Diocesan Synod: 11 May 2019 2018 Financial Statements Mike Sturgess Email: mike.sturgess@hotmail.co.uk
For where your treasure is, there your heart will be also. Matthew 6 v 21
• Operating deficit (£643,682) • Loss on investments (£924,636) • Loss on revaluation (£289,620) • Overall deficit (£1,857,620)
Overview – income and expenditure £280,326 £311,862 £364,099 £456,567 Support for Mission & MMF Ministry ABC £2,013,644 £894,158 Ministry £3,637,402 costs Investments £4,832,173 £1,470,4 Deficit 03 £643,682 £339,315 £327,352
May 2018 Synod: • Today’s giving should resource today’s church. • Deaneries will be where giving and the cost of ministry are matched.
• Resourcing Ministry £4.91m • See note 8 • MMF Call £4.92m • MMF Collection £3.64m £1.3 million MMF shortfall
MMF: 2008 - 2019 £5,000,000 £4,500,000 £4,000,000 £3,500,000 £3,000,000 £2,500,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MMF Call MMF Paid 2008 MMF + inflation
MMF: Collection rate 100.0% 98.0% 96.2% 95.0% 93.4% 93.1% 92.4% 88.7% 89.9% 90.0% 87.3% 85.0% 83.5% 79.4% 80.0% 74.0% 75.0% Apr 19 v Apr 18 70.0% -£104k 65.0% 62.3% 60.0% 57.2% 55.0% 50.0%
2014 - 2017 parish reserves Parishes' unrestricted cash and investments from Returns of Parish Finances (£million) £6.6 £6.4 £6.2 £6.0 £5.8 £5.6 £5.4 £5.2 £5.0 £4.8 2014 2015 2016 2017
Stipendiary clergy numbers v ministry costs (per note 8, page 33) £5.0 110 £4.8 105 Ministry costs (£ million) Stipendiary clergy numbers £4.6 100 £4.4 95 £4.2 90 £4.0 85 £3.8 80 £3.6 75 £3.4 70 £3.2 65 £3.0 60 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Ministry costs Stipendiary clergy numbers Linear (Ministry costs)
Ministry numbers overall 1200 1000 800 600 400 200 0 2015 2016 2017 2018 Stipendiary priests Self-supporting priests ‘House for Duty’ priests Curates Readers Priests with Permission to Officiate Local Worship Leaders Local Pastoral Ministers
Other points
Investment losses Sale of houses (notes 6 & 9) +£14,641 Gains on Glebe (SOFA) -£924,636 Revaluation of properties (SOFA) -£289,302 2018 total losses on investments:-£1,199,297 2017: Gain of £4,665,346
Note 8: Charitable activities • Charitable activities up £308k • Lay scheme pension deficit £313k • Transforming Mission £208k • Resettlement costs £38k • Training & development -£34k • Housing costs -£41k • Mission fund grants -£58k • Stipends & clergy pension -£117k
Staff numbers (full-time equivalent) 35 30 25 20 15 10 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Church House Transforming Mission
Note 26 - Diocesan Funds £100 Millions £90 £80 £70 £60 £50 £40 £30 £20 £10 £0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 General Fund Other Designated Pastoral Account Pastoral Account (Ring-fenced) Other Restricted Education Trusts Board Houses Parsonages Stipends Capital
Conclusion • 2018 had an operating loss, primarily due to low MMF payments • We are operating below our reserves policy • Investments revaluation resulted in losses as well • TDBF is now using Total Return to • Fund past problems – pension deficits • Invest in growing the church
For where your treasure is, there your heart will be also. Matthew 6 v 21
Any questions?
Synod is asked: • To receive the 2018 Annual Report and Financial Statements • To appoint haysmacintyre as auditors • To reappoint Veale Wasbrough Vizards as solicitors
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