**The York Diocesan Board of Finance Limited** 

**Annual Report & Financial Statements for the year ended 31 December 2024** 











**Company Registration Number: 225234 Charity Registration Number: 244976** 







## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

|**TABLE OF CONTENTS**|**Page Number**|
|---|---|
|Legal Objects|3|
|Core Purpose|4|
|Strategic Report:||
|Strategic Aims|4|
|Activities and Achievements in the year|5|
|Future plans|13|
|Financial review|14|
|Principal risks and uncertainties|18|
|Structure and Governance|20|
|Trustees<br>Responsibilities|25|
|Administrative details|26|
|Independent Auditor<br>s Report|28|
|Statement of Financial Activities|31|
|Income and Expenditure Account|32|
|Balance Sheet|33|
|Cash Flow Statement|34|
|Notes to the Financial Statements|35|



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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

The Trustees, who are also Directors for the purposes of company law, and also members of the company, present their annual report, together with the audited financial statements, for the year ended 31 December 2024. 

The directors/trustees are one and the same and in signing as trustees they are also signing the strategic report sections in their capacity as directors. 

This combined report satisfies the legal requirements for: 

- a Directors Report of a charitable company, 

- a Strategic Report under the Companies Act 2006 and 

- a Trustees Annual Report under the Charities Act 2011 

## **LEGAL OBJECTS** 

The Diocese of York covers an area of 2,261 square miles, from the Humber to the Tees and from the A1 to the East Coast. 

The principal object of the York Diocesan Board of Finance Limited YDBF is to promote, assist and advance the work of the Church of England in the Diocese of York by acting as the financial executive of the York Diocesan Synod. 

The YDBF is constituted under the Diocesan Boards of Finance Measure 1925 and has the following principal statutory responsibilities:- 

- i. the management of glebe property and investments to generate income to support the cost of stipends arising from the Endowment and Glebe Measure 1976 and under the provisions of the Church Property Measure 2018; 

- ii. the provision of housing for office holders as the Diocesan Parsonage Board under the Ecclesiastical Offices (Terms of Service) Measure 2009; 

- iii. the repair of benefice houses as the Diocesan Parsonage Board under the Repair of Benefice Buildings Measure 1972; 

- iv. the functions of the Diocesan Board of Education, including the management of investments and the custodian of assets relating to church schools, set out within the Diocesan Boards of Education Measure 2021; 

- v. the custodian of permanent endowment and real property assets relating to trusts held by Incumbents and Archdeacons and by Parochial Church Councils as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Councils (Powers) Measure 1956. 

The strategic priorities of the company are established by the Diocesan Synod in consultation with Deanery Synods and PCCs, and the Archbishop of York (in respect of his responsibility for the provision of the cure of souls) Team. To this end, significant time and effort is committed to communication between and with these bodies, as well as with the church nationally. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

## **CORE PURPOSE** 

The core purpose of the YDBF is to manage the assets of the Diocese so as to provide appropriate personnel, operational Council, deaneries and parishes to further their missional and strategic priorities. 

had regard to it in their administration of the Board.  The YDBF believes that, by facilitating the work of the Church of England in the Diocese of York, it helps to promote the whole mission of the Church (pastoral, evangelistic, social and ecumenical) more effectively, both in the diocese as a whole and in its individual parishes, and that in doing so it provides a benefit to the public by providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and promoting Christian values and service by members of the Church in and to their communities, to the benefit of individuals and society as a whole. 

## **STRATEGIC AIMS:** 

Following consultation with the Deaneries, in November 2022 the Diocesan Synod approved a high level support individual congregations to grow both numerically and spiritually and also to reshape the wider provision of local ministry and the support provided by the YDBF. It is this growth, both in membership and in the financial contributions made by those attending, alongside some restructuring of the way in which parish ministry is supported and delivered, that will provide the sustainability needed to secure their on-going mission and ministry for generations to come. 

In particular, we are committed to these four priorities:- 

1. **To become more like Christ** and to grow in our own faith and discipleship and understand the part that each of us can play in God's mission of love to the world. Resources for prayer and spirituality and discipleship and enabling people to grow in vocation and looking for a huge flourishing of authorised and licenced lay ministry and ordained ministry will play an important 

2. **To reach out to people who do not yet know Christ** . At the end of Matthew's gospel Jesus commands us to go into all the world and make disciples. It is for this reason that we will be placing an increased emphasis on teaching about evangelism and planting new communities of faith. 

3. **To grow churches of missionary disciples which are younger and more diverse.** Story invites every church community in the diocese to think about itself as a school for disciples, and to particularly think about how we can engage with children, young people, families and schools and with others who have often been excluded from the church. 

4. **To transform our structures and finances** so that, as far as possible, our resources and energy are focused on discipleship and mission, and that the organisation is effective in its stewardship of its assets and develops sustainable approaches for resourcing local ministry. 

As reported previously, the diocese received national funding to support the costs of additional strategic posts to provide necessary capacity in the areas of Discipleship, Digital Engagement and Data Analysis without additional calls on the Diocesan Common Fund. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

A key deliverable from the investment in capacity for Digital Engagement was the replacement of the Diocesan Website which was delivered in the Spring 2024. The entire site was restructured and rewritten and delivered in a fresh and flexible environment with enhanced capabilities to host online forms and video content. 

A further successful bid for national funding was submitted in February 2024 to support leadership development as well as resourcing for a church revitalisation project and for additional capacity to develop plans for a Deanery level growth programme in Hull, which is the largest Deanery in the country with some of the lowest levels of church attendance in the country. Heart for Hull will build on the previously funded programmes such as Mustard Seed, and work in partnership with churches and other partners already involved in significant social and community engagement. 

Following the resignation of the Director for Strategic Transformation, soon after the award of the grant, a Strategy team. This resulted in a decision to reshape both the roles associated with the delivery of the Following further preparatory work during the autumn, the new arrangements were introduced at the beginning of 2025, in par 

Following the review, the diocese received a top-up grant from the national church to fully fund three fixed term Programme Management posts (which are a prerequisite for the monitoring of funded projects and development of further bids) to be offered for 3 years. 

As previously reported, a significant outcome for the mission and ministry of the Church of England in the Diocese of York. The majority of PCCs do not cover even the direct cost of ministry provided and, whilst a target has been set for that to be achieved by 2026, the impacts of the Covid Pandemic have been more significant than had been initially anticipated, with both local attendance and income still not back to pre-pandemic levels in many parishes, and a period of exceptionally high inflation affecting the utility, insurance and maintenance costs for PCCs. Whilst investment returns have held up in recent years, there are insufficient realisable reserves for the DBF to plan for year on year increases in operating deficits. Plans have been put in place for proactive engagement with PCCs during the submission period for the 2026 Freewill Offer pledges, which will include the identification of potential areas for further reduction in expenditure. 

## **ACTIVITIES AND ACHIEVEMENTS IN THE YEAR** 

Alongside seeking to make progress on (LCS), there has continued to be a significant focus on other key areas of activity which either support the strategic goals or relate to our ongoing mission as a Church of England diocese: 

- Maintaining an effective Christian presence in every parish. 

- Embedding Safeguarding into the DNA of our life as a diocese. 

- Promoting and support the work of our Church schools as well as providing support to clergy and others who are working in Community schools. 

- Engaging in local debate and ensuring that Christian voices are heard in all areas of public life. 

- Responding to areas of social need within our communities, working with other organisations to deliver a positive contribution to the wellbeing of the most vulnerable in our society. 

The life of the diocese is primarily expressed through the ministry undertaken in the parishes.  Where church attendance has remained significantly below pre-pandemic levels in the majority of cases, there are signs that this has started to grow again, particularly in locations that are engaging with LCS. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

2024 saw some significant change in the leadership of the Diocese, with the retirement in July of the bishops of Selby and Whitby and the consecration in October of the Rt Reverend Dr Flora Winfield and the Rt Reverend Barry Hill to succeed them. Bishop Flora, who has a particular responsibility for episcopal oversight of the day to day operations of the central services of the diocese, has also been appointed as the vice-chair of the Diocesan Board of Finance. 

## **Resourcing Parochial Ministry** 

As well as ministry to local congregations, our licensed ministers engage in support for work in their wider parish communities. Just one example is the requirement to offer weddings and funerals to those living in the parish as well as those with direct connections to the church.  Although over the last ten years, the number of occasional offices have been reducing, the most recent statistics (2023) show 860 weddings, 3080 funerals and 2470 baptisms. (2022 which was the first year without restrictions postpandemic: 1150 weddings, 3270 funerals and 3040 baptisms). 

While the YDBF is responsible for funding of clergy stipend costs, the national clergy payroll is of stipendiary clergy deployed in the Diocese. Caring for the stipendiary parish based clergy (158 FTE at 28 February 2025 with 20 FTE vacancies) is a priority of the YDBF and represents by far its largest financial commitment. Although the YDBF does not employ the parish clergy, it is responsible for training them, paying and housing them, and paying into their pension fund. In addition to the stipendiary clergy, at 28[th] February 2025 there were 105 self-supporting licenced clergy who are also licenced to specific parishes. We remain indebted to almost 350 other ordained ministers, the majority of whom are retired, who occasional offices across over 580 churches. 

For many, the clergy house represents the domestic heart of the parish, serving not only as a home but also as a base for ministry. The YDBF recognises the importance of a safe, secure and well maintained house and strives to continue with this work as well as carrying out programmed refurbishments and improvements, as available money allows. 

Over the year the average clergy vacancy rate was approximately 14%. During all parish vacancies, the Area Deans worked closely with the Churchwardens and ensured that scheduled services continued and, with very few exceptions, other activities within the community continued uninterrupted. This was largely made possible by the generous gift of the time offered by Licenced and Authorised Lay Ministers, Churchwardens and many other lay volunteers as well as our retired and self-supporting ordained ministers. 

## **Safeguarding** 

The work in this area is overseen by the Diocesan Safeguarding Advisory Panel (DSAP), independently chaired by former Detective Superintendent Allan Harder who, since September 2023, also serves as independent chair for the Diocese of Carlisle. 

The DSAP includes representatives of local authorities, North Yorkshire Police, the Roman Catholic Diocese of Middlesbrough and a survivor support charity as well as senior diocesan leaders. The work of the Panel is supported by an Operational Group that brings together key staff within the diocese and York Minster who are involved in safeguarding, working with young people and vulnerable adults and the training of our clergy and lay leaders. 

During 2024, in addition to supporting national workstreams, providing advice and support to parishes, 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

managing core groups and managing a casework load, the team has continued to support the roll out of the Church of England Safeguarding Learning & Development Framework and the implementation of further changes in the House of Bishops Safeguarding guidelines, post IICSA. It has also overseen preparation for the external audit due to be conducted in 2025. The Safeguarding Advisors continued to experience high levels of activity, alongside facilitating further external scrutiny of the handling of Safeguarding issues in the Church of England. 

Following the success of previous years, the fourth successive Safeguarding Week was held in November 2024. Designed to raise awareness and provide additional opportunities for learning and development, the total attendance across the 12 sessions was 534. This is a significant increase on the 285 people who attended in 2023. The sessions were delivered with the support of a number of external partners including the North Yorkshire Police and Thirtyone:eight. 

A significant amount of resource continues to be committed to providing learning and development opportunities for licensed and authorised ministers, church officers and church members. 

In the course of 2024, 350 delegates attended the two sessions of the leadership module (2023, 300), with an additional 68 clergy with permission to officiate (PTO) and 46 Parish Safeguarding Officers attending their own dedicated pathways (2023, 80 and 60 respectively). 

The on-line modules offered via the CofE training portal continue to be well supported, with the following numbers of certificates issued during the year: Basic 1466, Foundation 1058, Awareness of Domestic Abuse 607, Safer Recruitment 162, and Modern Slavery 39. 

Additional face to face sessions have been held for parish volunteers in relation to DBS administration and safer recruitment, as well as for those who are unable to access the basic and foundation e-learning material. This has been particularly welcomed by those without reliable access to the internet. 

We have continued to offer a range of support services to parishes, with attendance by members of the safeguarding team at face-to-face sessions at parish, deanery and archdeaconry levels throughout the year. 

DBS processing continues to be a major element of the safer recruitment process across the diocese, with a total of 1357 checks processed (2023: 2100). The policy of inviting disclosure holders to renew their checks on or before the third anniversary of issue is now in place across the diocese. 

Alongside the ongoing work to support parishes safer recruitment, the team have continued to promote engagement with the Parish Safeguarding Dashboard which is funded by the DBF and is designed to assist Parish Safeguarding Officers in ensuring local compliance with the element of national policy and procedures that are relevant in their specific context. It also enables the diocesan team to assess likely training needs and collate audit information required by the National Safeguarding Team. The Safeguarding Dashboard is now firmly established as the principal tool for the management of compliance, with a total of 382 parishes now making active use of the system contrasting with 339 at the end of December 2023. In addition, the Safeguarding Hub has now been introduced to support the local management of individual training and DBS records. A total of 61 Hubs are now live, holding the records for 879 individuals. Further growth in this area will be targeted in 2025. 

A significant development over the last 18 months has been the development of the Survivor Voice Working Group (SVWG), originally created as part of the governance framework for the Past Case Review, which, now meeting as an ongoing forum, has a remit to challenge the diocese to continually improve our response to and care for those who have been subjected to abuse in church settings. The www.idas.org.uk), has been designed in collaboration with the SVWG. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

Rob Marshall, our Head of Safeguarding is responsible for reporting any issues that meet statutory thresholds. He is in close contact with the relevant authorities and has ensured that any incidents relating to PCCs or the DBF that meet the threshold for reporting to the Charity Commission have been submitted. He fulfils the statutory duties of Diocesan Safeguarding Officer 

The team operated at full strength during the year. The casework load increased in the course of the year, reflecting greater awareness on the part of both statutory partners and the wider public of the need for vigilance and reporting of issues, as well as the requirements for risk assessments where those known to the statutory authorities wish to exercise their legal right to worship in their local parish church. 

Following a period of evidence submission which began in Q4 2024, the Diocese will be inspected in March 2025 by INEQUE Safeguarding Group, an independent safeguarding organisation, as part of a national external audit process being funded by the Church of England. It is anticipated that the outcome of the audit will be published on both the Church of England and INEQUE websites in June 2025. 

## **Working with Children & Young People in Schools and Parishes** 

In this diocese, the York Diocesan Board of Education (YDBE) is a statutory committee of the Diocesan Board of Finance (DBF). YDBE has oversight of education, including the 122 Church schools, and as deemed by the Diocesan Synod, the oversight of Children and Youth work across the diocese. Clear Terms of Reference are in place for the YDBE and its sub-committees and a general oversight report of decisions taken by the YDBE in line with its delegations is provided to the DBF on a termly basis. 

During 2024 we saw some significant staffing changes within the Education team, these included the retirement of Andrew Smith, our Director of Education, as well as the departure of Claire Graham-Brown who had served as Deputy Director and together with Andrew had overseen the detailed work on the creation of the diocesan family of MATs.  Paul Bramley, a former diocesan headteacher, was appointed as interim Director of Education for the autumn term prior to the arrival of Mari Palmer as Director of Education in January 2025. George Edmond was appointed during the autumn term as Assistant Director for School Organisation and Governance. Bishop Barry has succeeded the former Bishop of Whitby as chair of both the YDBE committee and the Diocese of York Education Trust (DYET). 

Our work with Children, Youth and Schools in 2024 continued to focus on supporting homes, schools and churches aligned with the strategic vision of the YDBE. This strategic work is located within the 

Angela Brymer was appointed to the Children and Youth Adviser post in April 2024 and worked alongside internal and external colleagues to complete the delivery of the pilot Diocesan GROW Youth Discipleship Programme which culminated in the commissioning of young people at York Minster in June. Plans then developed for a new cohort starting in 5 locations in January 2025, to include a residential weekend at Wydale. 

Family Camp took place in July 2024 and participants have helped to shape and grow the camp for 2025. Volunteers have been supported and encouraged at parish and deanery level as well as invited to erence. More than 30 Employed workers across the diocese have been invited to termly networking meetings. Ten participants were recruited in September to Catalyst, a level 3, children and youth course written by Ridley Cambridge, finishing with a celebration at Ridley in May 2025. 

- - Work started in autumn 2024 to map provision for 0- in every deanery. A safeguarding hub has been developed to record safe recruitment for diocesan events with children and young people alongside a close working partnership with the Diocesan 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

Safeguarding Team. Angela has spoken at the Parish Safeguarding Officers Forum and the Survivor Voice Working Group. 

As for schools, 121 of the 122 Church schools continue to buy into the two-year Service Level Agreement provided by the Education team. The strong working relationship with individual schools supports and encourages them in the development of their theologically rooted Christian vision as well as providing increased income into the diocese to fund School Development Adviser posts. 

At December 2024, 43 church schools had converted to academies, sitting within 10 Multi Academy Trusts (MATs) across the diocese, all of which were mixed MATs with Church and community schools working in partnership together. Exploratory discussions were held with MATS who have expressed interest in reconstituting using Church of England Articles of Association as well as schools that may seek to convert during 2025. 

A fully academised system continues to be the desire of the Department for Education (DfE). However, with conversion decisions in hands of individual governing bodies, a mixed system of maintained and academy schools is likely to continue for the foreseeable future. Considering this mixed economy, the and practice for engagement with its schools and the DfE. 

