At our recent annual meeting (APCM), our treasurer gave an interesting presentation of the financial position of St Michael’s, which you can see in these two illustrations. First of our, our income:
You can see that the majority of our income comes from our members, and that those who Gift Aid their giving contribute a significant additional amount though the tax we can reclaim. If you pay tax on your income and have not already signed a Gift Aid declaration, please do have a word with our treasurer or with Rev Tim.
We do not have a a great deal of income from other sources.
So, how do we spend it? Our expenditure:
Just over half our expenditure goes to the ‘Common Fund’, the means by which our denomination finances ministry and ministry training, and the support structure of the Diocese. We do not pay Rev Tim directly, he is paid from central funds to which all churches contribute as they are able.
The running expenses are the cost of simply keeping the building well lit and warm, while clergy expenses include all our publicity costs, travel expenses for Rev Tim etc. We give 10% of our regular income to missions and charities as our tithe – to organisations such as TearFund, Wycliffe Bible Translators, Shekinah and our mission link in Paraguay, Bishop Peter Bartlett.
This past year, our expenditure exceeded our income. However, once all the unusual items are taken into account (they are paid out of ‘reserved funds’ kept for the purpose), the excess is only around £400 for the year, or £9 a week. It wouldn’t take much for us to make up the shortfall in the current year …
Each man should give
what he has decided in his heart to give,
not reluctantly or under compulsion,
for God loves a cheerful giver. (Romans 9:7)