2022-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of Redditch Holy Trinity

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Parish of Redditch Holy Trinity

Financial Statements

For the Year ended 31 December 2022

Charity Number 1134307

Parish Office:

St Stephen’s Church

Church Green West

Redditch B97 4DY

Bankers:

CAF Bank Ltd - West Malling HSBC plc - Redditch Lloyds TSB plc- Redditch

Independent Examiner:

Helen Grave BSc FCMA – Birmingham

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

	Page
Independent Examiner's Report	1
Statement of Financial Activites ('SOFA')	2
Balance Sheet	3
Cash Flow Statement	4
Notes to the Financial Statements:
1. Accounting Policies	5-6
2. SOFA Income	7
3. SOFA Expenditure	8
4. Net Transfers between Funds	8
5. Fixed Assets	9
6. Debtors	10
7. Creditors	10
8. Net Assets	11
9. Funds	11

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

INDEPENDENT EXAMINER’S REPORT TO THE PAROCHIAL CHURCH COUNCIL ('PCC') OF THE PARISH OF REDDITCH HOLY TRINITY

This report on the financial statements of the PCC for the year ended 31 December 2022, which are set out on pages 2 to 11, is in respect of an examination carried out in accordance with the Church Accounting Regulations (“the regulations”) and section 145 of the Charities Act 2011 (“the Charities Act”).

Respective responsibilities of the PCC and the Examiner

The members of the PCC are responsible for the preparation of the financial statements; you consider that an audit is not required for this year under the regulations and section 144 of the Charities Act and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 144 of the Charities Act
follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that, in any material respect, the requirements;
to keep accounting records in accordance with section 130 of the Charities Act;
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Ms Helen M Grave BSc FCMA

Lombardy House 38 Alcester Road Hollywood Birmingham B47 5NB

Page 1

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2021

STATEMENT OF FINANCIAL ACTIVITIES ('SOFA')

Unrestricted Designated Restricted Endowment £ £ £ £ 102,776 198 11,909 0 50,442 0 645 0 26,770 7,965 25,503 0 19,623 0 2,556 0 100 11,825 648 0	2022 Total £ 114,883 51,087 60,238 22,179 12,574	2021 Total £ 152,563 21,096 36,517 22,250 71,991
199,711 19,988 41,261 0	260,960	304,417
127,493 0 0 0 49,134 12,666 18,531 0 3,692 0 0 0 6,324 442 19 0 0 0 1,379 0 2,260 0 16,621 0	127,493 80,331 3,692 6,785 1,379 18,881	114,769 293,932 1,439 18,786 1,379 50,810
188,903 13,108 36,550 0	238,560	481,115
10,808 6,880 4,712 0 (2,000) 0 2,000 0	22,400 0	(176,698) (0)
8,808 6,880 6,712 0	22,400	(176,698)
(5,088) (38,931) (72,769) (412)	(117,200)	143,397
3,721 (32,051) (66,057) (412)	(94,800)	(33,301)

108,301 443,502 998,965 59,325	1,610,093	1,643,394

112,021 411,451 932,908 58,913	1,515,293	1,610,093

Page 2

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

BALANCE SHEET

Notes FIXED ASSETS Tangible assets 5 Investments 5 TOTAL FIXED ASSETS CURRENT ASSETS Debtors 6 Cash at bank and in hand TOTAL CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Amounts falling due within one year 7 NON-CURRENT LIABILITIES Amounts falling due in more than one year 7 TOTAL LIABILITIES TOTAL NET ASSETS 8 REPRESENTED BY: Unrestricted funds 9 Designated funds 9 Restricted funds 9 Endowment funds 9 TOTAL FUNDS	31/12/22 £ 3,793 1,053,620 1,057,413 6,980 469,660 476,639 1,534,052 18,559 200 18,759 1,515,293 112,021 411,451 932,908 58,913 1,515,293	31/12/21 £ 5,172 1,072,297
		1,077,469
		4,756 545,208
		549,964

		1,627,433
		16,932 408

		17,340

		1,610,093
		108,301 443,502 998,965 59,325
		1,610,093

Approved by the PCC on and signed on their behalf by:

Philip A Mitchell Chairman

Page 3

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

CASH FLOW STATEMENT Notes	£ £ £ £ 2022 2021	£ £ £ £ 2022 2021	£ £ £ £ 2022 2021
Net cash from operating activities Cash flows from investing activities: Dividends and interest received Proceeds from the sale of investment 5 Purchase of investments 5 Net cash provided by/(used in) investing activities Change in cash in reporting period Cash at 1 January Cash at 31st December	(12,263) 21,291 20,607 300,000 (84,576) (63,285) (75,548) 545,208 469,660		(222,905) 320,607

			97,702 447,506
		469,660	545,208

Reconciliation of net income/(expenditure) before investment gains: Net incoming resources before other recognised gains and losses Adjustments for: Dividends reinvested 5 Dividends and interest received from investments Depreciation charges 5 (Increase)in debtors 6 Increase/(Decrease)in creditors 7 Net cash provided by/(used in) operating activities	22,400 (176,698) (13,947) (15,911) (21,291) (20,607) 1,379 1,379 (2,223) (1,076) 1,419 (9,992) (34,663) (46,207) (12,263) (222,905)


			(222,905)

Analysis of cash: Bank current account CCLA & CAF Deposit Platform deposit accounts Float cash		269,666 199,543 450 469,660	236,261 308,507 440
			545,208

Page 4

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

1 ACCOUNTING POLICIES

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations' "true and fair view" provisions. The financial statements have been prepared under FRS102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)).

