2024-12-31-accounts

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Annual Report Financial Statements For the year ended 31°, December 2024 THE DIOCESE OF SHEFFIELD SHEFFIELD DIOCESE BOARD OF FINANCE Company Number". 196087 Registered Charity Number.. 245861 The Diocese of Sheff ield is called to grow a sustainable network of Christ-like, lively and diverse Christian communities in every place, which are effective in making disciples and in seeking to transform our society and God's world

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Table of Contents Page Foreword Legal Objects strategic Aim5 and Objectives Activities and Achievements in the Year Future Plans 13 Financial Review 13 Principal Risks and Uncertai nties 16 structu re, Governance and Management 18 Trustees, Responsibilities 21 Administrative Detail 22 Independent Auditors Report 23 Statement of Financial Activities 28 Balance Sheet 29 Cash Flow Statement so Notes to the Financial Statements 31

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC ANNUAL REPORT The Trustees, who are also Di rectors for the purposes of compa ny law, present their annual report, together with the audited fina ncial statements, for the year ended 31 December 2024. In signing as Trustees, they also sign the strateg ic report sections in their ca pacity as Directors. This combined report satisfies the legal requirements for.. The Directors, Fleport of a charita ble company., The Strategic Report under the Companies Act 2006., and The Trustees Annual Report under the Cha rities Act 2011. FOREWORD This year has agai n presented significant challenges for the Diocese of Sheffield economic pressures continue to weigh heavily, especia Ily on our poorest communities, and the Church nationally remains in a state of discernment and tension. In addition, it was announced during the autumn that Bishop Sophie, then the Bishop of Doncaster, had been appointed to the See of Coventry.. while we rejoice for her and for that Diocese, her appointment introduces a further level of change and disru ption. Yet amid this, we are witnessing signs of renewal and encouragement across our Diocese. Our vision to grow a sustainable network of Ch rist-like, lively, and diverse Christian commur)ities remains compelling and timely, and l am heartened by the many ways it continues to take root. The Statistics for fd ission for 2024 show encouraging signs of ongoing recovery. Across the Diocese as a whole, usual SundayAttendance and Usual Weekly Attendance grew by between 3% and 5% for both adults and children. These are not just numbers-they reflect people coming to faith, reconnecting with the Church, and finding commLJ nity and hope. We rejoice in the research published by the Bible Society suggesting a Qu let Revival, especially among young men, aged 18-25, nationwide. Alongside these green shoots, we see strong engagement with our strategic initiatives.. the growLh of Focal Ministry, the launch of new congregations, and a prayer community now nearing 1,500 people. These all point to a Diocese fi nding its footing again after the disruption of the pandemic and stepping forward with quiet confidence in the Lord Jesus. We do not take these signs of hope for granted. They are the fruit of fa ithful and prayerful service by clergy, lay leaders, and volu nteers across ou r communities. They also reflect wise strategic investment and generous support from the national Church. We are not yet where we hope to b￿but we are moving forward. I give thanks for the leadership of the Board of Finance and for all those who serve the Church's mission in this Diocese. The Rt Revd Dr Pete Wilcox, Bishop of Sheffield Diocesan Synod approved a deficit budget for 2024 as part of the long term strategy to invest i n the foundation of new structu res within the Diocese to facilitate susta inable growth in the years to come. The end result for 2024 was a deficit of fl.om on the general fund., which was substantially less than the budgeted deficit.

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC We see the strong growth in attendance, reported in 2023, continue across the Diocese in 2024. However, most of our communities still struggle with the impact of cost of living pressures and so we value the continued support from the Church Commissioners in recognition of the number of Low Income Communities within our Diocese. At the end of the year, despite us running a deficit, overall funds on our balance Sheet have only marginally reduced to £59.8m compared to £60.8m in 2023. There are several reasons for this.. The deficit in our unrestricted general fund of £l.Om was substantially less than the budgeted def icit of £2.Im, primarily due to recruitment to clergy vacancies being at a slower pace than hoped. 2. We have continued to focus on maximising the performance of our Glebe and other investments, resulting in gairn5 in year of £0.5m, £0.] m of which was attributa ble to the unrestricted general fu nd. The net resu It is that our unrestricted general funds stood at £5.5m at 31 December 2024, which has reduced from £6.7m in 2023 due to the Q.Om deficit and £0.2m transfers between funds in the year. As long as fixed asset and investment valuations remain healthy, this gives us a little more headroom for us to see the fruits from our long term strategy of Renewed, Released and Rejuvenated. lan Walker, Chair of Sheffield Diocesan Board of Finance

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC LEGAL OBJECTS The Sheffield Diocesan Board of Fina nce's I'SDBF'I principal object is to promote, assist and advance the religious and other cha ritable work of the Church of England in the Diocese of Sheffield by acting as the fi nancial executive of the Sheffield Diocesan Synod. The objects of the Diocese of Sheffield cover most ofthe County of South Yorkshire with a small part of the East Riding and one parish in North Yorkshire. The SDBF has the following statutory responsibilities.. the management ofglebe property and investments to generate income to support the cost of stipends arising from the Endowment and Glebe bleasure1976- the repair of benefice houses as the Diocesan Parsonage 8oard under the Repai r of Benefice 8uildings Measure 1972., the management of investments and the custodian of assets relating to church schools under the Diocesan Board of Education Measure 1991", and the custodian of permanent endowment and property assets relating to trusts held by Incumbents and by Parochial Church Councils IPCCS) as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Councils (Powers) Measure 1956. STRATEGIC AIMS AND OBJECTIVES The SDBF manages the fina ncial aspects of the provision of mi nistry within the Diocese ensuring appropriate personnel and fi nancial resources to assist the Diocesan Synod, Bishop's Council, deaneries and parishes to further the mission and strategic priorities. The Diocese of Sheffield continues.. to ensure a Christian presence in every parish- to provide resources for people of all ages and at all stages of their spiritual journey to grow i n understandi ng of the Christian faith., to engage actively in local debate and ensure that ChristiarTr voices are heard in all areas of pu blic life, including schoo15, universities, and i n local com n ities,. and to manage diocesan resources effectively to meet the legal objects of the Diocese. In promoting the whole mission of the church (pastoral, evangelistic, social and ecu menicall the Trustees are confident (having had regard to Charity Commission guida ncel that S08F delivers public benefit. This is achieved through community engagement, resourcing education and su pporting those in need both spiritually and physically.

