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2022-12-31-accounts

Registered Charity Number: 1133982

THE PAROCHIAL CHURCH COUNCIL

OF

THE ECCLESIASTICAL PARISH OF TAMWORTH

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

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 2022

The trustees present their report and financial statements for the year ended 31 December 2022.

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 Fr A Lythall (Licenced 09/03/23) Rev B N Whitmore (Temporary Vicar of Tamworth Appointed 08/03/22 Resigned 31/12/22) Rev V Van Den Bergh (Retired 31/07/22)

Lay Ministers

Readers: S Croft (Appointed 16/01/23); A Newbold (Licenced 06/08/22); S Rose (Licenced 14/02/23); L Sandford (Licenced 03/09/22); A Treadwell (Licenced 04/09/21) Lay Pioneer Minister: W Van Den Bergh (Resigned 31/07/22)

Churchwardens

Parish: B Brookman; K Dawson (Appointed 22/05/23); G Wilkinson (Resigned 22/05/23) St Andrew: V Attwood, J Beadle (Died 11/04/23), C Simpson (Appointed 07/05/23) St Chad: K Dawson; S Rose

St Editha: B Brookman; G Wilkinson (PCC Secretary) St Francis: C Grant (Resigned 04/05/23); S Palin (Appointed 04/05/23); L Stanford

Deanery Synod Representatives

St Andrew: I Gibson. St Chad: A Nicholls. St Editha: G Wilkinson

DCC Representatives

St Chad: J Walker (Appointed 19/07/22) St Editha: C Davies, N Cross (St Editha Appointed 26/04/22)

Elected Members

D Biggs (Appointed 22/05/23), N Bradley, J Cotterill (PCC Treasurer), B Farrell, J Mulvey (PCC Lay Chair), K Pratt (Appointed 22/05/23)

Other

Independent Examiner

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

Banker:

Lloyds Bank, 17 George Street, Tamworth, B79 7LW

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

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 all four churches.

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

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 2022

D Achievements and Performance

2022 saw the beginnings of a new awakening across the parish. With the loss of two clergy (Rev Brian Rostill from St Chad’s and Rev Viv Van Den Burgh from St Francis) due to retirement and the coming of Preb Rev Ben Whitmore as an interim priest, changes gave new opportunities.

Weekly services took place in all four churches and life events continued with wedding, funerals and baptisms taking place in both St Chad’s and St Editha’s churches throughout the year.

St Andrews experimented with changing the time of their service to Saturday evenings and continued to serve its community through regular Lite Bites, social events such as Christmas Lunches, etc.

St Chad’s further developed their relationship with the local Methodist church, introducing regular joint services and nearby Thomas Barnes School who held their Christmas and end of term services at St Chad’s. Both were extremely well attended. They held a successful summer barbecue, a Remembrance Service and a Christingle and were home to the village Book of Condolences for the late Queen.

St Francis now have Rooted Church sharing their building for services, along with regular Thursday meetings for Bingo and other activities and a Mum’s group. They are also developing close ties with the local Methodist Church with some joint services.

St Editha’s held both Christmas and Summer Fayres and also began a revival of the Cherry Festival on St Editha’s Day with a walk through the town and followed by cherry-based refreshments. As the major Civic and military church in the town services were also held for Remembrance, Mayor Making, Battle of Britain Day and a service for Colin Grazier.

Castle Friends have used the church for their meetings and the Church Hall is well used by the groups from the community. The official Book of Condolences was held in St Editha’s Church along with the official proclamation of the new king.

Knit and Natter and Ladies’ Breakfast continue to meet regularly within St Editha’s with the Knitting group providing Prayer shawls where required.

The major event of 2022 was the St Editha’s re-ordering, which was completed in March 2023 and blessed by the retiring Bishop of Wolverhampton. The church now has a new refreshment area and Bookshop.

The Preb Rev Ben Whitmore brought fresh enthusiasm to the parish with some changes in services including the introduction of a Choral Tenebrae Service on Good Friday.

