THE FINANCIAL STATEMENTS
Holy Trinity Church Heath Town Wolverhampton WV10 0LY
For The Year Ended 31 December 2022
Holy Trinity Church, Heath Town
INDEX
31 December 2022
| Page | |
|---|---|
| Independent Examiners Report | 1 |
| Statement of Financial Activities | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4-12 |
The Parochial Church of the Ecclesiastical Parish of
Holy Trinity Heath Town
Financial Statements for the period
1 January 2022 to 31 December 2022
Independent Examiners Report to the Parochial Church Council of the Ecclesiastical parish of Holy Trinity Heath Town
This report on the financial statements of the PCC for the year ended 31 December 2022 set out on the following pages is in respect of an examination carried out in accordance with the Church Accounting Regulations 2011(the Regulations) and s145 of the Charities Act 2011 (the Act).
Respective responsibilities of PCC and the examiner
As members you are responsible for the preparation of the financial statements; and consider that the audit requirement of s144(2) of the Charities Act 2011 (the Act) does not apply and that an independent examination is needed. It is my responsibilty to examine the accounts under s145 of the Act, state on the basis of procedures specified in the General Directions given by the Charities Commissioners under s145(5)(b) the Act, and state whether particular matters have come to my attention.
Basis of independent examiners' report
My examination was carried out in accordance with the General Directions under s145(5)(b) of the Act and to be found in the Church guidance 2011 edition. That examination includes a review of accounting methods kept by the PCC and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiners' statement
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect, the requirements:
to keep accounting records in accordance with s130 of the Act; and
to prepare accounts which accord with the accounting records and
to comply with the accounting requirements of the Act and regulations have not been met, or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Bytheway and Co.
Bytheway & Co Chartered Certified Accountants Heame House 23 Bilston Street Sedgley Dudley DY3 1JA
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Holy Trinity Church, Heath Town Statement of Financial Activities For the year ended 31 December 2022
| Notes Incoming resources Voluntary income 2(a) Charitable activities 2(b) Other trading activities 2(c) Investment income 2(d) Total Income Resources expended Raising funds 3(a) Charitable activities 3(b) Total Expenditure Increase/(Decrease) in value of Investment Net Income/(Expenditure) Total funds brought forward Transfers Total funds carried forward* |
Unrestricted Designated Restricted Total Total Funds Funds Funds Funds Funds 2021 £ £ £ £ £ 101,343 - 24,808 126,151 127,091 12,511 - - 12,511 14,285 1,975 - - 1,975 1,430 951 - - 951 639 116,780 - 24,808 141,588 143,445 297 - - 297 146 105,951 - 35,246 141,197 130,712 106,248 - 35,246 141,494 130,858 (3,574) - - (3,574) 3,164 6,958 - (10,438) (3,480) 15,751 21,065 3,000 148,663 172,728 156,977 (5,075) - 5,075 - - 22,948 3,000 143,300 169,248 172,728 2022 |
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- Includes increased value of investment ** See note 10 for full comparatives for 2021
2
Holy Trinity Church, Heath Town Balance Sheet For the year ended 31 December 2022
| Notes Fixed Assets Tangible assets for use by the Church 5(a) Investment 5(b) Current Assets Debtors 6 Cash at bank and in hand Creditors:amounts falling due within one year 7 Net Current Assets Total assets less current liabilities Creditors:amounts falling due after one year Loan 8 Net Assets Funds of the charity Unrestricted Funds Designated Funds Restricted Funds |
£ £ 113,624 41,592 155,216 14,490 33,087 47,577 (11,222) 36,355 191,571 22,323 169,248 22,948 3,000 143,300 169,248 2022 |
£ £ 119,835 25,166 145,001 14,820 50,863 65,683 (14,806) 50,877 195,878 23,150 172,728 21,065 3,000 148,663 172,728 2021 |
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Approved by the Parochial Church Council on and signed on their behalf
Signed
….................................................................
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Holy Trinity Church, Heath Town Notes to the accounts For the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The charity constitues a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) the Charities Act 2011 the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value.
Funds
Unrestricted funds are funds which are to be spent on the PCC's general purpose. Restricted funds comprise of two elements:-
a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest,
b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.
