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LDBF. Financing mission and ministry in the Diocese of Leicester. 5 year history 2003 to 2007. Assets Income Expenditure. Summary Overview - Assets. We have a sound asset base which has been growing in value.

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Financing mission and ministry in the Diocese of Leicester

5 year history 2003 to 2007
5 year history2003 to 2007

  • Assets

  • Income

  • Expenditure

Summary overview assets
Summary Overview - Assets

  • We have a sound asset base which has been growing in value.

  • Asset value growth comes from the sale of property at above book value, as well as stock market gains.

  • Much of the asset base is in property and investment of restricted and designated funds.

  • The last 5 years have seen significant gains in capital values for both investments and property, this may not continue.

  • Income from these investments is increasingly important in maintaining a balanced budget

Summary cash flow and assets
Summary Cash Flow and Assets

  • Cumulative cash flow 2003 to 2007 £3.1 million.

  • 2007 loan (£0.5 million) to Launde from capital cash flow.

  • 2008 loan (£0.5 million) to Cathedral Square project

  • Net assets increased by £13 million 2003 to 2007 ( glebe appreciation on disposal and stock market gain).

Summary overview income and expenditure 2003 to 2007
Summary Overview –Income and Expenditure 2003 to 2007

  • Over the last 4 years income and expenditure have largely matched each other, surpluses being set aside to cover short term fluctuations in cost and income.

  • Parish share income increased by an average of 3.6% per annum (2007 by 1.4%).

  • Parish related expenditure has increased by an average of 1.9% per annum.

  • Income from Central Church and LDBF investments has increased by an average of 8.3% and 10.5% per annum respectively.

  • BUT

  • During 2007 income increased by only 1.4% whilst expenditure increased by 5.6%.

  • The main increases in expenditure in 2007 were Parish related (housing and stipend) 5%, Central Admin. and Governance 6.7%, Board of Ministry 10.8%, and Grants 20.6%.

2008 forecast
2008 forecast

  • The capital base has continued to grow, income from investments will exceed budget.

  • The growth in expenditure ( clergy related, youth work and grants) will exceed the growth in income for the second year in a row.

  • The out turn for 2008 may be close to breakeven despite expenditure being forecast to increase by 4.3% and parish share income forecast to increase by only 0.5%

  • In the longer term, unless parish share income can be increased, the current costs will significantly exceed income when clergy vacancy rates fall.

2009 budget summary
2009Budget Summary

  • Will be a difficult year with the serious national and international economic situation affecting many people

  • The proposal is for a broadly balanced budget without compromising the mission and ministry priorities of the diocese

  • Income from national church and investments will underpin the budget, at least for 2009

  • Parish share receipts are uncertain, the response to the giving initiative will be significant in enabling the future work of the diocese

  • Clergy stipends are be budgeted at around cost inflation (4%), clergy housing costs increase by over 7% - utility and building costs

  • Diocesan costs, other than clergy related costs, are held at a 1% increase over the 2008 forecast level

  • Reserved surpluses from previous “good” years provide a short term contingency

Questions see frequently asked questions on the web site

Questions?see Frequently asked Questions on the web site