OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Registered Charity Number: 1133982

THE PAROCHIAL CHURCH COUNCIL

OF

THE ECCLESIASTICAL PARISH OF TAMWORTH

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

Page
Trustees’ Annual Report 3 – 8
Independent Examiner’s Report 9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Consolidated Cash Flow 12
Notes to the Consolidated Accounts 13 - 25

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

The trustees present their report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2020)

A Reference and Administrative Details, Trustees and Advisers

Name

The Parochial Church Council of the Ecclesiastical Parish of Tamworth

Registration details

Registered on 2 February 2010, number 1133982

Address of principal office

St Editha’s Church, St Editha’s Close, Tamworth B79 7BX

The following served as trustees and as members of the PCC during the year

Parish Clergy

Rev B N Whitmore (Temporary Vicar of Tamworth Appointed 08/03/22) Rev V Van Den Bergh (St Francis Retiring 31/07/22) Rev B Rostill (House for Duty St Chad’s Retired 25/12/21)

Lay Ministers

Readers: None

Lay Pioneer Minister: W Van Den Bergh

Churchwardens

G Wilkinson (Secretary), B Brookman (Parish & St Editha) V Attwood, J Beadle (St Andrew) S Rose, K Dawson (St Chad) C Grant, L Stanford (St Francis)

Deanery Synod Representatives

I Gibson (St Andrew)

DCC Representatives

C Simpson (St Andrew); C Davies (St Editha), S Parry (St Editha Resigned 28/06/21); N Cross (Appointed 26/04/22)

Elected Members

N Bradley; J Cotterill (Treasurer); J Mulvey (Appointed 22/10/20); B Farrell (Appointed 28/06/21); H Draper & S Bradley (Resigned 28/06/21)

Other

Independent Examiner

Mark Jackson FCA DChA, Azets Audit Services, Ruthlyn House, 90 Lincoln Road, Peterborough, PE1 2SP.

Banker:

NatWest, 8 Market Street, Tamworth

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

B Structure, Governance and Management

Governing document

The PCC is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measure 1956 and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended).

Appointment of new trustees

The method of appointment of PCC members is set out in the Church Representation Rules. The membership of the PCC consists of the incumbent, other clergy, Readers, ex-officio members (Deanery Synod), churchwardens, and members elected by those members of the congregation who are on the Electoral Roll of the parish. All those who attend our services and members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC. Nominations are called and persons voted for at an Annual Parochial Church Meeting (APCM).

Use of volunteers

The PCC employs some staff, but also makes significant use of volunteers to carry out its work. Volunteers are involved in all aspects of the work, including ministry, youth work, education, facilities management, finance and administration.

Policies for induction and training

All staff and volunteers will receive a systematic and comprehensive introduction to the charity and its work, allowing them to develop a good understanding of the requirements of the role and to settle in with confidence. All staff and volunteers will be given appropriate opportunities for developing their skills and knowledge to carry out their role effectively.

Organisational Structure

The Parish has four churches, each with its own church council, meeting variously during the year, and reporting to the PCC. The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding how the funds of the PCC are to be spent. The full PCC meet five times a year.

Given its wide responsibilities, the PCC has committees each dealing with a particular aspect of parish life:

Risk management

The PCC considers and discusses the key risks facing the Church, the controls in place to mitigate them and any action required. The PCC continues to review and develop the strategic direction of the Church and considers how its exposure to risk changes as a result.

Safeguarding

All Officers and members of the PCC are DBS checked and these checks are renewed every 3 years in line with Lichfield Diocese policy. The name of the Safeguarding officer is on display in church.

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

C Vision, Objectives and Activities

The overall vision of the Parish has been to foster LOVE – UNITY - WITNESS

The churches within the parish have their own specific vision statements:

St Andrew’s – Vision Statement

To maintain a welcoming and supportive presence for the people of Kettlebrook, maintaining the historic role of being an agent for good in the place we are.

St Chad’s – Mission and Vision Statements

Christ centred, serving the local community through prayer and action.

To be a welcoming church where people of all ages enjoy coming. A place where people work together, have opportunities to develop their faith in Christ and be actively involved in mission, service and giving both locally and in the wider world.

St Editha’s – Vision Statement

To be faithful to God’s call as a civic church, as stewards of an historical building and to our Diocesan commitments.

Jesus often describes the Kingdom of God as something growing. We want to focus on nurturing growth within the life of the church and Parish and to discern where the seeds of growth are that need care and nurturing.

Growth can be described in the following ways Depth – growth in our worship, prayer, discipleship and love for God. Width – growth in the numbers of people and groups we serve and have contact with. Height – growth in the numbers of people who join us as members, partners and disciples.

