**The Blackburn Diocesan Board of Finance Limited** **Annual report and consolidated financial statements** **Company limited by guarantee (no 225457) Registered charity (no 247647) Date: 31 December 2023** **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **Contents** **VISION STATEMENT ......................................................................................................................................... 2 LEGAL OBJECTS ................................................................................................................................................ 3 STRATEGIC REPORT .......................................................................................................................................... 3** _STRATEGIC AIMS AND OBJECTIVES FOR THE YEAR ............................................................................................... 3 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR ..................................................................................................... 4 FUTURE PLANS ..................................................................................................................................................... 8 FINANCIAL REVIEW ............................................................................................................................................. 10 PRINCIPAL RISKS AND UNCERTAINTIES .............................................................................................................. 12_ **STRUCTURE, GOVERNANCE AND MANAGEMENT............................................................................................13** _SUMMARY INFORMATION ABOUT THE STRUCTURE OF THE CHURCH OF ENGLAND ........................................ 13 ORGANISATIONAL STRUCTURE .......................................................................................................................... 14_ **DIRECTORS’ RESPONSIBILITIES ........................................................................................................................16** _STATEMENT OF DISCLOSURE TO THE AUDITORS ............................................................................................... 17 APPOINTMENT OF AUDITOR .............................................................................................................................. 17_ **ADMINISTRATIVE DETAILS ..............................................................................................................................18** _ATTENDANCE OF DIRECTORS AT MEETINGS IN 2023 ......................................................................................... 19_ **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKBURN DIOCESAN BOARD OF FINANCE LIMITED ..........................................................................................................................................................20 STATEMENT OF FINANCIAL ACTIVITIES ...........................................................................................................23 INCOME AND EXPENDITURE ACCOUNT ...........................................................................................................25 BALANCE SHEET ..............................................................................................................................................26 CASH FLOW STATEMENT .................................................................................................................................27 NOTES TO THE FINANCIAL STATEMENTS .........................................................................................................28** Page 1 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **VISION STATEMENT** Vision 2026 is an agenda for growth and change to see ‘Healthy Churches Transforming Communities’ across the Diocese of Blackburn in our centenary year of 2026. The Vision was launched in 2015 when the Diocese of Blackburn made a bold strategic decision to change and to grow through the priorities of: • Making Disciples for Jesus Christ • Being Witnesses for Jesus Christ • Growing Leaders for Jesus Christ • Prioritising Work Among Children, Young People and Schools. Over the course of 2020 the Diocese engaged in a ‘Vision Update’ through which we sought to identify what is going well and where the challenges are as we seek to realise our Vision of seeing ‘Healthy Churches Transforming Communities’. Vision 2026 sets before the churches of Lancashire a profound belief in the power of the Gospel to transform lives and communities and expresses a firm commitment to maintaining clergy numbers and investing in the mission of the local church. ## **Our updated Vision 2026 building blocks are:-** ## **Making disciples of Jesus Christ** - Knowing the Scriptures better and equipping confident Christian disciples - Praying with greater depth and urgency for the Kingdom of God to come - Offering worship in Spirit and truth through the ministry of word and sacrament - Giving generously of our time, talents and money to the cause of Christ ## **Being witnesses to Jesus Christ** - Sharing the Gospel with confidence - Enabling human flourishing through social action - Planting or renewing 10 strategic church plants and 200 new congregations - • Caring for God’s creation ## **Growing leaders for Jesus Christ** - Developing a diocesan-wide culture of vocational discernment so that all may hear God’s call and use their gifts in the service of the Gospel - Discerning and forming theologically literate lay and ordained leaders, rooted in prayer and with a deep love of the Lord Jesus - Nurturing healthy partnerships between clergy and laity by fully implementing the Lay Majority Ministry Framework - Generating a pipeline of highly motivated deacons and priests in order to enable the Diocese’s clergy deployment strategy ## **Inspiring children and young people** - Nurturing children and young people in their faith and supporting them as disciples of Jesus Christ - Holding regular worship that is accessible and appealing to children, young people and their families. - Enabling growth in the numbers of leaders of children and young people - Pursuing a step change in work with those aged 11-16 - • Facilitating effective partnerships between churches and local schools ## **The Diocesan Vision Prayer** Heavenly Father, we embrace Your call for us to make disciples, to be witnesses, to grow leaders and to inspire children and young people. Give us eyes to see Your vision, ears to hear the prompting of Your Spirit and courage to follow in the footsteps of your Son, our Lord and Saviour Jesus Christ. Amen. Page 2 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 The Directors of the Blackburn Diocesan Board of Finance Limited (BDBF), who are the Trustees for the purpose of charity law, present their annual report, together with the audited financial statements, for the year ended 31 December 2023. The directors and trustees are one and the same and in signing as trustees they are also signing the strategic report sections in their capacity as directors. This combined report satisfies the legal requirement for: - Directors’ Report of a charitable company - Strategic Report under the Companies Act 2006 and - Trustees Annual Report under the Charities Act 2011 ## **LEGAL OBJECTS** The BDBF’s principal objective is to promote, assist and advance the work of the Church of England, primarily but not exclusively in the Diocese of Blackburn, by acting as the financial executive of the Blackburn Diocesan Synod. The BDBF has the following statutory functions: - The BDBF has responsibility for the management of glebe property and investments to generate income to support the cost of stipends. - It is the Diocesan Authority for parochial and other trusts and incorporates the functions and responsibilities of the Diocesan Parsonages Board. - The BDBF is custodian trustee in relation to PCC property. ## **STRATEGIC REPORT** ## STRATEGIC AIMS AND OBJECTIVES FOR THE YEAR The main role of the BDBF is to identify and manage the financial aspect of the provision of the ministry within the Diocese, so as to provide appropriate personnel and financial resources to assist the Diocesan Synod, Bishop’s Council, deaneries and parishes to further the mission and strategic priorities in the Diocese. Vision 2026 is an agenda for growth and change to see ‘Healthy Churches Transforming Communities’ across the Diocese of Blackburn in our centenary year of 2026. The Vision was launched in 2015 and updated in 2020. The next phase of the implementation plan is available from our website at: https://www.blackburn.anglican.org/vision-update. The Directors are aware of the Charity Commission's published guidance on the public benefit requirement in general and, more particularly, in ‘The Advancement of Religion for the Public Benefit' and have had regard to it in their administration of the BDBF. The Directors believe that, by carrying out these objectives and in promoting the work of the Church of England in the Diocese of Blackburn, the BDBF helps to promote the whole mission of the Church (pastoral, evangelistic, social and ecumenical) more effectively, both in the Diocese as a whole and in its individual parishes, and that in doing so it provides a benefit to the public by: - providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and - promoting Christian values, and service by members of the Church in and to their communities, for the benefit of individuals and society as a whole. Page 3 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Vision 2026 consists of the four major building blocks of the Vision and below are the activities planned against each and the outcomes achieved: ## **Making Disciples** including: - Further developing Whalley Abbey as a centre for Christian Discipleship and Prayer under the new director, Revd Anna Walker - Developing Pathways to prayer events - Enabling spiritual direction to be available to all, lay and ordained, across the diocese - Production of diocesan seasonal daily devotional resources - Developing and launching of ‘Joyful, Generous Giving’ – a Blackburn approach to Giving and Stewardship which saw Synod approve 10 key principles for Christian Giving In relation to our main objectives of **Making Disciples** of Jesus Christ we: - Produced Lent and Advent Devotionals with a 10,000 circulation of this high-quality resource. - Hosted regular retreats & courses at Whalley Abbey including individual and guided retreats, walking, healing and quiet retreats as well as festival celebrations and supper clubs. - Partnered with parishes and Mothers Union to run ‘Pathways to Prayer’ events with a view to develop the team to promote more events in the future. - Hosted study mornings for Clergy and Licensed Lay Ministers, exploring what it means to worship in Spirit and in Truth - Launched Joyful, Generous Giving, including developing a suite of stewardship resources in line with the Building a Generous Church strategy. - Churches continue to adopt new ways of giving to secure their income and reduce the burden on treasurers. - Take up by parishes of the Parish Giving Scheme continues to be encouraging. 37% of parishes had signed up by the end of 2023 towards the target of 50% of parishes signed up by the end of 2024. During 2023 regular donations received by parishes through the scheme exceeded £1m together with a further £233,000 as Gift Aid. 86% of all gifts processed through PGS were given under gift aid and 42% of donors had chosen to increase their gifts with inflation. The average weekly gift through PGS (excluding gift aid) was £16.71. One-off giving through PGS also grew. The received totalled almost £58,000 with an average donation value of £112. - Donations through contactless and online giving have continued to grow with donations in 2023 of £413,600, placing us 7th nationally and 2nd in the Northern province. In early 2024 we anticipate an increase as churches take up the offer of subsidised devices. - Preparing for the launch of a diocesan app to support parishes in the work of Discipleship. - Spiritual direction proves to be an attractive avenue of discipleship, with 28 spiritual directors within the diocese and a training programme is in place to further develop these numbers. ## **Being Witnesses** including: - Internal and external investment to realise the vision of 10 Strategic Church Plants by 2026 - Coaching, networking and training as we press ahead to our goal of seeing 200 New Local Congregations by 2026 - Providing training and networks of support so that people are enabled to share their faith with confidence - A suite of activities to enable human flourishing through social action Page 4 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 - Caring for God’s creation with the aspiration to become an Eco-diocese in 2023 In relation to our main objectives of **Being Witnesses** to Jesus Christ: - To realise our vision of 10 Strategic Church Plants, eight plants are now in place and are fruitfully building the Kingdom in their local areas. Further strategic church plants are being planned to fulfil our goal of ten by 2026. - To fulfil our goal of 200 New Local Congregations, coaching, networking and training events including the Beacon Course have resulted in more New Local Congregations starting. To date, 220 new congregations or Fresh Expressions have been created since the launch of the Vision. The Choir Church project was launched enabling churches and schools to collaborate in order to plant churches. - To enable people to share their faith with confidence, a parish mission team has been established, with clergy and lay members, to support parishes in leading mission weekends. In 2023, ten parish missions were held. Nine missions are planned for 2024 including one deanery-wide mission. Feedback from hosting churches, taking part in the missions, has been very positive. Many have spoken of their hesitations prior to the mission and, post-event, have been encouraged by the way God has answered prayers. Encouragement to pray for the building of the Kingdom together with training and network support has resulted in more nurture courses taking place across the diocese; at least 88 churches/benefices have offered courses. Opportunities to learn from Saints in the past through day retreats at Whalley Abbey are proving very popular; led by Fr Nicholas Heale and Bishop Jill the aim is to build giants of faith. Opportunities for sharing the gospel through sport continue in partnership with Ambassadors Football. A number of parishes are using sport as a tool for mission and wellbeing. An ALM module on Mission Outreach has been added to the curriculum. - To enable human flourishing, healthy churches are living Kingdom values and providing rich treasures in numerous areas, across all age ranges, including: dementia support; debt counselling; addressing isolation; justice for those affected by human slavery; health, hospitality and wellbeing; healing; deliverance; job skills; housing; food banks; support for people on the margins; addictions, additional needs etc. Pendle Deanery recently completed a pilot project in collaboration with the Gather Movement to map the social action provision being made by churches which is then being used to connect individuals from faith groups with public sector colleagues. - To promote caring for creation, Blackburn Diocese achieved bronze eco status. Clayton House and Bishop’s House have achieved bronze awards. 44 parishes have registered with A Rocha UK; six churches have achieved bronze and three have silver awards. A baseline for carbon emissions in our diocese has been established with support and encouragement provided to parishes to complete the Energy Footprint Tool as well as becoming Eco-Churches. A net zero carbon working group is working across departments to achieve our net zero carbon goals. Carbon literacy training was provided for Clayton House staff members. An ALM course on environmental stewardship has been added to the suite of modules on offer. 53% of churches completed the Energy Footprint Tool in 2023. Broughton, St John and Christ Church Thornton le Fylde have been invited to take part in the Net Zero Carbon demonstrator Church grant programme which seeks to help churches get to carbon net zero ## **Growing Leaders** including: - Continued pursuit of the Lay Majority Ministry Framework - Continued development of a diocesan-wide culture of vocational discernment so that all may hear God’s call and use their gifts in the service of the Gospel - Generating a pipeline of highly motivated deacons and priests in order to enable the Diocese’s clergy deployment strategy In relation to our main objectives of **Growing Leaders** for Jesus Christ we: - Continued the implementation of Lay Majority Ministry strategy - The Authorised Lay Ministry (ALM) portfolio continue to offer training in ten ministry areas Page 5 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 - Commissioned 46 ALMs in September 2023, and 14 existing ALMs added an additional area of ministry to their authorisation with further training. - Expanded the M:Power programme to offer training in 2022/23 to 35 people in five locations (Morecambe, Blackpool, Colne, Lower Darwen and Preston) - Delivered three continuing ministerial education days for ALMs and LLMs, with additional training events offered for LLMs. - Continued to develop the integrated 5-year start of ministry programme to support clergy from ordination through to the end of the second year of their first incumbency - Successfully obtained national funding for five additional curacies and four additional posts of first responsibility ## **Inspiring Children and Young People** including: - Pursuing a step change in work with those aged 11-18 supported by a new Youth Resourcing Church and diocesan-wide new learning communities - Facilitating effective partnerships between churches and local schools - Nurturing children and young people in their faith and supporting them as disciples of Jesus Christ - Supporting the creation of new or renewed toddler groups that share the Gospel ## In relation to our main objectives of **Inspiring Children and Young people for Jesus Christ we:** Commissioned the Board of Education to enable development through: - Sustaining a new Learning Community for Youth Provision building on the Launchpad sessions delivered through the SDF3 resourcing church at St Luke’s, Blackburn - Delivering training to children’s and youth workers across the diocese linked to the ALM programme for growing leaders - Creating high quality resources and training to equip churches to minister to the young - Develop new curriculum resources and training programs to support high-quality RE and collective worship in church schools. - Training and supporting schools and churches to live out Vision 2026 by transforming communities. - Investing in addressing structural injustice through the Equity, Diversity and Justice programme - Encourage greater engagement between church schools and local parishes to strengthen the connection between school and church communities. - Collaborate with other diocesan departments to create more opportunities for young people to get involved in the life of the Church - Develop a great number of events that children and young people can attend to support them being apart of a large family of worshippers. Full details of the activities carried out are contained within Blackburn Diocesan Board of Education Trustee Report. During 2023 the BDBF also: - Carefully monitored spending and income for the diocese to ensure sustainability. - Continued to encourage parishes struggling to meet their Parish Share requests to meet BDBF Directors, Archdeacons and BDBF Officers to discuss their challenges, constraints on their ability to contribute the Parish Share requested, and initiatives for ministry in a constructive and collaborative atmosphere. Where satisfied that there was a clear commitment by the parishes to strengthen their discipleship, stewardship and vision planning, and to meet an adjusted share Page 6 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 contribution request, Parish Share meetings were able to reduce Share requests for a number of parishes from the parish support fund. - Worked with the Church Commissioners to construct an application to help provide additional resource to support the diocesan vision. - Consulted with deaneries through the Missional and Financial Flourishing programme of meetings designed to ensure that this a good understanding of what will transform mission and ministry in each area. - Supported parishes in their mission aspirations with grant funding from the Parish Vision Grant and Loan Fund. - Continued the roll out of the extensive safeguarding training programme for clergy and parish officers. The actions outlined above were enabled through a range of administrative and legal functions ensuring that the priorities identified within Vision 2026 were facilitated whilst maintaining good governance. ## **Personnel** The