The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Annual Report and Financial Statements Year Ended 31 December 2024 Charity registration number.. 1179768
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Contents Trustees, Report 1 to7 Reference and Administrative Detsils Statement of Trustees, Responsibilities Independent Auditors, Report 910 13 Statement of Financial Activities 1410 15 Balance Sheet 16 Cash Flow Ststemenl 17 Notes to the Financial Statements 181029
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December2024. 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 Measure 1956, Church Representation Rules 20061 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 accordanTr with the Church Representation Rules. The PCC is responsible for the financial adminislralion of the Church, and the care and rna1ntenan of the Church 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 govemed by and set out in the Church Representation Rules. PCC members are the Iruslees of the registered charity during their period of service on the PCC. The PCC meets at least six limes 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 lo cover specific areas including Safeguarding, Equality and Health & Safety. During the year the charity changed its name from The Parochial Church Council of the Ecclesiastical Parish of Highertown and Baldhu to The Parochial Church Council of the Parish of All Saints Highertown and Baldhu. Inductlon and tralnlng of trustees All new Iruslees are issued with Church of England's "Trusteeship - An Introduction for PCC members" and are offered a book 'The PCC Member's Essential Guide.. They are required lo undergo the Church of England's Safeguarding Training according lo the role they will be undertaking and have access lo the on-line and in-person training available through the Diocese of Truro. The Charity Commission's website also provides much information. Arrangements for setting key management personnel remuneration The PCC is guided by the chUh of England's 'Safer Recruitment, prOs$ and seeks advice from the dioTrse's HR department on all remuneration issues. Pag8 1
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) Major riTsks and management of those risks The PCC has a Risk Management policy for the identification, evaluation, reporting and management of risks. Risks are captured on a Risk Register which evaluates the impact and likelihood of the risk. what control mechanisms exist and who the risk owner is. The register is reviewed by the PCC twice a year and updated to reflect the circumstances pertaining, including any additional measures required. Public benefit The PCC is aware of the Charity Commission's guidance on public benefit in Vhe Advancement of Religion for the Public Benefit" and has regard lo 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 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 activitios Objects and aims The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according lo the doctrines and practi$ 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. IPCC (Powers) Measure 19561. ObJectSves for the year As a local congregation of the Church of England, ASH seeks to advance the Christian religion through ils activities and the facilities offered lo the community by ils buildings. We continue lo host vital community services such as the Comw811 Children's Clothes Bank, Truro Foodbank and the financial crisis support service, Acts 435. The PCC seeks lo give a tenth of its income to other charitable causes, currently this is achieved by providing accommodation at reduced or no cost. Pag8 2
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) Achievements and perfomiance The full PCC mel ten limes during the year. During the year ASH has acted as a ntre of worship and as a focus of community activity in the parish of All Saints Highertown and Baldhu. The balan of the funds for the Lifehouse project were raised, over its life amounting lo over £2.1m. This enabled us lo restart the project and in August the construction of the Lifehouse Community Hub began with the demolition of the old hall and ancillary buildings. The church itself remains operational. Construction is on target to complete in August 2025. Over £17,695 raised online and items distributed through our Acts 435 advocate team to help 90 people in crisis. This is the most ever and shows the need in West Cornwall. Many needed more than 1 item, mainly while goods. Any one individual is allowed 3 requests only, ever. Congregation and Services -over the last year our congregations have averaged 50 each Sunday. We have continued a regular pattern of services which include Family Communions, non-Eucharistic family friendly services and Holy Communion. Our Monday morning Toddle Group has expanded and is now a thriving group for parents and carers and their pre-school children, despite its enforced move into our worship space, caused by the Lifehouse Building Work. 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, Christmas Day Family Service, Ash Wednesday Communion, the Hour al the Cross on Good Friday and an Easter Dawn Service al Loe Beach, and Easter Family Communion and a wonderful celebration of Easter. Prayer- This year, we have continued lo priorilise prayer as il 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, ils 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 bul the weekly Bible Study Group has paused. An Advent and Lenten Book Group also ran, the Lent one run jointly with the Methodist Church al Threemileslone. Our Fund Raising Team has been somewhat reslricled by the loss of the Church Hall since ils demolition mid-year. BLJt they 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 FayTes, Coffee Mornings Soup Lunches elc. are enjoyed by many. They look forward to the extra potential that the new Lifehouse will bring lo these areas. Youth Club - Unfortunately we have had lo stop this whilst we have no hall but, look forward to re-starting once we have our new facility. Pag8 3
