Annual Report and Financial Statements of the Parochial Church Council of Walsall St Matthew Registered Charity number: I148805 st For the year ended 31 December 2023
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MATTHEW'S WALSALL CHARITY COMMISSION NO. 1148805 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The members of the PCC have pleasure in presenting their annual report and financial statements for the year ended 31" December 2023. Objectives and Activities The Parochial Church Council of Walsall St Matthew (the PCC) has the responsibility of co-operating wilh the incumbent, the Reverend Jim Trood, in Promoting in the ecclesiastical parish, the whole rnission of th¢ Church, pastoral, evangelical. social, and ecumenical. The PCC is also spiritually responsible for the maintenanc¢ of the church. The PCC is committed to enabling as many people as possible to worship at OUT church and to become part of our parish community at Walsall St Matthew. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faiih into practice through prayer, scripture, music, and sacrament. Also, through nonsacramental activities of hospilality and fellowship we aim to reach non churched members of the conununity. Public Benefit The tTUStees of the PCC are aware of the Charity Commission's guidance on publi¢ benefit in The Advancement of Religion for the Public Benefit and have had regard to it in their administration of the Charity. The trustees believe that, by promoting the work of the Church of England in th¢ Ecclesiastical Parish of Walsall St Matthew it helps to promote the whole mission of the Church Ipastoral. evangelistic. social, and ¢cumenical) rnore effectively, within the Ecclesiastical Parish, and that in doing so il provides a benefit to the public by: Providing facilities for public worship. pastoral care. and spiritual, moral and Intellectual development, both for its members and for anyone who wishes to benefit from what ihe Church offers; and Promoting Christian values and service by members of the Church in and to their communtties, to the benefit of individuals and Society as a whole. Achievements and Performance St Matthew's church aims to be an 'Acts 2. church. We value awe, unity, g¢n¢rosity. hospitality. and growth. The Leadership Team has adopted a strategy mor¢ fitting to th¢ chu and its environment: Worshipping God Equipping His people Growing the kingdom Serying Walsall The PCC is responsible for St Matthew's Centre and transactions through the Centre are included within the financial statements. The PCC has established sub-committees, small groups and teams with responsibility to bring recommendations to the PCC in the following areas.. Personnel. Finance, Communications, Pastoral Care, Policies, and Church Centre Management Service. There is also a Standing Committee. A Leadership Team was established duTing 2016 and continues to meet monthly to discern Cvod's will for th¢ church. During 2020 a church metnber wa5 appointed on a voluntary basis as church building manager. with responsibility for maintenance, repairs, and Page 2
insurance Claims a5 necessary. A team of volunteers for routine grounds and building maintenance has Since been recruited. Church Membership As of 24 May 2023. the number of members on the church Electoral Roll stood at 183. There were 179 in 2022. Ecumenical The PCC has representatives on the Walsall Town Centre Ministy partnership committee. The Rector meets monthly with the "Love Walsall" ecumenical group for a breakfast meeting to plan, pray and worship. Review of the year St Matthew's Parochial Church Council held six meetings in person during 2023 23rd January, 27 March, 22. May, 17th July. 25th September, and 20 November. St Matthew's Annual Parochial Council Meeting took place on 15 May 2023. The Standing Committee met six times; it5 membership Comprised the Rector. the Curat¢. Rev Joe Smith (until he took up a new post in September 2023), the Churchwardens. the Treasur¢r, and one elected member from the PCC; David Smith. In 2023 the majority of meetings were held in person and took place on 9th January, 6 March, 26th June, 4th September, 6 November and 4th December. During 2023, all Sunday services and other weekday services and events were held in person. Staff wise: A team of volunteers continued with creche and children's work throughout 2023, led by Priscilla Trood as under 5s, children's and families worker. Nancy Candlin continued to be employed as Operations Administrator during the whole of 2023 and it was agreed by the PCC on the 17 July 2023 to make her post pemRanent with effect from l January 2024. On 31, January 2023, Alyson Green was employed as Finance Officer and Treasurer, and her post was made pernianent by the PCC in November 2023. In addition to regular business the PCC received reports and discussed various issues important lo the life of our church, including progress regarding the reordering of the west end of the church, known as the Legacy Project. During 2023 the Leadership Team and PCC continued to review and develop St Matthew'5 Mission Action Plan and to set new priorities for 2024. As aforementioned, a new church vision has been developed focusing on worshipping