The Glen Waverley Uniting Church PSALTER
Finance Committee Meeting 11th December 2022
Updated Agenda was circulated prior to meeting. Meeting held at the Coutts’ household for morning tea after a short meeting and discussion.
Attendees: Warren, Matt, Andrew Neil and Ken Ben apologised.
Update Budgeted Accounts to Actuals for year-to-date end of June 2022
Circulated Accounts / P & L for November prior to the Meeting and period ended 1 January-30 November.
Whilst result YTD and these Accounts reflect a P & L for November which is in line with budget the revenue pressures remain re P & L. We are treading water and rental income is covering a shortfall in open plate and envelopes which hasn’t recovered.
P & L Account for period 1 January 2022 to 30 November looks OK.
- Have circulated Exec Summary and Suite of Reports to Church Council and Finance Committee for November for the next their meeting next week.
Overall P & L is in sound shape although some concern as our Envelopes and Open Plate. Expect that we will incur a deficit of somewherte aound $20,000 for the year.
- Rental income is strong and covering the deficit in offering receipts. This last month of November is lower but largely a timing issue. Expect Rental Income to be about plan for the year
- We will likely have an Expense of $35,000 from the Marriott Bequest in October - December.
- Carry forward into June 2022 that we are still to update processes re finance in the Office Manual after completion of the Office process reviews.
- (Joanne to address as we proceed)– now defer until early 2023 following adoption of Xero and new authority processes (also when Judy Lowe returns). Remember we want to put it onto Wiki after completion). No action given current lockdown and until following the Process review.
Presentation of monthly Xero Reports and Executive summary of GWUC Xero Financial Accounts
Ken presented an Updated set of accounts and Executive summary, reports to Finance committee and will send to Church Council for monthly and quarterly update
Another step forward and will save considerable time going forward.
Sent out November Reports
Update to Church Council re Financial Year Jan-November 2022.
Provided detailed memo and attached financial accounts as an update of Financial Year to Church Council. Finance approved report to Church Council.
Some general discussion as to the understanding of Church Council that we are eating into our accumulated funds to meet our current activities and pans. Awaiting end result of appeal results which as at end of November appear to be about $22,000 +
Discussion and The Way Forward with our Portfolio Management and Product Diversification.
We have progressed the implementation of the Actions – under the Investment Strategy. Agreed that we need to review placing a further $50,000 or alternate amount into U Ethical growth in November / December 2022. Not progressed review in early 2023.
At last meeting we discussed and we deferred any further allocation of $25,000 into Growth Fund from other items until our July meeting.
Need to transfer from Cash Management into Westpac and then from Westpac to Growth Account. Have Had delays and Finance committee at te October meeting agreed to defer until March 2023
Agreed to bring the deficit in Growth to account in December . Done at loss of some $6,000
Update on Working Party reviewing Welfare Funding and Products
Tax Free Status – Opportunity. Progress and Next Steps.
Andrew provided a short update but nothing else to report.
Action – Nothing further until we receive response re Tax Status. We need to then progress and the final two members and progress to implementation after we receive details, Warren suggested and tabled several names and these have been forwarded to Rev Neil Peters on 12th October to consider and review. We will expedite this issue in early 2023.
Update re Audit – Discussion re Future/ Endowment Fund .
Spoke to John Yates in early November 2022.
Ken had brief discussion with John as to the U-ethical Cash Management Account in April and late July and again in Early August and in November 2022.
John wants to see the Endowment Fund within the Church Accounts as we move forward with that review and restructure of the Endowment fund. Agreed.
Advised him of our review processes will forward to him in late October 2022 after presenting to Church Council – Delay until March 2023 after implementation.
Update re Bequest and Actions / Progress and Next Steps.
Marriott Bequest.
Still a way to go here, but quote of approx. $34,000 plus electricals of $2,000 has been approved and is now in course of completing hopefully by December 2022.
Advised that finance committee has agreed to approve the payment upon receipt of the Quote and the committee recommendations.
Still working upon this but likely November and December 2022/ January 2023.
No further action from Finance committee re Bequest terms. Done finalised. Balance Sheet will reflect the total Marriott Balance of approx. $15,000 (after payment for Piano acquisition $16,000 and the subsequent $35,000 for the stained glass).
- Finance Committee will act when instructed via Church Council. Ken in discussions
New Bequest - Margaret Falconer Estate ($12,000)
We recently received correspondence from Karen Bell advising that there is another Bequest with ties relating to GWUC. They will make funds available for us to apply. Have email and the form as required.
The Bequest is for the use by GWUC of the funds to support our work and association with Strathdon. Margaret was a resident at Cumberland View and there are several other GWUC congregation members at Strathdon. We have presented a proposal in mid-June to Strathdon to assist / continue with a visitation programme for 2 years. We need their response and guidance to implement. Will advise details going forward.
Action: Ken to follow up with Strathdon end of January early Feb 2023. Have updated Synod Property Secretariat in early January 2023l.
Now dealing with Director of Uniting AgeWell who oversees Strathdon. Have had lengthy discussions and correspondence. Now awaiting response in late Jan / early Feb 2023.
In the meantime, Ken is to edit and tidy up and submit to Church council the proposed way forward. Done and updated to Finance committee mid Jan 2023.
Property Committee Expenditure.
Deferred Maintenance Account- Moving forward (Issues and Expenditure). We completed and followed up the need for this committee to review the proposed funds to be applied to the Deferred Maintenance Reserve for 2022 (in November/ December 2022). The transfer and use of $48,206 in late 2021 left us with some $25,000 approx. in Deferred Maintenance and we had earmarked these funds for the Manse updates on staffing changeover. Alanee’s move has changed this option and Property are reviewing. We need to collaborate with Warren re Property committee to have a progressive feel of the figures required going forward and intend to rebuild the Deferred Maintenance fund over next 3-5 years to Approximately $60,000-$80,000.
Next Meeting. To be advised whether February 2023 at GWUC Office works.
Then enjoyed our Christmas Morning Tea at Coutts house. Meeting opened at 9.30am and closed at 10.00am with Morning Tea following Minutes compiled by: Ken Coutts Treasurer GWUC. Final - Minutes 27 January 2023.. .