2024-12-31-accounts

LEEDS DIOCESAN BOARD OF FINANCE ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 LEEDS DIOCESAN BOARD OF FINANCE Company number- 8823593 Registered charity number- 1155876

LEEDS DIOCESAN BOARD OF FINANCE TABLE OF CONTENTS Page Numbers Legal Objects Strategic Report: Strategic Aims Objectives forthe year Activities and Achievements in the year Future plans Financial review Principal risks and uncertainties 12 Structure and Governance 13 Trustees, Responsibilities 19 Administrative details 19 Independent Auditors Report 21 Statement of Financial Actlvltles 24 Income and Expenditure Account 25 Balance Sheet 26 Cash Flow Statement 27 Notes to the Financial Statements 28

LEEDS DIOCESAN BOARD OF FINANCE TRUSTEES REPORT 2024 The Trustees, who are also Directors for the purposes of company law, present their annual report, together with the audited financial statements, for the year ended 31 December 2024. The Directorsnrustees are one and the same and in signing as Trustees they are also signing the strategic report sections in their capacity as Directors. This combined report satisfie5 the legal requirement5 for: A Directors, Report of a charitable company; A Strategic Report under the Companies Act 2006; and A Trustees, Annual Report under the Charities Act 2011. LEGAL OBJECTS The Diocese of Leeds is one of 41 Dioceses which coverthe whole of England. The Diocese covers West Yorkshire, the western part of North Yorkshire, and parts of South Yorkshire, Lancashire and County Durham. The Diocese comprises five Archdeaconries which form the Episcopal Areas. It covers an area of around 2,425 square miles, housing a population of around 2,642,400. The Diocese has 598 church buildings in 440 parishes Wlth 302 stipendiary clergy, 82 self-supporting clergy and 447 clergy with Permission To Officiate I'PTO") along with 354 Readers, 85 authorised lay pastoral mlnsters and 41 chaplains. There are also 237 Church of England schools and 11 Multi-Academy Trusts serving some 64,000 pupils within the Diocese. The Leeds Dioce53n Board of Finance's I'LDBF") principal objective is to promote, assist and advance the work of the Church of England in the Diocese of Leeds by acting as the financial executive of the Leeds Diocesan Synod. The LDBF ha5 the followlng statutory responslbillties: The management of glebe property and investments to generate income to support the cost of stipends arising from the Endowment and Glebe Measure 1976; The repalr of benefice houses as the Diocesan Parsonage Board under the Repair of Benefl Buildings Measure 1972. The management of investments and the custodians of assets relating to church schools under the Diocesan Board of Education Measure 1991; and The custodians of permanent endowment and real property assets relating to trusts held by Incumbents and Archdeacons and by Parochial Church Councils {"PCC") as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Councils (Power51 Measure 1956. iv. The strategic priorities of the company are established by the Diocesan Synod in communication with Deanery Synods, PCCS and the Bishop of Leeds {in respect of his responsibility for the provision of the cure of souls). To this end, significant time and effort is committed to communication between and with these bodies, as well as Wlth the church nationally. STRATEGIC AIMS The main role of the LDBF is to identify and manage the financial aspects of ministry and mission within the Diocese, so as to provide appropriate personnel and financial resources to assistthe Diocesan Synod, Bishop's Council and parishes to further the mission and strategic priorities in the Diocese.

LEEDS DIOCESAN BOARD OF FINANCE LDBF'S principal activity is to promote, facilitate and assist with the work and purposes of the Church of England for the advancement of the Christian faith in the Diocese of Leeds. LDBF'S strategy for achieving its objectives is to develop and maintain a Sound financial structure to enable it to continue supporting the clergy through the payment of stipends, manage parsonages and other ministerial housing, and also by providing other facilities and resources in support of the ministry of both clergy and lay people in parishes across the Diocese. Diocese of Leeds Strategy The Diocese of Leeds has a vision for confident Christians, who are part of growing Churches and transformin8 communities. As Chrlstians living and worshipping in the Diocese of Leeds we want to be faithful to our calling to be good news, share the Gospel and serve with steadfast purpose the communitles in which we live. Over the next 10 years our Strategic aim is to be a Diocese: Confident in our mission- supporting churches to become confident in their purpose, and able to use their building, financial and time resource5 to achieve this. Confident in our future- ensuring the Diocese becomes sustainable, building on the work of the last few years to be efficient as well as effective. Confident in our leadershi giving support around leadershlp for everyone involved In serving in our churches. Confident in our witness encouraging support for all to be confident In living and telling the good news of Jesus in a rapidly changing world, particularly reaching children and young people. These four strategic pilla r5 provide a structure and a focus for our vision. The pillars ensure we can align efforts through effective communication and implementation of our priorities. In delivering the diocesan vision, teams are focusing on Encouraglng Confidence as a simple way of defining our purpose and offer. It is a Shorthand way of saying we are here to hel arishes, Our collective purpose in every team is to encourage confidence in our parishes and schools in our mission, our future, our leadership and our witness. Over time that will mean we adjust, Start and also stop activities and areas of work. Taking advantage of future opportunities, whetherthrough the provlslon of funding orthrough a reallocation of resources, we wlll ensure that it fits within thi5 wider strateglc framework. We recognise that further intentional action Is also required that goes beyond established work to make this strategy a reality. This is where Barnabas: Encouraging Confidence the programme gives new, funded resource5 to help churches move forward in mi55ion. Barnabas the programme is a Specific programme of work. It has set objectives which are nationally funded with a defined programme team in place to deliver. The Barnabas pro8ramme team oversee the roll out of new initiatives as well as SUPPOrting churche5 in identifying needs. They will work closely with other diocesan teams as to how needs can be met a5 part of the wider Encouraging Confidence Strategic approach. A number of programme outcomes can only be delivered through cross working with teams across the Diocese.

LEEDS DIOCESAN BOARD OF FINANCE OBJEcfivES FOR THE YEAR The objectives that were set for 2024 were: Seek to implement Barnabas, identifying emerging themes and expanding the offer, whilst ensuring there continues to be robust reporting systems in place,. Refine plans for further projects in Episcopal Areas and beginning to pilotltest in advance of bids in 2025; Focus on continued improvement of training provision for parishes in relatlon to safeguarding as well as encouraging increased use of the Safeguarding Dashboard and Hub; Review all employee policie5 and look further at clergy wellbeing related policies; Develop a communicationsstrategywith detailed stakeholder grid and accessible annual report. Support the development of distinctive Christian vision and leadership in our church schools and Trusts with a key focus on effective governance at all levels as a form of discipleship and vocation; Implement key system changes in Finance, Property and IT to ensure sustainable, secure and robust systems in place; Roll out Stock Condition Surveys across the entire property portfolio; Support the ongoing delivery of the multi-year land development plan, which will see the first sites brought to market and contracts exchanged; Promote ethnic diversity, combat racial Injustice and enable widening partlclpation in mlnistry and missional engagement. Continue to focus on the implementation of the Net Zero Carbon I'NZC,) Attlon plan; Improve the use of data to drive decision making across all aspects of the LDBF'S work; Continue to develop plans to drive up parish engagement with best stewardship practlce and implement a new deployment process which reflects the financial reality,. and We will mark and celebrate 10 years of the Diocese of Leeds. This will give us the opportunity to recognise all that has been achieved and to evaluate the wider benefits realised since the creation of the Diocese in 2014. Through carrying out these objectives and in promoting the whole mission of the church (pastoral, evangelistic, social and ecumenical) the Trustees are confident (having had regard to Charity Commission guidance) that LDBF delivers public benefit through community engagement, resourcing education and supportlng those in need both spiritually and physically. AcfiviTIES AND ACHIEVEMENTS IN THE YEAR Support for the Diocese's mission and strategic aims is delivered by the Bishop and his senior team through the LDBF Board. The team is supported by a number of key advisers including Legal, HR, Finance, Education, Property and Safeguarding. The role of those employed to work in the central support of the Diocese is largely to: support and enable parishes in their engagement with their communities; advise and support the Synod, Leeds Board, Bishop's Staff Team and Board of Education in the formation of policy for the Diocese; support church schools, further and higher education institutions in terms of governance, religious education and collective worship, and buildings development,. ensure sultable provision and training for the safeguarding of children and vulnerable adults. train and advise those holding positions of office and leadership in the Diocese; support the discernment, selection, recruitment, and training for those entering licensed and authori5ed ministry; undertake the statutory work of the Church of England in the Diocese of Leeds and the statutory work of the LDBF; and engage in the work undertaken nationally and internationally through support and representation on national boards, committees and working groups.

LEEDS DIOCESAN BOARD OF FINANCE These objectives have been met in 2024. Key achievements include: Some 50% our parishes had meaningful engagement with Barnabas. A further 77 people from 13 parishes took part in the Personal Growth and Leadership Course which encourages lay people and clergy to work together. 40 clergy engaged with leadership development workthrough a second cohort of the Confident Leadership for Missional Churches course and a further course called Reconciling Mission, and through various learning communities. A Rural Change Enabler joined the team, ensuring that the Barnabas offering is suitable across all our contexts and Compass: a tool to help any church, parish or benefice determine their next steps in mission was developed in 2024. Safeguarding supportfor parishes increased in 2024 with a restructuring and augmenting of the Safeguarding Team to improve both the seniice offered to parishes and the training given to clergy and laity. A new Communications Strategy was produced in 2024, including a detailed stakeholder grid. The use of the Communications Grld was expanded to enable better strategic planning and communicatlons management. Relationships with our 236 schools and 10 multl-academy trusts contlnued to be the foundation of the Education Team. Supporting school leader5, including through the highly successful Pathway programmes, was a key priority and the Team continued its broad offer of trainin& visits and advice. Stock condition surveys of the whole property portfoliotook place in 2024, giving a much clearer indication of what property improvements need to be made and what budget is required. Properties not required for clergy purposes were actively rented out on the open market and 2024 recorded our highest rental income at £1.3m compared with £l.Im in the previous year. Working towards NZC, interventions were made to a selected vicarage which included Insulation, solar PV and a heat pump installation. We will learn from this pilot on how to approach other pilots during 2025. Saving Creation: A NZC Action Plan continued to be implemented across the Diocese. Key achievements included receiving Heat Decarbonisation Plans for 47 of 49 Voluntary Aided schools. The Diocese achieved an Eco Office Silver Award and we celebrated more Individual Eco Church awards being achieved across the Diocese, with Bolton Abbey securing a Gold Award. The Treasurer Forum initiative began in June 2024- quarterly advice meetings for treasurers from acr055 the Diocese, which is co-planned and delivered by our Treasurer Ambassadors. There are 9 Treasurer Ambassadors with a presence in each EA, plus 8 additional treasurers offering support to other treasurers. Each Treasurer Forum meeting has attracted 50 + attendees. Give to Go Green ('GTGG'}- the Dlocese participated in 2 rounds of GTGG pilot scheme in 2024 which shows the benefits of digital giving. 11 parishes from our Diocese took part in each round and most reached or surpassed their fundraising target5 Using digital giving. The 10th Anniversary of the Diocese of Leeds was marked by the production of a commemorative booklet which celebrated the achievements of parishes and their communities. Printed copies were distributed to all parishes in sufficient numbers for it to be available throughout the year. The Leeds@10 booklet received very positive feedback and was produced at no expense to the Diocese. The Church Buildings and Pastoral Reorganisation team supported many parishes with developing plans for their buildings and ensured good governance structures for smooth day- to-day operation. The team's offer to parishes was enhanced by the addition of a nationally- funded Church Building5 Support Officer, who gave bespoke supportto 45 churches and secured funding of £121,500 for a maintenance collective initiative which will be piloted in 2025.

LEEDS DIOCESAN BOARD OF FINANCE Volunteers The Diocese of Leeds is dependent on the huge number of people involved in church activities both locally and at diocesan level. We believe that the number of active volunteers lor volunteer hours) given to the mission and ministry of the church is a key indicatorof the health of a church. The service provided to a community through church volunteering also has a significant impact on people's relationship to the church particularly at times of crisis. We greatly value the considerable time and support given by all the volunteers across the Diocese in pursuit of our mission. We do not include an estimate of the financial value of volunteering time in these accounts. FUTURE PLANS The major budget element continues to be directed towards SUPPOrting ministry and mission in every parish. The Trustees will continue to set annual budgets as appropriate and in line with the reserves policy. The ongoing objective is to resource diocesan needs, as determined by Synod and informed by local and National Church institutions. In addition to the day-to-day activities of the LDBF, during 2025 we will: Continue to provide support to parishes as part of our Barnabas strategy, This includes rolling out courses and wider support initiatives, with detailed reporting supporting effective delivery. Prepare bids forfurther National Church strategic funding to support targeted work in Episcopal Work closely with Natlonal Church partners to seek additlonal funding which can be used to support parish ministry. Pilot alternatlve ways to support churches In meeting the malntenance challenges of looking after historica I buildings. Provide additional support for Parish Safeguarding Officers whilst continuing to provide tlmely responses, manage risks and deliver safeguarding training; Offer training in every deanery, run events, provide parish support, and develop Growing Faith hubs,. Deliver lay training with a specific focus on widening access. We will also support curate and Licensed Lay Ministry formation and provide communlty-specific trainlng; Support the development of distinctive Christian vision and leadershlp In our church schools and Trusts with a key focus on effectlve governance at all levels as a form of discipleship and vocation. Implement a planned maintenance programme using the Stock Condition Survey outcomes; Continue to support the ongoing delivery of the multi-year land development plan, which will see the first sites brought to market and contracts exchanged; Commence a rolling three-year programme of Parish Share engagement with parishes; and Further promote ethnic diversity, combat racial injustice and enable widening participation in ministry and missional engagement. These plans are a snapshot of our focus for the coming year. In delivery of our work we hold our values- and commit to acting in the following ways: Loving- we will celebrate success and appreciate the commitment of colleagues. Leaders will remain accessible a nd visible. Living- we will be present and personally engaged in our work and the work of others in Church House. Learning- we will be open to exploring new ideas, to listening to feedback and to learning from things which go well, and not so well.

