St Mary’s Ilford PCC – 1132877 Financial Statements for the year ending 31 December 2023
ST MARY’S ILFORD PCC Registered Charity No. 1132877
Report & Accounts 2023
REPORT OF THE PAROCHIAL CHURCH COUNCIL
For the year ended 31 December 2023
OBJECTIVES AND ACTIVITIES
St Mary’s PCC has the responsibility, with the Incumbent, of promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the church and community hall at 426 High Road, Ilford.
PUBLIC BENEFIT
The church and premises are at the heart of the community and serve as a focal point and a beacon of hope, stability and cohesion in an ever-changing community. Public services are held throughout the week and are open to all regardless of faith affiliation, and the church building is available to interfaith and secular groups. The Community Hall is used throughout the week by community groups and on a casual basis for other community activities. Church and hall are likewise available for appropriate functions such as concerts and recitals.
The church tower houses a ring of 8 bells. With the help of the St Margaret’s Barking ringers, who ring in several towers in this part of Essex/east London, the bells are rung before Sunday Mass about twice per month in addition to Holy Days and other ad hoc celebrations.
As the Church of England is the Church by law established, we are uniquely available for civic services and special services for local groups. The church building houses some items of religious art which are of particular note and features in the Barking Episcopal Area Art Trail.
The church is situated within a Victorian churchyard and cemetery, and this has been designated as an Area of Special Interest by the Local Authority. As such we regularly and increasingly facilitate the locating of family graves and assist those researching their genealogy. The churchyard is home to 5 Commonwealth War Graves and in 2018 work was undertaken to clean these up and make them more accessible. The Commonwealth War Grave Commission installed a sign on our main gates indicating the presence of these important graves. Work to make the churchyard a more attractive and safer area continues in concert with the local authority.
ANNUAL REVIEW
St Mary’s is parish centered around the regular celebration of the Eucharist and offices. It is from this expression of faithfulness to Christ’s command to do this in remembrance of me and from our understanding of our vocation to be part of God’s continuing mission in earth, that other activities stem. Mass is usually offered on 5 days of the week, at which the needs of the parish, wider community and world are brought before God.
Our commitment to walking alongside refugees has continued through offering practical support, pastoral care and signposting to those living in the parish. Our Vicar offers specialist care and support when needed. This remains an integral part of our ministry. Often the work we do in these areas is necessarily low key due to matters of security and safeguarding.
We continue to respond to and meet general pastoral need when it arises, both from within the established congregation and wider afield and we support the work of the various local agencies attending to the growing and ever-present problem of street homelessness, violence, poverty and substance misuse.
The financial review will clearly show the fiscal challenges of maintaining mission and ministry in a sustainable way and the challenges of maintaining the church building, though this has been a regular concern over the past years. We have invested significantly in improvements to the church building over the past 6 years, and as such, the site is sound and without any major defects.
FINANCIAL REVIEW
St Mary’s income for 2023 has increased on the previous years. This is predominantly due to increased revenues from hall hire and an increase in regular planned giving and a positive return on our investments.
Our day-to-day expenditure has remained stable and on similar levels are the previous year.
Our overall expenditure has increased due to an increased Parish Share, and we have paid it in full as opposed to 75% in 2022.
In line with previous years overall cost comparisons show that the expenditure for St Mary's exceeds income. For the year 2023 our overall costs were £11,279.95 more than the income generated.
At year end St Mary’s unrestricted funds were £15,086.47,
Unrestricted designated funds were £88,469.49. Designated funds are amounts that have been put aside at the discretion of the trustees out of general funds for specific future purposes or projects.
Restricted (reserve) funds were £45,758.78. Reserve funds are amounts held for specific purposes as set out by the legacies they represent or specific-purpose fundraising.
