Finance Report 2016 URC SW Synod 11th March 2017

Contents M&M 2016 & 2017 Income & expenditure 2016 Balance sheet

Mission & Ministry Contribution The M&M pledge from SW Synod for 2016 was £1,350,000 Our actual contribution was £1,351,000 A little over the target Our commitment for 2017 is £1,310,000 Our giving almost matches the costs of ministry we receive WELL DONE to those who contributed Particular thanks to those that increased contributions by the 1% requested and to those who gave considerably more Special thanks to the churches that have contributed. Special thanks to 99% of the churches who have responded positively to the request to support the Minister’s Pension fund Thanks to David Hayden and our M&M advisors for the work that they do in order to get the MMF contributions agreed

Where does M&M go? 75% to pay stipendiary ministers & CRCWs 25% on programs mandated by our representatives at General Assembly and on administration and legal matters

Income Major category 2015 2016 Investment Income 217,241 257,385 Donations & Legacies 21,905 23,006 Charitable income 27,828 331,000 Other income 117,084 436,706 Total 384,058 1,048,097 Investment income has been maintained. Sales of Bishopsworth, Tiverton & 5 Westward Road; closure of Lawrence Hill Other includes Avebury dilapidations

Expenditure Grants Category 2015 2016 Institutional Grants 98,024 75,864 Mission Grants 54,850 116,560 Property Grants 97,968 100,633 Other Grants 1,700 1,350 Total Grants 252,542 294,407 Major difference in grants was 240K to Westminster committed in 2011

Expenditure Direct Costs Category 2015 2016 Training & conferences 24,733 27,814 Church Support 7,703 15,933 Youth activities 91 774 Special Ministries 109,162 115,145 Pastoral Advisors 47,819 47,337 Property costs 20,684 34,311 Other costs 1,166 55 Total 211,358 241,369 Staff costs are reductions in hours

Expenditure Support costs Category 2015 2016 Synod & Area costs 12,062 16,556 Auditing costs 8,370 8,970 Printing, stationery & Postage 6,977 6,927 Utilities 4,369 8,244 Office costs 8,021 9,127 Property costs 14,185 14,550 Governance costs 1,252 2,641 Staff costs 98,005 97,598 Total 153,241 164,613 Major expenses on Synod Office, not capitalised because of value of property and Bakers Close Losses include sales of some investments which we reinvested

Summary Category 2015 2016 Income Grants Direct costs Support costs 384,058 1,048,097 Grants 252,542 294,407 Direct costs 211,358 241,369 Support costs 153,241 164,613 Total spend 617,141 700,389 Surplus (233,083) 347,708

Summary Category 2015 2016 Net incoming Gains/(losses) on assets (233,083) 347,708 Gains/(losses) on assets 37,889 1,334,008 Net funds movement (195,194) 1,681,716 Significant gain in value of investments These figures may change as a result of Audit

Balance Sheet 2015 2016 Category Tangible assets 1,919,815 2,059,656 Investment property 1,588,538 2,442,825 Other investments 5,758,977 6,284,092 Current Assets 185,360 438,251 Current liabilities (169,537) (185,860) Long term liabilities (121,408) (195,501) Net Assets 9,161,745 10,843,463 We have been lucky and we are moving from being a middle of the road Synod to one verging on more wealthy. However in order to fund the normal level of spending of around £450K we need income generating assets of at least £10M. Currently they are around half this value. We depend as do ALL other Synods on sales of property to make ends meet! Liabilities are grant promises; long term includes Westminster commitment