DIOCESEOF COVENTRY COVENTRY DIOCESAN BOARD OF FINANCE LIMITED REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2021 Con)pany Registsred Number: 819482 Registsred Charity Number: 247828 Ill AB53UFTrthY 2410Pn022 COMPANIÉS HOUSE A17
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COVENTRY DIOCESAN BOARD OF FINANCE LIMITED REPORT AND FINANCIAL sfATEMENTS for the year ended 31 December 2021 CONTENTS Pagé Me88age from Bishop Christopher Chai8 Report Trustee6' and DAreetOT6' Report - including the Stra Report 5-22 Auditor's Report 23-26 Fi]JaDcial Statements Statement of Financial Activitie8 Income and Expellditure A(munt Balan( Sheet Cash Flow Statement Notes to the Financial Statements 27 28 30 31-48
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED REPORT AND FINANCIAL STATEMEMTS For the year ended 31 December 2021 Message from Bishop Christopher The Co¥119 Pandemk has contlnued io brini its thalky, not 5east as we have cojne out of the restrlctions. The pressures of multiple ¢)ther uises - c&nat< econumlc aThJ the 8r4ve and hrebodln8 tensions in Intem•lnal rel•tlonshlps- have all thelr additTronal Irdens. To the peopl• of God. thou8h. such drcumstances provle the opportunity not ontyt¢ reafflmi our faith in the mldst of adwrslty but alsoto speak words of hope and dernorTrte •cllons of lTrthe dlfflcult tMiesttrAt many people are experienarva. That tsjwt what has been happentsyacr055 the Dloceseofcoveirtryas we ha¥E sou8lrtto fvlI the partirar calllng of the Church of End io a Chrbtl8n wesern In every o)mmunity. seNln8 the people of all our parishes whoeveithry may be and whatevertheit drcumstsnces in Ilf At the start of 202L I had In my mlftd afid on my heart tlwee twyds- ornvery, Trne¥nl and fesurrectlon- that I felt spoketothe place in ¥thich we found Outsee5 and the roadwewere ¢alledtofolknv as Chrirtlans. As the year has pr¢8ressed those I¥d5 have de¥eknped into a vblon of rested heotth, new growth and renewalof relotlonships. l am Immenselyarateful to e¥ryone acmss the Dlocese of Coventry fortheir8reat cornmitmentto the hÈafth of the Churth.forthelr knaglTratNeway50f oa¢hin8 ouitoother5to bringgrovrth to the life of the Church •s we ser¥e the kln8dom of God for thir adInesS to renew the relatknships th people have wlth e•th other. wlth God and wlth the earth ofwhkh we ale as we seek to be *Éents of God's lIfe-gIng pufjM>se5 kn the wortd. It wlll take some time to Yestore the health of Churth and n•tkJn, to brlD8 the new zrtr•rth that we kn1 belony to tht dyTramlc of the kingdom of God and to renew relatnShIPS in al thelr forn so Ihat Gods rtconcllng purposes tan be fulfilled. But asthis oportsets OUL there are both mony SigAS of thLs great h•ppeniw in all sorts of ways and also fflu¢h evldence of the reSpor1b1e stewardln8 of financ¢5 and assets that k necessaryftbr It to be properfy resourced. As well •$ pInE trirte to all those who care for the ffiNnces of the Dlocese. I would like to thank Ruth Markmf kn partkukrforherser¥k lo the Dlocese of CtyMtry as DK)cesan Seuetary and Chief Emerl¥e lo the 81shop. and for all that She c<xrtrflyJtedto our tO8ellw. We wbh Ruth a hapw retlrement. Bishop of Co¥•rtry
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED REPORT AND FINANCIAL sTATEMErs For the ear ended 31 December 2021 Chair's Report It glves me great ple•sure to present this my second report as Chair of the Covèntry Dlocesan Board of Finance ID8FI. Once agaln. It has been a year affetted by oTrgoln8 challenges arising frDm thè Covid-19 pandemlc. Contlnulng Go¥ernment restrirth)ns and concerns at new Variants of the virns havè. for mèny, resulted in a slow return to worshipplng in person in our church tsJildin8s. which has dampened some of our spes and plans for a speety return arml recovery. I know thi5 has been disheartening for many of us, because althouBh the creatSon ofon-llne w0h1P has brought the Word to rnanyfor thefirst time. the deslre to meet to¥ether in person remalns a hu8ety important part of our tradr¢ion. I therefore want to start by