Approved by the Parochial Church Council on 12 May 2024 Signed for the PCC:
Fr Gareth Jones
Chair
Keith Jeffery
Treasurer
St Mary's Ilford PCC SOFA
For the period from 01 January 2023 to 31 December 2023
| Unrestricted | Designated | Restricted | Endowment | Total |
Prior year totalfunds |
||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |||
| Income and endowments from: | |||||||
| Donations and legacies | 44,136.25 | - | - | - | 44,136.25 | 35,067.47 | |
| Income from charitable activities | 2,955.16 | - | - | - | 2,955.16 | 7,373.51 | |
| Other tradingactivities | 15,587.94 | - | - | - | 15,587.94 | 11,249.44 | |
| Investments | 28,424.40 | - | - | - | 28,424.40 | 23,738.42 | |
| Otherincome | - | - | - | - | - | 1,579.60 | |
| Totalincome | 91,103.75 | - | - | - | 91,103.75 | 79,008.44 | |
| Expenditure on: | |||||||
| Raising funds | 819.33 | - | - | - | 819.33 | 818.83 | |
| Expenditure on charitable activities | 101,564.37 | - | - | - | 101,564.37 | 92,502.91 | |
| Otherexpenditure | - | - | - | - | - | 52.42 | |
| Totalexpenditure | 102,383.70 | - | - | - | 102,383.70 | 93,374.16 | |
| Net income / (expenditure) resources before transfer | (11,279.95) | - | - | - | (11,279.95) | (14,365.72) | |
| Transfers: | |||||||
| Gross transfers between funds - in | 22,482.56 | - | - | - | 22,482.56 | 13,550.00 | |
| Gross transfers between funds - out | - | (12,500.00) | (9,982.56) | - | (22,482.56) | (13,550.00) | |
| Other recognisedgains / losses | |||||||
| Gains/losses on investment assets | - | - | - | 503.94 | 503.94 | (17,403.07) | |
| Gains on revaluation,fixed assets,charity's own use | - | - | - | - | - | - | |
| Net movement in funds | 11,202.61 | (12,500.00) | (9,982.56) | 503.94 | (10,776.01) | (31,768.79) | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 3,883.86 | 100,969.49 | 55,741.34 | 200,751.70 | 361,346.39 | 393,115.18 | |
| Total funds carried forward | 15,086.47 | 88,469.49 | 45,758.78 | 201,255.64 | 350,570.38 | 361,346.39 |
Approved by the Parochial Church Council on 12 May 2024 Signed for the PCC:
Fr Gareth Jones
Chair
Keith Jeffery
Treasurer
St Mary's Ilford PCC Balance Sheet (Summary)
| St Mary's Ilford PCC Balance Sheet (Summary) |
St Mary's Ilford PCC Balance Sheet (Summary) |
||
|---|---|---|---|
| As at 31/12/2023 As at 31/12/2022 |
|||
| Fixed Assets -Investments | 201,255.64 | 200,751.70 | |
| 201,255.64 | 200,751.70 | ||
| Current assets | |||
| Debtors | 3,181.70 | 1,836.23 | |
| Cash At Bank And In Hand | 148,029.58 | 158,986.56 | |
| 151,211.28 | 160,822.79 | ||
| Liabilities | |||
| Creditors: Amounts FallingDue In One Year | 1,896.54 | 228.10 | |
| 1,896.54 | 228.10 | ||
| Net current assets less current liabilities | 149,314.74 | 160,594.69 | |
| Total assets less current liabilities | 350,570.38 | 361,346.39 | |
| Liabilities | |||
| - | - | ||
| Total net assets less liabilities | 350,570.38 | 361,346.39 |
Approved by the Parochial Church Council on 12 May 2024 Signed for the PCC:
Fr Gareth Jones
Chair
Keith Jeffery
Treasurer
St Mary's Ilford PCC- Analysis of income and expenditure Selected period: 01 January 2023 to 31 December 2023
| General | Designated Restricted |
Designated Restricted |
Thisyear | Lastyear | |
|---|---|---|---|---|---|
