Summary
In 2022, the parish received income of £329,340 and spent £220,546. Sections 3 and 4 provide a breakdown of our sources of income and expenditure in 2022. The totals compare to income of £231,652 and expenditure of £214,339 in 2021.
These income and expenditure levels for 2022 meant that the parish recorded a surplus of £108,794. This was significantly higher than the surplus achieved in 2021 of £17,313. The two main reasons for the higher surplus were legacies received of £54,013 and tax rebates from prior year gift aid claims of £48,929. Both of these reasons could be regarded as one-offs and cannot be relied upon to continue in future years.
A summary of the parish’s funds as at 31st December 2022 is given below:
| £ | |||
| Cash & Bank accounts | 130,934 | ||
| Other assets (such as money owed to us) | 22,485 | ||
| Total funds | 153,419 | ||
It should be noted that these funds are all to be used for ‘restricted’ purposes. This means that they come from money which has been given to us to spend on specific activities in future. Most parishes have ‘unrestricted’ (as well as ‘restricted’) funds which they can use for any other reason, such as paying for a large, unexpected bill which cannot be funded through day-to-day expenditure. We need to generate more regular income to allow us to build up our own ‘unrestricted’ funds in future.
Financial Relationship with the Cathedral Trust
An unusual aspect of our financial structure is that there is a separate body, called The Cathedral Trust (the “Trust”), which owns the Cathedral building, the Narthex and Cathedral House. The parish is effectively a tenant of the Trust, and pays a fixed rental amount per year, which is currently c. £60k. This means that if there are any large repairs and maintenance needed for these buildings, it is the responsibility of the Trust rather than the parish. The rental paid to the Trust has stayed the same for a number of years, while the costs of running and maintaining the estate have grown significantly (e.g. heating, lighting and repair costs). At some point, the parish will need contribute more for the upkeep of these buildings, but if we are going to be able to afford to do this, then the parish will need to increase its main regular source of income, which is offertory donations from parishoners.
Income
The table below breaks down our income sources for 2022 and compares the amounts to 2021.
Expenditure
The table below breaks down our expenditure sources for 2022 and compares the amounts to 2021.
