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2021-12-31-accounts

Page
Mission Statement
Legal Objectives
Strategic Report
Strategic aims
Objectives for the year
Activities and Achievements in the year
Future plans
Financial
review
Principal
risks and uncertainties
Structure
and Governance
Trustee Responsibilities 14
Administrative
details		 15
Auditors'
report		 17
Consolidated
Statement of Financial		 Activities 19
Summary
income and expenditure		 account 20
Consolidated
Balance Sheet		 21
Consolidated
Statement ofCash		 flows 22
Notes to the Accounts 23

Income Expenditure Profit/(loss)
f'000 E'000 E'000
Ely
Ely		 DBF Property
Limited (05957128)
Diocesan Schools Services Limited (05037336)		 (7)
(20)		 (7)
(18)

Notes Unrestricted Restricted Endowment Total Total
Fund funds funds funds funds
2021 2021 2021 2021 2020
K'000 R'000 E'000 K'000 R'000
Income and endowments
from."
Donations
Ministry Share
Archbishops'
Council
Other donations		 5,554
428
126		 419
181		 5,554
847
307		 5,603
1,020
417
Charitable
activities
Other Activities		 406
298		 406
298		 394
273
Investments
Other		 1,234
1		 1,922 3,156
1		 2,585
8,047 2,522 10,569 10,292
Expenditure
on
Raising Funds
Charitable
activities		 165
8,153		 1,701
735		 76 1,942
8,888		 (361)
10,481
8,318 2,436 76 10,830 10,120
Net income/(expenditure)
before investment gains (271) 86 (76) (261) 172
Net gains on investment 2,072 257 7,564 9,893 1,007
Net income 1,801 343 7,488 9,632 1,179
Transfers
between		 funds 65 1,070 (1,135)
Gains on revaluation of
fixed assets 7,302 7,302 7,275
Net movement
in funds		 1,866 1,413 13,655 16,934 8,454
Reconciliation
offunds
Total funds at 1 January
2021		 19,112 14,203 134,761 168,076 159,622
Total funds at 31
December 2021 20,978 15,616 148,416 185,010 168,076
Total Total
funds funds
2021 2020
F'000 K'000
Total income 10,569 10,292
Total expenditure 10,754 10,750
Operating
(deficit)		 (186) (458)
Net gains
/ (losses) on		 investment 2,329 (785)
Net income/(expenditure)
for		 the year 2,144 (1,243)
Other comprehensive income:
Gains / (losses) on revaluation of fixed assets
Net transfers
from endowments		 1,135 3,526
Total comprehensive income 3,279 2,283
Group Group Charity
Note 2021 2020 2021 2020
K'000 P'000 f'000 E'000
Fixed Assets
Tangible assets 14 100,996 92,480 100,996 92,480
Investments 15 84,543 72,138 83,238 70,986
185,539 164,618 184,234 163,466
Current Assets
Stock 739 734 4
Assets held for sale 3,455 3,455
Debtors 16 1,788 1,617 2,587 2,374
Cash at bank and in hand 1,686 1,944 1,533 1,779
4,213 7,750 4,120 7,612
Current
Liabilities
Creditors: amounts falling due within
one year 17 3,608 3,419 3,453 3,246
Net Current Assets 605 4,331 667 4,366
Total assets less current liabilities 186,144 168,949 184,901 167,832
Creditors: amounts falling due after
more than one year
Pension scheme liabilities 18 23 60 23 60
Other creditors 18
Provisions for liabilities and charges 19 813 813
Net Assets 185,010 168,076 183,767 166,959
Represented
by:
Endowment
funds		 24 148,416 134,761 148,416 134,761
Restricted
income		 funds 23 15,616 14,203 14,348 13,093
Unrestricted
income funds
General funds 22 8,780 6,543 8,805 6,536
Retreat House 22 463 429 463 429
Other Designated funds 22 11,735 12,140 11,735 12,140
20,978 19,112 21,003 19,105
Total Funds 185,010 168,076 183,767 166,959
These financial statements were approved by the Board ofTrustee n .. '2022..... ..., and
The Rt Revd St
hen		 Conway (Bis p of Ely) The Revd Canon Brian ANn Chair
fFinance		 Committee)
Net cash flow from operating
activities		 (A) 972 (2,656)
Cash flows from investing
activities
Dividends,
interest,
and rent from investments		 2,705
2,122
Proceeds from the sale of:
Tangible fixed assets
Fixed asset investments		 5,302
7,976
1,645
Assets held for resale 3,455
Purchase of:
Tangible fixed assets
Fixed asset investments		 (2,449)
(10,193)
(872)
(8,109)
(1,180)
Net cash provided
by investing
activities		 2,762
Cash flows from financing
activities
Loans repaid		 50
Net cash provided
by/(used
in) financing		 activities 50
Change
in cash and cash equivalents
in the year		 (208) 156
Cash and cash equivalents
as at 1 January 2021		 1,894 1,738
Cash and cash equivalents
as at 31 December 2021		 1,686 1,894
A: Reconciliation
of net movements
in		 funds to net cash flow from operating
activities
2021 2020
f'000 f'000
Net movement
in funds for the year~nded		 31 December 16,934 8,454
Adjustments
for:
Depreciation
Gain on revaluation
of property
and investments
Loss on disposal offixed assets
Interest and dividends
receivable		 44
(13,704)
69
(2,705)		 23
(8,419)
(2,122)
Repayment
ofloans advanced
(Increase)/decrease
in stock
(Increase)/decrease
in debtors
Increase
in creditors		 (5)
(171)
212		 (50)
(10)
710
(740)
Increase
in provisions		 298 101
Increase
in current asset investments		 (603)
Net cash flow from operating
activities		 972 (2,656)
B:Analysis
ofcash and cash equivalents		 2021f 2020f
Cash at bank and in hand 1,686 1,944
Central
Board of Finance for parish loans		 (50)
1,686 1,894

