Annual Finance Report for Church of Our Saviour for 2021
Overview
The headline figures are:
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Surplus on general Fund of £11,198 ( 2020 – surplus of £11,405 ) Over the last 5 years, there has been a surplus on General Fund of £20,214.
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Surplus on Building Fund of £4,578, after providing for depreciation of £10,348 on the Annex and improvements to the Church following the fire
-
The total income for the year (see Statement of Financial Activities on page 4) amounted to £84,534 ( 2020 - £111,280 ), a reduction of £26,746. The decrease was due to:
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Reductions (£37,641) in receipts from the insurers in respect of claims made for losses of income, to recover professional fees, and for goods damaged beyond economic repair. In 2021, this amounted to £5,978 ( 2020 – £43,619 ).
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Increase in income from rents of Church Hall, Annex and Portakabin, etc - £11,281, ( 2020 - £7,577 ).
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Increased giving – 2021 was £63,816, up nearly £5k from £58,957 in 2020
-
Net change in value of Charifund shares, offset by reduced other income.
Expenditure also fell significantly to £68,759 ( 2020- £81,100 ), mainly due to no more professional fees on the Building work.
Main points from the 2021 accounts
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Planning giving for the Church and Building Fund held up very well, for which, as a Treasurer, I’m very grateful. Thank you.
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Rental income rose by nearly £4k. But is well short of the income of £23,732 received in 2019
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Parish Share will increase by around £7k now that we have a Minister in Chelmer Village.
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On an ongoing basis, excluding the final insurance claim and a legacy, the General Fund had a modest surplus.
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Following the Fire and the building of the Annex, we now have a smart, updated and extended Church building, ready to serve the people of Chelmer Village and Chancellor Park.
Charitable giving (Page 12)
It is the policy of the Church Council to make donations to charitable organisations equal to 10% of the income for the year, excluding rental income. Accordingly provision has been made in the accounts for donations of £5,235 ( 2020 - £4,925 ). Details of charitable giving are set out in page 12.
Christian ministry (Church Activities, Page 9)
£58,411 ( 2020 - £54,105 ) was spent to provide Christian Ministry from Church of Our Saviour. That sum includes a contribution of £21,779 ( 2020 - £21,894 ) to the Diocesan Quota (Parish Share). Our contribution to the URC Ministry and Mission fund is also included within the
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Diocesan Quota. The contribution goes largely towards providing for stipends, salaries, pensions and housing for the clergy.
Building Fund (Pages 8, 9)
The Church raised £12,628 for the Building Fund during 2021 ( 2020 - £13,185 ). The fund balance stood at £331,002 ( 2020 – £326,423 ) at end 2021.
Running costs of the church (page 13)
Expenditure for the shared running costs of the Church totalled £21,481 ( 2020 – £21,042 ). Church rental income continued to be hit hard, because of the inability to rent the main Church, but the prospects for 2022 are much brighter. The result was a deficit of £17,534 ( 2020 - £17,754) to be shared 60% / 40% with the Catholic Community.
Reserves policy (page 7)
In order to provide a contingency against unforeseen events, the Church aims to have reserves of 40% of previous year’s expenditure. Reserves (of £51,530) amount to 88% of expenditure.
Jeffrey Mushens
Hon Treasurer
21st March, 2022
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The Church Council of Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
This report on the Accounts of the Church Council for the year ended 31 December 2021, which are set out on pages 4 to 13 inclusive, is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 and Section 145 of the Charities Act 2011.
As members of Church Council you are responsible for the preparation of the Accounts; you consider that the audit requirement of Regulation 3(3) of the Church Accounting Regulations 2006 and Section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to issue this report on those Accounts in accordance with the terms of the Church Accounting Regulations 2006 and the Charities (Accounts and Reports) Regulations 2008.
