Financial Review

Below is a summary taken from the draft Congregational Accounts for the year ending December 2004 and following approval by the Congregational Board, the fully audited Accounts will be presented to the Stated Annual Meeting on Sunday 3rd April 2005.

It will be noted that the General Income, at £79, 807, is considerably down on the Income of £89,939 for 2003. This was mainly due to an extraordinary Gift Aid tax recovery of £20,761 in 2003. More realistically, comparing the principal source of income, WFO and Gift Aid, givings are down approximately 3%.

Fortunately, overall expenditure was also 2.5% below budget at £75,553 and after transfers to the Fabric Reserve and Organ Funds there was a net surplus of £1254, increasing the General Fund Balance to £13,921.

While the drop in income for this year is not of immediate concern, since savings in expenditure has offset the drop, however, it will become of serious concern if this downward trend in income continues to be repeated. Obviously, there is a limit to the amount of expenditure savings that can be made, compounded of course by inflation. This is reflected in the budgeted expenditure for 2005 of £82,500, which requires a requirement for about 5p in the £ or a 5% increase in givings.

I, like possibly most members, do need a timely reminder that my givings are not immune to the eroding effect of inflation and I would respectfully ask all members therefore, where their circumstances permit, to review their givings accordingly.

Ken Mackie,
Finance Team Leader.

Extract of Accounts for Year ended 31 December 2004

GENERAL FUND 
                              2004          2003
INCOME
WFO Scheme (non Gift Aid)   17,627        18,755
Gift Aid                    43,258        43,931
Tax on Gift Aid             11,661        20,761
Ordinary Offerings           3,595         3,273
Other                        3,666         3,219
                            ------        ------
TOTAL INCOME                79,807        89,939
EXPENDITURE                 73,553        75,141
                            ------        ------
SURPLUS                      6,254        14,798
BALANCE AT 1 JANUARY        12,667         7,869 
                            ------        ------
                            18,921        22,667

Transfers:					
  To Reserve Fabric Fund     3,000         8,000 
  To Organ Fund              2,000         2,000
                            ------        ------ 
BALANCE AT 31 DECEMBER      13,921        12,667
                            ------        ------ 

The General Fund Expenditure Budget for 2005/2006 is Required Income £82,500 Balance £ 400