THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND
FINANCIAL STATEMENTS – PAGE 1
YEAR ENDED 31 DECEMBER 2000

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
FINANCIAL STATEMENTS 2000	PAGE 2
CONTENTS
	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

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
EXECUTIVE COMMITTEE AND OTHER INFORMATION	PAGE 3
CHAIRMAN 
-	JF Rankin
MEMBERS (ex officio)
-	The Archbishop of Armagh
-	The Archbishop of Dublin
-	GC Richards
(Allocations Committee)
-	JRB Hewat
(Investment Committee)
-	S Gamble
(Property Committee)
-	DG Perrin
(Stipends Committee)
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
College Green, Dublin 2
-	Bank of Ireland
Baggot Street, Dublin 2
AUDITORS
-	PricewaterhouseCoopers
George’s Quay, Dublin 2
OFFICERS
-	Chief Officer & Secretary
RH Sherwood
-	Assistant Secretary
JF Buttimore
-	Head of Investments
PM Talbot
-	Head of Finance
DC Reardon
-	Head of Legal & Property
OR Plunkett
-	Head of General & Synod Services
VF Beatty	
OFFICE:  Church of Ireland House, Church Avenue, Rathmines, Dublin 6.

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
EXECUTIVE COMMITTEE REPORT	PAGE 4
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.
Statement of Trustee’s Responsibilities
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 REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
ACCOUNTING POLICIES	PAGE 6
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.

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
GENERAL FUND REVENUE ACCOUNT	
YEAR ENDED 31 DECEMBER 2000	PAGE 7
		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

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
BALANCE SHEET	
31 DECEMBER 2000	PAGE 8
		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
THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES and 	
reconciliation of movement in general funds employed	
YEAR ENDED 31 DECEMBER 2000	PAGE 9
	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

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
CASH FLOW STATEMENT	
YEAR ENDED 31 DECEMBER 2000	PAGE 10
		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

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS	PAGE 11
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	
	_______	_______	
THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 12
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	
	_______	_______	_______	_______	

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 13
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	
	_______	_______	

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 14
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	
	_______	_______	
THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 15
6.	GENERAL FUNDS
	Balance 
at 
1.1.00	Currency Translation Movement	Capital Changes/  Movements	Surplus on Investment Sales	Revaluation Movement	Balance 
at 31.12.00	
							
	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 
at 
1.1.00	Currency Translation Movement	Capital Changes/  Movements	Surplus on Investment Sales	Revaluation Movement	Balance 
at 31.12.00	
							
	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	
	_______	_______	_______	_______	_______	_______	

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 16
8.	PENSIONS AND RELATED FUNDS
	Balance 
at 
1.1.00	Currency Translation Movement	Capital Changes/  Movements	Surplus on Investment Sales	Revaluation Movement	Balance 
at 31.12.00	
							
	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.

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 17
9.	OTHER TRUST FUNDS
	Balance 
at 
1.1.00	Currency Translation Movement	Capital Changes/ Movements	Surplus on Investment Sales	Revaluation Movement	Balance 
at 31.12.00	
							
	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 
Car Loans	(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	
	_______	_______	_______	_______	_______	_______	

THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 18
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	
	_______	_______	
THE REPRESENTATIVE BODY OF THE CHURCH OF IRELAND	
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED	PAGE 19
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	
	_______	_______