# **Financial Statements of the Parochial Church Council of Wednesfield Team Ministry** **Registered Charity number 1137018** **For the year ended 31st December 2020** ## **Independent Examiner's Report and Financial Statements of the Parochial Church Council of Wednesfield Team Ministry** ## **Registered Charity number 1137018** I report on the accounts for the year ended 31st December 2020 which are set out on the following pages. ## **Respective responsibilities of the Trustees and Independent Examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (the Charities Act) that an independent examination is needed. It is my responsibility - l to examine the accounts under section 145 of the Charities Act, - l to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and - l to state whether particular matters have come ot 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the 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 accounts 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 material matters have come to my attention which gives me cause to believe that in any material repsect: - l accounting records were not kept in accordance with section 130 of the Charities Act or - l the accounts do not accord with the accounting records I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed: …………………….……………………………………… ## 04-Oct-21 Date: ………………………………………….. Jonathan Hill FCMA CGMA Lichfield Diocesan Board of Finance St Mary’s House, The Close, Lichfield WS13 7LD ## **The PCC Parochial Church Council of Wednesfield Team Ministry** ## **Financial Statements for the Year Ended 31st December 2020** ## **Receipts and Payments Account** |**RECEIPTS**
Donations and Legacies
**4a**
Activities for Generating Funds
**4b**
Income from Investments
**4c**
Church Activities
**4d**
Other
**4e**
**Total Receipts**
**PAYMENTS**
Raising Funds
**5a**
Church Activities
**5b**
Other
**5c**
**Total Payments**
**Excess of Receipts over**
**Payments**
Transfer between Funds
**8**
**Cash at Bank and In Hand at**
**1st Jan**
**6**
**Cash at Bank and In Hand at**
**31st Dec**
**6**|**Unrestricted**
**Funds**
**£**|
**Designated**
**Funds**
**£**|
**Restricted**
**Funds**
**£**|
**Endowment**
**Funds**
**£**|
**Total**
**Funds 2020**
**£**|**Total**
**Funds 2019**
**£**| |---|---|---|---|---|---|---| |||||||| ||77,177|-|4,086|-|81,263|74,528| ||8,052|-|-|-|8,052|9,872| ||12,890|-|798|-|13,688|1,017| ||13,964|-|-|-|13,964|55,485| ||-|-|-|-|-|3,688| |||||||| ||112,083|-|4,885|-|116,967|144,590| |||||||| |||||||| ||-|-|-|-|-|929| ||122,058|-|1,121|-|123,179|140,528| ||199|-|-|-|199|10,808| |||||||| ||122,257|-|1,121|-|123,378|152,265| |||||||| ||(10,175)|-|3,764|-|(6,411)|(7,675)| |||||||| |||||-|-|| |||||||| ||(10,175)|-|3,764|-|(6,411)|(7,675)| |||||||| ||57,151|5,819|7,164|-|70,134|77,809| |||||||| ||46,976|5,819|10,928|-|63,723|70,134| 7 **The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020** ## **Statement of Assets and Liabilities** |**Cash Funds**
**6**
Bank Current Accounts
CBF Deposit Accounts
Petty Cash
**31**
**Total Cash Funds**
**Other Monetary Assets**_(due to PCC)_
Gift Aid Recoverable
Other
**34**
**Total Other Monetary Assets**
**Investment Assets**
**7**
CCLA Investment Fund_(at market value)_
Other Investments
**32**
**Total Investment Assets**
**Assets Retained for Church Use**
**8**
Freehold House and Land Next to
