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.
Treasurer's Talk NOVEMBER 2017
We have recently had the envelope collection for All We Can (originally the Methodist Relief & Development Fund). To date £440.15 has been given of which £250 is gift aided, adding a further £62.50. This brings the total to £502.65 for which I know the AWC team will be most grateful.
Now I am again preparing the annual report. I have all the figures and am studying and implementing the differences between FRSSE (Financial Reporting Standards for Small Enterprises) from last year and FRS 102 (Financial Reporting Standards) for this and subsequent years. My aim is to have it ready for signature at the January meeting of the Church Council.
The Leadership Team is planning projects for future work around the church. Last month I said that we are budgeting for a deficit of £11,679 and this could occur if we implement the work around the church that is becoming necessary.
We recently had a meeting of the Resources Committee which covers finance and property. It is an important meeting in the life of the church because every project gets an airing and many decisions are made or passed onto the Church Council for approval where required. At the meeting it was agreed that Andrew Jennings would put together an article on handling the recent surpluses on the General Fund and how they would be used to further the life of the church both in its ministry and buildings. Please see the earlier article in Focus.
After all that, I do hope you find refreshment and reward in the activities in the church as the year moves on and I thank you again for your continued financial support in the life of the church.
Treasurer's August 2017 Update
This time last year, I was sitting at my PC on almost the same day thinking about the end of the financial year.. We have just had the Civic Service which was a superb time of celebration and we wish Liz Frost all the very best. The church collection did not suffer from the collection for the Mayor’s charities being at the same time. Over £500, including gift aid, was raised for Liz’s charities, the Sunnybank Trust, Citizens Advice Bureau and the Lower Mole Countryside Trust.
Already £62,818 has been received from external organisations using the premises. This is set against an original budget of £60,000 and a projection of £68,000. It is a valuable source of income for the church and enables so much more to be planned. We are very grateful to Sue Massingham for the care she takes over the room bookings and all the paperwork that is required. To give you an idea of how many organisations use the premises, I co-signed the agreements the other day as a church trustee and there were twenty eight of them. Sue had prepared these and they were all different in some aspect together with a significant number of pages.
We are always keeping a watchful eye on expenditure. The second biggest figure (the biggest is the circuit assessment which is set for the year so won’t vary) is for utilities (gas, electricity, water, cleaning and insurance). Having negotiated an improved gas contract last year, we are seeing the benefits over the past twelve months and we expect to be well under budget.
I spoke about the legacy left to the church by Ms Eileen Wilks last year. We have now received £330,000 of the legacy. The sale of her house has completed and the solicitors are currently sorting out the final payments. This extra funding has enabled the church to employ Chris Shaw as an assistant minister for three years and we are all looking forward to his starting with us on 1st September.
I now get a two month break from writing to you so when I next hit the keyboard it will be around 10th September and I will know the draft results for the year (which closes on 31st August). I hope I will be able to let you know some more good news.
Thank you again for your continued support for the church. We are ministering in exciting times, and we pray for wise use of the resources made available to us.