Financial Review

Financial overview 2004-2005

General Fund income       2005         2004	
Offerings					
WFO                       16,905       17,627	
Gift Aid                  43,453       43,258	
Tax recovered on Gift Aid 12,212       11,661	
Ordinary offerings
(open plate)               4,726        3,595	
Donations                    215 77,511   455 76,596
Other Ordinary General Income					
Contributions 
from organisations	         450          825	
Other ordinary income      2,767        2,026	
Interest from deposits 
and Current Accounts         205  3,422   306  3,211
Total General Income             80,933       79,807
Total General Expenditure        76,972       73,553
General Fund Transfers            4,600        5,000
Surplus/deficit                    (639)       1,254
General Fund balance at 
December 31                      13,282        13,921

The above is a summary financial overview of the General Fund extracted from the pre-audited accounts for the year ending December 2005. Income was marginally up on the income for 2004 but below the budgeted income requirement of £82,527. Fortunately, expenditure was down on budget at £76,972 [budget £78,048 after transfers] with the major saving on Fabric Repairs and Maintenance costs. Overall, after budgeted transfers, there was a loss to the General Fund of £639.

While the loss incurred is minimal, the Finance Committee is very concerned at this downward trend in General Fund income particularly in view of the our vacancy situation and the budgeted expenditure requirement for 2006. It should be noted that, as always, expenditure is largely predetermined by our Ministries and Mission Allocation, which for 2006 will be £50,000 and is a £2,353 increase on that for 2005, heating and lighting, salaries, insurance and council tax costs. The remaining expenditure leaves little scope for meaningful savings to be made. Therefore, to meet our expenditure commitments for 2006 without further serious erosion of the General Fund Balance to the extent, that as a Congregation we would be unable to pay our bills from a cash flow basis, will require an increase in givings of 7% or 7 pence in every pound given.

In view of the foregoing, the Finance Committee would urge all members, where their circumstances permit, to review their givings and, if possible, increase them.

Again, I would take this opportunity to highlight the significant contribution to the General Fund income from the tax recovered on Gift Aid contributions. If you are a taxpayer, by contributing through Gift Aid scheme either via the WFO envelopes, by cheque or direct debit from your bank, you effectively increase your givings by 28% without any further financial or time commitment.

Ken Mackie
Finance Convener