St Andrew's

Psalter Lane


Reserves Policy

St Andrew’s Psalter Lane Church
Reserves Policy

31 August 2022
On 31 August 2022 our unrestricted reserves were £87,000, which is a similar
amount to last year. We have carefully considered our present financial position
and future obligations.
Due to the substantial increase in the cost of gas and electricity together with other
cost increases our operating budget for the coming year shows a deficit of £15,000.
We are exploring ways in which we can achieve a substantial reduction in this hole
in our finances. Where possible we are trying to reduce expenses and increase
We are planning to appeal to our members and friends asking them to consider
increasing their planned giving. In addition, we’re aiming to increase income from
our lettings and make savings and efficiencies in our expenses.
Also, we are faced with the task of undertaking major repairs to the church building.
The spire is in a distressed state and it will cost in the region of £135,000 to repair.
At present it is not in a dangerous condition, however, it is deteriorating particularly
in the colder winter months.
In the coming year, we are planning to finance the repairs using part of our existingreserves together with an appeal to members involving various fund-raising efforts.
It is also hoped that we will be successful in obtaining some financial support from
grant making charities.
Clearly, we don’t have sufficient resources to meet all our present needs, however,
our trustees are aware of the urgent necessity to put in place measures to resolve
our operating deficit and raise sufficient funds to complete the repairs.
Joe Dey
November 2022

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