The Church Of Ireland
General Synod 1999

RCB REPORT 1999 (SUMMARY)

• Balance Sheet assets grow by IR£45 million in 1998 as a result of continued spectacular growth in stock markets fuelled by technology stocks and merger mania.
• Trust funds held for parishes, dioceses and pensions exceed IR£2l5 million at the year end as total assets valued at IR£337 million.
• RCB income holds up well in 1998 despite lower interest rates and declining returns on investment capital but warnings of future income downturn due to loss of tax credits and falling corporate earnings in low yield environment.
• Increased operating costs reflect staff restructuring following Price Waterhouse review (overall operating costs absorb circa 12.5 % of total income).
• Ethical investment issues continue to be monitored/scrutinised.
• Refurbishment of Church House completed at cost circa IR£1.2 million (following on from upgrading of RCB Library and the Theological College in previous years).
• Allocations to support stipendiary ministry, pensions, training of ordinands, General Synod etc recommended to General Synod and approved (IR£2.614 million in 1999) including establishment of full time chaplaincy at Jordanstown.
• Timely special increases in stipends recommended for 2000 and 2001 following survey of dioceses (£2400 over two years in addition to routine annual increases).
• Significant financial support for Church of Ireland Code of Good Practice - Safeguarding Trust as Boards of Education in both jurisdictions strive to implement the Code.
• Sales of church property amount to IR£2.7 million in 1998 reflecting continuing property price escalation and activity levels.
• Library and Archives Committee condemns poor response to Church Plate inventory requests as 'shockingly negligent'.
• The Euro currency arrives with implications for portfolio positioning and strategies.
• Year 2000 countdown continues - limited progress in 1998 due to disruption and dislocation of office and staff (who have moved office twice in eight months) as well as upgrading of systems and hardware in refurbished premises.
• Parishes reminded of need for more care in maintaining deeds of covenant records as Inland Revenue audit assessed; Seminars for covenant treasurers/secretaries in association with Inland Revenue organised by RCB for early 1999.
• Mr JRB Hewat, Chairman of RCB Executive Committee, pays public tribute to Canon JLB Deane at his last General Synod. Canon Deane has completed more than 40 years' sterling service as a member of the RCB and the General Synod (representing Cork, Cloyne and Ross).

[Prepared by Mr RH Sherwood, Chief Officer and Secretary, 31 May 1999]

Return to General Synod 1999 Index