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC ACTIVITIES & ACHIEVEMENTS IN THE YEAR Introduction from CEoIActing Diocesan Secretary It is a privilege to introduce this Annual Report for the Diocese of Sheffield, reflecting on a year marked by both challenge and encouragement as we continue our journey of being Renewed, Released, and Rejuvenated. 2024 was a year of pla nned fina ncial deficit, approved by Diocesan Synod, as we pressed ahead with bold investment in people, systems and structures to enable sustainable future growth. Whi le the economic backdrop remained d ifficult, particularly for our poorest commu nities, the Diocese has Shown flexibility and hope. Encouragingly, overall pa rtlClP8tion figures have conti nued their upwa rd trend, and many of our mission and ministry indicators show meaningful prog ress. In 2023 and the early part of 2024, we undertook a signif1cant consultation and review process to ref resh our Diocesan strategy at the mid-poi nt of the 3Rs jou rney. This wide- ranging engagement across the Diocese helped LJS to assess impact to date, listen to local voices, and resha pe our vision for the years ahead. The resulting strategy refresh informed a major fu nding application to the national Church's Strategic Mission and M inistry I nvestment Board. We are delighted that this has resulted in a confirmed award of Q7.5 million for 2025-28, with an in-principle comm itment of a further a8.3 million for 2029-31. This substantial investment will enable continued development of key initiatives such as the Centenary Project, Resourcing Churches, Focal Ministry, and Mission Area Support, alongside vital new support for buildings, lay leadership and diverse communities. We have seen steady momentum across all three strands of our strategic vision. Our prayer community conti nues to grow, our leadership development pipeline is thriving, and we continue to witness local churches stepping out with courage and creativity- whether through Focal Ministry, Resourcing Churches, or the development of new worshipping communities. Despite running a deficit, prudent financia I management means our overall funds er)ded the year, only marginally down on 2023, at the same level as 2023, and we are stewarding our assets and reserves carefully. We give thanks for the generosity of parishes, the dedication of clergy and lay leaders, and the efforts and engagement ofthose who serve on our boards and committees. The Statistics for M ission for 2024 show that there are positive signs of ongoing recovery to pre-pandemic levels. Estimated attendance for October 2024 increased to 80% of 2019 levels. 25% of parishes experienced g rowth in their worshipping community, 260 remained steady, and 49% have seen a decrease since 2019. 210h of parishes experienced grovlrth in their usual Sunday attendance, 30% remained steady, with 48% below 2019. As we look to the future, we remain committed to nurturing a Diocese that is Christ-like, lively and diverse in every place. Lindsey-jane (LJ) 8uxton, Acting Diocesan Secretary

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Progress Against our Strategy in 2024 Work supported by National Church Funding strategic Transformation Funding The Transformation programme- a multi-year award of£S.6m from the Archbishops, Council's Strategic I nvestment Board in 2020- supports our 3Rs strategy delivery with continued good progress through 2024. Impact of Renewed 1,456 people are in the prayer community (those who have officially sig ned-up- we trust that more people are praying for renewalll. These 1,456 people are resou rced throug h da ily online prayer, weekly prayer reflections and seasonal prayer gatheri ngs throug h the year at Deanery and Diocesan level. Thy Kingdom Come Beacon events regularly draw in up to 250 people. In addition, the 2024 Thy Kingdom Come prayer pilgrimages involved around 240 people across 11 deaneries. Impact of Released Lights for Christ 422 adults have adopted a Personal Rule of Life IPROLI, exceedi ng the target for 2024. In addition, 155 young people have participated in adapted PROL workshops. 50 churches are engaged with Lights for Christ, exceeding the target for 2024. 12 active local Lights for Christ Champions are in place, meeting the target for 2024. We have seen real traction with disci pleshi p activities that people can do in their dai ly lives, such as Wear Your Faith Fortn ight and the Lights for Christ Advent Calendar. Our Lights for Christ web pages have been viewed over 75,000 times and over 7,000 people have downloaded Lights for Christ courses since 2020. On Holy Saturday 2024, with much fanfare and fireworks, 40 people from across the Diocese were baptised and confirmed at ou r Cathedral. Encou ragingly we are seei ng increasi ng num bers of adult confirmation candidates. We are increasingly seeing people come to faith through engaging social action work that tends to human needs and gives invitation and opportunities to explore faith. Focal Ministry We have109 active authorised Focal Ministers, which is ahead of our target for 2024. 51 churches are now engaged with Focal Ministry, exceeding the target for 2024. Eleven of our twelve Deaneries have authorised Focal Ministers in place. Candidates from the twelfth deanery are in the process of becoming authorised. I n addition, more than 90 new people have taken up other recognised local ministries since the establishment of Focal Ministry teams (data collected from Annual Reviews with Focal Ministers since lan 20241. Mission Area Support Since M ission Area Su pport was establ ished in 2021, parishes across the Diocese have been supported with over 690 tasks. In 2024 we supported 115 parishes with 247 tasks

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC (with a n additional 96 tasks ongoing). This support ranges from giving information and advice, resources, training, signposting and in-depth development work. Impact of Rejuvenated 17.4% of parishes started at least one newcongregation or worshipping community in 2023, compared to 9.0% across the Church of England 12023 Stats for Mission). 11 Resourcing Churches have signed the Memorandum of Understanding to plant or graft within 5 yea rs, well on track to our 2025 target of 12 in total. Flotherham Minster arnd St John's Goole ISDF Phase l Resourcing Churches) have grown in size and missional impact.Theworshipping community at Qotherham Minster grew from 99 to 191 dLJring 2019-2023. In Goole, the worshipping community grew from 59 to 97 during the same period. Notwithstanding the interruption ofthe Pandemic, we are seeing positive growLh in most key metrics Imissional impact, spiritual depth, growth of relational fringe, prominence in civic life and growing leaders) and bold strategic plans for the next phase. Goole is sending a record 4 students to our Foundations Course this year. This is a significant indicator of a growth in depth of discipleshi p and ra ising up of leaders. Whilst Covid has slowed us reaching our target of 75 new congregations by the end of 2025, we are delighted that since 2019 we have 43 active new congregations. One ofthese is ou r first ethno-linguistic congregation, The Don Urdu Fellowship which has within a few mor)ths grown to 50 worshippers includ ing 17 children. Since 2009 we have enabled 11 successful revitalising grafts, with a clear pipeline for nd subsequent grafting. We are delighted to have 2 generation grafts from 3 of our Resourcing Churches, with preparations underway for 3, generation g rafts. Average weekly attenda nce at services of worship grew in IOOtsA of churches receiving grafts from 2020-2023, with a total growth in attendance across these churches of167%. 89% of our Oversight Ministers / stipendiary clergy meet regularly with their Associate Archdeacon for one-to-one coaching and support. 24% of our current clergy are under 40 years old, exceeding our target of IO% lincludes Parish Clergy, Diocesan Clergy, Curates, Bishops and Cathedral clergy). We are seeing increasing diversity amongst ordained and lay leaders, and anticipate that the appoi ntment of a Tracial Justice Officer will provide much needed ca pacity to improve this further. 180+ clergy and lay leaders have completed Unconscious Bias training since 2021, exceeding the lifetime target. Mission Area Formation.. we've seen evidence from the consultation that the Mission Area approach is breaking down parochialism whilst maintaining an emphasis on local contextua I mission. We haven't forced any legal structure changes on our places and people. We are finding that through persuasion, relationship and comnion sense we are seeing more desire for collaboration, with places also starting to voluntarily rationalise governance. Some places are more advanced than others but the Oversight Minister cross licensing is helpful in creating cohesive M ission Areas. To date, 21 Mission Areas are fully formed involvi ng 55 parishes132%1, 8 M ission Areas have been ag reed locally and are awaiti ng appointments or licencing134 parishes, S%1 a nd a fu rther 21 M ission Areas are evolving164 parishes, 37%). The ongoing 'health' of our Mission Areas and how they function is crucial. 'Healthy Mission Area, criteria has been developed to help us track this. Each Mission Area 15 assessed annually by the relevant AATE.

