**REGISTERED CHARITY NUMBER: 1133799** ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST JAMES, WOLLASTON** **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** **Contents of the Financial Statements for the Year Ended 31 December 2022** |Report of the Trustees
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements|**Page**| |---|---| ||
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9-16| ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Report of the Trustees for the Year Ended 31 December 2022** The Parochial Church Council (PCC) members (the trustees) present their annual report and accounts for the year ended 31 December 2022 which comply with the Church Accounting Regulations 2006 and the Charity Commission’s Statement of Recommended Practice (Charities SORP). ## **REFERENCE AND ADMINISTRATIVE DETAILS** St James’ PCC co-operates with the church wardens and the Associate Priest (incumbent status) in exercising the whole ministry of the Church within the ecclesiastical parish of Wollaston. The correspondence address is St James’ Church, Belfry Drive, Wollaston, Stourbridge, DY8 3SE. The Parochial Church Council of the Ecclesiastical Parish of St James, Wollaston, is a Registered Charity, number 1133799. Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting in accordance with Church Representation Rules. The members who have served during the period from 1 January 2022 until the date this report was approved were: |Associate Priest|Rev. Diana Farmer|Chair from 24.05.22| |---|---|---| |||Interregnum 31.03.21-23.05.22| |Wardens|Mr Brian Dudley|Vice Chair from 01.04.21| |Deanery Synod Representatives|Mr Richard Green|| |Elected Members|Miss Wendy Burford|| ||Mr Martin Campbell|| ||Mr Andrew Cook|| ||Mrs Diana Hemming|| ||Mr Darrell Shaw|| ||Mrs Kathleen Willis|| ||Mr Atanas Yordonov|| |Co-Opted Members|Mrs Daphne Darlington|Safeguarding Officer| ||Mrs Keri Robinson|Children & Family Worker| ||Mrs Carolyn Skeldon|School Representative| |Accountants|RD Accounting Ltd|| ||12C Two Locks|| ||Hurst Business Park|| ||Brierley Hill|| ||West Midlands|| ||DY5 1UU|| 1 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Report of the Trustees for the Year Ended 31 December 2022** ## **REFERENCE AND ADMINISTRATIVE DETAILS** (continued..) Bankers Lloyds TSB Bank PLC 134 High Street Stourbridge West Midlands DY8 1DS Investment Advisors EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN CCLA Investment Management Ltd St Alphage House 2 Fore Street London EC2Y 5AQ ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council (Powers) Measure, the Church Representation Rules and, among other legislation, the Charities Act. The Annual Parochial Church Meeting (APCM) – was held on 10[th] April 2022, part 2 (financial) 23[rd] October 2022. All church attendees are encouraged to register on the electoral roll. The number on the electoral roll, on 21[st] March 2023, after revision, was 62 compared to 70 in the previous year. During a count in October 2022, the average adult attendance at a normal Sunday service was 21 whilst that for children (under 16) averaged 2, which shows an increase in the adult attendance and a reduction in the number of children. The affairs of the Charity are reported to the Parochial Church Council at each of the normal six meetings each year. Custodian Trustee: Worcester Diocesan Board of Finance Managing Trustees: The Parochial Church Council of the Ecclesiastical Parish of St. James, Wollaston The Standing Committee consists of the Incumbent, Churchwardens and at least two other PCC members. This is the only committee required by law and has the power to transact business of the PCC between its meetings, subject to any direction of the Council. The Standing Committee meets approximately three weeks before each full meeting of the PCC in order to prepare the agenda for that meeting. It may also meet on occasion to deal with urgent business in between meetings of the full council. The PCC has also appointed one further committee as follows: - Finance Committee – This committee meets to review and manage the ongoing financial position of the church and Trust and to report, and make recommendations, to the full PCC. 2 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Report of the Trustees for the Year Ended 31 December 2022** ## **OBJECTIVES AND ACTIVITIES** The PCC has the responsibility of promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the church building and church hall. The powers conferred on the PCC include responsibility for the financial affairs of the church including the collection and administration of all moneys raised for church purposes; the keeping of the accounts; and the power to acquire, manage and administer property for church purposes. The PCC is also given power to determine how money will be spent and to appoint and dismiss church staff members and to