Directors are thankful for everyone who contributes to the life of the Diocese and to the parishes for their continuing financial support. The directors would like to express particular thanks to all the staff serving the BDBF, to our clergy for their leadership during 2023 and to the PCCs for their ongoing commitment this last year. The Directors are thankful to God, for those parishes that continued to contribute their parish share in 2023 despite difficult economic conditions. ## **Related parties** - General Synod, Church Commissioners, Archbishops’ Council and Church of England Pensions Board The BDBF must comply with Measures passed by the General Synod of the Church of England. It pays a donation based on an apportionment system for funding national training of ordinands and the activities of the various national boards and councils, as well as General Synod. The BDBF receives a grant from funds managed by the Church Commissioners. The BDBF pays for clergy stipends through the Church Commissioners. The stipends of the Diocesan and Suffragan Bishops are borne by the Church Commissioners. The BDBF pays retirement contributions for stipendiary clergy and some employees to the Church of England Pensions Board. - Parochial Church Councils (PCCs) The BDBF is required by Measure to be custodian trustee in relation to PCC property, but the Company has no control over PCCs, which are independent charities. The accounts of PCCs and deaneries do not form part of these financial statements. PCCs can influence decision-making within the BDBF at Diocesan Synod level through representations to those bodies and through the input of Deanery Synods. - ## Blackburn Cathedral. The Cathedral is a separate entity to the BDBF but is engaged in many shared missional aims and activities. The Cathedral is the seat of the Diocesan Bishop ## • ## Blackburn Diocesan Board of Education The Board of Education is a registered charity, which has responsibility for 190 Church schools across the Diocese and is responsible for the largest number of voluntary aided schools in the country. It provides pastoral and professional support to all its schools and has particular commitment to enhancing the quality of provision for Religious Education, collective worship and the spiritual, moral, social, and cultural development of all pupils. The Board of Education also Page 7 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 supports parishes on children’s work and youth work and has responsibility for chaplains in universities in the diocese. - Church based Multi-Academy Trusts There are three trusts that serve the diocesan church schools. These are Cidari, Learning Together Trust and The Bay Learning Trust. Each trust has members taken from corporate offices of the Church of England within the Diocese of Blackburn. ## FUTURE PLANS We will continue to work on the implementation of Vision 2026 and seek to apply for further National Church funding to support the mission and ministry of the diocese. This will include monies to transform the diocese following the missional and financial flourishing process, monies to support curacies and other funds that might meet the missional goals of the BDBF. We will continue to support each strand of Vision 2026. ## **Making Disciples of Jesus Christ** The Making Disciples team will help people to move on in their spiritual formation through: - Knowing the scriptures better and equipping confident Christian disciples - Praying with greater depth and urgency for the Kingdom of God to come - Offering worship in Spirit and truth through the ministry of word and sacrament - Giving generously of our time, talents and money to the cause of Christ ## **Being Witnesses to Jesus** The Being Witnesses team will encourage authentic witnesses in the following ways: - Collaborating with other Vision strand teams to promote prayer for growth; - Encouraging the ministry of the Parish Mission team and disseminating opportunities for mission across the diocese - Planting 10 Strategic Church Plants by 2026 - Enabling new local congregations to grow to maturity - Organise a Festival of Healing at Blackburn Cathedral - Encourage partnership with public sector colleagues to enable human flourishing - Encouraging more churches to care for creation and work towards Carbon Net Zero through support and projects offered by the Church of England, A Rocha UK and other agencies ## **Growing Leaders for Jesus Christ** The Growing Leaders Team is committed to facilitating the supply of an abundance of theologically literate lay and ordained leaders who, with a ministry rooted in prayer and a deep love of the Lord Jesus, can support the growth of healthy churches and transform communities. The team will do this by: - Developing a diocesan-wide culture of vocational discernment so that all may hear God’s call and use their gifts in the service of the Gospel - Discerning and forming theologically literate lay and ordained leaders, rooted in prayer and with a deep love of the Lord Jesus - Nurturing healthy partnerships between clergy and laity by fully implementing the Lay Majority Ministry Framework - Generating a pipeline of highly motivated deacons and priests in order to enable the Diocese’s clergy deployment strategy Page 8 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **Inspiring Children and Young people for Jesus Christ** We support the Diocesan commitment to Inspiring Children and Young people for Jesus Christ continuing in partnership with the Blackburn Diocesan Board of Education. The DBE will enable and support parishes to inspire children and young people by: - Nurturing Children and Young People in their Faith and Supporting them as Disciples of Jesus Christ - Holding Regular Worship that is Accessible and Appealing to Children, Young People and their Families - Enabling Growth in the Numbers of Leaders of Children and Young People - Pursuing a Step Change in work with those aged 11-16 - Facilitating Effective Partnerships between Churches and Local Schools-continuing to support church schools and academies in the diocese Full details of the future activities are contained within the BDBE Trustees report. ## **Enablers** There is additional work completed by the central team on missional and financial flourishing. This focusses on work with deaneries to look for opportunities for growth and direct work with parishes through the Parish Renewal programme. The Parish Renewal programme engaged with 29 parishes in 2023, of which 17 were inducted onto the programme during the course of the year. In addition to our general support for parishes - We will continue to ensure the central management of cases and training in relation to safeguarding at parish and diocesan level. - We will continue to support parishes through Treasurer, Church Warden and Clergy training events during the year. - We will continue to support parishes to contribute their parish share and support those in difficulty. ## POST BALANCE SHEET EVENTS The Strategic Mission and Ministry Investment Board of National Church has backed plans for a £25.5 million investment a programme of renewal in the Diocese over nine years starting in 2024, with £12 million in the first phase (2024-2026/7) and £13.5 million (agreed in principle) for further stages of work and subject to evaluation of progress. In August 2024 there was adverse publicity for an associated charity around a historic safeguarding issue previously reported to the charity commission. This has been reported again to the charity commission due to the risk of reputational harm from the publicity. Page 9 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## FINANCIAL REVIEW ## **Financial performance** The financial performance of the Charity in 2023 was considered satisfactory. The operational deficit on the unrestricted funds was £0.438m and was met from free reserves. |Total Income
Total Direct Expenditure
**Net Income/ (Expenditure) before investments**
Expenditure in / transfers to other funds from unrestricted
fund
**Operational Deficit**|**General**
**Designated**
**Total**
**Unrestricted**
**£'000**
**£'000**
**£'000**
9,337
98
9,435
(3,828)
(162)
(3,990)| |---|---| ||**5,509**
**(64)**
**5,445**
(5,589)
(294)
(5,883)| ||**(80)**
**(358)**
**(438)**| The operational deficit excludes the net movement on the group’s restricted funds (£854,000), endowment funds (£3,915,000) and net gain on unrestricted investments (£516,000) included in the group net movement in funds £3,139,000. Parish share, the money given by Parishes to the BDBF to fund the mission and ministry of the Diocese, was again the principal source of funding in 2023. This increased by £0.25m to £7.88m _(2022: £7.63m)_ . The Directors thank parishes for their contributions during the year, and especially those parishes able to meet their share request in full and those that make their parish share payments by monthly instalments. The provision for outstanding parish share at the year end is £7.55m _(2022: £7.42m)_ . Total income for the group (including parish share) before revaluation adjustments totalled £16.35m _(2022_ : _£16.99m)_ , a decrease of £0.64m. Included in the total income figure are gains on the disposal of fixed assets of £1.87m _(2022: £2.17m)_ . Expenditure for the group amounted to £14.83m _(2022: £15.06m)_ , a decrease of £0.23m. Included in these figures are losses on disposal and impairment of fixed assets of £150,000 _(2022: £4,000)._ The group Statement of Financial Activities (SOFA) for the year shows net income of £1.52m _(2022: £1.94m_ ) before net gains and losses on the revaluation of investments. This is a decrease of 0.42m on the previous year. After revaluation adjustments, the net movement in total funds amounted to an increase of £3.14m _(2022: decrease of £0.76m)_ , which results in a total fund balance of £75.57m _(2022: £72.43m)_ . The net movement in unrestricted funds is an increase of £0.08m _(2022: a decrease of £0.81m)_ , which results in a general fund balance of £8.91m _(2022: £8.52m)_ and designated fund balance of £2.67m _(2022: £2.98m)_ . The net movement in unrestricted funds is made up of the operational deficit £0.44m and net gain on unrestricted investments of £0.52m. ## **Balance Sheet Position** While the net assets on the group balance sheet total £75.57m ( _2022: £72.43m_ ), included in this total are freehold land and buildings which are primarily used for ministry totalling £43.37m ( _2022: £40.23m_ ). Much of the remainder is held in restricted or endowment funds. In 2023 the defined benefit pension deficit is zero ( _2022: zero_ ). ## **Significant Property Transactions** During the year we purchased five future parsonages and five curate and associate vicar houses totalling £4.42m. Nine of the houses were purchased from the restricted pastoral fund for £4.07m and one from endowment funds for £0.34m. Sale proceeds were received for one vicarage and six curate houses total of £2.92m. The profit from the sales added £1.45m into restricted funds. One redundant church was marked for demolition, reducing its value in the accounts by £0.1m. Page 10 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **Investment Performance** The Charity does not receive its donations evenly throughout the year. Some donations or funding grants received are held for a period prior to them being required for expenditure. The charity utilises NatWest reserve accounts and CCLA for cash investments. The Board requests a member of CCLA to annually attend a meeting of the Investment Committee to update them on the Board’s investment position. The Investment Committee meets at least four times a year to review policy and performance. The Board invests in the CCLA Deposit, Investment and Property Funds which again performed satisfactorily over the year in the context of comparator benchmarks for the sector. In 2023 the capital value of our investments recovered by around 15% after a significant fall in 2022. However, this is still below the value of the investments at the end of 2021. The Board also manages glebe on behalf of the BDBF. The total value of investments and deposits (excluding cash and investment property) at 31 December 2023 was £28.12m _(2022: £25.53m)_ and the return on investment was 3.5% _(2022: 2.9%)._ (Income divided by average capital value). The total value of investment property at 31 December 2023 was £1.54m _(2022: £1.80m_ ) and the return on investment was 1.8% _(2022: 1.8%)._ (Net rental income divided by average capital value). ## **Investment Policies** The BDBF’s investment policies are based on two key policies: Ethical investment – the BDBF seeks to pursue an investment policy consistent with the values of the Christian faith. This is achieved by investing in CCLA who follow the policies of the Church of England’s Ethical Investment Advisory Group which are kept under review by the Investment Committee. For the past few years, the Diocesan investment partner has operated a policy of not investing in industries that are directly or indirectly drawing revenue from fossil fuel activity. This policy is already in place and will continue to be going forward as we seek to meet a 2030 target. Long-term responsibilities – the Directors are aware of their long-term responsibilities in respect of endowed funds and as a result follow a correspondingly prudent approach to investment decisions. Investment policy for long-term funds is aimed primarily at generating a sustainable income with due regard to the need for preservation of capital value and the possible need to realise investments to meet operational needs. The glebe investments are held for the purpose of raising income to achieve the maximum contribution possible towards clergy stipends on an ongoing basis. Unrestricted and restricted funds are invested to balance income, liquidity and the reimbursement of capital. ## **Environmental Impact** The diocese has begun work on reducing its carbon output with the aspiration to reach net carbon zero by 2030. In line with this aspiration, the DBF will report on its annual CO2 emissions and plans to reduce its carbon footprint. The emissions for 2023 based on energy bills were as follows: ||Gas (kwh)|Electric (kwh)|CO2 Emissions
(Tonnes Per Year)| |---|---|---|---| |Clayton House energy consumption|80,787|74,585|37.2| |Whalley Abbey energy consumption|297,341|60,002|76.9| |St Philip’s Centre|-|86,000|22.8| Strategies to reduce the carbon footprint: - Delivering against the objectives on the Carbon Net Zero action plan approved by Synod - • Installation of LED lighting in Clayton House - Reduction in face-to-face meetings in favour of digital solutions - Car share for work related travel - Heat Decarbonisation Plan completed Page 11 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **Reserves Policy** The Directors have reviewed the charity’s needs for reserves in line with the guidance issued by the Charity Commission. The BDBF has considerable responsibilities, including the remuneration and housing of, on average, 185 parochial stipendiary clergy and is reliant on the contributions from the parishes of the Diocese. The BDBF aims to maintain a level of free reserves for income risk of 4% of three years forecast budgeted parish share, DBF fees and rental income and at least three months’ Parish Share budgeted expenditure as working capital. This will be held within the unrestricted funds (excluding fixed assets and clergy pension deficit). This is considered sufficient to cover short-term cash outflows, cushion non-receipt of Parish Share and any reduction of income from DBF Fees and rental income. The level of free reserves required for this policy is £5.4m. This policy is reviewed annually considering the future and risks of the BDBF in its setting. The level of free reserves at 31 December 2023 was £7.3m this is in excess of the policy by £1.9m. This excess will to be used to fund the budgeted deficits for 2024 and 2025. In addition to this the charity has successfully bid for strategic mission and ministry investment funding from National Church in 2024. The Directors are confident in the steps taken to ensure the future going concern of the organisation. There are several designated funds totalling £2.67m and the material ones are listed in note 24 on page 47. These funds are, in the main, held to fund future opportunities for the BDBF. They are reviewed regularly for appropriateness and levels. The BDBF also administers a number of restricted and endowment funds that are held in specific trusts under charity law and are not available for general purposes. As at 31 December 2023 charity’s restricted funds totalled £11.72m and endowment funds totalled £49.18m. The group’s restricted funds totalled £12.34m and endowment funds totalled £51.66m. A description of each reserve, together with the intended use of the fund is set out in notes 25 and 26 of the financial statements on pages 48 to 50. ## **Grant making policy** Grants are made to the National Church to cover a proportion of its central costs and the cost of training for ministry (see note 10 to the financial statements). Grants are paid to other connected charities and to other charitable projects which appear to the Board to support the furtherance of the BDBF’s objectives (see note 16 to the financial statements). ## **Fundraising** Most of the funds raised by the BDBF are from other charities. We provide support and advice to parishes with their fundraising and raise some funds for other charities as part of the Bishop’s Harvest appeal or from the congregation at Visitations. At Ordination services funds raised for the BDBF are restricted to support those undergoing ordination training. We encourage online giving by the use of give.net. There is minimal fundraising from the public by the BDBF and this is normally at church services, not by direct marketing or using external fundraisers. We have not received any complaints from the public in relation to our fundraising activities. ## PRINCIPAL RISKS AND UNCERTAINTIES The Directors of the charitable company have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: - an annual budget approved by the directors - regular consideration of financial results and cash flows - regular review of internal controls - delegation of authority and segregation of duties - regular review and update of risk assessments - scheme of delegation The Directors have a programme of risk management to assess and document business risks and implement risk management strategies. This involves assessing the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. This process draws on ongoing consideration of business risk, which already forms a significant aspect of the Directors’ duties, scrutiny by the Audit, Risk and Governance Committee Page 12 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 (ARG) and of the annual meeting with the Auditors, to discuss financial and internal control issues. There is no internal audit function as it is not considered an efficient use of the resources of the charity. The risk register has been fully restructured to ensure better monitoring of risk and cascaded responsibility for risk management by department. The risk register continues to be reviewed on a sixmonthly basis by the ARG and material changes notified to the directors. ## **Key Risks** The key risks, which may impact on the charitable company, include: 1. Parish Share receipts fail to increase in line with medium term budgetary projections – the risk is that the BDBF is unable to meet its objectives due to financial constraints. This may be exacerbated by the ongoing debates around Living in Love and Faith and the threat of parishes withholding parish share in consequence. Existing pressures are: - energy costs and capital repair costs for parishes - inflationary costs causing rises to share - levels of giving Existing Controls - regular monitoring and meetings with those parishes who need help to meeting their share - provision for the shortfall built into the budget - the use of the Parish Renewal Programme to revitalise ministry, mission and giving - resources on generosity, gift and grace for parishes to talk about giving - free reserves policy 2. A continuing reduction in regular weekly attendance – the risk is that parishes will become increasingly unable to pay parish share due to a reduced number of parishioners contributing to their finances; the BDBF is therefore unable to meet its objectives due to financial constraints. Controls: - A key aim of Vision 2026 is to grow the number of people regularly attending their parish church. - Application for funding to plants and grow - Planting strategy and encouragement of new local congregations RWA has stabilised more in 2023 3. Insufficient care for those who are survivors of abuse or those under investigation leading to selfharm. Controls: - Survivor consultation groups - use of support volunteers - opportunities for apology and redress ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## SUMMARY INFORMATION ABOUT THE STRUCTURE OF THE CHURCH OF ENGLAND