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Quarterly Financial reports

St Peters ad Vincula – Standing Committee on Finance Financial Report to the PCC 26th October 2017

Financial summary

As at the 13th October 2017 the balance on the current account was £853.83

On deposit we have

  • £1081.00 reserved in the bell fund,
  • £516 .00 reserved in the 52 club and
  • £2000 in cash reserves.

This gives the PCC a cash balance at Barclays of £4450.83

On deposit in our reserves investment account we have £35,044.56

Giving a total PCC fund as at 6th September of £39,495.39

The challenge: whilst the above figure gives a good picture that we can meet our liabilities, the actual monthly cash flow is very precarious.

The fixed outgoings each month (£46 Chase Benefice + £196.26 Diocese + £40 organist +£186.84 insurance + 105 Electricity + £70 for grass mowing) = £644.10

The regular planned giving is some £100.00, Collection approx. £150 = £250.00 so the month on month cash flow is very challenging.

Annually of course we do get in more income from festival services and the grass mowing will stop for the winter season – non the less we must really plan for 2018.

Our biggest saving grace would be to increase the planned monthly giving on standing order to cover 75% of our fixed expenses. This is a massive challenge but should be our ultimate goal. On this we can claim back gift aid at 25%. We should aim to cover our monthly outgoings from monthly income – so income target on planned giving has to be in the region of £490.00 per month

Going forward we must get quotes for the insurance and electricity and see if we can find cost savings, however we are locked into a 3 year deal with Ecclesiastical and it is unlikely we will reduce our utility bills by very much. We must be mindful for 2018 of raising money for any other charity unless it is separate such as Christian Aid / Water Aid. We cannot really cut costs so raising more is our only option.

The table below is all the expenses and receipts for 3 months.

Cost of Fundraising
Mission giving donations to charity  00.00
Salisbury Diocese £588.78
Chase benefice £138.00
organist £120.00
Flowers £60.00
Insurance £560.52
Utility £330.08
Grass mowing £210.00
Maintenance  00.00
Bank charges £60.60
Contingency
Annual financial audit
52 club prizes
Other (xmas tree etc)
Total expenses £2067.98

 

 

Regular tax efficient giving £478.50

 

Other planned giving £150.00
Cash collections Yellow envelopes and wall box £599.99
All other CAF giving where gift aid cannot be reclaimed £1000.00
52 club 488.00
Bell fund 1081.00
Gift aid £178.25
Just giving £95.20
Fees weddings etc £268.00
Fundraising

 

Refunds – Utility 73.06
Trade and sales May August bank holiday. Car park fees / election fees £554.00
Total Receipts £4966.00

Narrative of receipts and payments for July August September

 This cash flow picture implies we have made a surplus of £2898. The income however is inflated as we received £1000 from Rushmore as a donation. We also earned £120 from the car park and £150 from election fees. The figure is also inflated as the bell fund was paid into the current account. This amount had been held in cash and has not previously been reported in the accounts. If we deduct all these amounts (= £2351) from the receipts and we also deduct the 52 club money of £488 as this is a once a year activity we are left with a receipt total of £2127.00 – so for the quarter we are in reality only just at a break even point.

Forecast for October November December

Based on a forecast spend of approx. £2000 for the next quarter we can expect to go overdrawn in Nov. Clearly we cannot allow this so we will have to minute that we can transfer money from the reserve account. We do have remembrance service, carols and Christmas that should push up our revenue. Paddy Seymour is planning a series of Tollard Talks to raise money for the church. We do have some books that we are aiming to sell and we hope to raise £500. We need to cover an estimated £1000 shortfall in revenue in the next quarter.