Registered charity no. 1133764 HOLY TRINThY PARISH CHURCH OF SUThON COLDFIELD UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
HOLY TRINITY PARISH CHURCH OF SUTTON COLDFIELD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Page Information Report of Trustees Independent Examineff s Report Trustees Responsibility Statement Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12-19 Note 1 Accounting Policies 12-13 Note 2 Incoming Resources 14 Note 3 Resources Expended 15 Note 4 Stsff costs, trustee expenses etc 16 Note 5 Fixed Assets 16 Note 6 Investments 17 Note 7 Debtors 17 Note 8 Creditors - under and over one year 17 Note 9 Funds- summary and analysis of nel assets 18 Note 10 Financial Instruments 19
HOLY TRINITY PAIUSH CHURCH OF SUThON COLDFIELD ANNUAL REPORT OF THE TRusfEES For the year ended 3151 Dember 2023 The Trustee5 report on the year as follows.. ADMINzsfRATION AND GOVERNANCE Holy Trinity Patish Churth Is s4tuated at the junctlon of Coleshill Street and Mill Street, Sutton Coldfiekj. It is part of the DI0Se of Birmingham within the Church of England. The corresr0nden address is The Trinty Centre, Church Hill, Mill Street, Sutton Coldfield, B72 ITF. The Parochial Church Council (F) is a charity register&Y wth the Charity Commission (Reg No. 1133764). The methc(i of appointment of PCC members is set out in the Church Representation Rules. PCC members who seNed between l January 2023 and the date this report wa5 approved were.. Until APCM 2023 (24th Aprll 2023) From APCM 2023 E¥ off0 members.. Sfypendiary Cyergy Revd Canon John Routh - Chair (untslrett"rement, 1st Marclj 2023) Revd Canon Becky Stephens - thair (fronF lo September2023J Church ivardens Mr Colln Ingley- Lay chalr & E/ertora/Roll Offter Mrs Stella Thebridge - LKulnerableAdutsAdvcrate Mr Colln Ingley- Lay chair & ElettoTrlRoll Offir Mrs Stella Thebrge - Vulnerable AdultsAdvocate De3nerySynReISentstiVeS." (up to 4p(sJ unb/AKN 3023 Ms Tanya Armba - Jildren sAdvocate Mrs Sue Ingley Mr Michael Perry- PCCSecretary Mr David Thebridge untrlAF(M2026 Ms Tanya Arroba - childrensAdvate Sue IngY Mr David Thebridge Electedmembers." (up to 4posts foreadj year) untslAPCM2022 Mrs Marette Ambler Mrs Sam Baines Mr Chris Chubb unblAPCM2023 Mr Blll Bickerstaff - TreaSur Mrs Jean Soper Mrs Karen Wright - Datè Protection untilAPCM2024 Mrs Jo Medlicott Mr Zachery Dunn unblAPCM2025 Mrs Sam Baines (resigned Dec 20231 Ms Susan Cho Mrs Louise Chubb unblAPCN 2026 Mrs Nargaret Le Brocq Mr Christopher Pitts Mrs Jean Soper (resigned Dec 2023) untslAPCM2024 Mrs Jo Medlicott Mr John Wright Public Benefft Statement PCC rnemt)ers confirm that in the exera of their powers a5 char¢ty trustees they have had due regard to the published guidan from the Charities Commission on the operation of the public beT*fit quIrements. and that the aim5 of the charity are carried out for the benef of the public. Rlsk and Safeguanling Statement The trustees have idenb.fied and conSided all regulatory, finanaal and operabng risks, and put in plao appropriate policies and procedures- all subjert to regukir reVW5. In patticular, our Safeguarding Poliw for Children, Young People and Vulnerable Adults is reviewed each year, and volunteers checked as appropnate.
HOLY TRINrrY PARISH CHURCH OF suON COLDFIELD ANNUAL REPORT OF THE TRuEE5 For the year ended 31sr Dernber 2023 OBJECMIES AND ACllVITIES The aim of Holy Trinity is the advancement of religion, covering those things which are part of the norrnal activity of an Anglican Parish Church. Holy Trinity PCC has expressed this in a statement of ts vision= We want ourchurch - the insttiuhon, the buioing and the conFnFunity ofpeople - to be." holy.. we are aLvut God, andoffenng a seiting in whKh people may encounter God andin which the life of the spintmay fiounsh. welcoming." we wantpeople to find kvays in andbelong- whatevertheirage, backgroundortrJdition. leaming.. we want to be a platt &kere faith and understanding are questned, explored discovered and nurtured. c3nng.' kve want to sare grd of Godin Christ Éhrough ths and deeds. We seek to offerpastoral ca, andsupport the Fvorld churth. To assist in fulfilling this ststement, PCC works to a set of more specific objectives in *t out in a document The Next 10 Years., which was ated in 2015 and reviewed during 2018. The PCC is resFK)nsible ffUrthering the church's mission throughoutthe parish, in co-operation with the incumbent. The PCC is also responsible for the upkeep and Maintenan of the church and the Trinity Centre. Responsibilty for maintaining the grounds of the sts is shared wbth Birmingham City Counctl I'8CC'), whilst the Lv)undary walls are wholly the restx)nsibilty of BCC. Hoty Trinty was a member of the Sutton Coldfield Group with tsvo other l(tsl Anglican chtjrches, St (had's Suiton Coldfield and St Peter's Maney, until the estsblishment during 2023 of an Oversight Area Including these three parishes and Emmanuel, Wylde Green. Revd Canon Becky Stephens was appointed Minister of the OversKJht Area. We a also a member of Churches Together in Central Sutton Coldfield, worknng with other kThl denominations through dergy collaboration. Holy Trinity Is an Eco Church, working to improve our relatK>nship with the enwronment, and a member of Inclusive Church to further promote our vision of opEnness to all regardless of race, sexuality, etc. STRUCTURE AND MANAGEMEP The PCC operates a structure of commttees to which it delegates funttions, artd each See to implernent the vision #atement within its own sphere of responsibility. From time to b.me there are also Working Groups of relatively brief durats'on established to address particular issues. The structure during this year has been: Standing- monitors the work of the other commttees, deals wrth finan & legal 155ues betheen PCC meetings tsking urgent decisions on behalf of PCC within defined limits. Church Life C(NFJmittees.' Worship & Prayer - oversees regular planning of servIs, rotas & music, & the planning of speaal serviS. oversees links with the prayer groups, and ProdUS parish prayer sheets. Children & Young Peop/e- oversees work with young people, btsth churth-based & in the wider parish; & is responsible for Cornplian with (hild n & Young People safeguarding pollcles. Buildings & Grovnds- supervises maintenance of the buildings and grounds,. is also resp)nsible for compliance wth health & safety regulab"ons. Tnnity Centre & Church Monagement- manages the d3y-tO-day running of the buildings, including marketing and letting. missn-OVerSeeS links with charFties and widerchurth groupirvJ5, church magazine, wyebsite & general PLJblicty, & organises faith devek)pment. Pastorèl life - oversee5 pastoral visthrs, including bapts'sm team, & is responsible for complian Vulnerable Adult Safeguarding polldes Soaal- organizes & promotes 9)cial events, & provides catering at other church events. Fnends olHty Tnnity- engages with the wider parish, seeking to improve links and generate funding for maintenance of the church buildingi through a programme of conrtS and other events and through attivities USed on the building's heritage. Stsnding Committee is made up of senior PCC offir$, and Chairs of the other commitLEes; each of the other committees and working groups is a rnix of PCC members & people drawn from the wider congregation. The PCC and committees have all progressed their aa$ during the year. The KC holds five scheduled meetings each year, one each quarter and an additi'onal one soon after the Annual meeb.ng to appoint officers. Occasionally PCC tskes votes by on-line cornmunKation where a decision is needed partKulady quickly on a non-controversial issue. The committees met at regular intervals during the year, and PCC reiVed regijlar report5 from its officers and committees.