All groups and individuals in the life of the church should be encouraged to reflect on how they are growing.

St Francis’ – Mission and Vision Statement

We are called and (desire) to be a welcoming church that expresses God’s compassion, preaches the Bible, offers up the needs of others in prayer and meets those needs lovingly.

Lovingly nurturing one another and working together to equip ourselves to reach out in new ways to those around us; being committed to regular Bible study and prayer; making ourselves available to each other and our neighbours; making the most of the opportunities we have to learn, grow and to share what we have (spiritually and materially).

As a parish we aim to provide welcoming churches where people can enjoy coming together to hear God’s word and worship Him through prayer, praise and giving in fellowship with one another.

Our principal objectives are to:

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

D Achievements and Performance

The year 2021 has been a year of exceptional challenge in the light of the continuing Pandemic and the changes in rules concerning this. Each of the 4 churches has responded in its own unique way.

So, in the realisation of our objectives we have continued our mission and ministry in the following ways:

Weddings and funerals have continued across the parish and a weekly prayer diary with attached newsletter has been available to all members of the Parish Electoral roll as well as additional parties from within and outside the Parish. A paper version of this is available weekly for distribution to those who are unable to access the technology.

Some civic services took place at St Editha’s with reduced numbers: Battle of Britain, Mayor’s Service and Remembrance Sunday.

Outdoor carol services were held at St Francis and St Chad’s at Christmas and St Editha’s provided a shortened service of Lessons and Carols, a crib service which was well attended, a service of Darkness to Light and several school concerts. St Giles also held a remembrance service.

St Andrews:

St Andrews has continued to serve it’s community by holding communion services either led by the Minster for St Francis or by extension. As the year progressed the Lite Bite and Young at Heart groups have opened up.

St Chad’s:

St Chad’s church has continued to serve it’s community running weekly services led by the Priest for Duty, producing paper-based service sheets containing items of local interest. The priest for duty retired Christmas 2021 and services have either been led by visiting priests or the wardens.

St Editha’s:

St Editha’s has opened her doors to the public for prayer and reflection Monday to Saturday. The congregation have continued to act as a place of Welcome whenever possible. Warm drinks, clothes and food have been distributed to the homeless and those finding themselves short of funds during the pandemic. The Knit and Natter group has re-opened and Ladies Breakfast restarted in February 2022. The Bookshop has continued to open to all those who need access to Christian books and other matter whenever it has been able to do so. The food bank collections have continued whenever the church has been open. St Editha’s started to serve refreshments on Saturday mornings from 10.00am to 12.00 from the beginning of 2022. A weekly communion service recommenced in March 2022.

St Francis:

St Francis provides communion services each Sunday either morning or evening plus one during the week. Sunday services alternate morning and evening with St Andrew’s church, all presided over by the minster of St Francis. St Francis has continued to act as a collection point for Foodbank and BookAid. The minister of St Francis has continued to conduct funerals and some weddings, and has taken home communion to members of the congregation across the parish whenever possible. Members of the local community have been supported by the church in the form of collecting medications, running errands and doing shopping. The church community has been encouraged in prayer and kept in touch with each other via texting of daily readings and prayer needs. The outdoor Easter Sunrise service took place as usual in 2022.

All 4 churches have kept in contact with those known to be shielding and vulnerable in the community.

In March 2022 the parish welcomed Rev Ben Whitmore as an interim vicar for 6 months. He has taken on the local schools and is holding services at St Editha’s for them at the end of each term. Rev Whitmore is leading services at all churches within the parish.

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2021

E Financial Review

Incoming resources in 2021 were £777k down on 2020 at £197k, but if we exclude the £812k Godderidge bequest income from the 2020 figure then income was actually £35k up on 2020 but still £43k down on the 2019 pre Covid level.

Income from Donors, excluding bequests, was £4k down on 2020. Fee income was £12k up on 2020 at £31k and Investment income was £13k up at £42k with £15k of new income coming from the Godderidge bequest investment but income from the Perrycroft fund obviously falls as we sell off these shares to pay parish share.

Resources expended were £243k, £3k higher than 2020.

The parish share due to the Diocese remains the largest continuing commitment and for 2021 this remained at the 2020 level of £114k. The actual charge was £5k higher than 2020 at £105k because the reduction to help with reduced income from Covid was only for 1 months share in 2021 rather than the 1½ months reduction in the 2020.

Repairs to buildings were steady at £27k with repairs to the St Editha’s tower costing a further £19k in 2021.

The resulting net deficit was £46k compared to the £734k surplus in 2020, however again if we exclude the Godderidge bequest income the deficit would have reduced by £33k from £79k.

