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|



- 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. 

- 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. 

- £46,940 was received from the insurance company, for the main hall fire. 

- The refurbishment of Carlton Road was completed during 2024, at a total cost of £30,839. 

- 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**<br>General Funds - Not Restricted<br>72,452<br>Palmer (Church Fabric) - Restricted<br>14,951<br>Helga Johannsen (Mission work) - Restricted<br>4,283<br>New Church Noticeboard - Restricted<br>Rev. Elvin Legacy (Remembrance) - Restrict<br>4,386<br>**Restricted funds**<br>23,620<br>Total<br>96,072<br>**Note 2 Planned Giving**<br>Envelope Scheme<br>150<br>Standing Orders<br>22,454<br>22,604<br>**Note 3 Unplanned giving & donations**<br>Collections<br>10,463<br>Donations<br>1,840<br>Gift Day<br>0<br>Fundraising<br>0<br>12,303<br>**Note 4 Other receipts**<br>Church fees<br>1,466<br>Bright Minds Playgroup<br>810<br>Charities<br>Sundries<br>2,009<br>Tax Rebate<br>13,455<br>Grants<br>0<br>Refreshment<br>0<br>Harold Hill Foodbank (CAP Office)<br>0<br>17,740<br>**Note 5 Halls**<br>Regular Monthly lettings<br>59,628<br>Church Insurance Advance (due to fire)<br>46,940<br>106,568<br>**Note 6 109 Carlton Road**<br>Rental income<br>7,840<br>7,840<br>**Unrestricted**<br>**Funds**|**1 January 2024**|**Transfer**|**Interest**|**Receipts/**<br>**(Payments)**|**31st Dec 24**|
|---|---|---|---|---|---|
||72,452||||76,463|
|||||-2400<br>1,800|14,951<br>1,883<br>1,800<br>4,386|
||23,620||||23,020|
|||||||
||96,072||||99,483|
||150<br>22,454<br>22,604<br>10,463<br>1,840<br>0<br>0<br>12,303<br>1,466<br>810<br>2,009<br>13,455<br>0<br>0<br>0<br>17,740<br>59,628<br>46,940<br>106,568<br>7,840<br>7,840<br>**Unrestricted**<br>**Funds**|**Restricted**<br>**Funds**|**Total 2024**<br>150<br>22,454<br>22,604<br>10,463<br>1,840<br>0<br>0<br>12,303<br>1,466<br>810<br>2,009<br>13,455<br>0<br>0<br>0<br>17,740<br>59,628<br>46,940<br>106,568<br>7,840<br>7,840|**Total 2023**<br>150<br>26,354<br>26,504<br>6,344<br>0<br>670<br>7,014<br>51<br>706<br>247<br>10,456<br>1,520<br>9<br>575<br>13,564<br>64,889<br>25,000<br>89,889<br>15,000<br>15,000|2022<br>190<br>29,751<br>29,941<br>5,466<br>0<br>10,235<br>15,701<br>696<br>571<br>30<br>11,496<br>12,793<br>74,053<br>10,000<br>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**<br>2024 Parish Share for 2023<br>2024 Parish Share for 2024<br>**Note 8 Church Renewals**<br>Repairs & Renewals<br>**Note 9 Church running costs**<br>Church Insurance<br>Heating and Lighting<br>Organ & Music<br>Sanctuary<br>Church & Childrens Groups<br>Office manager/accounts assistant<br>Flowers<br>Sundries & Window Cleaning<br>Fire protection<br>Bank Charges<br>Refreshments<br>Church PPST<br>Bibles / Church books<br>**Note 10 Clergy Expenses**<br>Vicar's expenses<br>Interregum Costs<br>Curate's Expenses<br>Fees to officiating ministers<br>Children's Worker<br>Children's Worker Expenses|20,000<br>25,000<br>45,000<br>3,954<br>3,954<br>2,622<br>5,432<br>595<br>0<br>0<br>11,435<br>0<br>964<br>261<br>1,980<br>656<br>23,945<br>119<br>14,000<br>0<br>14,119<br>**Unrestricted**<br>**Funds**|**Restricted**<br>**Funds**|**Total 2024**<br>20,000<br>25,000<br>45,000<br>3,954<br>3,954<br>2,622<br>5,432<br>595<br>0<br>0<br>11,435<br>0<br>0<br>964<br>261<br>0<br>1,980<br>656<br>23,945<br>119<br>14,000<br>0<br>14,119|**Total 2023**<br>9,578<br>30,000<br>39,578<br>714<br>714<br>2,782<br>8,620<br>865<br>0<br>45<br>10,364<br>0<br>228<br>0<br>277<br>0<br>2,300<br>416<br>25,897<br>50<br>20,870<br>1,406<br>22,326|**_2022_**<br>21,748|
||||||38,312|
||||||60,060|
||||||7,441|
||||||7,441|
||||||2,819<br>6,877<br>945<br>0<br>0<br>12,161<br>0<br>0<br>542<br>274<br>0<br>3,725<br>178|
||||||27,521|
||||||17,272<br>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**<br>Essex Clergy<br>CMS<br>**Note 12 Halls running costs**<br>Utilities - Gas & Electricity *<br>Water<br>Minor Repairs<br>Major Repairs<br>Insurance<br>Cleaning Materials<br>Main Hall & Manley Cleaning<br>Hedley & Chadwick Cleaning<br>Hall Window Cleaning<br>Trade refuse<br>Sundries<br>Fire, lighting & PAT tests<br>**Note 13 Carlton Road Running Costs**<br>Minor Repairs via Agent<br>Management Fees & VAT<br>Insurance<br>Council Tax<br>Major Refurbishment|2,400<br>2,400<br>16,289<br>558<br>0<br>2,280<br>4,957<br>775<br>3,445<br>2,855<br>550<br>2,399<br>1,290<br>270<br>35,668<br>0<br>1,765<br>808<br>2,031<br>30,839<br>35,443||2,400<br>2,400<br>16,289<br>558<br>0<br>2,280<br>4,957<br>775<br>3,445<br>2,855<br>550<br>2,399<br>1,290<br>270<br>35,668<br>0<br>1,765<br>808<br>2,031<br>30,839<br>35,443|1,150<br>1,150<br>6,054<br>1,054<br>386<br>276<br>4,898<br>1,198<br>3,572<br>3,115<br>1,000<br>2,036<br>1,685<br>1,370<br>26,644<br>0<br>1,621<br>795<br>2,416|600|
|---|---|---|---|---|---|
||||||600|
||||||12,040<br>1,191<br>5,844<br>6,634<br>5,317<br>1,102<br>3,559<br>2,878<br>1,000<br>2,613<br>1,102<br>987|
||||||44,267|
||||||463<br>1,935|
||||||2,398|



|**Note 14 Other Payments**<br>Gifts<br>Fees to Diocese<br>Office Manager Expense<br>CAP Office|0<br>472<br>729<br>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 

- 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. 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