God, equipping His people. growing His kingdotn, and serving Walsall. It was agreed in 2020 to begin to seek God's will for the church's vision for the n¢xt five years, and this work was continuing into 2023. During 2023 the church was pleased to be able to hold the Civic Carol Service, in December, and the annual Bluecoat Schools Exhibition and Bluecoat Sunday Service earlier in the year. The church did of course continue its close working with the local Bluecoat Academy and Blue Coat Federation schools, and with the Town Centre Ministry and Love Walsall. The PCC has continued to support mission partners, overseas and in the UK. In 2023 St Matthew's supported our mission partners" supporting Compassion UK, Red Cross, NOAD, Christian Service Union, and Embrace Middle East. Home Missions we supported were.. Lov¢ Walsall, Church Pastoral Aid, Ablewell Advice (Black County Food Bank), The Table, and the Children's Soci¢ty (Christingle). Meetings were held to review mission giving and make future decisions in this respect. Page 3
Heritage Open Days took place in September 2023. and were well supported. Bell ringing has increased in popularity and the bell tower often hosts teams of ringers from other churches. Building matters The building manager with his team of volunteers continued to be responsibl¢ for roulin¢ maintenance of the church and grounds. The Legacy Project working group met regularly to discuss the way foNiard for a reord¢ring scheme and aspe¢ts of fundraising. Due to the pandemic the Expression of Interest previously approved by the Heritage Lottery Fund for the Legacy Project was withdrawn. A new application will need to be made when funds become available again but in the meantime a Feasibility Study has been carried out and discussions are under way with Walsall Council and other organisations. Financial Review and Reserves Policy It is PCC policy to try to maintain a balance on free reserves (net current assets) to equate to ai least three months unrestricted payments. This is equivalent to £40,706 (2022: £32,927) It is held to smooth out fluctuations in cash flow and to meet emergencies. Net Current Assets at year-end were £140,567 (2022.. £101,599) and the balance of free res¢rves was £36,189 (2022: £33,193). Free Reserves are broadly in line with the target. If necessary. the PCC have agreed lo utilise some of the designated reserves to ensure sufficient funds are available to meet current liabilities. As at the yeai-end these reserves were £42,090 (2022= £42,306). Investment Policy The charity is granted power to invest in suitable inveslments under the PCC Powers Measure 1956 and the Trustees Act 2000. As a charity, the Trustees have a duty of Care to Éake such advice as is appropriate before investments are undertaken. This advice is sought from the Central Board of Finance {CCLA) in London. The charity's investment policies are based on two key principles: . Ethical Investment - this includes ensuring that investments are held in companies which have high standards of corporate governance and act in a responsible way towards stakeholders. Long-term responsibilitie5 the trustees are aware of their long-tenn responsibilities in respect of the R¢stri¢ted and Unrestricted reserves and as a result follow a prudent approach to investment decisions. Investment policy for long-terni funds is aimed primarily at generating a sustainable income, with due regard to the need for the preservation of capital value, and the possible need to realise investments to meel operational needs. Th¢ charity does not have a policy of generating income at excessive or high risk- known as'purchasing income", where high r¢turns a guaranteed at the expense of capital. In summary, the charity h&s an overall policy to maxin]ise income while preserving the reaL value of its funds. Due to the nature of the charity, an ethical investment policy is taken into consideration when investments are made: The charity follows the Ethical Investment Advisory policy as Tecommended by the Lichfield Diocese which includes ihe following: "We aim to invest in companies that.. will develop their business in the interests of shareholders; * demonstrafr responsible employment practices" are conscientious concerning issue5 of coOrate governance, the environment and human rights. are sensitive to the community in which they operate." Planned giving, collections and donations are the main sources of fund raising along with tax recoverable. Page 4