My examination was carried out in accordance with the General Directions given by the Charity Commission under Section 145(5)(b) of the Act and to be found in the guidance from the CBF. 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 accordance with my examination, no matter has come to my attention, which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act: and
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to prepare Accounts which accord with the accounting records and to comply with the requirements of the Act, as also contained in the Church Accounting Regulations 2006
have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Riverside House David Belbin 1-5 Como Street Independent Examiner ROMFORD Clemence Hoar Cummings RM7 7DN Chartered Accountants 18th March, 2022
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2021
| notes INCOME AND ENDOWMENTS Voluntary Income 2a Activities for Generating Funds 2b Investment Income 2c Increase/(Reduction) in Value of Fixed Asset Investments Income from Church Activities 2d Other Income 2e TOTAL INCOME EXPENDITURE Church Activities 3a Church Extension/Annex Build Costs Transfer to Fixed Assets TOTAL EXPENDITURE NET INCOME/ (EXPENDITURE) Bought Forward BALANCES AT 31 DECEMBER 2021 |
Unrestricted Funds £ 51,188 11,281 1 1,161 5,978 69,608 58,411 58,411 11,197 40,333 51,530 |
Restricted Funds £ 12,628 660 1,638 14,926 10,348 10,348 4,578 326,423 331,002 |
TOTAL FUNDS 2021 2020 £ £ 63,816 58,957 11,281 7,577 661 602 1,638 (2,570) 1,161 3,094 5,978 43,619 84,534 111,280 68,759 81,100 21,416 (21,416) 68,759 81,100 15,776 30,180 366,756 336,576 382,532 366,756 |
TOTAL FUNDS 2021 2020 £ £ 63,816 58,957 11,281 7,577 661 602 1,638 (2,570) 1,161 3,094 5,978 43,619 84,534 111,280 68,759 81,100 21,416 (21,416) 68,759 81,100 15,776 30,180 366,756 336,576 382,532 366,756 |
|---|---|---|---|---|
| 111,280 | ||||
| 81,100 21,416 (21,416) |
||||
| 81,100 | ||||
| 30,180 336,576 |
||||
| 366,756 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685) BALANCE SHEET 31ST DECEMBER 2021
| notes FIXED ASSETS Tangible Assets 4 Investment Assets 5 CURRENT ASSETS Debtors 6 Cash at Bank and in hand CREDITORS falling due within one year 7 NET ASSETS / (LIABILITIES) FUNDS Unrestricted 9 Restricted 8 TOTAL FUNDS |
Unrestricted Funds £ 19,264 506 6,538 32,408 38,946 7,186 51,530 51,530 51,530 |
Restricted Funds £ 308,603 13,881 583 8,489 9,071 554 331,002 331,002 331,002 |
TOTAL FUNDS 2021 2020 £ £ 327,866 330,482 14,387 12,749 7,121 20,533 40,897 43,352 48,018 63,885 7,740 40,360 382,532 366,756 51,530 40,333 331,002 326,423 382,532 366,756 |
TOTAL FUNDS 2021 2020 £ £ 327,866 330,482 14,387 12,749 7,121 20,533 40,897 43,352 48,018 63,885 7,740 40,360 382,532 366,756 51,530 40,333 331,002 326,423 382,532 366,756 |
|---|---|---|---|---|
| 63,885 | ||||
| 40,360 | ||||
| 366,756 | ||||
| 40,333 326,423 |
||||
| 366,756 |
Approved by Church Council on 25th March, 2022
………………………………………….. Church Officer
………………………………………...... Church Officer
………………………………………….. Treasurer
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
NOTES TO THE FINANCIAL STATEMENTS.
For the year ended 31 December 2021
1. ACCOUNTING POLICIES.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with United Kingdom Generally Accepted Accounting Practice (FRS 102), and the Charities Act 2011.
(a) Funds
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General Funds represent funds of the Church Council that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Church. Funds designated by the Church Council for a particular purpose are also unrestricted.
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Restricted funds represent donations or fundraising income received for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.
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The accounts include all transactions, assets and liabilities for which the Church Council is responsible in law. They do not include the accounts of Church Groups that owe their affiliation to another body nor those that are informal gatherings of Church members.