determine their salaries and conditions of service. The PCC confirms it has complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit published by the Charities Commission. The PCC is also aware of the Charity Commission's guidance on public benefit in "The Advancement of Religion for the Public Benefit" and has regard to it in its administration of the Parish. The PCC believes that, by fulfilling its responsibility to work together with the Incumbent and co-operate in all matters of concern and importance for the promotion of the whole mission of the Church, pastoral, evangelistic and social, it provides a benefit to the public by: - providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; - promoting Christian values, and service by members of the church to the community, to the benefit of individuals and society as a whole. To fulfil these obligations, the PCC is committed to enabling as many people as possible to worship at St James Church on a Sunday. The PCC is aware of its duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 to have due regard to House of Bishops' guidance on safeguarding children and vulnerable adults. The PCC uses the diocesan "Safeguarding Dashboard" to self-assess its compliance with that duty. The PCC’s appointed Parish Safeguarding Officer (PSO) and Incumbent are in regular liaison with the diocesan safeguarding team including submission of the toolkit assessment, processing of DBS checks and taking the advice of the Diocesan Safeguarding Adviser and/or their Assistants. ## **REVIEW OF THE YEAR** 2022 has been a year of significant changes at St James’ church. We have moved into a period of learning to live with the effects of the pandemic and continuing infection levels and have cautiously reopened and reintroduced most activities. Alongside that we have had to say goodbye to a significant number of previous members as they have died or their circumstances have changed. We have also welcomed new members and begun to look at how we might engage with the community in new ways in the years to come. The appointment and licensing of a new incumbent in May 2022 has meant that the church and Trustees have been able to make decisions and move forwards. A new vision and plan for future ministry is being developed and it is hoped that this will give a sense of renewed purpose and energy. Several key events for the community were held in 2022 including a Covid memorial service, a celebration in June to mark the platinum jubilee of Her Majesty Queen Elizabeth II and, sadly, to commemorate her death later in the year. 2023 will take us further forward as we continue to rebuild after a significant period of uncertainty, and we are looking to the future with hope and anticipation. 3 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Report of the Trustees for the Year Ended 31 December 2022** ## **FINANCIAL REVIEW** 2022 has been a year of significant financial challenges due to inflation and rising energy costs, the state of the world financial markets, and the need to address historical expenditure of restricted funds. The PCC have sought to restrict expenditure, causing as little impact on the church and work of the charity as possible, whilst also seeking to raise income. Regular giving from church members increased by more than 40% this year and there were also a number of one-off donations to help with ongoing church ministry and maintenance. The church hall has now been fully reopened and usage is returning to pre-Covid levels meaning that our income strand from hire of the hall has risen again. We have not chosen to increase hire charges this year in order to help our hirers but a review is planned for June 2023 and increases are then anticipated for implementation in September 2023. There are also plans to increase fundraising activities in other ways in 2023. The appointment of the new incumbent has meant that it has been possible to move forward with financial decisions. This has led to the Trustees raising formal complaints with the relevant bodies about professional advice from previous financial advisers that led to the unidentified historical expenditure of £110,000 of restricted funds over a period of 30 years. The outcomes of these complaints are still pending. The Trustees are aware that the restricted funds will need to be replaced – a plan and budget for this has been agreed and payments will commence in 2023 once the plan is approved by the Charity Commission. Although the outlook is still challenging, the Trustees believe that it is now possible to plan better for the future and are looking for a period of greater stability in 2023. Reverend Diana Farmer Associate Priest and Chair of the Trustees March 2023. Total unrestricted incoming resources for the year were £132,476 (2021 - £101,036) of which £44,206 (2021 - £33,668) was from voluntary giving. Total unrestricted expenditure