The Church of England is the established church with HM The King as the Supreme Governor. It is organised into two provinces each led by an archbishop (Canterbury for the Southern Province and York for the Northern) and 42 dioceses. Each diocese is a See under the care of a bishop who is charged with the cure of souls of all the people within that geographical area. Page 13 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 A diocese is divided into archdeaconries, deaneries, benefices and parishes. Benefices may comprise single or multiple parishes and are overseen by a parish priest (usually called a vicar, rector or priestin-charge). The parish priests are responsible for the ‘cure of souls’ in their parish. The Church of England is governed nationally by General Synod as its legislative and deliberative body. It comprises ex-officio and elected representatives from each diocese, and it agrees and lays before Parliament measures for the governance of the church’s affairs, which, if enacted by Parliament, have the force of statute law. Blackburn Diocese currently has 5 elected clergy members and 6 elected lay members of General Synod. They were elected in 2021 for a period of five years. In addition to the General Synod, the Archbishops’ Council has a coordinating role for the work authorised by the Synod; the Church Commissioners manage the historic assets of the Church of England; and the Church of England Pensions Board administers the pension schemes for clergy and some lay workers. Within each diocese, overall leadership lies with the Diocesan Bishop, who exercises that leadership as Bishop in the Diocesan Synod which is the statutory governing body of the Diocese. Whilst each Diocese is a separate legal entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each Diocese to seek support from and application for partnership with neighbouring Dioceses. The Diocese of Blackburn was created in 1926. It has an area of 988 square miles and encompasses Lancashire with a few parishes in Wigan Metropolitan Borough. The overall population is approximately 1.3 million within urban and rural areas. The Diocese of Blackburn has two archdeaconries (Blackburn and Lancaster), each the responsibility of an archdeacon. Each archdeaconry has seven deaneries with a number of benefices/parishes grouped geographically. An area dean has oversight of the deanery and each deanery has its own synod. Within each parish there is a body called the parochial church council which is made up of parish priest as chair, the churchwardens, curate and Licensed Lay Ministers if applicable, and a number of elected members. Each parochial church council is a separate charity. The Cathedral is the mother church of the Diocese, an ecclesiastical corporation until it is certified by the Church Commissioners under the Cathedrals Measure 2021 as a charity. The Cathedral is separate from the BDBF. Copies of its trustees’ report and financial statements may be obtained from the Cathedral Offices, Cathedral Close, Blackburn BB1 5AA. ## ORGANISATIONAL STRUCTURE The BDBF was formed to manage the financial affairs and hold the assets of the Diocese. It was incorporated on 29 October 1927 as a charitable company limited by membership guarantees (No 225457) and its governing documents are the Memorandum and Articles of Association. The BDBF is registered with the Charity Commission (No 247647). The Charity is a limited by guarantee company and statutory accounts are filed annually with Companies House and Charity Commission. The members of the company comprise the Diocesan Bishop, each member for the time being of the Blackburn Diocesan Synod, including sufficient co-opted lay members in order to ensure that there is a majority by one of lay membership. Many of Diocesan Synod’s responsibilities have been delegated to the Bishop’s Council and standing committee. The members of Bishop’s Council are the Board of Trustees for the charity and in company law the Directors. The Directors comprise six ex-officio members: the Diocesan Bishop, the Suffragan Bishops, the two Archdeacons, the Dean of Blackburn Cathedral. Four ex-officio elected positions: the Chairs and Vice Chairs of the Houses of Clergy and Laity of Diocesan Synod. Three ex-officio appointed positions: the Chair and Vice Chair of the Board of Finance and the Chair of the Property Committee. The elected members are 4 clergy, 2 from each archdeaconry, elected by the House of Clergy and 8 lay members, 4 from each archdeaconry, elected by the House of Laity. Two members may be co-opted with the approval of the directors. Elections take place every three years with the last election being in 2021 for the triennium starting 1 January 2022. Governance and policy of the BDBF is the responsibility of the directors. Page 14 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 Corporate priorities and the overall financial strategy for the BDBF, in its primary object to promote, assist and advance the work of the Church of England within the Diocese of Blackburn, are agreed by the Directors and confirmed by Diocesan Synod. The responsibility for ensuring that these priorities and strategies are delivered, is delegated to the Vision Area Leaders. The members of the company meet once a year in the general meeting to receive the annual report and financial statements. The Diocesan Synod each year receives and agrees the parish share budget, prepared and approved by the Directors. The Directors meet during the year to formulate and coordinate policies on mission, ministry and finance. Some role names in the company incorporate the title ‘Director’ but, for the purposes of company law, are not directors of the company. Diocesan Synod has delegated the following functions to the Directors of the BDBF: - transacting the business of the Diocesan Synod when not in session - management of the funds and property of the Diocese - preparation of the annual Parish Share Budget - advising on action needed to raise the income necessary to finance expenditure - oversight of expenditure by bodies in receipt of Diocesan Synod’s funds against estimates of expenditure approved by Diocesan Synod - advising Diocesan Synod of the financial aspects of its policy and on any other matters referred to it; and - carrying out any other functions delegated by Diocesan Synod. ## **Statutory ecclesiastical boards and committees:** **The Diocesan Mission and Pastoral Committee** is responsible for the task of approving pastoral reorganisation, taking account of available clergy numbers and making use of new patterns of ministry. It is also responsible for finding appropriate alternative uses for churches which are closed for public worship. **The Diocesan Advisory Committee** advises on matters affecting parishes including churches and places of worship on matters such as architecture, archaeology, art and the history of places of worship, the use and care of places of worship and their contents and the care of churchyards. **The Parsonages Board** : the BDBF is designated as the Parsonages Board for the Diocese for the purpose of exercising the Parsonages Board’s functions under the Repair of Benefice Buildings Measure 1972. **The Blackburn Diocesan Board of Patronage** , constituted under the provisions of the Patronage (Benefices) Measure 1986, is sole or joint patron of a number of benefices. ## **Non-statutory committees:** **The Strategic Programme Board** is responsible for the oversight of each of the Strategic Development Fund project boards. These project boards are accountable for the spend of church commissioner grant funding and diocesan funds on project activities and the impact of these projects in line with the aims and objectives. The programme board scrutinises the work of the project boards in line with the overall objectives of the diocese and diocesan vision. **Diocesan Safeguarding Advisory Panel** has a Chair independent of the Directors and is an advisory body offering external oversight and scrutiny to the diocese with regard to safeguarding. **The Finance Committee** is responsible for the transaction of some of the business of the BDBF. Within delegated limits it can approve grants and other support and makes recommendations to the Directors in other cases. The membership of the Committee consists of the Chair and Vice Chair of the Board of Finance, the Diocesan Bishop the two Archdeacons and the Chair of the Property Committee. The BDBF Directors can co-opt up to six members on the basis of their expertise, of whom a minimum of 3 must be members of Bishop’s Council and Directors of the BDBF. **The Property Committee** is responsible for making major decisions concerning the management of parsonage and other houses owned by the BDBF, including setting the policy for their purchase, sale, repair and maintenance. The committee has delegated authority to authorise repairs within an agreed budget and to buy and sell property and land vested in the Board of Finance for diocesan purposes. Page 15 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 **The Investment Committee** meets on a regular basis to consider diocesan investments, to adjust the portfolio within parameters agreed by the Directors and to make recommendations to the Directors. It is also responsible for determining policy and making major decisions concerning the management of glebe property and investments for the benefit of the Blackburn Diocesan Stipends Fund. **The Audit, Governance and Risk Committee** has a Chair independent of the Directors and is responsible for assisting the Directors in the discharge of their responsibilities for accounting policies, risk management, internal control and financial reporting, including liaison with the auditors. **The HR Committee** deals with sensitive and other matters in relation to employed staff which cannot be considered by the full Board, partly because of their confidential nature and partly because of time pressures and includes two directors (one lay and one clergy) and four members co-opted for their HR expertise. It has delegated authority to approve most HR policies. **The Budget Scrutiny Committee** assists the Bishop’s Budget team in drawing up the annual draft budgets for approval by the Directors prior to submission to Diocesan Synod. ## **Directors’ induction** Directors are given an induction file when first appointed. Explanations are given in Directors’ meetings to provide continuing training and Directors are encouraged to ask questions in order to develop their understanding of the charity. If additional information is required, it is brought to the attention of directors and the directors’ induction file updated accordingly. Directors undertake training at the start of each triennium. ## **Remuneration of key management personnel** The salary scale of the Diocesan Secretary is determined by the Chair of the BDBF and the Diocesan Bishop following advice from the HR Committee. Any annual award is in line with the other employed staff salary increase. The salary levels of other key management personnel and all further posts are set by a job evaluation system. Annual pay increases are considered and approved as part of the budgeting process. They are considered by the HR Committee prior to implementation. An adjustment, if required would be recommended to the Board of Finance. ## **Funds held as custodian trustee** The BDBF is custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing trustees are parochial church councils and others. These assets are not aggregated in the financial statements as the BDBF does not control them and these assets are held separately to those of the BDBF. PCC trust investment assets held by the BDBF had a market value of £16.26m at 31 December 2023 ( _2022: £15.42m_ ) Detailed certificates of holdings were sent to parishes (c. 1,500 accounts) and other managing trustees of the respective charities as requested at that date. Details of these investments are summarised in note 30. ## **DIRECTORS’ RESPONSIBILITIES** The Directors, who are also the Trustees, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations **.** Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the BDBF and of the surplus or deficit of the BDBF for that period. In preparing these financial statements the Directors are required to: - Select suitable accounting policies and apply them consistently - Observe methods and principles in the Charities SORP - Make judgements and estimates that are reasonable and prudent Page 16 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements - Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in operation The Directors are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the BDBF and enable them to ensure that the financial statements comply with the Companies Act 2011. They are also responsible for safeguarding the assets of the BDBF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included in the BDBF’s website. Legislation in England/Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions. STATEMENT OF DISCLOSURE TO THE AUDITORS So far as the Directors are aware: - a. there is no relevant audit information of which the charitable company’s auditors are unaware and - b. we have taken all the steps that we ought to have taken as Directors in order to make ourselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of than information. APPOINTMENT OF AUDITOR The appointment of auditors to the BDBF will be proposed at the Annual General Meeting. Page 17 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **ADMINISTRATIVE DETAILS** |**Registered Address**|Diocesan Offices, Clayton House,|Diocesan Offices, Clayton House,|Walker Office Park, Blackburn| |---|---|---|---| ||BB1 2QE||| |**Trustees/Directors**|||| |**Ex-Officio**|Rt Revd P J North||| ||Rt Revd J L C Duff||| ||Very Revd P Howell-Jones||| ||Ven M C Ireland||| ||Ven D Picken||| |**Ex-Officio elected position**|Mr R J Collins||| ||Mr T D Cox||(resigned 25 July 2024)| ||Revd P A Lillicrap||| ||Revd Munawar Din||| |**Ex-Officio appointed**|Mr D Barlow||| ||Mr N P Aves||| ||Revd D Porter||(appointed 27 September 2023)| |**Elected Clergy**|Revd Dr R B Aechtner||(resigned 10 August 2024)| ||Revd Canon Dr|S Cox|| ||Revd Canon A Holliday||| ||Revd Canon A S Horsfall||| |**Elected Lay Persons**|Dr A Carter||| ||Prof R Carter||| ||Mr M Gardner||| ||Mr P J Ronson||| ||Ms J M Stamper||| ||Mr D J Wilkinson||| ||Mrs A Wynne||| |Appointed after the year end but before signing the accounts|||| ||Rt Rev J Kennedy||(appointed 19 July 2024)| |**Key management personnel and advisers**|||| |**Diocesan Secretary**|Canon S Whittaker||| |**Deputy Diocesan**|Mrs R McGaughey, Mrs C Barton||| |**Secretaries**|||| |**Head of Finance, Company**|Mrs R McGaughey||| |**Secretary**|||| |**Solicitors**|Anthony Collins, 134 Edmund Street, Birmingham B3 2ES||| |**Insurers**|Ecclesiastical Insurance Office, Beaufort House, Brunswick Road,||| ||Gloucester GL1|1JZ|| |**Bankers**|National Westminster Bank,35 King William St, Blackburn BB1 7DJ||| |**Investment Asset Managers**|CCLA Investment Management Ltd,||1 Angel Ln, London EC4R 3AB| |**Registered Auditor**|Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG||| |**Glebe and Land Agent**|Ingham & Yorke, Huntroyde Estate Office, Padiham, BB12 7QX||| Page 18 The Blackburn Diocesan Board of Finance Limited Annual Report and Financial Statements For the ear ended 31 December 2023 ArfENDANCE OF DIRECTORS AT MEETINGS IN 2023 Total 616 416 316 516 516 Ex-officio Rl Revd P J North RtRevdJLCDuff Very Revd P Howell-Jones Ven M C Ireland Ven D Picken Ex-officio elected position Mr R J Collins MrTDCox Revd P A Lillicrap Revd Munawar Din 616 416 416 316 Ex-officio appointed Mr D Barlow MrNPAves Revd D Porter 616 616 111 Elected Clergy Revd Dr R B Aechtner Revd Canon Dr S Cox Revd Canon A Holliday Revd Canon A S Horsfall 516 516 516 616 Elected Lay Persons Dr A Carter Prof R Carter Mr M Gardner Mr P J Ronson Ms J M Stamper Mr D J Wilkinson Mrs A Wynne 316 416 316 516 616 616 416 By order of the Board approving both the Directors, Report and Strategic Report P4* Mr D Barlow Chairof the Board of Finance MrNPAves V￿e-ChaIr ofthe 8oard ofFin8nce 14 September 2024 Page 19 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BLACKBURN DIOCESAN BOARD OF FINANCE LIMITED** ## **Opinion** We have audited the financial statements of The Blackburn Diocesan Board of Finance Limited for the year ended 31 December 2023 which comprise the Statement of Financial Activities - Company, Statement of Financial Activities - Group the Income and Expenditure Account, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 December 2023 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** Page 20 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 - In our opinion, based on the work undertaken in the course of the audit: - the information given in the Annual Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the directors’ report included within the Annual Report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report (which incorporates the strategic report and the directors’ 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 by the parent charitable company; or - the parent charitable company 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 in the trustees’ responsibilities statement set out on page 13 **,** the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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 group or the parent 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** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered other factors such as income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the engagement team included: Page 21 The Bla¢kburn Dio¢esan Board of Flnaiice Limitc Annual RepDrt xnd FinAncial SlaiÈrn@nls For th ear ondad 31 December 2023 Discussions with management including consKlefation of kn¢wn or suspected instan￿S of non- compliance with laws and regulation and fraud", valuatsng management's controls designed to prevent and delecl irregularities., Identifying and tg.Sting joumals. in particular postings by unu6ual users or wth unusual descripb'ons,. and Challenging assumplioii¥ lind judgements made by management in their cnbcal accounting estimates Because ol the inherent limitslion5 of an audit. there is a risk that we will not delect all irregularities. including those leading to a maten.al misstatement In the ffnan¢ial statements or rbon-compliance with regLilalion. This risk increases tha morg that complhince with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likety to become aware of instances ot non-compliance. The risk is also greater regarding irregularities OCCUfring due lo fraud rather than effor. as fraud invofves intsnlional con￿lMen( forgery, collusion. omission or misrepresentation. A further description of our responsibilit￿S for the audit of the financial 5talemenis is located on Ihe Flnancial Reporting Council's website al.. wwM.frc.or uklaudi orsres part of our auditor's rèport. 'Iilies. This descfiption forms Use of our report This report is made solely lo the charitable wmpany's members, as a body, in ac￿rdanCe with Chapter 3 of Parl 16 of the Companies Act 20C6. Our audit w￿k has been undertaken so that we might stale lo Ihfv e.hAritAhlp. r.nmr>any'q mÉ•mbers thos• matt•rs wg arg r•qUIr￿ to State to thom in an Auditoea roport and lor no other purpose. To the ful￿$1 exlenl permitted by law, we do not accept or assum8 responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this reporl or for th• opinions we havo formed. Adam Halsey Isenior Slatulory Audilorl For and on behalf of Haysm&intyre LLP. St8luty Auditors Date.. 30 September 2024 10 Stroot PlAc• London EC4R 1AG Page 22 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **STATEMENT OF FINANCIAL ACTIVITIES - Company** _for the year ended 31 December 2023_ |_Note_
**Income and endowments from:**
**Donations and legacies**
Parish contributions
Archbishops' Council and Church
commissioners
_2_
Other
_3_
**Charitable activities:**statutory fees,
chaplaincy and other income
_4_
**Other trading activities**
_5_
**Investments**
_6_
**Other**
_7_
**Total Income and endowments**
**Expenditure on:**
**Raising funds**
_8_
**Charitable activities**
_9_
**Other**
**Total Expenditure**
_10_
**Net income/(expenditure) before**
**investments**
Net gains/(loss) on investments
_18_
**Net income/(expenditure) before**
**transfers**
**Transfers between funds**
_12_
**Net income/(expenditure) before other**
**recognised gains and losses**
**Other recognised gains/(losses)**
Gain/(loss) on defined benefit pension
schemes
**Net movement in funds**
**Reconciliation of funds**
Total funds at 1 January 2023
**Total funds at 31 December 2023**|**Unrestricted funds**
**General**
**Desig-**
**nated**
**Restricted**
**funds**
**Endowment**
**funds**
**£000**
**£000**
**£000**
**£000**
**7,877**
**-**
**-**
**-**
**425**
**-**
**3,377**
**-**
**100**
**84**
**111**
**430**
**195**
**-**
**471**
**-**
**287**
**-**
**135**
**-**
**451**
**14**
**453**
**-**
**2**
**-**
**1,524**
**343**

