Lumen Christi | Annual General Report 2020

13 A Lumen Christi Catholic parishes Wollongong Finance Reports – Cathedral Parish Key Points – Management Review • The deficit for the year was ($275,577) which was greater than the 2019 by ($260,541) • There was a negative Cash Flow for the year of ($209,928) compared to a negative in 2019 of ($37,374), a negative movement of ($172,554). This negative movement was due mainly to $335,061 spent on Cathedral & Cathedral House Refurbishment. (Total expenditure of $570,061 less Diocesan cash contribution of $235,000) • All bank statements have been reconciled as at 31st December 2020 and cash holdings are correctly reflected in the Accounts • The cash counting sheets for February, July, August, and September were checked and have been carried out in accordance with the Diocesan Financial and Accounting Standards. However, information based on the September quarter for this report as the Cathedral was closed for restoration from 27/4/20 to 31/8/20 and the normal collections for July and August were not carried out • Property valuations have increased by $495,650 for the year • The Liability of $32,225 is calculated by the Diocesan Payroll Service • The Housie function was terminated by the Wollongong Leagues Club in March 2020. The last housie night was held on 13/3/20. Further discussions have been held with the Fraternity Club Fairy Meadow but no arrangements have been decided as yet • Parish Expenditure for the year was $1,221,757 which was greater than 2019 by $496,617 • Parish income for the year was $946,180 which was greater than 2019 by $234,076 • Finance Meeting Minutes for 27/2/20, 6/4/20, 28/4/20, 26/5/20, 30/6/20, 11/8/20, 27/10/20 and 2/12/20 have been audited and all recommendations have been complied with