IOCESAN BOARD OF F
TO THE ACCOUNTS
HE YEAR ENDED 31 DE
mefrom donations		 INANCE
CEMBER 2021
Total Total
2021
f'000		 2020
f'000
Ministry share
Current year's allocation
net of
discounts
and rebates		 5,537 5,603
Arrears for previous years 17
5,554 5,603
Total ministry share receipts represent %(2020:94.1%)ofthe allocation.
All ministry
share income		 is unrestricted.
Unrestricted Restricted Total Total
2021
f'000		 2021
f'000		 2021
f'000		 2020
f'000
Archbishops'
Council
Chancellor
and Registrar
Market Towns funding
(SDF)
Curates
Funding
(SMF)
Barnwell
innovation
funding
(SIF)
RME grant		 49
291
53
35		 419 49
291
53
35
419		 48
548
424
428 419 847 1,020
In 2020,f596k of income was unrestricted and f424k was restricted.
Unrestricted Restricted Total Total
2021
f'000		 2021
f'000		 2021
f'000		 2020
f'000
Other donations
AIIChurches
Trust grant		 106 106 102
Furlough
Grants
Donations		 20 181 201 288
126 181 307 417
In 2020, f266k of income was unrestricted, f151kwas restricted.
ome from charitable
activities		 Total Total
2021 2020
F'000 F'000
Assigned fees
Unassigned
fees
Retreat House		 296
8
102		 274
18
102
406 394
me from other activities
Total Total
2021 2020
f'000 f'000
Rental income from vacant parsonages 298 258
298 258

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2021
F'000		 2021
f'000		 2021
f'000		 2021
f'000
Investment income 782 1,922 2,704
Glebe rents receivable 451 451
Interest received 1 1
1,234 1,922 3,156
Comparative analysis for 2020
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2020 2020 2020 2020
f'000 F'000 F'000 F'000
investment income 533 1,586 2,119
Glebe rents receivable 463 463
Interest received 3 3
999 1,586 2,585

