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Diocesan Synod 10 July 2013. Bath & Wells Diocesan Board of Finance Annual General Meeting. Harry Musselwhite FKC Chairman of the DBF. AGM Agenda. Approval of Minutes (AGM 18/07/12) Receive Report and Accounts 2012 Appointment of Auditors, haysmacintyre.

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Diocesan synod 10 july 2013

Diocesan Synod 10 July 2013

Bath & Wells Diocesan Board of Finance

Annual General Meeting

Harry Musselwhite FKC

Chairman of the DBF


Agm agenda
AGM Agenda

  • Approval of Minutes (AGM 18/07/12)

  • Receive Report and Accounts 2012

  • Appointment of Auditors, haysmacintyre


Annual report and accounts review and approval process
ANNUAL REPORT AND ACCOUNTS REVIEW AND APPROVAL PROCESS

  • Reviewed and Cleared by Auditors, haysmacintyre

    • Unqualified Audit Report (Pages 16 & 17)

  • Reviewed by Audit Group (17/04/2013)

  • Commended by Finance Group (22/05/2013)

  • Approved by Bishop’s Council (19/06/2013)

  • Received by Diocesan Synod (10/07/2013)

  • Subsequent Filing with Charity Commission and Companies House (public document)


B w dbf income versus expenditure
B&W DBF Income versus Expenditure

Common Fund = Sum of all Parish Shares across Diocese


B w dbf 2012 income
B&W DBF – 2012 INCOME

Budget

£10.81 million

Actual Variance

£10.82 million £16,000

  • Actual Income equated with Budget at £10.8m

  • Almost £9 million of our income came from Parish Share

  • 1.7% unpaid Parish Share (98.3% actual collected, 99.2%

  • budgeted, 97.7% prior year)

  • Improved Investment Income, Fees and new Solar PV


B w dbf 2012 expenditure
B&W DBF – 2012 EXPENDITURE

Budget

£11.37 million

Actual Variance

£11.24 million £125,000

£125,000 (1.1%) expenditure savings primarily due to:

  • Lower office holder and other employment costs


B w dbf 2012 operating deficit
B&W DBF – 2012 OPERATING DEFICIT

Income of £10.82 million and expenditure of £11.24 million resulted in an operating deficit for the year of:

£(416,000)


B w dbf operating deficits
B&W DBF – OPERATING DEFICITS

2006 £(610,000)

2007 £(754,000)

2008 £(934,000)

2009 £(803,000)

2010 £(745,000)

Declining Deficits

2011 £(611,000)

2012 £(416,000) TOTAL £(4.9)M

2013 Budget£NIL



Summary financial points 2012 1
Summary Financial Points 2012 (1)

  • Parish Share collection rate was 98.3% (of £8.9m)

  • Common Fund increase was nil % (as 2011)

  • Operating deficit came in under Budget (£141,000)

  • Average parochial stipendiary clergy relatively static year-on-year (191 full-time, 16 part-time)

  • Clergy net house sales continued to help fund the on-going operating deficit, though numbers reducing

  • Net Asset/Fund values improved during year (£2.2m)

  • Cash position, when constrained (house purchase/ sale timings), being funded via short-term borrowing


Summary financial points 2012 2
Summary Financial Points 2012 (2)

  • Continued strong investment performance: £1.2m from dividends/interest/land rentals

  • New additional income stream (£84k gross) from Solar PV panels on 61 Parsonage Houses

  • Fund for Church Growth continued to invest – 24 projects supported during the year (£225k)

  • Planned draw-down in 2012 of £416k from general reserves (less than £557k budgeted).



2012 report accounts
2012 REPORT & ACCOUNTS

  • To receive the Board’s Report and Accounts for 2012, as approved by The Bishop’s Council as Directors of The Board.

  • MOTION: “That the Report and Accounts for 2012 be received.”


2013 14 appointment of auditors
2013-14 APPOINTMENT OF AUDITORS

  • The Bishop’s Council, as Directors of The Board, recommends the appointment of haysmacintyre

  • MOTION: “That haysmacintyre be appointed as Auditors for 2013-14”


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