HOLY TRINITY PARISH CHURCH OF surroN COLDFIELD ANNUAL REPORT OF THE TRUSTEES For the year ended 315t December 2023 CHURCH AThENDA14CE The eIra1 roll was revised in the rnonth before the APCM; the nUMr on the roll at the date of the 2023 APCM was 135 lin 2022 it was 128). Attendan has continued to increase, and a number follow the services from home as they continue to be liv streamed via FaceB(KTrk, erther at the time or subsequelllly. Nurnbers at some ofthe Advent and Christrnas seNces increased. During the year 16 Ople were baptized and O confimed,. 6 couple5 were married. 14 funeral servi5 were held in church. srAFFING Revd Canon John Routh served as Rector until his retirement on 1st March 2023. Revd Leanne Carr continued nominally as Curate, but continued a secondment to a nearby parish, subsequendy securing the rK)St of priest-in- charge of that and a neighbouring parish. Both were employed and paid for by the Church Commissioners. Support continued from two Associate Priests - Revd Paul Duckers and Revd Carol Hoare. Revd Canon Becky Stephens was linsed on 10th SeptemLEr 2023 as priest-in<harge of Holy Trinity, a half-time role combining with her half- time role as Vicar of St Peterfs Maney. The Holy Trinty post is subject to review after 2 or 3 year5. Frorn the autumn of 2023 Revd Averil Lauckner has also setved as an Ass(tiate Priest at Holy Trinity. At the 2023 Annual Meeting Colin Ingley and Stella Thebridge We reelected as Church Wardens. We now employ a part-time Parish Administrator (sill 1st December 2022), and a Site Faalitator (since 1st February 2023). We also employ a part-time Youth Work Co-ordinator, the role largely funded by a grant from Sutton Coldfield Charitsue Trust {SCCT). In the absen of a Director of Music (Sin March 2023) we have engaged organists to play Svnday services, and Stella Thebridge has temporarily agreed to support the choir until a new Director can be appointed. We also pay for the servi5 of a self-ernployed person as out-of-hours steward in the Trinity Centre. BeYd ourdergy, main offir$ and staff, our 0rationS are dependent on the Services of a great many vojunteers drawn mainly fron the congregation. We are grateful for all those who offerthelr time a1 skllls, but we are aware the are many tssks for which we need additional volunteers. REVIEW OF THE YEAR AngIan and ecumenralrelationships The Anglican gmup h35 developed into a formal Oversight Area which includes Holy Trinity, St Chad's, St Peterf5 Malley and Emmanuel Wylde Green. We combined for an Ash Wednesday service, shad a Lent group, and held the annual Marriage Preparation Day. Ministers meet for Moming Prayer on a Wednesday. An rSrght Area youth group is in the early stages and meets every other Sunday evening. Participation in Churches Together in Central Sutton Coldfield continues. Ministers of the various churches meet regularly and the Churche5 Together Week of Prayer for Christian Unity was held at st Peterfs. We continue to SUPfQrt the food bank run by Sutton Cofield Bapts'stchurch, whith is being asked to support rnany in need during this financial downturn. We have rnaintained some coniatt with the Ma5iid, with the Priest in Charge attendlng an Iftar at Blshop Vesey Sch(M)t ore evening. Trènsfom7ing thurCh/PeO andP1aS In 2021 PCC aged a TransformiThJ Church Artion Plan. The parts'ojlar areas covered are.. increasing inclusivenes5 and environmentsl engagement, developing lay leadership, children and families work rebuilding finances, in particular stewardship and Trin¢ty Centrelthurch rentsl irKome. The OverswJht Area has now been fomiali*d and Revd Canon Bec Stephens has been ap)Inted as the (heNght Minister. In the coming year, the PCCS of each church will gather to find ways to work together.
