Parochial Church Council of Kingswood (A Registered Charity Number 1172427 from 15th April 2017) Accounts for the Year Ended 31st December 2022 INDEX
Page
- (i) Treasurer’s Report
(ii) The Independent Examiner’s Report
1 Statement of Financial Activities
2 Balance Sheet
3 Accounting Policies and Description of Funds 4 Incoming Resources - Current Year 5 Resources Expended - Current Year
6 Legacy, St Andrews Survival & Wisdom Centenary Funds 7 Church Hall and Church Hall Fund Raising
8 & 9 Revenue Reserve, Fixed Assets and Investment Fund
Pag• I Klngswood PCC-Treasuror Roport wa8 ry ffiT61ye•raB Treaiurer of ng$WoOd PCC and Itwa8 an •v•nthil on• ln teTh8 ol the FInan& One ofthe major gxpgnw$ In 2022 wol Iho unoXPOCtod rnpalr needed to theAe olthe W8dom o1¢3od whith tothll•d É17.294. W• ar• In th• propam ofobtalnlnq a VAT dalm for th18work frorn HMRG. A I• amountof •pent daaliroj 1h the renw•l ol the Enwgy corbtro¢ts IOT both Churthel tn thttr 2022. Thg ngw o)ntrnd8 rn8utt•d In 10 lohl Ine¥819• In th• Unlt charg•8 lor Ga8 ov•r 4 fo&J for Eleclriclty Chargw. Enèrgy r8•trtctl¢n pro#4 wm Implèm•nt•d In both Church•s ov•r lh• Wnt•r months and w• re vory fortun8te to obtaln 4 Grnnl from for £1,000 loward8 thege oddlttorwl ¢o•16. Tho wllgd ¢onlracts wore for e monlh• and Ih•y or• currnnlty b•ln9 rene•d 89•ln ot • muth luwer Unlt Churg•. Vl• th•ng¢d tho bank account lor Ih PCC to Motrobank In the year1¢ hA• ¥drnlnhtr¥ikn WHI p•ym•nl• muth •a•t•r Int•m•t BAnklno. Alowid• • thange lo ourbmk. haw nowloln•d the P•rknh Glthq Scheme IPGSI al all donor• al tho Church have been wdtten to wllh det4111 ol how to laln th• PGS. Th• m•mb•rn of th• PCC adoptsd th1• chorwg And •r• now don•lln9 vra Ihg PGS. (l•spll• lh8 laffj• Incr•u•i In costs m•nUon•d Abov•, th• ov•rnll th• y•ar In UnMtdfAed Advltt•• w•• £6,e0212C21- £9S9 ourplu•l. Regul•r don¥tton8 ¥nd lleCtIOn• In the tot•llgd £30.57812021 . £28,322) alth¢kn Incr•M• was dtOrt•d by the ehur¢h do•um In 2021 In lockd¢)wn. Tho gulu# trom Chur¢h H•ll In Ihe y04r w¥8 £3.43712021- £375 dofidll whlc* ts • r•fl•¢tlon of lh• IrK¥e••e In booklng1 ol th• lollowlng th• •nd ol lockdown. Th• •xp•na• ca)nt4nuM lo bg the •nnuHI Pledgg lo th• Dbx•w whlth w• hw• k•pt •t £49.000. IN• Ind•bt•d to Rob•rt Clulth for h18 ro&• Ms 1ndlndant Ex•mln•r. Aho to Colh M• for ffl•lntalnlng the duy k¥ dly Churth Hau fln•nthl rncwd& Gllll•n Fr•nth
Independent Examinerfs Report to the and bree% ofthe Parothkl thuyth C(wndl I report on the accountsforthe year erthd 31st Decembw 2022 which ale set out on pages I to 9 The charlty's trustees conslderthat an audk is rt)t required forthe year undersecuon 144121 of the Charltfes Act 2011 (the 2011 Artl and th an Independent examlnatfon is need. It is my reSpIbIlIty to.. Examlne ihe zc£ounts under sectlon 145 ot the 2011 Art: Follow the procedures lald down in the Genffil DIreCOn$Sn bythe Charlty Commlssloners under Sect5on 145ISllbl ofthe 2011 A¢" and Stats v&thether partlcular matters CO to attenllon. 