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← The Parochial Church Council Of The Ecclesiastical Parish Of Tamworth

2024-12-31-accounts

Registered Charity Number: 1133982

THE PAROCHIAL CHURCH COUNCIL

OF

THE ECCLESIASTICAL PARISH OF TAMWORTH

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024

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 2024

The trustees present their report and financial statements for the year ended 31 December 2024.

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 Lay Ministers Readers: A Newbold; S Rose; L Sandford; A Treadwell (Resigned 21/03/24) Churchwardens

Parish: B Brookman; K Dawson (Resigned 30/05/24); G Wilkinson (Appointed 30/05/24) St Andrew: V Attwood; C Simpson St Editha: B Brookman; G Wilkinson St Chad: K Dawson; S Rose St Francis: S Palin; L Sandford (Resigned as Warden 10/06/25) Deanery Synod Representatives St Andrew: I Gibson. St Chad: A Nicholls (Resigned 25/05/25) DCC Representatives

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

Elected Members

D Booth (Appointed 30/05/24); N Bradley; J Cotterill (PCC Treasurer); S Cross (Appointed 25/05/25); H Draper (Appointed 25/05/25); B Farrell; J Mulvey (PCC Lay Chair); K Pratt (Resigned 20/10/25); S Whitney (Appointed 25/05/25)

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 2024

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 2024

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 2024

D Achievements and Performance

The year 2024 has been another year of growth in numbers of those attending following the arrival of Father Andrew Lythall as the new Vicar of Tamworth. Each of the 4 churches has responded in its own unique way. So, in the realisation of our objectives we have continued our mission and ministry in the following ways:

Weddings and funerals have continued across the parish, 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 with large print copies available for all who need it.

A new administrative assistant has been employed alongside a Finance Officer and systems are devolving to aid the quick turnover in payments. The local branch of NatWest has closed and the churches have had a period of upheaval while the majority of accounts across the parish have changed to Lloyds. Several NatWest accounts still survive as Lloyds do not deal with Will Trusts. Banking for these takes place in Lichfield.

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, the MP 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 courtesy of a local bakery.

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 and a service of Darkness to Light. Several school concerts took place in both St Editha’s and St Chad’s alongside a 2 night concert led by the former Mayor of the town. St Giles and the Co-operative Funeral service also held a joint remembrance service at St Editha’s.

St Andrews:

St Andrews 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 2 Children’s holiday groups helping to provide activities and food for the children of the area. These were well attended.

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. The social committee runs a number of events throughout the year extended to all church members and works and worships with the local Methodist church. There are also close links with the local school who visit the church and hold some services there. The church hall hosts a number of groups and there are close links with the village of Hopwas.

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 continued in St George’s Chapel weekly and the Chaplains run weekly Spring of Hope sessions for the homeless/poor. A collection box is situated in the West porch for donations for the Food Bank. The ‘Knit and Natter’ group has continued to thrive and they have begun to meet weekly. The Ladies Breakfast has continued to meet 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 PCC has engaged a designer to develop a brand for the church which should be available shortly. The food bank collections have continued

THE PARISH OF TAMWORTH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024

whenever the church has been open. With the opening of the new Bookshop and café areas, and staffed by volunteers, the café is beginning to thrive, serving drinks and homemade cakes 6 days a week as well as 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 inclusion 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 took place during the year with a large group of adults coming forward for confirmation.

St Francis provides

St Francis provides communion services each Sunday morning. These are led by a member of the clergy, a lay reader or 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.

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.

E Financial Review

The accounts for 2024 were again dominated by works at St Editha’s, these works were completing repairs from our last quinquennial repairs and replacement of our boilers.

We have changed the way we report on fee income in these accounts following the agency method used by Lichfield. Previously we showed fees coming into the parish as income and fees paid out as an expense but now we process the fees through the agency account that does not impact on the accounts, as a result the prior year figures have been restated.

Incoming resources in 2024 were £28k lower than 2023 at £324k.

Income from donors, excluding bequests and grants, was £14k down on 2023 at £116k but Gift Aid recovered is £10k down largely due to the inclusion of the accrual for the first time in 2023.

Bequests were the same as 2023 at £2k but grants received were £34k down mainly due to lower Listed Places of Worship VAT claims.

Charitable activities were up by £11k on 2023 with fundraising being £8k up due to events such as Lux Muralis in October.