.Other incom e
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2021 2021 2021 2021 2020
f'000 f'000 f'000 f'000 f.'000
Gain/(losses) on sale of
properties
Other income
TOTAL INCOME 8,047 2,522 10,569 10,292
FOR THE YEAR ENDED 31 DECE
7.Expenditure
on raising funds		 MBE R 2021
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2021 2021 2021 2021
f'000 F'000 R'000 R'000
Let houses expenses
Glebe management
costs
Investment
managers
costs		 64
101		 1,701 13
63		 64
114
1,764
165 1,701 76 1,942
Comparative
analysis for 2020		 Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2020 2020 2020 2020
F'000 F'000 K'000 R'000
Let houses expenses
Glebe management
costs
Investment
managers
costs		 49
83		 102 26
83		 49
109
185
Loss on sa/e offixed assets 35 (739) (704)
132 137 (630) (361)
8.Expenditure
on charitable
activities
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2021
f'000		 2021
K'000		 2021
R'000		 2021
F'000
Contributions
to Archbishops'
Council
Training
for the Ministry
National
Church
Responsibilities
Church's
Housing Assistance
for Retired
Mission agency pension
contributions		 Ministry 277
218
102
12		 277
218
102
12
609 609
Resourcing
Ministry
and Mission
Ministry
in parishes
Stipends,
national
insurance
Housing
costs
Ministry selection and training
Clergy support
Other expenses		 8 pensions 2,730
1,367
1,637
479
30		 426
3
4		 2,730
1,367
2,063
482
34
6,243 433 6,676
Support for ministry
in parishes
Retreat House		 1,187
94		 1,187
94
7,524 433 7,957
Expenditure
on education
Support for church schools		 20 302 322
Total charitable
activities		 8,153 735 76 8,888

Unrestricted Restricted Restricted Restricted Endowment Total Total
Comparative
analysis		 for 2020 Funds Funds Funds Funds
2020 2020 2020 2020
R'000 K'000 R'000 K'000
Contributions to Archbishops' Council
Training
for the		 Ministry 277 277
National
Church		 Responsibilities 231 231
Church's
Housing Assistance		 for Retired Ministry 99 99
Mission agency pension contributions 10 10
617 617
Resourcing
Ministry		 and Mission
Ministry
in parishes
Stipends,
national		 insurance 8 pensions 3,028 1,303 4,331
Housing
costs		 1,235 1,235
Ministry selection and training 1,641 427 2,068
Clergy support 443 443
Other expenses 20 24
6,367 1,734 8,101
Support for ministry in parishes 1,223 1,223
Retreat House 193 193
7,783 1,734 9,517
Expenditure
on education
Support for church schools 340 340
Total charitable activities 8,532 2,211 (630) 10,113
lysis ofexpenditure including allocation ofsupport costs
Activities Grant
undertaken funding of Support Total
directly activities costs Funds
2021 2021 2021 2021
R'000 K'000 R'000 R'000
Raising funds 1,942 1,942
Charitable
activities
Contributions to Archbishops' Council 609 609
Resourcing
parish		 ministry 6,814 298 751 7,863
Education 191 131 322
Retreat House 94 94
9,041 907 882 10,830
Comparative
analysis		 for 2020 Activities Grant Total
undertaken funding of Support Board
Directly activities Costs Funds
2020 2020 2020 2020
E'000 E'000 f'000 E'000
Raising funds (361) (361)
Charitable
activities
Contributions to Archbishops' Council 617 617
Resourcing
Parish		 Ministry 8,316 235 773 9,324
Education 224 116 340
Retreat House 193 193
8,372 852 889 10,113

