2021-12-31-accounts

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUDLEY REOURCING CHURCH TRUST I report to the trustees on my examination of the financial statements of Dudley Resourcing Churches Trust (the charity) for the year ended 31 December 2021. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial statements do not complywith the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) RegLJlations 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 financial statements to be reached. Mrs F Lclapham FCA ICAEW No 4 Castle Court 2 Castlegate Way Dudley West Midlands 4RH Dated.. 10 May 2022

ANNUAL STATEMENT OF ACCOUNTS

Statement of Financial Activities

Note Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds	Note Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds
Income and endowments from: Donations and legacies Income from charitable activities Investments Other income Total income 4 Expenditure on: Expenditure on charitable activities Other expenditure Total expenditure 5 Net income / (expenditure) resources before transfer Transfers Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains / losses on investment assets Net movement in funds Total funds brought forward Total funds carried forward Represented by Unrestricted General fund Designated Church Utilities VAT Reclaim Restricted Beddington Fund Hill Fund International Fund NLHF Project Preedy Fund SDF Ancillary Accommodation Fit-out SDF Church Re-ordering SDF Operations SDF Staff Smart Fund Top Church Fabric Funds Endowment Beddington Fund Hill Fund Preedy Fund Total funds carried forward	£61,108 £361,096 — £422,204 £223,565 £10,546 — — £10,546 £5,789 — £3,095 — £3,095 £3,000 £24,777 £250 — £25,027 £18,113
	£96,431 £364,441 — £460,872 £250,468 £44,636 £138,247 — £182,883 £232,023 £27,040 £211,109 — £238,149 £27,620
	£71,676 £349,356 — £421,032 £259,644
	£24,755 £15,085 — £39,840 (£9,176) £15,208 £262 — £15,471 £50,983 (£15,471) — — (£15,471) (£50,983) — £1,458 £13,830 £15,288 £6,842
	£24,492 £16,805 £13,830 £55,127 (£2,334)
	£18,375 £35,334 £96,245 £149,954 £152,288
	£42,867 £52,139 £110,075 £205,081 £149,954 £37,406 — — £37,406 £33,295 £5,461 — — £5,461 £4,483 — — — — (£19,403) — £604 — £604 £398 — £435 — £435 £285 — £2,306 — £2,306 £400 — £9,960 — £9,960 — — £19,596 — £19,596 £17,233 — £24 — £24 £24 — — — — £181 — — — — — — £872 — £872 £143 — £15,746 — £15,746 £14,073 — £2,597 — £2,597 £2,597 — — £7,968 £7,968 £6,974 — — £5,893 £5,893 £5,153 — — £96,213 £96,213 £84,118
	£42,867 £52,140 £110,074 £205,081 £149,954

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Balance sheet

Note	Total funds Prior year funds
Fixed assets Investments 10 Current assets Debtors 7 Cash at bank and in hand Liabilities Creditors: Amounts falling due in one year 8 Net current assets less current liabilities Total assets less current liabilities Total net assets less liabilities Represented by Unrestricted General fund Designated Church Utilities VAT Reclaim Restricted Beddington Fund SDF Church Re-ordering Smart Fund SDF Staff Top Church Fabric Funds NLHF Project Hill Fund International Fund SDF Ancillary Accommodation Fit-out SDF Operations Preedy Fund SDF Ancillary Accommodation Rent Endowment Beddington Fund Hill Fund Preedy Fund Funds of the church	£121,674 £106,386
	£121,674 £106,386 £2,977 £16,322 £80,871 £90,590
	83,848 £106,912 £441 £63,345
	£441 £63,345
	£83,407 £43,567
	£205,081 £149,954
	£205,081 £149,954 £37,406 £33,294 £5,461 £4,483 — (£19,403) £604 £398 — £181 £15,746 £14,073 £872 £143 £2,597 £2,597 £9,960 — £435 £285 £2,306 £400 £24 £24 — — £19,596 £17,233 — — £7,968 £6,975 £5,893 £5,153 £96,213 £84,118
	£205,081 £149,954

Balance Sheet approved by DRCT trustees at Board meeting held on 3[rd] May 2022 and signed on their behalf by:

Rev James Treasure (Resourcing Church Leader and Board Chair)

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Statement of assets and liabilities

