**Top Church** (Dudley Resourcing Churches Trust) 

## **Annual Report & Financial Statements** 


31st December 2022 



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## **Table of Contents** 

## Annual Report 

## Notes to the Accounts 

- 3 Message from James 

   - 22 Basis of Preparation 

- 4 About Top Church 

   - 22 Accounting Policies 

- 8 Overview of Activities 

   - 23 Funds 

- 12 Financial Summary 

   - 24 Income 

- 15 Independent Examiner's Report 

- 24 Expenditure 

Annual Statements of Accounts 

   - 26 Fund Movement 

- 16 Statement of Financial Activities 

   - 25 Debtors 

- 17 Balance Sheet 

   - 26 Creditors 

- 18 Statement of Assets & Liabilities 

   - 26 Cash in Hand 

- 19 Fund Movement 

   - 26 Investments 

- 20 Analysis of Income & Expenditure 

- 27 Financial Instruments Remuneration & Related Party 

- 27 Transactions 

- 27 Operating Leases 

- 27 Gifts in Kind 

2 



## 1 Message from James 


I am delighted to write another year end report for Top Church! It has been a year of adventure, excitement and challenge. I can say, with hand on heart, there is never a dull moment leading this Church! In many ways, this year reflects our first ‘normal one’ with no lockdowns or overly disruptive building work. As I read this report, I was reminded of the words of Margaret Wheatley, "Never doubt that a small group of thoughtful, committed people can change the world. Indeed, it is the only thing that ever has.” I hope you are encouraged, as I was, about what can be achieved through people like ourselves; committed to Jesus and sharing His love with the people of Dudley. 

Let me share a few highlights: 

- Growth in Sunday worship services, including our new 11am, with new people joining. The number of youth and children continues to grow, with a weekly youth small group. Playing our part as the civic church; from Covid memorial services, Remembrance Day Acts and the Dudley Borough Memorial Service for our late Queen. 

- Our partnership with Invictus grew from strength to strength as we share space and provide resources (namely Clare!) for their Alternative Provision. 

- Chaplaincy across our borough at CHADD (8 schemes), Pegasus Senior School and Stourbridge FC, plus monthly Communion Services at three care homes. 

- A thriving weekly Tiny Town and wonderful Places of Welcome, which provide a safe space for so many people. 

We will hear much more about this next year but we began to open up conversations with several local Anglican Churches, all based on estates in Dudley Town, about how we can help enable mission in their local communities. What emerged was the idea of Community Hubs based at St John’s and St Francis …. watch this space for further details! 

Our challenges for the year ahead remain the same: namely our building(!), growing a church where there is little interest in Christianity and ensuring our ministry is sustainable into the future when the SDF funding stream draws to a close. Looking forward, we will continue to roll out the heritage programme, including activities and essential building work to conserve the church for generations to come. We also hope to see our services continue to grow, our work in the community become more effective, and for many people to discover the life changing love of God seen in Jesus. 

_‘God can do anything, you know - far more than you could ever imagine or guess or request in your wildest dreams! He does it not by pushing us around but by working within us, his Spirit deeply and gently within us.’ Ephesians 3:20_ 

With thanks for all your prayer, love and sacrifice this past year. 

James Treasure 

(Resourcing Church Leader) 


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**----- Start of picture text -----**<br>
About<br>[2]<br>Top Church<br>**----- End of picture text -----**<br>


Situated at the top of the hill of Dudley High Street, Top Church (as St Thomas and St Luke's is known locally) has a vision to be a thriving Anglican church which is a blessing to its community and a resource to other churches. Our mission is for people in Dudley and beyond to experience 'life in all its fullness' as Jesus promised. 

## Our Values 

Everything we do is guided by the following values: 

Worship: Worshipping God is one of the most profound experiences humans can have and our highest priority. It forms us into God’s people and roots us in God’s story. 

Community: People are more connected today than ever before, yet loneliness persists. At its heart, church is a community where we can all participate, build trusting relationships, receive care and create space for others. 

Openness: We seek to be open to the Spirit through worship, engagement with the Bible, drawing upon church tradition and listening to one another. 

Formation: We recognise we all start our spiritual journeys from different places but believe we are called to be formed into the likeness of Christ. 

Dignity: To give and treat all people with dignity no matter their age, gender, health, race, material status or sexuality. 

Hope: The possibility of hope opens up our futures and is given even in the darkest moments 

Aspiration: People can become and do more than they can ever imagine because they are made in God's image. We want to be a church that ignites and nurtures aspiration in people. 




A Voice: We are committed to helping everyone find their voice and when necessary speak for those who have no voice 


4 



## Administration 


Church Leader: Rev James Treasure Church address: St Thomas & St Luke’s Church, High Street, Dudley, DY1 1QD Office address: 3 Parsons Street, Dudley, DY1 1JJ 

The DRCT bank account is held by Lloyds Bank, The Cross, Worcester, WR1 3PY. All other bank accounts are held by Barclays Bank, 47 High Street, Dudley, DY1 1PN. All investment funds are held by CCLA, Senator House, 85 Queen Victoria Street, London. 

## Structure, Governance & Management 

Top Church is part of the Church of England in the Dudley Deanery within the Diocese of Worcester. It is a registered Charitable Incorporated Organisation (CIO) under the name ‘Dudley Resourcing Churches Trust’ (DRCT) (charity number 1187653) and is governed by a constitution. ‘Top Church’ is a registered working name for the CIO. The CIO had fifty members as of 31st December 2022 with voting rights. 

Trustees are elected at Annual General Meetings (AGM) by members. The CIO constitution requires one third of trustees to ‘retire’ at each AGM and they may seek re-election if they wish to do so. 

Top Church has seven trustees: James Treasure (Chair); Ben Coleman (Treasurer); Jen Coleman; Carlo Di Terlizzi (Vice Chair), Steph Pincher; Diane Reeves; and Beth Goymer. 

All trustees are unpaid positions but may claim business related expenses acquired to perform their role as a trustee. Any expenses are subject to approval from other trustees. 

Top Church benefits from five clergy and two ordinands, whilst also directly employing four full-time members of staff. 

Top Church has adopted a four-tier governance structure to steer and carry out its mission and strategy. The structure is as follows: 

Table 1: Governance Structure 

## The Board 

Has strategic oversight and responsibility for the church's mission. 

## Leadership Team 

Responsible for the day-to-day delivery of the church's mission. 

## Ministry Teams 

The practicable actioning of mission is carried out by a number of ministry teams. 

## Members 

Any person who has been approved as a member, with voting rights at General Meetings. 



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## Charitable Objects 

The charitable objects of the CIO are: 

To advance the Christian faith for the benefit of the public in cooperation with the minister in promoting the whole mission of the Church in Dudley and more widely throughout the Diocese of Worcester, in accordance with the beliefs, doctrines and practices of the Church of England (‘the Church’), in particular, but not exclusively by: 

- Resourcing the Church of St Thomas & St Luke, Dudley as a place of public worship and mission. 

- Serving and reaching the community of Dudley and wider networks of people connected with that community. 

- Providing community facilities and activities in Dudley which benefit the community and the neighbourhood by associating together the community and interested organisations, advancing education and learning, addressing social welfare needs, and providing leisure time and recreation occupation. 

- Improving the conditions of life for the community of Dudley and the neighbourhood by developing the capacity and skills of community members, preventing or relieving poverty, and promoting social inclusion. 

- Resourcing the mission of the Church more widely by providing training and teams of people for church planting and renewal elsewhere. 

- Contributing, including financially, to the work of the Church throughout the Diocese of Worcester. 




## Resourcing Church 

Our vision and charitable objects are are supported by the Church Commissioners, who in 2018 awarded the Diocese of Worcester £2.5m over a seven year period through its Strategic Development Fund (SDF). This grant is to help relaunch Top Church as a Resourcing Church. This is with the aim to grow the congregation and actively carry out mission locally, as well as resource nearby churches. 