The diocese continues to be held accountable by the DfE and other statutory bodies, such as Ofsted, for the progress and attainment in Church schools. By the year-end, 104 of the 122 (84%) Church schools 

The statutory framework for denominational Church school inspection SIAMS changed in September the work of the school as a Church school. 98% of Church during 2024 all 33 of the schools inspected have had inspection findings that indicate that the school is living up to its foundation as a Church school and are enabling pupils and adults to flourish. 

## _**MISSION, MINISTRY & DISCIPLESHIP**_ 

Following a stable year in 2023, there were a number of personnel changes in the Mission & Ministry Team. Although the various sub-teams continued to move forward with planning and delivery within , the vacancies did create capacity challenges in some areas during the year. 

## **Nurturing of lay and ordained discipleship** 

In support of the key priority around Becoming More Like Christ, the development of Rhythm of Life Materials has continued with the publication of further resources for small groups, worship materials and a Collective Worship series for schools. These have been supported by face to face engagement across the diocese with parishes and deaneries as they make use of the _Rhythm_ materials. 

In collaboration with the Children & Youth Team, the first GROW: Youth Discipleship Ambassadors programmes (for 11-16s) were run across the diocese, with a commissioning service in York Minster in June. This programme will be run again in four locations across the diocese during 2025, and in support of young adults there are plans for a Taizé Pilgrimage in the summer of 2025. 

## **Vocations** 

The Diocesan Director of Ordinands (DDO) left at the end of the year but the work will be held until a successor is appointed by our largely volunteer team, supported by senior colleagues from the Mission & Ministry team. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

15 ordinands completed their ministerial training and were ordained deacon in summer 2024. 

During the academic year 2024-25, the diocese has 9 ordinands in training, with 6 incumbent level (and seeking stipends) and 3 assistant (and anticipating SSM). Of these, 3 are under 30; 5 are between 30 and 50 and 1 over 50. 

We anticipate that the numbers entering training for ordained ministry in September 2025 will be around 10, although the exact numbers will depend on the outcome of Stage Two panels to be held during Q2. 

There has been close collaboration with the Start of Ordained Ministry adviser during the first year of a refreshed provision for those in pre and post- ordination training. Now that is established, a particular focus for the next DDO will be working with colleagues to broaden the scope of vocations work to encompass a wider variety of lay ministries as well as vocations to ordained ministry. 

## **Lifelong Learning** 

Following the introduction of new learning pathways for lay ministries during 2023, 2024 saw the first full year of delivery. The team are providing pathways for Licenced Lay Ministers (LLM) as well as Authorised Lay Ministers (ALM). Clearer expectations have been set around authorised and licensed lay ministries around and work has continued to establish a definitive central register, alongside centrally monitored engagement with Safeguarding Training. 

During 2024, in addition to the lay ministries pathways, the Lifelong Learning Team continued to provide higher education accredited training, validated by Durham University, for Readers, licensed and recognised lay ministers, ordinands and curates and those in discernment for a wide range of ministries, within and beyond the church. It continued its 

training by contributing to the Yorkshire Theological Education Partnership. 

Whilst the programme of continuing ministerial education for Readers and clergy had been scaled back from pre-Covid levels, largely due to the limited capacity within the team, a number of events were offered (both online and in person). Following the award of national funding, Gerald Fox joined the team as a part-time Racial Justice Education Adviser. His initial work has focussed on developing and piloting learning materials around racial awareness and unconscious bias, as well as connecting with national initiatives. 

## **Revitalise** 

2024 saw a year of consolidation of Revitalise, one aspect of our growing healthy churches programme. Revitalise offers a two year accompanied journey for 40 chosen benefices from across the diocese where there is potential to grow missionally and financially. Those benefices cover 26% of the parishes of the Diocese, 22% of the population and 31% of the area The 40 benefices are grouped into 5 cohorts who each have 4 days together as a learning community. In between those days, team members visit the benefices to work with lay and ordained leaders on practical ways in which growth can occur in their context. 2024 has seen a closer attention to measuring that growth using the national church outcomes framework. In 2024, we seconded a part-time member of staff to the team and also secured national funding to appoint an additional full-time team member to begin work early in 2025. 

## **Wydale Hall** 

small but dedicated team has continued to be flexible and creative in responding to the needs of guests and the visitor feedback has been very positive. A full programme of Wydale events was scheduled for 2024 which included provision for remote participation in some events. We continue to be grateful to the prayerful and practical support of the extended community of volunteers who 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

continue to meet regularly in person and online via Zoom and offered their practical skills to support the ministry of the Retreat House. 

## **Nationally Funded Projects :** 

## **MULTIPLY New Worshipping Communities for 20s-40s and MUSTARD SEED Growing disciples in places where life is tough** 

Both of these projects are now coming towards the end of their funding, with both programmes consolidating the work that has taken place and looking forward to the future sustainability of the individual local initiatives. The remaining Multiply worshipping communities have continued to show growth and local leadership is emerging in a number of them which will help to secure ongoing sustainability beyond the current funding. Whilst some leaders have moved into other roles (including one Multiply Minister who has become the incumbent of the Benefice in which they were ministering, thus bringing together both established and new worshipping communities under the same leadership), - at the end of 2024 there were still 6 FTE nationally funded Multiply 

The Multiply Growth Fund continued to support Lay Ministers during 2024. Whilst two projects came to an end due to leaders moving on, there are 12 ongoing projects. The work ranges from growing worshipping communities based on Toddler Groups and Food Banks, to supporting Student outreach in Hull and York. 

The Trustees remain grateful to the Benefact Trust who agreed that their block grants to York Diocese for 2019-21 could be designated to create a fund to be expended over an extended period to meet the costs of the Mustard Seed Programme Lead and the development costs of the Stepping Up learning and development programmes. This money has been supplemented by Church of England Strategic Development Funding. Looking towards ongoing sustainability, partnerships with churches and individuals are beginning to be established as part of an Advocates Scheme, and funding is being sought from other charitable bodies. 

As at December 2024, there have been 21 cohorts, with engagement across 39 parishes. A further 22 people completed the course in 2024 and of the 82 people who have completed the course to date, almost all are involved in mission or in the process of discernment and planning for mission. A significant , nine of whom are paid for one or two days each week, with support from the Mustard Seed grant fund. 

Research commissioned by the Church of England suggest that parishes who are engaged in discipleship and growth programmes with national funding see growth. This programme is principally about nurturing discipleship and leadership in order to strengthen the capacity of the local church for mission in communities with the highest levels of social and economic deprivation. Evidence from the churches in the first 17 Stepping Up cohorts suggest that they have seen 178 adult baptisms and confirmations since their involvement with Mustard Seed, with 727 new people attending either existing Sunday Worship or one of the 15 New Worshipping communities that have been established following participation in the Stepping Up programme. 

The Mustard Seed learnings continue to be shared with the National Church and the Programme Lead has provided advice and support to a number of dioceses who are exploring a similar approach.  Further details about all the Mustard Seed locations can be found on the dedicated website www. _mseed.org_ 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

## _**PARISH SUPPORT**_ 

A significant amount of staff time is dedicated to the support of clergy and parish officers with their dayto-day responsibilities for buildings, finance, people and the practical aspects of parish life. The retirement in April of the Assistant Diocesan Secretary, who had overseen the support provided to parishes with governance, patronage, church buildings and pastoral reorganisation, together with workstreams, led to a decision to bring a number of the teams together within an Operational Support directorate. Recruitment is taking place in Q1 2025 for a new Deputy Diocesan Secretary who will oversee this area of work. In addition to the ongoing work around HR, Governance and Communications, and coordination of our work in relation to reducing carbon usage, there are two particular areas of work which are significant in relation to the Living ambition to support parishes with increasing local income and managing the growing costs of running church buildings. 

## **Supporting local financial sustainability** 

The Generous Giving team exists to support parish level financial sustainability (which in turn increases parish capacity to increase the level of contributions that they make to the Common Fund). Their primary area of work is around encouraging and developing personal generosity and have supported stewardship conversations in parishes across the whole of the diocese, but they also seek to assist PCCs with other practical ways of increasing income and/or reducing expenditure. 

After four years of operation of the Parish Giving Scheme, the number of churches using the scheme now stands at 127 with 1228 givers, an increase over the year of 19 churches and 276 givers. Of these 88% Gift Aid their donations and 44% have signed up to the automatic inflationary increase. In the month of December 2024, PGS processed £103,637 of gifts together with a further £23,860 of Gift Aid. During 2024 the average weekly gift (excluding Gift Aid) was £15.69. Whilst down slightly from 2023 (£17.51), this remains significantly higher than the diocesan average weekly gift across all forms of regular giving of £12.80 compared with the national average of £16.90. In 2024 the total gross value of gifts processed by PGS in the Diocese of York was £1,371,038 (2023: £1,095,273) 

Additionally, the team have continued to support the roll out of digital (contactless) giving devices to parishes and we have continued to provide membership of the Association of Church Accountants and Treasurers (ACAT) for all PCCs. There was a significant roll out late in 2023 of contactless units that were provided as part of a national scheme at no cost to either the local church or the DBF. As a result, in during 2024 the total value of contactless giving (excluding via Sumup devices) increased to £280,643 (from £165,362 in 2023). This represents over 33,500 transactions with an average gift of £8.37, which compares with a national average of £8.62. Just over 200 churches are now engaged in some form of digital (contactless and/or online) giving with the support of the Generous Giving Team. 

## **Supporting parishes with their church buildings** 

award of funding from the Church Buildings Support Officer grant programme, Vivienne Cooling took up her post as Funding and Community Engagement Adviser to help churches with sourcing grant funding, to build capacity, to build community engagement to meet the outcomes required by the National Lottery Heritage Fund, and to build relationships with potential partners such as tourism boards. 

In addition to the nationally funded Minor Repairs and Improvement grant scheme, under which small grants for works up to £10,000 can be distributed by the Church Buildings Adviser, additional allocations of national funding were awarded under the Net Zero Quick Wins grant scheme and the Disability 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

Project Parish Grants Scheme. These schemes are being managed by the Church Buildings team to best ensure that they are being appropriately utilised by parishes with qualifying projects. 

The Church Buildings Adviser made 115 visits to parishes to offer on-site advice about re-ordering, building maintenance and related matters. In addition, both he and the DAC Secretary continued to offer advice to parishes by telephone and by e-mail. Further technical advice was provided to parishes , particularly in the areas of bells, clocks, heating and electrics. 

Whilst the volume of faculty applications was slightly down in 2024 (141), the team have supported the Archdeacon in approving 199 List B matters as well as significant levels of support to major projects such as the £12m project to restore and redevelop the church of St Michael le Belfrey, York. 

The Diocesan Net Zero Action Plan was further delayed following the resignation of the Project Officer in the summer. An external consultant was engaged in Q4 to complete the initial work, but in the meantime there have been further attempts to increase engagement with the Energy Footprint Tool and the team have supported a number of churches in seeking grant funding for heating projects and carrying out energy audits. 

The team were involved in a number of training events for church officers, the most significant of which was - , was attended by 180 people from across the diocese who came to hear presentations on a wide range of topics from building and conservation experts. 

## **Wider service and partnership in communities experiencing social need to deliver a positive contribution to the wellbeing of the most vulnerable in our society** 

Whilst the strategic goals are focussing on the spiritual wellbeing of individuals in our most deprived communities, churches across the diocese have continued their wider involvement in each of their communities, often joining with other denominations to resource Foodbanks and support charities working with the poorest in our society. As a DBF, we continued to take an active role during 2024 in supporting a number of projects, for example by providing facilities to Westway Open Arms (Scarborough) which serves the Eastfield Estate in Scarborough, and underwriting the costs of the BMO based in Brambles Farm and Thorntree in Middlesbrough alongside the continued funding of the provision of ministry to the Church of England parishes affiliated to Together Middlesbrough & Cleveland, a joint venture between the diocese and the Church Urban Fund, enabling those parishes to share their facilities and other resources in the support of those most in need within those communities. 

## **FUTURE PLANS** 

Supporting parishes and communities as they engage with the growth plans that have been contextually developed in each Deanery as part of will continue to be a key priority for 2025. This will be the key focus for the Mission and Ministry teams. 

seeks to respond to the challenges of falling attendance, exacerbated by the Covid pandemic, with a strong focus on numerical and spiritual growth, together with the need to restructure the resourcing of ministry at both parish and diocesan level to enable us to create a credible and robust financial plan to respond to the phased dioceses that began in 2017. By 2026 the annual grant will be reduced by circa £1m per annum (at 2016 value) compared to the £2.2m received in 2016. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

The high-level plan assumed a modest reduction in the number of remunerated posts together with an increase in the donor base to offset the reduction in the Church Commissioners grant and halt the reduction in real terms in parochial contributions to the Common Fund. It had been anticipated that the majority of the structural changes arising from the consultations would be implemented by 2026, with resulting savings, increased investment income and the impact of growing congregations staring to come through in the following years such that by 2031 the clear target is that recurring expenditure of the diocese can be met via regular and reliable sources of income. 

It is clear however that the impact of the pandemic was far more significant than had been anticipated and progress towards the intermediate target of each group of parishes covering the direct costs of clergy stipends and housing by 2026 has not been as strong as had been hoped. Although targeted consultation, with those Ministry Units furthest away from meeting the direct cost of ministry, took place in early 2024 and resulted in a modest increase in Free Will Offers (FWO), the pledges still fall short of those originally submitted for 2020. 

The Diocesan Leadership Team have scheduled face to face meetings in each Archdeaconry, ahead of the July 2025 request for the 2026 FWO pledges, to engage directly with parishes and to share the reality of the funding situation facing the DBF. The 2026 pledges will then be assessed in the light of current Deanery Plans to establish whether the planned level of resourcing both in parishes and in diocesan support will have to be revised downwards to achieve a sustainable position by 2031. 

York is, however, not unique amongst dioceses in operating at a deficit before use of expendable assets and we are anticipating that further national support will be forthcoming in 2026 as part of a nine year national commitment on the part of the Church Commissioners to support dioceses in reaching sustainability in a way that reduces the likelihood of needing to make short term funding decisions that result in adverse missional outcomes. It is anticipated that this support will include an increase in the quantum of Low Income Communities funding, reduction in diocesan apportionment of national costs, and some tapered grant support to recognise the post-Covid shortfalls being experienced by almost every DBF. 

In recent years, the Diocesan Support team has been carrying a number of key vacancies, often for extended periods. Although this has helped to manage costs it has impacted capacity, efficiency and staff wellbeing and so the Trustees have agreed to a number of vacant posts being filled as a matter of priority. These included the appointment in November 2024 of a Head of HR and Governance (replacing the former HR Manager and incorporating additional responsibilities) and a Deputy Diocesan Secretary (following the retirement of the previous Assistant Diocesan Secretary and again incorporating additional responsibilities). As well as restoring much needed capacity to improve the effectiveness of the support provided to parishes, once established, these roles will reduce a key dependency risk in relation to the role of Diocesan Chief Executive. 

## **FINANCIAL REVIEW** 

## **Financial Performance** 

The Trustees are grateful to all the parishes which gave generously into the Common Fund of the Diocese during the year, and especially to those parishes that give by monthly instalments, which is essential in supporting the cash flow of the Diocese. 

Free Will Offers, the money given by Parishes to the Diocese to fund its mission and ministry, are the main incoming resource for the Diocese.  These were slightly higher than the previous year at **£7,435,000** (2023: £7,188,000), but are still lower than the pre-pandemic levels in 2019 of £8,098,000. Based on submissions from parishes, the expectation is that, during 2025, Free Will Offers will recover 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

further as parish income begins to recover, but it will be at least a further year before they return to pre-pandemic levels, due in no small part to the reduction in regular attendance in many churches coupled with the impact of inflation on energy and other costs on local budgets. This does mean that income is not keeping pace with the levels of inflation experienced by the Diocese in relation to salaries and building repair costs. 

The overall net movement in funds in 2024 was + **£1,649,000** (2023: +£1,895,000). 


## _Unrestricted fund:_ 

The unrestricted general fund showed an excess of expenditure over income of **£1,162,000** before investment gains or transfers (2023: £2,014,000).  However, if the gain on the sale of properties, and the year end lay pension scheme movements are excluded, there was an operational shortfall of **£1,852,000** (2023: £2,151,000). 

This shortfall was better than anticipated levels. With Free Will Offer income £665,000 lower than in 2019, before the impact of any inflation over that period, the DBF continued to seek efficiency savings and unanticipated additional vacancies, whilst operationally challenging, once again had a positive impact on the operating shortfall. 

Additionally, the actuarial position of the old lay pension scheme, led to a usable surplus and £174,000 was applied to offset pension costs in the year.   Included on the balance sheet is an asset of £516,000 relating to the unused balance of this usable surplus at the year end which will be used in a similar way to offset employer contributions over the next 2 to 3 years. 

A draw down from unrestricted reserves of up to **£2.3 million** (pre investment gains and other fund transfers) was approved for 2025 by Diocesan Synod at its meeting in November 2024. This will be mainly funded through a transfer across from the Pastoral Account during the year. 

This budget reflects a combination of further investment in the Growth Strategy and also a continuing transitional necessity resulting from the reduction in income from the Church Commissioners and the lead time necessary to reach a corresponding uplift in Free Will Offerings. The Trustees assessed that the Diocese had adequate reserves to fund this in year shortfall.  Safeguarding the future finances of the Diocese is a key part of the on-going strategic consultations and achieving sustainable parish giving will continue to be a vital factor in . 

## _Designated funds:_ 

£76,000 was drawn down from designated funds (2023 £75k) relating to the Mustard Seed Project (being the Benefact Trust grant funding spent in support of that project in the year). 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

## _Restricted funds:_ 

Restricted funds showed a net excess of income over expenditure of **£155,000** before investment gains, losses or transfers (2023: £373,000). 

