ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
Financial Review
In 2022 we have seen a number of encouraging signs of recovery in our financial position. Now that we have been able to meet in person at worship and in fellowship; we have seen a recovery in a number of our income sources. Collections at services have increased by £2,846 (£6,973 v £4,127) which is back to the levels seen in 2019.
The income we have earned from restarting Social events and the innovative ideas the fund raising committee have introduced meant we raised £7,809 this year, vs £3,479 in 2021; and we thank them for all the hard work that has contributed to this. We have also seen an increase in the income from Cornerstone Hire this year of c £3,437 (£6,991 v £3,554), although we are not yet back to the 2019 income.
There has been a decline in overall Planned Giving this year (£43,653 to £46,902), the giving from the Planned Giving Scheme (PGS) has increased slightly which is good news and the number of donors has remained consistent with last year at 43. This is the best way of making regular contributions as the PGS Administrator also makes monthly Gift Aid claims which greatly aids our cashflow.
Other Gift Aid income is down although this is mostly due to a delay in claiming the amounts due from HMRC for the year of c £1,200, which will flow through in 2023.
We have seen an increase in the funds raised and paid over to external organisations, please see page F8 for more details, and it is good that we as a Church can support this.
Parish Share – this was paid in full, and we received the 1% reduction for paying by direct debit, thus the net parish share paid was £75,418. Following the changes in the calculation, the expense for 2023 will reduce to £68,478.
The General Fund shows a deficit of £9,354; we have charged the expenditure we can to the Endowment funds and even with the income we earn from these funds we are spending more than we earn. We are fortunate to have the reserves that the Endowments have provided and hopefully with the return of more events our Fundraising activities will generate more income. The best way to improve our Finances is in the area of Planned Giving; we will be holding a Stewardship Sunday later in the year, and I would ask everyone to prayerfully consider their giving.
One specific area of concern are our Energy costs. Currently we utilise the Parish Buying Energy Basket who negotiate Gas and Electricity for a large number of churches, but even with this our anticipated costs are likely to rise from c£7k in 2022 to potentially over c£17k this year. This will put an added strain on our reserves, and whilst we have received help from the Diocese and some very generous gifts, we can hope that prices reduce as we go into next winter.
Endowment Funds
Endowment fund investments are all in CBF Church of England Funds managed by the Diocese. During the year we have seen an increase in the income earned of £1,689 (£26,487 v £24,798). During 2021 the PCC reviewed the investment strategy, and it was agreed to change some of the investments held, which together with the increase in interest rates has led to the increase in the income received. All investments remain in CBF Church of England Funds. Like all investments the value of the underlying assets can rise and fall in line with market conditions and investment yields are not guaranteed.
Page F1
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
Designated Funds
Funds designated by the PCC in order that donations such as legacies or other non-general income received are available for special purchases or unexpected events.
Reserves Policy
It should be the policy of every PCC to try to maintain a balance on unrestricted funds which equates to at least three month’s unrestricted payments. It would be held to smooth out fluctuations in cash flow and to meet emergencies. Our endowment funds can only be spent on specific items but do give us a buffer we can rely on for the time being.
Christopher Knight PCC Treasurer
Page F2
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
Independent Examiner’s Report to the members/trustees of St Peter’s Church, Burnham, Parochial Church Council
I report on the accounts for the year ended 31[st] December 2022, which are set out on pages F4 to F8.
Respective responsibilities of the Trustees and Independent Examiner
As trustees of the charity, the members of the PCC are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the General Directions given by the Charity Commission section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; or
