Lumen Christi | Annual General Report 2020

21 A Lumen Christi Catholic parishes Wollongong Finance Reports – Gwynneville Parish Key Points – Management Review • The net surplus for the year was $63,656 • All bank statements with the exception of the Church Account have been reconciled as at 31st December 2020 and cash holdings are correctly reflected in the Accounts • There was a negative Cash Flow for the year of ($1,891). The reason that the Parish cash deficit is only ($1,891) is that the Wollongong Parish has written off Precinct Contributions of $80,747 and $10,665 was received from Jobkeeper • The Parish in 2021 will once again be unable to meet its annual debts unless it receives considerable financial assistance from the Cathedral Parish during the year • The cash counting sheets for Feb, July, August and September were checked and have been carried out in accordance with the Diocesan Financial and Accounting • Property valuations have increased by $113,000 for the year • Parish Income for the year was $142,731 which was greater than 2019 by $83,713 • Parish Expenditure for the year was $79,075 which was less than 2019 by $8,548 • 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 Expenses 2020 Income 2020