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Centenary Project The Centenary Project has continued to have a significant impact and has gained national recognition as a model of best practice. 21 Centenary Project Workers are currently in post. I n 2024, 2959 people were registered with 291 d ifferent Centena ry Project ministries. Ou r Centenary Project Workers ra n 1882 sessions and were supported by 318 volunteers. There were 61,000 additional points of contact throug h schools work and unregistered activities. Funding has successfully been secured for phase 2 ofthe Centenary Project which includes a significant expansion to the project with a further 24 workers appointed to Centenary Project roles in churches acr05S the Diocese and a new strand of support for volunteer led ministry. The Centenary Project continues to be overseen by the Programme Board. Education Church of England Schools are a vital part of the work and ministry ofthe Diocese. There are 38 primary schools and I secondary school in the Diocese of Sheffield. The Diocese of Sheffield Board of Education IOBEI remains committed to the development of effective colla boratior) with, and between, OLJr Church Schools and to the su pporting and enrich ment of Church Schools, distinctive offeri ng of teaching and learning within a Christian context. Centrally organised and provided Diocesan support has continued, including the ongoing "Understanding Christianity" traini r)g which, during 2024, had a mixed cohort, with the majority of pa rticipants working in non-church schools, located within the Diocese. Training has also continued to support. the development of RE, provision for collective worship and the leadership of schools. The Diocese produced a new set of guidance notes on spirituality in schools and the spiritual development of you ng people. The new guidance introduces the idea of a 'spirited curriculum, whereby colleague5 identify aspects of spirituality within the life of the classroom. As one response to the national "Growing Faith" agenda, working in the intersections between homes, schools and churches, the Diocese produced "Lights for Schools., programme spann ing a n annual cycle of seasons and events. This i ncludes suggestions for parish churches to grow their connection between church and school. The new SIAMS Framework for the inspection of Church Schools is in its second year. All our inspections have received the judgement that, through their vision and practice, they are living up to their foundation as Church schools and enabling pupils and adults to flourish. This is g reatly helped by the emphasis this Diocese has long maintai ned upon the whole school being clear about their distinctive Christian vision. Every school now has one in place and some are in the process of renewi ng theirs to reflect changing priorities. We have no schools in this Diocese that have been judged as not meeting the above criteria. Since September 2024, OfSTED has wisely ended single headline judgments for schools. Our final set of single word grades placed 87% of our schools as good or above. The remaining schools are in the'Requires Improvement, category- and all improving to move to good. There is no unsatisfactory provision in Diocesan schools.

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC The Diocese continues to work with schools that wish to convert on the process of becoming an academy. 75°h of our Schools have converted or are in the conversion process. The Diocese of Sheffield Academies Trust IDSATI and James MontgomeryTrust IJMATI continue to be the two volunta ry aided trusts. During this year the Diocese is re- brokering the St Mary's AcademyTrust ISMATI, the trust shared with the Diocese of Leeds. DSAT, our Diocese-led trust, now serves17 schools and is i n the process of growing to include 3 additions to the trust, taking it to a trust of 20 schools. One significant change within DSAT (the Diocese of Sheffield Academies Trust) was the departure of Andrew Waldron, our CEO, and the appointment of Alison Adair to this post. Over the past year DSAT has continued to develop the governance structures within the trust and has also changed the admission policies in a nu mber of schools. The Board of Faith and Justice As a Diocese we are passionate about issues of social justice. Much of this work is co- ordinated through the Board of Faith and Justice. The 8oard's work is shaped by the strategy docu ment Salt and Light- A strategy for serving and transformi ng our society and Cod's World. I n particular, the Board has focussed on developing the Diocesan response across the last 3 Marks of Mission ofthe Anglican Communion.. To respond to human need by loving service., To seek to transform unj ust structures of society, to challenge violence of every kind and pursue peace and reconciliation To strive to safeguard the lrntegrity of creation and 5UStain and renew the life of the earth. The Boa rd carries out much of its active business through working groups, each dedicated to a specific area of Salt and Light concern with terms of reference and membership established by the Board. Throug hout the yea r, the Board played a vital role in promoting social justice, fostering inclusivity, and su pporti ng the working groups listed below. The board consists of dedicated individua Is who worked tirelessly to address pressing issues a nd make a positive im pact on the lives of people in the d iocese. Moreover, the board actively engaged with various advocacy efforts, both at the local and national levels. They voiced their concerns and opinions on social issues such as racial justice, envi ronmental susta inability, and social justice. 8y actively pa rticipati ng in discussions and advocating for change, the board worked towards creating a morejust and compassionate society. Throughout 2024 the following working groups were active., Mental Health Diocesan Resource Group for Seniors IDRGSI Black, Asian and Minority Ethnic Ang licans18AbA EI Dementia Poverty & Inequality Global Justice Climate Change and Environment. I n 2024, as a resu It of a successfu I funding application i n 2023 to the Diocesan Investment Programme Racial Justice stream, we were able to appoint a Qacial Justice Officer who is now leading the development of our strategy i n thi5 area. io