decreased to £127,710 from £147,646. This has resulted in an unrestricted surplus, after transfers, of £5,546 for the year (2021: unrestricted deficit £31,200). ## **INVESTMENT POLICY** The PCC's investment policy and investments are reviewed annually by the members. The PCC seeks a good level of income and long-term protection from inflation without exposing capital to undue risk. The current policy is to invest some liquid assets in the CCLA’s Church of England Central Board of Finance fund. The Endowment Investments are invested via a portfolio managed by EFG Harris Allday using a medium risk, maximum return strategy. ## **RESERVES POLICY** The PCC’s policy is to hold reserves of three-month running costs in its unrestricted funds excluding fixed assets. The position on 31 December 2022 was that £79,170 was held in this way, excluding the Parish Legacy Fund and the Minibus Fund (£83,870 on 31 December 2021) which represents 8 months of such running costs (2021: 8 months). This also provides for cashflow purposes. Reserves not anticipated to be drawn upon in the short term are subject to the PCC’s Investment Policy. 4 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Report of the Trustees for the Year Ended 31 December 2022** ## **RISK ASSESSMENT** In its decision taking the PCC seeks to identify and mitigate or manage the risks to which it might be exposed. The PCC seeks to review its Safeguarding and Health and Safety policies on an annual basis. Financial risks are regularly reviewed by the PCC and are under the day-to-day control of the Treasurer who is supported by the meetings of the PCC. ## **PCC MEMBERS’ RESPONSIBILITIES** The PCC members are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the PCC members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the PCC and of the incoming resources and application of resources of the PCC for that period. In preparing these financial statements, the PCC members 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 to presume that the PCC will continue in operation. The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Approved by the Parochial Church Council on 31 March 2023 and signed on its behalf by:** **Rev. Diana Farmer** 5 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Independent Examiner’s Report to the Trustees** ## **for the Year Ended 31 December 2022** **Independent Examiner’s Report to the Trustees of The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston for the Year Ended 31 December 2022** I report to the charity trustees of The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston on my examination of the accounts of the PCC for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act and the Church Accounting Regulations 2006. ## **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 respect: 1. 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 comply 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 understanding of the accounts to be reached. **Richard Dunkley FCCA CTA RD Accounting Ltd 12C Two Locks Hurst Business Park Brierley Hill DY5 1UU** ## **Date : 5 April 2023** 6 The Parc￿hla1 Church Council of The Ecclesiastical Parish of St James, Wollaston Statement of Financial Activities for the Year Ended 31 December 2022 Funds Funds Funds Total Total Note5 I￿￿￿e and endowrner￿ from: Donations and legacies Activities for generating funds Investrner Transfer to incor 44.206 31.398 9.376 47.496 44.206 31,398 56.872 33.668 16.699 50.669 47.496 147.4961 Totsl income and endowm￿$ 132.476 132.476 101.036 Empendiiure on: Charitable artivitie5 Investment manaEement costs 126.930 127,710 3,670 147.464 io 3.670 Total eXper￿ltUre 126.930 131,380 147.464 Net ltrK(xne/ lexpenditure} 5.546 14.4501 1.096 146.4281 TraI￿re￿$ between Funds 16 Net M￿ernent in fvnds 5.546 14.4501 1.096 146.428 Nei gairslllossesl in¥esti io 113.5901 1208,7941 1222.3841 162.040 Net mtr4ement in fvnds 18.0441 1213.2441 1221.2881 115.612 Re(x)￿l116tX)n of funds: Totsl funds brought forward 13 686.857 1,391,334 2.078,191 1,962.579 Total fundsearried forward 13 67V13 1,178J)90 IW56,￿3 2.078.191 All income ond expenditu￿ derivefrom continurng octrviÉ￿5 ## **The Parochial Church Council of** ## **The Ecclesiastical Parish of St James, Wollaston** ## **Balance Sheet** ## **for the Year Ended 31 December 2022** The financial statements were approved by the PCC on 31 March 2023 and were signed on its behalf by: Rev. Diana Farmer – Chair 8 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Notes to the Financial Statements** **for the Year Ended 31 December 2022** ## 1. **ACCOUNTING POLICIES** ## **General information and basis of preparation** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Church Accounting Regulations 2006 and UK Generally Accepted Accounting Practice. 