#acl All:read Link to CouncilAgenda20190724 > CouncilMinutes20190724 > FinanceCommittee > CongMeetingAgenda20190728 23 July 2019. == Finance Committee Report to Church Council and Congregation Meeting. == We are pleased to present the following documents and reports to Church Council and to subsequently present to the Congregation at Meeting on Sunday 28 July 2019. === Audit of GWUC Financial Accounts for year ended 31 December 2018. === We recently advised Church Council of completion of the Audit by Yates Partners of GWUC Financial Accounts for year ended 31 December 2018.<
> The Audit was completed without any issues of significance although comment was made as to our Deferred Maintenance Account. This has occurred in prior years, but we remain comfortable with our process and approach. There is no requirement as to a response or change.<
> The Financial Accounts for 2018 have been closed and reflect the deficit of $7,401.73 against a planned deficit of $27,130.00.<
> Audit Certificate and Financial Accounts are attached to this Report and are also available for review in the Church Office.<
> === Audit of GWUC Endowment fund Account for Year ended 31 December. 2018. === The Endowment Fund Account is managed independently of the Finance Committee by a Board and submits an Annual Report. This Report is attached for information purposes. Finance Committee provides the administration of the account.<
> The Annual Report and Accounts as at 31 December 2018 have been audited by Evelyn Fleming. In future years it will be Audited in conjunction with the Accounts of GWUC. Audit Certificate and Annual Report is attached for information purposes. It is self-explanatory requiring no comment, but we also note the typographical error in the Annual Report which should be correctly recorded as $1,000. === Financial Performance of GWUC as at 30th June 2019. === This section is an update summary of our first 6 months to 30th June 2019.<
> We budgeted for Operating Income of $202,250.00 and Expenditure of $202,988.00 with a small operating deficit for the first half of $738.00<
> We also provided several items within the Balance Sheet as Accruals for subsequent expenditure in 2019, which will be used in this current financial year. Our Actual (Draft) results to 30th June 2019 follows: ||Operating Income||$224911.13|| ||Operating Expenditure||$219464.99|| ||Surplus||$5466.14 (Income exceeds Expenditure for period 1st January-30th June 2019).|| ==== Comments. ==== Receipts from Offerings is close to Budget (0.8%).<
> Receipts from Property Rentals are above Budget.<
> Our property Expenses are slightly over Budget (5.4%).<
> Ministry Team Expenses are close to budget (1.3%).<
> Admin/ Finance including Staff Expenses (Wages and Super / LSL) are above Budget (52.4%).<
> -We didn’t create a provision for LSL, and we had payouts for Annual Leave and Long Service Leave when Heather Hon departed. ==== Summary. ==== A strong result to a challenging budget.<
> Receipts are strong from our giving and rental income. We thank all involved.<
> Expenditure above budget due to unplanned items in Admin/ finance (Staff Expenses).<
> All other items are within our budget parameters.<
> We have also commenced process to replace and update the Copier.<
> You are aware of the new Carpet tiles funded through our Deferred Maintenance account and progressed by Property Committee through Church Council.<
> We also cleared several Welfare Accrual accounts balances from the Balance Sheet and received a Bequest of approximately $10,000 which has assisted the excess of Budget Income in the Missional Group Income account which is of approximately $18,000. These funds will be expended in the second half of 2019. === Attachments are as follows: === * [[attachment:FinanceReport201906/AuditOf2018.png|Audit Certificate from Yates Partners]] * [[attachment:ProfitAndLossAndBalanceSheet2018.pdf|GWUC Profit and Loss for Year ended 30 December 2018]] * GWUC Balance Sheet as at 31 December 2018 * [[attachment:GWUCEndowmentFundAuditStatementAndCertificate18July2019.pdf|Draft Audit Certificate for Endowment Fund Account as at 31 December 2018]] * [[attachment:EndowmentFundAudit2018.pdf|Signed Audit Certificate for Endowment fund]] * [[attachment:EndowmwntFundAccounts2018.pdf|Endowment Fund Annual Report for 2018 Report.]] * [[attachment:ProfitAndLoss1012019To30062019.pdf|Profit and Loss Account Actual / Budget January- June 2019 (Draft).]] Ken M Coutts<
> Treasurer GWUC.