e¥pre55ing my sincere thank5 to everyone across the dxe5e, all our ¢lerBV and volunteers, staff wiihin the DI08n OffKes and members of our ¢ongreytion5 for their hard work and faithful prayer forthe restored health. new Erowih and renewed relationships that B¢hop Christopher has expressed in his vision statement forthe Diocese of Coventry over the next fNe yea. witho your steadfast worl commitrnerrt, and prayer it would not be possible for the Covenlry DBF to do the work we are called to do In the resourcing awKI supporthw of you In Iwilding Gods Kin8dom hefe in Ihis ace. This endeavour has resulted in 2021 beirtg a year in whith the DBF has performed better than perhaps we mlght have dared to have imagined at the end 2020. Gsvirvd throu8h Parish Sharè has continued thanks to the generosity of many people that support the work of the church in tho dlocese. In acknowledÈmenL however, of the cvntlnyl finandal challenge5 fad by many of our paShe$ the DBF approved £155K in Parish Share RelW Grant in 2021. and in total 63 parishes have received help and support In this way during the pandemic Our equily Investments held lry CCLA have perlormed well thanks to the work of the Investment Sub. Qjmmittee. Our property investrnents have also performèd wtll and throughout the year the Glebe Committee has continued to work hard to identify opportunrtits and contlnue to pursue proiècts that wlll support growth In the future. One of the 8reate5t pleasures. and Indeed prwdeles, of my role as Chair of the D8F is to be able to see and shore with you the Breat missional work that 15 beimg Undertaken across the dCese. Despite the challen8es we have all experienced, 2021 has proved io be another year in which we have been able to witness, throu8h the grate of our Lord Jesus Chrfst, many Inspirlng and upllftlng WOfk5. In the followin8 page5 of this reportwe talk about some of these In More detall, hwever I cannot Conclde my report without mentioning the hlghly acclaimed Aceelef8 projertthat drew to a close in the Summer. when its fundin& which had bèen provided by the Natnal Church's Sirate8i¢ De¥ekpment Fund ISDFI. came to an end as planned. Out learning from this prolect, both in tern of the work on Heahhy Churches and minlstry to the 20's to 3(Ys will. however, contlnye to supp)rt our Strate for growth Boln8 fon¥ord. In 2021. the DBF also supported otheT important missional worL notabty the Serving Christ Projert that focu5¢d on bu11ng C0nfvJer in our congre8atlons through tralnin8 and support of our laity, which entered its penultimate ytsr of SDF fundin& and celebrated the launch of the Equip Hub learning platfom) in September. and the developing Growth Strate8y led by Archdeacon Barry and the D8F Mi5sM)n and Discipleship Team. In June. we we delighted to receive confirmation that ourSta8t 2 bid to thè SDF. which will provide £1.25 milln to support the developrnent Df 4 Churth Plants in urban areas In the Dlocese overthe nexl 5 years. had been successful. Work on the klentiftstion of 6 Mission Hub Churches also prcere55ed in 2021. The DBF has a150 contlnued to provkle a grant to 5UPPOrt To8ether for Change.. Co¥entryand WapHKk5hire.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED REPORT AND FINANCIAL sfATEMENTS For the year ered 31 December 2021 whi¢h has 8¥ven vital 5UPPOrt to a numbei of churches providing befrberding seNkes, emergency food. and supp0rttofarnles and young peoplethroughoutthe ndern Thls DBF grant enabledthe Tfc staff to focus on other grant appllcations, which secured £363K from the National Lottery Fund for the Salnts prolect In Nufteaton. and irants frorn a warlety of funders for prclects across the dKKe5e. Despite ha¥inK muth to be irefvlfor. we are not Jt of the woods The DBF will contlnuetoface many ch•llen8es in 2022 and beyond and reco8n15e5 and understands the continuinB challen8es faced by our parishes. cler8y. volunteer5 and the communitie5 thrysUPPOrt. In 2022 we are puttlng MO re50urce5 a55de to support ¢hurche5 in 8rowlng Worshippi (ommunilies a5 part