THE TRURO DIOCESAN BOARD OF FINANCE
LIMITED
Annual Report and Accounts 2013
Michael Kent, Director of Finance

Financial Statements

Company Law, Charity Law,
Accounting Standards

Strategic Report

Matters of strategic importance

How the directors have performed

Operating Deficit for the Year
Incoming resources
Resources expended
£6.5M
£6.7M
Net Deficit for the Year
Profit on sale of houses
Operating Deficit for the Year
£0.2M
£0.4M
£0.6M

Income

MMF Contributions
2003 – 2013 (net of PRF grants)

Income £6.476M

Expenditure

Ministry in Parishes
£5M
96 FTE (2012: 98)
9 Appointments; 16 Retirements
4 new Deacons; 6 Priests; 6 Readers
2% scale increase

Expenditure £6.667M

Net Assets
Housing
Investments
Fixed Assets=
Balance Sheet
£69.4M
---------
£45.1M
£20.2M
---------
£65.3M
---------
(£1.4M Revalue Gain)
(£15.0M DSF Capital)
(£1.4M Revalue Gain)

Pastoral Account
Fund balance £3.3M
Sold 10 Houses for £3.1M
Bought 1 House for £0.5M
Spent £1.1M on routine Repairs and Improvements
£40K to Transformation Fund

General Fund
Fund balance £3.3M – expendable at the Directors’ discretion
Sold 2 Houses for £0.4M
Bought 2 Houses for £0.8M
28 weeks of Annual Budgeted
Expenditure