Parochial Church Council of St. Giles’ Church Exhall
Annual Financial Report for the year ending 31 December 2022
Incumbent
The Reverend Gail Phillip
Treasurer
The Reverend Stephen Carter
Bankers
Santander UK plc CCLA Investment Management Ltd. Churches’ Mutual Credit Union
Independent Examiner
Gavin Kibble
Page Contents
2 Introduction 3 Financial Report & Policies 4 Independent Examiner’s Report 5 Statement of Financial Activities
| 6 – 7 | Statement of Assets and Liabilities |
|---|---|
| 8 | Fund Movement |
| 9 –11 | Analysis of Income and Expenditure |
| 11 | Conclusion |
Page 2
Introduction
Basis of preparing the financial statements
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Incoming resources and resources expended
All incoming resources are included in the Statement of Financial Activities when the church is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure is accounted for on an accruals and prepayments basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fund accounting
Unrestricted funds can be used in accordance with the church’s objectives at the discretion of the PCC. Designated funds comprise funds that have been set aside at the discretion of the PCC for specific purposes and recorded as such in the minutes of the PCC. Restricted funds can only be used for the particular purposes specified by the donor or when funds are raised for particular restricted purposes.
The restricted fund for the Church Houses is supported by income derived from the legacy of Frances Riley. This can be used for the upkeep of the Churchyard (including the Meadow) and for maintenance of the church building.
The Church Maintenance restricted fund is largely supported by income derived from the legacy of Susan Bourne. It can be used for the maintenance of the church building and the enhancement of the audio-visual equipment.
Other, smaller, restricted funds derive their funds from direct grants, donations and investment income. They can be used for the specific purposes suggested by their titles.
Investments
Investments are stated at market value. The house in Coventry Road is currently used as an investment asset and generates income for the church. A valuation instructed by the PCC in 2019 indicated that its open market value at that time was £185,000.
Staff Costs
The average monthly headcount was 1.00 staff (2021: 1.67 staff) and the average monthly full-time equivalent headcount (including part-time staff) was 1 (2021: 1). No staff were paid at a higher rate than £60,000 per annum during this or the previous year. The church subscribes to a workplace pension scheme although there are currently no members of it.
Page 3
Financial Report
We can report that, thankfully, the financial situation of the church has not deteriorated significantly during the year. It cannot yet be classed as good, but is still a work in progress. Our overall income was up by £4,673 year on year and our overall expenditure increased by £23,306 year on year. This left us with a deficit of £27,258 for the year. Capital expenditure on renovation of the organ and some new technology equipment contributed some £15,914 to this deficit and this was covered by the use of restricted funds. The remainder of the deficit was covered by drawing on reserves.
The Large Church Hall is a charity in its own right and its finances have to be reported to the Charity Commission separately. The details of the figures, however, are part of the main church accounts. Income received from lettings and donations in the year totalled £7,463 (2021: £6,262), while total expenditure to run and maintain the hall and car park came in at £6,703 (2021: £3,037), giving a profit of £760 (2021: profit of £3,225).
Accounting Policies
Reserves Policy
The PCC’s policy is to review the reserves of the church on a regular basis. This review encompasses the nature of income and expenditure streams, and the PCC has determined that a general fund reserve of three month’s unrestricted expenditure should be maintained. At the end of the year this target was £25,064 (2021: £23,839).
Risk Policy
The PCC has identified the risks that might affect the church and has provided relevant training as advised. The PCC reviews the church’s policies and procedures regularly to minimise any risks identified.
Page 4
Independent Examiner’s report to the PCC of St. Giles’ Church, Exhall for the year ended 31st December 2022.
This report on the accounts of the PCC for the year ended 31st December 2022, which are set out on pages 5 to 11, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (‘the Regulations’) and s.145 of the Charities Act 2011 (‘the Act’).
Respective responsibilities of the PCC and the examiner
As members of the PCC you are responsible for the preparation of the accounts; you consider that the audit requirement of the Regulations and section 144(2) of the Act do not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Act and the Regulations.
