2022-12-31-accounts

DIOCESE of ELY Ely Diocesan Board of Finance A company Ilmli•d by guaiantee and nol havlng a share capltal A•9lst•r•d in England No.. 00142183 IEn9land & Wales) Charity No: 245456 Report & Accounts For the year ended 31 December 2022

ELY DIOCESAN BOARD OF FWANCE Tabl• ol corthhts Pag¢ Mission SlateThnt Legal (YJiKINeS Stiategic Report Slrat8gic airns Objedives lor the yeai livilies and khvèvernerrts in lh• ￿al Future ￿an5 Financial rewew PrinLipal th and uncwlainios sliue1u￿ aThJ Governance Trustee Respon5ilitigs 14 Adminislralive d8tsi 15 Auttoffj' ieport 17 Corwh"dated Slant of Ftrmnual ActNthes 19 Summary incoffya and oxpendswre a¢ctyJnl 20 Consoh"dat•d Balal￿ Shé 21 QJn501idat8d Siat8nnl ol Cash fl¢Jv45 22 Noles to Ihe Accolmts

ELY DIOCESAN BOARD OF FINANCE MISSION STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 We pray to be generous and visible people of Jesus Christ Nurture è ￿nIh￿en1 peO￿e ol Ge Develop heaNhy churches Serve Ihe comrnunity Re-imagine Qui building5 Tawget support io key ar•as To •ngw lulty and courageousty wrth the ol our C￿munitIes, kxalty ano gthalty. To grow Go(fs clwrth by Iillrfing di5¢ipbs and nurturing leaders. To deep•n wr tomNtmfit to ihrw9h word. wtsrsh¥J, and pra￿r.

ELY OIOCESAN BOARD OF RNANCE ANNUAL REPORT FOR THE YEAR ENDED 31 OECEIIBER 2022 Th¢ twsf88s, who are aLso di￿0￿ tor thè purposes ol ctynpany law. pres•nl th•r cornbined annual trusiee5' rewrt and thr￿101s. roport. together Ihe auoliled hnanckal staiamen15. lorthe year 31 tlecember 2022. The directoisltruslees are one and ihe same and In S￿￿"n9 as I￿￿tee$ they are also soning Ihe slial£g￿ report seclions n Iheir capacity as threctors of Ety Diocesan Boafd ol F￿ance Ilhe 8oafdl. This c¢￿￿e0 ￿P)rt sato1￿$ thè Wl reqwrernents for.. A Directors Fleport ol a chaiiiab18 c(￿.. A Sirat9s¥¢ Rep4)rt uTrJor Ihe Companies PAX 2(lJ6; and A TÉusteès Anrnol Rwl wvjef the cha￿ Aci 2011. LEGAL 0gJecmv£s The obl￿1Ve$ ol Ihe thocese ol Ety covgr ggogrnp1￿ area ol the Oioce5e. Boards pri￿1paI Obl￿tiVe 18 to protth)1g. a5Si5t dnd advanc8 the work of u￿ ChurEh ol EnglaThl in Ihe Diocese ol Ely by ackn'ng as Ihe I￿ar￿lar execLrtive ol Ihe Ety IhKesan Synod. The Board has tl)e loRowng slatuw respOns￿tie￿. the man4gomeM ot gkn property ￿VeS￿r￿ts to wrale income io sukyort thè c05t of slwrKIs from the En¢Mnent and Glth Measure 1976: th8 repaii of benefico houses as the tX"ocesan Parscxwge 8oard under Ihe Repair of Benelice ￿lI￿ngS Measuie 1972". the managemoni ol tnve51rnenls and Ihe cwlothan of as￿$ r8lah.ny to C￿rch schook unda¥ the O)cesan Board ot Education Measure 2021: the custodian ol Ferrnaneni endowment and real pro￿rtY assels ￿lating 10 Iwsis held by Incumbents and ArchdeaCC￿ an¢J by Parochial Church Councls as Dwesan Authority under the Incumbetsts and Churchwardens ITw51sl Measure 1W an(J the Par￿hla1 Chjrth Cour￿11$ {PoweTsI Measure 1956. Theslrategk priorities olthe 808rd are eslabI￿￿ed by the DK(esan sY￿d in W￿M￿n￿all￿ wilh Dpan8ry Synods, Paro¢hihl ChLtrch Councls. a￿1 the &shop ol Ety Im resp8cI ol lis for the prowsion ol CU￿ ol souls). To ths end. $W￿lI￿arnt b.me and ellort ￿ conNnrtled to ¢E¥ThjThJn￿atlQn between and with Ihese boclies, as well as wth the thu14 naiw)nally', inclk¥JirvJ an anrwal series of consuiiaiions on matlers ielaling io the priorities for the forthconwwyear. taking fotward comThMlmenls ansng from the DKJces8n Conference ¥tcludiThJ Ihe Diocesan Budget. STRATEGIC AIMS Thè 8oard uns lo PrOn￿)te, lacilitaie. and assbt with Ihe wrmk and pu￿￿e$ of Glwreh of En9knd lor the advancement ol the Christian faith in the DKtese d Ely ar¥J 8Lsethèr8. The Board's strttegy for a¢hievin9 ts cJieciives is lo MaKrta￿ Ihe sound tIna￿la1 sttucbjre needed 10 8n8t48 it lo contsnue supporting the c￿rgY th￿ the paymenl of stpeThts. manatyng par50nages and other mir#s1￿￿al housing and 81so by Pfowdin9 other lactlrties and resources ￿ surrf>ort ol lh2 mintslry of both d8w and lay people in parishes a¢￿9$ Ihe Dioc￿. The key acti￿lIeS may be 5umrnaiised as.. Mission and Minislry in the Panshes li￿ludeS 80 del￿ ￿31r￿N￿. h)using, StPBnd5. pensi(￿ arKI all olher expendiiuie supporting parish.based rr#ntsiryl: Education funding lirLludes wport ILY sthcdsl.. Implementaii¢)n ol slralegic grrywlh pK¥ects.' aThJ Conlrbylvjns lor nalional Imwnty by grant 6￿p￿lI. Tho liustees ol Ihe Board are awwe ol Ihe Charity Commissions on PLth t*r)elil. 'The Ath￿r￿emen1 of Rel￿10n lor the P￿)1￿ 88￿111. have h￿1 regard to il in ath1intstra￿an of the Board.

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Tho Iwsiees believe thai, by promoliog the y￿r￿ of the Ghulch ol England in thè Dirte5e ol Ely. they h81p to promote the whole mission ol thg ¢huKh (paslor81, ev8ngel16t￿. and e￿Men￿all more ellecliv8ly, both in Ihe Diocese a5 a wholè and in rt5 indN&lual panshès, Ihat in thing so r( provides a ben8111 to the publi¢ by.. Providing 18¢ilities for public Wofship. pastoral caie. and spiiitual. mo¥al. and ￿telleC1ual develLVmtrnl, both tor ils mertjors and lor anyo￿ who wshes to beThelit frorn what Ihe Chu￿￿ offeis". and Promoiing Christian values. and seNice by membets ol the Ctturth Hi to their CO￿￿Unities, to the benglit ol individuats arKI society as a whole. OBJECTIVES FOR THE YEAR To erwurage more peoplo lo bgcomo (lirth invow In the rT4SSiC￿ ol tho Church ot EnglaThJ Trn thg Diocese ol Ely. To support d•aneries in th8 cdkntion ol Ministry Share.. To engage ￿th ccxmmunth'es across the Diocese.. To wiew the ￿l￿at￿lfi of funding resources lo mission pr(iecls'. To rèview the ￿1¢Xation ol person1￿1 resourees its mission propcts,. and To rnview the support availaue tor Church Schools acmss the LI.￿eSe. ACnVITIES AND ACHIEVEMENTS IN THE YEAR Op•ralional p•rtormane8 This ha8 beèn a transilional yoar as the woikl emerged from the pandern￿ giviro an opportunity lo caich up wrt some prq.ecis ty) h(￿sing maintenanc8 and repair combined with a higher level ol aciivily in lerms ol clerg movements. There has been a reyiew ol Mission and Mifti8try support in the Diocese and arrival of now stall in both MissK)n and Mirw$try and S¢hod$ has gNgn tine lorthese w4ew5 of oper8tirM in tKth departments. The Diwesan Offic¢ remained closed Ihrou9hout the yeaT and offi￿ staff ¢onlinued 10 cperato from iheir homgs. Our stalf were able lo continue lo rely on systerns Ihal had been imp￿rne￿ted in the previously, meanfng that they were able lo eoniinue to provide a high level of seNte 10 our clergy aftd pari%he5. At the time ol writing th8 ofliegs are open lo slafl ollering a central facility though u59 ts reStr￿ted 10 inlernal cornM[n￿all0n onty. Dth6san Skfl continue lo op81al8 principally Irom hom8. Plans and achIe￿menta in 2022 For 2022 Ihe Board rAanned lo. Maintain clergy stipeThds al the lev81 iecommended ty th8 Archbishcys, Council.. Make provision lor the training and support ol bolh kay and ordainws in palish minislry,. Encourage patishgs In their generosily in lunding rntssion arKI ministry through m￿lsIry Shar8.. and Maintain an ellecliv? repair and maintenance sefvice to c￿rgY in ￿spect of breakages or rjamage to their homas, and ContiAue Siage l of the fharying ma￿et Tovms. Inibati¥e. Commènce a nurnber of initid Proj￿IS in Phas8 2 01 Its mitialive. During 2022 Ihe Board has". Engaged with deaneries and parishes 10 8UPPOrt par￿he8 increase Inth'y￿1Ual gmng. ￿arfIng to 7 01 our deaneries ￿hlEving Ihe payrnent in luu ol Ihwr minisiry sharè allocaiv)ns lor Ihe year.. work￿ ¢losely with each of our deaneries lo continue io make paymenls ol parish shalè achieving an overall colleclion rate 0195%: Maintained a cler9y hou51ng rnaintenance prograrn￿ to ensurè repairs report8d were carried out promptly., Reviewed with Ihe eèntral t1￿￿h 8ulhorit tho fiAan¢ial str￿l￿re to the brst stage ol the fhanging Market Towns". Budgets havo ffjcalibraied to secure thB Gontinugd 0paraI￿jn ol sorn& ol the 1 piojecls inlo 202314. Conwnenced a nurrthr ol proj8ct5 in Phas• 2 of Iha chawTrJ markel lown5 prciect.

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Overall. dewle thg diff￿￿1￿$. the D8F athtsved an irtrease in inconE lo É10.569m. Anhough Ministry Share collection was ma￿l￿alty up on 2021 IwJure. th8 re¢Athon in ¥Kome recwvgd frorn inveslrnenls during t period lirnitéd the exlent of $C￿e operalions. Inv•8lment pgrtorman¢e Inveslmenls li￿lUdIng St1p￿￿ts lundl are hèhj in both gletse and other Board lunds. The v￿ue ol investrnents (excluding short-term cash depotsl ￿ 31 De￿ber 2022 was £81.2m12021". £84ml and bè5gd on the year end value the relum ￿ ￿VeStMent was 3.8%12tr21.' 3.7%). Gbbal equity math•ts wale extremèly vdatilg Ihmugh0￿ the year. man factors ¢￿tr￿Ul￿n9 to Ihis wets continury war in Ukrai)e anij Ihe varw.ng eflecls that had on the tthy supFty of p¥o¢knts and m8l¢ri normamy sou¥ced Irom boih RUs￿a and Llkfaine. The w.ke ￿ Ihe price of Gas intemal￿al1Y and the alle￿ Ilys sudden rise had on global pr¢)ducts)n costs. Al t1￿ end o108cembw 3)22. all map)r equily mark￿s cknsed lower Ihan the I January value. Global co￿emS abcxrt rigng levets ol Wilki￿n. in part a¢celeiale(I by the rises ITh IUEI costs ￿VIe￿ on coryanies, lorced rnany lead￿9 central banks lo launch tradthonal c￿tel infla1￿nary measures seeing inlèresl rale5 to rise to Ihe hwJhest levels seen fol ovei 10y6ars. The Board has taken ihe opportunity to re$liucture part ol rts invesiment portlolK) dur+ng the yeai. Part of this restructuring has seen the diwvestmenl Irom 1055 Iugls and minirMJ sectors. Trn¢Jilionalty the$8 se¢lors ol the markel provth a sigmth'eanl leve10l dNi¢nd Iwding. While our managèrs do strive the idenlify al￿rnate souwees ol revenue. it is ckar Ihat the movetnent has irnpacted on the income receipts ol the Board. The second element re¥ie Saw tITe S)aTd arnend 118 management ol invesimcnts. auoesng lo 8 process lo rethxe the nunber tl inve5tmenl managers istll￿ed Irorn Iouf lo thre8. Thi5 WOC95s cortyleted in spn.ng 2023. In lalling rna￿ts the valu8 of invesimonis ha5 been mainlaned by capitsl rece015 Irorn Ihe sale ol a ol parcels ol 9￿be ￿{￿1. The Trustees ￿rn￿n ol Il beliel ihai thg porilolio invested in the most 84)prowiale &%et classes lor kng lerm be￿11 ol the DI￿ese. 4e s lund £55.2m l?0?1.. £56.6ml ol Ihe Board's ￿Vestments a￿ In glth and slwds fund h)veslNwls. primarily to 98nera18 a s[￿taInab￿ income to contw)ue lun(kng t￿rgY Stipond& Renlal income receNable Irom lkne be land was £443k12021.. t451kl and investrrent income reEeivable from the slip8nd5 fund wa8 £1.68m12021'. £1.67ml. Board InvgStm8nls Olh•i Investrnen15 are hdd on behalt ol 8 nurtjer of en(bJwed. ￿&t￿ted. and ge￿Ial futvls. The wilh Ihese investnnts ts to sale¥Mwrd capAa5 and lo ￿neraTe Inc¢m￿ Investmenl in 8qity, fixed inleresi. property. eorporatg bonds, and deposit funds We￿ valued al £26 (trn on 31 tlecerthr 2022 I2￿￿1 £28ml. Oiwdends and inigresl receivatrje aM¢A￿ed to £0.99m12Wd1: £1.03ml- a ydd of &8% <2021: 3.Phl. Minislry Share is conl11￿jIed by the deaners PCCS tcra¥ds Ihe Ministry and othor cost5 01 the Dic¢ese. A large part ol ￿ese L))S15 are ckrgy 51ipends, stall arKJ tu.klng Ma￿tena￿e cosls. In aLklrtlDn. al each triennHI valualK)n the Diocese laces the poss)ilrty ol havry lo i￿reaSe conlribulN)nS io the clergy ancl stall pensKJn schernps. The Dio¢e5e ol Ely r8masns tinarrially ￿l8￿"Vely SIV￿9 coryared with many other thckses aryj is eXP￿d lo lak8 a pfr¥)ortionalely larw Sha￿ ol NatK)nal Church costs Ihan the less weN.restyJrcod dwe5e& FUTURE PLANS C8rrYJ b￿￿get$ lor phase 1 of Ihe Charyng MTkel Towrffj Proiect have been SeCu￿d lo allthv lh¢ scheme to c￿linUe ￿th desKJnated projects into 2024. In landem. the Board has comm8nced with the second phase of the Changing ljarkel Towns inth'airye in Ihe quarter of the year. This phase of the project Ic£LL8 Ma￿lY on the Towns c4 HUD￿ngdon and St Neols Ind￿S o￿T smaHer proj.ecls xross th8 Dmxese. Projects are in piqce covering the nexl 18-24 month&

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Following the passing gf ￿S01lrtiOrn$ at both General Synod and, in May, 81 Oiocesan Synod, the 8oard will be seeking to identity and dove1op siratogr89 Io rntJuc• tho lavèls of Cathn re￿aSed to thg atmosphere Irorn the rjperalion ol the DI￿ese. The central c￿r¢h authoiitses have produced a Tecornmended strategy which ￿11 fomi the IraTnework ol Ihe strategy focusing part￿UlarlY ol how th8 8oard can help p3rishes to (edu￿ carbon rease and enhance Ihe ecolOg￿al Ljwersity of local churchyar(Is and other land. Also, work has cornmenEod to ieview housing slo¢k and othei cenlral diwesan operatior6 lo reduce cwbon grrMssk)ns from Ihe everyday operation towards a n8t zero posilion. Work continues In the propct lo provth a nfrw centAI DKthsan Olf￿9. Th? projecl is likely to be concluded in the conyng 12-18 months. This report is being comw.lgd al a tiThe when Ihere a￿ some s1gniltant inllabonary i&%ues affecting Ihe global gGonomy. These laclors repr¢$8fit sigThfKant thilenses to the 8oard and parrsbes ol the Diocese seeking to generate lunds 10 maintain delivery ol seNices. The Board intends to set annual budg81s on a break.even basis. Expendituie plans are being ￿Viewed. wrth the glualion and its impact on cashlknw beyig contnuou5ty rrK)nilgred. The ongoing ¢)bjectivè ￿ lo resouTce Diocosan neads, as d8termined by Oiocesan Synod and Informed by both thB local and th8 national Chuich lnsthtutic￿5. FINANCIAL REVIEW Ov•r•ll fln&n¢lal p081tlon Income lor the group lof lh¢ year. Wore net gains and losses on ￿vestment and revaluation ol lixed a&%ets, totalled £12.4m12021.. £10.57ml and expe￿lI￿re amounit<J lo £11.Im12021.. £10.83ml. The Stalem?nl of FIna￿tal Ac[iMl￿S ISOFAI lor the group lor the year shows net irtome 01 £1.3m 12021.. nat expenditu￿ £0.26ml belore nei gains and losses on Investment and revaluation ol fixed assets. Altèr revaluaiK)n ad1￿m￿nts. th& net movorn¢rrt ￿ luTrJs for Ihe group amounted to tl4ml12021'. È16.9m). During the ￿ar. toial lund bajhnces lor the group decreased from £185m to t181m. The￿ was an o¥era15 group net cash inllow 01 £953k12021." ouilk)w ol t208kl. A•vlew ol lh• 81aiem•nt ol Ilnancl•l aetNili•s There ar& no Signif￿an1 Issues to wh￿h ￿ten1￿)n needs to be Irawn. PrSn¢lpo1 Fundln9 Sourc•$ of th• Board Around ol Ihe Boards itKome Comeslrom Ministry Shale. 25% frrffi Di￿eS8n investrnenls and the ￿MainIng 25°k from other rescrtjrces. R•vhw ot th• fSn•nei•l posllion 8alan¢o Sha81 valugs Idl by lh¢ defrits ol wKome over oxpendiluro 01 £4m for Iho group1£4m for Iho Wrdl. Losses on inveslments were £3.6m I2￿21.. gain5 01 £9.9rn1 and r8vahJal¢ons of lixed assets durin9 the year were £11.6rn112021.. £7.&nl lor Ihe growj. A lull independeni ￿￿eW ol the value ol all properties held by Ihe Board was carriE¢J out in 2022 and the wdatè lor 20f2 has 185ulted in the red￿l￿)n DI Ihe ovefall valual¥)n ol the parsonage properties. Fln8rtelal ¥USl8iMb¥lity A rnaior priorily is tg attsin Ministry Share payment in lull try all deaner*s. Despitè the difficult ¢iicum$tances, 6 out ol 15 deaneries paid their all(tation In fvll lor 202212021.. 6 of 1 $1. The Board's inveslfflent portfolio 15 kèpi undei regular leV￿w.

