Registered Charity number: 1132146 Parochial Church Council of St Mary, Old Swinford Trusteos, Report and Financlal Statements 31 December 2024
Parochial Church Council of St Mary, Old Swinford Financial Statements for the year ended 31 December 2024 Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the accounts 9-17
Parochial Church Councll of St Mary, Old Swinford Trustees, Annual Report for the year ended 31 December 2024 The Parochial Church Councll presents its report and the accounts for the year ended 31 December 2024. Reference and Adminlstrative Information The Parochial Church Council has delegated routine matters to a slanding Committee which consists of the Rector, both Churchwardens, Secretary and Treasurer. It is registered with the Charity Commission under reference number 1132146. The Parochial Church Council of St Mary, Old Swinford is also known as PCC. Princlpal Address The main address for contact is... Old Swinford Rectory Rectory Road Slourbridge West Midlands DY8 2HA Trustees The Trustees at 31 December 2024 were:_ Judith Hall Judith Nex Peter TIK)mpson Antony Walter Talford Stanley Ernest Williams Drew Owen Elaine Buchan Mark Allan Fussell Sus8n Elizabeth Wakeley Michael Thomas Blaxland Malcolm Walter Frost Mary'orie Ferguson Chnstine Mccullagh Jill Finney Katharine Frances Fletcher Revd. Jonalhan Frederick Flitcroft Revd. Jonathan Frederick Flitcroft was the Chair of the Charity. Page 1
Parochial Church Council of St Mary, Old Swinford Trustees, Annual Report for the year ended 31 December 2024 continued - Structure Governance and Management The PCC has been formed under the Parochial Church Council Powers Measure (1956) as amended and Church representation rules. The Trustees are elected at the election of the Churchwardens and the Annual Parochial Church Meeting (APCM). Their appointment is recorded in the minutes of the meeting and no signatures of acceptance are required. The Council has power to co-opt other members. Objectives and Actlvltles Our principal objective is to follow Christ through worship, outreach and mission. Whilst undertaking the above-mentioned activities, the Trustees had due regard to guidance published by the Charity Commission on public benefit issues. Achievement and Performance In 2024, St Mary's PCC continued to maintain the fabric of our buildings, to engage our community in the Good News of Jesus Christ whilst also responding to challenges which have arisen in relation to plans to sell the existing Rectory. Since February 2024, our Vision Team have been meeting with Mission Accompanier, Chris Bright. We have crealed a Mission Slatement which we hope will focus our planning for mission over Ihe foreseeable future-. 'Care for all through God's transforming love., As well as pointing to the future. the statement reflects our understanding of the current strengths of St Mary's, especially in relation to pastoral care and loving service to our community. The remaining steps for the Vision Team include finalising a Vision Statement which focuses on our work for the next 5 years and creating a Health and Sustainability Plan which will include concrete plans for developing the mission of St Mary's over the next one to two years. These plans will aim to help us to reach the goals set out in the Vision Statement. We aim to share these goals with the whole Church community in the next few months. In February 2024, the Diocese informed the Rector that a Quinquennial inspection of the Reclory carried out in November 2023 had revealed 'necessary' or 'essential' repairs to the building which would cost around £250,000. Plans shared with the PCC in 2022 for Ihe sale of the current Rectory were therefore to be brought forward and a new Rectory purchased as soon as possible. There are significant challenges for St Mary's and the PCC as a result of this proposal, and facing these will inevilably involve some loss of rental income and a need for unexpected expenditure on relocating the Parish Office and ensuring continued disabled access to the Church. The PCC made the difficult decision to relocate the Parish Office to the flat behind the Church Hall which. regreffully, required the repossession of the property from the couple who had lived there for 17 years causing them a great deal of uncertainty and anger. Further repercussions from this significant challenge will inevitably follow. We must trust to God for wisdom and hope regarding these changes and repent the occasions we get things wrong. Rev'd Claire, ordained Priest in June. has continued to bring energy and innovation to her curacy. Under her leadership a new congregation, 'Singing Angels,, began meeting on the second Sunday of each month in March. Singing Angels continues lo thrive., above Iwo-thirds of those who allend were new to St Mary's and this service is their only point of contad. In January of the present year. we also launched a new monthly service, 'Morning Praise, which provides a place for adults who have learning difficulties to share in worship. Both of these services respond to the ethos of our Mission Statement: 'Care for all through God's transforming love., Page 2
