Finance Update - November 2023
Welcome to the latest Finance Update for 2023. Remember the purpose of these updates is to keep encouraging our core values around our church and personal finances:
We will be producing a longer update in January which will include end of year figures for 2023 together with our budget expectations for 2024. Hopefully this brief update keeps you in the loop on the year so far.
At the beginning of the year, we produced a slightly longer update via video. We let you know some of the challenges we had ahead of us for our church finances in 2023. If you missed that video or would like to review it now, here’s the link.
End of October Numbers
- Transparency
- Accountability
- Generosity
We will be producing a longer update in January which will include end of year figures for 2023 together with our budget expectations for 2024. Hopefully this brief update keeps you in the loop on the year so far.
At the beginning of the year, we produced a slightly longer update via video. We let you know some of the challenges we had ahead of us for our church finances in 2023. If you missed that video or would like to review it now, here’s the link.
End of October Numbers
| Actual | Budget | |
| Income | £ 1,066,615 | £ 887,031 |
| Expenditure | £ 980,372 | £ 968,907 |
| Surplus / (Deficit) | £ 86,243 | (- £ 81,876) |
We should be hugely encouraged and thankful for these figures. They reflect a 6% increase in core giving and a couple of significant one-off gifts.
THANK YOU
Thank you for your ongoing commitment to Everyday Church. Giving of our finances is a key part of our worship. It brings glory to God and releases Kingdom ministry in our neighbourhoods, our nation and the nations.
However, the healthy surplus in the table above does not take into account a number of factors that are going to impact our finances through the rest of this year and in our 2024 budget.
Staffing
We are still seeking to recruit key positions for our 0-18’s work. Existing staff and key volunteers are currently covering this work across all our venues. They are doing an amazing work, but we want to invest more in the next generation and appointing staff to these positions is vital for us moving forwards. We continue to review these posts and seek God for his solutions. Please keep praying.
Buildings
Our buildings, both those we own and those we rent, are a huge blessing to us. However, they do cost us money. We have seen significant increases in our rent for the buildings we use in Sutton and Croydon. The buildings we own have either required major work this year or will need work doing in the first half of 2024. It may be that we end up with a small surplus this year, but we know we are going to have to spend significant money on our buildings in 2024. On top of these rental and structural costs we are seeing significant increases in our general running costs.
Because of the generosity and wise stewardship of those who have gone before us we are incredibly blessed to have cash reserves to draw upon at this time. However, our heart is to see balanced budgets moving forward and to achieve this end we will need to see a continued increase in our giving in the coming months.
Summary
God has been hugely generous to us so far in 2023 and we are thankful to him and to you for your personal financial commitment to Everyday Church. We face the challenges ahead confident in God’s faithfulness and with a commitment to keep worshipping God with our finances.
THANK YOU
Thank you for your ongoing commitment to Everyday Church. Giving of our finances is a key part of our worship. It brings glory to God and releases Kingdom ministry in our neighbourhoods, our nation and the nations.
However, the healthy surplus in the table above does not take into account a number of factors that are going to impact our finances through the rest of this year and in our 2024 budget.
Staffing
We are still seeking to recruit key positions for our 0-18’s work. Existing staff and key volunteers are currently covering this work across all our venues. They are doing an amazing work, but we want to invest more in the next generation and appointing staff to these positions is vital for us moving forwards. We continue to review these posts and seek God for his solutions. Please keep praying.
Buildings
Our buildings, both those we own and those we rent, are a huge blessing to us. However, they do cost us money. We have seen significant increases in our rent for the buildings we use in Sutton and Croydon. The buildings we own have either required major work this year or will need work doing in the first half of 2024. It may be that we end up with a small surplus this year, but we know we are going to have to spend significant money on our buildings in 2024. On top of these rental and structural costs we are seeing significant increases in our general running costs.
Because of the generosity and wise stewardship of those who have gone before us we are incredibly blessed to have cash reserves to draw upon at this time. However, our heart is to see balanced budgets moving forward and to achieve this end we will need to see a continued increase in our giving in the coming months.
Summary
God has been hugely generous to us so far in 2023 and we are thankful to him and to you for your personal financial commitment to Everyday Church. We face the challenges ahead confident in God’s faithfulness and with a commitment to keep worshipping God with our finances.