6 



2022F,

## 3 Overview of Activities 


## Worship & Outreach 

Throughout 2022 we held three services a week: our 11am and 4pm Sunday services, as well as our midday Wednesday communion service. It has been a joy to see new people discover and make Top Church their home, with an average of 149 people joining us for worship each week. 

During the week, we continue to hold three open-ended small groups, attended by 29 people, who meet weekly for fellowship, Bible study and food. This was supported by four fixed-term small groups in February/March covering various topics, such as black theology. 





In our role as Dudley's civic church, we were honoured to host a remembrance service in June for those who passed during the Covid-19 pandemic, as well as a memorial service for the passing of Queen Elizabeth II in September. 

We provided chaplaincy for eight schemes operated by CHADD, a local charitable housing association that provides supported housing to single people, older persons and those with special needs. We also led an Alpha Course for CHADD staff, with 14 people attending. 

We continued to support three local care homes, with Sarah Carwardine making weekly visits to provide communion, prayer, worship and fellowship; reaching an average of 40 residents each month. 

Calum Burke continued as Chaplain to Stourbridge Football Club, providing a listening ear and an encouraging presence around the club. 

We were also pleased to actively participate in Inter-Faith Week in November, working closely with Dudley Borough Inter-Faith Network. This provided an opportunity for people of all faiths and none to meet and build friendships. 

The Top Church choir went from strength-to-strength, meeting every fortnight and performing at Sunday services.  The choir were invited to perform at Dudley Zoo and Castle as part of Dudley's Queen's Jubilee event in June and also performed on the High Street at Black Country Mulitcultural Day in July. 

8 




## Youth & Kids 

At Top Church our young people meet each week on a Thursday night to socialise and discuss their faith, and each Sunday at 4pm. We also have days out together (bowling, climbing, meals) that have been a really positive time of building friendships. Our youth group also had their own Cafe Theology group that met a number of times for in-depth discussion. 

Our children now have activities both at the 11am and 4pm services and both groups have grown in number. Four of our youth and children were confirmed this year, and five of our youth attended Limitless festival in the summer. 


In the autumn term we delivered a week-long event called 'Experience Dudley' to years 3 to 6 of Jessons Primary School, which focussed on learning about faith and the role of the church community throughout the town’s history. 330 students visited the church during this event. We also created a prayer space in the school and delivered lessons to years 2 to 6; learning about how people pray and giving opportunities to pray and reflect. 

Every Tuesday a group of church volunteers provide chaplaincy to Pegasus School. They have built meaningful connections with students in all year groups and been able to offer support for a wide range of issues. We also delivered assemblies about chaplaincy to all year 7, 8 and 9 students. 


## Revive Learning Centre 

From January 2022, Top Church started hosting the Revive Learning Centre. The centre is a new initiative operated by Invictus Education Trust with the purpose of providing an education space for pupils who have low attendance at school. The first academic year saw an increase in average attendance from 30% in January 2022 to 71%. 

Clare Soar provided mentoring to students, as well as developing life skills, delivering one-toone English tutoring, offering mental health support, and attending events such as Awards Evening and school trips. 

## Safeguarding 

Top Church has an adopted Safeguarding Policy, which is informed by and consistent with the House of Bishop’s 'Promoting a Safer Church' Policy. Top Church uses an online parish safeguarding dashboard, on which it’s records and monitors its compliance with safeguarding measures. Trustees approve all church activities involving children and vulnerable adults. Clare Soar continued as the church's Safeguarding Officer in 2022. 



9 



## Tiny Town 


It has been amazing to see the growth in Tiny Town throughout 2022, with an of average 28 children attending per session. The local Social Prescriber for Migrant Communities continues to send the mums they support to Tiny Town and has spoken about what a difference it has made to both them and their children, some of whom have experienced extreme trauma. The Perinatal Mental Health Team also signpost their mums to us, and we have recently become very popular amongst Health Visitors too! 

We held a special session at Easter – where families could bring along older children for an egg hunt, followed by a child focused midweek service. We also held a special session for parents and carers in July, where they could enjoy a foot massage and a cream tea while we entertained the children! 

We are pleased to continue to offer Tiny Town free of charge so that it can be accessed by those who most need it, but donations from our generous families mean it is now selfsustaining in terms of the refreshments we provide. 

We were overjoyed with some of the positive feedback received from parents: 

_“AMAZING! I felt so welcome and “A fun, welcoming, diverse group of “A friendly place where comfortable from my first time children, carers and volunteers. There is I don’t feel judged by and now it has become so much for our children to see, learn others. The team are so something I look forward to. and experience in a safe environment. helpful and make me Everyone here has become like Parents and carers get treated great feel at ease.” family” too.”_ 

## Places of Welcome 

Our Place of Welcome continues to meet the needs of the vulnerable in Dudley. We have a group from Woodside Day Centre who attend each week. We have introduced a more substantial food offer and attendees can now enjoy soup, sandwiches, or a jacket potato, alongside traditional biscuits. In October we became a Warm Welcome space, an initiative aimed at helping those struggling to pay their energy bills by providing somewhere warm. 

Our average attendance has risen from 10 to 15 people per week plus 7 or 8 helpers (several of our regular attendees have moved on to become helpers!). Our Place of Welcome is now a space for anything from quizzes and board games to maths lessons and housing applications. 





10 



## Eco-Church 


In May we achieved Bronze status as an Eco Church! As part of this commitment, we held our first Eco Fair in October – to mark the end of the church’s Season of Creation. We teamed up with Dudley CVS to promote the event, which had a slot on the timetable for their 'Growing Up Green' week. We had a range of stalls offering sustainable produce. We also collaborated for the first time with Jasmine Road Gardens (a community initiative in Kate’s Hill) to run activities for children. 105 adults and 31 children attended on the day – keep an eye out for the colourful bulbs planted by the children in the borders at the front of church! 

## Christains at Pride 

In September a small group of us travelled to Birmingham to join Christians at Pride, an ecumenical movement led by OneBodyOneFaith. The group had lots of fun joining the Pride parade and sharing God’s love for the LGBTQ+ community, and were overwhelmed with how positively they were received by those watching on the streets of Birmingham. 

## Christmas Fair 

This year Top Church's annual Christmas Fair coincided with the town’s Christmas Lights celebrations. This was a real Top Church event, as many stall holders were run by members of the church who are talented crafters! It was great to see 170 adults and 70 children attend. 

## Searchlight Theatre 

We welcomed the Searchlight Theatre Company to Top Church for two fantastic and thought provoking evenings of theatre. In February, the company performed 'Return to the Hiding Place' and in July their production of 'Chariot: The Eric Liddell Story' as part of their UK tours. 




## Building Projects 

The church has been undergoing major internal reordering work since 2019 to create a flexible space for worship and community activity. Phase 2 of this project completed in April with the installation of a new AV system. 

The church was also able to commence a project of signifcant conservation repair work thanks to funding being commmitted by the National Heritage Lottery Fund (NLHF) and a number of junior funders. Work to repair the internal painted window started in November, with further external work planned for 2023. 


11 



Financial Summary 



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## Financial Review 

At the close of 2022, Top Church had a total gross income of £272,869. This is compared to a gross income of £460,872 in 2021. A significant majority of income was through SDF funding, which accounted for £157,012 for restricted purposes. The primary purpose of SDF funding claimed was for staff payroll (£113,198). Signficantly less was claimed from the SDF grant for building fit-out in 2022 (£25,672) compared to 2021 (£208,819), which accounts for the drop in gross income. 

Total expenditure in 2022 amounted to £226,842. This is compared to a total expenditure in 2021 of £421,032. The primary expenditure related to staff payroll (£113,199), which was wholly funded by SDF. As with income, the reduction in expenditure in 2022 compared to 2021 was due to reduced SDF funded building work taking place. 

