Annual Finance Report for Church of Our Saviour for 2022
Overview
The headline figures are:
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Deficit on general Fund of £10,198 ( 2021 – surplus of £11,198 ) Over the last 6 years, there has been a surplus on General Fund of £10,116.
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Surplus on Building Fund of £815, after providing for depreciation of £10,417on the Annex and improvements to the Church following the fire
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The total income for the year (see Statement of Financial Activities on page 4) amounted to £74,546 ( 2021 - £84,534 ), a reduction of £10k. The decrease was due to:
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Reductions (£6k) 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
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Increase in income from rents of Church Hall, Annex and Portakabin, etc - £4k
-
Reduced giving –down £6k on 2021 £63,816. Excluding legacy down £3k
-
Net change in value of Charifund shares (£2k).
Expenditure rose significantly to £83,929 ( 2021- £68,759 ), mainly due to increased Parish Share – up £7k, and much higher running costs of the Church – heating up £4k and cleaning similar amount.
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 £15k next year.
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Next year will be challenging but the Church Officers have a plan to increase income, giving and manage costs. Nevertheless, on optimistic assumptions we expect a deficit of £10k next year while we build rental and other income to put the Church on a sustainable footing.
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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 11)
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 £4,741 ( 2021 - £5,235 ). Details of charitable giving are set out in page 12.
Christian ministry (Church Activities, Page 8)
£73,449 ( 2021 - £58,411 ) was spent to provide Christian Ministry from Church of Our Saviour. That sum includes a contribution of £28,152 ( 2021 - £21,779 ) to the Diocesan Quota (Parish
1
Share). Our contribution to the URC Ministry and Mission fund is also included within the 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 £11,294 for the Building Fund during 2022 ( 2021 - £12,628 ). The fund balance stood at £331,816 ( 2021 – £331,002 ) at end 2022.
Running costs of the church (page 12)
Expenditure for the shared running costs of the Church totalled £30,001 ( 2020 – £21,481 ). This was largely down to sharp increases in energy costs and cleaning. The increase was exacerbated by comparison with 2021 as cleaning and energy costs were lower as we were still subject to Covid restrictions. Church rental income continued to be hit hard, but improved over 2021,and expect to improve in 2023. The result was a deficit of £22,540 ( 2021 - £17,534) 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 £41,333) amount to 54% of expenditure.
Jeffrey Mushens
Hon Treasurer
29th March, 2023
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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 2022, which are set out on pages 4 to 12 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 12th March, 2023
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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 2022
| 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 Build Costs Transfer to Fixed Assets TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Brought forward BALANCES AT 31 DECEMBER 2022 |
Unrestricted Funds GENERAL £ 47,090 15,070 0 1,092 63,252 73,449 73,449 (10,198) 51,531 41,333 |
Restricted Funds BUILDING £ 11,208 740 (654) 11,294 10,480 3,696 (3,696) 10,480 815 331,001 331,816 |
TOTAL FUNDS 2022 2021 £ £ 58,298 63,816 15,070 11,281 740 661 (654) 1,638 1,092 1,161 0 5,978 74,546 84,535 83,929 68,759 3,696 (3,696) 83,929 68,759 (9,383) 15,776 382,532 366,756 373,149 382,532 |
TOTAL FUNDS 2022 2021 £ £ 58,298 63,816 15,070 11,281 740 661 (654) 1,638 1,092 1,161 0 5,978 74,546 84,535 83,929 68,759 3,696 (3,696) 83,929 68,759 (9,383) 15,776 382,532 366,756 373,149 382,532 |
|---|---|---|---|---|
| 84,535 | ||||
| 68,759 | ||||
| 68,759 | ||||
| 15,776 366,756 |
||||
| 382,532 |
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Church of Our Saviour, East Springfield Chelmer Village, Chelmsford, Essex.
