Page 18 - St Barnabas Parish Homerton Summer Magazine 2020

£££ Church finances £££

The lockdown has had a drastic effect on our finances!
● No loose plate collections
● Return of planned giving envelopes has been patchy
● Some Standing Orders have been cancelled or reduced
● Loss of rental income: this has been massive! If we don’t receive any
more rental income for the rest of the year, we will lose c £12,500
Q: Are we still able to pay our Common Fund contribution?
A: No. With such a massive loss of income, the church will not be able to pay
in full the contribution of £36,000 we pledged to the diocese for 2020. The
PCC has agreed, therefore, to request a reduction of £9,000.

Q: What can church members do to help?
A: We understand that, because of job loss and insecurity, some people may
no longer be in a position to give as they did. But, if your financial circumstanc-
es have not changed, please continue to give regularly
● By bank transfer
● By Standing Order (contact Veronica if you’d like to start)
● By posting fistfuls of planned giving envelopes through the recfory
front door, or ask someone to collect them from your home
A BIG THANK YOU to those who have been faithful with their giving!

£££ Diocesan finances £££
Clearing up some possible misunderstandings…

1. What is Common Fund? The money given by every parish in London to
enable, support and further the work across the Diocese.

2. What is the Parish Standard Cost? In 2020 it is £85,200

3. Does a vicar get paid £85,200? No! A vicar’s stipend (salary) is £27,600
The rest of the parish contribution covers pensions, housing, ordinand and
clergy training, diocesan staff, chaplaincies and other parish and area support
4. Why is it called ‘Common’ Fund? It’s like a shared pot of money, every
parish making its contribution. We want the church to have a presence in
every community Wealthier parishes help to subsidize poorer parishes.

5. Why is the Diocese making cuts? It’s not just London Diocese or the
CofE. Other dioceses and denominations are having to do the same. Finances
are tight. The diocese has to plan strategically,. Hard decisions have to be
made, but they are not dictated by who pays how much Common Fund. If it
was, our parish would have ceased to exist many years ago…