The outcome for 2022 was a net income of £31,780. Total funds as of 31st December 2022 were £236,862 of which £81,844 was restricted and £97,188 related to endowments. 

## Reserves Policy 

Top Church’s policy is to hold back reserves equivalent to 3 months (25%) of the estimated total annual operating costs in 2025. In 2025, Top Church will receive 50% of SDF funding towards staff salaries and no contribution towards its operational costs. As such, it is the first year Top Church will need to cover a proportion of staff salaries and 100% of its operating costs. In the following year, SDF funding will cease for staff salaries entirely. This represents the largest financial risk to the operation of the church. The purpose of the reserve is to provide a shortterm contingency against the risk that income is insufficient to cover its operating costs following the withdrawal of SDF funding. On this basis, and on current estimates of operating costs in 2025, Top Church will hold back reserves of no more than £53,880. Reserves as of 31st December 2022 exceeded this amount by £73, which will be re-directed to mission in 2023. 

## Risk Management 

The CIO Board continuously review risks to the mission, operation and financial sustainability of Top Church. The primary risk to the church is its financial sustainability beyond the SDF grant funding period, which concludes in June 2025. Following this date, the church is required to be financially self-sufficient and will become more dependent on funds received through donations, self generated income or from other grants. 


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## Income & Expenditure 

Graphs 1 and 2 below provide a breakdown of the sources of church income and areas of expenditure in 2022. Further detail is provided in Notes 4 and 5 to the accounts. 

Graph 1: Sources of Income (2022) 


**----- Start of picture text -----**<br>
2% 1%<br>3%<br>8%<br>Grants<br>Donations<br>Premises Hire<br>15% Events & Chaplaincy*<br>Gift Aid<br>Investment Income<br>Other**<br>70%<br>**----- End of picture text -----**<br>


Total Income = £272,869 

- *'Events & Chaplaincy' includes weddings/funeral fees, special events and CHADD chaplaincy 

   - **'Other' sources include music activities and bank rewards 

## Graph 2: Categories of Expenditure (2022) 

Payroll & Expenses Operations Building Projects Mission Office Rent & Utilities Ministry Share Other* 


**----- Start of picture text -----**<br>
4% 1%<br>7%<br>7%<br>11%<br>52%<br>18%<br>**----- End of picture text -----**<br>


Total Expenditure = £226,842 


- *'Other' costs include parish returns and gifts 

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## Investments 

Top Church holds six investment funds which are held by CCLA in the CBF Investment Fund and COIF Charity Investment Fund. 

The CBF Investment Fund comprises the following: 

- Three funds from the Preedy Trust (Preedy Trust for Choir 1, Preedy Trust for Choir 2, and Choir Fund) 

- Dudley St Thomas PCC Church Expenses Fund (Hill Fund) 

- Dudley St Thomas PCC Poor Fund (Smart Fund) 

The COIF Charity Investment Fund comprises: 

- The Beddington Fund 

Dividends received as of 31st December 2022 were as follows: 

- CBF Investment Fund = £2,989 

- COIF Charity Investment Fund = £211 

The value of each fund on 31st December 2022, along with a comparison with that on 31st December 2021, is provided in Table 2 below. 

Table 2: Investment Fund Values 


**----- Start of picture text -----**<br>
Value on 31st<br>Value on 31st Total<br>Fund December<br>December 2021 Shareholding<br>2022<br>**----- End of picture text -----**<br>


|Fund|Value on 31st<br>December 2021|Value on 31st<br>December<br>2022|Total<br>Shareholding|
|---|---|---|---|
|||||
|Preedy Trust for Choir 1|2338.67 pence|2064.59 pence|1,474|
|Preedy Trust for Choir 2|2338.67 pence|2064.59 pence|386|
|Preedy: Choir Fund|2338.67 pence|2064.59 pence|2,254|
|Dudley St Thomas PCC Church<br>Expenses (Hill Fund)|2338.67 pence|2064.59 pence|252|
|Dudley St Thomas PCC Poor Fund<br>(Smart Fund)|2338.67 pence|2064.59 pence|496|
|Beddington Fund|2053.68 pence|1814.93 pence|388|




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I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022. 

my examination I have followed all the 

applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

I confirm that I am qualified to 

undertake the examination because I am a member of the ICAEW, which is one of the listed bodies. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and idered as part of an 

independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Signed: 


## **Frances Clapham FCA** 

CKCA Limited Castle Court 2 Castlegate Way Dudley DY1 4RH 

Date: 




## **Annual Statements of Accounts** 

## **Statement of Financial Activities** 

|**Note**|<br>**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**Total**<br>**Prior year**<br>**funds**<br>**funds**<br>**funds**<br>**funds**<br>**total funds**|
|---|---|
|**Income and endowments from:**<br>Donations and legacies<br>Income from charitable activities<br>Investments<br>Other income<br>**Total income                                                                  4**<br>**Expenditure on:**<br>Expenditure on charitable activities<br>Other expenditure<br>**Total expenditure                                                         5**<br>**Net income / (expenditure) resources before**<br>**transfer**<br>Gains / losses on investment assets**10**<br>**Transfers**<br>Gross transfers between funds - in<br>Gross transfers between funds - out<br>**Other recognised gains / losses**<br>**Net movement in funds**<br>**Total funds brought forward**<br>**Total funds carried forward**<br>**Represented by**<br>**Unrestricted**<br>General fund<br>**Designated**<br>Church Utilities<br>**Restricted**<br>Beddington Fund<br>Hill Fund<br>International Fund<br>NLHF Project<br>Preedy Fund<br>SDF Accommodation Fit-out<br>SDF Staff<br>Smart Fund<br>Tiny Town<br>Top Church Fabric Funds<br>**Endowment**<br>Beddington Fund<br>Hill Fund<br>Preedy Fund<br>**Total funds carried forward**|£47,190<br>£190,058<br>—<br>£237,248<br>£422,204<br>£9,233<br>£139<br>—<br>£9,372<br>£10,546<br>£2<br>£3,201<br>—<br>£3,203<br>£3,095<br>£23,046<br>—<br>—<br>£23,046<br>£25,027|
||**£79,471**<br>**£193,398**<br>**—**<br>**£272,869**<br>**£460,872**<br>£47,802<br>£136,464<br>—<br>£184,266<br>£182,883<br>£16,706<br>£25,870<br>—<br>£42,576<br>£238,149|
||**£64,508**<br>**£162,334**<br>**—**<br>**£226,842**<br>**£421,032**|
||**£14,963**<br>**£29,704**<br>**(£12,887)**<br>**£31,780**<br>**£55,128**<br>—<br>(£1,360)<br>(£12,887)<br>(£14,252)<br>£15,288<br>—<br>—<br>—<br>—<br>£15,471<br>—<br>—<br>—<br>—<br>(£15,471)|
||**£14,963**<br>**£29,704**<br>**(£12,887)**<br>**£31,780**<br>**£55,128**|
||**£42,867**<br>**£52,140**<br>**£110,075**<br>**£205,082**<br>**£149,954**|
||**£57,830**<br>**£81,844**<br>**£97,188**<br>**£236,862**<br>**£205,082**<br>£53,954<br>—<br>—<br>£53,954<br>£37,406<br>£3,876<br>—<br>—<br>£3,876<br>£5,461<br>—<br>£814<br>—<br>£814<br>£603<br>—<br>£590<br>—<br>£590<br>£435<br>—<br>£3,312<br>—<br>£3,312<br>£2,306<br>—<br>£36,835<br>—<br>£36,835<br>£9,960<br>—<br>£22,024<br>—<br>£22,024<br>£19,596<br>—<br>£24<br>—<br>£24<br>£24<br>—<br>£871<br>—<br>£871<br>£872<br>—<br>£14,595<br>—<br>£14,595<br>£15,746<br>—<br>£181<br>—<br>£181<br>—<br>—<br>£2,600<br>—<br>£2,600<br>£2,597<br>—<br>—<br>£7,048<br>£7,048<br>£7,969<br>—<br>—<br>£5,203<br>£5,203<br>£5,894<br>—<br>—<br>£84,937<br>£84,937<br>£96,213|
||**£57,830**<br>**£81,844**<br>**£97,188**<br>**£236,862**<br>**£205,082**|



