If you’re in the Livingston congregation then you will have the opportunity to hear this live tomorrow (27 November) but if you missed it, please have a watch as it contains some really important information about our church finances as we look to the future.
The recording also includes a summary from Ollie of the main events that have happened within our church since he started as Rector in March 2021 – it’s been a busy 18 months!!
If you would prefer a summary instead of watching the video here it is… our financial year runs from October to September and last Sunday I shared the actual income and expenditure from last year, compared to the budget. Our total income was £1,037,560 compared to a budget of £1,044,030 and our total expenditure was £1,060,260 compared to a budget of £1,042,850. This means that instead of a small surplus of £1,180 (which the budget contained), we ended the year with a deficit of £22,700. Although our income was close to our budget, our regular giving (which makes up the majority of our income) has decreased by over 8% since September 2021, resulting in a shortfall of £35,000. This was offset by a higher number off one donations than we expected. In whatever way you have contributed financially to St Mungo’s over the past 12 months, thank you very much.
When we look to the budget for the year ahead, the financial landscape is much more challenging than it was a year ago! Our income budget is almost £90,000 lower because of the falling congregational giving, combined with an increased expenditure budget which reflects the inflationary pressure on our costs, the opportunities to do more in person events than a year ago combined with a decision by Vestry to invest our available reserves in our vision of Being Love. We are prayerfully hoping that this additional investment will result in both our congregations growing and our income increasing to sustain this vision. This means that our budget this year has a deficit of £192,000.
Whilst we have the reserves to meet deficits of this size for two years, I would love for each of us to be praying for the finances of St Mungo’s and for the Vestry and staff teams as we seek to make decisions that are both faith-filled and wise. There is a new giving leaflet which gives more information on the budget and how to give to St Mungo’s, and if you have any questions about this or any other aspect of the finances of St Mungo’s, please get in touch.
Thank you all so much for all the ways you give, serve and invest in the Kingdom in Balerno and Livingston,
Katherine