St Albans
Moveable furnishings & office equipment
**33**
**Total Assets Retained for Church Use**
**Liabilities**_(owed by the PCC)_
Diocesan Parish Share
Other
**35**
**Total Liabilites**|**Total 2020**
**£**||**Total 2019**
**£**| |---|---|---|---| ||||| ||28,230||38,528| ||35,453||31,426| ||40||180| ||**63,723**
**70,134**||| ||||| ||||| ||2,050||4,543| ||690||4,486| ||**2,740**||**9,029**| ||||| ||||| ||28,498||26,664| ||-||-| ||**28,498**||**26,664**| ||||| ||||| ||162,000||162,000| ||8,247||8,247| ||**170,247**||**170,247**| ||||| ||||| ||12,971||18,360| ||109||447| ||**13,080**||**18,807**| ## **Approved by the Parochial Church Council on ….....................2021 and signed on its behalf by:** Signature: Name: The Revd Tom Fish (PCC Chairman) The notes on the following pages form part of these accounts 8 **The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020** ## **1 Notes to the Accounts** The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis. ## **2 Fixed Assets** Consecrated and benefice property is not included from the accounts by s.10(2)(a)&(C) 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 inalienable property, listed in the Church’s inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Other tangible fixed asssts are valued at historical cost. ## **3 Description of Funds** **Unrestricted funds** are income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its "free reserves" as disclosed in the trustees' annual report. **Restricted funds** comprise of two elements :- a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis. ## **4 Going 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 ## **5 Post year end event** The ongoing worldwide outbreak of the COVID-19 virus still represents a significant event since the end of the financial year. However, COVID-19 is considered to be a non-adjusting post year end event and therefore has not been taken into account in preparing these Financial Statements as at 31 December 2020. 9 ## **The PCC Parochial Church Council of Wednesfield Team Ministry** ## **Financial Statements for the Year Ended 31st December 2020** |**RECEIPTS**
**4**
**Donations and Legacies**
**_Voluntary Receipts_**
**4a**
**_1_**
Tax efficient planned giving
**_2_**
Other planned giving
**_3_**
Collections at services
**_4_**
All other giving and voluntary receipts including
special appeals
**_6_**
Gift Aid Recovered
**_7_**
Legacies Received
**_8_**
Grants (recurring and one-off)
**_Activities for Generating Funds_**
**4b**
**_9_**
Summer Fete
**_9_**
Christmas Fair
**_9_**
Other Fundraising Activities
Finance Form
Box Number|**Unrestricted**
**Funds**
**£**|
**Designated**
**Funds**
**£**|**Restricted**
**Funds**
**£**|
**Endowment**
**Funds**
**£**|
**Total Funds**
**2020**
**£**|**Total Funds**
**2019 £**| |---|---|---|---|---|---|---| |||||||| |||||||| |||||||| ||39,822|-|-|-|39,822|34,296| ||7,279|-|900|-|8,179|7,165| ||7,212|-|3,186|-|10,399|10,080| ||8,090||-|-|8,090|4,764| ||10,815|-|-|-|10,815|10,794| ||-|-|-|-|-|-| ||3,959|-|-|-|3,959|7,429| ||**77,177**|**-**|**4,086**|**-**|**81,263**|**74,528**| |||||||| |||||||| |||||||| |||-|-|-|-|3,846| ||2,615|-|-|-|2,615|6,026| ||5,437|-|-|-|5,437|-| ||**8,052**|**-**|**-**|**-**|**8,052**|**9,872**| 10 ## **RECEIPTS** _continued_ |**_Receipts from Investments_**
**4c**
**_10_**
Dividends
Rental income
