FinanceReport202403

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Finance Report Mar 2024

GWUC Financial Performance January 2024 and Updated comments.

22 February 2024

We advise that we are still unable to provide a final updated Financial Result including Profit and Loss and Balance Sheet as of 31st January 2024. Synod Payroll advise that they have upgraded software, and this has led to issues and problems with the Monthly Salary Summary Report. They are hoping to finalise an update and correction over the next 2 weeks. We will then complete the Monthly suite of Reports and distribute the usual Management Reports. As an update we know the aggregate figures and can provide a summary of Results for the Month of January 2024. There may be one adjustment before finalizing. We have also brought the Accruals as presented in our Balance Sheet as of 31 January 2023 into the January and February Accounts.

Our Draft Profit and Loss reflects:

• income / Receipts and Accrual Transfer of $$33,451.98.
• Expenses for January total $29,394.42
• Surplus of $4,057.56. (There may be one further adjustment)

Comments.

• We have not sent out Invoices for Rentals until 21 February and this income will then be in the February and March Financials.
• Our Staffing costs of $21,593, include Ministerial Costs for Ian, Chris, and a final payment for Neil (the latter carried over from December 2023) of $1,933.
• Our expected Monthly Staffing costs for two pay periods are approx. $19,550.
• We brought in Accruals of almost $12,000 as planned. Will clear the Balance in February Accounts.
• Direct Giving is on track at $12,202. Still have concerns re Envelopes $3,915 and Open Plate $4,401 which are below our planned Budget figures.
• In summary, a solid and comfortable financial performance for January 2024.
• We will complete the Management Reports when we receive the Synod Payroll final reports.

KenCoutts
GWUC Treasurer

Meeting 20 Feb

Meeting was cancelled for the evening after several Committee members were unable to attend and we again received confirmation that the Salary materials for January 2024 could not be presented due to a Software systems upgrade for Synod Payroll which has caused errors. We will likely reschedule for March 2024 (subject to receiving the correct information for payroll allocations for January and February 2024). Matters were reported and presented to Church Council in a modified memo format presenting a “draft” financial result. We appear to have achieved a sloid result for January agfter we have applied the transfer from Accruals in the B/S into the P & L.

Actions.

• GST Return submitted by Matt and Joanne.

• Accruals transferred (Welfare and Salary re Welfare coordinator) to P & L.

• Andrew confirmed he is actioning the establishment of a Bank Account for Kingsway Welfare foundation following receipt of confirmation as to the Tax Free Status for gifts.

• Ken advised that Staff contracts are being finalized for 2024 as per People & Culture.

• Ken advised Report to Equity Trustees will be finalized as to the Grant 2023 for Welfare coordinators Salary. Then follow through as to whether we can apply for 2024.

GWUC Profit and Loss for February 2024 and Year to Date.

3rd March 2024

We now have 2 completed months and have not received the Salary break up for both January and February and hence cannot complete the P & L Templates and Management Reports for January and February 2024. We will circulate these to you ASAP.

However, we know the aggregate figures and present the Profit and Loss Accounts for February 2024 and for Year to Date. Please also be aware that we have actioned and transferred the Accruals 2023 back into our January and February 2024 Accounts.

The Financial Accounts present a sound result and positive figure for the first 2 months:

Receipts and Income for Jan / Feb 2024.

We have also Rentals (for first term) of $10,998.26 and there will be the Balance of Term 1 rentals included in March figures.

We also reflect the outstanding result from the Annual Book Sale of $7,469 in the February Accounts.

Direct giving for February was $12,717. A very good result.

We also transferred the Accrual covering the Salary Accrual of the Welfare coordinator of $3,500 for the first 3 months of 2024.

Overall Receipts were strong.

Expenditure Items for Jan / Feb 2024.

Total of Wages Clearing Account for 2 months was $43,122 and this is in line with Budget and our expectations.

Our M & S contributions are $8,000 after the first 2 months.

There are no other issues.

Kingsway Welfare Foundation – Established Jan 2024.

• See KingswayWelfareFoundationSetUp

We now have all of the regulatory approvals in hand. Andrew Adams is now finalizing a Bank Account.

We need to identify all of the Committee members.

We hope to be positioned to approach several local organisations and seeking donations (for the next 2-3 years) with a DGR Tax Free status (over next couple of months). The aim is to be positioned to identify several organisations or individuals who will contribute to KWF and assist in funding our Welfare Coordinators role (Budget of $12,500-14,000).

Completion of Feltham Bequest from Equity Trustees.

Submitted report as required.

We finalized the required report to Equity Trustees re the Bequest received in 2023 from Feltham Bequest for $12,500 for use in meeting Salary of Welfare Coordinator.

We have also applied for a Small Grant Bequest for 2024 ($7,000) although we maintain lower expectations as we have been advised it is rare for Grants / Bequests to be made for the same organization project over 2 years.

Summary.

A sound start and the Transfer of the Accruals from our Balance Sheet to the P & L for 2024 masks the actual Receipts /Expenditure and the Book Sale proceeds and Rental Income are quality results. However, we should expect that these results will be reduced somewhat as our Receipts and Expenditure for the coming 3-4 months are more aligned. We have had a promising commencement for 2024.

We will circulate the Management Reports for both January and February 2024 as soon as we receive the documentation from Synod Payroll.

There are no concerns in these accounts.

KenCoutts

GWUC Treasurer