ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2023 – FINANCE SECTION ## **Financial Review** 2023 was a mixed year, with improvements in our income in some areas, but there were declines in other areas. The income we have earned from Fundraising activities has declined this year (£6,749 vs £7,810) although there were fewer trips this year, which did contribute to the decline. The Social and Fundraising committee have lots of great ideas for this year and we thank them for all their hard work. We have continued to see an increase in the income from Cornerstone Hire this year of (£10,188 vs £6,991), which has helped our overall position. There has again been a decline in overall Planned Giving this year (£43,653 vs £46,902), the giving from the Planned Giving Scheme (PGS) has decreased this year and there has been a reduction the number of donors by the end of the year. This is the best way of making regular contributions as the PGS Administrator also makes monthly Gift Aid claims which greatly aids our cashflow. There has been an increase in the collection at services, which is good. Other Gift Aid income on general giving has remained consistent with last year. The amounts paid over to external organisations has remained consistent with last year, 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 £68,478. Our Parish share for 2024 remains unchanged from last year and we receive a 10% reduction whilst we are in vacancy. The General Fund shows a current year deficit of £2,990, which is a marked improvement on last year; we have charged expenditure we can to the Endowment funds, where we are allowed, 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. One specific area of concern remains our Energy costs, in last year’s report I noted that our annual energy costs, were due to increase by around £10k, in fact the increase was slightly higher and our costs for the year were £17,912. We utilise the Parish Buying Energy Basket which negotiates Gas and Electricity prices on behalf of many parishes and there has been a reasonable decrease in the prices going forward, so the costs for 2024 are likely to be in the region of £13,000. ## **Endowment Funds** Endowment fund investments are all in CBF Church of England Funds managed by the Diocese. During the year we have seen a further increase in the income earned of £884 (£27,371 v £26,487). 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, BURP*IAM ANNUAL REPORT & ACCOUNTS FOR ThE YEAR END￿ 31ST DECEMBER 3)23_ FINAN(E SECTION Deiignatsd Fund• Funds deslgnated by the PCC in order that donati(￿ suth as legaues or other non4Jeneral income iV￿j are avalable for purchases or Unex[Ed￿ events. Re8eNes Pollcy Str￿1d the ofevery PCC to ty to n*ntaln a bakn on unr*K*ed funds to at ast three month's unrestrlcted payments. It would be hekl to smooth out fludu8tbns In cash th)w and to meet emeryJen¢ies. OurerKloMnent ￿rKI8 only be ￿nt ￿ SP￿ tsms Ixrt do give us a buffer we can relyonforthe time being. Christopher Knight PCC Treasurer Page F2 ST PET&YS CHU￿￿ BURPW)A ANNUAL REpaRT & ACC(XINTS FOR THE YEPR 315f tECWS1 X)23- FINANCE SECTION bd9Pgndent Examlnovs Roportlo tho MWnbersll￿ of St Pet￿8 Churd4 Bumhwn, Parochial Church Councll I report on the accounts for the year ended 31 # December 2023, vthlch are set out on pages F4 to F8. Respe¢dve rgsp¢)n8lblllUas of th& aThl kmkpendent Examlmr The charlty's trustees conslder that an audtt Is not requtred for thls year under sectlon 144(2) of the Charliles Ad 20111ts 2011 Act) and thatan lndeperthexaMr￿ion