The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Annual Report and Financial Statements Year Ended 31 December 2022 Charty rogistration number.. 117Q768
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Contents Trustees, Report 1to6 Reference and Administrative Details Statement of Trustees, Responsibilities Independent Examinerfs Report S¢alemenl of Financial Activities 91010 8alance Sheet 11 Notes to the Financial Slalemenls 12to22
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report The trustees present the annual report together with the finaneial slalements of the charity for the year ended 31 December 2022. Structure, governance and management All Saints Church Highertown IASHI is part of the Diocese of Truro, within the Church of England. The PCC is a body corporate IPCC Powers hAeasure 1956, Church Representation Rules 20061 and a charty registed with the Charity Commission on 3 September 2018 Icharity number 11797881. The activities of ASH are overseen by the PCC. meetings are held in accordance with the Church Representstion Rules. The PCC is responsible for the financial administration of the Church, and the care and maintenance of the Chur¢h premises of All Saints Highertown IASHI and the churchyard in Baldhu. The PCC has no related trusts or charities. The appointment of PCC members is governed by and sel out in the Church Representation Rules. PCC members are the trustees of the registered charity during their period of service on the PCC. The PCC meets al least six limes during the year. It is recognised that the PCC has ultimate responsibility for a wide rangè of matters affecting the parish and Officers are nominated from within the PCC lo cover specific areas including Safeguarding, Equality and Heakh & Safety. Publlc benefit The PCC is aware of the Charity Commission's guidance on puljlic benef([ in The Advancement of Religion for the Public Benefit" and has regard to it in the administration of the Church. The PCC believes that the Church provides benefit lo the public by.. Providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for the congregation and lor anyone else who wishes to benefit from what the Church offers. Promoting Christian values and service by members of the congregation lo the community, for the benefrt of individuals and society as a whole. Objectivès and activities Objects and aims The primary object of the PCC is the promotion of the Gospel of our LorLI Jesus Christ according to the doctrines and practices of the Church of England. The PCC is lo co-operate with the minister in promoting in the parish the whole mission of the Church. pastoral, evangelistic, social and e¢umenical. IPCC (Powers) Measure 19561. Page 1
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report (continued) Ob'ective ear As a local congregation of the Church of England, ASH seeks lo advance the Christian religion through its aelivilies and the facilities offered lo the community by i(s buildings. We continue lo host vital community seNices such as the Cornwall Children's Clothes Bank, Truro Foodbank and the financial crisis support service, Acts 435. The PCC seeks lo gwe a tenth of rts income lo other charitsble causes, currently this is achieved by providing accommodation al reduced or no cost. Page 2
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report (continued) Achievements and performance The full PCC mel eight limes during the year. Dunng the year ASH has acted as a ¢enlre of worship and as a focus of community activty in the parish of All Saints Highertown and Baldhu. Funds continue lo be raised towards the Lifehouse project. The project was re-evaluated due to the substantial incr03s0 in costs rosulting from Brexit and Covid. A furthèr value •ngineèring gx8rcise is being undertaken and a reduced design will be submitted for planning pemiission earfy in 2023. Over £9,000 raised online to help over 70 people through our Acts 435 advocate team. Congregation and Services our conggatIonS havè grown a little over this last year, with the continuing return of some of our congregation posl-covid. and by welcoming some new members too. Average attendance al the 10.30 service is now c. 55 and the congregation al the 9am service fluctuate5 between 6 and 12. We have continued the regular pattem of services which includes Family Communions on the 1 st and 3rd Sundays al 10.30arn, and non-Eucharislic family friendly services at 10.30am on the 2nd and 4th Sundays when there is also a 9am Communion Service. We have had our usual array of Special Services throughout the year wlh a Carol Service (supported by Truro Male Voice Choirl, Chrislingle. Ash Wednesday Communion, Maundy Thursday Fool Washing and Communion. and the Hour al the Cross on Good Friday. New for this year was a series of Prayer and Praise evenings in Lent and a Dawn SeNice at Loe Beach, which was well attended and a wonderful