## **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**
1
## **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**|
|---|---|
* 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**|
|---|---|---|
Approved by the Parochial Church Council on and signed on their behalf
Signed
….................................................................
3
**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.
4
## **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**|
|---|---|
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**|
|---|---|
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**|
|---|---|
7
## **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**|
|---|---|
8
## **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|
|---|---|---|
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|
|---|---|
## **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|
|---|---|
## **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.
12
## **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**|
|---|---|
13