The financial statements have been prepared under the historical cost convention, except for the valuation of investment assets which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

FUNDS

Unrestricted Funds

These represent the remaining income funds of the PCC that are available for spending for general purposes at the discretion of the PCC for furthering the mission and ministry of the Church in the Parish . A General Fund reserve is used to pay all the PCC's 'everyday' expenses.

The PCC may decide to assign some of the 'unrestricted' funds to separate 'designated' funds for future use such as, for building development or maintenance, growing mission and ministry. The value of such funds is reviewed annually in the light of planned or likely actions in the next 5 years. If ‘designated’ funds are found to exceed requirements, then the surplus is released for general use.

Restricted Funds

These are income funds that must be spent on restricted purposes, confined to objectives which have been specified by the donor or the particular fund raising activity, and the PCC cannot use them for general purposes.

Endowment Funds

These are restricted fund that must be retained as trust capital either permanently or subject to a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the capital may be restricted or unrestricted.

INCOME

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resources to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable and is accounted for gross.

Page 5

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

Agency Fee Income

Certain monies are collected by the District Church Councils within the Parish as agents for other parties. These include fees for vergers, organists, bell ringers, choir, and non-stipendiary ministers, for officiating at Church occasional offices, as well as parochial fees which are remitted to the Worcester Diocesan Board of Finance Limited. These agency collections and remittances are not included in income or expenditure shown in the Statement of Financial Activities (‘SOFA’).

EXPENDITURE

Grants and donations are accounted for when paid over or when designated for charitable donation, if that designation creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and is accounted for gross.

FIXED ASSETS

Consecrated and benefice property

In so far as consecrated and benefice property of any kind is excluded from the statutory definition of 'charity' by section 10(2) (a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.

Moveable church furnishings

These are not capitalised but all items are included in the Church's inventory in any case.

Tangible fixed assets for use by the charity

Spending on computers, fixtures, fittings and equipment is capitalised where the cost exceeds £1,500. This cost is amortised over the useful life of the asset which is up to 3 years for computers and between 3 and 7 years for other assets.

Investments quoted on a recognised stock exchange or those whose value derives from them are valued at markte value at the year end.

RESERVES POLICY

The PCC policy is to maintain a General Fund reserve that is used to pay all the everyday expenses. The balance on the General Fund will be kept at a level which, where possible, is at least equal to 3 months of future everyday expenses.

The General Fund reserve at the year-end amounted to £112,021 (2021 £108,301), which represents 8 months (2021 8 months) of everyday expenses in the year. In view of the current uncertainties surrounding the energy prices crisis ,together with potential continued loss of income from regular giving, the PCC has determined that this level of General Fund is necessary.

Page 6

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

2 INCOME and ENDOWMENTS

Unrestricted Designated Restricted Endowment Funds Funds Funds Funds £ £ £ £	TOTAL 2022 £	TOTAL 2021 £
12,326 0 1,136 0 69,230 0 1,560 0 17,537 0 1,314 0 3,683 198 7,899 0	13,462 70,790 18,852 11,780	4,801 75,738 22,882 49,141
102,776 198 11,909 0	114,883	152,563
7,931 0 0 0 4,703 0 0 0 30,968 0 0 0 2,667 0 0 0 4,173 0 645 0	7,931 4,703 30,968 2,667 4,818	5,115 3,602 8,115 2,011 2,254
50,442 0 645 0	51,087	21,096
26,770 7,965 25,503 0	60,238	36,517
14,614 0 2,556 0 5,009 0 0 0	17,170 5,009	15,764 6,486
19,623 0 2,556 0	22,179	22,250
100 11,825 648 0	12,574	71,991
199,711 19,988 41,261 0	260,960	304,417

Page 7

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

3 EXPENDITURE

Unrestricted Funds Designated Funds Restricted Funds Endowment Funds £ £ £ £	TOTAL 2022 £	TOTAL 2021 £
127,493 0 0 0	127,493	114,769
4,542 0 3,085 0 34 0 0 0 1,323 0 709 0 13,218 0 0 0 15,700 12,590 14,642 0 10,531 0 0 0 3,787 77 95 0	7,627 34 2,032 13,218 42,931 10,531 3,958	6,840 2,425 2,188 10,212 257,680 10,976 3,611
49,134 12,666 18,531 0	80,331	293,932
1,027 0 0 0 712 0 0 0 1,856 0 0 0 95 0 0 0	1,027 712 1,856 95	1,213 211 0 15
3,692 0 0 0	3,692	1,439
4,066 0 14 0 400 0 0 0 0 330 0 0 1,622 0 0 0 236 112 5 0	4,080 400 330 1,622 353	3,472 350 13,082 1,122 761
6,324 442 19 0	6,785	18,786
0 0 1,379 0	1,379	1,379
0 0 1,379 0	1,379	1,379
0 0 11,905 0 4,716 2,260 0 0 0	11,905 4,716 2,260	1,826 48,705 279
2,260 0 16,621 0	18,881	50,810

