Financial Details

Whilst there are three churches in the overall parish only St Paul’s and St Nicholas’ are under the control of the St Paul’s PCC. Woosehill church is totally separate from a financial point of view to cope with the need to manage both the Anglican and Methodists elements.

St Paul’s and St Nicholas’ Finances

The overall state of parish finances is buoyant. At the end of 2023 total funds stood at £525,000 including a freehold property currently occupied by the Assistant Curate. Within this figure are restricted funds amounting to £173,000.

The day-to-day administration of the parish is met by the general (or unrestricted) fund which in 2023 recorded income of £170,000. Planned giving, collections, donations and income tax recoverable have substantially recovered since the Covid epidemic and enforced closure of the church, although rising costs in 2023 meant the parish ended with a modest surplus of a little under £2,000. St Paul’s and St Nicholas’ have subscribed to the national Parish Giving Scheme and to date some 80% of 120 regular givers now use this method of donating to their churches, a significant proportion of whom have elected to inflation proof their giving. At the 2023 year-end working capital in the general fund was £112,000, equivalent to 8 months’ expenditure, and considered to be sufficient for the foreseeable future.

The parish has eleven restricted funds of which the major are Restoration (2) and Lighting which together total some £157,000, monies set aside for planned refurbishment and electrical work in St Paul’s.

Following the production of the 2024 budget it was obvious that church giving had to be reviewed, not least in view of significantly higher costs including utilities, parish share and professional fees for music direction and organists. Following an appeal in the spring, some generous donations and higher giving resulted, such that a reasonable surplus was to be expected this year. However, this surplus will likely be impacted to some degree by the necessary removal of an iconic cedar tree in the churchyard which has now reached the end of its life. The PCC is presented with regular financial reports by the church treasurer who monitors cash flow on a weekly basis and will review the budget as required. Overall therefore the parish is in good standing financially.

Woosehill Finances

The cash balance on 31^st December 2023 was £74,214. This is an increase of £921 on the cash balance on 31^st December 2022.

Receipts increased by £2,978

This is mainly due to an increase in interest received on savings due to the increase in interest rates.
We did also receive money from our insurance company to cover the break in, this is included in the receipts figure.

Payments increased by £15,562

Our payments to our parent churches increased by over £5,000
There were other small increases, but the main increase is in repairs and replacements. This is due to the insurance claim and the cost of installing the new hot water system.
Gas & Electricity contract has now been renewed. The increase will show in next year’s accounts.
The Tithing is £1,500 up as we have paid Soulscape twice in the Church financial year to bring us in line with their financial year.

There has been an increase in our investment value in 2023 of £3,816

At the February Church Council, we discussed a budget for the current year which shows a projected excess of payments over receipts of £5,000. Main assumptions are

An increase in lettings income as JAG trial Holiday Clubs again
Gift Aid receipt will be annually.
That lettings will take place all year
Methodist & Anglican shares will increase as predicted.
That we will spend over £10000 on a new boiler.
There will also be a spend on updating the tech area, £4000 has been forecast

Our cash funds are currently at £74,214 and are easily accessible. £36,702 is also held in an investment fund aimed at churches. As well as the requirement to hold 6 months expenditure we will also need £12,800 to fund work required in the quinquennial report, £4000 in the near future to repair the Velux windows and £10,000 on a new boiler (now installed) plus £4,000 to improve the technical area.