the truro diocesan board of finance limited annual report and accounts 2013 michael kent, director...

THE TRURO DIOCESAN BOARD OF THE TRURO DIOCESAN BOARD OF FINANCE LIMITEDFINANCE LIMITED

Annual Report and Annual Report and Accounts 2013Accounts 2013

Michael Kent, Director of Finance

Financial StatementsFinancial Statements

Company Law, Charity Law, Company Law, Charity Law, Accounting StandardsAccounting Standards

Strategic Report Strategic Report

Matters of strategic importanceMatters of strategic importance

How the directors have performedHow the directors have performed

Operating Operating DeficitDeficit for the Year for the Year

Incoming resourcesIncoming resources £6.5M£6.5M

Resources expended £6.7M

Net Net DeficitDeficit for the Year for the Year £0.2M£0.2M

Profit on sale of housesProfit on sale of houses £0.4M£0.4M

Operating Operating DeficitDeficit for the Year for the Year £0.6M£0.6M

IncomeIncome £6.476M £6.476M

MMF Contributions MMF Contributions 2003 – 2013 (net of PRF grants)2003 – 2013 (net of PRF grants)

Income £6.476MIncome £6.476M

ExpenditureExpenditure £6.667M £6.667M

Ministry in ParishesMinistry in Parishes£5M£5M

96 FTE (2012: 98)96 FTE (2012: 98)

9 Appointments; 16 Retirements9 Appointments; 16 Retirements

4 new Deacons; 6 Priests; 6 Readers4 new Deacons; 6 Priests; 6 Readers

2% scale increase2% scale increase

Expenditure £6.667MExpenditure £6.667M

Balance SheetBalance Sheet

Net Assets Net Assets £69.4M £69.4M ------------------

Housing Housing £45.1M£45.1M (£1.4M Revalue Gain)(£1.4M Revalue Gain)

Investments Investments £20.2M£20.2M (£15.0M DSF Capital)(£15.0M DSF Capital)(£1.4M Revalue Gain)(£1.4M Revalue Gain)

------------------Fixed Assets=Fixed Assets= £65.3M£65.3M ------------------

Pastoral AccountPastoral AccountFund balance £3.3MFund balance £3.3M

Sold 10 Houses for £3.1MSold 10 Houses for £3.1M

Bought 1 House for £0.5MBought 1 House for £0.5M

Spent £1.1M on routine RepairsSpent £1.1M on routine Repairs and Improvementsand Improvements

£40K to Transformation Fund£40K to Transformation Fund

General FundGeneral Fund

Fund balance £3.3M – expendableFund balance £3.3M – expendableat the Directors’ discretion at the Directors’ discretion

Sold 2 Houses for £0.4MSold 2 Houses for £0.4M

Bought 2 Houses for £0.8MBought 2 Houses for £0.8M

28 weeks of Annual Budgeted28 weeks of Annual BudgetedExpenditureExpenditure