Treasurer's Report

HONOURARY TREASURER’S REPORT

ST GEORGE’S CHURCH

FINANCIAL YEAR 2020

 Before I make comments on the Accounts I would like to thank those other people who play an active and important part in managing the finance of this church.  A very loyal, but small group of people meet  to open planned giving envelopes, reconcile loose cash, record monies against income categories and take these monies to the bank.  I know that this group works diligently and unseen   but make my task that much easier. I would like to thank  the Planned Giving team who keep the  records on planned giving and deal with all the Inland Revenue returns.  Others  I would like to  mention are  Father Adrian  whom I pester  regularly on financial matters ,William Burgess the Honorary Auditor whose support and help is much appreciated and Brian McNally  who patiently  checks and countersigns all the cheques I place before him.

Overall  Surplus/Deficit

Receipts exceeded Payments by £12516 but this ‘surplus’  hides the fact that  due to Covid-19 2020 was a challenging  year. 

Receipts:

Our principal receipts were  

Planned Giving          £43782

Gift Aid tax refund        £21703

Misc receipts            £11003

Church Maintenance        £7068

Legacies            £6000

Restricted Donations        £5146

Income from Planned giving  was down from previous years but this may be explained by the lockdown late in the year and the income from some weekly envelopes not being banked by financial year end.

Gift Aid tax refund of £21703 included arrears of  £11321 which HMRC owed us from a previous year.  Having paid us these arrears  they  then incorrectly credited our bank account  with  a further £9321 at a later date. We made them aware of this but by financial year end HMRC had not  yet requested repayment. This overpayment is included in the Misc Receipts figure above.

The church maintenance figure of £7068 includes an anonymous donation of £3000.

The Friends of St Georges loaned us £5146 to pay for Architects fees.As the loan was for a specific purpose  it has been treated as a Restricted donation for accounting purposes.

As   expected income from  collections,hall rent,fayres , concerts,wedding /funerals ,coffee fund  were significantly down.  Here are some comparisons;

                                            2019        2020

Collections                        12326        2556

Voluntary Income                6309         2761

Hall Rent                             2236          400

Wedding/funeral fees        10831        4775

Our Director of Music Andrew Reid  spent various times in 2020 furloughed and we claimed £1790  through the Job Retention grant scheme.

To put into some context. In 2020 gross receipts were £112804.  But of this £14467 were the overpayment from HMRC and the loan from the Friends. These will need to be repaid. In addition £17690 was from grants,legacies and one off donations .  So approx. £32100  of gross receipts were from ‘non-recurring’ sources. Receipts from ‘recurring ‘ sources were therefore approx. £80700. By comparison   2019 receipts from recurring sources were approx. £94000.

Payments:

Our principal payments were

Parish share            £50500

Insurance            £10358

Services            £6823

General maintenance        £5604

Restricted donations        £5192

We had pledged to pay £50500 Parish share in 2020 and we achieved this  though it did require us to use some of our Reserves. In the light of this and due to the continuing uncertasinty around income we have made a pledge to pay £40000 Parish share in 2021.

General maintenance of £5604  was on the Clerestory repairs  and the bulk of the Restricted donations payments were the Architects fees.

Our contributions towards charities has continued.  Half of the collections raised from weddings, baptisms and funerals is given to a charity nominated by the families. Despite the Covid-19 restrictions £781 was donated with the money going to  9 different charities.

End of Year Balances  and Reserves

 At  year end  the  General fund cash balance was £30078. However the fund had liabilities of £14467 ( the money owing to HMRC and the loan from the Friends ).  The net General fund balance of £15611 equates to approx.   9 weeks  normal unrestricted payments.

I  would  like  to  express  my  thanks  to  everyone  for their support  throughout the year.

A J PINKETT

Treasurer

March 2021