	General Designated Restricted Endowment Thisyear Lastyear
Fixed assets - Investments Beddington Hill Fund Preedy Fund Smart Fund Totals Current assets - Cash at bank and in hand DRCT Lloyds Account Cash in Hand PCC Account 1 PCC Account 2 Savings Account Fabric Fund Account Smart Fund Account Preedy Fund Account Totals Current assets – Debtors Accounts Receivable Totals Liabilities - Creditors: Amounts falling due in one year Accounts Payable Totals Grand total	— — — £7,968 £7,968 £6,975 — — — £5,893 £5,893 £5,153 — — — £96,213 £96,213 £84,118 — — £11,600 — £11,600 £10,142
	— — £11,600 £110,074 £121,674 £106,388 £34,328 — £15,265 — £49,593 £60,958 £101 — — — £101 £705 — £1,763 (£623) — £1,140 £1,391 — £2 — — £2 £30 — £3,695 — — £3,695 £3,745 — — £2,597 — £2,597 £2,597 — — £4,146 — £4,146 £3,931 — — £19,596 — £19,596 £17,233
	£34,429 £5,460 £40,981 — £80,870 £90,591 £2,977 — — — £2,977 £16,322
	£2,977 — — — £2,977 £16,322 — — (£441) — (£441) (£63,345)
	— — (£441) — (£441) (£63,345)
	£37,406 £5,460 £52,141 £110,074 £205,081 £149,954

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Fund movement by type

	Opening Incoming Outgoing Transfers Gains/losses Closing
Beddington - Beddington Fund Restricted Endowment Sub-total for Beddington Fabric - Top Church Fabric Fu Restricted Sub-total for Fabric Heritage - NLHF Project Restricted Sub-total for Heritage Hill - Hill Fund Restricted Endowment Sub-total for Hill Inter - International Fund Restricted Sub-total for Inter OfficeFur - SDF Ancillary Accomm Restricted Sub-total for OfficeFur Operations - SDF Operations Restricted Sub-total for Operations Preedy - Preedy Fund Restricted Endowment Sub-total for Preedy Rent - SDF Ancillary Accomm Restricted Sub-total for Rent Reordering - SDF Church Re-orderi Restricted Sub-total for Reordering Smart - Smart Fund Restricted Sub-total for Smart Staff - SDF Staff Restricted Sub-total for Staff Utilities - Church Utilities Designated Sub-total for Utilities VAT - VAT Reclaim Designated Sub-total for VAT General - General fund Unrestricted Sub-total for General Grand total	£398 £205 — — — £603 £6,975 — — — £994 £7,969
	£7,373 £205 — — £994 £8,572 £2,597 — — — — £2,597
	£2,597 — — — — £2,597 — £9,960 — — — £9,960
	— £9,960 — — — £9,960 £285 £150 — — — £435 £5,153 — — — £741 £5,894
	£5,438 £150 — — £741 £6,329 £400 £2,550 £644 — — £2,306
	£400 £2,550 £644 — — £2,306 £24 — — — — £24
	£24 — — — — £24 — £20,186 £20,238 £52 — —
	— £20,186 £20,238 £52 — — £17,233 £2,446 £82 — — £19,597 £84,118 — — — £12,095 £96,213
	£101,351 £2,446 £82 — £12,095 £115,810 — £11,400 £11,400 — — —
	— £11,400 £11,400 — — — £181 £209,069 £209,460 £210 — —
	£181 £209,069 £209,460 £210 — — £14,073 £295 £79 — £1,458 £15,746
	£14,073 £295 £79 — £1,458 £15,746 £143 £108,181 £107,452 — — £872
	£143 £108,181 £107,452 — — £872 £4,483 £422 £944 £1,500 — £5,461
	£4,483 £422 £944 £1,500 — £5,461 (£19,403) £16,113 £10,418 £13,708 — —
	(£19,403) £16,113 £10,418 £13,708 — — £33,294 £79,896 £60,314 (£15,471) — £37,406
	£33,294 £79,896 £60,314 (£15,471) — £37,406
	£149,954 £460,873 £421,031 (£1) £15,288 £205,083

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Analysis of income and expenditure

Donations and legacies

IN001 - Planned Giving - Parish Giving Scheme IN002 - Donations - Contactless IN003 - Cash Donations IN004 - Gift Aid IN006 - One Off Donations IN012 - SDF Grant - Reordering Works IN013 - SDF Grant - Staff Salaries IN014 - SDF Grant - Operational IN016 - HLF Grant - Design/Conservation IN024 - Standing Order & BACs IN31 - SDF - Ancillary Office IN33 - Bank Loyalty Reward IN37 - Text to Give IN40 - International Travel & Mission IN41 - Donations - Online IN42 - Amazon/EasyFundraising Donations IN44 - NLHF Project - Match Funding Total

