# **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** **Annual Report and Financial Statements Year Ended 31 December 2023** Charity registration number: 1179768 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Contents |Trustees' Report|1 to 6| |---|---| |Reference and Administrative Details|5| |Statement of Trustees' Responsibilities|7| |Independent Examiner's Report|8| |Statement of Financial Activities|9 to 10| |Balance Sheet|11| |Notes to the Financial Statements|12 to 22| ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Trustees' Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023. ## **Structure, governance and management** All Saints Church Highertown (ASH) is part of the Diocese of Truro, within the Church of England. The PCC is a body corporate (PCC Powers Measure 1956, Church Representation Rules 2006) and a charity registered with the Charity Commission on 3 September 2018 (charity number 1179768). The activities of ASH are overseen by the PCC, meetings are held in accordance with the Church Representation Rules. The PCC is responsible for the financial administration of the Church, and the care and maintenance of the Church premises of All Saints Highertown (ASH) and the churchyard in Baldhu. The PCC has no related trusts or charities. The appointment of PCC members is governed by and set 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 at least six times during the year. It is recognised that the PCC has ultimate responsibility for a wide range of matters affecting the parish and Officers are nominated from within the PCC to cover specific areas including Safeguarding, Equality and Health & Safety. ## _**Public benefit**_ The PCC is aware of the Charity Commission's guidance on public benefit 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 to the public by: • Providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for the congregation and for anyone else who wishes to benefit from what the Church offers. • Promoting Christian values and service by members of the congregation to the community, for the benefit of individuals and society as a whole. ## **Objectives and activities** ## _**Objects and aims**_ • The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. • The PCC is to co-operate with the minister in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. [PCC (Powers) Measure 1956]. Page 1 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Trustees' Report (continued) ## **Objectives for the year** As a local congregation of the Church of England, ASH seeks to advance the Christian religion through its activities and the facilities offered to the community by its buildings. We continue to host vital community services such as the Cornwall Children’s Clothes Bank, Truro Foodbank and the financial crisis support service, Acts 435. The PCC seeks to give a tenth of its income to other charitable causes, currently this is achieved by providing accommodation at reduced or no cost. ## **Achievements and performance** • The full PCC met eight times during the year. • During the year ASH has acted as a centre of worship and as a focus of community activity in the parish of All Saints Highertown and Baldhu. • Over £0.8m has been raised towards the Lifehouse project over its life. As was mentioned in last year’s report, this project was re-evaluated during this year, a value engineering exercise was being undertaken and a reduced design was submitted for planning permission which has been received. We have also been awarded a further £0.3m in grant monies post year end, which puts us over the line to enable construction to begin on this project. • Over £12,000 raised online to help over 100 people through our Acts 435 advocate team. Congregation and Services – our congregations have stabilised over this last year. Average attendance at the 10.30 service is between 55 and 60 and the congregation at the 8.30am service fluctuates between 6 and 12. We have continued the regular pattern of services which includes Family Communions on the 1st and 3rd Sundays at 10.30am, and non-Eucharistic family friendly services at 10.30am on the 2nd and 4th Sundays when there is also a 8.30am Communion Service. This year we have introduced cafe church on 4th Sundays which seems to be appreciated by many of the congregation. Our Monday morning Toddle Group has expanded and is now a thriving group for parents and carers and their pre-school children. It is ably led by a group of volunteers and led by Louise Tucker; Louise is also providing ‘Busy Bags’ for use in church on Sundays. The team mark the main church events through the year and of particular note has been the making of Christingles together and the Hot Cross Bun activities. We have had our usual array of Special Services throughout the year with a Carol Service, Christingle, Midnight Mass, Christmas Day Family Service, Ash Wednesday Communion, the Hour at the Cross on Good Friday and an Easter Dawn Service at Loe Beach, and Easter Family Communion and a wonderful celebration of Easter. New for this year was a Healing