188,903 13,108 36,550 0	238,560	481,115

In 2022 St. Stephen's Church spent a total of £12,919 (2021 £263,411) on the completion of the Roof Repair project, comprising maintenance costs of £12,589 (2021 £250,329) and professional fees of £330 (2021£13,082).

In 2022 St. Leonard's Church started a project to upgrade their sound system, which is due for completion in early 2023.

St. Philip's Church completed the build and fitting out of their Community Centre in 2021

4 NET TRANSFERS BETWEEN FUNDS

NET TRANSFERS BETWEEN FUNDS
2022 St. Philip General Fund to Community Centre (Restricted) Fund 2021 St. Leonard Growing Mission & Ministry Fund to General Fund Other	Unrestricted Designated Restricted Endowment £ £ £ £ (2,000) 2,000	Total £ 0
	(2,000) 0 2,000 0	0
	8,383 (8,383) 652 (540) (112)	0 (0)
	9,035 (540) (8,383) (112)	(0)

Page 8

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

5 FIXED ASSETS

Unrestricted Designated Restricted Endowment £ £ £ £	2022 Total £	2021 Total £
0 0 6,895 0 0 0 0	6,895 0	6,895 0
0 0 6,895 0	6,895	6,895
0 0 1,723 0 0 0 1,379 0	1,723 1,379	344 1,379
0 0 3,102 0	3,102	1,723
0 0 5,172 0 0 0 3,793 0	5,172 3,793	0 5,172
21,847 327,955 663,170 59,325 0 0 0 0 0 0 84,576 0 0 0 0 3,708 0 7,965 5,982 0 (1,186) (38,931) (76,671) (4,120)	1,072,297 0 84,576 3,708 13,947 (120,907)	1,212,989 (300,000) 0 0 15,911 143,397
20,661 296,989 677,057 58,913	1,053,620	1,072,297

20,661 296,989 680,850 58,913	1,057,413	1,077,469

In 2021, St. Stephen's Church sold part of their St. David's, Batchley designated fund investment to raise £300,000 towards the costs of the roof repair project.

Page 9

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

6 DEBTORS

DEBTORS
Income Tax Recoverable Sundry Debtors & Prepayments Accounts Receivable Total Debtors	Unrestricted Designated Restricted Endowment £ £ £ £	2022 Total £	2021 Total £
	2,965 284 0 3,731 0 0 0 0 0 0	3,249 3,731 0	2,069 2,587 100
	6,696 0 284 0	6,980	4,756

7 CREDITORS

Unrestricted Designated Restricted Endowment £ £ £ £	2021 Total £	2020 Total £
13,688 0 1,781 0 1,759 0 0 0 662 0 670 0	15,469 1,759 1,331	13,477 3,113 343
16,109 0 2,451 0 200 0 0 0	18,559 200	16,932 408
16,309 0 2,451 0	18,759	17,340

Page 10

Parish of Redditch Holy Trinity Financial Statements for the year ended 31 December 2022

8 NET ASSETS

NET ASSETS
FIXED ASSETS CURRENT ASSETS Debtors Cash at bank and in hand CURRENT LIABILITIES NON-CURRENT LIABILITIES FUNDS	Unrestricted Designated Restricted Endowment £ £ £ £	2022 Total £	2021 Total £
	20,661 296,989 680,850 58,913 6,696 0 284 0 100,973 114,462 254,225 0 (16,109) 0 (2,451) 0 (200) 0 0 0	1,057,413 6,980 469,660 (18,559) (200)	1,077,469 4,756 545,208 (16,932) (408)
	112,021 411,451 932,908 58,913	1,515,293	1,610,093

	Unrestricted Designated Restricted Endowment £ £ £ £	2022 Total £	2021 Total £
Balance at 1 January Incoming resources Resources expended Net Transfers between funds Investment revaluation gains/(losses) Balance at 31 December	108,301 443,502 998,965 59,325 199,711 19,988 41,261 0 (188,903) (13,108) (36,550) 0	1,610,093 260,960 (238,560)	1,643,394 304,417 (481,115)
	119,109 450,382 1,003,677 59,325 (2,000) 0 2,000 0 (5,088) (38,931) (72,769) (412)	1,632,493 0 (117,200)	1,466,696 (0) 143,397
	112,021 411,451 932,908 58,913	1,515,293	1,610,093

9 FUNDS

Page 11