**9,337**
**98**
**6,071**
**773**

**408**
**-**
**36**
**3**
**3,420**
**162**
**10,723**
**1**
**-**
**-**
**-**
**8**

**3,828**
**162**
**10,759**
**12**

**5,509**
**(64)**
**(4,688)**
**761**
**473**
**43**
**2**
**900**



**5,982**
**(21)**
**(4,686)**
**1,661**
**(5,589)**
**(294)**
**3,843**
**2,040**



**393**
**(315)**
**(843)**
**3,701**
**-**
**-**
**-**
**-**



**393**
**(315)**
**(843)**
**3,701**
**8,520**
**2,982**
**12,560**
**45,479**



**8,913**
**2,667**
**11,717**
**49,180**|**Total**
**funds**
**2023**
**£000**
**7,877**
**3,802**
**725**
**666**
**422**
**918**
**1,869**
**16,279**
**447**
**14,306**
**8**

**14,761**

**1,518**
**1,418**

**2,936**
**-**

**2,936**
**-**

**2,936**
**69,541**
**72,477**|Total
funds
2022
£000
7,626
4,879
358
724
437
725
2,165| |---|---|---|---| ||||16,914| ||||319
14,643
4| ||||14,966
1,948
(2,536)| ||||(588)
-| ||||(588)
179| ||||(409)
69,950| ||||69,541| All activities derive from continuing activities. The notes on pages 28 to 59 form part of the financial statements. Details of group comparative figures (2022) for the Statement of Financial Activities by fund are disclosed in note 31. Page 23 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **STATEMENT OF FINANCIAL ACTIVITIES -** Group _for the year ended 31 December 2023_ |_Note_
**Income and endowments from:**
**Donations and legacies**
Parish contributions
Archbishops' Council and Church
commissioners
_2_
Other
_3_
**Charitable activities:**statutory fees,
chaplaincy and other income
_4_
**Other trading activities**
_5_
**Investments**
_6_
**Other**
_7_
**Total Income and endowments**
**Expenditure on:**
**Raising funds**
_8_
**Charitable activities**
_9_
**Other**
**Total Expenditure**
_10_
**Net income/(expenditure) before**
**investments**
Net gains/(loss) on investments
_18_
**Net income/(expenditure) before**
**transfers**
**Transfers between funds**
_12_
**Net income/(expenditure) before other**
**recognised gains and losses**
**Other recognised gains/(losses)**
Gain/(loss) on defined benefit pension
schemes
**Net movement in funds**
**Reconciliation of funds**
Total funds at 1 January 2023
**Total funds at 31 December 2023**|**Unrestricted funds**
**General**
**Desig-**
**nated**
**Restricted**
**funds**
**Endowment**
**funds**
**£000**
**£000**
**£000**
**£000**
**7,877**
**-**
**-**
**-**
**425**
**-**
**3,377**
**-**
**100**
**84**
**111**
**430**
**195**
**-**
**471**
**-**
**287**
**-**
**135**
**-**
**451**
**14**
**531**
**-**
**2**
**-**
**1,524**
**343**

**9,337**
**98**
**6,149**
**773**

**408**
**-**
**35**
**3**
**3,420**
**162**
**10,796**
**1**
**-**
**-**
**-**
**8**

**3,828**
**162**
**10,831**
**12**

**5,509**
**(64)**
**(4,682)**
**761**
**473**
**43**
**(15)**
**1,114**



**5,982**
**(21)**
**(4,697)**
**1,875**
**(5,589)**
**(294)**
**3,843**
**2,040**



**393**
**(315)**
**(854)**
**3,915**
**-**
**-**
**-**
**-**



**393**
**(315)**
**(854)**
**3,915**
**8,520**
**2,982**
**13,190**
**47,742**



**8,913**
**2,667**
**12,336**
**51,657**|**Total**
**funds**
**2023**
**£000**
**7,877**
**3,802**
**725**
**666**
**422**
**996**
**1,869**
**16,357**
**446**
**14,379**
**8**
**14,833**
**1,524**
**1,615**

**3,139**
**-**

**3,139**
**-**

**3,139**
**72,434**
**75,573**|Total
funds
2022
£000
7,626
4,879
358
724
437
803
2,165| |---|---|---|---| ||||16,992| ||||319
14,733
4| ||||15,056
1,936
(2,870)| ||||(934)
-| ||||(934)
179| ||||(755)
73,189| ||||72,434| All activities derive from continuing activities. The notes on pages 28 to 59 form part of the financial statements. Details of group comparative figures (2022) for the Statement of Financial Activities by fund are disclosed in note 31. Page 24 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **INCOME AND EXPENDITURE ACCOUNT** |_for the year ended 31 December 2023_||||| |---|---|---|---|---| ||**2023**|**2023**|2022|2022| ||**£000**|**£000**|£000|£000| ||**Company**|**Group**|Company|Group| |**Total income**|**15,506**|**15,584**|16,657|16,735| |**Total expenditure**|**(14,749)**|**(14,821)**|(14,962)|(15,052)| ||**______**|**______**|______|______| |**Operating surplus/(deficit) for the year**|**757**|**763**|1,695|1,683| |Net (losses)/gains on investments|**518**|**501**|(926)|(961)| ||**______**|**______**|______|______| |**Net income for the year**|**1,275**|**1,264**|769|722| |**Other comprehensive income:**||||| |Net assets transferred (to)/from endowments|**(2,040)**|**(2,040)**|496|496| |Actuarial gains/(losses) on defined benefit pension|**-**|**-**|179|179| |schemes||||| ||**______**|**______**|______|______| |**Total comprehensive income**|**(765)**|**(776)**|1,444|1,397| The income and expenditure account is derived from the Statement of Financial Activities with movements in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing activities. Page 25 The Blackburn Diocesan Board of Finance Limited Annual Report and Financial Statements For the ear ended 31 December 2023 BALANCE SHEET at 31 December 2023 Note 2023 2022 £000 Company £000 Group £O(K) Company £000 Group Foxed Assets Tangible Assets Investments Investment Property 17 18 18 43,374 20,622 1,537 43.374 23,344 1,537 40,225 19.290 1,799 40,225 21,814 1,799 65,533 68,255 61,314 63,838 Current assets stocks Debtors 19 2.088 2,107 2,207 2,225 Deposits and Cash 81 bank and in hand 5,775 6,133 7,705 8,055 7,864 17901 8,241 17931 9.913 11,5281 10.281 11,528) Creditors.. amounts falling due within one year 20 Net current assets 7,074 6.365 8,753 Creditors.. amounts falling due after more than one ye8T 20 11301 11301 1157) 115n Iq301 11301 115n 11571 Net Assets 23 72.477 75.573 69,542 72.434 Capital and Re5er¥es Endowment funds Restricted funds Unrestiicted funds- General Unrestricted funds- Designated 26 25 24 24 49,180 11.717 8,913 2.667 51,657 12,336 8,913 2.667 45.479 12,561 8,520 2,982 47,742 13,190 8,520 2,982 72,477 75,573 69,542 The notes on pages 28 to 59 form part of the financial ststements. These financial statements were approved by the Directors and were signed on their behalf on 14 September 2024 by.. , e. Mr D Barlow Chairofthg Board of Finance MrNPAves Vice-chairof the Board of Finance The Blackburn Diocesan Board of Finance Ltd is a company limited by guarantee registered in England and Wales Ino. 2254571 Page 26 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **CASH FLOW STATEMENT** _for the year ended 31 December 2023_ |**2023**
**£000**
**Company**
**_Net income before other recognised gains and losses_**
**1,518**
(Gains)/Losses on disposal of fixed assets
**(1,791)**
(Gains)/Losses on disposal of investments
**8**
Depreciation
**126**
(Increase)/decrease in debtors
**(276)**
(Decrease)/increase in creditors current liabilities
**(267)**
Movement in pension commitment
**-**
**_Cash (outflow)/ inflow from operating activities_**
**(682)**
**_Net income from investing activities_**
Purchase of tangible fixed assets
**(4,432)**
Proceeds of sale of fixed assets
**2,921**
Purchase of investments
**(13)**
Proceeds of sale of investments
**353**
**_Net cash inflow/(outflow) from investing activities_**
**(1,171)**
**_______**
**_**
**_Net cash inflow/(outflow) from financing activities_**
Repayments of borrowing
**(418)**
Loan repayments received
**440**
New loans made
**(99)**
Net cash inflow/(outflow) from financing activities
**(77)**
**_______**
**_**
**(Decrease)/increase in cash in the year**
**(1,930)**

**Cash and cash equivalents at the beginning of the year**
**7,705**

**Cash and cash equivalents at the end of the year**
**5,775**

**Analysis of cash and cash equivalents**
**2023**
**£000**
**Company**
Cash in hand and at bank
**987**
Short term deposits
**4,788**
**_______**
**__**
**5,775**

|**2023**
2022
**£000**
£000
**Group**
Company
**1,524**
1,948
**(1,791)**
(2,165)
**8**
3
**126**
57
**(277)**
(617)
**(264)**
210
**-**
(204)


**(674)**
(768)


**(4,432)**
(1,504)
**2,921**
3,660
**(13)**
(15)
**353**
82

**(1,171)**
2,223
**______**
_______
_
**(418)**
-
**440**
430
**(99)**
(1)


**(77)**
429
**______**
_______
_
**(1,922)**
1,884


**8,055**
5,821


**6,133**
7,705


**2023**
2022
**£000**
£000
**Group**
Company
**1,345**
4,337
**4,788**
3,368
**_____**
_______

**6,133**
7,705
|2022
£000
Group
1,936
(2,165)
3
57
(636)
210
(204)

(799)

(1,504)
3,660
(15)
82
2,223
______
-
430
(1)