Christmas 2022 at St Editha’s was very busy with several schools and other choirs and organisations holding services, a revival of the Christmas Tree Festival and a very well attended Crib and Christingle service where we had the largest number of families attend ever. The choir gained members throughout the year and provided Nine Lessons and Carols and Darkness to Light Services.

In December we were lucky to appoint a new Vicar to work across the Benefice, Rev Father Andrew Lythall who was installed in March 2023 in time to supervise the opening of the new facilities. It is a time of change and hope for the parish and the start of a period of growth. We have grown in congregation with average attendance at the 10.00am service increased on previous years at St Editha’s. 2023 will, hopefully, see a new Mission Priest in the parish.

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2022

E Financial Review

Incoming resources in 2022 were £22k up on 2021 at £219k.

Income from Donors, excluding bequests, was £11k up on 2021 but bequests were £7k down at just £213. Fee income was £2k up on 2021 at £32k and fundraising is recovering and was £4k up at £9k. Trading and letting were also improved and together are £6k up at £28k.

Investment income was £7k up at £49k with a full year of income from the Godderidge bequest, but this will drop in 2023 as this bequest is funding the majority of the Pod and the Perrycroft fund continues to fall as we sell off these shares to pay the common fund.

Resources expended were £16k less than in 2021 at £227k.

The Common Fund due to the Diocese remains the largest continuing commitment. Thankfully our 2022 assessment was £24k lower than the old Parish Share annual assessment at £90k, but the 1 month Covid deduction in 2022 meant that we report a £15k saving.

Repairs to buildings were £8k, £19k lower than in 2021 which was the amount spent in 2021 for repairs to the St Editha’s tower.

The resulting net deficit was cut from £46k down to £8k.

Our property increased in value by £97k, after applying the change in the Nationwide regional house price index. However due to global unrest and domestic political changes our Investments fell in value in 2022, along with the rest of the market. They fell by £216k compared to the £213k increase in 2021.

The net movement in funds after unrealised gains & losses was therefore a fall of £127k giving total funds of £3,441k compared to £3,568k in 2021.

On our balance sheet fixed assets represent 96% of these total funds.

The individual valuations of our properties were for St Editha’s Cottage and Hall at £217k and £403k respectively, and St Chad’s Parsonage, Vergers House and Hall at £433k, £348k and £173k. However Tangible fixed assets were £285k up on 2021 at £1,762k because of the capitalisation of the construction costs incurred in the year on the St Editha’s Pods.

The value of our Fixed asset investments fell by £343k to £1,549k, £216k of this being due to the general drop in the market values. £117k of the Godderidge bequest was drawn to help fund the work on the St Editha’s Pods and to cover the shortfall in the common fund another £10k of the Perrycroft sale funds had to be sold in the year.

Net current assets were £69k lower than in 2021 at £131k with bank balances and CCLA deposits dropping by £80k to £111k.

Looking forward the increased cost of living will make it more challenging for the parish to move away from running the deficits which we have experienced for years.

On projects we are completing work on the Pods within St Editha’s and still need to raise money for the major repairs required and development of the upper floor of St Editha’s Church Hall.

F Public Benefit Statement

The trustees have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the PCC. Particular attention is paid to the specific guidance to charities concerned with the advancement of religion.