(Charity Registration No. 1169685)
BALANCE SHEET 31ST DECEMBER 2022
| 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 T CURRENT ASSETS/(LIABILITIES) NET ASSETS FUNDS Unrestricted Restricted TOTAL FUNDS INVESTMENT ASSETS Shares in Traidcraft Shares in M&G Charifund |
Unrestricted Funds £ 20,402 506 19,824 12,681 32,506 12,082 20,424 41,333 41,333 41,333 506 506 |
Restricted Funds Building £ 300,954 13,227 1,694 15,941 17,636 0 17,636 331,816 331,816 331,816 13,227 13,227 |
TOTAL FUNDS 2022 2021 £ £ 321,356 327,866 13,733 14,387 21,518 7,621 28,623 40,397 50,141 48,018 12,082 7,740 38,060 40,278 373,149 382,532 41,332 51,530 331,816 331,002 373,149 382,532 506 506 13,227 13,881 13,733 14,387 |
TOTAL FUNDS 2022 2021 £ £ 321,356 327,866 13,733 14,387 21,518 7,621 28,623 40,397 50,141 48,018 12,082 7,740 38,060 40,278 373,149 382,532 41,332 51,530 331,816 331,002 373,149 382,532 506 506 13,227 13,881 13,733 14,387 |
|---|---|---|---|---|
| 48,018 | ||||
| 7,740 | ||||
| 40,278 | ||||
| 382,532 | ||||
| 51,530 331,002 |
||||
| 382,532 | ||||
| 506 13,881 |
||||
| 14,387 |
Approved by Church Council on 15th March, 2023
………………………………………….. 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 2022
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 and planned giving receivable under pledge are recognised when received on behalf of the Church Council.
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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.
6
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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 31 December 2022 contd.
INCOME AND EXPENDITURE
| 2 INCOME AND ENDOWMENTS Voluntary Income 2a Planned Giving Open Plate Collections Donations Tax recoverable on above Grants 2b Activities for Generating Funds Fundraising events Use of Church Hall/Annex Use of Portacabin 2c Investment Income Interest/Distributions 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 £ 29,186 1,014 7,285 9,604 47,090 7,461 7,609 15,070 0 0 238 854 1,092 0 63,252 73,449 (10,198) 51,531 41,333 |
RESTRICTED Building Fund £ 8,725 0 242 2,242 0 11,208 - 740 (654) 86 0 0 11,294 10,480 815 331,002 331,816 |
TOTAL FUNDS 2022 2021 £ £ 37,911 39,723 1,014 1,584 7,527 10,272 11,846 12,237 - - 58,298 63,816 0 7,461 3,947 7,609 7,334 15,070 11,281 740 661 (654) 1,638 86 2,299 238 481 854 680 1,092 1,161 0 5,978 74,546 84,534 83,929 68,759 (9,383) 15,776 382,532 366,756 373,149 382,532 |
TOTAL FUNDS 2022 2021 £ £ 37,911 39,723 1,014 1,584 7,527 10,272 11,846 12,237 - - 58,298 63,816 0 7,461 3,947 7,609 7,334 15,070 11,281 740 661 (654) 1,638 86 2,299 238 481 854 680 1,092 1,161 0 5,978 74,546 84,534 83,929 68,759 (9,383) 15,776 382,532 366,756 373,149 382,532 |
|---|---|---|---|---|
| 63,816 | ||||
| 0 3,947 7,334 |
||||
| 11,281 | ||||
| 661 | ||||
| 1,638 | ||||
| 2,299 | ||||
| 481 680 |
||||
| 1,161 | ||||
| 5,978 84,534 |
||||
| 68,759 | ||||
| 15,776 | ||||
| 366,756 | ||||
| 382,532 |
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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 2022
| 4TANGIBLE FIXED ASSETS Gross Book Value at 1 Jan 2022 Additions Write back provisions At 31 December 2022 Depreciation At 1 Jan 2022 Charge for year Disposals At 31 December 2022 Net Book Value 1 Jan 2022 Net Book Value 31 Dec 2022 |
Church £ 28,145 3,427 31,572 8,881 2,288 11,169 19,264 20,402 |
Building Fund £ 334,371 3,696 (928) 337,139 25,768 10,417 36,185 308,603 300,954 |
Total £ 362,516 7,123 (928) |
|---|---|---|---|
| 368,711 | |||
| 34,650 12,705 |
|||
| 47,355 | |||
| 327,866 | |||
| 321,356 |
5 INVESTMENT ASSETS
| STMENT ASSETS | |
|---|---|
