The Glen Waverley Uniting Church PSALTER
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
Actions from deferred 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.