Financial Review 2005-06
Ken Mackie, Finance Convener
The following is a financial summary of the General Fund extracted for the pre-audited accounts for the year ending December 2006. Income at £78,682 was below that of £80,933 for 2005 and well below the budgeted income requirement of £85,770. Fortunately, expenditure was also well down on budget at £79,032, with major savings on Fabric Repairs & Maintenance costs, travelling expenses and manse council tax. Overall, after budgeted transfers, there was a loss to the General Fund of £350.
General Fund Income 2006 2005
Offerings
WFO 15,846 16,905
Gift Aid 43,419 43,453
Tax recovered on Gift Aid 11,392 12,212
Ordinary offerings [open Plate] 3,779 4,726
Donations 20 74,456 215 77,511
Other Ordinary General Income
Contributions from
Congregational organisations 1,335 450
Other Ordinary Income 2,582 2,767
Interest from
Deposit & Current Accounts 309 4,226 205 3,422
Total General Income 78,682 80,933
Total General Expenditure 75,032 76,972
General Fund Transfers 4,000 4,600
Surplus / [Deficit] [350] [639]
General Fund Balance 12,932 13,282
While the loss incurred is minimal, the Finance Committee is again very concerned at the continuing downward trend in General Fund income. It is fervently hoped that this trend will be reversed, especially so with the induction of our new minister. While expenditure savings over the past two years have helped considerably to minimise the deficits to the General Fund, these savings are unlikely to continue as can be seen from the budget expenditure for 2007.
Expenditure Budget 2007 Actual 2006
Ministries and Mission Allocation 52,500 43,694
Parish Grouping Levy 820
Presbytery Dues 2,870 56,190 1,314 45,008
Local Staffing Costs
Travelling Expenses 1,800 1,152
Minister's Expenses 200 72
Pulpit Supply 300 6,621
Other Salaries 8,200 10,500 7,888 15,733
Buildings Costs
Fabric Repairs & Maintenance 3,000 1,992
Heating & Lighting 3,200 1,535
Insurance 4,700 4,518
Manse Council Tax 2,200
Sundries 300 13,400 196 8,241
Other Local Costs
Outreach 1,000 19
Posts, Printing,
Stationery, Photocopying 2,000 1,288
Youth Church 1,500 1,535
Fabric Reserve & Organ Funds 3,000 4,000
Other expenses 1,800 9,300 3,208 10,050
Total Ordinary General Expenditure 89,390 79,032
(350)
It will be noted that our Ministries and Mission Allocation for 2007 is £52,500, an increase of £2,500. This, along with a £1500 increase in Presbytery Dues and an additional £820 levy for the new Parish Grouping, gives a £4820 increase in expenditure out-with our control. That, accompanied with the considerably increased costs for heating and lighting, leaves little scope for meaningful savings to be made. Therefore, to meet our expenditure commitments for 2007 without serious depletion of the General Fund Balance, will require an increase in givings of at least 10% or 10p for every pound given.
The Finance Committee would urge all members, where their circumstances permit, to review their givings and, if possible, increase them.
Again, we would take this opportunity to highlight the significant contribution to the General Fund income from the tax recovered from the Inland Revenue on Gift Aid contributions, which for 2006 was £11,392. 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 can effectively increase your existing givings by 28% without any further financial or time commitment. It should be emphasised that without this tax recovery we would be in very serious financial difficulty.
Finally, the Finance Committee would like to thank members for their financial support throughout 2006.
