p i 32 'r - 4oully•olr:. llOflOGD ## ## ## ## ## ## ## ## ## 2021 fl[1 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 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**| 17 ## **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) 18 ## **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**| 19 ## **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**| 20 ## **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| 21 ## **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)| 22 ## **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. 23 **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.| 24 ## **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. 25 3. 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. 4. 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.| 26 ## **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. 27 ## **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. 28 ## **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) 29 ## ##