16 



## **Balance Sheet** 

|**Balance Sheet**||
|---|---|
|**Note**|**Total funds**<br>**Prioryear funds**|
|**Fixed assets**<br>Investments                                                                                                     10<br>**Current assets**<br>Debtors                                                                                                                  7<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: Amounts falling due in one year                                                 8<br>**Net current assets less current liabilities**<br>**Total assets less current liabilities**<br>**Total net assets less liabilities**<br>**Represented by**<br>**Unrestricted**<br>General fund<br>**Designated**<br>Church Utilities<br>**Restricted**<br>Beddington Fund<br>Preedy Fund<br>SDF Accommodation Rent<br>SDF Church Re-ordering<br>Smart Fund<br>SDF Staff<br>Tiny Town<br>Energy Grant<br>Top Church Fabric Funds<br>NLHF Project<br>Hill Fund<br>International Fund<br>SDF Accommodation Fit-out<br>SDF Operations<br>**Endowment**<br>Beddington Fund<br>Hill Fund<br>Preedy Fund<br>**Funds of the church**|£107,427<br>£121,674|
||**£107,427**<br>**£121,674**<br>-<br>£2,977<br>£155,758<br>£80,871|
||**£155,758**<br>**£83,848**<br>£26,323<br>£441|
||**£26,323**<br>**£441**|
||**£129,435**<br>**£83,407**|
||**£236,862**<br>**£205,082**|
||**£236,862**<br>**£205,082**<br>£53,954<br>£37,406<br>£3,876<br>£5,461<br>£814<br>£604<br>£22,024<br>£19,596<br>—<br>—<br>—<br>—<br>£14,595<br>£15,746<br>£871<br>£872<br>£181<br>—<br>—<br>—<br>£2,600<br>£2,597<br>£36,835<br>£9,960<br>£590<br>£435<br>£3,312<br>£2,306<br>£24<br>£24<br>—<br>—<br>£7,048<br>£7,968<br>£5,203<br>£5,893<br>£84,937<br>£96,213|
||**£236,862**<br>**£205,082**|



Balance Sheet approved by DRCT trustees at a Board meeting held on 5[th] June 2023 and signed on their behalf by: 


Rev James Treasure (Resourcing Church Leader and Board Chair) 

17 



## **Statement of Assets and Liabilities** 

||**General   Designated**<br>**Restricted   Endowment       Thisyear      Lastyear**|
|---|---|
|**Fixed assets - Investments**<br>Beddington<br>Hill Fund<br>Preedy Fund<br>Smart Fund<br>**Totals**<br>**Current assets - Cash at bank and in**<br>**hand**<br>DRCT Lloyds Account<br>Cash in Hand<br>PCC Account<br>PCC Account 2<br>Savings Account<br>Fabric Fund Account<br>Smart Fund Account<br>Preedy Fund Account<br>**Totals**<br>**Current assets - Debtors**<br>Accounts Receivable<br>**Totals**<br>**Liabilities - Creditors: Amounts falling**<br>**due in one year**<br>Accounts Payable<br>**Totals**<br>**Grand total**|—<br>—<br>—<br>£7,048<br>£7,048<br>£7,969<br>—<br>—<br>—<br>£5,203<br>£5,203<br>£5,894<br>—<br>—<br>—<br>£84,937<br>£84,937<br>£96,213<br>—<br>—<br>£10,240<br>—<br>£10,240<br>£11,600|
||**—**<br>**—**<br>**£10,240**<br>**£97,188**<br>**£107,427**<br>**£121,676**<br>£77,415<br>(£274)<br>£45,501<br>—<br>£122,642<br>£49,592<br>£64<br>—<br>£181<br>—<br>£245<br>£101<br>—<br>£2,478<br>(£257)<br>—<br>£2,221<br>£1,140<br>—<br>£26<br>—<br>—<br>£26<br>£2<br>—<br>£1,648<br>—<br>—<br>£1,648<br>£3,695<br>—<br>—<br>£2,600<br>—<br>£2,600<br>£2,597<br>—<br>—<br>£4,354<br>—<br>£4,354<br>£4,146<br>—<br>—<br>£22,024<br>—<br>£22,024<br>£19,596|
||**£77,479**<br>**£3,877**<br>**£74,401**<br>—<br>**£155,758**<br>**£80,870**<br>—<br>—<br>—<br>—<br>—<br>£2,977|
||**—**<br>**—**<br>—<br>**—**<br>—<br>**£2,977**<br>£23,526<br>—<br>£2,796<br>—<br>£26,323<br>£441|
||**£23,526**<br>**—**<br>**£2,796**<br>**—**<br>**£26,323**<br>**£441**|
||**£53,953**<br>**£3,877**<br>**£81,844**<br>**£97,188**<br>**£236,862**<br>**£205,082**|



