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2024-12-31-accounts

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Hagley Free Church YE 31-12-2024 - Filename: Accounts.pdf Client of: Lewis Smith & Co.

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Name: Alun Reginald Nicholas Email: alun@arnicholas.info Date & Time: 11/08/2025 20:48:46 PM (BST) IP Address: 88.97.165.151 The Trustees approve the financial statements and Signing Statement: gives Lewis Smith & Co authority to file with The Charity Commission as necessary.

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HAGLEY FREE CHURCH

NOTICE OF ANNUAL GENERAL MEETING

The AGM will be held in the Church on Sunday 03 August immediately following that morning’s service. The accounts have been returned from the accounts examiner and are attached to this notice for members 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 three-year 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; fortunately all current members are willing to continue to stand. Nominations for committee members are however still 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 15 July 2025

Mr C Millington General Secretary

1

REGISTERED CHARITY NUMBER: 251436

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2024

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 2024

Page
Reference and Administrative Details 1 to 2
Report of the Committee 3 to 4
Report of the Trustees 5 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 20
Detailed Statement of Financial Activities 21 to 22

Hagley Free Church

Reference and Administrative Details for the Year Ended 31 December 2024

TRUSTEES Marjorie Fernihough Nerys Dewhirst (resigned 21.4.24) Katherine Johnson Chris Millington Joan Ellis Bob Green Peter Longden Martin Heathcock Barbara Harris Bryn Perrins (resigned 21.4.24) Alun Reginald Nicholas Joan Lesley Faulkner (appointed 21.4.24) George Anthony Battersby (appointed 21.4.24) Dorothy Jean Stone (appointed 21.4.24) Cecil Geoffrey Downing (appointed 21.4.24) David John Dewhirst (appointed 21.4.24) Ian Gardner Nisbet Alvine Jane Walker 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

Page 1

Hagley Free Church

Reference and Administrative Details for the Year Ended 31 December 2024

BROKERS

Canaccord Genuity Wealth Management Slip House Princes Drive Worcester WR1 2AB Evelyn Partners 103 Colmore Row Birmingham B3 3AG (Account manager: Mr Luke Hunter)

Page 2

Hagley Free Church

Report of the Committee

for the Year Ended 31 December 2024

The committee presents its report together with the accounts for the year ended 31 December 2024 which have been independently examined.

Committee Members

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.

They are assisted by Committee Members (also Trustees) who are as follows:

Trustee Date of Appointment
Joan L Faulkner 21 April 2024
Tony Battersby 21 April 2024
Dorothy J Stone 21 April 2024
Geoff Downing 21 April 2024
David J Dewhurst 21 April 2024 (Custodian Only)
Dr Ian G Nisbet 10 May 2023
Alvine J Walker 10 May 2023
Marjorie Fernihough 2 May 2019
Katherine Johnson 27 April 2017
Chris Millington 10 April 2014 (Also Custodian)
Alun R Nicholas 2 August 2011 (Also Custodian)
Bob Green 2 August 2011 (Custodian Only)
Joan Ellis 2 August 2011 (Custodian Only)
Peter Longden 23 April 2009 (Custodian Only)
Martin Heathcock Custodian Only
Barbara Harris Also Custodian

Trustees and 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.

The current Charity is an Unincorporated Charity, and approval was given at the 2024 AGM to move towards a Charitable Incorporated Organisation (CIO). The most important aspect of a CIO is the Limited Liability it gives to Trustees thus making it easier to appoint new ones when needed. Additionally, it simplifies and brings the Constitution up to date as recommended by the Charity Commissioners. A small working party was set up with this aim and its members are Alun Nicholas, Don Moss and Tony Battersby. Higgs LLP Solicitors of Brierley Hill were appointed to do this work and Senior Partner Kirsty McEwan leads on their behalf.

Local meetings have been held by this small working party and a meeting has also taken place at the Solicitors Offices. Together we are slowly working towards preparing a draft Constitution and this will be considered by the full Membership and Trustees as soon as possible.