LEEDS DIOCESAN BOARD OF FINANCE FINANCIAL REVIEW Financial Performance In 2024 the LDBF recorded a net deficit before investment gains of £907,000 on unrestricted funds. This was £611,000 better than the prior year (2023: £1,518,000 deficit), The 2024 deficit includes the recognition of a usable pension surplus, to be used against future costs, with a net present value at 31 December 2024 of £1,339,000, which is the primary driver behind the improvement. This surplus is expected to be utilised over the next 7-10 years. Additionally, 2024 saw the adoption of Total Return Accounting I'TRA'I which means £505,000 of investment income generated from Stipends Fund Capital investments is reported as endowed income, where previously this would have been shown as unrestricted. Under TRA this income was transferred to unrestricted funds, along with an additional £300,000, as part of fund transfers. Therefore, the comparable deficit on unrestricted funds was £1,741,000 in 2024 vs £1,518,000 in 2023. The Parish Share request for 2024 was £15,259,000 (2023: £15,749,000) and receipts relatin8 to the 2024 request amounted to £11,760,000 {2023: £11,792,000), representing a collection rate of 77.1% (2023: 74.9Y}. In addition, Parish Share receipts of £211,000 were received agaln5t the historical share outstanding from previous years {2023: £181,000) and voluntary contributions of £175,000 were made (2023: £97,000). Note 2 to the flnancial statements has been prepared in accordance with the guidance agreed nationally to show the total receipt of income from parishes including receipts for a previous year. The Trustees are grateful to all parishes for their Parish Share payments and especially to those parishes that make their Parish Share payments by monthly instalments, which is essential in controlling the Diocese's cash flow. Expenditure from unrestricted funds on charitable activities decreased by £1,704,000 to £20,028,CQO 12023: £21,732,000), This was largely due to a reduction in pension contributions following favourable valuations of both lay and clergy pension schemes, together with the recognition of the remaining usable surplus as noted above. Across all the funds, the capital value of investments increased by £607,00012023: £1,838,000). Of the Increase, £61,000 related to unrestricted investments {2023: £233,000). In order to support the unrestricted posltlon, fund transfers were made from restricted funds where expenditure was incurred within the general fund that was eligible for those funds, Five propertles with a combined value of £1,995,000 were transferred from Benefice Housing to unrestricted funds during the year following the completion of Pastoral Schemes. The propertles will continue to be used to provide clergy housing if required but sold or rented out if no ministerial need exists. One property with a value of £650,000 was transferrec5 from unrestricted funds to Benefice Housing as a replacement parsonage following a pastoral scheme, whilst another, wa5 transferred to the pastoral fund at a value of £595,OCrf) and is currently being marketed for sale. Following an impairment review, this property has been revalued to £500,000. As noted above, following the adoption of TRA on l January 2024, £805,000 of unapplied total retum was transferred from the Stipends Capital Fund to Unrestricted Funds. As a result of the above, there was an overall funds increase of £563,00012023: £23,010,000 increase) of which £1,605,00012023: £5,587,000 increase) related to unrestricted fund5. The Trustee5 have prepared a budget for 2025 based on a 3% increase in stipend and salary costs and

LEEDS DIOCESAN BOARD OF FINANCE targeting Parish Share income of £12,313,000. Including the transfer of £1,150,000 from restricted reserves to fund applicable activities, the budget is for a deficit of £1,545,000. It is expected that property sales will be used to support the cash and free reserves position. External factors affecting performance The Parish Share, which is contributed by PCCS towards the ministry and other costs of the Diocese, is a voluntary contribution and is budgeted to provide 63Yo of the Diocesan income in 2025. Princlpal fundlng sources In 2024, 63.5% (2023: 59.7%) of unrestricted income of the LDBF came from the Parish Share and 13.0% (2023: 13.2%) from the National Church. Financlal sustainablllty LDBF has sound financial management, however, the Trustees remain conscious of the risks associated with the Parish Share fund collection and inflating costs and therefore its ability to adequately resource diocesan activity. It is now clear Parish Share is unlikely to return to pre Covid-19 levels and budgets have been adjusted accordingly. Whilst operating deficits are expected to continue for some time, the Trustees are confident these can be absorbed through carefully managing expenditure; the appropriate utillsatlon of both unrestrlcted and restricted reserves (e.g. Pastoral Fund and Stipends Fund); and the time-15mited sale of surplus property. Alongslde this, funding from the Archblshops, Councll continues to be used to invest in growing missional and financial strength in the Diocese. The Trustee5 are also monltoring the outcome of the ongoing National Diocesan Funding Review. Going concern The financial statements have been prepared on a going concern basis. The Trustees have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered number of factors. As noted above, operating deficits are expected to continue for some time but the Trustees are confident that the Balance Sheet remains strong and is sufficient to absorb deficits that may arise over the near term. This will be done by carefully managing expenditure; the appropriate utilisation of both unrestricted and restricted reserves (e.8. Pastoral Fund and Stipends Fund); and the time-limited sale of surplus property. As a consequence, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Key Management remuneratlon policv The policy for remunerating key management is in accordance with the salary scales approved annually by the Leeds Diocesan Board. Slgnificant Property Transactlons The net book value of land and buildings purchased and disposed of during the year totalled £1,839,000 and £2,505,000 respectively. The Leeds Board's policy is: to replace unsuitable propertie5; to accommodate the changing geographical deployment of clergy within the Diocese; to dispose of properties ft)r which there is no ministry need and which do not provide reasonable investment returns; and

LEEDS DIOCESAN BOARD OF FINANCE to realise development potential in some properties, thereby using our resources more effectively for the ministry of the Church. During the year three properties were purchased, two as replacement parsonage properties and one glebe property. Also during the year, eight properties were sold. Of the properties sold, five were DBF properties (either being surplus curates, properties or former vicarages transferred to the DBF as part of pastoral schemes), two were parsonage properties where replacement properties had been, or will be, purchased and one was a glebe property. Balance Sheet posltlon The Trustees consider that the Balance Sheet together with details in note 24 show broadly that the restricted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. While the net assets at the Balance Sheet date totalled £221.8m (2023: £221.3ml, it must be remembered that included in this total are properties, mostly In use for the ministry, whose value amounted to £172.7m12023: £173.6m), Much of the remainder of the a55etS shown in the Balance Sheet are held in restricted and endowed funds, and cannot necessarily be used for the general purposes of the LDBF. Reserves pollcy Free reserves The Rese￿eS Policy sets a target free reserves range of £4.Im to £5.5m. The lower bound is based on an analysis of income sources and their potential vulnerability against budgeted performance the largest portion of this relating to Parish Share1£2.5m}. The upper bound remains based on 3 months budgeted unrestricted expenditure for the following financial year. The Trustees define the free reserves as the Unrestricted Net Current Assets plus the unrestricted unlisted investment5. Actual free reserves as at 31 December 2024 totalled £5.7m {2023: £5.9ml. The decrease from 2023 is due to the operating deficit (excluding the pension surplus to be utilised in more than one year), partly offset by unrestricted property sales and the increase in Investment valuations. Unrestricted generolfunds The general fund comprises net assets amounting to £57.4m of which £52.8m relates to tangible flxed assets, £2.7m investments and £4.5m current assets, partly offset by long-term Ilabilities of £2.7m. Unrestricted designatedfunds The Trustees may designate additional unrestricted reseNes to be retained for an agreed purpose where this is considered to be prudent. Such designated reserves are reviewed on an annual basis and returned to the general fund in the event that the purpose of their designation 15 no longer considered to be adequatejustification fortheir retention. A description of each reserve together with the intended use of the reserve is set out in note 24. At 31 December 2024 total designated reserves were £782,000 (2023: £794,000). Restricted and endowmentfunds As set out in note 23 LDBF holds and administers a large number of restricted and endowment funds. As at 31 December 2024 restricted funds totalled £18.7m {2023: £17.8ml and endowment fundstotalled £145.Om {2023: £146.9ml. These funds are not available forthe general purposes of the LDBF. io

LEEDS DIOCESAN BOARD OF FINANCE Grant making policy Grants are made to the National Church to cover a proportion of its central costs and also to cover the costof training for ministry (see note 12 to the financial statements). Grants are paid to other connected charities and to other charitable projects, which support the furtherance of LDBF'S objectives. Fundraising The LDBF provides guidance to the parishes with regards to fundraising, but does not engage in fundraising activities itself. Due regard is given to the Fundraising Code of Practice set by the Fundraising Regulator when providing advice to the parishes. Investment policy LDBF'S investment policies are based on two key policies: The Trustees have a policy to invest in accordance with the ethical investment policy of the Church of England Ethical Investment Advisory Group - this includes ensuring that investments are held in companies, which have high standards of corporate governance and act in a responsible way towards stakeholders. Long-term responsibllities - the Trustees are aware of their long-term responsibilities in respect of endowed funds and as a result follow a correspondingly prudent approach to investment decisions. Investment policy for long-term funds is aimed primarily at generating a sustainable income wlth due regard to the need for the preservation of capital value and the possible need to realise investments to meet operational needs. The glebe investments are held for the purpose of raising income to achieve the maximum contribution possible to clergy stipends on an ongoing basis. Unrestricted and restricted fund investments are invested to balance income, liquidity and the maintenance of capital. The LDBF is empowered by its memorandum of association to invest monies not immediately required for its purposes. In addition, the LDBF acts as trustee of a number of trust funds, and these must be Invested in accordance with the related trusts. The LDBF'S policy is to review regularly the assets of each fund for which It is responsible, in relation to the purposes of each fund, and to identify appropriate Investment vehlcles. Note 24 provides details of the assets of each fund, together with the related purposes, and Note 17 summarises the movements in investments during the year. During the year the LDBF divested its holdings in the CBF Church of England Property Fund and reinvested the proceeds in the CBF Church of England Investment Fund, on the basis that the long-term total return of the Investment Fund is expected to exceed that of the Property Fund. This follows the adoption of TRA on l January 2024, which allows forthe utilisation of excess capital growth- £300k was accessed under TRA in 202415ee note 18}. The CCLA investments total return performance against the benchmarks in 2024 were: Fund 5.09% 6.14% Benchmark 15.31% 5.39Yo CBF Church of England Investment Fund CBF Church of England Property Fund The flve year performance against the benchmark and the benchmark composltes are available from the CCLA and can be found on their website,. htt s://www.cc u.¢o.ukld cuinent&l¢bf-churcli-en Iwid-fvnds- uarterl -bull¢tin-31-deccmber-20241download?iDline li

LEEDS DIOCESAN BOARD OF FINANCE PRINCIPAL RISKS AND UNCERTAINTIES The Trustees are responsible for the identification, mitigation and/or management of risk. To achieve this a risk register is maintained, which includes all risks identified, along with owners, mitigating actions and review dates. The register is maintained by management on an ongoing basis and is subject to review by the Audit Committee twice a year and by the Trustees on an annual basis, though an updated register is presented to the Board at every meeting. The responsibility for delivery of the mitigation Strategies identified by the register are delegated to the Diocesan Secretary. The risk register identifies key area5 where the risk of either failure to act or the impact of the events is considered 'high'. These areas and the associated mitigation strategies are: Parish Shore.. Collection is considerably less than the budget resulting in a deficit on general funds. Accurate budgeting of Parish Share receipts to enable expenditure to be appropriately aligned; Collection statistics are produced and circulated on a monthly basls to track performance and identify potential issues early; Area personnel are expressly tasked with identifying, reporting on and supporting those parishes where there is considered to be a significant risk of under-collection; A rolling three-year programme of Parish Share engagement with parishes. Financial Risk.. The risk of falllng to achieve approved budget or havlng insufficient Ilquid resources to meet liabilitles as they fall due. The financial p051tion is closely monitored at department level, with regular reports circulated and regular meetings held with budget holders by the CFO and/or Finance Manager. Regular reporting to FAIC and the LDBF; A Cost Review exercise was presented to the Board in February 2021, which identified three levels of cost savings and are being implemented as required,. A clear purchase authorisation process is in place: and The implementation of Total Return Accounting from l January 2024 in order to enable some of the capital growth in the Stipends Capital Fund to be used to support the operational budget. Safeguarding & Incluslon.. Where there is an occurrence of child, vulnerable adult or domestSc abuse by someone working for or on behalf of the Church or involved in the life of the Church. The Diocese employs a strong safeguarding team that includes specialist tralnlng support,. Policies are a ligned with those of the national church; All parishe5 are instructed to adopt and implement the National Church's safeguarding policy; Training is compulsory for all relevant staff and volunteers - failure to complete the training result5 in the removal of the ability to undertake roles and functions,. A new safeguarding case management system has been implemented, along with a safeguarding dashboard for all parishes to use; and The Diocesan Safeguarding Advisory Panel, with an independent chair, continues to provide oversight on policy and practice. 12

LEEDS DIOCESAN BOARD OF FINANCE STRUCTURE AND GOVERNANCE Summary Information about the structure of the Church of England The Church of England is the established church and HM The King is the Supreme Governor. It is organised into two provinces (Canterbury and York) and 41 Dioceses. Each Diocese is a See under the care of a Bishop, who is charged with the cure of souls of all the people within that geographical area. This charge is shared with priests Within benefices and parishes, which are sub-divisions of the Diocese. The National Church has a General Synod comprised of ex-officio and elected representative5 from each Diocese. It agree5 and lays before Parliament measures forthe governance of the Church's affairs which, if enacted by Parliament, have the force of statute law. In addition to the General Synod, the Archbishops, Council has a coordinating role for work authorised by the Synod; the Church Commissioners manage the historic assets of the Church of England; and the Church of England Pension Board administers the pension schemes for clergy and lay workers. Each Diocese is episcopally lead and synodically governed. The Diocese itself is divided into 21 deaneries, each with its own Deanery Synod. Within each parish there is a parochial church council, which shares with the parish priest responsibility for the mission of the church in that place, in a similar way to that in which the Bishop shares responsibilities with the Diocesan Synod. Whllst each Diocese is a separate legal entlty with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each Dlocese to seek support from and application for partnership with neighbouring Dioceses. Parochial Church Council ("PCC") The PCC is the elected governing body of an individual parish which broadly is the smallest pastoral area In the Church of England. Typically, each parish has one parish church. The PCC is made up of the incumbent as chair, the churchwardens and a number of elected and ex officio members. Each PCC is a charity and, in compliance with the Charities Act 2011, the majority of PCCS are currently exempt from registration with the Charity Commission. Since October 2008 all PCC5 Wlth gross income above £IOO,000 for the year are required to register with the Charity Commission. Except where shown, the transactions of Pccsdo notform part of these financlal statements. Financial statements of an Individual PCC can be obtalned from the relevant PCC treasurer. Parlshes A benefice is a parish or group of parishes served by an incumbent who typically receives a stipend and use of a parsonage house from the Diocese for carrying out their duties. A deanery is a group of parishes over which an Area Dean has oversight and an archdeaconry 15 a group of deaneries for which an Archdeacon is responsible. The Diocese is then the principal pastoral, and in turn financial and administrative, resource of the Church of England, encompassing the various archdeaconries under the spiritual leadership of the Diocesan Bishop. Organisational structure The Leeds Diocesan Board of Finance ("LDBF") is a company limited by guarantee (No. 8823593) and a registered charity (No. 1155876) governed by its Memorandum and Articles of Association. The company's principal activity isto a55i5t, promote and furtherthe religious and othercharitable work of the Church of England within the Diocese of Leeds. It was incorporated in December 2013. 13