Income
Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and Legacies are accounted for for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restriced funds. All other expenditure is generally recognised when it is incurred and is accounted for gross.
Fixed assets
Consecrated and benefice property is not included in the accounts by s10(2)(a)&(c) of the Charities Act 2011.
Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the Church's inventory, which can be inspected (at any reasonable time). For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the Financial Statements.
Equipment is capitalised if it can be used for more than one year, and cost at least £1,000. They are valued at cost.
The depreciation is 25% straight line
The Kitchen is depreciated at 5% straight line.
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Holy Trinity Church, Heath Town Notes to the accounts continued
For the year ended 31 December 2022
| 2. Analysis of incoming resources (a) Voluntary income Tax efficient planned giving Other planned giving Tax recovered Tax due Apr - Dec 22 Collections (open plate) Donations Collections (occassional open plate) Churchyard donation Kitchen project grant vat reclaim Youth worker grants and donations Youth event income School managers fund Churchyard and war graves Lichgate fund Cefn Lea 2022 Coffee and chat Insurance claim Building Fund Trinity Toddlers Baby Basics Sundry income (b) Income from church activities Fees (c) Other trading activities Church hall lettings (d) Income from investments CBF shares Total Income |
2021 Unrestricted Restricted Funds Funds Total Total £ £ £ £ 44,634 - 44,634 40,677 5,651 - 5,651 5,383 7,590 - 7,590 8,820 13,500 - 13,500 - 8,002 - 8,002 4,277 3,761 - 3,761 19,115 - - - 34 - - - - - - - 583 5,609 16,135 21,744 39,001 - 810 810 - 1,300 - 1,300 1,200 866 - 866 678 - - - 5,075 - 6,061 6,061 - - - - 1,422 7,234 - 7,234 250 - 11 11 421 - 581 581 - - 1,210 1,210 - 3,196 - 3,196 155 101,343 24,808 126,151 127,091 12,511 - 12,511 14,285 12,511 - 12,511 14,285 1,975 - 1,975 1,430 1,975 - 1,975 1,430 951 - 951 639 951 - 951 639 116,780 24,808 141,588 143,445 2022 |
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5
Holy Trinity Church, Heath Town Notes to the accounts continued
For the year ended 31 December 2022
3. Analysis of resources expended
| 3. Analysis of resources expended (a) Cost of generating voluntary income Stewardship envelopes (b) Church activities Diocesan parish share Fees paid to Diocese Working expenses of incumbent Working expenses of curate Discretion Vicarage Visiting speaker Heat and light Upkeep of churchyard Insurance Maintenance Security and fire protection Music Church service costs Funeral expenses Trinity Toddlers Kitchen depreciation Heat and light Water and sewerage Telephone and internet Maintenance Equipment depreciation Ministry Other ministry costs Church running and maintenance Church Hall running and maintenance |
2021 Unrestricted Restricted Funds Funds Total Total £ £ £ £ 297 - 297 146 297 - 297 146 32,481 - 32,481 33,935 2,520 2,520 5,940 35,001 - 35,001 39,875 97 - 97 265 - - - 385 30 - 30 324 250 - 250 3,470 400 - 400 150 777 - 777 4,594 5,351 - 5,351 5,513 881 - 881 5,444 4,008 - 4,008 3,779 15,455 - 15,455 7,368 765 - 765 846 962 - 962 634 779 - 779 995 - - - 65 - 291 291 159 - 7,050 7,050 7,050 28,201 7,341 35,542 31,853 8 - 8 2,763 1,226 - 1,226 1,398 586 - 586 579 4,369 - 4,369 621 279 - 279 - 6,468 - 6,468 5,361 2022 |