THE PARISH OF TAMWORTH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCESIASTICAL PARISH OF TAMWORTH I report lo the Iruslees on my examination of the financial statements ot The Parochial Church Council of The Ecclesiastical Parish of Tamworth (The PCCI for the year ended 31 December 2022. R•$ponsibilities and ba$1$ of report As the trustees of the PCC you are responsible for the preparation of the financial statements in accordance with the requirements ol the Charities Act 2011 Ilhe 2011 Acll. I report in respect of my examination of The PCC'S financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under se¢lion 14515llbl of the 2011 Act. Independent examinerfs stst&rnent Your attention is drawn to the fact that the charity has prepared financial stslemenls in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Aceounling and Reporting by Charities.. Slalemeril of Recommended Practice issued on 1 April 2005 whlch is referred lo in the extant regulations bul has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Praelice effective for reporting periods beginning'on or after 1 January 2015. I have compleled my examination. I confirm that no matters have Gome to my allenlion in connection with the examination giving me cause lo believe that in any rnalerial respect.. accounting records were not kept in respect of The PCC 85 required by section 130 of Ihe 2011 Act., or 2. the financial statements do not accord with those records,. or 3. the financial statements do not comply with the applicable requirements concerning the form and conlenl of accounts sel 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 examinatson I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn this report in order lo enable a proper understanding of the financial statements to be reached. Mark Jackson FCA DChA The Institute of Chartered Accountants in England and Wales Azels Audit Service5 Rulhtyn House go Lincoln Road Pelerborough PE12SP IQ J 2023

THE PARISH OF TAMWORTH

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2022

**Unrestricted ** **Unrestricted ** Designated Restricted Endowment Total Total
Notes Funds Funds Funds Funds 2022 2021
£ £ £ £ £ £
Incoming resources
Donations & legacies 2a 94,399 - 7,143 - 101,542 98,005
Charitable activities 2b 40,459 - 497 - 40,956 34,750
Other trading activities 2c 27,895 - - - 27,895 21,813
Investments 2d 29,505 1,493 17,858 - 48,856 42,274
Other 2e - - - - - -
———— ——— ———— ———— ———— ————
Total incoming 192,258 1,493 25,498 - 219,249 196,842
———— ——— ———— ———— ———— ————
Resources expended
Raising funds 3a - - - - - -
Charitable activities 3b 214,668 5,343 6,940 - 226,951 242,818
Other 3c - - - - - -
———— ——— ———— ———— ———— ————
Total expended 214,668 5,343 6,940 - 226,951 242,818
———— ——— ———— ———— ———— ————
Net before transfers (22,410) (3,850) 18,558 - (7,702) (45,976)
Transfers between funds 80,013 808 (80,821) - - -
———— ——— ———— ———— ———— ————
Net funds movement 57,603 (3,042) (62,263) - (7,702) (45,976)
Gains on revaluations
Fixed assets - - 48,530 48,646 97,176 122,419
Investments (103,797) - (12,962) (99,654) (216,413) 213,148
———— ——— ———— ——— ———— ————
Total funds movement (46,194) (3,042) (26,695) (51,008) (126,939) 289,591
Funds at 1 January 995,082 26,568 963,972 1,582,582 3,568,204 3,278,613
———— ——— ———— ———— ———— ————
Funds at 31 December 948,888 23,526 937,277 1,531,574 3,441,265 3,568,204
———— ——— ———— ———— ———— ————

Notes f 2022
f		 f 2021t
Fixed assets
Tangible assets 5 1,761,689 1,476,441
lnvestments 6 1,548,602 1,891,382
3,310,291 3,367,823
Current assets
Stock 7 10,286 10,730
Debtors
Cash at bank and in hand		 8I 17,142
111,413		 10,031
191,619
138,841 212,380
Creditors:amountsfallingdue
withinoneyear 10 {7,867) (11,ege)
Netcurrentassets 130,974 200,381
Total a$setsle$6current liabillties 3,441,265 3,568,204
Total funds 3,4/1,265 3,569,204
:
Funds
Unrestricted funds-general 948,888 995,082
Designated funds 23,526 26,568
Restricted funds 997,277 963,972
Endowment funds 1,531,574 1,582,582
Total funds 3,441,265 3,568,204
::::-:.--...:* -+-l------:-;

