Finance Committee St Margarets Parish March 2020

Monday, 9 March 2020

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Finance Committee Briefing Notes – 7th/8th March 2020

Fr CHRIS HAS RECENTLY FORMED A FINANCE COMMITTEE WITH MEMBERS REPRESENTING BOTH HOLY NAME AND ST MARGARETS.

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THE PURPOSES OF HAVING A FINANCE COMMITTEE IS FIRSTLY, TO BRING TRANSPARENCY TO OUR PARISH FINANCES, SO YOU THE PARISHIONERS, HAVE VISIBILITY OF HOW YOUR CONTRUBUTIONS ARE BEING USED. SECONDLY WE WISH TO ESTABLISH AN ANNUAL BUDGET SO THAT WE PLAN OUR FINANCIAL EXPENDITURES IN A MORE STRUCTURED MANNER. FINALLY WE WISH TO PROVIDE AN OVERSIGHT TO ENSURE WE ARE USING OUR LIMITED FINANCIAL RESOURCES TO BEST AFFECT

A KEY OBJECTIVE THAT FR. CHRIS WISHES TO ACHIEVE, IS FOR US TO CREATE FAITH IN THE FUTURE OF THE FINANCIAL SUSTAINABILITY OF BOTH ST.MARAGRETS AND HOLY NAME CHURCHES.

AS PER MY PREVIOUS BRIEFING REGARDING OUR LEGACY PROJECT, WE HAVE ONLY BEEN ABLE TO COMPLETE THIS MAJOR PROJECT BY USING OUR OWN FUNDS. OVER THE YEARS, CURRENT AND PREVIOUS PARISHIONERS HAVE MADE FINANCIAL CONTRIBUTIONS THAT ALLOWED US TO BUILD A POT FOR RAINY DAY PROJECTS. HERE AT ST. MARGARETS WE HAVE USED THE BULK OF OUR RESERVES TO COMPLETE OUR LEGACY PROJECT. HOLY NAME HAVE DONE THE SAME, THEY HAVE USED THEIR RESERVES TO COMPLETE A MAJOR INTERNAL AND EXTERNAL PAITNING PROJECT OVER THE LAST FEW YEARS

CURRENTLY, OUR ANNUAL INCOME FROM COLLECTIONS MATCHES OUR OUTGOINGS. HOWEVER, THE ARCHDIOCESE IS ASKING US TO CONTRIBUTE MORE TO THEIR CENTRALLY HEALD FUNDS WITH AN INCREASED LEVY AND AT THE SAME TIME ASKING US TO MAKE AN ANNUAL £10K PAYMENT IN LIEU OF A SPECIAL COLLECTION, TOWARD THE AGED AND INFIRM CLERGY FUND. THIS FUND, IF NOTHING CHANGES, IS PREDICTED TO RUN OUT OF MONIES BY 2024 – SO SOMETHING HAS TO BE DONE NOW

SO WE NEED CONSIDER OUR FUTURE FINANCIAL PLANNING. WE NEED TO THINK ABOUT INCREASED ANNUAL EXPENDITURE AND OUR ABILITY TO REBUILD OUR RAINY DAY PROJECTS POT TO COVER EXTRAORDINARY EXPENDITURES

WE HAVE A FEW SIMPLE SUGGESTIONS FOR YOU TO CONSIDER ;

  1. IF YOU CAN, AND ONLY IF YOU CAN, TRY AND GIVE AN EXTRA £1 A WEEK IN THE COLLECTION
  2. CONSIDER SETTING UP A STANDING ORDER. THIS WILL ENSURE WE RECEIVE YOUR REGULAR CONTRIBUTION EVEN IF YOU DON’T MANAGE TO GET TO CHURCH ONE WEEK
  3. IF YOU ARE A TAX PAYER PLEASE SIGN UP FOR GIFT AID. BY DOING SO WE RECEIVE ANOTHER 25% FROM THE GOVERNMENT ON TOP OF YOUR DONATION. THE GIFT AID SCHEME WAS INTRODUCED BY THE GOVERNMENT TO ENCOURAGE CHARITABLE DONATIONS, THEY SIMPLY ASSIGN THE TAX YOU HAVE ALREADY PAID ON YOUR DONATION TO THE CHARITY THAT YOU NOMINATE. THERE IS ABSOLUTELY NO IMPACT ON YOU PERSONALLY. NONE OF YOUR PERSONAL FINANCIAL INFORMATION IS SHARED WITH ANYONE.

THESE ARE JUST A FEW THINGS FOR YOU TO CONSIDER. IF YOU THINK OF ANYTHING ELSE WE SHOULD BE DOING, PLEASE CONTACT A MEMBER OF THE FINANCE COMMITTEE OR FR CHRIS

WE WILL BE HANDING OUT THESE LEAFLETS AT THE END OF MASS AND IT EXPLAINS IN MORE DETAIL WHAT I HAVE OUTLINED IN THE BRIEFING. INSIDE THE LEAFLET ARE THE STANDING ORDER FORMS AND GIFT AID DECLARATION FORMS. YOU CAN ALSO TELL US HOW MUCH OF YOUR STANDING ORDER YOU WISH TO ASSIGN TO BOTH OUR NORMAL COLLECTIONS AND THE BUILDING FUND – AGAIN THE FORMS ARE IN THE LEAFLET

WE ARE TRYING TO MAKE YOU MORE AWARE OF THE PARISH FINANCES AND ATTEMPTING TO ENGAGE WITH YOU ON HOW WE CAN , TOGETHER, CREATE FAITH IN THE FUTURE FINANCIAL SUSTAINABILITY OF OUR CHURCH.

PLEASE ONLY GIVE A WEE BIT MORE ONLY IF YOU CAN AFFORD TO DO SO