ELYDIOCESAN BOARD OF FINAN
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEM
10.Analysis ofsupport costs		 CE
BER 2021
Unrestricted Restricted Total
Funds Funds Funds
2021
R'000		 2021
f'000		 2021
f'000
Central
administration		 631 631
Support for School 111
Governance:
External
audit		 30 30
Registrar
and Chancellor		 110 110
771 882
Comparative
analysis
for 2020		 Unrestricted
Funds		 Restricted
Funds		 Total
Funds
2020
f'000		 2020
Z'000		 2020
E'000
Central admi nistrati on 645 645
Support for School 116 116
Governance:
External audit 20 20
Registrar and Chancellor 108 108
773 116 889
11.Analysis ofgrants made
Number of Individuals Institutions Total
grants 2021
R'000		 2021
F'000		 2021
R'000
From unrestricted
funds for
National
Church responsibilities
Contributions
for Archbishops'
Council		 609 609
From unrestricted
funds:
PCCs for Church inspection fees
Ordinands
in training
PCCs for Faculty fees		 47
19
170		 159 33
22		 33
159
22
Diocese Mission Projects
Continuing
ministerial
training		 16
252 163 55 218
Total 257 163 664 827
Number of Individuals Institutions Total
grants 2020
E'000		 2020
E'000		 2020
E'000
From unrestricted
funds for
National
Church responsibilities
Contributions
for Archbishops'
Council		 618 618
From unrestricted
funds:
PCCs for Church inspection fees
Ordinands
in training
PCCs for Faculty fees		 46
19
252		 136 33
22		 33
136
22
Diocese Mission Projects
Continuing
ministerial
training		 16
333 140 55 195
Total 338 140 673 813

Group Board
2021
f'000		 2020
f'000		 2021
f'000		 2020
f'000
Central Board of Finance for parish loans 50 50
Other creditors 1,141 1,706 1,007 1,553
School governing
bodies		 1,221 708 1,221 708
Accruals and deferred income 1,031 556 1,010 536
Clergy Pension scheme 215 399 215 339
Loans
3,608 3,419 3,453 3,246
18.Creditors: amounts
falling		 due after more than one year
Group Board
2021
f'000		 2020
f'000		 2021
f'000		 2020
8'000
Pension scheme liabilities
Clergy pension scheme 23 60 23 60
19.Provisions for liabilities and charges
Group Board
2021
f'000		 2020
f'000		 2021
f'000		 2020
f'000
Parsonage
housing
repairs		 1,076 778 1,076 778
Restructuring 35 35 35 35
813 813
The movement
on provisions		 is as follows:
Balance at 1 January 2021 813 712 813 712
Provision used during the year
Parsonage
housing		 repair (36) (252) (36) (252)
Restructuring
New provision
in year		 —parsonage
housing
repairs 334 353 334 353
Balance at 31 December 2021 813 813
20.Revaluation Reserve
Group Board
2021
f'000		 2020
f'000		 2021
f'000		 2020
f'000
Balance at 1 January 80,065 71,775 80,065 70,840
Revaluation
offixed assets		 7,302 7,275 7,302 7,275
Revaluation
ofinvestment		 assets 7,564 1,015 7,564 944
Balance at 31 December 94,931 80,065 94,931 79,059