(b) Income and Endowments
All income and endowments are included in the statement of financial activities when the Church is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Collections are recognised when received on behalf of the Church Council.
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Planned giving receivable under pledge is recognised only when received.
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Income Tax recoverable on gift aided collections is brought to account on an accruals basis.
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Funds raised by fete, garden party and similar events are accounted for net.
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Grants and legacies to the Church Council are accounted for as soon as the Church Council is notified of its legal entitlement and the amount receivable.
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Rental income from the letting of church premises is recognised when the rental is due.
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Interest and dividends are recognised when received.
(c) Expenditure
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Expenses are charged against income in the period in which they are incurred.
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VAT incurred is included with the associated expenditure
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Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of running fundraising events.
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
Notes to the Financial Statements
For the year ended 31 December 2021
-
Church activities expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The costs of governance, which include those costs associated with meeting the constitutional and statutory requirements of the charity and include the Independent Examination fees and costs linked to the strategic management of the charity are included as support costs for our charitable activities.
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Known future material liabilities are provided for at the balance sheet date.
(d) Fixed Assets
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Fixed assets are depreciated on a straight line basis at rates calculated to write the assets down to their residual value over the estimated useful life of the asset.
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Individual items with a purchase price of £350 or less are charged against income when the asset is acquired.
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Any proceeds on the disposal of the Portakabin are for the account of the Diocese and accordingly no value is included in the accounts for the Portakabin.
(e) Investments
- Investments whether by way of loan or transferable security are valued at market value at the balance sheet date.
(f) Reserves
- Church policy is to keep reserves at 40% of previous year’s expenses in order to provide a contingency fund against unforeseen events.
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685) Notes to the Financial Statements For the year ended 31st December 2021
| Note INCOME AND ENDOWMENTS 2a Voluntary Income Planned Giving Open Plate Collections Donations Tax recoverable on above 2b Activities for Generating Funds Fund Raising Events Use of Church Hall Use of Portakabin 2c Investment Income Interest/Distributions (Decrease)/Increase in Market Value of Fixed Asset Investments 2d Income from Church Activities Fees Miscellaneous Income 2e Other Income Income from insurance TOTAL INCOME TOTAL EXPENDITURE Brought Forward Carried Forward |
UNRESTRICTED General Fund £ 29,681 1,584 10,196 9,727 51,188 3,947 7,334 11,281 1 481 680 1,161 5,978 69,608 58,411 11,197 40,333 51,530 |
RESTRICTED Building Fund £ 10,042 0 76 2,510 12,628 660 1,638 14,926 10,348 4,578 326,423 331,002 |
TOTAL FUNDS 2021 2020 £ £ 39,723 39,908 1,584 2,310 10,272 4,859 12,237 11,881 63,816 58,957 0 3,947 3,288 7,334 4,289 11,281 7,577 661 602 1,638 (2,570) 481 44 680 3,050 1,161 3,094 5,978 43,619 84,534 111,280 68,759 81,100 15,776 30,180 366,756 336,576 382,532 366,756 |
