FINANCIAL REPORT 2023 – 2024
You have all received the accounts a few weeks ago to be approved at this AGM.
As I am sure you have noticed we have, for the first time since I started keeping the books, a loss, a deficit, of £422. I believe that in this past financial year we have really seen the effects of the “Cost of Living Crisis” and elevated Energy Costs that I spoke about at last year’s AGM. I don’t think it is one single event that has put us in this situation but it is a compounded situation. As I said last year, less income and higher expenses, with lower attendance, decreasing number of members and most people having less disposable income, it means offerings and donations are down and the cost of running the church is higher. We see this in the Church Fund Account where income is down £1,235 and expenditure up by £2,601 compared to last year. Energy costs did go up significantly and as the financial year runs from April 2023 to March 2024, we still see that in the bills we have received. We still have to find extra funds for gas usage and electricity over the winter months and the Trustees are looking are find a supplier who can give us better rates.
The income from the Manse shows a surplus of £10,123 and Hall Hire with a surplus of £4,012, this is still enabling the church serve the community as it has done for many years.
With that in mind, the trustees decided to make some transfers from Hall Hire to Church Fund and from the Manse Fund to the Building Fund
The gift aid returns from the government are slightly lower this year compared to previous years in line with lower offerings and donations.
Looking forward in this financial year the Trustees have already made some positive steps in church life and the finances. We have decided to keep £20,000 in the business account
which will give a higher rate interest than keeping the money in the current account as we did in the past when interest rates were low.
We have increased the pastor’s monthly payment and backdated the contract, in response to current cost of living.
I still feel we should be optimistic about Southbourne Free Church’s place and value in our village, and pray for God’s guidance and leadership in increasing our numbers and finances.
Pia Bennett May 31[st] 2024
SOUTHBOURNE FREE CHURCH
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2024
SOUTHBOURNE FREE CHURCH
Charity Law required the Church Trustees to prepare Financial Statements for each Financial Year that comply with the regulations set out in the Charities Act 2011
The Financial Statements shown on the following Pages 4 to 10 were approve by the Trustees on
and signed on their behalf by:
……………………………………………….. Dr M Arkle (Church Secretary & Chair)
SOUTHBOURNE FREE CHURCH
CHURCH INFORMATION FOR THE YEAR ENDED 31 MARCH 2024
| CHARITY NUMBER | 1193628 |
|---|---|
| START OF FINANCIAL YEAR | 1 April 2023 |
| END OF FINANCIAL YEAR | 31 MARCH 2024 |
| PASTOR | Mr Paul Cox |
| SECRETARY | Dr M Arkle |
| TREASURER | Vacant |
| MANAGING TRUSTEES | Dr M Arkle |
| AT 31 MARCH 2024 | Mrs W Ranf |
| Mrs P Bennet | |
| INDEPENDENT EXAMINER | Vacant |
| BANKERS | Lloyds Bank plc |
| 4 West Street | |
| Havant | |
| Hampshire | |
| PO9 1PE |
SOUTHBOURNE FREE CHURCH
BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| ASSETS CASH FUNDS: | ||
| Lloyds Bank Current Account | 58,257 | 58,679 |
| Lloyds Business Account | - | - |
| _ | __ | |
| 58,257 | 58,679 | |
| ======= | ======== | |
| FUNDS | ||
| Building Fund | 8,565 | 5,847 |
| Missionary Fund | 892 | 892 |
| Pastor’s Fund | 20,947 | 30,040 |
| Hall Hire | 6,254 | 2,442 |
| Church Fund | 497 | 1,481 |
| Manse Fund | 17,102 | 13,977 |
| General Reserves | 4,000 | 4,000 |
| _____ | ||
| 58,257 | 58,679 | |
| Balance in Lloyds Bus Acct | - | - |
| TOTAL FUNDS HELD | 58,257 | 58,679 |
| FINANCIAL STATEMENT 31 MARCH 2024 | ||
| TOTAL INCOME FOR THE YEAR | 21,684 | 18,021 |
| ( -117) | ||
| TOTAL EXPENDITURE FOR THE YEAR | 22,106 | 15,287 |
| TOTAL (DEFICIT) SURPLUS FOR THE YEAR | (422) | 2,617 |
| OPENING BALANCE 1 APRIL 2023 | 58,679 | 56,062 |
