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
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