PENN FIELDS PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 December 2024 Unrestrlcted Re$tri¢tod Endowment Total Funds 2024 2023 Nots INCOMING RESOURCES Donations and legacEs Other voluntary incoming resources Other income from operating activitEs 21a) 174,697 174,697 165,878 21b 19,476 19,476 8,537 2{c) 19,838 19,838 19,898 Income from investments 21d) 7,353 7,353 7,278 TOTAL INCOMING RESOURCES 221,365 221,365 201,592 RESOURCES EXPENDED Grants Activities directly relating to work of the Church 31a 12,956 12,956 9,754 31b) 191,121 191,121 181,711 Fundraising and publicity Church management and admin istration 31c) 3,522 3,522 1,901 31d) 26,978 26,978 27,812 TOTAL RESOURCES EXPENDED 234,577 234,577 221,179 NET INCOMING RESOURCES (13,213) (13,213) (19,587) GAINS ON INVESTMENTS Unrealised 6,148 6.148 16,698 NET MOVEMENT IN FUNDS (13,213) 6,148 (7,064) 12,889) BALANCES BROUGHT FORWARD AT 1 JANUARY 2024 34,457 262,716 297,173 300,061 BALANCES CARRIED FORWARD AT 31 DECEMBER 2024 21,244 268,864 290,109 297,173
PENN FIELDS PAROCHIAL CHURCH COUNCIL BALANCE SHEET Year ended 31 December 2024 2024 2023 Note FIXED ASSETS: Tangible assets Investments 233,864 227,116 Debtors Cash at bank and in hand 39,000 70,746 43,629 84,153 109,745 127,783 LIABILITIES: Amounts falling due withln one year NET CURRENT ASSETS (8,500) (8,325} 101,245 119,457 LIABILITIES.. Amounts falling more than one year 9A (45,000) (50,000) TOTAL ASSETS LESS CURRENT LIABILITIES 290,109 297,173 NET ASSETS 290,109 297,173 FUNDS Unrestricted Restricted Endowment 21,244 268,864 34,457 262,716 290,109 297,173 Approved by the Parochial Church Councll at the meeting on 22nd April 2024 And signed on its behalf by: Rev. P H Smith (PCC Chairman)
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 1. STATEMENT OF ACCOUNTING POLICIES A summary of the principal accounting policies adopted {which have been applied consistently, except where noted), judgements and key sources of estimated uncertainty, is set out below. Basi8 of flnancial ststsments The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Regulations 2006 goveming the individual accounts of PCCS, and with the Regulations "true and fair view" provisions. They have also been prepared in accordance with the Charities SORP (FRS 102). The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{sl to these accounts. The financial statements include all transactions, assels and liabilities for which the PCC is responsible in law. They do not include the accounts of Church groups that owe their affiliation to another body, nor those that are informal gatherings of church members. General funds represent the funds of the PCC that are not subject to any special restrlctions regarding their use and are available for application to the general purposes of the PCC. All unrestricted funds In the individual DCC accounts are assumed to become restricted funds in the PCC aggregated accounts, i.e. restricted for the use of the particular DCC. The PCC has a single pemianent endowment created by a legacy from the Will of Mrs Mary Grainger. This will provides for the PCC to invest the capital in perpetuity, the income from which may be used for various works within the church. The accounts include all transactions, assets and liabilities for which.the PCC is responsible in law. They do not include the accounts of other church groups that owe their main affiliation to another body. nor those that are informal gatherings of Church members. Golng concern There are no material uncertainties related to events or conditions that cast significant doubt on the Charity's ability to continue as a going concern. Cash flow statement The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a cash flow statement on the grounds that the income does not exceed £500,000. Fund accountlng Voluntary income and Gapital sources Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under covenant is recognised only when received. Income tsx recoverable on covenants or gift aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due. Funds raised by fetes and similar events are accounted for gross. Sales of books and other good5 from the church stall are accounted for gross.
