PAGE
EXECUTIVE COMMITTEE AND OTHER
INFORMATION 3
EXECUTIVE COMMITTEE REPORT 4
REPORT OF THE AUDITORS 5
ACCOUNTING POLICIES 6
GENERAL FUND REVENUE ACCOUNT 7
BALANCE SHEET 8
STATEMENT OF TOTAL RECOGNISED GAINS
& LOSSES 9
CASH FLOW STATEMENT 10
NOTES TO THE FINANCIAL STATEMENTS 11
CHAIRMAN-
JF Rankin MEMBERS (ex officio)- The Archbishop of Armagh - The Archbishop of Dublin -
GC Richards -
JRB Hewat -
S Gamble -
DG Perrin MEMBERS (elected)- The Bishop of Derry - Ven CT Pringle - Very Rev DR Chillingworth - Ven AET Harper - Mrs CH Thomson - RW Benson - HT Morrison - RH Kay |
BANKERS-
Bank of Ireland -
Bank of Ireland AUDITORS-
PricewaterhouseCoopers OFFICERS-
Chief Officer & Secretary -
Assistant Secretary -
Head of Investments -
Head of Finance -
Head of Legal & Property -
Head of General & Synod Services |
OFFICE: Church of Ireland House, Church Avenue, Rathmines, Dublin 6.
In financial terms, the Representative Body did not escape
the downturn in economic sentiment in 2000 as concerns about declining global
growth rates, rising oil prices and high
profile profit warnings produced negative equity returns in the major markets.
The Balance Sheet assets of the Representative Body, General Funds and Specific Trusts, increased by IR£18m during the year 2000, a modest increase reflecting poorer returns in the major investment markets compared to the previous two years and a strengthening of the Euro currency against sterling and the US$ towards the year end. This increase includes both realised and unrealised valuation gains in the financial markets.
Total income increased by circa IR£0.3m to IR£4.4m in 2000
(1999: IR£4.1m) while operating costs increased by IR£0.1m to IR£1.5m in the
same period (1999: IR£1.4m). The
increase in costs reflects costs of salaries and wages in the current market
economy, increased library maintenance costs, the cost of new investment
tracking and pricing systems in Church House and higher levels of committee expenses (offset by reduced pension funding costs
after the latest actuarial revaluation).
Net income after meeting operating costs was again insufficient to meet increased financial allocations and commitments and a sum of IR£236,000 (1999 IR£306,000) was taken from reserves (which are maintained to smooth out the peaks and valleys in income and to protect against hardship and instability).
The re-emergence of wage and price inflation in the Republic, together with currency and interest rate uncertainty generally continued to give some cause for concern and to restrict prospects for undertaking any new or additional financial commitments.
The Representative Body is required to prepare financial statements for
each financial year which give a
true and fair view of its state of affairs and of its financial activities for
that period. In preparing those financial statements, the
Representative Body, as a trustee, is required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and estimates that are reasonable and prudent;
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that it will continue in business.
As a trustee, the Representative Body is responsible for
keeping proper books of account which disclose with reasonable accuracy at any
time the financial position of the organisation and to enable it to ensure that
the financial statements comply with relevant legislation.
It is also responsible for safeguarding the assets of the organisation and
hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
JF Rankin
14 March 2001 Chairman,
Executive Committee
Auditors’ Report
Blank page for photocopy
The significant accounting policies adopted by the
Representative Church Body are as follows:
(i)
Basis
of preparation
The financial statements have been prepared in
accordance with accounting standards generally
accepted in Ireland, which are those standards published by the Institute
of Chartered Accountants in Ireland and
issued by the Accounting Standards Board.
(ii)
Historical
cost convention
The financial statements are prepared under the
historical cost convention except that investments are stated at valuation.
(iii)
Investments
Investments are stated in the balance sheet at year
end valuation.
Quoted securities are valued at latest available
trade price or middle market price ruling on the balance sheet date. Bond valuations at year end include accrued
interest from last gale date. Unquoted
securities are valued by reference to the market value of the underlying
assets.
Loans are stated at book cost at the balance sheet
date.
(iv)
Income
Income includes all dividends receivable and
interest received during the financial year plus the related tax credits
adjusted, in the case of the General Fund, to
reflect bought and sold interest on bond transactions in the accounting period.
(v)
Foreign
currencies
Balances in foreign currencies are translated into
Irish pounds at the rates of exchange ruling at the balance sheet date. Transactions are translated at year end
rate, IR£1 = £0.7924 (1999 IR£1 = £0.7894) or the IR£ prevailing rate where
converted during the year.
