THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) CESE OF ICHESTER OW.LOVE.FOLLOW JESUS Annual Report and Financial Statement5 For the year ended 31 December 2024 Company No: 00133558 Registered Charity Number: 243134 A printed copy is available on request from Church House, 211 New Church Road, Hove BN3 4ED Or email enquiries@chichester.anglican.org THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 TABLE OF CONTENTS Page Number Mission Statement Legal Objects Strategic Report: Strategic Aims Objectives Activities and Achievements in the year Future plans Financial review Principal risks and uncertainties 13 Structure and Governance 14 Trustees, Responsibilities 18 Administrative details 20 Independent Auditorfs Report 22 Statement of Financial Activities 26 Income and Expenditure Account 27 Balance Sheet 28 Cash Flow Statement 29 Notes to the Financial Statements 30-69 Page I THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Mission Statement Our mission is growth in Christ". encouraging people in the Diocese of Chichester and the wider world to know, love. follow Jesus and to grow as his disciples in worship and witness to the truth of the gospel. Page 2 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) ANNUAL REPORT For the year ended 31 December 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 directors/trustee5 are one and the same and in signing as trustees they a￿ also signing the strategic report sections in their capacity as directors. This combined report satisfies the legal requirements for.. a Directors. Report of a charitable company; a Strategic Report under the Companies Act 20C6; and a Trustees. Annual Report under the Charities Art 2011. LEGAL OBJECfS The principal objects of the ChKhe5ter Diotesan Fund and Board of Finance Ilncorporatedl l~CDBF"I are to benefit the public by promotin8 and assisting the mÉssion and other work of the Church of Englan(I within the boundaries of the Diocese of Chichester by acting as the financial executive of the Chichester Diocesan Synod in connection with= Training. funding and other support for ministry within the D￿Cese and in the wider Church of England, Anglican Communion and those recognised as partners in mission Supporting the workof the Diocesan Board of Education and othertrusts and related tx¥dies invofved with the work of schools in the Diocese. In addition the CDBF has the following statutory reswnsibiltties- the manègement of glebe property and investments to generate income to support the cost of stipends arising from the Church Property Measure 2018- the repair of benefice houses as the Diocesan Parsonage Board under the Repair of BenefKe Buildings Measure 1972- the management of investments and the custodian of assets relating to church schools under the Diocesan Board of EducatK)n Measure 2021- the custodian of permanent endowment and real property assets relating to trusts held by Incumbents and Churchwardens and by Par(Khial Church Councils as Diocesan Authorlty under the Incumbents and Churchwardens ITrustsl Measure 1964 and the Parochial Church Councils IPower51 Measure 1956. iv. Page 3 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 STRATEGIC REPORT STRATEGIC AIMS The main role of the CDBF is to identify and manage the financial aspect5 of the provision of ministry throughout the Diocese. $0 as to provide appropriate personnel and financial resources to support both the nurturing of faith in new and existing Anglicans in Sussex and engagement with the community, a5 Part of the Church's re5pon5e to the mission of God in Sussex. The CDBF aims to athieve this by equipping the Diocesan Synod. its Councils and Committees. deaneries. parishes. haplaincies and schools to further the miss40n and strategic priorities of the Diocese and by doin8 only those things which are best done at diocesan level or otherwise add value to the work of parishes. chaplaincies and schools. At Pentecost in May 2015. the Diocesan Synod launched a fwe year Diocesan Strate8y With the following th￿e priorf(ies modelled on the priorities of the Archbisho￿, Council's Renewal and Reform body ofwork- Growth in holiness and numbers: Re-imagining ministry- Contributing to the Common Good. At the end of 2019 the second stage of the Diocesan Vision for Growth was kunched. which built on the previous aims, but identified four priorities for 2020-2025- l. More Open= a sign of being One.. 2. More Converted to Je5U5 Christ: a sign of being holy- 3. More Generous.. a sign of bel￿ catholic- 4. More £ng3ged.' a sign of being apostolK. These aims focus on similar themes identified by the national Church of En8land in their strategic vision for growth. OBJECTIVES The CDBF seeks to respond to its mission of growth in Christ and to its strategic aims by focusing on the following objertives for this and subsequent years.. To resource a Christian presence in every partsh by: o The appointment of stipendiary and self-Sup￿rtinE cler￿, lay ministers and Christian leaders and governors in our schools o Enabling the laity in congregations to play their part in ministrv o The payment of stipends and pensions The provision and Maintenan￿ of h￿SIng which is safe. fft for purpose. and welcoming o The selertion and training of ordinands and lay ministers. and the provision of financial support to those training for ministry o Providing ministerial development reviews and continuing ministerial development for clergy Page 4 THE CHICHESTER DIOCESAN FUND AND 80ARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 o Providing pastoral care and weW3re supwrt to clergy. including financial assistance where needed Planning and delivering improvements to mission and pastoral organisation To develop the ability to ensure a Christian presence in future by.. Encouragingvoc3tions to both13y and ordained ministry, espeuallyyoung vocations. and developing ap￿t011( pathways for 311. in particular re-imagined forms of lay ministry o Supporting apostolic partnerships to reinvigorate communities and establish a presence in areas of new housing o Enabling church schools to reach out to families in their communities To 5UPPOrt cler￿. lay leaders. parishes and chaplains and enable their work by providing training. information. advice. guidance. services and good governance To support schools and in particular head teachers and governors to provide the best possible education and Christban Witr￿sS through trainire and support services and the provision of a551Stance and advice To support schools by ensurrng their buil(lings are rrt for p￿r￿se. facilttating capitsl expenditure and the expansion of schools where p)ssible To provide supp)rt for parishes and individuals in all aspects of safeguarding casework, liaisin8 Wlth the public authorities as necessary To promote a care forthe environment and a sustainable use of resources, and worktowards becoming an Eco Diocese To support the Anglican chtsrch. nationalty and internationalty, and other particular ministries to groups and communities To run an effective organisation in order to deliver these objectives, intluding the provision of support to the senior clergy and management of assets. ACTivmES AND ACHIEVEMENTS IN THE YEAR Resourdn8 Mlnlstry and VAsslon- Parlsh Mlnlslry The primary purpose of COBF is to resource parish ministry and mission through the deployment of ordained and lay ministers in parishes ￿ro$S the O#xese. tt is these ministers who provide Ic(al leadership. organising worship and engaging in a range of community and church projects. In 2024, 335 licensed cler8y, 79 licensed readers and 181 authorised lay ministers worked across the 346 parishes of the Diocese. Durin8 the year the CDBF paid £8.84m12023= £8.83ml in stipend. Nl and pension for stipendiary clergy. CDBF also provides housing to our parish c￿rgY and recognise5 that well rnaintained housing is important for dergy wellbeing. There is a regular maintenance programme and 48 quinquennial works projects were completed on time and within budget during the year. In addition renewal programme continues and during the year this invoK*ed the installation of twefve new boilers. five new bathrooms. and tWe￿e new kitchens across the parsonage wrtfolio. Page 5 THE CHICHEsfER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 The CDBF continues to nurture vocations to identrfy the next generation of ministers. and provides trainin8 to those at all 5tage5 of their ministry, from initial ministerial education (IME} through to ministerial development ICMD) for experienced priests. Six stipendiary deacons and two self- supporting deacons were ordained in 2024 and are servin8 curacies wtthin the Diocese. Five ordinands were released and have been ordained in other dioceses. As at 31 December 2024 there were eight ordinands in trainire and 16 candidates in the discemment process. The parishes across the Diocese rely on the work of lay ministers to nurture the worshippln8 communrties in Sussex. In 2024 the CDBF trained and commissioned 47 authorised lay ministers {ALMsl, and licensed two new lay readers and fr)ur lay apostolic workers. The CMD programme delivered a wide ran8e of courses including trainin8 for new incumbents. 39 curates were engaged in the IME programme. The CDBF 15 grateful to the Archbishop's Council for the Strategic DeVelO￿ent Funding which has been provided to support three projects across the dKJcese: St Petels Brighton & associated churches= there have been encouragements across the churches. but due to vacancies the projerts have not yet achieved the planned outcomes includirE leadership development. All Saints Hove.. this project has been energised by the licen5in8 of a new vicar and the approval of a mission reset plan. There are encouraging signs in children's ministry and the café. Crawley: St John's continues to flourish. and there are firni plans for launching new setvices and partnerships in 2025. Resourcing Mlnlstry and Mlsslon- Support for Parlsh Mlnlslry COBF provide5 a range of services to support parishes. These include advice on fundraising and stewardship, diocesan communications, parish finance and governance, church buildings and net zero. In addition the CDBF acts as Custodian trustee for almost 5Crf) parish and chancel trusts, and 65 school twsts. which total £22.9m12023.. £23.5ml. Highlights of the year include: The Parish Giving Scheme continues to provide an effertive mechanism to manage regular giving and 302 parishes187%1 are signed up to the Scheme. 89 113%1 PCC Treasurers and Secretaries attended the finance and 8overnance courses delivered by the Parish Ath5er. Five parishes took part in the Great is thy Faithfulness programme which is a programme to support church growth. working with clergy and laity in participating parishes over the course of a year. The programme includes taught input. self-guided tasks and visits from course leaders. Church buikling projetts were faalitated through the processing of 172 List B applications, as well as provision of formal and inforn)al a(fvKe in respect of 99 faculty applications and 41 Minorworks. Continuing work on proposals for Mission and Pastoral schemes and orders, wf(h four schemes completed in the year and a further 14 being progressed. Page 6 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Administering the Minor Repairs and lrnprovements and Quick Wins erant schemes, res￿￿1n8 in allocating £l(6,482 in 34 grants to parishes. Offering tailored fundraising athice to 74 parishes in respect of capitsl projects, leading to over É7(Kl.oc(I being raised in grant funding. Organising and delivering a programme of training events on church buildings, attended by approximately 275 churchwardens and clergv. Resourcing Ministry and MI￿1¢)￿-ch￿rCh Sthoo The Education team has worked closely with Church of England Schrx)Is across the diocese during 2024. 