Review of the Year and Beyond

Revd Tim Mullings continues his stipendiary ministry having been in post now for two and half years. The last twelve months have been particularly difficult for him following the cancer diagnosis and loss of his wife Fiona. Needless to say that the congregation have supported him throughout and our thoughts and prayers remain with him. There is unity in worship and harmony within the congregation as they participate in the service together, following the minister's lead. As will be seen from his personal report to the AGM, Tim's ministry continues to flourish and under his sustained enthusiasm, with the guidance of the Holy Spirit, the church remains positive about the future.

Page 3

Hagley Free Church

Report of the Committee

for the Year Ended 31 December 2024

Special services throughout 2024 included a Covenant Service at the start of the year, Easter, and the CEO of Black Country Food Bank to tell us firsthand of its work and mission in helping vulnerable families and individuals across our region, Harvest, our minister led a commemoration of the 80th anniversary of D-Day at the War Memorial, Remembrance Sunday with the Royal British Legion in attendance as well as the Greenfields Ladies Choir, and a well-supported Carol Service.

Sadly, in 2024 we lost one member Beryl Firth. We gained two new members by affirmation of faith, Jean Smith and Jon Jasper. The total membership of 80 includes about 55 who are active within the life of the Church. Additionally, a good number of adherents have regularly attended worship and some of those are being asked to consider formal membership. Thanks are due to Revd Tim, Committee Members and individual pastoral carers for regular contacts with the housebound; those in care homes and hospital. Tim also visits many of the mid-week activities such as the Tea Club and Hand of Friendship and has conducted several funerals, at the personal request of family, for some of the associates.

On behalf of the Committee

Revd Tim Mullings (Chair of Committee)

15 July 2025

Page 4

Hagley Free Church

for the Year Ended 31 December 2024

Report of the Trustees

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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.

Public benefit

The charity refers 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.

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

The Trustees rely on the guidance of our Broker who has a discretionary role. Following dissatisfaction with Canaccord Genuity we have now completed the change over to a new Broker, Evelyn Partners, and are hoping our investments, closely monitored, will remain positive and improve, although this will depend upon the activity of financial markets in the coming months.

FINANCIAL REVIEW

Financial position

The attached financial statements set out the financial performance of the Church, and show total fund balances at 31 December 2024 of £632,096 (2023 - £627,195). Total realised and unrealised gains on investments were £6,358 (2023 - £6,220), and the performance of the investment portfolio will be reviewed going forward.

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.

Accounts Examiner

Andrew Smith FCCA of Lewis Smith & Co fulfils and is willing to continue in that office.

Page 5

Hagley Free Church

for the Year Ended 31 December 2024

Report of the Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees Information

The names of the trustees are listed on page one within Reference and Administrative Details.

Approved by order of the board of trustees on 15 July 2025 and signed on its behalf by:

Barbara Harris - Trustee

Page 6

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 2024.

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 (FCCA)

Lewis Smith & Co. Chartered Certified Accountants The Old Doctor's House 74 Grange Road Dudley West Midlands DY1 2AW

15 July 2025

Page 7

Hagley Free Church

Statement of Financial Activities

for the Year Ended 31 December 2024

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
48,067
Other trading activities
3
15,075
Investment income
4
19,008
Other income
1,009
Total
83,159
EXPENDITURE ON
Charitable activities
5
Worship, witness and teaching
32,491
Cultural, social and recreational
9,358
Property upkeep
21,515
Management and administration
20,152
Donations
1,100
Total
84,616
Net gains on investments
571
NET
INCOME/(EXPENDITURE)
(886)
Transfers between funds
15
(732)
Net movement in funds
(1,618)
RECONCILIATION OF
FUNDS
Total funds brought forward
445,975
TOTAL FUNDS CARRIED
FORWARD
444,357		 Restricted
Endowment
fund
fund
£
£
350
-
-
-
-
2,163
-
-
350
2,163
-
-
-
-
-
2,163
-
-
350
-
350
2,163
4,332
1,455
4,332
1,455
732
-
5,064
1,455
132,391
48,829
137,455
50,284		 31.12.24
31.12.23
Total
Total
funds
funds
£
£
48,417
80,817
15,075
13,899
21,171
17,501
1,009
399
85,672
112,616
32,491
29,443
9,358
10,582
23,678
22,782
20,152
21,169
1,450
6,792
87,129
90,768
6,358
6,220
4,901
28,068
-
-
4,901
28,068
627,195
599,127
632,096
627,195		 31.12.24
31.12.23
Total
Total
funds
funds
£
£
48,417
80,817
15,075
13,899
21,171
17,501
1,009
399
85,672
112,616
32,491
29,443
9,358
10,582
23,678
22,782
20,152
21,169
1,450
6,792
87,129
90,768
6,358
6,220
4,901
28,068
-
-
4,901
28,068
627,195
599,127
632,096
627,195
112,616
29,443
10,582
22,782
21,169
6,792
90,768
6,220
28,068
-
28,068
599,127
627,195

