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
- 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]
The Representative Church Body
Church of Ireland House
Tel: +353 (0)1 497 8422
Fax: +353 (0)1 497 8821
Email: Chief Officer