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BRIEFING ON DiocesAN finances

Presentation on Diocesan finances by Revd. Richard Williams on where the money comes from, how it's spent, and support costs for parishes. Exploring challenges, financial milestones, and proposals for indicative offers. Consultation timetable and balance sheet analysis discussed.

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BRIEFING ON DiocesAN finances

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  1. BRIEFING ON DiocesANfinances Presentation to Diocesan Synod on 13 Oct 2018 Revd. Richard Williams BSc FCA Finance Director

  2. WHERE OUR MONEY CAME FROM

  3. WHERE THE MONEY IS SPENT

  4. SUPPORT COSTS FOR A PARISH (2019 Values) Cost of a Full-time Incumbent £41.0K Diocesan Parish Support Costs per Benefice £9.6K £50.6K Average contribution required to cover costs of Future Ministry, Wider Diocesan Mission and National CofE £13.3K Net average contribution required to support parishes unable to cover fully the cost of a Full-time Incumbent and Diocesan Parish Support Costs £7.1K Average contribution required from parishes£71.0k

  5. PARISH OFFERS £M • Parish Offers have remained flat over the last five years Source: RSDBF Accounts

  6. CONTRIBUTION RATE 38% • Rochester has the 3rd lowest contribution rate as a % of income; out of 40 Dioceses Source: Church House 2018 Stats

  7. Contribution RateFor More Deprived Parishes Indices of Deprivation CONTRIBUTION RATE FOR MORE DEPRIVED PARISHES • Most Parishes in deprived areas have contribution rates far in excess of 50% • Not only are we running a deficit, but many Parishes in deprived areas are significantly under-resourced

  8. GIVING COMPARED • Rochester is less deprived • Giving as % of income in Rochester is 3.2% vs 3.6% nationally and 5% guideline

  9. Income and generosity • Average 3.6% income • The wealthy do give more. • BUT as a proportion of income they give less.

  10. CHALLENGES WE FACE! • Understanding and operation of the Parish Pledge system • Local support for the mission of the church • Increasing awareness of the wider context • Diocesan support structures • Supporting Parishes in Mission Planning and Stewardship

  11. FINANCIAL MILESTONES • Called Together • Annual Risk Assessment by Bishop’s Council • Delegated Authority Policy • Financial Strategy • Underpinning Called Together • Rolling Five-year Projections • Aiming for balanced budget by 2021 • Annual Operating and Capital Budget with Cash-flow – approved Synod – Autumn • Annual Audit and Statutory Accounts – Spring

  12. PROPOSAL FOR INDICATIVE OFFERS • Indicative Offers for each Deanery and Parish • Formula: • Cost of ministry provision (£41K for a full-time incumbent) • plus £9.6K per benefice for Diocesan Parish Support Costs • plus 50% of Residual Net Income • System of appropriate follow up and support • Establishing a ‘Common Fund’

  13. Indicative Offer calculation diagram

  14. CONSULTATION TIMETABLE Consultation Process • 23 June18 Diocesan Synod • 5 Sept 18 Deanery/Parish Consultation • W/c 10 Sept 18 Deanery/Parish Indicative Offers Published • 2 Nov 18 Close of consultation • 2 Mar 2019 Diocesan Synod for Approval

  15. Questions?

  16. BALANCE SHEET COMPOSITION

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