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Net Zero 2024 saw an acceleration in our work to deliver our strategy to decarbonise the Diocese. Early in 2024 funding was secured from the Net Zero Programme Board to fully fund a part-time Net Zero Programme Manager from l May 24, and we partnered with Leeds Diocese to contract an independent energy consultancy to provide energy audits to a significant nu mber of chLJrches du ring 2024 - 2025. Further fund ing was successfu Ily secured from the NZ Programme Demonstrator Fund to replace a decrepit boiler system with electrical heating, thus decarbonising a church in Rotherham, and from the NZ Programme Boiler Hardship Fund to replace a defunct gas boiler with air sou rce heat pumps in another church. There is a growi ng list of chu rches that are actively working on projects that will reduce their carbon emissions, and as these projects come to completion we expect that they will become more comfortable places to visit, cheaper to run and less damaging to the environment. On Ecochurch, we achieved our first Gold award and the numbers of Silver and Bronze awards continued to climb. We also appointed a Diocesan Eco Church Champion to work with churches on their progressthrough the stages of Ecochurch asthe numberof registered chLJrches continues to grow. Senior Staff Appointments The Senior Staff team saw no personnel changes in 2024. However, in 2025 we will be appointing a new Bishop of Doncaster, Archdeacon of Sheff ield and Rotherham, and our Dioce58n Secreta ry-chief Executive will take 6 months maternity leave. In 2024 we did recruit a new Finance Director who has brought experience and additional capacity to the team. Safeguarding Safegua rding was and remain5 a key priority for the Diocese. In 2024 we continued to delivertraining both online and in person. Including the roll out of the Parish Safegua rding Dashboard which is proving valuable to parishes in developing their safeguarding practice. The team continues to offer safeguarding advice and support to the Cathedral in line with the service level agreement in place. Th is is a mutually beneficial partnership. The contribution of Parish Safeguarding Officers was celebrated in June with 35 PSOS in attendance. Related Parties The SDBF works closely with a range of partners and parties as set out below. These are not related party transactions for fina ncial reporting pu rposes. The Archbishops, Council to which the Diocese pays a donation based on an apportionment system for funding national training of ord inands and the activities of the various national boards a rnd councils, as well as General Synod. The Archbishop's Council and National Chu rch Institutions from which the SDBF receives grants and which acts on behalf of clergy with HM Revenue and Customs. The SD8F also pays for clergy stipends through the Archbishop's Council. li

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC The Church of England Pensions Board, to which the SDBF pays retirement benefit contri butior)s for stipendia ry clergy and employees. It also offers schemes to provide housing for clergy in retirement Volunteers The SDBF is dependent on the huge number of volunteers involved in church activities both locally and at Diocesa n level. The SDBF greatly values the considerable time given by all volunteers and particularly, committee members across the Diocese in pu rsuit of the mission ofthe SD8F. No attempt has been made to quantify this resource, so generously given. Fundraising The SDBF provides guidance to the parishes with regards to fundraising, but does not engage in fundraising activities itself. Due regard is given to the Fundraising Code of Practice set by the Fundraising Regu lator when provid ing advice to the parishes. 12

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC FUTURE PLANS As is noted in the Foreward by Rt Revd Dr Pete Wilcox the Diocese has shown positive signs of niissional health and growth in year. We have made a nu niber of key appointments to clergy vacancies and we continue to invest reserves to maintain ou r clergy numbers in line with our strategic planning. We have benefited from financial support to increase our baseline number of curates. This add itional investment from the strategic mission and mi nistry fund is one element that has supported the development of our Curate in Charge programme which supports a strong and healthy leadership development pipeline across the Diocese. National church continue to be a key mission partner and following our refreshed Strategy work in 2024we have Secured 07.5m from the Strategic Mission & Ministry I nvestment Board ISM MI Bl to invest in making further progress towards our vision, 2025- 28. This fundi ng will provide the opportunity of second phase developments of key areas of work such as Centenary Project, Resourcing Churches, and Mission Area Support. As well as the expansion of support for lay ministers and revitalisation teams. For the f irst time this funding includes E2.2m for strategic building5 investment to help support buildir)g works on ch urches in key locations, e.g. centres of population where we can see potential to growthe church. An in-principle award of q8.3m has been made by SMMIB for 2029-31, following successful annual reviews of the delivery 2025-28. Other funding previously secured will dovetail into this new fu nding stream. This gift of mission funding does not mean that we are no longer reliant on Common Fund. On the contrary it buys us some time to grow the church and Common Fund to ensure that we can be self-financing going forward. Communications to deaneries regarding the refreshed strategy will continue i n 2025. FINANCIAL REVIEW 2024 was a fu rther year of fragile recovery agai nst an economic backdrop where utility costs and cost of living metrics have suffered the steepest inflationary rises in many pa rishioners, lifetimes. The financial constraints felt in the households across our Diocese have impaired the ability of many to contribute to the work of the Diocese. The sustained generosity of a wide range of dor)ors has been matched by the much- needed support from our Archbishops, Council who have prioriti5ed their com mitments to resource ou r Diocese in a range of project funds. The Revitalisation, Transformation and Capacity Funding projects and their funding streams commit us in partnership through to 2030. The underlyi ng operational costs of core Diocese activity and static common fund contri bution levels continue to leave LJS With a su bstantial operational deficit. This ongoing deficit and its implications were factored into the sustainability pla ns which were at the core of ou r bid for longer term National Church Triennium funding. This bid was su bmitted in January 2025 and the initial conditional award of £17.5m is for the period 2025-28. 13

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC A deficit operational budget for 2025 has been Set at fl.99m for the General Funds which will be fu nded by reserves. The core costs of the Diocese are for Parish Min istry and the personnel supported by sti pends and sa laries, with stipends and staff salaries rising by 5% during 2024 to match inflation/cost-of-living increases, consistent with the increase given in 2023. Our Diocese remains a relatively poor Diocese with limited reserves, but our supporters are generous, and we remain grateful for the participation in the financial needs of the Oiocese expressed in Common Fund Contributions. The 2024 Common Fund contributions totalled £3.4m12023- £3.4ml. The 2025 Common Fund target has been set at £3.5m and we continue to proactively work with PCCS and across the SDBF on financial planning and sustainability. Net operating costs before investment gains yielded a 0.om deficit12023 - £0.9m deficit) which was better than forecast and significantly below the approved budget deficit of £2.Im. The deficit was substantially conta ined below projections due to the difficu Ity experienced in recru iting clergy to the available posts. Diocese reserdes have been utilised to cover the shortfall in operating costs created in 2024 and 2023 but we are keenly aware of the limitations on our free resepdes. The National Church Triennium funding award is a critical element of future planning. A sig nificant element of ou r funding is received f rom the Archbishops, Council, which was £4.2m12023- £4.6ml across a number of projects. This includes Lowest Income Communities funding ofQ.7m12023- £1.7ml which we have allocated to support mission and ministry in parishes where they have ranked in the lowest IO% of our Diocese in terms of Social Deprivation indices. The Transformation, Capacity and Resourci ng Churches projects are included i n these Archbishops, Cou ncil funds. These projects support the ongoing strategic development of the Diocese and enable us to reach new and diverse communities. We also received a grant of £75,000 from the Sheffield Church 8urgesses Trust which continues to support work across the Sheffield Deaneries. Income from investments and rental income was largely in li ne with expectation. Costs for Resou rcing Mission and Ministry remained consistent with the prior year but were lower than budget. Recruitment progress remained slower than desired, but costs of establishing clergy have become significantly more exper)sive. Housing and removal costs remain particularly susceptible to inflationary pressures and there is continued pressures on these associated budgets. The total value of Tangi ble Fixed Assets increased to £38.5m from £37.3m primarily as a result of additions in stipend fund properties fu nded from the sale of i nvestments. This is a strategic decision to meet ongoing clergy housing requirements. No depreciation was charged i n year and in line with policy all depreciating assets having been written down in prior years. There was a gain i n the year in the value of Fixed Asset Investments, due to favourable changes in market value late in 2024, but not to the sa me extent of gains seen in 2023. The movement on valuation can go up and down, driven by general economic uncertainties from potential tradi ng tariffs and the continuity conflicts in Ukrai ne a nd the Middle East. Pension schemes are administered bythe Church of England Pensions Board. The Church of England Funded Pension Scheme for clergy had its most recent scheme valuation in 2021 and the previous deficit had been eli minated. The pension contribution rate in 2024 was 28% consistent with 2023 in line with national contri bution rates. 14