LEEDS DIOCESAN BOARD OF FINANCE The Members of LDBF under company law have a personal liability limited to £1 under their guarantee as company Members in the event of it being wound up. Governance and policy of the Diocesan Board of Finance is the responsibility of the Diocesan Synod members, who are also members of the company. Following the changes in governance approved in March 2015, the Bishop of Leeds is the ex-officio Chair of the Diocesan Board of Finance. The trustees are the Diocesan Bishop, the Area Bishops, one Archdeacon, one Dean, the Chair of the House of Clergy of the Diocesan Synod, the Chair of the House of Laity of the Diocesan Synod, two Clergy and four lay people elected from and by the members of Diocesan Synod every three year5, along with five people nominated by the trustees of the Diocesan Board of Finance and ratified by the Diocesan Synod. The most recent elections were held in October 2024. The details of Trustees who served during the year are set out on page 19. The Diocesan Synod, the statutory governing body of the Diocese, is an elected body drawn from across the Diocese with responsibility for setting the vision and strategy of the Diocese, guided by the Leeds Board. The Diocesan Synod membershlp is elected every three years, the last general elections having been April - June 2024. The Synod elects six of the 21 Trustees of the Diocesan Board of Finance, and ratifies the nominatlon of a further flve members. The appropriate House of the Synod elects the Chair of their House. The Chair of the House of Clergy and the Chair of the House of Laity of the Diocesan Synod are ex-officio members of the Leeds DBF. The LDBF is a separate legal entity with a governing memorandum and articles of a55ociation and has clear responsibilities under both company and charity law. Additionally, the LDBF 15 subject to the direction of the Synod in all its activitie5, unless such direction Is not in accordance with the governing documents or statutory regulations. The main features of the Diocesan Synod approved governance model are: Diocesan Synod members are the Members of the LDBF company. There is a single Board that combines the functions of the Standing Committee of Synod, the LDBF, Bishop's Council, Diocesan Mission & Pastoral Committee and the Parsonages Board, thereby bringing together all major policy, strategy and financial issues into one forum. The core of this Board is a set of Trustees elected and selected for their skills, experience and background appropriate to the nature of the business in hand. Area Mission & Pastoral Sub-committees with delegated responsibilities enabling priorities for Mission and Ministry within each episcopal area to be determined locally, with local representation from deaneries. Advisory groups designed to enable lay and clergy input to all aspects of Diocesan business on an enduring or as required basis. Declslon-makln8 Structure The Board Is the Standing Commlttee of the Synod and addresses the Issues of strategies, policies and priorities (including all financlal aspects) needed to implement the overall vision. It Is accountable directly to the Synod and includes all the functions of the traditional statutory boards. The Diocesan Mission a nd Pastoral Committee delegates significant responsibilities relating to mission and pastoral activities to Area Mission & Pastoral Sub-committees, thereby enabling the Area Bishops with local representatives to formulate local priorities. Deanery Synod5 are represented on Area Mi55ion & Pastoral Sub-committees and these are reflected in the Mission & Pastoral Constitution. The Diocesan Advisory Committee and the Strategic Safeguarding Committee are highly specialised in their work and content, and these remain a5 separate entitie5. Each Area Bishop is accountable to the Diocesan Bishop for the delivery of Mission and Ministry within the Area in line with delegated responsibilities laid down in Instruments and other formal measures. 14

LEEDS DIOCESAN BOARD OF FINANCE The Diocesan Secretary is accountable for the functions of officers and employed staff in supporting parishes and Area Teams. Diocesan Synod has delegated the following functions to the LDBF: Management of the funds and property of the Diocese; Preparation of annual estimates of expenditure; Advising on action needed to raise the income necessary to finance expenditure; Oversight of expenditure by bodies in receipt of Diocesan Synod's funds against estimates of expenditure approved by Diocesan Synod; and Advising Diocesan Synod of the financial aspects of its policy and on any other matters referred to it. Commlttee structure Leeds Diocesan Board of Finance The Leeds Diocesan Board is the formal Bishop's Council, Diocesan Board of Finance, the Diocesan Mission and Pastoral Committee and Parsonage Board. its membership is set out on page 19. Trustees are provided with induction guidance when first appointed and receive ongoing training, as appropriate. Some senior staff have job titles incorporating the title 'Director' but they are notTrustees of the company for the purposes of co.mpany law. Dlocesan Board of Educatlon {"DBE"I The DBE consists of the diocesan bishop, four members appointed by the dlocesan blshop {to Include: an area bishop, an archdeacon, two members of the Leeds DBF), two members elected by the Diocesan Synod, at least four but no more than Six members co-opted by the DBE and up to two members co- opted by the DBE to fill any casual vacancies in those elected by the Diocesan Synod. The DBE oversees the setting of education strategy and reviews progress on an ongoing basis against this. The DBE has sub-committees with particular responsibility for Finance and Education Buildings. Diocesan Advisory Committee {"DAC") The DAC advises on matters affecting churches and places of worship such as the granting of faculties, architecture, archaeology, art and the history of places of worshlp, the use and care of places of worship and their contents and the care of churchyards. Audit Committee The Audit Committee consists of five members, one of whom must be a member of both the Finance Assets and Investments Committee and the Leeds Board. The Chairperson is appointed by the Board and must not be the Chair of the Board or a member of FAIC. The Audit Committee responsibilities include considering the appointment of the external auditor, the review and agreeing of the annual report and accounts before submission to the Board and the review of the effectiveness of internal control systems. Diocesan Mission & Pastoral Committee I'DMPC'I The membership of the Diocesan Mission and Pastoral Committee is the Leeds Board members with the exception of the five Area Bishops. The four Archdeacons who are non-Leeds Board members are ex officio members of the DMPC. The DMPC is a statutory body as set out in the Mission and Pastoral Measure 2011. The DMPC has delegated its functions, with the exception of those which may not be delegated under the Mission and Pastoral Measure, to five Episcopal Area Mission and Pastoral Committees. 15

LEEDS DIOCESAN BOARD OF FINANCE Diocesan Safeguarding Advisory Panel {"DSAP"I The Panel includes an independent chairperson, the Diocesan Bishop, a Cathedral Dean, the Lead Officer responsible for safeguarding, the Diocesan Secretary, the Registrar and individuals representing external agencies involved in safeguarding. The Panel is responsible for the oversight of policy, procedures, training and guidance to the director5, diocesan officers and parishes on safeguarding matters and is accountable for safeguarding work throughout the Diocese. Finance, Assets and Investments Committee ("FAIC') The Committee's composition is at least three members of the Leeds Board, plus up to seven members nominated by the Leeds Board. The Chairperson must be a member of the Leeds Board. The FAIC monitors the monthly management accounts, the preparation of the budget and sustainability plan, the progress of major property sales, the performance of investment assets and development of strategic projects. Property Committee The Committee consists of a Chairperson appointed by the Diocesan Bishop, the five Archdeacons, one clergy person elected by the House of Clergy of the Diocesan Synod, one clergy person (with relevant skills) appointed bythe Leeds Board, two lay people elected by the House of Laity of the Diocesan Synod, four lay people (with relevant skills) appointed by the Leeds Board, one lay person appointed by the Leeds Board, one clergy person lor lay person If the Chair is cler8yI co-opted by the Committee and one lay person {or clergy if the Chalr Is lay) co-opted by the Committee. The Property Committee is responsible forcarrying outthe delegated functions of the Parsonages Board under the Repairs of Benefice Buildings Measure 1972 and under the terms of its constitution and subject to any directions given by the LDBF Board, overseas the management, maintenance and upkeep of all property assets of the LDBF. The Committee is also responsible for the ensuring the obligations of the LDBF as custodian trustee are met in respect of properties held by PCCS. In practical terms thi5 Includes overseeing the development of polices and strategie5, monitoring their implementation and reporting on this to the LDBF Board, and reviewing and approving property transactions. Barnabas Portfolio Board The Barnabas Portfolio Board is responslble for oversight of the delivery of strategic programmes in the Diocese. This include5 rnonitoring performance against outcomes for the Barnabas Programme as well as oversight of the existing strategic development fund programmes which are well established. This Board reports to the Leeds Board and contains four Leeds Board member5 as well as nominated individuals by the Board who have relevant expertise and perspective on resource church, urban, rural and children and youth ministry. Delegation of day to day delivery The Trustees and the committees and advisory and scrutiny groups which assist them in the fulfilment of their responsibilities, rely upon the Diocesan Secretary and his colleagues for the delivery of the day to day activities of the company. The Diocesan Secretary is given specific and general delegated authority to manage the business of the LDBF in accordance with the policies framed by the Trustees. Funds held as Custodian Trustee The LDBF is the custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and churchwardens (Trusts) Measure 1964 where the managing Trustees are parochial church councils and others. These assets are not aggregated in the financial statements as the LDBF does not control them, and they are segregated from the LDBF'S own assets by means of a separate bank account and accounting system. Further details of financial trust 16

LEEDS DIOCESAN BOARD OF FINANCE assets, whose market value amounted to £15,943,000 at 31 December 202412023: £15,931,000), are available from the LDBF on request, and are summarised in Note 30. Where properties are held as custodian trustee, the deeds are identified as such and held in safe custody. Related Parties The Board enters into transactions, on a regular basi5, With other autonomous organisations within the Church of England:_ The Archbi5hops' Council to which the LDBF pays a donation based on an apportionment system for funding national training of ordinands and the activities of the various national boards and council5. The Church Commissioners from which the LDBF receives grants and which acts on behalf of clergy with HM Revenue and Customs. The LDBF pays for clergy stipends through the Church Commissioners. The Church of England Pensions Board, to which the LDBF pays retirement benefit contributions for stipendiary clergy and employees. It also offers schemes to provide housing for clergy in retirement. Parochial Church Councils are all independent charities and the company has no control over them. The accounts of PCCS and deaneries do not form part of these financial statements. PCCS are able to influence the decision-making within LDBF and at Diocesan Synod level, through input of thelr Deanery Synods. From time to time Dlrectors and key managers of the Board may serve on committees of other bodies, or the General Synod. It is not considered appropriate to report the detail of such transactions since no person or group of people so serving have any significant influences over any material transaction5. Transactions with the main categories of related parties are identified in appropriate places throughout the financial statements. Where materiality of the transactions merits more detailed disclosure this is 8iven in note 29 to the financial statements. Connerted charitles The Trustees conslder the following to be connected charities". The cathedrals are the mother churches of the Diocese and legally constituted as separate charities. Trustees, report and financial statements may be obtained from the: Wakefield Cathedral Office, Wakefield Cathedral, Northgate, Wakefield, WFI IHG. Ripon Cathedral Office, Liberty Court House, Minster Road, Ripon, North Yorkshire HG4 IQS. Bradford Cathedral Office, 15tott Hill, Bradford, West Yorkshire, BDI 4EH. The Leeds Board is sole trustee to the charities and trusts given below. The Leeds Diocesan Board of Finance does not benefit from these charities and they are not included in the annual accounts: Armley Deanery Schools Charity- SUPPOrt of schools in the Armley Deanery Brewin's Charity- SUPPOrt of clergy pensions Forcett Churchyard Trust- upkeep of Forcett churchyard Harrogate St Mary Cockroft Fund- upkeep of vault at All Saints Cemetery, Harrogate North Rigton School House Fund- provision of special benefits and education in the school Stewart's Charity-support to specified schoo15 in Leeds Romaldkirk & Cother5tone Fund - upkeep of churches in Romaldkirk and Cotherstone Wray Bequest- ecclesiastical purposes the parish of St Anne's Catterick Rachel Dixon Charity-support of widow5 or unmarried daughters of the clergy 17

LEEDS DIOCESAN BOARD OF FINANCE Other connected charities with which the Board co-operates in pursuit of its charitable objectives are: Bishop's Development Fund, Thornes Park Campus, Thornes Park, Wakefield, West Yorkshire, WF2 8QZ (Charity number 700588) Bradford Diocesan Council for Social Aid, 17-19 York Place, Leeds, West Yorkshire, LSI 2EX (Charity number 226436) Near Neighbour5, Church House, 27 Great Smith Street, London, SWIP 3AZ {Charity number 1142426, Company number 07603317) We115prings Together, Church House, 17-19 York Place, Leeds, West Yorkshire, LSI 2EX (Charity Number 1179481, Company Number 114236411 The assets of the above charities and trusts are held separately by themselves and are segregated from the assets of the LDBF. TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of Leeds Diocesan Board of Finance for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practlce). Company law requires the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affalrs of the charitable company and of the Incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP (FRS 102),. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explained in the financial statements; and prepare the financlal Statements on the going concern basis unless it Is inappropriate to presume that the charity will contlnue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far a5 the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included Dn the charitable company's website. Legislation in the United Kingdorn governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions. 18

