For 2011 income increased by £9,000 excluding legacies and one off grants and this enabled us to generate a small surplus for the year. The PCC thanks all readers who have helped to contribute through their pledges, the collecting plate and giving of time to make this another successful year.
On 1 December, Liz Brown joined us as our youth worker and in 2012 we will be financing her costs for a full year; we will also be recruiting a successor to Lee Ward. Overall costs will rise by £20,000 and we have already received pledges to cover half the increase. We are hoping you will help us to find the remaining £10,000 we need this year to balance the books. If we do not raise all this money in 2012 we have some reserves to fall back on and with this assurance, the PCC has approved a budget for 2012.
On top of the £10,000 required for the General Fund of the PCC, the organisers of the Flower Festival, which celebrates the 200th anniversary of the creation of the Additional Burial Ground are also seeking money and they have been pleased with the sponsorship received to date.
We hope to start work on the new clergy vestry and the first phase of window repairs as soon as the faculties are granted and funding for these projects are in place. We will, however, need to raise money for future phases of the repairs needed to the stained glass windows.
We also need to start looking forward to 2013 and expect that our expenditure will increase by 3.5% to £284,000 and this will mean that we need to raise a further £10,000. Please do not wait to be approached to make regular or to increase your contributions. Either I or the Stewardship Secretary, Chris Cole, would be delighted to hear from you.
100A Frognal
We have completed the transfer of the freehold of 100 Frognal from the Executor of Peter Lund deceased to the Church and of the lease of Flat A. The cost of refurbishing the Flat is going to prove more expensive that we thought and the total budget will now be £176,900 including fees and VAT at 20%. The Diocese is providing a loan of £100,000 with interest at 2.5% over base rate and we expect to be able to pay this off over five years from rental income. In view of the poor state of the Flat, the Executor has agreed to provide £20,000 from Peter and David Lund’s estates and the remaining £56,900 will come from cash reserves we have been building up in the Parish Development Fund.
Legacy from the Estate of John WalmsleyWe are delighted to report that we received a legacy of £20,000 and this is going to be used initially to help fund the works at 100 Frognal but once sufficient rental income is generated the legacy can be reinstated for another project.
Inigo Woolf, Hon Treasurer
Finances
Inigo Woolf