Financial Summaryfor the year ending 31st December 2010

May 2011www.lincoln.anglican.org/finance

In summary: A number of significant savings were

achieved against budgeted expenditure in 2010 –

particularly in the areas of non-parochial mission and

mission support. However, investment income was 6.6%

lower than expected so that the end of year position was

within budget, but still showed an overall deficit of

£536,322.

Our giving levels are still near the bottom of the Church of

England’s tables but are growing in most parts of the

Diocese and we owe a huge debt of thanks to all those

who give, whether financially or with their time and

talents. In the coming year economic financial pressures

will continue to be considerable and the Trust will continue

to rely upon the generosity of all those who support our

work through share payments, donations and grants.

Deanery Contributions

Share Payments showed a significant increase, both over

budget and over the previous year’s payments. This was a

major factor in the result for the year. However it is

important to note that a majority of Deaneries

nonetheless fell short of their suggested contribution.

Investment Income

We anticipated that 2010 would be another difficult year

and it proved to be so in relation to investment income.

This is far more concerning than cyclical changes in capital

values since our investment policy is long term, whereas

reductions in income can have an immediate impact on

our ability to deliver mission. The overall investment policy

is to maximise the total of income and capital growth from

our investments all of which are invested for the long term.

Jubilee

In 2010 we established a Jubilee process which will use

certain funds (largely derived from the sale of surplus

housing stock) to pay for most Unplanned Posts where the

incumbent is protected from redundancy by ecclesiastical

law. Along with the principle of Jubilee, a set of financial

disciplines was agreed at the first meeting of the Board in

2010 and then published widely. Jubilee has relieved many

deaneries of the worry of accruing deficits over which they

have no control, and should free them to focus on the

development of mission. The financial disciplines that have

been introduced will ensure that this use of capital is

closely controlled and that the performance of deaneries

is carefully monitored so that prompt support and

intervention can be effected if necessary.

Income 2010

Income received 2010 £

Net Deanery Share

Grant and sundry income

National Church Institutions

Additional allocation

Grant from the Allchurches Trust

Other income

Rents

Investment income

Glebe rents (net of costs)

DSF investments

General

Housing

Fees

Total income

Jubilee support

Charge to other reserves

Total

4,664,468

394,663

87,168

114,226

19,370

19,501

664,928

816,467

1,598,898

41,597

1,136

2,458,098

645,998

8,433,493

368,932

177,390

8,979,815

0

1,250,000

2,500,000

3,750,000

5,000,000

Deanery

Shar

e

Inve

stm

ent inco

me

(hist

oric a

ssets

)

Gra

nt and su

ndry

inco

me

Fees

Jubile

e support

Oth

er rese

rves

The Trust finances and supports Parochial

Ministry by funding the stipends, pensions

and development of those who minister

within the Diocese.

Including curates this represented 69% of

expenditure in 2010. In addition to stipendiary

ministry there are over 700 people involved in

other types of formal ministry of one kind or

another (eg Readers and Lay Parish Ministers)

who, while unpaid, are trained and supported

by the activities of the Trust.

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. In addition, the Trust supports the

work of the Diocese with other Christian

denominations and with other faith groups. All

of this work is supported in turn by dedicated

staff who are employed in a variety of roles.

These include training, communication,

development of church school governors and

teachers, asset and property management,

schools buildings projects, development of a

wide range of resources, advice on maintaining

and developing church buildings, financial

advice and accounting services.

As ever, much staff time is deployed in ensuring

that support and systems are effective in

fostering the growth and development of

mission. A key aspect of this work is the need

to balance the shift away from centralisation

with the need to maintain cost-effective and

efficient operations in the context of a church

which is catholic as well as reformed.

Priorities are also informed by the need to

ensure that all the right people have the right

information on which to base decisions and the

need to ensure that all those who minister and

work in the Diocese (whether ordained or lay)

are effectively resourced. It has also been

important to encourage all parts of the Church

to be world-facing and fully engaged with

secular institutions and agencies as well as

ecumenical partners.

Deanery ministry

Curates

Training

National training costs

Formation and Discipleship

Sector ministries

including Grant to Lincolnshire Chaplaincy

Services

Ministry support (eg DDO, Warden of Readers)

Other mission and mission support

Parish support and development

Archdeacons and Rural Deans

Children & Young People’s work

Grants payable

National Church responsibilities

(eg General Synod and Archbishops’ Council)

Management & administration

(eg insurance, office overheads, audit)