ELY DIOCESAN 80AAD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDEO 31 DECEMBER 2022 Goln9 ¢o￿orn Aller ma￿'n9 enqui￿5 the truslees are satislied that the Board has 8dequai• resour¢•s to contirtuB lo ￿erate as a go￿19 concern lor the Ioft5eeab￿ lulure and h8ve ￿epared the lina￿la1 slal8rneni6 on thai basis. Inv•¥tm•nl policy The Boaidis char￿d vmlh Ihe management of a diverse portl¢Yio olassets bd¢)ng#¥J tolha DocesÈ. M8ny ol Ihe88 assets have teen gbven ￿ swrt Ihe $bp￿d5 01 c￿rgy LY to 8rtrsure the provision of ¢9y housing. The 8oard undertakes lh8 rnaTragemenl ol these 8sseLs in ￿e0rdance ffith Ihe teqwrements ol goveffling Church ol Engtand Maasures. The Board strives lo be a respJngbFe irN¢slor and to fdk)w th8 recommenLkntions an¢1 guidarte sel down by The Elhrcal Inveslment Adwsory Grow ol the Church of EngL4nd. s￿lect to the ethK cOnstr￿n1$. the PDkcy dth8 BoaThJ is to in¥8St ai its re5wrc85 in such a way as to maximi8e a 5UStainable levd ol income and theref￿ the amounl C(￿trI￿Alled io detgy stwnds, wh￿0 at the same limtr protecting ihe lonierm caprtal value. Financi￿ a5￿t5. The eoaid r81ains professi￿1 tnvestm8nl advts8ts lo manage inveslments. The perfofmancB ol these manage1$ is Monito￿ constanvy and is compawd annvaly ith Ihal ol other charily asset lund rnanagets. Man8g•i8 818 rffjjbred to meet regutsrty wrth Truslees to dtscuss and ag￿e ihe WTWemeThtabon of Slraie•'es. Tl investment polw. I￿Ome. the SUstan￿bIllty cl thal wome is a prime corKein of the Boar(l. Land.. the hoklings are managed on a day.itrday ba5L% by land agents ￿laIned by Ihe 808rd. Most of the land is undevelop8d, and thus the inccrne Irom 11 is generaly lower than fr(m linanckal investmenl, lhOu￿ the ￿)tential lor long.lemi Cap￿al appr8¢k￿￿n k8 high. Thè Board r8views its hold￿95 lor potenti￿ devdopmenl OFTJOrtunilios. The Bo8rd's str8legy is in general nol to sell its landhok"Th> ai uThJevebpad value, but lo s¢ek or await development w)teniial and hence capital appreciat￿n.. Ihe 14md5 ra￿e￿ Ihen being invested as lina￿la1 assets lor high8r M)c(xne. PlannirKJ poky thu5 play6 an important part m t1￿ in¥eslmenl fevi8W5. The Board Is sensitive lo Ihe cO￿e￿5 ol rtivithal paashes a5 regarLts develLynenl of lanCho￿ng$ in IhÈii area JI is 18quired to balance this wilh the rKxmal obie¢live and corThnÈrcial approach Ihat wy arms.lenglh inveslor in propety would apth i￿l￿dIng. Whe￿ rekvanl, Ihe Board'5 de5bre io conlributo to mrtigatir¥J tho shc¥rtage ol local housing, Ihg 9lobal inpact ol dimale charoe. le£1￿Ing the nation's cartth emk$510n5 and rTM)ving to'net zero.. The B08rd regulaty re¥iews its nvestn￿￿ AeGeive$ pollcy The Board has considerable responbililies includ5n9 Ihe re￿￿nerati￿ of Some 120 stipentary clergy. Ihe upkeep ol approximatety 1 $5 hcwes and ts er￿loyment of some 37 lull or part twne siaff. The krgei for Irc¢ resorves (net of tangible Iixed assets and inveslm8nlsl is CUTf8nUy se1 at an amO￿t equivalenl lo thrpe t￿nths, gro55 expenililure Irorn wres1r￿1ed esbmaled at £2.07m. On 31 December 20T2 tree reseNes were £5.670k. The ￿TeSt11cle￿ fund cornpri585 assets arnounling to £21,576k of wlN"¢h £99k is tied up M laTh￿e fixed assets. Th& Tfuslees are aware. parttharty In he ttght ol Ihe COVIO-19 p8ndgnK. Ihot lev8ts of parish contritxrtions may duce in lulvre yea¥s and that lhe￿ could be a def￿1¢ 8gairKsl the levol ol free reserves. The vllimale imp&1 of Ihe COVID.19 ciisis asset vaths. incomB Ibvals aThJ ￿llI￿atelY (th Irg9 T$$￿•9 is. * y8t. undear. PRINCIPAL RISKS ANO UN¢ERfAINTIES The trustee5 con11￿ that the maior risks lo which fv Board ts exFwd. as xjenlrf￿d by the tW51ees and stafl, have been reviewed and Ihat systems and proc8dur85 have been e51ab1l4￿d lo manage t￿9 risks. Th8 trustees ddegale to the Finan¢e Comrnittee the task of ensuring thai iisks a￿ ￿vIewed and managed as part ol the r￿k nMnagem&nt stralagy. The Finance Conwnttle8 has def￿￿d Ihe rth in th•r are8s. rep(A1ed on the meagJr5 ill place lo rnana9e and morlw these risks and imJYemenled procethves af¥J contrt)Is designed to minimBe any polen1181 impact ort Ihe Board ShO￿d arry ol tho risks malerk￿lSe. A risk regist81 has b88n cotrp.￿lfj.

ELY DIOCESAN 80ARD OF FINANCE ANNUAL REPORT FOFI THE YEAR ENDED 31 DECEMBER 2022 The Finance Cofflmiiiee ¥eviews the risk ￿gister perioc1￿1ty and reports to trustees wh8iher il is satislied with its findings and rnakes recomfflgndaligns as io areas foi fvrthgr work in Subsgquenl years. The Iw$leg$ ￿vi￿ the risk regisler ai least annually as part of th• corpornte rr5k management strat•gy. A summary of thè maior risks Ideniilied In the nsk register ar8.. Shara The relkqbility and timing of the lrtom? receNed frorn Iccal churchès s voluntary In nalufe. The ri3k reco9nl¥e8 the irnportance ol Ministry Share. a voluntary income stream. tsch accounts lor apPr0￿mate￿ S￿A ol the Ely Diocesan Board's ovgral i￿orne. 11 recognises thg risb ar￿ing from a shorttall on Minislry Share and the need lor c￿tinUed g?neiosity. Mitigating po}￿leS are.. The constant rrK)nitorMig ol linanckql StrategE5 and costs", and The provision ol individual SLVPOrt strategies for parishes wh￿h eXperIe￿e unfo￿een t8ffyorary drfficutties in meeting Ministry Share payments. Potenl. I disru tion In the flow ol investment income Th8 reliability and timing ol recwvab18 Irorn inv6stm8n15 and tenanis ol Boafd land and prop8rtits'. Invesimènls ar• m¢)niiored dosely and ar8 held in baknced p)rtldios 10 reduce specdTC risk ol OVe￿XpOSUre to any single assel $eclors and ca$hllows are re￿￿4ed regjlaity to hvJhlighl any PDtenlial thscrepancy in the availability ol lundmg. Safeguarding is a Itigh prioniy for Ihe D￿¢8$8. 11 is an area whtch has seen signif￿an1 invesiment In capacity and resource in r￿ent years. Saleguard￿9 allegation5 havg Potenlial re5ourGg and Igpulational im￿1¢81￿)n6. In response lo this risk the Board has sel in place policies to.. Respond well lo allegat￿5 of abu58 and suThivor5 inejudfftg WDthing 8ffèctivèty ￿1h 5tAtulory ag8nci8$', Keep kdvels ol r•soLtrce in the safe9ua￿lng ièam under Teview.. Respond to national pl￿eSSeS and seek to infftu8r¢& nalKJn4 pol¢y guidance lo aV￿d urynlendod consequences., Goniinue 10 ddNer saleguarding training ts iry)rove aware1￿$ and responsNenBss acr05S thè Diocas&.' an(J Learn Irom eypeiieneè and $e0k to conD'wgly ifflprov•. Trustees and Oiocesan Cxlicers are a$s￿1rVj Ihe ris￿ and Urtellainl￿S broughl aboth by Ihe COVIO.19 pandemic. Cashllow ¢ontinuou51y monitored. 8knng wilh the inpa¢t of the crisis on iA¢orn8 levgb. A numbor of scenarios aro being modelled. assessing the conseqLrus on easily available lunds. and thB a5sel Portlolio revigwed to ascertain the potenlHI source of a(k8thonal short-term linancing. STRUCTURE AND GOVERNANCE Summary Informbllon abo￿ the struetur• of th• Church of England Th8 Church ol England ￿ organised as two provin￿5 ¥ch led by an archbishLV Icanlwbury lor th? Southgm Prowrte and York ltsr the Northeml. Each provirte u)rnPr￿ dw)¢eses. ol whth Iheio are 41 in England. Each diocese in England K% thwijed into parksbe5. Each pafish is overseen ecclesiasticalty by a parish prwst if not an 'incumbeni' lusualty called a vicar or re￿rI. From anceni times ihrough lo today, Ihey and Iheir bishop are rgsponsiblg for Ihe cure of souls, in thwr parffjh. His Majesty the King. who is the SVpr￿e Govemor ot the Church of England. appoinls archbishops, diocesan bishops. and deans of cathedrals on the of th8 Prime Ministor. Th? archbishops and 24 senior bishops srt in the House of Lords.

ELY DIOCESAN BOARO OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 91 DECEMBER 2trI2 The Church ol England is epis¢rpalty led. The￿ arè 108 t4"shops I￿1￿01n9 thocesan. assbslant. and sullragan t4sW. It Is govem8d by G￿er￿ Synodas its bgislabve and dethFab"ve bodyat Thalional level, making de¢ision6 on mallws of docl¥in•, th8 hokng ol chuth swvKes ar¥J ￿latIonS with other churche5. G￿er&I Syntsd pHsses measures Wh￿￿. Il accepted by Parfomenl, have the ellect of acts of Parliament. It is mad& up ol thr¢8 groups or houses ol rnembers.. The House5 01 Btshops. of Gler9y arbj of Lty. a￿1 meeis in Lorn(b)n or York ai lea51 IwKe annually to considei leg4slat¥)n for tho broader ￿ of the (hurth. Th Ihree Natlon•l Chweh In8tllutlon8 The Archbisw, c(￿￿1. Ihe thurch Crrfnrrisstonors and Iha Churth of Enwand Pan&0￿ 8oard are sometimes referred to as thè three NatrO￿ Cl¥Jr¢h 1nstdu1•￿. The ArclJishops' C¢￿n￿r was eabli5hed in 1999 lo cothinate. plomolo. aKI and lurthar the mKssron of the Church ol England. Its task is to give a dear 5en5e ol th"rectK)n to the Chufth natHW￿lY arKI s4)port lh¢ Chwch locally by atting as a polry discussth lorum. Th8 chu￿ manw Ihe hotoric assets ol IhE Churth ol El¥J￿. today spending most ol the incomo on pe￿1￿￿ for the dergy The costs d eprK¢yl athN"nistrakn thrw the If￿05an and SLrffra9an bishops are m8t by the Church Commissiorws. The Church of Pe￿onS Board was eSts￿L51￿d by the Church As58W in 1926 as the Church ol Enoland's pensions aulhotity and lo a¢Jrn￿r5I8[ Ihe pgnston schwne lor the clergy. $￿sequentty il has been gtven wider powets, in r8specl ol thscfekn8ry trnelits and accOThw￿thkn.0n LK)th lor those ￿tired from stipendiary ministry arKI for wdowleils ol Ihose who have seThed in thai mini51ry, and to adminisler pensiw $themes lor lay ￿Mp￿yO9$ ol ChuKh organfj5a1v)￿. The Pensi)ns Board. Wh￿tt reports lo the General is Ifuslee ol a nurrt)er gf pensio) Iut¥ts and challtable funds. Whilst lh8 Chuich has drawn lo99iheT Ihe 8oard its cenlral we5￿)￿lI￿￿tieS relirefflenl We￿a￿. t Board works In cl¢)se woperatKm both wilh Archbishcps. Courtil and wbth Ihe Chutch c0rnmtss￿n8rs. The fAth•drnl Ety Calh#dial is the molher chuvch 01 th8 OKtose and legalty ts CO￿lI1U1ed as a soparalè charity with Charity Commisson regislratjon and supemsion. CLVi8S of its truslees. report and slalements may be oblalned trom Ihe Chapter (Xfice. Ety Ca1hedr￿. The inlomialion abwl General Synod, the Cnurch Comrnk5soncrs, Ihe Ar￿1$￿. COU￿11 and Ely Caimedral is I￿luded as background only. The hnar￿1￿ transact￿5 d Ihese bo(th"ès *Jo not lorm part ol thFse fina￿la1 Statemenls. Organl881•oft•l Stru¢iure 'ccesan S od Tlw $1olytory g)veming body ol Ihe Diocese is Iho Di¢x6san SyTr)d wh￿h is elocied with lep￿Sentat￿n Irorn a¢r0$5 the dI￿eSe wrfh broadly equal nurn￿r$ of deigy and lay pewe Me￿Ing lo￿l￿er In DI"￿esan Synod wilh Ihe Di¢xesan L¥shops archdewts. 11 compws Ihree houses: laty. dèrgy and trashcys It5 rolé ￿ to.. ConsKter rnatto￿ alleclin9 the Chur¢h ol ErfjlaTrJ in the dKtese'. Act as a lorum lor dabaie ol Chrisiw 9)v)￿n on matters of reli￿0￿$ or pubk inlgrest". Ad￿50 the bishop where l¢qL￿$ted". Deal mattErs ro18Th8fl by General SyrK¥l', and provide lor ihe f￿8￿{ng ol the dKK¢se.

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 uneil mm Under the ¢on$tilutioTr ol thg DI￿e$an SyTh)d. 8ishop s Council has the following fu￿1￿)n$.. To plan the business ol the Synod, lo prepare the agenda lor Its $ess￿n5 and 10 circulate to rngrnbgrs Intomialion about mallets lor dscus5ion". To initial8 proposals for a¢tion by the Synod and lo advise it ¢)n maNets of polry.. To advise the DKLesan 8i$hq) on any malter., Subject to the dire￿1￿9 ol the Syrv)d. to IranSa￿ the b￿tleSS ol the Synod ￿en the Synod is not in $e$$ion', Subject w the di￿110￿$ ol tho Syntxl. to memb$rs ol c￿MItt8eS or ￿)minate ¢ThJiw¢ua4 for election lo ccxnmitlees.. apxl To carry out suth 1Vnc￿.Or￿ a5 Ihe Synod rnay delegale to it. ane Deanery Synod has two holkses. ￿tY and cler￿. and its rc48 IS to: Aespond lo r¢quests from GeneRI Synod.. Where appf(priate. give pffect lo thè decisions rnadg by th¢ Oiocesan Synod- Consider matters affecting the Church ol England by drawiFvJ iogelher Ihg viev43 of thg parishes wlthin the deanery., Act as a channel ol comWvJn￿aflOA to axpr855 the views ol pa￿he$ lo ol￿san SyTrod and thgncè to General Syn¢xl; R8lSè Wlth Dioc8san Synod suth malters as it ¢(￿SIderS aKyropriate.' and Elect mernbets ol Iho doan8ry io the Diocesan Synod and o11fv8 diweBe to General Synod. Parksh A benelice 15 a parish or group of paii5h8S S8Ned by an iThcumbenl or piiesi In charge in h(ty orders whg as SlKh is a church beneliciary and typ￿￿[Y receives a Slipend and fftè b8nelit ol free txcupatr¢￿ and use of a parsonagB house al the beh8St ol the Bishop lor the purpose ol carrying spiFilual dubes. A deanery is a wup ol parshes over whth a rural dBan ha5 overswhl. and an arch*aconry is a group ol deaneries lor which an archdeacon is rospThisibk8. A dio¢e5e is then Ih¢ prinTrpal pastoral and. ty Means ol its Board ol Finarta, financial and 8dministialive resource of Ihe Church el England in the area. enconyasgry the various archdeaconries unthr the spiritual leade(ship of the Diocesan Bishop. I Church Council Thè PCC Is Ihe elecled slatulory 9)vernin9 bjdy of an inrfiv￿￿al parsh which broadly is Ihe smallost pasloral 8fea in the Church of England. Typralty. each parish ha5 one parish Church. The PCC is made up Df Ihe incufflbent or Pri851 in char98 as chair. the churchwardens. and a number ol elected and ex olficio Mornbe￿. Each PCC is a corporate charily, bul a.'I Ihosè not exceedin9 £1￿),0(￿} annual gross income are curr8nlly excepted Irom re9islralion with the Cbarily Commission. Except W￿￿re shown, the Iransactions of PCGS th) not lorm part ol thèse finarti£l staiemenls. Financial $lalements of an rndithijual PCC can be obiaine¢J Irom the relevant PCC Ireasuwer. Struclurn, gov•rnance and rnana9emenl The Diocese ol Ety WaS￿ated in 1109 and Cove￿ an area of 1507squarg mibBs with apopulation ol approximately 725,m). Th8 Di￿88e is arranged as Iwo Archdeaconries.. Can￿ridge. comprsiNJ the southern part wilh seven deane¥ies. and Huniingdon and Wisb8ch in the northarn part with evJM deaneiies_ In total there ai6 316 parishes.

