy Fund** This fund is designated for the purpose as specified in legacies. ## **Parish Office - Leswell Street Fund** This fund is designated for the purpose of providing a loan facility to the DCC’s for maintaining and improving the churches. ## **St George's DCC - Roof Access Fund** This fund is designated for the purpose of covering the cost of any significant repairs and improvements to the church. The current project being undertaken is the creation of a new roof access. ## **St Cassian's DCC General Fund - discontinuing operations** This represents the unrestricted general fund of St Cassian's DCC, which left the Parochial Church Council of Kidderminster East on 1 January 2024. ## **RESTRICTED FUNDS** ## **St Cassian's DCC - Chancel Fund** This fund has been created from the conversion of capital endowment funds into income and is restricted for the purpose of church upkeep. ## **St Cassian’s DCC - Church Bells Fund** This fund is restricted for the purpose of the upkeep of the church bells. ## **St Cassian's DCC - E. Pratt Fund** This fund is restricted for the purposes of supporting the poor, the organists and the choir. ## **St Cassian's DCC - General Repair Fund** This fund is comprised of grants received for specific general purchases. ## **St Cassian's DCC - Greatwich Fund** This fund is restricted for the purposes of upkeep of the churchyard. ## **St Cassian’s DCC - John Giles Bellringers Fund** This fund is restricted for the purpose of ringing the church bells on a specific day in December in the memory of John Giles. ## **St Cassian's DCC - Mills Children's Activities Fund** This fund is restricted for the purpose of supporting children's activities in Chaddesley Parish. ## **St Cassian’s DCC - Mitchell Charity Fund** This fund is restricted for the purpose of the upkeep of the churchyard. Last year the fund was merged with the Greatwich Churchyard fund since they have the same purposes. ## **St Cassian’s DCC - William Sebright Fund** This fund is restricted for the purpose of helping the needy and dis-advantaged of Chaddesley Parish to sustain themselves. ## **St Cecilia's Community Fund** This fund is restricted for the purpose of spending on a Community Fund, to include providing a Warm Space by way of a weekly breakfast morning in the Church Hall. ## **St Cecilia's Jubilee Fund** This fund is restricted for the purpose of hosting a Jubilee event. ## **St Cecilia's Miscellaneous Expenses Fund** This fund has been created where small miscellaneous donations have been received for restricted purposes. Page 26 continued... **Kidderminster East PCC** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **22. PURPOSE OF FUNDS - continued** ## **St Chad's Community Support Fund** This fund has been created this year following the receipt of donations to spend on 'Community Support' by way of activities designed to support the families in need living in the estate around the church. ## **St Chad's DCC - Repair Fund** This fund is restricted for the purpose of covering the cost of any significant repairs and improvements to the church, as specified by the donor. ## **St George’s DCC - Big Local DY10** This fund is comprised of grants received from Big Local DY10, to be distributed to approved causes in the Horse Fair, Green Hill and Broadwaters areas. In 2018, Big Local DY10 appointed the Parish of Kidderminster East as its Local Trusted Organisation, responsible for receiving and distributing this funding. ## **St George’s DCC - Choir and Organ Fund** This fund is restricted for the purpose of paying for choir and organ expenditure. ## **St George's DCC - General Purchase Fund** This fund is comprised of grants received for specific general purchases. ## **St George's DCC - Knit and Knatter Fund** This fund is restricted for the purpose of the Knit and Knatter group producing knitted articles for local families in the Big Local DY10 HBG area. ## **St George’s DCC - MacFarlane Fund** This fund is restricted for the purpose of the provision of music and other choir related expenditure at St George’s Church. ## **St George’s DCC - Roof Access Fund** This fund is restricted for the purpose of covering the costs associated with the roof access project. ## **St George's DCC - Trees Fund** This fund is restricted for the purpose of unsafe trees and branches in the churchyard. ## **Heating Fund** During the year the PCC was awarded a grant from the Worcester Diocesan Board of Finance towards the increased energy bills. ## **St Mary's DCC - Bell / Tower Repair Fund** This fund is restricted for the purpose of covering the cost of any repairs to the Bell or Tower. ## **St Mary's DCC - Churchyard Fund** This fund is restricted for the purpose of the upkeep of the churchyard. ## **St Mary's DCC - Corner Café Fund** This fund is restricted for the purpose of running the Corner Café. ## **Parish Office - Emily Jane Brooks Trust Fund** This fund was restricted for the purpose of providing support to the sick and needy of the parish. ## **Parish Office - Mary Wilcox Fund** This fund is restricted for the purpose of providing support to the elderly in outlying areas. ## **ENDOWMENT FUNDS** ## **St Cassian's Endowment Fund** This income is to be used for specified purposes relating to the upkeep of graves, the churchyard and the church. The capital was unlocked in 2022 under the provisions of Section 281 of the Charities Act. Page 27