WILLINGDON CHURCH 2014/15 BUDGET REPORT

Transcription

1 WILLINGDON CHURCH 2014/15 BUDGET REPORT

2 LETTER FROM RAY FAST 2015 FINANCE COMMITTEE REPORT On behalf of the Finance Committee we thank you for your faithful giving and contribution to the many ministries within Willingdon Church and its outreach programs. Along with the elders, the finance committee takes stewardship of your donations very seriously, knowing the ultimate purpose is the furthering of God s kingdom. Acts 20:28 says, Pay careful attention to yourselves and to all the flock, in which the Holy Spirit has made you overseers, to care for the church of God, which he obtained with his own blood (ESV). Each of us can participate in caring for the church, following the example of Christ s sacrifice, by giving of our time, talents and tithes. God has blessed us with the resources necessary to carry on His ministry at Willingdon and to further His Kingdom by providing opportunities to partner with other churches. We would like to share an encouraging report of church growth that has taken place during the past year. In the spring of 2014, Crossridge Church in Cloverdale, a church plant from Willingdon led by Pastor Lee Francois, had an opportunity to purchase the two buildings which they had been renting. Crossridge requested support for the purchase of the buildings and the elders generously agreed to a gift of $700,000 if Crossridge would raise $300,000 from their congregation. This provided the down payment necessary to purchase and renovate both buildings, giving Crossridge permanent facilities for their ministries, with room to grow RESULTS General ministries tithes and offerings income was $7,281,443 in 2014, less than 2013 s giving of $7,645,445 but slightly more than 2012 s giving of $7,238,129. When the 2014 budget was set a year ago, the finance committee based its recommendations on improvements in the economy and steady growth in giving and attendance. Events turned out differently, with giving less than budgeted. However, giving in December 2014 surged to $1,032,610, one of the best months recorded in recent years. The December giving was broad-based from many donors in the congregation. 2 3

3 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000, GIVING 2013 GIVING 2012 GIVING $7,281, Givers $7,645, Givers $7,238, Givers GENERAL FUND TITHES & OFFERINGS ELECTRONIC GIVING Giving to the church electronically helps Willingdon keep administration costs down. If you haven t switched to electronic giving please consider using this option. Information on ways to give can be found in the Resource Centre. GIVERS Every tithe to the church is signifcant to the work of the Kingdom. Thank you, to every cheerful giver HOUSEHOLDS TITHED IN 2014 (INDIVIDUALS OR COUPLES) 5.3% ABW 7.5% Interac 46.2% internet 59.0% gave through electronic giving Overall ministry expenses in 2014 were less than budgeted, not including a one-time transfer of $1,200,000 to Willingdon Charitable Holdings Society to fund future development and new ministries. This decision was made by Willingdon Church elders following the 2013 year end s high surplus. The 2014 year end accumulated surplus carried forward into 2015 is $1,204,181. The 2015 budget is balanced, with budgeted income equal to budgeted expenses OUTLOOK Looking forward to 2015, the finance committee considered several factors to establish its income expectations, including economic conditions, projections made by economists, giving trends, and attendance trends. It was noted that the Canadian economy is currently facing some challenges driven by the reduced value of crude oil. The American economy is growing moderately, but still producing high debt levels. Other large world economies such as Europe and China are sluggish and trying stimulus schemes. Economic sentiment is cautiously positive, but worldwide economic risk remains a very real factor to consider. Salary increases are expected to be correspondingly moderate for The Conference Board of Canada forecasts 1.7% average salary structure increases in 2015, the same as last year. And The Hay Group survey, used by many Canadian corporations as a guideline for salary adjustments, is projecting average salary increases of 2.6%, again the same as their forecast last year. Giving trends and attendance trends were considered by the finance committee to be more significant factors than the economic trends for forecasting tithes and offerings for Both of these indicators were in slight decline through the latter part of 2014, with December showing some signs of improvement. The committee felt it would be prudent to plan for a moderation of giving expectations until measurable trends indicated otherwise. Just over seven million dollars is needed to adequately support each of Willingdon Church s areas of ministry and all of its operating commitments. Additional funds of $300,000 are needed for capital ministry equipment and facilities. The total budget required to provide for all the ministry needs, all the operational commitments, and all of the capital expenditures is $7.3 million. CONCLUSION Taking all the above factors into consideration the elders approved a budget for 2015 of $7.3 million, about the same as actual giving for So in summary, 2014 was a fairly typical fiscal year where Willingdon Church was blessed with adequate funds to meet its commitments, and we can confidently depend on the Lord to provide all the resources necessary to carry on His ministry in Respectfully submitted on behalf of the finance committee Ray Fast, Chairman 4 5

4 2014/15 BUDGET HIGHLIGHTS 40.4% WILLINGDON CHURCH 2015 BUDGET AREAS PASTORAL & CHURCH MINISTRIES 2015 BUDGET = $7,362, % CAPITAL GLOBAL MISSIONS, EDUCATION AND OUTREACH 18.0% 38.2% ADMINISTRATION, OPERATIONS AND FACILITIES CAPITAL ITEMS (BUDGET $250,000) BUILDING LEASEHOLD IMPROVEMENTS MUSIC AND COMMUNICATIONS EQUIPT. MINISTRY FURNITURE AND EQUIPMENT COMPUTER HARDWARE AND SOFTWARE GLOBAL MISSIONS, EDUCATION AND OUTREACH (BUDGET $1,327,000) GLOBAL MISSIONS & AGENCY PARTNERSHIPS WILLINGDON MISSIONS PROJECTS BCMB CONFERENCE MB MISSIONS MISSIONARY TEAMS SHORT TERM MISSIONS OUTREACH C2C CHURCH PLANTING BC CROSSRIDGE CHURCH (SURREY) REALITY CHURCH (EAST VANCOUVER) META COMMUNITIES (VANCOUVER) CHRIST CITY CHURCH (SOUTH VANCOUVER) EDUCATION WILLINGDON SCHOOL OF THE BIBLE VARIOUS WSB AROUND THE WORLD ADMINISTRATION AND OPERATIONS (BUDGET $2,814,000) OFFICE INFRASTRUCTURE EXPENSES SUPPLIES ALL MINISTRY RESOURCES INSURANCE PREMIUMS FINANCE BANKING, INTERAC, PAYROLL OCCUPANCY EXPENSES BUILDING MAINTENANCE & REPAIRS CUSTODIAN SERVICES, LANDSCAPING HYDRO, GAS, WATER UTILITIES SECURITY SYSTEMS COMMUNICATION AND PROMOTIONS PRINTERS, PAPER SUPPLIES, PHOTOCOPYING INFORMATION TECHNOLOGY INFRASTRUCTURE SERVER, INTERNET, TELEPHONES, WIFI EVENTS AND FOOD SERVICE SUPPORT STAFF SALARIES AVERAGE WEEKEND PROGRAM ATTENDANCE BY AGE 307 STUDENTS ATTEND WEEKEND STUDENT MINISTRY PROGRAMS 250+ ADULTS ATTEND WEEKEND ADULT MINISTRY CLASS 507 CHILDREN ATTEND WEEKEND KIDS MINISTRY PROGRAMS PASTORAL MINISTRIES (BUDGET $2,971,000) CARE & PRAYER PASTORAL CARE, PRAYER AND VISITATION PRAISE & PRAYER NIGHTS PASTORAL CARE IN 12 LANGUAGES TRANSLATION CHILDREN S MINISTRY WEEKEND PROGRAMS AGE 0 TO GRADE 5 PLAYSCHOOL MID-WEEK PROGRAMS SCOUTS AND GEMS SPECIAL EVENTS DAY CAMPS VOLUNTEERS STUDENT MINISTRIES WEEKEND PROGRAMS GRADE 6 TO 12 YOUNG ADULTS MID-WEEK PROGRAMS SPECIAL EVENTS ADVENTURE CAMPS VOLUNTEERS ADULT MINISTRIES SMALL GROUPS DISCOVERY MARRIAGE MINISTRIES MEN S AND WOMEN S MINISTRIES SENIORS MINISTRIES FELLOWSHIP GROUPS SPECIAL EVENTS MEDIA AND COMMUNICATION WORSHIP SERVICES OUTREACH PRODUCTIONS (CHRISTMAS & EASTER) OUTREACH CONCERTS SANCTUARY & CONNECTION VENUES BROADCAST & PRODUCTION TECHNOLOGY WEBSITE MUSIC SUPPLIES, RESOURCES AND LICENSES MEDIA/MUSIC EQUIPMENT MAINTENANCE OTHER PASTORAL SALARIES PASTORAL APPRENTICESHIP PROGRAM WORSHIP LEADERS INTERNSHIP WILLINGDON SCHOOL OF THE BIBLE FAMILY MINISTRIES SERVICE APPRECIATION & VOLUNTEERS BIBLES, RESOURCES, CURRICULUM AND LIBRARY SUNDAY SUPPLIES SERVICE ATTENDANCE GRAPH

5 2015 PROPOSED BUDGET WILLINGDON CHURCH PROPOSED BUDGET GENERAL MINISTRIES FUND Page 2 $8,000,000 GENERAL FUND TITHES & OFFERINGS March E&OE PAGE 2 MINISTRIES SUMMARY 2012 YEAR 2013 YEAR 2014 YEAR 2014 BUDGET 2015 PROPOSED $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 EVENTS & FOOD SERVICES TOTAL EVENTS & FOOD SERVICES INCOME 149, , , , ,000 TOTAL EVENTS & FOOD SERVICES EXPENSES 258, , , , ,000 INCOME OVER EXPENSES OR (SUBSIDY) (108,651) (97,904) (88,076) (147,000) (124,000) PLAYSCHOOL TOTAL PLAYSCHOOL INCOME 133, , , , ,000 TOTAL PLAYSCHOOL EXPENSES 132, , , , ,000 INCOME OVER EXPENSES OR (SUBSIDY) 1,700 (18,282) (17,376) (13,000) (3,000) MISSIONS TOTAL MISSIONS INCOME 242, , , , ,000 TOTAL MISSIONS EXPENSES 905, , ,714 1,105,000 1,017,000 INCOME OVER EXPENSES OR (SUBSIDY) (662,960) (656,288) (734,655) (926,000) (752,000) CHILDREN S MINISTRIES TOTAL CHILDREN S MINISTRIES INCOME 62,209 53,211 55,993 60,100 58,700 TOTAL CHILDREN S MINISTRIES EXPENSES 117, , , , ,700 INCOME OVER EXPENSES OR (SUBSIDY) (55,419) (58,204) (76,762) (92,000) (92,000) WILLINGDON CHURCH PROPOSED BUDGET GENERAL MINISTRIES FUND Page 1 March E&OE PAGE 1 GENERAL MINISTRIES FUND SUMMARY 2012 YEAR 2013 YEAR 2014 YEAR 2014 BUDGET 2015 PROPOSED GENERAL MINISTRIES INCOME TITHES & OFFERINGS 7,238,129 7,645,445 7,281,443 7,750,000 7,300,000 MISSIONS SPECIAL PROJECTS 57, ,587-50,000 50,000 INTEREST EARNED 15,240 22,166 16,614 15,000 12,000 TOTAL GENERAL MINISTRIES INCOME 7,311,011 7,877,198 7,298,057 7,815,000 7,362,000 TOTAL MINISTRIES INCOME