The Glen Waverley Uniting Church PSALTERLink to FinanceCommittee#Xero > CouncilAgenda20230220 > CouncilMinutes20230220
Finance Report 202302
1. Management Report
Please find attached the Management Report for January.
Nothing of interest here, but have an issue with the inclusion of the Budget for 2023 which Joanne and I are working on.
Results as expected. Giving looks ok.
Please note that Property Income and Expense relates to the painting of the Manse. We have now exhausted our Deferred Maintenance Reserves as planned.
Have this morning finalised transfer of Accruals from Balance Sheet to P & L as at 13/2 being (19,500 approx).
Marriott Bequest will be charged in Feb leaving a Balance of approx $13,000.
We are also close to finalising an agreement with Uniting Age Well re the Margaret Falconer Bequest and will hopefully finalise in March 2023.
Regards
16 February 2023.
2. Assessing the Appeal to the congregation
See AppealResults
3. Proposal to Purchase Keyboard for Free Spirit Using Endowment Fund.
For several months it has been apparent to leaders of Free Spirit that the Keyboard demonstrates signs of wear and despite attempts to repair , it has become apparent that the unit will require replacement and updating in the immediate term.
Free Spirit is the remaining choir here at GWUC and places an integral role in providing music to services at GWUC, services at other Churches and venues and an important part in the broader church community.
This keyboard was donated to Free Spirit several years ago and has served well but is beyond it use by date and is impacting the performance.
Free Spirit purchases its music without seeking or relying upon contributions from the broader Church. As a group Free Spirit also raises funds which are applied for broader Welfare needs of groups and people within our GWUC Community. When the budget for 2023 was in the process of compilation no consideration was given to Free Spirit as a Group requiring expenditure items.
As a Member of Free spirit as well as Treasurer, I was approached recently as to finding a means of supporting the purchase of a new Keyboard with an estimated cost of $1,500 given the vital role of Free Spirit and its music to the GWUC congregation.
I have no involvement or knowledge of the technical and instrument capability issues to facilitate a purchase of a new keyboard. However, given the importance of music within GWUC, the strong role played by Free spirit and the fact that our other instruments such as the organ and piano have been upgraded I was interested to contemplate a means of assisting. The keyboard is the key instrument for Free Spirit.
For the last several years the Endowment fund has accumulated interest and funds for use within existing programs, under the former rules and principles prior to that Fund being amended and brought within the GWUC finances. The last purchase were for the Table Tennis tables and facilities and the Freezer in the Kitchen area several years ago. This use is consistent with the Endowment fund rules.
As a consequence we are supportive of using funds from the Endowment fund to provide a renewal and replacement of the Keyboard used by Free Spirit.
3.1. Recommendation to Church Council.
Approve in principle, the use of funds from the GWUC Endowment Fund (estimated at a cost of $1,500) to allow the specialists and musicians within Free spirit to source and purchase a replacement keyboard of desired quality and requirements.
Finance committee to finalise the administrative arrangements to complete the purchase.
4. GWUC The Future Fund.
Please find attached a detailed paper with several recommendations to Church council to implement and establish the new Future Fund.
This lengthy document incorporates all of the processes highlighted to ChurchCouncil previously. It recommends the seeding of the new Account. The progression and development of a new Marketing and communication approach to be implemented in mid 2023.
Finance committee is pleased to advance and recommend these initiatives.
There is nothing controversial in the approach and finance committee will come forward with detailed recommendations as to the communications and Marketing approach.
Regards
Ken M Coutts
GWUC Treasurer
5. GWUC Endowment fund Report 31 December 2022
Report of endowment fund for 31 December 2022 for Church Council is submitted for information purposes and recording in Minutes.
We have now implemented all Actions for the approved changes for The EndowmentFund and from February 2022 the EndowmentFund will appear in the Balance Sheet.
We have also written and thanked Herb, Onn and Andrew.
Regards
Ken Coutts
GWUC Treasurer