Safeguarding The PCC believ¢ they have fulfilled their duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to have due regard to House of Bishops, guidance on safeguarding children and vulnerable adults). Risk Management The Church Wardens carry out regular Health and Saf¢ty Reviews and regularly inspect premises for potential hazards. We have safeguarding policies in place for Child Protection and for work with vulnerable adults, including rigorous DBS checking of staff and volunteers. Our insurances are reviewed annually to ensure adequate cover. An informal review of any new risks which may impact the work of the Church in the Parish is ongoing. Structure? governance and management The PCC is a Body Corporate established by the ChuTch of England (PCC Powers Measure 1956. and the Church Representation Rules 2006) and is a Charity registered with the Charity Con]mission. The PCC is govemed by the Parochial Church Council Powers Measure (1956) as amended that came into effect on 2nd January 1957. and the Church Representation Rules (contained in Schedule 3 to the Synodical Governmenl Measure 1969 as amended). The method of appointment of trustees is set out in the Church Representation Rules. The Council comprises the Incumbent, the Curate, the Churchwardens, the Leader of the Asian Congregation, those elected io the Deanery Synod, and other members who are elected at the Annual Parochial Church Meeting, by those on the Electoral Roll. The PCC tnembers receive training frorn courses rlm by the Diocese. All eligible Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. The PCC members are responsible for making decisions on all matters of general ¢oncem and importance in the parish, and for all financial matters. St Matthew's PCC has the responsibility of co-operating with the Incumbent in promoting in the ecclesiastical parish the whole mission of the Church. pastoral, evangelistic. social, and ecumenical, and in so doing to promote its mission stat¢ment. Related Parties Donations from related parties during the year totalled £18,446 (2022: £17,784). All these donations were received without conditions. During the year the wife of a trustee was paid £3,294 (2022.. £1,143) in hei role as a Children's and Families worker. The trustee left the PCC meeting wh¢n hi5 wife's employment was discussed. The Finance Officer was paid £2,184 whilst serving as a trustee. she left the PCC meeting when her employment was discussed. Reference and Administration Information St Matthew's church is situated in St Matthew's Close, Walsall, WS13DG and is part of the Deanery of Walsall. in the Diocese of Lichfield. It is a registered charity.. Charity number 1148805. The correspondence address of the church offi¢¢ is St Matthew's Church Centre, St Matthew's Close, Walsall, WS13DG. Page 5
The Irustees, members of the PCC. who have served from l January 2023 until the date of this report, were as follows: Ey-offico methbers." Incumbellt.. Rev. Jim Trood (Chainylan) Rev. Joe Smith {resigned ioth September 2023) Adil Burke Curate Leader ofAsiaA Con ts¢ioft Wardens.. Judith Ridgway Ben Butterfield Elected from APCM 2023 to APCM 2024 Elected from APCM 2023 to APCM 2024 Daniel Barker Elected from APCM 2023 to APCM 2024 Alyson Green Until APCM 2023 (by agreement with the Diocese Anna Tomkinson Elected from APCM 2022 to APCM 2023 Diane Edlin Elected from APCM 2022 to APCM 2023 Represenlalive on ihe Diocesttn Synod.. (James Clayton) aka Jimm Rennie Elected from APCM 2020 to APCM 2023 Represenlalives on the Deanery Synod.. (James Clayton) aka Jimm Rennie Sue Webster Elected from APCM 2020 to APCM 2023 Ele¢¢ed from APCM 2023 to APCM 2026 Patti Lane Elected from APCM 2023 to APCM 2026 Diane Edlin Elected from APCM 2023 to APCM 2026 Elected members.. Beth Ray Graham Hird Elected 2011012020 10 APCM 2023 Elected 2011012020 to APCM 2023 Ni8¢1 Dutton Lauren Parker Elected 2011012020 to APCM 2023 Elected from APCM 2021 to APCM 2023 Patti Lane John Edlin (Building Manager & warden Elected from APCM 2021 to APCM 2024 El¢cted from APCM 2021 to APCM 2024 Judith Ridgway Ele¢t¢d from APCM 2023 to APCM 2025 David Smith Elected frotn APCM 2022 to APCM 2025 Neal Stockley Elected from APCM 2022 to APCM 2025 Page 6
Daniel Barker Elected from APCM 2022 to APCM 2025 Officers of the PCC Finance Officer: Alyson Green- from 3110112023 Gift Aid Secretary.. David Hunt- until 3110112023, Alyson Green from 3110112023 Operations Administrator.. Nancy Candlin Deputy Church Warden: Paul Davico Names and addresses of advisers Bank Lloyds Bank, The Bridge. Walsall Investment Managers CCLA. l Angel Lane, London. EC4R 3AB Independent Examiner Jonathan Hill, Lichfield Diocesan Board of Finance. Lichfield WS13 7LD Approved by the PCC on . 18 J_ 2024 and st8ned on its behalf by: Signature: Signature:.... ....................... IM Name: .. .. ................ .................... Name: .... . . . Position: RecTD Position: Page 7
Independent Examiners Report to the trustees/members of the PCC of Walsall St Matthew Registered Charity No 1148805 l Teport on the accounts for the year ended 31 st December 2023 which are set out on the follong 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 th¢ Charities Act 2011 (the Charities Act) that an independent examination is needed. Ii is my responsibility to examine the accounts under section 145 of the Chartties Act, to follow the proceduTes laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular malters 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and s¢¢king 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 respect: accounting records were not kept in accordance with section 130 of the Charities Act OT the accounts do not accord with the accounting records the accounts do nol mplY with the applicable requirements concerning the forni and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that th¢ COUntS give a true and fair view which is not a matter considered as part of an independent examination. 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.. Date: . ozloil >.24 Jonathan Hill FCMA CGMA Li¢hfield Diocesan BoaTd of Finance St Mary's House, The Close, Lichfield WSI 3 7LD Page 8