HOLY TRINITY PARISH CHURCH OF suON COLDFIELD ANNUAL REPORT OF THE TRuEEs For the year ende(J 31st Detrmber 2023 OvKRpsponsitslitkis The churd) hosted the annual Civic seiCe in May and Remernbran servi in November, welcoming the new Mayor and councillors of the Royal Town Council as well as Bimiingham Cty Councillors, our MP and the deputy Lord Lieutenant of the West Midlands The Priest in aiarge has been apwinted as the Chaplain for the High Sheriff of the West Midlands. The day after the corOnan of King Charfes III the Sunday Morning service commemorated the occasion and the choir sang a specially comw7sed anthem for parish churche5. Lguildings Our buildings are both maintained in go(MJ COndlOn. The main issues arising in both places have been heating system5. We contr'nue to have problems with a build-up of residue in the church system, now parknally resolved Including the purchase of one new boiler. In the Trinty Centre the boilers need replacing- we hope to do this as soon as funds allow. Following the church quinquennial insre¢X'on in 2022, recommended work has tsken pla In the latter part of the year and is ongoing in 2024. In the grounds, Birmingham Qty Council continue with Wor to repair the south-west comer of the b)uThlary wall. In the Trinty Centre decOrats.0n of the Longman Roorn has not taken pla ixjt we hope this might be PLissible in 2024. Woryhip & prayer During the year we completed our retum to prelovid-19 arrangement with offertory collect'Oll5 during servi5 and a return to sharing the common cup Ichalicel. Our 'AII-age' Service on the second Sunday of the month, has continued, led by our youth worker unt51 her reb'rement in January 2024, then by different clergy. We welcomed 6ishop Vesey Grammar School for their Founderfs Day Setvice in October, and continued to refine arrangements on Remembran Sunday in conjunttion wh the Town Counol. Childn & youngpeoe TC Tots conts'nues to seNe 04 year olds and their carers on Wednesday mornnigs In term-b"me. Following the r&'rernent of Susie Walker, our youth worker, arrangements have teen made for continuation of trt)th our younger youth group on Friday evenings and a group for teenagers from the 0vejht are3 parishes on Sunday evenings. We a fortunate to have funding from Sccf continuillg for a youth worker until 2025. We were pleased to apw)int a school sixth-former to the PCC at the April APCM. Soco1& paStoralre Social events, including the monthly Film aub and Knit'n. natter groLJP, continue to welcome memtÈrs from the congregation and wider communty. Home communions continue on the first Sunday of the month, though pastoral Vislg has not been formally resumed as IK)ped. sapleship & missti For Lent, we joined in with St Peters and studied The Women ofHoly Weekby Dr Paula Gwder. Going forward, the mission committee are planning a 5 session study Dn the mar of Mission. We have continued to work on environmentsl matters working towards our Gold Eco-Award. We were sory that our eco-advocate has resigned t hope to keep up the impetus of her work in coming months. During the year we supported various charitie5- Christian Aid, Children's Society, Macmillan CanTrr Support, as well as our charity for 2023 - Birmingham Cty Mission. Fnends of Holy Tnnity (ind. hentsge events) The Friends, programme of Con, supported by the Social team, has been very enjoyable and well-recewed, though less financially rewarding with wessures for aUdIenS on time and money, and increasing performer / artist costs. The Herage Open Day in Septernber attracted 300 visitors and was part of a successful -Birmingham Herrtage week in Sutton Coldfield" which ensured added publiaty. This will contr'nue with the heritage secretary on the organi5ing cornmittee of the Week1Sutton ColdfEld Heritage Network). A nurnber of tours by 5choolsand advlt Inte$t groups took pla. Tudor Christsnas Over S evening5 and a Saturday morning in December attrarted over 200 people in tr>tal, including a large numIr of under 16$.
HOLY TRIN PARISH CHURCH OF SUTfoN COLDFIELD ANNUAL REPORT OF THE TRU5fEES For the year ended 31st Dember 2023 h"nanoalandothersrtems During the year we made progress on rnoving our bank accounts from HSBC to Cooperative Bank tt 5kn11 have 2 accounts with HSBC at psent. Further prog55 is expected in 2024, We have adopted cloud based accounts'ng package which has been used for these a¢(nts al wlll avoid relian on spread sheets. We bought sub%ription to a hall Lhx)knng system which was tested but this has not been fully adopted as it may not wholly suitable. The stsff have had other priority.es but an online booking system is still an aspiration. LegalmattersandpolKs We believe we fully comply with legislation, in partbcular that covering Dats Protettion (Karen Wright is the Offir responsible), Health and Safety (Paul Medlicottl and Safeguarding (Revd John Routh, then Tanya Arroba, suptorted by Liz Peuey). The relevant )licIeS and our compliance wth them are reviewed reguladyi wf(h an opportunity to report at the quarterly PCC rneeb'ngs. FINANCES (including Reserves Policy) Assets andLiathlities Fixed assets increased by £18,468 during the year, within which the value of investrnents increased by £29,807 compared trj a reduction of £33,722 in 2023 refletting Sha prices recovering after the recent financial downturn. Net current assets fell by £42,423 compared to an inaSe 2021 to 2022 of £34,548, within which bank/sh balan5 and cash deposits fell by £2659. Currert liability'es Include approximately £30,0(K) reserve for certificated work on Fabric Repairs paid early in 2024 and debtors Include grants awarded on staged payments still to be claimed. Other than these items figures are broadly comparable. Overall, unrestrirted and designated fuiKls totsl £386.482 cornpared to £399,166 while restrirted funds and eThlowments totsl £87,320 cOMpad to £93,096. The overall redLKtion refletts approximately £50,000 spent on church fabric, approximately £30,(M)O increase investments but otherwise a srnall surplus after depreciation. Main Funds Key feature5 Df the funds covering day-to-day 0rationS during the year are.. Income & ExpenditureAccount This is an unrestrirted fund. eall inc(ffte totslled £132,209, a decrease of £7.16815.1%l on the previoLJS year. The totsls ère distorted by 2 eMS,. firstly thr grant for ovr Youth Worker of £14,600 has been shovvn as restritted fund and is rt included In this income figure, and oftsetting thi5 we continued to pay rent on our fomier curate's house until August 2023 as a cost but received IOOVO of this back fmm the Di(Kese of Birmingham so overall income increased. The main regular sour of income is planned giving and the collection plate- at £93,374 this was £5,753 15.0%) less than the year before reflerting the deaths of several members over the last two years, and the difficu financial times eXrIenCed by the congregation generally. A legacy of £9,985 made a big differen. Expenditu was £138,837, a decrease of £13,99119.2%) on the previous year ahoUgh including youth worker salary would mean costs rose. Amongst the regular major costs.. the contribution to the DiLKesan Common Fund was unchanged at £68,775, salary costs increased by E6,168 we £24,421, Insuran of the church buildiw was £11,000, and ub'lty charges were £5,264. We are fortunate to have fixed price contracts for ub"lities that have protetted us from energy price rises so far. The reSu1[}g deficit was £6.168 A final trnnsfer from Renewal Fund of £6 000 leaves a dosing balan of £4,931. Our general long-term ?im is to hold a balan of around £38,000 in this Fund, which is approximately 3 months. outgoings Fund but for now we have other designated funds we can call uwjn rf necessary. Tnnty Centre OpeTrttons Fund, This Is a designated fund. Income to the fvnd was £59,089, an increase of 15%) on the previous year which was a record high in cash tems as lettings returned to post Covid-19. There is greater use, we are eKouraging childrens pae5 and gaining clients, ExpendUre was £41,187, an increase of £7,358118010) through a combinatr.on of using paid out of hours stsff and contract cleaners rn0, higher costs generally and higher repair costs. Overall ¥ye recorded a surplus of £10.453, leaving a closing balan of £21,354 (1)r long-term aim Is to hold around £18,000 in this fund, whith is approxirnately 3 months, normal outgoings plus the value of fixed assets attnbutsble tt> this fund which we have achieved. The combined deficit of these two funds was £4,285, an increase on the previous year and a consideraY better outcome than we had budgeted. We continue to work on developing Sou$ {* illco¥ne for L¥Jth fijnds. Meanwhile we conb'nue to monitor our finances closely.