18 



## **Fund Movement by Type** 

||**Opening**<br>**Incoming**<br>**Outgoing**<br>**Transfers   Gains/losses    Journals      Closing**|
|---|---|
|**Beddington Fund**<br>Restricted<br>Endowment<br>**Sub-total**<br>**Energy Grant**<br>Restricted<br>**Sub-total**<br>**Top Church Fabric Fund**<br>Restricted<br>**Sub-total**<br>**NLHF Project**<br>Restricted<br>**Sub-total**<br>**Hill Fund**<br>Restricted<br>Endowment<br>**Sub-total**<br>**International Fund**<br>Restricted<br>**Sub-total**<br>**SDF Accommodation Fit-Out**<br>Restricted<br>**Sub-total**<br>**SDF Operations**<br>Restricted<br>**Sub-total**<br>**Preedy Fund**<br>Restricted<br>Endowment<br>**Sub-total**<br>**SDF Accommodation Rent**<br>Restricted<br>**Sub-total**<br>**SDF Church Re-ordering**<br>Restricted<br>**Sub-total**<br>**Smart Fund**<br>Restricted<br>**Sub-total**<br>**SDF Staff**<br>Restricted<br>**Sub-total**<br>**Tiny Town**<br>Restricted<br>**Sub-total**<br>**Church Utilities**<br>Designated<br>**Sub-total**<br>**General fund**<br>Unrestricted<br>**Sub-total**<br>**Grand total**|£603<br>£211<br>—<br>—<br>—<br>—<br>£814<br>£7,969<br>—<br>—<br>—<br>(£921)<br>—<br>£7,048|
||<br>**£8,572**<br>**£211**<br>**—**<br>**—**<br>**(£921)**<br>**—**<br>**£7,862**<br>—<br>£3,150<br>£3,150<br>—<br>—<br>—<br>—|
||<br>**—**<br>**£3,150**<br>**£3,150**<br>**—**<br>**—**<br>**—**<br>**—**<br>£2,597<br>£3<br>—<br>—<br>—<br>—<br>£2,600|
||<br>**£2,597**<br>**£3**<br>**—**<br>**—**<br>**—**<br>**—**<br>**£2,600**<br>£9,960<br>£27,000<br>£125<br>—<br>—<br>—<br>£36,835|
||<br>**£9,960**<br>**£27,000**<br>**£125**<br>**—**<br>**—**<br>**—**<br>**£36,835**<br>£435<br>£155<br>—<br>—<br>—<br>—<br>£590<br>£5,894<br>—<br>—<br>—<br>(£691)<br>—<br>£5,203|
||**£6,329**<br>**£155**<br>**—**<br>**—**<br>**(£691)**<br>**—**<br>**£5,793**<br>£2,306<br>£2,516<br>£1,510<br>—<br>—<br>—<br>£3,312|
||<br>**£2,306**<br>**£2,516**<br>**£1,510**<br>**—**<br>**—**<br>**—**<br>**£3,312**<br>£24<br>—<br>—<br>—<br>—<br>—<br>£24|
||<br>**£24**<br>**—**<br>**—**<br>**—**<br>**—**<br>**—**<br>**£24**<br>—<br>£6,742<br>£6,742<br>—<br>—<br>—<br>—|
||<br>**—**<br>**£6,742**<br>**£6,742**<br>**—**<br>**—**<br>**—**<br>**—**<br>£19,596<br>£2,528<br>£100<br>—<br>—<br>—<br>£22,024<br>£96,213<br>—<br>—<br>—<br>(£11,276)<br>—<br>£84,937|
||<br>**£115,809**<br>**2,528**<br>**£100**<br>**—**<br>**(£11,276)**<br>**—**<br>**£106,961**<br>—<br>£11,400<br>£11,400<br>—<br>—<br>—<br>—|
||**—**<br>**£11,400**<br>**£11,400**<br>**—**<br>**—**<br>**—**<br>**—**<br>—<br>£25,672<br>£25,672<br>—<br>—<br>—<br>—|
||**—**<br>**£25,672**<br>**£25,672**<br>**—**<br>**—**<br>**—**<br>**—**<br>£15,746<br>£305<br>£99<br>—<br>(£1,359)<br>—<br>£14,595|
||**£15,746**<br>**£305**<br>**£99**<br>**—**<br>**(£1,359)**<br>**—**<br>**£14,595**<br>£872<br>£113,198<br>£113,199<br>—<br>—<br>—<br>£871|
||<br>**£872**<br>**£113,198**<br>**£113,199**<br>**—**<br>**—**<br>**—**<br>**£871**<br>—<br>£518<br>£337<br>—<br>—<br>—<br>£181|
||<br>**—**<br>**£518**<br>**£337**<br>**—**<br>**—**<br>**—**<br>**£181**<br>£5,461<br>£890<br>£2,475<br>—<br>—<br>—<br>£3,876|
||<br>**£5,461**<br>**£890**<br>**£2,475**<br>**—**<br>**—**<br>**—**<br>**£3,876**<br>£37,406<br>£78,581<br>£62,033<br>—<br>—<br>—<br>£53,954|
||<br>**£37,406**<br>**£78,581**<br>**£62,033**<br>**—**<br>**—**<br>**—**<br>**£53,954**|
||**£205,082**<br>**£272,869**<br>**£226,842**<br>**—**<br>**(£14,242)**<br>**—**<br>**£236,862**|



19 



## **Analysis of Income and Expenditure** 

## **Income** 

|<br>**Donations and legacies**<br>IN001 - Planned Giving - Parish<br>Giving Scheme<br>IN002 - Donations - Contactless<br>IN003 - Cash Donations<br>IN004 - Gift Aid<br>IN006 - One Off Donations<br>IN010 - One-off Grant<br>IN012 - SDF Grant - Reordering Works<br>IN013 - SDF Grant - Staff Salaries<br>IN014 - SDF Grant - Operational<br>IN016 - NLHF Grant - Heritage<br>IN024 - Standing Order & BACs<br>IN31 - SDF - Ancillary Office<br>IN33 - Bank Loyalty Reward<br>IN40 - International Travel & Mission<br>IN41 - Donations - Online<br>IN42 - Amazon/EasyFundraising<br>Donations<br>Total<br>**Income from charitable activities**<br>IN008 - Church Event Income<br>IN009 - Fees from Weddings and<br>Funerals<br>IN030 - Music Activities<br>IN35 - Chaplaincy Services<br>IN43 - Kids Holiday Club<br>Total<br>**Investments**<br>IN32 - Investment Dividends<br>IN34 - Bank & Building Society<br>Interest<br>Total<br>**Other income**<br>IN018 - Church Premises Hire<br>IN020 - Church Sales<br>IN021 - Refunds from Church<br>Purchases<br>IN026 - VAT Reclaim<br>IN027 - Office Rent<br>IN36 - Bishop's Parking & Office<br>Contributions<br>IN45 - Invictus Rent<br>Total||**Total**<br> **Unrestricted       Designated     Restricted       Endowment        This year      Last year**|
|---|---|---|
|||<br>£23,521<br>—<br>—<br>—<br>£23,521<br>£22,550<br>£2,937<br>—<br>—<br>—<br>£2,937<br>£868<br>£1,430<br>—<br>£379<br>—<br>£1,809<br>£1,437<br>£5,787<br>—<br>—<br>—<br>£5,787<br>£5,516<br>£450<br>—<br>—<br>—<br>£450<br>£366<br>—<br>—<br>£30,150<br>—<br>£30,150<br>£9,960<br>—<br>—<br>£25,672<br>—<br>£25,672<br>£208,819<br>—<br>—<br>£113,198<br>—<br>£113,198<br>£108,181<br>—<br>—<br>£6,742<br>—<br>£6,742<br>£20,273<br>—<br>—<br>—<br>—<br>—<br>£16,113<br>£11,529<br>£675<br>—<br>—<br>£12,204<br>£12,570<br>—<br>—<br>£11,400<br>—<br>£11,400<br>£11,400<br>—<br>—<br>£1<br>—<br>£1<br>£3<br>—<br>—<br>£2,516<br>—<br>£2,516<br>£2,550<br>£802<br>—<br>—<br>—<br>£802<br>£1,520<br>£59<br>—<br>—<br>—<br>£59<br>£80|
|||£46,515<br>£675<br>£190,058<br>—<br>£237,248<br>£422,205<br> <br>£890<br>—<br>£139<br>—<br>£1,029<br>£85<br>£3,868<br>£213<br>—<br>—<br>£4,081<br>£3,652<br>£500<br>—<br>—<br>—<br>£500<br>—<br>£3,762<br>—<br>—<br>—<br>£3,762<br>£4,500<br>—<br>—<br>—<br>—<br>—<br>£2,309|
|||£9,020<br>£213<br>£139<br>—<br>£9,372<br>£10,546<br>—<br>—<br>£3,198<br>—<br>£3,198<br>£3,095<br>—<br>£2<br>£3<br>—<br>£5<br>—|
|||—<br>£2<br>£3,201<br>—<br>£3,203<br>£3,095<br>£605<br>—<br>—<br>—<br>£605<br>£220<br>—<br>—<br>—<br>—<br>—<br>£170<br>£65<br>—<br>—<br>—<br>£65<br>£30<br>£884<br>—<br>—<br>—<br>£884<br>£16,711<br>£6,818<br>—<br>—<br>—<br>£6,818<br>£6,000<br>£1,776<br>—<br>—<br>—<br>£1,776<br>£1,726<br>£12,898<br>—<br>—<br>—<br>£12,898<br>£170|
|||£23,046<br>—<br>—<br>—<br>£23,046<br>£25,027|
|**INCOME TOTAL**||**£78,581**<br>**£890**<br>**£193,398**<br>**—**<br>**£272,869**<br>**£460,872**|



