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

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

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

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

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

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

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

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)

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

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

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

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

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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