Parish of St Mary’s Charlbury with All Saints’ Shorthampton
2024 Financial Review and Financial Statements
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FINANCIAL REVIEW
OVERVIEW
At first glance, 2024 would appear to have been a good year for parish funds which showed an overall increase of 13%, while the General Fund (which covers the day to day operational costs of the parish) remained constant. However, the increase in the value of funds can be largely attributed to a legacy of £20,000 for All Saints’, and the end of year figures do not include a number of bills which had not been presented in time for payment during the accounting period. There is also an outstanding payment from the Slatyne Fund that will need to be made in 2025. These all reduce the underlying value of funds.
Within some individual funds there was considerable movement. The All Saints’ Fabric Fund increased by 158% as a result of the legacy, while the Legacy and Font Funds were used to help pay for the installation of a new kitchen at St Mary’s which was completed towards the end of the year.
UNRESTRICTED FUNDS
Unrestricted Funds comprise: (1) the General Fund and (2) Designated Funds which finance particular church activities.
General Fund
Income and expenditure in the General Fund closely matched budget estimates but, within those totals, there were some notable deviations. Disappointingly income from the Parish Giving Scheme was down 9% largely due to a number of previous donors either moving away or dying; as a result, Gift Aid recovery was also down by a similar amount. However, these shortfalls were partially covered by a much better than anticipated result for Fund Raising which raised £13,384 through the dedicated work of a number of parishioners.
Expenditure was pretty much in line with budget estimates but, once outstanding utility bills (£! 400) and churchyard grass cutting bills (£600) for the year, which are not reflected in the accounts, are taken into consideration then the value of the General Fund will have fallen to approximately £31,000 – a decrease of 7%. That said, this still remains within the parameters of the PCC policy of maintaining a balance equating to 3 months operational expenditure.
Designated Funds
Designated Funds comprise:
-St Mary’s Project Fund was used towards the cost of building a new kitchen in St Mary’s. It now has a zero balance.
- The Legacies Fund was established in 2019 to ensure legacies were used in line with the wishes of donors to sustain and strengthen the church ministry and facilities. Two generous donations were received during the year, and, as agreed by the PCC, the fund provided £4,696 towards the kitchen build.
-Font Fund receives takings from the weekly Font Café, to be used at the discretion of the PCC to support church activities. To that end, £10,000 was used to help pay for the kitchen.
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- The Commemoration Flowers Fund raises money for the purchase of flowers in memory of loved ones and has been little used throughout the year.
-The Slatyne Fund was set up to raise money to support a church in Slatyne, Ukraine. A total of £5,326 was raised through fund raising activities and donations, of which £4,000 has been used towards the cost of a bus for use by the Slatyne parish and a further £1,200 remains to be transferred.
RESTRICTED FUNDS
Restricted Funds comprise:
-St Mary’s Fabric Fund has been used primarily to pay for electrical work identified as being required during an inspection by our insurers. However, it has also been used to cover some of the kitchen costs, plus the purchase of a carpet for the Memorial Chapel and new heaters.
-All Saints’ Fabric Fund has benefitted from a large legacy, but also from some very successful fund raising events throughout the year. In addition, regular donations continue to be received, largely as a result of the works of The Friends of Shorthampton. Money has been spent on new cushions and kneelers.
-Organ Fund was not used during the year.
-Memory Fund continues to run a regular café to provide support and counselling for members of the community with memory loss or dementia, and their carers.
-Cornerstone Fund continues to receive good support from individuals and grant-making organizations. It runs a community shop, to support children through a Learning Café and with the purchase of school uniforms, and to help local families with grants towards the payment of their utility bills. This year, although income remained in line with previous years, for the first time, expenditure exceeded income -- which reflects the continuing need for this important community initiative.
OUTLOOK FOR 2025
Another challenging year can be anticipated. It is likely that another ambitious fundraising target will have to be set until regular donations, primarily through the Parish Giving Scheme, can be increased.