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. The financial statements have been prepared on a going concern basis under the historical cost convention except for the valuation of investments which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **Incoming Resources** All incoming resources are included in the SOFA when the church becomes legally entitled to the income and when the amount can be quantified with reasonable certainty. Planned giving, collections and donations are recognised when received by or on behalf of the PCC. Grants and legacies are recognised when the PCC is legally entitled to the amount due. Dividends are recognised when received and interest is accrued. All other income is recognised when received. All incoming resources are accounted for gross. Income tax recoverable on gift aid donations is accounted for when the donation is received, not when the tax refund is received. Realised gains or losses on investments are recognised when the investment is sold. Unrealised gains or losses on investments are accounted for in the valuation of investments at the year end. ## **Resources expended** Grants and donations are accounted for when they are paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The Diocesan Parish Share is accounted for when due. All other expenditure is generally recognized when it is incurred and is accounted for gross. Church activities expenses consist of costs incurred in undertaking the PCC’s work to meet its objectives. ## **Investments** Investments quoted on a recognised stock exchange or whose value derives from them (CIFs, etc) are valued at market value at the year end. 9 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Notes to the Financial Statements for the Year Ended 31 December 2022** ## 1. **ACCOUNTING POLICIES** (continued) ## **Tangible Fixed Assets** Freehold land and buildings represent the cost of building the Church Hall. No depreciation is charged in the financial statements. Fixtures and Fittings are items used within the church premises and are included at cost and depreciated using a 25% straight line basis. ## **Stocks** Stocks are held at the lower of cost and net realisable value. ## **Debtors** Debtors are valued at transaction price. ## **Short Term Deposits** Short Term Deposits are held in a separate bank account. ## **Liabilities** Liabilities are recognised as soon as the legal or constructive obligation arises. ## **Taxation** The charity is exempt from tax. ## **Funds** General Funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purpose of the PCC. Funds designated by the PCC for a particular purpose are also considered unrestricted. Restricted Funds represent income which may be expended only on the specific object for which they were given. Any balance remaining unspent at the end of each year much be carried forward as a balance on that fund. Endowment Funds represent a permanent endowment following the receipt of monies following the sale of buildings and land in 1989 which is held in an investment portfolio. The capital element, subject to growth or decline, may not be spent without prior approval from the Charities Commission. The income arising from the fund must only be spent on charitable purposes within the Ecclesiastical Parish of St James, Wollaston. ## **Financial instruments** Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 10 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Notes to the Financial Statements** ## **for the Year Ended 31 December 2022** ## 5. **TRUSTEES’ REMUNERATION AND BENEFITS** No members of the PCC received remuneration or other benefits for the year ended 31 December 2022. (2021: £Nil) ## 6. **TRUSTEES’ EXPENSES** There were no Trustee Expenses in the year (2021: £nil). Members of the PCC who make purchases on behalf of the PCC using their own money are reimbursed for that expenditure only on production of invoices for the purchases involved. Such reimbursed expenditure is not personal to the trustee concerned so are not disclosed. 11 The Parochial Church Council of The Ecclesiastical Parish of St James. Wollaston Note5 to the Financial Statement5 forthe Year Ended 31 December 2022 STAFF COSTS Total Total Fund5 Fund5 Fund5 2022 2021 Wages and Salaries 37JJ40 37A140 43A04 37 37.040 43J04 EXPENDfWRE Unrestrxted Restrirted Endowment Total Total Fund5 Funds Funds 2022 2021 Mi5sonary and Charitsble Giving Hardship vouchers Ministry Share Ministry- Clergy Expenses church RunninE Expenses Church Maintenance 10,715 2,590 36,180 1,636 17,770 27,270 27,270 JO.133 I￿99 30.133 L899 3282 Church Upkeep of Services Flowers 1.549 L549 2.152 494 494 416 Upkeep of Churchyard Church Hal l Running Costs Salaries 760 760 15AIO 37.040 4,255 15.410 37.040 4255 L560 20.321 43,304 3A32 1,560 1,793 934 Printing and Stationary dit fee5 Church telephone and internet Sundry Depreciation I￿14 79 L314 79 79 126.930 127.710 147.464 12 The Parochial Church Council of The Ecclesiastical Parish of St James. Wollaston