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Finance

The latest quarterly report on the Church finances has been prepared by our hard working treasurer Finlay Kerr. He offers an explanation below of the various funds followed by the figures in greater detail:

Under charity regulations the Church accounts are in the form of Receipts and Payments. They are scrutinised and approved by Presbytery and then sent to OSCR (Office of the Scottish Charities Regulator) for final approval.

As presented they show aggregated totals which are not always easy for the casual readers to follow. On this page as in the Livingstones Herald I will show the accounts as they are in the individual funds held by the Church.

The Funds are:

General Fund

Income from offerings, organisations, gift aid and dividends. Expenses include Ministry and Mission, pulpit supply, utility costs, insurance and general maintenance.

Designated Fund

Income with no restrictions like Wednesday Service, Sunday Teas and Livingstone Players. Expenditure as and when requested by groups involved.

Restricted Fund

Income for specific purposes like Christian Aid, Harvest collection and Flower Fund. Expenses: only to specified groups.

Fabric Fund

Income from small donation standing orders and Joseph Little Trust dividends. Expenses: Non-routine fabric requirements.

Beneficiary Fund

Originally unrestricted legacies this now is a reserve fund showing investments in Church of Scotland Trust Funds. Income there is sufficient to balance our bank account. Expenditure: Only if we have a major expenditure.

 

Finance Summary 1st Quarter 2018
Balances per Cash Book Dec 17 Jan 18 Feb 18 Mar 18 Apr 18
General Fund -£6428.02 -£4411.09 -£6559.83 -£6724.24 -£7507.78
Fabric Fund £7964.86 £7665.90 £7711.90 £7640.46 £7019.98
Restricted Funds £1267.30 £1267.30 £1267.30 £1267.30 £1267.30
Flower Fund £2131.24 £2084.36 £2084.36 £2072.64 £2107.80
Designated Funds £7783.01 £7827.41 £7880.51 £4799.47 £4845.37
J. Little Fund £37819.60 £36648.72 £36648.72 £36622.00 £37097.36
Beneficiary Fund £103656.76 £100445.46 £100445.46 £100335.46 £101694.80
James White Bequest Fund £560.91 £560.91 £560.91 £560.91 £560.91
Standing Order £0.00 £0.00 £0.00 £0.00 £125.00
Bank of Scotland Treasurer Account £5991.40 £8102.93 £5885.89 £2614.40 £1245.00

 

Above are the balances for the Church’s Funds for the first quarter of 2018.

The General Fund is not improving and our bank cash balance is so poor that we have had to withdraw funds from our reserves to cover normal running costs.

The General Trustees have at last transferred money out of the Temporary Fund into what is called a 56 account. This should earn slightly better interest and is more flexible in what we can use it for.

F. Kerr (Treasurer)