10. Financial Review
RECEIPTS
Receipts through planned giving, envelopes, and cash collections during services in 2021 was £41,413 – up 31% on last year. In addition, the church received the following amounts:
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£8,374 - gift aid tax claims on giving and eligible donations collected in 2019
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£2,850 - donations towards special projects.
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£9,650 – income received from hiring the Dovetail centre for the Covid vaccination programme
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£13,275 – rental income from church property .
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£1,260 – income received from petty sales
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£905 – parish fees from funerals and weddings payable to the Dioceses
Overall total income received by the church in 2021 was £84,553 down -36% on prior year (prior year receipts included £65k – a one-off building insurance claim settlement claim)
EXPENDITURE
Total expenditure in 2021 including routine maintenance of Church and Church Rental Property was £63,780 down 52% on prior year (note that prior year included £89k of one off major building work). Breakdown of expenditure is as follows:
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£15,750 - contribution to the Dioceses common fund. This amount was 17% more than prior year’s contribution but well below our target mainly due to the fall in regular donation following the closure of the Church during the Covid pandemic. The common fund is used to help pay the costs of keeping clergy in parishes, and to contribute towards the wider work of the Church of England. It covers wages, pension, housing, training, and other miscellaneous stipends
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£25,193 – routine maintenance of the Church
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£3,489 – maintenance of rental property
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£450 – giving to Nominated charities
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£2,374 - insurances
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£602 – other miscellaneous items
The rest covered the running costs of the Church and the Dovetail Centre.
Adding bank and deposit balances brought forward at the beginning of the year, the total balances carried forward on 31[st] December £36,700 of which £28,108 has been designated for church maintenance projects and the acquisition of a printer and £1,898 is restricted for specific purposes.
11.Reserves Policy
It is PCC policy for the church not to hold excessive funds but to use donations and grants in furtherance of the church’s current defined needs, charitable purposes, and outreach projects. However, it is sensible to hold in reserve reasonable sums to meet unforeseeable expenses, longer term anticipated expenses/projects and any reduction in income.
The following reserve policy was agreed by the PCC in 2016:
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A sum not exceeding three months’ salary and any liability for redundancy payments may be held in respect of every employee.
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The equivalent of four months general running costs may be held in reserve.
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Every year the sum of £2,000 may be allocated to a designated fund for major building repairs. This fund must not exceed £15,000 without review.
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Every year the sum of £1,000 may be allocated to a designated fund for the renewal of equipment and furniture. This reserve must not exceed £15,000 without review.
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No more than 20% of unrestricted general fund receipts in any year may be allocated to reserves.
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The policy is to be review annually.
The above provision for reserve funds will be in addition to any restricted income donated for specific purposes.
Financial Statement for the Year Ending 31 December 2021
| Receipts Giving Planned (regular) giving Unplanned giving One off donation Roof/Building project Gift aid tax recovery Other voluntary receipts Legacy donation Activities for generating funds Rental property Hall Rental Insurance Claim settlement Transfer to Dovetail account Other misc income |
