CHURCH FINANCE

Finance report – January 2021

Following on from my report at the beginning of December I have updated the figures and extended the forecast to the end of the current financial year (31/8/2021).  [If you want more info please see the attached spreadsheet giving details for each quarter].  However, the basic position is that as things stand we will just have enough finances in the general account to pay our dues to August but we will then be seriously troubled to continue at the same level during the church year 2021/22.

Over the current year our balances will have reduced from £18,844 to £7,313 – a drop of £11,531.

You will notice from the spreadsheet that I have not allowed for any income other than monthly Standing Orders which I feel I can rely on regularly.  Individual donations however are a different matter and cannot be estimated with any accuracy.  This is possibly the only area in which we, as Church members, can make any improvement.

We are receiving no lettings income (around £9,000 in the past but only £4,800 last year.)  Due to the shutdown we have received no donations from Church-based organisations which is understandable as they have been unable to meet (approx £2,800) for past years. Although we encourage the use of Monthly Standing Orders or weekly envelopes we still got a substantial amount of loose cash in the Sunday offerings. This too is no longer received.  Over the past years this came to about £6,500 plus Gift Aid. So these losses all add up.

I have today requested CFB to cancel the monthly payment to Circuit for the Circuit Family Worker which has saved us £5,892.  Without this our carry-forward figure at 31st August would have been £1,420!

All the preceding relates to the Church Main account.  As there has been no regular weekly income I have been unable to transfer the normal amount of £100 per week to the BEAM (Buildings Expenditure and Maintenance) account. Since we are still receiving bills for repairs, boiler work, plumbing and equipment servicing it seems pointless to nominally pay these costs from an account which has no money in it.  I have therefore combined our Main account and BEAM so that all expenditure comes from the one Church account.

 

The Restricted Fund - which contains the residue from all the building work over the past few years – currently stands at £11,521.  However, of this amount £20,000 is owed to the Circuit to repay the loan we received towards building costs. So we therefore still have to find another £8,500 just to clear that debt.

The urban myth seems to have it that Hasbury is a ‘rich’ or ‘well-off’ church.  Consider: We have at present £21,810 in CFB {Restricted: £11,521 and Main: £10,289). But if...if...if (and I do not propose to do this) but if we were to pay back to the Circuit our Restricted residue (£11,521)as part of our outstanding loan during February and then our next Circuit assessment of £10,460 went out on 25th Feb – as it will- our CFB account would be in the red by £171 – only saved from really being in red by whatever Standing orders had been credited in the meantime.  So it can be seen that within a very few weeks a reasonable balance can disappear in a relatively short time.

Alan Cummings - Jan 2021


May Offerings 0 Circ Fam Wkr 0
Individual gifts 0 Utilities 706
Hire of premises 0 Cleaner 663
Other income 0 Other: ??
CFB interest 6 Property ?? 0
TOTAL 7410 TOTAL 11829
C/fwd to 4th Qtr 3132
4th  B/fwd 3132
Quarter INCOME £ EXPENDITURE £
Jun/Jul/ St Orders 7404 Circuit Assessment 10460
Aug Offerings 0 Circ Fam Wkr 0
Individual gifts 0 Utilities 706
Hire of premises 0 Cleaner 663
Other income 0 Other: ??
CFB interest 6 ??
Gift Aid refund 8600 Property ?? 0
TOTAL 16010 TOTAL 11829
C/fwd to 2021/22 7313