(vi)
Tangible
fixed assets and depreciation
Land is stated at cost. Other fixed assets are stated at cost less accumulated
depreciation and are depreciated over the period of their expected useful
economic lives. Depreciation is
calculated using the following annual rates:
Freehold Buildings 2%
Office Equipment 12%
Office Furniture 8%
(vii)
Pensions
Staff – Current
The pension entitlements of employees are secured by
contributions to a defined benefits scheme administered by Irish Pensions
Trust. An actuarial valuation is
carried out at intervals of not more than three years. At the last actuarial review on 1 January
1999, the Actuary advised that the assets secured to date, based on the long
term funding rate and the controlled funding
methods and assumptions, are adequate to cover accrued benefits and deferred
pensions.
Staff – Retired
Pensions paid to retired staff who were not eligible
to participate in the scheme administered by Irish Pensions Trust are paid from
income on an annual basis.
Clergy
The Fund is established under Chapter XIV of the
Constitution of the Church of Ireland as amended from time to time by the
General Synod. The Representative
Church Body is the Trustee of the Fund which is administered by the Church of
Ireland Pensions Board in accordance with the provisions of Chapter XIV.
|
|
2000 |
1999 |
2000 |
1999 |
||
|
Notes |
IR£’000 |
IR£’000 |
€’000 |
€’000 |
||
INCOME |
|
|
|
|
|
||
Investments |
|
3,749 |
3,459 |
4,760 |
4,392 |
||
Property and Loans |
|
149 |
140 |
189 |
178 |
||
Deposit Interest |
|
274 |
282 |
348 |
358 |
||
Sundries |
|
81 |
81 |
103 |
103 |
||
Interest on Reserves |
|
126 |
162 |
160 |
206 |
||
|
|
______ |
______ |
______ |
______ |
||
|
|
4,379 |
4,124 |
5,560 |
5,237 |
||
|
|
______ |
______ |
______ |
______ |
||
EXPENDITURE |
|
|
|
|
|
||
Operating Expenses |
10 |
1,107 |
1,033 |
1,406 |
1,312 |
||
Professional Fees (including investment |
|
|
|
|
|
||
management costs) |
|
221 |
194 |
281 |
246 |
||
Audit Fees (including Unit Trusts) |
|
42 |
37 |
53 |
47 |
||
Pension Liabilities |
|
138 |
140 |
175 |
178 |
||
|
|
______ |
______ |
______ |
______ |
||
|
|
1,508 |
1,404 |
1,915 |
1,783 |
||
|
|
______ |
______ |
______ |
______ |
||
Surplus of Income over Expenditure |
|
2,871 |
2,720 |
3,645 |
3,454 |
||
Allocations |
|
|
|
|
|
||
- Recommended |
11 |
(3,221) |
(2,971) |
(4,089) |
(3,772) |
||
- Prior Year Unexpended |
|
114 |
36 |
144 |
46 |
||
|
|
______ |
______ |
______ |
______ |
||
Deficit after Allocations |
|
(236) |
(215) |
(300) |
(272) |
||
Transfers |
|
|
|
|
|
||
- from Allocations Reserve |
|
241 |
236 |
306 |
299 |
||
- from/(to) Building
Development Reserve |
|
67 |
(11) |
88 |
(14) |
||
- (to) Staff Pensions Reserve |
|
(5) |
(10) |
(6) |
(13) |
||
- (to) General Funds |
|
(67) |
- |
(88) |
- |
||
|
|
______ |
______ |
______ |
______ |
||
|
|
- |
- |
- |
- |
||
|
|
______ |
______ |
______ |
______ |
||
Signed: JF Rankin
DG Perrin
Date: 14 March 2001
|
|
2000 |
1999 |
2000 |
1999 |
|
|
Notes |
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
EMPLOYMENT OF FUNDS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Debtors |
|
941 |
1,406 |
1,195 |
1,785 |
|
Cash on Short Term Deposit |
|
12,464 |
11,382 |
15,826 |
14,452 |
|
Bank Balances |
|
1,579 |
830 |
2,005 |
1,054 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
14,984 |
13,618 |
19,026 |
17,291 |
|
|
|