Service during Holy Week. Page 2 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Trustees' Report (continued) Prayer, Quiet Days - This year, we have continued to prioritise prayer as it is a vital part of the church’s life, underpinning all we do. We again, hosted a Quiet Day at Degibna Chapel. We have also taken a theme of ‘Healing’ especially during Lent when we had a sermon series on Healing, and the Ministry Team have been reading and discussing together Russ Parker’s, Healing Wounded History. We have a strong Church Prayer Group meeting on Thursday mornings and pray together for the church, its community and its work; for wider national and international issues; and for each other. Small Groups and Home Groups. Our Post Alpha Home Group continues to meet as does the weekly Bible Study Group and Book Group. An Advent and Lenten Book Group also ran, and there is a Zoom group planned for post Easter for those who don’t live in Truro but worship with us. Our Fund Raising Team, not only provide additional funds for the church they also organise events which bring our congregation and the surrounding community together in a variety of ways, Spring and Summer Fayres, Coffee Mornings Soup Lunches etc. are enjoyed by many. Youth Club - after some minor vandalism caused by local youths, we have worked in conjunction with Pen an Dre Residents Association and Youth for Cornwall to enable two youth clubs to operate from our Church Hall. After a ‘shaky’ start this now appears to be going well. ## _**The investment policy and objectives**_ We bank with the Lloyds Bank plc. The ethical policy is as follows: ∙Human Rights - We wish to ensure that money does not go to support oppressive regimes – governments that fail to respect the basic political rights and civil liberties of their citizens. ∙International Development - We expect businesses to respect the Core Conventions of the International Labour Organisation on issues such as child labour and freedom of association. ∙Ecological Impact - We consider the issues of climate change, waste, biodiversity loss and the release of harmful chemicals as environmental imperatives. ∙Nanotechnology - There are concerns around its impact on human health and the environment. ∙Animal Welfare - We will not finance any organisation 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 continue to be working together to build and strengthen our fellowship. We are also very hopeful that we will be able to move forward at last with our Lifehouse Project and start construction on a new Community Hub to provide improved facilities and increased opportunities to support our local community and those in need in the local area. To deepen our faith further, we plan to continue to offer a programme of varied courses, and groups, regular Prayer and Praise Evenings, and a monthly Café Church. Page 3 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Trustees' Report (continued) ## **Financial review** Unrestricted income has decreased by 5% to £70,517 (2022: £74,658). Within this figure Congregational Giving fell slightly to £49,832 from £55,730 but Hall Income increased from £11,495 to £14,896 - the latter reflecting welcome increased usage. Unrestricted expenditure increased by 8% to £60,011 (2022: £55,368) - mainly as a result of resuming the MMF contributions to the Diocese, which had been suspended in the prior year, resulting in £30,800 being paid (2022: £7,185). Overall, Unrestricted Funds showed a net deficit of £10,250 (2022: surplus of £19,290) Restricted Funds income totalling £37 (2022: £29,162) was received in respect of the Lifehouse Project with expenditure totalling £37,889 (2022: £43,280). The Restricted Funds figures also include Transforming Mission activities (salaries and expenses) reimbursed by Truro Diocese. The Balance Sheet shows an overall deficit of £94,160 (2022; £68,760). However, the Diocese have agreed to defer repayments on the £150,000 loan until April 2025. ## _**Policy on reserves**_ The Policy for the General Account is to 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. £50,368 is currently held in free unrestricted reserves, which is deemed sufficient in light of the policy above. Page 4 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** Trustees' Report (continued) ## Reference and Administrative Details **Incumbent** Vacant **Trustees / PCC members** Revd Janette Mullett Revd Patrick Gilbert Revd Mary Cruddas Debbie Mitchell Jane Tomlinson (Chair) Rowley Surridge Dot Webb (resigned 30 April 2023) Irene Mortimore Gyl Grundy Hamilton Cruddas John Mitchell OBE Roger Chilman Jean Cooke Lynne Bray Christine Dayus Revd Debbie Harvey (appointed 14 November 2023) Alan Wallace (appointed 14 November 2023) Trish Cole (appointed 30 April 2023) Dr David Laurence Tucker (appointed 30 April 2023) **Charity Registration Number** 1179768 **Principal Office** All Saints Church Tresawls Road Truro TR1 3LD **Independent Examiner** Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA Page 5 The Parochial Church Council of the Eccle5ias￿cal Parlsh of Highertown and Baldhu Trustees. 