Finance Report 2018
The Parish Finance Committee is pleased to present the income and expenditure account for 2018, from which it will be seen that the Parish had a deficit of £20,093 in the last year. This compares with a surplus in 2017 but a deficit in 2016. The recent Money Matters article in the Parish Magazine ‘Rejoice’ contains some additional information on what is included under the various headings of the account.
EXPENDITURE
You will see from the figures 2016 – 2018 that our income is declining and our expenditure is increasing. As you’d quite rightly expect, we keep an eye on expenditure to ensure we make savings wherever possible. However, a high proportion of our expenditure goes on church buildings and projects which are essential for the safe and proper running of the parish. In addition, as announced in the Bishop’s Pastoral Plan, The Word Who is Life, our levy transfer to the Diocese will increase by just over £6,000 per annum to help pay for such things as a new retired priests fund, the training of new priests, school chaplaincies, and youth programmes such as the Ascent programme.
INCOME
We will also be looking at various ways of increasing our income (including the possibility of letting out rooms in the Parish Centre) but as Bishop Richard pointed out in his recent meeting with the Finance Committee, across the Diocese as a whole, weekly offertory contributions have not kept pace with inflation and are leading to a shortfall. This is certainly true in our Parish where combined offertory collection and donations have dropped by £10,000 in the last year.
LEGACY
The account does not show a very generous legacy of £380,000 which was bequeathed by a parishioner for specific purposes. Part of that bequest was £120,000 for the restoration of the organ in Our Lady of Sorrows Church, and £25,000 was given to help pay for dry rot repairs at St Richard’s, Slindon. The Finance Committee has determined that this legacy money, while it gives some welcome financial security, should not be used for normal running expenses and the balance has therefore been invested along with Diocesan investments for use on specific projects in the future.
WHAT CAN WE DO?
Of course we realise that many find their finances difficult and that there are also many calls on everyone’s charitable giving, but we urge all Parishioners to review their giving to the Church – for many it may not be possible to make a change, but if you were able to increase your offering by just £1 every week, it would make a significant difference to our finances.
Please look at the ways on the back of this report that outline how you can help; with your help, our Parish will be able to continue with its central task of evangelisation and mission, seeking to spread the Gospel and support the people within in our communities as they grow in our Christian faith.
EXPENDITURE
You will see from the figures 2016 – 2018 that our income is declining and our expenditure is increasing. As you’d quite rightly expect, we keep an eye on expenditure to ensure we make savings wherever possible. However, a high proportion of our expenditure goes on church buildings and projects which are essential for the safe and proper running of the parish. In addition, as announced in the Bishop’s Pastoral Plan, The Word Who is Life, our levy transfer to the Diocese will increase by just over £6,000 per annum to help pay for such things as a new retired priests fund, the training of new priests, school chaplaincies, and youth programmes such as the Ascent programme.
INCOME
We will also be looking at various ways of increasing our income (including the possibility of letting out rooms in the Parish Centre) but as Bishop Richard pointed out in his recent meeting with the Finance Committee, across the Diocese as a whole, weekly offertory contributions have not kept pace with inflation and are leading to a shortfall. This is certainly true in our Parish where combined offertory collection and donations have dropped by £10,000 in the last year.
LEGACY
The account does not show a very generous legacy of £380,000 which was bequeathed by a parishioner for specific purposes. Part of that bequest was £120,000 for the restoration of the organ in Our Lady of Sorrows Church, and £25,000 was given to help pay for dry rot repairs at St Richard’s, Slindon. The Finance Committee has determined that this legacy money, while it gives some welcome financial security, should not be used for normal running expenses and the balance has therefore been invested along with Diocesan investments for use on specific projects in the future.
WHAT CAN WE DO?
Of course we realise that many find their finances difficult and that there are also many calls on everyone’s charitable giving, but we urge all Parishioners to review their giving to the Church – for many it may not be possible to make a change, but if you were able to increase your offering by just £1 every week, it would make a significant difference to our finances.
Please look at the ways on the back of this report that outline how you can help; with your help, our Parish will be able to continue with its central task of evangelisation and mission, seeking to spread the Gospel and support the people within in our communities as they grow in our Christian faith.