## _Endowed funds:_ 

Endowed funds showed a surplus of **£102,000** before non property related investment gains or transfers (2023: £927,000 surplus). 

The excess of expenditure over income across all funds amounted to **£905,000** compared with a £714,000 deficit in 2023. 

Fixed Asset investments are included on the balance sheet at year end valuation.  The impact of net unrealised and realised investment gains for the year of £2,554,000 (2023: £2,609,000 loss) improved the results to a net total surplus for the year of + **£1,649,000** compared to +£1,895,000 in 2023.  Out of this net income, various transfers were made between funds (as detailed in note 13). 

## **Significant Property Transactions** 

There were a number of property sales and purchases during 2024 as the Diocesan policy continues to be: 

- to replace unsuitable properties; 

- to accommodate the changing geographical deployment of clergy within the Diocese; 

- to realise development potential in some properties, thereby using our resources more effectively for the ministry of the Church 

£1,776,000 of properties were purchased during the year compared to £1,256,000 in 2023. During the year, the Diocese disposed of former clergy housing with a total book value of £260,000 realising net sales proceeds of £297,000 and a gain on sale of £37,000. The acquisitions in 2024 will be followed in 2025 by the disposal of the houses that they have replaced. 

Glebe land, which is included within investments, was disposed of for £1,151,000 (2023: £207,000), representing a gain on sale of £450,000 (2023: £143,000 gain). 

## **Balance sheet position** 

The Trustees consider that the balance sheet and notes demonstrate that the restricted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. While the net assets at the balance sheet date totalled **£109,020,000** (2023: £107,371,000) it must be noted that included in this total are properties, mostly in use for the ministry, whose net book value amounted to **£51,413,000** (2023: £49,886,000). Much of the remainder of the assets shown in the balance sheet are held in restricted funds or as endowments and cannot necessarily be expended for the general purposes of the YDBF. 

## **Reserves policy** 

## _Free reserves_ 

Having considered financial risk, liquidity requirement and the timing of cashflows throughout the year, the Trustees policy is to hold a balance of readily realisable assets in the general fund equivalent to 4 months budgeted unrestricted expenditure.  At 31 December 2024 the amount required under this 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

policy totalled **£4.8m** (2023: £4.7m).  Actual free reserves as at 31 December 2024 totalled **£5.4m** (2023 £6.2m), which is equivalent to just over 4.5 months of budgeted unrestricted operating expenditure. 

Whilst this level of reserves is slightly above the minimum prudent level set by the trustees, it is considered to be currently necessary to hold them 

funding for the Diocese, the budgeted operating shortfall for 2025, the decline after inflation in the value of Free Will Offering, and also possible reduction of contributions to local parishes and/or Free Will Offerings in response to issues in the wider Church. The Trustees are monitoring the rate at which the reserves are reducing and have plans to support the strategic initiatives via a release of fixed assets. 

The Trustees keep under review the ability of the Common Fund to support the currently agreed levels of stipendiary ministry and have passed a resolution to utilise Total Return legislation from January 2025 to release funding for future projects as well as to increase the level of investment income that can be applied in support of stipends. 

## _Reserves held as fixed assets_ 

The general fund comprises net assets amounting to £11,636,000 of which £4,923,000 are tangible fixed assets. 

## _Restricted and endowment funds_ 

As set out in notes 20 to 22, YDBF holds and administers a number of endowment and restricted funds. As at 31 December 2024, endowment funds totalled £82.1m (2023: £80.4m) and restricted funds totalled £15.2m (2023: £15.1m). The capital in the endowment funds is not available for the general purposes of the YDBF. The Pastoral Account, as established under the Pastoral Measure, is technically restricted and shown as such in the annual accounts. However, once obligations under the Measure are met, its purposes do allow funds to be transferred to the Stipends Capital Endowment fund or to be used for other purposes at the discretion of the Board. Further details are given in note 22. The sustainability model assumes that, over the next few years, some of the transfers to the Pastoral Account (from further planned asset disposals) will continue to be drawn down to help finance the period of transition to new patterns of ministry resourcing, with the remainder retained and invested for income to support stipends. 

In October 2024 the Trustees passed a resolution to adopt a total return accounting policy with effect from 1 January 2025, in respect of the share of the Stipend Capital Endowed Fund that is not property or land and also to the endowed Local Trusts' Stipend Fund.  This approach allows increases in the value of investments to be used as income and allows the Diocese to invest in a way that has appropriate regard to the furtherance of its aims both now and in the future. 

As part of the 2025 budgeting process, it was agreed that income transferred to the general fund in 2025, to support stipendiary ministry, would be 4.5% of the opening balances on the funds.  Further detail is shown in note 23. 

## **Going Concern** 

The financial statements have been prepared on a going concern basis. The Trustees have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors. The financial position of the YDBF, its net income for the year and cash flows as set out in the Statement of Financial Activities and Cash Flow Statement, and ability to draw down from invested funds, demonstrate the overall net cash position of the YDBF and the strength of its reserves. As a consequence, the Trustees believe that the YDBF remains well placed to manage the business risks successfully despite the uncertainties surrounding the current general economic outlook. 

Page 17 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

Even allowing for the continuing impact of both the reduction in attendance and parish income, that has not yet recovered following the Coronavirus pandemic, and inflation on the level of parish contributions to the Common Fund, the Trustees have a reasonable expectation that the YDBF has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. 

## **Grant making policy** 

The Memorandum of Association of the YDBF explicitly permits the YDBF to make grants in pursuance of its objects. The nature of grants made in 2024 is explained in note 11. 

## **Investment policy** 

The YDBF is empowered in its articles of association to invest monies not immediately required for its purposes. In addition, the YDBF acts as trustee of a number of trust funds, and these must be invested in accordance with the related trust deeds. The Y 

fund for which it is responsible, in relation to the purposes of each fund, and to identify appropriate investment vehicles.  Note 21 provides details of the assets of each fund, together with the related purposes, and note 15 summarises the movements in investments during the year. 

The Trustees investment policy is to spread investments between Evelyn and CCLA.  Evelyn work on a discretionary basis and are mandated to achieve a total return of CPIH plus 4% after costs over the medium term.  Within the CCLA portfolio, the YDBF selects funds from the CBF range of funds own objectives for income and long term capital growth. The long term total return objective of the CBF Investment Fund is CPI plus 5% p.a before costs. The CBF Property Fund aims to deliver a high income yield with capital growth over time.  Both managers are required to adhere to the policies of the Church The investments held, and their return during the year, are set out in the following table: 

|CCLA Managed<br>CBF Investment Fund<br>CBF Property Fund<br>CBF Deposit Fund<br>Evelyn  Managed|Funds at 31<br>December<br>2024<br>Proportion<br>of Portfolio<br>Income yield<br>in year<br>Total Return<br>in year<br>£'000s<br>14,530<br>41.5%<br>2.79%<br>5.09%<br>1,358<br>3.9%<br>5.42%<br>6.14%<br>139<br>0.4%<br>4.6%<br>4.6%<br>18,978<br>54.2%<br>2.2%<br>12.1%<br>35,005<br>100.0%|
|---|---|



The Investment Group meets with the Investment Managers twice each year and regularly reviews the performance of the funds. 

## **PRINCIPAL RISKS AND UNCERTAINTIES** 

The Trustees are responsible for the identification and management of risk. To achieve this, the Trustees have engaged with the management team to consider the principal risks to which the YDBF is exposed and to prioritise a mitigation strategy. The Risk Register is regularly reviewed by the appropriate subcommittees and officers (under the oversight of the Audit Committee), to ensure that all risks are proportionally addressed in line with the YDBF's risk management policy and that all mitigating controls are operating effectively. 

Page 18 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

The highest risk areas for the Company; those that could have a significant impact on the organisation's ability to achieve its strategic aims, have been identified as being in the following areas: 

1. Safeguarding - the risk that there is an occurrence of abuse (or allegation of historic abuse) by someone working for or on behalf of the Diocese.  The mitigating controls are as follows: 

      - The YDBF retains appropriately trained safeguarding professionals who are following nationally agreed policies and protocols aligned to relevant ecclesiastical and civil legislation; 

      - Compulsory training is provided to all relevant staff; 

      - An independently chaired Diocesan Safeguarding Advisory Panel (DSAP) oversees the effectiveness of YDBF practices; and 

      - All church officers and church bodies (including PCCs and the YDBF) are required to adhere to statutory policies and procedures with professional support provided by the safeguarding team. 

2. Reliance on key management staff and clergy: 

   - a) the risk that vacancies in key posts and under-resourcing of the Diocesan offices and key central functions could lead to a breakdown in the delivery of the Diocesan mission and stewardship of its assets. The mitigating controls are: 

         - The Diocese fosters a culture of sharing and support ensuring that there is awareness and management of potential issues before they can escalate; 

         - Shared access to systems and documented processes to enable continuity on core processes to be maintained for key activities in the event of a significant vacancy or absence; and 

         - The Trustees will continue to review the staffing of central functions as part of the development of the strategic plans. 

   - b) the risk that clergy and other key leaders will not have the capacity to deliver the strategic goals in relation to growth either due to individual capability or there being too many demands placed on limited parish resources. The mitigating controls are: 

         - The Diocese fosters a culture of sharing and support ensuring that there is awareness and management of potential issues before they can escalate; 

         - The Diocesan Leadership Team, , are responsible for ensuring that the demands being placed on parishes are being coordinated and accompanied by appropriate levels of support and training. 

3. The risk that the YDBF is unable to meet its strategic aims due to financial constraints as a result of a decline in parish Free Will Offerings, adverse investment conditions or reduction in funding from the Church Commissioners. The mitigating controls are: 

      - Strong engagement of the Diocesan Leadership Team, especially the Archdeacons, with parishes to ensure that commitments by parishes are honoured as far as is practically possible; 

      - Priority given to supporting clergy and lay leadership to grow local sustainability in terms of both attendance and giving; 

      - Strong budgetary control processes to identify adverse trends and consider the necessary medium and long term actions needed to address the underlying issues; 

      - Robust reserves policies to ensure that temporary shortfalls can be financed without the need for short term cuts; and 

      - Investment in strategic capacity to ensure that access to funding streams from the Church Commissioners is maximised. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

In addition, the Trustees are keeping a number of areas of potentially significant extraordinary expenditure under close review. They will be factored into the ten year forecasts and the annual budget continues to allow for a contingency sufficient to cover immediate unanticipated costs. The areas being monitored for additional extraordinary and/or significant costs that would place financial pressures such that a reduction in core activities may become necessary include: 

- Wydale Hall - Additional costs arising from non-insurable unanticipated shutdowns. Inability to cover the cost of major repairs from normal operating surpluses, requiring additional capital funding from YDBF reserves. 

- Safeguarding Uninsured compensation payments for historic cases (including Redress contributions). Additional resource costs for compliance with legislation or House of Bishops Regulations. 

- Zero Net Carbon the costs of achieving net-zero for DBF assets, support for parishes in achieving net-zero (including grants and impact on Free Will Offer), ongoing offsetting levies. 

- Pensions Fund liabilities increasing beyond currently forecasted levels. 

In additional to the fiscal policies identified in (3) above, close contact is maintained with the National Church Institutions and other dioceses to facilitate collaborative approaches to influence legislative changes that may lead to increased cost and seeking additional national funding streams to mitigate the impact of significant additional mandatory expenditure. This will also be particularly important as the Trustees look at how to mitigate the risks, in terms of both financial and missional impact, associated with local disagreement with, for example, decisions made by the General Synod or the House of Bishops around services of blessing for those in same sex relationships. 

At March 2025 six parishes (March 2024: 5) had given notice that they were no longer willing to contribute directly to the Diocesan Common Fund (in the light of decisions taken by General Synod in relation to the Prayers of Love and Faith). They have, however, undertaken to contribute via a facility administered by the Church of England Evangelical Council (CEEC) at levels similar to that pledged in recent years which are, in each case, no more than the direct costs of providing stipendiary clergy to that parish (i.e. with no contribution to the pooled costs). 

## **STRUCTURE AND GOVERNANCE** 

## **Summary Information about the structure of the Church of England** 

The Church of England is the established church and HM The King is the Supreme Governor. It is organised into two provinces (Canterbury and York) and 42 Dioceses. Each Diocese is a See under the care of a Bishop who is charged with the cure of souls of all the people within that geographical area. This charge is shared with priests within benefices and parishes which are sub-divisions of the Diocese. 

The National Church has a General Synod comprising ex-officio and elected representatives from each Diocese and it agrees, which, if enacted by Parliament, have the force of statute law. In addition to the General Synod, the ynod; the Church Commissioners manage the historic assets of the Church of England; and the Church of England Pension Board administers the pension schemes for clergy and lay workers. Within each Diocese, overall leadership lies with the Diocesan Bishop, who exercises that input as Bishop within the Diocesan Synod. The Diocese itself is divided into twenty one deaneries, each with its own Synod and within each parish there is a parochial church council which shares with the parish priest responsibility for the mission of the church in that place, in a similar way to that in which the Bishop shares responsibilities with the 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

Diocesan Synod. 

Whilst each Diocese is a separate legal entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each Diocese to seek support from (and partner with) neighbouring Dioceses and the National Church Institutions. 

## **Organisational structure** 

The York Diocesan Board of Finance (YDBF) is a company limited by guarantee (No. 225234) and a registered charity (No. 244976) governed by its Standing Orders and Articles of Association which were last revised and approved in July 2024. advance the work of the Church of England within the Diocese of York. It was established in its present form in 1927 and is successor in title to the York Diocesan Trustees. 

Its statutory governing body is the **Diocesan Synod** , which is an elected body with representation from all parts of the Diocese.  Membership consists of ex officio members, including the Archbishop, Suffragan Bishops and Archdeacons; clergy members elected by the houses of clergy in Deanery Synods; lay members elected by the houses of laity in Deanery Synods; up to five persons who may be co-opted by the house of clergy or the house of laity; and a maximum of 10 members nominated by the 


Directors, with the exception of the Bishop of Beverley and any member of the Council who is an 11 ex officio members, including the Archbishop, the four Suffragan Bishops and the three Archdeacons, together with four clergy (elected by the house of clergy from among their number) and eight lay persons (elected by the members of the house of laity) representing deaneries and a maximum of six Synod members nominated by the Archbishop. 

## **Decision making structure** 

Corporate priorities and the overall financial strategy for the Diocese, in its primary object to promote, assist and advance the work of the Church of England within the Diocese of York, are set by the Diocesan Synod and the YDBF. The responsibility for ensuring that these priorities and strategies are delivered is delegated to the Diocesan Chief Executive. The Diocesan Synod each year receives and agrees the annual budget, prepared and approved by the YDBF. The Trustees, meeting within the context of the Archb five meetings during the year to formulate and coordinate policies on mission, ministry and finance by:- 

- Initiating proposals for action by the Synod and advising it on matters of policy 

- Transacting business of the Synod when it is not in session subject to the directions of the Synod and in accordance with Synod Standing Orders 

- Acting as the Trustees of the YDBF 

- Planning the business of the Synod, preparing the agenda for its session, and circulating to members information about matters for discussion 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

- Advising the Archbishop on any matters he may refer to the committee 

- Initiating consideration of any restructuring of Synod Committees and Departments which may appear necessary and for 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 are assisted in their work by various sub-committees including:- 

**Finance Sub-Committee** : the role of the Finance Sub-committee is to provide focussed support to the directors of the YDBF so that they might better enable the mission of the diocese through sound financial management and transparent, open reporting.  The responsibilities of the Finance Sub-Committee include: 

- Monitoring the financial performance of the Diocese against budget and forecast; 

- Approving the Management Accounts; 

- Ensuring that appropriate Financial Statements are drawn up; 

- Making recommendations on and monitoring the operation of the Common Fund including the process of making Free Will Offers; 

- Reviewing and giving first stage approval to the budget; 

- provision; 

- Acting for the Board in its capacity as Custodian Trustee in relation to third party investments; 

- Making recommendations to the Board on the appointment of professional advisers; 

- Monitoring entries in the Risk Register that relate to finance; 

- Monitoring and reflecting updates to financial regulation; 

- Ensuring the appropriate provision of HR expertise and policies in order to meet the obligations of the DBF; and 

- Undertaking such other work as may be referred to it by the YDBF. 

**Property Sub-Committee:** the Property Subthe Church Property Measure 2018; the Repair of Benefice Building Measure 1972; the PCC (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 (with respect to parochial property); the Endowment and Glebe Measure 1976 (with regard to property assets); and the Ecclesiastical Offices (Terms of Service) Measure 2011. 

**Diocesan Board of Education Sub-Committee:** the Education Sub-Committee is a statutory subcommittee that exists to fulfil Diocesan Boards of Education Measure 2021. In addition to its statutory responsibilities, the committee also oversees the support provided to parishes for their work with children, young people and families. 

**Diocesan Pastoral & Mission Sub-Committee:** as far as is permissible under Ecclesiastical Law the functions of the Pastoral and Mission Committee as set out in the Mission and Pastoral Measure 2011 have been delegated to the Pastoral and Mission Sub-Committee.  The primary function of the 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

Committee is pastoral reorganisation in the Diocese of York, taking account of available clergy numbers and making use of new patterns of ministry. It also oversees the work of diocesan staff in relation to the management of church buildings that have been closed for regular worship, pending their disposal. 

