C1
Financial Summary for the year ending 31 December 2012
Introduction Each year, the ministry and mission of the Diocese of Lincoln is mutually supported by the generous giving of people in the parishes, supplemented by the careful management of investments. Without the generous support of parish giving, the Diocese’s plans for numerical and spiritual growth across the region would be unsustainable, and the important ministry in the sociallychallenged areas would be untenable. Every year brings fresh challenges, and in the current financial climate, this past year has been no exception. Falling income has been mitigated in part by cost savings, but the current climate is not one in which growth is nurtured. The mission of the Church depends not only on the generosity of people in their local church, but also their time, talents, and enthusiasm for furthering the Gospel of Jesus Christ. At the end of another difficult financial year, thank you for all you do to support the mission of the Church in Lincolnshire, North Lincolnshire and North East Lincolnshire, and let’s work together to build our Church in the coming year. The Revd Canon Richard Bowett Diocesan Secretary
Summary The year-end financial statement reflects an exciting but challenging year of change and development, led by the Bishop of Lincoln, as the Diocese began to secure a future of mission and ministry.
613,651
The Old Palace Rents
26,001 50,399
Grants
24,398
742,880
Grant from Allchurches Trust
145,668
Other income Investment income
Other *DSF investments General Housing
17,421 905,970
In
Glebe Rents
The Old Palace
National Church Institutions
842,810 1,444,497 43,455 3,368
e
2,334,131
8,263,014
n
e
Trading
m co
sh
ri pa
Fees
4,358,865
ments fro m
Share payments from parishes
ÂŁ
n t I
p ay e ar h S
Income Received 2012
v e s tm
An important aspect of the work is the need to foster trust by supporting the activity of the whole church across the Diocese. Priorities are also informed by the need to ensure that all those who minister and work in the Diocese (whether ordained or lay) are as well resourced as possible. Expenditure is focused on achieving all these aims
ts
The ministry of the Diocese is secured and supported by local giving, and the Trust continues to rely upon the generosity of all those who support our work through share payments, donations and grants.
an
The establishment of nine Implementation Panels covering issues such as Discipleship, Share, Ministry Development and Governance during the year acknowledges the need to review, renew and refocus activity.
Fees
Gr
With total share payments the lowest since 2004, a high number of parochial vacancies, and investment returns down, it is clear that 2012 must be seen as a catalyst for change and positive growth.
e
s
A number of significant savings in costs were achieved against budgeted expenditure in 2012. However the total income fell by 7.3%, resulting in a deficit of ÂŁ624,000.
INCOME
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.
Mi Supnpistr or y t
Sector Ministries
o ec t
908,528 6,043,621 4.53 585,525 110,866 696,391 0.52
Grants
298,134
Parish support & development
624,272
Archdeacons & rural dean expenses
188,845
Administration
National Church responsibilities Old Palace Supplemental Charge Administration Synod, Committees and Audit
1,111,251 0.83 383,888 74,939 518,291 58,388 1,035,505 0.78
8,886,769 6.67
s
In addition to stipendiary ministry there are more than 500 people involved in other types of formal ministry of one kind or another (Readers and Authorised Lay Ministers) who, while unpaid, are trained and supported by the activities of the Trust.
Training and Sector Ministries
Training
5,135,093
t r y
We had planned and budgeted to spend £6,641,000 on funding parochial ministry and on curates but the actual expenditure was £6,043,000, a reduction of £598,000.
Curates
Cost per member per week
in i
The Trust finances and supports Parochial Ministry by funding the stipends, pensions and development of those who minister within the Diocese and for those in training for future ministry.
&S
EXPENDITURE
Parochial Ministry
Parochial Ministry
Ministry Support
inings a r T r Ministrie
Income from investments reduced in 2012. In particular, income from our Charities Property Fund investment was affected by adverse market conditions. An improvement in investment income is anticipated in 2013 following an upward review of rents for a large proportion of agricultural land holdings during 2012.
£
Pa r o c h i a l M
Grants are an important source of income. They exceed £900,000.
The Old Palace trading surplus for the year is £24,372 which is encouraging so soon after the opening of The Old Palace Lodge in June 2012.
Expenditure in 2012
Fee income includes parochial and chaplaincy fees and some trust income.
m d A
ini
t i o n a r st
We asked deaneries to raise £5,150,000 in share payments, but only £4,358,865 was achieved. This was lower than any year since 2004. The Share Implementation Panel is working on a revised formula for assessing share and there are plans to have a new method of calculation for 2014. However, it is clear that parishes in the Diocese need to re-engage in the process. New ways to increase involvement in this vital aspect of the Diocese’s finances are also being considered as part of the panel’s work.
198,619
Isle of Axholme
100,183
Corringham
145,566
Lawres
159,145
Manlake
211,467
West Wold
147,461
Yarborough
226,555
Bolingbroke
109,252
Calcewaite & Candleshoe
153,371
Grimsby & Cleethorpes
143,361
Haverstoe
172,035
Horncastle
155,058
338,517
Louthesk
155,954
463,440
Stamford
222,432
Beltisloe
214,733
Christianity
276,002
Elloe East
169,179
Elloe West
362,000
Graffoe
290,975
Grantham
166,510
Holland
321,108
Lafford
261,825
Lovedon
147,592
Ness
47,100
Share Paid by Deanery Budgeted Expenditure by Deanery
314,008 302,134 567,972 294,222
The Diocese wishes to fund a high level of ministry and to increase mission.
445,951 205,975
Share is a fundamental part of the Christian life of the Church of England.
527,186 663,243
Positive change is needed and so is a focus of one of the implementation panels.
435,575
Independent Auditor’s 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 and Board of Finance Ltd.
348,200 393,711 692,686 346,212 650,943 560,969 381,022 748,031 509,059 243,386 66,087
deanery share and expenditure
Respective Responsibilities of trustees and auditors Diocesan Council is responsible for preparing the Financial Summary for the year ending 31 December 2012. 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 31 December 2012. R J Ward (Senior Statutory Auditor) STREETS AUDIT LLP Chartered Accountants & Statutory Auditor May 2013