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6
Holy Trinity Church, Heath Town Notes to the accounts continued For the year ended 31 December 2022
| 3. Analysis of resources expended continued (b) Church activities continued Youth ministry Household disposables and refreshments Printing, stationery and computer expenses Expenditure on books and resources Childrens ministry Publicity and parish distribution Job club Courses/Away days Postage Affliliation fees Resources Evangelism and outreach Independent examination and accounts preparation CEFN Lea 2022 Gifts Sundry expenses Bank charges Loan interest Youth worker Administrator salary costs Cleaners, organist and verger Payroll administration Youth Events Youth worker costs Leprosy mission Bible society Crosslinks Christian solidarity Mission aviation in fellowship Barnabas fund Missionary and charitable giving Overseas Salaries and honoraria Other church related costs |
2021 Unrestricted Restricted Funds Funds Total Total £ £ £ £ 384 - 384 218 1,319 - 1,319 641 1,958 - 1,958 3,808 82 - 82 322 1,532 - 1,532 783 155 - 155 422 - - - - 914 - 914 895 55 - 55 82 115 - 115 115 723 - 723 498 1,908 - 1,908 604 1,440 - 1,440 1,320 - 6,231 6,231 - 620 - 620 - 3,937 - 3,937 - 20 - 20 - 165 - 165 - 15,327 6,231 21,558 9,708 - 21,424 21,424 20,668 6,761 - 6,761 6,418 5,448 - 5,448 4,888 472 - 472 472 - 250 250 - 456 - 456 36 13,137 21,674 34,811 32,482 (293) - (293) - 700 - 700 700 1,000 - 1,000 1,000 200 - 200 174 200 - 200 200 200 - 200 - 2,007 - 2,007 2,074 2022 |
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Holy Trinity Church, Heath Town Notes to the accounts continued For the year ended 31 December 2022
| 3. Analysis of resources expended continued (b) Church activities continued C.P.A.S. Childrens society Wolverhampton connect Mercian Trust Hope into Action St Matthews Donation Good Shepherd ministries The Message Trust Christians against poverty Baby basics Stop Hate UK The Well Transforming communities together Shoebox appeal Hope Family Centre NPVAN Black history month Small donations National churches trust Total Church Activities Home Community Parish Other Missionary and charitable giving |
2021 Unrestricted Restricted Funds Funds Total Total £ £ £ £ 600 - 600 600 - - - - 744 - 744 800 150 - 150 100 164 - 164 511 500 - 500 - 600 - 600 500 200 - 200 174 300 - 300 300 300 - 300 - 100 - 100 100 600 - 600 240 200 - 200 - 50 - 50 - 4,508 - 4,508 3,325 - - - 200 200 - 200 300 200 - 200 690 - - - 400 - 400 1,190 75 - 75 200 50 - 50 50 125 - 125 250 105,951 35,246 141,197 130,712 2022 |
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Holy Trinity Church, Heath Town Notes to the accounts
For the year ended 31 December 2022
4. (a) Staff Costs
| 4. (a) Staff Costs Wages and salaries Pension costs |
2022 2021 £ £ 33,633 31,555 455 420 34,088 31,975 |
|---|---|
There is a full time Youth worker. The PCC has a part time Administrator. Cleaners are paid at an hourly rate. Verger and Organists are paid by fees received. The Gardener received an Honorarium to 31 January 2022.
4. (b) PCC costs
The PCC has a policy to reimburse any purchases made by individuals on behalf of the PCC. No other payments or expenses were paid to any PCC member, persons closely connected to or related parties.