P J DURRANT PCC Treasurer
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Parish of St. Mary’s Charlbury with All Saints’ Shorthampton
Financial Statements for the Year Ended 31 December 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Funds | Restricted Funds | Total | Total | |
|---|---|---|---|---|---|
| General | Designated | 2024 | 2023 | ||
| Income from : | |||||
| Donatons + legacies | 74351 | 15689 | 45815 | 135855 | 168662 |
| Income from Charitable actvites | 21156 | 1000 | 2762 | 24918 | 18907 |
| Investments | 1532 | 1532 | 799 | ||
| Other income | 14244 | 28049 | 17275 | 59568 | 3098 |
| Charitable donaton | 0 | -125 | |||
| Total income from : | 111283 | 44738 | 65852 | 221873 | 191341 |
| Expenditure on : | |||||
| Raising funds | 2182 | 2182 | 1041 | ||
| Expenditure on Charitable Actvites | 109089 | 5003 | 54790 | 168882 | 141273 |
| Other Expenditure | 203 | 36176 | 36379 | 55724 | |
| Total Expenditure on : | 111474 | 41179 | 54790 | 207443 | 198038 |
| Net Income/Expenditure | -191 | 3559 | 11062 | 14430 | -23986 |
STATEMENT OF ASSETS AND LIABILITIES
| Total 2024 | Notes | 2023 | |
|---|---|---|---|
| Current Assets - Cash at Bank and in Hand | |||
| Santander - Current Account | 47341 | 33719 | |
| CAF Bank Current Account | 27886 | 52897 | |
| CAF Bank Gold Account | 29818 | 4001 | |
| CCLA (CBF) - deposit account | 16531 | 16531 | |
| Cash in Hand | 0 | 0 | |
| Agency Collecton/Opening Balance | 126 | 126 | |
| TOTAL | 121702 | 107274 | |
| Liabilites -Agency accounts | |||
| Agency collectons | 0 | 0 | |
| TOTAL | 0 | 0 | |
| Net Total Assets | 121702 | 107274 |
The attached notes form part of these financial statements:
See Note 3 for movements in unrestricted and restricted funds during the year. See Note 4 for details of agency collections.
See Notes 5-7 for more detailed breakdowns of income and expenditure.
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Parish of St. Mary’s Charlbury with All Saints’ Shorthampton
Financial Statements for the Year Ended 31 December 2024
NOTES
Note 1. The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts and Payments Basis.
Note 2. Figures shown for 2024 have been revised to be consistent with the revised nominal accounts categories that were introduced in 2009.
Note 3. The distribution of monetary assets between unrestricted and restricted funds and the movement in funds during 2024 is shown in Table 1 below.
Table 1 : Movement in Restricted and Unrestricted Funds (excluding Agency operations)
| Restated afer | ||||||
|---|---|---|---|---|---|---|
| Fund Type and Title | Fund Balance B/F |
prior year adjustment |
Notes | Incoming Resources |
Outgoing | Fund Balance C/F |
| (Note 4.(1)) | Resources | |||||
| Unrestricted funds | ||||||
| General Fund | 32916 | 32447 | 1 | 111283 | 111474 | 32725 |
| SM Projects Fund (Kitchen) | -7817 | -7817 | 29230 | 21413 | 0 | |
| Legacies Fund | 4453 | 4453 | 7066 | 4696 | 6823 | |
| Font Fund | 12655 | 12655 | 2950 | 10990 | 4615 | |
| Commemoraton fowers Fund | -143 | -143 | 166 | 13 | 10 | |
| Slatyne Fund | 0 | 0 | 5326 | 4067 | 1259 | |
| Sub-Totals - Unrestricted Funds | 42064 | 41595 | 156021 | 152653 | 45432 | |
| Restricted Funds | ||||||
| SM Fabric Fund | 16679 | 16679 | 3071 | 13498 | 6252 | |
| AS Fabric Fund | 14783 | 14783 | 27490 | 4000 | 38273 | |
| Organ Fund | 287 | 287 | 0 | 0 | 287 | |
| Cornerstone | 32446 | 32916 | 1 | 35171 | 36622 | 30995 |
| Memory Fund | 1014 | 1014 | 120 | 670 | 464 | |
| Sub Totals Restricted Funds | 65209 | 65679 | 65852 | 54790 | 76271 | |
| TOTALS ALL FUNDS | 107273 | 107274 | 221873 | 207443 | 121703 |
Note 4:
(1) After the 2023 accounts were produced, £470 was moved from Mission and Outreach activities in the General Fund to Cornerstone household support. This move is reflected in the Restated After Prior Year Adjustment column. The discrepancy of £1 is due to rounding up/down of included figures.