20 



## **Expenditure** 

## **Total** 

**Unrestricted     Designated      Restricted        Endowment       This year    Last year** 

|**Expenditure on charitable activities**<br>EX001 - IT/Communications/Security<br>£1,584<br>—<br>£156<br>—<br>£1,740<br>£3,053<br>EX002 - Church Electricity<br>£497<br>£1,512<br>£1,993<br>—<br>£4,002<br>£1,556<br>EX003 - Church Gas<br>£444<br>£237<br>£4,978<br>—<br>£5,659<br>£3,694<br>EX004 - Church Water<br>—<br>—<br>£139<br>—<br>£139<br>£502<br>EX005 - Insurance<br>£3,971<br>—<br>£2,480<br>—<br>£6,451<br>£6,351<br>EX006 - Staff - Salaries<br>—<br>—<br>£81,702<br>—<br>£81,702<br>£79,649<br>EX007 - Staff - HMRC<br>—<br>—<br>£23,763<br>—<br>£23,763<br>£21,747<br>EX008 - Staff - Pension Contributions<br>—<br>—<br>£7,734<br>—<br>£7,734<br>£6,056<br>EX009 - Staff & Volunteer Expenses<br>£3,822<br>—<br>—<br>—<br>£3,822<br>£2,457<br>EX011 - Staff and Volunteer Training<br>£254<br>—<br>—<br>—<br>£254<br>£80<br>EX015 - Event Costs<br>£826<br>—<br>—<br>—<br>£826<br>£45<br>EX016 - Community Ministry Budget<br>£2,154<br>—<br>£337<br>—<br>£2,491<br>£1,589<br>EX017 - Youth and Children Ministry<br>£3,481<br>—<br>£125<br>—<br>£3,606<br>£1,731<br>EX019 - Worship Ministry Budget<br>£3,269<br>—<br>—<br>—<br>£3,269<br>£5,991<br>EX020 - Catering<br>£3,077<br>—<br>—<br>—<br>£3,077<br>£1,383<br>EX022 - Resources - services/groups<br>£1,091<br>—<br>—<br>—<br>£1,091<br>£768<br>EX023 - Wedding and Funeral Costs<br>£340<br>—<br>—<br>—<br>£340<br>£95<br>EX024 - Office Costs<br>£546<br>—<br>—<br>—<br>£546<br>£401<br>EX025 - HR/Recruitment<br>£962<br>—<br>—<br>—<br>£962<br>£996<br>EX026 - Accounting<br>£2,760<br>—<br>—<br>—<br>£2,760<br>£2,610<br>EX027 - IT - Software<br>£996<br>—<br>—<br>—<br>£996<br>£897<br>EX028 - IT - Hardware<br>£110<br>—<br>—<br>—<br>£110<br>£215<br>EX029 - Marketing<br>£1,240<br>—<br>—<br>—<br>£1,240<br>£1,213<br>EX031 - External Premises Rent<br>—<br>—<br>£11,400<br>—<br>£11,400<br>£11,400<br>EX032 - External Premises - Utilities<br>£2,002<br>£526<br>£146<br>—<br>£2,675<br>£1,313<br>EX033 - Legal Fees<br>£1,872<br>—<br>—<br>—<br>£1,872<br>—<br>EX034 - Ministry Share<br>£9,590<br>—<br>—<br>—<br>£9,590<br>£11,195<br>EX036 - NLHF Project - Activity<br>—<br>—<br>—<br>—<br>—<br>£3,557<br>EX037 - NLHF Project - Capital<br>—<br>—<br>—<br>—<br>—<br>£6,912<br>EX39 - Hospitality<br>£436<br>—<br>—<br>—<br>£436<br>£366<br>EX41 - Gifts<br>£203<br>—<br>—<br>—<br>£203<br>£40<br>EX53 - Dudley Team Ministry<br>—<br>—<br>—<br>—<br>—<br>£100<br>EX60 - Kids Holiday Club<br>—<br>—<br>—<br>—<br>—<br>£1,949<br>EX61 - International Mission<br>—<br>—<br>£1,510<br>—<br>£1,510<br>£644<br>Total<br>£45,527<br>£2,275<br>£136,464<br>—<br>£184,266<br>£182,881<br>**Other expenditure**<br>EX014 - Building Maintenance<br>£5,083<br>—<br>£2,258<br>—<br>£7,341<br>£5,053<br>EX035 - Reordering Works<br>—<br>—<br>£23,414<br>—<br>£23,414<br>£225,020<br>EX42 - Misc<br>£326<br>—<br>—<br>—<br>£326<br>£456<br>EX46 - External Premises Insurance<br>£694<br>—<br>—<br>—<br>£694<br>£477<br>EX51 - Service Charges<br>£119<br>£200<br>£199<br>—<br>£517<br>£434<br>EX54 - Bishop's Office<br>£874<br>—<br>—<br>—<br>£874<br>£1,619<br>EX55 - VAT - LPOW/WDBF<br>£884<br>—<br>—<br>—<br>£884<br>(£51)<br>EX56 - Parish Returns<br>£756<br>—<br>—<br>—<br>£756<br>—<br>EX57 - Workshop Rent<br>—<br>—<br>—<br>—<br>—<br>£2,730<br>EX58 - Workshop Carpentry<br>Expenses<br>—<br>—<br>—<br>—<br>—<br>£2,001<br>EX59 - Curate Costs<br>—<br>—<br>—<br>—<br>—<br>£410<br>EX63 - Professional Cleaning<br>£6,463<br>—<br>—<br>—<br>£6,463<br>—<br>EX64 - Refunds<br>£1,307<br>—<br>—<br>—<br>£1,307<br>—<br>Total<br>£16,506<br>£200<br>£25,870<br>—<br>£42,576<br>£238,149|**Expenditure on charitable activities**<br>EX001 - IT/Communications/Security<br>£1,584<br>—<br>£156<br>—<br>£1,740<br>£3,053<br>EX002 - Church Electricity<br>£497<br>£1,512<br>£1,993<br>—<br>£4,002<br>£1,556<br>EX003 - Church Gas<br>£444<br>£237<br>£4,978<br>—<br>£5,659<br>£3,694<br>EX004 - Church Water<br>—<br>—<br>£139<br>—<br>£139<br>£502<br>EX005 - Insurance<br>£3,971<br>—<br>£2,480<br>—<br>£6,451<br>£6,351<br>EX006 - Staff - Salaries<br>—<br>—<br>£81,702<br>—<br>£81,702<br>£79,649<br>EX007 - Staff - HMRC<br>—<br>—<br>£23,763<br>—<br>£23,763<br>£21,747<br>EX008 - Staff - Pension Contributions<br>—<br>—<br>£7,734<br>—<br>£7,734<br>£6,056<br>EX009 - Staff & Volunteer Expenses<br>£3,822<br>—<br>—<br>—<br>£3,822<br>£2,457<br>EX011 - Staff and Volunteer Training<br>£254<br>—<br>—<br>—<br>£254<br>£80<br>EX015 - Event Costs<br>£826<br>—<br>—<br>—<br>£826<br>£45<br>EX016 - Community Ministry Budget<br>£2,154<br>—<br>£337<br>—<br>£2,491<br>£1,589<br>EX017 - Youth and Children Ministry<br>£3,481<br>—<br>£125<br>—<br>£3,606<br>£1,731<br>EX019 - Worship Ministry Budget<br>£3,269<br>—<br>—<br>—<br>£3,269<br>£5,991<br>EX020 - Catering<br>£3,077<br>—<br>—<br>—<br>£3,077<br>£1,383<br>EX022 - Resources - services/groups<br>£1,091<br>—<br>—<br>—<br>£1,091<br>£768<br>EX023 - Wedding and Funeral Costs<br>£340<br>—<br>—<br>—<br>£340<br>£95<br>EX024 - Office Costs<br>£546<br>—<br>—<br>—<br>£546<br>£401<br>EX025 - HR/Recruitment<br>£962<br>—<br>—<br>—<br>£962<br>£996<br>EX026 - Accounting<br>£2,760<br>—<br>—<br>—<br>£2,760<br>£2,610<br>EX027 - IT - Software<br>£996<br>—<br>—<br>—<br>£996<br>£897<br>EX028 - IT - Hardware<br>£110<br>—<br>—<br>—<br>£110<br>£215<br>EX029 - Marketing<br>£1,240<br>—<br>—<br>—<br>£1,240<br>£1,213<br>EX031 - External Premises Rent<br>—<br>—<br>£11,400<br>—<br>£11,400<br>£11,400<br>EX032 - External Premises - Utilities<br>£2,002<br>£526<br>£146<br>—<br>£2,675<br>£1,313<br>EX033 - Legal Fees<br>£1,872<br>—<br>—<br>—<br>£1,872<br>—<br>EX034 - Ministry Share<br>£9,590<br>—<br>—<br>—<br>£9,590<br>£11,195<br>EX036 - NLHF Project - Activity<br>—<br>—<br>—<br>—<br>—<br>£3,557<br>EX037 - NLHF Project - Capital<br>—<br>—<br>—<br>—<br>—<br>£6,912<br>EX39 - Hospitality<br>£436<br>—<br>—<br>—<br>£436<br>£366<br>EX41 - Gifts<br>£203<br>—<br>—<br>—<br>£203<br>£40<br>EX53 - Dudley Team Ministry<br>—<br>—<br>—<br>—<br>—<br>£100<br>EX60 - Kids Holiday Club<br>—<br>—<br>—<br>—<br>—<br>£1,949<br>EX61 - International Mission<br>—<br>—<br>£1,510<br>—<br>£1,510<br>£644<br>Total<br>£45,527<br>£2,275<br>£136,464<br>—<br>£184,266<br>£182,881<br>**Other expenditure**<br>EX014 - Building Maintenance<br>£5,083<br>—<br>£2,258<br>—<br>£7,341<br>£5,053<br>EX035 - Reordering Works<br>—<br>—<br>£23,414<br>—<br>£23,414<br>£225,020<br>EX42 - Misc<br>£326<br>—<br>—<br>—<br>£326<br>£456<br>EX46 - External Premises Insurance<br>£694<br>—<br>—<br>—<br>£694<br>£477<br>EX51 - Service Charges<br>£119<br>£200<br>£199<br>—<br>£517<br>£434<br>EX54 - Bishop's Office<br>£874<br>—<br>—<br>—<br>£874<br>£1,619<br>EX55 - VAT - LPOW/WDBF<br>£884<br>—<br>—<br>—<br>£884<br>(£51)<br>EX56 - Parish Returns<br>£756<br>—<br>—<br>—<br>£756<br>—<br>EX57 - Workshop Rent<br>—<br>—<br>—<br>—<br>—<br>£2,730<br>EX58 - Workshop Carpentry<br>Expenses<br>—<br>—<br>—<br>—<br>—<br>£2,001<br>EX59 - Curate Costs<br>—<br>—<br>—<br>—<br>—<br>£410<br>EX63 - Professional Cleaning<br>£6,463<br>—<br>—<br>—<br>£6,463<br>—<br>EX64 - Refunds<br>£1,307<br>—<br>—<br>—<br>£1,307<br>—<br>Total<br>£16,506<br>£200<br>£25,870<br>—<br>£42,576<br>£238,149|
|---|---|
||£45,527<br>£2,275<br>£136,464<br>—<br>£184,266<br>£182,881<br>£5,083<br>—<br>£2,258<br>—<br>£7,341<br>£5,053<br>—<br>—<br>£23,414<br>—<br>£23,414<br>£225,020<br>£326<br>—<br>—<br>—<br>£326<br>£456<br>£694<br>—<br>—<br>—<br>£694<br>£477<br>£119<br>£200<br>£199<br>—<br>£517<br>£434<br>£874<br>—<br>—<br>—<br>£874<br>£1,619<br>£884<br>—<br>—<br>—<br>£884<br>(£51)<br>£756<br>—<br>—<br>—<br>£756<br>—<br>—<br>—<br>—<br>—<br>—<br>£2,730<br>—<br>—<br>—<br>—<br>—<br>£2,001<br>—<br>—<br>—<br>—<br>—<br>£410<br>£6,463<br>—<br>—<br>—<br>£6,463<br>—<br>£1,307<br>—<br>—<br>—<br>£1,307<br>—|
||£16,506<br>£200<br>£25,870<br>—<br>£42,576<br>£238,149|
|**EXPENDITURE TOTAL**|**£62,033**<br>**£2,475**<br>**£162,334**<br>**—**<br>**£226,842**<br>**£421,032**|
|||
|**GRAND TOTAL**|**£16,548**<br>**(£1,585)**<br>**£31,064**<br>**—**<br>**£46,027**<br>**£39,840**|



