Finance

Where does our income come from?

The heart of our parish life is the Sunday celebration of Mass. The Offertory is an important part of that as a symbol of our giving of ourselves to God. It is the money we give as part of the Offertory along with other sources of income that allow the parish to pay its way. As well as the offerings received through the regular collections in cash and Planned Giving envelopes, there is income from standing orders or other donations, the Christmas and Easter Offerings, stipends for masses, baptisms, marriages and funerals, payments from the sale of votive candles, newspapers, repository items. Finally there is money raised through specific fund-raising activities and the tax rebate we receive from the government for offerings that parishioners Gift Aid to the parish.

How is it spent?

Our income is split 3 ways. Firstly, there are the day-to-day running costs – wages, heating, lighting, telephone, postage, housekeeping, printing, insurance, car expenses etc. Secondly, there is the amount which the diocese assesses as being our contribution to the costs of running and maintaining the diocese and providing central services: currently diocesan parishes pay 29% of their assessable income to the diocese. We are still benefitting from having been run by the Canons and are paying a lower percentage but that will have to increase. Finally, there is a need to build up a maintenance and reserve fund to meet the costs of regular maintenance as well as providing for the cost of dealing with unexpected emergencies.

What about salaries?

The priest’s living expenses – housekeeping, mileage allowance etc. are met from parish income; however the priest’s salary is paid for from the stipends received for celebrating masses, baptisms, weddings and funerals plus the annual Christmas and Easter offerings. It is a widely-held misconception that the Christmas and Easter offerings are our Christmas and Easter presents to the clergy. This is not the case; they actually go towards paying their regular salary. However, the diocese sets a minimum salary, updated each year, which all priests are paid if the stipends etc. are not sufficient. The diocese also sets salaries for parish employees – secretaries, housekeepers, catechists etc. based on the demands of the job and the hours worked. As with priests’ salaries, these are up-rated annually.

Financial management

In accordance with the Church’s code of Canon Law, the parish has a Finance Committee which meets quarterly to monitor our income and expenditure and advise the Parish Priest on financial matters. At the time of writing, despite efforts to keep down our basic running costs, there is little available to put into our reserve fund. If you are interested in seeing more about the parish finances, summary accounts are posted every six months and can be found at the back of the church near the inner doors.

What of the future?

We have to face up to the fact that our diocesan assessment will increase and the amount we receive through Gift Aid will drop by 10% when the government ceases the interim top-up paid to charities following the reduction in the basic rate of tax in 2008. Set against this background, the church porch is showing its age and needs to be renovated or replaced; Fr.Sean would like to make changes to the Sanctuary; the Parish Rooms and the Presbytery are not easily accessible for people in wheelchairs or with prams or buggies and the priest’s accommodation needs updating. However, the reality is that we cannot contemplate embarking on any of these projects without significant fund raising.

Retiring collections

Parishioners often complain about the number of retiring collections that are taken and we have sympathy with that point of view, however, the majority of collections are set by the diocese and comparatively few are for the parish.

In the early Church as described in the Acts of the Apostles, “no one claimed private ownership of any possessions, as everything they owned was held in common”. That is not what the Church asks of people today. Cardinal Hume once suggested that wage earners might consider one hour’s pay as the basis for deciding the amount of their giving. In reviewing what we give, perhaps compare the amount we give each week with the cost of common items we might spend the money on and compare that with how we much value the Parish – a bottle of wine, a take-away meal, cigarettes, a cinema ticket maybe.

‘Planned Giving’ means that a family or individual decides how much they can afford to give and then promises to pay that amount regularly – weekly or monthly. The amount can be paid either using Offertory Envelopes or by Standing Order. The advantage of Planned Giving is that spending can also be better planned knowing what our regular income will be. While we record the amount given by each individual or household, there is no-one checking up on the amount you give each week and, if circumstances change either for better or worse, you can always vary the amount you give.

There is a parish Planned Giving organiser who can provide more details and answer questions. All information about Planned Giving is treated in confidence. Please use the contact form below if you have any questions.

You can download or print a Bankers Standing Order mandate by clicking here. The form should be returned to your bank or you may be able to set up a regular payment online if you use internet banking.

If you would like a set of Offertory Envelopes then please complete and submit the contact form below.

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Gift Aid is a simple way to increase your giving to the parish by 28p for every £1 you donate at no cost to yourself. If you pay Income or Capital Gains Tax in the UK and belong to the Planned Giving scheme, the parish can obtain a refund of the basic rate tax which you have paid on your donations based on our records. All you have to do is complete a form with your name and address and sign a declaration that we can treat all donations from the start of a given tax year as Gift Aid donations. It does not affect your tax status and will not complicate your current tax affairs. If you are a higher rate tax payer you can claim additional tax relief if you wish.

In 2010, Gift Aid boosted our parish income by just over £15,000, however we soon lose the transitional payment of 3p in the pound which the government agreed to pay charities when the basic rate of tax was reduced in 2008.

You can download or print a Gift Aid Declaration form by clicking here. The form should be returned to the Parish Office once completed and signed.

There is a parish Gift Aid organiser who can provide more details and answer questions. All information about Gift Aid is treated in confidence.

Please consider making a bequest to the parish in your Will. (Further information to be added)