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← The Parochial Church Council Of The Ecclesiastical Parish Of Tamworth

2023-12-31-accounts

Registered Charity Number: 1133982

THE PAROCHIAL CHURCH COUNCIL

OF

THE ECCLESIASTICAL PARISH OF TAMWORTH

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

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 2023

The trustees present their report and financial statements for the year ended 31 December 2023.

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 Andrew Lythall (Licenced 09/03/23)

Lay Ministers

Readers: A Newbold;

S Rose (Licenced 14/02/23); L Sandford (Licenced 03/09/23); A Treadwell (Resigned 21/03/24)

Churchwardens

Parish: B Brookman; K Dawson (Appointed 22/05/23, Resigned 30/05/24); G Wilkinson (Resigned 22/05/23, Appointed 30/05/24)

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

St Francis: C Grant (Resigned 22/05/23); S Palin (Appointed 22/05/23); L Stanford

Deanery Synod Representatives

St Andrew: I Gibson. St Chad: A Nicholls (Appointed 22/05/23)

DCC Representatives

St Andrew: M Goldsworth (Appointed 22/05/23) St Editha: C Davies (Resigned 30/05/24); N Cross (Resigned 21/03/24) St Chad: J Walker

Elected Members

N Bradley; D Booth (Appointed 30/05/24); 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, Westpoint, Lynch Wood, Peterborough, PE2 6FZ.

Banker:

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

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

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 2023

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 2023

D Achievements and Performance

The year 2023 has been a year of exceptional challenge in the light of the completion of the reordering works at St Editha’s and the arrival of Father Andrew Lythall as the new Vicar of Tamworth. Each of the four 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, although mainly in St Editha’s and St Chad’s, and a weekly prayer diary and separate newsletter have been available to all members of the Parish Electoral roll as well as additional parties from within and outside the Parish. Paper versions of these are available weekly for distribution to those who are unable to access the technology.

Some additional civic services took place at St Editha’s: Battle of Britain, Mayor’s Service, St Editha’s Day Cherry Fayre, St George’s Day service and Remembrance Sunday. These were attended by some members of the Council and Civic dignitaries along with the other dignities from Staffordshire. The Walk of Witness on Good Friday was well attended by members of other churches across the Town, and the service in St Editha’s Square attracted passers by. Hot Cross Buns were provided by St Editha’s Church.

Outdoor carol services were held at St Francis and St Chad’s at Christmas and St Editha’s provided a service of Lessons and Carols, a crib service which was well attended, a service of Darkness to Light and several school concerts in both St Editha’s and St Chad’s alongside a two night concert led by the Mayor of the town. St Giles and the Co-operative Funeral service also held a joint remembrance service at St Editha’s

A Pastoral Team is becoming established across the parish and members have taken home communion to members of the congregation across the parish whenever possible.

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

In March 2023 the parish welcomed Rev. Father Andrew Lythall as the new Vicar of Tamworth. Following a period of regeneration, numbers of attendees at services are rising, especially at St Editha’s and the pattern of services is now established.

St Andrew’s:

St Andrew’s has continued to serve its community by holding communion services either led by the Vicar or by extension. The Lite Bite and Young at Heart groups have opened up and there were two Children’s holiday groups helping to provide activities and food for the children of the area. These were well attended. Sadly, one of the Churchwardens died during the year along with her husband. Services were held in St Andrew’s.

St Chad’s:

St Chad’s church has continued to serve its community running weekly services led by the Vicar of Tamworth, the wardens or visiting or retired clergy. The church opens on Saturday mornings for Tea and See which has a regular clientele.