LEEDS DIOCESAN BOARD OF FINANCE ADMINISTRATIVE DEfAILS Trustees No Trustee had any beneficial interest in the company during 2024. The following Trustees were in post either during the year and/or at the date of this report". Chairman: The Right Revd Nicholas Baines- Bishop of Leeds Ex-officio: The Right Revd Anthony Robinson- Area Bishop of Wakefield {to 31 August 2024) The Right Revd Anna Eltringham- Area Bishop of Ripon The Right Revd Arun Arora- Bishop of Kirkstall The Right Revd Toby Howarth-Area Bishop of Bradford The Right Revd Smitha Prasadam- Area Bishop of Huddersfield The Revd Canon Rachel Firth- Chair of the House of Clergy of the Diocesan Synod Canon Mr Matthew Ambler- Chair of the House of Laity of the Diocesan Synod Elected by the Deans: The Very Revd John Dobson- Dean of Ripon Cathedral Elected by the Archdeacons: The Ven Paul Ayers- Archdeacon of Leeds Elected by: Synod House of Clergy: The Revd lan Bullock (from 07 April 2025) The Revd Eve Ridgeway {to 31 October 20241 The Revd Gary Waddington Synod House of Laity: Mr Andrew Maude Mr ChristopherThompson (to 06 January 2025) Mr Richard Pattinson Mr Roger Lazenby (to 31 October 2024 and from 30 April 20251 Mr James Meredith {from 01 November 2024) Nominated by the Board: The Revd Eve Ridgeway (from l November 2024) Canon Mr Irving Warnett Mrs Marilyn Banister Canon Mr5 Jane Evans (to 16 October 2024) Mrs Jan Ali Senlor staff and advisers Diocesan Secretary Chief Finance Officer Director of Ministry & Mission Director of Education Director of Business Planning & Head of Property Director of People and Engagement Director of Church Revitali5ation Director of Communications Head of Safeguarding Head of Safeguarding Jonathan Wood Geoff Park The Revd Canon Andrew Norman Simone Bennett John Knox Anna Earnshaw The Revd Jude Smith Chri5 Tate Sofia McGreavy (until 21.07.2024) Juliette Mclellan (from 22.07.2024) 19

LEEDS DIOCESAN BOARD OF FINANCE Registered Office: Church House, 17-19 York Place, Leeds, LSI 2EX Principal Bankers Santander, 44 Merrion Street, Leeds, LS2 8JQ Virgin Money plc, 94 Briggate, Leeds LSI 6NP Natwest Bank plc, Leeds City Office, 8 Park Row, Leeds, LSI IQS Barclays Bank plc, PO Box245, 10 Market Street, Bradford, BDI IXW Auditors Saffery LLP, 10 Wellington Place, Leed5, LSI 4AP Diocesan Registrar -David'Whitaker, Lupton Fawc.ett LLP 2 The Embankment, Sovereign St, Leeds, LSI 4BA Investment advisers CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street, London, EC4V 4ET Glebe Agents Cartarjonas, 9 Bond Street, Leeds LSI 2JZ Insurance Brokers PIB Insurance Brokers, Poppleton Grange, York, Y026 6GZ Principal Insurers EIG, Beaufort House, Brunswick Road, Gloucester, GLI IJZ In approving this Trustees, Report, the Trustees are also approving the Strategic Report included on pages 3- 12 within thelr capacity as company directors. ON BEHALF OF THE TRUSTEES The Rlght Revd Nicholas Baines Chairman 12 May 2025 Jonathan Wood Secretary 12 May 2025 20

LEEDS DIOCESAN BOARD OF FINANCE STATEMENT OF THE FINANCIAL AcfiviTIES Forthe year ended 31 December 2024 Unrestricted funds Restritted Endowment Total funds Totsl funds General Designated Funds Funds 2024 2023 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Note Income and endowments from: Donations Parish contributions Archbishop's Council Other donations Charitable actlvltle5 Other activities Investments Other 12,146 2,483 302 1,704 1,442 392 652 12,146 5,082 883 1,704 1,476 1,477 690 12,070 4,376 557 1,725 1,206 1,435 2,702 2,599 271 310 34 503 581 33 Total 19,121 3,412 924 23,458 24,071 Expendlture on: Raising funds Charitable actlvltles Penslon surplus reco8nltlon other 197 89 197 24,424 11,339} 125 161 23,634 21,367 11,3391 13 2,955 28 121 521 Total 20,028 13 2,959 407 23,407 24,316 Net (expendSture)Ilncome before Investment 8alns 19071 {12) 453 517 51 {2451 Net gain on investments 61 263 283 607 1,838 Net (expendlture)Ilncome 1846) 1121 716 800 658 1,593 Transfers between funds ILosses)Igains on revaluation of flxed assets 14 2,451 295 {2,7461 1951 1951 21,417 Net movement In funds 1,605 1121 916 11,9461 563 23,010 Total funds brought forward 22 55,808 794 17,764 146,909 221,275 198,265 Total funds carrled forward 23 57,413 782 18,680 144.963 221,838 221,275 All activitles derive from contlnuing actlvities. The note5 On pages 28 to 57 form part of the financial statements. 24

LEEDS DIOCESAN BOARD OF FINANCE INCOME AND EXPENDITURE ACCOUNT For the year ended 31 December 2024 Total 2024 £'ooo Total 2023 £'ooo Total Income Expenditure 22,534 123,000) 23,292 123,584} Operating surpluslldeflcltl for the year Net gains on investments 1466) 324 1292) 1,074 Net Income for the year 11421 782 other comprehenslve Income: Net assets transferred fromlltol endowments (Lossllgain on revaluation of fixed assets 2,745 195} 670 5,320 Total comprehensive Income 2,508 6,772 The income and expendlture account is derived from the Statement of Flnancial Actlvltles with movements In endowmentfunds excluded to comply with company law. All Income and expenditure is derlved from continuing actlvities. 25

LEEOS DIOCESAN BOARD OF FINANCE BALANCE SHEET At 31 December 2024 Company Number-8823593 2024 2023 Note £'ooo £'ooo £'ooo £'ooo FIXED ASSErs Tangible assets Investments 16 17 172,748 41,533 173,567 41,549 214,281 215,116 CURRENT ASSETS Debtors Cash on deposit Cash at bank and In hand A8ency cash 19 1,917 6,728 1,823 2,977 958 7,119 1,667 3,170 13,445 12,914 CREDITORS: amounts falllng due withln one year 20 {4,4261 14,582) NET CURRENT A55ETS 9,019 8,332 TOTAL ASSETS LESS CURRENT LIABIUTIES 223,300 223,448 CREDITORS: amounts falling due after more than one year Other credltors 21 11,4621 {2,173) NET ASSETS 221,838 221,275 FUNDS Endowment funds 144,963 146,909 Restrlcted Income funds 18,680 17,764 Unrestrlcted Income funds: 57,413 55,808 Des18nated funds 782 794 TOTAL FUNDS 22 221,838 221,275 The Notes {pages 28 to 571 form part of these financlal statements. The financial statements were approved by the Board of Trustee5 and authorised for issue on 12 May 2025 and signed on behalf of the Board by: ,JoLn. Ldfj THE RIGtrrr REV'D NICHOLAS BAINES 26

LEEDS DIOCESAN BOARD OF FINANCE CASH FLOW STATEMENT For the year ended 31 December 2024 2024 2023 £'ooo £'ooo 13,055} rooo £'ooo 13,428) Net cash outflow from operating activities Cash flows from Investing activities Dividends, interest and rent from investments Interest paid Proceeds from the sale of: Tangible fixed assets Fixed asset investments Purchase of: Tangible fixed asset5 for the use of the LDBF Fixed asset Investments 1,476 (751 1,435 {79} 2,749 7,769 4,740 554 (1,8391 {7,1561 11,646) {2201 Net cash provided by Investlng actlvltles 2,924 4,784 Cash flows from flnanclng activltles Loans repaid to / li55ued by) the LDBF VLLS repaid due to property disposal Permanent loans repaid 93 12901 iiooi 1132} 1324} iioo) Net cash used In flnanclng artlvltles (2971 15561 Change in cash and cash equlvalents In the reportlng perlod Cash and cash equivalents at l January 14281 11,956 800 11,156 Cash and cash equlvalents at 31 December 11,528 11,956 Reconclllatlon of net income before Investment galns I losses Net movement before Investment gains at 31 December 51 12451 Adjustments for: Depreciation charges Dlvidends, interest and rent from investments Interest paid Loss on sale of fixed assets Profit on sale of fixed a55et5 Pension surplus recognltion Decrease In debtors Decrease in creditors Value-Linked Loans revaluation 58 {1,4761 75 125 13611 (1,3391 288 14761 32 {1,4351 79 521 11,839) 202 1465) 12781 Net cash used In operatlng actlvltles {3,055) (3,4281 Analysls of cash and cash equivalents Cash in hand Notice deposits (less than 3 months) 4,800 6,728 4,837 7,119 11.528 11.956 27

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 ACCOUNTING POLICIES The LDBF is a private company limited by guarantee and registered Charity (No. 88235931 and incorporated In England and Wales. Its registered address is Church House, 17-19 York Place, Leeds, LSI 2EX. It is a Public Benefit Entity as defined by FRSIO2. The financlal statements have been prepared under the historical cost convention, with the exception of freehold properties, which are included at their fair value as determined under the appllcable valuation method as detailed in el, and fixed asset investments, which are included at their market value at the balance sheet date. The financial statements have been prepared in accordan￿ with the Statement of Recommended Practice for Charitles ISORP 20191, the Companies Act 2006 and applicable accounting standards {FRS102). The flnanci31 statements have been prepared on a going con￿rn basls. The Trustees have taken note of the guidance issued by the Financial Reportlng Council on Going Concern Assessments in determining that this15 the appropriate basis of preparation of the financial statements and have considered a number of factors. As noted above, operating deficlts are expected to contlnue for some time but the Trustees are confldent that the Balance Sheet remalns 5tron8 and is sufficlent to absorb deficlts that may arise over the near term. This will be done by carefully managlng expenditure; the appropriate utilisation of both unrestricted and restricted reserves le.g. Pastoral Fund and Stipends Fund); and the time-limlted sale of surplus property. As a consequence, the Trustees have a reasonable expectation that the Company ha5 adequate resources to contlnue in operational exlstence for the foreseeable future. Accordingly, they contlnue to adopt the going concern bas15 In preparing the annual report and accounts. The princip31 accounting policies and estimation techniques are as follows. a) Income All incoming resources, including gifts, donations and legacles are shown In the Statement of Financial Activltles I'SOFA") when the LDBF is legally entitled to them as income or capital respectively, ultlmate receipt is reasonably certain and the amount to be recognised can be quantified with reasonable accuracy. i) Parlsh Share income. Credit is only taken for Parlsh Share income which was received within the time Scales laid down by the Leeds Board. 11) Grants from the Church Commlssloners towards stipends, houslnB and other Items have been Included In the income for the year and the appropriate expenditure Is shown gross. Grants received which are subject to pre-conditions for entitlement or use speclfied by the donor whlch have not been met at the perlod end are Included in credltors to be carrled forward to the followin8 year. iiil Stlpendsfund Income. Thestlpends Fund Capltal accountiS8overned bythe Dlocesan Stipends, Fund Measure 1953, as amended. and the use of the income Is restricted for clergy stlpends. However, the income is fully expended within the year of receipt and the legal restrictions. therefore, are satisfied. It Is on this basi5 that the income and the (normally much larger) related expenditure are both Included in the unrestricted column of the Statement of Financial Activities for the sake of greater clarity and simplicity in financlal reporting. b) Expenditure Expenditure is included on the accrua15 basis and has been classified under headings that aggregate all costs related to the SOFA category. i) Costs of raising funds are constrained to costs relating to the temporary renting out of parsonages and investment management Costs of glebe and any other Investment properties. 28

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icontlnued) For the year ended 31 December 2024 ACCOUNTING POLICIES (contlnued) ill Charltable expenditure is analysed between contribution5 to the Archbishops, Council, expenditure on re50urcing mission and ministry in the par15hes of the Diocese, expenditure relating to the runnlng of the diocesan retreat centre, and expenditure on education and Church of England schools In the Dlocese. iiil Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional on the recipient satisfying performance or other discretionary requirements to the 5atlsfaction of the LDBF, such grants being recognised as expendlture when the conditions attaching are fulfilled. Grants offered subject to such conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. iv) Support costs consist of central management, administration and governance costs. The amount spent on raising funds and other activlties is considered to be immaterial and all support costs are allocated to the purpose of charitable activities. Costs are allocated wherever p055ible directly to the activity to which they relate, but where such direct allocation is not possible, the remainder is allocated on an approximate staff tlme basis. v) Pension contributlons. The LDBF'S staff are members of the Church Workers Penslon Fund I'CWPF,) or TPT'S Flexible Retirement Plan and Cler8y are members of the Church of England Funded Pension5 Scheme (see note 281. The pension costs char8ed as resources expended represent the LDBF'S contributlons payable in respect of the accounting perlod, In accordance wlth FRS102. Deflclt funding for the pension schemes to which LDBF partlcipates is accrued at present value in creditors distlngui5hed between contrlbutlons falling due wlthin one year and after more than one year. However, the CWPF scheme is in Surplus so no contributions were made in the year. Rather, this 5cheme'5 usable surplu5 ha5 been recognlsed in the year at net present value and will be released in future years to offset employer contributions for current participating employees. c) Tan8ible flxed assets and depreciatlon Copitalisation of property expenditure Property expenditure Is only c3pitalised on the purchase of a property, or If the expenditure Is for the structural or other enhancement of a property. Repalrs expenditure Is generally not capitalised. Freehold propertie5 Depreciation Is not provided on buildlngs as any provlslon {annual or cumulativel would not be material due to the very long expected remaining useful economic life in each case, and because their expected residual value is not materially less than their carrylng value. The LDBF has a policy of regular structural inspectlon, repalr and malntenance, which in the case of residential propertie5 is in accordance with the Repair of Benefices Buildings Measure 1972 and properties are therefore unllkely to deteriorate or suffer from obsolescence. In addition, disposals of properties occur well before the end of their economic lives and disposal proceeds are usually not less than their carrying value. The Trustees perform annual impairment review5 in accordance with the requirement5 of FRS102 to ensure that the carrying value is not more than the recoverable amount. Freehold properties are revalued on a five-year cycle. Propertie5 subject to value linked loans Properties which have been bought with the assistance of value-linked loans from the Church Commissioners are revalued on a five-year cycle, with the correspondlng liabilitie5 being adjusted accordingly. Investment properties Glebe propertles which are held for investment purposes and rented out have been included at their fair value. Parsonage houses The LDBF has followed the requirements of FRS102, in its accounting treatment for benefice houses (parsonagesl. FR5102 requires the accounting treatment to follow the substance of arrangements rather than their strict legal form. The LDBF 15 formally responsible for the maintenance and repair of such 29

