Saint Andrew's Psalter Lane Church
Financial Review
In the financial year ended 31 August 2022, total receipts were £167,524 (2021 £166,707) and payments were £168,766 (2021 £143,194) resulting in a small deficit of £1,242 (2021 surplus £23,513).
In the year, expenditure on repairs and maintenance increased by £15,062 and spending on utilities increased by £5,685, which was mainly due to things getting back to normal after the pandemic.
Our members contributed 60% (2021 65%) and income from church properties accounted for 37% (2021 26%) of total revenue.
Payments to the Circuit and Diocese were 42% (2021 46%) of total payments and utilities and repairs amounted to 37% (2021 29%).
On 31 August 2022 our total reserves were £100,228 (2021 £101,470).
Due to an unprecedented increase in the cost of gas and electricity, our budget for the current year, ending on 31 August 2023, shows a substantial deficit. However, having tightened our belts, and worked hard to manage expenditure and increase income, our efforts have been rewarded by a surplus on general funds in the seven months ending on 31 March 2023.
Our church has also been challenged to finance a repair to the spire, which is estimated to cost in the region of £135,000. A substantial part of our existing reserve has been allocated to the project, in addition, our trustees have been successful in raising funding from a local appeal and generous pledges have been received from several local and national grant making bodies. The project is now sufficiently funded to allow the trustees to appoint a contractor to undertake the repair.
Joseph Dey
Treasurer
April 2023