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED 31 DECE¥BER 2022 The ljocese ss gmrned by StandwvJ Ordors appro¥¢d vi 1994 and $theq￿lI amondmènts. Its siakniory govern￿9 boty is the Diucesan sYTh￿. ￿ch 1$ an elected l)ody wilh rsjpresental￿n from ￿1 parts of Ihe Di0￿$8. Member8hip consists ol 8K 0￿"0 mwnbers, Ind￿'n9 Ihe Bthop5 and AYchtsacorbS, dergy men)ers elecied by tho houses of eK8rgy In Deanery Synods, lay persons elected by Iho hwses of laty in Deanery Synods. up to five persons who may be co.cpted by thè hws8 ol dgpjy or the ￿>￿¢Se ol laity a maK¥num ol Wn mgmbg18 nominated by the Diocesan 8￿p. The Diocesan Synod normally meets Ihree times a year klany ol D￿c•S￿n Synod's responsibdities have delegaiad to the Stanthng Ccrnittee. the Btshop's CAJUrt￿. C¢)m The conwany. Ety DI￿O$aN 8tsard ol Finance (the BO8￿). Is eStab￿h8￿ lo mana9e the linancKqI alfairs hokl leg81 title to the assets of Ihe Chocese.11 was irtorporated On 19 No¥ember 191 S as a chaniable company1in5￿￿ by merYJership guaraniees (No. 1421831 and ts go¥ernirKJ documpn15 4r8 the M•morandLm and Artides of ASs0rAath￿. The eA)ard is wi8temd with tho Gharity Gornmwx)n (￿. 2454561. Each member ol D￿ce$an Sync¥J 15 a150 a member ol Ihe Board for ¢ompany law purp0585 and has a personal liability limited to £1 underth8irguaranlee as a c(Mnpany M￿er1￿ Ihe event ol rts being wound up. The membe ol tha Standing Commrttèe of DKtè5an SYr￿d and 8￿h￿'S CryJr¢il c¢J)wn"se the Board tA twstees ol the Board - they we its directors under conyany law. De¢l8Son-moklng Mruciure Within the superwsory powers d the Diocesan Synod. as ILSted betow. certam Di¢xe5an 1￿ctIonS (those ilaliGi$¢d on page 111 und8r the heathg 'CTrmmittee SIr￿lu￿. a￿ undertaken by Ihe Bo8￿ in wrsurt of the BoaF(fs cha#table ol¥ective5'. anning Ihe busiress ol Synod h)clu(hn9 Ihe preparalvjn ol agwdas and papers Initialion of proposds lor ac11￿ by the Dtte$￿ SyMd an¢J PTOW5th of prAy alfv￿e Transacting the bug.ness ol Ihe O¥Ltssan SyThJd when not in 8ess Manag8ment ol Ihe lund5 and property of the DK)cese Preparation ol annual e5timat85 01 exp8nd¢ture Advising on actr'on needed io raw the i￿(￿ne necessary lo final￿e ex￿[KIll￿re ov0￿1gh1 of exp¢ndlure by b)digs in weyl of L>"ocesan Synod'5 funds against eslimates ol e¥p8ndiluie approved by th.￿San S￿d Ad￿l$ing Diocesan Synod ol the hnancial aS￿¢ts d its a￿1 on arty other rnatleis refetted lo it App¢Jnkn"NJ membets ol commiltees or nDminabrg menknLS lor election lo c¢)mmittees. sutr4ect to the directions rA Diocesan Syrkxl Carrying any other lurthjns d818gated by DI￿¢$8￿ SY￿d. The Board has d818ga18d respon5biknly lor the day-to-¢Jay managementof the eLYnpany tothe &'ocesan seC￿l￿ry. Iwho acts a$ Company sec￿lary) v•ho i£ suM)orted by a number of heads of departments arKf thoir stall. Commltl•• strueiwe &shep's Is Ihè Board ol In￿1888 and crbWWV thr￿10￿. li ¢cA￿lSts of ien ex ol1￿￿) members, I￿ludir0 le Diocesan Bishop and the Sullragan 8ishLp, the two Arthjeacons, the Dean ol Ely and Ihe chair ol Ihe Finance Commillee. six clergy elecled by the hcKJs8 of dtr9y from among Ihwr nurrl)er lon an Ar¢hdeaconry basis. Ihiee per Archdeaconryl ten lay Per￿￿5 eleeted by Ihe m8mbeis ol ihe hDUSe ol laity repre5enliny ¢J8an8ri8s lon an A[Ch￿9￿¢jnry ba8is. live pew Archde￿(￿1} and a MaxIn￿ffl ol hve merwtsrs nonwnated by the Drtesan B*shop. etshop's Ctyjnul 4180 ac15 as ￿ D￿￿e58n Missi¢)n ￿ Past￿￿ Cth1N￿8e, whth has delggatcd ils avthority under Ihe MISSI￿ and Pastoral Measwe 2011 lo Ar¢hdtr&wry and Pastoral C(￿MIttees. io

ELY DIOCESAN BOARO OF FINANCE ANNUAL REPORT FOR THE YEAR ENUED 31 DECEMBEA 2022 The Board has the Icllowing sub.com￿￿tt8e5. exh ol has v4rillen lorns of rgleiencg: Fv7anc8 Cornrnitt68. which ￿ respcfi5ible for the fina￿[al affai￿ of the 0￿. AmorKJsi othèr Ihing8, il draws up drall budgets tor approval by the tmslees prh?r lo subFniss¥)n to Diocesan Synod and moniiors expenditure and incorne. Auth't Cornnvllee, eslablished by th8 Dirqclor5 1 Try15￿9$ in 2016. The primary respo￿lbIlitY is to review the auth'l process Ihe Diocese is subject lo and Ihe audiled accounts prod￿8￿. Its remil is with ranging and ¢an ¢onsido1 any area ol the linancial actNilie5 of th8 DKJcese in an eflort lo idenirfy lnethcier￿l&3, reduce costs. and Dth•rwise achieve organizational ob'JectNes. The eommitlee iq a150 involved in risk management lor the Di￿e69 Aeporting directly lo thè direeiors I Irustegs. il Con￿sts of three members.. one Irom the Finance Cornmitieè, on¢ Irom Ihe Deanery Liaison Group rep¥e5enling d¢aretie5 and parishes anJ one indepeTr(knt rnembgr with I￿anCIal èxp8rtise Irorn outside the eoard_ The Auth't Cornmittee B also responsi￿• lor a5$￿ting the trustees in the rjischary? of thgir responslbililfes lor aceaunliry p)Iici98, iisk management. witem81 eontrol. arKI fmanual Trk>)rting. ￿￿llIng liaison wrth the auditors. Assets Commitlee is reS￿)nSi￿e lor determining polry and rnaknrrtj major tJeci%ons eoneèrning the managemonl of glebe propety Jnql Inveslmenls for the benelrt of the Oiocese. There are a number ol Dioeesan s￿0d 51atutory cornmttiees Ihal. thtyjgh nol sub4omrrMllees ol Ihe Board. can influence lh8 Operations of the Board. Housos Conjrniftee w1￿ch LS resw)&ble for ts18rmiwg and making maj.or d¢¢isions concerning the manag8rner71 of parsonage houses bn each bene1￿e, including seltin9 the polw lor buying. reparin9. mainlaining, and disposing DI all parsofta￿ houses. team ¥￿arage$ and houses cwrd by the Board. Diocesan A￿lSOry Committee for Ihe Gare ol Churches whKh adwis8s on matters affecting churches and places of worship. such as the granliny ol faculties, alchileclure. archae￿O9Y, art. and the history of places ol worship. tho usè and eare of FAaces of worship artd their certents and the care of churchya￿. Ely Dwesan BoardolPaironaoe wh￿h is constiluled under the provisions ol the Patronage IBeneficesl Measure 1986, 15 501e paIr￿ oi joint patron ol a number ol benefKe5. The Churches Uses Commillee wh￿h is re5ponsib'.e lor fintyng approprie alternative uses lor churches which hav8 been, or are proposed lo be. declared ¥edundani. Appointrnent ol ITu$¢e•s The trustees ol Ihe Board are the m8rnbers of Ihe Bishcfj's Council. S•a abov¢ d81ails of rnembershlp. Tru51ees arg gNen Induction training when firslappthnled and receivoongoing liaining. as appropriate. This training is 18ilor8d lo Ihe indivi(knal needs ol Irv51e¢s and may tr￿lUde Introd￿tiOnS lo church. compaThy and charity law. an overview of curient pmgrammes and ol t￿? Diocese and an introduction 10 any spocial areas of the Diocese wilh wh￿h they will b¢ woFkin9 le.g.. Boarcl of EdL￿tion. Housès Commilteel. Twstee5 are encouraged lo vi4ii Diocesan operaiions. Some senior staff may havè lob litles IncorpDr8try the 1rt18 'Dioclorf but they are not ne¢essaiily dir8etows of the ornpany (for the purposes ol company law} and so Ihoy do counl as eharily trustees.. In preparing the linancial statements lh¢ tiustees am wuired to-. S81ect the mosl suitable &¢ounlJng policies and apply Ihem cortsislèndy". Make judgrnenls and estimates thal aro reasona￿e and prudenl.. Fdlow appltable ac¢ountiro standards and SORP, subJ"t to any material departvres (S￿l058d and èxplained in the tIna￿la1 slalements,. and Prepare Ihe financial slalern8nts on th8 cortem b￿$ unkn il is InappropNate lo presume Ihal th¢ company will conbnue in bu￿neSs.

ELY (NOCESAN BOARD OF FWANCE UAL REPORT FOR THE YEAA ENDEO 31 DECEM8EA 2022 GAnl￿1akIn9 {benal•cl8ry•l•ctSonl powcy Granis arè mad• to tha Nati￿al CFM&rch to ol ts central costs and a159 to ￿Ver the ¢gst of Irwning lor minLslry (See ntTrte 11 lo the Iinantsal siatementsl. Grants ao paid lo olhef charilable pfoiesls bvhich aFvear to the Boaid lo gjpport the furtherance ol Its otpctive5. Isee note I I lo th8 linancbal slalemenlsl. Funds hold 4$ cJJ¥todian tru$io0 lor 0lhwB The Bo8rd is ¢4ts10dian truee lor instmerf ass￿8 Mth a markèi valu of U).&n on 31 DecérT)er 2021. Detailed certr"ficatgs of hoknngs wern sertto parlshes an¢J oiher rrtar4aging Iwstoes ofthè r$s￿￿4ve Charit￿5 at Ihat dat8. The Board as custodian Iruslee tho holds PCC propety. Each PCC is a separale charily. The 8SS9ts are hdij separalety Irom those ol the 80a￿. Fundraislng practkeg •nd perlormance The Twstees a¢e awave of the CharitS IProtecti¢m and S￿ial Itwesimenil Act 2016 and support th8 airn5 of thi5 legislation. The DBF dces nol engage wth any i&rect Ma￿e￿n9 activits. nor does il share or purchase any donof daia wilh of Irorr¥ Ihird parties. Th8 Oioce5e cons¥J8rs the orign of unslllKited doThalh?ns and legacies In 1 the DBF tlid not •ngagg with ind0pond￿t prolessi(wl fundrai8ets and Th)I rtteiv6 any cOr￿la1nts in rdatson lo fundraising or raise any m8lter wrth T8g￿alorS. Related partle# General S od church Commisgoners a￿1 Archt•s ' Councl The Board has to coftwy wth Measures li.e. ec¢leswsltal Iw"sla1￿0 wth the same lorto as an Act ol Parliament) passod by the General Synod ol lh¢ Chuith of En￿arnI and is requiied lo makg certain arThJal paymen18 to Ihe ArChL¥shop￿, Counol towards the r￿ning cosls ol ihe NatKThl Church. The StiP8n(Ss of Ihe bthops are boine by the Church Commi$sk)rrs and are refiected m lin8￿1¥ stat8m8nts as costs furKW by grants reKeiv8d liom Ihe Church Commis¢)ners. Par chial Chu h COU￿￿$ PGGS The aoafd is requifed by Measure lo be cuslo(han Ir￿le8 in reTrat￿n lo PCC propety (excludin9 ecclesiaslical buikngsl, bLrt the cowny has no Cmlrol over PGCS. whKh are tsependeni c)arilS. The accounts of PGCS a￿j deaneivds do nol lorm part 91 thsse Ima￿￿al statements. PCCS are abk lo inNuence the dectsion.mthThJ ilhin the 808rf and at lknsan Synod levd through rep￿96n￿lM)rtS 10 those t￿1(95 and th8 ww Ot ih•r Deanery Synods. Sub Th3 Board has the IdhJ%in9 subsidiary Underta￿.ngs. lh8 bjmover, 8xpeTrJitiJr8. and profbll Oossl lor 2021 for each ol the n¢N)-chariiatAc gJbsMJiaries was as lolDWS'. ExpeThliluve E'CrfJO 171 1201 ProliVIIos51 £ (x)o Ety 06F Prwrty tiffKied1059571281 Ety Diocesan Schools SeNices ￿'￿ted{0$037336} 1181 Each $￿S￿lary intend$ Io gitt any taxab￿ profvs to the 0￿CeSe vthin 9 monlhs ot the fine4￿1 year end. 12

ELY DIOCESAN BOARD OF FINANCE ANNUAL REPORT FOA THE YEAR ENDED 31 DEceMBER 2022 on Clergy P6nsth Fund The 8oard participates fn the Church of EnglarKI Funded Pensiw Scheme. Th¥ Church cf England Funded penS￿)n Scheme is a defined benelrt schèrne. but the 808rO is unable 10 identity ils share ol the undedying assets and liab￿l￿&s- employer in that Schem& pays a cornrn￿ ￿nIribUtIon rale. The lalesl valualion ol the Scherne was carried as of 31 D8cèmbgr 2018. For Schemes SLKh as Ihe Churth ol EngFaTrJ Funded Pensk￿ $ch￿e, s￿1th)n 28 01 FRS 102 req￿leS the Boar lo a¢¢ount for pensbn costs on the basis of Conln.btst￿ns payabfe to the &heme in the yaar. Churdj ol England Del￿0￿ 88n6h.ts Schomg The Board partKpates in Ihe Chtjrch ol England Delirted BBnelrts Schem8 IDBSI. part ol iha Church Worktr￿, Pensions Fund. The Board is unable lo identity ils Shfi￿ of the L¥￿rt￿n9 assets and l￿bIll1•e$ - exh employer K% exposed to acluarial iisks associaied with tho ojrrenl and lormer employees ol other 8ntrties participating in the DBS. Tha most recent Iinalise(J Vduat￿ft ol the lund w&5 al 31 D8e8rnber 2019 wilh the nexl Iriennkal Valualm￿ du8 at 33 December 2022. Church olEngland Delfftedcontributsi Scheme Thè Board partiapates in Ihe Church of Englarwj Pension Buibjar Seherro. a detiThed Contribul￿n scheme. Further detaiLs ave con1ain￿l In n¢Ae 26 lo Ihe f￿ar￿la1 $talgmenls. 13

ELY WCESAN BOARO OF FINANCE ANNUAL REPORT FOR THE YEAR ENDED a1 DECEMBER 2021 TRUSTEE AEPONS181LmES STATEMENT The twstees are ￿SpOnSI￿e lor prwring the Annual R8FQrt ar￿ the fir￿￿tal slatements in attordane8 wilh 4)plicablo law and regulalitins. Cryny law wI￿S the tnts1￿$ (os thrttorsl to prepare financial slatements for ?￿h finalK￿l year. Under that Saw the I￿￿e&S have eiectgd lo prepare lhe lèna￿1￿ ￿atemeN5 in accordancg wmh United KingdL¥n G8neTaly Acceptgd A¢cfAmtrng Prnckn IUrnid KIr￿M AcwJntirwJ Slandards and applicab￿ lawl. Under Ccxmpary law Ihe trustees m￿1 nol approve the financi￿ statements un1e55 they are sat15fyad Ihal Ihey give a Irue and 18ir view ol Ihe slate ol allaiis of Boatd and ol the swplus ￿ delicit ol the Board lor Ihat PBrKJd. In preparing th•5e fwHncial stat8ments tho Iwstses aro r•quirod io.. ObseN8 methods prrriFkn ￿ Il ¢JwrJb"os SORP Make ludgemenls and estimates thal arg reaso￿19 and prthje Stale whgther W1￿￿)1e accuJntThig staThY&rds have been loifow&l s￿11￿1 ki any marerid doparturns disch)sed and eWain8d in Ihe lin8￿1&1 Slat￿ents Prepare Ihe I￿an¢￿ slalements on the wn9 conc8m b)¥is tmkss it is l￿p￿0pnate to Assum that lh¥ ¢wany VAI eonknuo in operalion Thg trust8e$ arg 0 resp￿s￿le lor koeping records diylosg with reasonaNe accuracy at any time Ihe linanek41 ptis¢lion of Ihe Board and e￿e them lo ensure Ih&t the [￿ar￿￿1 ¥tatgnwts comply wlth Ihe Companies Acl 2C#A and Charities Ael 2011. ars also ￿p{￿ble lor saleguarding assots ol th 8oar(l and h8nce IL¥ takJ.￿ rwdson¢ for tr pro¥9￿1￿ OBIKi￿ ol fraud arKI olhgr irre9￿8￿￿S. The trustees are rèsponsible lor Il MaIn￿&r￿￿ arKI integrty ol ihe corporate and linancial inforrnabon ￿¢Cl￿d on tho Boarf's websrte. Lggi61atKsn in England and Wal8s govgmir4 the Prepalat￿ and assèmina16on of tht Iinancial 5ta18mgnt5 and olher inlormatim i￿lded in Annual Reports may diller Irom kn91￿ation In other jul￿dI¢l￿nS_ STATEMENT OF DISCLOSiFIE TO THE ALIDITORS As lar as the trn￿teeS are aware: There Is rnlavanl authl inlommity) lh9 thath)le coftyarry's auddols are unaw•r¢. and We have laken all Ihe steps Ihat we outht lo hav8 laken as tlltst￿ In o￿leY to make ￿rselveS &war8 of any Felevanl audrt Inl0rmat￿n and to eslthish that thB d￿rJIaLl8 cow's authtors are awa￿ of Ihat inforn81ion. 14