5UPPQrting the recwitment of 101 Foundation Governors across our 155 schoob. The School Effectiveness Team remain committed to supporting schools daily in areas such as school improvement, school organisation. Christian distinctweness and RE. A core element of this role is to work alongside Schools in preparation for both SIAMS (Statutory Inspection of Anglican and Methodist Schools) and OFsted inspertbons. A particularfocus of thetraining that has been delivered has been to explo￿ pupil's spirttuality. whith is a key tomponent of the current SIAMS framework. The Education team continue to administer the 5CA1Sthool CondTtion Allocation) fundine receNed Irom the Department of Education for Voluntary Aided Schwk. In 2024, the team administered a fund totalling £1.8 million which is to be utilised to ensure that schools are safe. warm. dry and most importantly remain open. The team are committed to w0￿1n8 towards the Church of England ambition for net zero by 2030 and were Suc￿sSfUl in 5ecurin8 PSDS IPublic Settor Decarbonisation Scheme) funding of £534.000 to replace oil fuelled and end of life boilers in three Voluntary Aided Schools acro55 the diocese. These works will take place in Summer 2025. A second bid has been submttted for three further projects. In 2025. the Education team. working with the Dirxesan Board of Education, will be working to develop a Small Scknols Strategy, ensuring that we are developing structures that will protect the legacy of these schools and their vital place at the heart of the community into the future. Safeguarding The safeguarding team continues to provide support to partshes on a daiw basis, asslsting with safeguarding prartice, leading on casework ènd è(fvisinE on the implementation of pollcy. In addition to its usual work during 2024 the team transferred over 900 safeguarding case records from the previous case management system to the rhew National Safeguarding Case Management System. There was an independent safeguarding audit, conducted by the INEQE Safeguardin8 Group. The report which was published in January 2025 was very positive about safeguarding policy and practice in the Diocese. The team recruited a new Safeguarding Learning and De4elopment Officer who will lead some of the key initiatives of 2025 particularly focussing on the rolbut of the new parish dashboards whith will replace the existing 5QP system. Page 7 THE CHICHEsfER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Running an effertive ￿ganisatI¢>Th Over the course of the year there were two Diocesan Synods, as well as 12 Autumn Deanery meetings, one Deanery Treasurers. meeting and 18 committee meetings. In addttion, fNe elections were facilitated in 2024. including a General Synod byolection, the Diocesan Synod elections, the DBE election, elect￿n$ to committees and the ebection of the Chairs of the House of Laity and of the House of Clergy. CDBF is supported by number of teams based at Church House Hove including finance, tT, and HR. The Diocese makes great efforts to be a good steward of its assets. and to manage its investments effectwely, balancing the need to maximise the lon8 term return from our assets with the need to generate income to reduce the pressure on parishes. Great care continues to be tsken with this management. with an ever increasin8 focus on ethical and environmental consKleration. FUTURE PLANS The strategic aims established by Diocesan Synod in 2019 detailed on page 4 will continue to direct the activities of the CDBF. and are informing the developmeTrt of the new strategv. 2025 15 the year of celebration of the Christian faith across Sussex. It marks the 950th anniversary of the formation of the Diocese of Chichester and Chichester Cathedral and 1,7(X) years sinte the Nicene Creed first emerged. To celebrate this jubilee year a range of events have been planned across the diocese and at the Cathedral including a celebration SeN1￿ in every deanery, a weekend away for young families, pilgrimages for young people and parishe5, a clergy conference in Canterbury and an international ecumenical conference in Chichester. In addition to all the work operationally required and delivered from year to year, in 2025 we plan to- Agree a diocesan strategy through Diocesan Synod, and expect to make an application for Diocesan Investment Programme fvnding from the national church. The strategy will be centred on th￿e pillars.. Inspiring Prayer and Worship. Engaging Young Children and Excellent Leaders. underpinned by a focus on increased sustainability. Improve the Church House Hove offi￿. which has not boen significantly renewed 5irKe it opened. Complete the Energy Performance Certificate IEPCI data gathering pr¢xess fow all residential properties owned by CDBF and the implementation of the Integrator softwa to enable interrogation of the data to inform future decisions. Roll out the Parish Dashboard safeguar(ling quality improvement system acr055 the Diocese. Raise awareness of and increase capacity to respond appropriètely to domestic abuse across the Diocese. Increase engagement with and support for the Parish Safeguarding Officers through an induction programme. trainin8 sessions. and peer supporL P4e8 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Expand the training programme for c￿rg¥ and churchwardens on managing church tmjildings. Allocate the remainder of the Minor Repairs and Improvements and Qubck Wins grants funding. FINANCIAL REVIEW rinancial perforn￿nce The CDBF recorded a deficit of £454k for the year on its general funds befo￿ ga￿S on the revaluation of assets12023: £645kl. Although there was a deficit for the year this was better than the budgeted deficst of £l.Sm. The improved perfomiance mainty arose because of the generosity of parishes in paying Parish Share, higher investment income due to active asset management and interest rates remaining higher throughoLrt the year than budgeted, as well as achieving cost savings durin8 the year. Parish Share, the money gNen by parishes to CDBF to fund the mission and ministry of the diocese, is the main income resource for the CDBF and provide5 62.7% of it5 income12023: 68.9%1. The current yeè¢s Parish Share receipts ￿p￿sent 98.8%12023.. 98.5%) of the total ple(Iges made for 2024. When the receipts for prior years are included the collection rate increase5 to 99.4% {2023.. 98.8%). The Trustees afe gratefvl to all parishes who pledged $0 generously and continued to meet those pledge5 despite the cost of INing crisis. especial￿ to those parishes that make their contribution payments by monthly instalments which enables the Diocese to manage cash flow efficiently. In 2023 a new parish share restricted fund was launched in response to the national Living in Love and Faith conversations for use by those parishes which hold an orthodox view of marriage. Parish share of £1.258k12023= E373kl was paid into the fvnd. The total has been spent on stipends to support ministry in those parishes whith hold an orthodox view of marriage. The restricted fund is being continued for 2025. There were a number of cost savings in 2024. some of which were achieved through a review of activities but some were due to extern31 factor5. For exarnple. the contrFbution rate for the cler8Y pension scheme reduced from April 2024 resulting in a E183k saving in pension contributions compared to budget and a £151k reductK)n in expenditure compared to 2023. There was also a reduction of £240k in the costs for ordination training compared to 2023. This 15 primarily due to the removal of the block grant system for paying college fees. Under Resourcing Ministerial Education, which was in place until September 2023. the nat￿￿31 church woukl pay a grant to the DBF to be used for college fees. Since September 2023 the college fees have been met directly by the national ministry team. Income across all funds. before recognised gains and bsses totalled £22.Im12023.. £21.3ml and expenditure amounted to £21.Im12023= £22.Iml. The Statement of Financial Activities ISOFAI for the year shows a net surplus of £925k12023= £0.79m lossl before net gains and losses on the revaluation and Sale of investments and the revaluation of fixed assets. Net gains on investments totalled El.08m12023-. £1.75m} and there was a net gain on revaluation of fixed assets of £7.47m {2023= É6.18ml. Page 9 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 As a resulL funds increased by £9.48m to £337.4m. A deficit budget has again been set for 2025. The level of budgeted deficit has been reduced through a number of cost savings achieved during 2024. and work is continuing to achieve further savinES for the future. The deficit will be funded from reseFves. Si8nifKant PropertyTransactlons Three propertie5 lone parsonage. one glebe and one DBF house) were sold during the year for a total of £4.Im. Eight properties (three parsonages and five glebel were purchased during the year for £5.7m. The CDBF will consider the disposal of property for the following reasons.. to replace unsuitable parsonages- to accommodate the changing geographical deployment of clergy within the Dioce5e- to realise development potential in some properties. thereby using our resources more effectively for the ministry of the Church. Bal•n¢e sheet The Trustees consider that the balance sheettogether with note 20. show broadly that the restrirted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. While net a55ets at balance sheet date totalled £337.4m 12023.. £327.9ml, it must be remembered that included in this total are properties, mostly in use as clergy housin& whose value amounted to £256.Im12023- £264ml. The majority of the remaining assets shown in the balan¢e sheet of £81.3m are held in restricted funds and cannot be used for the general purposes of the COBF. Reserves policy Free reserves The Chichester Diocesan Fund and Board of Finance ICDBFI exists to resource an Anglican presence in parishes across Sussex and to SUPPOrt Church of England schoo15 in the Diocese. CDBF 15 highlv reliant on income from Parish Share to fund its actrvities. Parish Share income fluttuates throughout the year and is dependent on the financial health of the parishes. CDBF has high levels of fixed expenditure, primarily tlergy and staff p3yroll costs. Other expenditure such as clergy housing is planned and committed in advance. Therefore CDBF needs to hold sufficient free reseNes to meet ongoing operatx)nal expenditure through periods when income levels fluctuate to ensure there is no significant disruption in activity. Furthermore, the risks facing the DBF include decreases in Parish Share income as parishes face their own financial pressures. as well as the CDBF'S costs increasing wtth inflation. The CDBF'S free reserves are therefore required to meet commitments and maintain activities for the period needed to adapt the operating model should income decrease pemanently. Page 10 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Taking these factors into account the CDBF'S reserves policy sets a target in the range of two to four months, budgeted operating expenditure. The knwer bwnd is set by refe￿nce to the likely fluctuations in income, and the upper ￿￿nd reflects the time required to adapt the CDBF'5 artivities in response to a permanent drop in income. The purpose of the target range is to provide short- term resilience while long-tem solutions can be established. Free resetves are part of our general fund and are defrned as the unrestrirted net current assets plus investment assets. At 311kcember 2024 the range required under this w)licy was £3.Om - £6.Om 12023.. £3.Im - £6.2ml. AC￿al free reserves at that date totalled £5.Om12023: £5.3ml, as set out in te 20. In the event of fallin8 below this ran8e. future budgets would be set in order to recover this position. If the CDBF had Surplus funds then these would be applied to support front line ministry as soon as possible and sensible. The level of reserves is currently within the target range. However. the CDBF is bud8etinE deficits for future Yea￿ and so it is likely that the re5eNe5 will fall to the lower bound of the policy within the next trmo years. Our designated funds are unrestricted and available to use for general purposes. However the largest is represented by prOpert￿S and others are committed for particular purposes. They are therefore not readily available to deploy a5 free reserves. Designotedfunds The Tnjstees may, with the approval of the Board, designate addtfional unrestricted rese￿eS to be retained for an agreed purpose where this is considered to be prudent. Such designated reserves are reviewed periodically and returned to the general fund in the event that the purpose of their desTr8nation is no longer considered to be adequate justification for their retentK)n. A description of each reserve together with its intended use is set out in notes 19. 