Treasurer’s Annual Statement to Trustees – 2021
Our budget for 2020 was approved by the Trustees before the outbreak of the Covid pandemic.
2020 budget (£) Income Expenditure Variance I:E 128,850.00 158,680.00 (29,830)
Opening balances on our accounts were as follows:-
2020 opening balances (£)
Current account 28,906.48 Deposit account (CCLA) 13,391.85 Deposit account (CMCU) 25,089.73 Net Worth 67,388.06
We planned to hold the value of three months worth of total expenditure in reserve (£42,000). On this basis the Trustees were unanimously agreed that the church’s finances constituted “a going concern”.
At the close of 2020 the balances on our accounts were:-
2020 closing balances (£)
Current account 43,682.64 Deposit account (CCLA) 5,442.81 Deposit account (CMCU) 25,215.02 Net Worth 74,340.47
Our books on our current account reported the following income:expenditure records for the year 2020:-
2020 outcome (£) Income Expenditure Variance I:E (provisional) 159,502.50 159,597.13 (95)
The income outcome was much higher than the budget forecast (£159,500 vs £129,000) largely as a result of our God’s bounteous provision of just over £38,000 of donations given above and beyond reasonable expectation (‘Grace money’).
Meanwhile, expenditure outcome was almost an exact match to the budget forecast (£159,500 vs £159,000).
Our budget for 2021 is as follows:-
| 2021 | budget (£) | Income | Expenditure | Variance I:E |
|---|---|---|---|---|
| 114,200.00 | 152,025.00 | (37,825) |
N.B. the income budget assumes the total absence of ‘Grace’ money.
As shown in the 2020 closing balances table above, we had a total (Net Worth) of just over £74,000 sitting in our three accounts at the end of 2020. Even if no ‘Grace money’ is provided
during 2021 and our budget projection proves accurate, we will have sufficient funds to remain solvant throughout 2021, although we would have to eat into (by £6,000) the £42,000 that we aim to retain as contingency reserves.
I am emboldened by God’s provision over past years which has enabled us to survive previous equally severe deficit predictions …
| equally severe deficit predictions … | |||
|---|---|---|---|
| Historical variances (I:E) (£) | 2020 | 2019 | 2018 |
| Budget | (29,830) | (37,914) | (34,343) |
| Outcome | 95 | 3,607 | (23,812) |
Obviously, our church Finance Committee will closely monitor our fiscal health during the course of the year and keep our congregation informed.
As trustees of All Saints Anchorsholme we are bound by law to (annually) take stock of our financial status and to declare whether we consider the charity to be capable of remaining solvant throughout the year ahead. To that end I will be asking you to vote at PCC on the following proposal:-
“We the trustees of All Saints Anchorsholme have seen the relevant documents pertaining to the 2020 church accounts and have considered the charity’s financial circumstances in the light of those documents. Our assessment is that the charity qualifies as a going concern.”
Mike LeDieu (18/02/2021)
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