THE TRURO DIOCESAN BOARD OF THE TRURO DIOCESAN BOARD OF FINANCE LIMITEDFINANCE LIMITED
Annual Report and Annual Report and Accounts 2013Accounts 2013
Michael Kent, Director of Finance
Financial StatementsFinancial Statements
Company Law, Charity Law, Company Law, Charity Law, Accounting StandardsAccounting Standards
Strategic Report Strategic Report
Matters of strategic importanceMatters of strategic importance
How the directors have performedHow the directors have performed
Operating Operating DeficitDeficit for the Year for the Year
Incoming resourcesIncoming resources £6.5M£6.5M
Resources expended £6.7M
Net Net DeficitDeficit for the Year for the Year £0.2M£0.2M
Profit on sale of housesProfit on sale of houses £0.4M£0.4M
Operating Operating DeficitDeficit for the Year for the Year £0.6M£0.6M
IncomeIncome £6.476M £6.476M
MMF Contributions MMF Contributions 2003 – 2013 (net of PRF grants)2003 – 2013 (net of PRF grants)
Income £6.476MIncome £6.476M
ExpenditureExpenditure £6.667M £6.667M
Ministry in ParishesMinistry in Parishes£5M£5M
96 FTE (2012: 98)96 FTE (2012: 98)
9 Appointments; 16 Retirements9 Appointments; 16 Retirements
4 new Deacons; 6 Priests; 6 Readers4 new Deacons; 6 Priests; 6 Readers
2% scale increase2% scale increase
Expenditure £6.667MExpenditure £6.667M
Balance SheetBalance Sheet
Net Assets Net Assets £69.4M £69.4M ------------------
Housing Housing £45.1M£45.1M (£1.4M Revalue Gain)(£1.4M Revalue Gain)
Investments Investments £20.2M£20.2M (£15.0M DSF Capital)(£15.0M DSF Capital)(£1.4M Revalue Gain)(£1.4M Revalue Gain)
------------------Fixed Assets=Fixed Assets= £65.3M£65.3M ------------------
Pastoral AccountPastoral AccountFund balance £3.3MFund balance £3.3M
Sold 10 Houses for £3.1MSold 10 Houses for £3.1M
Bought 1 House for £0.5MBought 1 House for £0.5M
Spent £1.1M on routine RepairsSpent £1.1M on routine Repairs and Improvementsand Improvements
£40K to Transformation Fund£40K to Transformation Fund
General FundGeneral Fund
Fund balance £3.3M – expendableFund balance £3.3M – expendableat the Directors’ discretion at the Directors’ discretion
Sold 2 Houses for £0.4MSold 2 Houses for £0.4M
Bought 2 Houses for £0.8MBought 2 Houses for £0.8M
28 weeks of Annual Budgeted28 weeks of Annual BudgetedExpenditureExpenditure