FINANCIAL STATEMENTS
OF THE
WORDSLEY PAROCHIAL CHURCH COUNCIL
FOR THE
YEAR ENDED 315° DECEMBER 2022
Independent cxaminer :
B R Hubble AFA MIPA, CMI Clover Accountancy Limited 17 High Street Wall Heath Kingswinford West Midiands DY6 OHB
INDEPENDENT EXAMINER’S REPORT TO THE WORDSLEY TEAM PAROCHIAL CHURCH COUNCIL
I report to the members of the Wordsley Team Parochial Church Council (PCC) on my examination of the accounts for the year ended 31 December 2022.
Responsibilities and basis of report
As the members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). You consider that an audit is not required for this year under section 144(2) of the 2011 Act, and that an independent examination is needed.
It is my responsibility to:
-
e Examine the accounts under section 145 of the 2011 Act;
-
Follow the procedures laid down in the General Directions given by the Charity Commissioners section 145(5)(b) of the 2011 Act; and
-
e State whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charities Commission.
An examination includes a review of the accounting records kept by the PCC and a comparison of those accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the PCC concerning such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent examiner’s statement
I have completed my examination. I confirm that no material matter have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
Accounting records were not kept in respect of the activities of the Church as required by section 130 of the Act; or
-
The accounts do not accord with those records.
I have no concems and have come across no other matters im 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. vA Kpelle: BRHube AFA MIPA, CMI 22" March March 2023 Clover Accountancy Limited 17 High Street Wall Heath Kingswinford West Midlands DY6 0HB
22" March March 2023
WORDSLEY PAROCHIAL CHURCH COUNCIL
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
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|---|---|---|---|---|---|---|---|---|
|Note|Unrestricted|Restricted|Endowment|Total|Total|
|Funds|Funds|Funds|2022|2021|
|£|£|£|£|£|
|Incoming Resources|
|Incoming resources|from|donors|Za|71050|2307|0|73357|73473|
|Other voluntary|incoming|resources|2b|8474|4461|0|12935|5907|
|Income from|charitable and|ancillary trading|Ze|55734|0|0|55734|41036|
|Other ordinary incoming resources|2d|1110|0|0|1110|192|
|Income|from|investments|2e|1732|0|0|1732|1456|
|Income from Government|Covid Grants|2t|$452|4000|0|10452|25997|
|Total|Incoming|Resources|143552|11768|Q|155320|148061|
|Resources|Used|
|Grants|3a|5888|1350|0|7238|2340|
|Activities|relating|to the work of the church|3b|120827|7414|0|128241|110126|
|Church management and administration|3e|19056|0|0|19056|12998|
|Miscellaneous expenses|3d|148|0|0|148|0|
|Church|Hall|3e|12815|0|0|12815|16684|
|Total Resources Used|158734|8764|0|167498|142148|
|Net incoming/(Outgoing)|Resources|-15182|3004|0|-12178|5913|
|Gains/(losses)|on|Investments:|
|Unrealised|-3242|-3576|6818|6706|
|Net Movement|in Funds|-18424|3004|-3576|-18996|12619|
|Balances brought forward|at 01.01.2022|60731|49865|31051|141647|128779|
|Prior Year Adjustments|22879|22879|249|
|Balances carried forward|at 31.12.2022|65186|52869|27475|145530|141647|
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2
WORDSLEY PAROCHIAL CHURCH COUNCIL
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note | 2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | |||
| FIXEDASSETS | ||||
| Investments | 5 | 53948 | 54083 | |
| CURRENT ASSETS | ||||
| Accrued Income | 7 | 8288 | 3601 | |
| Shorttermdeposits Cash atbank |
9983 76222 94493 |
9853 95710 109164 |
||
| LIABILITIES | ||||
| Amountsfalling duewithinoneyear | 8 | 2911 | 21600 | |
| NETCURRENTASSETS | (LIABILITIES) | 91582 | 87564 | |
| NETASSETS | 145530 | 141647 | ||
| FUNDS Unrestricted Restricted Endowment |
9 | 65186 52869 27475 145530 |
60731 49865 31051 141647 |
Approved by the Parish Church Council on
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Chairman
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DateZoJo4]23-
WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T DECEMBER 2022
1. ACCOUNTING POLICIES
General
In accordance with the Charities Act 2011 and the Church Accounting Regulations, together with applicable accounting standards, the Financial Statements for the year ended 31% December 2022 have been prepared on the accrual basis.
