I have been looking at the church accounts. These are available free of charge at the companies house website (along with the info about the Directors etc mentioned by Rensil).
All the figures below are taken straight from the accounts. The comments are however my own opinion.
The years selected are a bit random, pasted from earlier posts. There will no doubt be other insights in other years not included here. The figures below do I think show some trends however.
2009 (11 churches listed on website)
. . . . . . . . . . . Income . . . . . Expenditure . . . . . Profit (or loss if negative)
Shops . . . . . . . . 387,387 . . . .. . . 377,561 . . . . . .. . . . 9,826
Conference . . . . . . 114,949 . . . . . . 113,769 . . . . . . . . . . 1,180
School Fees . . . . . 364,375. . . . . . 522,518 . . . . .. . . . -158,143
Church . . . . . . . . 583,812 . . . . . . 373,791 . . . . . . . . . 210,019
TOTAL . . . . . . .. 1,450,523 . . . . . .1,387,639. . . . . . . . . . 62,882
COMMENT (by me, not a quote from the books) In 2009, the church side made a “profit” of £210k,
£160k of which went to subside the school.
2012
. . . . . . . . . . . Income . . . . . Expenditure . . . . . Profit (or loss if negative)
Shops . . . . . . . . 382,799 . . . .. . . 402,240 . . . . . .. . . -19,441
Conference . . . . . . 81,726.. . . . . . 82,637 . . . . . . . . . . -£911
School Fees . . . . . 493,318. . . . . . 559,714 . . . . . . . . . -66,396
Church . . . . . . . . 467,396 . . . . . . 285,811 . . . . . . . . . 181,585
TOTAL . . . . . . .. 1,429,885 . . . . . .1,330,402. . . . . . . . . . 99,483
COMMENT (by me, not a quote from the books) In 2012, the church side made a “profit” of £181k,
£66k of which went to subside the school, and £20k to subsidise the shops.
2018
. . . . . . . . . . . Income . . . . . . . Expenditure . . . . . Profit (or loss if negative)
Shops . . . . . . . . 353,220 . . . . . . . 419,493 . . . . . . . -66,273
Conference . . . . . . 99,710 . . . . . . . 108,887 . . . . . . . -9,177
School Fees . . . . . 577,001 . . . . . . . 737,552 . . . . . . . -160,551
Church * . . . . . . 349,203 . . . . . . . 315,877 . . . . . . . . 33,326
Investments . . . . . .16,283 . . . . . . . . . . . . . . . . . . . 16,283
TOTAL . . . . . . . 1,395,417 . . . . . . 1,581,809 . . . . . . . -186,392
COMMENT (by me, not a quote from the books) In 2018, the church side made a “profit” of £33k,
but subsidised the school by £160k and the shops by £66k.
This mean they had to use up £186k of their reserves.
2019 (9 churches)
. . . . . . . . . . ... Income . . . . . Expenditure . . . . . Profit (or loss if negative)
Shops . . . . . . . . . 355,372 . . . . . 427,866 . . . . . . . -72,494
Conference . . . . . . . 93,838 . . . . . 135,006 . . . . . . . -41,168
School Fees . . . . . . 589,272 . . . . . 699,708 . . . … . . . -110,436
Church * . . . . . . . 332,995. . . . . 274,164 . . . . …. . . 58,831
Investments . . . . . . .15,265 . . . . . . . . . . . . . . . . . 15,265
TOTAL . . . . . . 1,386,732 . . . . . 1,536,744 . . . . . .-150,012
COMMENT (by me, not a quote from the books) In 2019, the church side made a “profit” of £58k,
but subsidised the school by £110k and the shops by £72k.
This meant they had to use up £150k of their reserves.
2022
. . . . . . . . . . ... Income . . . . . Expenditure . . . . . Profit (or loss if negative)
Shops . . . . . . . . . 181,654 . . . . . 278,760 . . . . . . . -97,106
Conference . . . . . . . 53,638 . . . . . .63,620 . . . . . . .. -9,982
School Fees . . . . . . 595,883 . . . . . 876,566 . . . … . . . -307,605
Investments. . . . . . . 17,710 . . . . . . . . . . . . . . . . . 17,710
Church (& tax refund). .396,576. . . . . 295,964 . . . . …. . .100,612
TOTAL . . . . . . .1,218,539. . . . .1,514,910 . . . . . . .-296,371
Sale of property. . . . 176,400 . . . . . . . . . . . . . . . . .176,400
TOTAL after sale. . . . . . . . . . . . . . . . . . . . . . . . -119,971
COMMENT (by me, not a quote from the books) In 2022, the church side made a “profit” of £100k.
The organisation subsidised the school by £308k and the shops by £97k.
This mean they had to find a way to accommodate the loss of £ 296k.
This was done by selling “fixed assets” (presumably the Pudsey Church)
for £176k and using up £120k of their reserves.
NOTES:
Conference fees have been removed from the “church” row to allow income and expenditure to match up.
Observations
The annual accounts no longer specify the number of churches. Wonder why that is? Has the number gone down again?
The “profit” (income vs expenditure) on the church side dropped from £210k in 2009 to a low of £33k in 2018 but has risen again to about £ £110k in 2022. This is still less than half of the 2009 figure.
In detail, the “profit” from the church side was £210k in 2009. In 2012, it was £181k. In 2018 it was £33k, in 2019 it was £58k and in 2022 it was £100k.
Back in 2009, the shops made a small profit (of £9k). In 2012 the loss was £19k, in 2018 the loss was £66k, in 2019 the loss was £41k and in 2022 (the year we are looking at) the loss was a whopping £ 97k. It would be very interesting to see separate accounts for the two shops as this makes it looks like closing the Falkirk shop led to a huge increase in the loss. My understanding is that the Greenock shop employed a few staff but Falkirk was mainly volunteers, so the Falkirk shop may actually have been sustainable. It certainly looks like it was subsidising the Greenock one by reducing the losses there. Were some sort of politics involved in the decision to close Falkirk first? Unless further financial details are published, I guess we will never know.
The school has always made a loss. In 2009 it was £158k, in 2012 it was £66k, in 2018 it was £160k, in 2019 it was £110k and in 2022 it was a massive £308k.
In 2022, the total income from donations plus the recovered tax was £ 396,576. The total losses from the school and the shop put together were more than that at £404,711. One way to look at this is that, in 2022,
every single penny that went into the collection plate (plus the related tax recovery) - all four hundred thousand pounds of it - went to subsidise the loss made by the school and the shop. As a result, a building needed to be sold to pay for the church-related expenditure.
Overall position
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The overall position appears to be a regular significant loss each year. This is being covered by selling buildings and reducing activities.
A year or two back they sold the house in Greenock, which helped balance the books.
In the year for which they have just published the accounts (2022) they sold assets which gained £176k, although that was still not enough to balance the books. (If you want the detail, the accounts list the sale price of the Pudsey church as “£195,000 plus £10,000 for fixed assets” but the income table shows the “gain on sale of fixed assets” was £176,40.)
They have now in 2023 closed the bookshops and they have also said they plan to sell “one of two flats the company owns” (why do they own flats at all? does anyone know?) at an asking price of £ 285,000 “to bolster cash reserves”.
I am not sure this is sustainable in the long term. It will be interesting to see what action the new Directors take to address this.