20 and 23. At 31 December 2024 total designated reseThes were £5.Im12023.. £4.2ml. the majority of which is tied up in fixed assets. Restricted ond endowmentfvnds As set out in note 19. 20 and 23 the CDBF holds and administers a large number of restricted and endowment funds. As at 31 December 2024 rest￿ted funds totalled £23.6m12023- £21.3ml and endowment funds totalled £303.7m12023- £297.Oml. Neither are available for the general purposes of the CDBF. Grant rnakinz policy The Memorandum of Ass(Kiation of the CDBF explicitly pemiits the CDBF to make grants in pursuance of its objects. The nature of grants made in 2024 is indicated in note 11. Grants were made to parishes to support missK)n projects. to Ordinands to support them in trainin& to Clergyto assist with new appointments and relocation and with welfare needs. and to church schoo15 for capital fvnding from the schools condition allocations ISCA). Page 11 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Investment policy The CDBF is empowered by its mernorandum of association to invest monies not immediately required for its purposes. Responsibility for the management of diocesan assets is delegated (through the Finan￿ Committeel to the Assets Committee which oversees investment policy. monitors perfom)ance and reviews strategy with its advisers. The CDBF is subject to the Charities Acts. the Trustee Investment Act 20(K) and Measures passed by the General sYr￿d of the Church of England. There are no restricthjns on the CDBF'S power to invest suty'ect only to the Acts and Measu￿$ set out above plus Charty Commission guidance CC14 and the ethical policy referred to below. Specific Trustee permission is reqUI￿d for investments in Private Equity. Hedge Funds. Commodities or Derivatives. The CDBF broadly endorses the Church of En8land Ethical Investment Poly, but varies from it in terms of fossil fuel investments, and requires its investment managers to apply an ethical Kreen to the portfolio which precludes direct investment in companies which have more than 10% of their turnover in 3miaments, pornography, tobacco. thermal coal or tar sands. The ethical policy continues to exclude f055iI fuel companies not in line with the Paris Agreement. The CDBF'S investment objectives are to maintain and enhance the real value of the Fund over the long term, whi15t producing an annual income which grows at least in line with inflation and having due regard for the possible need for liquidity. risk profile 15 medium high with a commensurate level of volatility in capital value being acceptable. The pem)itted asset dasses are detailed wtthin the DBF'S inve5tfflent policy as recommended bythe Assets Commrttee. The base currenry of the portfolio is sterling. The minimum acceptable credit rating for bond i￿UlnE or deposit taking instttutions is BB. The portfol￿ is split among a number of investment managers who each have a different brief in order to achieve diversification and spread risk, and hence performance varies between managers. Each manager operates on a discretionary basis wfch a nornial weighting in favour of equities. Managers may be appointed to perform principally to an Income target Iwhile maintaining capital value) or a Total Return basis. It is expected that funds will be fully invested. Benchmarks are agreed with each Investment Manager. In addition. the CDBF acts as trustee of a number of trust funds, which are invested in accordance with the related trusts. Note 20 provides details of the assets of each fund. note IS summarises the movements in investments during the year and note 23 indicate5 the purposes of each fund. Fund¢aising Chichester DBF is aware of the Charities (Proteciion and Social Investment) Act 2016, the Fundraising Code of Practice and the Charity Commission's guidance on fundraising. The trustees fully 5UPPOrt the aims of the legislat￿n and guidance. The majority of the DBF'S income comes from other charitable bodies and it undertakes very Itttle dirert fundraising artivity involving individual donors. The DBF considers the origin of unsolicited donat￿r￿ and legacies when received. The DBF did not Page 12 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 share or purchase any dOr￿)r data with third parties and did not engage any professional fundraisers Ihjring the year. The DBF did not receive any complaints in ￿latiOn to fvndraising in 2024 or 2023. PRINCIPAL RISKS AND UNCERTAINTIES TheTrustee5 are responsible for the identification. mitigation andlor management of risk. To achieve this. a register of all the risks identified is maintained and, alongside it. a management and mitigation strategy. This is subject to review by the Trustee5 on an annual basis. and by the Audit Committee at each meeting, wr(h re5pon5ibility for delivery of the mitigation strategies delegated to the Diocesan Secretary. The register is reviewed at least three times a year and ts regularly uwlated. The principal areas where the risk of either failure to act or the impact of the events is considered 'high' and the associated mitigation strateg*s are: Ilisk Falling clergy and congregation numbers ￿$￿thng in decline of parish finances and unavailabilty of volunteers Mitigat*)ns Prayer Great care taken to make good clergy appointments,. Focu5 on fostering more vocations: Increased training and support for clergy and parish officers.. Re-imagining ministry is a core part of the dDcesan strategy with a strong focus on equipping and building Confiden￿ to energise lay ministry and deVe￿pment of self-supporting ministry; The diwese is engaged in Strategic Development Projects with financial supp)rt from the national church and other mis￿Onal investment to promote growth in strength and (iepth both in particular places and across the diocese. Significant loss of income or increase in expenditure. such as through the impact of lack of confidence in the Church of England, the cost of living crisis or re5pon5es to the Church of England's Living in Love and Faith conversations: Build l(Kal relationships. Improved forward plannin& Close monitoring of income. expenditure. investments and cash flow,. Close communication wtth parishe5 to maintain parish share payments: Maintenance of reserves: Exploration of alternative funding avenues. Safeguardin& where there is an occurrence of child, vulnerable adult or domestic abuse by someone working for or on behalf of the Church.. The CDBF employs a safeguarding adviser, a deputy aN two assistants. a training lead. supported by an administratorand an independent sexual violence adviser. Page 13 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 The diocese has a strong independent safeguarding advisory panel to review and challenge r(s actions. and excellent relationships with statutory agencies, who are all represented on the panel,. Policies are aligned with those of the national church- All parishes are required to undertake a full audit of their practices and take action as appropriate based on the rindings- Training 15 compuLs0ry for all relevant 5tsff, Offi￿ holders and volunteers.. The CDBF has engaged a communications consultant in addition to its communication5 officer to handle matters which Come into the public arena, including mJtters relating to non-recent al)use. Disruption to Safeguarding casework due to structural changes at a National Level: Engagement with the consultatKJn and emerging plans to change safeguarding structures in the Church of England. Trustees and Diocesan Officers continue to assess the risks and uncertainties brought about by negative media coverage of the Church of England. the continuing impart of the Covid.19 pandemic, the cost of living crisis, and Living in Love and Faith conversation5 among other matters. Cashflow is continuously monitored, along with the impact of this and other crises on income levels. A number of scenarios have been modelled. asse55ing the consequences on easily available funds. and the a55et portfolio reviewed to ascertain the potential source of additTronal short-term financin& should it be required. STRUCTURE AND GOVERNANCE anisalional 5tructwe The Chichester Diocesan Fund and Board of Finance Ilncorporated) is a company limited by guarantee (No. C(11335581 and a registered charity (No. 2431341 governed by its Memorandum and Articles of Association. The company's principal artivity is to promote. assist and advance the work of the Church of Englan within the Diocese of Chichester. It was established in rts present form in 1914. Every eligible member of Diocesan Synod is a member of the company for company law purposes ènd has a personal liability limited to £1 under their guarantee as a member in the event of the company being wound up. Governance and policy of the COBF are the responsibility of the Trustees arting as the Finance Committee, who are also directors of the company and trustees for the purposes of charity law. The Bishop of Chichester is the ex-officio president of the Diocesan Board of Finance. and appoint5 a chair Page 14 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 and deputy thair of the Finance Committee after consulting with the chairs of the House of Clergy and House of Laity of Diocesan Syno(J. The members of the Finance Comrnittee are the Membe￿ of the Bishop's Council and Standing Committee of the Diocesan Synod from timeto time. The Bishop of Chichester, the chair and deputy chair of the Finance Committee. the tsvo suffragan bishops and the four archdeacons. the Dean of Chichester, the chairs of the Diocesan Synod House of Clergy and House of Laity, and the Deans ot Women's Ministry are ex-offlcio members, together with one member of the House of Clergy and two members of the House of Laty from each archdeaconry elected from and by the members of Diocesan Synod every three years, and up to five additional members of Diocesan Synod co-opted by the Bishop after consulting with the chairs of the House of Clergy and House of Laity of Diocesan Synod. The details of Trustees who served during the year, the majority of whom were elected in 2021 to ser¥e from l January 2022 to 31 December 2024. are set out on page 37. The Diocesan Synod. the ststutory governing trxjdy 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 Bishop's Council and Bishop's Senior Staff Team. The Synod membership is elected every three years- the members for the majority of the year were elerted in 2021 to serye from August 2021. Elections took place during the year for new members to serve from August 2024. The Synod elects twelve of the Trustees of the Diocesan Board of Finance. Whilst the CDBF is a separate legal entity, with clear responsibilities under both company and charity law as well as a governing memorandum and articles of association, by virtue of the National Institutions Measure 21XXJ the CDBF is subject to the direction of Synod in all its activities. unless5uch direction is not in accordance with the governir documents or statutory regulations. Historical assets arising from unexpended aCcumulat￿n$ of sale proceeds of redundant Church of England School properties, held asThe Di0￿Se of Chichester Consolidated Educational Endowments, are accounted for in the restricted Aided Church Schools fund and are managed by the CDBF in consultation with the Diocesan Boar(l of Education. The CDBF is designated as D￿eS￿n Porsonoges Boord. with r￿ponsIbIlity for making decisH)ns conterning the management of all clergy houses. Decision making structsre Corporate priorities and the overall financial strate8y for the DK)cese, in its primary object to promote. assist and advance the work of the Church of England within the Diocese of Chichester, are set by the D￿Ce$an Synod and CDBF. The responsibility for ensuring that these priorities and strategies are delivered is delegated to the Di¢xesan Secretary who is supported by a number of heads of department and their stsff. The company meets once a year in general meeting to recetve the annual report and financial statements and to appoint auditors. The company meets a second time each year to receive and agree the annual b￿1get, prepared and approved by the Trustees. The Trustees, meeting within the context of the Bishop's Council ènd Standing Committee of the Diocesan Synod. hold at least four meetings during the year to formulate and monitor the implementation of policies on mission. ministry and finance by'.