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Church of St. Stephen & St. Bede

AGM Feb. 7, 2016

Treasurer’s Report for Year 2015

To the Parishioners:

On behalf of the Council may I express our gratitude for your strong support for our Parish and our Missions. Last

year you voted for a cautious budget that predicted a possible shortfall of $9,810 between our predicted income and

expenses. Instead, as you will see here, we have actually a very modest profit of $938.25 when considering only our Income

vs Expenses. This has been due to careful economies as well as generous offerings. Unfortunately the investment climate

resulted in a loss of some investment value, so our overall worth suffered a loss.

We look forward to a new year of exciting opportunities to live our lives in the light of Jesus’ love and His example

to us to love our neighbors and our God.

I must thank those who have helped this past year with the stewardship of our resources: To all who faithfully ----

count the pennies on Sunday mornings,

-collect rent,

-conduct fundraisers,

-turn the thermostat down,

-fix the leaky toilet,

-use their home printers,

-bring in home baking for coffee time,

-to all of you who cheerfully give, and share----- THANK YOU!!

Special personal thanks go to the late Vern McLean, who helped with the Treasurer’s duties even through his last illness,

Gord Lund who weekly records all the offerings and issues Tax Reciepts as Envelope Secretary, and Sandy Lloyd who is a kind

mentor and auditor of the books ----THANK YOU!!

THIS PAST YEAR

Pie Charts of Expenses (Fig 1) and Income (Fig 2) Jan – Dec 2015

Fig. 1 Expenses

You will see that the chief expense is Staffing Costs (55%), primarily Clergy costs, but also our Church Secretary.

The Building itself (30%) is the next biggest expense, including Heat, Hydro, Insurance, Taxes, and Maintenance.

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Fig. 2 Income

You will see that, not surprisingly, we depend for 70% of our income from you, the parishioners, in your weekly

offerings. Another amazing 8% comes in from Hall Rentals, for which we have Donna McLean to thank for

managing this important income opportunity. Miscellaneous Income and Specified Donations were income that

just passed through our account but were destined for special purposes such as PWRDF, CLWR, Jim’s Goats, Altar

Guild Flowers, and so on.

Bar Graph Showing Income and Expense by Month Jan – Dec 2015

You will see that our income and expenses do not coordinate themselves very well. Some of our highest

expenses such as Insurance and Taxes come due in the summer months, when our income is lowest. The high

incomes of May and December are due to the generosity of those who attended our 60th Anniversary Sunday,

and Christmas givings. We would very much appreciate if more people would sign up for Pre Authorized

Remittance or PAR, so that we had a more steady income flow throughout the year. A form is included in this

report for you to fill out.

There are many ways all of us can make a lasting contribution to our beloved Church, to ensure its continued

survival for years to come. Many of us feel comfortable with weekly offerings, and many budget for a regular

monthly contribution. Some prefer to give a once a year commitment. Other ways of ensuring that your gifts will

continue to help support the many good things that we do throughout the year are to consider a legacy gift in

your will, or a dedicated life insurance policy gift.

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Official Par Authorization Form

PAR administrator: Gord Lund

Phone Number: 204-831-7948

Email: glund10@shaw.ca

Church Address: Church of St. Stephen & St. Bede

99 Turner Ave, Winnipeg, MB, R3J 2S9

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CHURCH OF ST STEPHEN & ST BEDE COMPARISON BUDGET TO ACTUAL

FOR THE MONTH ENDING Dec. 31, 2015

Budget Year to

Date Past YTD Actual YTD Budget to

Actual

OPERATING INCOME 2015 Dec

31/2014 2015 YTD

Difference

LOOSE OFFERINGS 1,200.00 1,586.00 1,053.15 (146.85)

ENVELOPES 60,000.00 65,018.60 67,860.20 7,860.20

MEMORIAL 0.00 700.00 3,745.00 3,745.00

HOUSING FUND / INTEREST INCOME 2,200.00 2,561.90 2,386.96 186.96

FUNDRAISING 3,000.00 2,932.95 2,639.44 (360.56)

RENT 9,000.00 9,685.00 7,720.00 (1,280.00)

COFFEE/HOSPITALITY 1,000.00 1,436.91 1,015.10 15.10

MISCELLANEOUS INCOME- (Funeral donations, special projects, lenten donations) 0.00 967.65 5,409.70 5,409.70