ADMINISTRATIVE DETAILS In accordance with the compani¢s Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended pr￿t￿8 lor Charities (SOAP 20151 lse¢ond Edibon. effectwe 1 Janu8ry 20191. the trustees Ilor the purptsses ol charity ￿wI and directows Ilor the purposes of company lawl, during the period from 1 January 2022 until the date ol Ihts reporf were.. 8i8hop's Council Bisho ex Off￿10 The Rt A&vd Slephan Conway IBishop ol E￿) Thè Rl Aèvd Dagmar Winter18ishcp ol Hunb"ng(knl Ex officio The Very Revd Mark Bonw IDè8n of Ety) The Ven. Dr Al¢x Hughes (Archdeacon ol Cambridge) The Ven. Hugh Mccurty IArchdea¢on of Huntingdon and WLsbech and DMx&san Clergy RepresenlatNe on General Synodl Irèsiwed 18 April 20221 The Vèn Richard Hadow (Archdeacon of Huntinwlon & Wisbechl lappoiniod 27 Sepl 20221 The Revd Canon Sarah Gowèr (Chair ol the House ot Clergy) lappointeLI 2 January 20221 Canon Simon Kershaw (Ch￿r ol the House ol LÈtyi The Revd Canon Brian Atling Ichairrnan of the Board ol Finance arKJ the FInar￿ Committeal (rèsigned 31 December 20221. Canon Tim Walters (Chainnan ol the Board ol Finance and th8 Finaw Gornmitteel lappoinled 1 January 20221 The Revd Canon Simon Talbott (Chair ol Ihe Houstr ol Clergy) (resigned 1 January 20221 lected lor the Archdeaeon of Cambri The Revd Canon Anna Matthews Ideceaseil 8 April 20231 The Revd David Newton (ap￿inted 1 January 20¥21 Tho Rovd James Blandford-Baker (appointed 1 January 20221 Canon Peter Maxwell Mr Steve Mashlord Irgsigned 10 March 20231 Mrs Sarah Robinson Ms Elizabeth Taylor Canon Dr Felicity Cooke laFyointed l January 20221 Elected lor th A PKleacon Mrs Elaine Levitt Mr John Pigotl (appointed 23 March 20221 Tha Flévd Canon Rebecca Dyball (appointed 1 January 20221 The Revd Canon Jessi¢a Marhn (appointed 1 January 20221 Tha Revd lain Osbouwne (appointed 17 Mar¢h 20231 Canon Janet Perrett ol Huth"n thn And Wisbec Diocesan La resentatN& on Goner8J S no Mr Christopher Ti>wnsend (appointed 1 January 2￿2} Mr Francis 8urkilt Mr George Lynn [ch￿r of th8 Audit Committee) Miss knn¢tsay Davies lappointod 23 Nov8mb8r 20221 Nominated b thé Bis Mr Robert Needle The Revd Canon Adrian Daffern (re￿gned 31 ALrgMtst 20221 Diocosan Secretary Canon Paul Evan5 - C(xnpany Secretary Is

Flnanee Comrnltt•g Canon Tim Waiief$ Ichaiimanl The Revd Canm Sarah Mr FrarKis 8urkil1 The Revd C￿on 9nan Atlrrfj (Vt( Ctsinrw) Thp V4rt Dr HI￿e5 The Revd Canon &'rnon Talbtit Mr Donald Ashmore The Ven Richard Hark The Revd Canon R Dyban R•g1gt•r•d Offlc• Ety Diocesw Board of Fknance. Ofjocewi Officè 816hop Woodlold House 8•lon Road Ety Cambrldgeshl CB7 IDX Telephfft No... 01353 6527rxi AudltoE8 Haysmacintyfe LLP 10 Queen Slreet Pl SoW¢ltor• i The Sèrth lI￿stm1n$ter PO Box 885 EC4R 1AG Vi$M Pawk Hislon CB24 90E SW1P 3JT CCLA Inve51mert MOn￿ne￿ Ltd (CCLAI Senator House 85 Queen Vicloww stréet London EC4V 4ET Brown SIM( lfivestment Managpmenl 16.20 Regenl Slreet Cartjr C82 114H Eden Tf•e IrNe5tsntthl 24 Morwnl St. London EC3R 9AJ Re9 Offic• Beauk•rt Hwse Brunswick Road GIwc¢51er GL1 1JZ Raihbone knvestnnt Marwpgffleni 8 Finsbury C4ffS EC2M 7EZ an(f al Pryt of Li¥•ryb)c4 Bwlthr¥J. ￿"er He•d Lr4e￿O L31NW Inv•Jtm•ntmanaqer•- Glth Property Ag•nts Cartef Joftas LLP Jolbffe Wng LLP 6.8 Hrfls Road 25 8roa¢tr4Yay Cambridge C821 Muey GI4X￿$ & Co LLP 24 Mwkel Place March PE15 gJH PE1 1SQ The TN8Io05' RepNt. IrKwporates # Slr•wReport wa$ •ppivrtd by Ord&rofth• 8o¥d C•n•n E¥ louwl S•crnt•ryl Th• ftt R•¥d Stsp Conwav Date:.........20 Ilay 2023........ ........ 16

INOEpeNDENT AUDITOR'S REPORT TO THE MEMBERS OF ELY LIOCESAN BOAFID OF FINANCE FOA THE YEAR ENDED 31 DECEMBER 2022 Oplnlon We have aucliled Ihe linartial siat•moniS of Ihe Ety D￿￿¢s8n Board ol Finance for thè year ended 31 December 2022 which cornprk%e Ihe Eon801idated Ststernent ol Finarrial ActNities. th& lrtorne and Exwnditure Accounl, the CDnsolidaled and parent Balance Sheets. the ¢oTrsolrdated Cash Flow Statement and notes to Ihe frnanclal sialernenls. including a summary ol signilicanlaccounting polKies. The lina￿1￿ reporting Irarnework that has beon applied in thèir ptepaiation is ap￿1¢able law and United KIngdC￿ AcwJnb"ng Staridarts, including Financial Reporting Standard 102 The FinèrKial Rewrting Standard 8pWble ￿ the UK and Repubk ol Irelancl (United Kingdorn Gen8rally Accepte¢t Accounbng Pracbcel- In our opinion. Ib8 linavKial stalern￿1s'. giv8 8 tru8 and lair wew of Ihe state ol the and ol Iha parwt ¢haiilatAe conyany's alfairs as at 31 December 2022 and of the grtsup arKI parenl charita￿e company's nel movement in lurtds, includtr4J ¢he incoma and 8xpènditur8, for th8 year then ended.. have been propety prepa￿￿ in aceordart• wlh Urllted King&)rn GenerJty Acc8pièd Acc￿￿nting praCt￿e,. an havo ts8￿ prepared in ￿cOrd￿)ce Tmlh Ihe requiTements ol the Cornpanie5 Act 2008. Basls lor oplnion W8 conducted our audit in a￿¢[dance wilh IntemathoTr￿ standa￿ on Audiling IUKI IISAS IUKII and appl￿ble law. Our r8spon51bilities vnder Ihose slantjards are fuflher deseribed In the Audito¢s ￿spOnsibili11es lor the audit ol Ihe financial slalemènts section ol our report_ We are independent of the group in s￿0rd0￿¢ with the ethical requiremfrnls that arè relevanl to our audit of the Iinancial stalements 111 Ihe UK. including Ihe FRC'S Ethical Startdard, and we have fulfilled our other elh￿l reSpOns￿lI111es in accordant¢ wilh Ihese iequir•m8nts. wt b81i&vg that the audil evidence we have oblained is sunTciani and appropriate lo provide a basis lor our tspinlon. Conclusions relating to golng cOn￿rn In auditin9 the hnancial sialemenls, we have concl￿10d thai tho Iw51ees' use ol Ihe going concem basis ol accounting in the preparalion of the Itnancial staternenls is appcopriate. 8a5ed on the wNk we have pedomTred. we hav• not idenlifi8d ary material uncertainlies mlaling Io ￿QntS or conditions thal. indivit1ualty or c￿lS¢11Ve1y. may casl signilK8nt ¢Joubl on Ihe group's ability to continue as a going concern lor a peTh)d ol at Itast Iwèfvt months ITOrn when Ihe h"nancial stalemenis ar& aulhori$ed lor issue. Our r8sponsibililies and the reSp[￿S￿lI1t￿s of ihè trustoos vrith rèsp￿1 to wing concem are describèd In lh• r818vanl sections ot thLS report. her Inform￿lon The Irusleès are respons ble for the other inloffnalJ"on. The other infoirnal￿n comprises the in10rma￿.on in¢luded in Ihe Annual Report Ourop¥ii¢Jn on the [￿anCIal staternents does cover Ihe Olher inlormatloa and, except to the exlenl olherni%e oxplicilty 51aled in oui report, we ¢10 not express any form of assurarKg ccwlu$son thgrgon. In connBclion with our audl of the linanual siaiements. our ¥espc¥tsibilrty is lo read Ihe other information and. In doin9 $0. consider whether Ihe other inlormatron is maleiially incthisistenl wilh Ihe linancial slalernents, oi our knowledge oblained in the audit or olhemse appears lo t materkilly missiaigd. If we identify such matorial inconsistencie5 or apparent material misslalemenls. we a￿ rewired lo determine whether the￿ is a rnaterial mi5slatern¢nl in Ihe linancial statements or a material misslatemenl of the other inlormation. 11, based on Ihg work w¢ hav? performed, we cor￿lude thai Ihere 15 a Tnalerial misstalemenl of this other information, wo are T8quire¢J to report thal lacl. We have nolhing lo report in Ihis ￿garrf. Opinions on other matlern preaerlbed by th• Cornpanies Act 2006 In OLJr opinion. b05ed on work unf18rtaken in Ihe wurse of the audit". the information given in the AnnLJal Aeport Iwhth I￿ludeS the 5tratew ￿pOrt and Ihe directors. r?port prep￿¢d lor the purposes of cOr￿aN￿ lawl for th8 finaFKial year foi wh¢h the finar￿18 018merbts are Prepa￿ is eonsisteni with the lirtancial slalerner¢ts'. And the slrai8gic report anij Ih9 clireclors. inclu(d wtrM"n thtr Annual Report have been wepared Sn accordance vthth apjtcable legal Tequirements. Matters on whlch wo are r•quired lo report by ex¢eptlon In Ihe light of lh8 knowledge and understanding ol Ihe charrtab￿ company and its environmefil £￿taIned in thg coursa of Ihe audil, we have not Identrfied rnaterial mssstalements in Ihe Annual Report (which Ir￿rPOrates the Strateg￿ r8POrt an¢ the E1ir6ct¢)ts' report). We havè nothing lo report In respect of lh8 lolowing rnaltets in relation to which the Companies Act 20C6 requires us la report lo you rf, in our opiniM'. adequate accouniing records have nol been kept by the Pa￿ThI charitable company.. or Ihe parent tha1stab￿ ¢ornpany I￿at￿lat siaiements are noi in agreement With the accounting rècords an¢J r8turn3' or certain disclosur¢y ol lrnslegs. remuneraiw specthed by law ara not rnade.. or we have Thot t￿eNed au Ihe irlormathjn and •WanatNM5 W8 require lor our audrt.

INDEPEMJENT AUDITOR'S REPORT TO THE MEMBERS OF ELY DIOCESAN BOARD OF ANANCE FOR THE YEAR ENDED 31 DE¢EP18ER 2022 R•$pon$lbllitles ol trusiees for financlal •i•tomènt$ As explained more fithy in Ihe Intstees, responsiblities slatemant set pa9e 13, the trustees (who are also the direclor8 01 Ihe charilable company lo¥ lh¢ purpc6es ol CLryany lawl arè rè5ponsibte lor Ihe ￿partI10n ol the IinanLial slalemenls lor being satstied Ihat they a true and lair view. and lor s￿h int8rnal contrd a5 the Irust6es delermine is necessary io enable Ihe Prepara1￿ of t￿￿la1 statements that a￿ free trom maleri&l mi$stalemènl, whether tsje to iraud or error. In preparing the fIna[K￿ 51atemEnls. Ihe Inths ar• VespTh￿I8 lor a5seswny Ihe group and pafent charilalAe company's abilty lo coniinue as a gory C￿cern. dLsdosing. as arWKthe, matter3 related lo gung concern and U￿n9 Ihe going concem basi% ol pxounting ￿n￿sS the l¥uslees ￿1her bnlend to IiquKlale the group or parent charitable comparty or to cea￿ operati¢y)s. of have Th) rnalistic lema¢ive but to th) so. Audlior's r•w>onslblll¢lg$ for th¢ audTrt ol Ihe f4nancld slal•rnonl8 Our oty'ectNes ate lo obtain re8sonoble 8S8u¥ance atMMJt wheth9¥ the finanth81 statements a$ a whole are Iree frorn malenal mi$51algFnent. %thelher to IraLJ or error. to i8sue an a￿01.$ report that I￿ludeS our opinion. R8asonab18 855uraneè is a hwJh level ¢S aSsurar￿ bul is noi a guarantee Ihat an atsdil conduuetj in accordance wilh ISAS IUKI will always detecl a rnalef￿ mi55tatem8ni when il exi8ts. m￿StatEM￿n￿ can arLse from ITaLhY or error and are consideredmaterial il. rylivKlualy orin Ihe aggregale, thtycould rQa$ona￿botWiedl0 inllu the economK deci%￿n$ ol useis taken on the basis ol these hnarKial slalements. Irregularifr'es. inclutling fraud. a¢ instances ol noTr¢ompharte wrth la¥r6 and rwAaiv)n$. We design prwedures in line wtth our responsibilities. cthined above. lo detect matenai m￿slaternents ￿ resp8tt Df irregLdarities. includin9 fraud. Base(l on our unthrstanding ol Ihe gr￿P parent dDlable e¢Myny and the awIronn￿t It cyerates, we idenlilied that Ihe pri￿1paI risks ol n0n<rynp1iar￿e Mth laws and re9￿allonS related lo sale9uardingvulnerable beneli¢iaYies. health and sa191y. and gmpioym8nt IwKludif¥J laXalioAI, and we con5wJ8T8d Ihe èxtont to which non- complidnce ryxght havea malerialellecl on the lina￿laI$l8lernOnls We als0c0ns￿ered those laws and regulations that have a direct Impact on Ihe preparation ol the Iinarthal Slalements such a$ the CL¥npan￿s Act 2￿6, Ihe Charities kt 2011 and Chuieh ol Ellgland Measures. We evaluaied managefflonl'$ irtenli¥es and cpportunites for Irauthjlenl manipulation ol ihe fnancial slatemenls (including Ihe risk of oveiTide of ¢OAlrolsl and delem)I￿ thai the w"S￿val nsks were relaled lo fund accountitYJ. I￿luding translers be1v￿en lthids. revenue rwnitk)n. Au(lil FwrKedurgs performed by the gFvJa98m8nl t98m Included.. In5pectifvJ C0FreSpor¥Je￿e with rWat0￿ and tax aulhOr￿.eS.' Discussio￿ managerrtenl indudin9 eorwthra¢ion ol knovm or suspected instw ol non- compliance with laws and regulalM)n and Iiaud; Eva1uabng managemenl's conlrds designcd lo wevenl and detect irregdaribes.. Idenlilying and testin9 ioumals, in parttular journal ￿5￿r￿J$ by unusual Ltsers or with uThtsual desc¥ipltons", Challenging aswwrytions pdg￿r￿ts made by managwni in Iheir ¢ritKal ￿unt￿ esb"males: T8$1irJ transl8rs betwoen and Cul-oll testing In ￿SpeCI of teverbue. A lurthgr rJg%1lpI￿ ol our rt5ponsi¥lities lor th• audrt ol the IMa￿la1 stalenwls is kKaled on Ihe Final￿￿11 Reporting Councifs website at. . Thos deSulpt￿ lorms part ol ovr audiior's report. B8cau5e ol Ihe inherent limrtatK)ns ol an authl. the￿ o a nsk Ihat we whl r￿ltste￿ irreguLgrbties, incluth'ng Ih08e leading to a rnalgrial rTJisSta18m￿¢ in Ihe linancialslat8ments or non.c(Xrpba￿t wrth regulation. This nsk increases the more Ihal ¢oftwliance a Lqw or legUlatK￿ is rel￿￿1 Irorn Ihe 8venls Sjnd transact￿n5 rellecled In the Itnancial slaiemenls, as we will be less kely lo becrmme aware ol instances ot ncfj-cowvarnce. The risk ts also ater regaiding i1rewLarIt￿ ￿¢UMng due lo fra￿4 rather Ihan ernw. as In￿1ve5 intenlKMwl ¢on¢88kn8rt, lorgery. Gollusion. omi5son or MIS￿p￿eSentatW. Use of our report This report is made to Ihe ¢haril8ble crynponls m¢mbeis. as a bth. in a￿Ors￿dI￿O ￿th Chapter 3 01 Part 16 01 the Cornpar¥es Acl 2C¥J6. Oui vffjrk has been thidertaken so that we Trthjht $tal8 to Ihe chaiitabl8 eompanvs members thDse mattels we are wuired 10 slaie lo them M an Auditor's report and lor no gthgr PUiPDSe. To the lulesl exlenl ￿r[r￿tt￿ by law. we th) not accept w assum re5ponsth"lstytoanyone olheithan the chaiilablo company and Ihe charitable members. as a Lh)dy. lor our audrt woth. lor this report. OT tor tha ty)iniDns we ha￿ formed. Adarn H￿SEY (Sèni￿ Slat￿ory Auditor) For behall d Aaysmacintyre LLP. Siatutory ALkn Date.. 09 August 2023 10 Queen Street Hace London EC4R IAG 18

ELY DIOCESAN BOAFID OF FINANCE CONSOLIOATED STATEMENT OF FINANCIAL ACTivmES FOR THE YEA51 ENDED 31 DECEMBER 2022 Nol•¥ Unr•stricted Fund 2022 £'ooo Endowment Totol Fundj 2022 £'ooD Tolal funds 2021 fund8 2022 £'ooo 2022 £'ooo Income and endowments Irom.. Donations MinBlry Share Archbishops. Counol Qh8r donalior Charilable actmties Otlrr Activities Investments ot￿r 5.496 185 516 423 348 1.156 5,498 600 5,554 847 307 406 415 171 423 348 3.102 1.762 1.946 142 3.156 9.662 2.674 82 12.418 10.569 Expenditure on Aaising Fund5 Charitable aclNrties 185 8.286 108 355 10.741 1,942 8,888 2,455 8.471 2.517 108 11.096 10.830 N•t Ineom•ll•Mp•nditur•) b•foi• Inv••imMi g•ln8 157 1261 1,322 12611 Net gairs on inveslmenl 87 460 14,228} 13.6811 9,893 Nol inc<)m 1.278 617 14,2S41 12.3591 9.632 Tran4fer8 ￿lwOon funds 168¢1 3,799 13,1191 {Lo$syyln8 on r•v¥luatlon oi fixed a•8•ts (1,6451 11,6451 7,302 Nel rngvoment in fund* 4.416 19.0181 14,0041 16.934 Fl•¢on¢lll8tlon of lund• TO1￿ iunds al 1 January 2022 20.978 15,616 148,416 185.010 168,078 Total fundg al 31 D•cember 2022 21.576 20.032 139.398 181.006 185,010 All income and eypendiiure relale to conlinuiThJ aaiMIi8s. The notes on pag?5 23.47 forn part of these fror¢iJ slaterngnts. 19

ELY OKJCESAN BOARO OF FIMANCE SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEPABER 2022 Total lunds 2022 £'ooo Tot41 funds 2021 £'ooo TO￿ Income 12.418 10,569 Total gxpanditure 11.098 10.754 Op¢railng •UrplU￿(￿OflC1t) 11851 Net gaw I Ibsse81 on imiesmKnt (5.3261 2,329 Nel In¢omel{¢Mpendhur•) lor lh• y•ar 14,0041 2,144 other ¢omprehenalve Incom•: Gains I Ilotsasl on r8vdual￿ of lix8d assets Nèt trans15 Irom orKkn￿enls 3,119 1.135 Totsl compr•hen¥lve (expendltUr•yI￿OMfr {885} 3.279 In 8ccordance wlh Comparyes Acl w¥r8ments this stalèment pr￿nts 8 s￿18ry of Ihe rTh)vement C￿ n￿- endowed funds In the linartial yeai.

