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2023-12-31-accounts

THE FINANCIAL STATEMENTS

Holy Trinity Church Heath Town Wolverhampton WV10 0LY

For The Year Ended 31 December 2023

Holy Trinity Church, Heath Town

INDEX

31 December 2023

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 2023 to 31 December 2023

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 2023 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:

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

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 2023

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
2022
£
£
£
£
£
72,774
-
30,146
102,920
126,151
13,952
-
-
13,952
12,511
1,220
-
-
1,220
1,975
1,245
-
-
1,245
951
89,191
-
30,146
119,337
141,588
263
-
-
263
297
89,821
-
43,778
133,599
141,197
90,084
-
43,778
133,862
141,494
3,947
-
-
3,947
(3,574)
3,054
-
(13,632)
(10,578)
(3,480)
22,948
3,000
143,300
169,248
172,728
(8,895)
-
8,895
-
-
17,107
3,000
138,563
158,670
169,248
2023

2

Holy Trinity Church, Heath Town Balance Sheet For the year ended 31 December 2023

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		 £
£
106,295
45,539
151,834
9,683
22,181
31,864
(5,504)
26,360
178,194
19,524
158,670
17,107
3,000
138,563
158,670
2023		 £
£
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

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 2023

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 2023

2. Analysis of incoming resources
(a) Voluntary income
Tax efficient planned giving
Other planned giving
Tax recovered
Tax due Apr - Dec 23
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 2023
Coffee and chat
Insurance claim
Energy grant
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		 2022
Unrestricted
Restricted
Funds
Funds
Total
Total
£
£
£
£
43,147
-
43,147
44,634
5,266
-
5,266
5,651
305
-
305
7,590
9,300
-
9,300
13,500
8,425
-
8,425
8,002
2,678
-
2,678
3,761
-
-
-
-
-
-
-
-
-
-
-
-
-
21,000
21,000
21,744
-
4,869
4,869
810
1,300
-
1,300
1,300
848
-
848
866
-
-
-
-
-
990
990
6,061
-
95
95
-
-
-
-
7,234
1,000
-
1,000
-
-
501
501
11
-
140
140
581
-
2,551
2,551
1,210
505
-
505
3,196
72,774
30,146
102,920
126,151
13,952
-
13,952
12,511
13,952
-
13,952
12,511
1,220
-
1,220
1,975
1,220
-
1,220
1,975
1,245
-
1,245
951
1,245
-
1,245
951
89,191
30,146
119,337
141,588
2023

5

Holy Trinity Church, Heath Town Notes to the accounts continued

For the year ended 31 December 2023

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
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		 2022
Unrestricted
Restricted
Funds
Funds
Total
Total
£
£
£
£
263
-
263
297
263
-
263
297
32,481
-
32,481
32,481
2,301
2,301
2,520
34,782
-
34,782
35,001
103
-
103
97
-
-
-
-
250
-
250
30
250
-
250
250
750
-
750
400
1,353
-
1,353
777
5,270
-
5,270
5,351
463
-
463
881
4,612
-
4,612
4,008
1,307
6,111
7,418
15,455
1,350
-
1,350
765
710
-
710
962
980
-
980
779
-
233
233
291
-
7,050
7,050
7,050
14,692
13,394
28,086
35,542
2,610
-
2,610
8
1,404
-
1,404
1,226
688
-
688
586
518
-
518
4,369
279
-
279
279
5,499
-
5,499
6,468
2023

6

Holy Trinity Church, Heath Town Notes to the accounts continued

For the year ended 31 December 2023

3. Analysis of resources expended continued
(b) Church activities continued
Youth ministry
Youth Events
Household disposables and refreshments
Printing, stationery and computer expenses
Expenditure on books and resources
Childrens ministry
Publicity and parish distribution
Courses/Away days
Postage
Affliliation fees
Admin expenses
Resources
Evangelism and outreach
Independent examination and accounts preparation
Coffee & chat
CEFN Lea 2023
Gifts
Sundry expenses
Technology AV
Bank charges
Loan interest
Youth worker
Administrator salary costs
Cleaners, organist and verger
Payroll administration
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		 2022
Unrestricted
Restricted
Funds
Funds
Total
Total
£
£
£
£
724
-
724
384
-
4,801
4,801
250
1,266
-
1,266
1,319
2,462
-
2,462
1,958
398
-
398
82
659
-
659
1,532
-
-
-
155
100
-
100
914
83
-
83
55
115
-
115
115
164
-
164
-
-
-
-
723
1,190
-
1,190
1,908
1,560
-
1,560
1,440
-
195
195
-
-
897
897
6,231
-
-
-
620
20
-
20
3,937
-
1,885
1,885
-
-
-
-
20
1,592
-
1,592
165
10,333
7,778
18,111
21,808
2,348
21,355
23,703
21,424
7,482
-
7,482
6,761
6,024
-
6,024
5,448
189
-
189
472
524
-
524
456
16,567
21,355
37,922
34,561
-
-
-
(293)
700
-
700
700
945
-
945
1,000
50
-
50
200
-
-
-
200
250
-
250
200
1,945
-
1,945
2,007
2023