Parochial Church Council of St Maryi Old Swinford Trustees. Annual Report for the year ended 31 December 2024 continued- Achievement and Performance .. Iconlinued We are blessed at St Mary's by the many teams who enable our outreach and mission. Some of those teams, such as that around our Youth Group, need strengthening and we make regular appeals for volunteers. As a Church community we face challenges which are common to many organisations and institutions in these times. However, we are a body of people who neither rely on our own strength nor trust in our own wisdom. In as far as we are able to trust God in Jesus Christ, we will have nothin9 to fear and 'all will be well and all manner of things will be well. Financlal Review The accounts record a modest surplus of £5,304 and a small increase of 2Vo in the total level of income received. As recorded in last year's accounts, the way in which donor income is recelved continues to change. We continue to see a movement away from the use of envelopes both for gift aid and general giving purposes. The Parish Giving Scheme was successfully launched in April 2024. Payments are collected by direct debit at the very beginning of each month. The benefit to St Mary's is that the scheme administrators collect the income lax recoverable from HMRC and credit this lo our bank account each month. There are no costs incurred in scheme administration. To date, 28 donors donate through the scheme providing a monthly income of £2,060 and tax recoverable of £515. 1 wish to record my thanks to all donors who support St Mary's so generously. Without your support, we would not be able to meet our financial obligations in the way that we do. Thank you. l am appreciative of the support, both financial and of the time that is freely given that for obvious reasons is not clearly reflected in these accounts. The work involved in ground maintenance. donations to the Church Flower Fund, afternoon teas, events organised by the Social Committee, the Craft Fayre days to name just a few. Additionally. repair works are often carried out on both the Church and Church Hall which significantly help to control Church expenditure on a day-to-day basis. Ministry Share payment to the Diocese totalled £58,000 against an expected payment of £70,424. This shortfall has not been included in the accounts. Regular payments are made each month to the Diocese. the PCC are updated at successive meetings and are committed to making its Ministry Share payment in full as finances allow. The age and design of the buildings together with ongoing Church grounds maintenance does mean that we continue to be faced with substantial ongoing costs. Two planned substantial areas of expenditure in the short-term relate to the organ and work on the east window. Monies for these and other necessary repairs in the longer term simply cannot be found from our regular sources of income. There is a need for grant applications to be made both Ihrough the Diocese and perhaps further afield. l am pleased that David Cook has agreed to carry out this important work. The PCC agreed to transfer £2,000 for the work of the Mission Committee. Charitable donations have been made to a number of identified causes both overseas and much closer to home. Further donations have been made to the Black Country Food Bank and the Children's Society. Finally, my sincere thanks go to the Finance Team for their continued hard work, expertise and at times welcome advice to help make sure Church finances. both income and expenditure are carefully managed. Page 3
Parochial Church Council of St Maryj Old Swinford Trustee5' Annual Report for the year ended 31 December 2024 continued - Reserves Pollcy The Trustees consider that the funds within the Charity should be at a level to cover operational costs for at least 3 months. The reserves are needed to bridge the trading gap between spending on the Charity's overheads and the receipt of new funds. The reserves include cash at bank. The Trustees monitor the cash levels on a regular basis. Worcester Dlocesé The Church is required to contribute towards central costs (which include cler9y Stipends and pensions). During the year, the Charity Incurred the following.. 2024 2023 Ministry share Wedding and other fees earned by the clergy 58,000 64,500 6,414 5,679 64,414 70,179 Page 4
