Digitally Signed Document Document ID: A267115BE068F5 ## Document Details: |**Filename:**|Hagley Free Church - YE 31-12-2023 Accounts
Pack With AGM Notice.pdf| |---|---| ||| |**Client of:**|Lewis Smith & Co.| ## Signature Details |**Name:**|Alun Reginald Nicholas| |---|---| ||| |**Email:**|alun@arnicholas.info| ||| |**Date & Time:**|03/05/2024 15:26:43 PM (BST)| ||| |**IP Address:**|92.18.6.69| ||| |**Signing Statement:**|The trustees approve the financial statements and
gives Lewis Smith & Co authority to file with
CharityCommission as necessary.| ## Digital Certificate The approved PDF file has been digitally certified. Please check the Digital Certificate information in your PDF viewer to verify the Digital Certificate authenticity and the PDF has not been tampered with. |**On behalf of:**|Lewis Smith & Co.| |---|---| ||| |**PDF digital certificate:**|IRIS Software Group Limited| ||| |**Digital certificate issued by:**|GlobalSign| Please keep a copy of this document for your records. ## **HAGLEY FREE CHURCH** ## **NOTICE OF ANNUAL GENERAL MEETING** The AGM will be held in the Church on Sunday 21 April immediately following that morning’s service. The accounts in draft are now with the accounts examiner and we hope to have copies for worshippers to study shortly. Valuable bookkeeping and accounts preparation from Mrs Jackie Forrest continues to assist the Treasurer and Administrator; as Mrs Forrest was a former colleague of our former accounts examiners, she is most familiar with the accounts and working practices of the Church. Members are reminded that, since 2014, persons have been elected to the Committee for a three-year period at the end of which they can agree to stand for a further threeyear period: after this they will have to stand down for at least one year. In addition, the minister, general secretary and treasurer are ex officio. Finding new committee members can prove difficult as a result of our ageing congregation; current members Nerys Dewhirst, Martin Heathcock and Peter Longden have all announced their intentions to stand down from Committee. Ideally the Committee consists of twelve, which means there will now be six committee vacancies! Nominations for committee members are invited, please ask me for a form which will require the signatures of proposer, seconder, and nominee – all of whom must be members of this church. Completed forms should be handed to me as soon as possible and by the Sunday before the AGM at the latest. By order of the committee 07 April 2024 Mr C Millington General Secretary 1 **REGISTERED CHARITY NUMBER: 251436** Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for Hagley Free Church Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW Hagley Free Church Contents of the Financial Statements for the Year Ended 31 December 2023 |||Page|| |---|---|---|---| |Reference and Administrative Details||1|| |Report of the Committee|2|to|3| |Report of the Trustees||4|| |Independent Examiner's Report||5|| |Statement of Financial Activities||6|| |Balance Sheet||7|| |Notes to the Financial Statements|8|to|18| |Detailed Statement of Financial Activities|19|to|20| Hagley Free Church Reference and Administrative Details for the Year Ended 31 December 2023 |**TRUSTEES**|Marjorie Fernihough| |---|---| ||Nerys Dewhirst| ||Katherine Johnson| ||Chris Millington| ||Joan Ellis| ||Bob Green| ||Peter Longden| ||Martin Heathcock| ||Barbara Harris| ||Bryn Perrins| ||Alun Reginald Nicholas| ||David Dewhirst| |**PRINCIPAL ADDRESS**|95 Worcester Road| ||West Hagley| ||Stourbridge| ||West Midlands| ||DY9 0NG| |**REGISTERED CHARITY NUMBER**|251436| |**INDEPENDENT EXAMINER**|Lewis Smith & Co.| ||Chartered Certified Accountants| ||The Old Doctor's House| ||74 Grange Road| ||Dudley| ||West Midlands| ||DY1 2AW| |**BANKERS**|The Co-operative Bank plc| ||P.O. Box 250| ||Delf House| ||Skelmersdale| ||WN8 6WT| ||Dudley Building Society| ||7 Harbour Buildings| ||Brierley Hill| ||DY5 1LN| |**BROKERS**|Canaccord Genuity Wealth Management| ||Slip House| ||Princes Drive| ||Worcester| ||WR1 2AB| Page 1 Hagley Free Church ## Report of the Committee ## for the Year Ended 31 December 2023 The committee presents its report together with the accounts for the year ended 31 December 2023 which have been independently examined. ## **Committee Members** During the last year the committee has comprised: |Rev Tim Mullings||| |---|---|---| |Christopher Millington|General Secretary|ex officio| |Alun Nicholas|Treasurer|ex officio| |and also the following trustees:||| |Nerys Dewhirst|Marjorie Fernihough|Barbara Harris| |Martin Heathcock|Katharine Johnson|Peter Longden| Committee members meet monthly, except in August and December, to review