- lnitiats.ng proposals for attion by the Synod and advising it on matter5 of polKy Page 15 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Transacting business of the SyrK>d when it 15 not in session subject to the directions of the Synod and in accordance with its Standing Orders Acting as the Trustees of the CDBF. including reviewing overall activities, assessing performance, and deciding investment and other policies Planning the business of the Synod, preparing agenda5 for tts 5e55ions, and circulating to members information about matters for discussion Advising the BF5hop on any matters he may refer to the committee Initi3ting consideratK)n of any restructuring of Synod Committees and Departments which may be necessary and the establishment of ad hoc review groups, their terms of reference and membership Carrying out such other functions as the Synod delegates to it Appointing members to committees and representatives to external bodies. subject to the direction of the Synod The Trustees met fourtimes during the year. Tryst¢¢ Allellded The Ri Reyd Dt Martin Warner The Rt Revd Will HazkwKwJ The Ri Revii Ruih Bthyag¢r The V¢n Angcia MartiTh The Ven MartiTr Lloyd Williams The Vcn Luk¢ Itvint-C4*1 The Ven Dr Edward Mys Lcs]¢y Lynn Revd Canon Lisa BanKll Revd Canon MHrk GilE MrJohn Booth Revd Philip Coeki Mrs Milly MuTphy Mr Michael Juliart ThoThs Mr B￿JleY Smith Miss Aliwn M¥chanl Mrs Valerie Bur8e5S Mrs Sarn SiorK)r Revd Andrew Wo(NJward Reverend Helen Garrn Mr5 Sharon Phillips Miss M4arei Lumky R¢vd T￿￿Ma$ Holbird Page 16 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Chichester DBF regards attendance at meetings as important and we engage with trustees to support them to fulfil their duties. The TTU5tees are assisted in their V￿rk by four principal sulpcommittees'.- Operotirtg Committee.. monitors management accounts and the Ix&d8et, the collection of Parish Share pledged by parishes. and the acquisition. use and disposal of parsonages and other assets, and exercises the authority delegated to it by the Trustees in areas such as approval of capital expenditure, grants and loans. It also undertakes the CDBF'S responsibilities as Diocesan Authority with respect to parochial property under the PCC (Powers) Measure 1956 and the Incumbents and Churchwardens ITrustsl Measure 1964. Audit Committee.. supports the Finance Committee in its responsI￿.11t1eS re8ardirvd issues of risk, control an(1 governance and a$￿￿late(l assurance. Assets Committee.. oversees investment F4)licy. monitors performance and reviews strategy with its advisors. It also undertakes the CDBF'S reswnsibilities under the Church Property Measure 2018 {with regard to glebe assets). Pt7r50nages und Houses Committees." two sub-committees, one for the east of the Diocese and one for the west. undertake the CDBF'S responsibilities under the Church Property measu￿ 2018 Iwith regard to parsona8esl and the Repair of Benefice Building Measure 1972. In 2019 an assessment of the CDBF'S compliance with the Charity Governan¢e Code was undertaken. A good level of compliance was identified together with some areas for improvement which have subsequently been addressed. Trustee recruitment, selection and induction Trustees are members of the Bishop's Council and Standing Committee of the Di0￿san Synod and are seletted as set out above. Trustees ère gwen induction at the outset of the triennium and at other times as appropriate. They are also informed before seeking membership and, at all other relevant times, of the role and funrtion of the Committee. Some staff hold the trile of'oireciorf. tsjt this relates to their function within the organisation and has no legal meaning within the Companies Act. All Trustees are required to maintain their entry in the record of declarations of interest and loyalty. Remunerati￿ of key managenwit personnel Emoluments of higher-paid employees are determined by a remuneration tommittee consisting of the Chair and Deputy chair of the Finance Committee. the Chair of the House of Clergy. the Chair of the House of Laity, and a suffragan bishop or archdeacon nominated by the Bishop of Chichester. The terms of reference for thi5 group are established by the Bishop's Council and include recommending policy on remuneration to the Finance Committee and determining the remuneration for empkjyees of the CD8F. Annual payrises are recommended taking into account levels of inflation abngside affordability. Independent benchmarking of specific posts is LFndertaken whenever a post is filled, responsibilitie5 5ub5tantially amended, or a review is requested. Benchmarking takes into account comparable jobs in the local area. in the settor nationally and in other dioceses. Page 17 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Oelegation of day to day delivery The Trustees and the sub-committees which ￿l$t them in the fulfilment of their responsibilrcies, rely upon the Diocesan Secretary and his colleagues for the delivery of the day to day attivities of the company. The Diocesan Secretary is given specific and general delegated èuthority to execute the business of the CDBF in accordance with the policie5 framed by the Trustees. Funds held as DI￿esan Authority The CDBF is Di(Kesan Authority (akin to custodian trustee) in respect of assets held on permanent trust by virtue of the Parochial Church Councils IPowersl Measure 1956 and the Incumbents and Churchwardens ITrustsl Measure 1964 where the managing trustees are parochial church councils and others. These assets are not a8gre8ated in the financial statements as the CDBF does not control them, and they are segregated from the CDBF'S own assets by means of a separate bank account and accounting system. Furtherdetails of financial trust assets. whose market value amounted to £22.9m at 31 December 202412023.. £23.Sml, are available from the CDBF on ￿queSt, and are summarised in note 30. Where properties are held as Dioeesan Authority. the deed5 are identified as such and held in safe custody by the CDBF'S solicitor. Winckworth Sherwood. Connecled B¢xlie5 and Related Partie5 Please refer to note 29 of the accounts. Volunteers The CDBF is dependent on a huge number of people involved in church activities both locally and at diocesan level. The CDBF greatty values the considerable time gNen ￿ all its committee members and other volunteers across the Diocese in pursuit of its mission. TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees {as Oirertorsl to p￿pare financial statements for each fi'nancial year. Under company law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generalfy Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl- Under company law the Trustees must not approve the financial Statements unless they are satisfied that they give a tr￿ fair view of the stste of the affairs of the CDBF and of the surplus or deficit of the CDBF for that period. In preparing these financial statement5 the Trustees are required to= Selert suitable accounting policies and app￿ them consistently Observe method5 and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable aecountirtg standards have been followed, subj-ect to any material departures disclosed and explained in the financial statements Page 18 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 December 2024 Prepare the financial statements on the goin8 concern basis unless rt is inappropriate to assume that the company will continue in operation The Trustees are also respoftsible for keeping proper &countine records that disdose with reasonable accuracy at any time the financial wsition of the CDBF and enable them to ensure that the financial starements comply with the Companies Act 2￿6. They a￿ also responsible for safeguarding the assets of the CDBF and hence for taking reasonable steps for the preventiorb and detection of fraud and other irregulartties. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the CDBF'S website. Legislation in England and Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from le8islatp)n in other jurisdirtKJn5. STATEMENT OF DISCLOSURE TO THE AUDITOR So far as the Trustees are aware= al there is no relevant audit infomiation of which the charitable companrfs auditor is unaware, and bl we have taken all the Steps that we ought to have taken as Trustee5 in order to make ourselves aware of any le￿vant audit information and to establish that the charitable compan￿5 auditor is aware of that information. APPOINTMENT OF AUDITOR The re-appointmer)t of Hay5Mac LLP a5 auditor to the CDBF will be proposed at the Annual General Meeting. On 18 November 2024 the CDBF'S auditor changed its name from Haysmacintyre LLP to Haysmac LLP. Page 19 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) ANNUAL REPORT For the year ended 31 Decernber 2024 ADMINISTRATIVE DETAILS Trustees No Trustee had any benefKial interest in the company during 2024. The following Trustees seThed during the reporting year or were in post at the date of this report- The Right Revd Or M Warner (Bishop of Chichester) The Right Reverend W H321ewood {Bishop of Lewes) The Right Reverend R Bushyager (Bishop of Horshaml The Venerable M Lloyd Williams (Archdeacon of Brighton & Lewesl The Venerable L Irvine92 Heh Street. Crawley. RHIO IBP Independent Auditor Hay5Mac LLP, 10 Queen Street Place. London EC4R IAG S(Aicitois Winckworth Sherwood, Minerva House, 5 Montague Close, London SEI 9BB Investment a(fvisers CCLA Investment Management Ltd, 80 Senator House. 85 Queen Wictoria Street. London. EC4V 4ET M&G Securities Ltd. M&G House. Victoria Road. Chelmsford, Essex CMI IFB J M Finn & Co. 4 Coleman StreeL London EC2R STA Charles Stsnley & Co Ltd. 25 Luke Street, London EC2A 4AR Cazenove Capital. 31 Gresham Street. London EC2V 7QA Insurers EIG. Beaufort House. Brunswick Road. Gloucester. GLI IJZ RSA Insurance, St. Marvs Court. Chart Way, Horsham RH12 IXL AXA Insurance UK plc. 20 Gracechurch Street. London EC3V OBG In approving thi5 Tru5tees' Report. the Trustee5 are a150 approving the Strate84c Report in their capaaty as company dirertors. ON BEHALF OF THE TRUSTEES The Right Revd Dr Martin Wamer President of the CDBF Mr Stephen H Chair of the Finance Committee 10 Aprll 2025 Page 21 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHICHESTER DI0￿SAN FUND AND BOARD OF FINANCE (INCORPORATED) For the year ended 31 December 2024 Opinlon We have audited the financial statements of Chichester Dhxesan Fund and Board of Finance Ilncorporatedl for the year ended 31 December 2024 which comprise Statement of Financial Activities, the Summary Income and Expenditure Atcount, the Balance Sheet. the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has applied in rheir preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 The Financiol Reporting Stt7ndurd opplicable in the UK ond Republic of Irelond (United Kingdom Generalty Accepted Accounting Practice). In our opinion. the finanaal statements.. give a true and fair view of the stste of the charitable compan(s affairs as at 31 December 2024 and of the charitable compan￿$ net movement in funds, including the income and expenditure. for the year then ended- have been property prepa￿￿ in accordance with United Kingdom Generally At￿pted Accounting Practice,. and have been prepared in accordance wtrh the reqU1￿mentS of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial ststements settion of our report. We are independent of the charity in accordance wtth the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conduslons relating to going concern In auditing the financial Statements, we have concluded that the trustee5' use of the going concern basis 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 colkntively, may cast significant doubt on the Charitable company's ability to continue a5 a going concern for a per￿ of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to goingconcern are described in the relevant sertions of thi5 report. Other infomiation The trustees are re5pJnsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Ouropinion on the financial statements (Joes not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing w. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheThvise appears to be materially Page 22 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) For the year ended 31 Decernber 2024 misstated. If we identify such material inconsistencks or apparent material misstatements, we are required to determine whether the￿ is a material misststement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this ￿gard. Opinions on other matters prescribed bythe Companles Art 2006 In our op¢nion, based on the work undertaken in the course of the audit- the inforniation given in the Trustees, Annual Report Iwhich includes the strateBK report and the directors, ￿port prepared for the purposes of company Lawl for the financial year for which the financial statements are prepared 15 consistent with the financial statements- and thestrategic report and the directors, report included withintheTrustees' Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to repwt by ex¢eptit)n In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Annual Report (which incorporates the strategic ￿port and the d1￿ctorS, report). We have nothing to report in respect of the folbwing matters in relation to which the Companies Act 2￿6 requires us to report to you rf, in our opinion: adequate accounting records have Th)t been kept by the charitable company. or the charitable company financial statements are not in agreement with the accounting records and returns.- or certain disclosures of trustees. reMunerat￿n specrf*d by law are not made- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees. ￿S￿nsIbIlitIeS statement set out on page 18 the trustees Iwho are also the dirertors of the charrtable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satIsf￿d that they give a true and fair view. and for such internal control as the trustees detemiine is necessary to enablè the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the tnjstees are responsible for assessing the charitable companls ability to continue as a going concern, disclosin& as applicabFe, matters ￿lated to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the finarKial statements Our objertives are to obtain reasonable assurance a￿ut whether the financial statements as 3 whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is rTrot a guarantee that an audit conducted in actordJn¢e with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and a￿ considered material if, individually or in the aggregate. they could reasonabty ￿ expected to influence the economic decision5 of users taken on the basis of these financial statements. Page 23 INDEPENDEN[ AUDITOR'S REPORT TO THE MEMBERS OF CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) For the year ended 31 December 2024 Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our re5ponsibilitie5, Outlined above, to detect material mi55tatements in respect of Irregularit￿5, including fraud. The extent to which our procedures are capable of detecting irre8ularities. including fraud is detailed telow.. Based on our understanding of the charitable company and the environment in which it operates. we identified that the principal risks of nonne par Pension stheme liabilities Olher creditors NET ASSETS 337.418 327,943 FUN05 Endown*nt fvnds 303.657 297.IK)8 Restrlrted In¢omtfunds 21.312 Unrestrirted Income funds General funds De5i8nated funds TOTAL FUNDS 5.400 4,223 5.129 337.418 no The Cash Flow Stalement and the Notes forn) part of these financial statements. The financial statements wefe approved bythe Board of Tvustees and authorised for iswe on 10 April 2025 and signed on behalf of the goard by.. Thè Right Re¥d Dr Martin Warn President of the COBF Mr Stephen H thair ofthe Finance Ctsmmittee Page 28 THE CHICHESTER OIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) CASH FLOW STATEMENT For the year ended 31 December 2024 2023 Net cash ouffiow from opefali actibytles Isee bdowl 3.3171 1 3,7871 Cash Ilows from investifvl adl¥ftles Di￿dendS / interest and rent from Investments Proceeds from the sale5 Of.. Tangible fixed assets Fixed assets investments 2.W3 L292 4.143 3.762 2,736 Purchase of: Tan8ible fixed a55ets Fixed assets investments { 5.7291 1 1.8651 4.2971 Ilet osh provkled by IA¥eMI ¥¢tlbltles Cash fiows frorn a¢thltles Loan5 P3id/lrepaidl 182 Net ¢ash used In finarKing adibryties 182 291 Chan8e in rash and ¢ash equivalents In the reportmig puiod Cash and (35h equvAlwts at l JaTruary 12,0501 16.410 16.3fAI Cash and cash equSvaleThts at 31 De¢unbÈr 14.3E Anal¥51s of Cash and Cash e4u1￿lefvts Cash in Hand Noti￿ deposlt5 (less than 3 months) 5.582 8,778 14.3 372 10.038 Re￿n(￿atIon ol net mo*ments in fvnd5 to nrt ush fiow trom acti¥its Net expendithre before In*$irn￿ gains 92S 7941 Adjustments for (Gains) on the disposal of fixed assets Depreciation charges knvestment income 1241 22 l I,flJ31 393 1 12921 7541 139 Decreaselllncreasel in Debtor5 IDecreasellln¢rease in Creditors Net Cash used in operating actiwties 3.3171 3.7871 Page 29 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 I. ACCOVNTING POUCIES al Genèral inforrnat5on The Chichester Diocesan Fund and Board of Finance Ilncorp(Yated) 15 a Charitib￿ company limited by 8uarantee incorporaied in England and Wales Icompany registration number (M)1335581 and registered with the Charity Comrnission (charity registration number 2431341_ The ￿gistered office addre55 is Diocesan Church House. 211 New Church Road. Hove BN3 4ED. In the event of the charitable company being wound up the liability in respect of the guarantee is limited to £1. The CDBF meets the definition ofa benefrt entity under FRSIO2. bl A¢￿￿tIng ¢onv*ntion and basi5 of preparatb)n The financial staternents have been prepared under the historical cost convention. with the exception of freehold properties, which are included at their f3irvalue a5 determined under the applicable valuation method as detailed in lfj. and fixed asset investments. which are included at their market value at the balance sheet date. The financial statements have been p￿pared in acclydance with the Statement of Recommenijed Practice for Charilies- Second Edition. effective I"January 2019. the Companies Act 2(A)6 and applicable attounting Stsndards IFRS1021. ¢1 Going¢0￿ern While the recent global pandernic and hi8h infiation le¥els a￿ lar8ely behind us. the financial statements are approved at a time of continuing financial pressure as CDBF struggle5 to increase •r￿me to cover rising costs_ The trustees are particularfy rnindfijl of the financial pressures on parishes and thwefore the ability of PCCS to make thar parish share contributions. Whilst a 8enerèl fund deficit 15 budgeted for 202S. progress has been made on ￿U(Ing the leve15 of defiat budgets and the trustees do not consider that 2025 or beyond would give rise to any Inability of the charity lo continlte as a goin8 concern. The trustees are of the opinion thai the tharity will have strfficient resources to meet its liabilities as thev fall due especially given that the charity has sufficieni liquid assets. induding short teim c35h deposits and investments, which could be ￿&￿11¥ realised to meet liabilities should there be an unexpected curtailment of income. Further. the trustee5 consider thèt there are no material uncertainties over the thariws linanoal viability. Accryding￿ the trustees have assessed that the use of the going concem assumption 15 appropriatè in preparing these finanaal Statements. dl Income All incorne 15 included in the Statement OF Financial Artithties ISOFAI when the CDBF 15 legally entitled to them as income or capital respectNely. receipt is probable and the amount to be recc6ni5ed can be quantified with reasonable accuracy. Parlsh Share is recognised as inco￿￿ in the year in whith it is received. Rènt is recognised as income in the period in which it i% receNed. S. Interest and dl¥ldends are recognised as income when receivable. . Grants rec￿Ved which are 5Ltbject to pre-conditions for entitlement g)ecified by the donor which have not been met at the year*nd are included in creditors to be carried fon￿ard to the following year. Parochial fees are recognised as income when ieceived. Vl. Donations other than grants are recognised when receNable. vl•. Gains on disposal olfimed assets for the CDBF'S own use li.e. non-inve5tment assets) are accounted for as other incc¥niftg resource5. L055e5 on dispwl of such assets are accounted for as other expendittjre. Page 30 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANaAL STATEMENTS (tontinued) For the year ended 31 December 2024 VIIL 5tlpends fvnd Incom& The Stypends Fu￿1 Capitsl account is go￿rned by the Diocesan Stipends Fund Measure 1953. as amended. and ihe use oftht intome is ￿trItte￿ for cler8y stipends. The income is fully expended within the year of receipt and the ￿Bal restrict￿5 are therefore satisfied. el Expen 3b. oiherdonatlons Dest￿￿ted Fur F¥Thds 2023 8enefart Trusi Grant Archbishops Counril RME Bllxk Grant Granrs from other ganisations Granr fundin8for sthool Jildin8 proieas 81 131 152 832 Lllo 179 24 24 270 2n 23 1.636 1.636 41 L745 31 li lega(ies 51 130 1756 3.291 INCOME FROM CHARITABLE A￿TIES restrkted Funds Restrirteil Ertdow￿ Total Fund5 Total Funts Funds 2024 2023 Statutoryfees for parochial seN Church Commissioners, aranteed annuities Parish trust Income Generated Income Churth SchiK)15 Trainin8 & other 517 517 559 103 103 ic ss 21 149 721 149 21 106 933 Page 35 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 OThEA TRADING ACnVITIE5 Unrestricted Funds Restricted Endowment Total Funds Total Funds General Desyated Funds Funds 2024 2023 Rents receiwable- Parsonaees 782 782 io 792 792 593 593 io 6. INVESTMEP4T INCOME lknrestricted Funds RèStrkt￿ Endowment Total Fund$ Totsl Funds Fund$ 2024 2023 Dimdends ￿(e￿able & interest le￿1vable Rents receivable- Glebe L047 1211 Z,259 344 2.603 2.058 234 92 1.047 1555 7. OTHER INCOME Unrestrkted Funds Resvkted Endowment Tot•1 Funds Ttstal Fund$ General Desyated Fund5 Funds 2024 2023 Other income Closed school $554 Order Gainl (Lossl on Sale of property 37 120 165 $77 342 111 1 4531 124 37 350 997 1 3331 1.051 701 . EXPENDIWRE ON RAISING HJP Unrestrxted Funds Restrkted Endowrnerf Tot* Funds Total Funds General Des*iated Funds nds 2014 2023 Investment Mana8erfees Glebe repair5 & improvements 67 129 128 20 149 li 67 82 139 Page 36 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) NOTES TO THE FINANaAL STATEMENTS (continued) For the year ended 31 December 2024 9. EXPENDITURE ON CHARrfABLE Arriv￿lEs iknrestrkted Fund5 Re5trkted Endornt Total Funds Yotal Funts General i>esyated Funds Funds 20Z4 Contr4￿110n$ to hbi5hop5' Coun TrainTrn8 for Ministry National Churth Re5poThsibilities Mtssion agency pension tosts Retired clergy housing costs Pooling of ordinands maintenance 8rants 630 630 631 441 441 434 20 250 262 262 ioi IA36 L441 Mainterwnce Brafits pad tOLYdN￿￿l5 are reported annua￿ to min￿try f*¥15ion of *ychbishops Cthjntil aThJ combined wih &milargrants paid by0t￿l thoce*s. An extra £hat8e or credft is thw made io the CDBF for the dIffere￿e bekn¥een the*mty￿1 att￿lty paid aThl tts asse55ed shareofthE total nati￿1 cort. Unre5tTKted Funds Restr￿ed Endowment Tot*1 FuNls Totsl Funds Gerleral Desvated Funts FuDds 2024 Resourdng Nlni5try and MIssion- Parish fthiirtry stipends and N3￿)nal Insuran Pension Contributions Defined benefit pension stheme Move￿￿1 (see Note 261 Housin8 Wsts Mis5W)n Fund 8rants Removal & resetVemeDt yants Clergy welfare Ministrysupport 5A34 1.447 7.347 1.489 