81£15 of Indèpendert EMmln•rfJStairn My examinadon carthd out In accordante with the Genernl DIrt¢YS 8fven by the Charlty Commlsslon. An examinatlon Indudes a rÈvlewofthè account1 records k•pt the thartty and a tt>mpartson of the accounts wlth those records. It also inc1je$ the consideTrdon of any unusual Items d1stl0suS In the atcounts and seekin8 explanat5ons from the management commlttee cfjrtcernln8 any such matter5. The procedures undertakn do not provlde all the evldencethat would be requlred In a full audlL and consequently I do not express an audft on on the acCTrts. Indewnd•nt Ex•mlMVs St•t•mrt In connettFon wSth thè examInaOn, no matter5 hw4e come to nry at*rtion: 11 Whlch 8fv¢s me reasonable ¢ause to belkne that In any matertal re4>ert thè requirements to keep accountin8 records In accordance wlth section 130 of the 2011 Act orto prepare attounts which accord wlth those account5ng records and comWy wlth the reBulailons ha¥e not been or 21 To whlch, In my oplnlon. attentlon should be drnwn In orderto enable a proper understsndin8 ofthe accountsto be athed. Robert Caulkln 2 March 2023 Smart Accountants Sussex and Surrey 71 Walton Stieet Walton on the Hlll Surrey r20 7RZ
Page 1
Kingswood PCC
Statement of Financial Activities for the Year ended 31st December 2022
| INCOMING RESOURCES Donations Received Other voluntary income Generating Funds & Investments Church activities Church Hall Sale of investments TOTAL INCOMING RESOURCES RESOURCES EXPENDED Donations made Church activities Cost of generating funds Church Hall RESOURCES EXPENDED FUND BALANCES NET FUND INCREASE(DECREASE) Gains/(losses) on investment NET MOVEMENT IN FUNDS BALANCES BROUGHT FORWARD AS AT 01/01/22 BALANCES CARRIED FORWARD AS AT 31/12/22 |
Unrestricted Restricted Endowment 2022 2021 Note £ £ 2a 66,841 66,841 55,794 2b 1,377 1,377 1,419 2c, 4,5,6 27,467 1,202 28,669 22,028 2d 4,604 4,604 5,607 7&8 0 13,659 13,659 6,631 10b 0 0 0 100,289 14,861 0 115,150 91,479 3a 879 879 1,808 3b 102,678 102,678 81,083 3c 3,534 3,534 998 7.8 10,222 10,222 6,988 107,091 10,222 117,313 90,877 9 -6,802 4,639 -2,163 602 10b -29,614 -29,614 31,706 -6,802 4,639 -29,614 -31,777 32,308 34,189 81,505 209,408 325,101 292,793 27,387 86,144 179,794 293,324 325,101 Total |
|---|---|
GSWOOO PCC BALANCE SHEET at31st Ducvrnber22 FIXED A88ET Not• 2P22 2021 Flxod Asmts 10a 10b $59.409 Y21.957 e81J66 659.409 251.572 010,981 Ci1RRENT A83ET$ Shortiwrn 1,033 Cernenary PCC. Mebobèr 7.130 28.095 9.812 17.634 14.Q12 20515 6,087 PCGTSB FNab8$1 HI14alay8 Churth HkSanwder 31294 6.526 s75 2S.516 96.450 78,091 1.885 79.976 Debtors Accru IncoN IGIftAld Tax r•t¢v4rablJl TOTAL CURRENT AS8ET8 6S182 LWBimES A£¢ru Churthyard Cos Mairtenan¢È 16.6 4.Y1 458 1,144 3,505 He8L Liohl& Wa Athinis1I8bun Co¥18 Rafftè Priz Fund Wisthm Ston& Fur 3.DBS exe Fund (kyaD hfjaini8nan ChJrch Hdl GenI 252 747 26.028 71.354 6.448 73.528 NET CURRENT ASSETS NEY ASSEts 984.509 FUNDS Unrewkd .236 71.726 184.758 693.$97 B1.504 209.408 984.309 RestrKted Inc4LKlir ChL*chHs11 Endowmènt Approyodty th• P¢C otKiwwood on 2nd ltsy2W43 Cthurchward
Page 3
Kingswood PCC
Notes to the Financial Statements for the Year Ended 31st December 2022
Accounting Policies and Funds
These financial statements have been prepared on an accruals basis and in accordance with the recommendations of the Church Accounting Regulations 2006 and the Charities current Statement of Recommended Practice. From 2009, following the assessment of Diocesan Quota for the Parish as a whole, the accounts are presented in unified form and not allocated to the individual churches.