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) The invgstmgnt policy and obj8ctivgs We bank with the Lloyds Bank plc. The ethical policy is as follows.. .Human Rights We wish to ensure that money does not go lo support oppressive regimes govemmenls that fail to respect the basic political rights and civil liberties of their citizens. .Intemalional Development We expect businesses to respect the Core Conventions of the Intemalional 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. .N8nOtechnology - 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 fam)ing, blood sports or the fur trade. Plans for future periods Aims and key objectiTves 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 very hopeful that we will be able to complete the Lifehouse Project and open the new Community Hub in September 2025. This will 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 lo continue lo offer a programme of varied courses, and groups, regular Prayer and Praise Evenings, and a monthly Café Church Financial review Unrestricted income has decreased by 140/. 10 £60,592 12023.. £70,517). Within this figure Congregational Giving decreased to £41,688 from £49,832 and Hall Income increased from £14,896 to £17,348 - the latter reflecting welcome increased usage. Unrestricted expenditure increased by 40kn to £62,538 12023.. £60,011) mainly as a result of increased professional fees due lo crossing the audit threshold this year, resulting in £11,610 being paid 12023.. £2,240). Overall, Unrestricted Funds showed a nel deficit of £3,721 12023.. deficit of £10,250). Restricted Funds income of £1,474,700 12023.. £78,750) includes £1,396,355 in grant income reiVed in respect of the Lifehouse Project. Th8 Lifehouse Project is due for completion in August 2025 when expenditure will catch up with the up-front payments received for the grants. Overall restricted expenditure totalled £66,971 12023.. £114,656). The Restricted Funds figures also include activities Isalaries and expenses) reimbursed by Truro Diocese. The Balance Sheet shows overall funds of £1,311,623 12023,. deficit of £94,160). However, the Diocese have agreed to defer repayments on the £150,000 loan until April 2026. Pag8 4
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) Polioy on rgseNgS The Policy for the General Account is to maintsin reserves al the level represented by 6 months. estimated expenditure, excluding expenditure on meeting the Diocesan Mission and Ministry Fund liability and any charitable giving. 6 months. expenditure is estimated at £32,000 £46,567 is CLJrrently held in free unrestricted reserves which is deemed sufficient in light of the policy. Restricted funds of £1,262,848 are held for future capital costs on the Lifehouse Project. Pag8 5
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) Reference and Administrative Details Incumbent Revd Janette Mullett (Resigned 30104120251 Trustees I PCC members Revd Janelle Mullell (Resigned 30104120251 Revd Patrick Gilbert (resigned 29108120241 Revd Mary Cruddas Revd Canon Debbie Harvey Debbie Mitchell Alan Vvallace Jane Tomlinson Rowley Surridge Irene Mortimore (resigned 12105120241 GrLJndy Hamilton Cruddas John Mitchell OBE (resigned 07110120241 Roger Chilman Jean Cooke Lynne Bray Christine Dayus Trish Cole {resigned 2910812024} Dr David Laurence Tucker Gail Birch (appointed 12105120241 Emma Rawslhome lappoinled 1210512024) Beverfie Horton (appointed 11105120251 1179768 Charity Registration Number Principal Office All Saints Church Tresawls Road Truro TR13LD Independent Examiner Francis Clark LLP Lowin House Tregolls Road Truro Comwall TR12NA Pag8 6
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Trustees, Report (continued) The annual report was approved by the Iruslees of the charty on behalf by.. 15 and Signed on rts Cooke Trustee Page 7
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance wrth the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulation5. The law applicable lo charities requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application ol resources of th9 charity for that period. In preparing these financial slalemenls, the trustees are required lo". select suitable accounting policies and then apply them consislenlty., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject lo any material tjepartures disclosed and explained in the financial 51alemenls', and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will eonlinue in business. The Iruslees are re$pon$ible for keeping proper accounting records that disclose with aSOnable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply wrth the Charities Act 2011. the Charities (Accounts and Reportsl Regulations 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 Iruslees are responsib for the maintenance and integrity of the finaneial infomialion included on the charity's websrte. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 10 Approved by the trustees ol the charty on ... and signed on ts behalf by.. Jean Cooke Trustee Page 8