HOLY TRINITY PARISH CHURCH OF SUThON COLDFIELD ANNUAL REPORT OF THE TRUSTEES For the year ended 31 DerntEr 2023 Our most recent firkinaal projections suggest that we will need svJnificant legaaes, grants or donations to cover our c(Ists and are some way away from rebuildirrfJ SeNe$, reserves to our tsrget figures. Other fvnds Tuming to our otherfttnds, both designated and restrktrd, the key features for the year and our wAics towards those fun(J5 alE: Renewal Fund Thi5 fund is wholly deggnated, all fijnds restrirted to the wrdering Lyoiert having been gEnt. Income was £5,479 fnm investment income. Expendre was £20,208, being depreciaty'on1£8,378) and replacement toiler (£12242). Investments increased in value by E20,208. As the reordering projett has been completed the F(C agreed to combine this fund with the Fabric fund to simplify acctrunts. All monies spent has been to support deficits or pay for building projects and there is no need to distinguish beknveen them. This rnean5 the fixed assets are also transferred to depreciation will be charged to Fabric fund in future. Prior to the transfer to Fabric funds, the closing balance was £256,470 FèbncFund The purpose of this fund is maintenance of the d)urch & grounds. The fund is part designated, part restricted (where donations come from the Friends Fund). All investment income was allocated tr) Renewal fund so there was no income Expenditure in the year was £39,907, mainly quinquennial works. the closing balan before transfer from combining with Renewal fund was £33,289. We expert to use part of this during the next year to cornplete the work started in Autumn 2023 Under mmial Circum$tsn we aim to build up the baL3nce on a 5 year cycle so that around £50,000 is available to pay for costs arising from Quinquennial Inspeth'ons, the next one tIng due In 2027. However, longerterm, we are aware the south aisle rix)f will need replacernent at a Icurrentl cost of around £IOO,000. So we aim to increase the Fund beyond £50,000 in the next or three Yea if possible and may need grant funding to achieve this. Tnnity Centre maintena Fund The purtx)se of this (Jesbgnated fund is Maintenan of the Trinty Centre. No eXndItUre has been allocated to this and investment income and underlying inve#ment values from 0Vering 2022 losses added £14,136 plus £20 interest The closing balar was £102,567. As the building and its equipment ages sorne repairs and replacements will be costly* so our aim is to maintsin a balan of around £IOO,000. We expect the first of these major oudays, placement of heating system installed 26 years ago, to happen during 2025 as we work out optimum solub.ons consistent with Church of England zero tsrgets and rneeting green energy and eco Church tsrgets that are afft)r(kble both to run and to Install. Fnends of Holy Tnnity Friends engages with the wder parish communty and offers them a means of supporting the maintenance and development of the church fabric. This restritted fund deals with Friend5 operations. Actiwty has increased but attendance 15 skn'll not yet at pre- Covid-19 leve15. Incorne was Ell,526, with costs of £6,362. The fund needs £1500 forworking capthl and any surplus is available to transfer to Fabric Fund. While it Is unlikely that this fund will generate more than is needed to rnaintsin and continue to develop the Church building. PCC agreed to treat 2024 revenue as a designated fund although the primary purpose is to fund both essential works and extras that the PCC may not OtheiSe chcM)se to ftjnd. Monies to 31 Demer will be carried forward as restricted funds until Spent, OtherFunds The Clara Fowler Charity Endowment {£33,4781 and Assistsntcurates Fund1£34,275) both recovered suffered from last year decrea5e5 in the value of investments. Both funds have very restritted uses, being the payment of the costs of having stipendiary dergy, During a peri of VancY we have not spend this income so this is carried fOard within restritted general funds to cover 2024 costs, ACKNOWLEDGEMENT AND REMEMBRANCE PCC gives its thanks to all who have contributed to the life of Holy Trinity over the last year - as OffirS, as committee members, or as willing helpers filling the many roles necessary within our church community. The church could not function wrthout so many generous people who give of their time, resources arKI given grfts. It is through this gimng that we are able to shine the light of Christ and share God's love in our parish, community and Finally, Sin the beginning of 2023 we have seen the deaths of members of our church communityi past and present- notsbly Judy Watson and Pat Duckers. We remember them with love and thanks. On behalf of the PCC Revd Canon Becky Stephens, Chair. 19th April 2024
HOLY TIU14rrY PARISH CHURCH OF SUThON COLDFIELD ANNUAL REPORT OF THE TRuEE5 For the year ended 31st December 2023 Indendent examinerfs re
HOLY TRINITY PARISH CHURCH OF suON COLDFIELD ANNUAL REPORT OF THE TRusfEES For the year ende(131¥C Dernber 2023 Statement of trust¢¢$' responsibilitie$ The trust¢¢s are responsible for preparing th¢ Trustee5' Annual Report and the financial statements in aecordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law requires the trustees to prepare financial siatemenrs for each financial year which give a tNe and fair view of the state of affairs of the charity and of the incoming resources and applicaiion of resources, including the income and expenditure, of the eharity for thai period. In preparing these financial statements, the Irustees are required to -s¢leet suitable accounting policie5 and the apply them consistently. observe the Tneihods and principles in the Charities SORP.. make judgements and estimates that are re2sonable and prudertl., state whether applicable UK Accounting Standards have been followed, subject to 2ny material departures disclosed and explained in the financial statements; and prepare the financial statements on ihe going concern basis unless it is inappropriat¢ to presume that th¢ ¢haritable company will continue in operation. The trustees are re5pon5ibl¢ for keeping proper accolltiting records which disclose with reasonable accuracy at any tim¢ the financial position of the charity and which enable them to ensure that the rlljancial statemenis comply with the privisions of charity law. They are a150 responsible for safeguarding the 8ssets of the ehariry and hence for raking reasonable steps for ihe prevention and detection of fraud and other itregularities.