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 ACCOUNTING POUCIES (continued) properties and has some jurisdlctlon over their future use or potential sale If not required as a benÈfice house, but in the meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees therefore consider the m05t suitable accounting policy is to capitali5e such properties as expendable endowment assets and to carry them at their estimated current market value. Parsonage houses are revalued on a five-year cycle. Schools The school property is shown at cost. Depreciation is provided on the building over a 50-year period (£6,000 pal the expetted useful economlc life of the asset. d) Other tanglble fixed assets Other capital expenditure over £25,000 is capitalised and depreciated as follows. Depreciation Is provided in order to write off the cost (less any ultimate dlspos31 proceeds at prices ruling at the time of the asset's acquisition) of other fixed assets over their currently expected useful economlc lives at the followlng Initial rates: Office fixtures & flttings Offlce equipment Computer equlpment IO% strai8ht Ilne 33% stralght line 33% straight line Other tangible fixed a5set5 additions less than £25,000 are depreclated In full durin8 the year of purchase. el Keyjudgements The preparatlon of the financial statements requires management to make Judgements, estimates and assumptions that affect the amounts reported for assets and Ilabllitie5 as at the balance sheet date and the amounts reported for revenues and expenses durlng the year. However, the nature of estimation means that actual outcomes could dlffer from those estimates. The following judgements (apart from those involvlng estimates) have had the most slgnlflcant effect on amounts recogni5ed in the flnanclal statements: Land & Buildln8s are deemed to have unlimited useful Ilves. All other tan8lble flxed assets are consldered to have thre&year useful economic lives. Land and Buildings are not depreciated because of the high residual value based on current prices and any depreciation charge and the accumulated depreclation are regarded 35 not materlal. These assets are considered to have a long unexpired life due to a policy and practice of regular structural maintenance and a policy and practice of disposing of similar properties well before the end of their useful life. The assumption5 underlying the valuation of the pension scheme assets / Ilabilities are set out In note 28. f) Other accountlng policies il Flxed asset Investments are intluded in the Balance Sheet at market value and the gain or loss taken to the SOFA. li} Leases. The LDBF has entered only into operatlng lease arrangements for the use of certain assets, the rental for which 15 charged in full a5 expenditure in the year to which it relates. Where rent free periods are given as part of an operating lease, the impact of this rent free period is amortised over the whole period of the lease. 30

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS {continuedl Forthe year ended 31 December 2024 ACCOUNTING POLICIES Icontlnued) g) Fund balances Fund Balances are split between unrestricted (general and designated), restricted and endowment fund5. il Unrestricted funds are the LDBF'S corporate funds and are freely available for any purpose within the charitable company's objects, at the discretion of the LDBF. There are two types of unrestricted funds.. General funds which the LDBF intends to use for the general purposes of the LDBF; and Designated funds Set aside out of unrestrlcted funds by the LDBF for a purpose speclfied by the Trustees ill Restricted funds are Income funds Subject to conditions imposed by the donor as speclfic terms of trust, or else by legal measure. iiil Endowment funds are those held on trust to be retained for the benefit of the charitable company as a capital fund. In the case of the endowment funds administered by the LDBF (Parsonage Houses and Schools), there are discretionary powers to convert capital into income and, as a result, these funds are Classified as expendable endowment. Endowment funds where there is no provision for expendlture of capital are classlfled as permanent endowment, Iv) In November 2023 the LDBF passed a re501utlon, under section 104A of the Charities Act 2011 as amended by the Trust Icapltal and Income) Act 2013, to adopt Total Return Accounting and apply this to the Stipend Capital Fund within the endowment funds frorn l January 2024. See Note 18 for further details. Special trusts" la5 defined by the Charltle5 Act 20111 and any other trusts where the company acts as trustee and controls the management and use of the funds, are included in the company's own financial statements as charity branche5. Trusts where the LDBF acts merely a5 Custodian trustee with no control over the management of the funds are not included in the financial statements but are summarlsed In the notes to the financlal statements. DONATIONS The majorlty of donations are collected from parishes of the Diocese through the Parish Share system. Parish contrlbutlons Unrestrlcted funds Re5trfcted Endowment Total funds 2024 £'ooo Total funds 2023 £'ooo General £'ooo Desl8nated Funds £'ooo Funds £'ooo Apportionment Shortfall In recelpts 15,259 13,4991 15,259 13,4991 15,749 13,9571 11,760 211 175 11,760 211 175 11,792 181 97 Prevlous years share Voluntary share Total Income 12,146 12,146 12,070 Current year Parish Share recelpts represent 77.1% of the total apportloned12023 74.9%}, or. when other voluntary contrlbutions and receipts for previous years are included. 79.6% of the total apportioned12023 76.6Y.). 2023 comparatives are for the general fund only. 31

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 2. DONATIONS {tontinued) Archbishopg Council Unrestrlcted fund5 General Designated £'OOD £'ooo Restrlcted Endowment Fund5 Funds £'ooo £'ooo Total funds 2024 £'ooo 2024 Tran51tlon Funding and Lowest Income Capacity Funding MES Grant RME Grant DIP Grants other Natlonal Church Grants 2,483 2,483 178 178 1791 2.116 379 1791 2,116 379 Total Income 2,483 2.599 5,082 Unrestrlcted funds General Deslgnated Restrlrted Endowment Funds Funds £'ooo £'ooo Total funds 2023 £'ooo 2023 £'ooo Transltlon Funding and Lowest Income Capacity Fundlng MES Grant RME Grant DIP Grants 2,667 2,667 141 141 319 1,240 319 1,240 Totsl Income 2,667 1,709 4,376 The Lowest Income Communltles Grant and Transltlon Fundlng are annual grants, whlch may be used elther for speclfic parish mlsslon and developrnent projects or for clergy stipends. The RME I'Resourcing Mlnlsterial Educatlon,) Grant is the funds provlded by the Archblshops, Council for the tralnlng of ordlnands. In 2023 the Diocesan Investment Programme I'DIP,) was created, which brought together previous fundln8 Streams Including SDF I'strategic Development Funding,) and SMF I'strategic Ministry Funding,) grants, which were for specific strategic projects and growth in the number of clergy by funding curates respectively. In 2024 DIP grant5 were received prlncipally in relation to developing Resourcing Churches in Leeds and Bradford, the Diocesan Intern Scheme, fundingcurate5 and the Barnabas programme. The MES grant {'Mln15try Experlence Scheme'l is provided by the Archbishops, Council to help fund a scheme for those exploring ordination. In 2024 Other Natlonal Churth Grants were received towards Net Zero Carbon work, a Church Buildings Support Officer, Building5 for Mlssion grants and Racial Justice initiatives. Other donatlons Unre5trlrted funds General Designated É'ooo £'ooo Restricted Funds É'ooo Endowment Funds £'ooo Total Funds É'ooo 2024 Benefact Trust Grant Property Grants Other Grants Recognition of Trust Funds Legacies Other Donations 202 202 46 40 178 50 310 488 loo 50 302 271 310 32

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 2. DONATIONS {continued) Unrestrlcted funds General Designated £'ooo £'ooo Restrlrted Funds £'ooo Endowment Fund5 £'ooo Total Funds £'ooo 2023 Benefact Trust Grant Property Grants Other Grants Recognltlon of Trust Funds Legacles Other Donatlon5 245 14 245 14 42 220 32 42 50 170 32 295 92 170 557 CHARITABLE ACTIVITIES Unrestrlrted funds General DeslBnated £'ooo £'ooo Restrfcted Endowment Total funds Funds Fund5 2024 £'ooo £'ooo £'ooo Totsl funds 2023 £'ooo ststutory fees Legal & Professlonal School Servlces Retreat Centre 889 89 419 307 889 89 419 307 922 103 439 261 1,704 1,704 1,725 2023 comparatlves are for the general fund only. 4. OTHER TRADING ACTIVITIES Unrestrlrted fund5 General Deslgnated £'ooo £'ooo Restrlrted Endowment Total funds Funds Funds 2024 £'ooo É'ooo £'ooo 2024 Houslng Income Outslde funding Trainlng Income Mlscellaneous 1,288 31 33 90 1,295 31 33 117 27 1,442 34 1,476 Unrestrlrted funds General Designated £'ooo £'ooo Restrfrted Endowment Funds Funds £'ooo £'ooo Total funds 2023 £'ooo 2023 Houslng Income Outside Fundin8 Tralning income Mlscellaneous 1,055 io 38 97 1.061 io 38 97 1,200 1,206 33

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl For the year ended 31 December 2024 INVEsfMENT INCOME Unrestricted funds General Designated £'ooo £'ooo Restricted Funds £'ooo Endowrnent Funds £'ooo Total Funds £.￿0 2024 Divldends recelvable Interest recelvable loo 292 462 41 546 35 1,108 369 392 503 581 1.477 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Dlvidends receivable Interest recelvable 635 188 424 22 138 28 1,197 238 823 446 166 1,435 OTHER INCOMING RESOURCES Unrestrlrted funds General Deslgnated £'ooo É'ooo Restricted Funds £'ooo Endowment Funds £'ooo Total funds 2024 £'ooo 2024 Galn on sale of Investments Gain on sale of propertles Insurance and compensation clalms io 312 330 23 337 330 25 652 33 690 Unre$trfrted funds General Deslgnated £'OOD £'ooo Restrlrted Fund$ £'ooo Endowment Funds £'ooo Total funds 2023 £'ooo 2023 Galn on sale of Investments Galn on sale of properties Insurance and compensation clalms 218 225 218 1,621 863 571 863 825 1,434 825 443 2,702 FUND RAISING COSTS Unrestrlcted funds General Designated £'ooo £'ooo Restrfcted Endowment Total funds Funds Funds 2024 £'ooo É'ooo £'ooo Total funds 2023 £'ooo Malntenance of Glebe 197 197 161 197 197 161 2023 comparative5 are for the endowed fund only. 34

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 CHARITABLE ACTIVITIES Unrestrlrted funds General Deslgnated £'ooo £'ooo Restrlrted Fund5 £'ooo Endowment Totsl funds Funds £'ooo 2024 £'ooo Contrlbutlons to Archbishops, Councll Tralnlng for Mlnlstry Natlonal Church Responslbilities Mlssion agency pension costs Retired clergy housing costs Poollng of ordinands, malntenance grants 496 347 496 347 207 94 207 94 1,144 1,144 Re50urclng Ministry and Mlsslon Stipends and national Insuronce Penslon contrlbutlons Houslng costs Removal. resettlement and grants Other expenses 9.194 1,836 4,063 295 248 437 121 160 9,631 1,957 4,236 295 248 13 15,636 13 718 16,367 Support for parlsh mlnlstry Retreat Centre 3,442 367 2,014 89 5,545 367 19.445 13 2,732 89 22,279 Expendlture on Educatlon Church Schools 778 223 I,ooi 21,367 13 2,955 89 24,424 35

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 CHARITABLE AcfiviTIES {continued) Unrestricted funds General Designated £'ooo £'ooo Restrlcted Funds Endowment Totsl funds Funds 2023 £'O(M) £'ooo 2023 Contrlbutions to Archbishops, Council Tralnlng for Ministry Natlonal Church Responsibilltles Mlsslon agency pension costs Retlred clergy housing costs Poollng of ordinands maintenance grants 500 344 16 198 81 344 16 198 81 1,139 1,139 Resourclng Minlstry and Mlsslon Stlpends and national Insurance Pen51on contributlons Housing cost5 Removal, resettlement and grants Other expenses 8,900 1,995 4,108 289 242 456 115 128 9,356 2,110 4,237 289 242 15,534 699 16.234 Support for parlsh mlnlstry Retreat Centre 3,929 301 962 76 4,967 301 19,764 1,661 76 21,502 Expendlture on Educatlon Church Schools 829 164 993 21,732 1,825 76 23,634 36

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 OTHER RESOURCES EXPENDED Unrestricted funds General Designated £'ooo £'ooo Restricted Funds £'ooo Endowrnent Funds £'ooo Total Funds 2024 Lo55 on sale of Investrnent Loss on sale of propertle5 27 94 31 94 121 125 Unrestrirted funds Generdl Deslgnated £'ooo Re5trlcted Funds £'ooo Endowment Fund5 £'ooo Totsl Funds £'O(M) 2023 Loss on sale of propertles Loss on transfer of propertles 26 26 495 495 26 495 521 10. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS Activltles Undertaken Dlrectly Grant Funding of Actlvltle5 £'ooo Support Costs £'ooo Total Costs £'ooo 2024 Ralslng funds Charltable activltles: Contrlbutlons to Archblshop5' Coun¢ll Resourclng parlsh mlnlstry Educatlon Retreat Centre Other 197 197 1,144 861 1,144 21,912 I,c￿l 367 125 20,106 741 367 125 945 260 21,536 2,005 1,205 24,746 2023 £'ooo E'ooo £'ooo £'ooo Ralslng funds Charltable actlvltle5'. Contributlons to Archblshops, Councll Resourclng parlsh mlnlstry Educatlon Retreat Centre Other 161 161 1,139 793 1,139 21,201 993 301 521 19,343 1.065 312 301 521 21,007 1,932 1,377 24,316 37

