Trustees’ Report – March 9[th] 2023
As at the 31[st] December 2022 our current account and our two deposit accounts had the following balances:-
----- Start of picture text -----
2022 31/12/22
Opening Balances Closing Balances
Current account £35,892.87 £57,004.37
Deposit account (CCLA) £5,445.65 £5,517.27
Deposit account (CMCU) £25,215.02 £25,240.24
Net Worth £66,553.54 £87,761.88 (A)
----- End of picture text -----
The Net Worth balances highlight two key but opposing stories, both of which centre around restricted funds. In September 2022 we held a Gift Day which brought in £41,700 in donations and a further £5,300 in Gift Aid relief on those donations. The ‘good news’ story is that those extra funds were very welcome and answered a pressing need. A Godsend!
However, the terms of our Gift Day were that the money raised was to be ‘restricted’ to specific needs. The unintentional result was that our restricted funds grew massively and overtook the value of our non-restricted funds (£46,000 and £41,400 respectively). The ‘bad news’ story is that we now find ourselves short of non-restricted funds and are saddled with the difficult task of keeping good records of the two streams of funding.
There is a third story too: despite receiving such generous Gift Day donations our yearend Net Worth was only £21,000 up on the opening value, indicating that £20,700 was lost.
Our initial budget for 2023 was calculated on the basis of records from previous years which were then adjusted for expected variations and the likely effects of inflation.
Calculations based on this budget document were then used to identify the point at which disposable non-restricted funds were exhausted. It was found that following the June payment of the Parish Share there would be insufficient funds remaining to make the July payment.
| Model of Unrestricted Funds Income Expenditure Variance I:E Balance Non-Parish Share Parish Share £4,419.92 Jan / £9,467.00 £4,952.39 Holiday £4,514.61 £8,934.53 Feb / £9,734.88 £6,359.16 £9,161.20 -£5,785.48 £3,149.05 Mar £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£6,484.62 Apr £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£16,118.28 May £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£25,751.95 Jun £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£35,385.62 Jul £11,666.67 £4,505.00 £7,161.67 -£28,223.95 Aug £11,666.67 £4,505.00 £7,161.67 -£21,062.28 Sep £11,666.67 £4,505.00 £7,161.67 -£13,900.62 Oct £11,666.67 £4,505.00 £7,161.67 -£6,738.95 Nov £11,666.67 £4,505.00 £7,161.67 £422.72 Dec £11,666.67 £4,505.00 Holiday £7,161.67 £7,584.38 2023 Closing balance £7,584.38 |
Model of Unrestricted Funds Income Expenditure Variance I:E Balance Non-Parish Share Parish Share £4,419.92 Jan / £9,467.00 £4,952.39 Holiday £4,514.61 £8,934.53 Feb / £9,734.88 £6,359.16 £9,161.20 -£5,785.48 £3,149.05 Mar £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£6,484.62 Apr £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£16,118.28 May £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£25,751.95 Jun £11,666.67 £12,139.33 £9,161.00 -£9,633.67 -£35,385.62 Jul £11,666.67 £4,505.00 £7,161.67 -£28,223.95 Aug £11,666.67 £4,505.00 £7,161.67 -£21,062.28 Sep £11,666.67 £4,505.00 £7,161.67 -£13,900.62 Oct £11,666.67 £4,505.00 £7,161.67 -£6,738.95 Nov £11,666.67 £4,505.00 £7,161.67 £422.72 Dec £11,666.67 £4,505.00 Holiday £7,161.67 £7,584.38 2023 Closing balance £7,584.38 |
|---|---|
| £9,161.20 £9,161.00 £9,161.00 £9,161.00 |
|
| Jun £11,666.67 £12,139.33 |
£9,161.00 |
| Jul £11,666.67 £4,505.00 Aug £11,666.67 £4,505.00 Sep £11,666.67 £4,505.00 Oct £11,666.67 £4,505.00 Nov £11,666.67 £4,505.00 Dec £11,666.67 £4,505.00 2023 Closing balance |
£45,805.20
In order to avoid this situation the budget was modified by reducing the original Parish Share value from the £91,612 requested and capping it at £60,000. We determined that the status of our non-restricted fund stream would be reviewed at every PCC meeting so that adjustment (upwards or downwards) could be made to ensure sustainability and to maximise Parish Share payments.