TOTAL FUNDS 2021 2020 £ £ 39,723 39,908 1,584 2,310 10,272 4,859 12,237 11,881 63,816 58,957 0 3,947 3,288 7,334 4,289 11,281 7,577 661 602 1,638 (2,570) 481 44 680 3,050 1,161 3,094 5,978 43,619 84,534 111,280 68,759 81,100 15,776 30,180 366,756 336,576 382,532 366,756 |
TOTAL FUNDS 2021 2020 £ £ 39,723 39,908 1,584 2,310 10,272 4,859 12,237 11,881 63,816 58,957 0 3,947 3,288 7,334 4,289 11,281 7,577 661 602 1,638 (2,570) 481 44 680 3,050 1,161 3,094 5,978 43,619 84,534 111,280 68,759 81,100 15,776 30,180 366,756 336,576 382,532 366,756 |
|---|---|---|---|---|---|
| 58,957 | |||||
| 0 3,288 4,289 |
|||||
| 7,577 | |||||
| 602 (2,570) 44 3,050 |
|||||
| 3,094 | |||||
| 43,619 111,280 81,100 |
|||||
| 30,180 336,576 |
|||||
| 366,756 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2021
| Note 3 EXPENDITURE 3a Church Activities Missionary & Charitable Giving (note 11) Ministry: - Parish Share Team Ministry Expenses Church Upkeep (note 13) Upkeep of services Bible Study & Teaching inc Youth Ministry Building Fund Professional Fees etc. Independent Examination Depreciation Church Vestibule and Fire Extras Transfer to fixed assets TOTAL EXPENDITURE |
UNRESTRICTED General Fund £ 10,533 21,779 2,424 12,321 4,767 3,900 540 2,147 58,411 58,411 |
RESTRICTED Building Fund £ 10,348 10,348 10,438 |
TOTAL FUNDS 2021 2020 £ £ 10,533 6,953 21,779 21,894 2,424 3,445 12,321 13,238 4,767 3,433 3,900 3,900 16,930 540 540 12,494 10,768 68,759 81,100 21,416 (21,416) 68,759 81,100 |
TOTAL FUNDS 2021 2020 £ £ 10,533 6,953 21,779 21,894 2,424 3,445 12,321 13,238 4,767 3,433 3,900 3,900 16,930 540 540 12,494 10,768 68,759 81,100 21,416 (21,416) 68,759 81,100 |
|---|---|---|---|---|
| 81,100 | ||||
| 21,416 (21,416) |
||||
| 81,100 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2021
| 4TANGIBLE FIXED ASSETS Gross Book Value at 1 Jan 2021 Additions Write back provisions At 31 December 2021 Depreciation At 1 Jan 2021 Charge for year Disposals At 31 December 2021 Net Book Value 1 Jan 2021 Net Book Value 31 Dec 2021 |
Church £ 14,266 13,878 28,145 6,735 2,147 8,881 7,732 19,264 |
Building Fund £ 338,371 (4,000) 334,371 15,421 10,066 25,868 322,951 308,503 |
Total £ 352,637 13,878 (4,000) |
|---|---|---|---|
| 362,516 | |||
| 22,155 12,594 |
|||
| 34,570 | |||
| 330,482 | |||
| 327,766 |
5 INVESTMENT ASSETS
| STMENT ASSETS | |
|---|---|
| Unlisted Investments - at Cost Traid Craft Building Fund Listed Investments - at Market Value M&G Charifund Shares I January 2021 Increase in Value 31 December 2021 |
£ 506 12,243 1,638 |
| 13,881 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
| Notes to the Financial Statements for the year ended 31st December 2021 2021 £ 6 STAFF COSTS Wages and Salaries 3,900 Social Security Costs 3,900 The Church employed a part time Youth Worker. 7 DEBTORS Income Tax Recoverable 3,946 Insurance Claim URC share of expenses 1,786 Other Debtors 1,409 7,121 8 Cash at Bank and in Hand Cash Held General Fund Cash held at Bank General Fund 32,408 Cash held at Bank Building Fund 8,489 40,897 9 CREDITORS Missionary Giving General Fund 5,235 Amount due to Catholic Community General Fund Accrued Expenses General Fund 1,950 Prepaid Income re Insurance General Fund Accrued Expenses Building Fund 554 Building Contract Outstanding Building Fund 7,740 |
Notes to the Financial Statements for the year ended 31st December 2021 2021 £ 6 STAFF COSTS Wages and Salaries 3,900 Social Security Costs 3,900 The Church employed a part time Youth Worker. 7 DEBTORS Income Tax Recoverable 3,946 Insurance Claim URC share of expenses 1,786 Other Debtors 1,409 7,121 8 Cash at Bank and in Hand Cash Held General Fund Cash held at Bank General Fund 32,408 Cash held at Bank Building Fund 8,489 40,897 9 CREDITORS Missionary Giving General Fund 5,235 Amount due to Catholic Community General Fund Accrued Expenses General Fund 1,950 Prepaid Income re Insurance General Fund Accrued Expenses Building Fund 554 Building Contract Outstanding Building Fund 7,740 |
2020 £ 3,900 |
|---|---|---|
| 3,900 | ||
| 3,452 12,000 4,692 409 |
||
| 7,121 | 20,533 | |
| 32,408 8,489 40,897 5,235 1,950 554 7,740 |
206 38,212 4,934 |
|
| 43,352 | ||
| 4,925 3,857 3,254 5,978 1.188 21,158 |
||
| 40,360 |
10 RESTRICTED FUNDS
The Building Fund was set up with the intention of extending the Church.
