## **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 - Examine the accounts under section 145 of the 2011 Act; - Follow procedures laid down in the general directions given by the Charity Commissioners section 145(5)(b) of the 2011 Act; and - 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. - (1) which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with s.130 of the 2011 Act; or - 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.