HOLY TRINITY PARISH CHURCH OF SUTTON COLDFIELD STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 December 2023 Unrestri¢t•d Restricted Endowmènt Totsl Prlor yoar note funds funds funds funds total funds Income and endowments fitsm.. Donations and legacies Income from charitable activities Other trading activities Investrnents 2a 2b 2c 2d 126,323 7.737 57,281 4.585 195.926 14,852 11,340- 141,175 19,077 57,281 7,457 224.990 149,862 6,455 68,001 15.428 239,746 2,872 - 29,(4 . Total income Expenditure on.. Raising funds 38 315 5,862 - 6,177 9,112 Expenditure on charitable actNities other expendrfture Total expenditure befoie transfer 3b 234,156 32,923 - 267,079 208,229 73.256 -48,266 -38,545 -9,721 22.405 Transfers". Gross transfers belween funds- in Gloss transfers been funds- out 15,443 19101 910 -15,443 16.353 -16,353 8.687 -8,687 GainsAosses on investment assets ch8rity's own use Total funds brought forward 14.570 12.335 2,901 29.807 -33.970 Total funds carried forward 401.038 39,286 33,478 473,802 492,262 Represented by Unrestricted General Fund 2.884 2.884 17,412 Fabric Fund Friends Of Holy Trinity Renewal Fund Trinity Centre Trinity Centre Mainlen8nce Rtrstricted ACS And Other Investments Fabric Fund Friends Of Holy Trinity PCC General Restricted Endowment Clara Fowler 41.263 41,263 50,608 245.717 21,456 - 88,588 245.717 21,456 88.588 242,992 -15.260 114,728 33.234 - 3.885 253 1,914 33,234 3.885 1,383 1,914 30.353 17.702 3.150 f,130 33,478 33,478 33.478 473,802 30,577 492,262 Totsl funds carried forward 401,038 39,286 The notes on pages 11 to 19 fom) part of these accounts Page 10
BALANCE SHEET a$ at 31 December 2023 as al 31 D8rnbel 2022 Fixed assets TangityleAssets Investments 81,643 309,887 371.530 72,982 280,080 353,062 Current assots Debtors Cash At BankAr In Plan 25.079 132.488 157.568 16.927 135.147 152.074 Creditors. Amounts F41ing Oue In One Ye¥ 55,296 12.873 Netcutrent assets kss CUent liabilitses 102.272 139,201 Tot818stsetsless cuFrentliabilitie5 473.802 492,262 C¢edrtor6". AmoJnts F811ing Due In more than One Year Totai nel assets le55 liaL¥lities Represented by Unrn$tyictod General FurKJs 3.784 5.099 Doslgnatqd Fabnc Fund Ind renew1 Renewal Fund .Tnnity Centre Trinity Centre Maintenan 266.740 250.991 43.608 10.901 102,620 88,567 380,506 394.067 Rostrfet•d ACS Oiher Invesimenl$ Fabric Fund Friends Of Holy Trinity PCC General Reslricled 34.275 30.353 29.588 7,381 2,579 872 42.528 62.520 Endowrnont Clara F¢Mlor 33,478 $0,576 Fund To5 Rev R Stephans Chair David Th9brgtr Treasurer 18th April 2024 The notes on pages 11 to 19 form part of Ise accounts Page11
HOLY TRINITY PARISH CHURCH OF suoN COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 tcemtÉr 2022 1 ACCOUNTING POLICIES The PCC of Hoty Trinity Parish Church of Sutton COldfh1 is a unincorporated charty In England I wa5. In the event ofthe charity being wovntl up. the liability in respect of the guaranlee Is limitad lo £1 per member of the charity. The address of the regi51ered offre 15 given in Ihè ¢harity Infomation of these finanaal statements. The principal athnfrty is the advancement of religion. covering those things which are part of the normal activty of an Angli¢an Parish Church. The charity conslilutes a publlc b8nefft enlrtya$ defined by FRS 102. Th8 finanaal 8lat8menls have been prepared in accLKdanca with Accounting and Reporting by Charilres Slaiemenl of Recommended Practice appIlble lo charities preparing their accounts in accordance with Ihe Finan¢ial Reporiing Standard applicab In the UK and Republic of Ir&L8nd Issued in October 2019. the Financial Rewrting siandar(l applicabk in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, and UK Generally A¢cepted Accounting Practice. The finanGial 51atemenls are preparèy on a going concern basis underthe historical c051 cOnventn, m&Jified lo indude certain items al fa value The finan¢ial $lalemenls are pres8nl8d in sterling which 15 It functional currency of the charity and rounded to Ihe neawi £1. The svjnrficant accounting pr11t$ appled in the preparation of thes8 finan81 st818ments are set eul Oelow. These policies have bean consistently applied lo all years presented Un$$ olh&rwise slated. Fund$ Unresiri¢ted fund$ present fiJnds of the PCC that are 1 subject lo any restrictions regarding their use gnd are availabk forthe general purpose of the PCC. Deswjnaled funds comprise unresirithed funds Ihat have been set asbye by the Ifuslees for particular purposes. The aim and use of each designated fund is set out In note$10 the financial $10iements. Reslriaed fund$ are funds which are to be used in accordan with specrfic restrictions imposed by donors or %Yhi¢h have been raised by IhE chaTity for particular pose5 Endowment funds represèni those a$sel$ whi¢h must be held peman8nlly by the chanty, pnnupally in the Church of England Investment Fund. IncL¥ne arising on the ÈndovAr8nt funtls Can be used In attordance with the reslTrcted purpose of the ondo%wnenl. and is included as unrestricted income. Any caprtal gains or losses arising on the inveslmenls fomi part of the fund. Inveslmenl management charge5 and legal adviTr olaiing to the fund are charged again81 the fund. Funds do net