matters and are available to receive ideas and comments about the life of the church for discussion within those meetings. The committee is ably assisted by property stewards and the leaders of the various sub-groups which give vitality and outreach to the life of the Church throughout each week of the year. ## **Review of the Year and Beyond** Rev Tim Mullings was inducted as the first ever part-time employed Minister of the Church on 4 March 2023, since which time our worshippers have enjoyed his twice monthly Sunday (plus special services) ministry and his pastoral, ecumenical and cohesive roles within the week beyond; other Sunday services continue to be carried out by ordained Ministers and Lay Preacher 'visitors' as well as by members of the Church's own Congregation. Having to now fund a Minister's stipend, regular giving to outside charities has necessarily been reduced, the decision having been made by members at previous AGMs that a draw on investments would be used to fund this role. However, special collections and events saw over £3,200 raised and given to selected good causes. Sadly, some members died during the year, including Deannie Nesbit, Nina Hobbs, Rosemary Redhead and also Rev. (George) 'Rikki' Twigg. New members Geoff and Jenny Downing, Tony and Anne Battersby and Jean Smith were however welcomed. The total membership of 79 includes about 55 who are active within the life of the Church, while some of the remainder live in other parts of the country but still consider Hagley Free Church their spiritual home. Additionally, around 35 friends, some of whom have started to attend during recent months, regularly worship with us thereby enriching the life of the fellowship. Thanks are due to Rev. Tim Mullings for regular contacts with the housebound and those in care homes and hospital. The attached financial statements set out the financial performance of the Church. They show a net income for the year of £28,068 (2022 - net expenditure of £121,177 and total fund balances at 31 December 2023 of £627,195 (2022 - £599,127). Total realised and unrealised gains on investments were £6,220 (2022 - losses of £106,456). The performance of the investment portfolio will be reviewed going forward. The Committee refer to the guidance issued by the Charity Commission on public benefit when reviewing the aims and objectives of the Church and in planning future activities. ## **Intangible Income** Much of the work of the church, in all its facets, is carried out voluntarily by members and friends. Vestry, door and communion stewards, pastoral work and catering are just some of the areas where that help is much appreciated. Each Sunday we enjoy voluntaries before and after the service and accompaniment for hymns, for which we have Jean Stokes and Margery Davies to thank. We also enjoy the gardens at the front of the church, thanks to Joy Sawyer. Page 2 Hagley Free Church ## Report of the Committee for the Year Ended 31 December 2023 ## **Accounts Examiner** Andrew Smith FCCA of Lewis Smith & Co fulfils and is willing to continue in that office. By order of the committee Rev. Tim Mullings (Acting chair of committee) 21 April 2024 Page 3 Hagley Free Church for the Year Ended 31 December 2023 ## Report of the Trustees The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To promote the Christian Gospel through regular Sunday worship, weekday activities and other means of outreach. Reference to the accounts will reveal that the membership endeavours to do this within the immediate neighbourhood of Hagley and by supporting missionary and other charitable causes in the Midlands, nationally and overseas. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** A review of the charity's activities during the year can be found in the report of the committee on pages 2 and 3. ## **Investment performance** Interest rates on invested funds remained low but our investments are mainly equity based. Following the losses experienced in 2022 which continued in early 2023 the value of investments rallied slightly toward the end of 2023. The church's finances are, therefore, still robust, although capital is now being drawn from the investments to meet our regular overheads and this will continue unless there is a significant increase in voluntary giving. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Charity constitution** Although the Church, which is inter-denominational, opened for worship in 1905, the charity which governs it is constituted by a Deed of Trust dated 13 March 1912. That Trust Deed stipulates that Trustees have to be appointed, their prime responsibility being custodian. A small committee is currently researching a review to the Trust Deed and will report to the main Committee prior to referral to the Members. Day to day management and administration of the Church is in the hands of a committee, up to twelve in number, including the minister, general secretary and treasurer who are ex officio, all of whom are elected by the membership. Charity legislation deems committee members to be trustees in respect of the responsibilities they carry. Meetings are presently being chaired by the Minister or another senior committee member if he is unavailable. ## **Trustees Information** The custodian trustees, in whose names the freehold land (on part of which the church buildings stand) and investments are held, are all senior members of the fellowship whose views and experience are highly valued. The names of the trustees are listed on page one within Reference and Administrative Details. David Dewhirst and Alun Nicholas liaise with Canaccord Genuity Wealth Management concerning Investments. Bryn Perrins is to resign in 2024. Approved by order of the board of trustees on 21 April 2024 and signed on its behalf by: Barbara Harris - Trustee Page 4 ## Independent Examiner's Report to the Trustees of Hagley Free Church ## **Independent examiner's report to the trustees of Hagley Free Church** I report to the charity trustees on my examination of the accounts of Hagley Free Church (the Trust) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** 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 Trust 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 Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered 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. Mr Andrew James Smith The Association of Chartered Certified Accountants Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW 21 April 2024 Page 5 Hagley Free Church ## Statement of Financial Activities ## for the Year Ended 31 December 2023 |Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
77,546
Other trading activities
3
13,899
Investment income
4
16,616
Other income
399
**Total**
108,460
**EXPENDITURE ON**
**Charitable activities**
5
Worship, witness and teaching
29,443
Cultural, social and recreational
10,582
Property upkeep
21,897
Management and administration
21,169
Donations
3,520
**Total**
86,611
Net gains/(losses) on investments
(1,218)
**NET**
**INCOME/(EXPENDITURE)**
20,631
**Transfers between funds**
15
5,000
**Net movement in funds**
25,631
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
420,344
**TOTAL FUNDS CARRIED**
**FORWARD**
445,975|Restricted
Endowment
fund
fund
£
£
3,271
-
-
-
-
885
-
-
3,271
885
-
-
-
-
-
885
-
-
3,272
-
3,272
885
6,829
609
6,828
609
(5,000)
-
1,828
609
130,563
48,220
132,391
48,829|31.12.23
31.12.22
Total
Total
funds
funds
£
£
80,817
29,553
13,899
16,021
17,501
17,730
399
281
112,616
63,585
29,443
4,879
10,582
8,593
22,782
28,971
21,169
22,342
6,792
13,531
90,768
78,316
6,220
(106,446)
28,068
(121,177)
-
-
28,068
(121,177)
599,127
720,304
627,195
599,127| |---|---|---| The notes form part of these financial statements Page 6 Hagley Free Church ## Balance Sheet ## 31 December 2023 |Notes
**FIXED ASSETS**
Tangible assets
10
Investments
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
13
**CREDITORS**
Amounts falling due within one
year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
funds
£
138,513
252,266
390,779
53,876
12,560
66,436
(11,240)
55,196
445,975
445,975|Restricted
fund
£
-
132,391
132,391
-
-
-
-
-
132,391
132,391|Endowment
fund
£
-
48,829
48,829
-
-
-
-
-
48,829
48,829|31.12.23
Total
funds
£
138,513
433,486
571,999
53,876
12,560
66,436
(11,240)
55,196
627,195
627,195
445,975
132,391
48,829
627,195|31.12.22
Total
funds
£
138,513
446,131| |---|---|---|---|---|---| ||||||584,644
10,036
13,988| ||||||24,024
(9,541)| ||||||14,483| ||||||599,127| ||||||599,127| ||||||420,344
130,563
48,220| ||||||599,127| The financial statements were approved by the Board of Trustees and authorised for issue on 21 April 2024 and were signed on its behalf by: Alun Reginald Nicholas - Trustee Barbara Harris - Trustee The notes form part of these financial statements Page 7 Hagley Free Church Notes to the Financial Statements for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. 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 £. The accounts are prepared on the going concern basis. ## **Departure from accounting standards** The committee considers it inappropriate to provide any depreciation as the majority of tangible fixed assets are included at a very low historical cost, with the freehold premises and organ, furnishings and equipment being maintained in good condition. With the exception of the change from pews to chairs in the worship area in 2008 (where all but one of the old oak pews have been sold) all repairs and replacements are charged to expenditure as incurred. All assets are insured at full estimated replacement cost. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been received that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the charity has been notified of the executors' intention to make a distribution and the amount can be reliably measured. Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. On certain Sundays in each year all the collections are earmarked for a specific cause. On those Sundays preaching fees are paid out of the general fund. When disasters and other specific appeals are made, retiring collections are held to enable members and friends to associate themselves with the appropriate needs Over the years the church has received a number of gifts in kind, many of them modest in value. None of these are reflected in the accounts although substantial items of furnishings, stained glass windows etc. are appropriately insured. ## **Investment income** Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue. ## **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. continued... Page 8 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES - continued** ## **Expenditure and irrecoverable vat** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. As the church is unable to recover VAT that element of each cost is added to the cost of the goods or services concerned. ## **Operating leases** Hand driers and associated costs are leased over a five year period; the rentals being charged on a straight line basis. ## **Volunteer help** The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers. Mention of this is made in the review of the year in the trustees report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in the accounts. ## **Payments out of income arising from trustees’ and other investments** Following the sale of part of its Chapel Street land in 1978 various investments were made, being held in the names of the church's custodian trustees. Although the committee has control of the income from the investments, the capital can only be accessed with approval from the Charity Commissioners. In order to maintain the real value of those investments, part of the annual income arising was reinvested. In latter years this portion of investment income has been added to General Investments giving the church greater flexibility in using those assets should the need arise. The balance of the investment income from both sources is distributed, as agreed by the members, to various charities, locally, nationally and abroad. During recent years the trustees, in consultation with the brokers, have broadened the range of investments in an endeavour to ensure a balance between income and capital appreciation. ## **Church Sub-groups** Most of these manage their own finances and have their own bank and/or building society accounts. To comply with the Charity SORP, figures from those groups are included in these accounts. ## **Tangible fixed assets** These are capitalised where they can be used for more than one year and where the life is considered to be at least four years. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Debtors** Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ## **Cash at bank and in hand** This comprises bank and building society balances held by the church itself and the various sub-groups that have their own accounts. Cash in hand is minimal. ## **Creditors and provisions** These are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be reliably measured or estimated. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. continued... Page 9 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES - continued** ## **Fund accounting** Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Organ fund** The church is fortunate in having had voluntary organists/pianist for many years. In recognition of this an annual transfer is made from the general fund to the organ fund to provide for future major repair and improvements to the instrument. ## **Investment policy** A broad spread of investments is adopted, excluding holdings with significant trading in tobacco, armaments, gambling and pornography. Three of the custodian trustees receive quarterly valuations from the brokers, together with a covering letter commenting on the economic climate, both past and future. Investments are made on an advisory basis and amendments to the holdings are recommended by the brokers from time to time, particularly when takeovers occur. ## **2.