**Audit Sub-Committee:** the role of the committee is to monitor and report on the effectiveness of internal governance procedures and internal controls, including meeting with the external auditors, reviewing the statutory accounts and ensuring that the risk register is being appropriately maintained **.** 

## **Trustee recruitment and induction** 

Trustees are members of the Archb above. Trustees are given 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 function of the Committee. All Trustees are required to provide updated declarations for the registers of skills and interests on a tri-annual basis. Some employees Director to their function within the organisation and has no legal meaning within the terminology associated with the Companies Act. 

## **Governance Matters** 

Diocesan Synod, the DBF and most Boards and Committees met on a pattern of online and in person meetings. a new term of office for those elected to serve as Trustees of the DBF commenced on 1 January 2025. Newly elected members received Trustee Training, including reference to the 2020 Charity Governance Code (produced by the Good Governance Group) in March 2025. The ongoing monitoring of governance and the periodic review of terms of reference of sub-committees is overseen by the Audit Committee and the Chairs of the Houses of Clergy and Laity of the Diocesan Synod. 

## **Volunteers** 

YDBF is dependent on the huge number of people involved in church activities both locally and at diocesan level. We believe that the number of active volunteers (or volunteer hours) given to the mission and ministry of the church is a key indicator of the health of a church. The service provided to a church particularly at times of crisis. Within this context, the YDBF greatly values and would want to acknowledge the considerable time given by all members of Boards, Committees and Working Groups for each of them just a part of the practical outworking of what it means to be . 

## **Remuneration of key management personnel** 

Emoluments of key management personnel are determined through a process of job evaluation and with reference to market rates for equivalent jobs. 

## **Delegation of day to day delivery** 

The Trustees and the sub-committees which assist them in the fulfilment of their responsibilities, rely upon the Diocesan Chief Executive and his colleagues for the delivery of the day to day activities of the company. The Chief Executive is given specific and general delegated authority to deliver the business 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

of the YDBF in accordance with the policies framed by the Trustees. 

## **Funds held as Custodian Trustee** 

The YDBF is custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and churchwardens (Trusts) Measure 1964 where the managing trustees are parochial church councils and others. These assets are not aggregated in the financial statements as the YDBF does not control them, and the assets by means of separate bank and investment accounts. The market value of funds held as custodian amounted to **£17,146,000** at 31 December 2024 (2023: £16,833,000). Custodian investments are summarised in note 29. 

## **Funds held on behalf of schools** 

The Board of Education (as incorporated within the YDBF) receives contributions from governors of church schools within the Diocese in connection with major repair and capital projects to church schools and also government grants in connection with the same. The Board of Education administers these monies as managing agent and makes appropriate payments to contractors for work carried out. The monies do not belong to the Board of Education and as such the receipts and payments are not treated as income and expenditure in the Statement of Financial Activities. Any monies held at the balance sheet date are treated as creditors on the balance sheet.  The amount included in creditors as at 31 December 2024 is **£94,000** (2023 £109,000). 

## **OTHER RELATED PARTIES** 

The Diocese of York Educational Trust, which acts as a member of Academy Trusts and Multi-Academy trusts on behalf of the YDBF (the DBE being unincorporated) is a related party. A small grant is made by the DBE to support governance costs and the Trustees work closely with members of the DBE and the education team to support the Church of England Academies in the diocese. The YDBF also has operational links with Church of England schools in the Diocese, but as the nature of the relationship does not satisfy the requirements for control under the accounting standards, they are not disclosed within the accounts. 

Transactions with the main categories of related parties are identified in appropriate places throughout the financial statements. Where materiality of the transactions merits more detailed disclosure this is given in note 28 to the financial statements. 

Although the following are not related parties under accounting regulations, there are a number of bodies that the YDBF works closely with), these include: 

- The funding national training of ordinands and the activities of the various national boards and councils, unding to dioceses from the Church 

- Commissioners under legislation and regulations established by the General Synod of the Church of England. 

- The Church Commissioners from which the YDBF receives grants and which acts on behalf of clergy with HM Revenue and Customs. The YDBF pays for clergy stipends through the Church Commissioners. 

- The Church of England Pensions Board, to which the YDBF pays retirement benefit contributions for stipendiary clergy and employees. It also offers schemes to provide housing for clergy in 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

## **For the year ended 31 December 2024** 

retirement.DBE Services, of which the YDBF is a member, provides services to Church Schools. Any profits are returned to the member dioceses via charitable donations and are designated by the trustees to support the work of the education team. 

- Together Middlesbrough and Cleveland, a charitable company limited by guarantee, which exists to work in partnership with Christian based charities in the north of the diocese for the relief of hardship and the wellbeing of those in need. YDBF is a member, alongside the Church Urban Fund, but receives no benefit and does not make any financial contribution. 

## **TRUSTEE** 

The trustees (who are also directors of YDBF for the purposes of company law) are responsible for United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: 

- Select suitable accounting policies and apply them consistently 

- Observe methods and principles in the Charities SORP (FRS102) 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business 

The Trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the YDBF and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the YDBF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the YDBF website. Legislation in England and Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions. 

## **STATEMENT OF DISCLOSURE TO THE AUDITORS** 

So far as the Trustees are aware: 

- a) 

- b) we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit information and to establish that the charitable comp aware of that information. 

## **APPOINTMENT OF AUDITORS** 

Saffery LLP have expressed their willingness to continue in office as auditor for the next financial year 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

and are deemed to be reappointed under Section 487 (2) of the Companies Act 2006 until otherwise resolved at a General Meeting of the Company. 

## **ADMINISTRATIVE DETAILS** 

## **Trustees** 

No Trustee had any beneficial interest in the company during 2024. The following Trustees were in post at the date of this report (those who served for some of 2024 are shown in _italics_ ): 

Ex-officio: Chair Mr C R Barton The Dean of York The Very Reverend Dominic Barrington The Archbishop of York The Most Reverend & Right Honourable S Cottrell The Bishop of Whitby The Right Reverend PJ Ferguson _(Vice-Chair until resigned as trustee 31 July 2024)_ The Right Reverend B Hill _(appointed 10 October 2024)_ The Bishop of Selby The Right Reverend Dr JB Thomson _(resigned 31 July 2024)_ The Right Reverend F Winfield _(appointed 10 October 2024 and Vice- Chair from 6 February 2025)_ The Bishop of Hull The Right Reverend E Sanderson The Archdeacon of Cleveland The Venerable A Bloor The Archdeacon of the East Riding The Venerable AC Broom The Archdeacon of York The Venerable SJ Rushton (resigned 31 March 2025) The Chair of the House of Laity - Dr N Land (term ended 31 December 2024) Mr D Brookes (appointed 1 January 2025) The Chair of the House of Clergy - The Reverend R Lumley Elected by: Synod House of Clergy The Reverend E Hassall The Reverend Canon S Sherriff (term ended 31 December 2024) The Reverend M Rolls The Reverend A Baker (appointed 1 January 2025) The Reverend M Carey (appointed 1 January 2025) The Reverend R Walker _(resigned 15 January 2024)_ Synod House of Laity Miss KM Banks Dr NA Burgess (term ended 31 December 2024) Mr D Millican Canon RPA Brewer Dr G Boag-Munroe _(resigned 29 June 2024)_ Dr D Craven (term ended 31 December 2024) Dr G Parr Dr T Scott (term ended 31 December 2024) Dr N Land (appointed 1 January 2025) Mr M Stallybrass (appointed 1 January 2025) Mrs S Teal (appointed 1 January 2025) Canon R Liversedge (appointed 1 January 2025) 

Co-opted by the Archbishop The Reverend R Suekarran 

Page 26 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **ANNUAL REPORT** 

**For the year ended 31 December 2024** 

## **Senior staff and advisers** 

Diocesan Secretary & Chief Executive Canon PJ Warry Director of Finance Mrs K Rose Director of Education Mr AK Smith (to 31 August 2024) Mrs M Palmer (from 6 Jan 2025) Director of Communications & Parish Resourcing Mr M Sheppard Director of Mission & Ministry The Revd I McIntosh Director for Strategic Transformation Miss S Nicol (to 3 June 2024) Head of Safeguarding Mr R Marshall Assistant Diocesan Secretary Ms SA Davies (to 6 April 2024) 

Registered Office: Diocese of York, Amy Johnson Way, Clifton Moor, York, YO30 4XT Bankers Barclays Bank PLC, 1-3 Parliament Street, York, YO1 8SE Auditors Saffery LLP, 10 Wellington Place, Leeds, LS1 4AP Solicitors Lupton Fawcett LLP, Stamford House, Piccadilly, York, YO1 9PP _and_ Womble Bond Dickenson LLP The Spark, Draymans Way, Newcastle Helix, Newcastle Upon Tyne, UK NE4 5DE Investment advisers CCLA Investment Management Ltd 1 Angel Lane, London, EC4R 3AB _and_ Evelyn Partners Investment Management LLP, 103 Colmore Row, Birmingham, B3 2BJ Glebe Agents Savills, River House, 17 Museum Street, York, YO1 7DJ _and_ Dee, Atkinson & Harrison, The Exchange, Exchange Street, Driffield, YO25 6LD Insurers Ecclesiastical Insurance Office plc, Benefact House, 2000 Pioneer Avenue, Gloucester Business Park, Brockworth, Gloucester. GL3 4AW 

In approving this Trustee Trustees are also approving the Strategic Report included on pages 4 20 within their capacity as company directors. 

ON BEHALF OF THE TRUSTEES 



**Mr CR Barton The Right Reverend F Winfield** Chairman Vice Chair **2025 2025** 

Page 27 



**DIOCESAN BOARD OF FINANCE LIMITED** 

## **Opinion** 

We have audited the financial statements of the York Diocesan Board of Finance Limited for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Income and Expenditure Account, 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 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- 4 and of 

- its incoming resources and application of resources, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable audit of the financial statements section of our report. We are independent of the charity in accordance with Ethical Standard, and we have fulfilled 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. 

## **Conclusions relating to going concern** 

accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Annual Report, other than the financial . The trustees are responsible for the other information.   Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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 information, we are required to report that fact. We have nothing to report in this regard. 

Page 28 



## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the eport have been prepared 

- in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

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 Annual Report and strategic report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 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. 

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

Identifying and assessing risks related to irregularities: 

how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. 

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales and the Church of England Measures. 

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Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable ers of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial www.frc.org.uk/auditorsresponsibilities. report. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. 



Sally Appleton (Senior Statutory Auditor) For and on behalf of Saffery LLP, Chartered Accountants, Statutory Auditors 

10 Wellington Place Leeds LS1 4AP 

2025 

Page 30 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **For the year end 31 December 2024** 


**----- Start of picture text -----**<br>
Unrestricted Restricted Endowment Total funds Total funds<br>funds funds funds 2024 2023<br>Note £'000 £'000 £'000 £'000 £'000<br>Income and endowments from<br>Grants and donations 2<br>Parish contributions 7,435 -  -  7,435 7,188<br>Archbishops' Council 1,583 1,045 -  2,628 2,869<br>Other grants and donations 47 179 -  226 268<br>Charitable activities 3 870 819 99 1,788 1,711<br>Other activities 4 535 -  -  535 404<br>Investments 5 1,406 171 -  1,577 1,593<br>Other 6 16 -  37 53 1,105<br>Total 11,892 2,214 136 14,242 15,138<br>Expenditure on<br>Raising Funds 7 460 -  -  460 382<br>Charitable activities<br>General charitable activities 8 13,284 2,059 34 15,377 15,470<br>Usable pension surplus 26 (690) -  -  (690) -<br>(Gains) on clergy pension scheme 26 -  -  -  -  -<br>Total 13,054 2,059 34 15,147 15,852<br>Net (expenditure)/income before  (1,162) 155 102 (905) (714)<br>investment gains and losses<br>Net gains/(losses) on investments 20 657 198 1,699 2,554 2,609<br>Net (expenditure)/income (505) 353 1,801 1,649 1,895<br>Transfers between funds 13 243 (214) (29) -  -<br>Net movement in funds (262) 139 1,772 1,649 1,895<br>Total funds brought forward 11,898 15,107 80,366 107,371 105,476<br>Total funds carried forward 20 11,636 15,246 82,138 109,020 107,371<br>**----- End of picture text -----**<br>


All activities derive from continuing activities.  The notes on pages 35 to 63 from part of the financial statements. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **INCOME AND EXPENDITURE ACCOUNT For the year end 31 December 2024** 


**----- Start of picture text -----**<br>
Total  Total<br>2024 2023<br>£'000 £'000<br>Total income 14,106 14,170<br>Total expenditure (15,113) (15,811)<br>Operating (deficit) for the year (1,007) (1,641)<br>Net gains/(losses) on investments 855 949<br>Net (expenditure) for the year (152) (692)<br>Other comprehensive expenditure/income -  -<br>Net assets transferred from/(to) endowments 29 1,216<br>Total comprehensive income (123) 524<br>**----- End of picture text -----**<br>


The Income and Expenditure Account is derived from the Statement of Financial Activities, with movements in endowment funds and investment gains/losses excluded to comply with company law. All income and expenditure is derived from continuing activities. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **BALANCE SHEET At 31 December 2024** 


**----- Start of picture text -----**<br>
Company number - 225234 2024 2023<br>Note £'000 £'000 £'000 £'000<br>Fixed assets<br>Tangible assets 14 51,413 49,886<br>Investments 15 53,040 54,014<br>104,453 103,900<br>Current assets<br>Debtors 17 1,806 1,865<br>Cash on deposit 3,110 2,423<br>Cash at bank and in hand 1,367 1,694<br>6,283 5,982<br>Creditors: amounts falling due within one year 18 (1,663) (2,458)<br>NET CURRENT ASSETS 4,620 3,524<br>TOTAL ASSETS LESS CURRENT LIABILITIES 109,073 107,424<br>Creditors: amounts falling due after more than  19 (53) (53)<br>one year<br>NET ASSETS 109,020 107,371<br>FUNDS<br>Endowment funds 82,138 80,366<br>Restricted income funds 15,246 15,107<br>Unrestricted income funds:<br>General -other 6,531 6,884<br>General - represented by tangible fixed assets 4,923 4,756<br>Designated  182 258<br>Total funds 22 109,020 107,371<br>**----- End of picture text -----**<br>


The Cash Flow Statement and the Notes form part of these financial statements. The financial statements were approved by the Board of Trustees and authorised for issue on June 2025 



Mr CR Barton Chairman 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **CASH FLOW STATEMENT** 

**For the year end 31 December 2024** 


**----- Start of picture text -----**<br>
2024 2023<br>£'000 £'000 £'000 £'000<br>Net cash (outflow) from operating activities (2,762) (2,759)<br>Cash flows from investing activities<br>Dividends and interest from investments 1,083 1,076<br>Proceeds from sale of:<br> Tangible fixed assets 297 1,421<br> Fixed asset investments 6,754 3,816<br> Closed Churches -  136<br>Purchase of:<br> Tangible fixed assets for the use of the YDBF (1,787) (1,256)<br> Fixed asset investments (3,225) (3,538)<br>Net cash provided by investing activities 3,122 1,655<br>Change in cash and cash equivalents in the 360 (1,104)<br>reporting period<br>Cash and equivalents at 1 January 4,117 5,221<br>Cash and equivalents at 31 December 4,477 4,117<br>Reconciliation of net income to net cash flow<br>from operating activities<br>Net (expenditure) for the year ended 31 December (905) (714)<br>Adjusted for:<br>Depreciation charges -  2<br>Write down of impaired asset -  -<br>Dividends and interest from investments (1,083) (1,076)<br>Profit on sale of functional assets (37) (968)<br>Profit on disposal of closed churches -  (136)<br>Decrease/(increase)in debtors 59 (732)<br>(Decrease)/increase in creditors (796) 865<br>Net cash used in operating activities (2,762) (2,759)<br>Analysis of cash and cash equivalents<br>Cash at bank and in hand 1,367 1,694<br>Notice deposits (less than 3 months) 3,110 2,423<br>4,477 4,117<br>**----- End of picture text -----**<br>


Page 34 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **1. ACCOUNTING POLICIES** 

The financial statements have been prepared under the historical cost convention, with the exception of fixed asset investments, which are included at their market value at the balance sheet date. The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP (FRS102)) second edition effective 1 January 2019, the Companies Act 2006 and applicable accounting standards (FRS102). 

## **Going Concern:** 

The financial statements have been prepared on a going concern basis. The Trustees have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors. The financial position of the YDBF, its net income for the year and cash flows as set out in the Statement of Financial Activities and Cash Flow Statement demonstrate the overall net cash position of the YDBF and the strength of its reserves. As a consequence the Trustees believe that the YDBF is well placed to manage the business risks successfully despite the uncertainties surrounding the current general economic outlook and that there is no matrial uncertainty relating to going concern. 

The Trustees have a reasonable expectation that the YDBF has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. 

The principal accounting policies and estimation techniques are as follows. 

## **a) Income** 

All income is included in the Statement of Financial Activities (SOFA) when the YDBF is legally entitled to them as income or capital respectively, ultimate receipt is probable and the amount to be recognised can be quantified with reasonable accuracy. 

- **i) Freewill Offering** is recognised as income of the year in respect of which it is received. 

- ii) **Rent** receivable is recognised as income in the period with respect to which it relates. 

- iii) **Interest and dividends** are recognised as income when receivable. 

- iv) **Grants** received which are subject to pre-conditions for entitlement specified by the donor which have not been met at the year-end are included in creditors to be carried forward to the following year. 

- v) **Parochial fees** are recognised as income of the year to which they relate. 