The Parochial Church Council of Walsall St Matthew Financial Statements for the Year Ended 31$t December 2023 Accounting Policies The PCC is a public benefit entity within the meaning of FRS 102. The financial statements have been prepared under th¢ Charities Act 2011 and in accordance with the Church Accounting R¢gulations 2006 governing the individual accounts of PCC5 and with the Regulations trne and fair view, provisions. They have also been prepared in accordance with the Charities SORP (FRS 102) The financial statements have been prepaTed under the historical cost convention wtth items recognised at cost or transaction value unless otherwise staled in the relevant notes to these accounts. The financial statements includ¢ all transactions, assets and liabililies 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 infornlai gatherings of Church members. There may be minor discrepancies in the totals as the penc¢ are not being shown. Cashflow Statement The charity has taken advantage of the exemption in FRS 102 from the requirement to Produce a cash flow statement on the grounds that the income does nol exceed £500,000. Going Concern There are no material uncertainties related to evenls or conditions that cast significant doubt on the charity's ability to continue as a going concern. The PCC are aware that th¢y ate reliant on th¢ regu]ar giving income and have plans in place were thls to reduce significantly. Accounting Estimates and Prior Year Errors No changes to accounting estimates have occurred in the reporting period. No material prior year errors have been identified in the reporting period. Description of Funds Unrestricted Funds aTe Rncome funds of the PCC that are available for spending on the general purposes of the PCC. including amount5 designated by the PCC, for fixed assets for its own use or for spending on a tUre project and which are therefore not included in its 'free reserves, as disclos¢d in the trustee's annual report. Restrieted Funds comprise of two elements:. a) Income from tntS or endowments which may be expended only on those restricted objects provided in the tern]s 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 specified 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 fimds on an averag¢ balance basis. Income Planned giving. collections and donations are recognised when received or when the PCC becomes entitled to the resource and the monetary value can be measured with sufficient reliability. Tax refunds are recognised when the incoming resource to which they relate is received. Giants and Legacies are accounted for when the PCC is legally entitled to the amounts due and the monetary value can be tneasured with sufficient reliability. Page 9
Dividend5 are accounted for when receivable. interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross. Expenditure Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan Common nd payment 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. Governance and Support Costs Support costs should be allocated between goveman¢e costs and other support. Governance costs comprise aIl costs involving public accountability of the PCC and its compliance with regulation and good practice. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of Tesources. eg by allocating staff costs by time spent and other costs by their usage. Fixed Assets Consecrated and benefice property is not included in the accounts by s.10(2}(a) and (c) of the Charities Act 2011. Moveable church furnishings held by the rector and churchwardens on special Inl for the PCC and which require a faculty for disposal are inalienable property, listed in th¢ church's inv¢ntory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost infomiation available and therefore such assets are not valued in the financial statements. No depreciation is provided on buildings as the cUentlY estimated residual value of the properties is not less than their carrying value and the remaining useful life of these assets exceeds 50 years. so that any depreciation charges would be immaterial. The freehold building comprises the original Youth and Community Centre complex, which was originally valued by the PCC at I, January 1997 at £60,000 based on approximate rebuild cost. Additions since 2003 have been the cost of refurbishing the original complex and converting it to the St Matthew's Centre. In the opinion of the PCC this should be valu¢d at its approximate rebuild cost of £834,234. See page 19. Investments Investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the year end. Investments held for re-sale att treated as current asset investments. Debtors Debtors are measured on initial recognition at settl¢ment amount. Subsequently they are measured at cash expected to be received. Creditors and Accruals Creditors are measured at settlement amounts less any trade discounts. Accnjals are measured on best estimate of the amount required to settle the obligation at the reporting date. Page JO