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 STATEMENT OF ACCOUNTING POLICIES- continued Other ordinary income Income from the sale of church assets is recognised when entitlement is reasonably certain. Income from investmonts Interest is accounted for when receivable. Tax recoverable on such income is recognised in the same Resources expended Grants Grant8 and donations are accounted for when pald over, or when awarded, if that award creates a bindlng obligation on the PCC. Activities directly relating to the work Ot Ine Liiurch The diocesan quota or parish share is accounted for when payable. Any quota unpaid at 31 December is provided for In these accoLsnts as an operational Ilhough not a legal) liability and is shown as a creditor in the Balance Sheet. Major building work is accounted for when payable. Any unpaid arnounts at the year end are shown as a creditor in the balance sheet. Flx8d As88ts Consecrated land and buildings and movable church furnishlngs Consecrated and benefi'ced property is excluded from the accounts by s.10(2)(a) of the Charities Act2011. No value is placed on movable church furnishings held by the churchwardens or special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written-off as expenditure in the SOFA and separately disclosed. Other Ilxtures, flttlngs and offlce 8quipm•nt Equipment used withln the church premises 1$ depreciated on a stralght line basis over 5 years. Individual items of equipment with a purchase prlce of less than £500 are wrltten off when the asset is acquired. Investments All investments are included at market value at the end of the current year. Realised gains (or losses) are recognised when investments are sold. Unrealised gains (or losses) are accounted for on the revaluation of investments at the year end. Current Assets and Liabilities Current assets Amounts owing to the PCC at the year end in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. urrent liaDilits"es Amounts owing by the PCC at the year end in respect of fees and other expenditure are shown as creditors.
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 INCOMING RESOURCES Unrestricted Restricted Endowment Funds Funds Fund Total Funds 2024 2023 2(a) Incoming ReSoUeS from donors Covenants Income tax recoverable on covenants Uncovenanted Collections (open plate) at all services Gift Days Sundry donations Other sundry income Contras Restricted Income from Development Fund 114,059 30,017 6,056 8,532 4,350 10,200 1,481 114,059 30,017 6,056 8,532 4,350 10,200 1,481 120,852 22,179 8,486 2,964 1,956 9,160 19 263 174 697 165,878 2(b) Olher voluntary incoming resources Grants Missonary Societies Home Development fund donation Donations, appeals, etc Fetes, bazaars, other fundraising events 7,418 7,418 4,509 8,744 3,314 8,744 1,092 21c) Incoming resources fmm operating aclivity Magazines Café Ring Fenced Projects Bookstall Church hall lettings etc Fees Other Income 1,547 1,547 11,944 4,928 1,419 19,838 11,944 4,928 9.644 10,254 19.838 19,898 2(d) Incon from investments Dividends and interest 7,353 7,353 7,278 7,353 7,278 TOTAL INCOMING RESOURCES 221,365 221,365 201,592
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 RESOUCES EXPENDED Totsl Funds 2024 Total Funds 2023 Unrestricted Restrictsd Endowment Funds Funds Fund 31al Grants Missionary and charitabl8 giwng Church overseas.. Cross Links -missionary societies Other Charities and societies ov8rseas Overprovisions prlor years 4.485 4,663 606 1,000 11.956 1,000 11,9S6 3(b) Actlvltl@s dlr8Ctly r81ating to the Church Ministry.. -Diocesan quola -clergy Expenses Church running exp8nses Church maintenance Church hall running expenses Lega & Professional - Quinquennial inspection fees Vicars fees to diocese Office equipment repairs Fanllies and Childrens