ELY DIOCESAN BOARO OF FINANCE 8ALAt4CE SHEET5 FOR THE YEAR ENDED 31 DECEMBER ￿21 Gpoup Chrity 2022 £'ooo 2021 £'oc 2022 'ooo 2021 £000 Flx•d Ass•ts Tangible assels Inveslrnenls 14 15 99.181 61.160 99.181 79.918 100 996 83 238 84.543 180,341 185.539 179.099 184.234 Cuirgnt Au• Siock Assets hatd for sal• Debiorl Ca$h al bwk and in hand 720 16 1.923 2,139 1.788 2.6TO 2.0 2.S87 1,533 5.291 4.213 4.738 4.120 CuiT•nt Llabllltl Cre(lilors" amounts lalthng due wi¢hwi one year 3.378 3.608 3.005 3.453 N•t Current A•G•ts 1.913 1.733 Total 4¥•o1• l•1• curr•nt IbabillU•J 182,234 186.144 110.832 184.9)1 Cr•dltoM.' arnounts f•lllng du• •ft•r fflor• than on¢ y•af Pension sthernt118bilits Other creditors 23 23 18 Provlslom for li•bllitl•s and ¢h•ry•s 19 1.241 1.248 N•t A•••ts 161,006 185010 179,584 183.767 R•pi•s•ntsd by.. Endowm•n¢ lund> 24 139.3 148.416 139,398 148.416 Reitrfct•d Incoffl• fund• 23 20,032 15.616 18,913 14.348 Unr••trlct•d Incom• fvnd• Genéral funds R8lr8at House Other De51wated funds 22 22 22 5.670 518 15.381 8.780 463 11.735 5.367 518 tS,3B8 8.805 463 11,73S 21.S76 20.978 21.273 21.003 Total Fund• 161.006 185.010 179,584 183.767 These fnanGial slalemenis ware approved Oy Ihe Board of Tiu$iees OA 20 May 2023. and 8wJned on rt$ beball by. The Slephan Conw 1&8hop of Elyl I,.IbJtr Canon IleTs ICh8ii 018¢ard ol Financg) The noies w paoes 23-47 ofthese fbnanck4 slatements 21

ELY DIOCESAN 8OARD OF FINANCE CONSOLIDATED STATEMENT OF CASH FLOWS FOR ThE YEAR ENO&131 DEC￿BEft 2022 2022 E'ooo 2021 t'ooo N•1 Ilow Irom OP8fa¢lThJ aclivili•J I 1424 972 Cash Ilows Ir4wn in¥•stlng actlvltrs rNwd&nds. ￿1￿1$1, and Irom Mivesbn•rts Proceeds fiw the 8e ol. T￿gIble fixed #sel$ Fixed asset In¥eslffent$ A$¥ets held for to$e Puwctsw of.. Tangèk filed assets F4x¢d hw¢strrtrfS 2.659 2,705 4.918 S,302 3,455 13.2451 (9,7241 12,449) 110.1931 Net ¢aBh wo¥rded by hwe81ry athTrts {4711 (1.14YQ) Cuh now¥ fln•nclng¢tl¥ltl¢• Loans rep¥d Not cKh thded byl<us•d in) finaru4 lr4it Chan98 kn ¢ash ond c4th In th•year 953 (208) Cg$h aNJ coth eqimvaknts AS 411 2022 l.B94 C￿h •nd u•h ¢qul¥knnty •• at 31 Doc•mbw 2022 2,639 1,688 ' R¢¢on¢lN•tbon oln•t moY•m•nts In lty r•t Ilow Ir¢An •p•rtting •cll¥lti•s 2022 2021 E'ooo Nrt rnwwn•nt In fvnd• for th• y￿r￿nded 31 Decernb•r 14.0)4) 16.934 Adluslmgnl* fof.. Deprec￿lIOn Gain on revaluall￿ ofwopety Ywe•lTh Loss on di5po$al of fixed 88s81s Inlere51 ond dividends Trceivabk Aepaym9nl of10gn$ ad¥aTh￿d Ilncreaseyde¢fe83e in stock Ilnuea5•ydeci•as• in debiors Incr•8ie in cl¢d￿r9 Deciea5q in pe￿￿)n frjnd lthiy Increa$e In piovisions 44 113.7041 9.834 11.5221 P.6S91 12.7051 10 (137) (230) P31 137 (51 212 N•tc•th flwi from ¥w•r4tkn9 adMtI08 1.424 972 An•ly•l• •l¢a•h Ind ￿Th •wl¥al•nts 2022 2021 Cash at and in h¥KI Centrol Bowd OfF￿￿ parish 2,639

ELY DIOCESAN 8OAAD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEIABEA 2022 1. A¢¢ounting policie# Ely Diocesan Board ol Fina￿ is a company lirnited by guarantè8 leompany nvmber 1421831, and a charity (number 2454561 registered in England & Wal8s. and govemed by its Memorandum and Arliclas ol Associalion. Its 1895tered offts is gwen on Ihe acxministralwe detai15 pagg in le Sirawic Report The principal accounting polries adopteLI. judgeme¢)ts anil key sources of estirnation uncertdinty In the p￿ParatIon of Ihe financial siaiemenis are as lollows.. Bas18 of p¥eparJtlon The financkql stalernents have been ptepared in xwrdAnce with AccountiTh2 and Reporting by Charilies.. Staiemeni of Aecommended Practrce applt¢able lo charits preparing their accounts in a￿0[da[￿$ with Ihg Financial Reporting Standard app4table in the UK and Reput1￿ gf 11gland IFRS 1021181fècliw• 1 January 20151- (Charities SORP IFRS 10211. Finan¢hg1 Reportin9 Standard app(ra￿e in the UK and Repubtic ol Ir81and IFAS 1021 aJ)d the c(￿panIeS Aci %Jo& Ely Diocasan Boar(S ol Finance meels Ihe definition of a public b8n8lit ￿lIty under FRS 102. A$59ts and Iiabilili8s a￿ initially recognised at hislorical cost or transaction value unless olherwise staitd in Ihe relevanl attounting poI￿Y not•lsl. Pr•paiallon ol accoynto on a going ¢onE•m b•$i• Having considered lutule budgets. cash Ilows and ￿ServeS. the Twstees conlim) Ihat they have no rn8leri81 doubts aboul thè Charity's atslity lo meet its debts as they fall due. The￿ aw no rnaleriJ LJncert8inlies Ihat would impact on the Chantys ot*'lity to eoniinue in operational exist￿e for the for8S8eable lutura. Tho accounls theTefore conlinue to be prepareLI on a ggnds' Fund Measure 1953, as wnendgd. and th8 use ol lh• incorne is reslricled lor Clergy sDp8nd5.

ELY DIOCESAN BOARD OF FWANCE NO￿5 TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBEA 2022 1. Accoun¢ing poli¢ie8 l¢onflnuedl Expendltur• EXpendilU￿ Is reeognisèd there is B 18gal or constwclN8 tligaI￿n to make a Pay￿￿nt lo a third party, it is probable Ihal settlement wrfl be ￿quIred, and the amount of the Obligab￿ can be measured rdiably. i) C08ta of raisin9 fundg are Cfffislrained to COSIS relatin9 lo the lemwary ￿ntIng LXA ol parsonagès and Invesiment management costs ol glet>e and any othei mestyneni pwrties. ill Ch•rllabl• expenditur8 is analy5ed betwe8n con1rkn4j1￿ns lo the knN)th)p6': cou￿11, 8xpendilure on resourang mission an(J ff#nistry in the parB￿S ol the Dmxese. induLling Ihe Oioc25an Retreat H¢xJse, and expendilure ¢m 8thxat￿ and chU￿h of Eng4aThY schoob Wb the ￿0¢P5￿. Illl Grsnts pay81￿8 are charged In the yearwhen the olfef is coftveyed to the rewwt exce0 in those casas where the ofler is ccxxlitional on the Tecipienl sali51￿n9 pertormarte OY other th"screlionary requirements to th8 salislacjw ol the boa￿ such gfanl¥ being rec¢wised as 9xpendibJ￿ 1he conditions attaching are lulfilled Gran15 otter8d Sltyct lo such conditws th have not been mel al the year-end are noted as a comrNim8nL but acc￿￿￿ as expen¢frture. fvl Support coslll consist ol central management. acknlni5tTatK￿ and g)V8rnance cos1$. Cosls a￿ allocal&LI whewever pgssible thr￿tty 10 th6 actmty lo whKh Ihry ¥elal8, twt where such 4knca albcation is not possibb. Ihe remaideT ts alktated on an 4)proxirnale stall time basis. I Pen•ion wnlribulion¥. The Board's slall are methr$ of the Chuth W(¥ke15 Pe￿￿￿ Fund and clergy are mortyers of the Churth ol EThJland Funded Pe￿1￿& Sttme Isee r)te aol. The pension costs charg8d a5 8xpendilure represenl Ihe Board's C¢￿tr￿)utionS payable in respect of Ihe accounting period, in 8ccoidance wrth FRS102. Oeh"ul lunding Iwthe dergy p2rtsion xheme to which the Board participate5 15 acciu8d at currenl value in c￿drtfXS (Ssb"wi5hed between contribulws t￿lIng Wilh￿ onp year and altgr rwre Ihan one yeai. I￿eCOVerable VAT is charged as a cost agaysi Ihe lor whKh Ihe ¢xpenthtU￿ was I￿U￿0d. ExpendrtUTè alloeatèd to thè partthar a(wty where the ￿laleS threctly to Ihat xli¥ity. Allocathon ol costs Stall costs are all¢xaleO belween threct chairtable expeTrJiture swy)rt Costs ba￿1 Dll the lime SFerd on Ihese acliviti&s. Othgr costs are alwated threthty lo Ihe rdewdnt headiry. Invostments Inveslmenls are a lorrn of ba￿ finawial instru￿nts and a￿ inrtially 51K>wn Ihe financial slaiÈmen15 at maik?I Val￿e. Mo¥omentS ￿ the markel values of in¥8stsnenls are $hown as unreal￿e￿ gain5 and 105se5 in the Salement of Activit￿. Pro1rt5 and losses on Ihe reali5alion ol intsoslments ale $l￿wn as real￿$ gains and kjsses in the Slatement of FinarKk91 Aclivilies Aedsed 9ains and kjsses on ￿¥8S1M￿nIS are cakubl•Y belween sales proCe￿S and therr openfftg edrrying volue5 or therr purchase Va￿ rf acquired 5thJsequenl ID Ihe hrst day of the linancial year. Vnrealised gains and losses a￿ cakulaied Ihe ¢thllerence belween the laiT value at Ihe year end and their carrying Value. Realwd and unigJised Mivestrnenl and k)5S85 arp combind in the Slalement ol FinanciAI Aclivities. xed a$$et$ FreelJc4d andle8seholdpropertw lor Ihe ¢haKity5 use Depre¢ialion is not p¥ovKJed on butldiTh35 a5 any p￿VIsiOn lannual or cumLrtaiivel wouSY not be material due to Ih very k)ro expocied remainmg ￿e1￿1 econcfflK lrfe in e8ch ca88. and becausè their txpecled re5idLbal value ￿ noi maierialy les5 than thetr ¢arw9 value_ The Boartl has a p￿tY DI regula¥ slrwlural inspection. repair and mainlena￿. whKh in Ih? case ol residen1￿ FYa￿lIS Is in xc0[dar￿e wilh Ihe Repair of Benelices Buildings Measure 1972 ènd pryrties a￿ therefore unl*tely to dete1￿rale or suller from obsolescence. In a¢dition. dtspos￿s ol pwoperties ttcur wdl b8fore th8 end of th￿1 eeonomt livvy and d4)osal pruceed5 usually nol less than their carry¥YJ value. The Irk￿18es pertorm annual wnpwrmènl reviews in ￿cordance ¥￿h the r￿uIremen1S of FRS102 to ensu￿ Ihai the carrying value Is not more than the recoverab￿ wnovnl. ThÈ8e properties are al cost. 24

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THe YEAR ENDED 31 DECEMBEFI 2022 1. Ac¢ountlng polici•• l¢ontlnuedl Flxgd 818•t• Iconiinu•dl Schools The Board doe5 not rècognise Ihe value ol its reversionary interest in the assets ol aetive schools and, in Ihe Case ol closed schooLs. only when the uttwnat? Pro￿ad5 of di5pDsal have been receNed. P8rs¢Ma9e houses Th8 8oaid has followed the requirgments of FRS102 in accounting tr8aim8nl for benelice houses Ip8rsonagesl. FRS102 r8qtirestht aeccNJntw)g tr•atment lofollowthe sthtance of arrangeM￿ts raI￿r than their strict lègal form. The Boaid is foimally responsiblt for the maintenancè and repair ol such prOpert￿S and has some jurBdiclion overlh8ir futurè use or poiential Sa￿ rf not required as a benelice house, but in Ihe Mean￿'m￿ legal title arKJ Ihe rKJhi io benelicial occupalK•n 1$ vested in the incumbent. Th8 trust885 Ih8f8lor8 on5ider the rnoslsuitsbte acccxjnling pdicy is to capitalise s￿h plope￿.es as expendable endowment assets and lo carry Ihem al their e$bmated cvrr￿f market value. calculat￿1 by using the mi¢oint of the Council tax banding as arliu5ted by a pU￿￿£hed in¢x io rell￿t changes sin¢¢ the lasi vluabon. Olher tan￿ble I￿￿da$S8ts Deprecialion is cakulaied to write oll the costs of the fi'xgd asset by 8qual ins1alm￿lS as lollowg, all slraighi Fuinilure & equipmèrnt Leasèhdd improvemenls Freeh￿d properties 12.&33% per annum sITai￿1 line life ollg Not D8prtcialgd A lull year ol dèpieckllK) is chargeLI in 1he year of addAion for all lumiture and equipment assets. Flnanclal Instruments Th8 cornpany only ha5 linwKial assets and linanciBI liabiliknès ol & kn.nd Ihat qualify as basic financial Instruments Basic Ibnancial inslrumonts are inifvalty Teco9Thsed aitrnwction value subsequentlycarried al either arnorti¥ed c051 or lair value as noted below. Debtors Trade and other debtots ale recognised at Ihe selllern¢ni arnokbnt due after any Irade (Jiscournl ollered. Prepaymenls are valueLI at Ihe arnount pr8paid nel of any irad8 discounis due. At Ihe ond ol each roporting peiiod deblor5 are as5e5sed tor eviLnce ol impairment. If an assel is i￿lled an impairrnenl 1055 r6 recognIs￿ in Ihe Slatemenl of Fin￿¢181 AclNiiw. C8sh Cash 31 bank a￿1 cash in hatK4 itludes cash and shorf ierm hvjhty Iqiwd inv8Stmefits wrth a short maturity ol Ihree months oi less frorn d318 01 aCqUk%itpJn or opening ot de￿1 or simlai accounl. Cl￿1101$ Basic linancial liatm'lilies, incltsdin9 trade and olher payables and bank loans. 8re recognised where the charity ha3 a pres¢nl obligation resulting from a past event Ihat V4ill prob8tAy result in the tran51er ol funds lo a thirrl party atFd the amount due lo setlle the Obligat￿ can ￿ measured or esiimale(J relia￿y. Ciedilors and provision5 ar? re¢ogni%ed at transaction P￿￿e. Stock and work In pro9r? Stock and work in progress 15 valued al Ihe l(wer of cost and estinaled selling price18ss costs lo complete and sell. Funds Fund balanc•s arè split between uftrestrtcle(I (general and d8syna18d). restrKted and eTrJDwrnenl lund5. ijnresliicled fun(Ss are the 8tsard's corporate funds and are freely available ltsr ary pvrpose within the charitable company's objects. al lh8 thscretion of th8 Board. There are Iwo lypes ol unreslricled funds.. General funds wh￿h the Board inlen(ts to U50 loi the general pu￿9$e$ ol the Board.. and o D8signaied funds set aside out ol unrestricled fund5 by the Board far a purpose specihed by the truslees. Desiw8led lund$ are unrestiicled lunds earrnarkeY by the tritstee5 for part￿ular purposa$. Restriue(J luntJs ale ihose lunds wh￿h argto ba used in accordance with specific Instruciions iTN)ose*J by the donor or liust da8d.

ELY OIOCESAN 80ARD OF FhNAI4CE NOTES TO THE ACCOi FOR THE YEAR ENDED 31 DECEMBER 2022 as Income. Expgndabl• may. howwew. be sp¥)t as inct￿me ¢ertaA) cC￿n￿rKe$. 'SpecialtnJsll' la$delinedbyth6 Charitseshd20111 and w otsr 1ft￿ts tsre the eompany ￿lS as tiuslee and ¢onlrols Ihe management and use ol Ihe IwKls. a￿ irtI￿ed in the companys own lin8n¢ial slatements a5 charity branches. T￿lS the 8oard mèr•ty Js c￿￿0dlan tftffjl88 wilh rbo coniiol ovor Ihe managemenl ¢4 thè Iutyts. are not ir¢lu(W n Iha ￿￿¢￿818181?rn￿$ summarised in the lo Ihtr financi ￿atOmor¢ts. Pension #elm• Thè 01￿8Se parbcyates n Iwo delmed I)￿11t pen8b￿ 5cPnes to womde pJ8nsion benells based on final )&onable pay, nam•ty the Church of Enyknd FLthI Pwgons sC￿me Icleffjy) and the c￿1th ol England Defined Benelits Schom8 part of Ihe Churth Workors Pengon Fund. The Di￿858 also participates in the Church ol En￿and Pengon 8uAder Scheme Ilcfftiety known as Oehrl Contrl)ulions Sche￿¢) parl ol the (￿u[ch Workets P￿￿(￿ FuTra. Detarfs ol Ihe 8cherres ar¢ set cArt m note 26. The co￿$ charged as expgnthluie I￿rESen1 the Dbx8S8'S payable in respect of the accounkng pei4)d. in pLcordarKtt wilh FRS102. Del￿rt luna.ng lor p8nsion Sch￿88 tts byhich ￿0¢eSe partKipale8 is &crn￿d ai tsJThent valug in cr•ShJ5 thsiir4wl￿J beMwicorrtthMth.C￿ lalh"r¥J due wlhin one year and alter more than one yw. Judgwn•nt$ and •sfim•i•s In Ihe application of the ¥counbng poks. the afe required to mako Iigmènts. estinales. arKI 8ssUrWI￿S aboulth8carrying value of assetsand ￿at￿litiesthat are read￿Y apparent IK#M Other soureès. T1￿ o&matsS and underlying 859Jmptthis ￿ based on h¢siorical eXperie￿e and olher fwrs Ih&t ale cOns￿ered to rvthant. A(lual results May drtler Irom Ihese eslwnales. Th8 eslnales and l￿derlYIng 8Ssump￿0nS af8 conlin￿lty evaluated. Aev[s￿$ lo wxountirKJ eslwnales are recognised Ihè pènod In which the estimate is re¥￿d. Vgluaiion of Freehold proptstles and p•rBonage hou•08: Al le￿ vKarages and parsonag8 housesa￿ revakdtothwrl•irvabAMualtry LNrrfJ valualion$ c￿C￿lat￿d Sing Indexed COLwiI lax banthng5. Valu•lion of IlJbllltle8 Brislng from the ¢harlty's obllgallon to meet d•ficlt rtrduetlon ￿¥M•nI0 lor 1¢$ multlmploy¢r d•fin•d benefft pen•lon 8chemBS.' These lblrties aro re¥￿Ued at eath yèar end thscwnl lates T4ylith ara r￿$65$8￿ anwaly. Re￿dual val￿# ol Fr••hold propertlea: The Tru5tee5 consider that re81(￿ Val￿ d trgthjbj prCPWt￿ is hp thal d8precialim woultl not be ffla1e￿. In the vkwi ol Ihé Truslees there a￿ no swrees ol esb'm8lKm uncértainty aftectfftg assets or liabililS #l lh& balarte sheet ¢Jats thal are kk8by to resuli in a matgrial ti1ustiner￿ to iheir carrymg amwit5 In Ihe nexl ￿na￿l year.