Fixed Assets — The Church Hall and Church House are shown at estimated values in line with previous years’ figures; the PCC has adopted a policy of non-depreciation of these assets on the basis that their residual value is higher than the deemed cost values shown in these accounts. It is not required to revalue these assets.
Any funds raised, or donated, for designated purposes are treated as “Restricted Funds"
Payment to a Trustee — during the year payments amounting to £400 were made to Frank Foxen, a Trustee, as agreed reduced fees for his duties as appointed Organist at churches within the parish.
The Funds managed are:
1.Capital Funds - These are
A. St Andrew's Trusts consisting of six donations towards the upkeep of graves. The corresponding Investments are held in shares with the Central Board of Finance (CBF).
B. Wisdom of God Trusts consisting of a series of donations towards the church upkeep; the
Corresponding investments are held via the South London Church Fund and the Southwark Diocesan Board of Finance in shares with the CBF.
2. Unrestricted Funds — These are the normal operating funds of the two churches:
C1- Shows current year's income and expenditure.
E Revenue Reserve, shows the net funds after transfer of the surplus or deficit from C1 above.
3. Restricted Funds
C2- operates in conjunction with C1 but relates to special purposes; this designation covers special appeals, works and maintenance and the Organ Fund. Other balances of Income and Expenditure on these items are subsequently transferred to the appropriate major Fund:
-
F- Legacy set up in 2004 with Lowe Legacy funds of £50000 for Fabric expenses of both churches.
-
G - St Andrew's Survival derived from a special appeal for major fabric projects to which subsequent Appeal and legacy proceeds have been added.
-
H - Wisdom of God Centenary — operated in a similar way to the Survival fund above.
-
I - Church Hall & L— Church Hall Fund Raising - are held as separate Funds, responsibility having been delegated by the PCC.
-
M - Kingswood Global Income was set up in 2011 to improve income devoted to the Legacy Fund.
-
N - Wisdom Income Fund was set up in March 2011 to improve income devoted to the Centenary Fund.
Page 4
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
Note-2 INCOMING RESOURCES
| 2(a) Incoming Resources from donors: Regular Gift Aid Occasional Gift Aid Collections Donations - Non-recurring (Woodfuffe and Brash Funds) Gift Aid -Tax Recovered Churchyard grants Online Equipment Grant 2(b) Other voluntary incoming sources: Special Appeals 2(c) Income from generating funds and Investments Fund Raising Interest on Investments Rent received 2(d) Income from Church activities Wedding Fees Funeral/Churchyard Fees Magazine TOTAL INCOMING RESOURCES |
Unrestricted Restricted 2022 2021 Fund C1 Fund C2 £ £ £ £ 20,068 20,068 22,044 1,848 1,848 3,015 8,662 8,662 3,263 24,703 24,703 14,972 7,025 7,025 6,965 4,535 4,535 4,535 0 0 1,000 66,841 66,841 55,794 1,377 1,377 1,419 5,768 5,768 790 5,499 1,202 6,701 6,388 16,200 16,200 14,850 27,467 1,202 28,669 22,028 1,652 1,652 593 2,952 2,952 4,413 0 0 600 4,604 0 4,604 5,606 100,289 1,202 101,491 84,847 TOTAL FUNDS |
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Page 5
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
