2023-12-31-accounts

THE PARISH CHURCH OF SAINT JOSEPH THE WORKER, NORTHOLT

REPORT AND FINANCIAL STATEMENTS FOR YEAR TO 31 DECEMBER 2023

Charity registration number 1143756

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Financial Statement for the year ending 31 December 2023

			Unrestricted	Designated	Restricted		Total	Var %
			Funds	Funds	Funds	Total 2023	2022	23-22
	Notes		£	£	£	£	£
Receipts
Giving Planned (regular) giving		1	17,616			17,616	14,789	19%
Unplanned giving		2	16,487			16,487	12,399	33%
One Off Donation		3	4,000	1,679		5,679	4,242	34%
Gift aid tax recovery		4	6,060			6,060	0
			44,163	1,679	0	45,842	31,431	46%
Other Receipts
Legacy Donation		5	2,750			2,750	0
Activities for generating funds		6	2,010			2,010	0
Rental Property		7	9,300	9,300		18,600	18,024	3%
Hall and Car park rental		8	3,592	1,576		5,168	9,570
Other			14			14	4,402	-100%
Total General Fund Income			61,828	12,555	0	74,383	63,427	17%
Payments
Diocesan Common Fund		9	19,200			19,200	18,000	7%
Fees paid to the Dioceses						-
Church Running Costs		10	20,066			20,066	22,069	-9%
Church Maintenance and renovations		11	19,521			19,521	7,928	146%
Rental property maintenance		12	-	851		851	774	10%
Nominated Tithes paid			-			-	500	-100%
Insurance		13	2,714			2,714	2,486	9%
Others			1,064	1,409		2,473	527	369%
Total payments			62,565	2,260	-	64,825	52,284	24%
Excess of income over expenditure			(737)	10,295	000	9,558	11,143	-14%
Prior year accrual reversal
			(737)	10,295	000	9,558	11,143	-14%
Bank current & deposit account 1 Jan 2023			3,745	44,099		47,844	36,700	0
Bank current & deposit account 31 Dec 2023			3,008	54,394	000	57,402	47,843	20%

Balance Sheet as at 31 December 2023

GBP(£)	Total General Deposit 47,843 3,745 44,098 74,375 50,607 23,768 64,816 64,709 107 0 15,000 -15,000 57,402 4,642 52,760 Total General Deposit 4,642 4,642 52,760 52,760 57,402 4,642 52,760 0 0 0 57,402 4,642 52,760 456000 0 General use Designated Restricted Total	Total General Deposit 47,843 3,745 44,098 74,375 50,607 23,768 64,816 64,709 107 0 15,000 -15,000 57,402 4,642 52,760 Total General Deposit 4,642 4,642 52,760 52,760 57,402 4,642 52,760 0 0 0 57,402 4,642 52,760 456000 0 General use Designated Restricted Total
Balance 1st January 2023 Income to general fund account Expenditure for general account fund Transfers Balance 31 December 2023 Held as: General fund account Deposit Church of England deposit fund Total as bank statements Less uncleared cheques Less uncleared online payments Plus, uncleared credit/cash deposits Total holdings (GBP £) Physical Assets (GBP £) 8 Wells Close Piano Assets and Liabilities Statement 2023 Assets Monetary Assets(GBP £)
General bank account (allowing for uncleared items) 2,744 1898 4,642 Church of England deposit fund 0 Deposit 52,760 52,760 Total monetary assets 2,744 52,760 1,898 57,402 Physical assets 8 Wells Close 456000 Piano 0 Total Assets 513,402 Restricted funds in General Accounts and Deposit A/c Amount(GBP £)	2,744 1898 4,642 0 52,760 52,760
	2,744 52,760 1,898 57,402 456000 0
	513,402
Youth work donation 1000 Soul survivor 165 Outreach programme funding remain 733 Total 1898 Designated Funds Amount(GBP £)		1000 165 733
		1898
Reserves 52,760

Notes to the Account for the yar ending 31 December 2023

• Planned giving – regular tithes from members of the congregation through direct debits

• 1 and standing orders, most of this donation is eligible for Gift aid

• 2 Unplanning and loose collection – giving mainly through offertory plate and card machine.

• 3 One off donation received from church members and grants.

• 4 Gift Aidt tax recovery – Amount of tax recovered for eligible donations

• 5 Legacy donations – Donation through estate through wills from former members.

• Activities for generating funds - Misc income from various church activities including petty

• 6 sale and events such as Christmas fair.

• 7 Rental property – Church property

• 8 Hall and car park rental – Hall used worship, community activities and leisure and car park for inposts.

• 9 Diocesan Common Fund – Annual pledge

• 10 Church running costs - mainly

• £7,327 for energy and water

• £405 for worship and music and licences

• £965 for telecommunication and website

• £1,811 for candles, communion wine and pastoral care

• £2,987 for photocopying and printing

• £4,958 for Furniture and equipment

• £375 for flowers hospitality

• £557 for hospitality

• £575 for misc. expenses

• £105 for children art and craft activities

• General church maintenance of church and renovations property – include restoration of

• 11 the bell and bell tower, lighting upgrade, gas and electrical compliance.

• 12 Maintenance of rental property

• 13 Building and content insurance

Financial Review

RECEIPTS

Receipts through planned giving, envelopes, and cash collections during services in 2023 was £41,463, an increase of 46% compared to 2022. The increase was largely driven by the tax Gift aid tax rebate. In addition, the church received the following amounts:

• £5,168 – income received from hiring the Dovetail centre for the activities.

• £18,600 – rental income from church property .

• £2010 – income received from petty sales

• £2,750 – legacy donation

Overall total income received by the church in 2023 was £74,383 up -17% on prior year.

EXPENDITURE

Total expenditure in 2023 including routine maintenance of Church, renovation and Church Rental Property was £64,824 an increase of 24% on prior year.

In addition to the running cost outlined in note 10 above, other costs are as follows:

• £19,200 - contribution to the Dioceses common fund. This amount was up 3% on prior year’s contribution. 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

• £19,521 – routine maintenance and renovation of the church including restoration of the church bell and bell tower as well as legislative compliance.

• £851 – maintenance of rental property

• £500 – giving to Nominated charities

• £2,714 - insurances

• £1,973 – other miscellaneous items

Bank Balances and Reserves

The bank balance at 31[st] December 2023 was £57,403, an increase of £9,559 on the previous year. Of this £52,760 has been designated for major church maintenance projects and a further £1,898 is restricted for specific purposes.

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.