includ8 the awount5 of church groups that owe ltsir main affillation to another (ty northos8 that are Inforrnal gaitringS ef church members. Incoming Re$ource5 Fr88 Will Offering and Othervolunlary Income." Collections and Planned Giving. whether or not under covenant, are recognised onty %th6n received. InGome tax re¢OVerab on covenanted or gift aided Planned Giving is accrued wlh the donation. Grants, donations, legacies and beques15 are reco9nised when Ihe income 15 received. or. in the ta5e of grant funding bods, when th8 has been a fonDal confimiation of Ihe grant. an(1 any asso¢wied gift aid tax récovery is accrued with Ihe donation. A diocesan grant towards incrèased energy costs has b8an accrued lo ensure Il is available when ourfixed price contrac15 end. No amount is induded in Ihe financial statemen15 for volunlÈertimÈ in line with the SORP IFRS 1021- Funds rais&l by fund raising events are accoun18d forgross Un5$ the re18ted experKlilure 15 not maierral. ChaTitable Tradino.. Incom& from Charitable Trading is accounted for gros5 when 1Vab Incorne for Redistribution.. Income received specificthlly lo be passed on lo speafied good causes is accounted forwhen received. Fnends of Holy Trinty Life membership and associated fees are reccgnisfrd over 5 ye8r5 with 8 full 20% tecognr6ed in the peril ol retlpl. Annual mernbership is recognised in full on receipt as il is non-refundabk. Se050n ticket inGome Is feeogni8ed ov8rthe number of events held wilh any sums paid in advance shown in ¢itOrS. rickel sales for future even15 ale shown in crediiors antl tsn recognised once the ev8nl has taken place. Gains and Losses on Inve$tments" Realis8d gains or b5ses are recognised when investments aR 501d. Unre8lised ggin$ or losses a artounted for on rwluofjon at bid valuÈ as at 3151 DeMber. Resources Used Grants. Grants and donation$10 ¢harit*$ individuals are accounted forwhen pald over, orwhen awardad. If that award creates a binding oblwalion on Ihe PCC. Other Expenditure.. Diocesan Comrnon fund is accounted for when payable and 0therexpendi1u as incurred. Where appreprkqle. e4)endilure is accrued or prepaid. Expenditure on re-ordering the ¢hur¢h buikling and major maintenance wod(s Is treated as an exnse. Expenditure on furniture as part of Ihe re-ordering was tApilalised, and is depreciated against the Renewal Fund. Page12
HOLY TRINITY PARISH CHURCH OF SUThON COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 DeTrmber 2023 1 ACCOUNTING POLICIES Ictdl Flxed Assets Consecrated building and re-ordering Consecratèd and beneficed propety was excluded frorn the Accounts by s.96121 ol the Charities Act 1993. Other curiellt legislation requires heritage assets to be included at cost or valuation unless it is impractical or not costéffethve to do so. PCC has followed advice from Diocesan Finance offirS that the church should be tated 8$ a consecrated building rattler than a heritage asset. So expenditure on the fabric of the building Is not capitslised Expenditure on lumiture and a new Imoveablel organ console is capitalised. Unconse¢rated buildings The c05t of land attributable to property 15 not depreciated Other prtsperty is depretsated on a straight line basis over the estifflated life of the asset as follows". Freehold buildings Other Fixtures. Fittsngs and offi Equipmènt Organ console and related loudspeakers- purchased In 2017. Fixtures and equipment acquired as part ol the devaownent of the Trinty Centre is written off over 15 years Subsequènt additions are written off over &10 years Moveable furnishings for the reor¢Jering will be written off over 15 years Parish office expendrture is written over 3-5 years Indivirtu81 rtems of equipment or fixtures costing less than £750 are written off as Inrred and are not capitalised. Impairment ol assets From time to time the PCC consider the carrying value ol assets held by the PCC and whether their value in the accounts is a true reflection of their continued value lo the PCC. If the PCC considers that the value has been impaid an adjustment is made to the value of those assets. Investments and Investment gains.. lllvestrnent5 are valued at fair value using the bid market value at the year end. Any unrealised gains are recognised in the Statement of Financial Activities. as are any realised gains on disposals. 50 years 15 years Net Current Assets Investments- Money Market Current assert investments are short term highly liquid investments and are hdd at fair value. These inclLMJe cash on deposit and rash equivalents with 8 maturity of les5 than one yeai. Debtors and creditors- wthin one year Debtors and creditors with no stated interest rate and re1vable or payable withill one year ale recorded al tiansaction pnce. Any losses arising from impairment are recognised in expenditure. Provisions Provisions are recognised when the charity has an obligation at the balance sheet dale as a result of a past event 11 Is probable that an outflow of economic benelrts will be required in settlement and the amount can be reliably ests"mated. Other matters Employee benefits When employees have rendered Servi lo the charity, short temi employee benefits lo which the