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 ii. ANALYSIS OF SUPPORT cosrs Unrestricted fund5 Restricted Endowment Totsl funds 2024 £'ooo Total funds 2023 £000 General Deslgnated £'ooo £'IM)o Funds £'ooo Funds £'ooo Central administratlon Support for Schools Governance: External audlt Reglstrar and Chancellor Synodlcal costs 607 260 607 260 729 312 34 261 43 32 261 43 261 43 1,205 1,205 1,377 2023 comparatives are for the general fund only. 12. ANALYSIS OF GRANTS MADE 2024 No. Indlvlduals Instltutlons £'ooo Total £000 From unrestrlcted funds for natlonal Church responsibllltles Contrlbutlons to Archb15hops' Councll 12 1,144 1,144 From unrestrlrted funds: Clergy Training Clergy Gronts IRemoval, Flrst appolntment, resettlement) Ordinatlon Vocatlon grants Mlsslon Grants 690 182 43 278 41 80 293 30 141 80 293 30 141 58 58 1,234 544 58 602 From re5trlcted funds for varlous purpose$ wlthln resourcln8 parlsh rnlnlstry: PCC Bulldlng Grants PCC Energy Grants PCC Other Grants Educatlon Youth Clergy and employed lay 54 112 112 79 79 21 35 115 201 245 From endowmentfvnds for varfous purp05e5 Withln resourcln8 parlsh ministry: PCC Bulldlng Grants Rural churche5 14 14 15 15 38

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS (contlnued) For the year ended 31 December 2024 12. ANALYSIS OF GRANTS MADE (continued) 2023 No. Individuals £'ooo Instltutions £'ooo Total £000 From unrestrlcted funds for natlonal Church responslbllities Contributlons to Archblshops, Councll 12 1.139 1,139 From unre5trlcted funds: Clergy Tralnlng Clergy Grant5 IRemoval, Flrst appointment, resettlement) Ordlnatlon Vocatlon grants Mlsslon Grants 778 189 78 292 78 292 30 272 35 33 133 33 133 47 47 1,304 536 47 583 From restrlrted funds for varlous purpose5 wlthin resourclng parlsh mlnlstry: PCC Bulldlng Grants Educatlon Clergy propertles Youth Clergy and employed lay 28 51 90 14 51 90 14 16 63 44 109 157 201 From endowment funds for varlous purposes wlthln resourclng parlsh minlstry: PCC Bullding Grants 1,434 580 1,352 1,932 39

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 13. srAFF COSTS 2024 £'ooo 2023 £'ooo Employee costs during the yearwere as follows: Wages and 5alarles Apprenticeship levy National insurance contributions Pension contributions 3,401 3,162 346 324 310 294 Staff Costs 4,073 3,767 Pension asset release (223) Total Staff Costs 3,850 3,767 The pension asset release Is the utilisation of the Church Workers Pension Fund surplus being used to offset the LDBF contributlons to the scheme In the year. See Note 28 for further details. The average number of persons employed bythe LDBF during 2024 were: 2024 Number 76 12 li 2023 Number 75 12 li Support for Ministry Education Retreat House 99 98 The average number of per50n5 employed by the LDBF durlng the year based on full-tlme equlvalents: 2024 Number 63 12 2023 Number 62 12 Support for Minlstry Education Retreat House 81 80 The numbers of staff whose emoluments (including beneflts in klnd and redundancy payments but excluding Pension contributions) amounted to more than £60,000 were as follows: 2024 Number 2023 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £ICrf),000 Pension payments of £47.000 were made for these 8 employees (2023: 6 employee5 £54,000). Included inthe above 15 one employee who 15 employed bythe LDBF but work5 a5 Chair of the DI0￿San Secretaries L]aison Group. This role is fully funded by a grant from the National Church. 40

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 13. STAFF COSTS Icontlnuedl Remuneration of key management personnel Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing and controlling the activities of the Diocese. During 2024 they were: Diocesan Secretary Chief Finance Officer Dlrertor of Ministry & Mission Director of Education Director of Busine55 Plannlng & Head of Property Director of People and Engagement Director of Church Revitalisation Director of Communications Head of Safeguarding Head of Safeguardlng Jonathan Wood Geoff Park The Revd Canon Andrew Norman Simone Bennett John Knox Anna Earnshaw The Revd Jude Smith Chris Tate Sofia McGreavy {until 21.07.2024} Jullette Mclellan (from 22.07.2024) Remuneration, penslons and expenses for these 10 employees amounted to £649,00012023: 9 employees £659,000). Trustees, emoluments No Trustee recelved any remuneratlon for servlces as Trustee. The Trustee5 recelved travelllng and out of pocket expenses, totalllng £Nil {2023- £Nill in respect of Trustee duties. The following table glve5 details of the Trustee5 who were In receipt of a stipend andlor houslng provided by the LOBF durlng the year: Stlpend No No No No No Yes Yes Yes Yes Houslng Yes Yes Ye5 Yes Yes Yes Yes Yes Yes The Rlght Revd Anthony Roblnson The Right Revd Anna Eltringham The Rlght Revd Toby Howarth The Right Revd Smltha Prasadam The Rlght Revd Arun Arora The Ven Paul Ayers The Revd Canon Rachel Flrth The Revd Eve Rldgewav The Revd Garry Waddlngton No other trustees appointed during the year received a Stipend or housing. The LDBF is responsible for funding via the Church Commissioners the stipends of licensed stipendiary clergy in the Diocese, other than bishops and cathedral staff. The LDBF is also responsible for the provision of housln8 for stipendiary clergy in the Diocese including the Area Bishops but excluding the Diocesan Bishop and cathedral staff. 41

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 13. STAFF COSTS (Continued) The LDBF paid an average of 30212023 3121 stipendiary clergy as office-holders holding parochial or diocesan appointments in the Diocese, and the costs were as follows- 2024 2023 (Restated) £'ooo 8,637 39 680 2,110 £'ooo Stipends Apprentice Levy Natlonal insurance contrlbutions Pension contributions 8,874 39 717 1,957 Total 11,587 11,466 Stipends include £NIL redundancy payments12023-£39,000 to one clergy). The stipends of the six Bishops were p31d and funded by the Church Commlssloners. The stipends of the Dlocesan Blshop and Area Blshops are funded by the Church Commlssloners and are in the range £42,350 £51,910 {2023: £39,953- £48,972). The annual rate of stlpend, funded by the LDBF, pald to Archdeacons In 2023 was £41,812 {2023: £39,445) and other clergy who were Trustees were paid in the range £29,333- £31,093 {2023: £27,059-£29,3331. 14. ANALYSIS OF TRANSFERS BETWEEN FUNDS Unrestrlcted funds General Deslgnated £'ooo £'ooo Restricted Endowment Funds Funds £'ooo £'ooo 595 {595} Transfer Par50nage House to Pastoral Fund Transfer of S554 funds to General Funds to support Board of Education expendlture Total Return transfer from Stipends Capltal to General Funds (Note 181 Transfer of houslng assets followln8 Pastoral Schemes 300 13001 805 1,346 18051 11,3461 2,451 295 12,746) Transfers from restricted to unrestricted funds of £0.3m were undertaken to supportthework of the Board of Education. The transfer of six house5 took place on the completion of Pastoral Schemes, resulting in transfers of £1.3m from benefice funds to unrestricted funds. Whllst one house was transferred from beneflce funds to the Pastoral Fund with a value of £0.6m. Within endowment funds land therefore not visible above) £0.6m was transferred from glebe land to the stipends fund capital being the proceeds on sale of these assets, and £0.4m from the stipends fund capital to glebe housing on the purchase of a new property. Additionally, £0.2m was transferred from benefice housing to stipend5 fund capital following the swap of a parsonage property, which resulted in surplus fund5. Alsowithln endowmentfunds. is thetransferof £1.3m from the maintenance of ministryfund tothe stipends fund capital. Following the adoption of total return accounting in 2024, £0.8m has been transferred from the stipend5 fund capital to general, unre5trirted funds. 42

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS {continued) Forthe year ended 31 December 2024 15. FINANCIAL INSTRUMENTS 2024 £'ooo 34,243 578 2023 £'ooo 33,729 958 Financial assets rnea5ured at fair value Financial assets measured at amortised cost Financial liabillties measured at amortised c05t Financial liabilitie5 measured at falr value 4,334 1,554 4,833 1,922 Financial assets measured at falr value comprise unlisted investments. Financial assets measured at amortised cost comprise trade debtors, other debtors, value linked loans and other loans to parishes and schools and other receivables. Financial liabilities measured at fair value comprise Church Commi55ioners' value linked loans. Financial Ilabilities measured at amortised tost comprise pension scheme liabilities, other creditors and amounts held for other bodies and Church Commissioners, other loans. 16. TANGIBLE FIXED ASSETS Freehold Offlce Flxtures & Beneflce propertles equipment Flttln8$ propertles £'ooo £'ooo Pastoral Fund School Glebe House properties Total Cost or valuatlon £'o(x) £'ooo £'ooo £'ooo £'ooo £'ooo At ljanuary 2024 Addltlons Dlsposals Reclasslfled In perlod Revaluation At 31 December 2024 52,597 17 11,5151 1,346 821 351 119 101.898 1,170 17001 11,9411 308 18,525 533 12901 174,500 1,839 12,5051 595 195 1951 500 308 18,768 173,739 52,445 821 470 100,427 Depredatlon At l January 2024 Charge for the year At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 821 26 52 86 933 58 821 78 92 991 392 18,768 172,748 52,445 100.427 500 216 325 173,567 52,597 101.898 222 18,525 All of the properties in the Balance Sheet are freehold and are vested in the LDBF, except for benefice houses which are vested In the incumbent. Some properties have been purchased with the help of permanent and/or value-linked loan from the Church Commissioners; when disposed of, the appropriate share of the net sale proceeds will be remltted to the Commlssioner5, and the related loan liability extinguished. The value of Such properties (included in the above) amounts to £4,500,000 12023: £5.010,0001. Of the total land and buildings at 31 December 2024, £NIL are valued at cost12023: £NILI, but all at valuation. Properties are subject to a five-year cycle of survey and consequent revaluation, with the last market valuation belng as at 31, December 2023 by Nigel Tapp Bsc MRICS of Tapp Chartered Surveyors. 43

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMEf+¥fs (continued) For the year ended 31 December 2024 17. FIXED ASSETS INVESTMENTS At l January 2024 Additions £'ooo £'ooo Change In At31 Market December Value 2024 £'ooo £'ooo Transfers Value £'ooo Disposals £'ooo Unrestrirted funds Unlisted investments 2,679 61 2,740 Deslgnated funds Unlisted investments 15 115) Restricted funds Unlisted investments 14,012 2,467 12,4661 263 14,276 Endowment funds Investment property Unlisted Investments 7,820 17,023 1530) 14,766) 7,290 17,227 4,687 283 24,843 4,687 {5,2961 283 24,517 Total 41,549 7,154 17,7771 607 41,533 18. Total Return Accountlng Trust for Investment Unapplled Total Return £'ooo Total £'ooo £'ooo As at l January 2024 Base Value of Permanent Endowment Unapplled Total Return 7,757 7,757 6,957 6,957 Total 7,757 6,957 14,714 Recognition of endowment funds Investment return5: dividends receivedA Investment returns." realised and unreali5ed gains Unapplled total return applled to income durin8 the year 212 212 505 240 505 240 {805) {805) Net movements In the year 212 (60} 152 As at 31 December 2024 Base Value of Permanent Endowment Unapplied Total Return 7,969 7,969 6,897 6,897 Total 7.969 6,897 14.866 A Dividend5 received are net of investment fees.

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (contlnuedl For the year ended 31 December 2024 18. Total Return Accounting (continued) From l January 2024 the LDBF h35 adopted a total return approach to investment5 Wlth regard to the Stlpend Capital Fund, which, following the transfer of the maintenance of ministry funds, was valued at £14,714.000 at I January 2024. The init131 base values for implementing total return were determined at 30 June 2009 and valued at £7,757,000. The unapplied total return was set at £6.957,000, as the increase in the value of these investments since the initial valuation. As agreed by the LDBF Board In November 2023, the spending policy was set as the income generated from the Stipends Capital Fund plus £300,000, inflated by 2% per annum. This being the amount to be transferred to income. The Board also agreed that an Internal Inflation Reserve should be set at a flat rate of 2% increase per annum. Both the increase in drawdown and the rate used for the Inflation Reserve will be revlewed and agreed by the Finance, Assets and Investments Committee each year. Durlng 2024, additional endowment funds of £212,000 were recognised, being parlsh stipend5 capltal funds that have previously been held a5 Custodian trustee investments but which, on review, can only be utilised by the LDBF. Investment gains were £240,000 in 2024. Divldends Inet offeesl amounted to £505,000, and so together with the £300,000 drawdown agreed by the Leeds Board, total Income transferred to unrestricted funds in the year was £805,000. The closlng value of Stipends Capital Fund investments was £14,866,000 at 31 December 2024, an Increase of £152,000 on the opening position. 19. DEBTORS 2024 £'ooo 2023 £'ooo Due withln one year Loans to parishe5 Pension surplus Other debtors and prepayments 52 199 487 144 775 738 919 Due after more than one year Loans to parlshes Penslon surplu5 39 1,140 39 Total debtors 1,179 958 20. CREDITORS: amount fallln8 due wlthin one year ZOZ4 £'ooo 2023 £'ooo Loan repayment Instalments due In one year Church Commissioners value-linked loans Church Commlssioners other loans other taxes and social security Other creditor5 and accruals 243 loo 87 3,996 loo 82 4,400 Total Creditors: amounts falling due wlthln one year 4,426 4,582 45

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS {contlnued) For the year ended 31 December 2024 21. CREDrroRS: amount falllng due after more than one year 2024 £'ooo 2023 £'ooo Loan repayment instalments due after more than one year Church Commissioners value-linked loans Church Commissioner5 Other loans 1,311 151 1,922 251 Total credttors: amounts fallln8 due after more than one year 1,462 2,173 The maturity of the above loan5 may be analysed as follows: Between one and two years Between two and five year5 In five years or more 98 53 1,311 loo 151 1,922 1,462 2,173 Church Commissioners other loans consist of permanent loans In collection which are mortgage loans for the purchase of clergy houses; the amount falling due after more than one year all relates to the General Fund. These loans are repayable over terms ranging from 5 to 25 years In quarterly instalments, with the final loan repayable In 2028. The loans bear Interest rates between 7.7% and 10.34%, whlch Is borne by the LDBF. In the event of sale, the loan would be settled out ofthe proceeds and there would be no further charge to the LDBF. Value-llnked loan5 {VLLsl are funds advanced to the LDBF for the purchase of properties on an equity sharlng basis and are repayable on the disposal of the related property. The loans are held at falr value based on the latest valuations of the Ilnked properties, with valuations taking place every 5 years. The latest valuation took place at 31 December 2023. 46

