This time last year, I was sitting at my PC on almost the same day thinking about the end of the financial year.. We have just had the Civic Service which was a superb time of celebration and we wish Liz Frost all the very best. The church collection did not suffer from the collection for the Mayor’s charities being at the same time. Over £500, including gift aid, was raised for Liz’s charities, the Sunnybank Trust, Citizens Advice Bureau and the Lower Mole Countryside Trust.
Already £62,818 has been received from external organisations using the premises. This is set against an original budget of £60,000 and a projection of £68,000. It is a valuable source of income for the church and enables so much more to be planned. We are very grateful to Sue Massingham for the care she takes over the room bookings and all the paperwork that is required. To give you an idea of how many organisations use the premises, I co-signed the agreements the other day as a church trustee and there were twenty eight of them. Sue had prepared these and they were all different in some aspect together with a significant number of pages.
We are always keeping a watchful eye on expenditure. The second biggest figure (the biggest is the circuit assessment which is set for the year so won’t vary) is for utilities (gas, electricity, water, cleaning and insurance). Having negotiated an improved gas contract last year, we are seeing the benefits over the past twelve months and we expect to be well under budget.
I spoke about the legacy left to the church by Ms Eileen Wilks last year. We have now received £330,000 of the legacy. The sale of her house has completed and the solicitors are currently sorting out the final payments. This extra funding has enabled the church to employ Chris Shaw as an assistant minister for three years and we are all looking forward to his starting with us on 1st September.
I now get a two month break from writing to you so when I next hit the keyboard it will be around 10th September and I will know the draft results for the year (which closes on 31st August). I hope I will be able to let you know some more good news.
Thank you again for your continued support for the church. We are ministering in exciting times, and we pray for wise use of the resources made available to us.
Treasurer's July 2017 update
We are now nine months through the financial year, so we reach another checkpoint in our finances. The total giving for these months is £83,109.02. This is considerably up compared with the equivalent time last year when the total was £80,902.18, an increase of £2,206.84 (2.73%). If this trend continues, the total for the year should be towards £109,000. I am pleased that we have now sent out the letters to those who gift aid their giving with the total that you have given over the 2016/17 tax year and where relevant the other funds that you have given to as well as the general fund. I went on to the church website the other day and am pleased to see that the church annual report has a link to download so you will be able to read it in its entirety if you have or can obtain access to a PC with internet access. Thank you for your continued giving which enables me to tell of all the good news financially.
We have just passed the half-year point in the church’s finances. The total for our giving over the first half-year is £55,318.60 which compares with £54,071.97 at the same time last year and shows an increase of £1,246.63 (2.3%).
It will shortly be the end of another tax year. Nearly all of those who contribute regularly to the church finances use Gift Aid, which means that for every £1 given, the Government gives the church a further 25p. This means it does not cost anyone anything, other than paying the correct amount of tax. During April you will receive a letter from the church in acknowledgement of your support, which will also inform you of the amount of your giving for the full tax year. This will assist those of you who require to report to HMRC the amount of your charitable giving.
Further assistance from the Government allows £8,000 of unrecorded giving to be gift aided. In previous years the amount was £5,000 but it has now been raised to £8,000. The church is able therefore to recover gift aid on the loose cash in the collections. The estimated loose cash total for 2016/17will be in the region of £6,500 which means that we will be £1,500 short of the £8,000 limit and we can therefore include the non-gift aided amounts from those who give by envelopes. At the moment I do not know how much this is likely to be but it does mean that we should be able to recover Gift Aid on almost all the money given in the church collections. This will be the first occasion we have achieved this and I will let you know next month if we have been successful. David Barnes will be advising me how much is given through the envelope scheme and we will then be able to see how close we are to £8,000.
I thank you again for your continued support of the church in so many ways.