Latest Financial Statement

Treasurers Update

The accounts set out below show the effect of COVID-19 and the closure of the Church buildings and the lockdown. I have shown the month of April figures to show the actual to the budget set prior to lockdown and the lockdown budget.

This loss is manifested in three ways:

  1. The loss of plate collection which has a knock-on effect as Gift Aid can be claimed on loose collections
  2. The loss, possible deferment, of envelope donations and again the possible loss of Gift Aid. We budgeted a loss of £1000 of income from these two sources
  3. Loss of rental income as the only rent currently being received is from the flat at St Mary’s. We budgeted a loss of income of £2225 and this has been bourne out. There is some good news and that is the Nursey at St Peter’s is anticipating restarting, albeit on a smaller scale, on June 1st.
  4. The loss of fundraising income, this figure will be approximately £170 less in May as it will only include the profit from the 200 Club. SWITM, as has been previous mentioned, has linked up with the Amazon Smile Account and we do have the 200 Club running which are both methods of contactless fund raising; other ideas along these lines please
  5. Sundry income is ahead of the lockdown budget mainly because of £240 unbudgeted Contribution towards Costs and Donations.

The income figures also benefited, in April, from a exceptional donation within the Stewardship giving.

As will be seen from the expenditure figures the main savings budgeted for were as follows:

  1. Clergy expenses – mostly realised, but the actual costs are still ahead of the Lockdown Budget
  2. Utilities – largely realised, but still ahead of the Lockdown budget, but hopefully May will see some improvement.
  3. Repairs and Maintenance – fully realised and more, but this could change as the year’s costs have been equated and Repairs and Maintenance are one-off costs which can seriously derail any budget.
  4. Sundry expenses – the figure has been exceeded for the month, but like Repairs and Maintenance this is not a constant cost that can properly be equated over a year
  5. The other main ‘saving’ was reducing the contribution to the Diocese from £3750 to £3000 a month. £3000 a month is what was being paid before lockdown, but with every aspiration that by now SWITM would have gone someway to making up the shortfall. This is not something that should continue as SWITM is contributing significantly less than is being requested and required.

So to summarise, whilst the overall deficit for April is better than anticipated there are major exceptions, as noted which have had a positive effect on the actual to budgeted figures.

Those of you who have heard my various ramblings know I am not a treasurer that likes the congregation being always asked to stump up yet more money and I will not now do this, particularly in these difficult times, but my request is:

  1. If you are not already posting or handing in your envelope donations to the office would you please to continue to put your weekly collection into the envelope and pass this over once lockdown is over, if you are already doing this – thank you.
  2. If you normally placed a cash donation in the collection plate could you please put this on one side and pass it over once lockdown is over, again if you are already doing this – thank you
  3. However, in order to maintain a regular flow of income would those of you who use the collection plate or envelope scheme please consider either using a bank standing order to the SWITM bank account with, if possible a Gift Aid agreement, or pay direct to the PGS scheme again, if possible, with Gift Aid.
  4. To all of you who are using the PGS scheme or paying in via Standing Order thank you. In fact a big thank you to everyone, I do know these are uncertain and difficult times that we live in.

Best wishes and thank you for continuing to support the Ministry of SWITM.

Ian Steel, Treasurer

South West Ipswich Team Ministry
Comparison of figures for April 2020
OriginalLockdownActual
BudgetBudgetApril
Income 
Collections and Gift Aid683458005912
Rental Income2625400400
Fund Raising30062287
Other Income88067471
Total Income1063963297070
Expenditure
Clergy Expenses1549733971
Parish Share375030003000
Utilities1117676942
Insurance546583812
Repairs & Maintenance2041583247
Office Expenses10081200904
Cleaning388217261
Sundry413108398
 
Total Expenditure1081271007535
 
Deficit-173-771-465