Report from the Board 16 March 2017

Board members present: Marco Helles, Stephen James, Margoth Sonnebo, Hans-Olof Hagén, Rachel Norborg Jerkeby, Gunilla Hjelmåker, Lina Mattebo, Peter Dobers, Mats Bernö, Vida Afua Attah, Patrick Amofah, Malin Emmoth.
Ex officio: Ulla Marie Gunner, Anette Engkvist and Cathrin Sjöström.

Annual report 2016 for the Immanuel Group

Anette Engkvist, Head of Administration, presented the Annual report for the Group, covering both the church and the companies that the church owns. This time the companies were in focus. The Annual report of the church was presented in detail at the Board meeting in February.

In summary, the net turnover increased by SEK 16 million between 2015 and 2016, with the hotel operations contributing SEK 13.5 million and rental income from investment properties contributing SEK 2 million. Two properties were divested during the year, resulting on a profit on the sales amounting to SEK 22 million.

Because of the increased turnover, operating expenses also increased, both in terms of commodities and supplies, and personnel costs. The Immanuel Group’s operating profit is just over SEK 72 million, which is better than last year’s strong outcome, mainly due to the gains from property sales. Earnings before interest and tax amounts to SEK 57.2 million and net profit after tax for the financial year amounts to SEK 44 million.

The lead auditor, Jonas Grahn from PwC attended the meeting and gave a report on the findings during the execution of the audit. In his professional judgment, based on the procedures performed, the accounting record appears to be in good order and that the Annual report gives a true and fair view of the financial result and financial status of both the church and the Group as a whole.

Motions to the Annual meeting

The Board reviewed the motions which were submitted to the Annual meeting for its consideration and the relevant responses and actions were taken to address them.

New proposal for Ministry action plan

The Board discussed the leadership group’s latest proposal for a Ministry action plan for the congregational meeting on 19 March. The primary desire for change was more specific objectives and evaluation points.

Policy for rental of Probitas’ apartments

The Board discussed the comments raised regarding the allocation of the apartments of the company and the current policies and practices in place relating to the allocation of the apartments. The policy has now been revised. The Board also appointed Malin Emmoth, Mats Bernö and Stephen James to review the policy issues for the future.

Election of Boards of Directors for Probitas AB and IFAB

For Board of Directors for Probitas AB the Board proposes re-election of Sven Mannervik (chairman), Claes Eriksson, Johannes Nilsson, Karin Sandström, Lennart Berglund and Bo Ingemarsson (new election). From the church’s Board the proposal is to re-elect Malin Emmoth, Vida Afua Attah and Hans-Olof Hagén.

For Board of Directors for IFAB the Board proposes re-election of Sven Mannervik (chairman), Göran Johansson, Johanna Fjellström, Anders Claesson and Mats Bernö (new election). The Board also proposes Kjell Walfridsson as lay auditor for Probitas AB and Marco Helles as representative of the owners for the Annual meeting of Probitas AB.

Upcoming Board meetings

The Board has an extra meeting on the 23rd of March regarding the Ministry action plan. Moreover in 2017: 23 April (statutory meeting following the Annual meeting), 18 May, 15 June, 14 September, 19 October, 16 November and 14 December. In 2018: 18 January, 15 February, 15 March, and Annual meeting 22 April. A weekend for the Board is planned during 29-30 September 2017.

Upcoming congregational meetings

In 2017: 24 September and 26 November. In 2018: 21 January and 18 March.

Welcome to the Annual meeting on 23 April and to the Annual meeting of the Companies on 18 April and an evening with information about the church’s ministry and finances on 19 April.