Guild Treasurer’s Report for 2018
(TDGR AGM March 2019)
This report should be considered alongside the accounts as presented and the notes to them.
In my opinion the Guild’s finances continue to be sound, despite a slight downward trend relating to subscription income received. Bell Restoration Grants totalled £2,925.00 in 2018, much less than the £12,650.00 paid out in 2017, but there were several grants approved but not paid out in 2018 which will appear in the 2019 accounts.
The Guild’s Balances totalled £84,257.38 at the 2018 year end, which was £491.93 lower than a year earlier.
Share Valuation – our holding with the CCLA – CBF Church of England Investment Fund continues to perform well. The share valuation at the 2018 year end was £87,942.79, which is very slightly down on the figure at the end of 2017 of £89,281.94 – this was mainly due to corrections in the global equity markets in the final quarter of the year, (but the fund shows good signs of recovery in the first quarter of 2019).
General Fund. Subscription income continues to fall. In contrast to previous years, it was not possible to transfer the normal annual amount of £3000 from the General Fund to the Bell Restoration Fund, mainly due to the one-off cost of commissioning a new Guild website. This expenditure, of £5,070.00, resulted in a modern, fit for purpose online presence and the fund therefore had an excess of expenditure over income of £2,232.73 for 2018. The Standing Committee discussed the subscription cost at the last meeting and members were of the opinion that it should not be changed. This may need to be reviewed if the subscription income continues to dwindle and the demands on the Bell Restoration Fund grow significantly.
Bell Restoration Fund. During 2018 grants were paid to Callington (£400.00) and Lanivet (£2,525.00). A payment of £1,725.00 to St Austell will appear in the 2019 accounts. With an excess of income over expenditure of £1,740.80, the fund balance stands at £71,530.59 at the 2018 year end.
Grant payments to Lelant and Week St Mary were due to be paid in 2019, with grants to St Clement and St Ewe to be signed off. The requests for grants have increased in the last couple of years, and the Guild Standing Committee agreed that the maximum grant should be increased from 15% with a cap of £50,000.00 to 15% with a cap of £75,000.00. At the moment, the Bell Restoration Fund can cope with the demands on it, but this will be monitored regularly.
Bequests. Following the purchase of shelving in relation to the Guild Library, and as in 2017, £343 remains in the bequest relating to A Davidson. The bequest from Miss F Alcock £11,111 is also shown separately in the accounts.
Education Fund The fund balance is £1150.26 and this has not changed since 2017
Guild Treasurer May 2019
CLICK ON THE LINK BELOW TO ACCESS THE 2018 ACCOUNTS
This will download an XL file