**12[th] September, 2020** **Finance Annual Report** ## **Summary** After the last few years’ projects, this was supposed to be a quiet year! Through careful management we have manged to break even for the financial year. This has been due to: - - Making use of the Furlough scheme for 3 months for 1 employee - Deferring tithing Payments until 2021 - Limiting Property expense - Associated savings from having the office closed - Reduction in drinks and biscuits - Regular appeals for donations in lieu of cash collections - The deposits for the church weekend being “donated” Regular appeals for donations have shown the generosity of our congregation, but these need to be maintained. As the Covid situation looks set to continue we need to remind people of the ways that they can give on a regular basis. A “giving” button now exists on the TMC website and we should look to publicise this more. With the new financial year, we need to remind everyone to prayerfully review their level of giving. Assuming anything close to normality, the expenditure continues to rise and we need a minimum increase of 5% of income to meet the demand. An uplift in giving of 10% will help to ensure the longer-term position. Sunday Morning giving is worth £1500 a month on average and this is area which will impact most on the forecast for next year. We are blessed that we have not had to delve too deeply into the reserves. However, as Covid looks set to remain and with the onset of winter, the costs will rise and this situation will change. TMC is in good position due to its reserves and a situation like Covid is why the reserves policy is there. ## **Other Notes** Open Door money – At the last meeting, approval was given for £2000 to be released from the restricted fund. Those that run Open Door have asked that all the funds held be released in the knowledge that the property budget will provide for any kitchen enhancements as required. ## **Approval required from CC** Church Weekend – all deposits have either been repaid or converted to donations. The £100 booking deposit has been written off. £500 has been lodged with the DPS – Deposit Protection Service – as the bond from the tenant for the flat. ## **Gift Aid** I am trialling using the HMRC Gift Aid process rather than the Methodist Church. This should be a simpler process and see the funds returned in a timelier fashion. We are now registered as a charity with HMRC (Separate from Charity Commission). Page | 1 **12[th] September, 2020** **Finance Annual Report** ## **Draft 2019-2020 Accounts** The accounts presented here are draft. There may be some adjustments when completing the Year End Activities. Due to the fractured nature of the year, I have simplified the fields. Much of the activity which is shown under “other” is throughput and balances out between income and expense. ||**Income**|**Expenditure**|**Note**| |---|---|---|---| |Regular Giving|£109,771||1| |Gift Aid Refund|£21,894||| |Bank Interest|£390||| |Lettings|£9,540||2| |Property|£3,501|£16,575|| |Other income|£7,114||| |Circuit Assessment||£88,200|| |Insurance/Utilities||£10,082|3| |Salaries|£2,004|£20,458|4| |Tithing||£6,950|5| |Other Expense||£10,081|| ||||| |Ext Orgs/gifts|£1,807|£3,252|| ||||| |Total|£156,021|£155,598|| ||||| |Gain
£423|||| |**Balances**|||| |CoopC/Acc|£16,312.16||| |CFB|£44,020.85||| |PropertyReserve|£7,457.57||| |TMCP|£1,566.82||| ||||| |Total|£69,357.40|Unrestricted|£60,333.01| ## **Notes** 1. Regular giving:- - a. Standing orders remain constant - b. The conscientious envelope donors have been