CHRIST CHURCH NORTH FINCHLEY

Transcription

1 CHRIST CHURCH NORTH FINCHLEY Annual accounts for the year ended 31st December 2012

2 Information and Contents Information Incumbent Revd David Walker The Vicarage 616 High Road North Finchley London N12 Bankers CAF BANK Ltd Kings Hill West Malling Kent ME19 4TA Independent examiner Mr David Watson ACIB 24 Ventnor Drive Totteridge N20 Contents Independent examiner's report 1 Statement of financial activities for the year 2 Financial report for the year 3 Balance sheet and a report on the financial position at the year end 4 Principal accounting policies 5 Notes to the accounts 6-8

3 1 Independent examiner's report to the PCC of Christ Church North Finchley This report on the accounts of the PCC for the year ended 31 December 2012, which are set out on pages 2 to 8, is in respect of an examination carried out under s.43 of the Charities Act Respective responsibilities of trustees and examiner As the members of the PCC you are responsible for the preparation of the accounts. You may consider that an audit is not required for this year ( under section 43 (2) of the Charities Act 1993 ) and that an independent examination is needed. It is my responsibility to issue this report on the accounts in accordance with the terms of Regulation 7 of the Charities (Accounts and Reports) Regulations Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioners under section 43 (7) (b) of the Act. The 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 connection with my examination, no matter has come to my attention: 1 which gives me reasonable cause to believe that in any material respect, the requirements - to keep accounting records in accordance with section 41 of the Act, and - to prepare accounts which accord with the accounting records and comply with the regulations, as contained in the Church Accounting Regulations have not been met; or 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mr David Watson ACIB 24 Ventnor Drive Totteridge N20

4 Statement of financial activities for the year to 31st December 2012 Unrestricted Restricted funds funds Total Total Notes Incoming Resources Donations 1 82,451 53, ,769 80,977 Tax reclaims 15,000 1,039 16,039 22,708 Interest Fees ,064 Net income from ,967-12,967 12,926 Sundry income ,030 54, , ,855 Net income from: Stephens Memorial Hall 8 4,213-4,213 (1,004) 123, ETC and Luncheon clubs 9 1,248-1,248 1,760 Total Incoming Resources 116,491 54, , ,611 2 Outgoing Resources London Diocesan Fund 56,000-56,000 53,200 Ministry and Outreach Administration and Support 3 21,145-21,145 19,729 Church Premises 4 16,169 35,798 51,966 19,756 Vicarage ,612 Donations 7 14,232-14,232 15,260 Total Outgoing Resources 108,885 35, , ,146 Net Incoming Resources 7,606 18,724 26,330 8,465 ( Prior to Transfers between Funds ) Transfer between Funds Net Incoming Resources 7,606 18,724 26,330 8,465 ( Prior to Revaluation of fixed Assets ) Net Incoming Resources 7,606 18,724 26,330 8,465 Gain on the revaluation of fixed assets Net Movement in Funds for the Year 7,606 18,724 26,330 8,465 Total Funds Brought Forward 1 Jan ,846, ,838 2,010,422 2,001,957 Total Funds Carried Forward 31 Dec ,854, ,562 2,036,752 2,010,422

5 3 Financial report for the year to 31st December 2012 The general church income for the year, before the net income from the Hall and clubs and excluding the Restricted funds, is 111,030. The general church expenditure is 108,885. There was therefore a surplus in the general church funds of 2,145. The Maintenance fund, which is a separate restricted fund, has a surplus of 18,724. The Incoming and Outgoing Resources are not the difference between receipts and payments, since the accounts have been prepared on an accruals basis. As the notes on Principal Accounting Policies disclose, some categories, such as donations received, are accounted for on a receipts or payments basis, but most categories show the amounts receivable or payable for the year. There is a more detailed analysis of most of the categories, and comparison with last year, in the Notes to the accounts on pages 6 to 8.

