Latest Financial Statement

Treasurers Update

Treasurers Update

Below are the summarised accounts for SWITM for the seven months to 31st July 2020 and I would make the following comments:

Whilst these figures are showing a healthier position than our budget:

  1. Stewardship Giving etc. is under budget but would be more below budget if SWITM had not received, in April, three one-off payments amounting to £1400 plus Gift Aid. This is worrying as without these generous payments Stewardship Giving etc. would be £2500 under budget.
  2. Rental/leasing is over budget basically because of the restart of the Bright Sparks Nursery at St Peter’s.
  3. Parish Quota under budget by £2250 – it was agreed to pay £3000 a month as against £3750 budgeted for the first three months and review the situation later during the year.
  4. Routine Maintenance etc. is under budget by £6127. This type of expenditure is budgeted over a year so I would expect to have large variances.
  5. Insurance is under budget by £1552. This is partly due to an over accrual at the end of 2019 and over budgeting for this year.

So, we are fortunate in respect of ii) above as this has a positive cash impact.

However if you add the on-going shortfall in i) above and the ‘savings’ in respect of iii) (we will have to catch this up at sometime during the year), iv) (who knows what is in store for us later) and v) (which is purely accounting) this totals nearly £12500 of the variance. This does mean that the financial position is not a rosy as shown.

I will not hark on about the need for an increase in our Stewardship Giving, but it would be great if those you who pay via the envelope scheme and gift aid the donation would move onto Stewardship Giving. I understand that since the starting of services a number of you have brought in envelopes covering the missing weeks and thank you to you for doing this. The reason why I am suggesting the Stewardship Giving scheme is that it means a regular stream of income which is essential if we have to move away again from Church services.

Finally, I finish by saying that we are in very trying and unchartered times so please stay safe and well.

Ian Steel

Treasurer

August 18th 2020.

South West Ipswich Team Ministry
Amalgamation of Designated Funds to 30th July 2020 – Income
Income and Expenditure Basis
 TotalBudget 2020Variance
 7 months7 months 
Stewardship Giving, Envelopes, Collections and Gift Aid4293843700-762
Flat and Halls – lettings1230994752834
Fundraising20461149897
Investments – interest897591306
Other Income386925421327
Total Income62059574574602
Amalgamation of Designated Funds to 31st July 2020 – Expenditure
Income and Expenditure Basis
   Variance
    
Clergy and Chuch Service Costs Expenses70617209-148
Parish Quota2100023250-2250
Utilities57105806-96
Insurance24163972-1556
Maintenance and Equipment23318458-6127
Office Costs72937826-533
Cleaning Costs20012029-28
Sundry Expenses25721920652
Total Expenditure5038460470-10086
    
Excess Income over Expenditure11675-301314688