Parochial Church Council of St Mary, Old Swlnford Trustees, Annual Report for the year ended 31 December 2024 conlinued - Trustees, Responsibilities The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in 8ccordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Charity for thal period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,, prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees on 27 April 2025 and signed by: Jonathan Frederick litcroft (Chalrman) Page 5
Independent Examiner's Report to the Trustees of Parochial Church Council of St Mary, Old Swinford I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024 which are set out on pages 7 to 17. Responsibilities and basis of report As the Charily's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('Ihe Act.). I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material aspect: accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not cofflply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Mr D l Hotchkiss Chartered Accountant Brook House Moss Grove Kingswinford West Midlands DY6 9HS 27 April 2025 Page 6
Parochial Church Council of St Mary, Old Swinford Statement of Financial Activltles for the year ended 31 December 2024 Unrestricted Restricted TOTAL FUNDS Funds Funds 2024 2023 Notes Incoming Resources Incomlng resources from donors Other voluntary incoming resources Income from operating activities to further the Council's objectives to generate funds Income from investments Other income 2a 67,764 67,764 72,619 2b 27.929 27,929 25,116 2c 2d 2e 17.391 25,655 12,231 (429) 17,391 25,655 12,231 (42g) 13,711 24,774 11,118 513 Total Incoming resources 150,541 150.541 147,851 Resources Expended Grants Activities directly relating to work of Church Church management and administration Cost of generating fund 3a 2.960 2,960 3,274 3b 100,303 100,303 108,561 3c 3d 26.245 15.729 26,245 15,729 22,555 13,272 Total resources expended 145,237 145,237 147,662 Net incoming resources 5,304 5,304 189 Transfers beeen funds Net movement in funds 5,304 5.304 189 Total funds brought forward 122.608 61,214 183.822 183.633 Total funds carried forward 127,912 61,214 189,126 183.822 Page 7
Parochial Church Council of St Mary, Old Swinford Balance Sheet at 31 December 2024 2024 2023 Notes Fixed assets Investment assets 58,903 58,903 Current assets Debtors Cash at bank and in hand Investment assets at cost (market value £31,036) 9,820 122,038 9.446 11,475 115,483 9,446 141,304 136,404 Llabilities (amounts falling due within one year) (11,081) (11,485) Net current assets 130,223 124,919 Net assets 189,126 183,822 Funds Unrestricted Restricted 127,912 61,214 122,608 61,214 10 189,126 183,822 The financial statements on pages 7 to 17 were approved by the Trustees on 27 April 2025 and signed on ils behalf by'.- Revd. Jonathan Frederick Flitcroft (Chaimian) Page 8
Parochlal Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 Accountlng Policies The Parochial Church Council of St Mary, Oldswinford is a registered Charity in the United Kingdom. The principal contact address is given in the Charity information on page 1 of these financial stalements. The nature of the Charity's operations and principal activities are outlined on page 2 of these financial statements. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice. The financial stalements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. 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 slated. Basis of Accountlng The accounts have been prepared on an accruals basis. The financial statemenls are prepared in sterling. which is the function currency of the entity- Statement of compliance The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. Funds General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purpose of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted. Restricted funds are to be used for specrfic purposes as designated by the Trustees and as laid down by the donor. The accounts include all transactions, assets and liabilities for which the Charity 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. Incomlng Resources Voluntary income and capital sources Collections are recognised when received by or on behalf of the Charity. Planned giving is recognised only when received. Income tax recoverable on gift aid donations is recognised when the income is received. Grants and legacies to the Charity are accounted for upon receipt, the amount due is quantifiable and its ultimate receipt by the Charity is reasonably certain. Funds raised by the fayre. garden party and similar events are accounted for gross. Sales of books and magazines from the Church bookstall are accounted for gross. Page g