429
______
1,853
6,202
8,055
2022
£000
Group
4,337
3,718
_______
8,055| |---|---|---| The notes on pages 28 to 59 form part of the financial statements. Page 27 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **NOTES TO THE FINANCIAL STATEMENTS** _(forming part of the financial statements)_ 1. Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements. ## _**Basis of preparation**_ The financial statements have been prepared in accordance with the Companies Act 2006, the Charities SORP (Second Edition, effective 1 January 2019) and applicable accounting standards FRS102, and under the historical cost convention adjusted for the revaluation of certain fixed assets. The consolidated financial statements incorporate those of the Blackburn Diocesan Board of Finance Ltd and its subsidiary undertaking The Bishop of Blackburn’s Fund for Widows and Orphans of Poor Clergy for the year ended 31 December 2023. Details of the individual subsidiary results are given in note 28. The Directors are satisfied that there are no material uncertainties about the charitable company’s ability to continue in operational existence for the foreseeable future. The Trustees believe they have sufficient reserves to allow time to adjust the operations of the charitable company to meet changed circumstances relating to inflation and energy costs. Accordingly, they continue to adopt the going concern basis in preparing the Trustees’ annual report and financial statements. The Directors believe that the charitable company is a public benefit entity. ## _**Critical accounting judgements and key sources of estimation uncertainty**_ In the application of the accounting policies, trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and the assumptions used in determining the value of the pension scheme deficit. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. ## _**Fixed assets and depreciation**_ Assets with a value in excess of £500 are capitalised. Depreciation is provided for on the jointly owned Diocesan Offices and Whalley Abbey Retreat and Conference House. No other depreciation is provided on the charitable company’s freehold buildings including parsonage houses (explanation regarding parsonage houses is included in note 17) as the depreciation charge is immaterial. Freehold land is not depreciated. As it is the charitable company’s policy to maintain houses to a high standard, in accordance with a planned approach to repair and maintenance, such properties maintain residual disposal values in aggregate at least equal to their book values. The charitable company will perform annual impairment testing of assets on which depreciation is not provided to determine whether residual values of housing properties in aggregate continue to exceed carrying value. Page 28 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 The Company holds all Heritage assets at an accurate valuation wherever possible. Where not possible they are held at depreciated value. Depreciation is provided to write off the cost less the estimated residual value of other tangible fixed assets by equal instalments over their estimated useful economic lives as follows: Leasehold property 30 years or, if shorter, the remainder of the lease term Diocesan Offices 50 years on property 20 years on remodelling Whalley Abbey Retreat and Conference House 15 years to a residual value of £500,000 Fixtures, fittings and office equipment 4-10 years Heritage asset 15 years ## _**Fixed asset investments**_ Fixed asset investments are stated at market value at the balance sheet date. Movements in market value arising during the year are shown as unrealised gains or losses on fixed asset investments in the Statement of Financial Activities. ## _**Investment properties**_ Investment properties are included at their fair value. Glebe land is recognised as held for investment purposes when it is held to rent out or there is a signed developers agreement. ## _**Stocks**_ Stocks are stated at the lower of cost and net realisable value. ## **Income** ## _**Parish contributions**_ Income includes amounts received from Parochial Church Councils in respect of parish share for general, stipends fund and parsonage house fund assessments. Parish share is recognised in the accounts when there is evidence of entitlement, receipt is probable and its amount can be measured reliably. ## _**Income from Archbishops’ Council and Church Commissioners**_ Money from National Church Institutions is recognised when entitlement is probable. ## _**Other donations, grants, legacies and similar income**_ Grants and donations receivable towards the cost of additions or improvements to freehold buildings are credited to income in the period to which they relate. Other grants are recorded as income when entitlement is probable. Other donations are recorded as income when received. ## _**Other trading activities**_ The income from these sources is recognised on an accruals basis ## _**Investment income**_ Investment income is recognised on an accruals basis. ## **Expenditure** Expenditure has been charged to the Statement of Financial Activities on an accruals basis. Expenditure relating directly to the objectives of the charity is shown as direct charitable expenditure. Page 29 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## _**Grants payable**_ Grants payable are debited to expenditure when the charitable company has a constructive obligation to pay. ## _**Ministry in Parishes**_ Ministry in Parishes includes the stipends, NI, pensions, housing costs and any direct expenses paid by the charitable company for ministers located in parishes. ## _**Ministry Support**_ Ministry Support includes the costs of the charitable company that provide either a direct service to the parishes or to the community of the parish. It also includes the National Training costs paid to National Church for the training of Ordinands and the costs of Whalley Abbey the retreat house of the Diocese. ## _**Support and Governance Costs**_ Governance costs includes audit fee, trustee meeting expenses, Diocesan Synod expenses, Bishop’s Council expenses and an allocation of costs based on estimated time spent preparing statutory information and for governance/ strategic issues, by the Finance Team, Diocesan Secretary and Support Services Team. Support includes the costs of the finance team and general management not included under Governance costs. Support costs have been allocated based on an estimate of time spent in each area. ## _**Taxation**_ The Blackburn Diocesan Board of Finance Limited (by guarantee) is considered to pass the tests set out in paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## _**Pensions**_ The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in independently administered funds. The amount charged in the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period. The charitable company also participates in the Church Workers Pension Fund and the Church of England Funded Pension Scheme (see note 15). The assets of the defined benefit pension schemes are held separately from the charitable company in independently administered funds. The pension costs charged as expenditure represent the BDBF’s contributions paid in respect of the accounting period, in accordance with FRS102. Deficit funding for the pension schemes to which the BDBF participates is accrued at current value. ## _**Fund accounting**_ Funds held by the charitable company are either: _Unrestricted general funds_ – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. _Unrestricted designated funds –_ these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. _Restricted funds –_ these are funds that can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. _Endowment funds_ - this is capital, held in perpetuity to create income for specified purposes. Page 30 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Where a grant or donation is received to fund a capital item or where an asset is donated, if there is an obligation relating to the future use or retention of the relevant asset, the balance relating to that asset is held within restricted funds as long as that restriction exists. Where there is no such restriction, the income relating to the purchase of capital items is transferred to unrestricted funds in the Statement of Financial Activities. ## 2. Archbishops’ Council and Church Commissioners - company & group |**Unrestricted fund**
**Restricted**
**Endowment**
**General**
**Designated**
**funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Lowest Income Communities
Funding
**-**
**-**
**1,460**
**-**
Energy Costs Grant
**-**
**-**
**-**
**-**
Resourcing Ministerial
Education/Funding
**6**
**-**
**128**
**-**
Strategic Ministry Fund
**-**
**-**
**735**
**-**
Strategic Capacity Funding
**419**
**-**
**34**
**-**
Strategic Development Funding
**-**
**-**
**1,005**
**-**
Clergy hardship grant
**-**
**-**
**-**
Net Zero Funding
**-**
**-**
**15**
**-**
**425**
**-**
**3,377**
**-**|**Total**
**funds**
**2023**
**£000**
**1,460**
**-**
**134**
**735**
**453**
**1,005**
**-**
**15**
**3,802**|Total
funds
2022
£000
1,402
431
221
379
271
2,103
72
-
4,879| |---|---|---| 3. Other donations - company & group |**Unrestricted Funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Benefact Trust
**44**
**80**
**(7)**
**-**
Donations
**12**
**4**
**54**
**430**
Other Grants
**44**
**-**
**64**
**-**
Legacies
**-**
**-**
**-**
**-**
**100**
**84**
**111**
**430**|**Total**
**funds**
**2023**
**£000**
**117**
**500**
**108**
**-**
**725**|Total
funds
2022
£000
165
65
118
10
358| |---|---|---| Page 31 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 4. Charitable activities - company & group |**Unrestricted Funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Statutory fees; chaplaincy income
**-**
**-**
**438**
**-**
Church Commissioners -
Guaranteed annuities
**-**
**-**
**1**
**-**
Recharge of staff costs
**23**
**-**
**32**
**-**
Whalley Abbey Conference House
**162**
**-**
**-**
**-**
Income for training courses
**2**
**-**
**-**
**-**
Other fees/sales
**8**
**-**
**-**
**-**
**195**
**-**
**471**
**-**|**Total**
**funds**
Total
funds
**2023**
2022
**£000**
£000
**438**
494
**1**
1
**55**
39
**162**
141
**2**
5
**8**
44
**666**
724| |---|---| 5. Other trading activities - company & group |**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Rental Income
**83**
**-**
**133**
**-**
Whalley Abbey Conference House
**165**
**-**
**-**
**-**
Accounting and Legal services
**33**
**-**
**-**
**-**
Other fees/sales
**6**
**-**
**2**
**-**
**287**
**-**
**135**
**-**|**Total**
**funds**
**2023**
**£000**
**216**
**165**
**33**
**8**
**422**|Total
funds
2022
£000
284
133
19
1
437| |---|---|---| 6. Investment income |**Company**
**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Dividends receivable
**230**
**14**
**398**
**-**
Interest receivable
**221**
**-**
**23**
**-**
Rents receivable
**-**
**-**
**32**
**-**
**451**
**14**
**453**
**-**
**Group**
**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Dividends receivable
**230**
**14**
**476**
**-**
Interest receivable
**221**
**-**
**23**
**-**
Rents receivable
**-**
**-**
**32**
**-**
**451**
**14**
**531**
**-**|**Total**
**funds**
**2023**
**£000**
**642**
**244**
**32**
**918**
**Total**
**funds**
**2023**
**£000**
**720**
**244**
**32**
**996**|Total
funds
2022
£000
636
56
33| |---|---|---| |||725| |||Total
funds
2022
£000
714
56
33| |||803| Page 32 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 7. Other income – company and group |her income – company and group||| |---|---|---| |**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Gains on disposal of fixed assets
**2**
**-**
**1,524**
**343**
**2**
**-**
**1,524**
**343**|**Total**
**funds**
**2023**
**£000**
**1,869**
**1,869**|Total
funds
2022
£000
2,165| |||2,165| ## 8. Cost of raising funds – company and group |**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Project Management
**63**
**-**
**-**
**-**
Parish share
Secretariat
**17**
**-**
**-**
**-**
Archdeacons
**-**
**-**
**8**
**-**
Investment Management Costs
**29**
**-**
**8**
**3**
Whalley Abbey Rents
**4**
**-**
**-**
**-**
Rents
**-**
**-**
**20**
**-**
Fundraising Trading Whalley
Abbey
**262**
**-**
**-**
**-**
Fundraising Trading other
**33**
**-**
**-**
**-**




**408**
**-**
**36**
**3**|**Total**
**funds**
**2023**
**£000**
**63**
**17**
**8**
**40**
**4**
**20**
**262**
**33**

**447**|Total
funds
2022
£000
59
17
4
20
6
14
180
19
319| |---|---|---| Page 33 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 9. Expenditure on charitable activities |**Company**|**Unrestricted funds**|**Unrestricted funds**|**Restricted**|**Endowment**|**Total funds**|Total funds| |---|---|---|---|---|---|---| ||**General Designated**||**Funds**|**Funds**|**2023**|2022| ||**£000**|**£000**|**£000**|**£000**|**£000**|£000| |**Contributions to Archbishops' Council**||||||| |Training for ministry|**302**|**-**|**-**|**-**|**302**|302| |National Church responsibilities|**177**|**-**|**-**|**-**|**177**|185| |Grants and provisions|**31**|**-**|**-**|**-**|**31**|25| |Mission Agency pension||||||| |contributions|**10**|**-**|**-**|**-**|**10**|13| |Retired clergy housing costs||||||| |(CHARM)|**119**|**-**|**-**|**-**|**119**|114| |Pooling of ordinand candidates||||||| |costs|**25**|**-**|**-**|**-**|**25**|7| |General Synod expenses|**17**
|**-**
|**-**
|**-**
|**17**
|11| ||**681**|**-**|**-**|**-**|**681**|657| ||**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**| |**Parish ministry**||||||| |Stipends & National Insurance|**18**|**-**|**5,364**|**-**|**5,382**|5,031| |Pension contributions|**-**|**-**|**1,232**|**-**|**1,232**|1,435| |Housing costs|**56**|**-**|**1,888**|**1**|**1,945**|1,588| |Removal, resettlement and other||||||| |grants|**-**|**-**|**230**|**-**|**230**|223| |Other expenses|**2**
|**-**
|**54**
|**-**
|**56**|66| ||**76**
**--------------------------------------**|**-**
**--------------------------------------**|**8,768**
**--------------------------------------**|**1**
**--------------------------------------**|**8,845**
**--------------------------------------**|8,343
**--------------------------------------**| |Support for parish ministry|**1,847**|**32**|**183**|**-**|**2,062**|1,871| |Whalley Abbey Conference House|**259**|**-**|**-**|**-**|**259**|239| |Redundant churches|**-**|**-**|**236**|**-**|**236**|78| |Strategic Development Funding||||||| |Projects|**19**|**-**|**1,118**|**-**|**1,137**|2,083| |St Philip’s Centre Project|**39**|**-**|**-**|**-**|**39**|51| |Grants to Parishes, Individuals||||||| |and Other Charities|**175**
|**130**
|**418**
|**-**
|**723**
|1,052| ||**2,339**
**--------------------------------------**|**162**
**--------------------------------------**|**1,955**
**--------------------------------------**|**-**
**--------------------------------------**|**4,456**
**--------------------------------------**|5,374
**--------------------------------------**| |**Expenditure on education**||||||| |Grants for the work of the Board|**324**
|**-**
|**-**
|**-**
|**324**
|359| ||**324**
|**-**
|**-**
|**-**
|**324**
|359| |**Charitable activities**|**3,420**|**162**|**10,723**|**1**|**14,306**|14,733| Page 34 Annual Report and Financial Statements For the year ended 31 December 2023 ## **The Blackburn Diocesan Board of Finance Limited** |**Group**|**Unrestricted funds**|**Unrestricted funds**|**Restricted**|**Endowment**|**Total funds**|Total funds| |---|---|---|---|---|---|---| ||**General Designated**||**Funds**|**Funds**|**2023**|2022| ||**£000**|**£000**|**£000**|**£000**|**£000**|£000| |**Contributions to Archbishops' Council**||||||| |Training for ministry|**302**|**-**|**-**|**-**|**302**|302| |National Church responsibilities|**177**|**-**|**-**|**-**|**177**|185| |Grants and provisions|**31**|**-**|**-**|**-**|**31**|25| |Mission Agency pension||||||| |contributions|**10**|**-**|**-**|**-**|**10**|13| |Retired clergy housing costs||||||| |(CHARM)|**119**|**-**|**-**|**-**|**119**|114| |Pooling of ordinand candidates||||||| |costs|**25**|**-**|**-**|**-**|**25**|7| |General Synod expenses|**17**
**--------------------------------------**|**-**
**--------------------------------------**|**-**
**--------------------------------------**|**-**
**--------------------------------------**|**17**
**--------------------------------------**|11
**--------------------------------------**| ||**681**|**-**|**-**|**-**|**681**|657| ||**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**| |**Parish ministry**||||||| |Stipends & National Insurance|**18**|**-**|**5,364**|**-**|**5,382**|5,031| |Pension contributions||**-**|**1,232**|**-**|**1,232**|1,435| |Housing costs|**56**|**-**|**1,888**|**1**|**1,945**|1,588| |Removal, resettlement and other||||||| |grants||**-**|**235**|**-**|**235**|223| |Other expenses|**2**
**--------------------------------------**|**-**
**--------------------------------------**|**54**
**--------------------------------------**|**-**
**--------------------------------------**|**56**
**--------------------------------------**|66
**--------------------------------------**| ||**76**
**--------------------------------------**|**-**
**--------------------------------------**|**8,773**
**--------------------------------------**|**1**
**--------------------------------------**|**8,850**
**--------------------------------------**|8,343
**--------------------------------------**| |Support for parish ministry|**1,847**|**32**|**183**|**-**|**2,062**|1,871| |Whalley Abbey Conference House|**259**|**-**||**-**|**259**|239| |Redundant churches||**-**|**236**|**-**|**236**|78| |Strategic Development Funding||||||| |Projects|**19**|**-**|**1,118**|**-**|**1,137**|2,083| |St Philip’s Centre Project|**39**|**-**|**-**|**-**|**39**|51| |Grants to Parishes, Individuals||||||| |and Other Charities|**175**|**130**|**485**|**-**|**790**|1,052| ||**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**| ||**2,339**
**--------------------------------------**|**162**
**--------------------------------------**|**2,022**
**--------------------------------------**|**-**
**--------------------------------------**|**4,523**
**--------------------------------------**|5,374
**--------------------------------------**| |**Expenditure on education**||||||| |Grants for the work of the Board|**324**|**-**|**-**|**-**|**324**|359| ||**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**|**--------------------------------------**| ||**324**
|**-**
|**-**
|**-**
|**324**
|359| |**Charitable activities**|**3,420**|**162**|**10,795**|**1**|**14,378**|14,733| 10. Analysis of expenditure including allocation of support costs – company and group |Company
**Activities**
**Grant**
**Manage-**
**ment**
**undertaken**
**funding of**
**Admin**
**directly**
**Activities**
**Support**
**£000**
**£000**
**£000**
Cost of raising funds
**389**
**-**
**58**
Contributions to Archbishops' Council
**17**
**664**
**-**
Parish Ministry
**8,615**
**230**
**-**
Support for Parish Ministry
**2,555**
**1,149**
**752**
Education
**-**
**324**
**-**
Other
**8**
**-**
**-**



**11,584**
**2,367**
**810**|**Total**
**2023**
**£000**
**447**
**681**
**8,845**
**4,456**
**324**
**8**

**14,761**|Total
2022
£000
319
657
8,341
5,286
359
4

14,966| |---|---|---| Page 35 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 |Group
**Activities**
**Grant**
**Manage-**
**ment**
**undertaken**
**funding of**
**Admin**
**directly**
**Activities**
**Support**
**£000**
**£000**
**£000**
Cost of raising funds
**389**
**-**
**58**
Contributions to Archbishops' Council
**17**
**664**
**-**
Parish Ministry
**8,615**
**235**
**-**
Support for Parish Ministry
**2,555**
**1,216**
**752**
Education
**-**
**324**
**-**
Other
**8**
**-**
**-**



**11,584**
**2,439**
**810**|**Total**
**2023**
**£000**
**447**
**681**
**8,850**
**4,523**
**324**
**8**

**14,833**|Total
2022
£000
319
657
8,343
5,374
359
4
15,056| |---|---|---| ## 11. Analysis of support costs – company and group |**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
Raising Funds
**50**
**-**
**8**
**-**
Central Administration
**560**
**-**
**-**
**-**
Governance costs
Secretariat
**34**
**-**
**-**
**-**
Accounting and Finance Office
**38**
**-**
**-**
**-**
Audit & accountancy fees
**27**
**-**
**-**
**-**
Diocesan Synod costs
**8**
**-**
**-**
**-**
DBF Directors and Bishop’s
Council Meetings
**14**
**-**
**-**
**-**
Chancellor and Registrar Fees
**71**
**-**
**-**
**-**


**802**
**-**
**8**
**-**|**Total**
**funds**
Total
funds
**2023**
2022
**£000**
£000
**58**
37
**560**
577
**34**
29
**38**
42
**27**
28
**8**
7
**14**
6
**71**
67
**810**
793| |---|---| Page 36 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 12. Analysis of transfers between funds – company & group |**Unrestricted funds**
**Restricted**
**Endowment**
**General**
**Designated**
**Funds**
**Funds**
**£000**
**£000**
**£000**
**£000**
From general fund to stipends income
fund (restricted) and housing fund
(restricted), to cover the deficits on net
expenditure of those funds
**(5,563)**
**-**
**5,563**
**-**
From Pastoral Fund to Parsonages
Fund – transfer costs of parsonages
bought
**-**
**-**
**(2,281)**
**2,281**
From Parsonages Fund to Pastoral
Fund – book value of parsonages
transferred to the BDBF for disposal by
pastoral schemes
**-**
**-**
**160**
**(160)**
From Vision 2026 fund (designated) to
general fund for the Vision Director post
**15**
**(15)**
**-**
**-**
From Diocesan Vision 2026 Strategic
Development fund to general fund and
Housing fund to cover loss of income
from houses used for projects
**40**
**(35)**
**(5)**
**-**
From Diocesan Vision 2026 Strategic
Development fund to restricted fund to
cover projects expenditure
**(1)**
**(113)**
**114**
**-**
From general fund to designated funds
for Diocesan Conference and Area
Dean costs
**(80)**
**80**
**-**
**-**
From designated to stipends income
fund to meet clergy housing
expenditure
**-**
**(211)**
**211**
**-**
From released endowment fund to
restricted funds pre-reformation church
buildings
**-**
**-**
**81**
**(81)**