PAGE 2-3 1,102,103 1,202,239 1,163,243 1,152,600 1,326,700 TOTAL MINISTRIES EXPENSES PAGE 2-3 8,405,691 7,325,483 9,084,929 8,416,600 8,438,700 TOTAL MINISTRIES EXPENSES OVER INCOME OR (SUBSIDY) (7,303,586) (6,123,244) (7,921,686) (7,264,000) (7,112,000) GENERAL MINISTRIES FUND GAIN OR (DEFICIT) 7,423 1,753,954 (623,629) 551, ,000 BALANCE BEGINNING OF YEAR 1,579,739 1,330,407 2,453, PLUS SALE OF ASSETS 27,979 2, STUDENT MINISTRIES HIGH VOLTAGE TOTAL HIGH VOLTAGE INCOME 7,935 10,401 24,539 25,000 26,500 TOTAL HIGH VOLTAGE EXPENSES 33,242 34,075 54,722 55,000 57,500 INCOME OVER EXPENSES OR (SUBSIDY) (25,307) (23,674) (30,183) (30,000) (31,000) STUDENT MINISTRIES RIPTIDE TOTAL RIPTIDE INCOME 20,322 19,041 24,987 34,000 37,000 TOTAL RIPTIDE EXPENSES 56,451 52,105 71,755 77,000 81,000 INCOME OVER EXPENSES OR (SUBSIDY) (36,129) (33,064) (46,768) (43,000) (44,000) STUDENT MINISTRIES ENCOUNTER TOTAL ENCOUNTER INCOME 33,632 38,964 17,100 47,500 44,000 TOTAL ENCOUNTER EXPENSES 59,803 61,602 51,624 77,500 74,000 INCOME OVER EXPENSES OR (SUBSIDY) (26,171) (22,638) (34,524) (30,000) (30,000) STUDENT MINISTRIES GENERAL TOTAL STUDENT MINISTRIES GENERAL INCOME 25,290 27,941 8,179 10,000 8,000 TOTAL STUDENT MINISTRIES GENERAL EXPENSES 50,586 52,720 28,782 29,000 28,000 INCOME OVER EXPENSES OR (SUBSIDY) (25,296) (24,779) (20,603) (19,000) (20,000) LESS CAPITAL EXPENDITURES 278, , , , ,000 LESS INTERFUND TRANSFERS 5,875-1, BALANCE END OF YEAR 1,330,407 2,453,065 1,204,

6 WILLINGDON CHURCH PROPOSED BUDGET GENERAL MINISTRIES FUND Page 3 March E&OE PAGE 3 MINISTRIES SUMMARY 2012 YEAR 2013 YEAR 2014 YEAR 2014 BUDGET 2015 PROPOSED WILLINGDON CHURCH PROPOSED BUDGET OTHER FUNDS Page 4 t March E&OE PAGE 4 OTHER FUNDS SUMMARY 2012 YEAR 2013 YEAR 2014 YEAR 2014 BUDGET 2015 PROPOSED COLLEGE & CAREER GENERATE TOTAL COLLEGE & CAREER GENERATE INCOME 2, ,000 9,000 TOTAL COLLEGE & CAREER GENERATE EXPENSES 15,063 10,703 11,913 31,000 27,000 INCOME OVER EXPENSES OR (SUBSIDY) (12,548) (9,918) (11,668) (20,000) (18,000) ADULT MINISTRIES TOTAL ADULT MINISTRIES INCOME 70, ,940 51,339 93, ,000 TOTAL ADULT MINISTRIES EXPENSES 151, , , , ,000 INCOME OVER EXPENSES OR (SUBSIDY) (81,050) (63,611) (71,656) (95,000) (92,000) INTERNATIONAL MINISTRIES TOTAL INTERNATIONAL MINISTRIES INCOME 39,988 24,479 39,898 19,000 49,500 TOTAL INTERNATIONAL MINISTRIES EXPENSES 84,452 33,376 65,866 46,000 81,500 INCOME OVER EXPENSES OR (SUBSIDY) (44,464) (8,897) (25,968) (27,000) (32,000) MUSIC AND COMMUNICATIONS TOTAL MUSIC & COMMUNICATIONS INCOME 222,441 51,388 61,497 50,000 50,000 TOTAL MUSIC & COMMUNICATIONS EXPENSES 486, , , , ,000 BALANCE BEGINNING OF YEAR 2,050-6, BENEVOLENT FUND TOTAL BENEVOLENT FUND INCOME 167, , , , ,000 TOTAL BENEVOLENT FUND EXPENSES 175, , , , ,000 INCOME OVER EXPENSES OR (DEFICIT) (7,924) 6,736 (8,283) - - PLUS INTERFUND TRANSFERS 5,875-1, BALANCE END OF YEAR - 6, BALANCE BEGINNING OF YEAR 31,610 18,548 19, ANDY S CAMP FUND TOTAL ANDY S CAMP FUND INCOME 18,538 19,459 13, TOTAL ANDY S CAMP FUND EXPENSES 31,600 18,500 19, INCOME OVER EXPENSES OR (DEFICIT) (13,062) 959 (6,153) - - BALANCE END OF YEAR 18,548 19,507 13, BALANCE BEGINNING OF YEAR 1,488,003 1,329,195 1,451, INCOME OVER EXPENSES OR (SUBSIDY) (264,274) (254,249) (271,968) (292,000) (295,000) FINE ARTS ACADEMY TOTAL FINE ARTS ACADEMY INCOME - 161, , , ,000 TOTAL FINE ARTS ACADEMY EXPENSES - 179, , , ,000 INCOME OVER EXPENSES OR (SUBSIDY) - (17,706) (18,275) - - CAPITAL ASSETS FUND TOTAL CAPITAL ASSETS FUND INCOME 54,052 5,275 2, TOTAL CAPITAL ASSETS FUND EXPENSES 463, , , INCOME OVER EXPENSES OR (DEFICIT) (409,688) (508,684) (483,141) - - PLUS INTERFUND TRANSFERS 250, , , BALANCE END OF YEAR 1,329,195 1,451,807 1,592, COMMUNITY & OUTREACH MINISTRIES TOTAL COMMUNITY & OUTREACH MINISTRIES INCOME 21,150 7,620 10,102 10,000 10,000 TOTAL COMMUNITY & OUTREACH MINISTRIES EXPENSES 1,113, ,710 1,554, , ,000 INCOME OVER EXPENSES OR (SUBSIDY) (1,092,362) (297,090) (1,544,172) (338,000) (438,000) GLOBAL EDUCATION TOTAL GLOBAL EDUCATION INCOME TOTAL GLOBAL EDUCATION EXPENSES ,000 BALANCE BEGINNING OF YEAR 28,929 26,617 29, (MISSIONARY) DESIGNATED SUPPORT TOTAL (MISSIONARY) DESIGNATED SUPPORT INCOME 206, , , TOTAL (MISSIONARY) DESIGNATED SUPPORT EXPENSES 209, , , INCOME OVER EXPENSES OR (DEFICIT) (2,312) 3,195 (7) - - INCOME OVER EXPENSES OR (SUBSIDY) (137,000) BALANCE END OF YEAR 26,617 29,812 29, PASTORAL & CHURCH MINISTRIES TOTAL PASTORAL & CHURCH MINISTRIES INCOME 63,949 76,831 62, ,000 72,000 TOTAL PASTORAL & CHURCH MINISTRIES EXPENSES2,066,458 2,329,373 2,416,984 2,394,000 2,386,000 INCOME OVER EXPENSES OR (SUBSIDY) (2,002,509) (2,252,542) (2,354,415) (2,244,000) (2,314,000) BALANCE BEGINNING OF YEAR 225, , , ENDOWMENT FUNDS TOTAL ENDOWMENT FUNDS INCOME 10,000 10,000 10, TOTAL ENDOWMENT FUNDS EXPENSES ADMINISTRATION OFFICE, OCCUPANCY & MINISTRY SUPPORT STAFF TOTAL ADMINISTRATION INCOME 5, TOTAL ADMINISTRATION EXPENSES 2,873,496 2,284,980 2,575,454 2,948,000 2,690,000 INCOME OVER EXPENSES OR (DEFICIT) 10,000 10,000 10, BALANCE END OF YEAR 235, , , INCOME OVER EXPENSES OR (SUBSIDY) (2,868,146) (2,284,398) (2,574,617) (2,948,000) (2,690,000) 10 11

7 SUMMARY OF FINANCIAL STATEMENTS Notice to Reader: Management has compiled the Non-Consolidated Summary Statement of Financial Position of Willingdon Church as at December 31, 2014 and the Non-Consolidated Summary Statement of Operations and Changes in Fund Balances; Non-Consolidated Summary Statement of Cash Flows; Non-Consolidated Summary Statement of Restricted Funds; and, Non-Consolidated Summary Statement of Endowment Funds for the year then ended. These financial statements have not been audited or reviewed and readers are cautioned that these statements may not be appropriate for their purposes

8 WILLINGDON CHURCH WILLINGDON CHURCH Non-Consolidated Summary Statement of Cash Flows Non-Consolidated Summary Statement of Operations and Changes in Fund Balances (Unaudited See Notice to Reader) (Unaudited See Notice to Reader) General Capital Assets Restricted Endowment Fund Fund Funds Funds REVENUE Tithes and offerings $ 7,281,443 $ 2,450 $ 363,520 $ 10,000 $ 7,657,413 $ 8,128,313 Ministries Children s 55, ,993 53,211 Student - High Voltage 24, ,539 10,401 Student - Riptide 24, ,987 19,041 Student - Impact 17, ,100 38,964 Student - General 8, ,179 27,941 College and career Adult 51, , ,940 International 39, ,898 24,479 Music and communication 61, ,497 51,388 Community