THE PARISH OF TAMWORTH

CONSOLIDATED CASHFLOW STATEMENT AS AT 31 DECEMBER 2022

2022
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) Operations
(67,357)
Investing Activities
Proceeds on disposal of tangible fixed
assets
-
-
Purchase of tangible fixed assets
(188,072)
-
Purchase of investments
(379)
(300,544)
Proceeds on disposal of investments
126,746
56,000
Interest received
48,856
42,274
————
————
Net cash (used in)/generated from
investing activities
(12,849)
Financing Activities
Repayment of bank loans
-
-
————
————
Net cash (used in)/generated from
financing activities
-
————
Net increase in cash and cash
equivalents
(80,206)
Cash and cash equivalents at the beginning
of the year
191,619
————
Cash and cash equivalents at end of year
111,413
————
Cash generated from operating activities
2022
£
Total funds movement
(126,939)
Adjustments for:
Investment income generated in statement of financial activities
(48,856)
Loss on disposal of tangible fixed assets
-
Fair value gains and losses on investments
216,413
Revaluation of tangible fixed assets
(97,176)
Movements in working capital:
Decrease/(Increase) in stocks
444
Decrease/(Increase) in debtors
(7,111)
Increase/(decrease) in creditors
(4,132)
————
Cash generated from/(absorbed by) operations
(67,357)
————		 2021
£
222,142
(202,270)
-
————
19,872
171,747
————
191,619
————
2021
£
289,591
(42,274)
-
(213,148)
(122,419)
799
312,094
(2,501)
————
222,142
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

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 2022

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 2022

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 2022

2 Incoming resources from:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2022 2021
£ £ £ £ £ £
Donation and Legacies 2a
Voluntary Income/Receipts
Tax efficient planned giving 42,244 - - - 42,244 39,725
Other planned giving 510 - - - 510 367
Collections at services 16,717 - - - 16,717 15,171
Other giving 13,958 - 7,143 - 21,101 17,280
Gift Aid recovered 12,447 - - - 12,447 9,866
Legacies Received 213 - - - 213 7,559
Grants 8,310 - - - 8,310 8,037
———— ———— ———— ———— ———— ————
94,399 - 7,143 - 101,542 98,005
———— ———— ———— ———— ———— ————
Charitable Activities 2b
Church Activities
Statutory Fees 32,417 - - - 32,417 30,552
Fundraising events 8,042 - 497 - 8,539 4,198
———— ———— ———— ———— ———— ————
40,459 - 497 - 40,956 34,750
———— ———— ———— ———— ———— ————
Other Trading Activities 2c
Activities for Generating Funds
Charitable trading 8,265 - - - 8,265 6,525
Commercial lettings 19,630 - - - 19,630 15,288
———— ———— ———— ———— ———— ————
27,895 - - - 27,895 21,813
———— ———— ———— ———— ———— ————
Investments 2d
Investment income 29,505 1,493 17,858 - 48,856 42,274
———— ———— ———— ———— ———— ————
29,505 1,493 17,858 - 48,856 42,274
———— ———— ———— ———— ———— ————
Other 2e
Other ordinary income - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Total 192,258 1,493 25,498 - 219,249 196,842
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

3 Expenditure on:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2022 2021
£ £ £ £ £ £
Raising Funds 3a
Cost of Generating Income
Fundraising Activities - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Charitable Activities 3b
Church Activities
Mission giving & donations 2,018 385 - - 2,403 1,285
Diocesan parish share 90,384 - - - 90,384 104,981
Salaries/wages 24,937 - - - 24,937 17,759
Clergy expenses 1,996 - - - 1,996 1,977
Church Expenses
Other running expenses 64,308 1,057 - - 65,365 62,928
Church expenses
(mission & evangelism) - - - - - -
Church utility bills 20,584 - - - 20,584 19,283
Cost of trading 4,993 - - - 4,993 3,671
Major Capital Expenditure
Repairs to church buildings - 2,714 6,940 - 9,654 26,216
Repairs to church halls - - - - - 555
Repairs to other properties - 1,187 - - 1,187 203
Governance Costs
Governance Costs 5,448 - - - 5,448 3,960
———— ———— ———— ———— ———— ————
214,668 5,343 6,940 - 226,951 242,818
———— ———— ———— ———— ———— ————
Other 3c
Loss on Disposal - - - - - -
Loan interest - - - - - -
———— ———— ———— ———— ———— ————
- - - - - -
———— ———— ———— ———— ———— ————
Total 214,668 5,343 6,940 - 226,951 242,818
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