ernployees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity opèratès a defin6d contribution plan for the benefit of its employees. Contn'butions are expensed as they b&corne payable. Tax The tharity is an exempt charity wthin the meaning of schedule 3 of the Gh8nlies Act 2011 and Is considered to pass the tests set out in Paragraph 1, schedule 6. FinanLE Act 2010 and therefore il rneels the definition of a chantable company for UK corporation tax purposes. Going concem The financial statements have been prepared on a going concem basis as the tru51e&s believè th* no material uncertaintie5 e5t. The trustees have considered the level ol funds held and the eXpted level of Income and expenditure lor 12 months from authorising these financial staternenls. The budgeted Income and expenditure is suffiuent wth the level ol reserves for the charity to be able to continue as a going concern. Page 13
-y TRINITY PARISH CHURCH OF SUThON COLDFIELD rES TO THE FINANCIAL STATEMENTS Year ended 31 Decémb8r 2023 Unrestricted Designated Restricted Endowment Fund5 Fund5 Fund5 Funds TOTAL FUNDS 2023 2022 ICOME AND ENDOWMENTS FROM: )onats'ons and legacies Planned giving. Free Will Offering Tax refund5 on Ctsvenants and gift aid Collections 69,438 20,770 2.074 69,438 20,770 2.167 78,884 19,303 1.784 93 Subtotal 92,282 93 92.375 99.971 Othèr giving". Donations Bequests Grants Gift aid on donatlOn5 Curate housing contrib Other incorne 10.954 9,985 10,954 9,985 14,600 1S9 8.955 4,147 4,773 30.000 12.514 14.600 159 8.955 3,584 9,350 1,401 563 125,760 563 14,852 141.175 158.009 ncome frorn Charitable athvitias Magazine sales and other events Friends events Fè8s Lettiro of buildings. church groups 2,021 2,021 11,340 3,226 2.490 1,056 17,402 6.455 1,390 11,340 3.226 2,490 5.247 2,490 11.340 19,077 26,303 )ther trading 8ctivit18S Letting of buildings.. third part$ IAerchandise 56.599 56,599 49,356 682 56,599 57.281 49,356 nvesbments Divldends and interest 4,585 2,872 7,457 6,078 4.585 7,457 6,078 )TAL INCOMING RESOURCES 131,689 64,237 224.990 239.746 rye8rnfgures.' )onations and legacies ncome from charitable activiti85 Xher trading activits'es nvestrnents 127,623 9,670 270 1.814 30,386 1,390 49.086 4.264 158.009 26,303 49,356 6.078 15,243 139,377 85,126 15.243 239,746 Page 14
HOLY TRINITY PARISH CHURCH OF SUTTON COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 Unrestricted Designated Restricted Endowrnent Funds TOTAL FUNDS 2023 2022 3 EXPENDITURE ON.. 3a Raising Funds Friends and other events 315.OQ 315.00 5,864 5,864 6.178 6,178 9,112 9,112 3b Charitable Activities The Mirtffslry Diocesan Cornmon Fund House expenses & allowances Th8 Churrh & Parish Expenses Adminislration-5taff Administration-other Independent examiners fees Worship Bu(Idings mnning costs Event costs Groups and actNlties The Trinty Centre expenses Buildings costs Insurance DepreatIon of assets Church Fabric Maintenance Trinity Centre Maintenance Grants Donations to charity 68,775 6,950 68.775 7.478 68.775 15,561 528 23,954 13,359 1,475 6.538 7.902 487 14,600 41,998 13,359 1.475 6,538 21.654 487 39,679 5,527 1,575 5,265 6,863 504 1,198 23,306 13.752 16.366 16,3e6 11,073 1,703 11,338 33,099 10.170 12,776 11.338 50,801 13,770 12,839 12.393 3.454 8,842 17,702 170 93 263 144.283 89,872 32.923 267,078 208.229 TOTAL RESOURCES EXPENDED 144.598 89.872 38,787 273,256 217,341 Prioryearfigures.. 3a Raising Funds 3b Charilable Activities 9.112 1,052 9,112 208,229 152,368 152,368 54.809 10,164 217.341 Page 15
IK&Y TRINffY PARISH ¢HWtCH OF SUTTON COLDFlD NOTES TOTHE FINANCIAL STATEMENTS Yeèrtrthd 31 De¢ter2D23 2022 4a RESOURCES EXPEVDED N8lincomirvJ Iwgoing) ollg ar9 ts¢hargDg". I?nden1 EMInrS Réfflun8ran Depr¢&ion 1.475 12.393 1.575 12,393 4b EIIPLOYEES Salarie8 $0ryg1 Securtyeosls P•nwn C4)ninbuiKns Other¢09t9 33,073 33.072 -159 385 6.380 39,679 385 8.380 39.838 The abDYe r¢pre¥entSgrrwJremUne[K)n)ra1ernpknYees CXhwcoSt$inchJdes reiMbJtsementolExpen5 and CD5tS Léthe 5d1MpYedeVenry 1¥8fyb8krw> ND empW88$ empknfft bensfAs l•xdUding•mpWpqnu%$ltnQr0than £60,OLhl The alage nunTrbwof siaff emrAoygd14th no alowarKofoiwh•therpart orluHim&iwa$ 312022-21. Thls ¢omwsedtsopart L Staff rnathg uporful metkuiv4ent of Pansh aThl as wel as a part1Mè¢rt youth )xrdlnatoi eMyed ihrou¢htyth Ihe ye¥. PC¢ 450 enggged Slompknyed p¢Opk lime$ an Ce4>¢IneVen stay901theTfW1rfY Ciire. and. unw Feo 2Q23.OiltdOrOf rnernr PC¢ received any iemunElat 4¢ CLERGYtr40 TRusYeE EXPEIISES TrvSteosrt¢ve no retnvn9wn. Tfvefrof Ihe loui membwts of d8rgy cl¥d gXVDFg¥iD¢Utrgd oftlrn15try. J R<xth IKQN9d £59412022-£?037lfor epensesol0fftOTrd expendrture in¢uNed on behayof PCC. Rerf4 C Hoare rece £O12022-£3941 and Rey'd L CaFrrK&ved£O I2022-£7321 Rw¢¢ J R¢uth'$ Mbr5mnI5 mPSd. Ttavel & Suwsie ExpBn505 of oM¢o P¢¢ Hovsing Expen%t¥incu[red¢ bÈhaYofPC¢ 23 33$ 30 253 260 an¢ RWd P Duthts reco• f8¢¥fortsrj luner45. are by HrtyTntilylTomfunds pad bythE rdBVant. Rwd J Rothh and Rwd L Cair aretTu8tsés." C Hoareand R8trd P Duckers ar8 not. In addtht Revd J Rouih s12020- 31 PCC members andloriheir$wusps%Yer8 mbr8ed foTpTevS athholl69d on behaKotpcc iotling t22412022- £5431. AU Ihese wsis weR fumaiertasand seNcwpw¢hased on behaof PCC. OneiNsewas ¥lEQ pad£640 as planlOan 4d PENSIONS AND OTHER PosTTIREMeNTBENEFITS ThB chay0PBths9 deffined contribubon plaftlorms empbyees. Tnount recogni1 asan expw&• Intho wAs£38S12022- t3851. Thg dl08d contrution is allor¢d to uni¢3trKfundS and dritaL4E aLvths. 41 RELATED PARTYTRANSACTK)NS erlhanthe p8yffl¢nlS rtfertd 10 n e4ceN¥tn0 iewed patytranticrtdunglhe p&dI2072 Nll FIXED ASSETS FREEL0 EIJVIPMENT The Tnnrty Cemre TOTAL Tnnrfy Chur¢h Atcost eartee i Januery 2023 873,488 1É6.768 291.197 1,331,431 AdthtiDllS eLgnce 31 DeMl 2023 1fj6.768 D•prq¢latn and Smpalrm•nt l January 2023 873.466 102.178 282.808 1.258.449 8.144 3.195 t1,339 DiPtssas Pa 286.003 8daice 31 Decernbei 2023 873.466 1.269.78B N•tBookValu At 31 De¢ember2423 56449 Al 31 Decber2O22 64.593 8389 Page 1$