21 



## **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. 

22 



**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. 

**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 sixteen funds, which are as follows: 

|Type|Name|Purpose|
|---|---|---|
|Unrestricted|General|Funds generated by the church with no specific purpose attached to<br>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<br>towards covering church utilities and insurance. These are held in the<br>DRCT,PCC1,PCC2 and Savings Barclays Accounts.|
|Restricted|NLHF Project|Grants received from NLHF and match-funders to deliver the church’s<br>Heritage Project. These are held in the DRCT account.|
||SDF<br>Accommodation<br>Fit-out|SDF grants from the Church Commissioners for the fit-out of the Top<br>Church offices. These are held in the DRCT account.|
||SDF<br>Accommodation<br>Rent|SDF grants from the Church Commissioners for renting the Top<br>Church offices. These are held in the DRCT account.|
||SDF Church<br>Re-ordering|SDF grants from the Church Commissioners for internal work to the<br>TopChurch building. These are held in the DRCT account.|
||SDF Operations|SDF grants from the Church Commissioners for operational costs.<br>These are held in the DRCT account.|
||SDF Staff|SDF grants from the Church Commissioners for staff salaries, pensions<br>contributions and PAYE. These are held in the DRCT account.|
||Top Church<br>Fabric Funds|Funds for the purpose of building maintenance work. These are held in<br>the Fabric Fund Barclays account.|
||Smart Fund|Income from the Rev WH Smart Investment Fund. It is understood that<br>this is to be used for the poor. Funds are held in the Smart Fund<br>Barclays account.|
||International<br>Fund|Gifts and grants received by a church curate for the purpose of funding<br>international travel to provide cover and support to an Anglican Church<br>abroad. These are held in the DRCT account|
||Tiny Town|Funds donated to the church for the purpose of supporting costs to<br>run TinyTown|
||Energy Grant|Grant awarded by the Worcester Diocesan Board of Finance (WDBF)<br>for church energycosts.|
|Endowment|Preedy Fund|Endowment from the Preedy Trust. It is understood that this is to be<br>used for the church choir only. These are held in the Preedy Fund<br>Barclays account.|
||Beddington<br>Fund|Endowment from the Beddington Fund. Income is to be used for the<br>benefit of the parish as the Churchwardens think fit. These are held in<br>the PCC1 Barclays account.|
||Hill Fund|Endowment from the Hill Fund. It is understood that this is to be used<br>for church expenses. These are held in the PCC1 Barclays account.|



23 



## **Note 4: Income** 

**Public Donations:** The church received £41,723 from public donations. The majority of this was through regular monthly giving either through the Parish Giving Scheme (£23,521) or standing order (£12,204). Sporadic public donations (£5,548) were received through a variety of other methods, including cash, contactless payments and online. Gift Aid claimed on donations in 2022 amounted to £5,787. 

**Grants:** Top Church was a recipient of grants, amounting to £188,046, from the following six grant providers: 

1. Strategic Development Fund (SDF): A significant majority of the church’s income in 2022 was from SDF grants. The church was in its fifth year of receiving SDF funding (such funding concludes in June 2025). This funding is restricted to staff salaries, building re-ordering work, operational costs and office rent. A total income of £157,012 was received through SDF grants in 2022. 