Other trading activities were £24k up at £67k. St Chad’s parsonage was let out for part of the year taking £4k. St Editha’s bookshop takings were £4k up at £10k and a full year of St Editha’s café made £12k up on 2023 at £20k.

Investment income fell by £6k due to the reduced level of investments and other income was £9k down as there were no insurance refunds in the year.

Resources expended were £218k higher than in 2023 at £634k.

The Common Fund due to the Diocese remains the largest annual commitment and our full charge has always been based on two posts, however the charge for 2024 was reduced to £69k, £21k lower than 2023, in response to our not recruiting the second post.

Our salary cost increased by £30k to £67k in 2024. This was partially due to changes in the parish admin functions, the St Editha’s bookshop/café manager and the recruitment of a parish children’s worker, the cost of which was covered by a grant from the Diocese.

Building repairs were £190k higher than 2023 at £314k, the largest items being £239k on the quinquennial repairs to St Editha’s, £59k on the new boilers at St Editha’s and £10k on asbestos removal found to be needed when removing the old boilers.

THE PARISH OF TAMWORTH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024

Apart from this other church maintenance was £50k up on 2023 at £64k as we have carried out work at all our churches. The largest single item being the £23k spent to repair the organ at St Chad’s which was being destroyed by woodworm,

Depreciation on the project works at St Editha’s and new piano was £12k in 2024, £3k up.

The 2024 net deficit was £310k compared to £64k in 2023.

Following last year’s change in our Tangible Fixed Asset accounting policy to historic valuation there is no change in the value of our properties, however Investments rose by £37k with the market recovery compared to the £117k rise in 2023.

The net movement in funds after unrealised gains & losses was therefore a decrease of £273k, compared to the £54k increase in 2023, giving total funds of £2,323k.

Our total fixed assets fell by £250k to £2,295k with £1,264k tangible and £1,031k intangible assets.

Tangible fixed assets increased following the purchase of a Steinway piano at St Editha’s, that is being written down over 20 years and was at £20k.

The value of our Fixed asset investments fell by £258k to £1,031k, again mainly due to the movements to fund the work in St Editha’s.

Current assets were £10k down on 2023 at £111k, with cash at bank and in hand dropping by £27k to £79k, and current liabilities rose by £14k at £84k.

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.

G Reserves Policy

Free reserves are maintained to provide for emergencies and if there is a temporary shortfall in income and/or surge in expenditure. The Parish aims to maintain the equivalent of at least three months operating expenditure in cash and readily liquid assets in the general unrestricted fund.

The trustees declare that they have approved the trustees’ report above.

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Signed on behalf of theie
Signature(s) y\ JNA )
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Full name(s) Mr John Frederick Mulvey

Position Trustee / PCC Vice Chair

Dated . .

-8-

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 2024. Responsibilities and basis of report As the trustees of the PCC you are responsible for the preparation of the f5nancial 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 carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b> of the 2011 Acl. Independent examiner's statement Since the PCC'S gross income exceeded £250,000 your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Charlered 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 stalements 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. 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 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= 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 wilh 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 state ents to be reached. ckson 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 2024

**Unrestricted ** **Unrestricted ** Designated Restricted Endowment Total Total
Notes Funds Funds Funds Funds 2024 2023
Restated
£ £ £ £ £ £
Incoming resources
Donations & legacies 2a 113,545 - 77,469 - 191,014 239,108
Charitable activities 2b 29,290 - 4,345 - 33,635 22,754
Other trading activities 2c 67,015 - - - 67,015 42,759
Investments 2d 16,681 2,378 13,579 - 32,638 38,626
Other 2e - - - - - 9,250
———— ——— ———— ———— ———— ————
Total incoming 226,531 2,378 95,393 - 324,302 352,497
———— ——— ———— ———— ———— ————
Resources expended
Raising funds 3a 7,799 - 1,400 - 9,199 434
Charitable activities 3b 218,247 8,686 385,517 - 612,450 406,463
Other 3c 11,823 - 568 - 12,391 9,134
———— ——— ———— ———— ———— ————
Total expended 237,869 8,686 387,485 - 634,040 416,031
———— ——— ———— ———— ———— ————
Net before transfers (11,338) (6,308) (292,092) - (309,738) (63,534)
Transfers between funds (25,332) - 292,978 (267,646) - -
———— ——— ———— ———— ———— ————
Net funds movement (36,670) (6,308) 886 (267,646) (309,738) (63,534)
Gains on revaluations
Fixed assets - - - - - -
Investments 9,169 - 3,819 23,798 36,786 117,228
———— ——— ———— ——— ———— ————
Total funds movement (27,501) (6,308) 4,705 (243,848) (272,952) 53,694
Funds at 1 January 993,182 23,981 388,501 1,189,878 2,595,542 2,541,848
———— ——— ———— ———— ———— ————
Funds at 31 December 965,681 17,673 393,206 946,030 2,322,590 2,595,542
———— ——— ———— ———— ———— ————