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC The Church Workers Pension Fund, covering all current salaried employees on a defined contri bution basis has a normal contribution rate of10.5% including death in service benefits. During the year, there was a usable surplus of 092,000 arising from an historic Chu rch Workers def ined benefit scheme valuation in 2022. This scheme has no current salaried employees and the decision was made to Use the surplus to offset the employer monthly costs of the defined contribution scheme f rom April 2024, thus helping towards reducing the overall Diocese deficit in the year. The su rplus will be fully utilised in early 2025. Reserves Policy Our Reserves Policy considers the use of al l our Fu nds but primarily focuses on our Unrestricted Funds, which fall into th ree categories.. Free Reserves, wh ich we define as the resou rces held in our General Fund as readily realisable assets, at 31 December 2024, totalled £3.8m131 December 2023.. £5.3ml. There has been a decrease in these resepies which mirrors the operational def icit of ￿.0M on general funds, a £0.2m transfer of properties and a £0.2m net transfer between funds. There is a longer term strategy to release monies from restricted funds where possible for work towards Strategic priorities. Our priority is to mai ntain Free Reserdes at a sufficient level to ensu re financial resilience and sustainability, i ncluding mitigating against key risks identified in ou r risk register for at least the next financial year. A planned def icit for 2025 of O.99m was approved by Diocesan Synod in November 2024. We are also seeking to achieve a balance between holding reserves to maintain financial resilience and using our funds in support of the mission and strategic priorities as set out in the Diocesan Strategy in October 2018,"Renewed Treleased Rejuvenated" We are blessed that we hold certain Restricted Funds which can also be deployed to su pport the implementation of the strategy. We continue to adopt a strategic plan agreed by Bishop's Council to utilise funds as helpfully as possible withi n the regu latory framework. Tangible fixed assets within our General Fund are held to support our charitable activities. Funds are not readily available as they can only be realised through the sale of the properties we hold. Our policy is review whether we need to retain these assets at least once a year and when they become vacant. At 31 December 2024 the total value was .7m bei ng the net book value of the relevant properties less the value of any related loans which would be repayable if the properties were sold. 131 December 2023.. £1.4ml. Designated Funds.. The Trustees may designate an element of Unrestricted Funds for an agreed purpose where this is considered to be a ppropriate a nd linked to a particu lar objective. The need for the fund is reviewed at least once a year and funds retu rned to Free Reserves if no longer required. I n ou r reserves pol icy, we are taking the approach to limit the use of designated funds. Details of all designated, restricted and endowment funds can be found in notes 17 to 20 ofthe accounts. The Diocese of Sheffield is delighted to confirm that it has no direct investments in fossil fuel companies, as has been the case for some time. Following a meeting of the Bishop's Council, it has also committed to not reinvesting in them i n the future. 15

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Grant Making Policy The SDBF'S Memorandum of Association explicitly permits the SD8F to make grants in pursuance of its objects. The Grants Conimittee meets annually to consider applications made by pa rishes to support ongoing activities. Grants made in 2024 covered contributions towards necessary maintenance works in Chu rch buildi ngs where alternative funding is not available locally, grants for this purpose are typically less tha n £5,000. Additionally, a nu mber of grants were made to support various aspects of mi nistry including short term parish su pport staff contributions a nd event support. These g rant awards were consistent with the aims and objectives of the S08F. Investment Poli The SDBF is empowered by its Memorandum and Articles ofAssociation to invest monies not immed lately required for its purposes. In addition, the SDBF acts as Trustee of a number of Trust Funds, and these must be invested in accorda nce with the related trusts. The Trustees, investment policy is to hold all restricted and endowed investments in CBF Funds. CCL4 Investment Management Ltd have been instructed to apply an ethical screen to the portfolio which precludes direct investment in companies which have more than IO% oftheir turnover in armaments, pornography or tobacco. Most of the SDBF'S other investments continue to be held in the C8F Church of England Funds managed by CCLA Investment Management Limited. The Finance and Property Committee regularly reviews the performance ofthe funds and makes decisions on investments. In the coming year we will be working with CCLA on a full review of investments held by SDBF. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees are responsible for the identification, mitigation and active management of risk. A corporate register of risks is maintained. Separate project-level risk registers are also maintained and reported throug h Program me reporting structu res. The corporate risk register is reviewed by the Trustees at each Bishop s Council meeting and at the Finance & Property Committee IF&PCI. The responsibility for delivery of the mitigation strategies identified is delegated to individua I risk owners under the oversight of the Diocesa n Secretary. The register is reviewed and updated 4 times a year by the Programme Team with risk owners. Flisks are categorised as Financial, Strategic & Reputational, Operational and Statutory & Legal. Risks are plotted in a matrix to easily hig hlight ou r most sig nificant risk areas. A su mmary of ou r most significant risks and associated mitigation strategie5 are detailed below.. 16