TOTAL OPERATING INCOME 76,400.00 84,889.01 91,829.55 15,429.55

CHURCH EXPENSES

ADMINISTRATION: 0.00 0.00

ADVERTISING (website) 500.00 276.36 (223.64)

BANK CHARGES 85.00 128.64 43.70 (41.30)

OFFICE SUPPLIES 3,000.00 1,822.89 3,406.42 406.42

TOTAL ADMINISTRATION 3,585.00 1,951.53 3,726.48 141.48

BUILDING:

CITY TAX 550.00 523.50 607.26 57.26

INSURANCE 4,000.00 3,841.56 3,952.80 (47.20)

REPAIRS / MAINTENANCE 9,000.00 9,103.66 11,915.93 2,915.93

CAPITAL EXPENDITURES/NEW EQU'T,FURNISHINGS 0.00 0.00 852.64 852.64

UTILITIES 12,500.00 12,664.39 10,552.63 (1,947.37)

TOTAL BUILDING COSTS 26,050.00 26,133.11 27,881.26 1,831.26

MINISTRY

MISSION & OUTREACH 0.00 0.00

CHRISTIAN EDUCATION-Lenten Series 525.00 527.58 448.37 (76.63)

CONFERENCE EXPENSES 350.00 1,130.00 312.50 (37.50)

WORSHIP SUPPLIES 1,000.00 1,044.99 1,022.60 22.60

DISCRETIONARY 0.00 75.00 75.00

MUSIC SUPPLIES / LICENCING 700.00 420.63 691.28 (8.72)

STAFFING COSTS 51,000.00 49,533.65 52,798.09 1,798.09

TOTAL MINISTRY 53,575.00 52,656.85 55,347.84 1,772.84

PARISH

LOCAL PARISH OUTREACH 500.00 151.67 (348.33)

DIOCESAN SUPPORT 1,000.00 0.00 1,000.00 0.00

SYNOD SUPPORT 1,000.00 0.00 1,000.00 0.00

TOTAL SUPPORT 2,500.00 0.00 2,151.67 (348.33)

MISCELLANEOUS EXPENSES

COFFEE/HOSPITALITY 1,000.00 1,169.84 1,437.91 437.91

MISCELLANEOUS/Gardening 671.42 346.14 346.14

0.00

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TOTAL EXPENSES 86,210.00 82,582.75 90,891.30 4,681.30

ORDINARY INCOME/EXPENSES (9,810.00) 2,306.26 938.25 10,748.25

Year End Notes:

NON-OPERATING TRANSACTIONS

DEPRECIATION EXPENSE (NOTE 1)

($1,088.38)

LOSS / GAIN ON INVESTMENTS (NOTE 3 )

($2,711.45)

TOTAL PROFIT (LOSS) ($2,861.58)

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CHURCH OF ST STEPHEN & ST BEDE BALANCE SHEET Dec. 31, 2015

ASSETS:

CHEQUING ACCOUNT 20,821.06

SAVINGS ACCOUNT 46.07

SHARES 5.00

GICs 45,002.24

TOTAL 65,874.37

GST RECEIVABLES 384.75

TOTAL CURRENT ASSETS 66,259.12

FIXED ASSETS:

BUILDING, EQUIPMENT ETC 412,431.08

DEPRECIATION (105,307.28)

POWERPOINT 10,855.28

TOTAL FIXED ASSETS 317,979.08

OTHER ASSETS

RESTRICTED ASSETS:

ENDOWMENT FUNDS 36,082.60

HOUSING FUND 53,469.20

89,551.80

TOTAL ASSETS $ 473,790.00

LIABILITIES & EQUITY

LIABILITIES:

OUTREACH PAYABLE/Shawl Ministry 5.65

TOTAL LIABILITIES 5.65

RESTRICTED EQUITY 126,896.32

RETAINED EARNINGS 349,749.61

NET INCOME *Note below (2,861.58)

TOTAL EQUITY 473,784.35

TOTAL LIABILITIES & EQUITY $ 473,790.00

*Negative Net Income of ($2861.58) due to loss of value of investments. See Note 3A in Notes to Financials

