The annual accounts are being considered by Synod Members. David Palmer proposes the accounts. There will be a lot more later on Pensions.

The St Serf’s trust is to be wound up and its finances dispersed to several charities which help older people.

Finances – David Palmer notes that income has been slightly higher than expected. Expenditure is £117K below budget. There is a surplus that is higher than expected – over £200K.

Expenditure by boards was underspent due to grants not being spent and boards reigning in their expenditure.

Lower than expected take up of ministry funds and some surplus because some curacies have ended sooner than expected.

Accounts are reasonably healthy but still needs careful management. Standing Committee will be focusing on Whole Church Mission and Ministry Policy.

Budgets – Boards and Committees have considered their budgets and made submissions to Standing Committee. Boards have been asked to critically review budget proposals. Legacies are capitalized and not used to fund current operating funds. General Synod is heavily dependent on investment income. Falls in stock market have been significant. £200 K a year lost. Note also the increase in pension contributions needed.

Small surplus budgeted for in coming year.