THE PARISH OF TAMWORTH

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Notes 2024 2023
: Restated
£ £ £ £
Fixed assets
Tangible assets
Investments		 5
6		 1,264,453
1,030,561		 1,256,200
4,288,421
2,295,014 2,544,621
Current assets
Stock 7 7,083 5,951
Debtors 8 24,660 8,375
Cash at bank and in hand 9 79,336 106,463
111,709 120,789
Creditors: amounts falling due
within oneyear 10 (83,503) (69,868)
Netcurrent assets 27,576 50,921
Total assets less current liabilities 2,322,590 2,595,542
Total funds 2,322,590 2,595,542
Funds
Unrestricted funds—general general 965,681 993,182
Designated funds 17,673 23,981
Restricted funds 393,206 388,501
Endowmentfunds 946,030 1,189,878
Totalfunds 2,322,590 2,595,542

For and on-behalf of the PCC

----- Start of picture text -----
Mr John Frederick Mulvey
Trustee / PCC Hee Cr air
Dated: | |
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-11-

THE PARISH OF TAMWORTH

CONSOLIDATED CASHFLOW STATEMENT AS AT 31 DECEMBER 2024

2024
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) Operations
(333,767)
Investing Activities
Proceeds on disposal of tangible fixed
assets
-
-
Purchase of tangible fixed assets
(20,644)
(403,062)
Purchase of investments
-
(97,872)
Proceeds on disposal of investments
294,646
475,281
Interest received
32,638
38,626
————
————
Net cash (used in)/generated from
investing activities
306,640
Financing Activities
Repayment of bank loans
-
-
————
————
Net cash (used in)/generated from
financing activities
-
————
Net increase in cash and cash
equivalents
(27,127)
Cash and cash equivalents at the beginning
of the year
106,463
————
Cash and cash equivalents at end of year
79,336
————
Cash generated from operating activities
2024
£
Surplus/(deficit) for the year
(272,952)
Adjustments for:
Investment income generated in statement of financial activities
(32,638)
Loss on disposal of tangible fixed assets
-
Depreciation of tangible fixed assets
12,391
Fair value gains and losses on investments
(36,786)
Movements in working capital:
Decrease/(Increase) in stocks
(1,132)
Decrease/(Increase) in debtors
(16,285)
Increase/(decrease) in creditors
13,635
————
Cash generated from/(absorbed by) operations
(333,767)
————		 2023
£
(17,923)
12,973
-
————
(4,950)
111,413
————
106,463
————
2023
£
53,694
(38,626)
-
9,134
(117,228)
4,335
14,198
61,701
————
(17,923)
————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

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 2024

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 2024

2 Incoming resources from:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2024 2023
Restated
£ £ £ £ £ £
Donation and Legacies 2a
Voluntary Income/Receipts
Tax efficient planned giving 35,776 - - - 35,776 48,787
Other planned giving 10,799 - - - 10,799 8,010
Collections at services 17,449 - - - 17,449 16,218
Other giving 19,973 - 18,629 - 38,602 34,191
Gift Aid recovered 13,262 - - - 13,262 22,907
Legacies Received 1,540 - - - 1,540 1,500
Grants 14,746 - 58,840 - 73,586 107,495
———— ———— ———— ———— ———— ————
113,545 - 77,469 - 191,014 239,108
———— ———— ———— ———— ———— ————
Charitable Activities 2b
Church Activities
Statutory Fees 13,147 - - - 13,147 10,694
Fundraising events 16,143 - 4,345 - 20,488 12,060
———— ———— ———— ———— ———— ————
29,290 - 4,345 - 33,635 22,754
———— ———— ———— ———— ———— ————
Other Trading Activities 2c
Activities for Generating Funds
Charitable trading 44,853 - - - 44,853 27,312
Commercial lettings 22,162 - - - 22,162 15,447
———— ———— ———— ———— ———— ————
67,015 - - - 67,015 42,759
———— ———— ———— ———— ———— ————
Investments 2d
Investment income 16,681 2,378 13,579 - 32,638 38,626
———— ———— ———— ———— ———— ————
16,681 2,378 13,579 - 32,638 38,626
———— ———— ———— ———— ———— ————
Other 2e
Other ordinary income - - - - - 9,250
———— ———— ———— ———— ———— ————
- - - - - 9,250
———— ———— ———— ———— ———— ————
Total 226,531 2,378 95,393 - 324,302 352,497
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 Expenditure on:

Unrestricted Designated Restricted Endowment Total Total
Funds Funds Funds Funds 2024 2023
Restated
£ £ £ £ £ £
Raising Funds 3a
Cost of Generating Income
Fundraising Activities 7,799 - 1,400 - 9,199 434
———— ———— ———— ———— ———— ————
7,799 - 1,400 - 9,199 434
———— ———— ———— ———— ———— ————
Charitable Activities 3b
Church Activities
Mission giving & donations 1,708 - 3,873 - 5,581 1,984
Diocesan parish share 69,144 - - - 69,144 90,384
Salaries/wages 49,372 - 17,271 - 66,643 36,973
Clergy expenses 1,366 - - - 1,366 1,605
Church Expenses
Other running expenses 58,539 8,686 48,230 - 115,455 62,543
Church expenses
(mission & evangelism) 709 - - - 709 -
Church utility bills 20,032 - - - 20,032 70,626
Cost of trading 5,794 - 8.355 - 14,149 13,825
Major Capital Expenditure
Repairs to church buildings - - 307,788 - 307,788 118,594
Repairs to church halls - - - - - -
Repairs to other properties 6,183 - - - 6,183 4,913
Governance Costs
Governance Costs 5,400 - - - 5,400 5,016
———— ———— ———— ———— ———— ————
218,247 8,686 385,517 - 612,450 406,463
———— ———— ———— ———— ———— ————
Other 3c
Depreciation 11,823 - 568 - 12,391 9,134
———— ———— ———— ———— ———— ————
11,823 - 568 - 12,391 9,134
———— ———— ———— ———— ———— ————
Total 237,869 8,686 387,485 - 634,040 416,031
———— ———— ———— ———— ———— ————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

4 Staff Costs

Salaries
Average number of full time equivalents during the year
No employee is paid over £60k
Trustee’s Emoluments		 2024
£
66,643
————
2024
Nos
2.5
——		 2023
£
36,973
————
2023
Nos
2.0
——

No Trustee received any remuneration for services as a Trustee. No trustees (2023 2 trustees) received travelling and out of pocket expenses totalling £0 (2023 £49)

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 performed 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.

Gwen resigned before the end of the year and her final annual rate was £17,846, of which the amount paid in the period during the year was £15,474.

5 Tangible fixed assets

At Cost or Valuation
As at 1 January 2024
Additions in year
As at 31 December 2024
Depreciation
As at 1 January 2024
Charged in year
As at 31 December 2024
Net Book Value
As at 1 January 2024
As at 31 December 2024		 Fixtures &
Fittings
591,134
20,644
—————
611,778
—————
9,134
12,391
—————
21,525
—————
582,000
—————
590,253
—————		 Restated
Freehold
Buildings
674,200
-
—————
674,200
—————
-
-
—————
-
—————
674,200
—————
674,200
—————		 Total
1,265,334
20,644
—————
1,285,978
—————
9,134
12,391
—————
21,525
—————
1,256,200
—————
1,264,453
—————

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 additions are for the purchase of a second hand Steinway piano.

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

The valuations of the properties are:
2024 2023
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
92,775
St Editha Godderidge fund
345,478
Restricted funds
St Editha organ fund
45,954
St Editha Perrycrofts Sale
34,929
St Andrew organ fund
29,407
Endowment funds
St Editha general fund
34,639
St Editha fabric fund
655,647
St Editha church hall fund
32,316
St Editha choir fund
14,151
St Editha youth fund
3,125
————
1,288,421
————
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

-
-
-
-
-
-
-
-
-
-
————
-
————		 Disposals

-
(27,000)
-
-
-
-
(267,646)
-
-
-
————
(294,646)
————		 Transfers

-
-
-
-
-
-
-
-
-
-
————
-
————		 Change in As at
market value 31-Dec
1,852
94,627
7,317
325,795
2,346
48,300
799
35,728
674
30,081
793
35,432
21,871
409,872
739
33,055
324
14,475
71
3,196
————
————
36,786
1,030,561
————
————
2024
2023
£
£
7,083
5,951
———
———
7,083
5,951
———
———
2024
2023
£
£
19,931
7,142
4,729
1,233
————
————
24,660
8,375
————
————
2024
2023
£
£
79,336
106,463
————
————
79,336
106,463
————
————
—
—
—
—