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 and also refugees housed in the local Holiday Inn. English Language lessons have started in St George’s Chapel weekly and the Chaplains run weekly Spring of Hope sessions for the homeless. A collection box is situated in the West porch for donations or the Food Bank. The ‘Knit and Natter’ group has continued to thrive, meeting fortnightly, as has the Ladies Breakfast which meets on a Saturday morning every alternate month. 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. With the opening of the new Bookshop and community café areas, and staffed by volunteers, the café is beginning to thrive, serving drinks and homemade cakes six days a week as well as

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023

refreshments after the 10.00am service on Sundays. A weekly mid-week communion service takes place in St George’s Chapel and Café church operates on the first Sunday evening of the month in the café area. There have been several additional services, with the introduction of Saints’ Days, an Easter Vigil outside the church and a Maundy Thursday service with a vigil in the Lady Chapel/Garden of Gethsemane. A confirmation service is planned for early 2023.

St Francis’

St Francis’ provides communion services each Sunday morning. These are led by a member of the clergy, a lay reader of a warden. Rooted Church hold meetings on Sunday afternoons and there have been some joint services with the local Methodist church. Thursday Friends has thrived and grown.

E Financial Review

The 2023 accounts were dominated by the completion of the project works within St Editha’s, not only by the total cost of the project but on the VAT reclaimed from the Listed Places of Worship Grant scheme.

These works provide the new catering and toilet facilities that are available for services and events and have allowed us to open the new community café. They also provided the new bookshop area and the moving of our Parish office into the North Porch.

Planned repair works were also part of the project, including renovation of the crypt toilets, however unplanned repair, due to the discovery of a crypt area under the bookshop and of asbestos within the church, delayed the project and increased our repair cost.

The total cost of the new build was £591k which has been capitalised and will be depreciated over the expected life of 50 years.

Incoming resources in 2023 were £148k up on 2022 at £367k.

Income from Donors, excluding bequests and grants, was £37k up on 2022 at £130k. Bequests were £1k up on 2022 but grants received were £99k higher because of the Listed Places of Worship VAT reclaimed.

Hires and lettings were £6k up mostly due to the new Rooted Church hires of St Francis, fundraising was £4k up and the new community café in St Editha’s generated £9k income. St Editha’s also had £9k insurance refunds following the break in and theft of lead from the vestry roof in 2022. Wedding and Funeral fees fell by £7k and investment income fell by £10k due to the spend on the works in St Editha’s.

Resources expended were £204k higher than in 2022 at £430k.

The Common Fund due to the Diocese remains the largest continuing commitment. Thankfully our 2022 Common Fund assessment was £24k lower than the previous Parish Share annual assessment and this remained at £90k for 2023.

Major repairs were £113k higher than in 2022 at £124k, £82k of this being due to the project works. The largest other repairs were £7k on carpets in St Editha’s and £5k was spent on St Chad’s parsonage.

Utility bills were £50k higher than 2022 at £71k. This increase was at St Editha’s mainly because of the discovery that we have no appointed gas supplier for the Church Hall, the estimated outstanding cost resulted in a £44k provision. The remaining spend being due to renting and buying heaters following the failure of the boilers in St Editha’s which need replacing.

The costs now include £9k depreciation for the project works completed at St Editha’s.

The resulting net deficit was £64k compared to a net deficit of £8k in 2022.

With the change in our Tangible Fixed Asset accounting policy our properties are valued at £674k, however Investments rose by £117k with the market recovery compared to the £216k fall respectively in 2022.

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 Parochial Church Council of The Ecclesiastical Parish of Tamworth (The PCC) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the PCC you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

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 section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the PCC’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The PCC as required by section 130 of the 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 content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

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Mark Jackson FCA DChA The Institute of Chartered Accountants in England and Wales

Azets Audit Services Westpoint Lynch Wood Peterborough PE2 6FZ.

