1. MANCHESTER DIOCESAN BOARD OF FINANCE 2017 Financial Overview Diocesan Synod 17 March 2018

2. 2017 Financial Overview
Manchester DBF company accounts only (not consolidated)
Draft accounts – currently subject to external audit

3. 2017 Financial Overview Fund Opening Reserves as at 1 January 2017
£'000
Unrestricted – General
2,500
Unrestricted – General (Pension Deficit)
(5,442)
Unrestricted – Designated
734
Restricted
9,505
Endowment
43,491
Total
 50,788

4. 2017 Financial Overview BALANCE SHEET 2016 £’000
£’000
FIXED ASSETS - Property, Investments, Equipment
52,372
CURRENT ASSETS - Debtors, Cash
5,414
CREDITORS - VAT, PAYE, Suppliers etc
(1,556)
NET CURRENT ASSETS
3,858
PENSION DEFICIT
(5,442)
NET ASSETS
50,788

5. 2017 Financial Overview Movement in DBF Reserves in 2017 £'000
Opening Reserves Balance 1 January 2017
50,788
Increase / (Decrease) in Reserves
3,184
Closing Reserves Balance 31 December 2017
53,972

6. 2017 Financial Overview £'000 Unrestricted - General 2,500 502 208 508
Fund
Opening Reserves 1 Jan 2017
Operational Net Income / (Expenditure)
Realised Gain / (Loss) on Property
Unrealised Gain (Loss) on Investments
Transfers
Pension Deficit Payment / Actuarial Gain
Closing Reserves 31 Dec 2017
Increase / (Decrease) in Reserves
£'000
Unrestricted - General
2,500
502
208
508
 (15)
(680)
3,023
523
Unrestricted - General (Pension Deficit)
(5,442)
(77)
1,262
(4,257)
1,185
Unrestricted Designated
734
(137) 14
165
776 42
Restricted
9,505
(68)
173
143
1,009
10,762
1,257
Endowment
43,491
(204)
1,554
(14)
(1,159)
43,668
177
Total
50,788 16
1,935
651
582
53,972
3,184

7. 2017 Financial Overview Annual Budget Actuals Variance £'000 Income
Annual Budget
Actuals
Variance
£'000
Income
12,675
12,500
(175)
Expenditure
12,890
12,693
197
Net Income / (Expenditure)
(215)
(193) 22

8. 2017 Financial Overview Income Annual Budget Actuals Variance £'000
£'000
Parish Share
7,480
7,267
(213)
Church Commissioners
2,712
2,760 48
Glebe Income
715
696
(19)
Housing Income
227
219
(8)
Parochial Fees
691
601
(90)
Investment Income
383
389 6
Other Income
467
568
101
Total
12,675
12,500
(175)

9. Income Adverse variances Favourable variances 2017 Financial Overview
Parish Share shortfall
Parochial Fee income
Favourable variances
Church Commissioners – Chapter funding
Other income – Donation from Subsidiary Company

10. 2017 Financial Overview Expenditure Annual Budget Actuals Variance
£'000
Clergy Payroll
7,624
7,562 62
DBF Staff Payroll
1,523
1,551
(28)
Operating Costs
1,507
1,459 48
Housing Costs
1,269
1,156
113
National Costs
705 -
Other Expenditure
262
260 2
Total
12,890
12,693
197

11. 2017 Financial Overview Expenditure Adverse variances
DBF payroll
Favourable variances
Clergy payroll – vacancies
Housing costs
Operating costs

12. 2017 Financial Overview BALANCE SHEET 2016 Movement 2017 £’000 £'000
£’000
£'000
FIXED ASSETS - Property and Equipment
30,201
(97)
30,104
FIXED ASSETS - Investments
22,171
627
22,798
CURRENT ASSETS - Debtors, Cash
5,414
994
6,408
CREDITORS - VAT, PAYE, Suppliers etc
(1,556)
475
(1,081)
NET CURRENT ASSETS
3,858
1,469
5,327
PENSION DEFICIT
(5,442)
1,185
(4,257)
NET ASSETS
50,788
3,184
53,972

13. 2017 Financial Overview Surplus of £502k on U/R funds
In summary:
Surplus of £502k on U/R funds
Net expenditure of £486k on other funds
Gains on property sales £1,935k
Unrealised gain on investments £651k
Reduction in pension deficit £1,262k
DBF Reserves increased by £3.184m

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