______ |
______ |
______ |
______ |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Current Account Income Balances |
2 |
4,135 |
4,154 |
5,251 |
5,275 |
|
Recommended Allocations |
11 |
3,221 |
2,971 |
4,089 |
3,772 |
|
Creditors |
|
422 |
614 |
536 |
780 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
7,778 |
7,739 |
9,876 |
9,827 |
|
|
|
______ |
______ |
______ |
______ |
|
NET CURRENT ASSETS |
|
7,206 |
5,879 |
9,150 |
7,464 |
|
INVESTMENTS |
|
|
|
|
|
|
Tangible Fixed Assets |
3 |
1,417 |
1,464 |
1,799 |
1,859 |
|
Loans |
|
1,041 |
958 |
1,322 |
1,216 |
|
General Funds |
4 |
144,006 |
142,130 |
182,850 |
180,468 |
|
Specific Trusts |
5 |
249,287 |
234,739 |
316,529 |
298,057 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
402,957 |
385,170 |
511,650 |
489,064 |
|
|
|
______ |
______ |
______ |
______ |
|
FUNDS EMPLOYED |
|
|
|
|
|
|
General Funds |
6 |
143,236 |
141,341 |
181,872 |
179,466 |
|
General Reserves |
7 |
3,798 |
3,824 |
4,822 |
4,855 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
147,034 |
145,165 |
186,694 |
184,321 |
|
Pensions and Related Funds |
8 |
101,956 |
99,515 |
129,459 |
126,358 |
|
Other Trust Funds |
9 |
153,967 |
140,490 |
195,497 |
178,385 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
402,957 |
385,170 |
511,650 |
489,064 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
Signed: JF
Rankin
DG Perrin
Date: 14 March 2001
|
2000 |
1999 |
2000 |
1999 |
|
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
|
|
|
Surplus from General Revenue |
2,871 |
2,720 |
3,645 |
3,454 |
Currency Translation Movement |
(372) |
10,075 |
(472) |
12,792 |
Unrealised (Deficit)/Surplus on revaluation of |
|
|
|
|
Investments and Property |
(10,750) |
(6,580) |
(13,650) |
(8,355) |
Surplus on Investment Sales |
12,959 |
19,084 |
16,455 |
24,232 |
|
______ |
______ |
______ |
______ |
Total Recognised Gains and Losses |
4,708 |
25,299 |
5,978 |
32,123 |
|
|
|
|
|
Recommended Allocations |
(3,221) |
(2,971) |
(4,090) |
(3,773) |
Prior year unexpended allocations |
114 |
36 |
145 |
46 |
Capital changes and other movements |
268 |
584 |
340 |
742 |
|
______ |
______ |
______ |
______ |
Increase in Funds Employed |
1,869 |
22,948 |
2,373 |
29,138 |
Balance 1 January |
145,165 |
122,217 |
184,321 |
155,183 |
|
______ |
______ |
______ |
______ |
Balance 31 December |
147,034 |
145,165 |
186,694 |
184,321 |
|
______ |
______ |
______ |
______ |
|
|
|
|
|
Signed: JF Rankin
DG Perrin
Date: 14 March 2001
|
|
2000 |
1999 |
2000 |
1999 |
|
|
Notes |
IR£’000 |
IR£’000 |
€’000 |
€’000 |
|
|
|
|
|
|
|
|
NET CASH FLOW FROM |
|
|
|
|
|
|
OPERATING
ACTIVITIES |
12 |
3,093 |
3,311 |
3,927 |
4,204 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
ALLOCATIONS OF INCOME PAID |
|
(2,857) |
(2,578) |
(3,628) |
(3,273) |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURE AND |
|
|
|
|
|
|
FINANCIAL
INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of Investments |
|
(80,834) |
(96,361) |
(102,638) |
(122,353) |
|
Sale of Investments |
|
83,019 |
94,503 |
105,412 |
119,994 |
|
Advances of Glebe, Miscellaneous |
|
|
|
|
|
|
and
Car Loans |
|
(334) |
(87) |
(424) |
(111) |
|
Repayment of Glebe, Miscellaneous |
|
|
|
|
|
|
and
Car Loans |
|
250 |
74 |
318 |
94 |
|
Purchase of fixed assets |
|
(19) |
(994) |
(25) |
(1,262) |
|
Payments (from)/to Reserves |
|
267 |
(15) |
339 |
(19) |
|
|
|
______ |
______ |
______ |
______ |
|
Net Cash flow from/(to) capital |
|
|
|
|
|
|
expenditure