celebration of Easter. We also both moumed the death and celebrated the life and reign of our late Queen. Elizabeth 11. Prayer, Quiet Days and PCC Away Day. This year, we have priorilised prayer as f( is a vital part of the church's life, underpinning all we do. We have a strong Church Prayer Group meeting on Thursday mornings and pray together for the church. rts community and ils work., for wider national and inleinational issues", and for each other. BLJt in addition, we held two encouraging Days of Prayer lo seek God's guidance for a way forward for our church in September. A PCC Away Day followed in the New Year. where we looked al a nurnber of questions and considered what we should be working towards. Small Groups and Home Groups. During the Autumn lemi, we ran an Alpha Course, which has been followed up with a Post Alpha Home Group. A regular Bible Study Group Is held at church each Wednesday where a small bul enlhusiaslic group dig deeper into the bible together. An Advent Group was held which enthused rts membership lo pul on a special café church service on creation care and celebrated our Silver Award. And, n8w this year. is a Book Group. More Change and the future. We were lo experience MO change and shock during the year wlh the departure of our Priesl-in<harge and of the transfer of the Transforming Mission Team lo the cathedral. Pag8 3
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report (continued) The Investmentpolicy and objectives We bank wrth the Lloyds Bank plc and the Co-operative Bank plc. The ethical policy is as follows.. .Human Rights We wish lo ensure that money does not go to support oppressive regimes governments that fail lo respect the basic political rights and civil liberties of their citizens. .Internalional Development We expe¢l businesses to respect the Core Conventions of the International Labour Organisation on issues such as child labour and freedom of association. .Ecological Impad - We consider the Issues of climate Change, waste, bicmjiversily loss and the release of hamful chemicals as enwronmenlal imperatives. .Nanolechnology - There are wncerns around ils impact on human he0h and the environment. .Animal Welfare We will not finance any organisalion involved in animal testing of cosmetic or household products or their ingredients, intensive farming, blood sports or the fur trade. Plans for future periods Aims and key objectives for future periods As we move forward into another year. our priorities will be lo work together lo build and strengthen our fellowship, by creating more Home or Small Groups and providing opportunities to socialise together. To deepen our faith further, we plan lo eonlinue lo offer a programme of varied courses. regular Prayer and Praise Evenings. and the introduction of a monthly Café Church. Financial review Unreslricled income has incre8sed by 43% to £74,658 12021 £52,188). Wrthin this figure Congregational Giving increased from £46.481 to £55,730 and Hall Income from £4,227 10 £11,495 - the laller reflecting welcome increased usage. Unreslricled expenditure increased by 260/0 to £5S,368 12021 £43.9171 partly as a result of Incumbent salary and costs being passed through the charity accounts. During the year the PCC look the decision lo suspend MMF contributions to the Diocese which resulted in only £7,185 being paid 12021 £21.5541. Overall, Unreslricled Funds showed a net surplus of £19,29012021 £8,2711 Reslricled Funds income lotalling £29.162 was reiVed in respect of the Lifehouse Project with expendtture lotalling £43,280. The Restricted Funds figures also include Transforming Mission activities (salaries and expenses) reimbursed by Truro Diocese. The Balance Shoel shows an overall defici( of £68.76012021 £74,782). However, the Diocese have agreed lo defer repayments on the £150,000 loan until April 2025. Policy on resgrv8S The Policy for the General Account is lo maintain reserves at the level represented by 6 months, estimated expenditure, excluding expenditure on meeting the Diocesan Mission and Ministry Fund liability and any charitable giving. Pagè 4
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report (continued) Reference and Administrative Details Incumbent Revd Jeremy Pulman (Resigned 25109120221 Trustees I PCC members Revd Janette Mullett Revd Patri¢k Gilbert Revd Mary Cruddas Debbie Mitchell Jane Tomlinson (Chairl Rowley Surridge Andrew Polhecary (Resigned 24104120221 Dorcas Cuddeford (Resigned 24104120221 Dol Webb Irene Mortimer Emily Polhecary IResigned 24104120221 Gyl Grundy Mary Crawford (Resigned 01102120221 Hamilton Cruddas John Mrtchell OBE Roger Chilman (appointed 2410412022} Jean Cooke Lynne Bray lappoinled 24104120221 Christine Dayus lappoinled 2410412022} 1179768 Charlty Reglstratlon Numbgr Principal Office All Saints Church Tresawls Road Truro TR1 3LD Independent Examiner Francis Clark LLP Chartered Accounlanls Lowin House Tregolls Road Truro Cornwall TR12NA Page S
