The vast majority of our expenditure relates to paying staff salaries and our parish share (the contribution we make to fund the work of the Diocese from which we also benefit). We also have to maintain the church building and pay for all our consumables. These are relatively minor costs and kept under tight control.
We have a policy to ensure that we maintain two months’ expenditure in Reserves in case of a crisis. We have to carefully manage the cash-flow to anticipate irregular income and also whilst waiting for gift-aid returns to be made. It is for this reason that we are encouraging people to move to the Parish Giving Scheme as gift aid will be passed back to St Mary’s within ten days of the donation having been made.
For more detail see the annual report and accounts for St Mary’s which are lodged with the Charities Commission. These are available in church or online.
How a gift can be used is dependent on whether any restrictions have been set by the donor or by the PCC. There are three types of fund at St Mary’s
Restricted fund – funds can only be used for the purpose stipulated by the donor
Designated fund – use of funds has been decided by the PCC or the donor expressed a preference for use but did not mandate it, for example to fund the AV project. This fund is more flexible than a restricted one and can be used for another purpose if required
General fund – no restrictions apply and monies are used to fund our regular expenditure. We automatically give 10% of this fund to projects outside of St Mary’s Ministry
If you have a desire to restrict the use of or designate your gift, please let the Treasurer know at the time of giving.