Saint Michael and All Angels Main Road Gidea Park Romford RM2 5EL
Financial Report for the Year Ending 31[st ] December 2024
End of year balance
| As at 31/12/24: | |
|---|---|
| Bank Current account | £99,483 |
Annual Accounts for 2024
| Annual Accounts | |
|---|---|
| Receipts | £167,055 |
| Payments | £163,645 |
| Difference | £3,410 |
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Receipts have increased by £15,084 when compared with 2023, due to additional hall rentals and also insurance payments for 2025 being made during 2024.
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During 2024, £20,000 was paid for the 2023 parish share, and £25,000 was paid towards the 2024 parish share, giving a total of £45,000.
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£46,940 was received from the insurance company, for the main hall fire.
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The refurbishment of Carlton Road was completed during 2024, at a total cost of £30,839.
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The end of year balance of £99,483 includes restricted funds of £23,020.
Going Concern/Additional Comment
Since the main hall fire in 2022, the insurance company has been paying funds into the church bank account to cover the lost rental income and associated costs, the rebuilding of the main hall is due to be completed during 2025.
The church cannot afford to pay the full parish share for 2025, which is £84,327. For the last few years, the church has been paying a reduced parish share.
Jane Aldridge - Treasurer
1
Parochial Church Council of St Michael's Church, Gidea Park Financial Statements for the year ended 31st December 2024
This statement has been prepared in accordance with the Church Accounting regulations 2006
Receipts and Payments Account
| Receipts and Payments Account | ||||||
|---|---|---|---|---|---|---|
| Note | Unrestricted | Restricted | Total 2024 | 2023 | ||
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Receipts | ||||||
| Planned Giving | 2 | 22,604 | 0 | 22,604 | 26,504 | |
| Tax Recovered in 2024 | 4 | 13,455 | 13,455 | 10,456 | ||
| Unplanned giving & donations | 3 | 12,303 | 12,303 | 7,014 | ||
| Other receipts | 4 | 4,285 | 4,285 | 3,108 | ||
| Halls | 5 | 106,568 | 106,568 | 89,889 | ||
| 109 Carlton Road | 6 | 7,840 | 7,840 | 15,000 | ||
| Investment income CCLA | 0 | |||||
| Total Receipts | 167,055 | 0 | 167,055 | 151,971 | ||
| Payments | ||||||
| Parish Share | 7 | 45,000 | 45,000 | 39,578 | ||
| Church renewals | 8 | 3,954 | 3,954 | 714 | ||
| Church running costs | 9 | 23,945 | 23,945 | 25,897 | ||
| Clergy expenses | 10 | 14,119 | 14,119 | 22,276 | ||
| Missions & Charities | 11 | 2,400 | 2,400 | 1,150 | ||
| Halls running costs | 12 | 35,668 | 35,668 | 26,644 | ||
| 109 Carlton Rd costs | 13 | 35,443 | 35,443 | 2,416 | ||
| Other Payments | 14 | 3,116 | 3,116 | 2,800 | ||
| Total Payments | 163,645 | 0 | 163,645 | 121,475 | ||
| Receipts less payments | 3,410 | 3,410 | 30,446 | |||
| Cash at bank and in hand at 1st January 2024 | 96,072 | 25,420 | 70,652 | 65,625 | ||
| Cash at bank and in hand at 31st December 2024 | 99,483 | 25,420 | 70,652 | 65,625 | ||
| Statement of Assets and Liabilities at 31st December 2024 | ||||||
| Unrestricted | Restricted | |||||
| Fund | Funds | |||||
| Cash at bank and in hand | ||||||
| Bank Current account | 99,483 | 25,420 | ||||
| Deposit account | 0 | |||||
| 99,483 | 25,420 | |||||
| Liabilities | ||||||
| None | ||||||
| Asset retained for own use | ||||||
| Fixed Asset - 109 Carlton Road | 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 |
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