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Trustees, Report (continued) The annual port was approved by the trustees of the charity on behalf by. -2.land signed on i(5 Jane Tomlinson Ichairl Trustee Page 6
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Statement of Trustees, Responsibilities The Iruslees are responsible for preparing the Iruslees, report and the financial statements in accordance wrf(h the United Kingdom Accounting Standards Iuniled Kingdom Generalty Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Iruslees lo prepare financial slalemenls for each finanaal year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of sOUrCeS of the charity for that period. In preparing these fi'nancial stalements, the trustees are required to.. sele¢l suitable accoLJnting policies and then apply them ¢onsislenlly', observe the methods and principles in the Charrties SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial stslements", and prepare the financial statements on the going concern basis unless rt is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charrties (Accounts and Reports) RegulalDns 2008. and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the financial information included on the charity'5 website. Legislation governing the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdiction5. Approved by the trustees of the charity on and signed on ils behalf by.. Jane Tomlinson jchairj Trustee Page 7
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Independent Examiner's Report to the trustees of The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu I report lo the Iruslees on my examination of the accounts of The Parochial Church Council of th8 Ecclesiastical Parish of Highertown and 8aldhu for the year ended 31 December 2022. Responsibilities and basis of report As the charity trustees of The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu you are responsible for the preparation of the accounts in accordance with the qUireMentS of the Charities Act 2011 I'the Act'i. I report in respect ol my examination ol the The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Chanty Commission under section 14515llbl of the Act. Independent ¢xamlner's statement I have completed my examination. I confirm that no material matters have eome to my attention in connection with the examination gwing me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of The Parochial Church Council of the Eccle5ia5tical Parish of Highertown and Baldhu as required by section 130 of the Act", or 2. the accounts do not accord with those records,. or 3. the a¢counts do not comply wrth the accounting requirements conceming the form and content of accounts sel out in the Charities IAc¢ounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no cOnrnS and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR12NA Dale.. 7 June 2023 Page 8
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Statement of Financial Activities Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2022 Notg Income and Endowment5 from- Donations and legacies Charitsble activities Investment income 55,730 18,826 102 85,895 159 141,625 18.985 109 Totsl income 74,658 86,061 160,719 Expenditure on: Chartsble activities 55,3681 99.329 154,697 Total expondilure 55,3681 99,329 154,697 Net incomellexpenditurel 19.290 13,2681 6.022 Net movement in funds 19.290 113,2681 6,022 Reconclllatlon of funds Total funds brought fomard 42.822 117,6041 74,7821 68,7601 Total funds carried forward 16 130,872 The notes on paggs 12 to 22 fom an Integral part ol these financial ststements. Page 9
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Statement of Financial Activities Year Ended 31 December 2022 (continued) (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Ststement of Financial Activities for the year ended 2021 Unrestrictsd Restricted funds funds Total 2021 Nole Income and Endowments from: Donations and legacie5 Charitable activities Investment income 46,481 5,705 170,683 217.164 5.705 Total income 52.188 170.683 222,871 Expendtture on.. Charitable activities 43,917 218,784 262,701 Total expenditure 43,917 218,784 1262,701 Nel incomellexpenditurel Gross transfers between funds 8,271 1,428 148.1011 11,4281 139,8301 Nel movement in funds 9,699 149,5291 {39,830} Reconciliation of funds Total funds brought fOard 33,123 168.0751 134,9521 Total funds carried forward 16 117,604 74,782 All of the charty's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown In note 16. Tha notes on pages 12 to 22 form an intagral part of thèsè financial statements. Page 10
