Financial Report

6 months to June 2015

Have you ever watched the game of Curling? No, ladies, it has nothing to do with the hairstylist. It is a game played on ice and involves the curler sliding a large stone across the ice with the objective of getting it as close as possible to the centre of the target. The curler is assisted by sweepers who run(?) in front of the stone and sweep the ice to help its direction and speed.

It is an Olympic sport, nogal!

Hands up if you find curling exciting – clearly the accountants amongst us.

Hands up if you find it boring -

Ah ha! You’re the one whose eyes glaze over when we talk about the church’s finances.

Well, whatever your view of curling, I hope you will be interested in the church’s finances at the end of the first 6 months of the year. Below are graphs showing Expenses (generally well controlled and within budget) and Offertory Income (unfortunately down on budget).

The Ministry House is now complete and those of you who attended the Dedication of the building on Sunday will appreciate that we have a wonderful facility with great potential to extend our ministry. If you haven’t seen Ministry House yet pop in and have a look.

We would like to report back to you on the final costs of the project and the position of the building fund.

Actual / Estimate / Difference
Cost / 1 882 096 / 1 800 000 / 82 096
Paid ex
- Own resources / 844 006
- Building Fund / 54 102
- Loan / 983 988
Commitments to be received / 161 470
Building Fund / 547 450
- Donations Received / 601 552
- Less Paid / -54 102
Funds still to be raised / 275 068

What the above is telling you is that

  • the cost was R1882096 compared with the original estimated cost of R1800000.
  • We paid out R844 006 from the congregation’s own resources.
  • We paid out R54102 from the contributions made to the Building Fund
  • The balance of R983988 was paid out of the proceeds of the loan from CDT. This amount is owing to CDT and is payable at the rate of R21000 per month.
  • The congregation has given commitments to the project, spread between July 2015 and April 2016 amounting to R161470.
  • We have received R601552 as donations to the building fund and have paid out R54102 leaving a balance of R547450 in the building fund. This will be paid to CDT when we are surer of the offertory that we can expect in the months going forward.
  • This leaves a shortfall of R275068 that we will have to fund, over and above the costs of our normal expenses.

If you have not yet committed to contribute towards this project it is not too late. Details of how you can be involved are available from Pam in the Ministry House. Please also commit this to prayer and be a part of the exciting possibilities that Ministry House will afford.

God bless.

Colin