| CLOSING BALANCE 31 MARCH 2024 | 58,257 | 58,679 |
| ====== | ====== |
SOUTHBOURNE FREE CHURCH
CHURCH FUND
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| INCOME – (RESTRICTED) | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| Oferings | 3,032 | 4,055 | ||
| Donatons | 125 | - | ||
| Gif Aid – Tax Refunds | 740 | 1,182 | ||
| Other Income | 107 | 2 | ||
| Insurance Claim | - | - | ||
| TOTAL INCOME: | 4,004 | 5,239 | ||
| EXPENDITURE | ||||
| Preacher’s Expenses | 564 | 256 | ||
| Gas Electricity Sewage Charges | 3,662 | 1,432 | ||
| Repairs and Maintenance | 1,030 | 1,625 | ||
| Afliaton Fee | 340 | 340 | ||
| Cleaning Expenses | 780 | 780 | ||
| Building and Contents Insurance | 1,837 | 1,217 | ||
| Sundries | 1,975 | 1,442 | ||
| CIO Legal Fees | - | 495 | ||
| TOTAL EXPENDITURE: | 10,188 | 7,587 | ||
| SURPLUS(DEFICIT) FOR THE YEAR | (6,184) | (2,348) | ||
| ACCUMULATED FUND 1STAPRIL 2023 | 6,681 * | 3,829 * | ||
| ACCUMULATED FUND 31STMARCH 2024 | 497 | 1,481 |
Transfer agreed *
SOUTHBOURNE FREE CHURCH
CHURCH BUILDING FUND
| INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 | MARCH | 2024 | |
|---|---|---|---|---|
| INCOME – (RESTRICTED) | 2024 | 2023 | ||
| £ | £ | |||
| TOTAL INCOME | 718 | 1,204 | ||
| EXPENDITURE | ||||
| TOTAL EXPENDITURE | - | 1,462 | ||
| SURPLUS (DEFICIT) FOR THE YEAR | 718 | (258) | ||
| ACCUMULATED FUND 1STAPRIL 2023 | 7,847 | 6,105 | ||
| ACCUMULATED FUND 31STMARCH 2024 | 8,565 * | 5,847 | * |
Transfer agreed *
SOUTHBOURNE FREE CHURCH
MANSE FUND
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| INCOME – (UNRESTRICTED) | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| TOTAL INCOME | 12,034 | 11,967 |
| EXPENDITURE | ||
| Fees and Maintenance | 1,910 | 3,378 |
| SURPLUS FOR THE YEAR | 10,124 | 8,589 |
| ACCUMULATED FUND 1STAPRIL 2023 | 6,978 | 5,388 |
| ACCUMULATED FUND 31STMARCH 2024 | 17,102 * | 13,977 * |
Transfer agreed *
SOUTHBOURNE FREE CHURCH
CHURCH MISSIONARY FUND
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| INCOME – (RESTRICTED) | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| INCOME | - | 98 | ||
| TOTAL INCOME | - | 98 | ||
| EXPENDITURE | - | 400 | ||
| TOTAL EXPENDITURE | - | 400 | ||
| SURPLUS(DEFICIT) FOR THE YEAR | - | (302) | ||
| ACCUMULATED FUND 1STAPRIL 2023 | 892 | 1,194 | ||
| ACCUMULATED FUND 31STMARCH 2024 | 892 | 892 |
SOUTHBOURNE FREE CHURCH
CHURCH PASTOR’S FUND
| INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 | INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 | MARCH | 2024 | |
|---|---|---|---|---|
| INCOME – (RESTRICTED) | 2024 | 2023 | ||
| £ | £ | |||
| TOTAL INCOME | 915 | 900 | ||
| TOTAL EXPENDITURE | 10,008 | 5,838 | ||
| SURPLUS/DEFICIT FOR THE YEAR | (9,093) | (4,938) | ||
| ACCUMULATED FUND 1STAPRIL 2023 | 30,040 | 34,978 | ||
| ACCUMULATED FUND 31STMARCH 2024 | 20,947 | 30,040 |
SOUTHBOURNE FREE CHURCH
HALL HIRE FUND
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| INCOME | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| INCOME (RESTRICTED) | ||||
| Hire Fees | 4,012 | 1,991 | ||
| ____ | ____ | |||
| TOTAL INCOME | 1,991 | |||
| EXPENDITURE | ||||
| Equipment | - | - | ||
| Sundries | - | - | ||
| ____ | ____ | |||
| TOTAL EXPENDITURE | - | - | ||
| (DEFICIT)SURPLUS FOR THE YEAR | 4,012 | - | ||
| ACCUMULATED FUND 1STAPRIL 2023 | 2,242 | 451 | ||
| ACCUMULATED FUND 31STMARCH 2024 | 6,254 * | 2,242 |
Transfer agreed *
Trustee Agreed Transfers
March 6[th] 2024
“Following a discussion, it was agreed to transfer £5828 from the deposit account into the current account for ease of the end of year accounts.”
“It was agreed to transfer £5000 from the Hall Hire to the Church Fund and £8000 from the Manse fund to the building fund.”
FINANCIAL STATEMENTS AS AT 1[st] April 2024 after transfers
COST CENTRES
| Church Fund | 5,497 |
|---|---|
| Building Fund | 16,565 |
| Manse Fund | 9,102 |
| Missionary Fund | 892 |
| Pastors Fund |
20,947 |
| Hall Hire | 1,254 |
| Reserves | 4,000 |
| --------- | |
| Total |
£58,257 |
| PLACEMENT | |
| Lloyds Current Account | £58,257 |
| Lloyds Business Account | £0 |