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS Icontlnued) For the year ended 31 December 2024 22. SUMMARYOF FUND MOVEMENTS 2024 Balances at J January 2024 £'O(M) Balance5 at Gains and 31 December Losses 20Z4 £'ooo £'ooo Income £'ooo Expendlture £'ooo Transfers £'ooo UNRESTRICTED FUNDS General 55,808 19,121 120,0281 2,451 61 57,413 DESIGNATED FUNDS Archdeacons Discretlonary Ingrow Fund Misslon Fund Carbon Reductlon Fund 14 20 621 139 15 20 621 126 1131 794 1131 782 RESTRICTED FUNDS Sectlon 554 Education Clergy & Dependants hardship funds Bradford Summer Camps Local Educatlonal Funds Retreat House 5UPPOrt funds Local Parochlal purposes Appeals & 5peclflc purposes Clergy & lay stlpend augmentatlon Church buildlng repair funds Housing repalr funds Pastoral Account Managlng Trustees funds Inglefleld funds Tralnlng for mln15try funds NCI Dlocesan Investment Programme Other NCI Fundlng Parlsh Energy Support Grants 6,536 121 392 24 12261 1281 13001 107 6,509 118 41 46 108 73 163 433 14 7,372 51 1,691 979 109 16 io 44 102 ios 115 164 403 20 8.048 51 1,775 904 56 161 121 1531 181 11031 14 180 595 56 1481 2,117 557 28 18 1451 12,1621 13251 iii 248 17,764 3,412 12,9591 295 168 18,680 ENDOWMENT FUNDS Permanent Stipend5 Capitsl- Investments Glebe propertles Benefice properties Glebe land Expendable General purposes & admlnlstratlon Maintenance of Min15try Tralnlng for minlstry funds Clergy & dependants hardshlp funds Local Parochlal purposes Church bulldlng repalr funds Houslng repair funds Local Education Funds Funds to support Rellglous Education Appeal funds & speclfic purposes 14,042 18,525 101,897 7,820 836 12051 192 243 11,4021 15111 231 15,096 18,768 100.427 7.290 26 1941 1191 212 1,268 142 1,424 578 580 99 108 171 43 211 11,2681 145 1,475 587 529 105 iio 174 46 45 1151 21 13 1731 146,909 924 {4071 12,7461 283 144,963 221,275 23,458 123.4071 512 221,838 47

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 22. SUMMARY OF FUND MOVEMENTS (contlnued) 2023 Balances at ljanuary 2023 £'ooo Balances at Galns and 31 December Losses 2023 £'ooo £'ooo Income Expenditure £'ooo Transfers £'ooo UNRESTRICTED FUNDS General 50,221 20,214 121,7321 1,553 5,552 55,808 DESIGNATED FUNDS Archdeacons Dlscretionary Ingrow Fund Misslon Fund Carbon Reduction Fund li 20 621 142 12 20 621 141 iii 794 iii 794 RESTRicfED FUNDS Section 554 Educatlon Clergy & Dependants hardship funds Bradford Summer Camps Local Educatlonal Funds Retreat House support funds Local Parochial purposes Appea15 & 5peclflc purposes Clergy & lay 5tlpend augmentatlon Church bulldlng repalr funds Houslng repalr funds Pastoral Account Managlng Trustee5 funds Inglefleld funds Tralnlng for mlnlstry funds NCI Diocesan Investment Programme Other NCI Fundlng Parlsh Energy Support Grants 6,503 114 207 35 {1641 1331 13251 315 6,536 121 37 37 14 70 163 396 41 46 52 42 131 73 163 433 14 7,372 51 1,691 979 109 16 io 13 19 976 35 151 1261 6,613 51 1,597 891 83 15001 309 49 327 801 581 1501 1501 95 81 12701 17751 15651 16,579 3,078 11,8511 18831 841 17,764 ENDOWMENTFUNDS Permanent Stipends fund capltal Glebe Propertles Benefice Propertles Glebe Land Expendable General purposes & administratlon Malntenance of Mlnlstry Training for mlnlstry funds Clergy & dependants hard5hlp funds Local Parochlal purpose5 Church bullding repair funds Houslng repair funds Local Education Funds Rellglous Education 5UPPOrt Appeal funds & speclflc purp05e5 13,349 16,040 92,634 4,552 11611 360 353 18291 15541 485 2,132 10,361 3604 14,042 18,525 101,897 7,820 226 218 14951 212 1,121 117 1,242 544 563 212 1,268 142 1,424 578 580 99 108 171 43 41 25 109 106 52 99 1651 30 98 156 43 io 15 130,671 779 {7321 16701 16,861 146,909 198,265 24,071 124,3161 23,255 221,275 48

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 23. SUMMARY OF ASSETS BY FUND 2024 fixed assets Tangible £'ooo Other Net Assets £'ooo Investments £'ooo A55ets E'ooo Creditors £'ooo Unrestrlcted funds- General 52,837 2.740 4,520 (2.6841 57,413 Unrestrfcted- design?ted Archdeacons Discretlonary Ingrow Fund Mlsslon Fund Carbon Reductlon Fund 15 20 621 126 15 20 621 126 782 782 Restrlcted Sectlon 554 Educatlon Clergy & Dependants hardshlp funds Bradford Summer Camps Local Educational Funds Retreat House support funds Local Parochlal purposes funds Appeals & 5peclflc purposes Clergy & lay stipend augmentatlon Church bullding repalr funds Housing repalr funds Pastoral Account Managlng Trustees Inglefleld funds Tralnlng for mlnlstry funds NCI Dlocesan Investment Programme Other NCI Funds Parlsh Energy Support Grants Schools LCVAP Bulldlng Programme 216 6,115 55 178 63 6,509 118 13 31 102 54 339 164 1131 20 2,095 51 403 103 64 248 44 102 105 115 164 403 20 8.048 51 1,775 904 64 248 51 12241 416 500 5,453 1.372 2,977 12,977} 716 14,276 6,889 13,201} 18,680 Endowment Permanent Stlpend5 fund capltal Benefice houses Glebe Land Glebe Properties Expendable General Purposes Malntenance of Ministry Appeal fund5 & other specrflc purposes Church bulldlng repalr funds Houslng repair funds Tralnlng for Ministry Clergy & Dependants hardshlp fLbnds Local Parochial purpose5 funds Local Educational Funds Religiou5 Educatlon 5UPPOrt fund5 14,866 230 15,096 I¢X),427 7,290 18,768 ICN),427 7,290 18,768 211 211 46 131 401 77 145 1,052 399 iio 174 128 28 529 105 145 1,475 587 iio 174 423 188 119,195 24,517 1,254 131 144,963 Total funds 172,748 41,533 13,445 15,888} 221.838 49

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 SUMMARY OF ASSETS BY FUND 2023 Fixed a55ets Tanglble £'ooo Other Assets £'ooo Net Investments £'O(KJ Credltors £'ooo Assets £'ooo Unrestrlrted funds- General 52,922 2,679 3,560 13,3531 55.808 Unrestrltted- deslgnated Archdeacons Dlscretlonary Ingrow Fund Mission Fund Carbon Reductlon Fund 15 121 14 19 621 140 19 621 140 15 781 121 794 Restrlrted Sectlon 554 Education Clergy & Dependants hardship funds Bradford Summer Camp5 Local Educatlonal Funds Retreat House support funds Local Parochlal purposes funds Appeals & specific purposes Clergy & lay stipend augmentatlon Church bulldlng repalr funds Hou51ng repalr funds Pastoral Account Managlng Trustees In8lefleld funds Tralnlng for mlnlstry funds NCI Dlotesan Investment Programme Other NCI Funds Parlsh Energy Support Grants Schools LCVAP Buildlng Programme 222 6.008 306 67 6,536 121 28 46 58 301 164 27 14 2,019 50 347 196 109 15 io 3,170 41 50 108 73 164 433 14 7,373 50 1,691 979 109 15 io 12281 406 5,354 1,344 783 13,1701 222 14,012 6,928 13,398) 17,764 Endowrnent Permanent Stlpends fvnd capital Benefice houses Grebe Land Glebe Property Expendable General Purpose5 Malntenance of Mlnistry Tralnlng for Mlnlstry Clergy & Dependants hardshlp funds Local Educatlonal Funds Local Parochial purposes funds Church building repairfunds Houslng repair funds Religious Education support funds Appeal funds & other specific purposes 13,448 594 14,042 101,898 7,820 18.525 101,898 7,820 18,525 212 212 1.268 143 1,422 1,266 143 1,029 108 390 393 74 170 393 188 578 581 99 170 43 25 121 120,423 24.843 1,645 12) 146,909 Total fun(ts 173,567 41.549 12,914 16,7551 221.275 50

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 DESCRIPTION OF FUNDS Fund category General fvnd Purpose The general fund Is the LDBF'S unrestrlcted undesignated fund available for any of the LDBF'S purposes wlthout restriction. Funds included in this category Archdeacons Discretionary Fund Represent5 grants received set aside to be used at the discretion of Archdeacons. Ingrow Fund Funds from the bequest of Nora Curry left for the beneflt of the parlsh of Ingrow. Mission Fund Funds to support future SDF projects and the creation of a Parish Growth Fund. Carbon Reduction Fund Funds to enable adjustments to our buildings that reduce their carbon footprlnt Section 554 Established under S86 of the Educatlon Act 1993. Capital monies to develop or build new or exlstln8 voluntary alded schools or maintain such schools or contribute to educational purposes. Clergy and Funds to provide relief of clergy and thelr dependents hardship dependents in flnancial hardship. funds Clergy Stipend Trust, Clergy Widow and Dependents, Queen Victoria Trust, Leeds Diocese Charitable Society Trust, Aid to Parish Clergy, Widows, Clergy Retirement, Educatlon Grants, Birstall Deanery Fund Bradford Summer Camps Bursary Funds to provlde support to children & vouth5 to enable them to attend summer camp5 In cases of financial hard5hlp. For educational purposes in the areas named Local educational funds Shipley curn Heaton District CofE School Trust, Kei8hley St Peter Educational Trust Retreat House support Support towards the Diocesan Retreat funds House Friend5 of Parcevall Hall, Parcevall Hall Bursary Local Parochial purpose5 funds For general parochial purposes in the area named. North Wing Mlssion, Gulseley Carleton, Sarnaritans Fund, Keighlei All Salnts McNish Appeals and special purposes funds Funds comprise donations received for specific appeals and purposes, including work in Llnks Dioceses. Interfaith fund, Youth EvanEelism, Special Appeals, Northern Sudan, Kadugli Appeal, Church in the Worli TM Wright Sudan relief. St Martin li the Fleld, Duker (deaf minlstryl 51

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 24. DESCRIPTION OF FUNDS (continued) Fund category Purpose Funds Included in this category Church building repair For repairs to churches of the Evangelical funds tradition in the Church of England within the Diocese, or funds to support the provision of loans to assist major works to be carried out on church buildings. The First Lord Grimethorpe Charity, Church building fund, Harrogate Churches, Church Building Repair, Davy bequest, Loan fund, Kiddle Bequest NCI Diocesan Investment Programme Funds major thange projerts, whlch lead to a significant difference in dioceses, mission and financlal strength, and the Increase In curate numbers Other fundlng received from the Natlonal Church outside the Dlocesan Investment Pro8ramme. Other NCI Funds Clergy & lay stlpend augmentation Funds for the augmentation of clergy and lay stlpends Pastoral Account Thls fund includes the proceeds of buildings closed for regular public worshlp, parsonage5 and land sales. The purpose for which thls account may be used are lald down in Section 94 of the Pastoral Measure 2011. Inglefield Created from sale of Diocesan Retreat House at Barrowbyi and assets transferred from the Booker Bequest. Income used to ald Dlocesan Synod, conferences and theologlcal courses. Tralnlng for ministry Income used towards Cost of tralnlng ordinands. Resourcing Minlsterlal Educatlon (RMEI General purposes and Funds from bequests to be used to support administration adminlstratlon and general purposes maIntenan￿ of mlnlstry Funds from bequests to be used to support stipends In specific parishes Pensions Funds from bequests to be used In Supporting clergy pensions. Stipends Fund Capital The income of the fund can only be used for clergy Stipend5 (but since 1993 capital can be used for Improvements to parsonage houses) and is governed by the Diocesan Stlpends Measure 1953. 52

LEEDS DIOCESAN BOARD OF FSNANCE NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 24. DESCRIPTION OF FUNDS (continued) Fund category Purpose Funds included In thls category Glebe Land This fund 15 governed by the Endowments and Glebe Measure 1976; It represents the value of agricultural or commercial land in the Diocese, primarily held to generate sustainable income to support clergy stipends. Benefice Properties This represents the value of all benefice housing Iparsonagesl In the Diocese after deducting any loans due on the properties. Funds for support of rellgious educatlon Income used to support schools work, and to meet the Schools fund, Rellglous offl¢e and travel costs of rellglous education advisers. education advisor expenses support Housing Repalr Funds reserved for the repalr and maintenance of specific properties Dove Trust, Whltkirk Deanery Curates Hou51n8 Fund 25. CAPITAL COMMITMENTS At 31 December 2024 the LDBF had capltal expendlture commltments of £nil 12023 - £nll} which are contracted for but not provlded for in these financial Statements. 26. OPERATING LEASES Total amounts payable under non-cancellable operating leases are as follows: 2024 £'ooo 2023 £'ooo Land and buildlngs Withln one year of the balance sheet date In the second to flfth year of the balance sheet date After the flfth year of the balance sheet date 30 120 24 95 22 150 141 27. POST BALANCE SHEET EVENTS AND CONTINGENT LIABILrriES There were no post balance sheet events or contingent Ilabilltles at the Balance Sheet date. 28. PENSIONS During 2024 the LDBF participated in two pen5i0n schemes administered by the Church of England Pensions Board, whlch holds the assets of the schemes separately from those of the LDBF and the other participating employers. One of these is the Church of England Funded Pension Scheme for stipendiary clerbry. The other 15 the Church Workers Pension Fund. The Church Workers Penslon Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. 53