Parochial Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 Accountlng Policies (continued) Other income Rental income from the letting of Church premises is recognised when the rental is due. Income from investments Dividends and interest are accounted for when due and payable. Gains and losses on investments Realised gains or losses are recognised when investments are sold. Resources Expended Grants Grants and donations are accounted for when paid over, or when awarded, rf that award creates a binding obligalion to the Charity. Activities direGtly relating to the work of the Church The Diocesan and Parish share is accounted for when paid. Fixed Assets VA T reclaimable Where VAT is reclaimable on any eligible expenditure. Ihe amount reclaimed is netted against the cost of the expenditure. Consecrated land and buildings, and movable church furnishings Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011. No value is placed on movable Church furnishings held by the Churchwardens on special trust for the Charity and which require a faculty for disposal, since the Charity Considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable Church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed. Other fixed assets Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired. Investments Investments are valued al historical cost at 31 December 2024. Current assets Amounts owing to the Charity at 31 December 2024 in respect of fees. rents or other income are shown as debtors less provision for amounts that may prove uncollectable. Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank. Page 10
Parochial Church Council of St Mary. Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 Accounting Policies (continued) Current liabilities Amounts payable within one year are recorded at transaction price and are shown as accrued charges. Financial instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing Iransaction. where it is recognised at the present value of the future payments discounted at market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value with any changes recognised in profit or loss with the exception of hedging instruments in a designated hedging relationship. Page11
Parochial Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 Unrestricted Restricted Funds Funds TOTAL FUNDS 2024 2023 Incoming Resources 2a. Incoming resources from donors Planned giving: Donations by Gift Aid Income tax recoverable Other planned giving Collections (open plate) at all services 6,649 14.845 42,451 3,819 6,649 14,845 42,451 3,819 8.800 14.309 42.974 6,536 67,764 67,764 72,619 2b. Other voluntary inGoming resources Donations, appeals, etc. Legacies Donations received for specific purposes 14,065 10,000 3,864 14.065 10.000 3.864 17,393 7,723 27,929 27.929 25,116 2c. Income from operating activities.. to further the Council's objects Magazine & bookstall Fees Candle rack Work with children Social committee and coffee 15.716 129 56 1.490 15,716 129 56 1,490 12,618 92 1,001 17.391 17,391 13,711 2d. Income from operating activities." to generate funds Magazines (advertisement fees) Use of Church Christmas market Photocopying Hall lettings 70 60 865 50 23,729 1,623 1,623 24,032 24,032 25,655 25,655 24,774 2e. Income from investments Dividends and interest including any reclaimable tax Church Hall flat rent 9,365 2,866 9,365 2,866 6,472 4,646 12,231 12.231 11,118 2f. Other income VAT reclaim on repairs Insufance claims (559) 130 (559) 130 513 (429) (429) 513 Total incoming resources 150,541 150,541 147.851 Page12
Parochial Church Council of St Mary, Old Swlnford Notes to the Financial Statements for the year ended 31 December 2024 Unrestricted Restricted Funds Funds TOTAL FUNDS 2024 2023 Resources Expended 3a. Grants Missionary and charitable giving 2,960 2,960 3,274 3b. Activities directly relating to the work of the Church Ministry: Diocesan Parish share Clergy expenses Running expenses Repairs and maintenance Upkeep of Churchyard Organist fees and choir expenses Other expenses Social Committee and coffee 58,000 3,272 20,458 4,001 1,890 9,352 2,430 900 58,000 3,272 20,458 4,001 1.890 9.352 2,430 goo 64,500 578 19,810 6,554 5,097 9,288 2,734 100,303 100.303 108,561 3c. Church management 8nd administration Administration- Administrator's salary Printing and stationery Subscriptions, bank and professional charges Independent Examiner's fee Fees.. Wedding, Funerals. Baptisms and other 8,971 1,209 520 2.810 12.735 8,971 1,209 520 2.810 12,735 8,668 1,650 226 2,700 9,311 26,245 26,245 22,555 3d. Costs of generating funds Church Hall expenditure 15,729 15,729 13,272 Total resources expended 145,237 145,237 147,662 Page13