The notes form part of these financial statements

Page 8

Hagley Free Church

Balance Sheet

31 December 2024

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
227,129
365,642
18,156
67,877
86,033
(7,318)
78,715
444,357
444,357		 Restricted
fund
£
-
137,455
137,455
-
-
-
-
-
137,455
137,455		 Endowment
fund
£
-
50,284
50,284
-
-
-
-
-
50,284
50,284		 31.12.24
Total
funds
£
138,513
414,868
553,381
18,156
67,877
86,033
(7,318)
78,715
632,096
632,096
444,357
137,455
50,284
632,096		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2025 and were signed on its behalf by:

Alun Reginald Nicholas - Trustee

Barbara Harris - Trustee

The notes form part of these financial statements

Page 9

Hagley Free Church

Notes to the Financial Statements for the Year Ended 31 December 2024

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 10

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

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 11

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

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
31.12.24 31.12.23
£ £
Sunday collections and monthly standing orders 26,400 23,569
Income tax on gift aid 7,342 5,535
Other donations and legacies 14,675 51,713
48,417 80,817

Donations and legacies of £14,675 (2023 - £51,713) 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
31.12.24 31.12.23
£ £
Fundraising 530 1,326
Use of facilities by church groups 7,640 5,711
Use of facilities by outside groups 6,905 6,862
15,075 13,899

continued...

Page 12

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

4. INVESTMENT INCOME

INVESTMENT INCOME
31.12.24 31.12.23
£ £
Investment income 20,951 17,492
Deposit account interest 220 9
21,171 17,501

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
£
32,491
9,358
23,678
20,152
1,450
87,129

31.12.24		 31.12.23
Unrestricted
Restricted		 Total Total
£ £ £ £
General donations 1,100 - 1,100 200
T Mullings - 200 200 -
Barnados - 150 150 -
Ex harvest and investment income - - - 3,000
Christian Aid - - - 900
Water Aid - - - 425
Toilet Twinning - - - 240
Black Country Food Bank - - - 1,400
Ghana - - - 627
1,100 350 1,450 6,792

continued...

Page 13

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

6. INDEPENDENT EXAMINATION

Fees for the examination of the accounts:

31.12.24
31.12.23		 31.12.24
31.12.23		 31.12.24
31.12.23
£ £
Independent examiner's fees for reporting on the accounts 2,880 3,552
£ £
Other fees - payroll costs and gift aid claim 900 750

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 £5,167 (2023 - £5,430) for her duties as a cleaner and Mrs S Millington the wife of member C Millington, received £10,707 (2023 - £10,192) for her duties as an administrative assistant.

Trustees' expenses

Details of expenses paid to trustees are as follows:

31.12.24
31.12.23		 31.12.24
31.12.23		 31.12.24
31.12.23
Number of trustees who were paid expenses - 1
£ £
Telephone and broadband - 40
£ £
Mileage - 23
STAFF COSTS
31.12.24
31.12.23
£
£
Wages and salaries
15,874
15,622
15,874
15,622
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Average number of employees
1
1

8. STAFF COSTS

No employees received emoluments in excess of £60,000.

continued...