7.188 1.640 14 28 671 3￿66 128 128 2n 272 130 369 13.793 291 133 254 13,758 124 318 10.864 45 252 2.677 Page 37 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS Icontinued) For the year ended 31 December 2024 9. EXPENDITURE ON CfrIARITABiE ACTlVtnES {continued) lknrestrkied Fund5 Restrkted EThJowmert Totsl Funds Total Funds General Desyated Funds Funds 2024 2023 Resour¢1￿ Mlnlmryand Mission - support for Parfsh Mknlstry Ordination Training Lay Ministry Children youth work Apostolic Life Common Good Safeguarding Di0￿san Advi50ry Cornmittee Pastoral and Redundant Churches uses Redundant churthes Communications Strategic Miss￿n proiEcts Chancellor & Re￿$￿ar Grants 338 104 158 270 16 303 136 50 395 107 177 280 17 303 136 636 115 162 249 16 252 103 19 72 47 82 ic6 ioi 106 ioi 576 576 891 102 596 3.323 217 874 217 1.726 Support and Goveman for parish ministry (note IOI 695 2,421 25 720 3.329 4.OL Res0￿r¢￿1 Mh)lstryand Mlsslon. Churth schools Church Sthoo15 department School Condition Allocation Grants Support and Governan for Church Schools (note 101 774 i) 773 1.474 1.474 1,745 173 947 173 2.420 170 2,718 1.473 Total Charitablè activi 15.673 261 S￿9 20.983 21.918 Page 38 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANaAL STATEMEMtS (continued) For the year ended 31 December 2024 10. ANALYSIS OF SUPPORT APID GOVERNAPICE COSTS Resourcing mwbi5try and mission pport for Ministry Education Churth Total Funds Total Funds 2024 2023 Central Ser￿￿5 department General office department Finan￿ department IT department Depreciaiion 21 51 103 254 272 177 22 828 iio 282 238 152 38 820 203 218 142 18 3S 165 External Audit 32 695 33 853 173 Page 39 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 31 December 2024 11. ANALYSIS OF GRANTS MADE Total Funds Total F￿d$ 2024 Z023 Ind￿ual5 1Tr5titution5 From unresirlrted funds forM•th￿l churth respOn￿￿111[eS. Contributsons to Archbishops. Counol 1,441 From unrestrirted The Chichester DK*cesan Association for Family Support Work er8y Trainin8 aer8y Moves ClerBy Retreats Other organisatons 13 91 19 92 216 17 291 270 270 16 311 32 376 292 19 PCC5 for Mi$5ion projects 13 158 158 158 158 Frorn restricted PCCS for Mission projects Clergy and families forwelfare Overseas Pathers Aided Schools School Condition Allotation Grants Clergy training Buildings for MissionlNet Zero Énergy Cost Grants Other Giants 21 42 144 144 27 92 37 27 22 1,745 2.685 li 46 35 2.895 35 2.928 130 33 1.995 Totals 360 325 4513 4.193 Page 40 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 12. STAFF COSTS 2024 2023 Employee costs d￿¥￿the￿aT a5 Wages and salaries National insurance contributions Pension costs 2.315 243 354 2.912 2.154 213 330 2,697 The a¥eraKe number ot persons empw ￿the YoupdufV￿ the year. 2024 1023 Unrestricted Ilestrkted Funds Totsl Yotsl Adrninistration and finantial managemeni Aposiolit Lrfe Common Good Property Education- Churth Schools Safe8uarding & indusKTrn 18 14 22 20 16 io 13 53 io 61 The average number of persons employed bythe group durin8the year based on fulktime equi¥alents= 2024 2024 Unrestrkted Restrkted Fut)ds Fur 16 io 20Z4 20ZJ Total Total Administration and financial management Apostolic Life Common Good Property Education- Church Schoo15 Safeguarding & indusion 18 13 13 45 si 51 2024 P&mber Number The numbers of staff whose emoluments linduding benefits in kind bur exduding Pension contributions) arrM)unted to more than £60.iXKI were as follows= £60,1X)1- É70.¢X)O £70,1XJI- £80.(KJO £80,(￿j1. £9),CQO Page 41 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED} NOTES TO THE FINANCIAL STATEMENTS lcontinued) For the year ended 31 December 2024 12. STAFF C05rs l¢ontinued) Rernuneratlon of key managernent personnel Key mana8emeni pe￿Onnel are deemed to be those having authority and resKM)nsibility. delegated ro them by the trustees. for plannin& direcil￿g and controllingthe activitie5 of the diocese. During 2024 ttkey were.. Diocesan Secretary and Company Sec￿tary Diocesan Direetor for Apostolit Life Diocesan Director of Education John p￿ton Rebecca Swyer Trevor Cristin Ito 31 August 20241 Lesley Hurst (from I September 20241 Scott Ralph Czlherine Dawkins Diocesan Director of Property Diocesan FinarKe Director Remuneration linduding Employer Nll and pensions for ihese employeeslposts amounted to £495.345 12023- £463.7601. Tennination paymEnts During the year no termination payments were paid12023- É25kl. Tru5tees' ernoluments Ng Trustee received any remuneration for seNices as Trustee. The Trusiees recwved travelling and of xket expenses, totalling £10,41512023- £12,333) in rest*rt of General Synod duties, duties as archdeacon or rural dean. and other duties a5 Tru5tee5. In addition. fNe Trustee5 received grants totalling £3,55912023- 6 Trustees £17A931 in respect of thwr role as parochial clergy. One trustee, who is also the Chair of the Audit Cornrnittee. holds part time roles.. parish priest and OBF employee as the LGBTQI ai50n Officer. The following table gives details of the Trnstees who were in receipt of a stipend andlor housing provided by the CDBF durin8 the year- Stipend No No Yes Yes Yes Housi The Ri8ht Revd R K F Bushyager The Right Revd W P G Hazlewood The Venerable L INne-C2pel The Venerable M Lloyd-williams The Venerable E DO￿er (part yearl The Venerable A Martin Yes Yes Yes Yes Ye5 r 11 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Ves Yes Yes The Revd Canon PM Gilbert The Revd P Coekin The Revd H Garratt The Revd A Woo¢thNard The Revd T Holbirtl The Revd Canon L Barnett Page 42 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL sfATEMENTS (continued) For the year ended 31 December 2024 12. STAFF COSTS Itonllnuedl The CDBF is le$￿￿51ble for funding the Church COmrnis￿OnerS the stipends of IKensed 5tipendiary clergy in the diocese. otherthan bishops and cathedral Staff. The CDBF 1$ also responsible for the provision of housing for stipendiary clergy in the dKKese irKludI￿ the suffragan bishop5 but exduding the diocesan bishop and cathedral staff. 24 2023 supends National Insuran￿ contributions Pension (05ts- current year 6.762 6.623 565 1.489 8R35 8.828 The stipends of the tlioce5an Bishop and Suffragan Bishops are paid and funded ty the Chvrch Commissioners and are in the range £41.951- E51.42112023 range E39.953- £48.9721. The annual rate of stipend. funded by the CDBF. paid lo Archdeacons in 2024 was £42.21012023- £40.2￿} and other clergy who wefe Trustees were paid in the range E30.230- £31.44012023 range E28.75YJ- £29.9451. 13. ANALYSIS OF TRANSFEAS BETWEEN KINDS UnrestrKted Funds Restritted Endo*mJtnt General DesiBnated Fund5 Funds Administration thaf8e- Aided schools fund Mission Fund Net zero proiett costs 501 151 15 63 50 1 1131 Admlnlstration tharge- Alded Sth00151und. This reflects the adrninistration tharge of the Schods. Buildings OffI￿r costs charged to the A￿e￿ Schods resiritted fvnd. Mission Fund Annual transfer from the Pastoral Fund for the Mission Fund Net Zero Prnlert Costs Consultancy expenditure charge(I to a ￿trIcted grant for net iero proietts. Page 43 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued} For the year ended 31 December 2024 14. TANGIBLE FIXED ASSETS Freehold Leasehohj Office Property Property Equipment Total Cost or valuation Al l January 2024 Additions Disposa15 Aevaluation At 31 Decernber 2024 266A39 5.729 1 52621 301 895 268.035 5.729 5.2621 8,382 276W4 15 275.703 895 Depreciation At l January 2024 Charge for the year At 310ecember 2024 22 831 22 831 Net Qook Vallte At 310Kember 2024 275.703 276 053 At 31 Decembef 2023 266J39 301 267,226 All but one of the properties in the balance sheet are freehold and a￿ vested in the CDBF. except lor benefice houses which are vested in the incumbent. Some propertie5 have been purchased wth the help of a value-linked loan from the Church Commissioners- when disposed of, the appropriate share of the net sale proceeds will be remitted to ihe Commissioners. and the related loan Itability extinguished. The value of such properties included above amounts to £1.405,01512023.. EI.3811.4571. Propertie5 are 5ubjert to a cycle of valuations and repairs are tharged 35 expenditure within the SOFA. Page 44 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE {INCORPORATED) NOTES TO THE FINANCIAL STATEMENfs (continued) For the year ended 31 December 2024 IS. FIXED ASSET INVEsfMEPITS Change h) Market 31 Decwnb Va￿e 2024 ljanuary 2024 PAlditiMs Disposal Transler Unrestrirted Funds Listed investments Unlisted investments Investment property 1ffj52 37 1,688 787 1231 664 2.357 71 Rèstricted Funds sted investments 20.306 20.306 1.831 1 1,7251 1.831 1 1.7251 530 530 20,942 20.942 Endowment Funds Listed investments Investment property 2L471 1.8S7 ( 1.7071 342 21.963 4.384 26,347 25.855 I￿57 { 1.7071 342 Total 48.605 3.694 1 3.4391 786 49,646 16. DEBTORS 2024 2023 Conce55ionary linierest freel loans to Parishes Loans to Pari5he5 School projects Other Debtors and prepayments 413 252 461 706 1,832 299 158 62S 1.143 2.225 Induded within the abo¥e are debtors afflounts due after more than one year as fokn: Concessionary (interest Ireel loafts to Parishes 240 240 340 Page 45 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS Icontinued) For the year ended 31 December 2024 17. CREDIYORS: amuunts fallingdue within one year ZOZ4 2023 Loans due ￿ one year Churth Commissioners value4inked loans Deferred income School Building Projects OtherTaxe5 and social security Other creditors and accruals 1.170 1,470 75 2,082 1.017 57 2.229 4A73 Value-linked loans IvLLsl ￿present amounts advanced to ihe CDBF for the purchase gf propertie5 Qn an equity sharing basis and are repayable on the disposal of the related property. None12023.. 11 of these loar is for the benefit of a parish and has been used to purchase a house for a curate. 312023= 31 of the loans have been used by the DBF for the purchase of houses for deserted spouses. As at 31st December 2024 the Board had no intention of disposing of any of those properties funded via VLLS. As the timing of the repaymeni is ￿n￿rtain the loans a￿ shown as due wthin c￿e year. 18. CREDITORS: amountslallnB due after n￿e than one 2024 2023 Penwn 5theme liabikties (see note 26) Clerev Pension kheme Churth Workers Pension Stheme- 085 Page 46 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 19. SUMMARY OF FUND MOVEMENTS Bal•nths *t l January 2Q4 Gakns and 31 De￿mber 2024 UNRESTIIIfftO FUNOS GÈner#l 15.286 1 15.7401 37 5.046 Propertv Parish Mi55lOn Other de￿ernated funds 3.757 28 438 4.223 342 1281 1331 2611 22 422 327 5.129 695 Re51ricted Fund5 "0￿san PastoTal txocesan Stipend Clergy Welfare Clergy Welfare IB Wildl Jenknnson TnJst Training Uniyergty thaplaincy Hayllar Trust Polin8 EndoY4ment The Arnold Oequesi Clergy Widow5 13.273 iii 1.162 1841 1.1681 57) 831 501 13,751 1.243 754 21 L391 nD 22 26 1 23 37 37) 61 21 161 91 140 39 15 i(YJ 33 1 17 19 131 201 1.997 RME AJchdeacon5' loans Aided Church Schools tX"ocesan Overseas Counol Parish Share Restricled Fund Enefgy Cost Orher restriaed funds 24 42 2.763 121 2,103 41 1,4691 51 U481 1.248 163 21.312 715 6.682 3671 5,131 151 1131 496 23.586 836 Endo¥m*nt Funds enéable Par50nageloenefi￿ house5 Diotrsan Stipends Clergy Welfare Elfinsward Terry's Cross 214A52 69.087 2.199 2.157 5.959 4531 1 2.9341 1934 6.2S2 217.717 71742 2.Z34 1191 5.959 35 Permanent Jenkinson Tryst Twaitbing University thaplaincv Hayllar Trust Pdin8 Endowment The Arnold Bequest 47 8n 14 19 799 72 622 383 303.657 71 (4)2 378 333 6.982 Total fvnds 327.943 22 057 21.132 337.418 Page 47 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL sfATEMENTS (continued) For the year ended 31 December 2024 20. SUMMARYOF ASSETS OY FUP4D Current Tang￿51￿ In￿￿trne￿ Assets Credltors Assets UNRESTRICTEO FUNDS General 65 1.687 3.928 6341 Oesignated ￿ndS Property Parish Mission Other designated funds 326 343 1 3351 321 4.794 327 5,129 670 1 3351 ReSt￿ted Funds Oioce5an Pastoral cler￿ Welfare Clerbry Welfare IB Wikll Jenknnson frusi Trainin8 University thaplaincy Hayllar Trust Poling Endowment The Arnold Bequest Cleigy Widows 5DF RME Archdeacons, loans Aided Church Schools Diocesan Overseas Coundl Ener8y Cost Other festricted funds 16.9)3 1 3.1521 1.156 1 1.1701 141 22 13,751 1.391 720 22 50 91 140 39 Is 91 140 39 15 30 121 2.103 4.7 121 1.