| Income and endowments from: Donations and legacies 0103 - Pgbank unallocated |
6,609.00 | - | - | 6,609.00 | 13,245.55 |
| 0107 - Payrollgiving | - | - | - | - | 859.00 |
| 0112 - Pgenvelopes unallocated | - | - | - | - | 100.00 |
| 0113 - Pgenvelopes GA | - | - | - | - | 1,285.00 |
| 0114 - Pgenvelopes non-GA | - | - | - | - | 870.00 |
| 0116 - Gift Aid - periodic | 3,691.05 | - | - | 3,691.05 | 2,946.24 |
| 0120 - Card donation unallocated | 6,284.06 | - | - | 6,284.06 | 4,210.67 |
| 0121 - Card donation GA | - | - | - | - | 286.00 |
| 0122 - Card donation non-GA | - | - | - | - | 240.00 |
| 0126 – Parish GS GA | 9,771.04 | - | - | 9,771.04 | 1,040.00 |
| 0127 - ParishGS non-GA | - | - | - | - | 450.00 |
| 0128 – Parish GS taxrecovered | - | - | - | - | 260.00 |
| 0301 - Collections | 9,340.00 | - | - | 9,340.00 | 6,196.51 |
| 0412 - Votive candles | - | - | - | - | 36.05 |
| 0550 - Donations & appeals - recurrent | - | - | - | - | 95.00 |
| 0551 - Candlemasgifts | 697.44 | - | - | 697.44 | 698.00 |
| 0560 - Donations & appeals - one-off | 926.83 | - | - | 926.83 | 1,098.70 |
| 0601 – Tax recoverable on Gift Aid | 2,760.81 | - | - | 2,760.81 | 650.75 |
| 0701 - Legacies | 2,811.02 | - | - | 2,811.02 | 500.00 |
| 0802 - Non-recurringone-offgrants | 1,245.00 | - | - | 1,245.00 | - |
| Donations and legacies Totals | 44,136.25 | - | - | 44,136.25 | 35,067.47 |
| Income from charitable activities | |||||
| 1101 - Fees for weddings and funerals | 682.00 | - - |
682.00 | 374.50 | |
| 1205 - Refreshments | 15.00 | - - |
15.00 | 159.01 | |
| 1280 - Pilgrimages & outings | 2,258.16 | - - |
2,258.16 | 6,840.00 | |
| Income from charitable activities Totals | 2,955.16 | - - |
2,955.16 | 7,373.51 | |
| Other trading activities | |||||
| 0910 - Fundraising | - | - - |
- | 586.10 | |
| 1220 - Bookstall sales - fund raising | - | - - |
- | 2.50 | |
| 1240 - Hall lettings - fundraising | 15,587.94 | - - |
15,587.94 | 10,660.84 | |
| Other trading activities Totals | 15,587.94 | - - |
15,587.94 | 11,249.44 | |
| Investments | |||||
| 1001 - Dividends - investments | 9,702.02 | - - |
9,702.02 | 8,605.07 | |
| 1020 - Bank interest | 4,740.08 | - - |
4,740.08 | 1,953.49 | |
| 1030 - Rent from telecomms | 13,982.30 | - - |
13,982.30 | 13,179.86 | |
| Investments Totals | 28,424.40 | - - |
28,424.40 | 23,738.42 | |
| General | Designated Restricted |
Thisyear | Lastyear | ||
| Income and endowments Grand totals | |||||
| 91,103.75 | - - |
91,103.75 | 79,008.44 |
| Expenditure on: Raising funds 1738 - Cateringexpenses |
819.33 | - | - | 819.33 | 818.83 |
|---|---|---|---|---|---|
| Raising funds Totals | 819.33 | - | - | 819.33 | 818.83 |
| Expenditure on charitable activities | |||||
| 1735 - Pilgrimage & outingcosts | 806.50 | - | - | 806.50 | 6,961.82 |
| 1830 - Giving - relief and development agencies |
652.20 | - | - | 652.20 | - |
| 1850 - Giving- UK-based church societies | - | - | - | - | 1,677.50 |
| 1880 - Subscriptions | 2,056.79 | - | - | 2,056.79 | 970.89 |
| 1910 - Diocesan parish share | 50,000.00 | - | - | 50,000.00 | 40,996.34 |
| 2001 - Assistant staff costs | 321.10 | - | - | 321.10 | 10.00 |
| 2005 - Presentations from PCC funds | 650.00 | - | - | 650.00 | - |
| 2010 - Organist's honorarium | 3,900.25 | - | - | 3,900.25 | - |