6 4 Balance sheet as at 31st December Notes Fixed assets Stephens Memorial Hall 10 1,513,314 1,513,314 Building (622) , ,346 1,703,660 1,703,660 Current assets Debtors 11 28,029 18,773 Cash at bank and in hand General Church accounts 30,034 32,663 Maintenance accounts 185, ,840 Hall accounts 8 98,454 90, , ETC and Luncheon clubs' accounts 9 8,941 7,692 Creditors 350, , (17,431) (5,911) 333, ,762 Total net assets 2,036,752 2,010,422 Represented by: Funds and reserves Restricted funds , ,838 Unrestricted funds Designated funds 8 & 9 103,859 98,398 General Church funds 1,750,330 1,748,186 Report on the financial position 2,036,752 2,010,422 The funds of the church are divided into three categories: I ) General Church funds 2 ) Designated funds : Hall funds and 123, ETC and TLC monies 3 ) Restricted funds : Maintenance Fund The majority of the general church funds are held in the fixed assets. Of the current assets, the general church bank accounts have decreased 2,629 from 32,663 to 30,034. Taking this into account, together with changes in debtors and creditors, the general church funds ( excluding revised valuations ) have increased by 2,144 ( ie from 224,526 to 226,670 ). The inclusion in the accounts of the Church Hall valuation of 1.513,314, together with the valuation increase of 622 High Road of 10,346, brings the general church funds to 1,750,330. Both the Restricted funds and the Designated funds show a significant increase at the year end, namely 18,724 ( includes a Gift Day of 47,000 and an Expenditure of 25,000 on East Gable repairs ), and 5,461 respectively.

7 5 Principal accounting policies 31st December 2012 Basis of accounting The accounts have been prepared under the historic cost convention, except for the church building which is excluded and other land and buildings which are included at market value, and in accordance with the requirements of the Charities Act Incoming resources Collections and all tithes and donations are accounted for when received. Income tax recoverable on covenanted or Gift Aid donations is recognised when claimed. Grants and legacies are accounted for when the PCC is notified of its entitlement and the likely amount due. All other income is recognised in the period for which it is due. Outgoing resources Grants and donations are accounted for when paid. The London Diocesan quota and all other expenditure is included in the accounts in the period for which it is due. Tangible fixed assets Consecrated land and buildings and movable church furnishings Consecrated and beneficed property is excluded from the accounts by s.96 (2) of the Charities Act No value is placed on movable church furnishings held by the churchwardens on Special trust for the PCC and which require a faculty for disposal, since the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off. Other land and buildings 622 High Road, which is also held by Christ Church for its own purpose, is stated at the current valuation for insurance purposes. It is not depreciated, but any expenditure on maintenance or improvement is written off as it is incurred. The PCC is satisfied that its residual value is no less than its book value. Stephens Memorial Hall is included in the accounts, and its contribution to assets is also based upon its valuation for insurance purposes. Other fixtures, fittings and office equipment Equipment used within the church premises is depreciated on a straight-line basis over 3 years. Funds The general fund comprises monies which may be used for the general purposes of the church at the discretion of the PCC. The Designated funds are monies set aside out of the general funds specifically for the Stephens Memorial Hall and the 123 club, English Tuition club and the Thursday Luncheon club. The Maintenance fund is a restricted fund for the benefit of the maintenance of the Church building only.

