The Words of the Rosselli Family
Below are some of the Positives and Negatives for 2009. These are just a snap shot but should give you some idea in which direction we are heading. This is the first year in the last five that we have ended up in the black -- however I would be the first to admit that this is partly due to people in the Finance Committee before the present one, who laid down certain investments which are now beginning to bear fruit and my gratitude and thanks go out to them.
Attached are reports from Cleeve House, Lancaster Gate, The Estate and Livingstone House. Please read these as I believe it will help you connect to each of these areas and the people that are looking after them & running them for the sake of the movement.
1. Income was 1.23% more than budgeted and costs were less than expected.
2. Center Tithes, Lancaster Gate rentals income was more than expected
3. Costs of the Audit, UPF and Youth Department were more than planned. However this was slightly offset by costs of Education and Outreach, Other and Special costs and Headquarters financed property repairs were significantly less than budgeted. As far as the property repairs go this is positive on the balance sheet but long term we need to reinvest back into our properties -- however at this point we are unable to.
4. Paid off £43,000 of external debt. This was done with money that is basically being put aside for the Lancaster Gate building fund. We have paid off some past debts to some regions and are now starting to pay other regions where money is owed. We have also been able to pay off monies we were sitting on in various funds owing to Korea, Contra Fund, Gift Aid to the regions etc.
5. Our actual cash flow shows a loss of £7,600 but if we put that against the £43,000 worth of debt paid off it represents a surplus for the year of £35,000. On top of this we were looking at another £25,000 coming in at the end of the year which due to timing hasn't come in yet but should do fairly soon (this has already been earmarked to pay off other debts).
6. 2010 looks also positive and we are hoping the audit will be £10,000 less this year as the change with our accountants is now complete and things should run more smoothly now. We would hope to start on Headquarters this year by opening up the entrance to a more open style plan and with some investment also made to renovating the ballroom. Neither of these will be cheap (just to try to get planning to open up downstairs, as we are a listed building, could cost £3,500 and this doesn't mean that we will get it) but we should try to make a start somewhere even if it's not with the facade this year.
Please feel free to email me about any of the above.
God Bless -- Simon Rosselli on behalf of the finance committee.