** ## **DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Sunday collections and monthly standing orders|23,569|19,227| |Income tax on gift aid|5,535|6,235| |Other donations and legacies|51,713|4,091| ||80,817|29,553| Donations and legacies of £6,713 (2022 - £4,091) may include sums received from Trustees (custodian and committee members), including their spouses. Precise figures cannot be given as not all donations are identifiable. ## **3. OTHER TRADING ACTIVITIES** |**OTHER TRADING ACTIVITIES**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Fundraising|1,326|1,760| |Use of facilities by church groups|5,711|5,304| |Use of facilities by outside groups|6,862|8,957| ||13,899|16,021| continued... Page 10 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **4. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Investment income|17,492|17,730| |Deposit account interest|9|-| ||17,501|17,730| This represents dividends and interest from quoted investments and monies held on deposit in banks and building societies. ## **5. CHARITABLE ACTIVITIES COSTS** |**CHARITABLE ACTIVITIES COSTS**|**CHARITABLE ACTIVITIES COSTS**|**CHARITABLE ACTIVITIES COSTS**||| |---|---|---|---|---| |Worship, witness and teaching
Cultural, social and recreational
Property upkeep
Management and administration
Donations
Donations paid for the year are summarised as follows:||||Support
costs
£
29,443
10,582
22,782
21,169
6,792
90,768| |
31.12.23||||31.12.22| |Unrestricted
Restricted|||Total|Total| ||£|£|£|£| |General donations|200|-|200|2,650| |Ex harvest and investment income|3,000|-|3,000|8,590| |Christian Aid|320|580|900|1,501| |Water Aid|-|425|425|-| |Toilet Twinning|-|240|240|-| |Black Country Food Bank|-|1,400|1,400|-| |Ghana|-|627|627|-| |European Christian Mission|-|-|-|685| |Sunfield Childrens Home|-|-|-|105| |||||| ||3,520|3,272|6,792|13,531| |||||| continued... Page 11 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **6. INDEPENDENT EXAMINATION** Fees for the examination of the accounts: |31.12.23
31.12.22|31.12.23
31.12.22|31.12.23
31.12.22| |---|---|---| ||£|£| |Independent examiner's fees for reporting on the accounts|2,880|3,300| |||| |||| ||£|£| |Other fees - payroll costs and gift aid claim|672|939| |||| ## **7. TRUSTEES' REMUNERATION AND BENEFITS** ## **Trustees remuneration** With the exception of two named committee members, no member received any remuneration from the Church. During the year Mrs K Johnson received £5,070 (2022 - £6,147) for her duties as a cleaner and Mrs S Millington the wife of member C Millington, received £10,192 (2022 - £10,576) for her duties as an administrative assistant. ## **Trustees' expenses** Details of expenses paid to trustees are as follows: |31.12.23
31.12.22|31.12.23
31.12.22|31.12.23
31.12.22| |---|---|---| |||| |Number of trustees who were paid expenses|1|1| |||| |||| ||£|£| |Telephone and broadband|40|52| |||| |||| ||£|£| |Mileage|23|11| |||| |**STAFF COSTS**
31.12.23
31.12.22
£
£
Wages and salaries
15,622
16,723
15,622
16,723
The average monthly number of employees during the year was as follows:
31.12.23
31.12.22
Average number of employees
1
1||| ## **8. STAFF COSTS** No employees received emoluments in excess of £60,000. continued... Page 12 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 |**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Endowment
funds
fund
fund
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
27,511
2,042
-
Other trading activities
16,021
-
-
Investment income
16,567
-
1,163
Other income
281
-
-
**Total**
60,380
2,042
1,163
**EXPENDITURE ON**
**Charitable activities**
Worship, witness and teaching
4,879
-
-
Cultural, social and recreational
8,593
-
-
Property upkeep
27,808
-
1,163
Management and administration
22,342
-
-
Donations
11,490
2,041
-
**Total**
75,112
2,041
1,163
Net gains/(losses) on investments
(62,394)
(22,438)
(21,614)
**NET INCOME/(EXPENDITURE)**
(77,126)
(22,437)
(21,614)
**RECONCILIATION OF FUNDS**
Total funds brought forward
497,470
153,000
69,834
**TOTAL FUNDS CARRIED FORWARD**
420,344
130,563
48,220
**10.**
**TANGIBLE FIXED ASSETS**
Freehold
Organ,
land and
furnishings
buildings
& equipment
£
£
**COST**
At 1 January 2023 and 31 December 2023
67,313
71,200
**NET BOOK VALUE**
At 31 December 2023
67,313
71,200
At 31 December 2022
67,313
71,200|Total
funds
£
29,553
16,021
17,730
281
63,585
4,879
8,593
28,971
22,342
13,531
78,316
(106,446)
(121,177)
720,304
599,127
Totals
£
138,513
138,513
138,513| |---|---| continued... Page 13 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **11. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Investments|433,486|446,131| Investments are held in a portfolio managed by Canaccord Genuity Wealth Management. Investments (neither listed nor unlisted) were as follows: |Trustees
General
Organ
.