4 Staff Costs

Salaries
Average number of full time equivalents during the year
No employee is paid over £60k
Trustee’s Emoluments		 2022
£
24,937
————
2022
Nos
1.2
——		 2021
£
17,759
————
2021
Nos
1.2
——

No Trustee received any remuneration for services as a Trustee. One trustee (2021 0 trustee) received travelling and out of pocket expenses totalling £198 (2021 £nil)

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 £14,820, of which the amount paid in the period during the year was £14,590.

5 Tangible fixed assets

angible fixed assets
Fixtures & Freehold Total
Fittings Buildings
At Cost or Valuation
As at 1 January 2022 - 1,476,441 1,476,441
Additions in year 188,072 - 188,072
Disposals in year - - -
Revaluation in year - 97,176 97,176
————— ————— —————
As at 31 December 2022 188,072 1,573,617 1,761,689
————— ————— —————

Our properties were last all inspected for revaluate February 2014 for the 2013 accounts by Smith’s estate agents and only St Editha’s church hall has had a subsequent specific valuation in 2020. 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.

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:

2022 2021
St Editha’s cottage 216,585 203,099
St Editha’s church hall 402,509 378,254
St Chad’s parsonage 433,171 406,199
St Chad’s verger’s house 348,084 326,410
St Chad’s church hall 173,268 162,479
————— —————
1,573,617 1,476,441
————— —————

The fixture and fitting addition are the cost under construction of the St Editha’s Pods incurred in 2022. This work was completed in March 2023 and will be depreciated from that date.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

6 Fixed Asset Investments

As at Additions Disposals
01-Jan
Unrestricted funds
St Chad general funds
95,572
-
-
St Editha Godderidge fund
824,470
-
(117,000)
Restricted funds
St Editha organ fund
44,884
-
-
St Editha Perrycrofts Sale
47,072
-
(9,746)
St Andrew organ fund
29,411
379
-
Endowment funds
St Editha general funds
35,837
-
-
St Editha clergy funds
1,478
-
-
St Editha fabric funds
761,352
-
-
St Editha church hall funds
33,433
-
-
St Editha choir funds
14,640
-
-
St Editha youth funds
3,233
-
-
————
————
————
1,891,382
379
(126,746)
————
————
————
7
Stock
Finished Goods
8
Debtors
Accrued Income
Other debtors and prepayments
9
Cash at bank and in hand
Cash at bank and in hand
10
Creditors: amounts falling due within one year
Other creditors and accruals		 Transfers Change in As at
market value 31-Dec
-
(9,811)
85,761
-
(93,986)
613,484
-
(4,090)
40,794
-
(5,425)
31,901
-
(3,447)
26,343
-
(4,200)
31,637
-
(214)
1,264
-
(89,227)
672,125
-
(3,918)
29,515
-
(1,716)
12,924
-
(379)
2,854
————
————
————
-
(203,155)
1,548,602
————
————
————
2022
2021
£
£
10,286
10,730
———
———
10,286
10,730
———
———
2022
2021
£
£
14,730
7,100
2,412
2,931
————
————
17,142
10,031
————
————
2022
2021
£
£
111,413
191,619
————
————
2022
2021
£
£
7,867
11,999
———
———
7,867
11,999
———
———

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

11a Analysis of Net Assets:

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets 188,072 - 792,362 781,255 1,761,689
Investment Assets 699,245 - 99,038 750,319 1,548,602
Current Assets 69,438 23,526 45,877 - 138,841
Current Liabilities (7,867) - - - (7,867)
———— ———— ———— ———— —————
948,888 23,526 937,277 1,531,574 3,441,265
———— ———— ———— ———— —————