7

Holy Trinity Church, Heath Town Notes to the accounts continued

For the year ended 31 December 2023

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		 2022
Unrestricted
Restricted
Funds
Funds
Total
Total
£
£
£
£
600
-
600
600
-
-
-
-
800
-
800
744
-
-
-
150
-
-
-
164
-
-
-
500
600
-
600
600
200
-
200
200
300
-
300
300
-
1,251
1,251
300
100
-
100
100
600
-
600
600
200
-
200
200
-
-
-
50
3,400
1,251
4,651
4,508
600
-
600
-
600
-
600
200
-
-
-
200
1,200
-
1,200
400
-
-
-
75
50
-
50
50
50
-
50
125
89,821
43,778
133,599
141,197
2023

8

Holy Trinity Church, Heath Town Notes to the accounts

For the year ended 31 December 2023

4. (a) Staff Costs
Wages and salaries
Pension costs
There is a full time Youth worker.
The PCC has a part time Administrator.
There is a part time Cleaner.
Verger and Organists are paid by fees received.		 2023
2022
£
£
42,010
33,633
524
455
42,534
34,088

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 2023
Additions
As at 31 December 2023
Depreciation
As at 1 January 2023
Charge for year
As at 31 December 2023
Net Book Value as at 31 December 2023
(b) Investments
As at 1 January 2023
Additions
Revaluation gain/(loss)
As at 31 December 2023		 2023
2023
£
£
Equipment
Kitchen
1,119
140,984
-
-
1,119
140,984
279
28,200
279
7,050
558
35,250
561
105,734		 2023
2022
£
£
Total
Total
142,103
142,103
-
-
142,103
142,103
28,479
21,150
7,329
7,329
35,808
28,479
106,295
113,624
2023
2022
41,592
25,166
-
20,000
3,947
(3,574)
45,539
41,592

The holding in CBF CofE Investment Fund is 2014.54 shares. Unit value 31 December 2023 bid market unit share value 2260.53p. (December 2022 2014.54 shares bid market unit value 2064.59p)

9

Holy Trinity Church, Heath Town Notes to the accounts

For the year ended 31 December 2023

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		 2023
2022
£
£
9,300
13,500
383
990
-
-
9,683
14,490
2023
2022
£
£
841
-
4,663
11,222
-
-
5,504
11,222
2023
2022
£
£
19,524
22,323
19,524
22,323

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 2023

9 Fund Movements

Restricted Funds
Capital Fund
Kitchen project
Revenue Funds
Building fund
Youth fund
Youth event fund
Coffee and chat
Trinity Toddlers
Technology AV
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
2023
2023
£
£
£
£
100,745
-
7,050
-
93,695
11
501
6,111
5,599
-
31,509
21,000
21,355
-
31,154
3,032
4,869
4,801
-
3,100
1,422
95
195
-
1,322
131
140
233
-
38
-
-
1,885
3,558
1,673
1,210
2,551
1,251
(789)
1,721
5,660
-
-
-
5,660
(420)
990
897
527
200
143,300
30,146
43,778
8,895
138,563
3,000
-
-
-
3,000
22,948
93,138
90,084
(8,895)
17,107
169,248
123,284
133,862
-
158,670

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 Technology AV Fund: To support the provision of technology/AV in church. 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 2023

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 2023

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
£
£
£
£
101,343
-
24,808
126,151
12,511
-
-
12,511
1,975
-
-
1,975
951
-
-
951
116,780
-
24,808
141,588
297
-
-
297
105,951
-
35,246
141,197
106,248
-
35,246
141,494
(3,574)
-
-
(3,574)
6,958
-
(10,438)
(3,480)
21,065
3,000
148,663
172,728
(5,075)
-
5,075
-
22,948
3,000
143,300
169,248
2022

13