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Balance Sheet 31 December 2022 2022 2021 Note Current assets Debtors Cash al bank and in hand 10 7,074 84,380 11,764 78,354 91,454 90.118 Credltors: Amounts falling due withln one year 12 10.214 14,900 Total assets less current liabilities 81,240 75,218 Creditors: Amounts falling dug after morg than one year 13 1150.0001 150,000 Net liabilities 68,760 74,782 Funds of the charlty: Rastri¢ted income funds Reslricled funds 1130,872} 1117,804} Unrestricted income funds Unrestricted funds 62,112 42,822 Total fund$ 16 168.760 74,782 I slalements on pages 9 to 22 were approved by the trustees, and aulhorised for issue on and signed on their behalf by.. .<a- Jane Tomlinson (Chairl Trustee The nates on pages 12 to 22 form an integral part ol these financ4al staternent5. Pag811
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 1 Accounting policles Statement of compliance The financial statements have been prepared under the Church Accounting Regulations 2006 in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalemenls 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 affiliation lo another body, nor those that are informal gatherings of Church members. The Charrty has taken advantage of the provisions in the SORP for charrties applying FRS 102 not lo prepa a Statement of Cash Flows. Basis of preparation The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu meets the definition of a public benefit entity under FRS 102. The accounts (financial ststemenlsl have been prepared under the historical cost convention with items COgnised at Cost or transaction value unless otherwise staled in the relevant notes to these accounts. Going concern The financial statements have been prepared on a going concern basis. Consideration of the financial posrtion of the PCC is impacted by the £150,000 loan repayments commitment within the Lrfehouse Project Fund. The PCC has fully re¢ognised this issue and lo ensure the ongoing financial stability has-. 1. Agreed wlh the Diocesan Board of Finance Ihal loan repayments be deferred until April 30th 2025. 2. Suspended the voluntary contributions of £3,592.33 per month lo the Diocesan Mission and Ministry Fund lo ensure that day lo day commitments can be fully funded from our current income streams. The PCC continues to monitor the financial position closety and there are no concerns over our ability lo keep lo our financial commitments for 2023. Income and endowments Planned giving, collections and similar donations are Tecognised when due. Tax refunds are recognised when the incoming resource lo which they relate is received. Grants and legacies are accounted for when the PCC is enlilled lo the use of the resources, their ultimate receipt is considered probable and the amounts due are reliably quantifiable. Page 12
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) Deferred income Deferred income represents amount5 received for future periods and is released to incoming resources in the period for which, Il has been received. Such income is only deferred when.. The donor specifies that the grant or donalK)n musl only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional enlillemenl. Expenditure Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or conslruclive obligation on the PCC. The Diocesan parish share expected lo be paid over is accounted for when due. All other expenditure is generally recognised when il is incurred and is 8ceounled for gross. Charitable activities Charitable expenditure comprises those costs incurred by the charty in the delivery of ils activities and servi¢es for its beneficiaries. 11 includes both costs that can be allocated directly lo such adiwties and those eosls of an indirect nature ne¢ess8ry to support them. Taxation The charity is considered to pass the tests sel out in Paragraph 1 Schedule 8 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tangiblg fixed assets Consecrated and benefice propety is not included in the accounts in accord8nce w(ch s.10{2llal and Icl of the Charities Act 2011. Other fixed assets are capilalised at 8 Cost over £3,000 and depciated on a slraighl line basis over 5 years Current asset investments Short term deposits include cash held on deposit with the CBF Church of England Fund$. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readity convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. Pag8 13