Parochial Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 2024 2023 Staff Costs Wages and salaries 25.792 23,497 25.792 23,497 The average number of persons employed by the Charity during the year. including the Trustees was 3 (2023- 3). Investmont Assets These represent:. 2024 2023 Central Board of Finance of the Church of England's investment fund (market value £123,986 {2023 - £121.211) Shares in Traidcraft Ltd 57,878 57.878 1,025 1,025 58,903 58,903 Unrestrlcted Restricted Funds Funds Analysls of Net Assets by Fund Total Fixed assets for Church use- Investment fixed assets Current assets Current liabilities 1,025 137,968 (11.081) 57,878 3,336 58,903 141,304 (11,081) Fund balan 127,912 61,214 189,126 Page 14
Parochlal Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 2024 2023 Debtors Income tax recoverable Prepayments 2.838 6.982 3.562 7.913 9,820 11.475 2024 2023 Liabilities (amounts falling due within one year) Accrued charges 11,081 11,485 Page15
Parochial Church Council of St Mary, Old Swinford Notes to the Financial Statements for the year ended 31 December 2024 Unrestricted Funds The balances on each Designated Fund as at the end year are as follows:. 2024 2023 Deslgnated Funds Clergy Housing Church Legacies and Gifts Organ Fund Church Hall Bells Fund Anchor Bereavement The Children's Fund (Inc. Agatha Downing Children Fund) Graveyard Fund Tower Fund Friends of the Music Rectors Charities Water Aid Social Committee St Mary's Youth Club Work Contactless Digital Giving St Mary's Mission Churchwardens Charities 2,599 2,599 14,128 14.128 596 596 68,319 81,490 (2,653) (2.277) 30 30 5,974 5,974 (1,014) 467 6,626 2,129 477 2,119 1,740 1,354 1,634 1,552 467 7,251 2,129 605 2,624 1.775 1.770 1.120 1.552 108.286 99,624 General Funds Church 17.528 20,941 Other Balances Church Flowers 2,098 2,043 Total 127,912 122.608 The Clergy Housing Fund represents monies used for maintenance of the clergy accommodation. The Church Legacies and Gifts Fund represent monies held for legacies and gifts that are not restricted in their use. The Organ Fund represents monies used for the maintenance of the Church organ. The Church Hall Fund represents monies used to maintain the Church Hall and manage its finances. The Bells Fund represents monies used for maintenance of the Church bells. The Anchor Bereavement Fund represenls monies used to support those who are bereaved. The Children's Fund (Inc Agatha Downing Children Fund) represents monies used for the Church's work with children. The Graveyard Fund represents monies used to maintain the Church graveyard. The Tower Fund represents monies used for maintenance of the Church tower. The Friends of the Music Fund represents monies used to fund development of music within the Church environment. Page 16
Parochial Church Council of St Mary, Old Swlnford Notes to the Financial Statements for the year ended 31 December 2024 Unrestricted Funds (continued) The Rector's Charities represents monies for charitable giving at the Rector's discretion. The Water Aid fund represents monies used for charitable overseas water provision. The Social Committee Fund represents monies available to fund Church social events. The St Mary's Youth Club Work Fund represents monies available for the work with youth within the community. The Contactless Digital Giving Fund records the amounls received from contactless donations made using the card machine. The St Mary's Mission Fund represents monies used for charitable donations both overseas and locally. The Churchwardens Charities Fund represents monies available to Churchwardens for charitable donations. The General Funds represents the Church's working capital. The Church Flowers Fund represents monies used to fund the Church floral decoration. 10. Restrlcted Funds The balances on each fund as at the year end are as follows:_ 2024 2023 Legacies and Grft Fund St John's Church Hall Fund Fabric Fund 3,000 57,878 336 3.000 57.878 336 61.214 61.214 The Legacies and Gift Fund represents monies used for legacies and grfts for a specific purpose. St John's Church Hall Fund represents the Charity's capital reserve, Interest is earned on the capital sum. The Fabric Fund represents monies used for the improvements and maintenance of the Church building. 11. Related Party Transactions There are no related party transactions during the current and previous year. 12. Controlllng Interest The Charity was under the control of the Trustees throughout the current and previous year. Page 17