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to prepare accounts, which accord with these accounting records
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tim Berg, FCA Burnham, Buckinghamshire
Date: 29 March 2023
Page F3
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
Financial Statements for the year ended 2022 Receipts and Payments Accounts
| Unrestricted Funds | Unrestricted Funds | Restricted | Endowment | TOTAL | TOTAL | ||
|---|---|---|---|---|---|---|---|
| General | Designated | funds | funds | 2022 | 2021 | ||
| Note | £ | £ | £ | £ | |||
| RECEIPTS | |||||||
| Voluntary Receipts | |||||||
| PlannedGiving | 43,653 | 43,653 | 46,902 | ||||
| Collections at Services | 6,973 | 6,973 | 4,127 | ||||
| All other giving/voluntary receipts | 5a | 7,398 | 10,324 | 17,722 | 10,671 | ||
| Gift Aid Tax Recovered | 11,745 | 11,745 | 13,530 | ||||
| 69,769 | 0 | 10,324 | 0 | 80,093 | 75,230 | ||
| Activities for Generating Funds | 5b | 14,801 | 0 | 14,801 | 7033 | ||
| Investment Income | 5c | 88 | 26,487 | 26,575 | 24,042 | ||
| Church activities | 5d | 7,109 | 2,208 | 1,788 | 11,105 | 4,917 | |
| Sub Total | 91,766 | 2,208 | 10,324 | 28,275 | 132,574 | 111,222 | |
| Church Groups (own bank account) | 4 | 0 | 320 | 320 | 70 | ||
| Total Receipts | 91,766 | 2,528 | 10,324 | 28,275 | 132,894 | 111,292 | |
| PAYMENTS | |||||||
| Church activities: | |||||||
| ParishShare | 75,418 | 75,418 | 75,418 | ||||
| Clergy & Staffing Costs | 16,815 | 3,167 | 19,982 | 15,029 | |||
| Church Running Expenses | 5e | 5,325 | 0 | 2,908 | 29,577 | 37,810 | 38,438 |
| FundraisingCosts | 3,010 | 3,010 | 395 | ||||
| Mission Giving & Donations | 5f | 1,700 | 809 | 4,042 | 6,551 | 3,501 | |
| 102,269 | 809 | 6,950 | 32,744 | 142,771 | 132,781 | ||
| Church Groups (own bank account) | 4 | 760 | 760 | 160 | |||
| Total Payments | 102,269 | 1,569 | 6,950 | 32,744 | 143,531 | 132,941 | |
| Excess of receipts over payments | (10,503) | 959 | 3,375 | (4,468) | (10,637) | (21,650) | |
| Transfers between funds | 1,149 | (1,149) | 0 | 0 | |||
| (9,354) | (190) | 3,375 | (4,468) | (10,637) | (21,650) | ||
| Cash at bank & in hand at 1st January | (34) | 1,716 | 1,169 | 95,974 | 98,825 | 120,475 | |
| Cash at bank & in hand at 31 December | (9,388) | 1,526 | 4,544 | 91,506 | 88,188 | 98,825 |
Page F4
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
STATEMENT OF FINANCIAL ASSETS
| Cash at bank and in hand at 31st December | 2022 | 2021 |
|---|---|---|
| Barclays Current Account 1 | 8,685 | 12,837 |
| Barclays Current Account 2 | 980 | 820 |
| Natwest Current Account | 4,705 | 2,738 |
| Natwest Business Reserve | 1,582 | 1,579 |
| CBF Deposit Fund | 74,171 | 79,569 |
| Sub Total - bank accounts | 90,123 | 97,542 |
| Cash in hand | 0 | 0 |
| Unclearedcheques | (3,470) | (434) |
| Sub Total | 86,653 | 97,108 |
| Church Groups (own bank account) | 1,476 | 1,716 |
| Other MonetaryAssets | 59 | 0 |
| TOTAL CASH AT BANK/IN HAND | 88,188 | 98,825 |
| INVESTMENT ASSETS Endowment Funds Perpetual The Churchyard Trust J H Painter Bequest |
Balance b/f Unrealised Investment gains/losses Balance c/f 2,021 (400) 1,621 699,014 (117,389) 581,625 701,035 (117,789) 583,246 |
|---|---|
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ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
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1 The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis.
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2 Burnham Church Estate Charity was established from the sale proceeds of the former infant school. As the managing trustees of the charity are the Churchwardens, the assets of the charity, which are investments in the CBF Investment Fund, are not reflected in these accounts. However, the income from these investments is mandated to the PCC and is included in these accounts. The income is to be used for the repair of the fabric of the parish church and other expenses.
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3 Two endowment funds are held by the Diocese on behalf of St Peter's. The Churchyard Trust was established to provide income for the maintenance of the church and churchyard so long as two graves and two brass plaques are kept in good order. The J H Painter Bequest was established to provide income for the maintenance of the church and churchyard so long as certain graves are kept in good order and repair.