8 6 Notes to the accounts for the year to 31st December Tithes and Donations Unrestricted Restricted funds fund Total Total Stewardship 57,086 5,891 62,977 61,728 Open plate 14,598-14,598 8,483 Other gifts and donations 5,120 47,428 52,547 6,767 Monies In & Out 5,647-5,647 3,999 82,451 53, ,769 80,977 2 Ministry and Outreach Unrestricted Restricted funds fund Total Total Youth and Children's work Vicar's expenses Visiting speakers Outreach Administration and Support Unrestricted Restricted funds fund Total Total Administrator 22,798-22,798 22,197 Less Hall contribution (6,575) - (6,575) (6,380) Supplies 1,395-1, Subscriptions Training Bank charges Examiner's Fee Other 1,931-1,931 1,988 21,145-21,145 19,729 4 Church Premises Unrestricted Restricted funds fund Total Total Repairs and Maintenance - 35,798 35,798 5,541 Depreciation Utilities 9,523-9,523 7,894 Insurance 6,645-6,645 6,322 16,169 35,798 51,966 19, house Unrestricted Restricted funds fund Total Total Income Stewardship Rent from 2 Flats 15,522-15,522 15,340 15,522-15,522 15,340 Expenditure Council Tax Repairs and Maintenance Insurance & Commission 1,589-1,589 1,803 2,555-2,555 2,413 Net income 12,967-12,967 12,926

9 7 Notes to the accounts for the year to 31st December 2012 Unrestricted Restricted Vicarage funds fund Total Total Repairs and Maintenance Utilities ( Water ) Utilities ( Gas & Electricity ) ,612 Unrestricted Restricted Donations given funds fund Total Total Missions and Charities 8,585-8,585 11,261 Emergency Measures Special Appeals 5,647-5,647 3,999 14,232-14,232 15,260 Unrestricted Restricted Hall accounts funds fund Total Total Income Regular lettings and groups 36,081-36,081 32,528 Parties and other casual lets 2,123-2,123 1,922 Donations ( incl Contra ) 4,047-4,047 2,724 Interest ,271-42,271 37,194 Expenditure Utilities, cleaning, insurance 14,889-14,889 13,453 Repairs and maintenance 10,143-10,143 2,726 Hall decorations 4,001-4,001 13,726 Administrator 6,575-6,575 6,380 Sundries ( incl Contra ) 2,451-2,451 1,911 38,058-38,058 38,197 Net income 4,213-4,213 (1,004) Cash in bank accounts on I January ,706-90,706 91,709 Cash in accounts on 31 December ,918-94,918 90,706 The hall monies are kept separately as a designated fund , ETC and Luncheon Club Bank and Expenditure Bank and cash held at and cash held at 01-Jan-12 Income transfers 31-Dec club 84 3,051 (3,058) 77 English Tuition club 3,249 2,025 (1,118) 4,157 Thursday Luncheon Club 4,359 7,458 (7,110) 4,707 7,692 12,534 (11,286) 8,941 The monies from these clubs are kept separately as designated funds.

10 8 Notes to the accounts for the year to 31st December Fixed assets The Church has control over two buildings: the Stephens Memorial Hall, and the house at 622 High Road. On advice from the Diocese, both these assets are now included on the balance sheet on the basis of the insurance valuation.no depreciation charge is made each year, since the value of these assets is generally increasing, rather than decreasing. 622 High Road Stephens 2012 House Memorial Hall Total Gross Book Value at 1 January ,346 1,513,314 1,703,660 Revised valuation / new inclusion As at 31st December ,346 1,513,314 1,703,660 Depreciation As at 1 January Charge for year As at 31 December Net book value As at 31 December ,346 1,513,314 1,703,660 As at 31 December ,346 1,513,314 1,703, Debtors Total Total Insurance prepayment 2,840 2,667 Inland Revenue (tax reclaim) 22,925 16,000 Other Between Church accounts 2,229-28,029 18, Creditors Total Total Utilities 3, Tenant(s) 2,835 2,118 Other ( Incl. 4,575 due to the Architect. ) 8,749 3,792 Between Church accounts 2,229-17,431 5, Restricted Funds Funds as at Incoming Outgoing Funds as at 1 Jan 2012 funds funds 31 Dec 2012 Maintenance Fund 162,840 57,557 35, ,065 Tax Refund due 1,000 1,000 1,000 1,000 These monies are specifically for the maintenance of the Church building. 163,840 58,557 36, ,065