of the Growth Strategy and Church Plantin8 work. whlch will see the appolntment of assoclate rnln55ter5 to our MISSrt Hub Churche5 and an Investment In dergy hous1 We will akn be taking furtheT Steps towards our Net Zero tar8et with the Introduction of a Sustalnable Travel Polky. a rev*w of the Diocesan Offlce's Emilronrnental Pollcy and Investln8 In EnerT4 Efflciertcy perf0mnce Certifi&ites for Jll our housiry stlxk. A comrnltment to enswre the Church Is a safe plate for 0ryOne will also rtmain at the tentrè of the DBF work In 2022. especi•lly as wè respond tothe natio1 Church's Past Case Revlew11 repo due to be publb5hed laterthls year. I remaln u>nfident that the DBF wilj rise to all tse dIale$ and rnspond approprlatety and once a8aln l Èxtend my thanks to, and appreclaiion of. the ¥40rk Of all my collea8iies 011 the Btsard. the clergy. committeè members. Readers, volunteers aftd wlder members of the thurdb communlty forall that you all (k) to serve the Church In thls dlocese. Whilstthi5 report covers 2021. 1 arn writiThathi51Tr eaTty 2022. at a tlme when Ruth Matlow Is aboutto lre from her role as DIOan Seuetary. We are grateful to Ruth for her ser¥ke to the dlocese atsd forthe 5k1115 and focus that She has brought to the role. Her dedication arrfl professionallsm have been a 8reat example toall and I w15h hermanyyear50f happiness a5she settles into whatwe knowwillbp avtry actlve retlrement. Wlth my8ratefulthanks Simon Dan
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES, AND DIREcfoRS' REPORT for the year ended 31 December 2021 The tfustees. who are also directo for the purposes of company law. present their comblned Trustees. RepDrt and Dlrectors. RekX)n. iogether wkh the audlted finanaal statements. for the year ended 31 December 2020. The Trustees, and Directors. Rep)rt is presented in sertK)ns asfolS)ws. Se£lion I: Strateglc Report- which inthdes a review of athievements and perforrnance in the year S•(lion 2: Governance ReIrt Se£tlon 3: Trustees. and Direct5. Re[ Apwoval SECTION I: STRATEGIC REPORT 1.1 OBJEcrniES AND AcfMTIES Coventry Diocesan Board of Fh)ance Limbted l-the DBF-I aims to promote. facilitate and a55iSt wtth the work and purposes of the Church of Eland for the advancement of the Christian faith in the DI0$e of Coventry and elsewhere. The mlssw)n purpose of the Diocese of Co4entry is knr5hiF4)inB God, makin8 new disciples and transformlng cornmUnft." Wrth an emphasis on recoAlt, 8i51Ky Christopher h05 described the workln8 Out of thls statemenl a¢fOSS the Dir>cesè as seeing- Yhe reconclllng love oAGodlnJesus Chri5tmonrfestedln Chrirtlan Communltles thotworship 604 mokenewdiwples and tronsfvrm the comnwnitles around them- The DCese reathts our to 011 the people of Watw"thhire and CD¥entry in its Mission Purpose through a number of bodie5 and ooantsatlor6, not just churches. Coventry Cathedral. the Diocesan Board of Education, ourchurth sthools. ourchaplairts,To8etherForChange. all pi3ya part in delbleringa whts Diocese integrated Strategy, recognisirf the Indi¥iéval distinctrneSS of eath rnember of the d$an fami. currently aliÈned to 6 priorit$ which forms the focus for the allocion of diocesan resourtes indudin& people, money and prayer. The 8lshop's Council has endorsed the slxshaved ObjeLtsves whith a¢: maki the g05Fel kn0wnihrougrt the Diocese so people become follower5 of Christ. Strengthening the 41th of £hurches and OrganisatnS a( the Diocese in the 8 Essential Qualitles lentified by NCD. Enawing the we1pin& developmerrt and floyri5hing gf dergy and lay people across the Dloc¢se. Equipplng the whole Diocese forthe work ¢f reconciliatk)rL Promotin8the life-bn8 Christian Irning and edu(8tioD acr05Sthe D. DelNerlng rKsitTr conwnufiltytransformatlon. In its wofk towards these obpdlves the Bisl)op's Council continw to et¥Jorse priority trmes for parttcular empha515: engag1 with people ol UK Minority Ethnir IUKMEI or Global Majority Herits8e IGMHI a focus on children'5 and YOU people's spirltuality and discipleship and Carbon redUctn strate8iPS. Tolund these acthvities,the OBF raises mostof its Income Lry ath15Ingthe"Co of Mlnbtrfto Deanerles l~the Deanery Share"), which DeaneNes In turn allocate to parrshe51-thÈ Parish Share-l. The DBF aLso recefves Investrrent and other In¢ome and has in addition released capilal from the htstOr assets. The 08F seeks to malntaln Sound fifianw In ordef to be able to Sup[ rni55ion and ministry in the Diocese both in the short and in the longtemi.