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Finance
Statistics Forms
Just a reminder that we still await statistics forms from many parishes. Please complete these forms as soon as possible. For those parishes who have returned their forms thank you.
Amalgamated Investment Fund
The interest rate paid on deposits with the Amalgamated Investment Fund remains at 6.75% per annum.
Ministers Mortgages
The interest rate payable on Ministers' mortgages remains at 7.49% per annum.
Insurance Premiums
Parishes wishing to take advantage of the early payment discount for their insurance premium have until 30 September to have their money to this office. No extensions of time will be granted even if the "cheque is in the post".
Parishes can arrange a loan to meet their insurance premium. If the loan is arranged prior to 30 September the prompt payment discount will be available. Loans will carry interest at the Minister's mortgage rate. No loan will be granted without the parish concerned agreeing to their bank account being debited by the Assembly Office for the monthly repayments. If you wish to take up the loan option then you should contact Margaret Fawcett of this office.
We have processed all the adjustments that have been received in this office. We have been disappointed with the slow response from parishes. Insurance schedules were due back in this office by 31 May so we would have good information available to our brokers to negotiate terms. We are still receiving this information. Staff in this office have had to work long hours to prepare the information needed by our brokers. The problem being compounded by the need to complete work for annual balance. If we are to do the best for parishes and schools we need good quality information as early as possible. The information must be provided in any event so providing it as early as possible will lead to a better outcome for all concerned.
Audit Confirmations
Many thanks to those parishes who have completed and returned the audit confirmation they received (not all parishes were sent a confirmation). If you haven't returned your confirmation you will have probably received a telephone call reminding you to return the confirmation. Please do so as it is an important part of the audit process and helps us to ensure our records are accurate.
For those parishes who have a query on their account balance that query has been passed to us for investigation. We will rectify the errors that we find during this process.
Statements
As noted in last month's newsletter I will in each newsletter talk about a particular topic on interest. This month it is account statements both because we receive a lot of queries in relation to statements and because of a routine we will run this month that will have an effect on statement balances.
When we print statements each month the computer system takes the closing balance of the previous month's statement, includes transactions for the current month to give the closing balance for the month. Any adjustments to transactions occurring in prior months are not recorded on the face of the statement nor are they included in the opening balance of your statement. Our records in the office correctly reflect the position of the parish but your statement will not.
Our system does not allow us to close prior period to posting. A warning is given when posting to a back period. Back period adjustments do occur particularly where an interest bearing account is involved. Adjustments are put into the correct period so, as interest will be correctly calculated.
By reprocessing prior months we are able to correct statement balances. During preparation of our annual accounts we have identified several instances where adjustments have been made to prior periods and statement balances are incorrect. Therefore for August we will be reprocessing all month ends for the 2001/02 financial year. As a consequence you may find the opening balance of your August statement is different from the closing balance in July. If such a change has occurred and you cannot identify the reason for the change please contact this office and we will supply you with a summary of all the transactions that make up the balance on your account.
We do not have the resources to check each statement for changes so please perform this check. As a matter of course statements should be checked regularly every month. We do push the wrong key periodically and the sooner we know a mistake has been made the easier and quicker it is to fix the it.
We have many queries/comments about the presentation of statements. Unfortunately we are unable to address these with our current system. An explanation of the content of the statement is contained in the Treasurer's Manual. The manual can be viewed on the web site.
Those parishes that are contributing to the mission and ministry fund will have an account recording their contribution to the fund. The account is a matter of record only so the parish can monitor whether their giving has been received in the Assembly Office. The amount shown on statement should not be paid. The balance doesn't clear but remains as a permanent record of giving. A new account is opened each year so as to enable simple comparison of the giving for a year. The printing of prior year accounts is suppressed in August each year. Your statement this month will omit your 2001/02 Mission and Ministry Account. We print the account for a couple of months in the new financial year so the information is available during the preparation of your annual accounts.
Your statement is an important accounting record, just like your bank statement. If you disagree with any item on your statement then you should query it the same as you would query your bank.