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Independent Auditor's Report to the Trustees of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Opinion We have audited the financial slalements of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu {Ihe 'charily'l for the year ended 31 December 2024, which comprise the Slalement of Financial Activities, Balance Sheet, Cash Flow Stslemenl, and Notes lo the Financial Slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally A¢pted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as at 31 December 2024 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Other matter The corresponding prior year figures included in the financial statements and notes to the financial statements are unaudited. We have obtained sufficient appropriate evidence that the opening balances do not contain misstalemenls that materially affect the current period's financial statements. Pag8 9
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Independent Auditor's Report to the Trustees of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu (continued) Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going COnM basis of 8ccounting in the prepar81ion of the financi81 statements is appropriate. Based on the work we have performed, we have not identified any material UnrtaIntieS relating to events or conditions that, individually or colledively, may cast significant doubt on the charity's ability to wntinue as a going concern for a period of at least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsihililies of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slatemenls, our responsibility is to read the other information and, in doing so, consider whether the other infomialion is materially inconsistent with the financial stslements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us lo report to you if, in our opinion.. the infomialion given in the trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responsibilities Isel out on page 81, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees delemiine is ne$Sary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. Page 10
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Independent Auditor's Report to the Trustees of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu (continued) In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Audltor Responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Page11
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Independent Auditor's Report to the Trustees of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu (continued) As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable lo the charity and the sector in which il operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were health and safely, employment law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act 2011 and compliance with the Charities Statement of Recommended Practice. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entills ability lo continue trading and the risk of material misslatemenl lo the accounts. We assessed the susceplibilily to the charity's financial slalements lo material misstatement, including how fraud might occur as part of the audit planning process. We determined that these risks are medium as the charity operates on a not for profit basis reducing any personal inntIVe, however it also reiVeS and uses public funds which may be subject to reslriclions. We audited the risk of management override of controls through lesling journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. Based on this understsnding we designed our audit prOdureS lo identify non-complian with such laws and regulations. Our procedures involved the following.. We reviewed legal and professional costs lo identify any non-complian or legal costs in relation lo non-compliance We reviewed the board minutes for anything unusual. We made enquires to management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. We reviewed a sample of expenditure to confirm it has been incurred and allocated correctly. As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraLJd of which there were none. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misslalement in the financial slalemenls. The risk of not detecting a material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-complian with laws and regulations that are not closely related lo events and transactions reflected in the financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 12