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NOTES TO THE FINANCIALS DEC. 31, 2015

1 CAPITAL ASSET DEPRECIATION CALCULATIONS

COMPUTERS

Dec 31, 2014 Book Value 116.98 2015 Depreciation @ 30% (35.09)

Dec 31, 2015 Book Value $81.89

Straightline depreciation (computer replaced) (81.89) nil

PIANO Dec 31, 2014 Book Value 3,067.80 2015 Depreciation @ 10% (306.78)

Dec 31, 2015 Book Value $2,761.02

POWERPOINT SYSTEM Dec 31, 2014 Book Value 2,215.40 2015 Depreciation @ 30% (664.62)

Dec 31, 2013 Book Value $ 1,550.78

Depreciation Total (1,088.38)

2 DETAILED NOTES RE: CERTAIN ACCOUNTS 2A FUNDRAISING PROJECTS IN 2015

Chair silent auction-- for Food Bank 60.00 D. Legge $20 20.00 Derek's sign 140.00 Tasty Treats Total 970.40 Trivia Night Total 766.00 T Shirt Total Profit 683.04

2,639.44

2B TOTAL SPECIFIED DONATIONS MADE THROUGHOUT THE YEAR

Altar Guild Income 1,110.00 CLWR Income 804.11 Companion Synod Income 30.00 Food Bank 25.00 Jim's Goats Income 555.00 Miscellaneous Outreach Income 45.00 Parish Outreach 121.00 PWRDF Income 250.00 Ruperts' Land News 20.00 Shawl Ministry Income 118.32 Urban Mission Income 300.00

3,378.43

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2C MISCELLANEOUS INCOME Donations from Funerals 2,750.00 Coffee/Hospitality 1,015.10 Lenten Series 614.20

Special Projects

Office Computer 735.00 external hard drive, batteries 100.00 folding banquet tables 117.50 folding tables for Hall 55.00 Lightbulbs 40.00 new cups 100.00 two microphones for L&F 40.00 Wireless microphones Worship Leaders 300.00

1,487.50

2D OFFICE SUPPLIES

Computer, back up drive 700.00 Copier 495.00 Software 70.00 Termination of Copier Lease 300.00 Other: Printing paper, toner, stamps, envelopes, misc. office supplies 1,667.96

Church Envelopes, 170.00

$ 3,402.96

2E REPAIRS AND MAINTENANCE PROJECTS

*See NOTE below, #3 re Maintenance Bills

*sanctuary light sockets, switches, fan, etc 1,768.03 *water heater replacement 1,159.14 *furnace inspection, thermostat, repair, filters, 613.17

supplies, waxing hall floor 60th Ann 294.90 dishwasher inspection 156.84 Fire Extinguisher recertification, inspection 83.12 Rug Doctor rental 60.75 urinal valve replacement 67.32

TOTAL SPECIAL PROJECTS 4,203.27 Misc costs: light bulbs, cleaning supplies 603.70 toilet paper, paint

4,806.97

3 RESTRICTED ASSETS OPENING BAL CLOSING BALANCE GAIN/LOSS

ENDOWMENT INVESTMENT Dec. 31,'15 40,674.84 36,082.60 (4,592.24)

*NOTE: $3500 transferred to Chequing for extraordinary Maintenance bills

HOUSING INVESTMENT Nov. 31,'15 55,992.94 53,469.20 (2,523.74)

3A INVESTMENT PERFORMANCE $ 96,667.78 $89,551.80 $ (7,115.98)

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GICS Opening Bal 44098.24 Closing Bal 45002.24

Gain 904.00

ENDOWMENT FUNDS Opening Bal 40674.84

Closing Bal 36082.60

Loss (4592.24)

HOUSING FUND* Opening Bal 55992.94 Closing Bal 53469.20

Dec. 31 Closing Balance (2523.74)

TOTAL INVESTMENT INTEREST EARNED/LOST (6211.98)

($3500 of which has been transferred to Chequing Account, for an actual loss of $2711.98)

St.Stephen's and St. Bede's Endowment Fund - # 2G1-865A-7

The Endowment Funds mandate calls for 90% of the annual yield to be remitted to the church with the remaining 10% of the

yield reinvested as capital. This transfer of the yield is scheduled to occur at the beginning of July each year. For many years there has

been no appreciable yield in these investments. These funds are invested in stocks, bonds and money markets of short term nature,

together with income trusts. The value of the capital fluctuates up and down in response to market conditions as we found in the late

1990's and the latter half of 2015, when the fund investments lost significant money. It was determined that this fund was created for the

preservation of the building fabric, and could be accessed if required for extraordinary Maintenance bills deemed necessary by Council.

