**THE PARISH CHURCH OF SAINT JOSEPH THE WORKER, NORTHOLT** **REPORT AND FINANCIAL STATEMENTS FOR YEAR TO 31 DECEMBER 2023** **Charity registration number 1143756** wepDLUe( ZQZF Independent Eiwminer's Report to the PCC of St. Joseph the Worker, Northolt. Rupwliwe rewn*Thlllti•••fth¢ PCC E••wlu A5mLThFosof PCC Y{￿(4￿￿derth￿ An authl r¢WIT￿ W￿r￿￿)n 145(IIDfth¢ c.h￿l￿S Act 2011 *v1th￿ I w JWrtdkn¢h￿1 d4t' viaM￿a￿0n 145(Ilofthe A¢1 2011 144llll¥Jth¢i Dfth¢Chwili¢S Ath2011 ¢knSnDt9￿ty lothtth*ty 144 oftkcharrtm 2011 As Dmwdtyj by ￿￿ch￿l1￿5 Ad 2011 IAcoJw¢8 *bJ kndrt)Otder 2015 Tknthe eb•ty is•str4llithnpw chty. Il in ¥etti￿ 471 oftheCrynpNJi¢s Ad21)J6 JI l. U*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.