A word from our Treasurer
For the second year, we are unable to hold the Stated Annual Meeting for the congregation due to COVID restrictions. It is important that everyone is aware of the finances of our Church therefore a reduced version of the normal reports is being issued to our members.
On behalf of Kirk Session and Congregational Board, I thank everyone who has continued to financially support the work of Boghall Church, your commitment and devotion is very much appreciated. To give everyone a clearer idea of the income and expenditure for 2020, I have included the Financial Review that is within the full set of accounts that is given to
Church of Scotland, Presbytery and OSCR, the charity regulators. Thanks also go to Marette, Fiona and Alister for continuing to examine the Church Accounts free of charge.
The principal source of income is normally from weekly offerings via envelopes, cash in the Open Plate and bank standing orders. COVID restrictions have reduced our income and how it is received. A letter was posted to members who made their offering by FWO envelopes encouraging them to change to bank Standing Order. A further 28 standing orders were set up bringing the total to 86.
Throughout COVID restrictions, FWO envelopes have been collected by Elders, posted to the Treasurer or occasional donations paid directly into the church bank account. We are very grateful for the continued support from our congregation. Offerings received in 2020 were £69,717, a decrease of £2,865 from 2019. The other main source of income is from Gift Aid claimed on offerings from members who have signed the necessary declaration and during the year a further 3 declarations were signed by members. Gift Aid due from offerings in 2020 is £17,125. Other sources of income are from fundraising - £647 a decrease of £2,309 from 2019, fabric boxes - £199 a decrease of £468 from 2019 and use of premises - £765 a decrease of £1,835 from 2019.
The largest single payment was the Ministries and Mission Contribution, which was £59,930. Of this sum 86% went to the Ministries Council and was our contribution to the cost of parish ministers and those in other parish posts which are in the Presbytery Plans. The remaining 14% was used for the work of other councils, committees and departments of the Church and gave our congregation a financial stake in all the national and international work of the Church of Scotland. Other significant payments during the year were staffing costs - £14,323, fabric maintenance - £6,723, manse council tax - £2,694, gas and electricity - £2,135 and insurance - £2,240. Included in fabric expenditure was £2,160 to repair the chimney at the rear of the hall and £1,100 to repair a leak in the heating system. As reserves continued to increase during 2019, the Trustees agreed that a further £20,000 be used to purchase more Income Fund units at the beginning of 2020.
The total unrestricted income for the year was £113,585, expenditure £113,005, Restricted income £5,770, expenditure £6,333, leaving an overall surplus for the year of £17. However during 2020 we received a Legacy of £5,000, a further £7,800 from one off donations and collections made after the funerals of two of our members and £5,240 from the HMRC Job Retention Scheme. Without the generosity from our congregation and funding from the Government, our end of year financial position would have left us with a deficit of around £18,000.
If anyone wishes to see the full set of accounts or ask any questions, please get in touch.
Blessings to all