See NOTE 2E above.

St.Stephen's and St. Bede's Housing Fund - # 2G1-866A-5

The mandate for the Housing Fund was for the proceeds to provide income to meet the expenses that had arisen as a result of

the absence of the Rectory and to maintain the capital. An income model similar to that of the Endowment Fund was established using

income funds, stocks, bonds and money market investments. Again these funds saw a significant loss in the late 1990's and the latter half

of 2015. In anticipation of a loss for the 2012 calendar year, the Council of St. Stephen's and St. Bede's voted to tap into this investment if

necessary to subsidize the Diocesan mandated housing allowance. However, with the year ending with a profit, it was not necessary to use

the housing fund at that time. In 2013, with a serious shortfall in Envelope givings, it was necessary to transfer funds from Housing Fund to

Chequing, to ease reliance on Line of Credit, which was costing about $90 monthly in Bank Charges to maintain. It was decided to transfer

the equivalent of 2012 and 2013 Housing allowances combined, which was $30,000. The mutual funds which were redeemed were

chosen because of their poor performance record. Our Housing Fund has been yielding about $200+ in interest income monthly which

goes directly into our Chequing Account for general expenses. We did not transfer the $7500 2015 Housing Allowance as our finances

were healthy in that year.

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LOOKING AHEAD TO 2016

Church of St. Stephen & St. Bede PASSED BUDGET Actuals

Budget to Actual PROPOSED

99 Turner Ave, Winnipeg, MB 2015 2015 Difference 15 BUDGET 2016

OPERATING INCOME

LOOSE 1,200.00 1,053.15 (146.85) 1000 ENVELOPES-identifiable donations including Pre-Authorized Remittances 60,000.00 67,860.20 7,860.20 67000

MEMORIAL 0.00 3,745.00 3,745.00 0

HOUSING FUND & INTEREST INCOME 2,200.00 2,386.96 186.96 2000

FUNDRAISING 3,000.00 2,639.44 (360.56) 3000

RENT 9,000.00 7,720.00 (1,280.00) 8000

MISCELLANEOUS COFFEE/KITCHEN 1,000.00 1,015.10 15.10 1000

MISCELLANEOUS OTHER 5,409.70 5,409.70 0

TOTAL OPERATING INCOME 76,400.00 91,829.55 15,429.55 82,000.00

CHURCH EXPENSES

ADMINISTRATION -

ADVERTISING 500.00 276.36 (223.64) 500

BANK CHGS 85.00 43.70 (41.30) 85

OFFICE SUPPLIES 3,000.00 3,406.42 406.42 2000

TOTAL 3,585.00 3,726.48 141.48 2,585.00

BUILDING

CITY TAX 550.00 607.26 57.26 650

INSURANCE 4,000.00 3,952.80 (47.20) 4300

REPAIRS/MAINTENANCE 9,000.00 11,915.93 2,915.93 12000 CAPITAL EXPENDITURES/NEW EQUIPMENT & FURNISHINGS N/A 852.64 852.64 0

UTILITIES 12,500.00 10,552.63 (1,947.37) 12500

TOTAL 26,050.00 27,881.26 1,831.26 29,450.00

MINISTRY

MISSION AND OUTREACH -

CHRISTIAN EDUCATION 525.00 448.37 (76.63) 725

CONFERENCE EXPENSES 350.00 312.50 (37.50) 1625

WORSHIP SUPPLIES 1,000.00 1,022.60 22.60 1000

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DISCRETIONARY N/A 75.00 75.00 300