Our property increased in value by £122k, after applying the change in the Nationwide regional house price index, and our Investments increased by £213k in 2021.

The net movement in funds after unrealised gains was therefore an increase of £289k giving total funds of £3,568k compared to £3,279k in 2020.

On our balance sheet fixed assets represent 95% of these total funds.

The individual valuations of our properties were for St Editha’s Cottage and Hall at £203k and £378k respectively, and St Chad’s Parsonage, Vicarage and Hall at £406k, £326k and £162k, meaning Tangible fixed assets were £122k up on 2020 at £1,476k.

Fixed asset investments valued increased by £442k to £1,891k. A further £300k of the Godderidge bequest was invested with CCLA and grew to £824k by the year end, but another £56k of the Perrycroft sale funds were sold so this ended the year at just £47k. St Editha’s Restoration funds grew by £96k ending the year at £761k.

Net current assets were £291k down on 2020 at £200k. The £312k of bequest funds received in 2021 were include as accrued income in 2020 and the other key movement was that cash balances were £20k up at £141k.

Looking forward we face the combined challenges of recovering from Covid, the interregnum and we will be impacted by the increasing cost we all face with the current uncertainties. So we are grateful for the support of Preb Ben Whitmore who has joined the parish for six months as temporary Vicar of Tamworth.

In 2022 Parish Share has been revised and is now called Common Fund. The resulting adjustment to our allocation, under the new Low Income Communities Allocation, will help as the 2022 payments will be reduced to £90k.

On projects we still need to raise money for the major repairs required and development of the upper floor on St Editha’s Church Hall and for the Pod within St Editha’s, which will provide catering and toilet facilities and will bring the parish office into the church.

THE PARISH OF TAMWORTH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCESIASTICAL PARISH OF TAMWORTH I report to the trustees on my examination of the financial statements of The Parochlal Church Council of The Ecclesiastical Parish of Tamworth {The PCCI for the year ended 31 December 2021. Ro$pon8iblllllg8 and basls of report As th8 trustees of the PCC you are responsible for the preparation of the financial ststements in accordance with the requ1￿MentS of the Charities Act 2011 (the 2011 Acll. I report in respect of my examination of The PCC'S financial ststements carried out under setts'on 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions glven by the Charfty Commission under s￿lI0n 14515llbl of Ihg 2011 Act. Independent examlnef$ ststement Since the PCC'S gloss income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinallon because l am a member of The Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. Your attention i8 drawn lo the fact that the charity has prepared financlal statements In accordance with Accounting and Reporting by Charities preparlng th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in pr8ference lo the Accounting and Reporting by Charities.. Sl8temenl of Recommended Practice issU8d on 1 April 2005 which is referted lo in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provlde a true and fair view in accordance ¥￿th Generally Accepted Accounllng Praclicg 8ffeclive for reporting period5 beginning on or after 1 January 2015. I have completed my examination. I confim) that no matters have come to my attention in connection with the 8xamlnation giving me cause lo bolieve thal in any material respect: accounting records were not kgpt in respect of The PCC as requlred by section 130 of th8 2011 2. the financial statements do not accord with those records., or 3. th8 financial statements do not compty with the applicable requirements conceming the form and content of accounts set out in the Charities IAccounls and Reports) RegulalSons 2008 other than any requirement that the accounts give a true and fair view which is not a matter ¢onsid8red as part of an independent examination. I have no concerns and have come across no other matters in Conneclion with the examSnation lo whlch attontion shoulcf be drawn in this report in order to enable a proper understanéing of the financial stat8menls to be reached. Mark Jackson FCA DChA Azets Audit Services Rulhlyn House 90 Lincoln Road Pelerborough PE1 2SP

THE PARISH OF TAMWORTH

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2021

**Unrestricted ** **Unrestricted ** Designated Restricted Endowment Total Total
Notes Funds Funds Funds Funds 2021 2020
£ £ £ £ £ £
Incoming resources
Donations & legacies 2a 85,310 - 12,695 - 98,005 906,075
Charitable activities 2b 34,650 - 100 - 34,750 19,525
Other trading activities 2c 21,813 - - - 21,813 18,800
Investments 2d 24,005 1,118 17,151 - 42,274 29,143
Other 2e - - - - - -
———— ——— ———— ———— ———— ————
Total incoming 165,778 1,118 29,946 - 196,842 973,543
———— ——— ———— ———— ———— ————
Resources expended
Raising funds 3a - - - - - -
Charitable activities 3b 215,249 595 26,974 - 242,818 239,918
Other 3c - - - - - -
———— ——— ———— ———— ———— ————
Total expended 215,249 595 26,974 - 242,818 239,918
———— ——— ———— ———— ———— ————
Net before transfers (49,471) 523 2,972 - (45,976) 733,625
Transfers between funds 56,000 (544) (55,456) - - -
———— ——— ———— ———— ———— ————
Net funds movement 6,529 (21) (52,484) - (45,976) 733,625
Gains on revaluations
Fixed assets - - 61,431 60,988 122,419 87,929
Investments 83,315 - 23,180 106,653 213,148 66,866
———— ——— ———— ——— ———— ————
Total funds movement 89,844 (21) 32,127 167,641 289,591 888,420
Funds at 1 January 905,238 26,589 931,845 1,414,941 3,278,613 2,390,193
———— ——— ———— ———— ————— —————
Funds at 31 December 995,082 26,568 963,972 1,582,582 3,568,204 3,278,613
———— ——— ———— ———— ————— —————

