Treasurer's Report

March 2020

In preparation for the All Saints Marlow Annual Church Council Meeting (ACCM) on Sunday 15 March 2020 at 10.30am, we are now able to give you the annual financial report for 2019.

The Headlines: Overall,the church has had a strong year financially in 2019, with a net surplus(income less expenditure, including restricted funds) of £29.9k; comprisingtotal income of £344.7k, less expenditure of £318.8k, with other gains minuslosses (revaluations of investments) of £4.0k. This was versus a budgetedannual loss for 2019 of £10.4k; and compared to a net loss in 2018 of £0.4k.

If you like more detail: In terms of income, 2019 has been apositive year; with continued generosity in all forms being greatlyappreciated. Routine giving has continued to grow steadily in 2019, 9% up on2018. Moreover, there have been some significant one-off donations that havemade a very noticeable difference to overall income in the period, particularlyin funding staff team costs, and an increase in donations to support giving tomembers of the church family with specific needs. Total income, includingdonations for restricted purposes, was £344.7k, £40.6k over budget, but £178kdown on 2018 levels due to non-recurrence of giving for the Narthex project.

Expenditure of £318.8k was £4.4k above budget of £314.4k; and, excluding one-off projects, was in-line with prior year overall. Labour cost savings, primarily due to the budgeted youth worker not starting until August and non-recurrence of one-off labour costs in 2018, have been offset by increased Parish Share, some one-off utilities and maintenance costs, and funded training, team expenses and giving costs. Unbudgeted project costs have been predominantly covered by existing funds.

Overall,the church has had a strong year financially, with a net surplus (income lessexpenditure, including restricted funds) of £29.9k; £40.3k ahead of budget of-£10.4k, and £30.3k ahead of prior year.

Consideringthe balance sheet, the £29.9k net surplus result for the year has increased netassets from £165.8k at 31 December 2018, to £195.7k at 31 December 2019, mostlyincreasing cash reserves. Net assets at 31 December 2019 comprise cash anddeposits of £122.1k (an increase of £29.7k in the year), investments of £77.2k(an increase of £1.2k), and working capital of -£3.6k (a decrease of £0.5k).

Comparedto the Reserves Policy minimum limit on unrestricted funds of £81k,unrestricted funds at 31 December 2019 were £117.7k, giving a headroom of£36.7k. The Reserves Policy will be re-evaluated by the Church Council toreflect a new budget for 2020 and the reduced risk of building fabric relatedexpenditures following a successful quinquennial review in 2019.

Lookingforward to 2020, we already have a prudent budget for 2020 to cover the costsof our current staff team and church activities. Infrastructure projectsplanned in the coming months (work on the bell tower, new loudspeakers andside-aisle monitors, plus quinquennial review recommendations) are alreadyfunded; whilst use of remaining surplus funds will be considered by the ChurchCouncil, alongside any new requests to the congregation to support actionsplanned as part of the 2020 5-Year Vision. These actions and strategicpriorities will only be enacted if they have support from Church Council andthe wider congregation.

For those who like all the detail: If you like a lot of detail, the full Treasurer’s Report for 2019 can be found here; and will be sent round to church members via email in the coming week (plus some printed copies will be available at the Celebration Sunday Service with ACCM at 10.30am on 15 March).