| 3. RESOURCES EXPENDED 3(a) Donations Made Foodbank/Disability Challenge Bishop's Lent Call Ukranian Appeal Shoebox Appeal/St Bedes British Legion Renewed Hope Trust Crossroards Care 3(b) Church Activities Parish Pledge Honoraria-Organists Clergy Expenses Diocese Fees Insurances Administration Expenses Sanctuary Churchyards Sundry Expenses Heat, Light & Water Buildings Maintenance Repair Work to Apse - Wisdom of God Quinquennial Inspection Fees Organ maintenance 3(c) Costs of generating funds Church House Magazine RESOURCES EXPENDED |
Unrestricted Restricted 2022 2021 Fund C1 Fund C2 £ £ £ £ 25 25 625 0 0 550 212 212 0 50 50 200 225 225 148 191 191 125 176 176 160 879 879 1,808 49,000 49,000 49,000 1,800 1,800 470 1,120 1,120 1,096 1,080 1,080 2,140 4,379 4,379 7,000 4,854 4,854 4,226 768 768 370 5,754 5,754 6,396 2,353 2,353 1,691 3,553 3,553 3,068 7,051 7,051 5,374 17,294 17,294 0 2,790 2,790 0 882 882 252 102,678 0 102,678 81,083 3,486 3,486 998 48 48 0 3,534 0 3,534 998 107,091 0 107,091 83,889 TOTAL FUNDS |
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Page 6
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
| Note 4 Fund F - Legacy Fund (Restricted Fund) INCOMING RESOURCES Net income from: Investment Legacy Fund interest Kingswood Global Investment Fund interest TOTAL INCOMING RESOURCES RESOURCES EXPENDED Transfer to Restricted Fund C2 TOTAL RESOURCES EXPENDED SURPLUS (DEFICIT) Balance brought forward 01/01/22 Balance carried forward 31/12/22 Note 5 Fund G - St Andrew Survival Fund (Restricted Fund) INCOMING RESOURCES Net Income from Investment Survival Fund interest TOTAL INCOMING RESOURCES RESOURCES EXPENDED Transfer to Restricted Fund C2 TOTAL RESOURCES EXPENDED SURPLUS(DEFICIT) Balance brought forward 01/01/22 Balance carried forward 31/12/22 Note 6 Fund H - Wisdom of God Centenary Fund (Restricted Fund) INCOMING RESOURCES Net Income from Investment Centenary Fund interest Income from from Wisdom Investment Fund interest TOTAL INCOMING RESOURCES RESOURCES EXPENDED Transfer to Restricted Fund C2 TOTAL RESOURCES EXPENDED SURPLUS(DEFICIT) Balance brought forward 01/01/21 Balance carried forward 31/12/21 Net Incoming Resources in 2021 |
2022 2021 £ £ 159 142 0 0 159 142 0 0 0 0 159 142 1,033 891 1,192 1,033 2022 2021 £ £ 0 0 0 0 0 0 0 0 0 0 60 60 60 60 2022 2021 £ £ 1,043 927 0 0 1,043 927 0 0 0 0 1,043 927 6,087 5,160 7,130 6,087 1,202 1,069 |
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Page 7
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
| Note 7 Fund I - Church Hall (Restricted Fund) INCOMING RESOURCES Net Fees & Donations Grants RESOURCES EXPENDED Water, Light and Heating Insurances Repairs and Minor Works Cleaning and Grounds Sundries Surplus/(Shortfall) Note 8 Fund L - Church Hall Fund Raising (Restricted) 2001 INCOMING RESOURCES Interest TOTAL INCOMING RESOURCES RESOURCES EXPENDED SURPLUS (DEFICIT) Funds transfer to Current Account Balance brought forward as at 01/01/22 Balance carried forward 31/12/22 Current Account Balances 31/12/2022 |
2022 2021 £ £ 13,659 5,614 0 1,000 13,659 6,614 3,673 1,640 1,643 1,568 2,372 1,265 2,183 2,241 351 275 10,222 6,989 3,437 -375 2022 2021 £ £ 0 17 0 17 0 0 0 17 -5,000 0 25,515 25,498 20,515 25,515 14,012 5,575 |
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Page 8
