## **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
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