Note5 to the Financial Statement5 forthe Year Ended 31 December 2022 TANGIBLE FIXED ASSEts Freehold Land & Buikliny Equisxnent Tot* As at 1st January 2022 Addititrns 538.466 28.615 567.081 Disposa15 A5 at 315t December 2022 538.466 28.615 567.081 Depre(iatK)n As at 1st January 2022 Charge On disposals As at 315t December 2022 28.459 28,459 79 79 28.538 28,538 Net Book Value As at 31si De(ember 2021 538.466 156 538.622 A5 al 315t December 2022 538.466 77 538.543 io. INVESTMENTS CCLA Share5 Harr?5 Allday Total fjeneral fjeneral fjeneral Market Vakbe As at 1st January 2022 Reali5ed & Unreali5ed Gainslllosse51 Investment Return.. Dividends & Interest 115,449 113.59Jl 64,364 179.813 113.5901 Withdrawals Investment management Costs Asat 31st Dttember 2022 101,859 64,364 166,223 13 The Parochial Church Council of The Ecclesiastical Parish of St James. Wollaston Note5 to the Financial Statement5 forthe Year Ended 31 December 2022 io. INVESTMEpifs Iconlinuedj CCLA Share5 HarTT5 Alldoy Total Tota15 Market v&e As at tstjanuary 2022 Realised & Unrealised Gains/l1055esl In¥estsnent Return.. Dividends & Interest 212.898 1.069.072 1.281.970 1.461.783 125,0621 1183.7321 1208.7941 48,016 48,016 145,6851 145.6851 13,6701 13.6701 884.￿1 1,071.837 1222.3841 48,016 145.6851 13.6701 1.238.060 Withdrawals Investment rnènageff￿nt costs As at 31st December 2022 187.836 Harris Allday is a mixed portFolio_ The leEaCY fund and minibus fund are held within the Harris ￿IdaY por￿110. After the year end. the expenditure on the Parish Le£acy in the year was withdrawn from the Harris Allday portFolio. 4,929.90 CCLA CBF Investment Fund Income Shares held in the General Income Fund valued at 2066.14 pence each at 31 Clecernber 2022. 9.091.18 CCLA C8F Investment Fund Income Shares held in the EndOw￿￿nt Fund Vall￿ at 2066.14 pence each at 31 Decernber 2022_ ii. DEBTORS Total Total 2022 2021 Trade Debtor5 615 279 Gift Aid 5N07 2.622 other Debtor5 £crued income ¥112 1.632 7,134 4,533 Unrestricted Restricted 6W22 2.901 endoWrr￿t Lllz 1.632 7,134 4533 14 The Parochial Church Council of The Ecclesiastical Parish of St James. Wollaston Note5 to the Financial Statement5 forthe Year Ended 31 December 2022 12. CREDttORS: AMOUNT5 FALUN6 DUE wifHIN ONE YEAR Totsl Totsl 2022 2021 Trade Creditors 758 cruals 6,998 12,260 Other Creditors 5236 12.378 19,258 Unrestricted Restricted 11.598 18.478 Endowment 12A78 19.258 13_ NEf M(NEMENf OF FUP4DS 8IFwd 3L1221 Income EXPe￿*ure Gains/Losses Translers c/Fwd 31.1222 General Fund 77.493 106.990 538,465 6.535 1108.2281 113.5901 62.665 538A65 15.676 Hall Fund- Capital Hall Fund- Inco￿ 22.209 113.0681 15.6341 Parish Legacy Minibus 3.277 47,643 14,364 6?8￿13 14.364 686.857 132.476 1126.9301 113.5901 Endowment 1.391.334 14.4501 1208,7941 1.178J)90 Total Funds 2.078.191 132A76 {131B801- 222B84 IA56.903 15 ## **The Parochial Church Council of The Ecclesiastical Parish of St James, Wollaston** ## **Notes to the Financial Statements** **for the Year Ended 31 December 2022** ## 14. **FUND DETAILS** ## **Endowment Fund** The Endowment Fund is considered a Permanent Endowment and was established in 1989 following a sale of buildings and land. The capital has to be retained by the Charity and the income can be used for ordinary Church purposes. It is held in CCLA shares and an investment portfolio managed by EFG Harris Allday. The Endowment Fund cash balance represents the amount of monies withdrawn in excess of entitlement at 31 December 2022. A repayment plan has been agreed as immediate repayment would equate to a negative cash balance, as shown on the Statement of Financial Position, so payments will commence in 2023 once the plan is approved by the Charity Commission. ## **Parish Legacy Fund** The Parish Legacy Fund is an unrestricted reserve arisen from a legacy. This is held to benefit the Parish and will fund the running of footsteps and providing a children’s worker. ## **Minibus Fund** The Minibus Fund is an unrestricted reserve arisen from a legacy. This is held to purchase a replacement minibus. ## **Hall Fund – Capital** This fund relates to the fixed asset value of the buildings, which are split out as they are not liquid funds. ## **Hall Fund – Income** This fund contains the rental income and direct expenditure relating to the church hall. ## 15. **MAIN TRANSFERS BETWEEN FUNDS** During the year the following transfers were made between funds: Income received on the Endowment Fund was transferred into the General Fund totaling £47,496 on the basis that the income is unrestricted to be used to benefit the Parish. ## 16. **RELATED PARTY TRANSACTIONS** There are no related party transactions in the year. ## 17. **GOING CONCERN** The PCC members consider the PCC to be a going concern for the next 12 months from the date of this report on the basis that the projected voluntary giving and reserves will be able to sustain the running costs. 16