Annual Financial Report

Year 5 April 2008

We enclose the Financial
Statement for the Parish for the year ended 5 April 2008.  Our income, excluding Appeals and
Special Collections, has fallen slightly for the second year in a row with
collections down by £3,054.
There was a very slight rise in Gift Aid income but we anticipate that
will also fall in future years as the collections reduce.  Our running costs have also been reduced
but principally because we have only spent £10,469 on repairs instead of
£15,601 last year.

Sadly, the financial picture
for the Parish makes gloomy reading.
We prepare a budget each year and, based on recent trends, we anticipate
the Parish collection will not cover expenses by nearly £12,000 in the
next year.  At 6 April 2008, we had a very small
balance of a little over £11,000 which covers about six weeks running
expenses of the Parish but that will be wiped out by the end of the current
financial year.  It is probable that
the Parish will be overdrawn by next April and that is a very unattractive
picture.

The major problems are our
falling income and our substantial stock of aged buildings which need
significant maintenance.  After many
years of carrying out only such repairs as we could afford to fund, we have an
increasing list of routine but important items which we are now struggling to
fund.  Our income is falling, but
the number of repairs is on the increase and the cost of each repair continues
to climb.

By way of example, we
currently have some structural damage to the exterior rear pillars of the
Church with major cracking at a high level which needs repair to maintain the
integrity and weatherproofing of the structure.  The work has been tendered and will cost
approximately £5,500 with a £2,000 contingency for potential
structural problems with the roof.
We have significant water leakage into The Priest’s House caused
by the ageing of the guttering and some problems with the roof and windows.  The estimate of the first stage of renewal
is £15,000 and there will need to be a second stage of work to repair the
damage that has been done.  We do
not yet have estimates for that but it will be several thousand pounds.  Many of the windows in the Church and
The Priest’s House have rotted over many years and we have been carrying
out a programme of replacing the worst windows for a couple of years allowing
about £2,500 a year.  However,
the problem is getting worse.  We
are advised we must replace two windows in The Priest’s House connected
with the guttering work.  That will
still leave us needing to replace the Sacristy window which is in very poor
condition as well as the other leaking windows throughout the various buildings
and without the funds to do it.
Finally, I have mentioned for several years that we are advised our
organ needs substantial overhaul.
The work can be done in phases but there is a cost of approximately
£33,400.  If unattended, it
will ultimately cease to work.

At present, we have the funds
to carry out the repairs to the rear pillars but we do not have the funds for
any of the other items.  I mentioned
last year that the Finance Committee had recommended to the Parish Council that
a major fund raising initiative was necessary.  We are very pleased that a Christmas
Market took place this year and many congratulations to all those who worked so
hard but the above list shows that it is not enough.  The Parish as a whole needs to arrest
the declining collection so that we stop running at a deficit and are able to
fund the maintenance of our buildings.
The Parish Council are considering the options available but we all need
to do our bit even in these difficult times.  We therefore welcome ideas, initiatives
or suggestions as to how the Parish can meet these challenges.  Please do speak to Father Joseph, me,
Mark Lee who is Chair of the Parish Pastoral Council or any other member of the
Council.

I must also take this
opportunity to mention that John Ross has resigned after nearly four years on
the Finance Committee.  During that
time, he has run the Gift Aid Scheme raising some £70,000 for the
Parish.  We are all very grateful
for his input and he will be much missed.

Finally, I am sorry to be the
bearer of bad news but we have nothing to fear.  This is a real opportunity for us as a
Parish community to address the needs of our Parish and ensure we continue to
thrive.

Adrian Livesley

Secretary of the
Finance Committee

26 November 2008