**(5,589)**
**(294)**
**3,843**
**2,040**|**Total**
**2023**
**£000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**| |---|---| ||**-**| The funds that have been transferred have been used in line with any applicable restrictions and have been transferred to make the presentation of the expenditure more transparent. The spending of the funds has extinguished any restrictions. ## 13. Net income for the year – company and group |Net income for the year – company and group||| |---|---|---| ||**2023**|2022| |**_These are stated after charging:_**|**£000**|£000| |Fees payable to the auditor for audit services|**27**|25| |Fees payable to the auditor for non audit services|**2**|-| |Whalley Abbey Conference House Site Deficit|**146**|78| ## 14. Staff numbers and costs – company and group The average number of people employed during the year was 68 _(2022:56.7)_ . The full-time equivalent employees during the year, including sessional workers, has been analysed by teams. |Enablers and Obligations
Growing Leaders
Making Disciples
Being Witnesses
Being Witnesses – parish workers
Area Deans Admin
Whalley Abbey Conference House|**2023**
**26.7**
**6.5**
**2.6**
**1.8**
**5.2**
**2.2**
**7.4**

**52.4**
|2022
25.8
6.7
1.5
1.0
6.8
0.9
6.8| |---|---|---| |||49.5| Page 37 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 The aggregate payroll costs of all employees were as follows: |Wages and salaries
Redundancy and settlement payments
Social security costs
Other pension costs
Other benefits|**2023**
**£000**
**1,676**
**-**
**147**
**215**
**5**

**2,043**
|2022
£000
1,387
-
126
195
7| |---|---|---| |||1,715| There were 2 employees whose salary was in excess of £60,000 – one in the band £60,000 to £70,000 and one in the band £70,000 to £80,000 ( _2022: none)_ ## _**Remuneration of key management personnel**_ Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing, and controlling the activities of the Diocese. During 2023 they were: Diocesan Secretary: Deputy Diocesan Secretary and Company Secretary Deputy Diocesan Secretary and Company Secretary Canon Stephen Whittaker Mrs Ruth McGaughey Mrs Carolyn Barton Remuneration, pension and expenses for these 3 employees amounted to £251,022 ( _2022:_ £157,286 _for 2 employees_ ). In addition to the foregoing numbers of persons employed by the charitable company in 2023 there were 173.6 ( _2022: 172.6_ ) full time equivalent stipendiary clergy in post in the Diocese. These may be analysed as follows: |Archdeacons
Incumbents
Curates
Lay Workers|**2023**
**2.0**
**134.9**
**36.2**
**0.5**

**173.6**
|2022
2.0
135.3
34.3
1.0| |---|---|---| |||172.6| The average number of stipendiary clergy in post during 2023 was 185 ( _2022: 183.5)._ Although not employed by the charitable company the payroll costs of the above persons are met by the charitable company and are included in the financial statements. The aggregate payroll costs of the above persons are as follows: |Stipend
Redundancy and settlement payments
Social security costs
Apprenticeship Levy
Pension costs - current year|**2023**
**£000**
**4,833**
**140**
**379**
**22**
**1,232**

**6,606**
|2022
£000
4,648
108
380
21
1,435| |---|---|---| |||6,592| Page 38 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## _**Trustees’ emoluments**_ ||**Average number of directors**|| |---|---|---| ||**2023**|2022| |Directors|**23**|23| No trustee received any remuneration for services as Trustee. The Trustees received travelling and out of pocket expenses, totalling £16,444 ( _2022 - £17,218)_ in respect of General Synod duties, duties as archdeacon or area dean, and other duties as Trustees. Trustees who are also licensed stipendiary clergy and archdeacons in the Diocese were in receipt of a stipend and housing provided by the BDBF during the year. The BDBF is also responsible for the provision of housing for the Suffragan Bishops but excluding the Diocesan Bishop and cathedral staff. ## 15. Pension schemes – company and group ## _**Church of England Funded Pension Scheme**_ The BDBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions (see below). A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions: - An average discount rate of 2.7% p.a.; - RPI inflation of 3.6% p.a. (and pension increases consistent with this); - CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards; - - Increase in pensionable stipends in line with CPIH; - Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%). Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded. |The deficit recovery|contributions under the recovery plan in force at each 31 December were as follows:.| |---|---| ||% of pensionable stipends| |31 December 2021|
7.1% payable from January 2021 to December 2022| |31 December 2022|
Nil| |31 December 2023|
Nil| An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022. Page 39 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below. |is set out in the table below.||| |---|---|---| ||2023|2022| ||£000|£000| |Balance sheet liability at 1 January|-|318| |Deficit contribution paid|-|(187)| |Interest cost (recognised in SoFA)|-|-| |Remaining change to the balance sheet liability* (recognised in SoFA)|-|(131)| |Balance sheet liability at 31 December|-|-| * Comprises change in agreed deficit recovery plan and change in discount rate between year-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known. ||December|December|December| |---|---|---|---| ||2023|2022|2021| |Discount rate|n/a|n/a|0.0% pa| |Price inflation|n/a|n/a|n/a| |Increase to total pensionable payroll|n/a|n/a|-1.5% pa| The legal structure of the scheme is such that if another Responsible Body fails, Blackburn DBF could become responsible for paying a share of that Responsible Body’s pension liabilities. ## _**Group Personal Pension Plan**_ The BDBF participates in a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the BDBF in an independently administered fund. The pension cost charge for the year represents contributions payable by the BDBF to the fund. ## _**Church Workers Pension Fund**_ The BDBF participates in the Defined Benefits Scheme(DBS) section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. For funding purposes, the DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns. The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the scheme’s assets and liabilities to specific employers, since each employer, through the Life Risk Pool, is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year 2023: £27,545 _(_ 2022: £24,422 _)._ If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts Page 40 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary. A valuation of the DBS is carried out once every three years, the most recent having been carried out as at 31 December 2019. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers’ sub-pools to the Life Risk Section. This increased the Employer contributions that would otherwise have been payable. The overall deficit in the DBS was £11.3m. The next actuarial valuation is due at 31 December 2022. The calculations for this are under way. Following the 2019 valuation, the Employer entered into an agreement with the Church Workers Pension Fund to pay a contribution rate of 45.2% of pensionable salary and expenses of £3,200 per year. The joint movement in the provision is set out below: |The joint movement in the provision is set out below:||| |---|---|---| |Joint Movement|2023|2022| ||£000|£000| |Balance sheet liability at 1 January|-|-| |Deficit contribution paid|-|-| |Interest cost (recognised in SoFA)|-|-| |Remaining change to the balance sheet liability*(recognised in SoFA)|-|-| |Balance sheet liability at 31 December|-|-| * Comprises change in agreed deficit recovery plan and change in discount rate between year-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments: |payments:||||| |---|---|---|---|---| ||December|2023|December 2022|December 2021| |Discount rate|N/A||0.00%|0.00%| The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer’s pension liabilities. ## _**Parsonages Board Retirement Benefit Schemes**_ The Parsonages Board Retirement Benefit Schemes contains one scheme with one member. It is a defined benefit scheme with the Ecclesiastical Insurance Group. The scheme is not considered material within the assets of the Blackburn Diocesan Board of Finance and due to the cost to the charity of obtain information on the scheme the Blackburn Diocesan Board of Finance have not complied in full with the requirements of FRS102. The deficit was recognised at 1 January 2014 based on the triannual valuation (2013) of £94,200. The SOFA has been charged with the future service contribution rate with the past service deficit reducing the balance sheet liability in the intervening years. The balance sheet deficit has been adjusted on receipt of the latest triannual valuation report (June 2022). The deficit recognised at 31 December 2023 is £0. Page 41 Annual Report and Financial Statements For the year ended 31 December 2023 ## **The Blackburn Diocesan Board of Finance Limited** ## 16. Analysis of grants made |**Company**
**Grants to**
**Individuals**
**Grants to**
**Institutions**
**Included Within**
**£000**
**£000**
Contributions to Archbishops' Council
**-**
**664**
Parish Ministry
First appointment and resettlement grants
**230**
**-**
Support for parish ministry
Ordinands
**140**
**-**
Harvest appeal charities
**-**
**30**
Parishes
**-**
**906**
Area Deans (parish)
**-**
**21**
Continuing ministerial education
**8**
**-**
Churches Together in Lancashire
**-**
**6**
Clergy hardship grants
**14**
**-**
Inter Diocesan Counselling services
**-**
**10**
Emmanuel Theological college
**-**
**10**
Other
**-**
**4**
Education
**-**
**324**

Total Grants Payable
**392**
**1,975**

**Group**
**Grants to**
**Individuals**
**Grants to**
**Institutions**
**Included Within**
**£000**
**£000**
Contributions to Archbishops' Council
**-**
**664**
Parish Ministry
First appointment and resettlement grants
**235**
**-**
Support for parish ministry
Ordinands
**140**
**-**
Harvest appeal charities
**-**
**30**
Parishes
**-**
**906**
Area Deans (parish)
**-**
**21**
Continuing ministerial education
**8**
**-**
Churches Together in Lancashire
**-**
**6**
Retired clergy and clergy widows
**67**
**-**
Clergy hardship grants
**14**
**-**
Inter Diocesan Counselling services
**-**
**10**
Other
**-**
**4**
Emmanuel
**-**
**10**
Education
**-**
**324**

Total Grants Payable
**464**
**1,975**|**2023**
**Total**
**£000**
**664**
**230**
**140**
**30**
**906**
**21**
**8**
**6**
**14**
**10**
**10**
**4**
**324**
**2,367**
**2023**
**Total**
**£000**
**664**
**235**
**140**
**30**
**906**
**21**
**8**
**6**
**67**
**14**
**10**
**4**
**10**
**324**
**2,439**|2022
Total
£000
646
223
173
16
872
6
3
6
53
7
-
1
359
2,365
2022
Total
£000
646
223
173
16
872
6
3
6
88
53
7
1
-
359
2,453| |---|---|---| Page 42 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 17. Tangible fixed assets – company and group |**_Parsonages_**
**_Non_**
**_Parsonages/_**
**_Land_**
**£000**
**£000**
**_Cost or valuation_**
At beginning of year
26,907
14,170
Additions
2,710
1,706
Disposals
(160)
(969)
Impairments
-
(100)
**At end of year**
**29,457**
**14,807**
**_Depreciation_**
At beginning of year
-
979
Charge for year
-
17
Disposals
-
-
**At end of year**
-
996
**_Net book value_**
**At 31 December 2023**
**29,457**
**13,811**
At 31 December 2022
26,907
13,191|**Total**
**Freehold**
**land and**
**buildings**
**Fixtures,**
**fittings and**
**office**
**equipment**
**£000**
**£000**
**41,077**
315
**4,416**
16
**(1,129)**
(13)
**(100)**
-


**44,264**
**318**


**979**
188
**17**
36
**-**
(12)


**996**
212


**43,268**
**106**


40,098
127|**Total**
**£000**
**41,392**
**4,432**
**(1,142)**
**(100)**

**44,582**

**1,167**
**53**
**(12)**

**1,208**

**43,374**

40,225| |---|---|---| Parsonage houses are legally vested in the incumbent (an “ecclesiastical corporation sole”) as freeholder during his incumbency. Three features of the incumbent’s freehold have significantly influenced the accounting treatment adopted in these financial statements. Firstly, the freeholder is not free to dispose of the house for personal benefit and is not responsible for maintaining the house. Secondly, proceeds of any sale, following a pastoral reorganisation which makes the house surplus, normally revert to the Diocesan Pastoral Account or Diocesan Stipends Fund. Thirdly, the Diocese is responsible for repair and maintenance, a responsibility which is currently carried out by the Diocesan Property Committee. The Diocese therefore carries both the benefits and obligations of ownership, and accordingly the financial statements include the parsonage houses together with other Diocesan land and buildings. Parsonage houses and other Diocesan residential houses have been included in tangible fixed assets at cost, or valuation where cost was not available for houses purchased prior to 1998. The valuation attributed to each house was the mid-point (low point for the top two bands) of the council tax valuation banding applied to the house. The aggregate value of the houses valued in this way amounted to £19,129,000 _(2022:_ £19,413,000 _)_ . ## Heritage Asset Whalley Abbey was bought from the Diocese of Manchester in 1926. It comprises substantial remains of a Cistercian Abbey founded in 1296 and dissolved in 1537. The Abbey of St Mary the Virgin, also known as Locus Benedictus de Whalley was founded by Henry de Lacy, third Earl of Lincoln on the 4[th] April 1296. The Abbey had moved from the unfavourable site of Stanlaw into the Parsonage and other temporary buildings at Whalley in 1283, when there were 20 monks. Excavation has uncovered the outlines of the church, surviving as foundations, as does the eastern claustral range and the polygonal Chapter House. ## **The standing Abbey buildings and Conference House** The following notes are extracted from the Conservation Plan prepared in 2002. The Conservation Plan was compiled under the direction of John Prichard (Lloyd Evans Prichard), architect accredited in building conservation, with architectural history advice from James Anderson and Clare Hartwell (Architectural History Practice), and archaeological advice from Jason Wood (Heritage Consultancy Services). Page 43 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## **North-East Gatehouse** The North-East Gatehouse dates to circa 1480, and was constructed to provide an impressive entrance to the Abbot’s Lodging and _Clausum_ , the sacred precinct. It echoes the earlier North-West Gatehouse with its two entrance ways, but is embellished with diagonal buttresses, crenelation, and a statue niche. ## **Courtyard North Range** The Courtyard North Range may include some medieval content, but the present structures are principally seventeenth century, with nineteenth-century additions, and substantial late twentieth-century alterations to create the tea room, kitchen, and exhibition room. It is excluded from the scheduling. ## **The Conference House** The Conference House is excluded from the scheduling, but it deserves its Grade I status and is of national significance. The individual components are considered below, and elements of significance discussed. The central block includes original medieval fabric, such as the arch adjacent to the chapel, as well as medieval stonework which has probably been re-used from demolished structures, such as the window between the Dining Room and the kitchen. The nineteenth century interiors are a very good example of Gothic Revival/Arts and Crafts work; particularly noteworthy is the roof and fireplace in the Great Hall and the staircase decorated windows. ## **The East Wing** The East Wing extends south from the chapel and comprises inter alia the Paslew Suite and the Peter of Chester room on the ground floor, and seven bedrooms on the first floor. The Paslew Suite and Peter of Chester room may incorporate medieval material, but they, and the bedrooms immediately above, were substantially rebuilt in the late sixteenth century, as evidenced by the mullioned windows in the east wall, the date stone (not always a true indicator and the dating of Forrest Historic by English Heritage during the 21stC refurbishment works. An extension was added in the mid-nineteenth century, with bedrooms above. ## **The West Wing** The West Range was added in the 1860s, and was well designed externally to blend with the late seventeenthcentury gabled north extension, and the remains of the Abbot’s Kitchen and Long Gallery Range on the west. The BDBF recognises its responsibility to preserve the heritage asset and is currently looking to raise funds to be able to undertake work on the ruins. It does not intend to acquire other heritage assets. Whalley Abbey grounds are open to the public to view the ruins but access is restricted to the buildings on the site. The current asset value for Whalley Abbey is £0.9m after a major refurbishment of the house in 2004. The asset is being depreciated over 15 years to £0.5m. The depreciated value represents the value in the accounts of the whole site and is based on an indication made by a local surveyor. It is difficult to obtain an accurate valuation for the site as the ruins represent a continued liability for their maintenance and upkeep which considerably reduces the value of the asset if sold in its entirety. Page 44 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 18. Investments and investment property |**Company**|**Investment**|**Unlisted CBF**|**Others**|**Total**| |---|---|---|---|---| ||**Property**|**investments**|**investments**|**investments**| ||**£000**|**£000**|**£000**|**£000**| |At valuation||||| |At beginning of year|1,799|19,281|9|21,089| |Additions|-|13|-|13| |Disposals|(285)|(76)|-|(361)| |Increase (decrease) in market value|23|1,395
|-|1,418| |**At end of year**|**1,537**
|**20,613**
|**9**
|**22,159**
| |At historic cost|507
|10,642
|9
|11,158| |**Group**|**Investment**|**Unlisted CBF**|**Others**|**Total**| ||**Property**|**investments**|**investments**|**investments**| ||**£000**|**£000**|**£000**|**£000**| |At valuation||||| |At beginning of year|1,799|21,799|15|23,613| |Additions|-|13|-|13| |Disposals|(285)|(76)|-|(361)| |Increase (decrease) in market value|23|1,593
|-|1,616| |**At end of year**|**1,537**|**23,329**
|**15**|**24,881**| |At historic cost|507|11,186|15|11,708| Investment property is Diocesan glebe land vested in the DBF under the Endowments and Glebe Measure 1976 that is held for the purposes of producing income for clergy stipends. The glebe land is measured at fair value at the year end by an independent RICS registered valuer. The valuation has been undertaken in accordance with International and RICS Valuation Standards and has been based upon the valuer’s experience in the valuation of agricultural, institutional and amenity land within the Lancashire and wider north-west region. Unlisted investments are made up of Central Board of Finance investments in Church of England Investment Fund shares, Property Fund shares and Fixed Interest Securities. ## 19. Debtors |**2023**
**£000**
**Company**
**_Amounts receivable within one year_**
Prepayments and accrued income
**788**
Other debtors
**1,189**
Amount owed by related parties (Cidari Education)
**-**
Loans to related parties (Emmanuel Theological College)
**-**
Loans to parishes
**24**
**2,001**
**_Amounts receivable after more than one year_**
Loans to parishes
**87**
**87**|**2023**
2022
**£000**
£000
**Group**
Company
**807**
665
**1,189**
1,072
**-**
6
**-**
10
**24**
440