| Unlisted Investments - at Cost Traid Craft Building Fund Listed Investments - at Market Value M&G Charifund Shares I January 2022 (Decrease) in Value 31 December 2022 |
£ 506 13,881 (654) |
| 13,227 |
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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[st] December 2022
| 2022 £ 6 STAFF COSTS Wages and Salaries 3,900 Social Security Costs 3,900 The Church employed a part timeChildren’s and Community Outreach worker. 7 DEBTORS Income Tax Recoverable 9,259 Catholic Community 10,425 URC share of expenses 750 Other Debtors 1,084 21,518 8 Cash at Bank and in Hand Cash Held General Fund Cash held at Bank General Fund 12,682 Cash held at Bank Building Fund 15,941 28,623 9 CREDITORS Missionary Giving General Fund 10,466 Accrued Expenses General Fund 1,615 Accrued Expenses Building Fund 554 12,082 10 RESTRICTED FUNDS |
2022 £ 6 STAFF COSTS Wages and Salaries 3,900 Social Security Costs 3,900 The Church employed a part timeChildren’s and Community Outreach worker. 7 DEBTORS Income Tax Recoverable 9,259 Catholic Community 10,425 URC share of expenses 750 Other Debtors 1,084 21,518 8 Cash at Bank and in Hand Cash Held General Fund Cash held at Bank General Fund 12,682 Cash held at Bank Building Fund 15,941 28,623 9 CREDITORS Missionary Giving General Fund 10,466 Accrued Expenses General Fund 1,615 Accrued Expenses Building Fund 554 12,082 10 RESTRICTED FUNDS |
2021 £ 3,900 |
|---|---|---|
| 3,900 | ||
| 3,946 1,409 1,766 |
||
| 21,518 | 7,121 | |
| 12,682 15,941 28,623 10,466 1,615 554 12,082 |
32,408 8,489 |
|
| 40,897 | ||
| 5,235 1,950 554 |
||
| 7,739 | ||
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 2022
11 MISSIONARY and other GRANTS
The amount set aside in this year's accounts and included in creditors is £10,466 ( 2021 - £5,235 ) Payments in the year (net of direct contributions from members) and provisions comprised the followi
| Christians Against Poverty Society of St Vincent de Paul Mission Aviation Fellowship Bethany Children's Trust Prison Fellowship Open Doors CHESS Romans 1-11 Chelmsford Food Bank Christian Aid Fellowship Afloat/FACT SYM/Made for More The Children's Society Total Additional giving in Year Little Pantry/Picnic Bags, etc LMDC URC CADEF CAP Christian Aid FACT CAP regular Total |
Overseas Overseas Home Mission Relief £ £ £ 734 528 581 300 158 400 634 400 400 400 200 200 300 |
Total £ 734 528 581 300 158 400 634 400 400 400 200 200 300 |
|---|---|---|
| 4,354 581 300 2,558 138 150 360 240 240 794 1,200 5,680 0 0 |
5,235 2,558 138 150 360 240 240 794 1,200 |
|
5,680 |
The amount shown in the accounts is £10,431 This comprises the amounts shown above as additional giving plus the provision of £4,751 in this year’s accounts. The provision for 2021 was paid in 2023.
12 PAYMENTS TO TRUSTEES and RELATED PARTIES
Rev. Andy Brown, Rev. Mandy Hewson and Maria Lee (URC CRCW) received reimbursement of expenses (see note 3a). During the year £3,900 was paid to Claire Musselwhite for services as our Children’s and Community Outreach worker. ( 2021 - £3,900 ). Claire 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 2022, contd.
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) (Excess) of Expenditure over Income Amount due to/(from) Catholic Community Surplus /(Loss) to Anglican and Free Church Community Running Costs per accounts Total Running Costs Due to/(from) Catholic Community |
2022 £ 7,461 11,300 8,069 758 6,238 - 1,348 27,713 2,288 30,001 (22,540) (9,016) (13,524) 27,713 (9,016) 18,697 |
2021 £ 3,947 7,690 3,738 924 5,597 - 1,386 |
|---|---|---|
| 19,334 2,147 |
||
| 21,481 | ||
| (17,534) (7,014) (10,520) 19,334 (7,014) |
||
| 12,321 |
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