(2) Agency operations are activities that are not included in the Financial Statements since money received is paid over in full to a third party. In previous years, this has included money collected by the PCC on behalf of the Diocese for wedding and funeral fees as well as fees for the vergers, organist and gravediggers. This year, there are no agency operations’ transactions.
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Parish of St. Mary’s Charlbury with All Saints’ Shorthampton
Financial Statements for the Year Ended 31 December 2024
Note 5: Table 2 shows income and expenditure during 2024 broken down between the different fund groups. The General Fund is used primarily to finance the PCC’s operational costs.
Table 2 : Income and Expenditure by Group
| Unrestricted | Funds | Restricted | |||
|---|---|---|---|---|---|
| General | Designated | Funds | Total 2024 | Total 2023 | |
| Income | |||||
| Planned Giving | 59186 | 59186 | 61120 | ||
| Other Giving | 15165 | 8623 | 25815 | 49603 | 22581 |
| Gif Aid Recovery | 13371 | 1315 | 2075 | 16761 | 14906 |
| Grants | 300 | 12038 | 15200 | 27538 | 37869 |
| Fund Raising Actvites/Events | 15566 | 1000 | 2762 | 19328 | 17694 |
| Fees Income | 4700 | 4700 | 2889 | ||
| Legacies | 0 | 7066 | 20000 | 27066 | 0 |
| Cornerstone Initatve | 0 | 29834 | |||
| Internal transfer | 14696 | 14696 | |||
| Other income | 2995 | 2995 | 4448 | ||
| Total Income | 111283 | 44738 | 65852 | 221873 | 191341 |
| Expenditure | |||||
| Parish Share | 58091 | 58091 | 51966 | ||
| Clergy Expenses | 3625 | 3625 | 357 | ||
| Church and Outreach | 4060 | 5003 | 670 | 9733 | 2540 |
| Parish Administraton + Of ce Expenses | 15392 | 18088 | 33480 | 13567 | |
| Utlites and Insurance | 13977 | 13977 | 16785 | ||
| Church and Churchyard | 12494 | 1556 | 14050 | 14794 | |
| Cleaning/Maintenance | 1450 | 1450 | 2008 | ||
| Major Building Repairs + Improvements | 21413 | 13498 | 34911 | 57623 | |
| Fund Raising Costs | 2182 | 67 | 479 | 2728 | 1042 |
| Internal transfer | 14696 | 14696 | |||
| Cornerstone | 18534 | 18534 | 36253 | ||
| Other Expenditure | 203 | 1965 | 2168 | 1103 | |
| Total Expenditure | 111474 | 41179 | 54790 | 207443 | 198038 |
| Funds Balance | -191 | 3559 | 11062 | 14430 | -6697 |
Note 6: Table 3 shows the distribution of capital spending on building repairs and improvements.
Table 3: Capital Expenditure by Fund
| **General Fund ** | SM Project/ | SM Fabric | AS Fabric | Total Capital | Total Capital | |
|---|---|---|---|---|---|---|
| Reserves | Kitchen Fund | Fund | Fund | Expenditure | Expenditure | |
| 2024 | 2024 | 2024 | 2024 | 2024 | 2023 | |
| St Mary's Charlbury | ||||||
| Building Repairs and improvements | 21413 | 13498 | 4000 | 38911 | 53586 | |
| All Saints Shorthampton | ||||||
| Building Repairs and improvements | 0 | 4065 | ||||
| 21413 | 13498 | 4000 | 38911 | 57651 |
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Parish of St. Mary’s Charlbury with All Saints’ Shorthampton
Financial Statements for the Year Ended 31 December 2024
Note 7: The General Fund is used primarily to finance the operational budget of the PCC. Table 4 provides a more detailed breakdown of General Fund income and expenditure by category.
