FinanceReport202403

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