workers 103,416 5,278 35,575 21,970 103,416 5,278 35.575 21,970 101 ,675 3,757 33,830 16,191 1,416 107 1,700 23,0.35 181 711 1,049 448 23,386 1,049 191121 31cl Costs of generating funds Fund-raising events 1,901 3(d) Church management and administration External organisl fees Youth Project Wages Printing, poslage and stationary Rent Equlpment Accountants. fe8S Teaching noteslBibles Miscellaneous Development fund 166 166 780 750 12,672 3,129 15,149 1,793 15,149 1,793 2,074 1,739 3,713 2,344 2,074 1,739 3,713 2,344 1,621 3,108 5,752 26.978 27.812 TOTAL RESOURCES EXPENDED 234,577 234,577 221,179 10
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 STAFF COSTS 2024 2023 Wages and salaries 38,534 35,707 FIXED ASSETS Fixtur&s and frttings Tangible fixed assets COST At 1 January 2024 (estimated value) Additions 48,782 At 31 December 2024 48,782 DEPRECIATION At 1 January 2024 (200/0 Straight line) Charge 48,782 At 31 December 2024 48,782 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Fixed assets acquired before 1 January 1996 were previously written off to the Income and Expenditu account. The gross book value brought forward above includes the approximale value of these assets as at 1 January 1996. 11
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 INVESTMENTS 2024 2023 Lichfield Diocesan Trust Market value at 1 January 2022 227.716 218.053 Unrealised gainllloss) on investmènt 6,148 16,698 Cash Invèstments Withdrawal (7,0351 Market valu8 at 31 December 2023 233,864 227.716 ANALYSIS OF NET ASSETS BY FUND Unrgstrlctod R8strlctod Endowmènt Fund Fund Fund Totsl Fixed assets Currènt assets Current liabilities Liabilit$ more than on8 year 233,864 35.000 233,804 109,745 8,5001 74,745 18,5001 45,CN)O 21,244 268,864 290.109 DEBTORS 2024 2023 Income lax recoverable Prepaymanls Other Debtors 4,000 4,000 1.330 38,300 39.1)00 43,829 12
PENN FIELDS PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 9. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Ac¢ruaL8 Endownment Fund- Salary Balance Partsh Share Other crèditors 6,500 140 2,000 8,185 8,500 8,325 9A. LIABILITIES: AMOUNTS FALLING DUE MORE THAN ONE YEAR 2024 2023 Loan - develcpment fund Mary Graingér Fund 35,000 35,000 Loans from members 10,000 15,000 45.000 50,000 Balance Brought Foard 01.01.24 Balance Carrled Forward 31.12.24 Movement in Funds Incomè Expenditure Gains and Losses St Philip's general fund St Aidan's general fund St Philip's endowment fund St Philip's development fund St Philip's youth project St Philip's holiday club Busy Bees and Mums and Toddlers St Philip's The Hub 20,729 17,111 262,716 {42,420) 6,054 91,778 25,024 7,248 1,981 9,776 {106,352) 122,9931 17,248) 6,155 19,142 268,864 140,439) 15,410 8,148 {420) 1,973 2,159 549 2,275 {405) {2,512} 2,117 1,922 268,322 138,630 1139,9291 94,648 1234,577} 8,148 273,171 16,938 290,109 St. Joseph's DCC 28,851 297,173 82,735 221,365 6,148 11. RECONCILIATION OF MOVEMENTS ON AGGREGATED FUNDS 2024 2023 Balance brought forward ExsS of income over expenditure Gains and losses Balan eArried fotward 297,173 113.213> 6,148 290 109 300.061 {19,5861 16.698 297.173 13
Balance Brought Fomard 01.01.23 Balanc8 Carried For*vard Movement in Funds Income Expenditure Gains and Losses 31.12.23 St Philip's general fund St Aidan's general fund St Philip's endowment fund St Philip's development fund St Philip's youth project St Philip's holiday club Busy Bees and Mums and Toddlers St Philip's The Hub 49,215 16,430 253,053 {45,927) 1,499 850 2,021 1,548 70,838 23,743 7,200 3,508 11,951 (99,325) (23,0621 114,2351 20,729 17,111 262,716 (42,420) 6,054 16,698 (7,3961 (850) (707) {1,195) 658 1,805 1,973 2,159 278,689 119,704 (146,7691 74,409 (221,177) 16,698 268,322 St. Joseph's DCC 21,372 81,888 201,592 28,851 297,173 300.061 16,698 13