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 28. PENSIONS (contlnued) Church of England Funded Penslon Scheme With effect from l January 1998, diocesan clergy became members of the Church of England Funded Pensions Scheme. This defined benefit scheme provides benefits based on the National Minimum Stipend in the year before their date of retirement and provides for that part of the benefit that relates to pensionable service after l January 1998. Benefits are currently being accrued on the basis of half of the National Minimum Stipend INMSI being paid as the normal pension on reaching the age of 68 on completion of maximum service of 41.5 years, or 1.25 times this amount for archdeacons, plus a lump sum of three times the pension based on the previous yearfs NMS payable from the scheme. Pensions in respect of pensionable service before l January 1998 will be provided for by the Church Commissioners under the previous arrangement5. De￿rnber 2024 317 December 2023 310 Number of members Leeds DBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefltscheme. This scheme is adminlstered bythe Church of England Pensions Board,whlch holdstheassets of the schemes separately from those of the Responsible Bodies. Each particlpating Responsible Body in the scheme pays contributlons at a common contributlon rate applied to pensionable stlpends. The scheme is considered to be a multi-employer scheme as described In Section 28 of FRS 102. Thls means It 15 not posslble to attribute the Scheme'5 assets and Ilabllities to each speclfic Responsible Body, and this means contributions are accounted for as If the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA In the year are contributions payable towards benefits and expenses accrued in that year, plus any Impact of deficit contributions are shown in Note 13 Isee also below). A valuation of the Scheme 15 carrled out once every three years. The most recent Scheme valuatlon completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumption5: An average dlscount rate of 2.7Yo p.a., RPI inflation of 3.6% p.a. land pension increases conslstent with this); CPIH Inflatlon in line with RPI less 0.8% pre 2030 movlng to RPI wlth no adjustment from 2030; Increase In pensionable stipends in line with CPIH; and Mortality in accordance with 90% of the S3NA tables, with allowance for improvements In mortality rates in linewith the CM12020 extended model with a longterm annual rate of improvement of 1.5%, Smoothing parameter of 7, an initial addltion to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% li.e. w2020= 0%). Following finali5ation of the 31 December 2021 valuation, deficit contributions ceased with effect from I January 2023, slnce the Scheme was fully funded. The deficit recovery contributions under the recovery plan in force at each 31 December were a5 follows: % of pensionable stlpends January 2021 to December 2022 7.1% January 2023 to December 20Z3 Defitit repair contributions An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effett from April 2022, and remained in place until December 2022. For senior office holder5, pensionable stipends are adjusted in the calculation5 by a multiple, as set out in the Scheme's rules. 54

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS (contlnued} For the year ended 31 December 2024 28. PENSIONS (continued) Sectlon 28.IIA of FRS 102 requires agreed deficit recovery payments to be recogni5ed as a liability. However, as there are no agreed deficit recovery payments from l January 2023 onwards, the balance sheet liability as at 31 December 2023 is nil. The legal structure of the scheme is such that If Responsible Body fails, the Diocese of Leeds could become responsible for paying a share of that Responsible Body's pension liabllities. Church Workers Pension Fund- Defined Beneffts Scheme Until 31 December 2018 the Leeds DBF participated in the Defined Benefits Scheme settion of CWPF for lay staff of the former three dioceses. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other particlpating employers. The Church Workers Penslon Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. Defined 8eneflts S¢heme The Defined Beneflts Scheme I"DBS"I sectlon of the Church Workers Penslon Fund provides benefits for lay staff based on flnal pensionable salarles. For funding purposes, the DBS Is dlvided into sub-pools in respect of each participating employer as well as a further 5ub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, includlng those relating to mortality and post-retirement investment returns. The divlsion of the DBS into sub-pools is notional and 15 for the purpose of calculatlng ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium Is transferred from employers, sub-pools to the Llfe Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. The scheme Is considered Is a multi-employer scheme as described In Section 28 of FRS 102. It is not posslble to attrlbute the scheme's assets and Ilabllities to speclfic employers, since each employer, through the Llfe Risk Pool, is exposed to actuarial rlsks associated with the current and former employees of other entities participatlng in the DBS. This mean5 that contributions are accounted for as if the Scheme were a defined contributlon scheme. The penslons costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions are shown in Note 13 (see also below). If, following an actuarial valuation of the Life Risk Pool, there is a surplu5 or deficit in the pool, further transfers may be made from the Life Rlsk Pool to the employers, sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pension5 Board on the advice of the Actuary. A valuation of DBS is carried out once every three years. At the most recent valuation at 31 December 2022 there was a surplu5 of £73.6m. Of this, £l.8m was deemed by The Pensions Board to be a usable surplus by the LDBF. Of this£O.2m was utilised in 2024 and £1.6m has been recognlsed attheyear-end atthe net present value of the expected utilisation of that balance (i.e. £1.3ml and wlll be released in future years to offset employer contributions for current participating employees. The next actuarial valuation 15 currently taking place as at 31 December 2025. Since 31 Decernber 2023, the Board has entered into a full buy-in agreement with Avlva to insure all accrued benefits within the DBS of the CWPF. 55

LEEDS DIOCESAN BOARD OF FINANCE NOTESTO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 28. PENSIONS (continued) The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there is no obligation recognised as a liability within the Employer's financial statements as at 31 December 2023 or 31 December 2024. The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employerfs pension liabilities. Section 28.IIA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from l January 2023 onwards, the balance sheet Ilability as at 31 December 2023 and 31 December 2024 is nil. Penslon Bullder S¢heme The Penslon Bullder Scheme of the Church Workers Pension Fund is made up of two sections, Penslon Bullder Cla551c and Pension Builder 2014, both of which are classed as defined benefit schemes. Pen51on Builder Classlc provldes a penslon, accumulated from contributlons paid and converted into deferred annuity during employment based on terms set and reviewed by the Church of England Penslons Board from time to time. Dlscretionary Increases may also be added, depending on Investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provide5 a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There 15 no sub-divislon of assets between employers in each settion of the Pension Builder Scheme. The scheme is consldered to be a multl-employer scheme as descrlbed In Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and that contrlbutions are accounted for as if the Scheme were a defined contributlon scheme. The pensions costs charged to the SOFA in the year are contributions payable (see Note 13 and above). A valuatlon of the scheme Is carrled out once every three years. The most recent valuation was carrled out as at 31 December 2022. For the Penslon Bullder Classic sectlon, the valuation revealed a surplus of £34.8m on the on8oln8 assumption5 used. At the most recent annual review effective l January 2025, the Board chose to grant a discretionary bonu5 of 6.7% to both pensions not yet in payment and pensions In payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the penslon increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. The next valuation is due as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions Used. There is no requirement for deficit payments at the current time. The legal strurture of the scheme is such that if another employer fai15, the Leeds DBF could become liable for paying a Share of that employerfs pension liabilitles. 56

LEEDS DIOCESAN BOARD OF FINANCE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 28. PENSIONS (continued) From l January 2019 until 30 November 2022 all lay staff employed by the LDBF are enrolled In the Pension Builder Classic scheme. On l December 2022 the a new Defined Contribution pension scheme Ithe Flexible Retirement Plan from TPT Retirement Solutions) was introduced for all new starter5 and exlsting employees were able to transfer across. Contribution rates are the same as for the Pension Builder Classic Scheme - 8.0% of pensionable salary unmatched, plus up to a further 5.0% matched to employee contributions. 29. RELATED PARTY TRANSAcfioNS The Board enters into transactions, on a regular basis, with other autonomous organisations within the Church of England e.g. Parishes, the Cathedrals, the Central Board of Finance, the Archbishops Council of the Church of England and the Church Commissioners. From time to time Directors and key managers of the Board may serve on committee5 of other bodies, or the General Synod. It is not considered approprlate to report the detail of such transactions since no person or group of people so servln8 have any signlficant influences over any material transactions. There are no unusual transactlons wlth such bodies reflected In these flnancial statements. 30. FUNDS HELD AS CUSTODIAN TRUSTEE The LDBF acts as Diocesan Authorlty or custodian trustee for many trust funds by vlrtue of the Parochlal Church Councils (Powers) Measure 1956 and the Incumbent5 and Churchwardens (Trust51 Measure 1964 where the managing trustees are parochlal church councils and other5. Assets held in this way are not aggregated In these financial statements as the LDBF does not control them. The flnancial assets held in this way may be 5ummarised as follows: 2024 £000 2023 £000 CBF Church of England Investment Fund income shares CBF Church of England Investment Fund accumulation shares CBF Church of England UK Equity shares C8F Church of Global Equity shares CBF Church of England Fixed Interest Securities Fund shares CBF Church of England Property Fund shares other common investment fund holdings Dlrect holdings in UK equities CBF Church of England Deposlt Fund 11,784 40 83 643 303 337 471 383 1,899 11,794 38 82 575 299 348 559 375 1,861 Totsl assets held as custodian trustee 15,943 15,931 57

LEEDS DIOCESAN BOARD OF FINANCE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LEEDS DIOCESAN BOARD OF FINANCE Opinion We have audited the financial statements of Leeds Diocesan Board of Finance For the year ended 31 December 2024 whlch comprise the statement of financial activities, balance sheet and the cash flow statement, and notes to the financial 5tatement5, including significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, includin8 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements.. Ive a true and fair view of the charitable company's state of affairs as at 31 December 2024 and of its incoming resource5 and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Companles Act 2006. Basls for oplnlon We conducted our audit in accord3nce with International Standards on Auditlng IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further descrlbed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wlth the ethical requirements that are relevant to our audit of the financlal statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responslbllitles in accordance with these requlrements, We belleve that the audit evidence we have obtalned Is sufficient and appropriate to provlde a basis for our oplnlon. Conclu51ons relatlng to golng concern In auditing the financial statements, we have concluded that the tru5tee5' use of the going concern basls of accounting In the preparation of the financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorlsed for Issue. Our responslbllltles and the responslbilities of the trustees with respect to 80ing concern are described In the relevant sections of thi5 report. Other Informatlon The other Information comprises the information included In the annual report, other than the financlal statements and our auditorfs report thereon. The trustees are responsible for the other information. Our oplnion on the financial statements does not cover the other information and, except to the extent otherwise explicitly Stated In our report, we do not express any forrn of assurance concluslon thereon. Our responsibility is to read the other information and, in dolng so, consider whether the other informatlon is materially inconsistent with the financlal statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information we are required to report that fact. We have nothing to report In this regard. 21

LEEDS DIOCESAN BOARD OF FINANCE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LEEDS DIOCESAN BOARD OF FINANCE Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is con51Stent with the financial statements,. and the Trustees, Annual Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and it5 envlronment obtained in the course of the audlt, we have not identified material misstatements in the Trustees, Annual Report and Strategic Report. We have nothing to report in respect of the following matters wherethe Companies Act 2006 requlres usto report to you If, In our opinion.. adequate accountlng records have not been kept, or returns adequate for our audlt have not been recelved from branches not vislted by us; or the financia5 Statements are not In agreement with the accounting records and returns. or certain disclosures of trustees, remuneratlon specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllitie5 of trustees As explained more fully in the Trustees, Responslbilities Statement Set out on page 18, the trustees {who are also dlrectors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the flnancial statements and for being satlsfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financlal statement5 that are free from material mi55tatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for a55essing the charitable companvs ablllty to continue as a going concern, disclosing, as applicable, matters related to golng concern and using the going concern basis of accountlng unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. Auditor's responslbllltle5 for the audit of the financlal statements We have been appointed as auditors under the Companles Act 2006 and report In accordance with re8ulatlons made under that Act, Our objectlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audlt conducted in accordance wlth ISAS IUKI will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are considered material Sf, Individually or in the aggregate, they could reasonably be expected to inftuence the economic decislon5 of users taken on the basls of these financlal statements. Irregularlties, including fraud, are instances of non-compliance with laws and regulation5. We deslgn procedures In line with our respon5ibilitle5. Outlined above, to detect material mi55tatements in re5pert of irre8ularlties, including fraud. The 5peclfic procedures for this engagement and the extent to which these are capable of detecting irregularitie5, including fraud are detailed below. Identifying and a55e55ing risks related to irregularities: We 3sse55ed the susceptlbility of the charitable company's financlal statements to material mlsstatement and how fraud might occur, including throu8h discu55ions With the trustees, discussions wlthin our audit team planning meetin& updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunitie5 for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. 22

LEEDS DIOCESAN BOARD OF FINANCE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LEEDS DIOCESAN BOARD OF FINANCE Laws and regulations of direct significance in the context of the charitable company incl ude The Companies Act 2006, and guidance issued bythe Charity Commission for England and Wales and the Church of England Measures. Audit response to risk5 identified.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations. minutes of meetings and correspondence with relevant authorities to Identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which mlght involve non-compliance with law5 and regulation5 or fraud. We enqulred of mana8ement whether they were aware of any instance5 of non-compliance wlth laws and regulations or knowledge of any actual, Suspected or alleged fraud, We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made In making accounting estimates gave rise to possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with approprlate professional scepticism and thus the capacity to identify non-compllance with laws and regulations and fraud. There are Inherent limitatlons In the audit procedures descrlbed above and the further removed non-compllance wlth laws and regulatlons Is from the events and transactlons reflected In the financial statements, the less likely we would become aware of it. Also, the rlsk of not detecting a material mi55tatement due to fraud is higher than the risk of not detectlng one resulting from error, as fraud may Involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further descriptlon of our responsibilitles is avallable on the Financial Reporting Councll'5 webslte at: ww.frc.or .uk audltorsres on5 itles. Thi5 description forms part of our auditor's report. Use of our report This report is made solely to the charltable company's member5, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken $0 that we might state to the charitable company's members those matters we are requlred to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblllty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the oplnions we have formed. Sally Appleton Isenior Statutory Auditor) for and on behalf of Saffery LLP 10 Wellington Place, Leeds, LS14AP Chartered Accountant5 Statutory Auditors Date: 28 May 2025 Saffery LLP Is eligible to act as an auditor In terms of section 1212 of the Companies Act 2006 23