sending in cheques to cover their weekly donations. However, some are ahead and some have converted to standing orders. - c. The regular cheque donors have maintained their commitment - d. The cash loss is worth £1500 a month. Some of this has been recovered through the appeals (and recorded as “cash” where appropriate) - e. The Paypal button on the website has only been used once (as part of a testing) 2. The lettings are effectively from the first 6 months of the year. The flat was empty for several months but does now have a new tenant. 3. This includes the cost of the office mobile. 4. The income relates to the 3 months of Furlough payment received Page | 2 **12[th] September, 2020** **Finance Annual Report** 5. The tithing payments to Aldersgate and LZ7 have been held back, pending these events happening. The Bibles for Children payment was also held back pending more information. The plan is to pay these as and when is appropriate or for the funds to be reallocated. ## **Forecast for 2021** This forecast has been done on the basis of the last 6 months, with a view that normality will not return until at least the New Year. ||**Income**|**Expenditure**|**Note**| |---|---|---|---| |Regular Giving|£106,200||1| |Gift Aid Refund|£21,000||2| |Bank Interest|£300||| |Lettings|£11,000||3| |Property|£1,000|£15,000|4| |Other income|£7,000||| |Circuit Assessment||£90,000|5| |Insurance/Utilities||£11,000|| |Salaries|£1,000|£22,000|6| |Tithing||£12,000|7| |Other Expense||£9,500|| ||||| |Total|£148,500|£159,500|| ||||| |Forecast Loss
£12,000|||| |**Forecast Balances**|||| |CoopC/Acc|£14,350.00||| |CFB|£40,000.00||| |PropertyReserve|£3,000.00||| |TMCP|£0.00||| ||||| |Total|£57,350.00|Unrestricted|£54,350.00| ## **Notes** 1. As stated above the loss of the weekly collection is a major contributor to the forecast loss. 2. The Gift Aid will increase with more standing orders, but decrease as we will not be able to claim GASDS on cash donations. 3. Some hiring groups are beginning to return. 4. With no goose fair, income will be £1000 down. The £1000 shown above is the VAT claim. The LTR shows expected expense of £15,000 plus there are reserves from previous underspend. The Property Reserve largely covers the remaining works for the exterior of the building. 5. The annual 5% increment for the Circuit Assessment has been delayed. 6. We can claim a grant of £1000 in the New Year for retaining a previously furloughed employee. 7. The £12,000 includes the deferred amounts and the expected amounts to be allocated later in the year. Page | 3 CHURCH RECEIPTS AND PAYMENTS ACCOUNTS THE METHODIST CHURCH STANDARD FORM OF ACCOUNTS T4ViStock Methodi•t Church FOR THE YEAR ENDED 31 August 2020 IrGuit Clrcult no R•g18tsred Charlty- Charity R•gi•tr•tlon ttumb•r If not a registered charty Hor mal￿ty.$ R¢v•nue and Customs Gfft Ald numbef (The HMRC number is equivalent to a registered Gharity number In tems of evidence of charitable status and may be used lo give to donots or grant funders wishing lo see evidence of the organisation's charitable slalu5 Methodist charit￿8 In Er$18nd and Wale5 that are not ￿giStered charitie8 are exc*pt8d frorn r89i8lration under Statutory Instrument 2014 No.2421 1130587 Minkster". Rev Dr Steven Eme -Wri hi Church Steward$'. Rob PaI[r￿F Eunic8 Wemyss Pam Wyl Sarah Biggs Jennifer Youe Johtt WtiKhi Iris Tre0$u￿r.. N¢il famblin ChWC* R grl P J)lSthts 1 ot5 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 Tavistock Methodi$t Chur¢h Unre•trf¢tsd R￿tr￿t•d Totststh FundB SECTION A a1 RECEIPT Not• OfFerin ¥ and