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND DIREcfoRS' REPORT for the year ended 31 December 2021 Goln£ Concem TheCovid-19 pandemk contlnued to have a snfrant irnpatt, on the DBF'S operatitins in 2021 wh dIe$•Th staff pdoMin4ntlY meWOrkSn8atthe be81nNin8oftye3r, Movit0 a modelofhomeand Offi workkn8 restrict$ relaxed. Many artr¥itses of the SOF funded propcts Aler8 and SeThire Chrfst have been ¢urtalled, but great stamina and ueatfvity has been shown &¢¢$an staff In seeklryd new way5 to support dergy and laity as they fvrtherthe outcomes ofthese pwojects. Income dtstrlbutK)ns from equly in¥tsknentfvrn15 hove been rnalnialned by CCiA at planned levels. Durf the year the Investsment management agreement was revEwed by the lrwe5trnnl Subcommittee. and the decision was taken to move fund management to CCLI The Glebe commlttee worked prtractNety wh our property mana8er5 to ensure. where px)$5ible. rentsl INne from this portlol#? was m•lntalned, ensuii property was fully ¢xcupied in a diffi markeL The Trnstee5 are able to utlllse htstoric Jssets relea5in8 unapplied T¢x•I fletu IF necessary. to cover potential sh¢xtfall of inve5tThent Income in order to me deryy costs. Unllsted Ifiv¢5tments las per note 12 (an be Iw4uldated to meet any workn8 capltal cash flow requlrementsl. IoMe from parish Sha has continued at a similar level to 2020. wlth some parbhes findln8 thelr finandal sustsinabllity to be more pc?nOU5 th) would like. Durfng the yeaf. p4r15h hjve continued to loln the Parish Gr¥ing schen to fadlttate anned regular gl¥1 recognlslng the Mable financial foundatlon th15 provlde5. As restrictlons have eased there have been more opportunltles to open church bJlldln8s and halls. whkh. after planned givin& has had the b4g8est finandal benefft for parishes. ProvNlin8 5UPFX)rt to pari5he5 who are conceffled aboLrt thelr finandal health Is ongow wlth this beiwd provlded by the Archdeacons and the finan¢ete• Havlng re8ard totheabove.1heTn belkn Itapwoprlaietoadopttt 8olr¥concÈrn baskof accountin8 in preparfng the financial statements. Publlc b•lt The trustees •re ¢onfKlent that ty promotlry thè work of the ChuKth of EnglarKI in the Diocese of Coventry the DBF helps lo promote the wknle mtsslon of the Church of England - pastaTrl. evangeli5ti4 sodal and easmenlcal - in the DieSe as a whole and in Its indldY47 partshes and that In doin8 so wo4ryde5 benefft to the blIC Iw ovi(lin8 facilitie5 ft>r pjbk worshp. parttyal ore. and 5PWituaL mTrl. and intellertual developmeni IM)th for its Membe and for anyone vtho ¥A5he5 to benefftfrom what the Church offers and promotlnB Christtan values and servke ty members of the awrth in a1 to thelr commun*ies, to benefit of Indlvldua15 and society as a whole. The trustees confimi that they I reftrrèd t¢ the 8uldarKe contained in the Charity Commi10S general 8uidance on public benefft when revlowln8the D8Vs aims and obiectlves and In plannln8 firture aLtNitles.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TrUSTEES' AND DIRECTORS. REPORT forthe year ended 31 December 2021 I.Z PRINCIPAL RISKS The DBF operates ? ¢omprèhenshe system of risk manaBemenL with a strategK r15k Tegister being reviewed thrèè tirnes a yèar by the leadefship team and the Audit and Risk Commrttee. The trustee5 go through an annual process of horizon scanning to consider the strategic Ti5ks to the OrganitIOn. followlng whlch the register is revIevd and updated totake account of new and erner8in8 iisks. During the ye4r, the Audrf( and Risk Committee contirwed to look at the domino effett of rlsks and the potential impau on the