Treasurer’s Report on the 2016 Accounts

I have taken on the role of acting treasurer with the aid of Marion and Amanda.

During 2016 Jennifer and I attended the diocesan training day for treasurers. This training day was informative with key speakers during the morning and useful workshops in the afternoon.

End of Year Financial Summary 31st December 2016

Total receipts on unrestricted funds were

£47,929 of which £25,356 was unrestricted voluntary donations, and a further £3,459

was from Gift Aid.
The net result for the year was an excess of receipts over payments of

£2,787 on unrestricted funds. Adding bank and deposit balances brought forward at the beginning of the year, the balances carried forward at 31st December on unrestricted funds totalled £18,218

.

St Gabriel’s finished the year in a good and sound financial position with balances in the various accounts as follow:

Youth :

£6722 (All wages paid and HMRC paid up to December)

Buildings :

£1560 (All invoices paid including 100% Whites and 30% of ITD Ltd)

Fabric :

£3405

Main :

£6530 (All invoices paid. Common Mission Fund (CMF) and parochial fees paid)

Common Mission Fund (CMF)

St Gabriel’s 2016 CMF, £15750 was met and fully paid up by 12

th

December 2016.

Through negotiations with the diocese our 2017 contribution to the CMF has been increased by £1024 a 6.5% rise to £16774.


 

Using Data Developments

Amanda has transferred all regular giving to “Donations coordinator”. All new Gift Aid declaration forms have been sent out. We will be able to produce end of year “thank you” letters to regular donors.

All income and out goings have been added to “Finance coordinator”. This entire work means that we have been able to produce 2016 end of year accounts using this software. The accounts are in a much better format for examination. We will also be able to use it to set budgets and produce graphical representations and reports for the APCM.

Major Outgoings

During 2016 there were a few major unexpected costs

Reserves policy

It is PCC policy to try to maintain a balance on unrestricted funds which equates to at least three months unrestricted payments. The balance of only £3,420 in the Fabric restricted fund is retained towards meeting the cost of any church repairs. It is the PCC’s hope to increase this value over time, as and when funds become available.  

2017 Focus, Challenges and Aims.

Our focus for 2017 is to maximise our revenue as we face several financial challenges.

We have an increase in our contributions to CMF, however by making a “balloon” payment in January we are able to think about it as an increase of just £50 a month.

The amount we able to claim on under the Gift Aid Small Donations Scheme – our plate collections and other small anonymous donations – have increased to £8000, and we are ensuring that we maximise our claim this year. We need to ensure that we are claiming as much as possible under regular Gift Aid, and have sent out Gift Aid declaration forms to the whole congregation. We are asking that everyone who is eligible to claim Gift Aid completes and returns a form, also confirming that our records are up to date.

Our aim for 2017 is to

  • Identify and apply to medium to large funding bodies for grants for the building project.
  • Increase our fund-raising social events.
  • Raise more revenue from Hope Cafe.
  • Youth workers to look at raising funds from grant funding bodies.
  • To ensure that we pay all bills on time including CMF and parochial fees.
  • Formation and regular meeting of Finance sub-committee.

 

Kelvin Lewington and Marion Davies

Treasurers for St. Gabriel’s Church