**2,020**
2,193

**87**
14

**87**
14||2022
£000
Group
683
1,072
6
10
440
2,211
14| |---|---|---|---| ||||| ||||| ||||14| Page 45 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 20. Creditors |**2023**
**£000**
**Company**
**_Amounts falling due within one year_**
Trade creditors
**172**
Other creditors (taxation and social security)
**60**
Other creditors
**434**
Accruals
**124**
Amounts owed to related parties (BDBE)
**-**
CCLA loan
**-**
**790**
**2023**
**£000**
**_Amounts falling due after more than one year_**
Due to Churches Conservation Trust
**130**
**130**|**2023**
2022
**£000**
£000
**Group**
Company
**172**
548
**60**
53
**434**
88
**127**
186
**-**
235
**-**
418
**793**
1,528
**2023**
2022
**£000**
£000
**130**
157
**130**
157|2022
£000
Group
548
53
88
186
235
418| |---|---|---| |||1,528| |||2022
£000
157
157| The long term loan from CCLA is a flexible loan facilities subject to a maximum repayment term of 10 years. The loan has been repaid in 2023. The amount owed to Churches Conservation Trust is due on disposal of five redundant church buildings. ## 21. Commitments – company & group Commitments at 31 December 2023, for which no provision has been made in these accounts, were as follows: |Authorised, but not contracted:
Parish Vision Fund
Pre-reformation Church Buildings Fund
Lower Income Communities Fund
Benefact Grant Fund
Clergy Housing Fund|**2023**
**£000**
**233**
**131**
**82**
**-**
**436**
**882**|2022
£000
128
-
65
6
544| |---|---|---| |||678| ## 22. Called up share capital The charitable company is limited by guarantee, registered in England and does not have an authorised or allotted share capital. Page 46 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 |23. Net assets analysed by|fund|||||| |---|---|---|---|---|---|---| |**Company**|**Tangible Fixed**||**Fixed Asset**|**Net Current**|**Long term**|**Net assets as at**| |||**Assets**|**Investment**|**Assets**|**Creditor**|**31 December**| |||||||**2023**| |||**£000**|**£000**|**£000**|**£000**|**£000**| |General Fund||1,637|6,999|277|-|8,913| |Designated Funds||-|503|2,164|-|2,667| |**Total Unrestricted Funds**||1,637|7,502|2,441|-|11,580| |Pastoral Account||8,168|-|2,947|(130)|10,985| |Other Restricted Funds||-|21|711||732| |**Total Restricted Funds**||8,168|21|3,658|(130)|11,717| |Parsonage Houses Fund||29,457|1,147|-|-|30,604| |Stipends Capital / Housing||4,112|11,160|970|-|16,242| |Fund||||||| |Other Endowment Funds||-|2,329|5|-|2,334| |**Total Endowment Funds**||33,569|14,636|975|-|49,180| |**Total**||**43,374**
|**22,159**
|**7,074**
|**(130)**
|**72,477**
| |**Group**|**Tangible Fixed**||**Fixed Asset**|**Net Current**|**Long term**|**Net assets as at**| |||**Assets**|**Investment**|**Assets**|**Creditor**|**31 December**| |||||||**2023**| |||**£000**|**£000**|**£000**|**£000**|**£000**| |General Fund||1,637|6,999|277|-|8,913| |Designated Funds||-|503|2,164|-|2,667| |**Total Unrestricted Funds**||1,637|7,502|2,441|-|11,580| |Pastoral Account||8,168|-|2,947|(130)|10,985| |Other Restricted Funds||-|266|1,085||1,351| |**Total Restricted Funds**||8,168|266|4,032|(130)|12,336| |Parsonage Houses Fund||29,457|1,147|-|-|30,604| |Stipends Capital / Housing||4,112|11,160|970|-|16,242| |Fund||||||| |Other Endowment Funds||-|4,806|5|-|4,811| |**Total Endowment Funds**||33,569|17,113|975|-|51,657| |**Total**||**43,374**
|**24,881**
|**7,448**
|**(130)**
|**75,573**
| Page 47 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 24. Unrestricted funds Unrestricted funds comprise those funds which are available for application for the general purposes of the charity as set out in its governing document. Movements on this fund are as follows: |**At 1**
General Fund
**At 1**
Designated Funds
Office Assets Fund
Parsonages Fund
Parish Vision 2026 Grant and
Loan Fund
Diocesan Vision Strategic
Development Fund
Diocesan Vision 2026 Fund
Allchurches Trust Grant Fund
Other Designated Funds|**January**
**2023**
**£000**
8,520

**January**
**2023**
**£000**
439
323
863
553
464
238
102
______
2,982
|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
9,337
(3,828)
473
(5,589)
8,913





**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
14
-
43
-
496
-
-
-
(211)
112
4
(54)
-
-
813
-
(76)
-
-
477
80
(32)
-
(163)
349
-
-
-
-
238
-
-
-
80
182
______
______
______
______
______
98
(162)
43
(294)
2,667




| |---|---|---| ## **Designated Funds** ## **Fund** ## **Application/purpose** Income for specific purposes Designated to provide income to specific purposes in the parish share budget Office Assets Fund Designated for repairs, renovation or for buying a new building in the future. Parsonages Fund For repairs and disability adaptation on parsonages in excess of parish share budget Parish Vision 2026 Loan Fund Designated to provide some of the loans to parishes to continue their mission projects Diocesan Vision Strategic Designated to provide match funding necessary for Strategic Development Fund Development Funding applications Diocesan Vision 2026 Fund Designated to contingencies for the development of the diocesan vision Allchurches Trust Grant Fund The fund assists with funding the cost of diocesan projects, building administration costs, education, parish mission projects and major building works. Page 48 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 25. Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations, grants and investment income held on trust to be applied for specific purposes: |**At 1**
Diocesan Pastoral Account
Diocesan Stipends Fund
Income Account
Social Responsibility Projects
Parish Vision 2026 Grant
Fund
Bishops Ordination Fund
Resourcing Ministerial
Education (RME) Fund
Bishop’s Harvest Appeal
Bishop’s Clergy in Need Fund
SDF Funded Projects
Lower Income Communities
Funding
Parish Pastoral Fund
Other Restricted Funds
Subtotal Funds – Company
Bishops Clergy Widows Fund
Total Funds - Group|**January**
**2023**
**£000**
11,701
-
69
38
152
161
20
37
17
-
184
182
______
12,561

629
______
13,190
|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
1,534
(313)
-
(2,121)
10,801
1,815
(8,744)
-
6,929
-
1
-
-
-
70|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
1,534
(313)
-
(2,121)
10,801
1,815
(8,744)
-
6,929
-
1
-
-
-
70|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
1,534
(313)
-
(2,121)
10,801
1,815
(8,744)
-
6,929
-
1
-
-
-
70|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
1,534
(313)
-
(2,121)
10,801
1,815
(8,744)
-
6,929
-
1
-
-
-
70|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
1,534
(313)
-
(2,121)
10,801
1,815
(8,744)
-
6,929
-
1
-
-
-
70| |---|---|---|---|---|---|---| |||||||| |||5|(44)|1|-|-| |||3|(11)|-|-|144| |||129
(136)
30
(27)
2
-
1,047
(1,114)
1,460
(304)
-
-
45
(66)
______
______
6,071
(10,759)


78
(72)
______
______
6,149
(10,831)

||-
-
-
-
-
______
1

(16)
______
(15)
|-
-
-
107
(1,156)
-
84
______
3,843

-
______
3,843
|154
23
39
57
-
184
245
______
11,717

619
______
12,336
| The specific purposes for which the funds are to be applied are as follows: **Fund** Diocesan Pastoral Account ## **Application/purpose** Purposes are laid down in Section 78 of the Pastoral Measure 1983, the main purposes being: - Costs incurred for the purposes of the Measure or any scheme or order made by the measure except for salaries of regular diocesan employees - Costs of disposing of or maintaining houses or churches vested in the DBF or Commissioners - For the benefit of another diocese - Transfer to the DSF Capital or Income Funds Diocesan Stipends Fund Income Account Subject to any charges imposed by the scheme or order the fund shall be applied to: - Provide or augment stipends of incumbents, assistant curates and others engaged in the cure of souls in the Diocese - Meet expenses incurred in repairing and maintaining parsonage houses - Paying secondary Class 1 contributions in respect of ministers not employed under a contract of service - Defray sequestrators’ expenses Social Responsibility Projects The Social Responsibility section received funding for specific projects and for its general costs relating to those projects. Project funding was restricted to the project it had been requested for and approved expenditure is applied against the funding in accordance with the funders rules. Parish Vision 2026 Grant Fund The Grant Fund exists to enable parishes to fulfil mission opportunities, normally through the appointment of lay workers. Page 49 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 Bishops Clergy Widows Fund The Bishop’s Clergy Widows Fund is used to help clergy widows and retired clergy in cases of financial hardship, particularly with housing costs. It funds the cost of social events and the cost of the Diocesan Officer and Bishop’s visitors. Bishops Ordination Fund The Ordination Fund is used to assist with meeting the costs of Ordinands in training. Bishop’s Harvest Appeal Each year the Bishop selects a charity to benefit from his Harvest Appeal. Parishes, Schools and individuals within the Diocese collect money in support of this charity and the monies are distributed by the Diocese in accordance with the appeal. Bishop’s Clergy Fund The fund was established by transfer of some of the Extra Mission and Ministry funds received from the Archbishops’ Council 2008 – 2010. Grants from the fund are awarded at the discretion of the Bishop, to serving clergy in the Diocese. Resourcing Ministerial Education Specific funding for Ordinands in training from National Church (RME) Fund Strategic Development Fund, Specific funding for the Outer Estates project and Preston Resourcing Funded Projects parish from National Church Lower Income Communities Fund Funding to promote the growth of churches in Lower Income Communities Parish Pastoral Fund This fund reflects monies ring fenced from the sale of a vicarage in a parish where no scheme for pastoral re-organisation is currently in place. The monies must be held until either a vicarage is purchased, or a scheme is put in place. ## 26. Endowment funds The endowment funds are held on trust to be retained for the benefit of the Charity as a capital fund. Where the whole of the fund must be permanently maintained it is known as permanent endowment. Where there is power of discretion to convert endowed funds into income, the fund is classified as expendable endowment. |expendable endowment.||| |---|---|---| |**At 1 January**
**2022**
**£000**
Diocesan Stipends Fund Capital
Account
15,292
Parsonage Houses Fund
27,953
**_Other Permanent endowment_**
Maintenance of the Ministry
314
General purposes
391
Whalley Abbey
171
Other endowments
84
Stipends
1,274
Subtotal Funds - Company
45,479
Bishops Clergy Widows Fund
2,263
Total Funds - Group
47,742|**Income**
**Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2023**
**£000**
**£000**
**£000**
**£000**
**£000**
343
(18)
625
-
16,242
430
-
100
2,121
30,604
-
-
30
-
344
-
-
37
-
428
-
-
16
-
187
-
6
-
(81)
9
-
-
92
-
1,366


773
(12)
900
2,040
49,180



-
-
214
-
2,477


773
(12)
1,114
2,040
51,657|| |||49,180| |||2,477| |||51,657| ## **The Diocesan Stipends Fund Capital Account** This fund represents the value of glebe property and investments at the balance sheet date and is a permanent endowment fund. The account is governed by the Diocesan Stipends Fund Measure 1953 as amended by the Endowments and Glebe Measure 1976, the National Institutions Measure 1998, and the Miscellaneous Provisions Measure 1992. Page 50 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 Income arises from the sale of glebe assets, the transfer of parsonage sale money, transfers from the DSF Income account, as well as gifts, bequests and donations. The main function of the fund is to produce income for the stipends, but it may also be used for other purposes including: acquiring glebe property, investing in a subsidiary, developing and protecting glebe amenities, investment, discharging loans and levies on glebe, improving parsonage houses and discharging any loans made by the Church Commissioners under the Endowments and Glebe Measure 1976. ## **Parsonages Houses fund** This fund represents the value of benefice houses at the balance sheet date, together with the Parsonages Building Fund held by the Church Commissioners and investments held by the Parsonages Board. The houses are used to provide accommodation for the parochial clergy. The Diocese is not free to dispose of the houses except in accordance with the appropriate measure. There is provision for the net proceeds of sale to be applied to either the Diocesan Pastoral Account or Diocesan Stipends Fund Capital once a disposal has been effected. The Parsonage Houses fund is an expendable endowment. ## _**Other Permanent endowments**_ The permanent endowments are established under a variety of trust deeds and documents which require the funds to be held in perpetuity. The income of the funds is to be applied to the Bishops Clergy Widows fund, Maintenance of the Ministry fund, General purposes fund, Diocesan Stipends Income fund, Whalley Abbey fund and other smaller endowment funds. ## 27. Related parties’ transactions – company and group During the year the company shared office space with the Blackburn Diocesan Board of Education and Cidari Education Ltd. Shared and staff time expenditure has been recharged at cost. ||**2023**|**2023**||2022|2022| |---|---|---|---|---|---| ||**Recharges**|**Grants**||Recharges|Grants| ||**(excl. VAT)**|**made to**||(excl. VAT)|made to| |||**related**|||related| |||**parties**|||parties| ||**£**|**£**||£|£| |Blackburn Diocesan Board of Education|**27,867**|**324,061**||24,314|359,360| |Cidari Education Ltd|**10,006**||**-**|10,492|-| |Blackburn Cathedral|**14,631**||**-**|8,038|999| |Emmanuel Theological College|**3,360**|**10,000**||9,700|-| During the year £133,246 has been paid to Emmanuel Theological College for training of readers and ordinands ( _2022:_ £164,462 _)._ At the year end the balances due from related parties were as follows: ||**Outstanding**|**Outstanding**|Outstanding|Outstanding| |---|---|---|---|---| ||**Trade**|**Loan**|Trade|Loan| ||**Balances at**|**Balances at**|Balances at|Balances at| ||**31/12/2023**|**31/12/2023**|31/12/2022|31/12/2022| ||**£**|**£**|£|£| |Cidari Education Ltd|**-**|**-**|11,126|-| |Blackburn Cathedral|**-**|**7,340**|5,110|425,340| |Emmanuel Theological College|**720**|**-**|-|10,000| |Blackburn Diocesan Board of Education|**1,700**|**-**|-|-| At 31 December 2023 there was a balance due from the Blackburn Diocesan Board of Education of £1,700 ( _2022: a balance of £169,926 was due to the_ Blackburn Diocesan Board of Education _)._ During the year donations received from trustees amounted to £4,769 ( _2022:_ £4,494). No donations have been received from key management personnel ( _2022: £nil_ ). Page 51 **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 28. Subsidiary undertakings The Bishop of Blackburn’s Fund for Widows and Orphans of Poor Clergy (“the fund”) is a subsidiary of the Blackburn Diocesan Board of Finance on the basis of common control. The purpose of the fund is to help clergy widows and retired clergy in cases of financial hardship, particularly with housing costs. The results for the year to 31 December 2023 and the assets and liabilities at this date are: ||||||**Net**| |---|---|---|---|---|---| ||||**Gains and**
**Movement in**||| ||**Income**|**Expenditure**||**Losses**
**Funds**|| ||**£000**||**£000**||**£000**
**£000**| |The Bishop of Blackburn’s Fund for Widows|||||| |and Orphans of Poor Clergy|||||| |Charity number: 505091|78||(72)||(16)
(10)| ||**Fixed Assets**||**Deposits**||**Total Net**| ||**Investments**|**Debtors**|
**and Cash**|
**Creditors**
**Assets**|| ||**£000**|**£000**|**£000**||**£000**
**£000**| |The Bishop of Blackburn’s Fund for Widows|||||| |and Orphans of Poor Clergy|||||| |Charity number: 505091|2,722|19|358||(3)
3,096| |Financial instruments|||||| |Company|||**2023**||
2022| ||||**£000**||
£000| |Financial assets measured at fair value|||**22,159**
||
21,089| |Financial assets measured at amortised cost|||**7,864**
||
9,913| |Financial liabilities measured at amortised cost||||**790**
|
1,528| |Financial liabilities measured at fair value||||**130**
|
157
| |Group|||**2023**||
2022| ||||**£000**||
£000| |Financial assets measured at fair value|||**24,881**
||
23,612| |Financial assets measured at amortised cost|||**8,241**
||
10,281| |Financial liabilities measured at amortised cost||||**793**
|
1,528| |Financial liabilities measured at fair value||||**130**
|
157
| |Financial assets measured at fair value comprise|investments.||||| ## 29. Financial instruments Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and receivables and parish loans. Financial liabilities measured at amortised cost comprise accruals, other creditors, the Clergy Pension Scheme liability and amounts held for other bodies. Financial liabilities measured at fair value comprise value linked loans. Page 52 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 30. Funds held as custodian trustee – company and group The BDBF is custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing trustees are parochial church councils and others. PCC trust investment assets held by the BDBF have been summarised below at market value: |CBF Church of England Deposit fund
CBF Church of England Investment fund
CBF Church of England Fixed Interest fund
CBF Church of England Property fund
Other
Cash at bank
Total assets held as custodian trustee|**2023**
**£000**
**4,768**
**11,131**
**255**
**58**
**44**
**8**