and financial investments |
|
2,349 |
(2,880) |
2,982 |
(3,657) |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Inflow to Specific Trusts |
|
1,468 |
2,162 |
1,864 |
2,745 |
|
|
|
______ |
______ |
______ |
______ |
|
Net Cash flow from financing |
|
1,468 |
2,162 |
1,864 |
2,745 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
INCREASE/(DECREASE) IN CASH |
13 |
4,053 |
15 |
5,145 |
19 |
|
|
|
______ |
______ |
______ |
______ |
|
|
|
|
|
|
|
|
Signed: JF
Rankin
DG Perrin
Date: 14 March 2001
1. SPECIFIC TRUSTS FUND INCOME AND COVENANTS
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
INCOME |
|
|
Investments |
6,748 |
6,453 |
Deposit Interest |
540 |
436 |
Underwriting Commission |
2 |
2 |
|
_______ |
_______ |
|
7,290 |
6,891 |
COVENANTS |
|
|
Aid Donations |
- |
425 |
Income Tax Refund on |
|
|
Gift Aid Donations |
1,730 |
1,716 |
|
_______ |
_______ |
|
9,020 |
9,032 |
Less Administration Expenses |
(486) |
(497) |
|
_______ |
_______ |
|
8,534 |
8,535 |
Applied or paid to Specific Trusts or parishes |
(8,534) |
(8,535) |
|
_______ |
_______ |
A portion of the specific trusts income is applied to the payment of stipends, allowances and pensions which in total amounted to IR£13.197m in the year ended 31 December 2000 (1999, IR£12.793m). The balance of the cost of remuneration and pensions is funded by transfers from dioceses and from General Synod allocations.
2. CURRENT ACCOUNT INCOME BALANCES
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
Diocesan Stipend & General Funds |
2,677 |
2,811 |
Parochial Endowments |
26 |
134 |
Miscellaneous Diocesan Trusts |
139 |
136 |
General Synod Trusts |
73 |
71 |
Other Trust Income & Suspense Balances |
1,160 |
944 |
Clergy Pensions & Related Funds |
60 |
58 |
|
_______ |
_______ |
|
4,135 |
4,154 |
|
_______ |
_______ |
3. TANGIBLE FIXED ASSETS
|
Premises |
Office Furniture |
Office Equipment |
Total |
|
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
Cost |
|
|
|
|
At beginning of year |
1,240 |
192 |
154 |
1,586 |
Additions |
12 |
- |
8 |
20 |
|
_______ |
_______ |
_______ |
_______ |
At end of year |
1,252 |
192 |
162 |
1,606 |
|
_______ |
_______ |
_______ |
_______ |
Depreciation |
|
|
|
|
At beginning of year |
21 |
15 |
86 |
122 |
Charge for year |
21 |
16 |
30 |
67 |
|
_______ |
_______ |
_______ |
_______ |
At end of year |
42 |
31 |
116 |
189 |
|
_______ |
_______ |
_______ |
_______ |
Net book value |
|
|
|
|
At beginning of year |
1,219 |
177 |
68 |
1,464 |
At end of year |
1,210 |
161 |
46 |
1,417 |
|
_______ |
_______ |
_______ |
_______ |
4. GENERAL FUNDS – ANALYSIS OF FUND ASSETS
|
2000 |
1999 |
Investments at Valuation |
IR£’000 |
IR£’000 |
Ireland |
|
|
Equities - Financial |
9,958 |
9,120 |
Equities - Commercial
(includes convertibles) |
7,862 |
6,505 |
Trustee |
4,124 |
4,254 |
Preference |
492 |
487 |
Bonds |
343 |
- |
|
|
|
United Kingdom |
|
|
Equities |
66,270 |
68,642 |
Trustee |
14,880 |
9,219 |
Unit Trusts |
9,853 |
11,353 |
Bonds |
965 |
3,679 |
Preference |
- |
1,592 |
Convertibles |
- |
39 |
|
|
|
North America |
|
|
Bonds |
- |
289 |
Unit Trusts |
235 |
- |
|
|
|
Europe |
|
|
Equities |
21,257 |
20,403 |
Bonds |
- |
2,229 |
Unit Trusts |
1,523 |
217 |
|
|
|
Japan |
|
|
Bonds |
- |
137 |
|
_______ |
_______ |
|
137,762 |
138,165 |
Other Assets |
|
|
Cash |
3,938 |
1,716 |
General Reserves - Investments |
2,306 |
2,249 |
|
_______ |
_______ |
|
144,006 |
142,130 |
|
_______ |
_______ |
|
|
|
5.