THE PARISH OF TAMRTH CONX)LIDATED BAIANCESH AS AT 31 DECEMBER 2021 2021 2020 xed a￿ts Twwible assets Investrn8nts 1.476.441 1,891,382 1.354,022 1.433.6 3,￿7.823 2.787,712 Current a￿ts Stock Debtors Investments B8nk balarKe8 10.730 10.031 11.529 322,125 141.113 121,259 212.380 5,401 Creditors: amoLsnts falllng du• wlthln one year 10 111.9991 I14.￿)) Net current asset8 200.381 4￿).￿1 T<)tal assets le89 current Ilabllltle8 3.￿6.204 3,278,613 Tot￿ f￿d5 3.568.204 3,278,613 Funds Unrestrided funds- genwal Designated funds Rèstnct8d funds EndowTnent funds 995,082 26,568 .972 1.582.582 5,238 28,589 931,845 1.414,941 Total knds 3,568.204 3.278.613 Fly and ￿ behalf0ft￿ PCC Rev Victor MKhael CcrfneliLL8 Van Den Be -A4c/7-1 Dated.. 11

THE PARISH OF TAMWORTH

CONSOLIDATED CASHFLOW STATEMENT AS AT 31 DECEMBER 2021

2021
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) Operations
206,854
Investing Activities
Proceeds on disposal of tangible fixed
assets
-
-
Purchase of investments
(300,544)
(450,511)
Proceeds on disposal of investments
56,000
152,428
Interest received
57,562
42,619
————
————
Net cash (used in)/generated from
investing activities
(186,982)
Financing Activities
Repayment of bank loans
-
-
————
————
Net cash (used in)/generated from
financing activities
-
————
Net increase in cash and cash
equivalents
19,872
Cash and cash equivalents at the beginning
of the year
171,747
————
Cash and cash equivalents at end of year
191,619
————
Cash generated from operating activities
2021
£
Surplus/(deficit) for the year
167,172
Adjustments for:
Investment income generated in statement of financial activities
(57,562)
Loss on disposal of tangible fixed assets
-
Fair value gains and losses on investments
(213,148)
Movements in working capital:
Decrease/(Increase) in stocks
799
Decrease/(Increase) in debtors
312,094
Increase/(decrease) in creditors
(2,501)
————
Cash generated from/(absorbed by) operations
206,854
————		 2020
£
334,184
(255,464)
-
————
78,720
93,027
————
171,747
————
2020
£
811,290
(42,619)
-
(77,665)
(550)
(315,084)
(41,188)
————
334,184
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Parochial Church Council of The Ecclesiastical Parish of Tamworth, an unincorporated charity number 1133982, is governed by two pieces of Church of England legislation, called Measures. These are the Parochial Church Council (Powers) Measures 1956 and the Church Representation Rules (contained in Schedule 3 to the Synodical Government Measure 1969 as amended)

1.1 Accounting convention

The financial statements have been prepared in accordance with The PCC's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The PCC is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice, which is referred to in the Regulations, but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of The PCC. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that The PCC has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Funds

Unrestricted 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 purposes of the PCC.

Funds designated for a particular purpose by the PCC are also unrestricted.

Restricted funds are those funds that must be spent on restricted purposes and details of the funds held are provided in note 9.

Endowment funds are funds where the capital must be retained.

The financial statements include all transactions, assets and liabilities for which the PCC is held responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1.4 Incoming resources

Voluntary income

Sunday collections are recognised when received by or on behalf of the PCC. Mid week collections are recognised as being made on the first Sunday after they were received by or on behalf of the PCC.

Planned giving receivable under Gift Aid is recognised only when received by or on behalf of the PCC.

Grants and legacies to the PCC are accounted for when the PCC is notified of its legal entitlement and the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.

Parochial fees due to the PCC for weddings, funerals, etc. are accounted for when due for payment.

Funds raised by fêtes and similar events are accounted for gross.

