The Church Of Ireland General Synod 1999

THE CHURCH OF IRELAND

THE REPRESENTATIVE CHURCH BODY REPORT

1999

CONTENTS

EXECUTIVE COMMITTEE AND OTHER INFORMATION

EXECUTIVE COMMITTEE REPORT

REPORT OF THE AUDITORS

BALANCE SHEET

GENERAL FUND REVENUE ACCOUNT

STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES

CASH FLOW STATEMENT

NOTES TO THE FINANCIAL STATEMENTS

JRB Hewat

The Archbishop of Armagh

The Archbishop of Dublin

Canon JLB Deane
(Allocations Committee)

Professor TD Spearman
(Investment Committee)

JR McConnell
(Property Committee)

The O’Donovan
(Stipends Committee)

The Bishop of Derry

Ven CT Pringle

Very Rev DR Chillingworth

Rev WBA Neill

Mrs CH Thomson

JF Rankin

RW Benson

GC Richards

Bank of Ireland
College Green, Dublin 2

Bank of Ireland
Baggot Street, Dublin 2

PricewaterhouseCoopers
George’s Quay, Dublin 2

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

The capital funds of the Representative Body increased by more than IR£45million in 1998. This follows on from the significant increases in Balance Sheet values over the preceding three years as a result of rising stock market valuations and investor confidence. Since 1995 Balance Sheet values have increased by 77% or by IR£148million to a total of IR£338million.

Income returns, in contrast with this exceptional capital performance, have been much more modest as yields on equities, bonds and cash have fallen to low levels over the period. In 1998, income increased by 4% while expenditure rose substantially over 1997 as expected following reorganisation, an increase in staff levels and some exceptional non-recurring costs.

Operations were transferred to the Royal Hospital, Donnybrook in September as the refurbishment programme at Church of Ireland House commenced. This is a complete fit out of the premises to provide better facilities and to upgrade the building to modern health and safety standards in a rapidly developing technological climate. Capital costs will be written off over 25 years as agreed with the Auditors, PricewaterhouseCoopers (who previously practised under the name of Price Waterhouse).

The Executive Committee is aware of the potential impact of the millennium or Year 2000 problem and has been kept advised of the progress of planning and practical steps taken to minimise any difficulties. To date, much of the effort has been absorbed in normal business activity such as hardware upgrades and problem analysis but system rewriting and reprogramming (where necessary) has been hampered by the transfer to Donnybrook and the introduction of the Euro currency, which became a priority as stock market activity in Ireland transferred to the new currency in early January 1999. It is anticipated that Year 2000 problems will be resolved not later than 30 September 1999, in so far as internal systems and equipment functions are concerned.

The RCB does not intend to convert accountancy and payroll operations to the Euro currency prior to 1 January 2001; a partial conversion of investment systems took place on 1 January 1999. Transactions denominated in sterling will continue to be in that currency so long as it remains a separate currency outside the European Monetary System.

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.

9 March 1999

JRB Hewat
Chairman, Executive Committee

We have audited the financial statements of the Representative Church Body on pages 36 to 49 which have been prepared under the historical cost convention, as modified for the revaluation of investments, and the accounting policies set out on pages 40 and 41.

Respective Responsibilities of Trustee and Auditors
As described on page 34 the Representative Church Body, as a trustee is responsible for the preparation of financial statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.

Basis of Opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustee in the preparation of the financial statements and of whether the accounting policies are appropriate to the organisation's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion
In our opinion the financial statements give a true and fair view of the state of the Representative Church Body's affairs at 31 December 1998 and of its result and cashflows for the year then ended.

In our opinion proper books of account have been kept by the Trustee. The financial statements are in agreement with the book of account.

Signed:

PriceWaterhouseCoopers

PRICEWATERHOUSECOOPERS
Chartered Accountants and Registered Auditors
Dublin

9 March 1999

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