ELY DIOCESAN BOARO OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 2. Incom• Irom donations Total 2022 £'ooo T￿11 2021 Mlnlg¢ry Current yearfs allocalion n¢t of disc(MJnts and rebaios Arrears for previous years 5.492 5,537 5.496 5,554 Total rnini5lry sharè r￿￿pt$ represent 95.1%12021". 94.2%) of the althatirm. All ministry Sha￿ irtcome is unrg$tricted. Unrestrict•d Ro8iri￿ed 2022 2022 £'ooo Total 2022 £'ooo Total 2021 E'ooo Archblshops, Council Chan¢dloi and Re￿$trar Markel Town5 funding ISDF) Curales Funding ISMF) Barnw811 Innovatson fun(b'ng ISIF) AME grant 47 47 49 291 53 35 419 138 138 415 600 847 In 2021, £428k ol Income was unrestricted anrl £419k was rastricted. Llnr•$¢rlcted ReJtri¢t•d 2022 2022 £'ooo £'ooo Toi81 2022 £'ooo Tolal 2021 £'ooo Olher donatlon AIIChurches Tll￿1 grant Furlough Grants Donatio 103 106 413 171 $84 201 516 171 307 In 2021. t126k of incom was unrestitted. £181k was reStr￿ed. 3. Ineomo from ch•ritabl¢ aeiivllies Toial 2021 £'oDo 2022 £'OOD A85igngd lees Unaswgned fee5 Rotieat Htsjse 323 102 423 406 l income Irom charitabl¢ actNil*S was wireslri¢led in both Ihè cu￿OnI and prior year. 4. Income fiom olher •Glivitie# Total 2022 £'ooo Total 2021 £'ooo Rent81 in¢om¥ Irorn vacant parsonage8 348 298 348 298 All incryne Irtsm other a¢￿ville$ is Unrest1￿1•d. 27

ELY DIOCESAN 8OARO OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 91 DECEIIBER 2tr22 . Ineom• Irom Inv•a¢m•nts Unreslrl¢led Fundi 2022 RB8trlct•d Funds 2022 Endowment Fund¥ 2022 £'ooo Total Funds 2022 £'ooo In￿lmen1 income Glebe ients recdvab Inleresl received 697 443 16 2.643 443 16 3.102 Comparatlve 8n4ly$ls for Unrostrlct Funds 2021 Re8lrlct•d Funds EndQwm￿t Fund• 2021 Total Funds 2021 Invosiment income Glebe fenls receryaile Inkrest received 782 451 2.704 451 1.?34 1,gYè 3.156 6. Other incorne Unre#tTTCt•d Restrlcted EndowmeThl FUY Funds Funds 2022 20r 2022 £'ooo £'ooo E'ooo Toial Fynds 2022 Total Funds 2021 E'OOO Gawilllossesl on sale of propelbes Other income 1.522 16 1.522 240 142 142 1.762 TOTAL hYCOME 9,662 2.674 11418 10.569 AH OihérKJ¢orn• in 3021 was vnreslitted 28

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEM8ER 2022 7. E¥p•ndilure on rai•lng funds Unr•$¢ri¢t¢d Fund• 2D22 rooo R•siricted Fund 202Z Endowment Fund• 2022 E'ooo Tot•1 Fund 2022 t'ooo Let houses expenses Glebe tnanagemeni costs Inveslmgnt managors tests 76 76 116 163 101 185 62 355 Comparatlv• analy$S8 lor 2021 Unre$tri¢led Fun¢• 2021 t'ooo Aestilct•d Funds 2021 £'ooD Endowmoni Fund& 2021 £'ooo Total Funds 2021 £'DOD Lei hooses expensés Gl8be managment costs Inv8slmenl managets costs 64 114 1.764 101 13 63 1.701 165 1.701 76 1.942 8. Exp•ndliure on ¢h•fItab￿ a¢li¥rtle8 Vnr•$tri¢ted Restrictèd Endowment Funds Funds Funds 2022 2022 2022 £'ooo Total Fund& 2022 t'ooo conlrlbutlons to Ar¢hbl$hops' Counell Training for the Ministry National Church f4esponsbililies Church's Hou&ng Assistance tor Flelirèd Mintsty Mission ag?ncy pension conlribu1￿ns 277 277 193 104 12 12 Resouicin9 Mlnlslry ond Mis¥ion Minisiry in p8rishe5 Stipends, nalional insuiance & pen510r Housing C051s Mini51ry selection and training Clergy Support Other exponses 2.762 1.587 1.429 506 29 1,619 4.381 1.587 1.841 506 33 412 6.313 2.035 8.348 Support foi rnini$iry in parishes Retreat House Tree woths 1.259 35 69 1.259 35 69 7.676 2,035 9.711 EX￿nditUr1 on educalion Support lorchurch schoo 24 420 444 Tolal ¢hariiable aclbvrties 8,286 2,455 10.741

ELY DIOCESAN BOAAD OF HNANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 DECEMBER 2022 8. Ex￿ndit￿re on ¢h•ril•ble •¢lIv￿a8 Iconlinu•dl Unr•8triclod A8￿rItt•d EndoTMn•nt Funds Fun Furrd• 2021 2021 2021 r'ooo Total Fund8 2021 E'ooo Comp8r811¥ •Mly8ts lor&WI Conlrlbuuons to Archbi8hops' CouncH Tiaining lor Ihe MiP.IStry Na￿O￿al Chuich ReSponstdl't￿S Church'5 HousÈng A$9"$ta￿ for Reb'r8d +Ai$sion age[￿Y pertsi¢)n cm1￿ul1￿$ 277 218 277 218 102 12 12 Resourcing Ministry And hlg•lon Mintslry in paris￿5 Slpends. national k)surance & pen￿0￿5 Hou5ry COSts Mintstry selec11t￿ aftd Ir8AniThJ Clergy swort Olher exp¢nse5 2.730 1.367 1.637 479 30 2.730 1.367 2.063 4B2 6,243 433 6,676 Support lor mitsstry in parishes Ral¥eai H¢yJse 1.187 1.187 94 7.524 7,957 Exp8ndltur• on ￿￿￿￿11￿n SLWOrt lor church sch(x) 322 Tolal chwilaW¢ acivi￿$ 8.153 735 76 8.888 8. Analysls of èxp•ndlturn I￿lu￿n9 8llocpllon ol supwt ¢o•ts Aciivllle8 dertaken dlreclly 2022 t'¢Ko Grant tunding ol Support ¢o$t$ 2022 E'ooo Funds 2022 t'ooo 2022 r'ooo Raising funds CharitatAe aclivrties contribul￿n5 to Archbishops. Counc Resou¥ciwJ paftsh ministry Education Reireal Hws8 355 355 8.821 444 35 855 9,67fj 444 35 9.655 855 11.096 Comp8rntlve •nafys1s lor 2021 Aclivilies undort•ken Dlre¢ty Grant fvndlrt9 01 &etivthÈ$ Total 8oJrd Fundg 202f S¢¥wort Costs 2021 Raising fuftd£ Charilalrfe aclivil Coniributrt)ns ro Archtsshops'G¢>Jn Resoury P8ri5h MrThslry Eéucabon RolreAI H￿$• 1.942 1.942 609 6.814 751 131 7.863 322 9.041 907 10,830

ELY OIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 0ECEP4BER 2022 10. Analysls ol •upport ¢0st• Unrestricted Fund• 2022 t'ooo R•strlct•d Fund# 2022 E'OOO Tot#1 Fund# 2022 £'ooo Central admlnistration Svpport tor Scho Governanco.. Exiernal avdil Regislrar and CharK¢llor 576 576 129 129 29 121 726 129 855 Comp•Mllv• anal￿1 for2021 Unf••trlcted R•trkt•d Funds Fund5 2021 2021 Total Fund• 2021 Central admintslrati¢)n Support lor S¢hool Governanc•. Exiernal Autht R8gisirar and Chan￿lor 631 631 30 771 882 l l. Analysls of grJnt¥ mad• Numb•r ot Ir￿1vIdualS gr&nli 2022 £'ooo Insltlu￿0r1j 2022 t'OOD Totol 2022 £'ooo From unreslriet•d lunds lor Notional Church respon55bi1ft1•g ContI￿ul10n5 lor Aichbohops. Coundl 586 From unr••trl¢ted fund$- PCCS lor Church Inspecti￿ lets Ordinands irs training PCCS lor Faculty 18es Diocese Mission Projects Coniinuin9 rninisterial Iraining 76 76 50 149 10 149 io 31 205 60 216 Total 210 156 646 802 hlumberof thdividu?18 In$iilutlong gronts 2021 2021 Total 2021 From unYe$tricted fvftds lor Notional Church r•$pon$ibilili•5 Conlnbuli￿s for ArChkn"s￿lps Courfil 609 From unrèstrieied fund$: PCCS lor Church insp*tKJn fees Ordinan(ts In training PCCS IDr Faculty fees Diocese M195ion Projects Continuing nunl81eri￿ training 47 19 170 33 159 22 159 22 16 252 163 55 218 Total 257 827 31

ELY DIOCESAN BOARD OF FINANce NOTES TO THE ACCOUNTS FOR THE YEAR ENDED a1 DECEMaER 2022 11 Net incorn• lor lh• y••r Tolal 2022 £'ooo Toi•l 2021 N•1 In¢ome lor y••r Is •1•1￿ after charykng: Deprecialk)n Auditors. rernun¢ralK 18 29 30 ia. staff C¢8t• Totsl 2022 t,￿0 Toial 2021 The aggre9ate costs ol ￿&11 were". Wages ar￿ Sala￿8$ Social securyly cosls Pension ¢ontnLxth¢ms 1.489 1.378 170 1,681 The average nun¢r ol perscrt by Ihe eoafd durir9 year was as lolow5.' 2022 Resourcsng minisiry aThJ nrrission Schoob lund 31 Th8r8 wa5 1 member ol siafl whose 8Molu￿￿nts {{r￿lU￿n9 bgn8fils bul exckKfjng pension conlrrbul￿SI wnounted to between £120,￿1 and t130.O¢X) and I belweon £70.001 and £80.WO.12021 . was on8 member ol slalf whose emrAumen18 lincludin9 benelits but exduLling pensb)n c￿lI1b1￿1￿61 amounted to bolween £110,001 and £120.IX(l aNI one bdween £70.(M)1 and £80.C￿0). P9nsion payments al £19.989 12021 - £19.5881 were madB for tke empknw. Remuneratlon of kny manayment perBonn•l Key mana98m8ftt persc#mel ore deem8d lo b8 th(tse havin9 atsthjfity and re5ponybihty, de￿gated lo Ihem by the Irustees. lor ￿anr￿n9. direding and ctyrrAin9 the actiwtes ol Il th"Lxese. Durillg 2021 Ilwy were.. D￿cOSan Sectotary Mi Paul Evans Diieclor ol E&KatioH IAr Andrew Read RèrThJn¢ration. per6ions expertses lorthese t￿1 •M￿nIed to £221.17812021.. £240.05n. TiustoBs' ¢malumwrts No Iruslee received any rwThfrreratbJn for as tr￿SIee. Two tnBtees reeew&J travelliThJ and oul ol pocket expenses. totallw £6.438121Y21 . £1.2891 in rgsr&l of Bi%hcs) CwtKI th￿les. The follow￿g lab￿ gwes delaiL ol the In￿1#•$ were of a sliJ8TrJ aThJlor ts)u￿n9 provid8d try t￿ Boa¥d ¢*Jrin9 year.. Stlpend H¢w¥lng Yes Yes The Revd Canon Adrian Daflern The Ven Dr Alex Hu￿65 The Revd Anna Matthews The Ven H￿h Mccurdy Thè Revd Sinw)n Tab)tt The Revd Sarth Gow8f The Revd Dr Flotrth Ma The Revd Oawd Newton The Rwd Becky The Revd canon James BSandlw&8aker Yes Yes Yès Yes

ELY DIOCESAN BOARO OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 21 DECEMBER 2022 13. Staff ¢o•t8 lcontlnuedl The Board is ￿SPonSible lor luD(Jing, via lh• Church commis￿Oners, the stipends ol IKensed sllpendiary Clergy in Ihe Diocese, other Ihan bishops and calhedral stall. The Board ￿5 a150 responsibl? for the provision ol IM)using for Slipendiary clèr9y in Ihe Diocese incltyling Ihe Suflragan &%hop bul excluding the Diocesan Bishop and calhedral stafl. The EDBF paicl an average ol 120 12021.. 1221 siywHary c1W￿ as office-holders hohling parochial or DwJcesan appointments in the Oiocese and the costs were a5 lollows.. 2022 £'ooo 2021 SlipeTrYs Naiional Insuran¢9 ￿￿tribUtIOnS Pension cosls- Cur￿ll1 year Pension c061s- def￿11 reduclKn Other costs 2,532 202 870 11271 70 2,653 949 (232) 3,547 3.594 The stipends ol Ihe two Bishops were paid aftd luThJed by tha Chureh ComrnissK)ngrs. The 5tippnds ol Ihe Di¢xe58n 8ishop arnl the Sullrn9an Bishcp are fun¢Jed by Ihe Chureh Comrni55ioners and a￿ in the range £37,670 . E46,640 12021 range £37.670-£46.6501. Th8 annu￿ rate of stipend, lunded by th8 EDBF, paid lo Archdeacons in 2022 was in Ihe range £36 830 . £38,633 12021 range E36,830- £38.2501 and Olhèiclergy whtswtrètruste8swere paidin the r8rKJe r26.900 £27.270 12021 rang8£26,900- £27.0001. Th• Dic¢ese ol Ety *a5 eslinaled the value to lh8 occupanl gross ol irthme lax and nab.onal insu¥art•. ol ¢huich.pro¥rfled housing lor ￿2￿r23 at £10.0(Kl lor 20211t2 at £9,600. 14. T•nyibl• Fix¢d Ass•is (Boaid and Consolidat•dl L••s•hold property Improvè rn•nls a•5etJ- Freehold PfOP•rtI¢s t'ooo Furniture & equi mont under ¢on51r. ctlon t'ooo Team Vi¢•ra9•S E'OOO R•tr•at Hous¢ £'ooo Hou$•s To1•1 t'ooo E'OOO Cost Al l Januaty AdditK)ns Dlsposals Revalualion 12,377 3.086 11141 3,182 269 276 808 133 11451 1D1,515 3,244 13,3961 11,6451 13.3171 11.7641 119 At 3108cember 1 S.349 3,301 79.720 269 283 796 99,718 Depre¢latlon Al 1 January Charge IDr the year Eliminated in disp05a 269 250 18 519 18 Al 31 Doc•mbgr 269 S37 Not book volu• Al 31 December 2022 15.349 3.307 79,720 15 796 99.181 At 31 Decemb8r2021 12.377 3,182 64.603 26 808 100,996

ELY tXOCESAN BOAAD OF FINANCE NOTES TO TrE ACCOIJ4TS FOA THE YEAR ENDED 31 DECEMBER 2022 14, T•nglble Hx•d A•ots Iconttnu•d) ol FSMed A•M l ol Board's tsn9Ne fixed assets are used foy direct charilable p￿r￿)$OS with iha gx¢gpl)n d Ihe veslmenl glebe land. the 18asehoid pr(kperty and some ol the fvrnilure and equiprnenl whi¢h used for manag8meiil and adff¥ntslrn1￿. SubJidi•ry Companle• x&J assets represents an ¥westment prcfffj hekl by Ety DBF Prop9ty Ltd. P•r8onag BOn￿le houses are legaly Ntsied kn ￿umbentS as Ir6ehc4dèts but tho picthèts ol ary Sa￿ loM¢Mng a pa51oral reorganisati￿ belong to Ihe ch"c￿eSan Paslowal Ac¢ort ThB D￿9$8 is responsble lor all upkeep nd rnntsnance. As at31 Dècerrber 2Wt2 D￿e58 was lor 118 parsow8 properties. Mlnor capilal wod¢B 01 £12,05812021.. £31,343) were capttaffised agwrsi the Pastoral Account. The deemed cost ol Ihe paisona9os is £29.639m. T•arn Vlcarag•• Together wilh $ubsequ•nt purchases less sales, Ihere arè I￿￿ V851gd Board 5 t8am vicarages. All ￿1 proceeds must ￿ th8d to ts c￿1 ol the Ck£e5an Strp￿s Caprtal Fund. The iknemed c￿t of Iho tgarn wieArago8 ￿ £728k. 15. Inv•8tm•nt Qroup 8o#rd 22 t.￿0 2022 21)21 £,￿0 Al 1 January 2022 Adthtions DisFyisa15 Reva￿allon 84.543 9.724 14.9211 18.1861 72.138 4,114 1199} 83.238 9.638 14,9211 (8.0371 70.986 11991 Cafried lonyard 81.160 84,543 79.918 83.238 Invoslmenl ass91$ include bolh Glth18nd ar￿ Sd￿01$ Fund Invbslrn￿tt FKVrties. 4¥h￿h had bgen cla￿rf1ed as Fixed Assets in FY8vious fina￿181 statements howev8r are hebj for invosbnenl purposes. Inve8t•d In: Group 2022 2021 E'OOO £'OOO Ch&rity 2022 t'ooo 2021 rooo C8nlr81 Board of Finartè ICCL41'. Investm￿1 fund Property fuTh Global ma￿e18 I￿￿1 Depowts N W Brown Inveslment Mana98F5 Inveslm811t lur De{0￿1$ Edentree Inveslment Fund Ralhbones investmenls Investh*nt lunds Deposits Invesknont property Glebe Schoc4s Fund Other Olher investments Subsldkqry trusts 27.352 4.011 8,794 7.296 29.C61 7.060 10.2>J 5,964 27.352 4.011 8,794 7212 29,081 10,23Q 8,816 220 11,255 8.816 11,255 a,753 3,753 9.018 1.023 10.945 74 9.018 1,023 10.945 74 4.166 437 4.319 437 4.166 437 4,319 437 12 12 1.119 Total Irweslmonts al.1￿j 84,S43 79. 83,24 1

