Diocesan Synod 10 July 2013

1. Diocesan Synod 10 July 2013 Bath & Wells Diocesan Board of Finance Annual General Meeting Harry Musselwhite FKC Chairman of the DBF

2. AGM Agenda • Approval of Minutes (AGM 18/07/12) • Receive Report and Accounts 2012 • Appointment of Auditors, haysmacintyre

3. 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)

4. B&W DBF Income versus Expenditure Common Fund = Sum of all Parish Shares across Diocese

5. 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

6. 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

7. 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)

8. 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

9. B&W DBF – OPERATING DEFICITS

10. 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

11. 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).

12. ANNUAL REPORT & ACCOUNTS 2012 ANY QUESTIONS?

13. 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.”

14. 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”