**_10_**
Bank Interest
**_Church Activities_**
**4d**
**_11_**
Statutory Fees (retained by PCC)
**_12_**
Church Hall Hire
**_12_**
Sunday morning coffee
**_12_**
Parish Magazine
**_12_**
Weddings and Banns
**_12_**
Pop In
**_12_**
TLC, Kids Church, WLTDO, Lunch Club
**_12_**
Rental Ashmore Autos
**_12_**
Rental Duke Street
**_12_**
Other trading activities
**_Other Receipts_**
**4e**
**_13_**
Other
**_13_**
**A**
**Total Receipts**|**Unrestricted**
**Funds**
**£**|
**Designated**
**Funds**
**£**|**Restricted**
**Funds**
**£**|
**Endowment**
**Funds**
**£**|
**Total Funds**
**2020**
**£**|**Total Funds**
**2019 £**| |---|---|---|---|---|---|---| |||||||| |||-|798|-|798|775| ||12,654||||12,654|| ||236|-||-|236|242| ||**12,890**|**-**|**798**|**-**|**13,688**|**1,017**| |||||||| ||5,695|-|-|-|5,695|12,039| ||7,276|-|-|-|7,276|17,838| |||-|-|-|-|2,035| ||993|-|-|-|993|993| |||-|-|-|-|5,161| |||-|-|-|-|1,815| ||||-|-|-|1,129| |||-|-|-|-|8,100| |||-|-|-|-|4,380| |||-|-|-|-|1,995| ||**13,964**|**-**|**-**|**-**|**13,964**|**55,485**| |||||||| |||||-|-|3,688| ||||||-|| ||**-**|**-**|**-**|**-**|**-**|**3,688**| |||||||| |||||||| ||**112,083**|**-**|**4,885**|**-**|**116,967**|**144,590**| 11 ## **The PCC Parochial Church Council of Wednesfield Team Ministry** ## **Financial Statements for the Year Ended 31st December 2020** |**PAYMENTS**
**5**
**Raising Funds**
**5a**
**_Costs of Generating Funds_**
**_17_**
Stewardship Costs
**_17_**
Costs of Fund Raising
**_17_**
Coffee Morning Costs
**Charitable Activities**
**5b**
**_Church Activites_**
**_18_**
Mission Giving and Donations
**_19_**
Diocesan Parish Share
**_20_**
Salaries and Wages
**_21_**
Clergy and Staff Expenses
**_Church Expenses_**
**_22_**
Church Expenses(Mission and Evangelism)
**_23_**
Church Running Expenses(incl Governance)
**_24_**
Church Utility Bills
**_25_**
Cost of Trading(Magazine, bookstall etc)
**_25_**
Insurance
**_25_**
St Thomas Committee
**_25_**
Support Costs
**_25_**
DBF Fees
**_25_**
Centre Running Costs
**_Major Capital Expenditure_**
**_27_**
Major Repairs to the Church
**_28_**
Major Repairs to Church Hall
**_28_**
Other PCC Proprty Upkeep
**_29_**
New Building Work
**_99_**
**Other Payments**
**5c**
Other
**_C_**
**Total Payments**
Finance Form
Box Number|**Unrestricted**
**Funds**
**£**|**Designated**
**Funds**
**£**|**Restricted**
**Funds**
**£**|**Endowment**
**Funds**
**£**|
**Total Funds**
**2020**
**£**|
**Total Funds**
**2019 £**| |---|---|---|---|---|---|---| |||||||| |||||||| |||||||| ||-|-|-|-|-|-| |||-|-|-|-|929| ||||||-|| ||**-**|**-**|**-**|**-**|**-**|**929**| |||||||| |||||||| ||1,180|-||-|1,180|1,271| ||82,270|-|-|-|82,270|79,524| ||9,960|-|-|-|9,960|11,591| ||1,467|-|-|-|1,467|1,134| |||||||| ||345||1,121|-|1,466|166| ||16,029|-|-|-|16,029|17,382| ||1,651|-|-|-|1,651|15,150| |||-|-|-|-|1,868| |||-|-|-|-|399| ||-|-|-|-|-|-| ||-|-|-|-|-|-| ||-|-|-|-|-|-| ||2,794|-|-|-|2,794|345| |||||||| ||2,118|-|-|-|2,118|9,198| ||-|-|-|-|-|-| ||4,245||-|-|4,245|2,500| ||-|-|-|-|-|-| ||**122,058**|**-**|**1,121**|**-**|**123,179**|**140,528**| |||||||| |||||||| ||199|-||-|199|10,808| |||||||| ||**199**|**-**|**-**|**-**|**199**|**10,808**| |||||||| ||**122,257**|**-**|**1,121**|**-**|**123,378**|**152,265**| 12 **The PCC Parochial Church Council of Wednesfield Team Ministry Financial Statements for the Year Ended 31st December 2020** ## **6 Cash at Bank and in hand (Cash Assets by Fund) - 2020** |Current Accounts
CBF Deposit Account
