2022-12-31-accounts

10. Financial Review

RECEIPTS

Receipts through planned giving, envelopes, and cash collections during services in 2022 was £31,040 – down 33% on last year. In addition, the church received the following amounts:

• £9,570 – income received from hiring the Dovetail centre for the Covid vaccination programme

• £18,024 – rental income from church property .

• £634 – income received from petty sales

• £636 – parish fees from funerals and weddings payable to the Dioceses

Overall total income received by the church in 2022 was £63,427 down -33% on prior year mainly due to decline in donations.

EXPENDITURE

Total expenditure in 2022 including routine maintenance of Church and Church Rental Property was £52,284 down 22% on prior year. Breakdown of expenditure is as follows:

• £18,000 - contribution to the Dioceses common fund. This amount was up 13% more than prior year’s contribution but well below our target . 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

• £7,928 – routine maintenance of the Church

• £774 – maintenance of rental property

• £500 – giving to Nominated charities

• £2,486 - insurances

• £527 – 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 £47,843 of which £44,099 has been designated for major 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 2022

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 and Car park Rental Insurance Claim settlement Transfer to Dovetail account Other misc income	Notes	Unrestricted Funds £ Designated Funds £ Restricted Funds £ Total 2022 £ Total 2021 £ Var % 22-21 14,789 - - 14,789 21,056 -42% ▼ 12,399 - - 12,399 11,121 10% ▲ 3,851 391 - 4,242 15,037 -254% ▼ - - 2,850 - - - - 8,374 31,040 391 - 31,431 58,438 -46% ▼ - - - - - - - - - - - - - 18,024 - 18,024 13,275 26% ▲ 8,270 1,300 - 9,570 9,650 -1% ▼ - - - - 4,401 1 - 4,402 3,191 28% ▲ 43,711 19,717 - 63,427 84,553 -25% ▼ 18,000 - 18,000 15,750 13% ▼ - - 156 22,069 - 22,069 15,921 28% ▼ 4,306 3,622 - 7,928 25,193 -218% ▲ 774 - 774 3,489 -351% ▲ - - - 500 - 500 450 10% ▼ - - - - - - - - 2,486 2,486 2,374 5% 423 104 - 527 446 15% ▼ 48,558 3,726 - 52,284 63,780 -18% ▲ (4,847) 15,991 - 11,144 20,774 -86% ▲ (4,847) 15,991 - 11,144 20,774 -86% 8,592 28,108 - 36,700 15,926 57% ▲ 3,745 44,099 - 47,843 36,700 23% ▲
	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 donations received from church members

• 4 Rental Income - Church property

• 5 Hall rental - COVID Vaccination centre

• 6 Misc income from various church activities including petty sale

• 7 Common fund pledge payment

• 8 Church running costs - mainly

• £6,398 for energy and water

• £393 for worship and music and licences

• £965 for telecommunication and website

• £4,804 for candles, communion wine and pastoral care

• £3,177 for photocopying and printing

£4,684 for Furniture and equipment £546 for flowers hospitality £694 for hospitality

• £324 for misc expenses

• £84 for children art and craft activities

9 General church maintenance of church and rental property

• 10 Maintenance of rental property

• 11 Building and content insurance

Balance Sheet 2022

GBP(£)		Total	Church	Dovetail
Balance at 1st January 2022		36,700	8,592	28,108
Income to general fund account		63,427	43,711	19,717
Expenditure from general fund account		52,284	48,558	3,726
Transfer to Dovetail account		0
Balance at 31st December	2022	47,843	3,745	44,099
			0	0
Held as:		Total	Church	Dovetail
General Fund Account		3,745	3,745	0
Dovetail Account		44,099	0	44,099
Church of England Deposit Fund		0		0
Total as bank statements		47,843	3,745	44,099
	Less uncleared cheques	0		0
Less uncleared online bank payments		0		0
Plus uncleared credits/Cash deposits		0		0
Total holdings (GBP £)		47,843	3,745	44,099
Physical Assets (GBP £)
8 Wells Close			456,000
Piano			0

Asset and Liabilities Statement 2022 Assets

Monetary Assets(GBP £)	General use	Designated	Restricted	Total
General Bank Account (allowing for uncleared items	1,847		1,898	3,745
Church of England Deposit Account				0
Dovetail Bank Account		44,099		44,099
Total monetary assets	1,847	44,099	1,898	47,843
Physical Assets
8 Wells Close				456,000
Piano				0
Total assets				503,843

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	44,099

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