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4 The movements in designated, endowment and restricted funds during the year were:
| Designated Funds Little Angels Puppets for All at St Peter’s EnvironmentalGrants Total Designated Funds Endowment Funds Burnham Church Estate Charity The Churchyard Trust J H Painter Bequest CBF Deposit Fund LPWS - VAT Grants RestrictedFunds Outward Giving SoundSystem |
Balance b/f Receipts Payments Transfers Balance c/f 0 1,718 (569) (1,149) 0 1,716 320 (760) 1,276 0 490 (240) 250 |
|---|---|
| 1,716 2,528 (1,569) (1,149) 1,526 |
|
| 3,960 4,452 (5,376) 3,036 54 58 0 112 91,448 21,068 (26,212) 86,304 445 965 (953) 457 66 1,732 (203) 1,595 |
|
| 95,973 28,275 (32,744) 0 91,504 |
|
| 1,169 7,416 (4,041) 4,544 0 2,908 (2,908) 0 |
|
| 1,169 10,324 (6,949) 0 4,544 |
Page F6
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
| 5 Receipts & Payments Analysis RECEIPTS All other giving/voluntary 5areceipts Gift Aid Envelopes Other Donations Outward Giving 5bActivities for Generating Funds FundraisingActivities CornerstoneIncome Hire of Cornerstone 5c Investment Income CBF Deposit Fund BankInterest MonkhouseBequest Burnham Church Estate ChurchyardTrust Painter Endowment Fund LPWGS 5dChurch activities Little Angels Grants Parochial Church Fees PAYMENTS 5e Church Running Expenses AnnualFees/Licences Church Repairs & Maintenance DeaneryShare Insurance OfficeCosts ServiceCosts Telephone/Internet/Postage Utilities Other |
Unrestricted Funds Restricted Endowment TOTAL TOTAL General Designated funds funds 2022 2021 £ £ £ £ £ £ 1,108 393 1,501 1,469 6,290 2,515 8,805 7,616 7,416 7,416 1,586 |
|---|---|
| 7,398 0 10,324 0 17,722 10,671 7,809 7,809 3,479 0 0 0 6,991 6,991 3,554 |
|
| 14,800 0 0 0 14,800 7,033 965 965 49 3 3 0 85 85 82 4,452 4,452 4,306 58 58 53 19,280 19,280 18,072 1,732 1,732 1,479 |
|
| 88 0 0 26,487 26,575 24,042 1,718 1,718 340 490 1,788 2,278 7,109 7,109 3.843 |
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| 7,109 2,208 0 1,788 11,105 4,609 240 240 110 2,908 13,183 16,091 13,995 0 0 3,492 3,492 3,999 3,820 1,624 5,444 1,789 3,751 3,751 11,562 1,215 1,215 895 7,526 7,526 5,983 50 50 105 |
|
| 5,325 0 2,908 29,577 37,810 38,438 |
Page F7
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
| Notes (continued) 5f Mission, Giving and Donations Beautiful Gate, Lesotho British Heart Foundation Rennie Grove Cancer Care Burnham Resilience Children'sSociety PancreaticCancer Pastoral Care/Parish Mission Rainforest from Eco Fair Eco Church Royal British Legion UkraineAppeal Little Angels ToiletTwinning InclusiveChurch Burnham Care & Share Bishops Benevolent Fund CentrePoint |
Unrestricted Funds Designat Restricted funds Endowment funds TOTAL 2022 TOTAL 2021 General £ ed £ £ £ £ £ 395 876 1,271 118 135 135 0 171 171 0 0 127 243 578 821 976 171 171 0 509 509 1,103 0 281 125 240 365 0 292 178 821 999 0 569 569 484 0 120 250 250 0 918 918 0 231 231 0 141 141 0 |
|---|---|
| 1,700 809 4,042 0 6,551 3,501 |
Approved by the Parochial Church Council on 29[th] March, 2023, and signed on its behalf by:
Rev Janet Minkkinen (Vicar of St Peter’s Church)
Mr Christopher Knight (PCC Treasurer)
Page F8
ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022 – FINANCE SECTION
PAROCHIAL CHURCH FEES SCHEDULE – SUPPORTING INFORMATION TO THE PCC ACCOUNTS
The table of Statutory Parochial Fees is on the notice boards in church and Cornerstone. In addition to the statutory fee, the PCC sets the fee for the verger, organist, bells and choir for services such as marriages and funerals together with any other fees such as heating costs; these are included under non statutory fees.
A Fees Treasurer is elected annually by the PCC and a separate bank account is used to receive fees.
| Total fees received during 2022: | Statutory | Fees | Non | |
|---|---|---|---|---|
| Due to | Due to | Statutory | TOTAL | |
| Diocese | PCC | Fees | ||
| MarriageService | £872 | £576 | £1,290 | £2,738 |
| Wedding banns & certificate | £288 | £288 | ||
| Weddingdeposit | £900 | £900 | ||
| Funeral service in church | £1,153 | £1,031 | £1,760 | £3,944 |
| Crematorium following church service | £299 | £299 | ||
| Funeral service at crematorium | £3,502 | £3,502 | ||
| Burial of Ashes | £1,012 | £2,944 | £900 | £4,856 |
| Monuments | £194 | £967 | £1,161 | |
| Searches in church registers | £64 | £64 | ||
| OtherIncome | £41 | £7 | £48 | |
| Wedding deposit/fee held on account | £902 | £902 | ||
| Total | £7,032 | £7,713 | £3,957 | £18,702 |
Note: from 3rd Quarter wedding deposits, fees, etc, paid in advance held until service takes place
TOTAL NUMBER OF SERVICES/OTHER
| TOTAL NUMBER OF SERVICES/OTHER | |
|---|---|
| MarriageService | 4 |
| Funeral Service in Church | 10 |
| Crematorium following service in church | 10 |
| Service at Crematorium | 17 |
| Burial of Ashes | 23 |
| Monuments | 13 |
Rev Janet Minkkinen (Vicar of St Peter’s Church)
Mrs Sheila Warburton (Fees Treasurer)
Page F9