(65 4.782 1 2.3441 50 IX138 2.262 io 496 86 20 23 Endowrnent ￿ndS endable ParsonagelBenefice houses Dloce5an Stipend5 ClerBV Welfare Ellinsward Teiry's Cross 211,741 52.310 5276 56 217.717 72.742 2,234 2,191 5.959 20.376 2.036 191 5.959 Jenkinson Trust Training University chaplaincy Hayllar Trusi Poling Endowment The Arnold Bequest 45 815 28 69 620 358 47 891 799 72 622 383 303.657 76 769 25 270 779 26 Total funds 276.053 49.646 16.192 4.473 337.418 Page 48 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 21. PRIOR YEAR SUAIMARY OF RIND MOVEMENTS alances •t ljanuary Balan￿ at Gakns and 31 December 2023 UNRESTRICTEII FUNDS GeneT31 15.608 1 16.3881 61 135 DesiEnated Funds Propertv Parish mis￿0 Other desi8naied funds 6.736 313 531 1 2.9791 3.757 28 438 4,223 951 51 50 1 2.9781 Remrtrted Funds th0￿50n Pasioral oce5an Stipend Clerbry Welfare Clergy Welfare IB Wild JEnkiTr50n Trust Trainin8 Uni¥efYty chaplaincy Hayllar Trust Poling Éndowmeni The Arnold Bequest Clergy Wido*s 13.173 74 581 13,273 1.036 1.0361 L176 775 19 1,243 754 21 27 751 27 361 li 45 87 93 32 16 1 161 161 i(r3 19 21 19 131 201 L997 879 179 1 AME Ar£hdeacons' loans ded Churth 5th001s fil￿San Over5ea5 Counril Parish Share Restficied Energ¥ C05t Other restiicted lunds 41 1.7921 61 3731 2.754 52 2.443 611 52 373 74 20.289 201 5.1891 163 21.31 13 719 Endowment Funds endable Patsonagel8enefio houses t*0￿San Slipends Clergy Welfare Elffinsward Tery's Cross 2C￿.705 67.334 1149 124 1241 4147 L753 114.852 69.087 2.199 2,157 5.959 49 5.959 Pemianent jenkn.nson Trnst Training University thaplalnqf Hayllar Tru Polin8 Endowment The Amold Bequesi 45 46 871 857 756 70 20 24 71 602 378 297,( 373 286. 124 124 10.048 Totsl frJr￿5 320￿15 21,263 1 22.0571 7.924 327.943 Page 49 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL sfATEMENTS (continued) For the year ended 31 December 2024 22. PRIOR YEAR SUMMARY OF ASSEfs BY FUND Fixed assets Current UNRESTrICTED FU14DS General 87 1.6SI 4,596 1 9341 De5yated Funds Property Parish Mission Other designated funds 2.985 787 151 349 1 3211 432 3.7S7 28 438 4,223 2.985 793 321 ftestrlrted Funds Diocesan Pastoral ClerLy Welfare Clergy Wellare IB Wildl Jenkinson Trust Training University chaplaincy Hay113r frust Poling Endowment The Arnold Bequest OerÈy Widows SDF RME Archdeacons, loans Aided Church Schoo15 Diocesan Overseas Council Energy Cost Other restricted funds 16.396 1 3.1231 1333 1 1,4701 41 21 13273 1,243 754 21 713 48 109 ILVJ 38 19 131 201 1,997 3,3% 19 131 201 L012 4.989 1 3￿2) 2.2CP3 158 4.896 1 5.2721 163 21.312 20.308 Endowment Funds Parsonagel8enefice houses Diocesan Stipends Clergy Welfare Elfin5ward Terry's Cross 205.941 50.123 8.911 19.969 1 IAK151 2,012 187 1,976 181 214.852 69.087 2.199 2,157 5.959 5,959 Perman nt Jenkinson Trust Training University chaplaincy Hayllar Trust Poling Endowment The Arnold Bequest 45 72 877 751 27 71 602 378 297.008 602 353 25.857 25 8.377 262.774 Total htnds 267.226 18.635 1 6.5271 327,943 Page 50 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 23. DESCRIPTION OF FUNDS General The general lund is the CDBPS unrestrirted undesignated fund available lor any of the CDBF'S purposes. Property The fund value is sei ai the level equivalent io the net b¢)ok value of corporate properties. Church House. Hove and various houses Used by retired clergy make up the value of this furyl. Parish Mission Fund made available from the Benefact Trust and diLxesan sourcès to support parish mi5son projects t￿1￿hOUt the t*(Ke5e. Other Desi8nated Funtls The majority of these funds represents a grant received from the Church Ccrfnmis5ionws to meet the costs of two additional curaies ordained in 2021, a Parish Development Officer role which w35 also apwnted to frorn 2021 to 2022 and a Deputy ￿0ce$an Lhrectors of Ordinands role which was appointed to from 2022. There are also fund5 being hdd for the Clergy conferen￿ planned for 2025. DIO￿an Pastoral The dirKesan pastoral account Was set up undèr the provisKJns of the Pastoral Measure 1983. The ￿tricted purr¥)ses for which the account may be used are". to defray costs incurred for the purposes of the Measure or any sdErne ororder made underthe measu￿ ex￿pt for salaries of regular di￿e$an employees. to make loans or 8rants for the provision. restoration, improvement or repair of churches and parsonage house5 in the diocese. (rther purposes of the diocese or any benefice or parish in the diocese to make grants or loans to any other diocese to transfer funds to the diocesan stipends fund income or capital accoun Diocesan Stipend Incorne This represents the income generated frorn the Stipends Capital Fund and is used ro fund stipends wthin the diocese. Clergy Welfare Fund is governed ty a 1993 Charity Commhssion s¢heme with in¢ome being used for the welfare of clerev. thar spouses (x other licensed staff who work or have worked in the dit*ese. Clergy WeWare16 Wildl Fund derives from the sale of a woperty. Lapwings, bequeathed for purposes connected wilh clergywetfare. The fund is used for the clergy wellbeing semce. Jenkinson Trvst Fund represents a legacy from Williarn J￿kinson. Income Irom the fvnd is used for ne￿$$it¢)uS Church of England Bentlewomen or as the diocesan fund linds rn05t fftting. Training Income This fvnd represents the income generated by the Training endowment fund. The income is used to support ordination training. Page 51 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 23. DESCRipnoN OF FUND5 Iconflnuedl University Chaplaincy Fund is Rovemed by a trust deed dated 21 Jufy 1961. The fund is to ovide a house for the Llniver5ity of Sussex chaplain and to assist that haplain bn the fU￿lIment of hislher duties. Hayllar Trust Fund represents a legacy from Sidney Hayllèr. Income from the fund 15 used to help clergy with personal tost5 such as educatTron arKI personal support and general finanoal problems. ClergyW¥Jows Fund represents a legacyfrtKn Charle5 Peckham lo provide financial grants or other benefits for *rydows of the clergy. Archdeacon￿ Loans The fuThl arose from three grfts and the proceeds of a fundraising campaign. The accumulated income is used lo make interest free loans to parishes to hdp funtl repairs ro thurches and church haHs. Aided Church Schools The Aided Church Schools Fund. ¥thich includes the c￿S011dated funLI of The DicKese of Chichesier Consolidated Edutational Endowments. represents the accumulated sale proceeds of redundant Church of England School properties. Its use is restrirted by Seciion 287121 of the Education Act 1993 to capital and maintenance work of Church of England schod5 In the diocese and education generally at Church of England schools in the di0￿$e. The CDBF is trustee of these funds. which are mana8ed in consultation with the Diocesan Board ol Education. Also included are tapital funds held on behalf of aided sdmm￿S and funds donated by parishes for the ber￿fit of those aided schools. Diocesan Overseas Council The fund coryri5e5 the net incoFr* raised after 8rants made by the Diocesan Overseas Council. The Counol prOTh￿te$ the Diocesan interest in. 5UPPOrt for and engagement with mission work ol the churches of the Anglican Communion in co-operation with the Church of England's Partnership for World Mission accrediied mission agencies and partners. It raises fund5 mainly by way ol the Harvest Appeal each year and in reaction to world mission appeals and projects. Strategic Development Fund The Dic*ese has been awarded funding frLKn the Church Commissioners toward5 a number of parish based mission proRcts in the Diocese. funds received are restricted to be used on these projects. RME Blotk Grant A restricted grant received from Ministry Division to be used to meet the costs of ordination training. The grants a￿ reteived termly but grants to tsrdinands zre paid annually ènd so there is a negati¥e balance on the fund at 31 December due to these timing Issues. Clergy Hardship Fund Funds made available by the Church Commissioners to sw)port clergy and parish worker5 With increè5ed heating costs. The fund5 are administered by CDBF Parish Share Restricted Fund Fund introduced in 2023 in response to the Living in Love and Faith nverSati￿$ at General Synod. Parish sha￿ whith is paid into this fund will only be used io support minstry in parishes which are publicly affiliated with a network vthich hdds an L¥thodox view of marriage. Page 52 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMEHfs (continued) For the year ended 31 December 2024 23. DESCRIPTK)N OF FUNDS Icontknuedl Other iestricted funds There are a number of smaller funds gNen for particular purposes and ministries. The amounts are spent in ac(ordance with the restrictions. ParstsnagelBenefite House5 The parsonagelbenefice property fund t¢)nsists of resovrces ￿$tricted to provi￿On of benefice houses in the diocese. They are represented by the benefice houses or by sale proceeds of former benefice houses. Although benefice hcwses are vesied in the incumbents forthe time being of the benefices concerned. the CDBF is obliged to maintain them. and lo ensure that there a￿ suffi.cient benefice houses lor the pastoral structure of the dir￿ese- where a benefice house is no longer required then rÉ is usually transfer￿ the unrestricted corporate ownership of the CDBF. Diocesan Siipends Capital The diocesan Slipends ca￿tal fund has been created from the dM)cesan stipends fund capital account assets hdd under the Church Prop￿ Measure 2018 to provide i￿ome for clergy Siipends. It represents Blebe property, accurnulated sale proceeds of glebe property. and sale proceeds of some benefice houses and S￿r￿US benefice endowments following pastoral reorgani5ation. Capital fund5 rnav be used for the purchase. improvement and maintenance of£lebe property and benefice house Elfinsward The fund wascreated by the sèle of a fomier retreat house. The income from the fund 15 Used to suppjrt stipeThJs. cornmunication5 work and retreat grants. Terry's Cross The fund iepyesents the value of a house. originally eiven as a gift to the dic(ese. to prrwide accommodation for retired dergy and church worker5. Training EndowTnent This fund has been bu1￿ up byvarious bequests. The income is used to support ordination training costs and for modest disuetionary grants to assist ordinands in Amold Bequest To further the rdigious and other tharitable work of the Church of En￿and in Southgate. Page 53 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 24. CAPITAL COMMITMENTS At 31 December 2024 the CDBF had capi￿1 expenditu￿ commFtments authorised t￿t not contracted for of £NIL12023 - ENILI and contracled for but not yet due of £NIL12023- £NILI. 25. OPERATING L&45ES Future minimum ientals p￿able until the end ol the lease under nonn. the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement fof deficit payments at the current time. The leg31 strurtLsre of the scheme is such that rfanother employerfaiLs. theCO8F could become responsible lor paying a share of the failed employerfs pengon liabilities_ Page 59 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 26. PENSION5 (continued) D. Ttacherg Pension Scheme (Trs) The Diocese participates in the Teachers, Pension Stheme l-the TPS") for a number ol its Staff. The pension char£e for the year includes COntri￿tIOnS payable to the TPS of £101.71412023." £116.8791 and at the yearend £Nil12023- £Nill was accrued in respect of contribulions to this scheme. The TPS is an unfunded muki-employer defrned benefits pension stheme 8overned by The Teachers. Pensions Regulatiijns 2010 las amended) antl TheTeachers' Pension Scheme Regulations 2014 las amendedl. Members contribute on a-pay as you go- basis with contributions from member5 and the employer being credited to the Exthequer. Retirement and other pension benefits are paid by public funds provided by Padiament. The employer contrilxrtion rate T5 set by the Seuetary of State foll¢)wing scheme valuations undertaken by the Govemment Actuarfs Depanrnent. The m05t recent attuarial valuation of the TP5 was prepared as at 