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Independent Auditor's Report to the Trustees of The Parochial Church Council of the Parish of All Saints Highertown and Baldhu (continued) Use of our report This report is made solely to the charity Iruslees, as a body, in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the trustees those mallers we are required to stale to trustees in an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Francis Clark LLP is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. QITL Francis Clark LLP, Statutory Auditor Lowin House Tregolls Road Truro Cornwall TR12NA Date.. 7 July 2025 Page 13
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Statement of Financial Activities Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 41,688 18,070 834 1,472,646 74 1,980 1,514,334 18,144 2,814 Total income 60,592 1,474,700 1,535,292 Expenditure on: Charitable activities 162,538 66,971 1129,509 Total expenditure 62,538 66,971 129,509 Net lexpenditurellincome Gross transfers between funds 11,9461 11,7751 1,407,729 1,775 1,405,783 Net movement in funds 13,7211 1,409,504 1,405,783 Reconclllatlon of funds Total funds brought forward Total funds carried forward 51,862 146,022 94,160 18 48,141 1,263,482 1,311,623 The notes on pages 18 to 29 form an integral part of these financial statements. Page 14
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Statement of Financial Activities Year Ended 31 December 2024 (continued) (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Comparative Statement of Financial Activities for the year ended 2023 Unrestricted Restricted funds funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 49,832 20,525 160 78,732 128,564 20,525 178 18 Total income 70,517 78,750 149,267 Expenditure on- Charitable activities 160,0111 {114,6561 1174,6671 Total expenditure 160,011 {114,656 1174,6671 Net incomel{expenditurel Gross transfers between funds 10,506 20,756 135,9061 20,756 125,4001 Net movement in funds 110,2501 115,1501 125,4001 Reconciliation of funds Total funds brought forward 62,112 {130,8721 146,022 168,7601 94,160 Total funds carried forward 18 51,862 All of the charity's activities derive from continuing operations during the above two periods. The fLJnds breakdown for 2023 is shown in note 18. The notes on pages 18 to 29 form an integral part of these financial statements. Page 15
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Balance Sheet 31 December 2024 2024 2023 Noto Fixed assets Tangible assets Currant •s$8ts Debtors Cash at bank and in hand 10 432,%5 11 12 SOO,009 575,336 3.676 56,632 1,075,345 60.308 Creditors: Amounts falling due within one year 13 46,2871 14,4681 Net current a$$ets 1,029.058 55,840 Total a$$gts less Current liabilities 1.461.623 55.840 Creditors: Amounts falling due after more than one year 14 150,0001 1,311,623 150,0001 94,160 Net assetsllliabilitiesl Funds of the charity: Restricted income funds Reslricled fund5 1,263.482 1146.0221 Unrestricted incomg funds Unrestricted funds 48,141 51,862 Total fund$ 18 1,311,623 194,1601 The financial slalemenls on pages 14 10 29 were approved by the Iru$lee$, and aulh0ri5ed for issue on IQ. and signed on their behalf by. n Cooke slee Tr Thè notes on pages 18 to 29 foryn an integral part of thttse financial ststements. Page 16
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Cash Flow Statement Year Ended 31 December 2024 2024 2023 Not Cash flows from operatlng actlvltles Net cash incomellexpendilure} 1,405,783 125,4001 Adjustments to cash flows from nonwcash items Investment income 2,814 178 1,402,969 125,5781 Working capital adjustments Ilncreaselldecrease in debtors Increaselldecreasel in creditors Decrease in deferred income {496,3331 41,819 3,398 14,3411 11.405 14 Net cash flows from operating activities 948,455 27,926 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 2,814 {432,565 178 10 Net cash flows from investing activities Net increaselldecreasel in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 429,751 178 518,704 127,7481 84,380 56,632 575,336 56,632 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 18 to 29 form an integral part of these financial statements. Page 17
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 1 Accountlng pollcles Statement of compliance The financial stslemenls have been prepared under the Church Accounting Regulations 2006 in accordance with the second edition of the Charities Statement of Recommended Practi 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 statements include all Iransaclions, 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. Basis of preparation The Parochial Church Council of the Parish of all Saints Highertown and Baldhu meets the definition of a public benefit entity under FRS 102. The accounts {financial stalementsl have been prepared under the historical wsl wnvention with items recognised at cost or transaction value unless olhetwise stated in the relevant notes lo these accounts. Going concern The financial statements have been prepared on a going conrn basis. Consideration of the financial position of the PCC is impacted by the £150,000 loan repayments commitment within the LifehoLJse Project Fund. The PCC has fLJlly recognised this issue and to ensLJre the ongoing financial stability has.. 1. Agreed with the Diocesan Board of Finance that loan repayments be deferred until April 30th 2026. The PCC continues lo monitor the financial position closely and there are no cOnM$ over our ability to keep to our financial commitments for 2025. The PCC has also reviewed the commilled grant income and financial commitments in respect of the Lifehouse project and concluded that the PCC has sufficient funds for the future expected expenses on the project to its completion in August 2025. 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 reTript is considered probable and the amounts due are reliably quantifiable. 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. Page 18
