Church Finances Update (1 January – 30 April 2020)

I have provided below a summary of our finances between 1 January and 30 April, and provided a comparison with last year at the same time so that we can see the impact of our church closure on our funds.  I have excluded the 2020 fund from this as the significant one-off donations to this fund would skew the results.


Jan – Apr 2020Jan – Apr 2019

££
Total income60,14655,447
Total expenses67,25859,348

Deficit

(7,112)

(3,901)

These figures may be surprising, so some further analysis is provided.

Income
We have been really fortunate in the first 4 months of 2020 to have received two generous one-off CAP donations – total £4,500.  We have also reclaimed VAT we paid on church maintenance last year – a further £2,300 in one-off income.  Without these, our income would be down by over £2,000.   The 2 categories of income hit hardest are, of course, hall letting income (down over £1,200 on last year) and envelope income (down £1,600 on last year).  Clearly, the impact of the church closure is likely to hit us further before my next update.

Expense
Our expenses appear surprisingly high, given that the church is closed.  However, we had some significant costs at the start of the year on the church, including work done to the church heating system, repairs to the church roof and an inspection carried out of our electrics and fire alarm – total £7,000.  We also discovered that our electricity bills had fallen some way behind our actual meter readings and received a ‘catch-up’ bill in January of over £4,000.  We have made some savings in salaries: our Youth Worker has reduced his hours while lockdown continues and 2 of our staff have been furloughed.  Our expectation is that our expenses should reduce in the months ahead.

Vision 2020 Fund
Not included in these numbers is our Vision 2020 Fund.  We have had some good news this month: the Garfield Weston Foundation have awarded us £10,000.  This brings our 2020 fund total as of today up to an incredible £145,345.  These funds are ring-fenced and can only be used for our building project. 

What can each of us do?
If you are able and have not already done so, this would be the ideal time to set up standing order payments to the church.  It is very easy to do if you have online banking, but also simple to do through your local bank.  Our bank account details are: 

Account Name: St Stephen’s Comely Bank Church; Sort Code: 80-11-05; Account Number: 00294121. 

If you need any support with this, please either call Sarah on 07793 559 034 or Alison on 07765 213 015, and we can talk you through the process.

And please pray for our finances – that we would have all that we need to do what we are called to do, and that we be good stewards of what we have been blessed with.  Thank you.

[from Alison Franks, Finance Convener]