Basis of this report
My examination was carried out in accordance with the General Directions given by the Charity Commission under the Act and to be found in the Church Guidance, 2006 edition, issued by the Finance Division of the Archbishop’s Council. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- (1)which gives me reasonable cause to believe that in any material respect the requirements –
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare financial statements which accord with the accounting records and comply with the requirements of the Act and the Regulations have not been met; or
-
(2)to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Page 5
Gavin Kibble ACMA 1 Kineton Road Wyken Coventry CV2 3NR
Date
Page 6
Statement of Financial Activities
| Unrestricted RestrictedEndowment | Unrestricted RestrictedEndowment | Unrestricted RestrictedEndowment | Unrestricted RestrictedEndowment | Total | Prior | |
|---|---|---|---|---|---|---|
| year | ||||||
| funds funds |
funds | funds | total | |||
| funds | ||||||
| Income and endowments from: | ||||||
| Donations and legacies | 62,117 | 6,112 | — | 68,229 | 71,524 | |
| Income from charitable activities | 22,788 | — | — | 22,788 | 18,873 | |
| Other trading activities | 3,824 | 9,750 | — | 13,574 | 11,355 | |
| Investments | 182 | 12,304 | — | 12,486 | 10,651 | |
| Total income | 88,912 | 28,166 | — | 117,078 | 112,405 | |
| Expenditure on: | ||||||
| Raising funds | 305 | 1,170 | — | 1,475 | 1,303 | |
| Expenditure on charitable activities | 99,950 | 42,910 | — | 142,861 | 119,728 | |
| Total expenditure | 100,256 | 44,080 | — | 144,337 | 121,031 | |
| Gains / losses on investment assets | (4,987) | (48,877) | — | (53,864) | 60,135 | |
| Net income / (expenditure) resources | (16,331) | (64,791) | — | (81,123) | 51,509 | |
| before transfer | ||||||
| Transfers | ||||||
| Gross transfers between funds - in | 60,234 | 5,567 | — | 65,801 | 45,782 | |
| Gross transfers between funds - out | (59,994) | (5,807) | — | (65,801) | (45,782) | |
| Other recognised gains / losses | ||||||
| Net movement in funds | (16,091) | (65,031) | — | (81,123) | 51,509 | |
| Total funds brought forward | 59,812 | 1,206,856 | — | 1,266,668 | 1,215,159 | |
| Total funds carried forward | 43,720 | 1,141,824 | — | 1,185,545 | 1,266,668 | |
| Represented by | ||||||
| Unrestricted | ||||||
| General fund | 43,504 | — | — | 43,504 | 59,269 | |
| Designated | ||||||
| Church Hall - Large | — | — | — | — | 230 | |
| Church Meadow | 216 | — | — | 216 | 312 | |
| Restricted | ||||||
| Church Hall - Large | — | 1,995 | — | 1,995 | 220 | |
| Church Hall - Small | — | — | — | — | 338 | |
| Church Houses | — | 307,019 | — | 307,019 | 330,957 | |
| Church Maintenance | — | 140,444 | — | 140,444 | 183,494 | |
| Church Meadow | — | — | — | — | 636 | |
| Churchyard | — | 2 | — | 2 | (1,969) | |
| Property Values | — | 691,084 | — | 691,084 | 691,084 | |
| Remembrance Parade Road Closures | — | — | — | — | 600 | |
| St Giles' Toddlers' Group | — | 56 | — | 56 | 56 | |
| Youth Café | — | 1,222 | — | 1,222 | 1,438 |
Page 7
Statement of assets and liabilities
| This year Last year 226,143 256,316 226,143 256,316 111,650 161,605 111,650 161,605 32,692 52,679 32,692 52,679 370,486 470,601 396,348 396,348 396,348 396,348 109,736 109,736 109,736 109,736 185,000 185,000 185,000 185,000 691,084 691,084 9,828 5,858 2,339 — — 230 1,995 220 — 338 2 (1,969) 216 312 — 636 858 1,763 (53) — 1,222 1,438 56 56 — 600 629 65 17,096 9,549 498 316 498 316 26,453 21,889 26,453 21,889 80,017 72,778 80,017 72,778 316 316 316 316 |
