Finance
Finance Report 2011
First of all I would like to thank Richard Jones for collecting the money from the safe each week, banking it and reporting the amounts to me. This has been invaluable to me when preparing the accounts. I would also like to thank all the Church members who give regularly which is a great help to me when budgeting.
We started 2011 on a positive note with a pledged increase in General Fund income and in anticipation of this increase the Leadership team agreed to use some reserves and make an extra payment to the Partnership to cover the deficit of our 2010 share. As the year progressed although the promised increases were honoured we unfortunately also had some pledges cancelled and we ended the year with an income to the General Fund of £52,800 against a budget of £56,000.
Income from cash and the tax claim were higher than anticipated and expenses £2,500 lower than budget however despite this we were unable to pay £4,000 of the 2011 Partnership share and also had a deficit on the General Fund.
The projected budget for 2012 indicates a deficit of £5,800 in addition we have been forced to reduce our 2012 Partnership share by £7,000. The financial situation will be monitored though out the year by the Leadership team and it is possible the Partnership share may have to be reduced further at the end of the year.
The Deposit account has been closed and all funds transferred to the Current account as it pays more interest. I have also opened a new fund ‘Special Projects’ to contain donations which are given for a specific purpose but are not restricted. This will enable me to better monitor the money available for the Church running costs and Partnership share. The tax claim for 2011 which we will receive in 2012 has been included in the 2011 accounts as the Partnership requires it to be reported in this way.
Our policy on reserves is to maintain a balance on unrestricted funds which equates to approximately 12 months unrestricted payments, to cover emergency situations that may arise from time to time. The balance of £10,357 at the year-end is sufficient for this purpose and is lower than the £16,146 held the previous year. This is due to £1,655 being transferred into the Special Projects fund, the use of reserves to pay the balance of 2010 Partnership share and the lower donations.
The Building designated fund of £5,333 contains the money held for washroom facilities and the media system. The Building restricted fund of £7,644 is to be used for major maintenance work in the Church.
I am pleased to report that Alan Bennett has taken over the role of Gift Aid Secretary which I have fulfilled for 14 years and we intend to submit quarterly tax claims in 2012 to ease the cash flow.
Finally please pray that our financial situation will ease and that we can fulfil all of our obligations for 2012.
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