11b Analysis of Net Assets: Comparative Year

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
———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

12
Funds Reconciliation		 12
Funds Reconciliation		 12
Funds Reconciliation
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-22 Resources Expended Gain/Loss at 31-Dec-22
£ £ £ £ £ £
St Andrew’s Kettlebrook 30,379 14,382 (11,926) - (3,447) 29,388
St Chad’s Hopwas 1,019,789 29,779 (25,618) - 49,624 1,073,574
St Francis’ Leyfields 27,509 11,931 (11,008) - - 28,432
St Editha’s Tamworth 2,482,402 141,870 (149,684) - (165,414) 2,309,174
Other Funds 8,125 21,287 (28,715) - - 697
————— ———— ———— ———— ———— —————
3,568,204 219,249 (226,951) - (119,237) 3,441,265
————— ———— ———— ———— ———— —————
St Andrew Organ FA Inv R 29,411 - - 379 (3,447) 26,343
St Andrew Organ Fund D - 773 (394) (379) - -
————— ———— ———— ———— ———— —————
St Andrew Organ Fund 29,411 773 (394) - (3,447) 26,343
St Andrew Unrestricted U 968 13,609 (11,532) - - 3,045
————— ———— ———— ———— ———— —————
St Andrew Total 30,379 14,382 (11,926) - (3,447) 29,388
————— ———— ———— ———— ———— —————
St Chad Parsonage E 406,199 - - - 26,972 433,171
St Chad Verger’s House E 326,410 - - - 21,674 348,084
St Chad Church Hall R 162,479 - - - 10,789 173,268
St Chad FA Investment U 95,572 - - - (9,811) 85,761
St Chad CCLA Deposit R 15,000 - - - - 15,000
St Chad CCLA Deposit U - - - 6,000 - 6,000
St Chad Parsonage D - - (1,187) 1,187 - -
St Chad Unrestricted U 14,129 29,779 (24,431) (7,187) - 12,290
————— ———— ———— ———— ———— —————
St Chad Total 1,019,789 29,779 (25,618) - 49,624 1,073,574
————— ———— ———— ———— ———— —————
St Francis Building D 25,564 335 - (2,714) - 23,185
St Francis Unrestricted U 1,945 11,596 (11,008) 2,714 - 5,247
————— ———— ———— ———— ———— —————
St Francis Total 27,509 11,931 (11,008) - - 28,432
————— ———— ———— ———— ———— —————
St Editha Cottage R 203,099 - - - 13,486 216,585
St Editha Church Hall R 378,254 - - - 24,255 402,509
————— ———— ———— ———— ———— —————
St Editha Properties 581,353 - - - 37,741 619,094
————— ———— ———— ———— ———— —————
Perrycrofts Fund FA Inv R 47,072 - - (9,746) (5,425) 31,901
Perrycrofts Fund R 315 3 - (318) - -
————— ———— ———— ———— ———— —————
Perrycrofts Proceeds Fund 47,387 3 - (10,064) (5,425) 31,901
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-21 Resources Expended Gain/Loss at 31-Dec-21
£ £ £ £ £ £
St Editha Organ FA Inv R 44,884 - - - (4,090) 40,794
St Editha Organ Fund R 225 69 - - - 294
————— ———— ———— ———— ———— —————
St Editha Organ Fund 45,109 69 - - (4,090) 41,088
————— ———— ———— ———— ———— —————
St Editha Choir FA Inv E 14,640 - - - (1,716) 12,924
St Editha Choir Fund R 4,269 56 - - - 4,325
St Editha Choir Fund D - 385 (385) - - -
————— ———— ———— ———— ———— —————
St Editha Choir Fund 18,909 441 (385) - (1,716) 17,249
————— ———— ———— ———— ———— —————
St Editha Audio System R 18,798 - (450) - - 18,348
————— ———— ———— ———— ———— —————
St Editha Specific Rest’n 18,798 - (450) - - 18,348
————— ———— ———— ———— ———— —————
St Editha Fabric FA Inv E 761,352 - - - (89,227) 672,125
St Editha Restoration A/C R 60,166 25,370 (6,490) (71,136) - 7,910
————— ———— ———— ———— ———— —————
St Editha Other Rest’n 821,518 25,370 (6,490) (71,136) (89,227) 680,035
————— ———— ———— ———— ———— —————
St Editha Hall FA Inv E 33,433 - - - (3,918) 29,515
St Editha Clergy FA Inv E 1,478 - - - (214) 1,264
St Editha Youth FA Inv E 3,233 - - - (379) 2,854
St Editha Altar Guild D 1,004 - (663) - - 341
————— ———— ———— ———— ———— —————
St Editha Other Funds 39,148 - (663) - (4,511) 33,974
————— ———— ———— ———— ———— —————
St Editha General FA Inv E 35,837 - - - (4,200) 31,637
St Editha Godderidge Inv U 824,470 - - (117,000) (93,986) 613,484
St Editha General A/Cs U 49,873 115,987 (141,696) 10,128 - 34,292
————— ———— ———— ———— ———— —————
St Editha General Funds 910,180 115,987 (141,696) (106,872) (98,186) 679,413
————— ———— ———— ———— ———— —————
St Editha Total 2,482,402 141,870 (149,684) - (165,414) 2,309,174
————— ———— ———— ———— ———— —————
Other Unrestricted funds U 8,125 21,287 (28,715) - - 697
————— ———— ———— ———— ———— —————
Total Other Funds 8,125 21,287 (28,715) - - 697
————— ———— ———— ———— ———— —————
Total Funds 3,568,204 219,249 (226,951) - (135,261) 3,425,241
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

