Financial Summary
Financial Summary 2008
Download the Consolidated Financial Statements for 2008
From Alan Cooper, Chairman of the Board of Finance
2008 will be recorded in world and personal histories as one of financial turbulence, corporate greed and incompetence. All this has, in one way or another, impacted upon us in the Board of Finance and the parishes. We have ensured that, as far as possible, prudence in planning and savings in operational cost should contribute to our financial security.
Some facts and figures:
The Church Commissioners were able to allocate £2,546,000 to us last year. Most of this money was used to support clergy stipends.
Our Glebe holdings (buildings and land) and other investments yielded an income of £1,646,000 During the year St John's House, was completed and is now fully occupied. No finance for this was found from Parish Share. The board's policy on business development and income generation is quite simple. We have received from our predecessors - and now enjoy their bounty. We plan to hand on to our successors an enhanced and well-managed estate.
Parish Share is the crucial element in our income planning. Last year we received from the parishes £7,166,368 or 84.6% of the budgeted figure. We were delighted that 188 parishes paid in full. All parishes paid something towards their Parish Share and only five parishes paid less than 20%. Obviously, there are many reasons why some parishes do not reach their target. But, it remains a cause for concern.
The actual cash withdrawn from reserves was £70,000. Not something we would like to do too often. Having said that, the Board of Finance is most grateful for all that has been done in the parishes to support the 2008 budget. Such commitment and support is never taken for granted.
The Church Commissioners made available extra funding for innovative work in areas of new housing development. This was to be obtained by bidding. A team of staff members at Church House submitted a quite exceptional presentation. The case was made - and accepted - and we were awarded £500,000!
2008 can be summed up quite well as the year when many difficulties were overcome and opportunities for mission grasped.