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

10 Creditors: amounts falling due within one year

Other creditors and accruals 2024
£
83,503
———
83,503
———		 2023
£
69,868
———
69,868
———

11a Analysis of Net Assets:

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds
£ £ £ £ £
Fixed Assets 570,177 - 224,276 450,000 1,264,453
Investment Assets 420,422 - 114,109 496,030 1,030,561
Current Assets 27,761 17,672 65,646 - 111,709
Current Liabilities (52,678) - (30,825) - (83,503)
———— ———— ———— ———— —————
965,682 17,672 393,206 946,030 2,322,590
———— ———— ———— ———— —————

11b Analysis of Net Assets: Comparative Year

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
———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

12 Funds Reconciliation

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-24 Resources Expended Gain/Loss at 31-Dec-24
£ £ £ £ £ £
St Andrew’s Kettlebrook 31,800 15,293 (16,786) - 674 30,981
St Chad’s Hopwas 679,655 54,664 (71,489) - 1,852 664,682
St Francis’ Leyfields 29,448 12,853 (24,670) - - 17,631
St Editha’s Tamworth 1,852,971 240,728 (520,118) - 34,260 1,607,841
Other Funds 1,668 764 (977) - - 1,455
————— ———— ———— ———— ———— —————
2,595,542 324,302 (634,040) - 36,786 2,322,590
————— ———— ———— ———— ———— —————
St Andrew Organ FA Inv R 29,407 - - - 674 30,081
St Andrew Organ Fund D - 816 (302) - - 514
————— ———— ———— ———— ———— —————
St Andrew Organ Fund 29,407 816 (302) - 674 30,595
St Andrew Unrestricted U 2,393 14,477 (16,484) - - 386
————— ———— ———— ———— ———— —————
St Andrew Total 31,800 15,293 (16,786) - 674 30,981
————— ———— ———— ———— ———— —————
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 92,775 - - - 1,852 94,627
St Chad CA Inv R 15,000 - - (10,000) - 5,000
St Chad CA General Inv U 5,000 - - (5,000) - -
St C Organ R - 6,298 (23,220) 16,922 - -
St C Churchyard R - - (1,010) 1,010 - -
St Chad Parsonage D - - - - - -
St Chad Unrestricted U 16,880 48,366 (47,259) (2,932) - 15,055
————— ———— ———— ———— ———— —————
St Chad Total 679,655 54,664 (71,489) - 1,852 664,682
————— ———— ———— ———— ———— —————
St Francis Building D 23,981 1,169 (8,384) - - 16,766
St Francis Cooker R - 470 (791) 321 - -
St Francis Unrestricted U 5,467 11,214 (15,495) (321) - 865
————— ———— ———— ———— ———— —————
St Francis Total 29,448 12,853 (24,670) - - 17,631
————— ———— ———— ———— ———— —————
St Editha Cottage R 124,000 - - - - 124,000
St Editha Church Hall R 200 - - - - 200
St Editha POD U 582,000 - (11,823) - - 570,177
St Editha Steinway R - - (568) 20,644 - 20,076
————— ———— ———— ———— ———— —————
St Editha Fixed Assets 706,200 - (12,391) 20,644 - 714,453
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-24 Resources Expended Gain/Loss at 31-Dec-24
£ £ £ £ £ £
St Editha Organ FA Inv R 45,954 - - - 2,346 48,300
St Editha Organ CA Inv R 5,539 253 - (5,671) - 31
St Editha Organ Fund R (6,287) - (2,710) 5,671 - (3,236)
————— ———— ———— ———— ———— —————
St Editha Organ Fund 45,206 253 (2,710) - 2,346 45,095
————— ———— ———— ———— ———— —————
St Editha Choir FA Inv E 14,151 - - - 324 14,475
St Editha Choir CA Inv R 1,584 85 - - - 1,667
St Editha Choir Fund D - 393 - - - 393
————— ———— ———— ———— ———— —————
St Editha Choir Fund 15,735 476 - - 324 16,535
————— ———— ———— ———— ———— —————
St Editha AV Fund R 17,046 - (150) - - 16,896
St Editha Hall FA Inv E 32,316 - - - 739 33,055
St Editha Fabric FA Inv E 655,647 - - (267,646) 21,871 409,872
St Editha Fabric CA Inv R 117 5 - (122) - -
St Editha Restoration A/C R 11,367 34,642 (320,223) 284,335 - 10,121
————— ———— ———— ———— ———— —————
St Editha Rest’n Funds 716,493 34,647 (320,373) 16,567 22,610 469,944
————— ———— ———— ———— ———— —————
Perrycrofts Fund FA Inv R 34,929 - - - 799 35,728
St Editha's Music fund R 9,645 1,515 (5,340) (2,978) - 2,842
St Editha's Piano fund R - 13,166 - (13,166) - -
St Editha's Painting fund R - 6,000 - (6,000) - -
St Editha's Art fund R - - - 1,500 - 1,500
St Editha's Refugee fund R - 3,361 (3,873) 512 - -
St Editha's Children's fnd R - 29,600 (29,600) - - -
St Editha Youth FA Inv E 3,125 - - - 71 3,196
————— ———— ———— ———— ———— —————
St Editha Other Funds 47,699 53,642 (38,813) (20,132) 870 43,266
————— ———— ———— ———— ———— —————
St Editha General FA Inv E 34,639 - - - 793 35,432
St Editha Godderidge Inv U 345,478 - - (27,000) 7,317 325,795
St Editha General A/Cs U (58,479) 150,710 (145,831) 9,921 - (42,679)
————— ———— ———— ———— ———— —————
St Editha General Funds 321,638 150,710 (145,831) (17,079) 8,110 318,548
————— ———— ———— ———— ———— —————
St Editha Total 1,852,971 240,728 (520,118) - 34,260 1,607,841
————— ———— ———— ———— ———— —————
Other Unrestricted funds U 697 764 (977) - - 1,455
————— ———— ———— ———— ———— —————
Total Other Funds 697 764 (977) - - 1,455
————— ———— ———— ———— ———— —————
Total Funds 2,595,542 324,302 (634,040) - 36,786 2,322,590
————— ———— ———— ———— ———— —————