- vi) **Donations** other than grants are recognised when receivable **.** 

- vii) **Gains on disposal of fixed assets for the own use** (i.e. non-investment assets) are accounted for as other incoming resources. Losses on disposal of such assets are accounted for as other expenditure. 

- viii) **Permanent endowment funds (Stipends Capital Fund).** This account is governed by the Diocesan Fund Measure 1953, as amended, and the use of the income is restricted for clergy stipends. However, the income is fully expended within the year of receipt and the legal restrictions, therefore, are satisfied. It is on this basis that the income and the (normally much larger) related expenditure are both included in the unrestricted column of the Statement of Financial Activities for the sake of greater clarity and simplicity in financial reporting. 

- ix) **Permanent endowment funds (Ordination Candidates Council Fund, First Lord Trust and Local Stipend Fund).** The income is fully expended within the year of receipt and the terms of the funds, 

- therefore, are satisfied. It is on this basis that the income and the (normally much larger) related expenditure are both included in the unrestricted column of the Statement of Financial Activities for the sake of greater clarity and simplicity in financial reporting. 

Page 35 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **1. ACCOUNTING POLICIES (continued)** 

## **b) Expenditure** 

Expenditure is included on the accruals basis and has been classified under headings that aggregate all costs related to the Statement of Financial Activity category. 

- i) **Costs of raising funds** are constrained to costs relating to the temporary renting out of parsonages and investment management costs of glebe and any other investment properties. 

- ii) **Charitable expenditure** is analysed between contributions to the Council, expenditure on resourcing mission and ministry in the parishes of the diocese, expenditure relating to the running of the diocesan retreat centre, and expenditure on education and Church of England schools in the diocese. 

- iii) **Grants payable** are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional on the recipient satisfying performance or other discretionary requirements to the satisfaction of the YDBF, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to such conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. 

- iv) **Support costs** consist of central management, administration and governance costs. The amount spent on raising funds and other activities is considered to be immaterial and all support costs are allocated to the purpose of charitable activities. Costs are allocated wherever possible directly to the activity to which they relate, but where such direct allocation is not possible, the remainder is allocated on an approximate staff time basis. 

- v) **Pension contributions** . The YDBF's staff are members of the Church Workers Pension Fund and Clergy are members of the Church of England Funded Pensions Scheme (see note 25). The pension costs charged as resources expended represent the YDBF's contributions payable in respect of the accounting period, in accordance with FRS102. The usable surplus on the Church Workers Pension Fund defined benefit pension scheme has been recognised as an asset on the balance sheet. 

## **c) Tangible fixed assets and depreciation** 

## _Freehold properties_ 

Depreciation is not provided on buildings as any provision (annual or cumulative) would not be material due to the very long expected remaining useful economic life in each case, and because their expected residual value is not materially less than their carrying value. The YDBF has a policy of regular structural inspection, repair and maintenance, which in the case of residential properties is in accordance with the Repair of Benefices Buildings Measure 1972 and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition, disposals of properties occur well before the end of their economic lives and disposal proceeds are usually not less than their carrying value. 

The Trustees review the assets for indications of impairment each year. Where indicators of impairment are identified the affected assets are written down to the recoverable amount, which is the higher of the fair value and its value in use. The impairment losses are recognised in expenditure. 

Where expenditure on refurbishing a property exceeds £20,000 it is capitalised if it adds value to the property. 

## _Properties subject to value linked loans_ 

Properties which have been bought with the assistance of value-linked loans from the Church Commissioners are stated using the value of the related loan at the balance sheet date. The respective property and loan are carried at historical cost. 

Page 36 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **1. ACCOUNTING POLICIES (continued)** 

## **c) Tangible fixed assets and depreciation (continued)** 

## _Investment properties_ 

Glebe properties which are held for investment purposes and rented out have been included at their fair value. 

## _Parsonage houses_ 

The YDBF has followed the requirements of FRS102, in its accounting treatment for benefice houses (parsonages). FRS102 requires the accounting treatment to follow the substance of arrangements rather than their strict legal form. The YDBF is formally responsible for the maintenance and repair of such properties and has some jurisdiction over their future use or potential sale if not required as a benefice house, but in the meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees therefore consider the most suitable accounting policy is to capitalise such properties as expendable endowment assets and to carry them at their historical cost. 

## _Valuation of fixed assets_ 

Parsonages, team vicarages and general fund owned houses are carried at historical cost. A number of properties were first recognised at the relevant 1994 council tax band value, which is now treated as historical cost. 

## **d) Other tangible fixed assets** 

All capital expenditure over £5,000 is capitalised and depreciated as follows. Depreciation is provided in order to write off the cost (less any ultimate disposal proceeds at prices ruling at the time of the acquisition) of other fixed assets over their currently expected useful economic lives at the following initial rates:- 

Computer Equipment 25% per annum straight line basis Furniture and equipment 25% per annum straight line basis 

## **e) Other accounting policies** 

- i) **Fixed asset investments** are included in the balance sheet at market value and the gain or loss taken to the Statement of Financial Activities. 

- ii) **Leases** . The YDBF has entered only into operating lease arrangements for the use of certain assets, the rental for which is charged in full as expenditure in the year to which it relates. 

## **f) Fund balances** 

Fund Balances are split between unrestricted (general and designated), restricted and endowment funds. 

- **Unrestricted funds** are the corporate funds and are freely available for any purpose within the charitable objects, at the discretion of the YDBF. There are two types of unrestricted funds: 

**General funds** which the YDBF intends to use for the general purposes of the YDBF and 

   - **Designated funds** set aside out of unrestricted funds by the YDBF for a purpose specified by the Trustees 

- **Restricted funds** are income funds subject to conditions imposed by the donor as specific terms of trust, or else by legal measure. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **1. ACCOUNTING POLICIES (continued)** 

- **Endowment** funds are those held on trust to be retained for the benefit of the charitable company as a capital fund. In the case of the endowment funds administered by the YDBF (Parsonage Houses and Schools), there are discretionary powers to convert capital into income and, as a result, these funds are classified as expendable endowment. Endowment funds where there is no provision for expenditure of capital are classified as permanent endowment. 

(as defined by the Charities Act 2011) and any other trusts where the company acts as trustee and controls the management and use of the funds, are included in the own financial statements as charity branches. Trusts where the YDBF acts merely as custodian trustee with no control over the management of the funds are not included in the financial statements but are summarised in the notes to the financial statements. 

## **g) Key judgements** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: 

- Assessment of residual value of freehold property when determining whether or not depreciation is required see above; 

- Calculation of depreciation see details set out at 1d) above; and 

- Accounting for pensions the key assumptions underpinning any pension creditor reflected in these accounts are set by the Church of England Pensions Board and then reviewed and accepted or challenged by the Trustees. The DBF has adopted a policy of recognising its usable surplus on the Church Workers Pension Fund which is included within debtors. 

Page 38 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **For the year end 31 December 2024** 

## **2.  DONATIONS** 

## **2a. Parish Contributions** 

The majority of donations are collected from parishes through the Freewill Offering system. 

|**2024**<br>**Parish contributions to the Common Fund**<br>**Current year contributions**<br>**Receipts for previous years**<br>**Total income**<br>2023 comparative<br>Parish contributions to the Common Fund<br>Current year contributions<br>Receipts for previous years<br>Total income<br>**2b. Archbishops' Council**<br>**2024**<br>**Resourcing Education Ministry**<br>**Grant for low income dioceses**<br>**Other grants**<br>**Total income**<br>2023 comparative<br>Resourcing Education Ministry<br>Grant for low income dioceses<br>Other grants|**Unrestricted**<br>**Funds**<br>**£'000**<br>**7,272**<br>**163**<br>**7,435**<br>Unrestricted<br>Funds<br>£'000<br>7,084<br>104<br>7,188<br>**Unrestricted**<br>**Funds**<br>**£'000**<br>**-**<br>**1,583**<br>**-**<br>**1,583**<br>Unrestricted<br>Funds<br>£'000<br>-<br>1,650<br>-<br>1,650|**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>Restricted<br>Funds<br>£'000<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£'000**<br>**18**<br>**-**<br>**1,027**<br>**1,045**<br>Restricted<br>Funds<br>£'000<br>154<br>-<br>1,065<br>1,219|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-|**Total funds**<br>**2024**<br>**£'000**<br>**7,272**<br>**163**<br>**7,435**<br>Total funds<br>2023<br>£'000<br>7,084<br>104<br>7,188<br>**Total funds**<br>**2024**<br>**£'000**<br>**18**<br>**1,583**<br>**1,027**<br>**2,628**<br>Total funds<br>2023<br>£'000<br>154<br>1,650<br>1,065<br>2,869|
|---|---|---|---|---|



The above are grants from the National Church. 

Page 39 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **2. DONATIONS (continued)** 

## **2c. Other grants and donations** 

|**Benefact Trust Grant**<br>**Other grants, donations and legacies**<br>2023 comparative<br>Benefact Trust Grant<br>Other grants, donations and legacies|**Unrestricted**<br>**Funds**<br>**£'000**<br>**-**<br>**47**<br>**47**<br>Unrestricted<br>Funds<br>£'000<br>-<br>47<br>47|**Restricted**<br>**Funds**<br>**£'000**<br>**126**<br>**53**<br>**179**<br>Restricted<br>Funds<br>£'000<br>147<br>74<br>221|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-|**Total funds**<br>**2024**<br>**£'000**<br>**126**<br>**100**<br>**226**<br>Total funds<br>2023<br>£'000<br>147<br>121<br>268|
|---|---|---|---|---|



## **3. CHARITABLE ACTIVITIES** 

|**Statutory fees**<br>**Generated income**<br>**Chaplaincy and other**<br>**Diocesan Board of Education**<br>**Wydale Hall**<br>2023 comparative<br>Statutory fees<br>Generated income<br>Chaplaincy and other<br>Diocesan Board of Education<br>Wydale Hall|**Unrestricted**<br>**Funds**<br>**£'000**<br>**565**<br>**11**<br>**144**<br>**150**<br>**-**<br>**870**<br>Unrestricted<br>Funds<br>£'000<br>635<br>22<br>134<br>206<br>-<br>997|**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**49**<br>**63**<br>**707**<br>**819**<br>Restricted<br>Funds<br>£'000<br>-<br>-<br>44<br>63<br>607<br>714|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**99**<br>**-**<br>**99**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-|**Total funds**<br>**2024**<br>**£'000**<br>**565**<br>**11**<br>**193**<br>**312**<br>**707**<br>**1,788**<br>Total funds<br>2023<br>£'000<br>635<br>22<br>178<br>269<br>607<br>1,711|
|---|---|---|---|---|



Page 40 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **4. OTHER TRADING ACTIVITIES** 

|**Housing income**<br>2023 comparative<br>Housing income<br>**5. INVESTMENT INCOME**<br>**Dividends receivable**<br>**Interest receivable**<br>**Rental receivable**<br>2023 comparative<br>Dividends receivable<br>Interest receivable<br>Rental receivable<br>**6. OTHER INCOME**<br>**Gain on sale of properties**<br>**Other income**<br>**Disposal of closed churches**<br>2023 comparative<br>Gain on sale of properties<br>Other income<br>Disposal of closed churches|**Unrestricted**<br>**Funds**<br>**£'000**<br>**535**<br>Unrestricted<br>Funds<br>£'000<br>404<br>**Unrestricted**<br>**Funds**<br>**£'000**<br>**841**<br>**71**<br>**494**<br>**1,406**<br>Unrestricted<br>Funds<br>£'000<br>917<br>43<br>517<br>1,477<br>**Unrestricted**<br>**Funds**<br>**£'000**<br>**-**<br>**1**<br>**15**<br>**16**<br>Unrestricted<br>Funds<br>£'000<br>-<br>1<br>136<br>137|**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>Restricted<br>Funds<br>£'000<br>-<br>**Restricted**<br>**Funds**<br>**£'000**<br>**167**<br>**4**<br>**-**<br>**171**<br>Restricted<br>Funds<br>£'000<br>113<br>3<br>-<br>116<br>**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>Restricted<br>Funds<br>£'000<br>-<br>-<br>-<br>-|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>**Endowment**<br>**Funds**<br>**£'000**<br>**37**<br>**-**<br>**-**<br>**37**<br>Endowment<br>Funds<br>£'000<br>968<br>-<br>-<br>968|**Total funds**<br>**2024**<br>**£'000**<br>**535**<br>Total funds<br>2023<br>£'000<br>404<br>**Total funds**<br>**2024**<br>**£'000**<br>**1,008**<br>**75**<br>**494**<br>**1,577**<br>Total funds<br>2023<br>£'000<br>1,030<br>46<br>517<br>1,593<br>**Total funds**<br>**2024**<br>**£'000**<br>**37**<br>**1**<br>**15**<br>**53**<br>Total funds<br>2023<br>£'000<br>968<br>1<br>136<br>1,105|
|---|---|---|---|---|



Page 41 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **7. FUNDRAISING COSTS** 

|**Investment Manager's Fees**<br>**Property agents' fees**<br>**Other rented property costs**<br>2023 comparative<br>Investment Manager's Fees<br>Property agents' fees<br>Other rented property costs|**Unrestricted**<br>**Funds**<br>**£'000**<br>**55**<br>**187**<br>**218**<br>**460**<br>Unrestricted<br>Funds<br>£'000<br>78<br>164<br>140<br>382|**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>Restricted<br>Funds<br>£'000<br>-<br>-<br>-<br>-|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-|**Total funds**<br>**2024**<br>**£'000**<br>**55**<br>**187**<br>**218**<br>**460**<br>Total funds<br>2023<br>£'000<br>78<br>164<br>140<br>382|
|---|---|---|---|---|



## **8. CHARITABLE ACTIVITIES** 

|**Contributions to Archbishops' Council**<br>Training for ministry<br>National Church responsibilities<br>Grants & provisions<br>Mission agency pension costs<br>Retired clergy housing costs<br>Ordinand maintenance grants - pooling<br>adjustment<br>**Resourcing Ministry and Mission**<br>**Parish ministry  and chaplaincy**<br>Parochial clergy stipends, national insurance and pensions<br>Housing costs<br>Removal, resettlement and grants<br>Other costs<br>**Resourcing Ministerial Education**<br>**Support for parish ministry**<br>**Wydale Hall**<br>**Expenditure on Education**<br>Support for church schools and parishes|**Unrestricted**<br>**Funds**<br>**£'000**<br>**351**<br>**209**<br>**36**<br>**-**<br>**146**<br>**55**<br>**797**<br>**6,066**<br>**2,774**<br>**201**<br>**59**<br>**-**<br>**9,100**<br>**2,879**<br>**-**<br>**11,979**<br>**508**<br>**13,284**|**Restricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**331**<br>**-**<br>**-**<br>**106**<br>**220**<br>**657**<br>**722**<br>**671**<br>**2,050**<br>**9**<br>**2,059**|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**34**<br>**34**|**Total funds**<br>**2024**<br>**£'000**<br>**351**<br>**209**<br>**36**<br>**-**<br>**146**<br>**55**<br>**797**<br>**6,397**<br>**2,774**<br>**201**<br>**165**<br>**220**<br>**9,757**<br>**3,601**<br>**671**<br>**14,029**<br>**551**<br>**15,377**|
|---|---|---|---|---|



Page 42 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

**For the year end 31 December 2024** 

## **8. CHARITABLE ACTIVITIES (continued)** 

|2023 comparative<br>Contributions to Archbishops' Council<br>Training for ministry<br>National Church responsibilities<br>Grants & provisions<br>Mission agency pension costs<br>Retired clergy housing costs<br>Ordinand maintenance grants - pooling<br>adjustment<br>Resourcing Ministry and Mission<br>Parish ministry and chaplaincy<br>Parochial clergy stipends, national insurance and pensions<br>Housing costs<br>Removal, resettlement and grants<br>Other costs<br>Resourcing Ministerial Education<br>Support for parish ministry<br>Wydale Hall<br>Expenditure on Education<br>Support for church schools and parishes|Unrestricted<br>Funds<br>£'000<br>351<br>205<br>36<br>11<br>139<br>64<br>806<br>5,905<br>2,984<br>217<br>71<br>-<br>9,177<br>3,037<br>-<br>12,214<br>512<br>13,532|Restricted<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>417<br>-<br>-<br>128<br>141<br>686<br>638<br>560<br>1,884<br>13<br>1,897|Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>41<br>41|Total funds<br>2023<br>£'000<br>351<br>205<br>36<br>11<br>139<br>64<br>806<br>6,322<br>2,984<br>217<br>199<br>141<br>9,863<br>3,675<br>560<br>14,098<br>566<br>15,470|
|---|---|---|---|---|



Page 43 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **9. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS** 

|**Raising Funds**<br>**Charitable Activities:**<br>Contributions to Archbishops' Council<br>Resourcing parish ministry<br>Education<br>Retreat Centre<br>**(Gains) on clergy pension scheme**<br>**Usable pension surplus**<br>2023 comparatives<br>Raising Funds<br>Charitable Activities:<br>Contributions to Archbishops' Council<br>Resourcing parish ministry<br>Education<br>Retreat Centre<br>(Gains) on clergy pension scheme|**Activities**<br>**Undertaken**<br>**Directly**<br>**£'000**<br>**460**<br>**-**<br>**12,000**<br>**447**<br>**545**<br>**-**<br>**(690)**<br>**12,762**<br>Activities<br>Undertaken<br>Directly<br>£'000<br>382<br>-<br>12,228<br>461<br>452<br>-<br>13,523|**Grant**<br>**Funding of**<br>**Activities**<br>**£'000**<br>**-**<br>**797**<br>**556**<br>**1**<br>**-**<br>**-**<br>**-**<br>**1,354**<br>Grant<br>Funding of<br>Activities<br>£'000<br>-<br>806<br>521<br>2<br>-<br>-<br>1,329|**Support**<br>**Costs**<br>**£'000**<br>**-**<br>**-**<br>**802**<br>**103**<br>**126**<br>**-**<br>**-**<br>**1,031**<br>Support<br>Costs<br>£'000<br>-<br>-<br>789<br>103<br>108<br>-<br>1,000|**Total**<br>**Costs**<br>**2024**<br>**£'000**<br>**460**<br>**797**<br>**13,358**<br>**551**<br>**671**<br>**-**<br>**(690)**<br>**15,147**<br>Total<br>Costs<br>2023<br>£'000<br>382<br>806<br>13,538<br>566<br>560<br>-<br>15,852|
|---|---|---|---|---|



