Dear Beacon Parishioners

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The below is a summary update of the latest financial position and provides an overview of the full year 2024 and a summary of year to date performance in 2025.

 

Full year to 31st December 2024

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There was a material increase in income in 2024, due mainly to a step up in Planned and Unplanned Giving (PG/UG), on the back of the appeals we launched.

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There was also a significant reduction in expenditure, despite spending more on day to day maintenance and on the major floor replacement project at St Martin’s. This reduction was however achieved by a decision to reduce our Parish Share (PS), undertaken in order to stabilise our finances.  We made this decision reluctantly and are committed to rebuilding it in stages over time. It remains vitally important that we generate more income (which can only really come from Giving), so that we may restore our PS in full.

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The PCC has a strong balance sheet, with net assets increasing slightly in 2025 to c. £477,000. These can be drawn on to fund the continual expenditure on repairs, maintenance and improvement of our fabric. With these funds and the help of Friends of St Margaret’s (FoSM), we currently have the resources to keep our fabric in good order.

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Despite increased income and reduced expenditure, income was still less than expenditure and we posted a deficit of c £12,000 in 2024. However, an increase in the value of our investments meant our reserves were not depleted by this deficit.

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In summary, the Parish is in a stable financial position – but only because of the emergency measures described above. There remains more work to do on increasing our Giving so that we enter the future in a sustainable way.

 

Year to date (YTD) 30th April 2025

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Core Church Activities: these include the income raised through PG and UG, as well as fees for special services (such as weddings), grants and proceeds of the various social events our volunteers arrange. We have seen a number of new donors start regular giving during 2025 and our thanks go to them and to those who have responded to recent appeals to increase their donations. Comparing April 2025 to April 2024, we have seen a 7.5% increase in monthly PG. The impact on income of the current vacancy and of the temporary closure of St Margaret’s remains to be seen and we urge all parishioners to continue and, if possible, increase their support.

 

On the cost side, our biggest single expenditure is the PS. As indicated above, the PCC made a decision to begin the process of restoration in 2025, given the response to the appeals: this has been increased, with effect from January 1st, by £500 per month.

 

The net financial position for the YTD is a surplus of c £1,200 – but this figure is flattered by a £5,000 legacy left by a generous donor in April. Stripping this out, the PCC has posted an average monthly deficit YTD of c £1,000 per month. We expect stronger performance in the warmer months and aim to break even at this level for the full year.

 

Non-core Activities: these include income and costs we derive from the Emmanuel Centre. We are close to break even for the YTD and are always looking for ways to increase revenue from this source – ideas are always welcome!

 

Major Works Expenditure: this covers the costs of project and maintenance work at our Churches. We are normally able to offset the majority of these costs by reclaiming the VAT on the expenditure. The expenditure can normally be met by legacies or the support of FoSM. In the YTD, gross expenditure was c £2,500, mainly the professional costs in respect of the St Martin’s southwest floor and St Margaret’s Chancel floor projects. Looking out to the remainder of 2025, there will be some significant project costs for the Chancel floor, which FoSM have kindly agreed to fund. In addition, we anticipate some material costs in meeting the requirements of the recent Quinquennial inspections of our three Churches.

 

Ian Henley

Treasurer

May 2025

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