and outreach 10, ,102 7,620 Pastoral and ministry support 62, ,569 76,831 Missions 247, , ,179 Events and food services 223, , ,642 Music school - WFAA 179, , ,638 Play school 155, , ,597 Interest and investment income 16, ,613 22,166 Administration Missions special projects ,587 Gain on sale of capital assets ,305 REVENUE $ 8,461,298 $ 2,450 $ 363,520 $ 10,000 $ 8,837,268 $ 9,564,610 WILLINGDON CHURCH General Capital Assets Restricted Endowment Fund Fund Funds Funds OPERATING ACTIVITIES Excess (deficiency) of revenue over expenses for the year $ (623,629) $ (483,141) $ (14,443) $ 10,000 $ (1,111,213) $ 1,266,160 Item not affecting cash: Amortization - 485, , ,959 (623,629) 2,450 (14,443) 10,000 (625,622) 1,780,119 Changes in non-cash working capital: Accounts receivable 10, ,820 (9,338) Recoverable from government authorities GST/HST 15, ,205 6,663 Accrued interest receivable (1,457) (1,457) (594) Prepaid expenses (47,393) (47,393) 5,815 Accounts payable and accrued liabilities 182, , ,989 Unearned revenue (300) (300) 1,050 Deferred contributions - special projects 7, ,229 (3,427) Cash flow from (used by) operating activities (456,951) 2,450 (14,443) 10,000 (458,944) 1,951,277 FINANCING ACTIVITIES Due to related party (23,053) (23,053) 28,653 Transfer to Capital Assets Fund for additions (623,708) 623, Transfer to Benevolent Fund for expenses (1,547) - 1, Cash flow from (used by) financing activities (648,308) 623,708 1,547 - (23,053) 28,653 INVESTING ACTIVITIES Increase in investments (5) (5) (4) Acquisition of capital assets - (626,158) - - (626,158) (636,571) Cash flow used by investing activities (5) (626,158) - - (626,163) (636,575) NET INCREASE (DECREASE) IN CASH FLOWS (1,105,264) - (12,896) 10,000 (1,108,160) 1,343,355 CASH AND CASH EQUIVALENTS - Beginning of year 2,173,429-56, ,634 2,475,118 1,131,763 CASH AND CASH EQUIVALENTS - End of year $ 1,068,165 $ - $ 43,159 $ 255,634 $ 1,366,958 $ 2,475,118 Non-Consolidated Summary Statement of Operations and Changes in Fund Balances - continued (Unaudited See Notice to Reader) continued CASH AND CASH EQUIVALENTS COMPRISED OF: Cash on hand and balances with banks $ 1,068,165 $ - $ 43,159 $ - $ 1,111,324 $ 2,229,484 Restricted cash deposits , , ,634 $ 1,068,165 $ - $ 43,159 $ 255,634 $ 1,366,958 $ 2,475,118 General Capital Assets Restricted Endowment Fund Fund Funds Funds REVENUE $ 8,461,298 $ 2,450 $ 363,520 $ 10,000 $ 8,837,268 $ 9,564,610 EXPENSES Ministries Children s 132, , ,415 Student - High Voltage 54, ,721 34,075 Student - Riptide 71, ,755 52,106 Student - Impact 51, ,624 61,602 Student - General 28, ,782 52,719 College and career 11, ,913 10,703 Adult 122, , ,552 International 65, ,866 33,376 Music and communication 333, , ,637 Community and outreach 1,554, ,554, ,709 Pastoral and ministry support 2,416, ,416,984 2,119,786 Support staff 1,254, ,254,482 1,244,953 Missions 981, , ,467 Occupancy costs 997, , ,711 Administration 323, , ,316 Events and food services 311, , ,546 Missions special projects ,587 Music school WFAA 198, , ,344 Play school 172, , ,879 Amortization - 485, , ,959 Benevolent , , ,924 Designated support , , ,584 Camp expense ,500-19,500 18,500 9,084, , ,963-9,948,481 8,298,450 WILLINGDON