The Parochial Church Council of Walsall St Matthew st Financial Statements for the Year Ended 31 December 2023 Statement of Financial Activities Unre5trieted Designated Restrieted Endowment funds funds funds funds Total Prior year funds total funds Inrome and endovm)ents from.. Donations and Iac&S In¢ome from charitable a(vthes other trading athvrte$ Inve$irEnls Other income T•i¥l income 121,515 7,157 46,214 62 95 175.043 9,847 2.745 131.383 9.9)2 46,214 1,180 115 186.774 157,828 5.804 31.599 1,387 993 125 20 12.737 196,625 Exp¢nditure on: Raising funds Expenditure on charitable a¢vities Othèr expendrtur? Totsl xpMditUfe 4.144 157.819 863 162.826 4.144 182,435 1,146 187,725 1,992 1n,519 24,616 283 24.899 176,077 Not Inctyn4¥11gxpendltur81 resour¢•s Woro transfer 12.217 993 112.1621 11.048 20,S47 Tran8lws Gross transfers between funds- in Gross Iransfets between funds- out Other r8cognls8d galns I10sSe8 Gains I losses on investment assets Net movement in funds 565 16.4941 6.494 15651 7.059 ,0591 22.924 122,9241 1.209 12161 1.209 6,288 16,2331 11.897 Total fund5 brought forward 33.194 876.540 68.406 978.139 966.242 T¢)tsl funds carried forward 39.482 876,324 62,173 977.978 978.139 Represwtod by UnrestriGled Genèral fvnd 39.482 39, 33.194 De$lgNt•d cant Building Designated Communty Support Work 834.234 42.090 834,234 42.090 834.234 42.3C Restrfct¢d Bullding ResirKted hIldn And Youth Werker Restred ¢hur¢h weeker Restrict Communty Events Restricted DiSabd Toilet Restricted Flower Fund Restricted Interior Decorating Schwne L8ga¢ylRe-Ordering Reslrictsd Fund $ Restricted Orgon Fund Tower Restrfrted 42.528 232 2.545 4.299 42,528 232 2.545 4.299 53.387 641 4.722 963 2,318 4,547 963 2,316 4,547 310 1.691 2.047 315 15 3,643 3,643 3.816 Page 11
The Parochial Church Council of Walsall St Matthew Financial Statements for the Year Ended 31" December 2023 Balance sheet Total fund5 Prior ear funds Flx¢d a$88ts Tangible assets Inve5trÉnt5 834.234 42.090 876.324 8Y.234 42.306 876,540 Current au•ts Deblot5 Investments Cash at bank and in hand 4,934 1.481 99.205 105,620 2,988 1,418 102974 107,380 Llabllitles Creditors". Amounts falling due in one year 3.965 3,966 5,781 Net current assets 1888 current Ilabllltles 101.654 101,699 Total assets less current Ilabllltl88 977.978 978,139 Totsl not a550ts 1055 Ilabllwes 977.978 978,139 Roprnsented by Unre5triGted General fund 39.482 33,194 Doslgnat Community Support WoFk Cenir8 Building Designated 42.090 834.234 42.3C6 834,234 R8strlctsd Buik1ing Restricted Children And Youth Worker Restric Church Weekend Reslrthd Cemmunity Events Restricted Flower Fund Reslrthd Inter1 Decorating Scheme LegacylRe-OrderiTrJ R8stric*8d Fund OWLS Restricted Organ Fund Disabled Toilet ReStrted Tower Re5tricled 42.528 232 2.545 4.299 53.387 4.722 310 1.691 2.047 315 2.316 4.547 15 546 3.643 3.816 Funts ofthe church 977 978 Approved by the Parochial Church Council on . a8 .). 2024 and signed on its behalf by.. Signature.. Name.. The notes on the following pages fonn part of these accounts Page 12
The Parochial Church Council of Walsall St Matthew st Financial Statements for the Year Ended 31 Deeember 2023 Analysis of Funds - 2023 General Desi ted Restricted Endowment This L4st ear Fixed ass8ts- Tanglble assets Sl Matthews Centie- 834.234 834.234 e34.234 834.234 834.234 834,234 Totals Curront ass81s- Cash at bank and In hand No 18ank current account- Cenlre Re¥enue Account- Centre Maintenance Account- Interior Decerating Scheme- 30,312 5,190 61.388 91.699 5.190 91.920 9.363 2.316 63.704 2.316 99,206 1.691 102.974 Totals 36,502 urrent assets- Debtor? A¢xoun15 Receivabk- 4,934 4,934 2.988 2.988 Totals 4,934 Curront assets- Invtstrn¢nts COIF deposit arAUrtt- COIF Praperty Fund- COIF Ethical Fund- 1.481 646 1,481 39,107 2,983 44.217 1.418 39,670 39,107 2.983 42.090 Totsl$ 1.481 646 43,724 Llab116Ues- Agency accounts Agency collectnS- 1.575 1.575 1,575 1.575 681 681 Totals Liabilibes- Creditors- Amounts falling dua In one yoar Accruals- Ac(ounts Payabk- 198 1.904 1,904 Totals 2,390 5,100 Grand total 876 324 978 139 Fund movement by type - 2023 Opening Incoming Outgoing Transfers Gain105$¢$ Cknsing BulldR8s- Bulldlng Restrlctsd Restricted 10,859 10,859 42,528 42.528 Sub4ot81 for BulldRe8 53,387 CSW- Cornrnunity suprtWO Oe5iqnale(I 42,306 42,306 993 993 su11a1 for CSW 11.2091 42,0 Centro- Contre Building De51 DeSnale 834,234 834,234 Sub-total for Centre B34.234 ommunity. ¢onwnunity Events Res Re51rthd 108 108 315 13151 Sub-totsl for Communlty 4,722 4.299 Flower- Flor Fund RgstriGt Re51rthd 310 310 50 398 398 Sub-total for Flower 1.OOQ General. General fund UDrestrided 175.043 175.043 162 826 162.826 SutAotal for General 33,194 15.9291 39.482 Page 13