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S￿1￿¢¢ to any rn*qrial departures disclased amd explained tn the financial statetrtsnt&." Prupa￿ ts finanra￿ 5ts1Rrnefits on the gnmu con¢xm bas5 ￿lesS it Is inyrawiate to pre5U I1￿1 th8 chty *•1 ￿nIlnutr rj bu51r1055. The trustep5 al£ re5pan5ibl£ for kaepir¥J FMopaf records IhaE disdw wth raasm?ble accurary at any bmo the financi81 position ol thg ch3Fity and enab￿ thffli to anfure thal the fz)arK4a staterrnllts CDfflFty *ilh ths Charitigs Acl 2011. th8 CharithY5 1Accounts and RepDrt¥l Re9ula1iorrfs 2￿8. and the wow5ions of th8 const￿11(￿. Tha trustee5 arB Blso r85p{￿s1i* for s*•Jua￿Try] 55eis of charity 8nd horFcB ￿a￿OnatIe sleps for the prw•tsn and dèt8rtim ol fr4ud aNI othBr I￿j￿1a[￿I￿S. The iTLE5tBes rE5pan5kn1è lor trtè rn￿￿191&ar￿e Ilrjrmaticrj inclLthd r LhB charitys websiiè. Lfj*a1i￿ the prep8ralFon (fjssofflfftstion uf fi￿ncIAl ststemgrEts may difvr from It￿Slati￿N n othErjuri5a£kn5. by the In￿19￿5 ol'the ... J8ne T￿th&on ICh*"r) TFu*e Pagt7 ## **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 to the trustees on my examination of the accounts of The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu for the year ended 31 December 2023. ## **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 requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of 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 Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of The Parochial Church Council of the Ecclesiastical 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 accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ...................................... Darren Perry ACA DChA, Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA `4 June 2024` Date:............................. Page 8 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Statement of Financial Activities ## Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) |**Note**
**Income and Endowments from:**
Donations and legacies
Charitable activities
Investment income
4
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income/(expenditure)
Gross transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**funds**
**£**
49,832
20,525
160
70,517
(60,011)
(60,011)
10,506
(20,756)
(10,250)
62,112
51,862|**Restricted**
**funds**
**£**
78,732
-
18
78,750
(114,656)
(114,656)
(35,906)
20,756
(15,150)
(130,872)
(146,022)|**Total**
**2023**
**£**
128,564
20,525
178| |---|---|---|---| ||||149,267| ||||(174,667)| ||||(174,667)| ||||(25,400)
-| ||||(25,400)
(68,760)| ||||(94,160)| The notes on pages 12 to 22 form an integral part of these financial statements. Page 9 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Statement of Financial Activities Year Ended 31 December 2023 (continued) (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) ## **Comparative Statement of Financial Activities for the year ended 2022** |**Note**
**Income and Endowments from:**
Donations and legacies
Charitable activities
Investment income
4
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**funds**
**£**
55,730
18,826
102
74,658
(55,368)
(55,368)
19,290
19,290
42,822
62,112|**Restricted**
**funds**
**£**
85,895
159
7
86,061
(99,329)
(99,329)
(13,268)
(13,268)
(117,604)
(130,872)|**Total**
**2022**
**£**
141,625
18,985
109| |---|---|---|---| ||||160,719| ||||(154,697)| ||||(154,697)| ||||6,022| ||||6,022
(74,782)| ||||(68,760)| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 16. The notes on pages 12 to 22 form an integral part of these financial statements. Page 10 The Parochial Church Council of the Ecclesiaslical Parish of Hig,hertown and Baldhu Balance Sheet 31 De￿mber 2023 2023 2022 10 3.676 56.£32 7.071 84280 Cash at and 60.308 91,454 CrndltoTh: Amounts lallirva dup wilhln Dne y*ar To￿1 a5sots lo66 wrr•nt liwbkl1￿& 12 4,468 10214 55.840 81240 Crerutarn: Amounts talliw aft•r yaw 13 150.000 I￿.000 94.160 68.760 Funts ofthg chalty: R95trictsd Income fund R8striGtod lunds 1146,022 I1￿,872) urbr•stii￿ Inwm8 Unr851rt(t.Bd fuTrJs 51.862 62.112 TDtsI fund& 94.160 68.780 . I statémonts on pagès 9 to 22 wlrè Approvèd by thb Iiustees, and Buthoris8d fDf issuÉb on and sI￿d thez bBtk*P by. Jane jchairl TnLSts8 fi4*es4)n ￿ge$ 12 10 2z ￿tegI￿ part orthèsè tsancial P*a*11 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 ## **1 Accounting policies** ## **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 (FRS 102) and the Charities Act 2011. The financial statements 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 to another body, nor those that are informal gatherings of church members. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare 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 statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. ## **Going concern** The financial statements have been prepared on a going concern basis. Consideration of the financial position of the PCC is impacted by the £150,000 loan repayments commitment within the Lifehouse Project Fund. The PCC has fully recognised this issue and to ensure the ongoing financial stability has: 1. Agreed with the Diocesan Board of Finance that loan repayments be deferred until April 30th 2025. The PCC continues to monitor the financial position closely and there are no concerns over our ability to keep to our financial commitments for 2024. ## **Income and endowments** Planned giving, collections and similar donations are recognised when due. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered probable and the amounts due are reliably quantifiable. ## _**Deferred income**_ Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Page 12 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **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 parish share expected to be paid over is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted for gross. ## _**Charitable activities**_ Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital 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 to charitable purposes. ## **Tangible fixed assets** Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011. Other fixed assets are capitalised at a cost over £3,000 and depreciated on a straight line basis over 5 years ## **Current asset investments** Short term deposits include cash held on deposit with the CBF Church of England Funds. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted 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. Page 13 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **Financial instruments** ## _**Classification**_ Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into. ## _**Recognition and measurement**_ All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards 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 2023 (continued) ## **2 Income from donations and legacies** |Donations and legacies;
Planned Giving donations
Donations, appeals etc
Gift aid reclaimed
Grants, including capital grants;
Diocese grants
**Total for 2023**
**Total for 2022**
**3**
**Income from charitable activities**
Church and hall hire income
Clergy fee income
Other income
**Total for 2023**
**Total for 2022**|**Unrestricted**
**Funds**
**£**
31,872
15,536
2,424
-
49,832
55,730
**Unrestricted**
**Funds**
**£**
14,896
4,374
1,255
20,525
18,826|**Restricted**
**funds**
**£**
37
-
-
78,695
78,732
85,895
**Restricted**
**funds**
**£**
-
-
-
-
159|**Total funds**
**£**
31,909
15,536
2,424
78,695| |---|---|---|---| ||||128,564| ||||141,625| ||||**Total funds**
**£**
14,896
4,374
1,255| ||||20,525| ||||18,985| Page 15 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **4 Investment income** |Interest receivable and similar
income;
Investment income
**Total for 2023**
**Total for 2022**|**Unrestricted funds**
**Designated**
**£**
**General**
**£**
46
114
46
114
19
83|**Restricted**
**funds**
**£**
18
18
7|**Total**
**funds**
**£**
178| |---|---|---|---| ||||178| ||||109| ## **5 Expenditure on charitable activities** |**Activity**
**undertaken**
**directly**
**£**
Ministry: Diocesan parish share
30,800
Other ministry costs
-
Church running costs
8,795
Wages & Salaries (Project costs)
86,792
Staff expenses
95
Training
-
Admin expenses (Project costs)
3,334
Project fees
38,661
Payments to Diocese
1,281
Church repairs & Maintenance
2,669
Professional fees
2,240
174,667
**6**
**Net incoming/outgoing resources**
Net (outgoing)/incoming resources for the year include:
Operating leases - other assets
Independent examiner fee|**Total**
**2023**
**£**
30,800
-
8,795
86,792
95
-
3,334
38,661
1,281
2,669
2,240
174,667
**2023**
**£**
1,002
1,890|**Total**
**2022**
**£**
7,185
746
11,526
104,886
339
195
3,408
19,227
1,079
1,116
4,990| |---|---|---| |||154,697| |||**2022**
**£**
942
1,750| Page 16 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **7 Trustees remuneration and expenses** During the year the charity made the following transactions with trustees: ## **Revd Janette Mullett** Revd Janette Mullett received remuneration of £34,936 (2022: £32,025) and £167 (2022: £173) of expenses were reimbursed to Revd Janette Mullett during the year. At the balance sheet date the amount due to Revd Janette Mullett was £Nil (2022: £Nil) ## **Revd Jeremy Putman (resigned 25 September 2022)** £Nil (2022: £81) of expenses were reimbursed to Revd Jeremy Putman during the year. At the balance sheet date the amount due to Revd Jeremy Putman was £Nil (2022: £Nil) ## **Rowley Surridge** £254 (2022: £Nil) of expenses were reimbursed to Rowley Surridge during the year. At the balance sheet date the amount due to Rowley Surridge was £Nil (2022: £Nil) No trustees have received any other benefits from the charity during the year. ## **8 Staff costs** The aggregate payroll costs were as follows: |**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2023**
**£**
81,335
2,761
2,696
86,792|**2022**
**£**
99,428
2,166
3,291| |---|---|---| |||104,885| The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: |Average head count|**2023**
**No**
3|**2022**