Total

5,228,760

1,009,672

368,930

171,720

540,650

277,703

85,788

581,119

175,624

83,826

50,953

891,522

391,254

554,467

8,979,815

3.95

0.76

0.28

0.13

0.21

0.06

0.44

0.13

0.06

0.04

0.30

0.42

6.78

Cost permember

per week*

Expenditure 2010

Expenditure 2010 £

* Electoral roll: 25,475

0

1,500,000

3,000,000

4,500,000

Deanery

Min

istry

Curate

s

Trai

ning

Sect

or Min

istrie

s

Oth

er miss

ion a

nd

miss

ion su

pport

Nati

onal C

hurch

resp

onsibili

ties

Man

agem

ent and

adm

inist

ration

Share by Deanery 2010

Expenditure by Deanery 2010

Isle of Axholme £100,489

Corringham £156,676

Lawres £172,231

Manlake £254,085

West Wold £149,947

Yarborough £252,408

Bolingbroke £115,490

Calcewaite & Candleshoe £151,498

Grimsby & Cleethorpes £190,566

Haverstoe £202,544

Horncastle £194,284

Louthesk £186,487

Stamford £208,231

Beltisloe £274,429

Christianity £268,433

Elloe East £180,694

Elloe West £397,081

Graffoe £278,452

Grantham £168,806

Holland £314,257

Lafford £279,109

Loveden £168,272

£4,664,468

Isle of Axholme £183,164

Corringham £274,483

Lawres £259,665

Manlake £536,917

West Wold £277,089

Yarborough £407,562

Bolingbroke £231,215

Calcewaite & Candleshoe £451,192

Grimsby & Cleethorpes £617,169

Haverstoe £442,850

Horncastle £330,181

Louthesk £447,082

Stamford £330,614

Beltisloe £408,603

Christianity £648,347

Elloe East £291,981

Elloe West £562,647

Graffoe £499,816

Grantham £359,395

Holland £693,110

Lafford £490,343

Loveden £236,387

£8,979,815

Isle of Axholme

Corringham

Lawres

Manlake

West Wold

Yarborough

Bolingbroke

Calcewaite & Candleshoe

Grimsby & Cleethorpes

Haverstoe

Horncastle

Louthesk

Stamford

Beltisloe

Christianity

Elloe East

Elloe West

Graffoe

Grantham

Holland

Lafford

Loveden

Isle of Axholme

Corringham

Lawres

Manlake

West Wold

Yarborough

Bolingbroke

Calcewaite & Candleshoe

Grimsby & Cleethorpes

Haverstoe

Horncastle

Louthesk

Stamford

Beltisloe

Christianity

Elloe East

Elloe West

Graffoe

Grantham

Holland

Lafford

Loveden

We

ha

ve e

xam

ine

d th

e su

mm

arise

d fi

na

ncia

l state

me

nts se

t ou

t in th

is lea

fle

t. Th

ese

rela

te to

the

de

an

ery

sum

ma

ry a

s extra

cted

from

the

au

dite

d fi

na

ncia

l state

me

nts o

f the

Linco

ln D

ioce

san

Trust &

Bo

ard

of F

ina

nce

Ltd.

Re

spe

ctiv

e re

spo

nsib

ilitie

s of tru

stee

s an

d a

ud

itors

Dio

cesa

n C

ou

ncil is re

spo

nsib

le fo

r pre

pa

ring

the

Fin

an

cial S

um

ma

ry fo

r the

yea

r en

din

g 3

1st D

ece

mb

er 2

01

0. O

ur re

spo

nsib

ility is to

rep

ort to

you

ou

r op

inio

n o

n th

e co

nsiste

ncy

of th

e su

mm

arise

d fi

na

ncia

l state

me

nts w

ithin

the

sum

ma

rised

an

nu

al re

po

rt with

the

full fi

na

ncia

l state

me

nts a

nd

truste

es’ re

po

rt. We

also

rea

d th

e o

the

r info

rma

tio

n co

nta

ine

d in

the

sum

ma

rised

an

nu

al re

po

rt an

d co

nsid

er th

e im

plica

tio

ns fo

r ou

r rep

ort if w

e b

eco

me

aw

are

of a

ny

ap

pa

ren

t missta

tem

en

ts or m

ate

rial in

con

sisten

cies w

ith th

e su

mm

arise

d fi

na

ncia

l state

me

nts.

Ba

sis of o

pin

ion

We

ha

ve ca

rried

ou

t the

pro

ced

ure

s ne

cessa

ry to

asce

rtain

wh

eth

er th

e su

mm

arise

d fi

na

ncia

l state

me

nts a

re co

nsiste

nt w

ith th

e fu

ll fin

an

cial sta

tem

en

ts from

wh

ich th

ey

ha

ve b

ee

n p

rep

are

d.

Op

inio

n

In o

ur o

pin

ion

the

sum

ma

rised

fin

an

cial sta

tem

en

ts are

con

sisten

t with

the

full fi

na

ncia

l state

me

nts fo

r the

yea

r en

de

d 3

1st D

ece

mb

er 2

01

0.

R J W

AR

D (S

en

ior S

tatu

tory

Au

dito

r)

ST

RE

ET

S A

UD

IT LLP

Ch

arte

red

Acco

un

tan

ts

& S

tatu

tory

Au

dito

r

Ma

y 2

01

1

Ind

ep

en

de

nt A

ud

itors’ S

tate

me

nt