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) Fund structur Unreslricled income funds are general funds that are available for use al the trustees discretion in furtheran¢e of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Reslricled income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Financial instrum9nts Classrficatlon Financial 85sels and financial liabilities are recognised when the charity becomes a party lo the contractual provisions of the inslrumenl. Financial liabilities are classified according lo the substance of the conlraclual arrangements entered into. Recognitlon and measurement All financial assets and liabilities are initially measijred at transaction price (including transaction cost51, except for those financial assets classified as al fair value through profil or loss. which are initially measured al fair value (which Is normally the transaction price excluding transaction coslsl, unless the arrangement Constitutes a financing transaction. If an arrangement Conslitules a financing transaction, the financial asset or financial liability is measured al the present value of the future payments discounted al a market rale of interest for a similar debt inslrumenl. Financial assets and liabilities are only offset in the slalement of financial pos(tion when, and only when there exists a legally enforceable right 10 Set off the recognised amounts and the charty intends either lo settle on a nel basis, or lo realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the conlraclual rights to the Cash flows from the financial asset expire or are settled, bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or ¢1 the charity. despite having retained some. bul not all. significant risks and reward5 of ownership. has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. cancelled or expires. Page 14
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 2 Income frorn donations and legacies Unrestricted Funds Restricted funds Total funds Donations and legacies., Planned Giving donations Donations. appeals etc Collections (open platel Gift aid reclaimed Grants, including capi181 grants". Grants Diocese grants 29,1SS 3,124 3,481 4,881 29,155 6,705 3,481 4,881 3.581 2,400 79,914 2,400 95.003 15.089 Total for 2022 55,730 85,895 141,625 Total for 2021 46,481 170,683 217,164 3 Income from charitable actlvltles Unrestricted Funds Rèstricted funds Total funds Church and hall hire income Clergy fee income Other income 11,495 3,716 3,815 11,495 3,716 3,774 159 Total for 2022 18,826 159 18,985 Total for 2021 5,705 5,705 Page 1S
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 4 Investment income Unrestricted funds Designated General Restricted funds Total funds Interest receivable and similar income.. Investment income 19 83 109 Total for 2022 19 83 109 Total for 2021 S Expenditure on charitable actIvIe5 Activity undertaken directly Total 2022 Total 2021 Mini51ry.' Diocesan parish share Other ministry costs Church running costs Wages & Salaries (Project costs) Staff expenses Training Admin expenses (Project costs) Project fees Payments lo Diocese Church repairs & Maintenance Professional fees 7,185 746 11,526 104.886 339 195 3.408 19,227 1.079 1,116 4,990 7.185 746 11.526 104,886 339 195 3,408 19,227 1,079 1,118 4,990 154,697 21.554 1,87Q 12,942 131,899 12,543 79,243 1,460 1,390 262,701 154,697 6 Net incomingloutgoing resources Net incominglloutgoingl resources for the year include.. 2022 2021 Operating leases other assets Independent examiner fee 942 1.750 942 1,320 Page 16
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 7 Tru$tees remuneration and expenses During the year the charity made the following transactions with trustees". Revd Janette Mullett Revd Janelte Mullett re¢eived remuneration of £32.025 12021." £Nill and £173 12021.. £Nill of expenses were reimbursed io Revd Janette Mullett dunng the year. Al the balan sheet date the amount due Revd Janette Mullett was £Nil12021'. £Nill. Revd Jeremy Putman IResigned 25109120221 £81 12021.. £Nill of expenses were reimbursed lo Revd Jeremy Pulman (Resigned 25109120221 during the year. Al the balance sheet dale the amount due Revd Jeremy Putman (Resigned 25109120221 was £Nil 12021.. £Nill. No Iruslee5 have received any other benefrts from the charity during the year. 8 Staff costs The aggregate payroll costs were as follows.. 2022 2021 Staff costs during the year were.. Wages and salaries Social secur((y costs Pension costs 99,428 2,166 3,291 104,885 131,699 131,699 Employers social security and pension contributions were included in wages and salaries in the prior year. The monthly average number of persons (including senior management I leadership leaml employed by the charity during the year expressed as full time equivalents was as follows.. 2022 2021 No Average head count No employee received emoluments of MO than £60,000 during the year 9 Taxation The charity is a registered charity and is therefore exempt from tsxalion. Page 17
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 10 Debtors 2022 2021 Prepayments other debtors 293 6,781 11,764 7,074 11,784 11 Cash and cash equivalents 2022 2021 Cash at bank Short-lerm deposits 78,830 5,550 70.674 7,680 84,380 78,354 12 Crgditors: amounts falling due within one year 2022 2021 Other laxalion and social security Other creditors Accruals Deferred income 1.627 3,114 4.068 1,405 2,005 12,028 10,214 14,900 13 Credltors.. amounts falling dufr after one year 2022 2021 Other loans 150,000 150,000 Unsecured loan from Diocesan Board of Finance Ltd. The loan Is interest free with repayment due from 30th April 2025. Pag8 18
