The past 12 months has seen the Church retain its sound financial position, having received regular Covenanted and Non-Covenanted Giving from our members and visitors of £24,209.70, a small increase, compared with £24,032.76 last year. This year has seen receipt of Gift-aided Claims totalling £5,614.10 (£2,681.75 for the year 2017 - 2018 and £2,932.35 for the year 2018 - 2019) from HMRC, reflecting the importance of making full use of covenanted giving from UK Tax Payers. Lettings Income was up by £2,578, an increase of 40%, reflecting additional regular hiring of the hall and a small increase in cost for 'one-off' events like Birthday Parties. Last year's (2017 - 2018) 'Other Church Income' had showed an increase of £6,488.30 from the previous year (2016 - 2017), of which £5,550.55 was received from Fund Raising Events and generous donations for the new Church Organ so it is no surprise that this year's 'Other Church Income' is down by £3,669.15. During the year, we were able to raise a further sum of £6,700.56 towards the purchase of the organ which left us with just £248.89 to raise as at 31 August 2019. Total income was up by £4,728.15 (10.7%) to £48,935.
Our expenditure during the year was up by £11,127.26 as we paid the full £12,500.00 for the Church Organ during this year. Of the expenditure, there was an additional £988.50 in Circuit Assessment costs and the cost of the floor repair at the entrance to the worship area of £1,848.00. Donations and Utilities costs (Gas, Electricity, Insurance, Telephone and Broadband) were largely in line with last year.
Happily, we have been able to maintain our commitments to the Chorley and Leyland Circuit and Connexional Funds, namely World Mission Fund, Mission in Britain Fund, Property Fund, Fund for Training and the Fund for the Support of Presbyters and Deacons as well as the Circuit Charity of the Year, 'Homestart'. We continue to donate to specific funds/charities, namely 'My Life', Methodist Women In Britain, Methodist Homes for the Aged and Methodist Action North West, with additional Retiring Collections for various 'needy' causes.
The full Financial Accounts are detailed at Appendix 3.
Financial Reserves Policy
The Church maintains a Reserves Policy, in line with Circuit guidelines, which is to hold a minimum of 6 months' average expenditure, to maintain our commitment to raise our full Circuit Assessment and other operating costs and to fund planned activities and repairs.