Congregational Treasurer's Report for 2017
The Congregational Accounts for 2017 show that there was a surplus of £850 at the close of the year, and the superficial impression will therefore be that our income covered our outgoings over that period. However, this was only achieved by dipping into reserves, by withdrawing £7,609 from the balance in our Revenue Account with the Church of Scotland's Fabric Fund. I think it is important therefore to advise the Congregation that there was a shortfall in our income during that year.
Despite that – temporary? - position, we are overall in a sound financial state.
Donations rose slightly over the year. In January 2018 we received a welcome boost through the payment of £8,768 by HMRC in the reclaiming of tax paid by members of the Congregation on Gift Aided amounts, and this figure was significantly up from the £7,600 gained for the previous year. I would again encourage members who do not give Gift Aided donations to do so. You can see that it makes a difference!
I would draw members' attention also to the amounts raised for Third Party Charities over 2017, with £1,425 raised for the BGH McMillan Centre extension, £1,034 for Tear Fund, and £600 for the DEC East Africa Appeal. Once again our members have shown great generosity. The total amount raised exceeds the 2016 figure by over £1,000.
Regular expenditure showed a small decrease on the 2016 figure. Can I focus on certain items:
Following the period of ministerial vacancy, the appointment of Rev. Cook in February 2017 has brought renewed stability, but this has meant a rebalancing of our Ministries & Mission Allocation, our Pulpit Supply expenditure and our Minister's Expenses entries. The net effect of this is an increase in the totals for these entries from £23,756 in 2016 to £29,608 for 2017. We have to budget for the future to meet that higher figure, as in earlier years.
We have been successful in keeping energy costs down, saving c.£600 on the previous year. This may reflect an increase in joint services, meaning heating is less frequently required, but will also reflect our ability to isolate the parts of the buildings which require heating at any one time.
Our insurance premium has risen by c.£600, and some of this increase will come from a change made to increase the cover on our pipe organ.
There has apparently been a very large increase in our expenditure on printing and stationery, from £868 in 2016 to £4,062 in 2017, but this is associated with the replacement of the previous Risograph copier with a modern colour-capable, and more versatile machine. The cost of this at over £3,000 was completely covered by an Gift Aided, anonymous, donation of £2,500, and I would want to record the thanks of the Congregation for this very generous act.
This leaves me to consider expenditure on Fabric Repairs & Maintenance over the year. Members will know that this is the element which causes me most concern. We can take proactive measures to avoid problems, and indeed do so, but it is when the need is reactive, and indeed sudden, that I have greatest concern. This has been a good year! Expenditure on Fabric fell from £16,192 in 2016 to £6,812 in 2017, but that masks the fact that a bill for the repointing of the external masonry of Teviot Church, at £2566, fell due in December when I could not safely take this from our current account. Hence the need to withdraw some of the funding from the Fabric Fund's Revenue Account as mentioned above. There is always a high degree of financial risk therefore in Fabric matters.
I would however now repeat that 'despite that – temporary? - position, we are overall in a sound financial state'. I would draw members' attention to our reserves.
At the end of 2017, Teviot Church held 'unrestricted cash funds' of £33,921 (almost all held in National Savings & Investments). We have since received £8,768 from HMRC in January to give us an early boost for 2018. We have £51,933 invested in the Church of Scotland Fabric Fund Capital Account, and our balance in the related Revenue Account now stands at £6,459. In a separate account within this Fabric Fund we also hold a credit balance of £51,816, from the sale of our old Manse and its replacement by a more modern Manse shared with St Mary's & Old Parish. Members should note however that where there has been reference above to monies in Fabric Funds, these amounts can only be used on fabric expenditure and when this has been approved by Church of Scotland.
In closing, I would once again want to thank individuals who have contributed to this sound financial position. Alan Inglis has administered our Gift Aid schemes which have as stated provided early boosts at the beginning of each financial year. Scott Ballantyne has been both proactive and reactive and helps us avoid unexpected fabric problems. Eileen Glendinning and Pat Sutherland have undertaken very many small, and large, tasks in administration and maintenance which annually save us money. I would also thank Rev. Alistair Cook for his cooperation in these financial matters.
Ron Smith
Congregational Treasure
