Parochial Church Council of St Michael's Church, Gidea Park Financial Statements for the year ended 31st December 2023
This statement has been prepared in accordance with the Church Accounting regulations 2006
Receipts and Payments Account
| Receipts and Payments Account | |||||
|---|---|---|---|---|---|
| Note Receipts Planned Giving 2 Tax Recovered in 2023 4 Unplanned giving & donations 3 Other receipts 4 Halls 5 109 Carlton Road 6 Investment income CCLA Total Receipts Payments Parish Share 7 Church renewals 8 Church running costs 9 Clergy expenses 10 Missions & Charities 11 Halls running costs 12 109 Carlton Rd costs 13 Other Payments 14 Total Payments Receipts less payments Cash at bank and in hand at 1st January 2023 Cash at bank and in hand at 31st December 2023 |
Unrestricted Funds £ 26,504 10,456 7,014 3,108 89,889 15,000 151,971 39,578 714 25,897 22,326 1,150 26,644 2,416 2,800 121,525 30,446 65,625 96,072 |
Restricted Funds £ 0 0 0 0 23,620 23,620 |
Total 2023 £ 26,504 10,456 7,014 3,108 89,889 15,000 151,971 39,578 714 25,897 22,276 1,150 26,644 2,416 2,800 121,475 30,446 65,625 65,625 |
2022 £ 29,941 11,496 15,701 1,297 94,253 12,933 165,621 60,060 7,441 27,521 20,106 600 44,267 2,398 4,683 167,076 (1,455) 67,081 65,625 |
2021 £ 36,007 5,152 12,745 1,207 62,446 13,180 |
| 130,737 76,487 3,241 17,526 16,588 3,600 26,442 2,606 1,710 |
|||||
| 148,200 | |||||
| (17,463) 84,524 |
|||||
| 67,081 |
| Statement of Assets and Liabilities at 31st December 2023 | Statement of Assets and Liabilities at 31st December 2023 | Statement of Assets and Liabilities at 31st December 2023 | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | 2021 | |
| Fund | Funds | 2022 | ||
| Cash at bank and in hand | ||||
| Bank Current account | 96,072 | 65,625 | 67,081 | |
| Deposit account | 0 | 23,620 | ||
| 96,072 | 23,620 | 65,625 | 67,081 | |
| Liabilities | ||||
| None | ||||
| Asset retained for own use | ||||
| Fixed Asset - 109 Carlton Road | 45,400 | 45,400 45,400 |
45,400 | |
| This asset is retained for church use: freehold house at 109 Carlton Road purchased 1985 (cost £45,400) | ||||
| The property is not regularly revalued but a conservative unofficial valuation of the property in 2022 estimated the value at £500,000 | ||||
| During 2023 £30,000 was paid for the 2023 parish share, in January 2024 a further £20,000 was paid for the 2023 parish | share, giving a | |||
| total of 50,000 |
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2023
Notes to the Accounts
Note 1 Change in Funds
| General Reserve - Unrestricted General Legacies - Unrestricted Carlton Rd Refurbishment - unrestricted Hall Repair Fund General Funds Childrens Worker Fund Designated Fund Palmer (Church Fabric) - Restricted Helga Johannsen Legacy - Restricted Childrens Worker Fund Elvin Legacy - Flowers - Restricted Restricted funds Total Note 2 Planned Giving Envelope Scheme Standing Orders |
1 January 2023 6,285 1,262 0 7,653 |
Transfer | Interest | Receipts/ (Payments) 40,167 -1,262 26,000 25,000 |
31st Dec 23 46,452 0 26,000 0 |
|---|---|---|---|---|---|
| 15,200 | 72,452 | ||||
| 0 | 0 | 0 | |||
| 0 | 0 | 0 | |||
| 14,951 4,283 4,386 |
14,951 4,283 4,386 |
||||
| 23,620 | 23,620 | ||||
| 38,820 | 96,072 | ||||
| Unrestricted Funds 150 26,354 26,504 |
Restricted Funds |
Total 2023 150 26,354 26,504 |
Total 2022 190 29,751 29,941 |
2021 0 36,007 |
|
| 36,007 |
| Note 3 Unplanned giving & donations Collections Donations Gift Day Fundraising Note 4 Other receipts Church fees Bright Minds Playgroup Charities Sundries Tax Rebate Grants Refreshment Harold Hill Foodbank (CAP Office) Note 5 Halls Regular Monthly lettings Church Insurance Advance (due to fire) Note 6 109 Carlton Road Rental income |
6,344 670 7,014 51 706 247 10,456 1,520 9 575 13,564 64,889 25,000 89,889 15,000 15,000 |
6,344 0 670 7,014 51 706 247 10,456 1,520 9 575 13,564 64,889 25,000 89,889 15,000 15,000 |
5,466 0 10,235 15,701 696 571 30 11,496 12,793 74,053 10,000 94,253 |
2,905 2,379 7,460 |
|
|---|---|---|---|---|---|
| 12,745 | |||||
| 1,171 31 5 |
|||||
| 1,207 | |||||
| 52,246 | |||||
| 62,446 | |||||
| 13,180 13,180 |
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2023
| Notes to the Accounts Note 7 Parish Share 2023 Parish Share for 2022 2023 Parish Share for 2023 Note 8 Church Renewals Repairs & Renewals Note 9 Church running costs Church Insurance Heating and Lighting Organ & Music Sanctuary Church & Childrens Groups Office manager/accounts assistant Flowers Sundries & Window Cleaning Fire protection Bank Charges Refreshments |
