During the year, the grants to Alvaston and Riddings were both paid out (see Note 2, column 4 in the accounts). Since both were agreed in 2007, they appear as expenditure in that year’s accounts. Also a grant was agreed and paid in 2008 to Bonsall PCC, following the cracking of a bell (see cols 3 and 4 of the Note). The last column of the Note shows that the grant to New Whittington has not been called up yet. Good news came with the early repayment of the loan by Hartington PCC: this, I think, shows a very good use of the Fund.
In the accounts most lines of income are not very different from the previous year. Notable exceptions are a good increase in peal fees, a pleasing increase in Gift Aided donations and a very welcome change in the Value of the Investments, having turned a loss of £333 into a gain of £736. The Expenditure was about £600 less this year, mainly due to only one grant being made. This leads to the Income exceeding the Expenditure by about £5,800, in comparison with £3,700 last year.
In the Balance Sheet the loan, having been repaid, no longer appears separately and is included again in the Investments-CBF figure. The Net Assets have increased by nearly £6000 leading to roundly £43,660 being uncommitted to specific use (see Note 4). Thus the Fund remains healthy and well able to continue aiding the PCCs in keeping the bells of the diocese in good order.
P.S. Gift Aid Scheme. (Please also refer to this) Despite a drop in the standard rate of income tax in 2008 – and the usual corresponding drop in the rebate rates - the Chancellor of the Exchequer has agreed to the rebates continuing at the same rate of 28 pence in the pound until 5th April 2011.
Bell Repair Fund Income & Expenditure Account - Year Ended 31st December 2008
| 2008 | 2007 | ||||
| Income | £ |
|
£ | ||
|
|
||||
| P.C.C. Affiliation fees | 1,213.00 | 1,340.00 | |||
| Donations and Fund Raising - Note 1 | 619.55 | 600.92 | |||
| Gift Aid Scheme | 554.73 | 484.12 | |||
| Grant from General Fund | 1,000.00 | 1,000.00 | |||
| Peal Fees | 507.00 | 202.00 | |||
| Bank Interest | 32.05 | 37.11 | |||
| Investment Income - CBF | 1,792.30 | 1,669.04 | |||
| Gain (+) or Loss (-) in Value of Investments | 736.19 | -332.72 | |||
| Bank donation to offset loss of cheques | ~ |
11.00 | |||
| Total receipts | 6,454.82 | 5,011.47 | |||
| Expenditure | £ |
£ |
|
£ |
£ |
| Grants - Note 2 | 300.00 | 1,100.00 | |||
| Bell Consultants' Expenses | 253.75 | 150.65 | |||
| BRF Secretary's Expenses | 76.06 | 54.41 | |||
| BRF Treasurer's Expenses | 13.63 | 343.44 | 17.82 | 222.88 | |
| Total Expenditure | 643.44 | 1,322.88 | |||
| Excess of income over expenditure | 5,811.38 | 3,688.59 | |||
BELL REPAIR FUND BALANCE SHEET - 31ST DECEMBER 2008 |
|||||
| 2008 | 2007 | ||||
| Current assets | £ |
£ |
|
£ |
£ |
| Investments - CBF | 40,775.61 | 27,247.12 | |||
| Loan to Hartington | ~ |
10,000.00 | |||
| Cash at Banks and in Hand | 3,174.62 | 2,091.73 | |||
| Sundry Debtors | 596.21 | 44,546.44 | 596.21 | 39,935.06 | |
| Current liabilities | |||||
| Unpaid Grants - Note 2 | 300.00 | 1,500.00 | |||
| Sundry Creditors | 0.00 | 300.00 | 0.00 | 1,500.00 | |
| Net assets | 44,246.44 | 38,435.06 | |||
| Represented by | £ |
|
£ |
||
| Accumulated Fund | |||||
| Brought Forward 1st January | 38,435.06 | 34,746.47 | |||
| Excess of Income over Expenditure for the Year | 5,811.38 | 3,688.59 | |||
| Carried Forward 31st December | 44,246.44 | 38,435.06 | |||
|
Unpaid 1st Jan. |
Cancelled in year |
Granted in year |
Paid in year |
Unpaid 31st Dec. |
|
| £ | £ | £ | £ | £ | ||
| Alvaston PCC | 800.00 | ~ | ~ | 800.00 | ~ | |
| Riddings PCC | 400.00 | ~ | ~ | 400.00 | ~ | |
| New Whittington PCC | 300.00 | ~ | ~ | ~ | 300.00 | |
| Bonsall PCC | ~ | ~ | 300.00 | 300.00 | ~ |
|
| 1,500.00 | 0.00 | 300.00 | 1,500.00 | 300.00 |
Note 3 - Status of Loans in 2008.
During the year the loan of £10,000 to Hartington PCC was paid back early.
The loan of £3,700 offered to Alvaston PCC was not taken up.
At the end of the year there were no other loans on offer or due for repayment.
Note 4 - Uncommitted Cash at the end of 2008.
After paying outstanding grants and creditors (and ignoring debtors) £43,650.23 is uncommitted
We have examined the above Income and Expenditure Account and Balance Sheet, which are in accordance with the books, vouchers and information made available to us.