organisatbn. They have akn looked at how risk velocrty might be brought into the nsidefation of rbsk bythe Wer5hlpteam. At all tlmesthey have relknted on whether the risk approach Is proportionate and whether the risk reglster Is dosety Ilnked to the strateglc objectfves of the Dlocese. The major risks identified by the DBF'S trumees and the meawres in pla to mltiBate and manage them a described below. The l¢Ytemi sustain•bllty ofthe orpi¥ulion. This risk TeCts the potèntral impacts of parishes failireto pay their part5h share, of investment returns not Ing in line withthe oblectives of the Investment Poly and of failing to have an efferte cler8y deployTnent strat, leading to the risk of not haylrvd the rvdht mlnister5 in the ryht place5 at thÈ right times. The DBF seeks to mrttye thi5 risk lry Work1 vlith deaner whith allocate Partsh Shares to Indlvthal parlshes so that local contexts and affordability can be laken into consideratrt. However. durbn8 thÈ pandemk parish incorne has corne Under increasing pre55ure and the Btshops C(MJncil approved the lease ola small proport)n of historicfunds tofjnance Parish 5harÈ Rrf. It has been feco8ntsed by Diocesan Synod that the Parish Share systèm ruIrt$ miew and a working group. intdIng dergy and laity from across the dlocese, wlll bri the tyitcorne of that review to Bisho Council and then Synod in 2022. As re8ards investment rttums. the Investment Svb Committee ILSCI and the Glebe Committee meet reEularl¥to review the perforniance of investmt assets and ISC ha5 Put in Pla a new Inv&%tment man•gement agreement with CCiA to ensure that organisatn31 objectives that rety on investment funding can be achieved. To help ènsureihat clergy deployment meetsthemissional needs of the Diocese,theArchdeacons areworklngclostly with Area Deans and deanery rni5sion and pastoralcommlrteesto put deanery pIar in PCe. Bishops Councll. in Its role as the Diocesan mis0 and Pastoral Commlttee. WIN seethese in May 2021 Polltlcal certaIl1ty and euwmlc Impxts This risk reflerts the èffetts of polit1 decisions, ftots those bein8 drNen the pandemit the continuing Impart of Brexit. and now the rt5ks around inflatb)n. Thelr impacts may lead to increasthg kve15 of concem among p•rlshes and 08F staff with tonsequential effects on mornbe and effectfvenes5. To mitiwe and monltor thls r15K the DlcKese has maintained hryher than normal le¥e15 of comrTwniratk>n whh parfshes and dkncesan staff. Durin8 202L The Bishop of Coventry led ? pThning group to focus on the spe£lal r)eed5 ariSiD8 frT>m the pandemic. supported byworkinggroups thai locus on key areas of church life. Bishop Christopher also sent video messages of encouragementto deoy and churchwardens throughoul the parthic tg keep them updated on S(Jr of finaThclal help and support. B15hop Christopher continues to communicate by video message to the DkKese Js derBY and parishes have looked to hirn for 8uldance a5 wodd events have unfolded. In addilion. the Bi5hopof Warwick and the Archdeacon Pastor havè maintarned regular¢ortact with dergy to reswnd to pastowal needs. As re8ards DBF staff, the DCe53n Secretary has lèd gular Communicatlon wsth and by the leadetship team to reassure and Infomi staff through a weekty staff bulletin. Foifin8to deli¥erstrawic obJerte$ Failing to dellver 51rategic obiectNe5 and outcomes coukl s(8IMficartty imw mission across the diocese. particular church health and gfowth. A lenhY t[ apw)tntrnents prottss touhj lead to a hvdher number of clergy vacantles leadingto unnecessary pressure and challenBes for office holders in paThe5.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED
TRUSTEES. AND DIRECTORS. REPORT
for the year ended 31 December 2021
To mitigate Ihks rtsk theTe ts a stThciure of governance for the mana8ennt of strntegic ofy'ettbves and the
projects that supportthem. wtth personal objettvs set and leWed twlceyeartyfor indival members of
staff dellverkn8ihern. Durin8 interregnums. support Is provwjedtothurchwarderns and part5hesto gulde them
through the appointmernts process.