Page 44 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **10. ANALYSIS OF SUPPORT COSTS** 

|**Central Support**<br>**Support for Schools**<br>**Retreat Centre**<br>**Governance:**<br>**Boards and committees**<br>**External Audit**<br>**Registrar & Chancellor**<br>**Synodical costs**<br>**Allocation of central support costs**<br>2023 comparative<br>Central Support<br>Support for Schools<br>Retreat Centre<br>Governance:<br>Boards and committees<br>External Audit<br>Registrar & Chancellor<br>Synodical costs<br>Allocation of central support costs<br>**11. ANALYSIS OF GRANTS MADE**<br>**From unrestricted funds for national church responsibilities**<br>**Contributions to Archbishops' Council**<br>**From unrestricted funds**<br>**PCCs for faculty fees**<br>**PCCs for Repairs to Church Buildings**<br>**Ordinands in training**<br>**Clergy for training**<br>**Resettlement Grants**<br>**Diocese of York Educational Trust**<br>**Other grants**<br>**From restricted funds**<br>**PCCs for Repairs to Church Buildings**<br>**Clergy for energy grants**<br>**PCCs for energy grants**<br>**Other grants**<br>**PCCs for Mustard Seed projects**<br>**Total**|**Unrestricted**<br>**Funds**<br>**£'000**<br>**394**<br>**103**<br>**-**<br>**4**<br>**27**<br>**160**<br>**14**<br>**70**<br>**772**<br>Unrestricted<br>Funds<br>£'000<br>383<br>103<br>-<br>4<br>32<br>150<br>20<br>76<br>768<br>**Number**<br>12<br>150<br>21<br>6<br>50<br>37<br>1<br>4<br>13<br>-<br>-<br>-<br>45<br>**327**<br>**339**|**Restricted**<br>**Funds**<br>**£'000**<br>**133**<br>**-**<br>**126**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**259**<br>Restricted<br>Funds<br>£'000<br>124<br>-<br>108<br>-<br>-<br>-<br>-<br>-<br>232<br>**Individuals**<br>**£'000**<br>-<br>-<br>-<br>96<br>19<br>201<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**316**<br>**316**|**Endowment**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>Endowment<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**Institutions**<br>**£'000**<br>797<br>36<br>36<br>-<br>-<br>-<br>1<br>5<br>47<br>-<br>-<br>-<br>116<br>**241**<br>**1,038**|**Total funds**<br>**2024**<br>**£'000**<br>**527**<br>**103**<br>**126**<br>**4**<br>**27**<br>**160**<br>**14**<br>**70**<br>**1,031**<br>Total funds<br>2023<br>£'000<br>507<br>103<br>108<br>4<br>32<br>150<br>20<br>76<br>1,000<br>**2024**<br>**Total**<br>**£'000**<br>797<br>36<br>36<br>96<br>19<br>201<br>1<br>5<br>47<br>-<br>-<br>-<br>116<br>**557**<br>**1,354**|
|---|---|---|---|---|



Page 45 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **For the year end 31 December 2024** 

## **11. ANALYSIS OF GRANTS MADE (continued)** 

|2023 comparative<br>From unrestricted funds for national church responsibilities<br>Contributions to Archbishops' Council<br>From unrestricted funds<br>PCCs for faculty fees<br>PCCs for Repairs to Church Buildings<br>Ordinands in training<br>Clergy for training<br>Resettlement Grants<br>Diocese of York Educational Trust<br>Other grants<br>From restricted funds<br>PCCs for Repairs to Church Buildings<br>Clergy for energy grants<br>PCCs for energy grants<br>Other grants<br>PCCs for Mustard Seed projects<br>Total<br>**12. STAFF COSTS**<br>Employee costs during the year were as follows:<br>Wages and salaries<br>National insurance contributions<br>Pension Costs - Current Year<br>The average number of persons employed during the year :<br>Archdeaconry based roles<br>Living Christ's Story (including Multiply & Mustard Seed)<br>Safeguarding and Pastoral Care<br>Mission & Ministry - Training, Vocations & School of Ministry<br>Education<br>Other Diocesan Office based posts<br>Other externally funded posts<br>Parochial Posts<br>Wydale Hall<br>The average number of persons employed during the year based o<br>Archdeaconry based roles<br>Living Christ's Story (including Multiply & Mustard Seed)<br>Safeguarding and Pastoral Care<br>Mission & Ministry - Training, Vocations & School of Ministry<br>Education<br>Other Diocesan Office based posts<br>Other externally funded posts<br>Parochial Posts<br>Wydale Hall|Number<br>Individuals<br>£'000<br>12<br>-<br>148<br>-<br>24<br>-<br>10<br>82<br>43<br>12<br>39<br>217<br>1<br>-<br>4<br>-<br>2<br>-<br>36<br>37<br>32<br>-<br>1<br>-<br>44<br>-<br>384<br>348<br>396<br>348<br>**Funded via**<br>**general fund**<br>**Externally**<br>**funded**<br>4.0<br>-<br>4.0<br>10.3<br>5.2<br>-<br>7.2<br>-<br>5.0<br>3.8<br>19.7<br>0.6<br>3.0<br>45.1<br>17.7<br>3.8<br>-<br>-<br>8.1<br>48.9<br>25.8<br>n full-time equivalents:<br>**Funded via**<br>**general fund**<br>**Externally**<br>**funded**<br>2.7<br>-<br>3.8<br>8.5<br>4.2<br>-<br>6.5<br>0.0<br>4.3<br>3.1<br>17.7<br>0.6<br>-<br>2.5<br>39.2<br>14.7<br>3.0<br>-<br>0.0<br>6.2<br>42.2<br>20.9|Institutions<br>£'000<br>806<br>35<br>8<br>-<br>-<br>-<br>2<br>6<br>6<br>-<br>21<br>4<br>93<br>175<br>981<br>**2024**<br>**£'000**<br>**2,604**<br>**263**<br>**270**<br>**3,137**<br>**Total**<br>**Number**<br>4.0<br>14.3<br>5.2<br>7.2<br>8.8<br>20.3<br>3.0<br>62.8<br>3.8<br>8.1<br>74.7<br>**Total**<br>**Number**<br>2.7<br>12.3<br>4.2<br>6.5<br>7.4<br>18.3<br>2.5<br>53.9<br>3.0<br>6.2<br>63.1|2023<br>Total<br>£'000<br>806<br>35<br>8<br>82<br>12<br>217<br>2<br>6<br>6<br>37<br>21<br>4<br>93<br>523<br>1,329<br>2023<br>£'000<br>2,469<br>246<br>261<br>2,976<br>Total<br>Number<br>4.0<br>13.4<br>5.4<br>8.8<br>9.2<br>20.0<br>3.3<br>64.1<br>3.2<br>8.9<br>76.2<br>Total<br>Number<br>2.5<br>10.9<br>4.4<br>8.0<br>7.4<br>18.8<br>2.7<br>54.7<br>2.4<br>6.0<br>63.1|
|---|---|---|---|



Page 46 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **For the year end 31 December 2024** 

## **12. STAFF COSTS (continued)** 

The number of staff whose emoluments (including benefits in kind but excluding Pension contributions) amounted to more than £60,000 were as follows: 

|||**2024**||2023||
|---|---|---|---|---|---|
|£60,000|- £70,000||**2**||2|
|£70,000|- £80,000||**1**||3|
|£80,000|- £90,000||**1**||-|



Pension payments of **£34,242** (2023: £44,667) were made to these employees. 

Payments to 2 people (2023:2) on termination of employment totalling £36,000 (2023: £25,000) have been made during the year. 

## **Remuneration of key management personnel** 

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the Trustees, for planning, directing and controlling the activities of the diocese. During 2024 they were: 

|Diocesan Chief Executive|Canon PJ Warry|
|---|---|
|Assistant Diocesan Secretary|Ms SA Davies (resigned 6 April 2024)|
|Director of Finance|Mrs K Rose|
|Diocesan Director of Education|Mr AK Smith (resigned 31 August 2024)|
|Director of Communications and Parish Resourcing|Mr M Sheppard|
|Director of Mission & Ministry|The Reverend I McIntosh|
|Director of Strategic Transformation|Ms S Nicol (resigned 3 June 2024)|



Remuneration, pensions and benefits for these employees amounted to £482,053 (2023: £544,826). 

No Trustee received any remuneration for services as Trustee. 14 (2023: 13) of the Trustees received travelling and out of pocket expenses, totalling **£21,309** (2023 - £20,964) in respect of General Synod duties, duties as archdeacon or area/rural dean, and other dutiesas Trustees. 

The following table gives details of the Trustees in the year, who were in receipt of a stipend and/or housing provided by the YDBF during the year: 

|the YDBF during the year:|||
|---|---|---|
||**Stipend**|**Housing**|
|The Most Reverend & Right Honourable S Cottrell|No|No|
|The Very Reverend D Barrington|No|No|
|The Right Reverend PJ Ferguson (resigned 31 July 2024)|No|Yes|
|The Right Reverend JB Thomson (resigned 31 July 2024)|No|Yes|
|The Right Reverend Dr E Sanderson|No|Yes|
|The Right Reverend F Winfield (appointed 10 October 2024)|No|Yes|
|The Right Reverend B Hill (appointed 10 October 2024)|No|Yes|
|The Venerable AC Broom|Yes|Yes|
|The Venerable SJ Rushton (resigned 31 March 2025)|Yes|Yes|
|The Venerable A Bloor|Yes|Yes|
|The Reverend R Walker (resigned 15 January 2024)|Yes|Yes|
|The Reverend Canon S Sherriff|Yes|Yes|
|The Reverend R Lumley|Yes|Yes|
|The Reverend E Hassall|Yes|Yes|
|The Reverend M Rolls|Yes|Yes|
|The Reverend R Suekarran|Yes|Yes|



The YDBF is responsible for funding via the Church Commissioners the stipends of licensed stipendiary clergy in the diocese, other than bishops and cathedral staff. The YDBF is also responsible for the provision of housing for stipendiary clergy in the diocese including the suffragan bishops but excluding the Archbishop and cathedral staff. 

Page 47 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **12. STAFF COSTS (continued)** 

in the diocese, and the costs are shown below. These posts include part time posts and are equivalent to 163 (2023 - 167) full time posts. 

|Stipends<br>National insurance contributions<br>Pension costs - current year<br>Pension costs  - deficit reduction|**2024**<br>**£'000**<br>**4,887**<br>**422**<br>**1,144**<br>**-**<br>**6,453**|2023<br>£'000<br>4,762<br>395<br>1,224<br>-<br>6,381|
|---|---|---|



Included above are additional payments of £73,000 (2023: nil) paid under the Mission & Pastoral Measure. 

The stipends of the Archbishop and Suffragan Bishops are funded by the Church Commissioners and are in the range **£42,350£81,951** (2023 range £39,952 - £77,312). The annual rate of stipend, funded by the YDBF, paid to Archdeacons in 2024 was **£41,002** (2023 £39,048) and other clergy who were Trustees were paid in the range **£28,670 - £30,390** (2023 range £27,192 - £28,942). Stipend levels are set on the basis that housing is provided, and that costs relating to the provided housing (including 

## **13. ANALYSIS OF TRANSFERS BETWEEN FUNDS** 

|**Property related:**<br>Parsonages Houses Fund to/(from) the Pastoral Account<br>Diocesan Parsonages Board from Pastoral Account<br>Pastoral Account to the Diocesan Parsonages Board<br>General Fund from Pastoral Account<br>Parsonage houses Fund from Stipend Capital Fund<br>Stipend Capital Fund to the Parsonage houses Fund<br>Diocean Parsonage Board Fund from Parsonages House Fund<br>Benefice Building Fund to Pastoral Account<br>Pastoral Account from the Benefice Buidling Fund<br>**Other transfers:**<br>General fund (to)/from designated funds<br>General fund from Education UST income fund<br>Pastoral Account to the General Fund<br>Reduction of the clergy pension deficit<br>Sundry other transfers|**Unrestricted**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**156**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**76**<br>**29**<br>**46**<br>**-**<br>**12**<br>**319**|**Designated**<br>**Funds**<br>**£'000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(76)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(76)**|**Restricted**<br>**Funds**<br>**£'000**<br>**(75)**<br>**313**<br>**(313)**<br>**(156)**<br>**-**<br>**-**<br>**104**<br>**(1,352)**<br>**1,352**<br>**-**<br>**(29)**<br>**(46)**<br>**-**<br>**(12)**<br>**(214)**|**Endowment**<br>**Funds**<br>**£'000**<br>**75**<br>**-**<br>**-**<br>**-**<br>**(1,231)**<br>**1,231**<br>**(104)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(29)**|
|---|---|---|---|---|



Many of the transfers made between funds during 2024 relate to property transactions.  There was 1 property sale, 4 purchases 2 extensions/reorderings and 1 redesignations following a change in use and a pastoral reorganisation. 

The other main transfers relate to movements between general and designated funds regarding funds set aside for Mustard Seed. 

|2023 comparative<br>**Property related:**<br>Parsonages Houses Fund to the Pastoral Account<br>Diocesan Parsonages Board from Pastoral Account<br>Pastoral Account to the Diocesan Parsonages Board<br>Parsonage houses Fund from Stipend Capital Fund<br>Parsonage houses Fund to Stipend Capital Fund<br>Diocean Parsonage Board Fund from Parsonages House Fund<br>**Other transfers:**<br>General fund (to)/from designated funds<br>General fund from Education UST income fund<br>Pastoral Account to the General Fund<br>Reduction of the clergy pension deficit<br>Sundry other transfers|Unrestricted<br>Funds<br>£'000<br>-<br>-<br>-<br>75<br>-<br>76<br>-<br>11<br>162|Designated<br>Funds<br>£'000<br>-<br>-<br>-<br>(75)<br>-<br>-<br>-<br>-<br>(75)|Restricted<br>Funds<br>£'000<br>976<br>347<br>(347)<br>240<br>-<br>-<br>(76)<br>-<br>(11)<br>1,129<br>-|Endowment<br>Funds<br>£'000<br>(976)<br>-<br>-<br>30<br>(30)<br>(240)<br>-<br>-<br>-<br>-<br>-<br> <br>(1,216)|
|---|---|---|---|---|



Many of the transfers made between funds during 2023 relate to property transactions.  There were 3 property sales, 3 purchases and 2 redesignations following a change in use and a pastoral reorganisation. The other main transfers relate to movements between general and designated funds re funds set aside for Mustard Seed. 

Page 48 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **For the year end 31 December 2024** 

## **14. TANGIBLE FIXED ASSETS - Land & Buildings** 

|**Cost**<br>At 1 January 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Charge for the year<br>Impairment<br>Disposals<br>At 31 December 2024<br>**Net book value**<br>**At 31 December 2024**<br>At 31 December 2023|**Wydale**<br>**Hall**<br>**£000**<br>1,950<br>-<br>-<br>1,950<br>-<br>-<br>-<br>-<br>-<br>**1,950**<br>1,950|**Education**<br>**Properties**<br>**£000**<br>81<br>-<br>-<br>81<br>-<br>-<br>-<br>-<br>-<br>**81**<br>81|**Freehold**<br>**Properties**<br>**£000**<br>47,514<br>1,776<br>(260)<br>49,030<br>625<br>-<br>-<br>-<br>625<br>**48,405**<br>46,889|**Diocesan**<br>**Office**<br>**£000**<br>963<br>-<br>-<br>963<br>-<br>-<br>-<br>-<br>-<br>**963**<br>963|**Office**<br>**Equipment**<br>**£000**<br>134<br>11<br>(44)<br>101<br>131<br>-<br>-<br>(44)<br>87<br>**14**<br>3|**Total**<br>**£000**<br>**50,642**<br>**1,787**<br>**(304)**<br>**52,125**<br>**756**<br>**-**<br>**-**<br>**(44)**<br>**712**<br>**51,413**<br>49,886|
|---|---|---|---|---|---|---|



All of the properties in the balance sheet are freehold and are vested in the YDBF, except for benefice houses which are vested in the incumbent. Some properties have been purchased with 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 the Commissioners, and the related loan liability extinguished. The value of such properties included above amounts to **£148,000** (2023: £148,000). 

