## **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: - £8,374 - gift aid tax claims on giving and eligible donations collected in 2019 - £2,850 - donations towards special projects. - £9,650 – income received from hiring the Dovetail centre for the Covid vaccination programme - £13,275 – rental income from church property . - £1,260 – income received from petty sales - £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: - £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 - £25,193 – routine maintenance of the Church - £3,489 – maintenance of rental property - £450 – giving to Nominated charities - £2,374 - insurances - £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: - A sum not exceeding three months’ salary and any liability for redundancy payments may be held in respect of every employee. - The equivalent of four months general running costs may be held in reserve. - 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. - 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. - No more than 20% of unrestricted general fund receipts in any year may be allocated to reserves. - 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|| |**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** - 1 Planned giving - most of which is eligible for Gift aid - 2 Unplanning and loose collection (offertory plate) - 3 One off donation received from church members - 4 Rental Income - Church property - 5 Hall rental - COVID Vaccination Centre - 6 Misc. incomes from various activities e.g. sale of misc. items, sale of 50th anniversary memorabilia & books - 7 Common fund pledge payment - 8 Church running costs – mainly - £2,970 for energy and water - £590 for worship and music and licenses - £1,475 for telecommunication and website - £2,140 for candles, communion wine and pastoral care - £4,840 for photocopying and printing - £490 for flowers hospitality £775 for training and other - 9 General church maintenance of church and rental property - 10 Includes cleaning, safety inspections (gas, fire & electrics), general Church maintenance, maintenance of rental property and restoration of Bell Tower - 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**| Independent F.xamlner's Report lo the PCC OT SL Joseph the Worker, Northolt. I Ihe thrth•yw 31* 2021. Ai mrth1¥450f & pcc. yw IS mot ttquirrd 145(1)of th¢ chan￿¢5 ALY 2Ql l ￿dth￿r Is ixrr4ww•d Mdrr th 14yII of* Aa 2011 I441111*￿) ofth*ThariDcs AGI 2011 th¢s nFfli' tothech th¢ Lwrrem thwsknids wdit ￿ •oi exuod¢d Th¢s¢ in 114 ofth•(kntses AEt20J (J¥m"l*s 21Jl I 1AttthMts￿dAth*l1j ( 2015 C*fth¢ c¢￿p￿1￿ Aol 2 E1eptEpu￿I￿ i wwtl pwn¢Trtytw wi&¥ 131 of th¢ Cbuiiic8A 2011, th* th¢ L*xity ffii*ttsh•v¢ ¢ittr&l ifth¢ tknty hx thr8v￿p thé thiesthold forth¢ pt¢pw4￿Th ofy¢•p tOllAtslyEQiQTr 138 of the (kntttyA¢¢ 20111 ￿￿j￿￿￿t¢sho1d 11 Ipx¥fi￿ iti Th¢ Ad ￿11 Rqthi'ow 201J Itlstyy ihp•cthot*ithdcTfft%itiD 143oftht2011 A follow the th¢ by the Cb•ity 14S(3Mblofth¢ 2011 A￿. thid Styth•tyki incltyd05A reyivw otthe act0￿nST￿lXIIkrpI by tho ¢hanty ¥d• eirgm50n ofthe LhOsticc￿s. li also thdthcutt￿dErlltIo￿ of any iiems ot ￿￿10 pr¢￿¥[¢5 thc¢vkn w(wJki b¢ wirtsl ID • fvll rtuKth Ju &l)O ofth• 2011 A ryto ryepare lh￿¢ rK¢•¥#till8 WTd5 tsi wkn'L*. in OPiNX¥L th￿de1 ivffl•bi¢ *rryer Al￿ M Rix B.S¢. MIEr 31 Norfolk Ro*1 UxbrM¥¢ Middx UB8 IBL Dw.. 5th Fa￿thry 2Q22