| 2020 - Cleaner(Hall) | 1,970.00 | - | - | 1,970.00 | 1,268.50 |
| 2050 - Salaryof parish administrator | 8,684.35 | - | - | 8,684.35 | 7,332.63 |
| 2101 - Workingexpenses of incumbent | 2,084.56 | - | - | 2,084.56 | 2,248.98 |
| 2130 - Vicarage maintenance/security | 3,030.33 | - | - | 3,030.33 | 90.99 |
| 2150 - Vicar's telephone | 371.72 | - | - | 371.72 | 760.84 |
| 2155 - Church office utilities | 2,041.37 | - | - | 2,041.37 | 281.03 |
| 2160 - Vicar's discretionaryfund | 1,120.50 | - | - | 1,120.50 | 1,050.00 |
| 2201 - Parish trainingand mission | 266.50 | - | - | 266.50 | - |
| 2210 - Promotion & website | - | - | - | - | 1,262.13 |
| 2301 - Church running- insurance | 3,020.06 | - | - | 3,020.06 | 3,089.18 |
| 2305 - Church security | 54.97 | - | - | 54.97 | 98.82 |
| 2320 - Organ / piano tuning | 905.60 | - | - | 905.60 | 597.80 |
| 2330 - Church maintenance | 5,607.02 | - | - | 5,607.02 | 4,845.46 |
| 2331 - Cleaning | - | - | - | - | 44.21 |
| 2332 - Cleaning&janitorial supplies | - | - | - | - | 105.47 |
| 2341 - Sacristyconsumables & maintenance | 1,671.80 | - | - | 1,671.80 | 1,764.24 |
| 2342 - Sacristyacquisitions | 281.45 | - | - | 281.45 | 1,140.07 |
| 2343 - Service books | - | - | - | - | 176.87 |
| 2345 - Music | 217.00 | - | - | 217.00 | 2,809.98 |
| 2349 - Flower costs | - | - | - | - | 100.00 |
| 2360 - Church office | 1,071.95 | - | - | 1,071.95 | 416.07 |
| 2370 - Visitingspeakers / locums | 491.40 | - | - | 491.40 | 372.20 |
| 2401 - Church running- electric | 5,695.46 | - | - | 5,695.46 | 1,469.76 |
| 2410 - Church running-gas | 1,265.73 | - | - | 1,265.73 | 852.19 |
| 2420 - Church running- water | 147.07 | - | - | 147.07 | 135.88 |
| 2425 - Refuse collection | - | - | - | - | 160.56 |
| 2470 - Refugee Welcome support | 750.00 | - | - | 750.00 | 379.58 |
| 2502 - Printing& stationery | 1,552.69 | - | - | 1,552.69 | 621.91 |
| 2530 - Hall running- electricity | - | - | - | - | 38.25 |
| 2540 - Hall running-gas | 75.00 | - | - | 75.00 | 280.72 |
| 2560 - Hall running- maintenance | 426.00 | - | - | 426.00 | 412.04 |
| 2601 - Governance costs examination/audit fee |
375.00 | - | - | 375.00 | 147.00 |
| General | Designated Restricted Thisyear |
Designated Restricted Thisyear |
Designated Restricted Thisyear |
Lastyear | |
|---|---|---|---|---|---|
| 2710 - Church major repairs - installation | - | - | - | - | 4,155.00 |
| 2720 - Church interior and exterior decorating | - | - | - | - | 1,368.00 |
| 2820 - Hall + major repairs - installation | - | - | - | - | 2,010.00 |
| Expenditure on charitable activities Totals | 101,564.37 | - | - | 101,564.37 | 92,502.91 |
| Other expenditure | |||||
| 2620 - Bank charges | - | - | - | - | 52.42 |
| Other expenditure Totals | - | - - - |
52.42 | ||
| Expenditure Grand totals | 102,383.70 | - - 102,383.70 |
93,374.16 |
Approved by the Parochial Church Council on 12 May 2024
Signed for the PCC: Fr Gareth Jones
Chair
Keith Jeffery
Treasurer
Statement of Assets and Liabilities (by code) As at: 31 December 2023
| Class and nominal code | Class and nominal code | Class and nominal code | General (Unrestricted) | General (Unrestricted) | Designated | Restricted | Endowment | Total | Lastyear | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed Asset - Investments | |||||||||||