Total Unrestricted Designated Restricted Endowment This year Last year £22,550 — — — £22,550 £22,121 £868 — — — £868 £928 £1,437 — — — £1,437 £1,322 £5,516 — — — £5,516 £5,470 £366 — — — £366 £1,613 — — £208,819 — £208,819 £15,837 — — £108,181 — £108,181 £113,361 £87 — £20,186 — £20,273 £21,891 — £16,113 — — £16,113 £21,045 £12,150 £420 — — £12,570 £6,615 — — £11,400 — £11,400 £11,400 — £2 £1 — £3 £4 — — — — — £32 — — £2,550 — £2,550 £400 £1,520 — — — £1,520 £1,526 £80 — — — £80 — — — £9,960 — £9,960 —

£44,574 £16,535 £361,097 — £422,205 £223,565

Income from charitable activities

IN008 - Church Event Income IN009 - Fees from Weddings and Funerals IN35 - Chaplaincy Services IN43 - Kids Holiday Club Total	Total Unrestricted Designated Restricted Endowment This year Last year £85 — — — £85 £951 £3,652 — — — £3,652 £2,138 £4,500 — — — £4,500 £2,700 £2,309 — — — £2,309 —
	£10,546 — — — £10,546 £5,789

Investments

nvestments
IN32 - Investment Dividends IN34 - Bank & Building Society Interest Total	Total Unrestricted Designated Restricted Endowment This year Last year — — £3,095 — £3,095 £2,991 — — — — — £9
	— — £3,095 — £3,095 £3,000

Other income

Other income
IN018 - Church Premises Hire IN020 - Church Sales IN021 - Refunds from Church Purchases IN026 - VAT Reclaim IN027 - Office Rent IN36 - Bishop's Parking & Office Contributions IN45 - Invictus Rent & Other Contributions Total	Total Unrestricted Designated Restricted Endowment This year Last year £220 — — — £220 — £170 — — — £170 £1,055 £30 — — — £30 £9,609 £16,461 — £250 — £16,711 — £6,000 — — — £6,000 £5,850 £1,726 — — — £1,726 £1,599 £170 — — — £170 —
	£24,777 — £250 — £25,027 £18,113
INCOME TOTAL	£79,896 £16,535 £364,441 — £460,872 £250,468

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Expenditure on charitable activities

EX001 - Church Running - IT/Communications/Secur EX002 - Church Running - Electricity EX003 - Church Running - Gas EX004 - Church Running - Water EX005 - Church Running - Insurance EX006 - Staff - Salaries EX007 - Staff - HMRC EX008 - Staff - Pension Contributions EX009 - Staff - Expenses EX010 - Volunteer Expenses EX011 - Staff and Volunteer Training EX012 - Church Admin EX013 - Cleaning EX015 - Event Costs EX016 - Community Ministry Budget EX017 - Youth & Children Ministry Budget EX019 - Worship Ministry Budget EX020 - Catering EX021 - Refreshments for Meetings EX022 – Resources for services & home groups EX023 - Wedding and Funeral Costs EX024 - Office Supplies EX025 - HR/Recruitment EX026 - Accounting EX027 - IT - Software / Online Services EX028 - IT - Hardware EX029 - Marketing EX031 - External Premises Rent EX032 - External Premises - Utilities EX034 - Parish Share EX036 - HLF - Engagement EX037 - HLF - Design/Conservation EX39 - Hospitality EX40 - Furniture EX41 - Gifts EX43 - Soft Furnishings EX45 - Catering - Disposable utensils EX47 - Printer Lease and Ink EX53 - Dudley Team Ministry EX60 - Kids Holiday Club EX61 - International Travel for Mission EX62 - Pupil Referral Unit Costs Total

