Diocese of Lincoln - Financial Summary 2010 by Diocese of Lincoln

Financial Summary for the year ending 31st December 2010

May 2011 www.lincoln.anglican.org/finance

Income 2010 In summary: A number of signiﬁcant savings were achieved against budgeted expenditure in 2010 – particularly in the areas of non-parochial mission and mission support. However, investment income was 6.6% lower than expected so that the end of year position was within budget, but still showed an overall deﬁcit of £536,322.

5,000,000

Our giving levels are still near the bottom of the Church of England’s tables but are growing in most parts of the Diocese and we owe a huge debt of thanks to all those who give, whether ﬁnancially or with their time and talents. In the coming year economic ﬁnancial pressures will continue to be considerable and the Trust will continue to rely upon the generosity of all those who support our work through share payments, donations and grants.

Jubilee In 2010 we established a Jubilee process which will use certain funds (largely derived from the sale of surplus housing stock) to pay for most Unplanned Posts where the incumbent is protected from redundancy by ecclesiastical law. Along with the principle of Jubilee, a set of financial disciplines was agreed at the first meeting of the Board in 2010 and then published widely. Jubilee has relieved many deaneries of the worry of accruing deficits over which they have no control, and should free them to focus on the development of mission. The financial disciplines that have been introduced will ensure that this use of capital is closely controlled and that the performance of deaneries is carefully monitored so that prompt support and intervention can be effected if necessary.

Fe es

1,25 0,00 0

su pp Ot or he t rr es er ve s

ile e Ju b

Investment Income We anticipated that 2010 would be another diﬃcult year and it proved to be so in relation to investment income. This is far more concerning than cyclical changes in capital values since our investment policy is long term, whereas reductions in income can have an immediate impact on our ability to deliver mission. The overall investment policy is to maximise the total of income and capital growth from our investments all of which are invested for the long term.

2,50 0,00 0

De an er Gr yS in an ha co t a re m nd e In su v (h es nd ist tm ry or e ic nt as in se co ts m ) e

Deanery Contributions Share Payments showed a signiﬁcant increase, both over budget and over the previous year’s payments. This was a major factor in the result for the year. However it is important to note that a majority of Deaneries nonetheless fell short of their suggested contribution.

3,750,0 00

Income received 2010 Net Deanery Share Grant and sundry income National Church Institutions Additional allocation Grant from the Allchurches Trust Other income Rents Investment income Glebe rents (net of costs) DSF investments General Housing

£ 4,664,468 394,663 87,168 114,226 19,370 19,501 664,928

Fees Total income Jubilee support Charge to other reserves

816,467 1,598,898 41,597 1,136 2,458,098 645,998 8,433,493 368,932 177,390

Total

8,979,815

Expenditure 2010 The Trust ﬁnances and supports Parochial Ministry by funding the stipends, pensions and development of those who minister within the Diocese. 4,500,0 00

Including curates this represented 69% of expenditure in 2010. In addition to stipendiary ministry there are over 700 people involved in other types of formal ministry of one kind or another (eg Readers and Lay Parish Ministers) who, while unpaid, are trained and supported by the activities of the Trust.

As ever, much staff time is deployed in ensuring that support and systems are effective in fostering the growth and development of mission. A key aspect of this work is the need to balance the shift away from centralisation with the need to maintain cost-effective and efficient operations in the context of a church which is catholic as well as reformed. Priorities are also informed by the need to ensure that all the right people have the right information on which to base decisions and the need to ensure that all those who minister and work in the Diocese (whether ordained or lay) are effectively resourced. It has also been important to encourage all parts of the Church to be world-facing and fully engaged with secular institutions and agencies as well as ecumenical partners.

ra te Se Tr s ct a or in Ot in M g m he i ss r m i n i s tri io is es n s Na sup ion re tio p a sp na ort nd o l ns C M ad ana ibil hur m ge itie ch in m ist e s ra nt tio an n d

er y

M in

ist ry

1,50 0,00 0

De an

A wide range of other work, from chaplaincy and community engagement, to education and youth work, is also funded and/or supported by the Trust. In addition, the Trust supports the work of the Diocese with other Christian denominations and with other faith groups. All of this work is supported in turn by dedicated staﬀ who are employed in a variety of roles. These include training, communication, development of church school governors and teachers, asset and property management, schools buildings projects, development of a wide range of resources, advice on maintaining and developing church buildings, ﬁnancial advice and accounting services.

3,00 0,00 0

Expenditure 2010

Deanery ministry Curates Training National training costs Formation and Discipleship Sector ministries including Grant to Lincolnshire Chaplaincy Services Ministry support (eg DDO, Warden of Readers) Other mission and mission support Parish support and development Archdeacons and Rural Deans Children & Young People’s work Grants payable National Church responsibilities (eg General Synod and Archbishops’ Council) Management & administration (eg insurance, oﬃce overheads, audit) Total

Cost per member per week*

5,228,760 1,009,672

3.95 0.76

368,930 171,720 540,650

0.28 0.13

277,703 85,788

0.21 0.06

581,119 175,624 83,826 50,953 891,522 391,254

0.44 0.13 0.06 0.04 0.30

554,467

0.42

8,979,815

6.78

* Electoral roll: 25,475

£100,489 £156,676 £172,231 £254,085 £149,947 £252,408 £115,490 £151,498 £190,566 £202,544 £194,284 £186,487 £208,231 £274,429 £268,433 £180,694 £397,081 £278,452 £168,806 £314,257 £279,109 £168,272

Isle of Axholme Corringham Lawres Manlake West Wold Yarborough Bolingbroke Calcewaite & Candleshoe Grimsby & Cleethorpes Haverstoe Horncastle Louthesk Stamford Beltisloe Christianity Elloe East Elloe West Graﬀoe Grantham Holland Laﬀord Loveden

£4,664,468

Expenditure by Deanery 2010 £183,164 £274,483 £259,665 £536,917 £277,089 £407,562 £231,215 £451,192 £617,169 £442,850 £330,181 £447,082 £330,614 £408,603 £648,347 £291,981 £562,647 £499,816 £359,395 £693,110 £490,343 £236,387

£8,979,815

R J WARD (Senior Statutory Auditor) STREETS AUDIT LLP Chartered Accountants & Statutory Auditor May 2011

Independent Auditors’ Statement

We have examined the summarised financial statements set out in this leaflet. These relate to the deanery summary as extracted from the audited financial statements of the Lincoln Diocesan Trust & Board of Finance Ltd. Respective responsibilities of trustees and auditors Diocesan Council is responsible for preparing the Financial Summary for the year ending 31st December 2010. Our responsibility is to report to you our opinion on the consistency of the summarised financial statements within the summarised annual report with the full financial statements and trustees’ report. We also read the other information contained in the summarised annual report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the summarised financial statements. Basis of opinion We have carried out the procedures necessary to ascertain whether the summarised financial statements are consistent with the full financial statements from which they have been prepared. Opinion In our opinion the summarised financial statements are consistent with the full financial statements for the year ended 31st December 2010.

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