PEFC Financial report 2021
The Church remains in good financial standing. This Financial year has seen the transfer of assets from the CUA to the new CIO. Members therefore will be presented with 2 financial reports at the AGM. The first will report on the months January to May 2021 relating to the wind up of the business of the CUA and thereafter the second report will be from June 2021 to December 2021 relating to the business of the CIO. As at 31 December 2021 the Church had financial assets of £153,535. Income for the first 5 months of the year was £32,205 and expenditure was £40,980 giving an overspend of £8775.The CIO had an income of £74,051 and an expenditure of £71,917 showing an excess of £2134. Members will note that both Income and Expenditure has increased reflecting the substantial growth in the Indian Mission work. The two reports together show that over the 12-month period there was an excess of expenditure over income of £6,641. The Church is continuing to run at a loss.
These losses however are not surprising. The year has been particularly financially difficult for a number of reasons. A major factor on finances has been the effect of the COVID pandemic. The result of the ongoing lockdowns has been a substantial reduction in income from letting of the Hall and other facilities of the Church. There has been a reduction in costs of maintaining the hall but overall income from the hire of the hall has fallen. In addition, being unable to meet for Sunday services has reduced cash giving. However, a significant number of the congregation have been using electronic methods of giving to the church.
The transfer of the legal status of the Church from a CUA to a CIO has also had an effect on the Church’s finances. The Church has incurred legal costs in undertaking this process.
Despite the ongoing difficulties in generating revenue our giving towards the orphanage and Mission in India has grown considerably with the setting up of a new Paypal account to facilitate electronic donations. We are now receiving donations from a number of contributors both from the UK and around the world. We have been particularly fortunate to receive a number of sizeable donations from a Church in Poland who have been active in supporting the OPEN mission and the pastors of a number of churches in Odisha. There has also been considerable assistance with the Mission to assist persecuted villagers in Odisha
Overall, the Church is in a healthy financial position with reasonable reserves and a good working balance account. That said we must not be complacent. As stated above the giving to our India mission has risen considerably and masks the significant downturn in Hall income resulting from Covid Lockdowns and the General purpose fund ( ie the day to day running costs) continues to run at a loss. Overall, the Church is still running at a slight loss which given the huge impact of Covid is not surprising. The start of 2022 has necessitated significant expenditure on
a number of items such as new AV equipment, new IT equipment, Legal fees and a new boiler for the kitchen. Members will also be aware that our costs are rising with increased energy costs, rises in the minimum wage and NI costs as well as rises in the general rate of inflation. The leadership also wishes to consider certain improvements to the Church’s facilities. It is difficult to predict how Church finances will fare in 2022. Nevertheless, the losses incurred in 2021 are manageable and with God’s grace and providence we are emerging from this pandemic and we can resume our church activities and use of our buildings resulting in resumption of our usual income streams. When that happens we can look forward to our income exceeding expenditure and the Church’s financial position becoming sustainable for the long term and we must pray that God will guide us and continue to provide resources to build his Church in this community to his Glory.
Treasurer
CHARITY COMMISSSON FOR ENGLAND AND WALES Pfrahan Evangollcal Church Receipts and payments accounts CC16a For the pgrfod from To l June 2022 31 June 2022 Section A Receipts and payments Unrestrlcted funds R•strtctsd lund$ Endowmènt fund8 Totsl fund8 Last y•ar to th• f11qt totho rarot£ to tho nur08t£ to th• neare•t£ to the nethr•t£ Al Recei CleGbO$ tknTth(X)S Mis&on aallOnS Hall HIFd IncoTre from r&tsl HMRC Glft GrdntslLtr)arxes Ses linc FIT) Other Sub toto1(Gross income for 17,OS9 18,B56 6.tlo 17,059 18,B$6 6,110 5,372 5,372 tva 1,373 10,336 1.373 10.336 ARJ 74OSI 74061 A2 Ats¥ot and In¥¢stm•nt •ales, {see tsblel. Sub total 74,051 74051 A3Pa mgnts salarses Property mainienanca Utilities InsuraTrcelSub*Lr£nces EQUIprt Consumable5 IStati(Nwty Trsining Mission Property onki Other 31.103 4,961 1,382 2,076 4,124 31.103 961 1,382 I076 4124 1240 674 11911 10.61T 574 12,911 10,697 1,850 71,918 Sub total 71,918 A4 As$èt and Inv•stmont urcha¥es. $•• tabl• Sub total 71,918 71.918 Net of receip{paYments) AS Trdnsfers belw8en funds A6 C8sh fund$ la$t yoar 9nd Cash funds this yearand 2.133 2,133 2,133 2,133 CCXX R18ccounts ISSI 0411012022
CHARITY COMMISSION FOR ENGLAND AND WALES Independent oxaminerfs report on the accounts Roport to the trnsteesl members of L retE On a¢counts for the year ended 71 Charity no lil any) Sèt out on pages l port to thè trustees on my examinats.on ol the accounts of the ab)ve charity l-the Trust I for the year endad Responsibilitie5 and basis of rgport As the charity trustees of the Trust. you are responsible for the preparatson ol the accounts in accordan wth the requirements ol the Charibes Act 20111"the Acfl I report In re8pecl of my examinab'on of the Trust's ac¢)Unt5 carried out under section 145 of the 2011 Act and in carrying out my exarninatson. I have followed the applicable Directions given by the Charity Commission under section 14515ilbl ol the Act. I have cx)mpleted rny examination I confirm that no matérial matters have come lo my attention lott)er than that discjosed k}W"1 in (xjnneebon with the examination wttKh gives me cause to believe that in. any matenal respect. . accounting reLy)rds were not kept in accordance wth section 130 of the Act or . the aC(unIS do not aword with the accounbrvJ rewds Ind•p•nd•nt •xamln•r's stat•m•nt I havè no eoncerlls and hava come auoss no othèr matters in eonnection wth the examination to which attention should be drawn in order to enable a proper understanding of the aCUnts to be reached. Pl&as6 dèlètè th8 words in th8 brèckèts If they clo not apply. Sioned: Date.. Name: Relevant PTofe55ional qualificationlsl or body lif artyl.. Addr•ss-. Only complete If th6 examiner needs to highlight matters of concern15ee CC32. Independent exarninatson of eharity accounts direth.ons and guidane8 for examinersl Give hero brlfrf details of any items that the examiner wishes to disc105e.