Tax woverty Bank and CFB Interest ènd In￿tment incorne 131.705 131,705 130,916 83 392 9.540 gA40 10.564 152,257 13,471 13.185 157.980 85 other receipts TOTAL RECEIPTS 8.711 150.348 1,653 147 SECTION b1 PAYMENTS b2 CirGuiI A￿￿$￿￿nIOrsh?re 68.200 84,750 9,350 19.945 Donat￿￿¥ 6.970 16,575 6,970 aiF¥ and M8intsn•n¢e Ulilrties Ilnsuran¢e$, water ch8 es. healin b5 10,082 10,082 9.609 b7 OlherMmeni8 TOTAL PAYME1￿5 28.163 149.950 1,060 1,060 29.223 lsi.ojo 155,765 SECTION C NET REcEIPTS￿A¥l1ENTS a64y8 358 2.215 Total fund$ br￿gth1 forward from la51 yar 64.133 4,138 6B.2$9 66 OS4 c3 Sub total ¢1+c2 64.491 4,985 69.476 68.269 Transfers and 8d Usbments c7 ¢5 TOTAL FUNDSAT END OF YEAR 1¢3WI 64,491 4,9B5 89,4r8 le81 68,269 SECTION D FOR INFQRIAAMON ONLY= MONEY RECEWED A14D PASSED ON TO EXTERNAL ORGANISATIONS thwo amotynty aro notto bo lftcludod In total rocel •nts fi urnts abov• dl Balance brou htfoNArd Irom L8$1 d2 Offenn sIGrfts- receNed for exiemal o ni5ation8 1,802 4.261 d3 OfferingslGifis - passed toextemal Organ￿￿onS 2.447 3,616 BALANCE STILL TO BE P￿D Id1+d2431 wchR1￿lP2￿I5￿ 2ofS Ta¥151Ltk MeththYL81 SECTIDN E sumwoflhichffth•x4un￿f￿ty￿Y￿￿en￿*jl A￿￿￿20208nll Bn nv¢L*A DI￿￿10￿*￿11•VM¢ IP4TEHN•I ORGPJIISAThQNS 2P4 37.24è 343 38.314 151,167 È8,ieo 69.176 y¢￿JR¢H .192 ijn rfrthxtaryand TOT￿REcEiPtS TOTAL PAYIIEiirs 8ECnoNF r￿URcH.¢Al￿Fu￿sHELDAIj* QJWirth.T¢W ltsexTern81 an15a1icnsd4 I￿￿￿￿1￿ ￿ls￿￿vI￿)￿Vh￿cè￿1 38.314 TOTALcAgHFUIK>S HELDBYCHURCH 107,770 SEeTLQNa JiW2D 0THERA55ETs￿dU￿￿1I 4622211 QWASJEts.¢w**:valii¥￿n0$l 164 1SJ DECLARATIONS Treasurer I confim7 that I have prepored tha accounts frorn the Oftt￿ chU￿h and that they in¢lud08PI funds und8rth8 Control ofth8 Chu Coundl SignotUTe ol Tr￿lurer 24109r2020 Nama N*1 Tamtsin 23. Orchard c￿8. Tav*W. PL19 8F14 Prn88ntstSon to tho'church Councll for approval. l (xinfimi that th8knnts have been pre8entsd to Churth C4)ur￿l L 2410912020 Synthjre ofthe Chairofthe meeting Nams of Ihs ChBrof th8 Mèv Dr 8toven Emory.Wrfght 2I1OW2020 lfidependont E￿￿1[￿8 R•port to th*TrL*t88s ol the T4vlsto¢k M¢thodlst Church Reportva on Church forttwyear endod 31 AuyJ8t 2020 Re8￿ctIve r•8kw)Mlblitth8 dTru8te88 grrd Examlnor The ¢h8rlV8 tru8ts88 aro resp)n$itd¢ forthe pFep•ralion of 8c¢ounts The ¢h8nty's IrugleeB (XJnskl&r Ihkt aL¥Jit is Dot requirnd forth￿ year undBr ￿l￿n 144 of the Chariith Att 2011 Ith6 Chatitie8A¢t} and th81 an Independènt eXEmlnthn IJ needed 11 IB my respon￿bl￿ty lo.. Examine IhD ocwunts undBr Section 145 ofthe Act tof¢4kw tho prLK*Jum Lryvj in tho 98nBtal gN8n ty thp c￿lIty ccfflrni&B￿1n (undèr Won 14515Xb) rlthè ChAribo4Act). and to sr8t¢ *theth•r pwttwlgrm8tt•rs fximo ts my attentkm. 2015*qth R 4￿$ prew¢ed ¢h08e re¢(th. It *0 nckn1es ¢￿￿er#￿)n ofanyunu&*l rtems a¢￿ts. womde al tt* evthnce that vBxld Lt rAurtl li and rK> Op1￿ wen 89 to *t*lher Inde￿dent State￿￿￿t Purtoses or W in ¢ther Trusts, b8kn¢es and Fwds at ts Centr* Firw¢e PKW ofthe Metkxlist C￿￿th fcF8-I, *tsch are mdmduw in exce8s of£10,rm (ten prATh181 at Ihe trBF9wlthJ ICAEW CevM PL19 OAD 1W2021 2115duth RaTrl PA5 5d5 CHURCH RECEIPTS AND PAYMENTS ACCOUNTS THE METHODIST CHURCH STANDARD FORM OF ACCOUNTS T4ViStock Methodi•t Church FOR THE YEAR ENDED 31 August 2020 IrGuit Clrcult no R•g18tsred Charlty- Charity R•gi•tr•tlon ttumb•r If not a registered charty Hor mal￿ty.