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Board Report ... -5-
WESTMINSTER-ST. PAUL'S PRESBYTERTAN CHURCH
. “ BALANCE SHEET
AS AT DECEMBER 31, 1978
: (with comparative figures for 1977)
; : 1978 197
Surrent_assets
Bank $ 2,97 $ 1,146
Current liabilities
Loan - W. Wright 1,500 1,500
Accounts payable 305 155
Working capital surplus (deficit) wiioe C503)
Fixed assets - at cost
Tand : 13,015 13,015
Buildings 119,663 119,319
Furnishings. 12,489 _12,489
145,167 144,823
Long-term liabilities
artase payable (note 2) 2,500 7,500
142,667 137,323
Memberst equity (note 1) $143,859 $136,814
NOTES TO THE FINANCIAL STATEMENTS
Z ROR THE YEAR ENDED DECEMBER 31, 1978
srs 197
1. Members equity
Balance — beginning of year $136,814 $132,034
Add: Window purchased Bhd 377
Excess (deficit) of revenue over expenditure 1,701 ( 597)
Principal payments on mortgage ~~ 5,000 __5,000
Balance -.end of year Fo $143,859 $136,814
2. Mort, ble
The ta mortgage is payable to the National Trust Company Limited
in two quarterly instalments plus interest as follows:
Feb. 1979 and May 1979 (2 @ $1,250) $_2,500
3. Insurance - coverage is as follows:
-Church premises
‘-.Boiler i $100,000
~ Building and contents 211,000
- Theft 1,000
- Liability 100,000
Manse
- Building 40,000
- Liability 250

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