Total commitme nt s
un		 der non-cance llable
ope		 rating
leases a		 re as follows:
Group and Board
2021 2020
E'000 f'000
Office equipment with payments
falling due:
Due within one year
Due in between one and five years
2. Unrestricted
funds
Board
At 1 Net incomel At 31
January
2021
F'000		 Income
f'000		 Expenditure
F'000		 (expend-
iture)
R'000		 Gains/
losses
R'000		 Transfers
E'000		 December
2021
R'000
Designated
funds
Pastoral
property
reserve		 10,827 (456) 10,371
Long term parsonage
repair reserve
Ely 2025 growth		 fund 7
118		 (7)
(59)		 (7)
(59)		 59
Murrow
Church		 15 20
Hampton
Church		 111 111
Market Towns 1,062 291 (755) (464) 581 1,179
Barnwell 53 (58) (5) (5)
12,140 344 (879) (535) 130 11,735
Retreat House 429 102 (94) 26 463
General
funds		 6,536 7,599 (7,311) 288 2,046 (65) 8,805
19,105 8,045 (8,284) (239) 2,072 65 21,003
Group At 1 Net incomel At 31
January
2021
K'000		 Income
R'000		 Expenditure
R'000		 (expend-
iture)
f'000		 Gains/
losses
K'000		 Transfers
E'000		 December
2021
R'000
Designated
funds
Pastoral
property
reserve		 10,827 (456) 10,371
Long term parsonage
repair reserve
Ely 2025 growth		 fund 7
118		 (7)
(59)		 (7)
(59)		 59
Murrow
Church		 15 20
Hampton
Church		 111 111
Market Towns 1,062 291 (755) (464) 581 1,179
Barnwell 53 (58) (5) (5)
12,140 344 (879) (535) 130 11,735
Retreat House 429 102 (94) 26 463
General
funds		 6,543 7,601 (7,345) 256 2,046 (65) 8,780
19,112 8,047 (8,318) (271) 2,072 65 20,978

2020 comparatives: Board
At 1 Net income/ At 31
January (expend- Gains/ December
2020
f'000		 Income
f'000		 Expenditure
f'000		 iture)
f'000		 losses
f'000		 Transfers
f'000		 2020
f'000
Designated
funds
Pastoral
property
reserve 10,618 209 10,827
Long term parsonage
repair reserve 7 7
Ely 2025 growth fund 444 (149) (149) (177) 118
Murrow
Church		 13 2 15
Hampton
Church		 111 111
Market Towns 1,267 594 (799) (205) 1,062
12,460 596 (948) (352) 32 12,140
Retreat House 463 145 (193) (48) 14 429
General funds 6,060 7,375 (7,391) (16) (640) 1,132 6,536
18,983 8,116 (8,532) (416) (626) 1,164 19,105
2020 comparatives: Group
At 1 Net incomel At 31
January (expend- Gains/ Transfer December
2020
f'000		 Income
f'000		 Expenditure
f'000		 iture)
f'000		 losses
f'000		 s
f'000		 2020
f'000
Designated
funds
Pastoral
property
reserve 10,618 209 10,827
Long term parsonage
repair reserve 7 7
Ely 2025 growth fund 444 (149) (149) (177) 118
Murrow
Church		 13 2 15
Hampton
Church		 111 111
Market Towns 1,267 594 (799) (205) 1,062
12,460 596 (948) (352) 32 12,140
Retreat House 463 145 (193) (48) 14 429
General funds 6,059 7,390 (7,398) (8) (640) 1,132 6,543
18,982 8,131 (8,539) (408) (626) 1,164 19,112

oard
Net
At 1 incomel At 31
January
2021
f'000		 Income
f'000		 Expenditure
f'000		 (expend-
iture)
f'000		 Gainsl
losses
f'000		 Transfers
f'000		 December
2021
f'000
Diocesan Pastoral
Account		 12,790 100 (40) 60 86 1,035 13,971
Diocesan
Stipends
Fund
Income Account 1,696 (1,696)
New Churches
Fund 61 61
Clergy Well-being
fund		 137 (3) 13 150
RME Fund 10 419 (395) 24 34
Schools fund 95 304 (302) 2 35 132
13,093 2,522 2,436 86 99 1,070 14,348
roup
Net
At 1 incomel At 31
January
2021
f'000		 Income
f'000		 Expenditure
f'000		 (expend-
iture)
f'000		 Gains/
losses
f'000		 Transfers
f'000		 December
2021
f'000
Diocesan Pastoral
Account		 12,790 100 (40) 60 86 1,035 13,971
Diocesan
Stipends
Fund
Income Account 1,696 (1,696)
New Churches
Fund 61 61
Clergy Well-being
fund		 137 3 (3) 13 150
RME Fund 10 419 (395) 24 34
Schools fund 95 304 (302) 2 35 132
Subsidiary
trusts		 1,110 158 1,268
14,203 2,522 2,436 86 257 1,070 15,616

