Finance FAQs

How much will the building cost?

We estimate around £1,000,000 based upon advice from professionals.

The cost is broken down into:

Building Contract	£700,000
VAT	£140,000
Professional Fees (architect, structural engineers etc.)	£50,000
Road Crossing (VAT exempt)	£40,000
Contingency	£40,000
Furniture, Fittings & Equipment	£30,000
TOTAL	£1,000,000

Why are we spending this much money? – can we not refurbish the building more cheaply?

We have spent the last few years trying to update the building on a small budget but the current building no longer meets the needs of our growing church and needs significant repairs to keep it running. To do nothing is not acceptable.

Fundamentally the main entrance needs to be relocated, the floor levelled to provide full disabled access and the kitchen remodelled to provide catering facilities for larger events. Additionally we need space for extra groups to meet on Sundays, zoning to enable different groups to use the building when pre-school is occurring and welcoming facilities for courses and meetings. We believe this is a realistic price for the changes we need to make.

How will we pay for the whole project?

We anticipate that the majority of the money will come from people in SML, both in up front gifts and in pledges over a few years.

We have approached some trusts to ask for financial help but we need to have raised a significant proportion of the money before any of them can formally commit.

Is £1 million an achievable amount?

We know that this is a large amount of money and we will be stretched but we also believe that we have resources available to do this within the congregation. In Andy’s sermon on 25 September he mentioned a variety of ways to give which might involve sacrifices for us in different ways (look under sermons online). This project is about us as a church community coming together with equal sacrifice, not equal gifts but equal joy.

Gift aid also makes a difference and it’s worth noting that:

£5000 broken down over 4 years, including Gift Aid, is just £83 per month.

£500 broken down over 2 years, including Gift Aid, is £17 per month

(that’s about 2 Starbucks coffees per week!)

Can I give assets as well as cash?

Yes, you can give gifts of shares, stocks and bonds. It may be more tax beneficial for you to transfer shares rather than sell them. If you are interested specifically in this please do speak to our Project Treasurer. We also recommend that you take appropriate financial advice on this.

You may have things you wish to give such as jewellery or property, which need to be sold in order to release their value. If it is not practical for you to sell them and you would like us to assist you with this please make a note on the giving form and we’ll contact you to make arrangements.

Can I give a one off gift next year?

Yes. Please indicate this on the Giving Response Form to help us manage funds.

Can I change my pledge?

Yes. We understand that your pledge will be made in good faith and you have reasonable assurance that you can give the amount you pledge. If for any reason you wish to alter your pledge (e.g. your financial situation changes) you can either increase or decrease your commitment to this project. We just ask that you please inform the Project Treasurer in writing.

Can I give my money for a specific aspect of the Building Project?

We would prefer that all money is given for the general project and allocated as needed by the Project Team. However, if you have a particular interest in what your money goes towards please speak to the Project Manager.

Can I make an interest free loan?

Yes. Loans would also be very valuable in helping us manage the funds of the project and allowing us to begin work as soon as possible. Our preference is that the majority of people would make gifts rather than loans, and those considering lending would also make a gift. If you are able to offer an interest free loan we would love to hear from you.

What if we don’t get enough money?

That would cause a delay in moving forward with appointing architects for the detailed design phase and contacting trusts etc. We would take active steps to raise further money both from within and outside the church.

Can I specify what proportion of my gift goes to the Church Centre redevelopment and which goes to the overseas project?

We have committed to giving away £45,000 to J-life and will put this aside as soon as we can. We would encourage most people to give to the Building Project as a whole but if you have a specific wish for how you would like your money allocated please do indicate this on the Giving Response Form.

Are you encouraging people to leave legacies in support of the project?

SML would be delighted if you would like to include SML in your will. However we are aware that for most people this will not yield an immediate amount of money for the project!

Are there any fundraising events planned?

There will be! We know that fundraising events raise the profile of the project and enable people to get involved in different ways, so we look forward to people developing different ideas. However, we know that the majority of our funds will come through gifts from members of the congregation and are investing efforts in this initially.

SML Poole

Finance FAQs