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Financial Churches don't/can't meet Common Fund pledges, resulting in loss of income to Diocese for investment in priority work monthly review by Finance team and Generous Giving Officers IGGOS) and escalated to Senior Staff encourage churches to adopt Parish Giving Scheme, Parish Buying Scheme and other stewardship resou rces blission Area Support and advice for churches in urgent situations challenge undermin ing narratives in PCCS clear communications about Common Fund Giving and Generosity Officers funded by national church to increase capacity and help churches to increase ir)come staff redundancy where budget is not reduced commensurately. Unbudgeted financial commitments or overspend that eat into reserves, eventUCTIIy leading to reputationcTI damage/emergency loan required from Church Commissioners F&PC meet regularly to review finances variances of spend against budget are examined each month reports provided to Bishop's Council and Programme Board who provide additional challenge and support quarterly project budget review with Strategic Programme Director provides additional scrutiny appointment of dedicated Project Accountant. Strategic & Reputational High-profile sofeguarding failures in the wider nationol church lead to o general loss of confidence in Church of England safeguarding policy and procedure at oll levels, undermining the work of the Diocesan Safeguording Teom and PCCS to crecyte a safe church for ull communications to reassure people on robust diocesan safeguarding policy and practice professionally qualified, well-resourced Diocesa n Safeguarding Team. Confident, trained a nd supported Parish Safeguarding Officers safeguarding training available to all appropriate roles scrutiny and audit of safeguarding practice by Diocesan Safeguarding Advisory Panel IDSAPI the Diocese fosterir)g a culture of transparency and openness where there is a balanceof power and understanding of individual rights good communication and d ialogue between parishes and Dioceses strong leadership by senior staff where challenge is welcomed Registrar and Anthony Collins provide legal support Contract with 31..8 for DBS support, complaints and listening service, out of hours and team absence cover Safer Recruitment policies and tra ining in place. Requ irement for policies to be in place in all chu rches, and for reporting of serious incidents to charity commission. Diocese Safeguarding Advisor and Diocesan Secretary. Theological positions of some churches and the reputotion of the C of E leads to a lack of safety for LG8TQIA+ people/outcomes of the Living in Love and Faith exploration / 17

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC consultation lead to some of our congregations leaving the C of E/Diocese resulting in financial loss and reputational damage encourage people to join in with the short course and listen to a variety of views Senior Staff to encourage generosity, engagement and mutual respect across difference dialogue offered by Bishops and Archdeacons confirm any legal im plications with Registrar Pace cynd scale of change means that some parishes ore blockers and not permission givers resulting foilure of strategic aims Area Deans and Archdeacons providing support for key leaders active risk management through Transformation programme Associate Archdeacons i n Post and building relational capital. Operational Inability to recruit sufficient suitable clergy to Oversight Minister roles leading to a failure of the diocesan strategy Open Days for clergy recruitment seeking to use Pathways for Clergy recruitment review recruitment process to avoid limiting the range of candidates considered strategic leadershi p pipeline of curates. Inadequ(yte staff resources, capacity ond attendance creates pressure on central services leading to delays, errors ond increased sickness levels bid for additional resou rces through g rant fu nding increase timescales for delivering some services sickness monitoring regular checks on the wellbei ng of staff by line managers and additional support offered to individua15 when required engage Qecruitment Agencies. statutory & Legal Non-compliance with legal frameworks cynd stututory regulations leading to legal claims and fines or payment of compensation Registrar engaged budget allocated and accrued across financial years insurance in place commercia I legal support for propertyltenant disputes staff recruited with the relevant technical and professional qualifications with regular CPD to maintain expertlse and knowledge ICAEW and trustee course and charity conference appropriate financial audits. STRUCTURE GOVERNANCE AND MANAGEMENT The Sheffield Diocesan Board of Fina nce ISDBFI is a company limited by guarantee (No. 1960871 and a registered charity (No. 2458611 governed by its Memorandum and Articles of Association. 18

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC The company's principal activity is to promote, as51St and adva nce the work of the Church of England within the Diocese of Sheffield. It was established in its present form in 1926. The SDBF works in consultation with the wider Church of England and receives a range of funding from both The Church Commissioners and the Archbishops, Council. The Bishop of Sheffield is a member ofthe House of Bishops who are responsible for setting key policy which impacts SDBF operations, a key example would be in the area of Safeguarding. Governa nce and policy of the SDBF is the responsibility of the Directors, who are also members of the company and Trustees for the purposes of charity law. The Bishop of Sheffield, together with other ex-officio persons are Trustees together with six people elected from and by the members of Diocesan Synod everythree years, re-elections were held in 2024, with new Trustees joining from l January 2025. The Bishop of Sheffield. the Flt Fievd Dr Pete Wilcox, is recognised in our Fleg ister of Persons of Significant Control. The Diocesan Synod, the statutory governing body of the Diocese, is an elected body drawn from across the Diocese with responsi bility for setting the vision and strategy of the Diocese, guided by the Bishop's Staff Team. The Synod membership is elected every three years. The Synod elects six of the Trustees of the Diocesa n Board of Fina nce. The SDBF is a separate legal entity, with clear responsi bilities under both company and charity law, as well as a governing Memorandum and Articles of Association. By virtue of the National I nstitutions Measure1998 the SDBF is subject to the direction of the Synod in all its activities, u nless such direction is not i n accorda nce with the govern ing documents or statutory regulations. H istorical assets arising from unexpernded accumulations of sale proceeds of redundant Chu rch of England School properties are accou nted for in the restricted Church Schools fund and are managed bythe SDBF in consultation with the Diocesan Board of Education The role of Bishops Cou ncil is set out in paragraph 75 of the Standing Orders. It includes planning the business of synod and advising the synod on matters placed before it. It a150 has an advisory role on financial business, as set out in parag raph 109 of the Standing Orders. Under paragraph 111, the fi nance committee of the Board of Fi nance has to su bmit its accounts and draft budget to Bishops Council. Bishops Cou ncil then makes to the Synod sitting as the Board of Finance "such recommendations thereon as it thinks fit" Synod (sitting as the 08FI approves the budget as proposed by the finance committee and authorises the DBF to expend a sum not exceeding the amount outlined within the budget as presented. The Finance and Property Committee appointed on behalf of Bishop's Council is responsible for oversig ht and scrutiny on decision maki ng arou nd financial resources and property assets. This committee meets most months. A budget is prepared annually and presented to f irst to Bishop's Council and then Diocesan Synod for approval at its November meeting. The Committee undertakes the SDBF'S responsibilities under the Parsonages Measure., the Repair of Benefice Building Measure 1972,. the PCC (Powers) Measure 1956 and the I ncumbents and Churchwardens (Trustsl Measu re 1964 Iwith respect to parochial property)., the Endowment and Glebe Measure 1976 (with regard to property assetsl,. and the Pastoral Measure 1983 (with regard to redu ndant churches). 19

