Date: 12th April 2025
Subject: 20024 Treasurer’s Report
Author: Chris Shelley
1. 2024 Overview
2024 closed with an overall deficit for the year of £4,297.91 this is a significant improvement on 2023 where the deficit was £24,282.
The table below shows the income and expenditure position for the last four years.
| £s | 2024 | 2023 | 2022 | 2021 |
| Income | 119,536.28 | 88,208.96 | 101,911.89 | 105,954.45 |
| Expenditure | 123,834.19 | 112,491.34 | 121,355.83 | 124,600.94 |
| Surplus/Deficit | -4,297.91 | -24,282.38 | -19,443.94 | -18,646.49 |
Full financial reports are attached.
2. Bank Balances
As of 31st December 2024.
| 2. Bank Balances As of 31st December 2024. |
|
|---|---|
| Account | Balance |
| Lloyds | £ 7,796.27 |
| Church (Coop) | £11,164.97 |
| Hall (Coop) | £8,985.19 |
| Sub Total | £27,946.43 |
| Coop Deposit | £50.89 |
| TOTAL | £27,997.32 |
3. Income & Receipts (compared to prior year)
Donations were up around 10% on last year at £66k. A significant increase in money claimed in one-off grants, largely from the associated charities, increased income by £20k, compared to £0k last year. Fees income was up from £5.6k to £9.5k, largely as a result increased income from Weddings (up £1k) and, in particular, funerals (up £4.5k). Rental income from the use of the hall also increased from £12k to £14.5k
4. Expenditure
Expenses remained largely in line with prior year. Our largest single expense remains the Parish Share, at £73.5k. It is worth noting increases in energy costs and also up keep to the church, although the later was offset by increased use of grant funding.
5. Donors
We closed 2024 with 40 regular donations via the Parish Giving Scheme (individuals, couples and families) and these contribute just over £4000 per month including recovered gift aid. We had 12 donors who chose to make donations directly into our bank accounts via standing order, totalling £572/month (December figures).
This represents an average donation per month of £89
In 2024 we did not fully recover all due Gift Aid due to omissions in Gift Aid declarations. New declarations are being sought, and these funds will be recovered in 2025 since Gift Aid can be claimed up to 4 years in arrears.
6. Investments
We have investments held with and invested through the Diocese from the Marian Bicheno bequest. Valuation at 31/12/24 was £330,074.99
7. 2024 Commentary
2024 was a transition year with a new Treasurer, Chris Shelley, taking over from Sarah Rossouw after the APCM.
As well as managing the accounts, a number of other initiatives were launched in 2024. Work is underway to consolidate bank accounts, to reduce the number of accounts we have, update Gift Aid declarations, and improve our IT. Work to regularise our position with the Charities Commission, where filings were 2 years in arrears, has been completed, and all records held by them are up to date, with 2024 filings due before October of this year.
Chris joined ACAT, (Association of Church Accountants and Treasurers), and attended two courses held by them. The full day course “The Church Treasurer: Insights into the role and
responsibilities” was incredibly useful and many aspects of this course have helped in the day to day management of the church finance. The course “Gift Aid: Maximising the benefits and reducing the pitfalls” was also useful and highlighted several shortcomings in our management of Gift Aid that must be corrected before we start claiming again.
8. Looking Forward into 2025
With plans for the Re-ordering project being discussed during 2024, a 2025 Re-ordering fund was created to track costs and donations for this project. A budget for this project was also drawn up, to try to find a position where the project can be funded while ensuring the PCC still retains sufficient funds to hand and invested to protect the longer-term financial position of the church.
Further work on donor management is required and is hard to fit in around the general financial management of the church activities. We cannot be complacent about our donation income and more regular communications with our donors and explanations of how we use their funds would be helpful. It would be helpful to find someone willing to step into a Donor Manager role.
With 2025 looking like a quieter year for Weddings, it is going to be important to focus on other ways to generate income, especially as costs continue to rise. This year the inflationary increase in the Parish share was 3 times the increase applied to the Parish Giving Scheme. Energy costs have also risen significantly, in some case almost doubling, due to the ending of a very favourable fixed rate that had been secured some time ago.
In 2025 we expect to receive the funds from two other bequests, Dr Hazel Thomas and Mrs Phyllis Sanderson. These are expected to total around £148k
The overall position of All Saints remains positive, especially given the bequests and reserves we hold, but we must not become complacent, as expenditure still outstrips income, even if the deficit reduced this year. Active financial management and work by the whole PCC and All Saints community to maximise income remains essential to maintain this position for the future.