MUSIC SUPPLIES/LICENSING 700.00 691.28 (8.72) 700

STAFFING 51,000.00 52,798.09 1,798.09 54500

TOTAL 53,575.00 55,347.84 1,772.84 58,850.00

PARISH MISSIONAL SUPPORT

LOCAL MISSION SUPPORT 500.00 151.67 (348.33) 500

DIOCESAN SUPPORT 1,000.00 1,000.00 - 1000

SYNOD SUPPORT 1,000.00 1,000.00 - 1000

TOTAL SUPPORT 2,500.00 2,151.67 (348.33) 2500

MISCELLANEOUS EXPENSES

COFFEE/HOSPITALITY 1,437.91 437.91 1000

MISCELLANEOUS 1,000.00 346.14 346.14 75

0

TOTAL EXPENSES 86,210.00 90891.3 4681.3 94460

INCOME - EXPENSES -9,810.00 938.25 10,748.25 -12,460.00

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PROPOSED BUDGET 2016 WITH NOTES

Church of St. Stephen & St. Bede PROPOSED NOTES

99 Turner Ave, Winnipeg, MB BUDGET 2016

OPERATING INCOME

LOOSE 1000

ENVELOPES-identifiable donations including Pre-Authorized Remittances 67000 this is about what came in in 2015

MEMORIAL 0

HOUSING FUND & INTEREST INCOME 2000

Investments did poorly at year end, but we hope to continue to receive some income from the Housing Fund as we have in the past

FUNDRAISING 3000 A goal

RENT 8000 A goal

MISCELLANEOUS COFFEE/KITCHEN 1000 Unpredictable as it is Free Will

MISCELLANEOUS OTHER 0 includes funeral donations, specified projects, lenten series

TOTAL OPERATING INCOME

82,000.00 We pray!

CHURCH EXPENSES

ADMINISTRATION

ADVERTISING 500 web domain, phone book, advertising

BANK CHGS 85 cost to convert CDN to US $ when paying for licences, or for NSF cheque deposited

OFFICE SUPPLIES 2000 postage, printer ink, printer, paper, envelope cost

TOTAL

2,585.00

BUILDING

CITY TAX 650 Estimate

INSURANCE 4300 Estimate

REPAIRS/MAINTENANCE 12000

Salaries of cleaners, lawn/snow removal, supplies, maintenance and repairs furnace, kitchen, electrical, building; *2016: sanctuary carpet, back stair repair, window repair, possible rear foundation work (looking at grants also, use of endowment funds)

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CAPITAL EXPENDITURES/NEW EQUIPMENT & FURNISHINGS 0

2015: new copier, computer, folding tables, wireless microphones, coffee cups; 2016: If a special piece of equipment is needed, a special appeal will be made to congregation

UTILITIES 12500 gas, electricity, water, phone, internet; 2016: may have another very cold winter like '13-'14

TOTAL

29,450.00

MINISTRY

MISSION AND OUTREACH

CHRISTIAN EDUCATION 725

Lenten series-not everyone who was paid an honorarium deposited their cheques in 2015; 5 speakers plus printing, advertising costs

CONFERENCE EXPENSES 1625

*Alternate Years Costs are high: Pinawa joint Lutheran-Anglican, DRL Faith Horizons, MNO Synod (pastor, delegate, hotel costs); Even year costs of Anglican Synod for 1/2 clergy, 2 delegates

WORSHIP SUPPLIES 1000

wine, host, candles, communion cups, palms, seder supper supplies (140), Eternity for Today subscription ($105 p/yr); 2016: would like to purchase second pouring chalice; have asked Bishop Elaine to notify us if one becomes available)

DISCRETIONARY 300

MUSIC SUPPLIES/LICENSING 700 Copyrite licences, occasional sheet music for choir

STAFFING 54500

Cost of living increase for Clergy, slight increase for Music Director, more realistic estimate of secretarial time

TOTAL

58,850.00

PARISH MISSIONAL SUPPORT

LOCAL MISSION SUPPORT 500

DIOCESAN SUPPORT 1000 will increase to 1500 if funds are available

SYNOD SUPPORT 1000 will increase to 1500 if funds are available

TOTAL SUPPORT 2500

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MISCELLANEOUS EXPENSES

COFFEE/HOSPITALITY 1000

including hosting diocesan council luncheon, funerals, flowers on tables for funerals, baptismal cakes etc

MISCELLANEOUS 75 garden supplies

TOTAL EXPENSES 94460

INCOME - EXPENSES -12,460.00

In 2015 we predicted a deficit, but everyone came through with donations, as well as unforeseen memorial donations.

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