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 14 Obllgations under op9rating leases 2022 2021 Other Within one year Between one and five years 915 2,593 229 3,508 229 15 Pension and other schemes The charity as an employer participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the as5els of the scheme5 5eparalety from Ih05e of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits S¢heme. a defèrred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. The Pension Builder Scheme of the Church Workers Pension Fund is made up of iwo sections. Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes. The charrty participates in Pension Builder 2014. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use lo provide benefits al reliremenl. Pension contributions are recorded In an account for each member. This account may have bonijses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board lo grant any bonuses. The aceounl, plus any bonuses declared, is payable from members, Normal Pension Age. There is no sub-division of assets betseen employers in each section Df the Pension Builder Scheme. The scheme is considered lo be a mulli-employer scheme as described in Section 28 of FRS 102. This is because il is not possible lo attribute the Pension Builder Scheme's assets and liabilities lo specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged lo the SOFA in the year are the employer and employee contributions payable as follows.. Unrestrlcted Funds Restrlcted Funds Totsl 2022 Total 2021 General Funds (Admin) Lifehouse Project Transfom)ing Mission 273 273 577 1,296 4,713 6,009 1,296 4.713 2,240 7.060 273 6.282 9.877 Page 19
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 Oecember 2019. The valLJation revealed a deficit of £11.3m on the ongoing assumptions used. At the most recent annual review, the Board chose not lo grant a discretionary bonus, which will have acted lo improve the funding position. There is no requirement for deficit payment5 at the current time For the Pension Builder 2014 section. the valuation revealed a deficit of £4.8m on the ongoing assumptions used. The is no qUirement for deficit payments al the current lime. The legal structure of the scheme is such that if another employer fails, the charity could bewme responsible for paying a share of that employer's pension liabilities. 16 Funds Balance at 31 Decernber 2022 Balance at 1 January 2022 Incomlng resources Resourcès expended Unrestrlcted funds General General funds 41.393 74,639 155,3681 60.664 Designated Fabric Fund 1,429 19 1,448 Total unrestrlcted funds 42,822 74,658 155,3681 62.112 Restricted funds Lifehouse Project ACTS 435 Car Park Fund Transforming Mission 1118,2851 139 542 29.162 143,2801 1132,4031 139 549 56,892 156,0491 Total restricted funds 1117.6041 86.061 199,3291 1130.872 Totsl funds 74.782 154,697 68,760 Page 20
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) Balance al 31 December 2021 Balance at 1 January 2021 Incoming Resources resources expended Transfers Unrestricted funds General General funds 31,695 52,187 143,9171 1,428 41,393 Designated Fabric Fund 1,428 1,429 Total unrestrlcted funds 33.123 52,188 43,917 1,428 42,822 Restricted Lifehouse Project ACTS 435 Car Park Fund Transforming Mission Other funds 170.8111 373 542 54,648 9.208 1102,1221 19,4421 1118,2851 139 542 106,827 1106,827} 393 1,821 1,428 Total restricted funds 68,075 218,784 1,428 117,604 Total funds 134,9521 222.871 1262.701} 174,782 The specrfic PLtrposes for which the funds are lo be applied are as follows.. Lifehouse Project work conducted lo provide a safe and supportNe space to the local and wider community. Transforming Mission - worf( conducted lo widen the church's reach. Car Park fund - monies held to upkeep the church car park. Transfers include appropriate releases of restricted funds to unreslricled funds, where all condrtions have been met or where expenditure has previously been made from unrestricted fuds. Pagè 21
The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2022 (continued) 17 Analysis of net assets between funds Total funds at31 December 2022 Unrestrictad funds General Designated Re$tri¢led funds Current assets Current liabilities Creditors over 1 year Total nel assets 67.814 17,1501 1,448 22,192 {3,0641 150.0001 91,454 110,2141 150,000 60,664 130.872 68.760 Total funds at31 December 2021 Unrestricted funds General Designated Restricted funds Current assets Current liabilities Creditors over 1 year 43,670 12,2771 1,429 45,019 112,6231 150,000 90,118 114.9001 150,000 Total nel assets 41,393 1,429 117 6041 74.782 18 Related party transactions During the year the charity made the following related paty transactions.. Trustees Unconditional donations received in the year from trustees lolal £1,097 12021.. £nill. Al the balance sheet date the amount due tolfrom Trustees was £Nil12021 - £Nill. Page 22