FUNDS
General funds represent the funds of the PCC that are not subject to any restrictions on their use, and are available for application on the general purposes of the PCC. Other funds which have been designated for a particular purpose by the PCC are also unrestricted.
Restricted and Endowment funds are funds thai must be applted for a particular purpose that has been designated by an authority, or application oflaw other than the PCC.
INCOMING RESOURCES
Voluntary Income and Capital Sources
Collections are recognised when received by or on behalf of the PCC. Planned Giving receivable under covenant is recognised upon receipt. Income Tax recoverable under Gift Aid Tax is recognised when it falls due.
Grants and legacies to the PCC are accounted for when the PCC is notified of its legal entitlement to the amount so due.
Funds raised by Special Fund Raising events are accounted for gross.
Other Ordinary Income
Rental Income from the letting of Church premises, including the Church Hall, and other miscellaneous income is recognised as the income falls to be due.
Income from Investments
Dividends and interest on investments are accounted for when receivable.
Gains and Lesses on Investments
Realised gains or losses are realised upon the sale of the investment. Unrealised gains or losses are accounted for on revaluation of the investments as at the year end.
WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 315" DECEMBER 2021
RESOURCES USED
Activities directly relating to the work of the Church
The Diocesan Quota is shown in the accounts is the amount paid relating to the accounting year 2021. Jn past years provision has been made on the basis that any shortfall would be met at some point in the future. However, with the current economic situation, following on from the effects of Covid-19 on the activities of the Church, it is the opinion that no such provision can be made as there is not a realistic expectation that this shortfall can be met in the foreseeable future.
The shortfall in the Diocesan Quota for 2018 and 2019 has previously been accrued as a liability. There is no expectation that this liability can be met in the foreseeable future based on the current level of income and expenditure. The liability has been recredited to the accumulated funds. This is in line with the treatment of previously accumulated liabilities in respect of the Diocesan Quota.
FIXED ASSETS
Consecrated Land and Buildings
Consecrated and beneficed property is excluded from the Accounts by the Charities Act 2011.
Moveable Charch Furnishings
No value is placed on Moveable Church Furnishings held by the Churchwardens on a special trust for the PCC, and, which require a faculty for their disposal, as the PCC consider this to be inalienable property.
All expenditure incurred during the year on Consecrated or Benefice Buildings, and Moveable Church Furnishings, whether maintenance or improvement, arc written off as expenditure in the Statement of Financial Activities and separately disclosed.
Investments
Investments are shown at their Market Value at the 31% December 2022.
CURRENT ASSETS
Amounts due to the PCC at 31* December 2022 in respect of outstanding fees, rents or other income are shown as debtors, less any provision for amounts that may prove uncollectable.
Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.
CONTINGENT LIABILITIES
No contingent liabilities have been provided for at the year end.
WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
2 INCOMING RESOURCES
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| 2a | Incoming resources from donors | ||||
| Planned giving: | |||||
| Gift Aid Offerings | 52241 | 1488 | 53729 | 58215 | |
| IncomeTax recoverable on covenants | 14568 | 504 | 15072 | 12952 | |
| Collections (open Plate) at all services | 424] | 315 | 4556 | 2306 | |
| 71050 | 2307 | 73357 | 73473 | ||
| 2b | Other voluntary incoming resources | ||||
| Fund raising | 6277 | 170 | 6447 | 1782 | |
| Donations and legacies | 2197 | 4291 | 6488 | 4125 | |
| 8474 | 4461 | 12935 | 12935 | ||
| 2c | Income from charitable and ancillary trading | ||||
| Lettings | 22970 | 0 | 22970 | = 10582 | |
| Fees | 32764 | 0 | 32764 | 30454 | |
| 55734 | 0 | 55734 | 41036 | ||
| 2d | Other ordinary incoming services | ||||
| Miscellaneous income | 1110 | 0 | 1110 | 192 | |
| 2e | Income from investments | ||||
| Dividends and interest including any | |||||
| reclaimed tax | 1732 | 0 | 4732 | 1456 | |
| 2f | Government Covid Grants | ||||
| Church Hall SupportGrants | 5452 | 5000 | 10452 | 22735 | |
| Job Retention Scheme | 0 | 0 | Q | 3262 | |
| 5452 | 5000 | 10452 | 25997 | ||
| TOTAL | 143552 | 11768 | 155320 | 155088 |
WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
3 RESOURCES USED
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|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|Total|Total|
|Funds|Funds|Funds|2022|2021|
|£|£|£|£|£|
|3a|Grants|
|Missionary and|charitable|giving:|
|Home missions and|other Church|societies|5888|1350|0|7238|2340|
|3b|Activities|directly|relating to the work of the Church|
|Ministry:|Diocesan|quota|61243|0|0|61243|55675|
|Church|running expenses|8595|0|0|8595|6702|
|Church|maintenance|17459|$000|0|22459|10026|
|Organist &|Verger|6780|0|0|6780|4996|
|Upkeep|of churchyards|5425|0|0|5425|5425|
|Organ|repairs|and|music|0|2414|0|2414|294|
|Worship and|evangelism|2346|i¢]|0|2346|2937|
|120827|7414|i9)|128241|110127|
|3c|Charch|management and|administration|
|Secretarial|15968|0|0|15968|9130|
|Office and|adninistration|611|0|0|611|1558|
|Fees and charges|2476|Q|0|2476|= 2310|
|3d|Miscellaneous expenses|148|G|0|148|cy|
|3e|Church|Hall|
|Hall|running|costs|12815|0|0|12815|11735|
|Hall|maintenance|0|Q|0|4949|
|12815|0|9|12815|16684|
|TOTAL RESOURCES USED|158733|8764|0|167497|142149|
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WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 315? DECEMBER 2022
4, STAFF COSTS
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|||||
|---|---|---|---|
|2022|2021|
|£|£|
|Wages and|salaries|15968|9130|
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During the year the PCC employed a secretary, a cleaner and vergers none ofwhom were remunerated at the rate of £40,000 per annum or more.
No member of the PCC, other than members of the Ministry Team, received any reimbursement of expenses or remuneration.
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|---|---|---|---|---|---|---|---|---|---|
|5.|INVESTMENTS|
|Shares|held|in|the|Central|Board|of Finance|Investment|Funds|:|
|Market|Value|
|2022|2021|
|£|£|
|2,379.22|Shares @ 2064.59p per share|49121|54083|
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|---|---|---|---|---|
|6.|ANALYSIS|OF NET ASSETS BY FUND|
|Unrestricted|Restricted|Endowment|Total|
|Funds|Funds|Funds|
|£|£|£|£|
|Fixed Assets- Investments|26473|27475|53948|
|Current|Assets|41624|52869|94493|
|Current|Liabilities|-2911|-2911|
|FUND BALANCE|65186|52869|27475|145530|
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WORDSLEY PAROCHIAL CHURCH COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 315" DECEMBER 2021
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|---|---|---|---|
|7.|DEBTORS|
|2022|2021|
|£|£|
|Gift Aid|Tax Recoverable|8288|3601|
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8. LIABILITIES
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|||||||
|---|---|---|---|---|---|
|Amounts|falling|due|within|one|year:|
|2022|2021|
|£|£|
|Diocesan Quota|0|18998|
|Accruals|2911|1650|
|Creditors|0|952|
|2911|21600|
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9. FUND DETAILS
The Unrestricted Funds comprise excess shares held as Investments, the General and Church Hall Funds, which are not subject to any restrictions regarding their use. These funds are available for application on the general purposes of the PCC.
The Restricted Funds consist of:
The Windows Fund — set up to provide for the repair and maintenance of the Church Windows.
The Restoration Fund — for the maintenance of the Church Building and fabric.
The Endowment Funds comprise a number of bequests requiring the income and funds to be applied either in general use or Churchyard maintenance.