ELY DIOCESAN BOAFID OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 DECEMBER 2022 15. Inv?$tmgnt8 Iconllnu•d} Subidlary Tru•l• Trusts where the Board is boih tvstodk4n and Ihe benefKiary. Gl•b• Land Under Ihe provisions ol the Endowments and G￿be M8a5ur8 1976. the owrnership ol glèbe land was transferred to the Beard Ircrn 1 April 1978. To9ether with 5Wuent purchase5 less sales, Ihere are now vested in Ihe SoarLI 5.099 a¢￿$ of glebe land All sale prc£eeds rnusl be placed to the cr¢dil of the D￿CeSafi Si'ponds Capital Fund. It is nol possiue to ealculate thè cost ol Ihe GL8b8 land. Subsldlary compani•• Th? Boaid owns 100% of the Issue(J share eapal ol Ety t￿cces8n Schools Semces Limi18d (Company Number". 050373361 and Ety DBF Property ￿￿te¢j (Company Nuntsr. 059571281. companies ineoiptrraied in England. whose priricipal aciivifr85 arg Ihose ol provi(ling projeci managgrrwnl 8¢M¢gs lo schools an11 co￿truCtion, and property develop￿ent rospeci1ve￿. Both enlities have the 5arne ro9islered olfic¢ as the parenl charity. ThB Cost ol ffie￿ Kwe8lrnents is r2. Thè rèsults lor the year for the trathng sthitJk41ios ar8 a5 foNowE'. Ely Oioceaan Schools Servic85 Llmit•d eiy DBF Prop•rty Lirnlt•d Income Expenditure 1,521.605 15,6751 17.110 17,2281 ILossyProlit lof the yèar 1,515.930 9.882 Fixed asse Nei current IliabililiesllÈssels 37,214 264.102 {1.9761 Nel Iliabithlesllasseis 301.316 11.9761 16. D?btor¥ Group Board 2022 t'ooo 2021 2022 t'ooo 2021 Ministry shale Other deblois Piepayrnen15 and ac¢rued income Loan5 to paii5hes Ouo Ir¢)m subsidiary ctynpaniB5'. Ely Diocesan School se￿ICe5 Limited Ely D8F Property Limited 728 1.136 59 545 1.148 95 726 1,129 545 1.146 95 27 740 27 774 1.923 1,788 2,670 2,587 Loans to paiishes (bj not inclLM18 any debtors L1ue alter mort Ihan year. 35

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAA ENDED 31 DECEMBER 21Y22 17. ¢r¢dltor$.' amount8 falllng du• wlthln one ye¥ Gro Bo•rd 2022 2021 2022 Centfai eoard ol FIna￿e lor p8rL8h loans Olher ¢redlors School goverThng bodies Accfua15 and d8leffed irKom8 CAergy Pen5itin scheme Loan5 1,5&3 748 1.067 1.219 748 1.038 1.007 1.221 1,070 215 1.221 1.031 215 3.378 3.005 3.453 18. ￿•d1¢Or4. amounts falllng due more thofi one ygv OTOUP Bojrd 2022 t'ooo 2021 2022 Ponsth sehèma ltabili1￿5 Clergy pension scheme 23 19. Prnvlllons lor liabllllles and Charge• Group Board 2022 t'ooo 2022 2021 Porson8ge housing ￿paIrS RestructurirrfJ 1,214 .076 35 1.214 34 1.076 1.248 1.248 The movement on mwisions 6 as lolows: 8alarKe at 1 January 2tr22 813 813 Provision used (kJiir4J Ihe yeaT Parsonage housiNJ wepair RestNcluring 14431 1361 14431 13fj1 New provision in year -surveyors 580 334 334 8olance al 31 06cwthr 2022 1.248 1.248 20. RevJlua¢ic*n Reserve Group Board 2022 2021 E'IXIO 8alanco al 1 January Flevaluation ol lixed assets Revaluabon ol inves1n￿tt assets 94,931 11.6451 18.6211 .rA5 7.302 94.931 11.6451 18,4721 80.1￿5 Balanca at 31 1)ecethi 84.665 94.931 84,814 94.931

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Fin4n¢l•l commStm•nt• Total eommikn)ents under llty)-car¢fjllab￿ cy8rabng1gas&s atg as lolow6'. Group 8nd Board 2022 2021 £'ooo Oflice equipment ￿1h paymonts falling due- Due within one yeai Dug in bgtwetn one and Iwo years 22. Unr••trlct•d fvnd• Board t Incomel (ex￿nd- itur• At31 Dee•mber 2022 £'ooo January 2022 £'ooo G•in•l lossos In¢orn• ExpenditUFe £'ooo Tran$lw$ £'oDo É'ooo E'OOO £'ooo Oeslgnated lund8 Pastoral propèrty reseNe Long term parsonag8 pair reserve TTae Risk Managemenl Ely Church Buildings Partnership Ely 2025 growth f(md Murrow Church HaFnplon Churth Maikel Towns Barnwell 10.371 2,971 13,342 166 166 1691 1891 250 200 200 52 20 59 20 {71 1,179 151 295 16791 1961 13841 22 500 1,295 17 11,735 463 8,805 413 100 9,395 18511 1351 {8.1461 14381 65 1.249 4,087 15.384 518 5.371 Relreal House General funds 1101 83 14,7661 21.C¥J3 19.0321 876 73 16791 21,273 GTOYP N•t incorn lèxp¢nd- At31 D•c•mber JarÈuary 2022 Incom• Expnditure £'ooo Gains1 losses Tr•nsl•r5 2022 E'OOO £'ooo t'ooo D•$ign•l•d lund• Pa51oral property reserve Long term parsonage repair reserve Tre¢ Risk Management Ely Churches BuildThJ Partnernh*) Ely 2025 growth fund Murrow Church Hampton Church Market Towns 88rnwell 10.371 2,971 13,342 166 169} 250 181 2¢)0 21)) 59 171 17) 1.179 Isi 295 16791 {961 13841 22 1,295 17 11.735 463 8,805 413 18511 1351 IT.58SI 14381 65 1.564 4,087 15,384 518 5,674 Retreat House General funds 1101 97 9,149 14.7671 20,978 {8.4711 1.191 87 16801 21.576 37

ELY DIOCESAN BOAAD OF FINANCE NOTES TO THe ACCOUNTS FOR THE YEAR ENDED 31 OECE&IBER 2022 22. Unrg•trktsd fwKl• {¢ontlnwdl 2021 eonpar8hv8s.' Boord Net incomel leJtpeTrd- liur•l At31 Oec•mb•r Januwy 2021 IncoTh Expendltw• £'ooo r'ooo £'ooo G•ln TranBlor8 2021 t'ooo £'ooo D•¥lgnt•d funds Pastoral propety r8serve Long lerm parsonage iepaSr rese Ely 2025 grry•rth Imd Murmw Ghurc Harnplon Church Market Towns 8am￿￿[ 10,827 14561 10.371 17) 159) {591 59 15 291 17551 1581 14641 15} 581 1.179 12.14Q 18791 15351 11.735 Retreat House 429 General fthY¥ 7.599 17,311) 2.046 1651 8,805 19.105 18,2841 12391 2.072 65 21.Crt)3 2021 compar81wes.' Gro Nel Incom lexwd- GJlns1 Transler Ilurgl 106606 At31 De¢¢mb•r Janu 2021 £'ooo Income exw14tur t'o( 2021 £.￿0 £'ooo £.￿0 0081gn8l￿ funds Pastoral propety serve Long term patsonage pair losthè Ely 2025 groyrth furKI Murrow Church Harr￿lOn Chwch Market 8ainwdl 10.827 1456} 10.371 (7) Iiyji 17} (591 118 15 59 20 291 1755) 581 .179 {51 12.140 344 1879) 15351 130 11.735 Retreal H￿l8e 702 194) 463 eid lunds 7.601 17,345) 2S6 2.046 1651 8.780 19.112 8,047 18.3181 {2711 2.072 65 20.978 P4sioral Prop8rty Rwv• The Pasto￿ Pry8rty Reserve rewesents the arnount ￿¥0$￿ ￿ wloral kvoperty. Murrow Church Funds held kry the Board arisiTh3 from the sale ol the Cha0 ol Ease for Ihe bertefrt ol Murrow C￿r¢h labrK. Ely 2025 Growth Fund This fund was consolidated to promote rn1￿10n minLStry ID aCcOrda￿e with the DK*ese ol Ety Sliale to 2025.

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAA ENDEO 31 DECEMBER Himpton Church Accumulat￿1 in18rg¥1 on the inter-grwp loans in r•lation to Ihe Hampton c￿rCh build costs. Market Towns The aim ol th"s proi•et is to make real in the Dicwe ol EVS rnarkel towns, thè Church of England's cornmitrnenl lo be a Chrisiian presence everywheie. li seeks by grace lo translofrn Ihat wesenc¢ from one which is declining and diminishing lo one is fil to engagefultyandtouragoou61y vMth those comrnunitios in times ol chaI￿n9¢ and chang8. B•rnw•ll The aim ol Ihis inn¢)Valwe pmi¢¢t is lor a church P￿TrI on an urban estat8 to effèctivtly rninister to young ople thrwgh Ihe delivery ol sports minixiry- delNered by trawed sports miThi$ters. Ely Chur¢h Bulldlngs Partner8hlp It S8eks nol only lo oller an attemaiN• loi churches which would oth8M5e have lo cl￿, but alsD to support open churches whgr¢ management and mainlenanc8 are being neglecled due 19 lack ol capacity in the Patochial Chvrth Council. Tr•• Rl#k Management There needed to be activ• management 01trees￿ D￿e$an prop8ty in terms of inspection and then working n or r8moMng Irees that coukl potenlialty pose a dang8r10 lile or property (pr third party propèty. 23. Re$trl¢t•d funds Boord N•t incom {•￿￿￿ At31 Dvcember 2022 t'ooo Janv•ry Gain¥1 losses Incom• Expenditu £'ooo Translers t'ooo E'OOO t'ooo £'ooo £'ooo Dioc¢san Pastor Ae¢ounl Diocesan Slipends Fund I￿orne Account New Churches Fun(J Clergy W81-b&ng lund RME FurKS S¢h¢<4$ fund 13.971 230 211 622 3,782 18.586 1.619 11.6191 61 61 1121 141 49 76 34 132 415 346 15 [731 14191 17 14.348 2,613 12,4571 156 610 3,799 18.913 Group Not incDmel l•xpend- Ilurel £'ooo At31 December January 2022 t'ooo Gpinsl 10550$ In¢ome EX￿nditUr• £'ooo Tr•nsf•r$ £'ooo 2022 £'ooo £'ooo £'ooo Di0￿53n Pasloral Account Oioce5an Stipends Fund Income Accouni New Churches Fund Cbrgy Well-being fund RME Fund Schools fund SL*sidiary twsts 13.971 230 211 3.762 18.586 1,619 11.6191 61 61 150 34 152 1,268 1121 141 49 76 1.119 415 346 61 14001 14191 15 173) 17 (1501 15,616 2.674 12,51 n IS7 460 3,799 20,032 39

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEUBER 2022 23. A•slrlcl•d fund• Ic4Mllnu•dl 2021 COj7y8ra&￿S Net Ineomel lexpen liur•l A11 J•nu•ry 2021 È'ooo A131 Docomb•r 2021 £'ooo Galnsl losses Group Incorn ExpandltwÈ Tfn•lwi rooo thoeesan PaS￿ra} Aecount 'ocesan Slioer•Js Fund Incomè Account 12.790 l(Y) 1401 1,035 13.971 11.696} Fund Clefgy wb￿n@ fund RME Fund Schools fund Sub&dh4ry trusis 61 81 137 10 131 13951 13021 13 150 34 132 1.268 419 24 35 1.110 158 14.023 2,436 257 1.070 15.616 P••tor•l Account The purpctses are laKI down ￿ the m￿s1On a￿1 P8s1or￿ Measwe 2011 and mairty Fdale k•.. Costs incurred tor the PLwJses d lh8 M8a5we. or any thme or wder mad8 ￿der Ihe Ikasure, ex¢epl lor salari0s of 18gUtar Dir￿e8)n employeB5,' Costs ol disposing ol oi maintain￿9 h￿$ or churths vesled •) tr Board or c￿￿1￿[￿er$. Costs Sncurr&J lor Ihe ben￿11 of ancrther dKttsel$l: Transfers to the D￿e$an Stipend FuTrY or Ir￿1)me PttLMmts. Wh8re mor4es are not TequiTed for thg above they may be CO￿￿j￿r8d lor Dlher purposes ol the thocese. Board properfies afe fu￿ed Irom the Pastora Ac¢(¥ml IDPAI. When such properties ￿ sold, the proportion ol proteed8 equal to the SLThS used to wrchase th• property are translerred to the DPA. Any suiplus rèalised Irorn tho sale ol Ihe prtpety IS. at Ihe Board's diYrel¢on. transler￿d into Ihe DPA, or Iransf8Ned lo arb ex￿ting oi n8w deskJnate(I lund c4 Board. Dloc••an Stlpenda Fund Incoffle Arxount Subjecl lo ary charges imwsed by schm or orderthe F￿1 shal bo wlioLrf to: ProvJe or atyJmenl slipends ol incwrknts a￿Stant oJraits ollws engw kn thg •Ke ol souls i) Ihe Dtocese., lo&t expen￿$ in¢uFf8d ￿ repairing and mwnlaining Pafsthia9e k￿lse$. Pay S￿Ondary Qass I cont￿Hrt￿ in respecl (rf milotets nol en4)byed uNknr 8 corrtiacl of servico," and Oelray 8equesiralots' eN)enses. New Chur¢h•6 Fth Th48 lund ks used b) lurk1 the ￿t￿￿￿ment c4 churti bJibJir95 Anthony Edward Brookes Fund lX th• W•ll&lng of the CTrw9y (Clofgy W•l￿B•In9 Fyndl Thls lor of the crf ckn. RME Fund Upon le￿ipl ol Iho Block Grant Irimn ￿ Arch￿1￿. Co￿$1. Ihe Di¢xese must pay N inlo Ihe Resourckng loi Miryslerial IRMEI Fund lor minister￿ gthKatbJn tra￿1￿ foi the owthinands IW 5pgn$of. Tho Bloek Grant can be Spent on Inrfial Ministerid Education paihways. v4hK* have been 8Wrn18d by Ministry Division at aEcr8(hled T1￿￿)￿Cal E{bxai￿n knStd4rtl￿ (TElsl.

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENoeD 31 DECEMBER 2022 24. Expend•ble Endowm•nt• Board and Group A131 D8c•mber 2022 £'ooo January 2022 Expon- dl¢ure £'ooo Incomel {expendilurel £'ooo Galns & 1088es Income Transfers È'ooo £'ooo Stipends Cwtal Fund Globe Team V￿arage Fund Parsonag Houses Fund Schools Fun 51,257 11021 1201 13,7691 47,587 4.319 161 1271 4.167 3.182 119 3,301 84,601 5,057 11.7641 14321 13.1191 79.718 4.625 14B.416 82 1261 15.873) 13.1191 139,398 2021 COm￿r•I1¥•$ N•t inctsm•l (•xp•ndllur•l £'ooo At51 Decemb•r 2021 t'ooo January Exp• dliur• £'ooo G•ins & los￿5 £'LThJo 2021 In¢om• £'ooo Trangfer8 E'ODO Slipends Ca￿tal Fund Glebe T8am v￿rage Fund Parsonage Houses Fvnd Schools Fund 44.821 1631 1631 6.906 51,257 4.322 2,Wl 1131 143 11331 4.319 3,182 78.715 7,021 84,601 4.542 515 11,1351 5.057 134.761 1761 {76) 14,86S 11.1351 148,416 Stlpends Cthpllal Fund, Globe and Team Wicara90 Fund These are capital lunds held un(Jer the lem)s of the Endowments and Glebe Measure 1976 and the Miscellaneov5 Plovisi￿S Measurè 1992 and principty comprise I￿ehOld prO￿rtieS and shares in Ihe C8F Inveslmenl Fund, CBF Property Fund and Ihe CBF Deposil Fund Togelherthey fomi Ihe Diocesan Stipends Fund. Fleceipt5 all58 rna¢nly from Ihe sale of 9lebe Prope￿eS. grants o18asemenL and variations ol restric￿d covenanls. Par$onig• Hous•s Fund This Fund represenis Ihe st￿￿ of parsonage houses, i.?. hoLBes held as benefte propety IOT occupalion by incumbents. A par50fTage h¢xw Is required for each bonal￿e and lh8 funding ot improvemgnts and artd replacement parsonage hw5e5 15 Ihe r8spJr6it'lity of the Board. Schools Fund Th• incomè ol these lunds primanty rep￿sents irKome investm8nts and donaligns. The luncs balarnc¢ is ma¢Je up ol the proceeds from ck)sed SCh￿IS and ¢Yonali(￿ and ks used prrnarily towards improvement costs at church voluntary a￿e￿ schools. During Ihe year the Schools Fund èxpenthd £74,539 on ptopcts as agent lor Ihe schoots, gov?rnirKJ bodies. 41