Total Unrestricted Designated Restricted Endowment This year Last year £607 £40 £2,406 — £3,053 £3,696 £221 £137 £1,198 — £1,556 £1,343 £524 £497 £2,673 — £3,694 £3,254 £61 — £441 — £502 — £486 — £5,865 — £6,351 £6,173 — — £79,649 — £79,649 £79,427 — — £21,747 — £21,747 £26,330 — — £6,056 — £6,056 £5,053 £2,390 — — — £2,390 £2,954 £67 — — — £67 £256 £80 — — — £80 — — — — — — £48 £731 — — — £731 £204 £45 — — — £45 £975 £1,589 — — — £1,589 £1,866 £1,731 — — — £1,731 £1,386 £5,450 — £540 — £5,990 £615 £1,149 — £40 — £1,189 £1,058 £101 — — — £101 £15 £768 — — — £768 £677 £95 — — — £95 — £262 — — — £262 £371 — — £996 — £996 £480 — — £2,610 — £2,610 £2,610 £322 — £575 — £897 £1,038 £215 — — — £215 £1,821 £1,049 — £164 — £1,213 £11,452 — — £11,400 — £11,400 £11,400 £136 — £1,177 — £1,313 £1,761 £11,195 — — — £11,195 £7,157 — £3,557 — — £3,557 £2,743 — £6,912 — — £6,912 £54,266 £366 — — — £366 £109 £1,004 — — — £1,004 £145 £40 — — — £40 £435 £407 — — — £407 £12 £93 — — — £93 £185 £74 — £65 — £139 £108 — £100 — — £100 £600 £1,949 — — — £1,949 — — — £644 — £644 — £185 — — — £185 —

£33,392 £11,243 £138,246 — £182,881 £232,023

Other expenditure

Other expenditure
EX014 - Building Maintenance and Repair EX035 - Reordering Works EX42 - Misc EX46 - External Premises Insurance & Service Ch EX51 - Service Charges EX54 - Bishop's Office EX55 - VAT - LPOW/WDBF EX56 - Parish Returns EX57 - Provision House Workshop Rent EX58 - Provision House Workshop Carpentry Expen EX59 - Curate Housing & Ordination Costs Total	Total Unrestricted Designated Restricted Endowment This year Last year £4,078 — £976 — £5,054 £5,983 £15,560 — £209,460 — £225,020 £13,351 £421 — £35 — £456 £347 — — £477 — £477 £590 £102 £170 £162 — £434 £471 £1,619 — — — £1,619 £999 — (£51) — — (£51) — — — — — — £580 £2,730 — — — £2,730 £1,745 £2,001 — — — £2,001 £2,867 £410 — — — £410 £687
	£26,921 £119 £211,110 — £238,150 £27,620
EXPENDITURE TOTAL	£60,314 £11,362 £349,356 — £421,032 £259,644
GRAND TOTAL	£19,582 £5,173 £15,085 — £39,840 (£9,176)

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NOTES TO THE ACCOUNTS

Note 1: Basis of Preparation

Top Church is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, together with FRS102 (2016) as the applicable accounting standards and the 2019 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP(FRS102)).

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1.

Note 2: Accounting Policies

Incoming Resources: Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.

Grants and Donations: Grants and donations are included in the SOFA when any preconditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received

Investments: Investments quoted on a recognised stock exchange or whose value derives from them (CIFs, etc.) are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market value

Investment income: This is included in the accounts when receivable.

Investment gains and losses: This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Cash and cash equivalents: Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term liquid investments.

Financial instruments: Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets: Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities: Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Leases: Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

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Unrestricted Funds: These represent the remaining income funds of Top Church that are available for spending on the general purposes of Top Church, including amounts designated by Top Church for fixed assets for its own use or for spending on a future project and which are therefore not included in its ‘free reserves’ as disclosed in the trustees’ report.

Restricted Funds: These are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown Note 3.

Endowment Funds: These are restricted funds that must be retained as trust capital either permanently or subject to a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the capital may be restricted or unrestricted. Full details of all their restrictions are shown in Note 3.

Note 3: Funds

Top Church has eighteen funds, which are as follows:

**Type **	Name	Purpose
Unrestricted	General	Funds generated by the church with no specific purpose attached to them. These are held in the DRCT account and cash in hand.
Designated	Church Utilities	Funds held in the Barclays accounts that have been designated towards covering church utilities and insurance. These are held in the PCC1,PCC2 and Savings Barclays Accounts.
	VAT Reclaim	Grants from VAT reclaims received from the Listed Places of Worship Grant Scheme (LPOW) that are owed to the WDBF. These are held in the DRCT account.
Restricted	NLHF Project	Grants received from NLHF and match-funders to deliver the church’s Heritage Project. These are held in the DRCT account.
	SDF Ancillary Accommodation Fit-out	SDF grants from the Church Commissioners for the fit-out of the Top Church offices. These are held in the DRCT account.
	SDF Ancillary Accommodation Rent	SDF grants from the Church Commissioners for renting the Top Church offices. These are held in the DRCT account.
	SDF Church Re-ordering	SDF grants from the Church Commissioners for internal work to the TopChurch building. These are held in the DRCT account.
	SDF Operations	SDF grants from the Church Commissioners for operational costs. These are held in the DRCT account.
	SDF Staff	SDF grants from the Church Commissioners for staff salaries, pensions contributions and PAYE. These are held in the DRCT account.
	Top Church Fabric Funds	Inherited funds from the previous church for the purpose of building maintenance work. These are held in the Fabric Fund Barclays account.
	Smart Fund	Income from the Rev WH Smart Investment Fund. It is understood that this is to be used for the poor. Funds are held in the Smart Fund Barclays account.
	International Fund	Gifts and grants received by a church curate for the purpose of funding international travel to provide cover and support to an Anglican Church abroad. These are held in the DRCT account
Endowment	Preedy Fund	Endowment from the Preedy Trust. It is understood that this is to be used for the church choir only. These are held in the Preedy Fund Barclays account.
	Beddington Fund	Endowment from the Beddington Fund. Income is to be used for the benefit of the parish as the Churchwardens think fit. These are held in the PCC1 Barclays account.
	Hill Fund	Endowment from the Hill Fund. It is understood that this is to be used for church expenses. These are held in the PCC1 Barclays account.

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Note 4: Income

Public Donations: The church received £39,261 from public donations. The majority of this was through regular monthly giving either through the Parish Giving Scheme (£22,500) or standing order (£12,570). Sporadic public donations were received through a variety of other methods, including cash, contactless payments and online. Gift Aid claimed on donations in 2021 amounted to £5,516.

Grants: Top Church was a recipient of grants from the following four grant providers:

1. Strategic Development Fund (SDF): A significant majority of the church’s income in 2021 was from SDF grants. The church was in its fourth year of receiving SDF funding (such funding concludes in mid-2025). This funding is restricted to staff salaries, building reordering work, operational costs and office rent. A total income of £348,673 was received through SDF grants in 2021.

2. National Lottery Heritage Fund (NLHF): A final grant of £16,113 was received from NLHF towards the first phase of the church’s heritage project.

3. National Lottery Community Fund (NLCF): A grant of £9,960 was received from NLCF as match-funding towards the 2[nd] phase of the heritage project. This grant is restricted to the employment of a part-time employee to deliver the project’s education and community activities programme.

4. Listed Places of Worship Grant Scheme (LPOW): A grant of £16,711 was received from LPOW to reimburse VAT incurred on invoices related to eligible work to the church building.

The Bishop of Dudley’s Office: The DRCT shares its offices at 3 Parsons Street with The Bishop of Dudley’s Office. The Bishop of Dudley’s Office pays a monthly contribution towards rent, utilities, maintenance and parking. Such contributions amounted to £7,726.

CHADD : Top Church provides a chaplaincy service to CHADD, a local charity which provides housing options for people who require support. Chaplaincy is provided for people of all faiths and none across the staff team and the charity’s beneficiaries. Fees received for this service amounted to £4,500.

Note 5: Expenditure

Staff Salaries and Expenses : There were no changes to staff personnel in 2021, with the DRCT continuing to employ four full-time members of staff. It should be noted that clergy stipends are paid by the WDBF and therefore are not represented in these accounts. Staff payroll was funded entirely by SDF grants, amounting to £107,452.

Staff and clergy expenses amounted to £2,390. Such expenses comprise claims made by staff and clergy on expenses incurred on non-ministry related items such as supplies for the offices at Parsons Street, refreshments for meetings, office administration, subsistence, mileage, public transport and parking. It also includes contributions towards clergy office running expenses such as mobile phone, broadband and utilities. There are no staff with remuneration greater than £60,000 (2020: none).

Mission: A total of £11,974 was spent on missional activities. This spend was broken down into the following four budget areas:

1. General Ministry: – expenditure associated with putting on services and small groups both in the church and online. This includes resources such as books, catering, refreshments for pastoral meetings, costs associated with putting on special events including weddings and funerals. This amounted to £2,663.

2. Community: expenditure on all community focused activities and initiatives such as Places of Welcome, Toddler Town and heritage activities. Spend on community activities amounted to £1,589.

