Parishes have responded with huge generosity to the appeal for additional funds to meet the sharply increased pension contribution rate that caused a deficit of £0.5m to be budgeted in 2007. Many thanks to all those that have contributed to this process throughout the Diocese.
Common Fund, which is almost three quarters of the London Diocesan Fund’s income, is budgeted to rise to £18.2m, 7.7% more than was pledged in 2007.
We are pleased to report that a balanced budget, as required by the London Challenge, was approved by Bishop’s Council on 8 November 2007 and was received by the Diocesan Synod on 22 November 2007.
The clergy stipends’ budget is set to increase by 4% while maintaining the number of clergy in the Diocese. The increased cost of the clergy pensions has been met and spending on the maintenance of parsonages will increase.
We will continue to control costs rigorously and monitor income to ensure that the Diocese stays on track to achieve a non-deficit result in 2008.
A guide to diocesan finances is online at www.london.anglican.org/Finance.
Finance Team
December 2007