Page 14

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
fund
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
77,546
3,271
-
Other trading activities
13,899
-
-
Investment income
16,616
-
885
Other income
399
-
-
Total
108,460
3,271
885
EXPENDITURE ON
Charitable activities
Worship, witness and teaching
29,443
-
-
Cultural, social and recreational
10,582
-
-
Property upkeep
21,897
-
885
Management and administration
21,169
-
-
Donations
3,520
3,272
-
Total
86,611
3,272
885
Net gains/(losses) on investments
(1,218)
6,829
609
NET INCOME
20,631
6,828
609
Transfers between funds
5,000
(5,000)
-
Net movement in funds
25,631
1,828
609
RECONCILIATION OF FUNDS
Total funds brought forward
420,344
130,563
48,220
TOTAL FUNDS CARRIED FORWARD
445,975
132,391
48,829		 Total
funds
£
80,817
13,899
17,501
399
112,616
29,443
10,582
22,782
21,169
6,792
90,768
6,220
28,068
-
28,068
599,127
627,195

Page 15

continued...

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

10.
TANGIBLE FIXED ASSETS
Freehold
Organ,
land and
furnishings
buildings
& equipment
£
£
COST
At 1 January 2024 and 31 December 2024
67,313
71,200
NET BOOK VALUE
At 31 December 2024
67,313
71,200
At 31 December 2023
67,313
71,200
11.
FIXED ASSET INVESTMENTS
31.12.24
£
Investments
414,868
Investments are held in a portfolio managed by Canaccord Genuity Wealth Management.
Investments (neither listed nor unlisted) were as follows:
31.12.24
£
Trustees
187,739
General
224,823
Organ
2,306
414,868
The Trustees investments are split by the following funds:
31.12.24
£
General
-
Restricted
137,455
Endowment
50,284
187.739
The General investments are split by the following funds:
31.12.24
£
General
224,823
Restricted
-
Endowment
-
224,823		 10.
TANGIBLE FIXED ASSETS
Freehold
Organ,
land and
furnishings
buildings
& equipment
£
£
COST
At 1 January 2024 and 31 December 2024
67,313
71,200
NET BOOK VALUE
At 31 December 2024
67,313
71,200
At 31 December 2023
67,313
71,200
11.
FIXED ASSET INVESTMENTS
31.12.24
£
Investments
414,868
Investments are held in a portfolio managed by Canaccord Genuity Wealth Management.
Investments (neither listed nor unlisted) were as follows:
31.12.24
£
Trustees
187,739
General
224,823
Organ
2,306
414,868
The Trustees investments are split by the following funds:
31.12.24
£
General
-
Restricted
137,455
Endowment
50,284
187.739
The General investments are split by the following funds:
31.12.24
£
General
224,823
Restricted
-
Endowment
-
224,823		 Totals
£
138,513
138,513
138,513
31.12.23
£
433,486
31.12.23
£
181,220
250,171
2,095
433,486
31.12.24 31.12.23
£ £
- -
137,455 132,391
50,284 48,829
187.739 181,220
31.12.24 31.12.23
£ £
224,823 250,171
- -
- -
224,823 265,471

Page 16

continued...

Hagley Free Church

for the Year Ended 31 December 2024

Notes to the Financial Statements - continued

11. FIXED ASSET INVESTMENTS - continued

The Organ investments are split by the following funds:

The Organ investments are split by the following funds:
31.12.24 31.12.23
£ £
General 2,306 2,095
Restricted - -
Endowment - -
2,306 1,877

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 2024 252,266 132,391 48,829 433,486
Additions 14,620 9,837 35,316 59,773
Disposals (47,126) (2,373) (22,363) (71,862)
Investments / return of capital 6,918 (6,588) (13,725) (13,395)
Valuation changes 451 4,188 2,227 6,866
As at 31 December 2024 227,129 137,455 50,284 414,868

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24 31.12.23
£ £
Income tax on gift aid 4,800 4,000
Accruals 10,721 47,251
Prepayments 2,635 2,625
18,156 53,876

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 Saver Account
Dudley Building Society 90 Day Notice Account
Total		 31.12.24
Total
funds
£
32
760
(8,704)
11,585
4,035
10,169
50,000
67,877		 31.12.23
Total
funds
£
36
395
(7,492)
15,112
3,509
1,000
-
12,560

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

continued...