THE PARISH OF TAMWORTH

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2023

**Unrestricted ** **Unrestricted ** Designated Restricted Endowment Total Total
Notes Funds Funds Funds Funds 2023 2022
Restated
£ £ £ £ £ £
Incoming resources
Donations & legacies 2a 206,369 - 32,739 - 239,108 101,542
Charitable activities 2b 35,548 - 1,642 - 37,190 40,956
Other trading activities 2c 42,759 - - - 42,759 27,895
Investments 2d 18,046 1,968 18,612 - 38,626 48,856
Other 2e 9,250 - - - 9,250 -
———— ——— ———— ———— ———— ————
Total incoming 311,972 1,968 52,993 - 366,933 219,249
———— ——— ———— ———— ———— ————
Resources expended
Raising funds 3a 434 - - - 434 -
Charitable activities 3b 292,797 5,858 122,244 - 420,899 226,951
Other 3c 9,134 - - - 9,134 -
———— ——— ———— ———— ———— ————
Total expended 302,365 5,858 122,244 - 430,467 226,951
———— ——— ———— ———— ———— ————
Net before transfers 9,607 (3,890) (69,251) - (63,534) (7,702)
Transfers between funds (787) 4,345 77,953 (81,511) - -
———— ——— ———— ———— ———— ————
Net funds movement 8,820 455 8,702 (81,511) (63,534) (7,702)
Gains on revaluations
Fixed assets - - - - - -
Investments 35,474 - 10,684 71,070 117,228 (216,413)
———— ——— ———— ——— ———— ————
Total funds movement 44,294 455 19,386 (10,441) 53,694 (224,115)
Funds at 1 January 948,888 23,526 369,115 1,200,319 2,541,848 2,765,963
———— ——— ———— ———— ———— ————
Funds at 31 December 993,182 23,981 388,501 1,189,878 2,595,542 2,541,848
———— ——— ———— ———— ———— ————

Notes 2023 2022
t, t f Restatedf
Fixedassets
Tangible assets 5 1,2s6,200 862,272
lnvestments 6 1,298,421 1,548,602
2,544,621 2,410,874
Current assets
Stock
Debtors
Cashatbank and in hand		 7II 5,951
8,375
106,463		 10,286
17,142
111,413
120,789 138,841
Creditors:amounF fallingdue
withinoneyear 10 (69,868) (7,867)
Netcurrent assets 50,921 130,974
Total assets lesscurrent liabilities 2,595,542 2,541,848
Totalfunds 2,595,542 2,541,848
:
Funds
Unrestricted funds-general 993,182 948,888
Designated funds 23,981 23,526
Restrictedfunds 388,501 369,115
Endowment funds 1,189,878 1,200,319
Totalfunds 2,595,542 2,541,848
:--:---:r-----:-

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THE PARISH OF TAMWORTH

CONSOLIDATED CASHFLOW STATEMENT AS AT 31 DECEMBER 2023

2023
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) Operations
(17,923)
Investing Activities
Proceeds on disposal of tangible fixed
assets
-
-
Purchase of tangible fixed assets
(403,062)
(188,072)
Purchase of investments
(97,872)
(379)
Proceeds on disposal of investments
475,281
126,746
Interest received
38,626
48,856
————
————
Net cash (used in)/generated from
investing activities
12,973
Financing Activities
Repayment of bank loans
-
-
————
————
Net cash (used in)/generated from
financing activities
-
————
Net increase in cash and cash
equivalents
(4,950)
Cash and cash equivalents at the beginning
of the year
111,413
————
Cash and cash equivalents at end of year
106,463
————
Cash generated from operating activities
2023
£
Surplus/(deficit) for the year
53,694
Adjustments for:
Investment income generated in statement of financial activities
(38,626)
Loss on disposal of tangible fixed assets
-
Depreciation of tangible fixed assets
9,134
Fair value gains and losses on investments
(117,228)
Movements in working capital:
Decrease/(Increase) in stocks
4,335
Decrease/(Increase) in debtors
14,198
Increase/(decrease) in creditors
61,701
————
Cash generated from/(absorbed by) operations
(17,923)
————		 2022
£
(67,357)
(12,849)
-
————
(80,206)
191,619
————
111,413
————
2022
£
(224,115)
(48,856)
-
-
216,413
444
(7,111)
(4,132)
————
(67,357)
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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.

Properties are included at historic cost, where this can be identified. Where this information is not available for a property, the most historic valuation available has been used, which was the valuation available at the time the charity was registered with the Charity Commission.