## **15. FIXED ASSET INVESTMENTS** 

|Investment Property<br>Listed Investments<br>Unlisted Investments<br>**16. FINANCIAL INSTRUMENTS**<br>Financial assets measured at fair value|**At**<br>**1 January**<br>**2024**<br>**£000**<br>18,736<br>18,986<br>16,292<br>**54,014**|**Additions**<br>**£000**<br>-<br>3,021<br>204<br>**3,225**|**Disposals**<br>**£000**<br>(701)<br>(5,451)<br>(431)<br>**(6,583)**|**Change in**<br>**Market**<br>**Value**<br>**£000**<br>-<br>2,051<br>333<br>**2,384**<br>**2024**<br>**£000**<br>34,615|**At**<br>**31 December**<br>**2024**<br>**£000**<br>**18,035**<br>**18,607**<br>**16,398**<br>**53,040**<br>2023<br>**£000**<br>34,693|
|---|---|---|---|---|---|



Financial assets measured at fair value comprise listed and unlisted investments and value linked loans to parishes. Financial assets measured at amortised cost comprise cash and debtors. Financial liabilities measured at amortised cost comprise loans and other creditors. 

Page 49 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **17. DEBTORS** 

|Due within one year<br>Capital Work in Progress<br>Other debtors and prepayments<br>Usable pension surplus (see note 26)<br>Due after more than one year<br>Loans to parishes<br>Usable pension surplus (see note 26)<br>**Total debtors**<br>**18. CREDITORS: amounts falling due within one year**<br>Trade creditors<br>Other taxation and social security<br>Other creditors and accruals<br>Amounts held for other bodies<br>Pension Scheme Liabilities<br>Church Workers' Pension Fund<br>Clergy Pension Scheme<br>**Total creditors amounts falling due within one year**<br>**19. CREDITORS: amounts after more than one year**<br>Loan repayment instalments due after more than one year<br>Church Commissioners value-linked loans<br>Pension scheme liabilities<br>Church Workers' Pension Fund<br>Clergy Pension Scheme<br>**Total creditors: amounts falling due after more than one year**<br>The maturity of the above loans may be analysed as follows:<br>In five years and more|**2024**<br>**£'000**<br>**40**<br>**1,132**<br>**239**<br>**1,411**<br>**118**<br>**277**<br>**1,806**<br>**2024**<br>**£'000**<br>**95**<br>**72**<br>**670**<br>**826**<br>**-**<br>-<br>**1,663**<br>**2024**<br>**£'000**<br>**53**<br>-<br>-<br>**53**<br>**53**<br>**53**|2023<br>£'000<br>108<br>1,607<br>-<br>1,715<br>150<br>-<br>1,865<br>2023<br>£'000<br>233<br>14<br>1,101<br>1,110<br>-<br>-<br>2,458<br>2023<br>£'000<br>53<br>-<br>-<br>53<br>53<br>53|
|---|---|---|



Value-linked loans (VLLs) represent amounts advanced to the DBF for the purchase of properties on an equity sharing basis and are repayable on the disposal of the related property. As at 31[st] December 2024 the Board had no intention of disposing of any of those properties funded via VLLs. 

During 2011 and 2012 a significant programme of mechanical and engineering work was carried out at Wydale Hall. The work was financed by a value-linked loan of £375,000 from the general reserves of the Diocese which is secured on the Hall. During 2015 the loan was increased by a further £47,000 to facilitate the refurbishment of the General living accommodation. There is no fixed term for repayment of the loan. As the DBF accounts include the results of Wydale Hall the creditor is not reflected within the above balances. 

Page 50 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **20. SUMMARY OF FUND MOVEMENTS** 

|**Balances at**<br>**1 January**<br>**2024**<br>**£'000**<br>**UNRESTRICTED FUNDS**<br>General<br>11,640<br>Designated<br>Mustard Seed Fund<br>258<br>11,898<br>**RESTRICTED FUNDS**<br>Diocesan Parsonages Board<br>4,497<br>Pastoral Account<br>4,708<br>Resourcing Ministerial Education<br>201<br>Benefice Building Fund<br>3,611<br>Mission Support Fund<br>34<br>Bishops' IT<br>11<br>First Lord Grimthorpe's Trust<br>9<br>Ministry Fund<br>-<br>Wydale Hall<br>1,421<br>Board of Education<br>162<br>Multiply (20s-40s)<br>-<br>Restructuring<br>9<br>Mustard Seed Fund<br>-<br>Strategic Capacity Fund<br>-<br>Giving Advisor Fund<br>8<br>Position of First Responsibility<br>17<br>Energy Grant Funds<br>4<br>Thorntree<br>1<br>Building Grants Funds<br>13<br>Multiply grant fund<br>10<br>Mustard Seed grant fund<br>-<br>South Africa Link Fund<br>1<br>Clergy Retreats<br>5<br>Benefact Trust<br>305<br>Carbon net zero<br>15<br>East Riding village churches<br>60<br>SPIDR - spiritual direction funds<br>5<br>Church Building support officer & grants<br>-<br>Growing more diverse<br>-<br>Heart of Hull<br>-<br>15,107<br>**ENDOWMENT FUNDS**<br>**Expendable**<br>Parsonages Houses Fund<br>32,071<br>Board of Education<br>2,413<br>**Permanent**<br>Stipends Capital Fund<br>44,988<br>Ordination Candidates Council<br>244<br>First Lord Grimthorpe's Trust<br>52<br>Local Trusts' Stipend Fund<br>598<br>80,366<br>**Total funds**<br>**107,371**|**Income**<br>**£'000**<br>11,892<br>-<br>11,892<br>-<br>-<br>19<br>166<br>2<br>-<br>3<br>49<br>707<br>63<br>372<br>-<br>241<br>236<br>24<br>18<br>-<br>2<br>-<br>-<br>50<br>-<br>-<br>126<br>32<br>-<br>-<br>80<br>20<br>4<br>2,214<br>-<br>99<br>37<br>-<br>-<br>-<br>136<br>**14,242**|**Expenditure**<br>**£'000**<br>(13,054)<br>-<br>(13,054)<br>-<br>-<br>(220)<br>-<br>-<br>(2)<br>-<br>(39)<br>(670)<br>(9)<br>(372)<br>(9)<br>(241)<br>(236)<br>(24)<br>(17)<br>-<br>(2)<br>(3)<br>(10)<br>(4)<br>-<br>(1)<br>(60)<br>(45)<br>(16)<br>-<br>(64)<br>(11)<br>(4)<br>(2,059)<br>-<br>(34)<br>-<br>-<br>-<br>-<br>(34)<br>**(15,147)**|**Gains and**<br>**losses**<br>**£'000**<br>657<br>-<br>657<br>-<br>198<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>198<br>-<br>209<br>1,452<br>11<br>1<br>26<br>1,699<br>**2,554**|**Transfers**<br>**£'000**<br>319<br>(76)<br>243<br>417<br>761<br>-<br>(1,352)<br>-<br>-<br>-<br>(10)<br>-<br>(28)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(2)<br>-<br>-<br>-<br>(214)<br>1,202<br>-<br>(1,231)<br>-<br>-<br>-<br>(29)<br>**-**|**Balances  at**<br>**31 December**<br>**2024**<br>**£'000**<br>**11,454**<br>**182**<br>**11,636**<br>**4,914**<br>**5,667**<br>**-**<br>**2,425**<br>**36**<br>**9**<br>**12**<br>**-**<br>**1,458**<br>**188**<br>**-**<br>**-**<br>**-**<br>**-**<br>**8**<br>**18**<br>**4**<br>**1**<br>**10**<br>**-**<br>**46**<br>**1**<br>**4**<br>**371**<br>**2**<br>**44**<br>**3**<br>**16**<br>**9**<br>**-**<br>**15,246**<br>**33,273**<br>**2,687**<br>**45,246**<br>**255**<br>**53**<br>**624**<br>**82,138**<br>**109,020**|
|---|---|---|---|---|---|



Page 51 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **20. SUMMARY OF FUND MOVEMENTS (continued)** 

|2023 comparative<br>UNRESTRICTED FUNDS<br>General<br>Designated<br>Mustard Seed Fund<br>RESTRICTED FUNDS<br>Diocesan Parsonages Board<br>Pastoral Account<br>Resourcing Ministerial Education<br>Benefice Building Fund<br>Mission Support Fund<br>Bishops' IT<br>First Lord Grimthorpe's Trust<br>Ministry Fund<br>Wydale Hall<br>Board of Education<br>Multiply (20s-40s)<br>Restructuring<br>Mustard Seed Fund<br>Strategic Capacity Fund<br>Giving Advisor Fund<br>Position of First Responsibility<br>Energy Grant Funds<br>Longhill<br>Thorntree<br>Roof Alarm & Building Grants Funds<br>Multiply grant fund<br>South Africa Link Fund<br>Clergy Retreats<br>Benefact Trust<br>Carbon net zero<br>East Riding village churches<br>SPIDR - spiritual direction funds<br>ENDOWMENT FUNDS<br>Expendable<br>Parsonages Houses Fund<br>Board of Education<br>Permanent<br>Stipends Capital Fund<br>Ordination Candidates Council<br>First Lord Grimthorpe's Trust<br>Local Trusts' Stipend Fund<br>Total funds|Balances at<br>1 January<br>2023<br>£'000<br>12,850<br>333<br>13,183<br>3,910<br>3,848<br>188<br>3,499<br>33<br>11<br>7<br>-<br>1,373<br>111<br>-<br>37<br>-<br>-<br>8<br>-<br>62<br>4<br>-<br>20<br>18<br>1<br>-<br>168<br>-<br>-<br>-<br>13,298<br>32,289<br>2,306<br>43,544<br>238<br>49<br>569<br>78,995<br>105,476|Income<br>£'000<br>11,900<br>-<br>11,900<br>-<br>-<br>154<br>112<br>1<br>-<br>2<br>44<br>607<br>64<br>474<br>-<br>220<br>285<br>24<br>47<br>-<br>-<br>3<br>-<br>-<br>-<br>5<br>147<br>15<br>60<br>6<br>2,270<br>968<br>-<br>-<br>-<br>-<br>-<br>968<br>15,138|Expenditure<br>£'000<br>(13,914)<br>-<br>(13,914)<br>-<br>-<br>(141)<br>-<br>-<br>-<br>-<br>(34)<br>(559)<br>(13)<br>(474)<br>(28)<br>(220)<br>(285)<br>(24)<br>(30)<br>(58)<br>(4)<br>(2)<br>(7)<br>(8)<br>-<br>-<br>(10)<br>-<br>-<br>-<br>(1,897)<br>-<br>(41)<br>-<br>-<br>-<br>-<br>(41)<br>(15,852)|Gains and<br>losses<br>£'000<br>642<br>-<br>642<br>-<br>307<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>307<br>-<br>148<br>1,474<br>7<br>2<br>29<br>1,660<br>2,609|Transfers<br>£'000<br>162<br>(75)<br>87<br>587<br>553<br>-<br>-<br>-<br>-<br>-<br>(10)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(1)<br>1,129<br>(1,186)<br>-<br>(30)<br>-<br>-<br>-<br>(1,216)<br>-|Balances  at<br>31 December<br>2023<br>£'000<br>11,640<br>258<br>11,898<br>4,497<br>4,708<br>201<br>3,611<br>34<br>11<br>9<br>-<br>1,421<br>162<br>-<br>9<br>-<br>-<br>8<br>17<br>4<br>-<br>1<br>13<br>10<br>1<br>5<br>305<br>15<br>60<br>5<br>15,107<br>32,071<br>2,413<br>44,988<br>245<br>51<br>598<br>80,366<br>107,371|
|---|---|---|---|---|---|---|



Page 52 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **21. SUMMARY OF ASSETS BY FUND** 

|**UNRESTRICTED FUNDS**<br>General<br>Designated<br>Mustard Seed Fund<br>**RESTRICTED FUNDS**<br>Diocesan Parsonages Board<br>Pastoral Account<br>Resourcing Ministerial Education<br>Benefice Building Fund<br>Mission Support Fund<br>Bishops' IT<br>First Lord Grimthorpe's Trust<br>Ministry Fund<br>Wydale Hall<br>Board of Education<br>Multiply (20s-40s)<br>Restructuring<br>Mustard Seed<br>Strategic Capacity Fund<br>Giving Advisor Fund<br>Position of First Responsibility<br>Energy Grants fund<br>Thorntree<br>Building Grants Funds<br>Multiply grant fund<br>Mustard Seed Grant fund<br>South Africa Link Fund<br>Clergy Retreats<br>Benefact Trust<br>Carbon net zero<br>East Riding Village churches<br>SPIDIR - spiritual direction funds<br>Church Building support officer and grants<br>Growing more diverse<br>Heart of Hull<br>**ENDOWMENT FUNDS**<br>**Expendable**<br>Parsonages Houses Fund<br>Board of Education<br>**Permanent**<br>Stipends Capital Fund<br>Ordination Candidates Council<br>First Lord Grimthorpe's Trust<br>Local Trusts' Stipend Fund<br>**Total funds**|**Tangible**<br>**Investments**<br>**£'000**<br>**£'000**<br>4,923<br>7,200<br>-<br>-<br>4,923<br>7,200<br>4,914<br>-<br>-<br>3,954<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,950<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,864<br>3,954<br>33,273<br>-<br>81<br>2,450<br>6,272<br>38,500<br>-<br>259<br>-<br>53<br>-<br>624<br>39,626<br>41,886<br>51,413<br>53,040<br>**Fixed assets**|**Current**<br>**Assets**<br>**£'000**<br>178<br>182<br>360<br>-<br>1,713<br>-<br>2,425<br>36<br>9<br>12<br>-<br>291<br>188<br>-<br>-<br>-<br>-<br>8<br>18<br>4<br>1<br>10<br>-<br>46<br>1<br>4<br>371<br>50<br>47<br>3<br>16<br>9<br>-<br>5,262<br>-<br>191<br>474<br>(4)<br>-<br>-<br>661<br>6,283|**Creditors**<br>**£'000**<br>(847)<br>-<br>(847)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(783)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(48)<br>(3)<br>-<br>-<br>-<br>-<br>(834)<br>-<br>(35)<br>-<br>-<br>-<br>-<br>(35)<br>(1,716)|**Net**<br>**Assets**<br>**£'000**<br>11,454<br>-<br>182<br>11,636<br>4,914<br>5,667<br>-<br>2,425<br>36<br>9<br>12<br>-<br>1,458<br>188<br>-<br>-<br>-<br>-<br>8<br>18<br>4<br>1<br>10<br>-<br>46<br>1<br>4<br>371<br>2<br>44<br>3<br>16<br>9<br>-<br>15,246<br>33,273<br>2,687<br>45,246<br>255<br>53<br>624<br>82,138<br>109,020|
|---|---|---|---|---|



Page 53 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **21. SUMMARY OF ASSETS BY FUND (continued)** 

|2023 Comparatives<br>UNRESTRICTED FUNDS<br>General<br>Designated<br>Mustard Seed Fund<br>RESTRICTED FUNDS<br>Diocesan Parsonages Board<br>Pastoral Account<br>Resourcing Ministerial Education<br>Benefice Building Fund<br>Mission Support Fund<br>Bishops' IT<br>First Lord Grimthorpe's Trust<br>Ministry Fund<br>Wydale Hall<br>Board of Education<br>Multiply (20s-40s)<br>Restructuring<br>Mustard Seed<br>Strategic Capacity Fund<br>Giving Advisor Fund<br>Position of First Responsibility<br>Energy Grants fund<br>Longhill<br>Thorntree<br>Roof Alarm & Building Grants Funds<br>Multiply grant fund<br>South Africa Link Fund<br>Clergy Retreats<br>Benefact Trust<br>Carbon net zero<br>East Riding Village churches<br>SPIDIR - spiritual direction funds<br>ENDOWMENT FUNDS<br>Expendable<br>Parsonages Houses Fund<br>Board of Education<br>Permanent<br>Stipends Capital Fund<br>Ordination Candidates Council<br>First Lord Grimthorpe's Trust<br>Local Trusts' Stipend Fund<br>Total funds|Tangible<br>Investments<br>£'000<br>£'000<br>4,756<br>8,562<br>-<br>-<br>4,756<br>8,562<br>4,497<br>-<br>-<br>3,751<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,950<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,447<br>3,751<br>32,071<br>-<br>81<br>2,149<br>6,531<br>38,657<br>-<br>246<br>-<br>51<br>-<br>598<br>38,683<br>41,701<br>49,886<br>54,014<br>Fixed assets|Current<br>Assets<br>£'000<br>(473)<br>258<br>(215)<br>-<br>957<br>200<br>3,611<br>34<br>11<br>9<br>-<br>275<br>162<br>-<br>9<br>-<br>-<br>8<br>17<br>63<br>-<br>1<br>13<br>10<br>1<br>5<br>305<br>15<br>60<br>5<br>5,771<br>-<br>216<br>211<br>(1)<br>-<br>-<br>426<br>5,982|Creditors<br>£'000<br>(1,205)<br>-<br>(1,205)<br>-<br>-<br>1<br>-<br>-<br>-<br>-<br>-<br>(804)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(59)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(862)<br>-<br>(33)<br>(411)<br>-<br>-<br>-<br>(444)<br>(2,511)|Net<br>Assets<br>£'000<br>11,640<br>-<br>258<br>11,898<br>4,497<br>4,708<br>201<br>3,611<br>34<br>11<br>9<br>-<br>1,421<br>162<br>-<br>9<br>-<br>-<br>8<br>17<br>4<br>-<br>1<br>13<br>10<br>1<br>5<br>305<br>15<br>60<br>5<br>15,107<br>32,071<br>2,413<br>44,988<br>245<br>51<br>598<br>80,366<br>107,371|
|---|---|---|---|---|



Page 54 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **22. DESCRIPTION OF FUNDS** 

General fund The general fund is the unrestricted undesignated fund available for any of the purposes without restriction. Roof alarm & building grants The roof alarm and building grants funds represents funds received from third parties and those designated by the York Diocesan Board of Finance, to support Churches within the Diocese to obtain roof alarms and with building works. Mustard seed fund The mustard seed funds represent funds designated by the Trustees to be used towards the mustard seed project and restricted grants received for the project. Pastoral account The diocesan pastoral account was set up under the provisions of the Pastoral Measure 1983. The restricted purposes for which the account may be used are: to defray costs incurred for the purposes of the Measure or any scheme or order made under the Measure except for salaries of regular diocesan employees to make loans or grants for the provision, restoration, improvement or repair of churches and parsonage houses in the diocese other 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 accounts. Stipends capital fund The diocesan stipends capital fund has been created from the diocesan stipends fund capital account assets held on behalf of the diocese by the Church Commissioners under the Endowments and Glebe Measure 1976 to provide income for clergy stipends. It represents the accumulated sale proceeds of glebe property, sale proceeds of benefice houses and surplus benefice endowments following pastoral reorganisation. Capital funds may be used for the purchase, improvement and maintenance of glebe property and benefice houses. The funds are invested as part of the portfolio and managed by CCLA or Evelyn. Parsonages houses fund This fund represents the carrying value of all the benefice houses (parsonages) in the Diocese. These are expendable endowments in that the Board has the power to convert certain sale proceeds to income with various consents obtained locally and from the Church Commissioners by being transferred to the Diocesan Pastoral Account and then converted to an income account at a later date. The ordination council fund relates to invested bequests, the income from which is to provide assistance to candidates training for the Anglican priesthood. The First Lord Trust provides income for repairs to churches of the evangelical tradition within the Diocese of York. 

