Dear Parishioners,
I am writing to set out the key headlines regarding our Parish Finances in the last Financial ending 31 March 2014. The detailed Income and Expenditure is shown over the page.

I want to thank you personally for your financial support. The pastoral life of our parish depends on the love and efforts of the parishioners. Financial support is an important element and the challenge increases each year in the face of increasing costs and a reduction in congregation size.

You will note from the information attached that without a one off contribution from capital revenue current costs outstrip current income. We have sufficient reserves to cope with this during the current financial year but not beyond this period.

At the same time there are some essential maintenance works which have to be considered for health and safety reasons. We believe that these costs will be in the region of £25,000 per year over the next three years.

It is for this reason that I believe we need to start to increase income in all ways possible but primarily though the offertory collection. It is 3 – 4 years since we last asked you to consider increasing your offertory. In these difficult times I am very reluctant to ask for such an increase. I am well aware that the burden is being increasingly meet by fewer parishioners. All I would ask is that you consider if you are able to increase your contribution either by cash or standing order.

FINANCIAL REPORT APRIL 2014

Key Points:

The Sunday Offertory Collection

This is our main source of income and the way in which each parishioner contributes to the financial needs of the parish. The total for the whole parish has fallen by around 1% to an annual figure of £139,000. This is a concern in the context of increasing costs.

Energy, Maintenance and Repairs

Energy costs have increased by around 50% to £32,000 per annum. The size and age of the parish properties also makes considerable demands each year for maintenance and repair costs.

Contributions to the Diocese

The amount we are asked to contribute to the central Diocesan expenses is now over £70,000 per annum, so this very large percentage of our income is not available to us for parish expenditure. The central finances of the Diocese have come under strain with both increased expenditure and a decline in income in the recession. Savings are being made, but the Diocese is still reliant on parishes contributing to the costs. There has been a “one-off” capital contribution to Parish revenue costs. Without this
contribution our total revenue expenditure would have exceeded income by around £15,000 last year.

The Youth Fund

There is a slight reduction in overall parish expenditure this year which is largely explained by a reduction in Youth Ministry costs from £20,000 to £6,000 reflecting the absence of a paid Youth Worker. The Parish Council is currently considering the direction of the Youth Ministry and best use of available funds.

Income and Expenditure

The figures below show our annual income, of which the greatest part comes from the Offertory Collection, and the associated Gift Aid tax refunds. This is our “bread and butter” income, and the first call on it, as in any household, is to pay for all our normal costs. The Newman Centre also raises money from lettings and these are very helpful to offset running costs. In the main, Parish Centre lettings for community use mean that many parish uses of the centre carry no charge at all.

Appeals and Charitable Giving

Apart from our own costs, there are regular “Appeals” made to us and 14 “Second Collections” are required of us to support the work of the wider Church. We raise funds through raffles and special events, to support the SVP, the Uniform Groups, Lourdes Fund and Youth activates. This means that further amounts of money are given by parishioners each year to various good causes.

Capital Reserve

One part of our finances that remains healthy is the capital reserve fund with the Diocese. This has been built up from surpluses in years of plenty, and added to with the sale of properties. This part of our money is pooled with parishes across the Diocese to be available to be loaned to parishes with large repair or building costs. It is accessible to us but we have to submit a detailed case for approval which is not always forthcoming. In the last year we have used £38,702 from this account, £19,635 towards our assessment, £3,999 for our property insurance and £15,068 on special property repairs.

How to Support the Parish

All of us are asked to support the parish financially. There are many ways of making your contribution. The most important thing is:

• Decide how much to give
• Give it regularly.
• Use Gift Aid

Envelopes, Standing Order Forms, Gift Aid Information, are all available to help. The least helpful way to make your contribution is to put in whatever loose coins come to hand while you are at Mass. Please plan a regular, realistic donation, and in a way that means even when you are away, your contribution still counts.

Include the Parish in Your Will

In recent years the Parish has received two substantial legacies, and two smaller gifts. Of course people will wish to leave their assets to their family. But even a modest percentage left in your will to the Church can make a huge difference.