$ R¢v•nue and Customs Gfft Ald numbef (The HMRC number is equivalent to a registered Gharity number In tems of evidence of charitable status and may be used lo give to donots or grant funders wishing lo see evidence of the organisation's charitable slalu5 Methodist charit￿8 In Er$18nd and Wale5 that are not ￿giStered charitie8 are exc*pt8d frorn r89i8lration under Statutory Instrument 2014 No.2421 1130587 Minkster". Rev Dr Steven Eme -Wri hi Church Steward$'. Rob PaI[r￿F Eunic8 Wemyss Pam Wyl Sarah Biggs Jennifer Youe Johtt WtiKhi Iris Tre0$u￿r.. N¢il famblin ChWC* R grl P J)lSthts 1 ot5 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 Tavistock Methodi$t Chur¢h Unre•trf¢tsd R￿tr￿t•d Totststh FundB SECTION A a1 RECEIPT Not• OfFerin ¥ and Tax woverty Bank and CFB Interest ènd In￿tment incorne 131.705 131,705 130,916 83 392 9.540 gA40 10.564 152,257 13,471 13.185 157.980 85 other receipts TOTAL RECEIPTS 8.711 150.348 1,653 147 SECTION b1 PAYMENTS b2 CirGuiI A￿￿$￿￿nIOrsh?re 68.200 84,750 9,350 19.945 Donat￿￿¥ 6.970 16,575 6,970 aiF¥ and M8intsn•n¢e Ulilrties Ilnsuran¢e$, water ch8 es. healin b5 10,082 10,082 9.609 b7 OlherMmeni8 TOTAL PAYME1￿5 28.163 149.950 1,060 1,060 29.223 lsi.ojo 155,765 SECTION C NET REcEIPTS￿A¥l1ENTS a64y8 358 2.215 Total fund$ br￿gth1 forward from la51 yar 64.133 4,138 6B.2$9 66 OS4 c3 Sub total ¢1+c2 64.491 4,985 69.476 68.269 Transfers and 8d Usbments c7 ¢5 TOTAL FUNDSAT END OF YEAR 1¢3WI 64,491 4,9B5 89,4r8 le81 68,269 SECTION D FOR INFQRIAAMON ONLY= MONEY RECEWED A14D PASSED ON TO EXTERNAL ORGANISATIONS thwo amotynty aro notto bo lftcludod In total rocel •nts fi urnts abov• dl Balance brou htfoNArd Irom L8$1 d2 Offenn sIGrfts- receNed for exiemal o ni5ation8 1,802 4.261 d3 OfferingslGifis - passed toextemal Organ￿￿onS 2.447 3,616 BALANCE STILL TO BE P￿D Id1+d2431 wchR1￿lP2￿I5￿ 2ofS Ta¥151Ltk MeththYL81 SECTIDN E sumwoflhichffth•x4un￿f￿ty￿Y￿￿en￿*jl A￿￿￿20208nll Bn nv¢L*A DI￿￿10￿*￿11•VM¢ IP4TEHN•I ORGPJIISAThQNS 2P4 37.24è 343 38.314 151,167 È8,ieo 69.176 y¢￿JR¢H .192 ijn rfrthxtaryand TOT￿REcEiPtS TOTAL PAYIIEiirs 8ECnoNF r￿URcH.¢Al￿Fu￿sHELDAIj* QJWirth.T¢W ltsexTern81 an15a1icnsd4 I￿￿￿￿1￿ ￿ls￿￿vI￿)￿Vh￿cè￿1 38.314 TOTALcAgHFUIK>S HELDBYCHURCH 107,770 SEeTLQNa JiW2D 0THERA55ETs￿dU￿￿1I 4622211 QWASJEts.¢w**:valii¥￿n0$l 164 1SJ DECLARATIONS Treasurer I confim7 that I have prepored tha accounts frorn the Oftt￿ chU￿h and that they in¢lud08PI funds und8rth8 Control ofth8 Chu Coundl SignotUTe ol Tr￿lurer 24109r2020 Nama N*1 Tamtsin 23. Orchard c￿8. Tav*W. PL19 8F14 Prn88ntstSon to tho'church Councll for approval. l (xinfimi that th8knnts have been pre8entsd to Churth C4)ur￿l L 2410912020 Synthjre ofthe Chairofthe meeting Nams of Ihs ChBrof th8 Mèv Dr 8toven Emory.Wrfght 2I1OW2020 lfidependont E￿￿1[￿8 R•port to th*TrL*t88s ol the T4vlsto¢k M¢thodlst Church Reportva on Church forttwyear endod 31 AuyJ8t 2020 Re8￿ctIve r•8kw)Mlblitth8 dTru8te88 grrd Examlnor The ¢h8rlV8 tru8ts88 aro resp)n$itd¢ forthe pFep•ralion of 8c¢ounts The ¢h8nty's IrugleeB (XJnskl&r Ihkt aL¥Jit is Dot requirnd forth￿ year undBr ￿l￿n 144 of the Chariith Att 2011 Ith6 Chatitie8A¢t} and th81 an Independènt eXEmlnthn IJ needed 11 IB my respon￿bl￿ty lo.. Examine IhD ocwunts undBr Section 145 ofthe Act tof¢4kw tho prLK*Jum Lryvj in tho 98nBtal gN8n ty thp c￿lIty ccfflrni&B￿1n (undèr Won 14515Xb) rlthè ChAribo4Act). and to sr8t¢ *theth•r pwttwlgrm8tt•rs fximo ts my attentkm. 2015*qth R 4￿$ prew¢ed ¢h08e re¢(th. It *0 nckn1es ¢￿￿er#￿)n ofanyunu&*l rtems a¢￿ts. womde al tt* evthnce that vBxld Lt rAurtl li and rK> Op1￿ wen 89 to *t*lher Inde￿dent State￿￿￿t Purtoses or W in ¢ther Trusts, b8kn¢es and Fwds at ts Centr* Firw¢e PKW ofthe Metkxlist C￿￿th fcF8-I, *tsch are mdmduw in exce8s of£10,rm (ten prATh181 at Ihe trBF9wlthJ ICAEW CevM PL19 OAD 1W2021 2115duth RaTrl PA5 5d5