12 Funds Totals

12
Funds Totals
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-22 Resources Expended Gain/Loss at 31-Dec-22
£ £ £ £ £ £
Total Unrestricted funds U 995,082 192,258 (214,668) 80,013 (103,797) 948,888
Total Designated funds D 26,568 1,493 (5,343) 808 - 23,526
Total Restricted funds R 963,972 25,498 (6,940) (80,821) 35,568 937,277
Total Endowment Funds E 1,582,582 - - - (51,008) 1,531,574
————— ———— ———— ———— ———— —————
3,568,204 219,249 (226,951) - (119,237) 3,441,265
————— ———— ———— ———— ———— —————
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
————— ———— ———— ———— ———— —————

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 2022

13 SOFA Comparatives

13
SOFA Comparatives
Unrestricted Designated Restricted **Endowment ** Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Incoming resources
Donations & legacies 85,310 - 12,695 - 98,005
Charitable activities 34,650 - 100 - 34,750
Other trading activities 21,813 - - - 21,813
Investments 24,005 1,118 17,151 - 42,274
Other - - - - -
———— ——— ———— ———— ————
Total incoming 165,778 1,118 29,946 - 196,842
———— ———— ———— ———— ————
Resources expended
Raising funds - - - - -
Charitable activities 215,249 595 26,974 - 242,818
Other - - - - -
———— ——— ———— ———— ————
Total expended 215,249 595 26,974 - 242,818
———— ——— ———— ———— ————
Net before transfers (49,471) 523 2,972 - (45,976)
Transfers between funds 56,000 (544) (55,456) - -
———— ——— ———— ———— ————
Net funds movement 6,529 (21) (52,484) - (45,976)
Gains on revaluations
Fixed assets - - 61,431 60,988 122,419
Investments 83,315 - 23,180 106,653 213,148
———— ——— ———— ——— ————
Total funds movement 89,844 (21) 32,127 167,641 289,591
Funds at 1 January 905,238 26,589 931,845 1,414,941 3,278,613
———— ——— ———— ———— ————
Funds at 31 December 995,082 26,568 963,972 1,582,582 3,568,204
———— ———— ———— ———— —————

14 Related Party Transactions

There were no related party transactions in the year.