SPECIFIC TRUSTS – ANALYSIS OF FUND ASSETS
|
2000 |
1999 |
Investments at Valuation |
IR£’000 |
IR£’000 |
Ireland |
|
|
Equities |
35,979 |
43,972 |
Unit
Trusts |
4,472 |
5,812 |
Trustee |
2,715 |
2,565 |
Preference |
6,972 |
709 |
Bonds |
658 |
632 |
Convertibles |
2,468 |
26 |
United Kingdom |
|
|
Equities |
40,150 |
40,549 |
Unit
Trusts |
31,927 |
35,644 |
Trustee |
7,701 |
6,581 |
Preference |
1,068 |
1,860 |
Bonds |
617 |
1,168 |
Deposits |
- |
317 |
Convertibles |
36 |
108 |
North America |
|
|
Equities |
6,136 |
4,336 |
Unit
Trusts |
1,807 |
2,787 |
Bonds |
- |
436 |
Deposits |
- |
- |
Europe |
|
|
Equities |
7,237 |
5,429 |
Unit
Trusts |
6,158 |
5,192 |
Bonds |
- |
1,112 |
Pacific Basin |
|
|
Equities |
885 |
809 |
Unit
Trusts |
- |
139 |
Australia |
|
|
Equities |
621 |
718 |
Japan |
|
|
Unit
Trusts |
- |
2,742 |
Equities |
1,281 |
233 |
|
_______ |
_______ |
|
158,888 |
163,876 |
Other Assets |
|
|
Cash |
2,631 |
1,882 |
RB Unit Trust |
16,198 |
14,724 |
RB General Unit Trusts |
71,570 |
54,257 |
|
_______ |
_______ |
|
249,287 |
234,739 |
|
_______ |
_______ |
6. GENERAL FUNDS
|
Balance |
Currency Translation Movement |
Capital Changes/ Movements |
Surplus on Investment Sales |
Revaluation Movement |
Balance |
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
|
|
|
|
|
|
|
Realised Profits on Investment Sales |
102,474 |
(285) |
67 |
12,859 |
- |
115,115 |
|
|
|
|
|
|
|
Unrealised Surplus on Revaluation of Investments and Property |
38,867 |
(85) |
- |
- |
(10,661) |
28,121 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
141,341 |
(370) |
67 |
12,859 |
(10,661) |
143,236 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
7. GENERAL RESERVES
|
Balance |
Currency Translation Movement |
Capital Changes/ Movements |
Surplus on Investment Sales |
Revaluation Movement |
Balance |
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
|
|
|
|
|
|
|
Allocations Reserve |
2,300 |
(2) |
60 |
100 |
(92) |
2,366 |
|
|
|
|
|
|
|
Building Development Reserve |
1,366 |
- |
(67) |
- |
- |
1,299 |
|
|
|
|
|
|
|
Staff Pensions Reserve |
158 |
- |
(28) |
- |
3 |
133 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
3,824 |
(2) |
(35) |
100 |
(89) |
3,798 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
8. PENSIONS AND RELATED FUNDS
|
Balance |
Currency Translation Movement |
Capital Changes/ Movements |
Surplus on Investment Sales |
Revaluation Movement |
Balance |
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
|
|
|
|
|
|
|
Clergy Pensions Fund |
96,940 |
(210) |
469 |
6,664 |
(4,683) |
99,180 |
|
|
|
|
|
|
|
Widows and Orphans Funds |
1,477 |
(1) |
35 |
59 |
108 |
1,678 |
|
|
|
|
|
|
|
Supplemental Fund |
807 |
(3) |
- |
10 |
(6) |
808 |
|
|
|
|
|
|
|
Clergy Pensions Fund (AVC Scheme) |
291 |
(1) |
- |
- |
- |
290 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
99,515 |
(215) |
504 |
6,733 |
(4,581) |
101,956 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
The Church of Ireland Pensions Board report includes more detailed financial statements covering a substantial portion of the above funds which are administered by the Board in accordance with the provisions of Chapters XIV and XV of the Constitution.
