We are now nine months through the financial year and have reached another checkpoint in the church’s finances. The total giving for these nine months is £80,672.84. This is considerably down compared with the equivalent time last year when the total was £83,109.02, a decrease of £2,436.81 (2.93%). During the last quarter the giving was £25,997.12 compared with £27,715.42 last year, a decrease of 6.20%.
I am pleased to report that letters have now been sent to all those who gift aid their giving to the various church funds showing the amounts recovered during the 2016/17 tax year. Additionally, the church web site now has a link which enables you to download the church annual report.
Thank you once more for your continued support to the church.
Treasurer's Talk June 2018
The gift aid letters have now been written and circulated. These show your giving to the general fund and other funds and charities associated with the church. This is so that you can let HMRC know the amount of gift aid in your tax return. Mark has written of his appreciation of the giving in the church.
Most of the letters in the pigeon holes have been collected, but if you realise you should have received one, please check your pigeon hole. I will collect up the remaining ones at the end of May and post them, so by collecting yours you will be saving the church the cost of a stamp (or my bicycle tyres if you live in the borough!).
One comment Mark makes in his letter is to ask if you will consider an increase in your giving. Though we received the very generous bequest last year, this is being used for capital improvements and to help fund the cost of Chris Shaw’s appointment and not for day-to-day expenses. I have looked at the regular giving for this year to date and we are seeing a decline in its level. Looking forward into the 2020s, it is likely that the church could be running a deficit each year as the giving declines mainly through losing donors and increased costs.
As a result of Mark’s comments on this, I have already received indications from three people who have said that they will increase their giving. For this I was most grateful. Please will you give this your consideration so that the church can be assured of a safe financial future.
The church is grateful for the continued financial support it receives and the leadership wants to thank you all for this.
Treasurer's Talk May 2018
I have just completed the latest gift aid data for the claim to HMRC. In all a total of £62,376.16 has been given over the past 7 months which will attract gift aid which totals £15,594.04. The various groups that will benefit are,
Church General Fund £14,355.54
Families’ and Children’s Worker £962.25
Organ Fund £72.50
Zimbabwe Victim Support Fund £172.50
Christmas Together £6.25
Benevolence Fund £25.00
I have written extensively of gift aided giving and I would again like to emphasise this. All of the £15,594.04 is freely given to the church by HMRC simply because we pay tax, have signed a gift aid declaration and identified our giving (using the collection envelopes or a standing order). HMRC will also be giving the church £2,000 arising from the Gift Aid Small Donations Scheme where they will give gift aid on £8,000 of loose change giving. The loose change in the church collections totalled £6,501.28 in the last tax year. Along with this there was giving totalling £3,858.86 on which gift aid could not be claimed either because the donor did not wish to or they did not pay tax. From this it can be seen that gift aid could not be claimed on only £2,360.14. This is just 2.1% of the church’s total giving of £111,863.39 which means that gift aid was claimed on 97.9% of the giving. This is an amazing result and we are so grateful to everyone who can and does use gift aid.
If anyone who gives (or will give) regularly to the church and would like to gift aid their giving, please have a chat with me. Individual gifts can also be gift aided. It would be a massive milestone if we were able to recover the gift aid on all of the giving of the church.
Thank you again for your continued financial support of the church and other funds.
Treasurer's Report April 2018
We have just passed the half year point in the church’s finances. The total for our giving over the first half year is £54,670,72. This compares with £55,393.60 at the same time last year. This is a decrease of £722.88 (1.3%).
In a few weeks it will be the end of another tax year. Nearly all of those who contribute regularly to the church finances use gift aid. This means that for every £1 you give; the government gives the church a further 25p. This is a tremendous help because it does not cost anyone anything to do this except to pay enough tax. During April or soon after you will receive a letter from the church in acknowledgement for your support which will also let you know what your giving for the full tax year was. This will enable those who need to know to be able to let HMRC know what their charitable giving to the church was.
A further help the government gives is to allow £8,000 of unrecorded giving to be gift aided. Last year was the first time at this higher figure. By finding all this giving, we were able to use up all of this extra allowance. It meant that 99.5% of all the church giving was gift-aided. I am hoping that we will be able to achieve a similar figure for this tax year. By the time I write in a month’s time, I should be able to let you know.
We do thank you again for your continued support of the church in so many ways.
Treasurer's Talk February 2018
At the end of the first quarter of the 2017/18 financial year (November 2017) our regular giving to the church totalled £26,983.11. This compares with £26,708.94 for the previous year and once again shows an increase, this time of £274.17 (1.03%). It is most encouraging to report a further increase.
Over Christmas, all collections were taken on behalf of Action for Children. At the Carol service it was £186.40. At the Midnight Communion service, it was £70.06. At the Christmas Day service, it was £264.17. These total £520.63. Thank you for your generosity towards this most deserving charity and thank you again for your continued support for the church and other charitable work.
This is the Christmas bumper edition of Focus and as I write, I am finalising all the loose ends for the examination of the church accounts in the preparation of the Annual Report.
It has not been easy since we are now in the new regime called FRS 102. This has a number of new requirements and I am having to determine which ones we have to use, and which ones are outside our scope.
There are two problems in moving to a new regime. One is the format of the information they require. For this I am beholden to the Methodist gurus who have only just prepared a document to follow. I am grateful that it is at last available. But that leads to the second problem. It requires a new set of categories for the main accounts. This may seem straightforward, but the item headings are not as specific as one would like to see and I am having to decide under which heading each of the various figures should reside. I think I am nearly there, but it will mean a conversation with Harry, our accounts examiner, to be sure we have got it correct. However, the one joy is that once we have agreed it for this year, it should be the same for many years to come.
I hope that the finalised Annual Report will be going forward to the January meeting of the Church Council. If it gets approval, it will then be available on the Charity Commission website for anyone to examine.
A very Happy Christmas to you all, and again, thank you for your continued support for the church over the past year. In February I will be able to let you know how the first quarter in the financial year has gone.