THE TRURO DIOCESAN BOARD OF FINANCE LIMITED Annual Report and Accounts 2013 Michael Kent, Director of Finance.

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Presentation transcript:

THE TRURO DIOCESAN BOARD OF FINANCE LIMITED Annual Report and Accounts 2013 Michael Kent, Director of Finance

Financial Statements Company Law, Charity Law, Company Law, Charity Law, Accounting Standards Strategic Report Strategic Report Matters of strategic importance Matters of strategic importance How the directors have performed How the directors have performed

Operating Deficit for the Year Incoming resources£6.5M Resources expended£6.7M Net Deficit for the Year£0.2M Profit on sale of houses£0.4M Operating Deficit for the Year£0.6M

Income £6.476M

MMF Contributions 2003 – 2013 (net of PRF grants)

Income £6.476M

Expenditure £6.667M

Ministry in Parishes £5M 96 FTE (2012: 98) 9 Appointments; 16 Retirements 4 new Deacons; 6 Priests; 6 Readers 2% scale increase

Expenditure £6.667M

Balance Sheet Net Assets £69.4M Housing £45.1M(£1.4M Revalue Gain) Investments £20.2M(£15.0M DSF Capital) (£1.4M Revalue Gain) Fixed Assets=£65.3M

Pastoral Account Fund balance £3.3M Sold 10 Houses for £3.1M Bought 1 House for £0.5M Spent £1.1M on routine Repairs and Improvements and Improvements £40K to Transformation Fund

General Fund Fund balance £3.3M – expendable at the Directors’ discretion Sold 2 Houses for £0.4M Bought 2 Houses for £0.8M 28 weeks of Annual Budgeted Expenditure