**16,264**
|2022
£000
4,586
10,459
257
61
44
11| |---|---|---| |||15,418
| The BDBF also acts as custodian trustee in relation to Parochial Church Council (PCC) property. These assets are held separately to those of the BDBF. Page 53 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 31. Prior year comparative Statement of Financial Activities |Income and endowments from:
Donations and legacies
Parish contributions
Archbishops' Council and Church
commissioners
Other
Charitable activities: statutory fees,
chaplaincy and other income
Other trading activities
Investments
Other
Total Income and endowments
Expenditure on:
Raising funds
Charitable activities
Other
Total Expenditure
Net income/(expenditure) before investments
Net (loss)/gains on investments
Net income/(expenditure) before transfers
Transfers between funds
Net income/(expenditure) before other
recognised gains and losses
Other recognised gains/(losses)
Gain/(loss) on revaluation of fixed assets
Gain/(loss) on defined benefit pension
schemes
Net movement in funds
Reconciliation of funds
Total funds at 1 January 2022
Total funds at 31 December 2022|Unrestricted funds
General
Designated
Restricted
funds
Endowment
funds
£000
£000
£000
£000
7,626
-
-
-
255
-
4,624
-
115
136
107
-
190
-
534
-
216
-
221
-
275
13
515
-
-
-
1,908
257


8,677
149
7,909
257


301
-
18
-
3,139
78
11,516
-
-
-
-
4


3,440
78
11,534
4

5,237
71
(3,625)
253
(866)
(58)
(37)
(1,909)


4,371
13
(3,662)
(1,656)
(5,305)
(64)
5,865
(496)


(934)
(51)
2,203
(2,152)
-
-
-
-
179
-
-
-
(755)
(51)
2,203
(2,152)
9,275
3,033
10,987
49,894


8,520
2,982
13,190
47,742||Total
funds
2022
£000
7,626
4,879
358
724
437
803
2,165
16,992
319
14,733
4
15,056
1,936
(2,870)
(934)
-
(934)
-
179
(755)
73,189
72,434| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| ||||| Page 54 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 32. Prior year comparative Archbishops’ Council and Church Commissioners |Unrestricted fund
Restricted
Endowment
General
Designated
funds
Funds
£000
£000
£000
£000
Lowest Income Communities Funding
-
-
1,402
**-**
Energy Costs Grant
-
-
431
**-**
Resourcing Ministerial Education Block
Grant
-
-
221
**-**
Strategic Ministry Fund
-
-
379
**-**
Strategic Capacity Funding
255
-
16
**-**
Strategic Development Funding
-
-
2,103
**-**
Clergy hardship grant
-
-
72
**-**

255
-
4,624
-|Total
funds
2022
£000
1,402
431
221
379
271
2,103
72
4,879| |---|---| ## 33. Prior year comparative Other donations |Unrestricted Funds
Restricted
Endowment
General
Designated
Funds
Funds
£000
£000
£000
£000
Benefact Trust
45
120
-
-
Donations
21
16
28
-
Other Grants
39
-
79
-
Legacies
10
-
-
-

115
136
107
-|Total
funds
2022
£000
165
65
118
10
358| |---|---| ## 34. Prior year comparative Charitable activities |Unrestricted Funds
Restricted
Endowment
General
Designated
Funds
Funds
£000
£000
£000
£000
Statutory fees; chaplaincy income
-
-
494
-
Church Commissioners - Guaranteed
annuities
-
-
1
-
Recharge of staff costs
-
-
39
-
Whalley Abbey Conference House
141
-
-
-
Income for training courses
5
-
-
-
Other fees/sales
44
-
-
-

190
-
534
-

ior year comparative Other trading activities
Unrestricted funds
Restricted
Endowment
General
Designated
Funds
Funds
£000
£000
£000
£000
Rental Income
63
-
221
-
Whalley Abbey Conference House
133
-
-
-
Accounting and Legal services
19
-
-
-
Consultancy services
-
-
-
-
Other fees/sales
1
-
-
-

216
-
221
-



|Total
funds
2022
£000
494
1
39
141
5
44| |---|---| ||724| ||Total
funds
2022
£000
284
133
19
-
1
437| ## 35. Prior year comparative Other trading activities Page 55 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 36. Prior year comparative Investment Income ||Unrestricted|funds|Restricted|Endowment|Total funds| |---|---|---|---|---|---| ||General|Designated|Funds|Funds|2022| ||£000|£000|£000|£000|£000| |Dividends receivable|231|13|470|-|714| |Interest receivable|44|-|12|-|56| |Rents receivable|-|-|33
|-|33| ||275|13|515|-|803| ## 37. Prior year comparative Other income ||Unrestricted funds|Unrestricted funds|Restricted|Endowment|Total funds| |---|---|---|---|---|---| ||General|Designated|Funds|Funds|2022| ||£000|£000|£000|£000|£000| |Gains on disposal of fixed assets|-|-|1,908|257|2,165| |Gains on disposal of investments|-|-|-|-|-| |Loan interest|-|-|-
|-|-| ||-|-|1,908|257|2,165| ## 38. Prior year comparative Cost of raising funds ||Unrestricted|funds|Restricted|Endowment|Total funds| |---|---|---|---|---|---| ||General|Designated|Funds|Funds|2022| ||£000|£000|£000|£000|£000| |Project Management|59|-|-|-|59| |Parish share|||||| |Secretariat|17|-|-|-|17| |Archdeacons|-|-|4|-|4| |Investment Management Costs|20|-|-|-|20| |Whalley Abbey Rents|6|-|-|-|6| |Rents|-|-|14|-|14| |Fundraising Trading Whalley Abbey|180|-|-|-|180| ||19|-|-|-|19| |Fundraising Trading other|||||| ||301|-|18|-|319| Page 56 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 39. Prior year comparative Expenditure on charitable activities |**Contributions to Archbishops' Council**
Training for ministry
National Church responsibilities
Grants and provisions
Mission Agency pension contributions
Retired clergy housing costs (CHARM)
Pooling of ordinand candidates costs
General Synod expenses
Parish ministry
Stipends & National Insurance
Pension contributions
Housing costs
Removal, resettlement and other grants
Other expenses
Support for parish ministry
Whalley Abbey Conference House
Redundant churches
Strategic Development Funding Projects
St Philip’s Centre Project
Grants to Parishes, Individuals and Other
Charities
Miscellaneous Expenses
Expenditure on education
Grants for the work of the Board
Charitable activities|Unrestricted funds
Restricted
Endowment
Total funds
General
Designated
Funds
Funds
2022
£000
£000
£000
£000
£000
302
-
-
-
302
185
-
-
-
185
25
-
-
-
25
13
-
-
-
13
114
-
-
-
114
7
-
-
-
7
11
-
-
-
11
657
-
-
-
657
-
-
5,031
-
5,031
-
-
1,435
-
1,435
45
-
1,543
-
1,588
-
-
223
-
223
-
4
62
-
66
45
4
8,294
-
8,343
1,839
32
-
-
1,871
239
-
-
-
239
-
-
78
-
78
-
-
2,083
-
2,083
-
-
51
-
51
-
42
1,010
-
1,052
-
-
-
-
-
2,078
74
3,222
-
5,374
359
-
-
-
359
359
-
-
-
359
3,139
78
11,516
-
14,733| |---|---| Page 57 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 40. Prior year comparative Analysis of expenditure including allocation of support costs |Activities
Grant
Management
undertaken
funding of
Admin
directly
Activities
Support
£000
£000
£000
Cost of raising funds
282
-
37
Contributions to Archbishops' Council
11
646
-
Parish Ministry
8,120
223
-
Support for Parish Ministry
3,397
1,225
752
Education
-
359
-
Other
4
-
-
11,814
2,453
789|Total
2022
£000
319
657
8,343
5,374
359
4
15,056| |---|---| ## 41. Prior year comparative Analysis of support costs ||Unrestricted|funds|Restricted|Endowment|Total funds| |---|---|---|---|---|---| ||General|Designated|Funds|Funds|2022| ||£000|£000|£000|£000|£000| |Raising Funds|33|-|4|-|37| |Central Administration|577|-|-|-|577| |Governance costs|||||| |Secretariat|29|-|-|-|29| |Accounting and Finance Office|42|-|-|-|42| |Audit & accountancy fees|28|-|-|-|28| |Diocesan Synod costs|7|-|-|-|7| |DBF Directors and Bishop’s Council|||||| |Meetings|6|-|-|-|6| |Chancellor and Registrar Fees|67|-|-|-|67| ||789|-|4|-|793| ## 42. Prior year comparative Net assets analysed by fund ||**Tangible Fixed**|**Fixed Asset**|**Net Current**|**Long term**|**Net assets as at**| |---|---|---|---|---|---| ||**Assets**|**Investment**|**Assets**|**Creditor**|**31 December**| ||||||**2022**| ||£000|£000|£000|£000|£000| |General Fund|1,677|6,526|317|-|8,520| |Designated Funds|-|446|2,536|-|2,982| |**Total Unrestricted Funds**|1,677|6,972|2,853|-|11,502| |Pastoral Account|7,656|-|4,387|(157)|11,886| |Other Restricted Funds|-|281|1,023|-|1,304| |**Total Restricted Funds**|7,656|281|5,410|(157)|13,190| |Parsonage Houses Fund|26,906|1,047|-|-|27,953| |Stipends Capital / Housing|||||| |Fund|3,986|10,821|485|-|15,292| |Other Endowment Funds|-|4,492|5|-|4,497| |**Total Endowment Funds**|30,892|16,360|490|-|47,742| |Total|40,225
|23,613
|8,753
|(157)
|72,434
| Page 58 ## **The Blackburn Diocesan Board of Finance Limited** Annual Report and Financial Statements For the year ended 31 December 2023 ## 43. Prior year comparative Unrestricted funds |**At 1**
General Fund
Designated Funds
Office Assets Fund
Parsonages Fund
Parish Vision 2026 Grant and
Loan Fund
Diocesan Vision Strategic
Development Fund
Diocesan Vision 2026 Fund
Allchurches Trust Grant Fund
Other Designated Funds|**January**
**2022**
**£000**
9,275

484
323
822
578
478
265
83
______
3,033
|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
8,677
(3,440)
(687)
(5,305)
8,520





13
-
(58)
-
439
-
-
-
-
323
56
(15)
-
-
863
-
(25)
-
-
553
80
(11)
-
(83)
464
-
(27)
-
-
238
-
-
-
19
102
______
______
______
______
______
149
(78)
(58)
(64)
2,982




| |---|---|---| ||_
|__
| ## 44. Prior year comparative Restricted funds |**At 1**
Diocesan Pastoral Account
Diocesan Stipends Fund
Income Account
Social Responsibility Projects
Parish Vision 2026 Grant Fund
Bishops Clergy Widows Fund
Bishops Ordination Fund
Resourcing Ministerial
Education (RME) Fund
Bishop’s Harvest Appeal
Bishop’s Clergy in Need Fund
SDF Funded Projects
Lower Income Communities
Funding
Parish Pastoral Fund
Other Restricted Funds|**January**
**2022**
**£000**
9,430
-
101
97
676
152
123
16
37
(24)
38
190
151
______
10,987
|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
1,923
(148)
-
496
11,701
1,579
(8,063)
-
6,484
-
19
(51)
-
-
69|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
1,923
(148)
-
496
11,701
1,579
(8,063)
-
6,484
-
19
(51)
-
-
69|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
1,923
(148)
-
496
11,701
1,579
(8,063)
-
6,484
-
19
(51)
-
-
69|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
1,923
(148)
-
496
11,701
1,579
(8,063)
-
6,484
-
19
(51)
-
-
69|**Income Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
1,923
(148)
-
496
11,701
1,579
(8,063)
-
6,484
-
19
(51)
-
-
69| |---|---|---|---|---|---|---| |||6|
(62)|(3)|-|38| |||78|(90)|(35)|-|629| |||4|
(4)|
-|-|152| |||221
(183)
20
(16)
-
-
2,101
(2,082)
1,402
(301)
-
(6)
556
(528)
______
______
7,909
(11,534)

||-
-
-
-
-
1
______

(37)

|-
-
-
42
(1,139)
-
(18)
______
5,865
|161
20
37
37
-
184
162
______
13,190
| ## 45. Prior year comparative Endowment funds |**At 1**
Diocesan Stipends Fund
Capital Account
Parsonage Houses Fund
**_Other Permanent endowment_**
Bishops Clergy Widows Fund
Maintenance of the Ministry
General purposes
Whalley Abbey
Other endowments
Stipends|**January**
**2022**
**Income**
**Expenditure**
**Gains and**
**losses**
**Transfers**
**At 31**
**December**
**2022**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
16,213
257
(4)
(1,174)
-
15,292
28,589
-
-
(140)
(496)
27,953
2,562
-
-
(299)
-
2,263
356
-
-
(42)
-
314
443
-
-
(52)
-
391
194
-
-
(23)
-
171
94
-
-
(10)
-
84
1,443
-
-
(169)
-
1,274


49,894
257
(4)
(1,909)
(496)
47,742| |---|---| Page 59