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1. Youth and Children: expenditure on services, midweek activities and online content for the church’s youth and children. Spend on this ministry amounted to £1,731.

2. Worship: expenditure associated with facilitating worship at services, online and in the community, such as musical instruments/equipment, copyright licence, live streaming licence, recording equipment. Spend on the worship ministry amounted to £5,991.

Operations: The largest operational expenditure related to utilities, security, network and insurance costs at the church, amounting to £15,157. Maintenance works to the building, including repairs and annual inspections (such as the mansafe system, clock, boiler and lightning protection system) amounted to £5,054. Other operational costs associated with the running of the church totalled £7,796. Such costs comprised accountant fees, HR consultant fees, office supplies, administration, printer ink, IT software, cleaning, furniture, soft furnishings, meeting refreshments and banking service charges.

The church paid £11,400 in rent for its offices at 3 Parsons Street, along with £1,790 in utility costs and insurance.

Building Work: further work to the Top Church building was progressed in 2021 through the following two projects:

1. Reordering Project: Phase 2 of works to improve the interior and facilities of the building were undertaken, comprising new toilets, expanded youth room, new heating system, new LED lighting, refurbished children’s room, improved Wi-Fi provision and new audio/visual system. Spend on this work amounted to £225,020.

2. Heritage Project: the first phase of the heritage project was completed at the start of 2021 with architect and quantity surveyor services employed for this work. An application for NLHF funding for phase two was subsequently submitted in March. A professional fundraiser was appointed to raise the necessary match-funding required to enable the project. Spend on the heritage project amounted to £10,469.

Parish Share: The church made a total payment of £11,195 towards both its 2020 and 2021 Parish Share obligation. Parish Share funds clergy stipends across the Diocese of Worcester.

Costs in 2021 can be split into the following three categories:

Cost Type	2021		2020
	Amount	Proportion	Amount	Proportion
Direct (costs directly related to delivering charitable activities e.g. ministry costs, staff salaries, NLHF project,reorderingwork)	£375,538	£89%	£221,882	86%
Support (costs that support the delivery of charitable activities, e.g. utilities, rent, insurance, buildingmaintenance)	£41,888	£10%	£32,672	13%
Governance (legal advice and costs associated with statutoryrequirements)	£996	<1%	£3,090	1%
Independent Examination Costs	£2,610	<1%	-	-
Total	£421,032	100%	£259,644	100%

Note 6: Fund Movement

The movement between funds in 2021 was as follows:

Date	From	To	Amount	Purpose
28.01.2021	General	Church Utilities	£1,500	To provide additional funds into the PCC1 account for the designated purpose of covering church utilitycosts.
01.09.2021	General	SDF Reordering	£210	To cover a deficit in the SDF ReorderingFund.
14.12.2021	General	SDF Operations	£52	To cover a deficit in the SDF Operations Fund.
22.12.2021	General	VAT Reclaim	£13,708	To cover the resulting deficit in the VAT Reclaim Fund followingthe settlement of WDBF creditor.

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Note 7: Debtors (Accounts Receivable)

Fund	Receivable From	Amount (31st Dec 2021)	Amount (31st Dec 2020)
General	LPOW – reimbursement of VAT on eligible invoices for work to the church building	£1,800	-
General	CHADD –provision of chaplaincyservices inQ4 of 2021	£900	-
General	Invictus Education Trust – provision of church keys to Revive LearningCentre staff	£170	-
General	Bishop of Dudley’s Office – 50% contribution towards professional cleaningservices at 3 Parsons Street	£107	-
SDF Staff	Church Commissioners – SDF funds to cover staff payroll in December 2020.	-	£9,780
SDF Ancillary Accommodation Rent	Church Commissioners – SDF funds to cover the rent of Parsons Street between December 25th2020 and 24th March 2021.	-	£2,850
SDF Church Re-ordering	Church Commissioners – SDF funds to cover the installation ofgreater Wi-Fiprovision in the church.	-	£1,536
SDF Church Re-ordering	Church Commissioners – SDF funds to cover Donald Insall invoice no. 34089 (exc. VAT) for the preparation of faculty application drawings for the proposed WC and youth room building work (£625). LPOW – reimbursement of VAT on the above invoice(£125).	-	£750
SDF Church Re-ordering	Church Commissioners – SDF funds to cover Donald Insall invoice no. 34550 (exc. VAT) for the preparation of faculty application drawings for the proposed WC and youth room building work (£625). LPOW – reimbursement of VAT on the above invoice(£125).	-	£750
SDF Church Re-ordering	Church Commissioners – SDF funds to cover the upgrade of internet speeds at the church.	-	£420
SDF Church Re-ordering	Church Commissioners – SDF funds to cover the purchase of an external litter bin for the churchgraveyard.	-	£236
Total		£2,977	£16,322