The Trustees investments are split by the following funds:|31.12.23
£
181,220
250,171
2,095
433,486|31.12.22
£
178,783
265,471
1,877
446,131| |---|---|---| ||31.12.23|31.12.22| ||£|£| |General|-|-| |Restricted|132,391|130,563| |Endowment|48,829|48,220| |||| ||181,220|178,783| |||| |The General investments are split by the following funds:||| ||31.12.23|31.12.22| ||£|£| |General|250,171|265,471| |Restricted|-|-| |Endowment|-|-| |||| ||250,171|265,471| |||| |The Organ investments are split by the following funds:||| ||31.12.23|31.12.22| ||£|£| |General|2,095|1,877| |Restricted|-|-| |Endowment|-|-| |||| ||2,095|1,877| |||| continued... Page 14 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **11. FIXED ASSET INVESTMENTS - continued** A summary of the movement in investments during the year is as follows: |Unrestricted
Restricted
Endowment|Unrestricted
Restricted
Endowment|Unrestricted
Restricted
Endowment|Unrestricted
Restricted
Endowment|Total| |---|---|---|---|---| ||£|£|£|£| |As at 1 January 2022|267,348|130,563|48,220|446,131| |Additions|9,881|7,911|-|17,792| |Disposals|(17,662)|(17,358)|(14,840)|(49,860)| |Investments / return of capital|(7,186)|4,409|14,043|11,266| |Valuation changes|(115)|6,866|1,406|8,157| |||||| ||252,266|132.391|48,829|433,486| |||||| ## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||31.12.23|31.12.22| |---|---|---| ||£|£| |Income tax on gift aid|4,000|3,900| |Accruals|47,251|3,448| |Prepayments|2,625|2,688| ||53,876|10,036| ## **13. CASH AT BANK AND IN HAND** |HFC cash account
Sub group cash account
Co-op current account
Sub group bank accounts
Co-op savings account
Dudley Building Society account
Total|31.12.23
Total
funds
£
36
395
(7,492)
15,112
3,509
1,000
12,560|31.12.22
Total
funds
£
41
417
(5,516)
19,046
-
-
13,988| |---|---|---| Sub-group cash and bank balance relate to the following: Badminton Club Mother & Toddlers Group Hand of Friendship Centre Shoppers Coffee Sunday School Tuesday Tea Club Page 15 continued... Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**15.**
**MOVEMENT IN FUNDS**
At 1.1.23
£
**Unrestricted funds**
General fund
418,467
Designated organ fund
1,877
420,344
**Restricted funds**
Trustees investments
130,563
**Endowment funds**
Endowment funds
48,220
**TOTAL FUNDS**
599,127
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
108,171
Designated organ fund
289
108,460
**Restricted funds**
Trustees investments
3,271
**Endowment funds**
Endowment funds
885
**TOTAL FUNDS**
112,616|Net
movement
in funds
£
20,413
218
20,631
6,828
609
28,068
Resources
expended
£
(86,611)
-
(86,611)
(3,272)
(885)
(90,768)|31.12.23
31.12.22
£
£
11,240
9,541
Transfers
between
At
funds
31.12.23
£
£
5,000
443,880
-
2,095
5,000
445,975
(5,000)
132,391
-
48,829
-
627,195
Gains and
Movement
losses
in funds
£
£
(1,147)
20,413
(71)
218
(1,218)
20,631
6,829
6,828
609
609
6,220
28,068|31.12.22
£
9,541
At
31.12.23
£
443,880
2,095| |---|---|---|---| ||||445,975
132,391
48,829| ||||627,195| ||||20,631
6,828
609| ||||28,068| Page 16 continued... Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **15. MOVEMENT IN FUNDS - continued** **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Designated organ fund
**Restricted funds**
Trustees investments
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|At 1.1.22
£
495,790
1,680
497,470
153,000
69,834
720,304|Net
movement
in funds
£
(77,323)
197
(77,126)
(22,437)
(21,614)
(121,177)|At
31.12.22
£
418,467
1,877| |---|---|---|---| ||||420,344
130,563
48,220| ||||599,127| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Designated organ fund
**Restricted funds**
Trustees investments
**Endowment funds**
Endowment funds
**TOTAL FUNDS**|Incoming
resources
£
60,091
289
60,380
2,042
1,163
63,585|Resources
expended
£
(75,112)
-
(75,112)
(2,041)
(1,163)
(78,316)|Gains and
Movement
losses
in funds
£
£
(62,302)
(77,323)
(92)
197
(62,394)
(77,126)
(22,438)
(22,437)
(21,614)
(21,614)
(106,446)
