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 De￿mber 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 DI0￿Se 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¥ off￿0 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 Offi￿r Mrs Stella Thebr￿ge - Vulnerable AdultsAdvocate De3nerySyn￿ReI￿SentstiVeS." (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 - childrensAdv￿ate Sue Ing￿Y Mr David Thebridge Electedmembers." (up to 4posts foreadj year) untslAPCM2022 Mrs Marette Ambler Mrs Sam Baines Mr Chris Chubb unblAPCM2023 Mr Blll Bickerstaff - TreaSu￿r 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 conSide￿d all regulatory, finanaal and operabng risks, and put in plao appropriate policies and procedures- all subjert to regukir reV￿W5. 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 su￿ON COLDFIELD ANNUAL REPORT OF THE TRu￿EE5 For the year ended 31sr De￿rnber 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 &k*ere faith and understanding are quest￿ned, explored discovered and nurtured. c3nng.' kve want to s*are 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 f￿fUrthering 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 servI￿s, rotas & music, & the planning of speaal servi￿S. oversees links with the prayer groups, and ProdU￿S 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. miss￿n-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 con￿rtS and other events and through attivities ￿USed on the building's heritage. Stsnding Committee is made up of senior PCC offi￿r$, and Chairs of the other commitLEes; each of the other committees and working groups is a rnix of PCC members & people drawn from the wider congregation. The PCC and committees have all progressed their a￿a$ 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 re￿iVed 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 eI￿ra1 roll was revised in the rnonth before the APCM; the nUM￿r 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 servi￿5 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 li￿nsed on 10th SeptemLEr 2023 as priest-intal, including a large numI￿r of under 16$. HOLY TRIN￿￿ PARISH CHURCH OF SUTfoN COLDFIELD ANNUAL REPORT OF THE TRU5fEES For the year ended 31st De￿mber 2023 h"nanoalandothersrtems During the year we made progress on rnoving our bank accounts from HSBC to Cooperative Bank t￿t 5kn11 have 2 accounts with HSBC at p￿sent. Further prog￿55 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. LegalmattersandpolK￿s We believe we fully comply with legislation, in partbcular that covering Dats Protettion (Karen Wright is the Offi￿r 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 in￿aSe 2021 to 2022 of £34,548, within which bank/￿sh balan￿5 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 cOMpa￿d 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 0￿rationS during the year are.. Income & ExpenditureAccount This is an unrestrirted fund. ￿e￿all 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 r￿t 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 eX￿rIenCed 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 a￿hoUgh 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 reSu￿1[}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 pa￿e5 and gaining clients, Expend￿Ure 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 considera￿Y 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* De￿rntEr 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$, reserves to our tsrget figures. Other fvnds Tuming to our otherfttnds, both designated and restrktrd, the key features for the year and our wAic*s towards those fun(J5 alE: Renewal Fund Thi5 fund is wholly deggnated, all fijnds restrirted to the wrdering Lyoiert having been gEnt. Income was £5,479 fnm investment income. Expend￿￿re was £20,208, being depreciaty'on1£8,378) and replacement toiler (£12242). Investments increased in value by E20,208. As the reordering projett has been completed the F(C agreed to combine this fund with the Fabric fund to simplify acctrunts. All monies spent has been to support deficits or pay for building projects and there is no need to distinguish beknveen them. This rnean5 the fixed assets are also transferred to depreciation will be charged to Fabric fund in future. Prior to the transfer to Fabric funds, the closing balance was £256,470 FèbncFund The purpose of this fund is maintenance of the d)urch & grounds. The fund is part designated, part restricted (where donations come from the Friends Fund). All investment income was allocated tr) Renewal fund so there was no income Expenditure in the year was £39,907, mainly quinquennial works. the closing balan￿ before transfer from combining with Renewal fund was £33,289. We expert to use part of this during the next year to cornplete the work started in