Unrestricted Funds 9,578 30,000 39,578 714 714 2,782 8,620 865 45 10,364 228 0 277 |
Restricted Funds |
Total 2023 9,578 30,000 39,578 714 714 2,782 8,620 865 0 45 10,364 0 228 0 277 0 |
Total 2022 21,748 38,312 60,060 7,441 7,441 2,819 6,877 945 0 0 12,161 0 0 542 274 0 |
2021 76,487 76,487 2,592 |
|---|---|---|---|---|---|
| 2,592 | |||||
| 6,513 -6,186 927 0 12,865 58 600 889 258 |
| Church PPST Bibles / Church books Note 10 Clergy Expenses Vicar's expenses Interregum Costs Curate's Expenses Fees to officiating ministers Children's Worker Children's Worker Expenses |
2,300 416 25,897 50 20,870 1,406 22,326 |
2,300 416 25,897 50 20,870 1,406 22,326 |
3,725 178 27,521 17,272 2,834 20,106 |
1,279 324 |
|
|---|---|---|---|---|---|
| 17,526 | |||||
| 0 15,089 1,499 16,588 |
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2023
Notes to the Accounts
| Note 11 Missions & Charities Essex Clergy CMS Note 12 Halls running costs Utilities - Gas & Electricity Water Minor Repairs Major Repairs Insurance Cleaning Materials Main Hall & Manley Cleaning Hedley & Chadwick Cleaning Hall Window Cleaning Trade refuse Sundries Fire, lighting & PAT tests Note 13 Carlton Road Running Costs Minor Repairs via Agent Management Fees & VAT Insurance |
Unrestricted Funds 1,150 1,150 6,054 1,054 386 276 4,898 1,198 3,572 3,115 1,000 2,036 1,685 1,370 26,644 0 1,621 795 2,416 |
Restricted Funds |
Total 2023 1,150 1,150 6,054 1,054 386 276 4,898 1,198 3,572 3,115 1,000 2,036 1,685 1,370 26,644 0 1,621 795 2,416 |
Total 2022 600 600 12,040 1,191 5,844 6,634 5,317 1,102 3,559 2,878 1,000 2,613 1,102 987 44,267 463 1,935 2,398 |
2021 3,600 |
|---|---|---|---|---|---|
| 3,600 | |||||
| 10,167 583 2,354 3,150 1,211 475 2,015 2,052 600 2,630 316 889 |
|||||
| 26,442 | |||||
| 395 1,596 615 |
|||||
| 2,606 |
Note 14 Other Payments
Gifts 260 Fees to Diocese 80 Office Manager Expense 0 CAP Office 2,460 2,800
Independent examiner’s report to the PCC of St Michael & All Angels Church, Gidea Park
I report on the accounts of the PCC for the year ended 31 December 2023 which are set out in the financial report.
Respective responsibilities of the PCC and the examiner
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 procedures laid down in the general directions given by the Charity Commissioners 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 Examiners Statement.
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 opinion on the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention.
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with s.130 of the 2011 Act; or
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to prepare accounts, which accord with these accounting records have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, except however, for the following ongoing concerns:
ONGOING CONCERNS
In accordance with the Church of England’s Accounting Guide (section 3 para 3.4) I am obliged to comment on any matters which effect the Church’s current financial position. The end of year figures suggest to me a more favourable financial position in 2024.
Mrs Valerie Goodwin, Independent Examiner. 15 March 2024 508 Upper Brentwood Road
Saint Michael and All Angels Main Road Gidea Park Romford RM2 5EL
Financial Report for the Year Ending 31[st ] December 2023
End of year position
As at 31/12/23:
| As at 31/12/23: | As at 31/12/23: |
|---|---|
| Bank Current account | 96,072 |
| Deposit account | 0 |
| 96,072 |
-
Current financial position has improved since the last financial year.
-
During 2023, £30,000 was paid for the parish share.
-
In total, £35,000 has been received from the insurance company into the church bank account, £10,000 in 2022 and £25,000 during 2023.
-
The end of year balance also includes restricted funds of £23,620.
Annual Accounts for 2023
The annual accounts show a balance of £30,446 after payments have been deducted from the balance.
| Annual Accounts | |
|---|---|
| Receipts | £151,971 |
| Payments | £121,525 |
| Difference | £30,446 |
Going Concern/Additional Comment
The financial position has improved during 2023. The last few years have been tough financially as a result of the lingering impact of COVID, and the ‘cost of living’ crisis. Some funds need to be set aside for the refurbishment of 109 Carlton Road during 2024. Since the main hall fire in 2022, the insurance company has been paying funds into the current account to cover the lost rental income.