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.

The capitalised pods within St Editha’s are being written down over a period of 50 years.

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

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

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 2023

1.13 Prior period adjustment

During the year, the basis for including property in the accounts has been amended. Previously the latest valuation has been used, but this has been amended to the basis included within the accounting policies. This change in basis has resulted in a reduction in net book value of property of £899,417.

2 Incoming resources from:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2023 2022
£ £ £ £ £ £
Donation and Legacies 2a
Voluntary Income/Receipts
Tax efficient planned giving 50,626 - - - 50,626 42,244
Other planned giving 445 - - - 445 510
Collections at services 17,714 - - - 17,714 16,717
Other giving 20,231 - 18,190 - 38,421 21,101
Gift Aid recovered 20,407 - 2,500 - 22,907 12,447
Legacies Received 1,500 - - - 1,500 213
Grants 95,446 - 12,049 - 107,495 8,310
———— ———— ———— ———— ———— ————
206,369 - 32,739 - 239,108 101,542
———— ———— ———— ———— ———— ————
Charitable Activities 2b
Church Activities
Statutory Fees 25,130 - - - 25,130 32,417
Fundraising events 10,418 - 1,642 - 12,060 8,539
———— ———— ———— ———— ———— ————
35,548 - 1,642 - 37,190 40,956
———— ———— ———— ———— ———— ————
Other Trading Activities 2c
Activities for Generating Funds
Charitable trading 17,600 - - - 17,600 8,265
Commercial lettings 25,159 - - - 25,159 19,630
———— ———— ———— ———— ———— ————
42,759 - - - 42,759 27,895
———— ———— ———— ———— ———— ————
Investments 2d
Investment income 18,046 1,968 18,612 - 38,626 48,856
———— ———— ———— ———— ———— ————
18,046 1,968 18,612 - 38,626 48,856
———— ———— ———— ———— ———— ————
Other 2e
Other ordinary income 9,250 - - - 9,250 -
———— ———— ———— ———— ———— ————
9,250 - - - 9,250 -
———— ———— ———— ———— ———— ————
Total 311,972 1,968 52,993 - 366,933 219,249
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Expenditure on:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2023 2022
£ £ £ £ £ £
Raising Funds 3a
Cost of Generating Income
Fundraising Activities 434 - - - 434 -
———— ———— ———— ———— ———— ————
434 - - - 434 -
———— ———— ———— ———— ———— ————
Charitable Activities 3b
Church Activities
Mission giving & donations 1,597 387 - - 1,984 2,403
Diocesan parish share 90,384 - - - 90,384 90,384
Salaries/wages 36,973 - - - 36,973 24,937
Clergy expenses 1,605 - - - 1,605 1,996
Church Expenses
Other running expenses 72,771 558 3,650 - 76,979 65,365
Church expenses
(mission & evangelism) - - - - - -
Church utility bills 70,626 - - - 70,626 20,584
Cost of trading 13,825 - - - 13,825 4,993
Major Capital Expenditure
Repairs to church buildings - - 118,594 - 118,594 9,654
Repairs to church halls - - - - - -
Repairs to other properties - 4,913 - - 4,913 1,187
Governance Costs
Governance Costs 5,016 - - - 5,016 5,448
———— ———— ———— ———— ———— ————
292,797 5,858 122,244 - 420,899 226,951
———— ———— ———— ———— ———— ————
Other 3c
Depreciation 9,134 - - - 9,134 -
———— ———— ———— ———— ———— ————
9,134 - - - 9,134 -
———— ———— ———— ———— ———— ————
Total 302,365 5,858 122,244 - 430,467 226,951
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Staff Costs

Salaries
Average number of full time equivalents during the year
No employee is paid over £60k
Trustee’s Emoluments		 2023
£
36,973
————
2023
Nos
2.0
——		 2022
£
24,937
————
2022
Nos
1.2
——

No Trustee received any remuneration for services as a Trustee. Two trustees (2022 1 trustee) received travelling and out of pocket expenses totalling £49 (2022 £198)

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 £16,255, of which the amount paid in the period during the year was £15,896.

