Posted by Mary Davidge

Church Of Ascension, Hilton
Report of the Treasurer
Annual Financial Statements presented at Vestry on 11 March 2018
The church’s finances have been well maintained and we have ended the financial year with a small deficit of R2 603.
Income:
Planned Giving was below our budget by R72 052, but additional fundraising and other income raised has kept the variance between budget and actual income to a shortfall of R21 343. Total Income for 2017 was R43 607 below 2016 income.
Expenses:
Expenses have been maintained and we reduced expenses against the budget by R14 334. To reduce expenses we had to cut back on amounts transferred to the following reserves in the second half of the year: Office Equipment Replace-ment and Car Replacement Fund. These funds both have enough reserves at present so the decision was made by council to stop transfers to these funds in the 2nd quarter of the year.
We are one of the few parishes that are still able to pay our Diocesan costs in full, many parishes are struggling financially.
We allocate 3% of our income every month to a Tithe Fund which is then paid out at the end of the year to various charities/school etc. This year we have allocated R54 901 to the fund, this will be allocated by the council to the relevant beneficiaries in the next month. We also pay to the Social Responsibility Fund a monthly amount of R3 500 which is used for the feeding scheme. In 2016 we were able to transfer R160 058 extra to various funds and reserves, but this year there was not sufficient income to be able to do this.
Below is the Income statement and Balance sheet per the audited financials. The full set of audited financials will be available in the church office.
God Bless
Frances Brombacher