ID8- Intsrfor D8corang Restricted 1,891 1,691 125 125 500 500 2.318 2.316 Sub.totsl frtr IDS Legacy- LOgacylR&Orrfng R Restricted 2,047 2,047 2.500 2,$00 4.547 4,547 Sub.totsl tor Ltya¢y OWL5. Olhls Restcled Restricted 315 315 1.120 1,120 100 11001 540 540 Sub-totsl for OWLS Oryan- Organ Fund Restricted 15 15 1.129 1,129 1.129 1,129 Sub-total for Organ Tc*ll•t- Dlsablod Tollet Rest Restricted 608 100 loo 546 546 Sub-total forToilet Tower. Towèr Rll¢tOd Reslri¢ted 343 368 366 150 11501 3.643 3,643 Sub-total for T0r 3.816 U18'8 Fund. Chlltlrnn And Youth W R8slncted 868 6.151 8.151 232 232 Sub4ots1 for U18'$ Fund 5.1B9 Weekend- Church Weekend Restr Reslrthd 641 641 2,745 2,745 4.668 4,668 2.545 2.545 Sub-total for We8kend 3,827 Grand total 978139 188 774 187 726 977 978 Fund Descriptions U18s Fund Safer St |Matthews Fund Toddler Fund Building Restricled Fund CSW Community Support Legacy/Re-Ordering Fund Flower Fund Organ Fund OIVLS Fund Tower Fund Interior Decorating Scheme Weekend - Church Community Day Disabled Toilet Building & Fabric Designated To support Children and Youth work in the parish Work to improve Church building security Work with Babies and Toddler Groups For the maintenance and upkeep of the fabric of the church For Local Parish Mission projects For the Church Re-OrdeTing Project For Flowers in Church For Organ related expenditure Older and Wis¢r - Group for the over 65s Tower and Bells and Telated expenditure For the interior decoration of the vicarage Donations and costs Telating to the Church Weekends away Funds received and paid out for the Church Community Day For the installation of a disabled toilet Various histori¢ legacies designated by the PCC towards the maintenance and upk¢ep of the church fabric The value of the Church Centre Centre Building Analysis of material transfers between funds - 2023 Page 14
ContributKin to IntervJT Decoratiry Scheme account ContribUtn to IntsrvJf Decoratiry Sehemo aG¢ounl Donath'on by OWLS for use ofchurch centre IDS housekeeping 1110112023 soo IDS Res IDS hou54k•eping Tran$f&r10 genertl 11101r2023 500 General Unr fu 1310712023 General Unr Tran5ferto general Donation by OWLS for use ofehurch cantre fu 13107r2023 100 Res Trèn$f&rto organ fund Transferto organ fund Tran5ferto church weekend fund Transfer to church weekend fund Tran5ferto church weekend fvnd Tran5f8rto Community fund Tran$ferto church weekend fvnd Transfer to Community fund Transfer to Community fund Tran5fEr to community fund 0911112023 1.129 CorrectNe transfer General Unr 09111r2023 1.129 Correctwe transfer fxgan R•s 13111r2023 1,955 CoffectNetransf8r Weekeno 1311112023 1.955 CoThectwe transfer General Unr 1411112023 1.872 Cowoctwetransfer Weekend Res 1411112023 65 Coe£te transfer General Unr 1411112023 1,872 cOe£t8 Iransf8r General Unr 1411112023 CoweGtwe transfer Community Res 1611112023 250 Reallocation re events General Unr 1611112023 250 Rèallocation re events Communlty General Re$ LDBF 2111112023 500 TFR FROM 6501 TO 8505. Gen te IDS Unf Transfer to flr rund Transfer to flower fund Transfer to general fvnd Transfer to general fund Interestto correct fvnd Interestto ¢orreGI fund 0111212023 1.OCKJ ProvkBion forfiowars etc approved by PGC General Unf 0111212023 1.000 Provk5ion for ftewars etc approved by PGC Fknwer 3111212023 150 Contribution fm tower fund lo church heallng Tmr 3111212023 150 Contribution frcfn tower fvnd lo church healing General Unr 3111212023 38 Transfer from Gen to Toilet- 6810 General Unr 3111212023 Transfer frorn Gen to Toilet- 6510 Res LDBF 2111112023 500 TFR FROM 6501 TO 6505- Gen te IDS IDS Total 7.559 7,559 Analysis of income and expenditure Total UNreslricted Des. ated Restrieted End0wmet Thi5 ear Last ear INCOME AND ENDOWMENTS Donations ond legacies Grft Aid - Bank Grft Aid - Envelopes Vthite ad-hoc envelopes Grft Aid - Giving Direct PaypallBrainlree giving Non-Gift Aid Bank Non-gift aid envèlope$ Loose plate collections Asian Congregation Collection Contad18ss Giving Glving through ¢hurch boxe8 One-off Gift Ai¢Y gifts 58.943 2.458 169 58,943 2.458 169 150 103 7,174 1,515 5.212 3.433 3.485 60,836 2,592 234 108 5,141 1,059 4,215 2,220 4,000 21 892 103 7,174 1,515 5,212 3.433 3.485 119 119 Page J5
Dtsnalions appeals etc Heii18ge wojects donats'ons Tax recoverable on Gift Aid Tax recoverable on VAT Legacies Recurring grants Non-recurring on&off grants Feasibility Study Grants Other funds generated OVVLS collections Stay & Playlyoung children itKome Total 1,252 113 19,120 1.790 5.176 5.000 2.100 265 1,517 113 19.120 1,790 5,176 5,000 7,130 2.500 2,252 1.285 1,519 130.163 11,731 18.344 5,722 5,250 6.419 18.252 5,030 2,5(X) 193 1,285 189 9,462 2,059 2,5Cfj 1,261 2.023 157.828 1,330 120.701 Income from charitable activities Communty choir subscriptions Weekend Away income Fee$ lor weddings and knnerals 463 1.360 5.234 7,057 463 4,105 2,745 2.450 Total 2,745 9,802 5.804 Other tradlng actlvltles Con¢ert and other event admissh)n Centre Income- Projector Centrè Income- Other Centre Income- Centre Donat'on Centre Incomè- Main Hall Hire Centrè Income- Lower Hall Hire Centre Income- Blue Room Hire Centre Income- Millard One Hire Centre Income- Green Room Hire Totsl 3.541 1381 7.106 3,541 1381 7,106 100 3(X) 22,116 3,178 5,798 21.731 8,061 2,941 1,018 24 44,336 21,731 8,061 2,941 1,018 24 44,336 31,599 Investments Investment Dividends Bank and building soaety inter&st Total 578 516 62 993 1,571 391 1,180 125 125 1,387 other Income Miscellaneous income Transfer from centre 95 20 115 Total INCOME TOTAL 95 172,251 20 12,352 115 185,596 993 196,625 EXPENDITURE Ralslng funds Costs offetes & other events 4,144 4.144 1.992 1,992 Total 4,1M Expendtture on ¢h•ritablg activities Overseas Charitable Giving Home mission and charitable giving Church Weekend outgoing$ Common Fund Salary of Administration Asslslanl Salary of Financè Officer 5,950 4,603 5.950 4.603 4.668 35,845 6.292 3,920 200 28.245 13.736 35,845 8,117 8.117 Page 16