5 Tangible fixed assets

At Cost or Valuation
As at 1 January 2023
Additions in year
Disposals in year
Revaluation in year
As at 31 December 2023
Depreciation
As at 1 January 2023
Charged in year
As at 31 December 2023
Net Book Value
As at 1 January 2023
As at 31 December 2023		 Fixtures &
Fittings
188,072
403,062
-
-
—————
591,134
—————
-
9,134
—————
9,134
—————
188,072
—————
582,000
—————		 Restated
Freehold
Buildings
674,200
-
-
-
—————
674,200
—————
-
-
—————
-
—————
674,200
—————
674,200
—————		 Total
862,272
403,062
-
-
—————
1,265,334
—————
-
9,134
—————
9,134
—————
862,272
—————
1,256,200
—————

Included within freehold buildings are given properties. One property has been included at its original cost of £200. Four properties are included at their 2008 valuation of £674,000.

The fixture and fitting brought forward were the cost under construction of the works carried out in St Editha’s Pods that were incurred in 2022. This work was completed in March 2023 and Depreciation has been charged from that date.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

The valuations of the properties are:
2023 2022
St Editha’s cottage 124,000 124,000
St Editha’s church hall 200 200
St Chad’s parsonage 250,000 250,000
St Chad’s verger’s house 200,000 200,000
St Chad’s church hall 100,000 100,000
———— ————
674,200 674,200
———— ————

6 Fixed Asset Investments

As at
01-Jan
Unrestricted funds
St Chad general fund
85,761
St Editha Godderidge fund
613,484
Restricted funds
St Editha organ fund
40,794
St Editha Perrycrofts Sale
31,901
St Andrew organ fund
26,343
Endowment funds
St Editha general fund
31,637
St Editha clergy fund
1,264
St Editha fabric fund
672,125
St Editha church hall fund
29,515
St Editha choir fund
12,924
St Editha youth fund
2,854
————
1,548,602
————
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		 Additions

-
97,304
-
-
568
-
-
-
-
-
-
————
97,872
————		 Disposals

-
(464,000)
-
-
-
-
(1,281)
(10,000)
-
-
-
————
(475,281)
————		 Transfers

-
70,230
-
-
-
-
-
(70,230)
-
-
-
————
-
————		 Change in As at
market value 31-Dec
7,014
92,775
28,460
345,478
5,160
45,954
3,028
34,929
2,496
29,407
3,002
34,639
17
-
63,752
655,647
2,801
32,316
1,227
14,151
271
3,125
————
————
117,228
1,288,421
————
————
2023
2022
£
£
5,951
10,286
———
———
5,951
10,286
———
———
2023
2022
£
£
7,142
14,730
1,233
2,412
————
————
8,375
17,142
————
————
2023
2022
£
£
106,463
111,413
————
————
106,463
111,413
————
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

10 Creditors: amounts falling due within one year

Other creditors and accruals 2023
£
69,868
———
69,868
———		 2022
£
7,867
———
7,867
———

11a Analysis of Net Assets:

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets 582,000 - 224,200 450,000 1,256,200
Investment Assets 438,253 - 110,290 739,878 1,288,421
Current Assets 42,797 23,981 54,011 - 120,789
Current Liabilities (69,868) - - - (69,868)
———— ———— ———— ———— —————
993,182 23,981 388,501 1,189,878 2,595,542
———— ———— ———— ———— —————

11b Analysis of Net Assets: Comparative Year (Restated)

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets 188,072 - 224,200 450,000 862,272
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 23,526 369,115 1,200,319 2,541,848
———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