Repairs, improvements and refurbishments to the church following the fire in 2018 have been funded through the Restricted Fund, net of associated insurance claim monies during 2019 and 2020.
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2021
11 MISSIONARY and other GRANTS
The amount set aside in this year's accounts and included in creditors is £5,235 ( 2020 - £4,925
| Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | Payments in the year (net of direct contributions from members) comprised the | following:- | following:- | |
|---|---|---|---|---|---|---|
| Overseas | Overseas | Home | Total | |||
| Mission | Relief | Societies | ||||
| £ | £ | £ | £ | |||
| Monies Set Aside from 2020 | ||||||
| Bethany Childrens Trust | 300 | 300 | ||||
| Christians Against Poverty | 579 | 579 | ||||
| Mission Aviation Fellowship | 581 | 581 | ||||
| Prison Fellowship | 158 | 158 | ||||
| Open Doors UK | 400 | 400 | ||||
| Romans 1-11 Trust | 400 | 400 | ||||
| Chelmsford Food Bank | 400 | 400 | ||||
| CHESS | 479 | 479 | ||||
| Christian Aid | 400 | 400 | ||||
| Fellowship Afloat/FACT | 200 | 200 | ||||
| SYM/Made for More | 200 | 200 | ||||
| The Children’s Society | 300 | 300 | ||||
| Society of St Vincent de Paul | 528 | 528 | ||||
| 581 | 300 | 4,360 | 4,925 | |||
| Additional Giving in Year | ||||||
| Other giving | 209 | 1,510 | 1,719 | |||
| Little Pantry/Picnic Bags/Christmas Bags |
3,579 | 3,579 | ||||
| 790 | 300 | 9,133 | 10,233 |
The amount shown in the accounts is £10,533. This comprises the amounts shown above less the amount provided in 2020 (£4,925) plus the provision of £5,235 in this year’s accounts. The additional giving includes £100 for English for Women, £360 for CADEF, £1,000 for CAP, £209 for TearFund and £50 for URC.
12 PAYMENTS TO TRUSTEES and RELATED PARTIES
Rev. Andy Brown, Rev. Mandy Hewson and Maria Lee (URC CRCW) received reimbursement of expenses (see 3a). During the year £3,900 was paid to Claire Musselwhite for services as our youth worker. ( 2020 - £3,900 ). aClaire was in post when the parish became an independent charity.
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
Notes to the Financial Statements for the year ended 31st December 2021
13 RUNNING COSTS OF CHURCH BUILDING SHARED WITH THE CATHOLIC COMMUNITY
| Church Rents Received (included in income) Less Heat and Light Cleaning Water Upkeep and Repairs Letting Management Insurance Running Costs of Church Shared Depreciation (included in charge for year) (Deficit)/Surplus of Income over Expenditure Amount due to/(from) Catholic Community (Deficit)/Surplus to Anglican and Free Church Community Running Costs per accounts Total Running Costs (Deficit)/Surplus payable (from)/to Catholic Community |
2021 3,947 7,690 3,738 924 5,597 1,388 19,334 2,147 21,481 (17,534) (7,014) (10,520) 19,334 (7,014) 12,321 |
2020 3,288 5,806 5,324 3,137 4,461 256 1,355 |
|---|---|---|
| 20,339 702 |
||
| 21,042 | ||
| (17,754) (7,101) (10,652) 20,340 (7,101) |
||
| 13,238 |
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