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
| Note 9 Fund E - Revenue Reserve (Unrestricted Fund) INCOMING RESOURCES Transfer of Net Surplus(loss) to Fund C1 Balance Brought Forward as at 01/01/22 Balance Carried Forward as at 31/12/22 Note 10 Fixed Assets for Use by the Parochial Church Council 10(a) Tangible Fixed Assets Deemed Cost Brought Forward as at 01/01/22 Revaluation Net Values Carried Forward as at 31/12/22 Insured Values at 31/12/22 10(b) Investment Fixed Assets - detailed on page 9 Fund A - St Andrew's Trusts (Capital Fund) Market Values as at 01/01/22 Movements in the year Market Values as at 31/12/22 Fund B - Wisdom of God Trusts (Capital Fund) Market Values as at 01/01/22 Movements in the year Market Values as at 31/12/22 Fund M - Kingswood Global Income Fund Market Value as at 01/01/22 Movements in the year Market Value as at 31/12/22 Fund N - Wisdom Income Fund Market Value as at 01/01/22 Movements in the year Market Value as at 31/12/22 Overall Market Values 31/12/22 Increase(Decrease) in Value in 2022 |
2022 2021 £ £ -111 -375 34,299 34,674 34,188 34,299 Church Hall Church House Total £ £ £ 416,121 243,288 659,409 0 0 0 416,121 243,288 659,409 655,922 444,890 Units 2022 2021 £ £ 503.83 11,783 10,302 -1,381 1,481 10,402 11,783 8445.09 197,503 172,674 -23,147 24,829 174,356 197,503 1933.86 5,919 5,095 -826 824 5,093 5,919 1555.05 36,367 31,796 -4,261 4,571 32,106 36,367 221,958 251,572 -29,614 31,705 Unit Value 31/12/22 20.6459 Unit Value 31/12/21 23.3867 |
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Page 9
Kingswood PCC
Notes to the Financial Statements for the Year ended 31 December 2022
Note 10(b) Investments Fixed Assets
| Note 10(b) Investments Fixed Assets | ||||
|---|---|---|---|---|
| The Kingswood PCC holdings are: | Cost | Total | Market Value | |
| 2022 | 31/12/2022 | |||
| Central Board of Finance | £ | £ | £ | |
| Shares St Andrews - relating to Fund A |
||||
| 422.00 A E Oddy Legacy |
300 | |||
| 16.00 Allom Grave Endowment |
200 | |||
| { Varney | 50 | |||
| 55.00 { Wilkinson | 50 | |||
| { Bonsor | 257 | |||
| 10.83 Taunton |
104 | 961 | ||
| 503.83 Market Value |
10,402 | |||
| Wisdom of God - relating to Fund B (held via South London Church Fund & Southwark Diocesan Board of Finance) 4,957.29 Endowment account 459 6,054 1,582.80 Endowment account 493 2,871 1,905.00 Endowment account 621 2,425 |
11,350 | 102,348 32,678 39,330 |
||
| 8,445.09 Market Value |
174,356 | |||
| St.Andrew's - relating to Fund M 1933.86 Global Income Investment Fund Market Value |
2,000 | 39,926 | ||
| Wisdom of God - relating to Fund N 1555.05 Wisdom of God Income Investment Fund Market Value |
17,000 | 32,105 | ||
| Movements in Market Values Fund A endowment Fund B endowment Fund M restricted Fund N restricted |
Cost Value £ £ 961 11,783 11,350 197,503 2,000 5,919 17,000 36,367 31/12/2021 |
Value Increase £ £ 10,402 -1,381 174,356 -23,147 5,093 -826 32,106 -4,261 31/12/2022 |
||
| 31,311 | 251,571 | 221,957 | -29,614 | |
| Note 11 Analysis of Net Assets by Fund 31/12/22 Investment Fixed Assets Tangible Fixed Assets Current Assets Current Liabilities |
Unrestricted £ 0 659,409 63,755 -26,928 |
Restricted £ 37,199 0 34,527 0 |
Endowment £ 184,758 0 0 0 |
Total 2022 £ 221,957 659,409 98,282 -26,928 |
| Fund Balance | 696,236 | 71,726 | 184,758 | 952,720 |