Other income

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments

Dividends and interest entitlements are accounted for when due and payable. Tax recoverable on such income is recognised in the same accounting year.

Gains and losses on investments

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

1.5 Resources expended

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The Diocesan Parish Share is accounted for when due. Any Parish Share unpaid at 31 December is provided for in these financial statements as an operational (though not a legal) liability and is shown as a creditor in the Balance sheet.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1.6 Fixed Assets

Consecrated property and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the financial statements by s.10(2) of the Charities Act 2011.

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated.

Items acquired since 1 January 2000 have been capitalised and depreciated in the financial statements over their currently anticipated useful economic life (initially over four years) on a straight line basis.

All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of movable church furnishings acquired before 1 January 2000 is written off.

Buildings within the ownership of the PCC are valued at estimated market value at 31 December.

Other fixtures, fittings and office equipment

Equipment used within church premises is depreciated on a straight-line basis over four years.

Individual items of equipment with a purchase price of £1,500 or less are written off when the asset is acquired.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, The PCC reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

1.9 Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rent or other income are shown as debtors less any provision for amounts that may prove uncollectable.

Short-term deposits include cash held on deposit with the CBF Church of England Funds or at a bank.

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1.11 Financial instruments

The PCC has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in The PCC's balance sheet when The PCC becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised

Basic financial liabilities

Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when The PCC’s contractual obligations expire or are discharged or cancelled.

1.12 Critical accounting estimates and judgements

In the application of The PCC’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

2 Incoming resources from:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2021 2020
£ £ £ £ £ £
Donation and Legacies 2a
Voluntary Income/Receipts
Tax efficient planned giving 39,725 - - - 39,725 41,510
Other planned giving 367 - - - 367 1,066
Collections at services 15,171 - - - 15,171 11,784
Other giving 12,144 - 5,136 - 17,280 20,586
Gift Aid recovered 9,866 - - - 9,866 11,174
Legacies Received - - 7,559 - 7,559 812,178
Grants 8,037 - - - 8,037 7,777
———— ———— ———— ———— ———— ————
85,310 - 12,695 - 98,005 906,075
———— ———— ———— ———— ———— ————
Charitable Activities 2b
Church Activities
Statutory Fees 30,552 - - - 30,552 18,697
Fundraising events 4,098 - 100 - 4,198 828
———— ———— ———— ———— ———— ————
34,650 - 100 - 34,750 19,525
———— ———— ———— ———— ———— ————
Other Trading Activities 2c
Activities for Generating Funds
Charitable trading 6,525 - - - 6,525 5,324
Commercial lettings 15,288 - - - 15,288 13,476
———— ———— ———— ———— ———— ————
21,813 - - - 21,813 18,800
———— ———— ———— ———— ———— ————
Investments 2d
Investment income 24,005 1,118 17,151 - 42,274 29,143
———— ———— ———— ———— ———— ————
24,005 1,118 17,151 - 42,274 29,143
———— ———— ———— ———— ———— ————
Other 2e
Other ordinary income - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Total 165,778 1,118 29,946 - 196,842 973,543
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

3 Expenditure on:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2021 2020
£ £ £ £ £ £
Raising Funds 3a
Cost of Generating Income
Fundraising Activities - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Charitable Activities 3b
Church Activities
Mission giving & donations 913 372 - - 1,285 954
Diocesan parish share 104,981 - - - 104,981 100,209
Salaries/wages 17,759 - - - 17,759 19,269
Clergy expenses 1,977 - - - 1,977 3,029
Church Expenses
Other running expenses 62,705 223 - - 62,928 65,138
Church expenses
(mission & evangelism) - - - - - -
Church utility bills 19,283 - - - 19,283 17,033
Cost of trading 3,671 - - - 3,671 2,840
Major Capital Expenditure
Repairs to church buildings - - 26,216 - 26,216 26,960
Repairs to church halls - - 555 - 555 -
Repairs to other properties - - 203 - 203 406
Governance Costs
Governance Costs 3,960 - - - 3,960 4,080
———— ———— ———— ———— ———— ————
215,249 595 26,974 - 242,818 239,918
———— ———— ———— ———— ———— ————
Other 3c
Loss on Disposal - - - - - -
Loan interest - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Total 215,249 595 26,974 - 242,818 239,918
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

4 Staff Costs

Salaries
Average number of full time equivalents during the year
No employee is paid over £60k
Trustee’s Emoluments		 2021
£
17,759
————
2021
Nos
1.2
——		 2020
£
19,269
————
2020
Nos
1.2
——

No Trustee received any remuneration for services as a Trustee. No trustees (2020 1 trustee) received travelling and out of pocket expenses totalling £nil (2020 £2,418)

The council has entered into a contract of employment with one of its trustees, Mrs Gwen Wilkinson, who is one of the wardens of St Editha’s church and the Parish. Mrs Wilkinson is performing the role of administrator and secretary, services which are over and above her normal trustee duties. The charity considers that the services are required and that it is in the council’s best interests to pay her a wage.

