2024 Budget Outturn Report and Trustees’ Report
The PCC met in February to review the Trustees’ Report which included the Financial Statements for the year ended 31 December 2024.
Lionel opened the discussion on the 2024 Accounts by commenting on the minutes of the Finance Committee and the budget monitoring table. The latter was in the usual format except adjustments were shown at the foot of this table regarding the difference between the annual accounts and the budget. Thus, the PCC could see that the surplus compared to the budget was £21,985. This, terms of funds, offset the deficit of £18,242 in 2023.
He then turned to the Financial Statements on pages 7 to 18 of the Trustees’ Report and how the information on pages 12 (Income) and 13 (expenditure) relate to the budget monitoring table just discussed.
The total Planned Giving had risen late in the year and also extra bookings of lettings late in the year meant that the total income received increased the potential surplus for the year.
On expenditure Lionel commented that although much was spent on the various budgets the final position was that several came in slightly under budget.
Lionel commented that the total number in Planned Giving had risen to 124 (119 last year), made up of 72 using the Planned Giving Scheme (PGS) and 52 paying via Standing Orders.
Lionel then responded to a few queries raised with regard to some details in the accounts.
2025 Approved Budget and Financial Plan 2025-2034
Lionel commented on the latest longer term financial plan which covers the period 2025-2034. Of particular note was the effect of the cessation of 100% funding by the Hall Trust of Salaries and Fees from 1st January 2025. At the moment, based on a general uplift and allowing for quinquennial inspections, etc., he believed that in the years from 2029 onwards we would be faced with increasing deficits.
At the PCC Strategy Awayday, views had been taken on Resources which included finding ways to increase our income. One option was to amend the spread of the PCC’s investments in order to obtain higher returns. Also, the Finance Committee had raised the issue concerning 5 St Minver and as to whether we should continue to own the property. Andy Redfearn had produced a draft spec for a detailed survey to be undertaken of the property.
The PCC agreed that Lionel should investigate alternative investments in order to raise the level of return and also for Andy to progress the property spec. The PCC then formally received the minutes of the Finance Committee, and then voted to adopt the Trustees’ Report for the 2024 Accounts. This meant that they can now be signed off by Gill Lake in completion of her examination of the accounts
Thanks were expressed by Lucy and the PCC to Lionel for his efforts with the accounts and Lucy also gave Lionel some enjoyable liquid assets.
. Lionel Mayoh, Honorary Treasurer
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