Payment for Organist Salary of U18s worker Payment for under S's w0er Salary- Operations adminislral Salary of Operations Administrator Salary- Admin Cost Kkstarter Outgoings Expenses - Rector Expenses- Curate Expenses- Babies, Children and U18swor Expenses- Operations 8dminislrator Expenses administratof Expenses- Finance officer Reclotr3- telephone Education and homegroup resourcEs Parish training and mission Church running- insurance Church Office- telephone Church Intemet- BT Organ tuning chUh maintenance Church Cleaning Upkeep of services R8freshments Churchyard rnaintenanco Church Office Costs Church Printing costs Visiting speakers I locums Subscriptions & Licences Towar èxpenses Church running- electriaty Church running- gas Church running- water OWLS Costs Centre Runnir¥J- buffet calering Centre Running- Catering Supplies Centre Running- electricity Centre Running- g8S Centre Running- insurance Routine maintènar Centre Running - Centre & Garden mainten Centre Running - dèaning and caretaking Centre Running other deaning cosls Centre Running - refuse colledion Centre Running- other Centre Running- office costs Centre Running- water Centre Running-lrft maintenance Governance costs examinationlaudrt fee Church major repairs- slructu Heritage projects expendrture Church major repaits - installation Centre + major repairs- slruciure Centre + major repairs- installation Other PCC property upkeep FeaS1lty stlY c19 6,292 6.292 2.480 3,294 4,258 23.600 90 3,130 10,102 578 11,007 15,2411 85 2,480 3,294 4.256 23,6tx) 2.214 831 2,214 831 377 959 1.039 926 377 240 240 48 327 48 327 301 1,169 7,195 471 425 797 5.747 325 1.409 531 7,394 531 7,394 246 1201 1,069 3.192 489 3,331 509 10 2,411 1,980 65 2,972 60 862 13,461 220 1,120 241 151 {201 1,069 989 21 174 2.203 468 3,156 509 10 2,411 1,980 65 2,803 2,939 2,326 169 60 4,030 2,897 7,591 203 1,183 13,461 220 1.120 241 151 3,546 6,325 2,470 630 102 45 2,948 3,259 2,580 6,325 2,470 630 102 3.201 4,327 4,327 2.577 472 916 3,632 2,221 932 1,038 174 472 916 3.632 2,221 932 1.038 174 234 833 339 820 2,076 1,743 1,920 108 7,000 1.920 108 7.000 950 2,2 5,288 950 10,062 1,167 1.167 17,520 172,519 Total 157,819 24,616 182,435 Othgr expenditure Other staff and volunteer costs MiscelLgneous exwses 204 803 803 Page17
Church Flowers Transfer behyeen church and centre Transfer bets¥een centre and church Total EXPENDITURE TOTAL 60 110.1311 10,131 863 162.826 283 110,1311 10.131 1.146 187.725 283 24,899 1.567 176,077 GRAND TOTAL 9.425 2,129 20,547 Allocation of Support Costs Support costs comprtse Trustee Training and Govemance Costs etc. Due to the nature of the financial activities of the PCC these would be allocated across Charitable Expenditure which comprises the majority of its exnditUre and as such are automatically charged there. Staff Costs 2023 2022 Wages and salaries Employers National Insurance Employers Pension Contribution full time Average number of employees £35,671 £2,212 £565 £27,499 £2,017 £410 During the year the PCC employed a full-time Operations AdministratOT, a Finance Office, a Director of Music, a Children's Worker and a Youth Worker (until July 2023). all part-time. There were no employee benefits for key management personnel in the previous or current year. The PCC uses the National Employment Savings Trust (NEST) via the Diocesan Payroll Scheme. for its pension payments. The highest paid mernber of staff earned £25.069 (2022: £10.240). Trustees, Remuneration & Expenses and Related parties As ex-officio trustees, the Rector has been paid travel and phone expenses of £1,605 (2022: £959) during the year, and the Curate has been paid travel and phone expenses of £816 (2022.. £1,038) During the year a wife of a trnstee was paid £3,294 (2022- £1,143) in her role as a Children's and Families worker. The trustee left the PCC meeting when his wife's employment was discussed. The Finance Officer was paid £2,912 whilst a trustee. No other payments of expenses were paid to any other PCC tnember or persons closely connected to them, or related parties. t)onations from relat¢d parties (PCC members) totalled £18,446 (2022: £17.784). Fees for the examination of the aeeounts Page 18
2023 £174 2022 £174 nil Independent Exarniner's fee Other fees paid to the Independent Examiner Tangible Fixed Assets Designaled Fund UnT¢Stricted Church Equipment 2023 None 2022 None Designat¢d FTeehold Buildings £834,234 £834,234 Net Book Value at 315t Dee 2023 £834234 £834,234 The freehold building comprises the original Youth and Community Centre complex, which was originally valued by the PCC at I, January 1997 at £60,000 based on approximate rebuild cost. Additions since 2003 have been the cost of refurbishing the original complex and converting it to the St Matthew's C¢ntre. In the opinion of the PCC this should be valued at its approximate rebuild cost of £834,234. Fixed Asset Investments Designated Fund At 1st Jan Additionl (Disposal) Change in market value At31st Dec COIF Ethical Investment Fund Accumulation Units £2,636 {£347) £2,983 COIF Charities Property Fund Income Units £39,670 {£-562) £39,108 Total £42J06 {£-215) £42,091 Current Assets Debtors 2023 2022 Unrestricted Gift Aid & GASDS recoverable Centre Income £1,757 £2,957 £1,004 £1,079 Restricted Agency Other DebtOTS £1,575 £1,300 £681 £904 Totals £7,589 £2,988 Page 19
