Parish Finance Committee

The Parish Finance Committee

The finance committee is there to help the parish priest in the administration of the assets of the parish. Amongst their duties are:

  • The safety and management of all the funds of the parish (including parish activity clubs) and ensuring that these are kept in an account within central banking;
  • Ensuring the parish operates against a budget to monitor current income and expenditure;
  • Carrying out regular reviews of expenditure at least annually to obtain better value for money for the parish;
  • Using the annual benchmark report to review the financial position of the parish;
  • Ensuring that the parish property is well maintained and due control exercised over all parish assets;
  • Ensuring that any lay staff employed in the parish are, in accordance with Canon 1286, paid the London living wage and all civil laws relating to labour are observed.

In addition to this duties, for transparency and to ensure funds are used correctly, the Parish Finance Committee members have to:

  • Be consulted about applications to the Trustees for expenditure on any project over the permitted maximum (currently £10,000 for building projects and £5,000 for any other project), for permission to lease;
  • Be consulted by the Parish Priest about any substantial expenditure other than routine expenditure, including purchases over £1,000.

The current members of the Finance Committee are:

Fr James Garvey           jamesgarvey@rcdow.org.uk                       Parish Priest

Ian Hunt                   Contact via       letchworthcof@rcdow.org.uk                      Chair

Morlai Kargbo           Contact via     letchworthgac@rcdow.org.uk                     Gift Aid Co-ordinator

Eugene Concannon       Contact via  letchworth@rcdow.org.uk Data Protection Officer

Please contact them if you have any queries.

A very effective way that you can assist the parish is to gift aid your offering to the parish. If you have not signed a gift aid form or not sure that you have please ask the parish office for one.

SUMMARY OF PARISH FINANCES

We set out below a summary of the parish finances. Should you have queries on these please contact the chair or the parish office on letchworth@rcdow.org.uk

St Hugh of Lincoln  
Summary financial statements  
  
2023202220212020  
££££  
Gross Income147,250165,956132,832163,046  
Gross Expenditure(142,501)(132,525)(127,504)(214,210)  
Surplus4,74933,4325,328(51,165)  
  
Savings rate (Diocesan Guidance 20%)3.2%20.1%4.0%-31.4%  
  
Summarised by Category  
Offertory87,10784,76886,70885,903  
Gift aid claim15,45427,7962,00017,946  
Diocesan assessment(29,274)(34,270)(33,484)(35,382)  
73,28778,29455,22468,467  
Christmas, Easter offerings and stole fees16,54618,05811,7007,717  
Hall rentals/Polish church11,01823,48124,1403,341  
Interest1,464– – –   
 Catechetic net(109)(253)453442  
Candles and papers1,2241,1311,238475  
 Parish activities(828)(5,731)(1,446)(1,480)  
 Salaries(34,562)(31,858)(28,807)(22,811)  
Travel costs(1,878)(2,794)(2,678)(3,453)  
Housekeeping(7,993)(8,081)(7,402)(7,342)  
Liturgical expenses(3,090)(255)(6,230)(7,692)  
Repairs and renewals(22,640)(13,738)(24,324)(34,788)  
Utilities and insurance(23,340)(18,533)(14,069)(12,214)  
Administration costs(3,244)(3,759)(2,247)(2,559)  
Donations4,145(2,530)(134)(298)  
Surplus operating cash flow9,99933,4325,418(12,194)  
  
  
Cash Balance at start of year60,31026,87821,46172,625  
  
Closing Cash Balance pre Capital Expenditure70,30960,31026,87860,431  
  
LESS CAPITAL EXPENDITURE(5,250)– – (71,083)  
ADD Growing in faith32,113* 
  
Closing Cash Balance65,05960,31026,87821,461  
  
  
*  Total Growing in Faith Receipts128,102  
Attributed to St Hilda Room121,697  
Available for loacal Caritas project6,405  
  

The Diocese have produced the following chart to aid our understanding of our finances

DOC011024-01102024091427Download