The final accounts for 2005 have been prepared for me by a chartered accountant in order to avoid the unsatisfactory situation which arose last year.

The 2004 accounts went through a series of problems which were only finally settled earlier this year. We are now awaiting the return of the finalised accounts approved by Mr Joy. The final figures for 2004, and therefore the starting figures for 2005, have been confirmed as accurate.

The Statement of Financial Affairs (page 7 of this report) summarises the position of all of our accounts, whether current, investment or endowment. Of our total funds recorded on that page (£365,262) it should be noted that the endowment fund (£148,799) and the restricted fund (£96,648) are “tied” money. The capital in the endowment fund cannot be used by the PCC and the interest earned is for specific, restricted use only. The restricted fund can only be used for the specified purposes for which the money was originally received and is held in six different accounts.

The general account is our “trading” account, recording the day to day income and expenditure. Included in that account is the expenditure on the Parish Share, a figure set for all parishes at Diocesan level. We were unable to meet our commitment in full for 2005. St Mary’s share for 2006 has been set at £56,200 and the PCC has again agreed to commit to a lower figure initially and hope to be able to meet the deficit when funds allow.

Included in the expenditure on page 7 (at item 2000) is the payment for replacing the roof on St Mary’s Room, towards which contributions were received from donors.

The Finance Sub Committee’s latest estimate of expected expenditure for 2006 is £84,600 so, on the basis of current figures, we are likely to face another “trading” deficit.

Due to shortage of time the Finance Sub Committee (exercising delegated authority) appointed Jacqueline Allen, a chartered accountant in Dunmow, as independent examiner for the 2005 accounts and she has kindly agreed to act in the same capacity again if required.

My thanks are due to members of the PCC and Finance Committee, to Vera, Gerald, Deirdre Hearn and Connie Bryant for their help and support throughout the year.

Finally, I have advised the PCC that I will resign as treasurer with effect from 1st. January 2007.

W G Gibson
Treasurer