(121,177)|Gains and
Movement
losses
in funds
£
£
(62,302)
(77,323)
(92)
197
(62,394)
(77,126)
(22,438)
(22,437)
(21,614)
(21,614)
(106,446)
(121,177)| |---|---|---|---|---| |||||(77,126)
(22,437)
(21,614)| |||||(121,177)| ## **Unrestricted Funds** Unrestricted funds are the general funds of the Church which may be used at the discretion of the design committee/membership for furthering the mission and ministry of the Church. The money may be designated for particular projects for administration purposes only. ## **Designated Funds** Designated funds remain unrestricted and can be re-designated if the committee/membership so decides. A designated organ fund was established many years ago and still remains. continued... Page 17 Hagley Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **15. MOVEMENT IN FUNDS - continued** ## **Restricted Funds** Restricted income funds are those funds which have been restricted by the donor for a particular purpose. These funds cannot be used by the committee for any other purpose except with the agreement of the donor, or as determined by the court or the Charity Commission. ## **Endowment Funds** The endowment fund represents a 2003 legacy from the late C.G. Davies. The capital is to be retained in perpetuity, the income arising may be used for the repair, redecoration or adornment of the church or its fabric. ## **16. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2023. Page 18 Hagley Free Church |Detailed Statement of Financial Activities||| |---|---|---| |for the Year Ended 31 December 2023||| ||31.12.23|31.12.22| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Sunday collections and monthly standing orders|23,569|19,227| |Income tax on gift aid|5,535|6,235| |Other donations and legacies|51,713|4,091| ||80,817|29,553| |**Other trading activities**||| |Fundraising|1,326|1,760| |Use of facilities by church groups|5,711|5,304| |Use of facilities by outside groups|6,862|8,957| ||13,899|16,021| |**Investment income**||| |Investment income|17,492|17,730| |Deposit account interest|9|-| ||17,501|17,730| |**Other income**||| |Other income|399|281| |**Total incoming resources**|112,616|63,585| |**EXPENDITURE**||| |**Charitable activities**||| |**Worship, witness and teaching**||| |Preachers fees and expenses|27,993|3,550| |Advertising|702|751| |Pastoral expenses and flowers|748|578| ||29,443|4,879| |**Cultural, social and recreational**||| |Outings and refreshments|8,375|6,208| |Social events|1,558|1,811| |Toys, sports, gifts and prizes|649|574| ||10,582|8,593| This page does not form part of the statutory financial statements Page 19 ## Hagley Free Church Detailed Statement of Financial Activities for the Year Ended 31 December 2023 |Detailed Statement of Financial Activities
for the Year Ended 31 December 2023||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |**Cultural, social and recreational**||| |**Property upkeep**||| |Cleaning wages|5,430|6,147| |Insurance, rates and water|2,520|2,036| |Gas and electricity|8,753|5,008| |Cathedral leasing|2,059|2,052| |Repairs and renewals|4,020|13,728| ||22,782|28,971| |**Management, administration and donations**||| |Admin assistant wages|10,192|10,576| |Printing, stationery & postage|762|591| |Telephone and broadband|686|515| |Website hosting|855|360| |Bank charges|15|14| |Legal fees|-|312| |Investment management fees|3,766|4,133| |Donations|6,792|13,531| |Sundry expenses|591|1,100| ||23,659|31,132| |**Governance costs**||| |Accounting & bookkeeping costs|4,302|4,741| |Total resources expended|90,768|78,316| |**Net income/(expenditure) before gains and**||| |**losses**|21,848|(14,731)| |**Realised recognised gains and losses**||| |Realised gains / (losses) on fixed asset investments|(1,938)|(11,501)| |Unrealised gains / (losses) on fixed asset||| |investments|8,158|(94,945)| |**Net income/(expenditure)**|28,068|(121,177)| This page does not form part of the statutory financial statements Page 20 Hagley Free Church ## Supplementary Pages To The Accounts - Detailed Schedule of Investments for the Year Ended 31 December 2023 |**Holding**
