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Board of Managers Report...
have been satisfactorily completed. The perking lot has been filled with
quarrie chips and graded. All minor repairs have been attended to as re=
quired. With conserving energy in mind, this committee is presently in+

° stalling a night set-back timer on the heating system,
Possibly it is the tight budget thet your Board is forced to operate under

. thet turns prospective new Board members off. With this in mind let each

one of us take a second look at our responsibility to the Church. Ina

Prosperous community such as ours, it behooves all of us to make a good ac-

count of our stewardship. This report and financial statement are submit-

ted by the Board of Managers for your perusal and approval. We wish you

prosperity in 1974,

Chairman: Gordon Smith Secretary: Lorraine McGillivray
ACCOUNTANTS ' COMMENTS

To the Members of

Westminster-St. Paul's Presbyterian Church,

206 Victoria Road North,

Guelph, Ontario.

We have prepared the accompanying balance sheet and statements of
revenues and expenditures and source and application of funds releted to
the year ended December 31, 1973 from the books and records of Westmin-
ster-St. Paul's Presbyterian Church and from informetion given to us.

% In accordance with the terms of our engagement we did not perform an
audit of the accounts and accordingly are not in a position to express an
opinion on the financial statements.

Respectfully submitted,
Dated at Fergus, Ontario, Diegel, Malcolm & Hagey,
January 23, 1974. Chartered Accountants.
BALANCE SHEET AS AT DECEMBER 31, 1973
LIABILITIES AND MEMBERS! EQUITY
Current

Benk loans (note 1) $ 2,500

Accounts payable and accrued charges 954,

Current portion of long term liabilities 4,000

7 A54
Long Term
Mortgage payable (note 2) 25,000
less: Current portion due within one year 4,000
21,000 :
Members' Equity

es Balance - beginning of the year 114,873

Add: Excess of revenues over expenditures 2,144

Balance - end of year 117,017

Total Liabilities and Memberst Fanity @ase in

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