Liabilities Amounts falling due in one year 2023 2022 Unreslricled Accruals Other creditors Centre Creditors £1.914 £648 £26 £4,451 Reslricled Agency balances £1.550 £681 Totals £3,490 £5,780 Page 20
The Parochial Church Council of Walsall St Matthew Financial Statements for the Year Ended 315t December 2023 Prior Year Comparative Reports Statement of Financial Activities - 2022 Unre5trieted Designated Restricl¢d Endowrnent funds funds funds funds Total Prior year funds tot41 funds In¢om¢ and *nd0ents from: tk)naiion5 and legacEs Income from charitable activities Other trading acbvrtie5 Investrnents other incorne Total Incom¢ 120.579 3.354 31.599 26,528 147,105 3,354 31,599 1,387 13,179 196.625 132.548 893 21.527 476 2.457 158.901 10,722 37,249 7.279 182,249 478 Expondlturo on: Raising fund$ Expendthre on charitable actiwlies other Èxpenditu Total exp8ndltUfe 1,992 128,108 1,608 131,709 1,992 153,626 20,457 176,077 15901 183.126 1,380 24,140 18,849 42,989 1.380 185.852 Net income I lexpendltur•l r¢soyr¢¢$ before transfer 27,193 19051 15.7401 20,547 123,6041 Transfers botrmon fund8 Other recognlsed galns I losses Gains 11055es on investment assets N•t mtrvoment In funds 116,7871 $3,726 138,9391 8.650 44,171 8.650 11,897 10,406 142,6791 123.6041 Totsl fund¥ brought forward 22.788 832,370 111,oe6 966,243 989,848 Total funds carrfed forwat Represented by Unr8strlcted General fund 33.193 33.193 33.193 33.193 22,788 22.788 Do519nated Centre Building Designated Buikling Designated Communty Support We¢ 834,234 834.234 834,234 11,8841 42.306 876.540 42 306 876.540 832 370 Analysis of Funds - 2022 G¢ner41 Desi nated Restrictsd Endowment This eAr Last ¢gr Flxed assets. InvÈ5trnents COIF Property Fund. COIF Ethl¢al Fund- 39.670 2.635 42.306 39.670 2.635 42,306 Totals Flxed assets- Tanglblé 0s$ots st Matthews Centre- 834.234 834.234 834.234 834,234 834.234 834,234 Totals Current assets. Cash •t bank and In hand No 1 Bank ¢urrent account- Centre Reven A¢¢ouni- No 2 Bank a¢¢ount- 25,131 9,362 86.788 91,920 9.362 71.101 12,646 47.387 Page 21
No 2 Bank account- Centre Maintenance Account- Interior Deeerating S¢heme- 12871 1.690 86,479 1,690 102,974 1.1 132.039 Totsls 34.494 Curront ass8ts- Debto AountS ReCeiVab- 2,987 2,987 2,987 2,987 Total$ 6,873 Current assets- Investsnents COIF deposrt account- 810 810 607 607 1,418 1,418 1.403 1.403 Totals Llabillile8- Agency accounts Agency collxtwJns- 681 681 681 681 Totals 4.673 Liabiliiies- CredltoT8- Amounts falllng due In one year Loan5 recewed- Alxounts Payable. 198 198 Total$ 5,099 5,099 3,634 Grand total 978 139 Fund movement by type- 2022 enin Ineomi Out oi Transfers G#itsxqosses Closin BuildDEs- BUdIng & Fabric D8 De5vJnaied 1,864 11.8641 1.380 1.380 3,245 3.246 SUWI for BulldD¥s BulldR88- BuHdlng Restrltted Restriced 55.123 55.123 11.842 11,842 9.950 9.950 3,628 13,6281 53.387 53,387 SutAolal for BulldR8s CSW. Communlty Support Vlo De5vJnaled 476 476 50 481 50.481 8.650 18,6501 42.306 42,306 Suttrtotal for CSW CSW- Community Support Vlo Restricted 47.277 47,277 47.277 147,2771 SulAotal for CSW C•nire. Centro Bulldlng Desl Oe$KJnaled 834,234 834.234 834,234 834.234 SubQotsl for C•ntre Communlty- Communlty Day R¥slrl Rastrthd 4,472 4.472 250 250 4,722 4.722 SutrAotsl for CommUty Flowor- FI0r Fund Restdcl Reslrthd 234 12341 25 25 1.822 1,822 310 310 Sub.totsl for Rower 1,303 Gonoral- General fund Unr8Strithd 158901 158,901 131,709 131,709 16.787 116.4871 Suttotal lor Goneral 22,788 33,194 IDS- Interfor DecOran9 Reslrthd 250 250 500 soo Sub-total for IDS 941 1,691 Legacy- LegacylRfrOrdorlng R ReslrKtsd 5.567 5,667 14.000 14,000 17.520 17,S20 2.047 2,047 SulAotal lor L89acy OVIL5- OVIL5 Restrlcted Restricted 117 1.261 185 315 Page 22
Sub.totsl for OVILS 117 1,261 1.246 186 316 Organ- Organ Fund Restricted 506 506 762 782 218 216 Sub40tsl for Oryan Safer. Safer St Matthews Restricted 1,535 1.535 1.535 11,536) Sub.totsl forsafer Toddler-Toddler Restricted 2.158 2,158 650 650 1.508 11.5081 SutrAo for Toddler Tollet. DisabledTollot Rest Restrlcted 608 stOtal for Toilet Tower- Tiy*r Restricted Reslnded 3.406 3,406 332 332 154 is4 233 12331 sUtOtal for Tow•r 3.816 U18's Fund. Chlldrni And Youth W Restricled 8.401 18,4011 6.419 6,419 11.202 11,202 14.052 14.052 Sub-total for U18'8 Fund 868 Weekend- Church Weekend Rostr Restricted 169 169 672 672 200 200 Subtotal forwqekond 641 Orand total 196625 176077 978.139 Analysis of material transfers between funds- 2022 Unrestricted Restricted Total Annual transfer to Interior Decorating Scheme (held by diocese for use in Rectory decorations) From Tow¢r Fund to General Fund (contribution by Tower for church heating costs) From General Fund to Flower Fund (redress negative value of Flower Fund) From GeneraL Fund to Ul 8 Fund (maintain balance of Ul 8 Fund) From CSW restricled to CSW Designated (to rectify incorrect posting in 2021) (£250) £250 £150 (£150) (£1,822) £1.822 (£13,741) £13.741 £47,277 (£47.277) Page 23