**Number**
In respect of Permanent Endowments
QUOTED AT VALUATION
Jupiter Unit Trust
7,503
JPMorgan Asia Growth & Income
1,235
RIT Capital Partners (sold)
Rathbone Ethical Unit Trust
4,600
Scottish Mortgage Investment Trust
2,250
VT Gravis Funds
4,600
OTHER
Held by brokers
Balance at Co-operative Bank
(Base value - cost or probate value)
In respect of Restricted Income Funds
TRUSTEES INVESTMENTS
QUOTED AT VALUATION
GlaxoSmithKline
396
Henderson Diversified Income Trust (sold)
JPMorgan Asia Growth & Income
700
JLEN Environmental Assets Group
3,300
JPMorgan Global Growth & Income
4,800
Mercantile Investment Trust
5,950
National Grid
944
North American Inc Trust
5,350
Robeco Luxembourg (sold)
Shell PLC
370
Royal London Sterling Credit
10,913
United Kingdom Government
8,000
Vontobel Asset Management
100
OTHER
Held by brokers
Balance at Co-operative Bank
(Base value - cost or probate value)|**31.12.2023**|**Value**
4,149
4,187
-
4,079
18,176
4,325
34,916
13,856
57
48,829
21,878
5,742
-
2,373
3,346
24,096
13,150
9,983
15,462
-
9,513
13,194
8,361
9,119
114,339
18,029
24
132,392
110,264|**31.12.2022**
**Value**
4,014
4,489
14,840
3,882
16,259
4,866| |---|---|---|---| ||**Base value**
**Est Yield**
5,020
5.05%
4,629
4.54%
4,992
4.62%
2,250
0.51%
4,987
5.92%
21,878
6,592
3.90%
2,624
4.54%
3,984
7.47%
14,914
3.67%
15,891
3.37%
8,379
5.39%
16,367
3.91%
8,502
3.77%
15,013
5.00%
7,911
4.50%
10,087
5.74%
110,264||| ||||48,350
(187)
57| ||||48,220| ||||34,484| ||||5,692
6,195
2,545
3,953
20,424
11,412
9,414
16,211
11,163
8,604
12,529
-
8,778| ||||116,920
13,619
24| ||||130,563| ||||126,427| (Base value - cost or probate value) **Continued…...** Hagley Free Church ## Supplementary Pages To The Accounts - Detailed Schedule of Investments for the Year Ended 31 December 2023 |**Holding**
**Number**
In respect of General Fund
OTHER INVESTMENTS
QUOTED AT VALUATION
Baillie Gifford US Growth trust
12,850
City of London Investment Trust
2,980
Compass Group
720
Cordiant Digital Infrastructure
19,000
Dunedin Income Growth Trust
5,500
GlaxoSmithKline
86
Henderson Diversified Income Trust (sold)
International Public Partnership
10,653
Jupiter Unit Trust
21,997
Legal & General Group
4,860
JPMorgan Asia Growth & Income
2,515
JLEN Environmental Assets Group
12,000
National Grid
300
North American Inc Trust
500
Rathbone Ethical Unit Trust
14,500
Reckitt Benckiser Group
250
RIT Capital Partners (sold)
Robeco Luxembourg (sold)
Shell PLC
69
Royal London Sterling Credit
3,664
Smurfit Kappa Group
725
T R Property Investment Trust
4,717
Unilever
370
United Kingdom Government
10,000
VT Gravis Funds
14,200
Vontobel Asset Management
50
OTHER
Held by brokers
Balance at Co-operative Bank
(Base value - cost or probate value)
In respect of General Fund
ORGAN FUND
QUOTED AT VALUATION
International Public Partnership
500
OTHER - Co-operative Bank
(Base value= cost or probate value)|**31.12.2023**|**Value**
23,156
12,188
15,444
14,478
15,455
1,247
-
14,616
12,162
12,199
8,526
12,168
3,172
1,445
12,859
13,545
-
-
1,774
4,430
22,606
16,132
14,058
10,452
13,351
4,560
260,023
(17,322)
7,470
250,171
256,226
686
1,409
2,095
693|**31.12.2022**
**Value**
18,928
12,218
13,802
15,998
16,005
1,236
9,835
16,129
11,769
12,121
9,142
14,376
2,992
1,515
12,236
14,380
5,300
2,527
1,605
4,206
22,258
14,387
15,472
-
15,021
4,389| |---|---|---|---| ||**Base value**
**Est Yield**
14,847
0.00%
12,675
4.94%
11,727
2.01%
18,986
5.25%
15,871
4.88%
1,438
3.90%
14,765
5.93%
14,697
5.05%
12,603
7.82%
9,426
4.54%
14,657
7.47%
2,663
5.39%
1,530
3.91%
14,925
4.62%
16,294
345.00%
1,585
3.77%
5,041
5.00%
14,650
3.43%
11,254
4.53%
16,298
3.95%
9,881
4.50%
15,369
5.92%
5,044
5.74%
256,226
693||| ||||267,847
(9,847)
7,471| ||||265,471| ||||267,965| ||||757
1,120| ||||1,877| ||||693|