Local Stipend Fund The Local Stipend Fund relate to specific investments, the income from which is to augment stipends. Diocesan Parsonage Board The Diocesan Parsonages Board holds houses which are used to accommodate certain office holders who do not have incumbent status. 

Benefice Building Fund The Benefice Building Fund holds proceeds from parsonage sales pending replacement of the property. Any surplus remaining after purchase of a new benefice house or following Pastoral Reorganisation is transferred to the Pastoral Account subject to the consents set out in the Church Property Measure. 

Mission Support Fund The Mission Support Fund relates to donations for projects in Hull and Middlesbrough. 

IT IT is a central allocation by the Church Commissioners for information technology needs. 

Page 55 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **22. DESCRIPTION OF FUNDS (continued)** 

Ministry Fund The Ministry Fund represents donations from private individuals and grant awarding trusts to support specific ministry posts in the diocese. 

|Wydale Hall|Wydale Hall is a special restricted fund and operates as a conference and retreat house|
|---|---|
||primarily for the benefit of the Church of England. In event of a sale of the property the|
||proceeds would have to be applied either in the purchase of another property to be used for|
||the same purposes or invested and the resultant income applied for the promotion and|
||holding of retreats and of religion. Its sole trustee is the York Diocesan Board of Finance|
||Limited.|
|Diocesan Board of Education|DBE funds are restricted in accordance with the Uniform Statutory Trust legislation. The|
||funds are proceeds from site disposals, donations and income from educational services and|
||can be used to support Church Schools. The income can be used by the DBE to fund the|
||provision of services to schools. Capital and income can also be used to assist with school|
||building projects.|
|Resourcing Ministerial|Funding from Ministry Division specifically for ordinand training.|
|Education||
|Strategic Capacity Funding|Funding from Archbishops Council for specific activities relating to the renewal and reform|
||agenda.|
|Multiply (20s-40s)/Grant|Multiply (20s-40s) is Strategic Development Funding from the Church of England awarded|
||for the establishment of new worshipping communities for the 20 to 40 age range. The|
||Multiply Grant Fund represents funds received from third parties towards supporting the|
||Multiply project|
|Restructuring|Funding from the Church of England Strategic Investment Board to be drawn down for use|
||on projects that will support increased financial sustainability and resilience.|
|Longhill and Thorntree|Grants and donations restricted for use within the Longhill or ThorntreeBishops' Mission|
||Orders (BMOs).|
|Giving Advisor Fund|The Giving Advisor Fund is to  support part of the cost of one of the Giving advisors.  The|
|and Position of First|Position of First Responsibility is to support a specific clergy post for a period.|
|Responsibility||
|Energy Grants Fund|The Energy Grants Fund relate to income from the National Church to be|
||allocated towards support for Parishes and clergy.|
|South Africa Link|The South Africa Link Fund relates to donations specifically towards the link|
||project.|
|Benefact Trust Fund|The Benefact Trust Fund is used for projects as agreed with the Trust in advance|
||each year.|
|Carbon net zero|Funding towards the development of carbon net zero plans.|
|East Riding Village Churches|A legacy towards the costs of repair and maintenance of village churches in the East|
||Riding area.|
|SPIDR Fund|Funds held towards the operation of spiritual direction courses.|
|Church Building support|Funds towards small building grants for Parishes and a fixed term church building support|
|officer & grants|officer.|
|Growing more diverse|Funds towards a fixed term post and related expenses regarding transformative|
||education for racial justice.|
|Heart of Hull|Funds towards enabling fresh missional energy in Hull.|



Page 56 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **23.          TOTAL RETURN ON INVESTEMENTS** 

In October 2024 the Trustees agreed to adopt a total return approach from 1 January 2025, to the share of the endowed Stipend Capital Fund that is not property or land and also to the endowed Local Trusts' Stipend Fund. 

This approach allows  an appropriate proportion of both dividend income and increases in the value of investments, built up within the unapplied total return endowment, to be transferred to the general fund each year to support stipendiary ministry. The transfer to be set at a rate the board considers appropriate, taking account of the needs of current and future beneficiaries. 

As part of the 2025 budgeting process, it was agreed that income transferred to the general fund in 2025 would be set at 4.5%of the opening balances on the funds.  The relevant funds will be split into the following: 

- being the calculated original cost plus inflation to 1 January 2025.  The calculation was based on the book value at 2004, adjusted for additions or disposals since that date. 

- representing historic investment gains generated over inflation, to that date, including 

## **24. CAPITAL COMMITMENTS** 

At 31 December 2024 the YDBF had capital expenditure commitments authorised but not contracted for of £nil (2023 - £nil), and contracted for but not yet due of £nil (2023- £72,210). 

## **25. CONTINGENT LIABILITIES** 

There are no contingent liabilities at the balance sheet date. 

## **26. PENSIONS** 

The DBF participates in two pension schemes administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the DBF and the other Responsible Bodies. One of these is the **Church of England Funded Pensions Scheme** for stipendiary clergy. The other is the **Church Workers Pension Fund** . 

These schemes are multi-employer last man standing defined benefit pension schemes for which the DBF is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the scheme.  For multi-employer schemes where this is the case, paragraph 28.11 of FRS102 requires the DBF to account for pension costs on the basis of contributions actually payable to the scheme in the year and, where contributions are affected by a surplus or deficit in the scheme, to disclose information about the surplus or deficit and the implications of the surplus or deficit for the DBF. A valuation of each scheme is carried out once every three years. 

## **Church of England Funded Pension Scheme** 

York DBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme.  This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies. 

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends. 

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102.  This means it is not possible to r as if the Scheme were a defined contribution scheme.  The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were nil. 

A valuation of the Scheme is carried out once every three years.  The most recent Scheme valuation completed was carried out at 31 December 2021.  The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions: 

- An average discount rate of 2.7% p.a.; 

- RPI inflation of 3.6% p.a. (and pension increases consistent with this); 

- CPIH inflation is in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards; 

- Increase in pensionable stipends in line with CPIH; 

- Mortality in accordance with 90% of the S3NA_VL tables, with allowance for improvements in mortality rates in line 

Page 57 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **26. PENSIONS (continued)** 

## **Church of England Funded Pension Scheme (continued)** 

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded. 

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows: 

||||||||% of pensionable stipends|
|---|---|---|---|---|---|---|---|
|31|December|2021|(from January|2021|to December|2022)|7.10%|
|31|December|2022|||||-|
|31|December|2023|||||-|
|31|December|2024|||||-|



An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022, and remained in place until December 2022. 

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the rules. 

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.  However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024 is nil.  The movement in the balance sheet liability over 2023 and over 2024 is set out in the table below. 

|Balance sheet liability as at 1 January<br>Deficit contribution paid<br>Interest cost (recognised in SOFA)<br>Remaining change to the balance sheet liability*<br>(recognised in SOFA)<br>Balance sheet liability as at 31 December|**2024**<br>**£'000**<br>-<br>-<br>-<br>-<br>**-**|2023<br>£'000<br>-<br>-<br>-<br>-<br>-|
|---|---|---|



* Comprises change in agreed deficit recovery plan, and change in discount rate and assumptions between year-ends. 

The legal structure of the scheme is such that if another Responsible Body fails, York DBF could become responsible for paying a 

Page 58 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **26. PENSIONS (continued)** 

## **Church Workers Pension Fund** 

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. 

The YDBF and Wydale Hall participate in both the Defined Benefits Scheme section and the Pension Builder Scheme section of the CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. 

## **Defined Benefits Scheme** 

The Defined Benefits Scheme section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries. 

The Church Workers Pension Fund Defined Benefit Scheme has been closed to future accrual with effect from 31 March 2018. Members of that scheme who remain in employment by the Diocese of York have joined the Pension Builder Classic scheme. The decision to close the scheme and the determination of future pension arrangements followed a consultation with members. 

For funding purposes, the DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns. 

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. 

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS. This means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs of the DBS charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year ( **2024 DBF £nil and Wydale £nil** ; 2023: DBF £nil and Wydale £nil), plus any impact of deficit contributions (see below). 

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool and the Actuary so recommends, further transfers may be made from the Life Risk Pool to the sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary. 

Page 59 



## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **26. PENSIONS (continued)** 

## **Church Workers Pension Fund Defined Benefits Scheme (continued)** 

A valuation of the DBS is carried out once every three years. At the most recent valuation as at 31 December 2022 there was a surplus of £73.6m. The next valuation is due at 31 December 2025. 

Since 31 December 2023, the Board has entered into a full buy-in agreement with Aviva to insure all accrued benefits within the DBS of the CWPF. 

The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there is no obligation recognised as a liability within the financial statements as at 31 December 2023 or 31 December 2024. 

The movement in the provision is set out below: 

|Balance sheet liability as at 1 January<br>Deficit contribution paid<br>Interest cost (recognised in SOFA)<br>Remaining change to the balance sheet liability*<br>(recognised in SOFA)<br>Balance sheet liability as at 31 December|**2024**<br>2023<br>**2024**<br>2023<br>**£'000**<br>£'000<br>**£'000**<br>£'000<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>**-**<br>**-**<br>-<br>**-**<br>-<br>**-**<br>-<br>**Wydale**<br>**YDBF**|**2024**<br>2023<br>**£'000**<br>£'000<br>**-**<br>-<br>**-**<br>-<br>**-**<br>-<br>**-**<br>-<br>**-**<br>-<br>**Total**|
|---|---|---|



* Comprises change in agreed deficit recovery plan and change in discount rate between year-ends. 

Where relevant, this liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments. Under the latest valuation no deficit recovery contributions are required and as such there is currently no balance sheet liability in respect of this scheme. 

||||2024|2023|2022|
|---|---|---|---|---|---|
|Discount rate at|31|December|n/a|n/a|0.0%pa|



The legal structure of the scheme is such that if another employer fails, York DBF could become responsible for paying a share of that pension liabilities. 

Included on the balance sheet is an asset of £516,000 relating to a usable surplus within the share of the Church Workers Pension Fund defined benefit scheme. During the year £174k of this surplus was used by the YDBF against its current year employer pension contributions under the Pension Builder Scheme, and the balance will be used over the next 2-3 years. 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **26. PENSIONS (continued)** 

## **Pension Builder Scheme** 

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes. The York Diocesan Board of Finance only offers Pension Builder Classic to its employees. 

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time.  Discretionary increases may also be added, depending upon the investment returns and other factors. 

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member.  Discretionary bonuses may be added before retirement, depending on investment returns and other factors.  The account, plus any bonuses declared, is payable, unreduced from age 65. 

There is no sub-division of assets between employers in each section of the Pension Builder Scheme. 

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102.  This is because it is not possible or as if the Scheme were a defined contribution scheme.  The pensions costs charged to the SoFA in the year are contributions payable (2024: DBF £251,466 and Wydale £18,377; 2023: DBF £245,160 and Wydale £15,541). 

A valuation of the Pension Builder Scheme is carried out once every three years.  The most recent was carried out as at December 2022.  The next valuation is due as at 31 December 2025. 

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time. 

The legal structure of the scheme is such that if another employer fails, York DBF could become responsible for paying a share of 

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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

## **STATEMENT OF THE FINANCIAL ACTIVITIES For the year end 31 December 2024** 

## **27. PRIOR YEAR COMPARATIVE SOFA** 

|**Note**<br>**Income and endowments from**<br>Donations<br>2<br>Parish contributions<br>Archbishops' Council<br>Other grants and donations<br>Charitable activities<br>3<br>Other activities<br>4<br>Investments<br>5<br>Other<br>6<br>Total<br>**Expenditure on**<br>Raising Funds<br>7<br>Charitable activities<br>General charitable activities<br>8<br>(Gains)/losses on clergy pension<br>25<br>scheme<br>Total<br>**Net (expenditure)/income before**<br>**investment gains and losses**<br>Net gains/(losses) on investments<br>20<br>**Net (expenditure)/income**<br>**Transfers between funds**<br>13<br>**Net movement in funds**<br>**Total funds brought forward**<br>**Total funds carried forward**<br>20|**Unrestricted**<br>**funds**<br>**£'000**<br>7,188<br>1,650<br>47<br>997<br>404<br>1,477<br>137<br>11,900<br>382<br>13,532<br>-<br>13,914<br>(2,014)<br>642<br>(1,372)<br>87<br>(1,285)<br>13,183<br>11,898|**Restricted**<br>**funds**<br>**£'000**<br>-<br>1,219<br>221<br>714<br>-<br>116<br>-<br>2,270<br>-<br>1,897<br>-<br>1,897<br>373<br>307<br>680<br>1,129<br>1,809<br>13,298<br>15,107|**Endowment**<br>**funds**<br>**£'000**<br>-<br>-<br>-<br>-<br>-<br>-<br>968<br>968<br>-<br>41<br>-<br>41<br>927<br>1,660<br>2,587<br>(1,216)<br>1,371<br>78,995<br>80,366|**Total funds**<br>**2023**<br>**£'000**<br>**7,188**<br>**2,869**<br>**268**<br>**1,711**<br>**404**<br>**1,593**<br>**1,105**<br>**15,138**<br>**382**<br>**15,470**<br>**-**<br>**15,852**<br>**(714)**<br>**2,609**<br>1,895<br>**-**<br>**1,895**<br>**105,476**<br>**107,371**|Total funds<br>2022<br>(restated)<br>**£'000**<br>7,044<br>3,125<br>268<br>1,889<br>332<br>1,403<br>433<br>14,494<br>293<br>14,552<br>(145)<br>14,700<br>(206)<br>(3,637)<br>(3,843)<br>-<br>(3,843)<br>109,319<br>105,476|
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## **THE YORK DIOCESAN BOARD OF FINANCE LIMITED** 

**NOTES TO THE FINANCIAL STATEMENTS For the year end 31 December 2024** 

## **28. RELATED PARTY TRANSACTIONS** 

Due to the DBF's links with local schools, a member of key management personnel of the DBF is a member of a number of Academy Trusts in the Diocese. Transactions with these Academy Trusts arise in the normal course of business, however these are not deemed to be a related party under FRS102 as the establishments are not under common control of the DBF. 

Having made enquiries, the directors are not aware of any related party transactions in 2024 (2023: £nil) other than the grant paid to The Diocese of York Educational Trust. 

The Diocese of York Educational Trust (DYET) was incorporated in February 2012. The Trust can have up to seven Trustees; three appointed by the Diocesan Board of Education, three appointed by the Archbishop and the Diocesan Director of Education on an ex officio basis. The Objects of DYET are to advance for the public benefit education in the Diocese of York or elsewhere, in particular but not exclusively, by: 

- promoting the efficiency and effectiveness of Educational Institutions and the efficient and effective application of resources for such purposes including by promoting and disseminating models of good practice and by the delivery of support services generally to such institutions; 

- advancing the education of people who work or volunteer in or govern Educational Institutions in order to assist those persons to deliver a high quality education to the pupils and to communities served by those institutions; establishing, sponsoring and maintaining Academies (primarily but not exclusively Church of England Academies) under the direction of the Diocesan Board of Education. 

The YDBF made a grant of £1,447 to DYET during 2024 (2023: £1,500). 

## **29. FUNDS HELD AS CUSTODIAN TRUSTEE** 

The YDBF acts as Diocesan Authority or custodian trustee for many trust funds by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing trustees are parochial church councils and others. Assets held in this way are not aggregated in these financial statements as the YDBF does not control them. The financial assets held in this way may be summarised as follows: 

|CBF Church of England Investment Fund<br>CBF Church of England Fixed Interest Fund<br>CBF Church of England Property Fund shares<br>COIF income and accumulation shares<br>Other common investment fund holdings<br>CBF Church of England Deposit Fund<br>Cash at bank<br>Total assets held as custodian trustee|**2024**<br>**£'000**<br>**4,291**<br>**166**<br>**29**<br>**352**<br>**9,633**<br>**1,940**<br>**735**<br>**17,14**|2023<br>£'000<br>4,362<br>162<br>30<br>351<br>9,265<br>1,673<br>990<br>16,833|
|---|---|---|



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