12 Funds Reconciliation

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-23 Resources Expended Gain/Loss at 31-Dec-23
£ £ £ £ £ £
St Andrew’s Kettlebrook 29,388 15,346 (15,430) - 2,496 31,800
St Chad’s Hopwas 669,051 41,917 (38,327) - 7,014 679,655
St Francis’ Leyfields 28,432 17,848 (16,832) - - 29,448
St Editha’s Tamworth 1,814,280 279,366 (348,393) - 107,718 1,852,971
Other Funds 697 12,456 (11,485) - - 1,668
————— ———— ———— ———— ———— —————
2,541,848 366,933 (430,467) - 117,228 2,595,542
————— ———— ———— ———— ———— —————
St Andrew Organ FA Inv R 26,343 - - 568 2,496 29,407
St Andrew Organ Fund D - 785 (217) (568) - -
————— ———— ———— ———— ———— —————
St Andrew Organ Fund 26,343 785 (217) - 2,496 29,407
St Andrew Unrestricted U 3,045 14,561 (15,213) - - 2,393
————— ———— ———— ———— ———— —————
St Andrew Total 29,388 15,346 (15,430) - 2,496 31,800
————— ———— ———— ———— ———— —————
St Chad Parsonage E 250,000 - - - - 250,000
St Chad Verger’s House E 200,000 - - - - 200,000
St Chad Church Hall R 100,000 - - - - 100,000
St Chad FA Investment U 85,761 - - - 7,014 92,775
St Chad CA Inv R 15,000 - - - - 15,000
St Chad CA General Inv U 6,000 - - (1,000) - 5,000
St Chad Parsonage D - - (4,913) 4,913 - -
St Chad Unrestricted U 12,290 41,917 (33,414) (3,913) - 16,880
————— ———— ———— ———— ———— —————
St Chad Total 669,051 41,917 (38,327) - 7,014 679,655
————— ———— ———— ———— ———— —————
St Francis Building D 23,185 796 - - - 23,981
St Francis Unrestricted U 5,247 17,052 (16,832) - - 5,467
————— ———— ———— ———— ———— —————
St Francis Total 28,432 17,848 (16,832) - - 29,448
————— ———— ———— ———— ———— —————
St Editha Cottage R 124,000 - - - - 124,000
St Editha Church Hall R 200 - - - - 200
St Editha POD U 188,072 - - 393,928 - 582,000
————— ———— ———— ———— ———— —————
St Editha Fixed Assets 312,272 - - 393,928 - 706,200
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-23 Resources Expended Gain/Loss at 31-Dec-23
£ £ £ £ £ £
St Editha Organ FA Inv R 40,794 - - - 5,160 45,954
St Editha Organ CA Inv R 5,367 172 - - - 5,539
St Editha Organ Fund R (5,073) - (1,214) - - (6,287)
————— ———— ———— ———— ———— —————
St Editha Organ Fund 41,088 172 (1,214) - 5,160 45,206
————— ———— ———— ———— ———— —————
St Editha Choir FA Inv E 12,924 - - - 1,227 14,151
St Editha Choir CA Inv R 4,325 104 - (2,845) - 1,584
St Editha Choir Fund D - 387 (387) - - -
————— ———— ———— ———— ———— —————
St Editha Choir Fund 17,249 491 (387) (2,845) 1,227 15,735
————— ———— ———— ———— ———— —————
St Editha AV Fund R 18,348 - (1,302) - - 17,046
St Editha Hall FA Inv E 29,515 - - - 2,801 32,316
St Editha Fabric FA Inv E 672,125 - - (80,230) 63,752 655,647
St Editha Fabric CA Inv R 114 3 - - - 117
St Editha Restoration A/C R 7,796 39,419 (116,078) 80,230 - 11,367
————— ———— ———— ———— ———— —————
St Editha Rest’n Funds 727,898 39,422 (117,380) - 66,553 716,493
————— ———— ———— ———— ———— —————
Perrycrofts Fund FA Inv R 31,901 - - - 3,028 34,929
St Editha's Music fund R - 13,295 (3,650) - - 9,645
St Editha Clergy FA Inv E 1,264 - - (1,281) 17 -
St Editha Youth FA Inv E 2,854 - - - 271 3,125
St Editha Altar Guild D 341 - (341) - - -
————— ———— ———— ———— ———— —————
St Editha Other Funds 36,360 13,295 (3,991) (1,281) 3,316 47,699
————— ———— ———— ———— ———— —————
St Editha General FA Inv E 31,637 - - - 3,002 34,639
St Editha Godderidge Inv U 613,484 - - (296,466) 28,460 345,478
St Editha General A/Cs U 34,292 225,986 (225,421) (93,336) - (58,479)
————— ———— ———— ———— ———— —————
St Editha General Funds 679,413 225,986 (225,421) (389,802) 31,462 321,638
————— ———— ———— ———— ———— —————
St Editha Total 1,814,280 279,366 (348,393) - 107,718 1,852,971
————— ———— ———— ———— ———— —————
Other Unrestricted funds U 697 12,456 (11,485) - - 1,668
————— ———— ———— ———— ———— —————
Total Other Funds 697 12,456 (11,485) - - 1,668
————— ———— ———— ———— ———— —————
Total Funds 2,541,848 366,933 (430,467) - 117,228 2,595,542
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

