St. Matthews Anglican Church 2024 Financial Report and Budget Presentation
"Explore the detailed financial report and budget presentation for St. Matthews Anglican Church in 2024, highlighting income, expenses, operating fund highlights, results, and fund balances. Gain insights into revenue, expenses, surplus/deficit, fund balances, and more."
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
St. Matthews The Anglican Church in the Glebe 2024 Year End and 2025 Budget Presentation to Vestry Slide 1
Outline 1. Overview of 2024 Results 2. 2025 Budget Plan 3. Motions Slide 2
2024 Income Item Donations General Use Donations Designated Use Rental and other income Music and Concerts Parish Events Fundraising CTF Dividends Total income Budget 484.0 16.6 61.4 14.4 3.6 83.3 8.0 671.3 Actual 457.3 17.5 66.0 10.1 4.5 124.9 50.5 730.8 Slide 3
2024 Operating Fund Revenue Highlights 94% of general use donations target achieved 9% increase in rental income 14% increase in fund raising revenue Extraordinary gain in CTF share value of $40,498 Slide 4
2024 Expenses ($000) Item Personnel Parish Fair Share Building Office and Communications Programs and Ministry Capital Projects Total Expenses Budget 319.5 107.4 94.8 32.4 54.9 68.5 677.5 Actual 316.3 107.4 91.0 32.6 62.6 57.7 667.6 Slide 5
2024 Operating Fund Expense Highlights Overall $9,900 Under budget Fundraising, outreach and finance expenses higher Building, personnel, program, office and capital projects expenses lower Capital projects - Some projects delayed due to cash flow concerns Slide 6
2024 Results ($000) Item Total Income Total Expenses Surplus/Deficit before transfers Transfers Year end balance Budget 671.3 677.5 6.2 Actual 730.8 667.6 63.2 6.0 0.2 3.8 67.0 Slide 7
FACES Results (2024) Item Opening Balance Income Expenditures Year end balance 11,382 280 7,670 3,992 Slide 8
Fund Balances ($000) as of December 31 Restricted funds Endowments (CTF) FACES Music Fund Total restricted funds 2023 62.0 11.3 9.8 83.1 2024 43.4 4.0 6.0 53.4 Slide 9
Balance Sheet ($000) as of December 31 Operating Fund Current assets Long term assets (CTF) Current liabilities Net assets 2023 131.5 241.9 1.5 371.9 2024 138.2 284.7 0 422.9 Slide 10
Motion iii Adoption of 2024 Reviewed Financial Statements That this Vestry receive the Reviewed 2024 Financial Statements. Slide 11
2025 Budget Context and 2025 Budget Context and Assumptions Assumptions Inflation assumptions are lower than 2024 Prudent approach to budgeting required Need to approve a balanced budget for 2025 So we need to: Focus on revenue improvement while managing costs Improve our cash flow earlier in the year Manage our capital spending Remember there may be USA implications
2025 Planned Income ($000) 2025 Planned Income ($000) Item Donations General Use Donations Designated Use Rental and other income Music and Concerts Fund Raising CTF Dividends Total income 2024 actual 2025 plan 457.3 17.5 70.5 10.1 124.9 50.5 730.8 466.4 17.0 71.2 14.0 86.0 7.7 662.3
2025 Planned Expenses ($000) 2025 Planned Expenses ($000) Item Personnel Parish Fair Share Building Capital Projects Programs and Ministry Office and Communications Total Expenses 2024 Actual 2025 Plan 316.3 107.4 91.0 57.7 62.6 32.6 667.6 324.4 104.0 93.3 56.2 54.5 34.0 666.4
Priority Capital Projects Priority Capital Projects Item $000 Energy assessment 5.0 Telus engineering project (after rebate) 4.6 NE Storage Room Project 1.5 Roof and Ice Damning Project 5.0 Choir Room Foundation Drain 30.0 Bell Tower Roof Drain 5.0 Contingency 5.1 Total 56.2
2025 Budget Summary 2025 Budget Summary Item Total New Income Total Expenses Deficit before transfers Transfer from Music Fund Surplus/deficit After Transfers $000 662.3 666.4 4.1 4.0 0.1
Motion iv Budget 2025 Motion: That this Vestry adopt the 2025 Budget as presented. Slide 17
Motions v & vi Appointment of accountants for review Motion: That this Vestry appoint Parker Prins Lebano as the accountants to review St. Matthew s financial affairs for the fiscal year 2025 at a fee approved by the Corporation. Spending authority before a new budget Motion: That this Vestry authorize the Corporation to approve spending in 2025, pending approval of the 2026 Budget at the 2026 meeting of Vestry. Slide 18
St. Matthews The Anglican Church in the Glebe END Sunday March 2, 2025 Slide 19