|
|---|---|
| Investments | |
| CCLA Riley Trust Legacy A/c - 111002290S | |
| Church Houses (Restricted) - | |
| CCLA Bourne Legacy A/c - 611067001S | |
| Church Maintenance (Restricted) - | |
| CCLA General Investment A/c - 611067001J | |
| General fund (Unrestricted) - | |
| Total for Investments | |
| Tangible assets | |
| Large Hall | |
| Property Values (Restricted) - | |
| Small Hall | |
| Property Values (Restricted) - | |
| House - Coventry Road | |
| Property Values (Restricted) - | |
| Total for Tangible assets | |
| Cash at bank and in hand | |
| Santander Current Account | |
| General fund (Unrestricted) - | |
| Church Maintenance (Restricted) - | |
| Church Hall - Large (Designated) - | |
| Church Hall - Large (Restricted) - | |
| Church Hall - Small (Restricted) - | |
| Churchyard (Restricted) - | |
| Church Meadow (Designated) - | |
| Church Meadow (Restricted) - | |
| Church Houses (Restricted) - | |
| Super Sunday School (Restricted) - | |
| Youth Café (Restricted) - | |
| St Giles' Toddlers' Group (Restricted) - | |
| Remembrance Parade Road Closures (Restricted) - | |
| Agency collection (Restricted) - | |
| CCLA No 2 A/c - 611067003D | |
| General fund (Unrestricted) - | |
| CCLA Restoration A/c - 611067004D | |
| Church Maintenance (Restricted) - | |
| CCLA Riley Trust Income A/c - 611067005D | |
| Church Houses (Restricted) - | |
| CMCU Ltd A/c - 1031 | |
| General fund (Unrestricted) - | |
Page 8
| Hawkins A/c - 222 Coventry Road | |
| Church Houses (Restricted) - | — 100 |
| — 100 |
|
| Treasurer's Cash A/c | |
| General fund (Unrestricted) - | — 50 |
| Agency collection (Restricted) - | — (50) |
| — — |
|
| Administrator's Cash A/c | |
| General fund (Unrestricted) - | 17 27 |
| 17 27 |
|
| Movie & Events' Cash A/c | |
| General fund (Unrestricted) - | 27 — |
| 27 — |
|
| Churchwardens' Cash A/c | |
| General fund (Unrestricted) - | 122 20 |
| 122 20 |
|
| Total for Cash at bank and in hand | 124,551 104,998 |
| Debtors | |
| Accounts Receivable | |
| Super Sunday School (Restricted) - | 53 — |
| 53 — |
|
| Total for Debtors | 53 — |
| Agency accounts | |
| Agency collections | |
| Agency collection (Restricted) - | (629) (15) |
| Total for Agency accounts | (629) (15) |
| Grand total | 1,185,545 1,266,668 |
Page 9
Fund movement by type
OpeningIncomingOutgoingTransfersGains/losses Journals Closing
| General - General fund | |
|---|---|
| Unrestricted | 59,269 79,749 32,600 (57,927) (4,987) — 43,504 |
| Sub-total for General | 59,269 79,749 32,600 (57,927) (4,987) — 43,504 |
| SHARE - Parish Share Reserve | |
| Designated | — — 58,902 58,902 — — — |
| Sub-total for SHARE | — — 58,902 58,902 — — — |
| CHUMAINT - Church Maintenance |
|
| Designated | — — — — — — — |
| Restricted | 183,494 6,811 31,157 — (18,704) — 140,444 |
| Sub-total for CHUMAINT | 183,494 6,811 31,157 — (18,704) — 140,444 |
| HALL-LARG - Church Hall - Large | |
| Designated | 230 7,458 6,704 (983) — — — |
| Restricted | 220 1,800 25 — — — 1,995 |
| Sub-total for HALL-LARG | 451 9,258 6,730 (983) — — 1,995 |
| HALL-SMAL - Church Hall - Small | |
| Designated | — 1,702 2,048 346 — — — |
| Restricted | 338 — — (338) — — — |