THE PARISH OF TAMWORTH

NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

12 Funds Totals
Reserves Incoming Resources Transfers Recognised Reserves
at 01-Jan-24 Resources Expended Gain/Loss at 31-Dec-24
£ £ £ £ £ £
Total Unrestricted funds U 993,182 226,531 (237,869) (25,332) 9,169 965,681
Total Designated funds D 23,981 2,378 (8,686) - - 17,673
Total Restricted funds R 388,501 95,393 (387,485) 292,978 3,819 393,206
Total Endowment Funds E 1,189,878 - - (267,646) 23,798 946,030
————— ———— ———— ———— ———— —————
2,595,542 324,302 (634,040) - 36,786 2,322,590
————— ———— ———— ———— ———— —————
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
————— ———— ———— ———— ———— —————

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 2024

13 SOFA Comparatives (Restated)

Unrestricted Designated Restricted Endowment Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Incoming resources
Donations & legacies 206,369 - 32,739 - 239,108
Charitable activities 21,112 - 1,642 - 22,754
Other trading activities 42,759 - - - 42,759
Investments 18,046 1,968 18,612 - 38,626
Other 9,250 - - - 9,250
———— ——— ———— ———— ————
Total incoming 297,536 1,968 52,993 - 352,497
———— ———— ———— ———— ————
Resources expended
Raising funds 434 - - - 434
Charitable activities 278,361 5,858 122,244 - 406,463
Other 9,134 - - - 9,134
———— ——— ———— ———— ————
Total expended 287,929 5,858 122,244 - 406,031
———— ——— ———— ———— ————
Net before transfers 9,607 (3,890) (69,251) - (63,534)
Transfers between funds (787) 4,345 77,953 (81,511) -
———— ——— ———— ———— ————
Net funds movement 8,820 455 8,702 (81,511) (63,534)
Gains on revaluations
Fixed assets - - - - -
Investments 35,474 - 10,684 71,070 117,228
———— ——— ———— ——— ————
Total funds movement 44,294 455 19,386 (10,441) 53,694
Funds at 1 January 948,888 23,526 369,115 1,200,319 2,541,848
———— ——— ———— ———— ————
Funds at 31 December 993,182 23,981 388,501 1,189,878 2,595,542
———— ———— ———— ———— —————

14 Related Party Transactions

There were no related party transactions in the year.