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To all Parishioners of St Ambrose, Kidderminster

and Sacred Heart & Our Lady, Tenbury Wells.

 

 

In accordance with the agreement reached at previous year’s Parish Finance meeting the St Ambrose Finance Committee are pleased to present the financial position as at 31st December 2022.

The Financial position of the Parish over the last twelve months continues to be a challenging one and we continue to make losses; that is our expenses are greater than our income.

The attached appendix at the end of the report details how we have fared since 2018 and figures discussed are cross referenced to items notated alphabetically.

 

Summary for 2022

Our results for Ordinary activities were Receipts of £98,957 (item B) and Payments of £116,711 (item C) resulting in an Operating Loss of £17,754 (item D) compared to an Operating Loss in 2021 of £17,304.

Compared to 2021 our Ordinary Receipts have gone up by £11,186 and the main contributor to this is the rise in Hall income of £12,989. It is pleasing to see our Offertories are holding up (item A).

Our Ordinary Payments have risen by £11,634 mainly due to increased gas and electricity costs

 

INCOME. Total for the year £98,957.

 

We are extremely encouraged that our Offertories for the year amounting to £45,335 are back to pre-COVID levels; an incredible achievement in such a short space of time when measured along with the cost-of-living issues families are facing. The balance of the income in the main arises from tax refunds, 200 Club, fund raising, rental income and dividends from our investment with the Diocese.

Due to the COVID restrictions the ability of the Parish Centre to generate income has suffered but this year we have achieved a total of £18,566 compared to 2021 of £5,577. The Finance Committee are working on a plan to increase this income stream to mitigate the losses we have been incurring.

 

EXPENDITURE. Total for the year £116,711

 

As in previous years our major expenditure arises from employee costs and Parish levies; £31,870 and £16,343 respectively. These items total £48,213 (41% of total expenditure a little less than last year) which are just about covered by our offertories. When you add in general maintenance, insurances, light and heat for two churches, a presbytery, and the Parish Centre these are averaging over the last three years at about £40,000 per annum; exceptional improvements taken out.



Our total Parish funds at 31st December 2022 were £231,151 (item I) compared to £283,380 in 2021; a decrease of £52,229. The valuation decrease in our Diocesan investment has contributed £34,428 to this overall decline in our funds. It is very likely that the Diocesan funds value has fallen following the continued war in the Ukraine and continued unstable economic issues.

 

Going forward the Committee continue to feel that with our current income and expenditure patterns further losses will arise. As stated last year we are due another quinquennial report for all the Parish properties in the coming months and costs of rectification work could be in the region of £80,000 which will have to come out of our dwindling reserves.

 

As at 30th April 2023 we have experienced an operating loss of circa £7,000 and in order to avoid going into overdraft we have had to draw down £20,000 from our Unit Scheme. If this loss is projected forward to 31st December 2023, then the Parish will be making a Loss for the year of circa £20,000.

 

We look forward to the Parish Finance meeting to be held on 27th June in the Hall with a start time of 7.30pm at which all are warmly welcome to attend and discuss the above.

 

The attached appendix is a sheet of historical data for the years 2018 to 2022.

 

For and on behalf of St Ambrose Finance Committee 6th June 2023.

Financial Report for 2022
 
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