Welcome to the Autumn 2008 On-Line Edition of
Waterlooville's Parish Magazine
St George's News

A way to print money - and it's legal!

In his recent sermon Fr. Mike referred to the parlous state of St. George’s finances and urged those who give on a regular basis, either by envelope or standing order, to increase their giving by 6%. Let us be clear, it is not a question of bankruptcy, for the church has reserves, but should these be realised in the current climate? In any case what would happen when these reserves are fully exhausted?

In the autumn of each year the Finance and Fabric Committee prepares a budget for the following year, for approval by the Parochial Church Council. This process consists of consideration of each stream of income and expenditure for the next year, based upon past history and expected changes, with a view to achieving a balanced budget i.e. income will at least cover expenditure for the next year. It follows that, if income is below expectation or expenditure is above that projected, then a deficit will occur and this is the position that currently exists.

There are only two possible ways to tackle the problem, either expenditure is reduced or income increased. With regard to expenditure a significant proportion (£48597 or 71%) is fixed by way of our Parish Share to the Diocese to cover the provision of clergy, training and church support. If other costs are reduced further then this is likely to have a marked impact on Parish activity and the Church Services themselves. It is therefore believed that, in the first instance, our efforts should be concentrated on improving income and hence Fr. Mike’s appeal to increase giving.

It is however also important that attention is given to other ways of increasing income. Gift Aid is a process by which a Registered Charity can reclaim the tax previously paid by a taxpayer to the Revenue on any gift made by that taxpayer to the Charity. Prior to April 2008 this amounted to 28% of the gift received but even though this has now been reduced to 25%, following the reduction in the basic rate of tax, it is still a significant sum. A way to print money….. and it’s legal!

It follows that, if you are a taxpayer and giving money to the Church, then this gift should be gift aided. This can be done by completion of a simple form. Even if you are not a taxpayer, is there a taxpayer in your family or household who would be happy to give money to St. George’s, either in addition to, or instead of, yourself? As a result, for every £100 given, a further £25 would be received back from the Inland Revenue. If everybody entitled to give by way of the Gift Aid Scheme did so, our income could be dramatically increased.

Please give consideration to this possibility. Our Treasurer, Carol Mckells (9225 3110), Tony Rice-Oxley (9226 3576) or I (9259 2677) would be happy to discuss the position at any time. Even if you do not believe that you qualify for the scheme why not talk to us anyway? At least one of us will be available at the back of the church after the 10am service for the next few weeks.

David Cavey
• on behalf of the Finance and Fabric Committee

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page last updated 09 September 2008