Page 17

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
15.
MOVEMENT IN FUNDS
At 1.1.24
£
Unrestricted funds
General fund
443,880
Designated organ fund
2,095
445,975
Restricted funds
Trustees investments
132,391
Endowment funds
Endowment funds
48,829
TOTAL FUNDS
627,195
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
82,867
Designated organ fund
292
83,159
Restricted funds
Trustees investments
350
Endowment funds
Endowment funds
2,163
TOTAL FUNDS
85,672		 Net
movement
in funds
£
(1,097)
211
(886)
4,332
1,455
4,901
Resources
expended
£
(84,616)
-
(84,616)
(350)
(2,163)
(87,129)		 31.12.24
31.12.23
£
£
7,318
11,240
Transfers
between
At
funds
31.12.24
£
£
(732)
442,051
-
2,306
(732)
444,357
732
137,455
-
50,284
-
632,096
Gains and
Movement
losses
in funds
£
£
652
(1,097)
(81)
211
571
(886)
4,332
4,332
1,455
1,455
6,358
4,901

continued...

Page 18

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

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 1.1.23
£
418,467
1,877
420,344
130,563
48,220
599,127		 Net
movement
in funds
£
20,413
218
20,631
6,828
609
28,068		 Transfers
between
funds
£
5,000
-
5,000
(5,000)
-
-		 At
31.12.23
£
443,880
2,095
445,975
132,391
48,829
627,195

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
£
108,171
289
108,460
3,271
885
112,616		 Resources
expended
£
(86,611)
-
(86,611)
(3,272)
(885)
(90,768)		 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		 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
20,631
6,828
609
28,068

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.

Restricted Funds

continued...

Page 19

Hagley Free Church

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

15. MOVEMENT IN FUNDS - continued

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 2024.

Page 20

Hagley Free Church

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Sunday collections and monthly standing orders 26,400 23,569
Income tax on gift aid 7,342 5,535
Other donations and legacies 14,675 51,713
48,417 80,817
Other trading activities
Fundraising 530 1,326
Use of facilities by church groups 7,640 5,711
Use of facilities by outside groups 6,905 6,862
15,075 13,899
Investment income
Investment income 20,951 17,492
Deposit account interest 220 9
21,171 17,501
Other income
Other income 1,009 399
Total incoming resources 85,672 112,616
EXPENDITURE
Charitable activities
Worship, witness and teaching
Preachers fees and expenses 31,150 27,993
Advertising 1,237 702
Pastoral expenses and flowers 104 748
32,491 29,443
Cultural, social and recreational
Outings and refreshments 6,846 8,375
Social events 1,781 1,558
Toys, sports, gifts and prizes 731 649
9,358 10,582

This page does not form part of the statutory financial statements

Page 21

Hagley Free Church

Detailed Statement of Financial Activities for the Year Ended 31 December 2024

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
Cultural, social and recreational
Property upkeep
Cleaning wages 5,167 5,430
Insurance, rates and water 2,682 2,520
Gas and electricity 8,086 8,753
Cathedral leasing 2,059 2,059
Repairs and renewals 5,684 4,020
23,678 22,782
Management, administration and donations
Admin assistant wages 10,707 10,192
Printing, stationery & postage 347 762
Telephone and broadband 610 686
Website hosting 360 855
Bank charges - 15
Investment management fees 3,691 3,766
Donations 1,450 6,792
Sundry expenses 657 591
17,822 23,659
Governance costs
Accounting & bookkeeping costs 3,780 4,302
Total resources expended 87,129 90,768
Net (expenditure)/income before gains and
losses (1,457) 21,848
Realised recognised gains and losses
Realised gains / (losses) on fixed asset investments (508) (1,938)
Unrealised gains / (losses) on fixed asset
investments 6,866 8,158
Net income 4,901 28,068

This page does not form part of the statutory financial statements

Page 22

Hagley Free Church

Supplementary Pages To The Accounts - Detailed Schedule of Investments for the Year Ended 31 December 2024