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) Charitable activities Charitable expenditure comprises those costs incLJrred by the charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 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 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 lo charitable purposes. Tangible fixed assets Consecrated and benefi property is not included in the accounts in accordance with s.10{2llal and Icl 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. Assets under construction are not depreciated. Current asset investments Short term deposits include cash held on deposit with the CBF Church of England Funds. Cash and cash equlvalents 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 al the trustees discretion in furtherance of the otijectives of the charity. Designated funds are unreslricled funds set aside for specific purposes al 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 19
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party lo the contractual provisions of the instrument. Financial liabilities are classified according lo the substance of the contractual arrangements entered into. Recognition and measurement Al financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as al fair value through profit or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement conslitules a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted al 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 lo sel off the recognised amounts and the charity intends either to settle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are sellled, bl the charity transfers lo another party subslanlially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset lo another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 20
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 2 Income from donatlons and legacles Unrestricted Funds Restricted funds Total funds Donations and legacies., Planned Giving donations Donations, appeals etc Gift aid reclaimed Grants, including capital grants,. Grants Diocese grants 29,804 9,379 2,505 29,804 37,997 2,505 28,618 1,396,355 47,673 1,396,355 47,673 Total for 2024 41,688 1,472,646 1,514,334 Total for 2023 49,832 78,732 128,564 3 Income from charitable activities Unrestricted Funds Restricted funds Total funds Church and hall hire income Clergy fee inwme Other income 17,348 695 27 74 17,422 695 27 Total for 2024 18,070 74 18,144 Total for 2023 20,525 20,525 Page 21
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 4 Investment Income Unrestricted funds Designated General Restricted funds Total funds Interest reIV8b1e and similar in¢ome', Investment income 80 754 1,980 2,814 Total for 2024 80 754 1,980 2,814 Total for 2023 46 114 18 178 5 Expendlture on charltable actlvltles Activity undertaken directly Activity support costs Total 2024 Total 2023 Ministry.. Diocesan parish share Church running costs Wages & Salaries (Project costs) Staff expenses Admin expenses (Project costs) Project fees Payments to Diocese Church repairs & Maintenance Professional fees Lifehouse project 20,000 14,366 20,000 14,366 30,800 8,795 58,141 58,141 86,792 95 3,566 894 1,140 3,566 894 1,140 3,334 38,661 1,281 2,697 2,697 11,610 17,095 2,669 2,240 11,610 3,600 13,495 114,299 15,210 129,509 174,667 6 Net incomingloutgoing resources Net incominglloutgoingl resources for the year include.. 2024 2023 Operating leases - other assets Audit fees Other non-audil services Independent examiner fee 1,459 7,000 3,500 1,002 1,890 Page 22
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 7 Trustees remuneratlon and expenses During the year the charity made the following transactions with trustees.. Revd Janette Mullett Revd Janette Mullett received remuneration in line with the legal authority awarded by the charity's governing document {Parochial Church Councils (Powers) Measure 19561. Janette received salary of £36,99712023-. £34,936). The charity also incurred employer pension contributions of £1,818 (2023.. £1,485). £16712023: £167) of expenses were reimbursed lo Revd Janette Mullett during the year. Al the balan sheet date the amount due to Revd Janette Mullell was £Nil12023'. £Nill Rowley Surridge £1212023.. £254} of expenses were reimbursed lo Rowley Surridge during the year. Al the balance sheet dale the amount due lo Rowley Surridge was £Nil12023.' £Nill No trustees have reiVed any other benefits from the charity during the year. 8 Staff Costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 56,441 81,335 2,761 2,696 1,700 58,141 86,792 The monthly average number of persons lincluding senior management I leadership leaml employed by the charity during the year expressed as full lime equivalents was as follows.. 2024 No 2023 No Average head count No employee received emoluments of more than £60,000 during the year The total employee benefits of the key management personnel of the charity were £49,876 12023 £39,022). 9 Taxation The charity is a registered charity and is therefore exempl from taxation. Page 23