12 Funds Totals

12
Funds Totals
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-23 Resources Expended Gain/Loss at 31-Dec-23
£ £ £ £ £ £
Total Unrestricted funds U 948,888 311,972 (302,365) (787) 35,474 993,182
Total Designated funds D 23,526 1,968 (5,858) 4,345 - 23,981
Total Restricted funds R 369,115 52,993 (122,244) 77,953 10,684 388,501
Total Endowment Funds E 1,200,319 - - (81,511) 71,070 1,189,878
————— ———— ———— ———— ———— —————
2,541,848 366,933 (430,467) - 117,228 2,595,542
————— ———— ———— ———— ———— —————
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 444,340 25,498 (6,940) (80,821) (12,962) 369,115
Total Endowment Funds E 1,299,973 - - - (99,654) 1,200,319
————— ———— ———— ———— ———— —————
2,765,963 219,249 (226,951) - (216,413) 2,541,848
————— ———— ———— ———— ———— —————

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

St Editha's funds include the two 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 Bank.

The remaining funds transferred into St Editha’s accounts on closure of the Alter Guild were used this year and the only new fund is the Music Fund.

Three funds were invested with CCLA by the Diocese as accounts 1160, 1221 & 1751. The remaining funds were invested directly with the CCLA. The old M&G Investments, Charibond account was closed this year.

The main 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 2023

13 SOFA Comparatives (Restated)

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Incoming resources
Donations & legacies 94,399 - 7,143 - 101,542
Charitable activities 40,459 - 497 - 40,956
Other trading activities 27,895 - - - 27,895
Investments 29,505 1,493 17,858 - 48,856
Other - - - - -
———— ——— ———— ———— ————
Total incoming 192,258 1,493 25,498 - 219,249
———— ———— ———— ———— ————
Resources expended
Raising funds - - - - -
Charitable activities 214,668 5,343 6,940 - 226,951
Other - - - - -
———— ——— ———— ———— ————
Total expended 214,668 5,343 6,940 - 226,951
———— ——— ———— ———— ————
Net before transfers (22,410) (3,850) 18,558 - (7,702)
Transfers between funds 80,013 808 (80,821) - -
———— ——— ———— ———— ————
Net funds movement 57,603 (3,042) (62,263) - (7,702)
Gains on revaluations
Fixed assets - - - - -
Investments (103,797) - (12,962) (99,654) (216,413)
———— ——— ———— ——— ————
Total funds movement (46,194) (3,042) (75,225) (99,654) (224,115)
Funds at 1 January 995,082 26,568 444,340 1,299,973 2,765,963
———— ——— ———— ———— ————
Funds at 31 December 948,888 23,526 369,115 1,200,319 2,541,848
———— ———— ———— ———— —————

14 Related Party Transactions

There were no related party transactions in the year.