Financial Report – 9 months to September 2021

Before considering the income and expenditure for the 9 month period we need to be mindful of the circumstances of when the budget was set. The budget for the year 2021 was set in November 2020. We recognised that Covid-19 would have an effect on the income and expenditure for 2021 and budgeted the income and expenditure to get back to “normality “ by April 2021- 4 months into the budget period. In reality, the period was much longer up to September.

For nearly 9 months the church was closed, on-line, meeting on the carpark or inside the building with social distancing.

The lockdown period created opportunities- a Manchester church building remodelled and fit for purpose for adults, youth and children, a Preston church plant in September. All successfully achieved in exceptional circumstances. It did take some of our cash reserves (£23,000 on capital, £10,000 on maintenance to upgrade the premises). Reserves are meant to be used.

Income and Expenditure 9 months to September 2021

Income for the 9 months was £170,000 against a budget of £174,000. Being only £4,000 down is a good result considering the lockdown situation that was in place.
Actual expenditure £199,000 against a budget of £175,000. Over budget by £24,000 due to the additional capital in the Manchester refurbishment and setting up of Preston (£33,000) and high tithing (actual £33,000 against a budget of £18,000).

Cash reserves of £47,000 as at 30th September 2021.