| Sub-total for HALL-SMAL | 338 1,702 2,048 8 — — — |
| CHUYARD - Churchyard | |
| Designated | — — — — — — — |
| Restricted | (1,969) 2,012 5,509 5,469 — — 2 |
| Sub-total for CHUYARD | (1,969) 2,012 5,509 5,469 — — 2 |
| CHUMEADOW - Church Meadow | |
| Designated | 312 2 — (98) — — 216 |
| Restricted | 636 — 735 98 — — — |
| Sub-total for CHUMEADOW | 949 2 735 — — — 216 |
| CHUHOUSES - Church Houses | |
| Designated | — — — — — — — |
| Restricted | 330,957 17,489 5,785 (5,469) (30,172) — 307,019 |
| Sub-total for CHUHOUSES | 330,957 17,489 5,785 (5,469) (30,172) — 307,019 |
| GROWFAITH - Growing Faith Projec |
|
| Restricted | — — — — — — — |
| Sub-total for GROWFAITH | — — — — — — — |
| SSS - Super Sunday School | |
| Restricted | — 53 53 — — — — |
| Sub-total for SSS | — 53 53 — — — — |
| CFDWBAKE - CFDW Baking Project |
|
| Restricted | — — — — — — — |
| Sub-total for CFDWBAKE | — — — — — — — |
| YOUCAFÉ - Youth Café | |
| Designated | — — — — — — — |
| Restricted | 1,438 — 215 — — — 1,222 |
| Sub-total for YOUCAFÉ | 1,438 — 215 — — — 1,222 |
| TODDGRP - St Giles' Toddlers' | |
| Restricted | 56 — — — — — 56 |
| Sub-total for TODDGRP | 56 — — — — — 56 |
| ROADCLOSE - Remembrance Parade R |
|
| Restricted | 600 — 600 — — — — |
| Sub-total for ROADCLOSE | 600 — 600 — — — — |
| TANGASS - Property Values | |
| Restricted | 691,084 — — — — — 691,084 |
| Sub-total for TANGASS | 691,084 — — — — — 691,084 |
Page 10
Grand total 1,266,6 117,078 144,337 — (53,864) — 1,185,5 68 45
Analysis of income and expenditure
Total
| — — — — — 122 |
||
| 14,529 8,258 — — 22,788 18,873 2,293 — — — 2,293 1,052 — — — — — 67 — — 9,750 — 9,750 9,000 — — — — — 22 26 — — — 26 91 — 902 — — 902 651 — 2 — — 2 — |
||
| 600 — — — 600 470 |
||
| 2,919 904 9,750 — 13,574 11,355 — — 10,966 — 10,966 10,605 |
||
| 182 — 1,337 — 1,520 45 |
||
| Total | 182 — 12,304 — 12,486 10,651 |
|
| INCOME TOTAL | 79,749 9,162 28,166 — 117,078 112,405 |
Page 11
Page 12
EXPENDITURE
| EXPENDITURE | ||||||
|---|---|---|---|---|---|---|
| Raising funds | ||||||
| Costs of stewardship campaign | 101 | — | — | — | 101 | 103 |
| Costs of fetes & other events | 203 | — | — | — | 203 | — |
| House management costs - | — | — | 1,170 | — | 1,170 | 1,200 |
| Coventry Road | ||||||
| Total | 305 | — | 1,170 | — | 1,475 | 1,303 |
| Expenditure on charitable activities | ||||||
| Giving - Missionary Societies | 780 | — | — | — | 780 | 690 |
| Giving - Relief & Development | 993 | — | — | — | 993 | 788 |
| Agencies | ||||||
| Giving - Home mission | 838 | — | — | — | 838 | — |
| Giving - Secular Charities | 842 | — | — | — | 842 | 690 |
| Ministry parish share etc | — | 58,902 | — | — | 58,902 | 63,336 |
| Family Worker Salary | — | — | — | — | — | 8,053 |
| Salary of parish administrator | 5,865 | — | — | — | 5,865 | 2,819 |
| Organists | 2,500 | — | — | — | 2,500 | — |
| Working expenses of Incumbent | 146 | — | — | — | 146 | 173 |
| Working expenses of Curate | 674 | — | — | — | 674 | 337 |
| Working expenses of F & C's | — | — | — | — | — | 162 |
| Worker | ||||||
| Vicar's telephone & broadband | 672 | — | — | — | 672 | 342 |
| Parish training | 22 | — | — | — | 22 | 50 |
| Mission Resources | 281 | — | 133 | — | 414 | 577 |
| Website | 256 | — | — | — | 256 | — |
| Social Outreach Events | 84 | — | 82 | — | 166 | 138 |
| Church running - insurance | 3,842 | — | — | — | 3,842 | 3,776 |