All Saints Church Stalement of Financial Activities (Receipts & Payments) January 1, 2024 to December 31, 2024 T•#1 lu) l¥lllW •pTrIRI pryv R•wd•rfnq 2$ 101.•bJ.41 14.226QJ Tow Rc•i 10WJAI J27 12J834 1• 2.383 Tothl 2,JUJI All 1422•J 327A4 I P•yrn•rf 1147•4.11 2.3U38 Transtor&8•twen Fun .1(thC I,0(w) 00 43•7Jl 327A• Told Fwd• Cwrl•d For 2&31•a•
Statement of Receipts & Payments Piop¥¢Q lo[5ch% lilJ2024¥J 31.'II2024 IItIXfJknJ1n2r•J23r T•#1 2,611.92 552.35 2.611.92 552.35 . Donab . 1¥1 Thw¥d•y . PGS Grfl Awj . PGS Ckn• Off .. SuTrJry O(mt . Gift Cla¥rnd . Grfl Day8 1.e08.02 24.70 5.651.66 7.410.C6 1.600.C 6.484. 38.669.34 1.29).C 312. 1.eM.02 24.7• 5.051. 7.410.OS 1,MO.OQ $,484.9Q 38.619.34 1.290.00 312. . P18nntd GMw- Gift AK . P18nntd GiTrrirwJ. NGift 20.C¥J9.15 20,009.15 Charitable A(10 . Books11 and S• . PCC F•M . B•M• 142.CQ 20.C 8.488.80 467.C 2.348. 14.436.53 4.138.58 4.518.88 142.00 20. . hJrh•rnl¥ 417. 2.3M.Oty 14,430.5J 4,4M.42 4,518.88 .. weddlr . . R•nl lor ctr In¥•8imn 327.84 . . iundry rticè 419.85 419.85 119,536.24 M208.96 Ch•rilal)kn ktsvi . . Chwty Rurrfry C¢dis 2.446.38 48.C 2.446. .. Cosl of Sfj 174.09 3.696.54 $99.76 1.814.18 3.369.16 6.110.51 1.730.54 69.59 3.644.09 174.09 S..54 699.71 ..Water&S .. GwElecrrity 3,319.16 B,110.51 1,730.54 19.5• 3,644.0• . In8ur8r .. Prfnbng & Statrxw Cosi• . . RoulirwB Rew to Ch Centre 209.10 209.1• Repair 120.IXI 12.W ?n?5 17 P?1 of2
Statement of Receipts & Payments Piop¥¢Q lo[5ch% lilJ2024¥J 31.'II2024 IItIXfJknJ1n2r•J23r 6.600.40 6,W.44 426.95 426.9S 564.73 1.287.43 2.988.CQ 1.045.37 1.400.24 1.896.91 499.20 514.71 1,217.43 2,•B8.0ty 1.015.37 1.41)0.24 1.86.91 499.2ty .. TIltrph & Erfntil & .. Upka•polQwrrhy• musi . wndr . Cknrgy EXFW 73.493.34 73.493.34 . . emye? Costs . Payrc41 Costs 8,426.98 . Grants . . Other Chffj Scrtty . Mqor repairsto th& bJlhl1 . Chwch TrM•r 2.741.22 197.92 129.C 2.741.22 197.91 129.0 . Mwsy ClwJr¢h EwM• Tot•1 •#p•ndknrn 123.834.19 123,8J4.1• 111491.34 All rncéip All ptyn•n 119.208.44 123.834.19 327. 119,536.28 123,834.1• 88,208.96 112,491.34 4.625.75 4,297.91 .24.282.38 Tolal 204.248.04 4&41&05 250.W.09 274.946.47 199.072.29 Z48.310.11 2.181.0 12.4Y.Z025 1PL p?20[2
STATEMENT OF FUNDS AN Cott•nh•m PCC ci 235.•)1.58 236.1)i.o 94.2n.13 330,07191 JXl.074.•1 330,074.99 330.074.99
INDEPENDENT WMINER'S REPORT TO THE PCC OF ALL SAINTS, corrENHAM FOR ThE YEAR ENDED DECEMBER 31", 2024 This reports on the accounts of the Trustees for the year ended 31 Dècember 2024 is in respect of an examination camed out under th8 Churth Accounting Regulations 2006 and s145 of the Charitiès Act 2011. Rospectlvè r¢sponsibllliles of TrustM$ and Examiner The Chanly's trustees consider that an audrt is not required lor this yèar under Section 142121 of th8 Charitses Act 2011 (the 2011 Act) and that an Indep8ndenl Examinatson is required. Having satssfied myseff that the PCC is not subject to audit undef Charity Law and is eligible for indeperKlent exarninalion, it is my responsibilty lo.. - examine th8 acwnts under Section145 of the 2011 Act., - folbw thè prc¢edurns laid down in the General Directions given by the Charity Commissioners in Section 14515llb} of the 2011 Acl., ar - stale whether particuLqf mattefs have come to my attention. Bas1$ of IndOndefit Examlnerfs Rèport My examinabon was carried out in accordance the gèneral directions given by the Chanty Commission. An examinatson includes a r8vi8w of the accounting reemds kept by the PCC and a comparison of Ihè aGwnts presented vthh those records.11 also includes consideratton of any unusual items or disclosures in the accounts and see.ng explanations from you as Irus18ès concerning any such matters. The procedures und8rtaken do not prowde dl the evidence that would be required in a fijll audit, and consequenty no opinion is given as to whether the accounts Pfesenl a'trne and fair wew, and the report is limrted to those matters sel out in the statemènts bèlow. Indepondont Examin•rfs statement To Confi Ihat, for All Saints Church, I have examined.. - Statement of Teceipts and payments 2024 - Treasurels report . other accounts'ng records. I have wnduded thal they truty and fairty represent the finanaal F¢)Stb¢Jn. From Emma Bodsworth FCA