Total income for the last financial year was $26,346 (6.8%) better than the previous year, mainly due to interest income being $30,232 more than a year ago (total interest being $53,502). Whilst the increase is partly due to a higher amount on deposit (resulting from the return of funds from our investment in Santa Monica), at least half of the increase is due to a change in our accounting treatment of this income stream. Next financial year, the interest income is only expected to be approximately $42,300. Planned giving (2nd collection) total of $303,700 was $7,657 (2.5%) less than the previous year. Based on the current economic conditions and trend, the 2011-12 planned giving projection is set at $295,800 which is $7,900 (2.6%) less than the last financial year. As interest and planned giving are our two primary income streams, this will mean a potential overall drop of around 5% in our overall income.
Total expenses of $356,470 for last year was $2,635 (0.7%) more than the previous year. Compared to the previous year, we spent more on repair & maintenance ($22,153), employment ($8,420), church renewal project ($7,568) which were largely offset by less spending on pastoral programs ($22,083) & payment for Charitable Works Fund shortfall ($9,218).
Many thanks for your generosity, the 2nd collections on Sundays stayed at a consistent level of slightly over $300,000; however, the trend continues downwards and you can see the 2011-12 projection is now below the $300,000 mark.
Major items on other incomes for 2010-11 were bank interest ($53,502) & rental receipts ($32,969) on areas such as the lower front rooms of the Priory in King Street. Donations received ($12,961) were grouped under this other income category.