Is rwled. It Is my re8ponslbllFty Io: examlne the accounts under 8ectk)n 145 of the 2011 Art ftjllow the procedures lald down In the Genernl Dlredlons gtven by the Charfty Commlsslon sertton 14515)(b) ofthe 2011 Ac*. and stats whether partknjlar matter8 have c￿0 to my attenffm. Basls of Independent EMmln•V8 r•p￿t My examlnatlon was carrfed out In accordance wlth the General DlrectEons glven by the Charfty Commlsston. An examlnalon Indudes a revlwN of the aLwunting re￿rdS kept by the charlty and a CoMparf￿n of the accounts presented with remrd& It also Ind￿leS o)nslderaOon of ary unusual ftem8 or dl8c108ure8 In the acc¢Junts, and seeklng expknnatlons from the management comm￿8 concemlng any 8uch matters. The procedures undertaken do not provlde all the evldence that would be requlrod In a full a￿1( and conse**RECEIPTS**
**Voluntary Receipts**
Planned Giving
Collections at Services
All other giving/voluntary
receipts
5a
Gift Aid Tax Recovered
**Activities for Generating**
**Funds**
**5b**
**Investment Income**
**5c**
**Church activities**
**5d**
**Sub Total**
**Church Groups (own**
**bank account)**
**4**
**Total Receipts**
**PAYMENTS**
**Church activities:**
Parish Share
Clergy & Staffing Costs
Church Running Expenses
5e
Fundraising Costs
Mission Giving &
Donations
5f
**Church Groups (own**
**bank account)**
4
**Total Payments**
**Excess of receipts over**
**payments**
**Transfers between funds**
Cash at bank & in hand at
1st January
Cash at bank & in hand at
31 December|Restricted
Endowment
TOTAL
TOTAL
General
Designated
Funds
Funds
2023
2022
£
£
£
£
£
£
41,205
41,205
43,653
9,205
9,205
6,973
4,324
5,969
10,293
17,722
11,293
1,095
12,388
11,745
Unrestricted Funds| |---|---| ||**66,027**
**0**
**7,064**
**0**
**73,091**
**80,093**
16,902
16,902
14,801
127
27,371
27,498
26,575
5,601
1,539
7,140
11,105| ||**88,657**
**1,539**
**7,064**
**27,371**
**124,631**
**132,574**
0
620
620
320| ||**88,657**
**2,159**
**7,064**
**27,371**
**125,251**
**132,894**
68,478
68,478
75,418
16,863
3,146
20,009
19,982
4,104
625
31,343
36,072
37,810
2,939
2,939
3,010
210
592
5,871
6,673
6,551| ||**92,594**
**592**
**6,496**
**34,489**
**134,171**
**142,771**
225
225
760| ||**92,594**
**817**
**6,496**
**34,489**
**134,396**
**143,531**
**(3,937)**
**1,342**
**568**
**(7,118)**
**(9,145)**
(10,637)
947
(947)
0
0| ||**(2,990)**
**395**
**568**
**(7,118)**
**(9,145)**
**(10,637)**
**(9,388)**
**1,526**
**4,544**
**91,506**
**88,188**
**98,825**
**(12,378)**
**1,921**
**5,112**
**84,388**
**79,043**
**88,188**| Page F4 ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2023 – FINANCE SECTION ## **STATEMENT OF FINANCIAL ASSETS** |Cash at bank and in hand at 31st December|**2023**|**2022**| |---|---|---| |Barclays Current Account 1|1,351|8,685| |Barclays Current Account 2|500|980| |Natwest Current Account|3,879|4,705| |Natwest Business Reserve|1,551|1,582| |CBF Deposit Fund|70,345|74,171| |**Sub Total - bank accounts**|77,626|90,123| |Cash in hand|0|0| |Uncleared cheques|0|(3,470)| |**Sub Total**|77,626|86,653| |Church Groups (own bank account)|1,671|1,476| |Other Monetary Assets|257|59| |Other Monetary Liabilities|(511)|0| |**TOTAL CASH AT BANK/IN HAND**|79,043|88,188| ## **INVESTMENT ASSETS** |**INVESTMENT ASSETS**|||| |---|---|---|---| ||Balance|Unrealised
Investment|Balance| ||B/fwd|Gains/(losses)|C/fwd| |**Endowment Funds**|£|£|£| |Perpetual|||| |The Churchyard Trust|1,621|172|1,793| |J H Painter Bequest|581,625|62,171|643,796| ||583,246|62,343|645,589| Page F5 ## ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2023 – FINANCE SECTION - 1 The financial statements of the PCC have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments basis. - 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. - 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. - 4 The movements in designated, endowment and restricted funds during the year were |**Designated Funds**