**No**
5| |---|---|---| No employee received emoluments of more than £60,000 during the year ## **9 Taxation** The charity is a registered charity and is therefore exempt from taxation. Page 17 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **10 Debtors** |**10 Debtors**||| |---|---|---| |Prepayments
Other debtors
**11 Cash and cash equivalents**
Cash at bank
Short-term deposits
**12 Creditors: amounts falling due within one year**
Other taxation and social security
Other creditors
Accruals
Deferred income|**2023**
**£**
302
3,374
3,676
**2023**
**£**
50,904
5,728
56,632
**2023**
**£**
1,619
609
2,240
-
4,468|**2022**
**£**
293
6,781| |||7,074| |||**2022**
**£**
78,830
5,550| |||84,380| |||**2022**
**£**
1,627
3,114
4,068
1,405| |||10,214| ## **13 Creditors: amounts falling due after one year** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |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. Page 18 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **14 Obligations under operating leases** |**Other**
Within one year
Between one and five years|**2023**
**£**
1,072
1,966
3,038|**2022**
**£**
915
2,593| |---|---|---| |||3,508| ## **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 assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred 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 two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes. The charity participates in Pension Builder 2014. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are the employer and employee contributions payable as follows: ||**Unrestricted**
**Funds**|**Restricted**
**Funds**|**Total 2023**|**Total 2022**| |---|---|---|---|---| |General Funds (Admin)|29|-|29|273| |Lifehouse Project|-|-|-|1,296| |Transforming Mission|-|5,117|5,117|4,713| ||**29**|**5,117**|**5,146**|**6,282**| Page 19 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2022. The valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 6.7% at 1 January 2024. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. The legal structure of the scheme is such that if another employer fails, the charity could become responsible for paying a share of that employer’s pension liabilities. ## **16 Funds** |**16 Funds**|||||| |---|---|---|---|---|---| |**Unrestricted funds**
**_General_**
General funds
**_Designated_**
Fabric Fund
**Total unrestricted funds**
**Restricted funds**
Lifehouse Project
ACTS 435
Car Park Fund
Transforming Mission
**Total restricted funds**
**Total funds**|**Balance at**
**1 January**
**2023**
**£**
60,664
1,448
62,112
(132,403)
139
549
843
(130,872)
(68,760)|**Incoming**
**resources**
**£**
70,471
46
70,517
37
-
18
78,695
78,750
149,267|**Resources**
**expended**
**£**
(60,011)
-
(60,011)
(37,889)
-
-
(76,767)
(114,656)
(174,667)|**Transfers**
**£**
(20,756)
-
(20,756)
20,255
-
-
501
20,756
-|**Balance at**
**31**
**December**
**2023**
**£**
50,368
1,494| ||||||51,862| ||||||(150,000)
139
567
3,272| ||||||(146,022)| ||||||(94,160)| Page 20 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) |**Unrestricted funds**
**_General_**
General funds
**_Designated_**
Fabric Fund
**Total unrestricted funds**
**Restricted**
Lifehouse Project
ACTS 435
Car Park Fund
Transforming Mission
**Total restricted funds**
**Total funds**|**Balance at 1**
**January 2022**
**£**
41,393
1,429
42,822
(118,285)
139
542
-
(117,604)
(74,782)|**Incoming**
**resources**
**£**
74,639
19
74,658
29,162
-
7
56,892
86,061
160,719|**Resources**
**expended**
**£**
(55,368)
-
(55,368)
(43,280)
-
-
(56,049)
(99,329)
(154,697)|**Balance at 31**
**December**
**2022**
**£**
60,664
1,448| |---|---|---|---|---| |||||62,112| |||||(132,403)
139
549
843| |||||(130,872)| |||||(68,760)| The specific purposes for which the funds are to be applied are as follows: Lifehouse Project - work conducted to provide a safe and supportive space to the local and wider community. Transforming Mission - work conducted to widen the church's reach. Car Park fund - monies held to upkeep the church car park. In the year £20,756 has been transferred from unrestricted funds to restricted funds to cover excess expenditure. Page 21 ## **The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu** ## Notes to the Financial Statements ## Year Ended 31 December 2023 (continued) ## **17 Analysis of net assets between funds** |Current assets
Current liabilities
Creditors over 1 year
Total net assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
54,734
1,494
(4,366)
-
-
-
50,368
1,494
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
67,814
1,448
(7,150)
-
-
-
60,664
1,448|**Restricted**
**funds**
**£**
4,080
(102)
(150,000)
(146,022)
**Restricted**
**funds**
**£**
22,192
(3,064)
(150,000)
(130,872)|**Total funds**
**at 31**
**December**
**2023**
**£**
60,308
(4,468)
(150,000)| |---|---|---|---| ||||(94,160)| ||||**Total funds**
**at 31**
**December**
**2022**
**£**
91,454
(10,214)
(150,000)| ||||(68,760)| ## **18 Related party transactions** During the year the charity made the following related party transactions: ## **Trustees** Unconditional donations received in the year from trustees total £1,134 (2022: £1,097). At the balance sheet date the amount due to/from Trustees was £Nil (2022 - £Nil). Page 22