Autumn 2023 Under mmial Circum$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 t￿Ing 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 eX￿ndItUre 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 Othe￿iSe chcM)se to ftjnd. Monies to 31 De￿m￿er 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 Va￿ncY we have not spend this income so this is carried fO￿ard 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 Offi￿rS, 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 TRu￿EE5 For the year ended 31st December 2023 Inde￿ndent examinerfs re HOLY TRINITY PARISH CHURCH OF su￿ON COLDFIELD ANNUAL REPORT OF THE TRusfEES For the year ende(131¥C De￿rnber 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 be￿en 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 D8￿rnbel 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 CU￿ent 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$tyictod General FurKJs 3.784 5.099 Doslgnatqd Fabnc Fund Ind renew￿1 Renewal Fund .Tnnity Centre Trinity Centre Maintenan 266.740 250.991 43.608 10.901 102,620 88,567 380,506 394.067 Rostrfet•d ACS ￿ Oiher Invesimenl$ 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 $0,576 Fund To￿5 Rev R Stephans Chair David Th9br￿gtr Treasurer 18th April 2024 The notes on pages 11 to 19 form part of I￿se accounts Page11 HOLY TRINITY PARISH CHURCH OF su￿oN COLDFIELD NOTES TO THE FINANCIAL STATEMENTS Year ended 31 t*cemtÉr 2022 1 ACCOUNTING POLICIES The PCC of Hoty Trinity Parish Church of Sutton COldf￿h1 is a unincorporated charty In England I wa￿5. In the event ofthe charity being wovntl up. the liability in respect of the guaranlee Is limitad lo £1 per member of the charity. The address of the regi51ered offre 15 given in Ihè ¢harity Infomation of these finanaal statements. The principal athnfrty is the advancement of religion. covering those things which are part of the normal activty of an Angli¢an Parish Church. The charity conslilutes a publlc b8nefft enlrtya$ defined by FRS 102. Th8 finanaal 8lat8menls have been prepared in accLKdanca with Accounting and Reporting by Charilres Slaiemenl of Recommended Practice appIl￿ble 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 cOnvent￿n, 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 finan￿81 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 p￿￿ose5 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 gait￿ringS ef church members. Incoming Re$ource5 Fr88 Will Offering and Othervolunlary Income." Collections and Planned Giving. whether or not under covenant, are recognised onty %th6n received. InGome tax re¢OVerab￿ on covenanted or gift aided Planned Giving is accrued wlh the donation. Grants, donations, legacies and beques15 are reco9nised when Ihe income 15 received. or. in the ta5e of grant funding bod*s, when th8￿ has been a fonDal confimiation of Ihe grant. an(1 any asso¢wied gift aid tax récovery is accrued with Ihe donation. A diocesan grant towards incrèased energy costs has b8an accrued lo ensure Il is available when ourfixed price contrac15 end. No amount is induded in Ihe financial statemen15 for volunlÈertimÈ in line with the SORP IFRS 1021- Funds rais&l by fund raising events are accoun18d forgross Un￿5$ 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 ret*lpl. 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 De￿Mber. 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 ex￿nse. 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 offi￿rS that the church should be t￿ated 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 In￿rred 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 impai￿d 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 re￿1vable 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 e￿5t. The trustees have considered the level ol funds held and the eXp￿ted 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 Depre￿atIon 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 COLDF￿lD NOTES TOTHE FINANCIAL STATEMENTS Yeèrtrthd 31 De¢￿ter2D23 2022 4a RESOURCES EXPEVDED N8lincomirvJ Iwgoing) ￿￿oll￿g ar9 ts¢hargDg". I￿?￿nden1 E￿MIn￿rS Réfflun8ra￿n 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 reiMbJtsementolExpen￿5 and CD5tS Léthe 5d1￿Mp￿YedeVenry 1¥8fyb8krw> ND empW88$ empknfft bensfAs l•xdUding•mpWpqn￿￿u%￿$l￿tnQr0than £60,OLhl The a￿lage nunTrbwof siaff emrAoygd14*th no alowarKofoiwh•therpart orluHim&iwa$ 312022-21. Thls ¢omwsedtsopart L￿* Staff rnathg upor*ful metkuiv4ent of Pansh aThl as wel as a part1Mè￿¢rt youth )xrdlnatoi eM￿yed ihrou¢htyth Ihe ye¥. PC¢ 450 enggged S*lompknyed p¢Opk￿ lime$ an C￿e4>¢In*eVen￿￿ stay9￿*01theTfW1rfY C*iire. and. unw Feo 2Q23.*OiltdOrOf rnern￿r ￿PC¢ received any iemunElat 4¢ CLERGY*tr40 TRusYeE EXPEIISES TrvSteosrt¢*ve no retnvn9w￿n. Tfvefrof Ihe loui membwts of d8rgy ￿c￿l¥￿d gXVDFg¥iD¢Utrgd oft￿lr￿n15try. J R