5. Fixed Assets
| (a) Tangible Cost As at 1 January 2022 Additions As at 31 December 2022 Depreciation As at 1 January 2022 Charge for year As at 31 December 2022 Net Book Value as at 31 December 2022 (b) Investments As at 1 January 2022 Additions Revaluation gain/(loss) As at 31 December 2022 |
2022 2022 £ £ Equipment Kitchen 1 140,984 1,118 - 1,119 140,984 - 21,150 279 7,050 279 28,200 840 112,784 |
2022 2021 £ £ Total Total 140,985 140,985 1,118 - 142,103 140,985 21,150 14,100 7,329 7,050 28,479 21,150 113,624 119,835 2022 2021 25,166 22,003 20,000 - (3,574) 3,163 41,592 25,166 |
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The holding in CBF CofE Investment Fund is 2014.54 shares. Unit value 31 December 2022 bid market unit share value 2064.59p. (December 2021 1076.10 shares bid market unit value 2338.67p)
9
Holy Trinity Church, Heath Town Notes to the accounts
For the year ended 31 December 2022
| 6. Debtors Gift Aid Tax recoverable Prepayment and Debtors Grant Due 7. Creditors: amounts falling due in one year Inland Revenue Accruals and creditors Youth worker pension 8. Creditors: amounts falling due after one year Diocese of Lichfield Loan |
2022 2021 £ £ 13,500 14,820 990 - - - 14,490 14,820 2022 2021 £ £ - - 11,222 9,197 - 5,609 11,222 14,806 2022 2021 £ £ 22,323 23,150 22,323 23,150 |
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Loan details
Resourcing parish mission on behalf of Lichfield Diocesan Board of Finance Ltd Kitchen Servery Project Term 7 years Payable Quarterly 0.5% above Church Commissioners variable debt rate (no lower than 1%)
10
Holy Trinity Church, Heath Town Statement of Financial Activities For the year ended 31 December 2022
9 Fund Movements
| Restricted Funds Capital Fund Kitchen project Revenue Funds Building fund Youth fund Youth event fund Coffee and chat Churchyard & war graves Trinity Toddlers Job Club Baby Basics Lichgate fund Cefn Lea Designated funds Youth fund Unrestricted funds General fund Total Funds |
Balance as Incoming Outgoing Balance as at 1 January resources resources Transfers at 31 December 2022 2022 £ £ £ £ 107,795 - 7,050 - 100,745 - 11 - - 11 36,798 16,135 21,424 - 31,509 2,472 810 250 - 3,032 1,422 - - - 1,422 - - - - - (159) 581 291 - 131 - - - - - 1,210 - 1,210 585 - - 5,075 5,660 (250) 6,061 6,231 - (420) 148,663 24,808 35,246 5,075 143,300 3,000 - - - 3,000 21,065 113,206 106,248 (5,075) 22,948 172,728 138,014 141,494 - 169,248 |
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Restricted Funds Description
The Church holds the following funds that are restricted Kitchen Project : For construction of kitchen within church Building Fund : For building repair and maintenance of church and environs and new work Youth Fund : To fund the Youth Worker
Youth Event Fund : To fund specific youth events Job Club : Church Job Club operates from Tenants Management Centre in NPV Churchyard and War Graves : Relating to specific donations for churchyard equipment and ongoing War Graves grant
Coffee and Chat
Trinity Toddlers Baby Basics Lichgate fund Cefn Lea
Designated Funds
The PCC agreed to designate £3,000 of funds to cover the Youth Worker post.
11
Holy Trinity Church, Heath Town Statement of Financial Activities For the year ended 31 December 2022
9 Fund Movements - continued
CCLA – COIF Charities Investment Fund – Income Units Account Number 454890001T and the associated Lloyds Bank Account, Sort code 30-99-83, Account No 7169428 in the name of The Managers Holy Trinity Church Schools, Heath Town Wolverhampton
The PCC bank account receives an income each year from a Trust Fund, invested in the above COIF account, for the purposes of providing general furtherance of religious education in the parish of Heath Town. Such income is to be used at the discretion of the Parochial Church Council of Holy Trinity Heath Town. The trust fund is represented from the historical sale proceeds of St Faiths Church of England School within the parish. Any income received from this fund are recorded in the Financial Statements in the form of a grant to the PCC, the capital sum, administration and purposes of the trust fund are over seen by the trustees of the fund, the Incumbent and Church Wardens of the parish of Holy Trinity Heath Town.
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Holy Trinity Church, Heath Town Statement of Financial Activities For the year ended 31 December 2022
10. SOFA Comparatives
| Notes Incoming resources Voluntary income 2(a) Charitable activities 2(b) Other trading activities 2(c) Investment income 2(d) Total Income Resources expended Raising funds 3(a) Charitable activities 3(b) Total Expenditure Increase/(Decrease) in value of Investment Net Income/(Expenditure) Total funds brought forward Transfers Total funds carried forward* |
Unrestricted Designated Restricted Total Funds Funds Funds Funds £ £ £ £ 84,986 - 42,105 127,091 14,285 - - 14,285 1,430 - - 1,430 639 - - 639 101,340 - 42,105 143,445 146 - - 146 101,188 - 29,524 130,712 101,334 - 29,524 130,858 3,164 - - 3,164 3,170 - 12,581 15,751 21,056 3,000 132,921 156,977 (3,161) - 3,161 - 21,065 3,000 148,663 172,728 2021 |
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