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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

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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

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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.

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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

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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.

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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

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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

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(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.

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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.

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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

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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

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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

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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

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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.
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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.
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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..
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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 /
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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.
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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).
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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.
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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.
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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
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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.
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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.
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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.
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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
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DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC
5HEFFlELDDK)CE￿M BoARD(￿FIllAH(E
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DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC
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DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC
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DoGUSign Envelope ID." 61739630-08364457.8934-21 E987F382CC
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