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 10 Tanglble flxed assets Assets under ¢ontru¢tion Total Cost Additions 432,565 432,565 Al 310ecember 2024 432,565 432,565 Depreciation Al 31 December 2024 Net book value Al 31 December 2024 432,565 432,565 11 Debtors 2024 2023 Prepayments Accrued income Other debtors 313 495,712 3,984 302 3,374 500,009 3,676 12 Cash and cash equivalents 2024 2023 Cash at bank Short-term deposits 237,057 338,279 50,904 5,728 575,336 56,632 13 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals 1,619 2,309 42,359 1,619 609 2,240 46,287 4,468 Page 24
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 14 Credltors: amounts falllng due after one year 2024 2023 Other loans 150,000 150,000 Unsecured loan from DI0$an Board of Finance Ltd. The loan is interest free with repayment due from 30th April 2026. 15 Obllgatlons under operatlng leases 2024 2023 Other Within one year Between one and five years 2,244 5,415 1,072 1,966 7,659 3,038 Page 25
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 16 Penslon 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 balan 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 lo provide benefits al retirement. Pension Contributions are recorded in an account for each member. This account may have bonuses added by the Board before reliremenl. 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 mulli-employer scheme as described in Section 28 of FRS 102. This is because it is not possible lo allribute 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 are allocated to unrestricted and restricted funds in line with the project the respective staff member is working on. The pension costs charged to the SOFA in the year are the employer and employee contributions payable as follows.. Unrestricted Funds Restricted Funds Total 2024 Total 2023 General Funds {Adminl Lifehouse Project Transforming Mission 29 3,471 3,471 5,117 5,146 3.471 3.471 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 lo grant a discretionary bonLJS of 6.7 /0 al 1 JanLJary 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. Page 26
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 17 Commltments Capital commitments The total amount contracted for but not provided in the financial statements was £1,076,003 12023 £Nill. 18 Funds Balance at 31 December 2024 Balance at 1 January 2024 Incoming Resources resources expended Transfers Unrestrlcted funds General General funds 50,368 60,512 162,538) 11.7751 46,567 DesiTgnated Fabric Fund 1,494 80 1,574 Total unrestricted funds 51,862 60,592 162,538) 11,7751 48,141 Restricted funds Lifehouse Project ACTS 435 Car Park Fund Transforming Mission Diocese Salary Contribution {150,0001 139 567 3,272 1,430,371 117,095) 14281 1,262,848 139 597 11021 30 13,3741 47,673 49,876 2,203 Total restrlcted funds 1146,0221 1,474,700 166,971) 1,775 1,263,482 Total funds 94,160 1,535,292 129,509 1,311,623 Page 27
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) Balance at 31 December 2023 Balance at 1 January 2023 Incoming Resources resources expended Transfers Unrestricted funds General General funds 60,664 70,471 160,011} 120,7561 50,368 DesiTgnated Fabric Fund 1,448 46 1,494 Total unrestrlcted funds 62,112 70,517 160,011} 120,7561 51,862 Restricted Lifehouse Project ACTS 435 Car Park Fund Transforming Mission {132,4031 139 549 843 37 137,889) 20,255 1150,0001 139 567 3,272 18 78,695 176,767) 501 Total restricted funds (130,872 78,750 114,656} 20.756 1146,022 Total funds 168,7601 149,267 1174,667) 194,1601 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 lo the local and wider community. Tfftnsforming Mission work conducted to widen the church's reach. The negative balance on the fund is a pension creditor due on project specific salaries. It will be funded with a transfer from unreslricled funds when paid. Car Park fund - monies held to upkeep the church car park. Transfers have been made lo cover eXs$ expenditure on reslricled funds. Page 28
The Parochial Church Council of the Parish of All Saints Highertown and Baldhu Notes to the Financial Statements Year Ended 31 December 2024 (continued) 19 Analysls of net assets between funds Total funds at31 December 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year 432,565 1,013,075 132,1581 1150,0001 1,263,482 432,565 1,075,345 146,2871 1150,0001 1,311,623 60,696 {14,1291 1,574 Total nel assets 46,567 1,574 Total funds at31 December 2023 Unrestricted funds General Designated Restricted funds Current assets Current liabilities Creditors over 1 year 54,734 14,3661 1,494 4,080 11021 {150,0001 146,022 60,308 14,4681 1150,0001 94,160 Total nel assets 50,368 20 Analysls of net funds At31 December 2024 At 1 January 2024 Financing cash flows Cash at bank and in hand 56,632 518,704 575,336 Net debt 56,632 518,704 575,336 21 Related party transactions During the year the charity made th8 following related party transactions.. Trustees Unconditional donations were received in the year from two Iruslees totalling £86412023.. £1,134). At the balance sheet date the amount due tolfrom Trustees was £Nil12023 - £Nil). Page 29