| Church ofce - Telephone / | 514 | — | — | — | 514 | 447 |
| Internet | ||||||
| Organ / piano tuning | 195 | — | — | — | 195 | 295 |
| Church maintenance | 236 | — | 122 | — | 358 | 591 |
| Cleaning | 951 | — | — | — | 951 | 876 |
| Sundry church expenses | 3,268 | — | — | — | 3,268 | 1,149 |
| Covid-19 Expenses | — | — | — | — | — | 51 |
| Upkeep of services | 1,605 | — | 600 | — | 2,205 | 1,392 |
| Choir Expenses | 110 | — | — | — | 110 | 115 |
| Upkeep of Churchyard | — | — | 5,509 | — | 5,509 | 5,656 |
| Upkeep of Meadow | — | — | 735 | — | 735 | 5,255 |
| Waste Disposal | — | — | — | — | — | 986 |
| Administration | 712 | — | — | — | 712 | 582 |
| Ofce Stationery | 1,157 | — | — | — | 1,157 | 818 |
| Photocopier Costs | 1,461 | — | — | — | 1,461 | 1,718 |
| Visiting speakers / locums | 31 | — | — | — | 31 | — |
| Refreshments | 325 | — | 53 | — | 378 | 99 |
| Playgroup expenses | — | — | — | — | — | 230 |
| Church running - electric | 656 | — | — | — | 656 | 421 |
| Church running - gas | 2,355 | — | — | — | 2,355 | 1,235 |
| Church Broadband Connection | 401 | — | — | — | 401 | 489 |
| Magazine expenses | 245 | — | — | — | 245 | 110 |
| Large Hall running - electricity | — | 3,306 | — | — | 3,306 | 853 |
| Large Hall running - licencing | — | — | — | — | — | 35 |
| Large Hall running - insurance | — | 1,262 | — | — | 1,262 | 1,240 |
| Large Hall running - maintenance | — | 352 | 25 | — | 377 | 88 |
| Large Hall running - cleaning | — | 1,783 | — | — | 1,783 | 821 |
| Small Hall running - electricity | — | 783 | — | — | 783 | 349 |
| Small Hall running - insurance | — | 384 | — | — | 384 | 377 |
| Small Hall running - maintenance | — | 165 | — | — | 165 | 208 |
| Small Hall running - cleaning | — | 715 | — | — | 715 | 320 |
| House insurance costs - Coventry | — | — | 202 | — | 202 | 190 |
| Road | ||||||
| House minor repair costs - | — | — | 1,493 | — | 1,493 | 130 |
| Coventry Road | ||||||
| House running costs - Coventry | — | — | — | — | — | 230 |
Page 13
| Road Governance costs examination/audit fee Church major repairs - structure Church major repairs - installation Church Technology Equipment Large Hall - major repairs (installation House major repairs etc. - Coventry Road |
250 — — — 250 250 — — — — — 4,860 — — 28,890 — 28,890 — 15 — 2,144 — 2,160 2,793 — — — — — 2,518 |
|---|---|
| — — 2,920 — 2,920 — |
|
| Total | 32,294 67,656 42,910 — 142,861 119,728 |
| EXPENDITURE TOTAL | 32,600 67,656 44,080 — 144,337 121,031 |
| GRAND TOTAL | 47,149 (58,493) (15,914) — (27,258) (8,626) |
Conclusion
Sue Talbot and her friend Valerie Wells have regularly counted and banked our incoming monies and we are extremely grateful for their care and diligence in helping us in this way.
We are in a better financial position than we might have hoped for, but we do still need to increase our regular giving to ensure longer-term sustainability and growth. The Finance and Stewardship Committee has worked hard over the last three years on raising awareness of, and addressing, the financial challenges that face us. We are deeply grateful for their diligence in this work, which will continue to be a key area for discussion, prayer and development, with an emphasis on every member of the church family having a vital part to play.
This report dated: 12 February 2023
Stephen Carter PCC Treasurer Chair
Gail Phillip Incumbent & PCC
Page 14