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THE TRURO DIOCESAN BOARD OF FINANCE LIMITED

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.

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THE TRURO DIOCESAN BOARD OF FINANCE LIMITED

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

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

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

  4. Income £6.476M

  5. MMF Contributions 2003 – 2013 (net of PRF grants)

  6. Income £6.476M

  7. Expenditure £6.667M

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

  9. Expenditure £6.667M

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

  11. 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

  12. 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

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