Friday, April 24, 2015

Finance Update

In case you missed the finance update we gave on Sunday I thought I'd repeat it here.

As you'll see above our offerings for March were £1,828 above budget, which is excellent. A huge thank you to everyone who has given, whether in the offering on a Sunday, through direct bank giving, online or in any other way.

Our offerings from January to March are £10,868 behind budget. That's almost entirely due to our January offering being around £12,000 below budget. None of this is cause for worry, it's a pattern we see most years, but please join with me in praying that in April we'll be able to clear the deficit and get into surplus.

Our reserves are also relatively healthy, now standing at just over £170,000 up from £140,000 at the start of the year. Our goal is to have £250,000 of reserves which would equate to around 3 months of our expenditure. Just as a reminder we seek to hold reserves for three reasons:

  1. To allow us to cope with fluctuations in our income. Having reserves is one of the reasons we're not too concerned about our offerings to the end of March being below budget, although a much bigger reason is that God is in charge and He's never failed to provide for our needs!
  2. To allow us to deal with unexpected and unbudgeted bills. One example of this is that this year we're going to have to do a major repair to the Kerith Centre roof, possibly costing as much as £120,000. Our reserves will allow us to do this when we need to without requiring a gift day or having to save up the funds, although we will need to look to build up our reserves again once it's done.
  3. To allow us to respond quickly to opportunities. We want to be able to respond quickly to opportunities which unexpectedly come our way, such as buying land or buildings or taking a new ministry opportunity.

 

I hope that all makes sense. If you do have any questions then please just ask as we want to be as open about our finances as possible.

Simon.

 

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