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Trustees Trustees are members of the Bishop's Council a nd are either elected via Diocesan Synod or via Interview. They are given induction as they start their role and at other times as appropriate. Some staff hold the title of 'Oirector', but this relates to their function within the organisation a nd has no legal meaning within the terminology associated with the Companies Act. Trustees are required to make a declaration that they are not barred from being a Company Director a nd maintain their entry in the record of declarations of interest. Trustee appointments- there were no new appointments in 2024. Remuneration of key management personnel Emoluments of h igher-paid employees are determined by a use of a positioning scale for the grading of posts. Salary and stipend uplift decisions are made annually paid in April (Clergyl and July ID8F officers and staffl. 20

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC TRVSTEES, RESPONSIBILITIES The trustees (who are also directors of SDBF for the purposes of company lawl are responsible for prepari ng the Trustees, Report and the fi nancial statements in accordance with applicable law and United Kingdom Accounting Standards IU nited Ki ngdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true ar)d fairview of the state of affairs of the charitablecompanyand of the incoming resources and application of resou rces, i ncluding the income and expenditure, of the cha rita ble company for that period. In preparing these financial statements, the trustees are requ ired to.. Select su itable accou nting policies and apply them corn515terntly Observe methods and principles in the Charities SORP IFRS1021 Make judgements and estimates that are reasonable and prudent state whether a pplicable accounting standards have been followed, su bject to any material departures disclosed a nd explai ned in the fi nancial statements Prepare the financia I statements on the going concern basis u nless it is ina ppropriate to assume that the company will conti nue in operation The Trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracyat anytimethefinancial position of the SOBFand enablethem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the SDBF and hence for taking reasonable steps for the prevention and detection of fraud a nd other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the SDBF'S website. Legislation in England and Wales governi ng the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions. STATEMENT OF DISCLOSURE TO THE AUDITORS So far as the Trustees are aware.. al there is no relevant audit information of which the charitable company's auditors are unaware, and bl we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. 21

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC ADMINISTRATIVE DETAILS Trustees No Trustee had any beneficial i nterest in the company during 2024. The following Trustees were in post at the date of this report.. President Chair Deputy Chair Other Directors The Flig ht Reverend Dr PJ Wilcox IG Walker MSC, MA, CEng, FIET N Birchenall JA Butcher MA (Cantabl, MSC, PhD The Venerable M L Chamberlain BA, BTh, Mphil (Resigned June 20251 The Reverend C Dawson A De Castro (Appointed January 202SI The Venera ble J Iqbal The Rig ht Reverend S Jelley (Resigned February 20251 MacDonald IJ Newton BA FCA Lay Canon P M Rainford MA The Reverend E Morrison (Appointed January 20251 The Reverend I Smith BA The Reverend EH Steele The Reverend Canon M Rhodes The Reverend B Tanner IAppointed January 20251 The Very Reverend Abagail Thompson Secretary Registered office Bankers Auditors T Gardiner 95-99 Effingham Street Rotherham $65 IBL Virgin Money Saffery LLP, 10 Wellington Place, Leeds, LSI 4AP CCLA Investment Management Ltd Savills, 48 Bootham, York, Y030 7WZ Ecclesiastical Insurance Investment advisers Glebe Agents Insurers I n approving this Trustees, Qeport, the Trustees are also approving the Strategic Report included on pages 3-13 withi n their capacity as company directors. BY ORDER OF THE TRUSTEES SpJned by.. oc Yanfvattter Tor)y Gardi ner Chair Secreta ry 24June2025 24June 2025 22

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SHEFFIELD DIOCESAN BOARD OF FINANCE LIMITED Opinion We have audited the financial statements of Sheffield Diocesan Board of Finance Lim ited for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the I ncome a nd Expenditu re Account, the Bala nce Sheet, the Cash Flow Statement and notes to the financial statements, includ ing a summary of significant accounting policies. The fina ncial reporting framework that has been applied i n their preparation is applica ble law and Un ited Kingdom Accounti ng Standards, including Financial Treporting Standard 102 The Financial Reporting Standard applicable i n the U K and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fai r view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and appl ication of resources, including its income a nd expenditu re, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IU KI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are i ndependent of the charity in accordance with the ethical requ irements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we havefulfilled ourother ethical responsibilities i n accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fi nancial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fi nancial statements is appropriate. 8ased on the work we have performed, we have not identified any material u ncertai nties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the f inancia I statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 23

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Other information The other i nformation comprises the information included i n the Annual Report, other than the financia I statements and ou r auditor's report thereon. The trustees are responsible for the other informatior). Our opinion on the fi nancial statements does not cover the other information and, except to the extent otherwise explicitly stated in ou r report, we do not express any form of assurance conclusion thereon. I n connection with our audit of the financial statements, our responsibility is to read the other information and, i n doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the aud it or otherwise appears to be materially misstated. If we identify SLJch material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement i n the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of th is other information, we are req uired to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the aud it.. the information given in the Annual Report (which includes the Strategic report and the di rectors, report) for the fi nancial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report have been prepared in accordance with appl icable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environ ment obtained i m the course of the audit, we have not identified material misstatements in the Annual Report and strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retu rns adequate for our audit have not been received from branches not visited by u5., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully i n the trustees, responsibilities statement set out on page 21, the trustees (who are also the directors of the charitable compa ny for the purposes of compa ny lawl are responsible for the preparation of the financia I statements and for being satisfied that they give a true and fair view. and for such internal control as the 24

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC trustees determine is necessary to ena ble the preparation of financial statements that are free from material misstatement, whether due to fraud or error. I n preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the fi nancial statements as a whole are free from material niisstatement, whether due to fraud or error, and to issue an auditor's report that includes ou r opi nion. Reasonable assurance is a hig h level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IU Kl will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the econom ic decisions of users taken on the basis of these financial statements. I rregu la rities, including fraud, are instances of non-compliance with laV￿S and regu lations. We design procedu res in li ne with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for th is engagement and the extent to which these are capable of detecting irregu la rities. including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charitable company'5 financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team plann ing meeting, updati ng our record of internal controls and ensu ring these controls operated as intended. We evaluated possible incentives and opportu n ities for f raudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable compa ny by discussions with trustees and updating ou r understanding of the sector in wh ich the charita ble company operates. Laws and regulations of direct significa nce in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales and the Church of England fdeasures. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items i ncluding a review of financial statement disclosures. We reviewed the cha rita ble company's records of breaches of laws and regu lations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 25