At 1 Net At 31
January
2021
f'000		 Income
f'000		 Expen-
diture
f'000		 incomel
(expenditure)
f'000		 Gains &
losses
f'000		 Transfers
f'000		 December
2021
f'000
Stipends Capital 44,821 (63) (63) 6,906 133 51,257
Fund
Glebe 4,322 (13) (13) 143 (133) 4,319
Team Vicarage
Fund		 2,901 281 3,182
Parsonage
Houses Fund
Schools Fund		 78,715
4,542		 7,021
515		 (1,135) 84,601
5,057
134,761 (76) (76) 14,866 (1,135) 148,416
2020 Comparatives At 1 Net At 31
January
2020
f'000		 Income
f'000		 Expen-
diture
f'000		 incomel
(expenditure)
f'000		 Gains &
losses
f'000		 Transfers
f'000		 December
2020
f'000
Stipends Capital 42,710 656 656 1,570 (655) 44,821
Fund
Glebe
Team Vicarage		 4,341
3,493		 (26) (26) 50
229		 (43)
(821)		 4,322
2,901
Fund
Parsonage 73,685 7,037 (2,007) 78,715
Houses Fund
Schools Fund 4,361 181 4,542
128,590 630 630 9,067 (3,526) 134,761

Board
Unrestricted Restricted Endowment
Funds Funds Funds Total
K'000 K'000 R'000 'Z'000
Fixed assets 12,403 301 88,292 100,996
Investments 18,311 4,422 60,505 83,238
Net current assets I (liabilities) 1,529 (56) (829) 667
Non-current liabilities
Provisions (1,111) (1,134)
31,132 4,667 147,968 183,767
Interfund
borrowing		 (10,129) 9,681 448
Net assets 21,003 14,348 148,416 183,767
Group
Unrestricted Restricted Endowment
Funds Funds Funds Total
R'000 K'000 K'000 K'000
Fixed assets 12,403 301 88,292 100,996
Investments 18,348 5,690 60,505 84,543
Net current assets/(liabilities) 1,490 (56) (829) 605
Non-current liabilities
Provisions (1,134) (1,134)
31,107 5,935 147,968 185,010
Interfund
borrowing		 (10,129) 9,681 448
Net assets 20,978 15,616 148,416 185,010
Funds (Group) at 31December 2020are represented
by:
Unrestricted Restricted Endowment
Funds Funds Funds Total
8'000 E'000 E'000 E'000
Fixed assets 12,742 278 79,460 92,480
Investments
Net current assetsI(liabilities)		 16,071
2,245		 3,780
81		 2,166 72,133
4,492
Non-current liabilities (60) (60)
Provisions (813) (813)
30,245 4,139 133,848 168,232
Interfund
borrowing		 (10,973) 10,059 914
19,272 14,198 134,762 168,232

This liability represents the present value of the present value of the deficit contributions agreed as atthe accounting date and has
been valued using the following assumptions set by reference to the duration
ofthe deficit recovery payments:
December
December		 December
2021
2020		 2019
Discount rate
Price inflation
Increase to total pensionable		 payroll 0.0 pa
n/a
-1.5'/o pa
0.2'/o pa
3.1'/o pa
1.6'/o pa		 1.1'/o pa
2.8'/o pa
1.3'/o pa

e Board does not control th em. The fina ncial assets held in this way ma y be summarised
as f		 ollows:
2021 2020
Valuation Valuation
f'000 E'000
Miscellaneous listed investments 3,033 2,938
Central Board ofFinance: Investment Fund shares 14,943 13,174
Fixed interest securities fund units 408 434
Deposits 2,057 1,994
Other assets (70) 300
Cash at bank 373 191
Total assets held as custodian
trustee		 20,743 19,030