CHURCH Non-Consolidated Summary Statement of Restricted Funds (Unaudited See Notice to Reader) Designated Benevolent Andrew Peters Support Fund Memorial Fund Balance - Beginning of year $ 29,812 $ 6,736 $ 19,507 $ 56,055 $ 45,165 Donations received 180, ,039 13, , ,898 Expenses 180, ,322 19, , ,008 Net Change in Restricted Funds (7) (8,283) (6,153) (14,443) 10,890 Transfer to Benevolent Fund for expenses - 1,547-1,547 - Balance - End of year $ 29,805 $ - $ 13,354 $ 43,159 $ 56,055 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES FOR THE YEAR (623,629) (483,141) (14,443) 10,000 (1,111,213) 1,266,160 FUND BALANCES - Beginning of year 2,453,065 1,451,807 56, ,634 4,206,561 2,940,401 Transfer to Capital Assets Fund for additions (623,708) 623, Transfer to Restricted Funds for expenses (1,547) - 1, FUND BALANCES - End of year $ 1,204,181 $ 1,592,374 $ 43,159 $ 255,634 $ 3,095,348 $ 4,206,

9 WILLINGDON CHURCH WILLINGDON CHARITABLE HOLDINGS SOCIETY Non-Consolidated Summary Statement of Endowment Funds (Unaudited See Notice to Reader) David & Margaret Charles A. Jennings Sigvardsen Missionary Fund Fund WILLINGDON CHARITABLE HOLDINGS SOCIETY Statement of Financial Position December 31, 2014 (Unaudited - See Notice To Reader) Balance - Beginning of year $ 130,000 $ 115,634 $ 245,634 $ 235,634 Donations received 10,000-10,000 10,000 Balance - End of year $ 140,000 $ 115,634 $ 255,634 $ 245,634 ASSETS CURRENT Cash $ 1,625,229 $ 19,317 Term deposits 1,107,108 1,731,788 Accounts receivable Due from related party - 23,053 Prepaid expenses 74,310 65,599 2,807,385 1,840,495 CAPITAL ASSETS (Net of accumulated amortization) 17,298,839 15,523,076 LIABILITIES AND NET ASSETS $ 20,106,224 $ 17,363,571 CURRENT Payable to government authorities - GST $ 5,400 $ 14,174 Unearned revenue 9,396 - Demand loan 1,452,290-1,467,086 14,174 NET ASSETS - page 4 18,639,138 17,349,397 $ 20,106,224 $ 17,363,571 2 Notice to Reader: Management has compiled the Statement of Financial Position of Willingdon Charitable Holdings Society as at December 31, 2014 and the Statement of Operations and Changes in Net Assets for the year then ended. These financial statements have not been audited or reviewed and readers are cautioned that these statements may not be appropriate for their purposes

10 WILLINGDON CHARITABLE HOLDINGS SOCIETY Statement of Operations (Unaudited - See Notice To Reader) REVENUE Contributions $ 1,400,000 $ - Rental revenue 417, ,256 Cost recoveries 64,773 73,221 Interest income 29,954 37,919 1,912, ,396 EXPENSES Amortization 408, ,687 Insurance 71,273 61,620 Donations 70,000 - Property taxes 39,263 23,825 Write down of building 15,299 - Professional fees 9,165 1,360 Interest and bank charges 3,871 1,845 Utilities 2,893 2,552 Accounting fees 1,737 1,819 Repairs and maintenance Administrative fees , ,020 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES - page 4 $ 1,289,741 $ (152,624) WILLINGDON CHARITABLE HOLDINGS SOCIETY Statement of Changes in Net Assets (Unaudited - See Notice To Reader) NET ASSETS - BEGINNING OF YEAR $ 17,349,397 $ 17,502,021 Excess (deficiency) of revenue over expenses - page 3 1,289,741 (152,624) NET ASSETS - END OF YEAR - page 2 $ 18,639,138 $ 17,349,