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC During the planning meeting with the audit team. the engagement partner drew attention to the key areas which might involve non-compl ia nce with laws ar)d regulations or fraud. We enquired of management whether they were aware of any instances of non- compliance with laws and regulations or knowledge of any actua I, suspected or alleged fraud. We addressed the risk offraud through management override ofcontrols by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or OLJtside the normal course of business. We assessed whether judgements made in making accou nting estimates gave rise to a possi ble indication of management bias. At the completion stage ofthe audit, the engagement partner's review included ensu ri ng that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are i nherent li mitations in the audit procedures described above and the further removed noncompliance with laws and regu lations is from the events and transactions reflected in the financial statements, the less likely we wou Id become aware of it. Also, the risk of not detecting a material misstatement due to fraud is h igher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional m isrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. ynh/w.frc.org.ukJauditorsresponsibilities. This description forms pa rt of our auditor's report. 26

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter S of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fu Ilest extent permitted by law, we do not accept or assume responsi bil ity to anyone other than the cha rita ble company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. S.fv1 LLe 2 July 2025 SallyAppleton (Senior Statutory Auditor) For and on behalf of Saffery LLP, Statutory Auditor 10 Wellington Place, Leeds, LSI 4AP 27

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC 5HEFFlELDDK)CE￿M BoARD(￿FIllAH(E 5tATEMENTOFTHEFINANCIAtACTNtllES FoithEYeaie￿ded ZIDEtembEr2024 Vhrestrrtted furds Desl8Nbt¢d Totsl 2024 Funds N¢t• £'L￿O Pan5h GontnbutiDn5 3,689 246 ,535 4,170 OtherdOnAt￿n5 a9X 49 701 {Khryf-￿kQIaS5ét5 a02 2,849 207 78 I1,f￿? 11.65 207 3ts5 NEtlexpEnJtture)￿ncoMef0rveA1 OthErrÈtOgThsedsai￿S Netg3in5oThievaluation DfinvestmEnts 2ts2 504 446 IXfv4XI Totalf￿osbr￿8h1fQry¥Otd T4t•Ifthid5caY￿•Iff0￿￿￿d .837 55.796 46.103 Vage 18

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC 5HEFFlELDDK)CE￿M 8OARDtrFlf4ANCE BALANCE5HE A5at31 DeiEmbEI2O24 Vnrestrkted Totsl 2024 Oe51gn&ted N¢le EQ EQUO HXEDA55Ers 1189 Im5tments 8.6B4 1&816 44.94> S7,27Q ]Q6 sh4t bhktsd lfj hir L615 J.J81 3.44L L026 LIE9 LE27 TOTALA5SEfsLE55CURRENfLIABILITIE5 5,983 6L452 y•a NEfASSErs 46.103 59.796 60.857 FUNDS EDdowMeDtfunds 46,103 8.194 5.499 45,6$7 17 46.103 55.796 60.827 TheCa5h FlowStstErnent3ndtheNDte5form ￿rtofthP5efinan[1al 5tatemEnts Thehnanrial 5tatemEntswereapproved Board DfTru5tEEsand3uthOr15edfori￿ueon 241unE2025and S￿n•d ty.. GEoffreyw9￿rIth￿Ir￿1nj 2820ctsEA7￿￿4 Vage LY

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DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC 5HEFFlELDDK)CE￿M BoARD(￿FIllAH(E I￿510TH£FINANcIALSTAT£mENT5ItQ￿￿ttUQdI FoithEyea[e￿d￿d ZIDEtembEr2024 I DDNATION5 rws&re¢dle¢¢ed fvomthe Mrlsh5ofthedl¢¢esethrtru8htheC¢ffiiM¢￿￿Und$YSte Unre5tnttEd fuThds Endowment TDta Ignated Fun ¢uirentwr 3.3Tr5 65 a.155 3.382 Lotlllysupportedclergv 515 246 prior￿al Par15hcDntribut10Th5inGludEd £215kDf re5ttictedfund5fDrlocalty5UPPDrtEdmin15try pAthb￿h0Ps,cow￿l Unr5tnrtryd fund5 Resth¢ted 21Tr24 £'ODO L793 centenary￿01￿1 241 247 129 400 L09 MES3ndYouth 170 ThE pTioryeaiArchb15W5Counil lntomeinGlude5£2.￿skO￿Te5IrlclEdfundITr6. Iniluding£L.176krEIAbngtotheStTrtEgicTran5forn￿tI￿ Fundand£s72kr￿atingIQth￿ 5trAtw DewelDpmryDIFund. U￿r¢str￿tea￿￿y￿s End¢wmenl $18Nbt¢d 2024 EQ EQ E'OUO £'ouo BEnEkttTrusLfDnTrErly AIIChurGhE5 ChurihEurge55e5 125 75 14S 47 All wiWV4r"tsthrdMatlons"￿r¥un￿s1i1£1•d1£1lBkI¢r￿sI4rt*14dl£16Qk). 3 CMARYftyALEACTivmEs Vnrestrrfted furos De51gn&t Endowment Totyl )24 Funds EQUO EQ £'L￿D 5tatUtDryf￿es 287 303 398 ThE prior)￿r(harItAbkaG￿lwit1È￿inGDrn￿ InElude5£49kofrE5tricted Incomeand E3Skofde51gna￿ InEomE Vage33

DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC 5HEFFlELDDK)CE￿M BoARD(￿FIllAH(E I￿510TH£FINANcIALSTAT£mENT5ItQ￿￿ttUQdI FoithEyea[e￿d￿d ZIDEtembEr2024 4 OThEPACTivmEs Vhrestrrtted furds Desl8Nbt¢d Funds E'Q 2024 £'L￿O Hou51ng InEorne 5 IMVESTMENTINtOME UnrestnctedfuThds Design&t Endowment TDtsI Fun )24 EQW EQW 40 267 99 40 701 Thry pTior￿1 InvethryntinrnminG1udry5£253JlkGatedts￿￿T1ctedIUndS3nd£91kaII￿￿12d toendDwrn￿ntIUnd5. 6 FUND￿sINGc0sTs Unre5tntted fuThds Desi8n Endowment TDtsI Fun Éo É'o 3B PIT50nigeI￿￿￿l(D5t5 40 78 7 CHARtrABLEACtivtllES Unre5tnttEdfuThds Endowment TDtsI Ignated Funds h￿￿h¢P5¢￿Un￿l 209 2Q9 397 1757 566 L627 a.$70 757 1.&33 105 L$5 L683 IE6 Pefiw¥l, restheMent¥nd8r•Dts 23È IA4 SuppDrttorpar15h minis 8,465 11fv78 EX￿rAIlU¢ PrDieGt5, ronlnnrn54ndv*nt5 20 94 94 48 P￿￿yeareXpend1tUreInL1U￿e5￿I6kalIOtatPdt0thede51Énate￿fund. £8.93okallo￿tedtDtheTeSt￿tted￿Und and£SkalkKated tothEendDwmentfund. Vage34

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