ELY DIOCESAN BOARO OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 DECEMBER 202¥ 25. An8ty815 of n81 ￿81$ b•tw￿rt Iw)d• Fund5 Al 31 D￿er1￿je1 2022 are repr￿n18d by: Board Unrestriet•d Funds R•stricted Fund$ Endowm•rtt Funds £'ooo Totol rfy)o Fixed assets Investments 15.364 19.197 129 83.688 55.638 99.181 79,918 Nd cuwrenl &8sets I Ihabilths} {141 14621 1.733 Non<urrnnt li4bties Prow5ion5 11.2481 11,248 35.522 5.198 138.864 179.584 Interfund borrowwwj 114.2491 13.715 534 8ssets 21,273 18.913 J39.398 179,584 Oroup Unr•stri¢led Fund e'ooo Re$trieitd Funds t'ooo Endowment Funds £'ooo Tol41 Fixed assots 15.364 19.320 129 83.888 99,181 81,160 nvestmenls 55.638 Net curi8Tr1 a5sels I Iliabihknes) 2,375 1141 14481 1,913 Non-cu￿￿1 liabiies Prowisions 11.248 11.2481 35.810 6,317 138.878 181,006 Interlund t)orrowr#J 114.2341 13,715 519 N81 assats 21,576 139.398 181.006 Fund5 (Groupj 8t 31 D8crter2021 are iewe5ent8d ty.. Unrestrkled Funds Re¥thct•d Funsts Endowment Funds Total Fixedassets Investments Nei Cul￿￿1 assels/(tstsKw) Non-curienl &7bJ"litses Provisths 12.4￿3 18.348 1.4 88,292 100,996 84,543 605 1561 11. 134J 11.1341 31. 107 (10. 129J 147,968 185,OYO Inlerfund 9.681 20.978 15.616 148,416 185,010 42

ELY DIOCESAN aOAAD OF FINANCE NOTES TO THE ACCOUNTS FOFI THE YEAFI ENDED 31 OECEMaEA 2022 26. PenJion• Church ol england Fund•d P•n•ion Sch•rThry The Board particpales in the Church ol England Funded Pensions Scheme for slipend7ary clergy. Thi5 scheme Is administewd by Ihe Church ol England Perksions Board. which hokts the assets ol the schernes separately Irom Ihosg ol the'Ae5pmsknle 8odies'. Each partKspa￿ng Responsible Body in thg sthern¢ pays ¢MIr￿tIonS at a ￿Mm￿l con1r>U￿.on fate pplied to pensiortable stiperKIs. The stherne s consideredto be a mutti+empknyèrschwng as described ift Section 28 01 FRS 102. Thi8 means il is not possib18 to attrknute IheKheme's asset$and lith"lilWS to a spec¥r￿ Responsible Boty, and IhI5 rn8ans contributions are accounted for as rf Ihe scheme were a defired contribution scheme. The pensits)s costs charg8d to lh8 SOFA in the yeai are Comllbulions payable towards benefrts and expènsts accrued in that year12022.. É1,010,719. 2021: £1.070.147I, plusihefigure5 highligh18d in the table belowasbeing reeognisod in Ihe SOFA. giving a total chargè of £1.137.717 for 202212021.. £1,302.147). A valUal￿n ol Ihe Schgme is ¢arried out once every years. Th& most recent Scheme valuation Cornpleted was cairi•d out at a5 31 D8C8rnbgr 2018. The 2018 valuatson rov8al8d a dgfi¢il 01 £50m. tsasod on 055?ts 01 £1,81kn and a lunding larget 01 É1.86P•rs. assessed usin9 Ihe lo1¢￿7n9 assurnptions.. An average ¢lIsco￿t rate 013.2% pa.. API infLqlion 013.4% p.a. land pension irKrèases consistenl ￿ Ihisl., Increase in pensionable Slipends 013.4% p.a.; Mortality In acGordance wilh 95Ya of the S3NA VL tables. with allowance lor iryrovernenls in mortality rates in line wslh the CMI 2018 extended model wlh a long lerm annual rate ol improvement 011.5%, smoolhing paraTrplef 017 and an iThli adthlion to mortality impro¥em8nts ol 0.5% pa. Follo¥wng the 31 Oecember 2015 valuation. a recovery plan was put in place ￿til 31 Decemb8r 2022 and Ihe delicil rgcovery contributions las a pewcentage ol pensionablt slipeDds1 afe as set out in the table below". 1 January 2018 to 31 Dae*mber 2020 1 January 2021 to 31 Decembèr 2tr22 D8ficrt repair C￿tribU1￿)n$ 11.9% 7.1% A5 at 31 DgGember 2019. 31 December 2020 and 31 Drfernber2021 the deficit recovery conlrf)ulions under the recovery plan M lorc8 Were 45 Set out in thE abDve For Sènior ollKe hddern, pensionaNe sli)eThts are adJ"ust8d in the ￿l¢￿la11¢)Th$ by a rwitiple, as sot our in th& Scheme's rules. Section 28.11A of FFtS 102 reqirrires ag￿e[j (klKit recovery payments to be ￿09￿lse¢J as a liablily. The fflovemenl In lh8 balance sheet Iiabiltty over 2020 a￿1 over 2021 L% $81 out IN? table below.. 2022 £'ooo 2021 Balance sheet Iiabil'ly at l January Delicil Contr￿Ul on paid Interest ¢osl Irecognisefl in SOFAI Remaining change to thè balance sheet tha￿.11ty' Irecwised in SofAI 459 12321 11271 1821 1191 Balartè shèet liability at 31 DeC￿)ber 209

ELY DIOCESAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 26. Pen$lon• {contlnuedl 'Comprise5 ch￿ge in a9￿￿￿ d6thil recovery plan and charffje in disewnt rale and 8ssumption5 belween year ends. This liabilily ￿presents the present value of Ihe defril conliibulions agreed as at the ￿coUntIng dale arKI ha5 been valued using the folk)wir¥J a$5urnp1￿fis sel ty ￿efe￿nCe10 the duratic￿ ol the del￿￿ recovery paymenls. D￿embe¥ Decernbei D8cernber 2021 2020 Dtscount rate inllalhjn Incie8se io 10t￿ payrol 0.￿ pa rda .1.5% pa 0.￿ pa 3.l%pa 1.6¥• pa nla nla rhe sfrUCttJ￿ ol the scheme 15 such I?￿t rf arthr Be￿￿bI Body latL8, th8 Board couhl becLVng resp￿Ible lor pawn9 A share ol that ReSp￿th Bws pensk)Tr liab"V•"ties. Chureh Workeri Pensiw Fund The F4)ard parb¢Pates In the Pen9C￿ &JihJaT sch￿ seuKJn of CWPF for lay statt. The scheme 15 administefed by thB Church ol ErwJland Pensions 8oatd. wh￿h hJl(ts Ihe assels of the sch•rne5 separalesy fr￿ Ihose of the emK4oyer the othei p8rtK¥Mlin9 employers. Tho Workeis Penwn Fund has a knryn as the Ddin8d Ben81its Scheme. a ¢Jeferred annuity seth.on kno5￿1 as P8nsicffl BLthr ClassK and a cash baL9￿8 sedwi known as PenS￿n Buikler 2014. Penwon buil¢Jèr St￿Me The Pensiorn Buildcr Sclwne ol th¢ Churth Wthets Pe1￿￿ Fund 1$ made up ol iwo sectths. Pension B￿lder Cla&%ic and Builthr 2014. bolh ol ¥th￿h are dassed as delined benefrt s¢hwDes. Pènsion 8LMldeF Clas$4c prowide5 a pern51￿ lor Mer1￿ for paymem frorn re￿r￿ment accumulaied from conlribulions paKJ arEd converted inlo a t1eferred ann￿ty dunro empbyffenl based on18rms s81and re¥iew6(J by Ihe Church of England PL)51(￿S 8IHrd from ts.rne to I¥￿. DLscrelionary I￿lease5 rmy aLso be adthd. depending on inve51rnenl ielLtrr6 and othef laclots. Pew(x) Buildar 2014 a cash bala￿e schemè Ihat stm thal mamb8rs lo provid• benelsls at reb"remenl. Pwsion cwlritMl•yB a￿ in an accounl lor each member. Th￿ account may have b)nuses added by the Board belor8 reiL"rement. The j￿￿Se$ depènd on investment experience and other factots. Thè¥e Is no requirement lor the Board granl 8ny bonuses. The accouni, any tx)nuses deelarèd, 1$ payatjlo mert)ers' Normal Pan$￿ Age. Thère rs no sub.thvision d assets between 8mploy8rs in each secliDn of the Penyon Builjew Schemè. Thesch8me Ba mullt-emF4oyer sch•rnè as de5cr&)ed ift Section 28 01 FFIS 102 as Itl8 r￿11 pOss￿le to #ttrlbute the PensiM Builder sCheTh￿,S assels arrfl h"ai¥lili85 to specifK emr)yers. This ￿￿anS that Contribtstions are accounied for a6 il Ihe were a d81ined c0ntribkkn￿ stheme. The perts￿mIS co￿$ char9ed lo the SOFA ￿ar are cor41rknM)ns payable12021'. £f21.838. 2020" £124.3261. A vduatw ofthe Pension BuildeT Scheme 15 cari¢edoul or¢e everythree years. The rrM)sl v&ent wa5 carried oul as at 31 December 2019. The next is due as * 31 Dec8mb8r 2022. For the Pen&on Bulder sectKn. lhev￿uatltsTr reve￿e￿ a delicil 01 £4.8m the orgDing assumpiions used. Al Ihe m¢)st recent anr￿1 ￿vIeW. Ihe 8oard chose to grwrt a (hscreI￿8ry borwts of 3% lohowin9 imwovemenls in Ihe funth9 p)sition ov&¥ 2￿21. no reqU￿rn8n1 lor ¢￿T￿lI payin8nts 81 the Gui￿nI For the Pensw ￿lIder 2014 section, the wah•lx)n a surplus 01 £5.&n on Ihe wumptsons used. There reqthrement lor de￿11 payments at the ¢urrent Iwne. The I￿al Siwtwg c4 the scheme is s￿h that rf arKther ernFtyi lats. Ely Board of FInar￿ ctsukj be¢oJYe respons￿￿ lor pawn9 a share cd that liabdiies.

ELY DiocesAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOA THE YEAR ENDED 31 OECEM8eR2022 26. P•n8lon8 Icontlnu¢dl linèd Beftelits Schem The Defined 8enelit5 Scheme fD8S'I seclion ol the Chuych Workets Pension Fvnd provides benelits lor lay slalf ba¥ed on final pensionthe salafies. For funding Putposes, OBS Is di¥Kled into sub.pools In ol each part)upabn9 employer as well a5 a lurther sutrpod, known as Ihe Lile Rtsk P¢)ol. The Lil8 A&sk Pool e￿$ts to shar• tarfain risky between 8mployers, irKludirvJ those r¢tsling lo rnortalny and post-￿tireMen1 irNe5tmenl rgturns. Th8 division ol Ihe DBS into stfftJ-pth)Is is ftolional and 15 Igr lh8 purpose ol Cakvlal￿9 onuoin9 conlribulions. They do nol atterthe faei Ihat the assets ol Ihe DBS are he￿ as asingle trusl lund OLrt ol which all the benelrts are to te piovHded. From limo 10 timB, a nots.onal piernium is transfeired from omployers. sub-pooLs lo the Llle Alsk Pool and all pens￿r￿ and death beneth.ts are paid from Ihe Lif8 Risk Pod. The scherrffj is a mvllFempWr scham• as d•scrib8d in Sectioft 28 ot FRS 102. A is not P05sib18 lo attribute 08S Assets And Iiabililies 10 8pecrfic employers, since Èach employer, Ihfough lh8 Lila Risk Sgction, 18 exposed io athuarial rtsks aS$¢Xi4led wlh the curwt and former employees ol other entil6 particlpaling in D8S. This m¢ans Ihal contribulions are %couThted for as if DBS were a defined conlribulion Kheme, The ptnstons ctss15 charged lo the SOFA durIn9theYeara￿ Cortribubons payable lowards benefrts and expenses accrued in that y8av12022.. £60.592. 2021.. tS5.5791 plus Ihe 1KJU￿ in rdzlion to the DBS delKit highlightèd in Ihe lable be￿W as being recognFsed in the SOFA. giwng a lolal charge 01£32,952 lor202212021.. £55.5791. If. Idloww)g an actuarial valvatw ol Ihe Lrfe RBk Pool. there is a gJOis oi deficil in Ihe and the Actuary 80 iecomrnends. lurther Irarnslers may bo modè Irom the Lrfe Aisk Pool to Ihe 8mployers' sub-pools. or vic8 vorsa. The amoullts to be iian51erre(I land their alILKat￿n belween the SLk)-poolsl will be settled by the C￿r¢b of Englant1 PgnsK)n5 Board on ol lh• Actuary. A valualion ol DBS is cairied oul once everyth￿ years. The mosi rècenl wa$ camed out as al 31 Decèmber 2019. In this valuaiion, the Life Risk Section was shown lo bo in deltrf by E7.7m and £7,7m was notionally Irans18rred Irom the ernployers. sub-pooL8 to the Lif? Risk S8CtioTr. This incffjased tho Ernployèrcontribulions Ihal would olheTwisÈ hv6 been payawe. The over811 del￿11 08S was £11.3m. FolloMng Ihe valualign, th¢ Ernployer has enlered inio an agreement ￿th Ihe Church Workers Pension Fu￿1 lo pay a conlribvtion rate 0123.6% 01 pensionable salary and e¥pons8s of £6.500 per year. In aLldilion deliclt payrnents of £5.692 per year have been agreed lor 7.00 years Irom 1 April 2021 ￿ respect ol the shorilall in thè Employr sub-pool. Tlis otAvJation has tean rètogni%ed as a liability within the Employeffs fina￿la1 slalemenis. Soction 28.11A FRS 102 ￿quIreS agreed def￿rt r￿0Very payments to be recognised a5 a liability. Th? movement in the provision is sèt out betow.. 2022 E'ooo 2021 Balance sheet liabilily at 1 January Delicit coniiibulion paid Inlèresl cost Irecognised in SOFAI Remaining change Io Ime balance shesi fiabilty" IT￿O￿lS8d in SofAI 34 161 {41 38 Balanca $ho91 Ivat'lily al 31 DecertJOf 'Cowises change in agreed delich recovery F4an and charKJe in diKounl ratè bèiween year-ends.

ELY DIOCESAN BOARD OF FINAIKE NOTES TO THE ACCOUNTS FOA THE YEAR ENDED 31 DECEMBER 2022 26. P•n#lon (eontlnued) Thks liabilrty r•pr8sents present vak d ihe dil Contil￿ti￿ aw89d as althe accourtin9 dal# has been valued USI￿ Ihe lollowing #sswwions. sel ty rderence to the duration of Ihe d￿l¢￿t ￿0Very paym8nts.' 2022 2021 2920 Discounl rate 0.0% The legal s1ructu￿ of th• scheme is ¥wh Ihat it arKther ernpto￿r la15. Ihg ompb>w b￿￿9 responsble lor pawng a share ol that emFtyfs Pe￿￿)n thabliti88. The ￿xI valuab'on ol the scheme ts b8iro cawii9d out as al Oecwnber2023. 27. A•latsd Party TranSa￿lon6 Ety DBF Property Lmniled ar5d Ety D￿CeSart Sclbx15 Sèrv￿￿9 Limited a￿ bolh whdty.owned subsKharies of Ety Diocesan 8oard ol fvnan¢¢. ￿￿Se stat￿ne￿$ are both avadabl8. Al 31 Decethr 2022, £740 k was owed Ety DBF Property Ser¥Kes Limiled and f27k was owed from Ety Diocesan SchooLs Se￿1￿$ Limited to th8 parent charity. T￿re is no inlerest ehafged and no fixed repaymeni on either balance. 28. Post 891on¢e Sheet Events and Conting•nt Llabi141i¥s Rising inflalKJn become a s¥JrMknnl i55u8 lor the D￿se 20¥3 •nd bèyond Mth Ihe Fotential impaei on charitable givlng to churches by panshioners, and Ihe efled Ih81 may have on the abilily of parishes lo meet Ihwr mIn￿try Share requesls. Oiocesan Ollrcets are modelling Ihe impact ol w8ri¢)us scenarios lor 2024 involviNJ redwt40ns #) income Streams and the p05sibilily of cancelliry) or poSIpc￿In9 afg8$ 01 expendrtur8. This repre5tnts a S￿JnIficanl chanenge both to 8oar¢J and the pa￿heS ol Ihe Di￿eSe to generate Ivnds 10 mainlain dB￿Very ol The Board ￿l￿ndS to set annu81 budgeis a bteak-even b851S. RegariJiThJ 8ny Potenliel impact on prcperty Valves. 8$ ststed in Note 14. Ihe inlenlion is lo hold most ol ihe piopedy lor the loThJ tem). wrfh no pLans currenlly to sell any rrorc than 2 houses in nexl year. For investwnl assets. as Staled in Note 15, portfdios h•J ¢creas8d in Wdlue al the year end. The D8F ig a lorhg- ieim investor and cur￿n11Y has no pkns to realise invesbnents. M) a4"uslmenl ha5 Lwn made in Ihese financia ptstwnents lo Ihe vakw at 31sl 0￿￿￿2￿22. The Covid-19 crigs ha(J an Imp8¢1 on the Operab￿S ol the Board lace to late even15 cont￿u9 to be held online N in a hybiKI mann81. MDSI employees are. however, conlinLHn9 to WO￿ elle¢lNety Itom home and to piovth SU￿ort ser¥¢es as norrnal. The Board has taken Ihe 0￿rtUnI1Ylo tho OK>cesan Q)eiations Irorn the current olbces In Barton Road, Ety and it has be8n agreed to txM'IJ a new central olfice cb)se to the c* ythich wli I be better ¢Jp5ign8d to meel ltr￿ needs ollhe Board in the lulu￿. Thys pr￿e$S ￿ well under way. and il will tske approximately 12.18 M￿th$ lor the con5truclpon to be CrAn￿e1￿. Funding wa5 id8nt4fied pmd rin9 f8nced to ensure Ihal Ihe project will be tfvled W￿l￿)ul fInar￿1￿ Irom p8vishe& 46

ELY DiocesAN BOARD OF FINANCE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEM3ER 2022 29. Tru$1 lunds The 8oard acts a$'Oiocesan Authorrty, orcusiodian ITuslee fLW manytrust funds by ol the Parochial Church Councils (Power51 Measu¢ 1956 and Ihe Ivumbenls and Chuichwar(Jens (Truslsl Measure 1984 where thè managing Irustees a￿ PCCS and others. Assèis held in th15 way are not a9gre9aleO In thesg h"nancial slalements a¥ thg Board dogs not Control them. The financial assets hekl in ttrms way may be summansed as lollows.. 2022 V•luJtion t'ooo 2027 Velu•iion EWO Miscallaneous listed investments Cgntral Board of Fin￿Ge.. Inveslment Funcl sha￿S Fixed inierw swritig$ lund uni Déposits 2.318 14,372 355 2.108 3,033 14,943 2,057 1701 373 Olhgr assets Cash at bank 314 roial assets held as cuslodran tW51ee 19.467 20,743 47