Similar modelling of our restricted funds revealed no shortfalls at year-end 2023.
| In order to avoid this situa | In order to avoid this situa | Gift Day | Youth Grant | CEW | Window | Roof | |
|---|---|---|---|---|---|---|---|
| 2022 brought forward | £28,003.00 | £0.00 | £8,441.00 | £2,400.00 | £600.00 | ||
| Transfer £10K Gift Day > CEW | £18,003.00 | £18,441.00 | |||||
| Budget annual expenditure | £28,000.00 | ||||||
| Jan | £16,107.67 | ||||||
| Feb | £13,774.33 | £225.00 | |||||
| Mar | £10,000.00 | £11,441.00 | |||||
| 10K youth grant > CEW | Apr | £0.00 | £19,107.67 | ||||
| May | £16,774.33 | ||||||
| Jun | £14,441.00 | ||||||
| Jul | £12,107.67 | ||||||
| Aug | £9,774.33 | ||||||
| Sep | £7,441.00 | ||||||
| Oct | £5,107.67 | ||||||
| Nov | £2,774.33 | ||||||
| Dec | £441.00 | ||||||
| 2023 Closing balances | £18,003.00 | £0.00 | £441.00 | £225.00 | £600.00 |
Crucially, funding of our outreach work through our Community Engagement Worker can be sustained through to the expiry of her current contract at the end of February 2024, with a high likelihood that an extension for a further year will be achievable.
In summary, apart from the inability to pay our full (voluntary) Parish Share, the prospects are good. Consequently, at our PCC meeting today we confidently declare:-
“We the trustees of The Parochial Church Council of the Ecclesiastical Parish of Anchorsholme All Saints (charity number 1132756) have seen the relevant documents pertaining to the 2020 church accounts and have considered the charity’s financial circumstances in the light of those documents. Our assessment is that the charity qualifies as a going concern.”
Key features derived from the documents presented are:-
-
Restricted funds brought forward from 2022
-
Non-restricted funds brought forward from 2022
-
Budget gross 2023 income (all non-restricted)
-
Budget gross 2023 expenditure
£46,000 (B) £41,000 (A-B) £130,000 () £173,672 ()
-
which splits into ...
-
Expenditure from ‘restricted’ funds £ 30,000 ()
-
◦ Expenditure from ‘non-restricted’ funds £143,672 (D) Less ...
-
▪ Emergency Reserve (Charity Commission) £ 37,000 (E) ▪ Essential core expenditure £ 36,150 (F)
-
Resultant predicted 2023 expenditure using disposable non-restricted funds
£ 68,522 (D-E-
F)
From the above sum we need to provide for the following payments:-
-
Parish Share Request £ 91,160
-
• Church Tithe £ 15,910
All Saints, Anchorsholme
Balance Sheet detailed
| 31/12/2022 31/12/2021 As at As at |
||
|---|---|---|
| Fixed assets 300,000.00 6430: Freehold Land and Buildings 300,000.00 10,402.67 6431: Church Hall Equipment 10,402.67 310,402.67 Total Fixed assets 310,402.67 Current assets 57,004.37 6501: Bank current account 35,892.87 5,517.27 6505: CCLA (CBF) Deposit Account 5,445.65 25,240.24 6506: CMCU Deposit Accout 25,215.02 (16.21) 6590: Cash in hand (16.21) (50.33) 6595: Cash in transit (71.54) — 6597: collectibles — 2,896.62 Z05: Accounts Receivable 1,958.94 2,175.00 Z05: Accounts receivable (invoice) — 92,766.96 Total Current assets 68,424.73 Liabilities 1,997.89 6699: Agency collections 1,647.52 744.62 Z04: Accounts Payable 10,119.20 — Z04: Accounts payable (bills) — 2,742.51 Total Liabilities 11,766.72 400,427.12 Net Asset surplus (deficit) 367,060.68 Reserves 33,366.44 Excess / (deficit) to date (13,059.81) 367,060.68 Z01: Starting balances 380,120.49 — Z03: Gains/(losses) on investment assets — 400,427.12 Total Reserves 367,060.68 316,610.66 Unrestricted 341,511.38 37,757.10 Designated — 46,059.36 Restricted 25,549.30 — Endowment — Represented by Funds 400,427.12 367,060.68 Total |
||
10 March 2023
Page 1