Treasurer's Report

June 2019

Now we are all back from our summer holidays we are able to give you the financial report for the first half of the year.

The Headlines: Overall, the church has had a strong first half year financially, with a net surplus (income less expenditure, including restricted funds) of £45.4k, £47.3k ahead of budget of -£1.9k. Looking forward over the rest of the year we expect to make a surplus of income over expenditure of £1k for the year in total.

If you like more detail: In terms of income, routine giving and collections are marginally down on budget in the first half of 2019. However, there have been some significant one-off donations that have made a huge difference to overall income in the period. Total income including restricted donations was £171k, £36k over budget of £135k, and the continued generosity of the parish is greatly appreciated.

Expenditure of £126k is £12k lower than budget of £137k, largely due to the budgeted youth worker not starting until August. £5k cost savings in employee expenses, music and parish expenses, (mostly timing effects that will unwind in the second half of the year) are partly offset by £3k of one-off cost overruns in maintenance and utilities, due to some heating issues early in the year.

Overall, the church has had a strong first half year financially, with a net surplus (income less expenditure, including restricted funds) of £45.4k, £47.3k ahead of budget of -£1.9k.

Considering the balance sheet, the £45.4k net income result for the period has increased net assets from £165.8k at 31 December 2018, to £211.2k at 30 June 2019, mostly increasing cash reserves, as well as reducing creditor balances. Net assets at 30 June 2019 comprise cash and deposits £133.2k (an increase of £40.7k in the six months), investments of £74.6k (a reduction of £1.4k), and working capital of £6.1k (an increase of £6.1k following settlement of Narthex liabilities in January).

Following implementation of a reserves policy for the year of £81k minimum unrestricted funds (i.e. excluding funds held for specific purposes as specified by donors) to be held, the positive results in the first half year have increased our unrestricted funds from £88.9k to £111.3k, giving us a surplus of £30.k unrestricted funds at 30 June, compared to this benchmark.

Looking forward over the rest of the year, with our new music director and youth worker both starting in August, routine expenditure is expected to be in line with budget in the second half year. Infrastructure projects planned in the coming months include work on the bell tower, new audio visual equipment, quinquennial review recommendations, church hall repairs and other building and graveyard alterations. After considering funding for these projects, we still expect to make a surplus of income over expenditure of £1k for the year in total.

If you like a lot of detail, the full Treasurer’s report can be found here.