Holding
Number
In respect of Permanent Endowments
QUOTED AT VALUATION
Artemis Income Fund
5,900
Guiness Global Equity Income
265
Jupiter Global Bond
4,937
JPMorgan Asia Growth & Income
sold
-
MI Twentyfour Focus Bond
16,850
Rathbone Ethical Bond
4,600
Scottish Mortgage Investment Trust
sold
-
VT Gravis UK Infrastructure
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 (see note 2 on page 8)
QUOTED AT VALUATION
Foresight Environmental Infrastructure
3,300
GlaxoSmithKline
396
JPMorgan Asia Growth & Income
sold
-
JPMorgan Global Growth & Income
4,800
Mercantile Investment Trust
5,950
National Grid
944
North American Income Trust
5,350
Royal London Sterling Credit
10,913
Schroder Asian Income
12,000
Shell PLC
370
UK Treasury Gilt Bonds
8,000
Vontobel Fund
100
OTHER
Held by brokers
Balance at Co-operative Bank
(Base value = cost or probate value)		 31.12.2024 Value
£
16,968
5,929
3,917
-
15,394
4,082
-
3,806
50,096
131
57
50,284
50,315
2,393
5,330
-
27,840
14,131
8,966
17,388
13,161
10,111
9,159
8,064
9,448
125,991
11,440
24
137,455
116,935		 31.12.2023
Value
£
-
-
4,149
4,187
-
4,079
18,176
4,325
Base value
Est Yield
£
%
14,949
3.65
5,627
1.83
5,020
5.78

-
-
14,740
6.90
4,992
5.08

-
-
4,987
6.64
50,315
3,984
10.76
6,592
4.53

-
-
14,914
3.93
15,891
3.28
7,863
5.79
16,367
3.69
15,013
5.59
9,837
4.16
8,502
4.44
7,885
4.50
10,087
5.33
116,935
34,916
13,856
57
48,829
21,878
3,346
5,742
2,373
24,096
13,150
9,983
15,462
13,194
-
9,513
8,361
9,119
114,339
18,028
24
132,391
110,264

Continued…...

Hagley Free Church

Supplementary Pages To The Accounts - Detailed Schedule of Investments for the Year Ended 31 December 2024

Holding
Number
OTHER INVESTMENTS
QUOTED AT VALUATION
Baillie Gifford US Growth trust
sold
-
City of London Investment Trust
2,980
Compass Group
sold
-
Cordiant Digital Infrastructure
19,000
Dunedin Income Growth Inv Trust
5,500
Foresight Environmental Infrastructure
12,000
GlaxoSmithKline
86
International Public Partnership
10,653
Jupiter Global Bond
14,474
JPMorgan Asia Growth & Income
sold
-
Legal & General Group
4,860
National Grid
300
North American Income Trust
500
Rathbone Ethical Bond
14,500
Reckitt Benckiser Group
250
Rio Tinto
275
Royal London Sterling Credit
3,664
Shell PLC
69
Smurfit Westrock PLC
725
T R Property Investment Trust
4,717
Unilever PLC
370
UK Treasury Gilt Bonds
10,000
VT Gravis UK Infrastructure
14,200
Vontobel Fund
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
Balance at Co-operative Bank
(Base value = cost or probate value)		 31.12.2024 Value
£
-
12,829
-
17,062
14,850
8,700
1,158
12,890
11,482
-
11,163
2,850
1,625
12,869
12,080
12,987
4,419
1,708
31,284
14,717
16,824
10,079
11,749
4,724
228,049
(10,698)
7,471
224,822
234,657
605
1,700
2,305
693		 31.12.2023
Value
£
23,156
12,188
15,444
14,478
15,455
12,168
1,247
14,616
12,162
8,526
12,199
3,172
1,445
12,859
13,545
-
4,430
1,774
22,606
16,132
14,058
10,452
13,351
4,560
Base value
Est Yield
£
%

-
-
12,675
4.88

-
-
18,986
4.79
15,871
5.09
14,657
10.76
1,438
4.53
14,765
6.92
14,697
5.78

-
-
12,603
8.98
2,499
5.79
1,530
3.69
14,925
5.08
16,294
4.06
14,620
7.16
5,041
5.59
1,585
4.44
14,650
2.80
11,254
5.03
16,298
3.23
9,856
4.50
15,369
6.64
5,044
5.33
234,657
693
6.92
260,023
(17,323)
7,471
250,171
256,226
686
1,409
2,095
693