HOLY TRINITY PARISH CHURCH OF SuoN COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year endad 31 Dember 2023 6 INVESTMENTS At 1 January 2023 280,080 Addibons Revaluation- unrtalised gain5 unrealised losses 29.607 At 31 December 2023 309,887 Cost Noof at Shares 31-De Market Value 2023 Surplusl Deficit Market Value 31- Desi9nat8d funds Renewal Fund Church of England Investment Fund I Charinco Income Fund Church of England Investment Fund I 4,825 7.034 102,037 2.650 697 136 4.737 109,071 3,347 4,873 9,45S 99,616 3,336 4,451 221 422 Trinty Centre Maintenallce Chur¢h of Eng5and Inve51menl Fund I") At 1st January 2.104 30,248 95.636 125.884 14,136 111.748 30,248 95,636 40.068 203.107 125,884 14,136 24,024 111,748 243,175 219,151 Restricted Fund A55islanl Curates Fund Church of England Investment Fund I'l 1,507 925 32.308 33,234 2.881 30,353 Endowments Clara Fowler Charity Church of England Investment Fund I 1,481 1,678 31,800 33,478 2.902 30.576 Total at 31 Decembor 2023 42,671 267,215 309.887 29.807 280.080 At 31 December 2022 42.671 237.409 280.080 The incorrE from the above Inve5trnts is £dIted as follows:_ Allocated lo Renewal fund Renewal Fund Assistant Curate5 Fund Clara Fo¥er Charity Trinity Centre Maintenance Fund (J Tf*se Investment5 in Ghurch of England Investrnenl Funds reprtsenl more than 5% of the portfolio valuation. 2023 To the General Fund. applEd to Clèrgy expenses To the General Fund appl t( located to Trinty Centr& Maintenance 7 OEBTORS Income tax recovergble Hall lellings due Prepayments and accrued income 1.679 6.131 17.269 25.079 1.503 4.893 lo.] 16.927 8 CREDITORS Due wlthin one year Accruals and deferred in¢ome 55.296 55.296 12.874 12,874 Page17
MOLY TRINITY PARISH CNUR¢H OF SUTTON COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 Dernber 2023 9 FUNDS ur$tcted Funds Deygnaled Funds Restricted Funds Endowment Funds TOTAL ResthctÈdlEndoMnent funds held in investments Clara Fole[ Èndowment Asstant Curates Fund 33.478 33,478 33,234 33.234 Unreslncted FurKJ Income & Expenditure AJC Olher Funds- Design8ledlRe5triGted Renewal Fund Fabric and renewal Fund Triniiy Cenire Operating FLMd Trinity Centre Mainlenants FUNI Frfends ofHoly Trtnity 2.885 1.914 4.799 245.717 41.263 21,458 88,588 1.130 245,717 45,148 21.456 88.588 1.383 3,885 253 Total at 31st December 2023 2.885 398,154 39,286 33,478 473.803 ANALYSIS OF NET ASSETS Fd As$Èts- Investments Fixed A5sels- Tan9ible assets Current Assets 243.176 61,643 33.233 33.478 309.887 61,643 53.778 85,575 18.215 157,568 Current Uabllllles 113.0041 123.6711 118.6201 155.2951 Lk8bililiÈs due after more than one year Inlei-fund Balance5 (37,8891 31,431 8,458 Total ai 31st De¢ernb8f 2023 2.885 398.154 39.286 33.478 473.803 Ftriorye8rfigums RestrictedlEnd0enI furK15 hekl in investments Clara Fowkr endo%Mnent As$isiani Curaies Fund Unrestricled Fun Incoint & Expenditure NC (Note 111 Other Fun¢5- Design8ledlRestricied RÈnÈw81 Fund (Note 121 Fabrr Fund (Nole 131 TfSnity Cenlre Operating Fund (Note 141 Trinty Cenlrè Mainlen8nce Fund INote 151 Friends of Holy Trinity (Note 161 30,576 30.576 30.353 30.353 5.099 5,099 250.991 43,608 10,901 88.567 250.991 73.196 10,901 88,567 2,579 2.579 Total al 31st December 2022 5.099 394.067 62,520 30.576 492.262 Anatysi% of Nel Assets Fixed Asstts- InvÈstrnents Fixed Assets- Tangible assets Current Assets 219.151 72,982 98.700 2.936 30.353 30,576 28D.080 72.982 152.073 112,8731 41.830 8,935 11.543 1.002 Liabilities due after more th8n one Jfar Inler-fund Balances 127.7961 6.170 21,828 Total al 3151 Detember 2022 5,099 394,17 62.520 30,576 492.262 Page17 Sufficient SourCeS are held in an appropriale fo lo enable reslricled funds lo be applied in acCoance th any restraions. Designated and Unre5tfKted funds have rn re8lnclhins but hok1 SUffient cash and short deposi18 The purpose ofeath fu Is described In MO delall In the Iwstees, report Pagè18
HOLY TRINITY PARISH CHURCH OF SUTTON COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 DecembeT 2023 2023 2022 10 FINANCIAL INSTRUMENTS The carrying 8vnounts of the charivs financial iThstrumenl$ 8re a5 foll(sws'. Measured at fair value through net incomelexpenditure.. Fixed asset investment5 Inote 61 Cuirent asset investment 309.887 132,488 442,375 280,080 135,147 415.227 Debt instruments measured at amortised cost Other debtors (note 71 1,679 t.679 1,503 1,503 Financial liatslities measured at amortised cost Other uedrtors (note 81 55,296 55,296 12.874 12.874 Page 19