Table 4: General Fund - Operational Income and Expenditure (Detailed)
| Operatonal Income (General Fund) | 2024 | 2023 |
|---|---|---|
| Planned Giving | 59186 | 61120 |
| Parish Giving Scheme | 49966 | 48485 |
| Standing Orders | 9220 | 12185 |
| Envelopes | 0 | |
| Other Plannd giving | 0 | 450 |
| Other Giving | 15165 | 10895 |
| One of donatons | 7248 | 3395 |
| Collectons at Services | 5799 | 5466 |
| Wall Boxes and Card Reader | 2118 | 2034 |
| Gif Aid Recovery | 13371 | 13746 |
| Grants | 300 | 0 |
| Fund Raising Actvites | 15566 | 15343 |
| PCC Fees (Weddings + Funerals) | 4700 | 2889 |
| Hire and use of Church Facilites | 890 | 676 |
| Investment Income | 1532 | 799 |
| Other Receipts | 573 | 1013 |
| Total Operatonal Income | 111283 | 106481 |
| Operatonal Expenditure (General Fund) | ||
| Parish Share | 58091 | 51966 |
| Clergy and Assistants Expenses | 3625 | 357 |
| Church and Outreach Act vites | 4060 | 1740 |
| Parish Administraton | 15392 | 13567 |
| Administrators' Services | 11589 | 10453 |
| Ofce Equipment + Consumables | 2845 | 2504 |
| Photocopying + Printng + IT support | 0 | |
| Telephone + Internet | 958 | 610 |
| Utlites | 8437 | 11215 |
| Elctricity | 3833 | 2541 |
| Gas | 4604 | 7829 |
| Church Cleaning | 1450 | 2008 |
| Building Maintenance + Minor Repair | 8814 | 6813 |
| Equipment Repairs /Maintenance | 0 | 0 |
| Churchyard Maintenance | 3680 | 7981 |
| Insurance | 5540 | 5570 |
| Fundraising Costs | 2182 | 1042 |
| Other PCC expenses | 203 | 1103 |
| Total Operatonal Expenditure | 111474 | 103362 |
| Excess of Income over Expenditure | -191 | 3119 |
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Parish of St. Marfs Charlbury with All SainW Shorthampton Financial Statements for the Year Ended 31 December 2024 Independent Examinerfs Report to the PCC of St. Marfs Charlbury with All Saints. Shorthampton This report on the financial statements of the PCC for the year ending 31 Dember 2024. which are set out in Appendix I to the PCC Annual Report for 2024. is in respect of the examination carried out in accordance with Church Accounting Regulations and SectK)n 43 of the Chartties Act 1991. Respertive Responsibilities of the PCC and the Examiner As members of the PCC you afe responsible for the preparatton of the financial statements. You consider that the audit requirement of the Regulations and the Section 43121 of the Act do not apply lincome/expenditure above £250,0(K)i. It is my responsibility to i55ue this report to those finanual statements in accordan with the terms of the Regulations. Basis of this Report My examination was carried out in accordan with the directions gNen by the Chartty Comrnis5ion under sectton 43{7lb of the Act to be found in the Church Guidance 2(KJ6 edition issued by the Archbishop's Council. The examination includes a review of the accounting records kept by the PCC. It also includes considering any unusual temis or disclosures in the financial statements and seeking explanations from you as tmstees 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 Examlnerfs Statement In connection with my examination, no matter has come to my attention= {il which gives me cause to believe that in any material respert the requirements to keep accounting record5 in accordance with Section 41 of the Act and to prepa financial statements which comply wtth the Act have not been met; or lil) to whith in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to have been reached. Mr Tony Morgan Independent Examiner 170325 CH dExamineFS Rewt 24