| 6430:Charibond | - | - | - | 96,119.52 | 96,119.52 | 93,085.70 | |||||
| 6440:Charifund | - | - | - | 105,136.12 | 105,136.12 | 107,666.0 0 |
|||||
| Total | - | - | - | 201,255.64 | 201,255.64 | 200,751.70 | |||||
| **Current Asset - Cash At Bank And In ** | Hand | ||||||||||
| 6501: Barclays account | (2,550.00) | 2,850.00 | (300.00) | - | - | (225.00) | |||||
| 6502: Co-op account | 9,916.40 | 3,720.04 | 3,705.47 | - | 17,341.91 | 10,290.29 | |||||
| 6506:Stripe | 266.25 | - | (266.25) | - | - | 122.69 | |||||
| 6507:SumUp | (471.86) | - | 471.86 | - | - | 361.94 | |||||
| 6510: CCLA(CBF) deposit account |
6,561.60 | 81,899.45 | 42,226.62 | - 7 |
130,687.6 | 148,430.1 5 |
|||||
| 6580: Flower float | 81.00 | - | (81.00) | - | - | (81.00) | |||||
| 6590: Cash in hand | (2.08) | - | 2.08 | - | - | 87.49 | |||||
| Total | 13,801.31 | 88,469.49 | 45,758.78 | - | 148,029.58 | 158,986.56 | |||||
| Current Asset - Debtors | |||||||||||
| Z05: Accounts Receivable | 3,181.70 | - | - | - | 3,181.70 | 1,836.23 | |||||
| Total | 3,181.70 | - | - | - | 3,181.70 | 1,836.23 | |||||
| Liability - Agency Accounts | |||||||||||
| 6699: Agencycollections | - | - | - | - | - | 228.08 | |||||
| Total - |
- | - | - | - | 228.08 | ||||||
| Liability - Creditors: Amounts Falling Due In One Year Z04: Accounts Payable 1,896.54 Total 1,896.54 Net total assets 15,086.47 |
|||||||||||
| Z04: Accounts Payable | 1,896.54 | - | - | - | 1,896.54 0.02 |
||||||
| Total 1,896.54 |
- | - | - | 1,896.54 | 0.02 | ||||||
| 350,570.38 361,346.39 |
|||||||||||
| Net total assets 15,086.47 |
88,469.49 | 45,758.78 | 201,255.64 | 350,570.38 | 361,346.39 |
Approved by the Parochial Church Council on 12 May 2024
Signed for the PCC: Fr Gareth Jones
Chair
Keith Jeffery
Treasurer
St Mary’s Ilford PCC – 1132877
Staff Costs
Fees are paid to our Self-employed cleaner, Parish Administrator and our Director of Music. No Trustee is paid for their services as a trustee. Expenses are reimbursed to Incumbent, Assistant Priest and for any pre-agreed specific expenses incurred by trustee and volunteers.
Investments
M & G Charibond and Charifund represent investments made from the proceeds received from the sale of the Assistant Clergy house at 2 Elizabeth Avenue and are held for the long-term benefit of the church and the General Fund. The investments are administered for the PCC by the Chelmsford Diocesan Board of Finance. The Charibond has the higher rate of return, but the Charifund has the potential for capital growth (or decline).
| Investment Account |
Year End 31/12/23 |
Year End 31/12/22 |
|---|---|---|
| M&G Charifund | 105,136.12 | 107,666.00 |
| M&G Charibond | 96,119.52 | 93,085.70 |
| Totals | 201,255.64 | 200,751.70 |
Income from Investment accounts
| Charifund | Charibond | Totals | |
|---|---|---|---|
| Income 2023 | 6,264.26 | 3,437.76 | 9,702.02 |
| Income 2022 | 6,081.08 | 2,523.99 | 8,605.07 |
Debtors
Mast Electric - £1,189.44 received 12[th] of January 2024 Mast Electric - £1,109.28 received 9[th] February 2024 Gift aid – £882.98 received on 9 January 2024
Creditors
Mast Electric - £1,395.33 paid 3[rd] January 2024
Incumbent Expenses and Reimbursement for December - £421.19 paid 2[nd] January 2024
Fund movements and analysis.