The current annual rate of the wage is £13,900, of which the amount paid in the period during the year was £13,826.

5 Tangible fixed assets

angible fixed assets
Freehold Total
Buildings
At Cost or Valuation
As at 1 January 2021 1,354,022 1,354,022
Disposals in year - -
Revaluation in year 122,419 122,419
————— —————
As at 31 December 2021 1,476,441 1,476,441
————— —————

Church properties were last all inspected for revaluate February 2014 for the 2013 accounts by Smith’s estate agents. For 4 properties rather than getting the opinion of our advisor we have adopted the method used by Lichfield and are applying our revaluation based on the Nationwide regional house price index. St Editha’s church hall was subject to a specific valuation in 2020.

The properties held by the Charity were donated and originally included at a cost equal to their valuation at that date. The valuations of the properties are:

2021 2020
£ £
St Editha’s cottage 203,099 186,192
St Editha’s church hall 378,254 347,256
St Chad’s parsonage 406,199 372,384
St Chad’s verger’s house 326,410 299,237
St Chad’s church hall 162,479 148,953
————— —————
1,476,441 1,354,022
————— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

6 Fixed Asset Investments

As at
01-Jan
Unrestricted funds
St Chad general funds
85,048
St Editha Godderidge fund
451,679
Restricted funds
St Editha organ fund
38,186
St Editha Perrycrofts Sale
90,222
St Andrew organ fund
25,235
Endowment funds
St Editha general funds
31,332
St Editha clergy funds
1,490
St Editha fabric funds
665,641
St Editha church hall funds
29,230
St Editha choir funds
12,800
St Editha youth funds
2,827
————
1,433,690
————
7
Stock
Finished Goods
8
Debtors
Diocesan Parish Share
Accrued Income
Other debtors and prepayments
9
Current Asset Investments
As at
01-Jan
Unrestricted funds
St Editha general funds
44
St Francis Building funds
25,455
Restricted funds
St Chads Restoration fund
15,000
St Editha Perrycrofts fund
315
St Editha Restoration fund
112
St Editha Organ Fund
5,295
St Editha Choir Fund
4,267
————
50,488
————		 Additions

-
300,000
-
-
544
-
-
-
-
-
-
————
300,544
————
Additions

-
13
-
-
-
3
2
————
18
————		 Disposals

-
-
-
(56,000)
-
-
-
-
-
-
-
————
(56,000)
————
Disposals

-
-
-
-
-
-
-
————
-
————		 Transfers Change in As at
market value 31-Dec
-
10,524
95,572
-
72,791
824,470
-
6,698
44,884
-
12,850
47,072
-
3,632
29,411
-
4,505
35,837
-
(12)
1,478
-
95,711
761,352
-
4,203
33,433
-
1,840
14,640
-
406
3,233
————
————
————
-
213,148
1,891,382
————
————
————
2021
2020
£
£
10,730
11,529
———
———
10,730
11,529
———
———
2021
2020
£
£
-
250
-
312,088
10,031
9,787
————
————
10,031
322,125
————
————
Transfers Change in As at
market value 31-Dec
-
-
44
-
-
25,468
-
-
15,000
-
-
315
-
-
112
-
-
5,298
-
-
4,269
————
————
————
-
-
50,506
————
————
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

10 Creditors: amounts falling due within one year

Diocesan Parish Share
Other creditors and accruals		 2021
£
-
11,999
———
11,999
———		 2020
£
-
14,500
———
14,500
———

11a Analysis of Net Assets:

Unrestricted **Designated ** Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets - - 743,832 732,609 1,476,441
Investment Assets 920,042 - 121,367 849,973 1,891,382
Current Assets 87,039 26,568 98,773 - 212,380
Current Liabilities (11,999) - - - (11,999)
———— ———— ———— ———— —————
995,082 26,568 963,972 1,582,582 3,568,204
———— ———— ———— ———— —————

11b Analysis of Net Assets: Comparative Year

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets - - 682,401 671,621 1,354,022
Investment Assets 536,727 - 153,643 743,320 1,433,690
Current Assets 383,011 26,589 95,801 - 505,401
Current Liabilities (14,500) - - - (14,500)
———— ———— ———— ———— —————
905,238 26,589 931,845 1,414,941 3,278,613
———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