Note 8: Creditors (Accounts Payable)

Fund	Payable For	Amount (31st Dec 2021)	Amount (31st Dec 2020)
SDF Staff	NEST – pensions contributions for December 2021 payroll	£441	-
VAT Reclaim	WDBF – repayment of VAT originally covered by the WDBF on items eligible for reimbursement under the LPOW scheme. This applies to the second claim submitted to LPOW.	-	£28,198*
VAT Reclaim	WDBF – repayment of VAT originally covered by the WDBF on items eligible for reimbursement under the LPOW scheme. This applies to the first claim submitted to LPOW.	-	£21,734
NLHF Drawdown	WDBF – repayment of WDBF funds used to pay NLHF invoices.	-	£7,890
VAT Reclaim	Donald Insall Associates – architectural services undertaken in support of the NLHFproject.	-	£4,744
SDF Church Re-ordering	Donald Insall Associates – for invoice no. 34550 for the preparation of faculty application drawings for theproposed WC andyouth room buildingwork.	-	£750
General	Shiloh – line rental for 17/01/2021 – 16/02/2021	-	£17
General	Vision –printer ink usage	-	£12
Total		£441	£63,345

• A reduction of £51 was made by the WDBF to the creditor.

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Note 9: Cash in Hand

Top Church held £101 of petty cash that had not yet been banked as of 31[st] December 2021. This comprised loose coins from donations received during services and public events in the final quarter of the year, as well as donations received from services in the latter part of advent. This is included in the total figure of £80,871 on the Balance Sheet.

Note 10: Investments

	Beddington Hill Fund (Church expenses) Preedy Smart Fund (Poor Fund) Total Endowment Endowment Endowment
Fund value b/f @ 01-01-21 Fund growth Fund value c/f @ 31-12-21 Bid-Market Value Units Held b/f 01-01-21 Units Held c/f 31-12-21 Bid-Market value of 1 share Total value	£6,975 £5,153 £84,118 £10,142 £106,386 £993 £740 £12,095 £1,458 £15,286
	£7,968 £5,893 £96,213 £11,600 £121,674
	£7,968 £5,893 £96,213 £11,600 £121,674 388 252 4,114 496 388 252 4,114 496 £20.54 £23.39 £23.39 £23.39 £7,968 £5,893 £96,213 £11,600

Note 11: Financial Instruments

Note 11: Financial Instruments
	2021	2020
Carrying amount of financial assets Debt instruments measured at amortised cost Instruments measured at fair value through SOFA Carrying amount of financial liabilities Measured at amortised cost	£2,977 £121,674 £124,651 £441	£16,322 £106,386
		£122,708
		£63,345

Note 12: Remuneration and Related Party Transactions

Trustees received no remuneration in 2021.

A trustee of the DRCT, James Treasure, received total payments of £543 during 2021 to cover business related expenses (such as subsistence, refreshments for meetings and services, office running costs (e.g. mobile and broadband), mileage, resources/equipment for church services and printing). Payments to cover office running expenses throughout the year were approved by trustees in January 2021, whilst one other expense claim was approved by another trustee of the DRCT.

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Note 13: Operating Leases

The church leases ancillary offices at 3 Parsons Street, Dudley, on a three-year tenancy. This tenancy commenced in September 2019 at an annual rent of £11,400 (inc VAT). The total remaining lease commitment is as follows:

Period	Commitment (inc VAT)
< 1 year	£8,550
2 – 5 years	-
Total	£8,550

Note 14: Gifts in Kind

Top Church benefits from a large number of people giving their time to volunteer towards the ministry of the church. Additionally, volunteers also gift the church with food to be served after Sunday services and community events. The church is also grateful to Shane and Andy for the significant amount of volunteer time given towards the creation of new carpentry items for the church, including the new altar, refreshments server and AV desks. Neither the time nor food provided by volunteers is accounted for in the accounts. The church received no further gifts.

Annual Report and Financial Statements were approved by DRCT trustees at Board meeting held on 3[rd] May 2022 and signed on their behalf by:

Rev James Treasure (Resourcing Church Leader and Board Chair)

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