Total 2023 65,625 65,625 45,400
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2024
Notes to the Accounts
Note 1 Change in Funds
| 1 January 2024 General Funds - Not Restricted 72,452 Palmer (Church Fabric) - Restricted 14,951 Helga Johannsen (Mission work) - Restricted 4,283 New Church Noticeboard - Restricted Rev. Elvin Legacy (Remembrance) - Restrict 4,386 Restricted funds 23,620 Total 96,072 Note 2 Planned Giving Envelope Scheme 150 Standing Orders 22,454 22,604 Note 3 Unplanned giving & donations Collections 10,463 Donations 1,840 Gift Day 0 Fundraising 0 12,303 Note 4 Other receipts Church fees 1,466 Bright Minds Playgroup 810 Charities Sundries 2,009 Tax Rebate 13,455 Grants 0 Refreshment 0 Harold Hill Foodbank (CAP Office) 0 17,740 Note 5 Halls Regular Monthly lettings 59,628 Church Insurance Advance (due to fire) 46,940 106,568 Note 6 109 Carlton Road Rental income 7,840 7,840 Unrestricted Funds |
1 January 2024 | Transfer | Interest | Receipts/ (Payments) |
31st Dec 24 |
|---|---|---|---|---|---|
| 72,452 | 76,463 | ||||
| -2400 1,800 |
14,951 1,883 1,800 4,386 |
||||
| 23,620 | 23,020 | ||||
| 96,072 | 99,483 | ||||
| 150 22,454 22,604 10,463 1,840 0 0 12,303 1,466 810 2,009 13,455 0 0 0 17,740 59,628 46,940 106,568 7,840 7,840 Unrestricted Funds |
Restricted Funds |
Total 2024 150 22,454 22,604 10,463 1,840 0 0 12,303 1,466 810 2,009 13,455 0 0 0 17,740 59,628 46,940 106,568 7,840 7,840 |
Total 2023 150 26,354 26,504 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 |
2022 190 29,751 29,941 5,466 0 10,235 15,701 696 571 30 11,496 12,793 74,053 10,000 94,253 |
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2024
Notes to the Accounts
| Notes to the Accounts | |||||
|---|---|---|---|---|---|
| Note 7 Parish Share 2024 Parish Share for 2023 2024 Parish Share for 2024 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 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 |
20,000 25,000 45,000 3,954 3,954 2,622 5,432 595 0 0 11,435 0 964 261 1,980 656 23,945 119 14,000 0 14,119 Unrestricted Funds |
Restricted Funds |
Total 2024 20,000 25,000 45,000 3,954 3,954 2,622 5,432 595 0 0 11,435 0 0 964 261 0 1,980 656 23,945 119 14,000 0 14,119 |
Total 2023 9,578 30,000 39,578 714 714 2,782 8,620 865 0 45 10,364 0 228 0 277 0 2,300 416 25,897 50 20,870 1,406 22,326 |
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 3,725 178 |
|||||
| 27,521 | |||||
| 17,272 2,834 |
|||||
| 20,106 |
Parochial Church Council of St Michael's Church, Gidea Park Financial Statement for the year ended 31st December 2024
Notes to the Accounts
| Unrestricted | Restricted | Total | 2024 | Total | 2023 | 2022 |
|---|---|---|---|---|---|---|
| Funds | Funds |
| 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 Council Tax Major Refurbishment |
2,400 2,400 16,289 558 0 2,280 4,957 775 3,445 2,855 550 2,399 1,290 270 35,668 0 1,765 808 2,031 30,839 35,443 |
2,400 2,400 16,289 558 0 2,280 4,957 775 3,445 2,855 550 2,399 1,290 270 35,668 0 1,765 808 2,031 30,839 35,443 |
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 |
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 |
| Note 14 Other Payments Gifts Fees to Diocese Office Manager Expense CAP Office |
0 472 729 1,915 |
|---|---|
| 3,116 |
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 2024 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:
(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. Whilst Invoices are dealt with promptly, they should, however, be checked for consistency to avoid any errors or over payments.
Mrs Valerie Goodwin, Independent Examiner. 20[th] April 2025 508 Upper Brentwood Road
Romford RM2 6JA