Petty Cash
**Total**|**Unrestricted**
**£**|
**Restricted**
**£**|
**Endowment**
**£**|
**2020 Total**
**£**|
**Total 2019**
**£**| |---|---|---|---|---|---| ||27,407|823|-|28,230|38,528| ||25,348|10,105|-|35,453|31,426| ||40|-|-|40|180| ||||||| ||**52,795**|**10,928**|**-**|**63,723**|**70,134**| ## **Cash at Bank and in hand (Cash Assets by Fund) - 2019** |Current Accounts
CBF Deposit Account
Petty Cash
**Total**|**Unrestricted**
**£**|
**Restricted**
**£**|
**Endowment**
**£**|
**2019 Total**
**£**|
**Total 2018**
**£**| |---|---|---|---|---|---| ||32,509|6,019|-|38,528|42,010| ||30,281|1,145|-|31,426|35,555| ||180|-|-|180|244| ||||||| ||**62,970**|**7,164**|**-**|**70,134**|**77,809**| ## **7 Investments** |**Restricted funds**
Educational Fund
**Total**|**At 1st Jan**
**£**|
**Additions**
**£**|
**Disposals**
**£**|
**Transfers**
**£**|
**Change in**
**Market Value**
**£**|
**At 31st Dec**
**£**| |---|---|---|---|---|---|---| |||||||| ||26,664||-|-|1,834|28,498| |||||||| ||**26,664**|**-**|**-**|**-**|**1,834**|**28,498**| _1,391 Investment fund shares are held with the CCLA._ ## **8 Fixed Assets** _The PCC owns land adjacent to St Albans Church (valued at £110,000 in October 2017), and a freehold property in Duke Street valued at cost of £52,000 in 1994._ _Rental income from the property in Duke Street and the land used as a parking lot, is shown as income in these accounts._ _Church Equipment comprises office equipment, including a photocopier._ 13 ## **9 Net Assets** |Fixed Assets
Investments
Current Assets
Current Liabilities
**Total**|**Unrestricted**
**£**|
**Restricted**
**£**|
**Endowment**
**£**|
**2020 Total**
**£**|
**Total 2019**
**£**| |---|---|---|---|---|---| ||170,247|||170,247|170,247| |||28,498||28,498|26,664| ||55,535|10,928|-|66,463|79,163| ||(13,080)|||(13,080)|(18,807)| ||**212,702**|**39,426**|**-**|**252,128**|**257,267**| ## **10 Summary of Cash Fund Movements - 2020** |**Unrestricted Fund**
**Designated Funds**
1
2
**Restricted Funds**
1
2
**Total Funds**|**Balance at**
**1st Jan**
**£**|
**Receipts**
**£**|**Payments**
**£**|
**Transfers**
**£**|
**Balance at**
**31st Dec**
**£**| |---|---|---|---|---|---| ||||||| ||57,151|112,083|(122,257)|-|46,976| ||||||| ||2,896|-|-|-|2,896| ||2,923|-|-|-|2,923| ||5,819|-|-|-|5,819| ||||||| ||6,019|4,086|-|-|10,105| ||1,145|798|(1,121)||822| ||7,164|4,885|(1,121)|-|10,928| ||||||-| ||**70,134**|**116,967**|**(123,378)**|**-**|**63,723**| ## **Summary of Cash Fund Movements - 2019** |**Unrestricted Fund**
**Designated Funds**
1
2
**Restricted Funds**
1
2
**Total Funds**|**Balance at**
**1st Jan**
**£**|
**Receipts**
**£**|**Payments**
**£**|
**Transfers**
**£**|
**Balance at**
**31st Dec**
**£**| |---|---|---|---|---|---| ||||||| ||50,047|142,327|(149,219)|13,996|57,151| ||||||| ||13,630|858|(2,599)|(8,993)|2,896| ||2,803|120|-|-|2,923| ||16,433|978|(2,599)|(8,993)|5,819| ||||||| ||5,975|44|-|-|6,019| ||5,354|1,241|(447)|(5,003)|1,145| ||11,329|1,285|(447)|(5,003)|7,164| ||||||-| ||**77,809**|**144,590**|**(152,265)**|**-**|**70,134**| Designated Fund 1 St Albans Deposit fund Designated Fund 2 St Thomas funds for Flowers in memorium and choir Restricted Fund 1 St Thomas Organ Fund Restricted Fund 2 St Albans dividends from Education Fund 14