This year’s AGM relates to the accounts for the year ending December 31st, 2019. The accounts have again been prepared by David Pooley. A copy of his report is attached separately. It is set out the same as previous years, so most of you will be familiar with the content. There is a main summary page for income, expenditure and fund balances (numbered page 2) and a second page that provides more details on the fund balances (numbered page 3). The explanation of income, expenditure and fund balances below relates to this report.
(Looking near the top of page 2) Under ‘income’, the first two columns of figures separate the main church from youth income; the 3rd column shows the total. Income for 2019 is £74,983. Compared with the figure for 2018 of £63,977 (last column), income increased by around £11,000.
The figures also show that, over the course of 2019, we received over £12,000 (£12,249) in reclaimed tax from the Inland Revenue.
During the year, in addition to regular giving, collections were made for the following causes:
· Mozambique Cyclone Appeal £200
· Matthew Project (Carol Service Collection) £364
· Oak Farm birthday flowers £355.
There was also £1,620 received from an insurance claim for a damaged keyboard.
(Below income) Again, the first two columns separate the main church from youth expenditure; the 3trd column shows the total. Expenditure for the year is £41,495; this is a decrease of over £6,500 (£6,737) on the figure for 2018 of £48,232 (last column).
The most significant saving was for salaries as there was no longer any wages being paid out to a youth worker in 2019. The largest single item of expenditure was a new keyboard (equipment category), replacing the one for which an insurance claim was made.
iv. Income versus expenditure
The report shows that income exceeded expenditure by £33,488 (shown in ‘net movement of funds’ row); significantly more than in 2018 (£15,745).
v. Funds Balances
Fund balances are on page 3. These show the various bank accounts and cash held. The overall balance has risen to £82,426 (in the previous year, it was £48,938). By ‘treasurer’s account’, is meant petty cash.
vi. Gift Aid
The £12,249 received from gift aid refunds indicate what a significant contribution the gift aid scheme makes to the finances of TEC. The bulk of this was from gift-aided tithes, but £1,322 was from the Gift Aid Small Donations Scheme (or GASDS); this is money claimed back from non-gift-aided cash given in our Sunday offerings.
If you haven’t already done so, please consider signing a Gift Aid form if you are a taxpayer and give TEC any tithes or offering (available from me by emailing firstname.lastname@example.org ). Please also let me know if you cease being a taxpayer to prevent us breaking the rules of the scheme.
Ginny - Treasurer