St Mary's Ilford PCC
Fund movement summary Selected period: 01 January 2023 to 31 December 2023
| Fund | Fundbalances brought forward |
Incoming Resources |
Outgoing Resources |
Transfers | Gainsand Losses |
Journal Entries |
Fundbalances Carriedforward |
|---|---|---|---|---|---|---|---|
| Unrestricted | |||||||
| General - General fund | 3,883.86 | 91,103.75 | 102,383.70 | 22,482.56 | - | - | 15,086.47 |
| Sub-totals | 3,883.86 | 91,103.75 | 102,383.70 | 22,482.56 | - | - | 15,086.47 |
| Designated | |||||||
| Bonner - Bonner fund | 20,183.06 | - | - | (12,500.00) | - | - | 7,683.06 |
| Gorman - Gorman memorial | 877.54 | - | - | - | - | - | 877.54 |
| Halsey- Halsey Fund | 500.00 | - | - | - | - | - | 500.00 |
| Horne - Horne fund | 351.51 | - | - | - | - | - | 351.51 |
| Martin - Martin fund | 44,305.86 | - | - | - | - | - | 44,305.86 |
| Row - Row fund | 31,888.62 | - | - | - | - | - | 31,888.62 |
| Wagg - Wagg memorial | 2,741.75 | - | - | - | - | - | 2,741.75 |
| Williams - Williams memorial gift | 121.15 | - | - | - | - | - | 121.15 |
| Sub-totals | 100,969.49 | - | - | (12,500.00) | - | - | 88,469.49 |
| Restricted | |||||||
| Barnes - Barnes fund | 50,466.01 | - | - | (9,982.56) | - | - | 40,483.45 |
| Bells - Bells fund | 173.00 | - | - | - | - | - | 173.00 |
| Bonner - Bonner fund | 19.43 | - | - | - | - | - | 19.43 |
| Choir - Choir Fund | 808.21 | - | - | - | - | - | 808.21 |
| Emergency- Emergency Appeals | 270.06 | - | - | - | - | - | 270.06 |
| Flower - Flower Fund | 208.04 | - | - | - | - | - | 208.04 |
| RWD - Refugee Fund | 2,290.34 | - | - | - | - | - | 2,290.34 |
| Trust - Trust fund | 975.00 | - | - | - | - | - | 975.00 |
| Yellow - Charity Distribution | 531.25 | - | - | - | - | - | 531.25 |
| Sub-totals | 55,741.34 | - | - | (9,982.56) | - | - | 45,758.78 |
| Endowment | |||||||
| Invest - Investment fund | 200,751.70 | - | - | - | 503.94 | - | 201,255.64 |
| Sub-totals | 200,751.70 | - | - | - | 503.94 | - | 201,255.64 |
| Totals | 361,346.39 | 91,103.75 | 102,383.70 | - | 503.94 | - | 350,570.38 |
Auxiliary funds
The Bell Fund is held on behalf of St Mary’s bellringers; income comes mostly from donations by visiting ringers and pays for the replacement of worn ropes and broken stays.
The Choir Fund buys music and robes etc for the choir.
Flowers are arranged by a team led by Margaret Quinney, who administers donations and costs through a Flower Float; the Flower Fund embraces both the flower float and other funds held in the bank account.
The Trust Fund holds deposits made by hirers of the hall against lost keys and accidental damage.
Support funds.
Members who support the church through planned giving (through blue envelopes or otherwise) often add an additional sum to be distributed to other charities at the discretion of the PCC (yellow envelopes). This is known as the Charity Distribution Fund.
The Emergency Fund is a channel for external emergencies.
The Refugee Welcome Dagenham fund was set up in 2018 to support a sponsored family from Syria who were housed in a church property in Dagenham. The fund is now used more widely to support refugees settled locally.
Memorial funds
The Barnes Memorial has continued to support our Parish Administrator £9,982.56.
The Bonner memorial fund contributed £12,500 respectively to pay the Parish Share in Full
Approved by the Parochial Church Council on 12 May 2024.
To be Signed for the PCC:
Fr Gareth Jones Chair
Keith Jeffery
Treasurer/Church Warden