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## Document Details
Hagley Free Church YE 31-12-2024 - **Filename:** Accounts.pdf **Client of:** Lewis Smith & Co.
## Signature Details
**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|