12 Funds Reconciliation

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-21 Resources Expended Gain/Loss at 31-Dec-21
£ £ £ £ £ £
St Andrew’s Kettlebrook 26,956 13,342 (13,551) - 3,632 30,379
St Chad’s Hopwas 898,179 28,896 7,676 - 85,038 1,019,789
St Francis’ Leyfields 32,383 12,651 (17,525) - - 27,509
St Editha’s Tamworth 2,315,313 123,022 (202,830) - 246,897 2,482,402
Other Funds 5,782 18,931 (16,588) - - 8,125
————— ———— ———— ———— ———— —————
3,278,613 196,842 (242,818) - 335,567 3,568,204
————— ———— ———— ———— ———— —————
St Andrew Organ FA Inv R 25,235 - - 544 3,632 29,411
St Andrew Organ Fund D - 733 (189) (544) - -
St Andrew Building Fund D - - - - - -
————— ———— ———— ———— ———— —————
St Andrew Organ Fund 25,235 733 (189) - 3,632 29,411
St Andrew Unrestricted U 1,721 12,609 (13,362) - - 968
————— ———— ———— ———— ———— —————
St Andrew Total 26,956 13,342 (13,551) - 3,632 30,379
————— ———— ———— ———— ———— —————
St Chad Parsonage E 372,384 - - - 33,815 406,199
St Chad Verger’s House E 299,237 - - - 27,173 326,410
St Chad Church Hall R 148,953 - - - 13,526 162,479
St Chad FA Investment U 85,048 - - - 10,524 106,371
St Chad CA Inv R 15,000 - - - - 15,000
St Chad Unrestricted U (22,443) 28,896 7,676 - - 14,129
————— ———— ———— ———— ———— —————
St Chad Total 898,179 28,896 7,676 - 85,038 1,019,789
————— ———— ———— ———— ———— —————
St Francis Building D 25,551 13 - - - 25,564
St Francis Unrestricted U 6,832 12,638 (17,525) - - 1,945
————— ———— ———— ———— ———— —————
St Francis Total 32,383 12,651 (17,525) - - 27,509
————— ———— ———— ———— ———— —————
St Editha Cottage R 186,192 - - - 16,907 203,099
St Editha Church Hall R 347,256 - - - 30,998 378,254
————— ———— ———— ———— ———— —————
St Editha Properties 533,448 - - - 47,905 581,353
————— ———— ———— ———— ———— —————
Perrycrofts Fund FA Inv R 90,222 - - (56,000) 12,850 47,072
Perrycrofts Fund CA Inv R 315 - - - - 315
————— ———— ———— ———— ———— —————
Perrycrofts Proceeds
Fund 90,537 - - (56,000) 12,850 47,387
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-21 Resources Expended Gain/Loss at 31-Dec-21
£ £ £ £ £ £
St Editha Organ FA Inv R 38,186 - - - 6,698 44,884
St Editha Organ CA Inv R 5,295 3 - - - 5,298
St Editha Organ Fund R (4,309) - (764) - - (5,073)
————— ———— ———— ———— ———— —————
St Editha Organ Fund 39,172 3 (764) - 6,698 45,109
————— ———— ———— ———— ———— —————
St Editha Choir FA Inv E 12,800 - - - 1,840 14,640
St Editha Choir CA Inv R 4,267 2 - - - 4,269
St Editha Choir Fund D - 372 (372) - - -
————— ———— ———— ———— ———— —————
St Editha Choir Fund 17,067 374 (372) - 1,840 18,909
————— ———— ———— ———— ———— —————
St Editha Clock R - - - - - -
St Editha Audio System R 20,519 - (1,721) - - 18,798
————— ———— ———— ———— ———— —————
St Editha Specific Rest’n 20,519 - (1,721) - - 18,798
————— ———— ———— ———— ———— —————
St Editha Fabric FA Inv E 665,641 - - - 95,711 761,352
St Editha Fabric CA Inv R 112 - - - - 112
St Editha Restoration A/C R 54,602 29,941 (24,489) - - 60,054
————— ———— ———— ———— ———— —————
St Editha Other Rest’n 720,355 29,941 (24,489) - 95,711 821,518
————— ———— ———— ———— ———— —————
St Editha Hall FA Inv E 29,230 - - - 4,203 33,433
St Editha Clergy FA Inv E 1,490 - - - (12) 1,478
St Editha Youth FA Inv E 2,827 - - - 406 3,233
St Editha Altar Guild D 1,038 - (34) - - 1,004
————— ———— ———— ———— ———— —————
St Editha Other Funds 34,585 - (34) - 4,597 39,148
————— ———— ———— ———— ———— —————
St Editha General FA Inv E 31,332 - - - 4,505 35,837
St Editha Godderidge Inv U 451,679 - - 300,000 72,791 824,470
St Editha General A/Cs U 376,619 92,704 (175,450) (244,000) - 49,873
————— ———— ———— ———— ———— —————
St Editha General Funds 859,630 92,704 (175,450) 56,000 77,296 910,180
————— ———— ———— ———— ———— —————
St Editha Total 2,315,313 123,022 (202,830) - 246,897 2,482,402
————— ———— ———— ———— ———— —————
Other Unrestricted funds U 5,782 18,931 (16,588) - - 8,125
————— ———— ———— ———— ———— —————
Total Other Funds 5,782 18,931 (16,588) - - 8,125
————— ———— ———— ———— ———— —————
Total Funds 3,278,613 196,842 (242,818) - 335,567 3,568,204
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