31 March 2020 and the Valuation Report was published in O£tober 2023. Followin8 the Mccloud judgement, the remedy proposed that when benefits become payable. eltgible meFnbers can selea to receive them from either the reformed or legacy schemes for the period l April 201S to 31 Mafch 2022. The actuaries have a55urned that members are likely to choose the option that provides thern with the greaier benefits, and in preparin8 the 2020 valuation have valued the'8reater value, benefits for groups of relevant members. The employer contr4bution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08% giwng a total employer contribution rnte of 28.68%. Page 60 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANaAL STATEMENTS (continued) For the year ended 31 December 2024 27. PRIOR YEAR STATEMENT OF FINANaAL AcT￿￿1£s Umestrxted Funds Restrkned Totol Funds Total Funds G￿eral l>esyated Fu￿5 ds 2022 tix¥) £Y Income and endown*rtsfmm Donarions Parish share Other donat￿n5 Charitsble artNi 0therattl￿tie5 Invesiments OtheT 13A 143 373 13A53 3.291 933 593 2.292 701 13.657 1.878 108 12 1.349 581 942 757 2,161 359 19,706 37 124 124 51 21263 on Raising Funds Charitable 3ci*ikles 73 5.116 S.189 139 21.918 22.057 164 18.934 19,fHJ8 16322 16.388 P4et wKornel{eypendiiurel before Mwestment gainslllos5esl 17&)1 1 4291 291 124 1 7941 135 522 192 714 11391 1.036 519 1 4.0501 1.228 4631 1.747 1 4.5131 Reali5ed gain511kn5sesl on investments Nrt 8ainslllos5e51 <>n iN4*5t￿$ 135 Net inEtyneA*xp¥￿knUre 16451 1 4281 1.021 953 1 39051 Trnnsfer bet*wi lu 61 1241 Other recoKn15ed 8akns/lbossesl Gainslllossesl on revalu3tK>n of fixed assets Net MO*m￿ In funds 14 12.9791 5841 13,3571 9.151 10.048 6,177 7.130 10.99] 7.085 L023 Total fur#ls ￿ forw•rd 7.580 20289 286.9EQ 320￿13 313.728 Totalfvnd5 ¢afTiÈd lor¥Rrd 4.223 21312 297.C 327,943 320,813 Page61 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO ThE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 28a. PRIOR YEAR NOTES TO ACCOU14T5-3 DOPIATIONS Parish Share Unrestrlcted Funds RestrKred Endowmert Total Fund$ Total Funds Gunds Funds 20 General Designated Current Year pledges shortfall in contributions 13,250 1991 13,051 373 13.623 1991 13.424 13,761 1631 13.598 373 Receipt5 for prewu5 year Total Income 29 13.080 29 59 373 Other Oonation5 unrestr1(￿ F￿d$ ResTrk￿ En&)wn*nt Total Funds Totsl Funds Ftsnds Funds 2023 Benefaa Trusi Grani Archbishops Countil RME Blo& Grant Grants from other 102 152 174 Lllo 179 i.iio 179 1.322 320 or8ani5ations Grant funding for 5th001 building project5 Donations 17 23 1.745 1.74S 31 36 Legaues 51 3,291 25 143 1.878 Page 62 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANaAL STATEMENTS (continued) For the year ended 31 December 2024 28b. PRIOR YEAR NOTESTO ACCOUNTS-4 cHAR￿ABLE AcnvmES Unre5trxted FvThds ReSt￿ted Endovrnt Total Funds Total Funds General Designated Funds Funds 2022 Statutoryfees for paro(hi31 services Church Commissioners, guaranteed annuities Parish trust Income Generated Income Church Schools Trainine & other 559 559 593 i( 106 ioi 51 186 933 142 894 825 28G PRIOR YEAR NOTESTO ACCOUNTS-5 OTHER ACTMTIES We￿ricted Funds Restrkted EThth>*￿ent Total FuTr¢15 Total Funds Genernl l>esyated FuTrds Fund5 2023 2022 Renis recewatde- Parsonages 581 581 12 12 593 593 757 7S7 28d. PRIOR YEAR NOTES TO ACCOUNTS- 6 INVESTMENT INCOME remrkted Funds Restrkted Endowment Total Funds Total Funds General (Iesyated Futhds Funds 2023 202Z Dividends receivable & interest receNable Rents receivable- Glebe 942 1,115 234 1.349 1,732 429 2,161 234 2,292 942 Page 63 THE CHICHEsfER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 28e. PRIOR YEAR NOTES TO ACCOUNTS-7 OTHER INCOMIP4G RESOURCES iknre5tiicted Funds Restricted Endowment Total Fund5 Total Funds General Desi8nated Funds Funds 2023 2022 Other income Gain/ (Lossl on saje of property 37 577 124 124 334 37 124 701 359 281. PRIOR YEAR NOTES TO ACCOUNTS-8 FUND RAISI￿ COSTS )restrKted Futhds General Desyated Restricted Eftdowmenl Total Funds Total Funds Funds Funds 2023 2022 Investment Manager fees Glebe repair5 & improvernents 62 128 128 li 73 36 164 139 24 PRIOR YEAR NOTESTO ACCOUPITS-9 cHAR￿ABLE ACnVmES Unrestricted Funds Restricted EDd0¥￿ Total Fund5 Total Fund5 General Desi8nated Funds FurMIs 2023 2022 Contrlbutlons io Arthbishops, co￿dI Training for Ministry National Church Responsibilities Grants and Provisions Mission agency pefi￿on (osts Retired cler8y ho￿￿n8£0Sts Poolin8 of ordinaThd5 maintenance grants 631 631 631 434 434 26 238 250 250 ioi 1.436 ioi 1,436 471 1,288 Page 64 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL sfATEMENTS (continuedl For the year ended 31 December 2024 28& PRIOR YEAR 1407ES TO ACCOUI4TS-9 CHARtTABiE ACnVITIES l¢ontlnuedl Vnre5tricted Funds Restrxttd Endo*rythent Totsl Funds Totsl Funds General Oe5yated Funds Fund$ 2023 2022 Rey)ufcin$ Ministry and Mlsslon- Parish Mkntstry Stipends and Naiional Insurance Pension contributions Defined benefit pension sthÈmÈ rrK>vèmènt Isee Note 261 Housingcosts Mission Fund grants Remtrval & resettlement yants ClerBV welfare Ministry Support 6.177 52 19 959 37 7.188 7.002 1.929 1811 3,354 41 251 173 225 12,794 3353 512 3066 291 io 2VI 11.659 291 133 254 13,758 123 1.633 Unrestricted Funds General Desrgnated Restricted Endowrnt Total Funds Total Funds Funds Funds 1023 2022 Resourckng TrAnistry and MIS￿On- support for Parlsh Vknistry Ordination Training Lay Ministry Childien and youth wo Aposiolic tife Common Good Safe8uardin8 Diocesan Advisory Committee Pastoral and Redtsndant Churches uses Redundant church Communications Strategic Mission projects Chancellor & Re￿strar Grants 14 242 636 115 162 249 16 252 103 iio 125 145 231 16 271 87 249 io 252 103 72 47 72 47 82 891 102 596 3.323 74 72 102 533 1.679 636 3,249 L630 14 Support and Governance for parish ministy (note IOI 714 3.963 2.313 14 1.679 Page 65 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMEMfs (continued) For the year ended 31 December 2024 288. PRIOR YEAR NOTESTO ACCOLINTS- Y CHAR￿ABLE AcnvmE5 l¢ontlnuedl Resourcint 1OAnistryand mi￿on- Churth Schools Church Schools department School Condition Allocation Grants Support and Qjvemance for Church Sthods (note 101 744 59 798 1.745 1.745 170 914 170 2.718 91 889 Total Charitable activit 16322 5.116 21.918 18.934 28h. PRIOR YEAR 140TESTO ACCOUNT5- IOANALYSISOF SUPPORT AND GOVERNANCE Cosrs and ml55knn Supwt for Mlnistry Educatk>n Church Total Funds Total Funds 2023 2022 Support Central services departmeni General office department Finance department IT departmeni Depreciation 22 iio 156 226 191 122 282 238 152 38 820 214 205 169 37 781 47 657 163 Governance External Audit 26 683 33 853 25 170 Page 66 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE IINCORPORATED) NOTES TO THE FINANaAL sfATEMEMtS (continued) For the year ended 31 December 2024 281. PRKIR YEAR NOTES TO A(C￿NTs- 11 ANALYSIS OF GRAlffS MADE Total Funds T•)tal Fur*d5 IMli¥iduab Institutlon$ 2023 2022 1￿mI￿r Ffom unreslricted fund5 for national thurch responsib*ties: Contribution5 to Archbishops. Councl 1.436 1.436 1,288 From unrestr￿ted The Chithe5ter Diocesan Association for Family Support Work St Bartz Trust- Youth work Clergy Tfainin8 Clergy Moves Clergy and families for Welfare Other organisatons 17 291 17 291 197 251 iio 133 32 32 376 From desisnated PCCS for Mission projects 28 28 41 41 386 From restricted PCCS for Mission projects ClerRV and families for Weffare Overseas Partners Aided khools School Condition Allocation Grants Ordinands in training Energy Cost Grants Other Grants 18 53 92 92 37 80 173 40 37 22 22 1,745 1,745 315 311 24 24 154 39 1,956 1,995 929 Tolals 379 3.814 4.193 2.814 29. RELATED PARTYTIiANSAclloNS Church of England related parties include= the Archblshops. Council (Charity No 10748S71. from which the CDBF receNes grants and to which the CDBF pays a donaiion base(l on an apportionment system for fundi￿ national training of ordinands and the actiwtie5 of the variou5 national boaids and councils. including General Synod. the Church Commissi(bners ftx England (Charity No 114(X197). fr¢Jm which the CDBF receives granis and which acts on behalf of clergy with HM Revenue and Cusioms. The C06F pays for cler8V Stipends throu8h ihe Church Commissioners the Church of England Pensiorts Board Icharity No 2366271. to wh￿h ihe CDBF pays rwifemeni benefit contribution5 for stipendiary dergy and employees and rnakes contributions towards the provision of housing for clergy in retirement Page 67 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS Icontinued) For the year ended 31 December 2024 Parochial Church Counols which are responsible for running the parish churche5. Financial transactions between PCCS and CDBF indude parish share. pariKhial fees, loans and grants. Chichester Cathedral. The Archdeacon of Horsham is a trustee of the Cathedral. The CD8F paid for events held at the Cathedral during the year. Church of England schools who pay CD6F for the Partnership *4reement. consultanty and training. MotherAgnes Trust is an unincorporated charity. foLJr of whose six trustees are members of, Se¢￿tary to. the Finance C¢)mmittee. During the year The Ri8ht Revd Dr M Warner. the Ven E DO￿eT Ito 13 September 20241. Mrs S Stonor and John Preston. Diocesan Secretsry of the CD8F, were trustees to the Mother Agnes Trust. The Administrator is employed by C08F and the costs reimbursed by the Mothef 4nes Trust. The toial costs in 2024 We￿ £5.626. Durin8 2024 the Mother Agnes Trust made grant of £270.(OJ lo Chithester OBF towards theological education. The eishop OtterTrust is an unincofporaied charity. all of 7*hose Intst￿ are members of the CDBF Finance Committee. During the year the trustees were The Right Revd Dr M Warner. the Ven E Dowler. the Ven M Uoyd Williams. the Ven L Irwne-capel and the Ven A Marrin. The Administrator is employed by CDBF and the costs reimbursed by the Bishop Otter Trust. The total c05t5 in 2024 were £1.349. The Chichester Diocesan Association for Family Support Work is an unincorporated charity of whlch the Chair of ihe Finance Committee. Mrs Lesley Lynn. was a trustee for part of the year. The Diocese rnade a grant of £18.1￿) t Hurst Education Tnjst (HEI Bishop Luffa Learning Partnership IBLLPI South Downs Education Trust ISDEn 8ohunt Education Trust18ETI St LawrwKe CE Primary School. Hutstpierwint Tenax Education Trust All of these are accovntable to the DBE and the Bishop of Chsche5ter in relation to their Christian distinctiveness and to the Diocese of Chichester Education Trust It1rf￿￿ via its Members for their operation. The Director of Edutation. one of the DBF'S key managemenl personnel. 15 a Trustee of DCAT. HET. BOAT and Tenax and the Archdeacon of Chichester was the Chair of DCAT until 10 January 202S. During the year the DBF perfom)ed due dili8ence on schwls iniendin8 to convert or join any of these irusis. DOCET ￿ also a related party. which shares trustee5 Wlth the DBF. but no transactions have taken place. Page 68 THE CHICHESTER DIOCESAN FUND AND BOARD OF FINANCE (INCORPORATED) NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024 30. FUND5 HELD A5 CU5foDIAN TRU5fEE The CDBF atts as Diocesan Authority or Custodian Twstee for many trusi funds by vitue ofthe Parochial Church Councils IPowersl Measure 1956 and ihe Incumbents and (hurchwardens (Trusts) Measure 1964 where the managing trustee5 are Parochial Church Counals and others. Assets hekj in thts way are not aggregated in these financial statements as the CDBF Lloes not control them. The financial assets held in this way may be summarised a5 follows.. 2024 2023 CBF Churth of En8land Investsment Fund income shares C8F Churth ol England Investment Fund accumulaiion shares CBF Churth ol Eneland Fixed Interest Securth"es Fund shares C8F Church of Enwand Property Fund shares CBF Church of Enwand UK Equity Shales CBF Church of En8land fjlobal Equrty Shares Other common investment fund holdings Direct holdings in UK equibes CBF Church of Enwand Oeposii Fund Cash at bank 16.360 229 1.619 213 12 Ifl) 1,563 373 2242 83 16,127 258 1,551 233 12 183 1,676 373 2.824 245 Ttstsl assets held as oJstodian trustee 22,854 23.482 Page 69