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| Milner Church Institute | |||
|---|---|---|---|
| Registered CharityNo 1078366 | |||
| Balance Sheet at 31st March 2024 | |||
| 2024 | 2023 | ||
| Current Assets | |||
| COIF Accounts | 4,723.70 | 4,504.72 | |
| Lloyds Accounts | 26,586.66 | 16,977.47 | |
| 31,310.36 | 21,482.19 | ||
| Capital | |||
| Capital Account B/fwd | 21,482.19 | 18,282.96 | |
| Surplus/(Deficit) | 9,828.17 | 3,199.23 | |
| Capital Account C/fwd | 31,310.36 | 21,482.19 | |
| 0.00 | 0.00 | ||
Financial Report for The Milner Church Institute: (1078366) Income and Expenditure to 31st March 2024
Introduction
the year ending 31st March 2024. The report compares the Institute’s income and expenditure for the current year with the previous year, highlighting key variances and oDering insights into the overall financial health of the organisation.
Income Overview
Total income for the year ending 31st March 2024 amounted to £29,025.23, representing an increase of £4,795.28 (19.8%) compared to £24,229.95 in 2023. This positive variance was driven by several income streams, with notable contributions from the following:
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Rental Income : Rental income from various activities was a key revenue source. The Pre-School rental income increased by £1,764.00 (14.7%), from £12,041.00 to £13,805.00. However, income from Kick Boxing declined by £120.00, as this activity was no longer rented during the period. Other rental income from Karate, Moore WI, and E of S Morris showed a mixed performance, with increases in Karate (£165.75) and Moore WI (£246.25), but a decrease of £798.75 for E of S Morris, due to reduced booking frequency.
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Sundry Income : Sundry income sources showed a positive trend overall. Film Night income declined by £344.53, dropping from £2,128.03 to £1,783.50, likely due to fewer events or lower attendance. However, income from the 50/50 Club, Craft Club, and Party activities increased by £334.00, £330.00, and £732.25, respectively. These activities are becoming increasingly popular, contributing significantly to the Institute's overall revenue.
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Interest and Other Income : Interest income saw a notable increase of £140.50, rising from £78.48 to £218.98, indicating improved financial management or higher balances on interest-bearing accounts. Other notable income included Thoughtful Bot (£1,072.50), and Daresbury Church (£29.25), both of which reflect successful community engagement and outreach eDorts.
Expenditure Overview
Total expenditure for the year was £19,197.06, a decrease of £1,833.66 (8.7%) compared to £21,030.72 in 2023. Several categories of expenditure showed a reduction, contributing to the surplus for the year.
- Operating Costs : The Institute’s core operating expenses showed mixed results. The caretaker costs increased by £430.00, reflecting potential salary
adjustments or additional hours worked. Utility costs, including water, gas, and electricity, increased in total by £874.63, driven by higher gas costs (£708.29) and slight increases in water (£56.59) and electricity (£109.75).
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Repairs & Maintenance from £5,315.66 in 2023 to £3,091.00 in 2024. This reduction is likely the result of fewer major repairs or improvements needed during the year, contributing to the overall reduction in expenditure.
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Miscellaneous Costs : Other costs such as cleaning materials, gardening, and insurance all showed varying degrees of reduction, particularly cleaning materials (£136.87) and gardening (£372.01). However, there were small increases in insurance costs (£100.78) and the BT phone bill (£232.56), largely reflecting rising service charges.
The Milner Institute reported a surplus of £9,828.17 improvement from the surplus of £3,199.23 in 2023. The increase in surplus is attributed to higher income from both rental and sundry income streams, alongside a reduction in expenditure, particularly in repairs and maintenance. The surplus will help to strengthen the Institute’s financial position, providing more flexibility for future investments in the building or contingencies.
Conclusion
total income rising by 19.8% and a substantial decrease in overall expenditure, the Institute has improved its financial health and recorded a solid surplus. The growth in rental and sundry income, along with eDective cost management, has placed the Institute in a stronger position moving into the next financial year.