9. OTHER TRUST FUNDS
|
Balance |
Currency Translation Movement |
Capital Changes/ Movements |
Surplus on Investment Sales |
Revaluation Movement |
Balance |
|
|
|
|
|
|
|
|
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
IR£’000 |
|
|
|
|
|
|
|
Parochial and Glebe Sales |
82,925 |
(96) |
4,926 |
7,052 |
(1,594) |
93,213 |
|
|
|
|
|
|
|
Diocesan Stipend and General Funds |
19,790 |
(25) |
86 |
465 |
373 |
20,689 |
|
|
|
|
|
|
|
Diocesan Miscellaneous Trusts |
7,892 |
(10) |
(148) |
690 |
(128) |
8,296 |
|
|
|
|
|
|
|
Diocesan Episcopal Funds |
4,187 |
(5) |
- |
154 |
50 |
4,386 |
|
|
|
|
|
|
|
Less: Diocesan |
(868) |
2 |
17 |
- |
- |
(849) |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
113,926 |
(134) |
4,881 |
8,361 |
(1,299) |
125,735 |
|
|
|
|
|
|
|
Sundry Trusts |
18,483 |
(29) |
59 |
1,475 |
(466) |
19,522 |
|
|
|
|
|
|
|
General Synod Funds |
6,954 |
(6) |
85 |
466 |
32 |
7,531 |
|
|
|
|
|
|
|
Church of Ireland Auxiliary Funds |
1,127 |
- |
- |
10 |
42 |
1,179 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
140,490 |
(169) |
5,025 |
10,312 |
(1,691) |
153,967 |
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
10. OPERATING EXPENSES
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
General Administration |
|
|
Salaries and Wages |
931 |
831 |
PRSI |
95 |
83 |
Pension Funding |
132 |
209 |
Other Staff Costs |
53 |
47 |
Office Supplies |
38 |
32 |
Light, Heat and Power |
22 |
21 |
Postage and Telephones |
38 |
40 |
Maintenance and Repairs |
6 |
20 |
Insurance, Rates and Taxes |
25 |
22 |
Banking and Other Charges |
21 |
18 |
Depreciation |
67 |
71 |
|
_______ |
_______ |
|
1,428 |
1,394 |
Less Costs Recovered |
|
|
Specific Trusts |
(215) |
(232) |
Legal Fees |
(51) |
(50) |
Other Charges |
(271) |
(265) |
|
_______ |
_______ |
|
891 |
847 |
Library |
115 |
95 |
Central Committees |
96 |
88 |
Episcopal Electors’ Expenses |
5 |
3 |
|
_______ |
_______ |
|
1,107 |
1,033 |
|
_______ |
_______ |
11. RECOMMENDED ALLOCATIONS
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
Maintenance of the Stipendiary Ministry |
961 |
880 |
Retired Clergy and Surviving Spouses |
893 |
822 |
Training of Ordinands |
665 |
593 |
General Synod Activities |
627 |
602 |
Miscellaneous Financing |
75 |
74 |
|
_______ |
_______ |
|
3,221 |
2,971 |
|
_______ |
_______ |
12. CASH FLOW
RECONCILIATION
The Cash Flow Statement has been prepared in
accordance with Financial Reporting Standard No 1 as required by the Accounting
Standards Board and reflects the cash flows of the Representative Church Body
General Funds and Reserves. Cash flows
relating to Specific Trusts and Clergy Pension Funds are included to the extent
that they are currently reflected in bank accounts or monetary asset and
liability balances of the Representative Church Body at the financial year end.
Reconciliation of surplus of
income over expenditure to net cash inflow from operating activities:
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
Surplus of income over expenditure |
2,871 |
2,720 |
Change in other debtors |
313 |
675 |
Change in creditors |
(158) |
(46) |
Amortisation of fixed assets |
67 |
71 |
Effect of foreign exchange rate changes |
- |
(109) |
|
_______ |
_______ |
Net Cash flow from operating activities |
3,093 |
3,311 |
|
_______ |
_______ |
|
|
|
13. ANALYSIS OF
CHANGES IN CASH DURING THE YEAR
|
|
2000 |
1999 |
|
|
IR£’000 |
IR£’000 |
Balance at 1 January |
|
13,928 |
13,913 |
Net cash inflow/(outflow) |
|
4,078 |
(1,035) |
Effect of foreign exchange rate changes |
|
(25) |
1,050 |
|
|
_______ |
_______ |
Balance at 31 December |
|
17,981 |
13,928 |
|
|
_______ |
_______ |
|
|
|
|
14. ANALYSIS OF THE BALANCES OF CASH AS SHOWN IN THE BALANCE SHEET
|
2000 |
1999 |
|
IR£’000 |
IR£’000 |
Cash on short term deposit |
12,464 |
11,382 |
Due from bankers |
1,579 |
830 |
Cash held by Investment Managers |
3,938 |
1,716 |
|
_______ |
_______ |
|
17,981 |
13,928 |
|
_______ |
_______ |