Little Angels
Puppets for All at St
Peter’s
Environmental Grants
**Total Designated**
**Funds**
**Endowment Funds**
Burnham Church
Estate Charity
The Churchyard Trust
J H Painter Bequest
CBF Deposit Fund
LPWS - VAT Grants
**Restricted Funds**
Outward Giving
Church Expenditure|Balance
Balance
b/f
Receipts
Payments Transfers
c/f
0
1,539
(592)
(947)
0
1,276
620
(225)
1,671
250
250| |---|---| ||**1,526**
**2,159**
**(817)**
**(947)**
**1,921**| ||3,036
4,476
(5,460)
2,052
113
60
(250)
(77)
86,305
19,628
(28,779)
77,154
457
2,164
2,621
1,595
1,043
2,638| ||91,506
27,371
(34,489)
0
84,388| ||4,544
5,164
(4,621)
5,087
0
1,900
(1,875)
25| ||4,544
7,064
(6,496)
0
5,112| Page F6 ## ST PETER’S CHURCH, BURNHAM ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2023 – FINANCE SECTION ## 5 **Receipts & Payments Analysis** |||Unrestricted Funds|Unrestricted Funds|Restricted|Endowment|Endowment|TOTAL|TOTAL| |---|---|---|---|---|---|---|---|---| |||General|Designated|funds|funds||2023|2022| |**RECEIPTS**||||||||| |**All**|**other giving/voluntary**|£|£|£|£||£|£| |5a|**Receipts**|||||||| ||Gift Aid Envelopes|1,613|||||1,613|1,501| ||Other Donations|2,711||1,520|||4,231|8,805| ||Outward Giving|||4,449|||4,449|7,416| |||4,324|0|5,969||0|10,293|17,722| |5b|**Activities for Generating Funds**|||||||| ||Fundraising Activities|6,714|||||6,714|7,810| ||Cornerstone Income|0|||||0|0| ||Hire of Cornerstone|10,188|||||10,188|6,991| |||16,902|0|0||0|16,902|14,801| |5c|**Investment Income**|||||||| ||CBF Deposit Fund||||2,164||2,164|965| ||Bank Interest|42|||||42|3| ||Monkhouse Bequest|85|||||85|85| ||Burnham Church Estate||||4,476||4,476|4,452| ||Churchyard Trust|||||59|59|58| ||Painter Endowment Fund||||19,629||19,629|19,280| ||LPWGS||||1,043||1,043|1,732| |||127|0|0|27,371||27,498|26,575| |5d|**Church activities**|||||||| ||Little Angels||1,539||||1,539|1,718| ||Grants||||||0|2,278| ||Parochial Church Fees|5,601|||||5,601|7,109| |||5,601|1,539|0||0|7,140|11,105| |**PAYMENTS**||||||||| |5e|**Church Running Expenses**|||||||| |Annual Fees/Licences||665|||||665|240| |Church Repairs & Maintenance|||||5,669||5,669|16,091| |Deanery Share|||||||0|0| |Insurance|||||3,870||3,870|3,492| |Office Costs||1,962|||1,000||2,962|5,444| |Service Costs||221|||3,376||3,597|3,751| |Telephone/Internet/Postage||1,131|||||1,131|1,215| |Utilities||||625|17,428||18,053|7,527| |Other||125|||||125|50| |||4,104|0|625|31,343||36,072|37,810| Page F7 sr P￿ERE CHURCH. BURNHPM ANNUAL REPORT & Accoumfs FOR THE YEIR ENDED 31 DECEM8ER 2023- FINPthICE SECTION ST Not8$ I¢￿tinued) UnT8slrthJ Furth Restth &NSJwnwt TOTPL TOTAL Genwal Dostranated lu)d8 fvrvJ$ 3)23 2022 51 Ml••l¢n, Gl¥lng •nd Don•tlon• B08Utllul G81¢. Lèso Brit￿h H8ari FouThJath)n Rwnb Grove Concor Cwg 1,271 135 171 Chibjron's Sxknty Pancro#lc C8ncer Pastoral Car8ffi18thh M08ti1 Church8s Togeth•r Eco Church Turkoylsyrla EArthquak• Ukr8ino Lituo Angg Unlock Inclu$No Church rtham Care & Sharo Banovoknnl Furnj 1212 1,212 821 1.410 509 51 51 569 918 231 ccis Contro Poht 70 5.871 141 6.783 210 6.673 Approvod by the Parothlal Churth Coundl on 218tMarth, 2024, and Slgned on Its behalfby.. Mr Petef Lewls IPCC Lav Mr Chrtstopher Knllht IPCC TreaSU￿rI Pale F8