2. All Churches Trust: £16,000 grant towards the NLHF heritage project. 

3. Garfield Weston Foundation: £10,000 grant towards the NLHF heritage project. 

4. WDBF: Energy Grant = A grant of £3,150 received to contribute towards church energy bills. 

5. Martin Dudley: £1,000 grant towards the NLHF heritage project. 

6. Listed Places of Worship Grant Scheme (LPOW): A grant of £884 was received from LPOW to reimburse VAT incurred on invoices related to eligible work to the church building. 

**Revive Learning Centre:** Top church entered into a Licence to Occupy agreement with Invictus Education Trust to host the Revive Learning Centre in the church building Monday – Friday during term times. The annual fee for this was £12,898. 

**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 £6,818. 

**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 £3,762. 

## **Note 5: Expenditure** 

**Staff Salaries** : The average number of staff in 2022 was 4 FTE (2021 = 4 FTE). Staff payroll was funded entirely by SDF grants, amounting to £113,199. Payroll costs were broken down as follows: 

|**Cost Type **|**2022**|**2021**|
|---|---|---|
|Wages|£81,702|£79,649|
|Social Security|£23,763|£21,747|
|Pension*|£7,734|£6,056|
|Total|£113,199|£107,452|



* Pension costs are paid into Nest workplace pension scheme. 

**Key Management Remuneration:** Stipends for clergy positions at Top Church are paid by the WDBF and therefore are not represented in these accounts. Top Church contributed towards such costs through its Ministry Share payment of £9,590. 

24 



**Expenses** : Staff, clergy and volunteer expenses amounted to £3,822. 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 broadband and utilities. There are no staff with remuneration greater than £60,000 (2021: none). 

**Mission:** A total of £16,365 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 £6,999. 

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 £2,491. 

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 £3,606. 

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 £3,269. 

**Operations:** The largest operational expenditure related to utilities, security, network and insurance costs at the church, amounting to £17,989. Maintenance works to the building, including repairs and annual inspections (such as the mansafe system, clock, boiler and lightning protection system) amounted to £7,341. Other operational costs associated with the running of the church totalled £14,226. Such costs comprised accountant fees, HR consultant fees, office costs; IT software/hardware, furnishings, professional cleaning and banking service charges. 

**Offices:** The church paid £11,400 in rent for its offices at 3 Parsons Street, along with £3,368 in office utility costs and insurance. 

**Building Work:** Phase 2 of the reordering project completed in 2022 through improvements to the back rooms and the installation of a new AV system. In total this amounted to £24,298. 

**Ministry Share:** The church made a total payment of £9,590 towards both its 2021 and 2022 Ministry Share obligation. Parish Share funds clergy stipends across the Diocese of Worcester. 

**Overview** : Costs in 2022 can be split into the following three categories: 

|**Cost Type**|**2022**||**2021**||
|---|---|---|---|---|
||**Amount**|**Proportion**|**Amount**|**Proportion**|
|Direct (costs directly related to delivering charitable<br>activities e.g. ministry costs, staff salaries, NLHF<br>project,reorderingwork)|£167,058|74%|£375,538|£89%|
|Support (costs that support the delivery of<br>charitable activities, e.g. utilities, rent, insurance,<br>buildingmaintenance)|£55,152|24%|£41,888|£10%|
|Governance (legal advice and costs associated with<br>statutoryrequirements)|£1,872|1%|£996|<1%|
|Independent Examination Costs26|£2,760|1%|£2,610|<1%|
|Total|£226,842|100%|£421,032|100%|



25 



## **Note 6: Fund Movement** 

There were no transfers between funds in 2022. 

## **Note 7: Debtors (Accounts Receivable)** 

There were no debtors as of 31[st] December 2022. 

## **Note 8: Creditors (Accounts Payable)** 

|Fund|Payable For|Amount (31st<br>Dec 2022)|Amount (31st<br>Dec 2021)|
|---|---|---|---|
|General|Loan from the WBDF to cover the match-funding<br>gapfor Stage 1 of the NLHFproject.|£23,403|-|
|EnergyGrant|Total Energies – Gas bill for November 2022.|£1,596|-|
|EnergyGrant|Total Energies – Electric bill for November 2022.|£694|-|
|SDF Staff|NEST – pensions contributions for December 2022<br>payroll.|£507|-|
|General|Visual Advance – updates to the TopChurch website.|£112|-|
|General|Vision –printer ink usage(November 2022).|£11|-|
|SDF Staff|NEST – pensions contributions for December 2021<br>payroll.|-|£441|
|Total||£26,323|£441|



## **Note 9: Cash in Hand** 

Top Church held £245 of petty cash that had not yet been banked as of 31[st] December 2022. This comprised loose coins from donations received during services, public events and Tiny Town 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 current assets figure of £155,758 on the Balance Sheet. 

## **Note 10: Investments** 

||**Beddington**<br>**Hill Fund**<br>**(Church**<br>**expenses)**<br>**Preedy**<br>**Smart**<br>**Fund**<br>**(Poor**<br>**Fund)**<br>**Total**<br>**Endowment**<br>**Endowment**<br>**Endowment**|
|---|---|
|Fund value b/f @ 01-01-22<br>Fund growth<br>Fund value c/f @ 31-12-22<br>Bid-Market Value<br>Units Held b/f 01-01-21<br>Units Held  c/f 31-12-21<br>Bid-Market value of 1<br>share<br>Total value|£7,968<br>£5,893<br>£96,213<br>£11,600<br>£121,674<br> (£921)<br>(£690)<br>(£11,276)<br>(£1,360)<br>(£14,247)|
||£7,047<br>£5,203<br>£84,937<br>£10,240<br>£107,427|
||£7,047<br>£5,203<br>£84,937<br>£10,240<br>£107,427<br>388<br>252<br>4,114                 496<br>**388**<br>**252**<br>**4,114**<br>**496**<br>£18.16<br>£20.66<br>£20.66<br>£20.66<br>£7,047<br>£5,203<br>£84,937<br>£10,240|



26 



**Note 11: Financial Instruments** 

|**Note 11: Financial Instruments**|||
|---|---|---|
||**2022**|**2021**|
|**Carrying amount of fnancial assets**<br>Instruments measured at fair value through SOFA|£107,427<br>£107,427|£121,674|
|||£124,651|



## **Note 12: Remuneration and Related Party Transactions** 

Trustees received no remuneration in 2022. 

A trustee of the DRCT, James Treasure, received total payments of £567 during 2022 to cover business related expenses (such as subsistence, refreshments for meetings and services, office running costs (e.g. broadband), mileage, resources/equipment for church services and printing). Payments to cover office running expenses throughout the year were approved by trustees in January 2022, whilst other expense claims were approved by another trustee of the DRCT. 

## **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). This was extended for an additional three-year period on the same terms (from September 2022). The total lease commitment is as follows: 

|Period|Commitment(inc VAT)|
|---|---|
|< 1year|£11,400|
|2 – 5years|£19,000|
|Total|£30,400|



## **Note 14: Gifts in Kind** 

Top Church benefits from a large number of people generously giving their time to volunteer towards the ministry of the church. The church would like to thank everyone who has volunteered their time to many areas of ministry, including supporting the worship band, AV/sound desk, Sunday welcome, Tiny Town, Places of Welcome, kids and youth activities. Additionally, volunteers also gift the church with food to be served after Sunday services and community events. Neither the time nor food provided by volunteers is accounted for in the accounts. The church received no further gifts. 

The Annual Report and Financial Statements were approved by DRCT trustees at a Board meeting held on 5[th] June 2023 and signed on their behalf by: 


Rev James Treasure (Resourcing Church Leader and Board Chair) 

27 




Dudley Resourcing Churches Trust Charity No. 1187653 

3 Parsons Street Dudley DY1 1JJ www.topchurch.co.uk