Notes | Unrestricted Funds £ Designated Funds £ Restricted Funds £ Total 2021 £ Total 2020 £ Var % 21-20 21,056 - - 21,056 22,242 -5% ▼ 11,121 - - 11,121 5,975 86% ▲ 9,237 5,800 - 15,037 3,456 335% ▲ 2,850 2,850 26,989 -89% ▼ 8,374 - - 8,374 - 0% 52,637 5,800 - 58,438 58,662 0% ▼ - - - - 0% - - - - 0% - - - - 0% - 13,275 - 13,275 - 0% 4,400 5,250 - 9,650 160 5931% ▲ - - 65,195 -100% ▼ - 2,204 987 - 3,191 9,066 -65% ▼ 59,241 25,312 - 84,553 133,082 -36% ▼ 15,750 - 15,750 13,455 17% ▼ 156 156 1,080 -86% ▲ 15,921 - 15,921 9,821 62% ▼ 15,153 10,040 - 25,193 13,124 92% ▼ 3,489 - 3,489 0% - - 89,112 -100% ▲ 450 - 450 - 0% - - - 125 -100% ▲ - - - 2,500 -100% ▲ 2,374 2,374 2,302 3% 342 104 - 446 313 43% ▼ 53,635 10,144 - 63,780 131,831 -52% ▲ 5,606 15,168 - 20,774 1,251 1561% ▼ 5,606 15,168 - 20,774 1,251 1561% 2,985 12,941 - 15,926 14,675 9% ▲ 8,592 28,108 - 36,700 15,926 130% ▲ |
|---|---|---|
| 1 2 3 4 5 6 7 8 9 10 11 |
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| Total General Fund Income | ||
| PAYMENTS Diocesan Common Fund Fees paid over to Dioceses Church Running Costs Church Maintenance and renovations Rental property Maintenance Major building works Nominated Tithes paid Costs of generating funds Loan repayment Insurance Other |
||
| Totalpayments | ||
| Excess of receipts over payments Prior year accruals reversal Bank account current and deposit 1 Jan Bank account current and deposit 31 Dec |
Notes
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1 Planned giving - most of which is eligible for Gift aid
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2 Unplanning and loose collection (offertory plate)
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3 One off donation received from church members
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4 Rental Income - Church property
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5 Hall rental - COVID Vaccination Centre
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6 Misc. incomes from various activities e.g. sale of misc. items, sale of 50th anniversary memorabilia & books
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7 Common fund pledge payment
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8 Church running costs – mainly
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£2,970 for energy and water
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£590 for worship and music and licenses
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£1,475 for telecommunication and website
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£2,140 for candles, communion wine and pastoral care
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£4,840 for photocopying and printing
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£490 for flowers hospitality
£775 for training and other
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9 General church maintenance of church and rental property
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10 Includes cleaning, safety inspections (gas, fire & electrics), general Church maintenance, maintenance of rental property and restoration of Bell Tower
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11 Building and content insurance
Balance Sheet 2021
| GBP(£) | Total | Church | Dovetail |
|---|---|---|---|
| Balance at 1st January 2021 | 15,926 | 2,985 | 12,941 |
| Income to general fund account | 84,553 | 59,241 | 25,312 |
| Expenditure from general fund account | 63,780 | 53,635 | 10,144 |
| Transfer to Dovetail account | 0 | ||
| Balance at 31st December 2021 | 36,700 | 8,592 | 28,108 |
| 0 | 0 | ||
| Held as: | Total | Church | Dovetail |
| General Fund Account | 8,592 | 8,592 | 0 |
| Dovetail Account | 28,108 | 0 | 28,108 |
| Church of England Deposit Fund | 0 | 0 | |
| Total as bank statements | 36,700 | 8,592 | 28,108 |
| Less uncleared cheques | 0 | 0 | |
| Less uncleared online bank payments | 0 | 0 | |
| Plus uncleared credits/Cash deposits | 0 | 0 | |
| Total holdings (GBP £) | 36,700 | 8,592 | 28,108 |
| Physical Assets (GBP £) | |||
| 8 Wells Close | 456,000 | ||
| Piano | 500 |
Asset and Liabilities Statement 2021 Assets
| Monetary Assets(GBP £) | General use | Designated | Restricted | Total |
|---|---|---|---|---|
| General Bank Account (allowing for uncleared item | 6,592 | 2,000 | 8,592 | |
| Church of England Deposit Account | 0 | |||
| Dovetail Bank Account | 28,108 | 28,108 | ||
| Total monetary assets | 6,592 | 28,108 | 2,000 | 36,700 |
| Physical Assets | ||||
| 8 Wells Close | 456,000 | |||
| Piano | 500 | |||
| Total assets | 493,200 |
| Restricted Funds in General Accounts & Dovetail a/c | Amount(GBP £) |
|---|---|
| Youth work donation Soul survivor Outreach programme funding remaining Total Designated Funds |
1,000 165 733 |
| 1,898 | |
| Amount(GBP £) | |
| Reserves | 28,108 |
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