12 Funds Totals
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-21 Resources Expended Gain/Loss at 31-Dec-21
£ £ £ £ £ £
Total Unrestricted funds U 905,238 165,778 (215,249) 56,000 83,315 995,082
Total Designated funds D 26,589 1,118 (595) (544) - 26,568
Total Restricted funds R 931,845 29,946 (26,974) (55,456) 84,611 963,972
Total Endowment Funds E 1,414,941 - - - 167,641 1,582,582
————— ———— ———— ———— ———— —————
3,278,613 196,842 (242,818) - 335,567 3,568,204
————— ———— ———— ———— ———— —————
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-20 Resources Expended Gain/Loss at 31-Dec-20
£ £ £ £ £ £
Total Unrestricted funds U 58,933 949,712 (211,988) 102,264 6,407 905,238
Total Designated funds D 26,596 1,161 (821) (347) - 26,589
Total Restricted funds R 929,700 22,670 (27,019) (51,917) 58,411 931,845
Total Endowment Funds E 1,374,964 - - (50,000) 89,977 1,414,941
————— ———— ———— ———— ———— —————
2,390,193 973,543 (239,818) - 154,795 3,278,613
————— ———— ———— ———— ———— —————

Description of Funds

Unrestricted 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 purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Restricted funds are those funds that must be spent on restricted purposes and Endowment funds are funds where the capital must be retained.

The majority of investments are held the CCLA CBF Church Of England Investment Funds either directly or by funds controlled by the Diocese.

The only specific St Andrew's fund is their organ fund which includes a bequest from the estate of Rev Michael J Pacey a former local area minister.

St Chad's funds include the three properties two of which, the Parsonage and Vergers house, being left under endowment with details held by the Diocese. Their fixed asset investments are held by the Diocese as account 835. Their other investments are held in a CCLA CBF COE Deposit account.

The only specific St Francis fund is their building fund held in a CCLA CBF COE Deposit account.

St Editha's funds include the two remaining properties, and investments for the organ, choir, church hall and other specific restoration funds as well as the main restoration and general funds. Other than the properties the funds are either invested or on deposit with the CCLA or in the Nat West Bank.

Three funds were invested with CCLA by the Diocese as accounts 1160, 1221 & 1751. The remaining funds were invested directly with the CCLA apart from £1k left in an old M&G Investments, Charibond.

The new unrestricted CCLA investment account has been set up in the name of Alan Edward Godderidge to commemorate his bequest for unrestricted purposes.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

13
SOFA Comparatives
Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Incoming resources
Donations & legacies 900,952 - 5,123 - 906,075
Charitable activities 19,070 - 455 - 19,525
Other trading activities 18,800 - - - 18,800
Investments 10,890 1,161 17,092 - 29,143
Other - - - - -
———— ——— ———— ———— ————
Total incoming 949,712 1,161 22,670 - 973,543
———— ———— ———— ———— ————
Resources expended
Raising funds - - - - -
Charitable activities 212,078 821 27,019 - 239,918
Other - - - - -
———— ——— ———— ———— ————
Total expended 212,078 821 27,019 - 239,918
———— ——— ———— ———— ————
Net before transfers 737,634 340 (4,349) - 733,625
Transfers between funds 102,264 (347) (51,917) (50,000) -
———— ——— ———— ———— ————
Net funds movement 839,898 (7) (56,266) (50,000) 733,625
Gains on revaluations
Fixed assets - - 44,118 43,811 87,929
Investments 6,407 - 14,293 46,166 66,866
———— ——— ———— ——— ————
Total funds movement 846,305 (7) 2,145 39,977 888,420
Funds at 1 January 58,933 26,596 929,700 1,374,964 2,390,193
———— ——— ———— ———— ————
Funds at 31 December 916,037 26,589 931,845 1,414,941 3,278,613
———— ———— ———— ———— —————

14 Related Party Tranactions

There were no related party transactions in the year.