Falllng to comply wlth The Oats ProtectK Aci k1 potertialfy lead to the foss of confidential inforn)ation
and, or. the attldental sharing of peonal data. wlth tentialty serityjs impacts on those to whom the da
bebnB5. as well a5 lega( reputati)nal and finala1 Consequen forthe Church.
Slnce thLs Act came into forre in 2018. the DBF has wt naSureS In pl to min1rne and many th15 risk
Ihrou8h ensurin8 that it ha5 Strtyy dats rnanagement prot In pla. backed by ensuring that )ff are
trained and understand and coffi wlth fts reWIrem
Failln8 ta recrult and retain hlgh quallty Ttee5. kty staff and speci•list •d¥i5ev5 has the potential to cause
significant disrvption to 8ovemarKe and seThke deknry and aJ50 Tesutt in the Jss of waab organisational
To mltryate thts rk5kthe DBF ha5 Pr¢S$e$ In plKeto rv4fjewMrnlltee mernbershlp and temts of fEleren
regularty, to mairtain uptctrdatejob de5UiPtions. to antripate retlrements and. wherè possible. departures
and to undertake cru1nent QmPaiBns appolntmert of prolessk>nal extemal •fv1seYs.
sauar
The Dlocese regards protertlng the heath. welkbeing and hurnan Thts of IndNidua15, espedal. chlldren.
youn8 people •nd vulnerable adults. as an absolute prlorlty. tyen the potentialty serious impatts that failin8
to do $0 on have on i1V1Ja.
To minMnis• •nd mana8e th Ii5K the Direse has a rorous and dlssemlnated safeguarding policy
and manaBernent proce55. backed ty a sale8uardlr%tralnlng strateii. The safe8uardlng dashboard has been
provided free of charge to al parlshe5 to •id them Mi the mana8ement of thelr ¢)wn safeÈuardln8
fequirements. A
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES, AND DIREcfoRS' REPORT for the year ended 3IDeMber 2021 1.3 ACHIEVEMEKfs AND PERFORMANCE kno¥m so that Ourlng 2020, followlng consuttation with parfshes xross the Diocese vla onllne roadshow sessxjns. the Blshorfs Cofe Staff presented to B15horfs Council and Diocesan Synod plans that will fomi part of the relmagInS of mlnistry renewal and resufYeLIn. which o key to the Grvth Strate. These were approved and work commenced in 2021 to set vp Re50urtin8 mi1n Hubs, Ctty Church Plants and the recruitment of clergyto fill ¥aeancies in inneraty pari5he5 and14ity to support the delfvery of thls strategy. Outcomes from tthts work are expected over the next ffft years. with the aspiration to grow 150 now wor5hlppin8 communltle5. Exlstlng pafishes cOntind to plrythelr part In delNering thls Oblerte. O¥ef the last year, churthes in Fosse Deanery hwe been takln8 thelr semces outslde kn response to Covid reStrirtn$. Churches blessed with technolo8y have streamed ser¥ice5 online. while Othe have not been ble tg do this. But in Shari expert of how some F05se Oeanery pari5he5 have continued worship. shale fellowshlp and reach out io thelr ¢Thnmunitles. ¥ Common theme emeoed. which demonstrnied the btneffts oftakin8 the message ofthe Good Pl bryond the walls of church trwildbn8S. The rural natwe of much of F05se Deanery leant thls approach. St Peterfs In Wellesboume held thelr 'Paddock Pralse. In Summer and In [krnber they created Walk-thrO scene5 that depirted tl baiely-sheltered first Nativity. At HO Trinity in Stratford-upon-A¥on. another walk-throu8h Idea enabled paiishioner5 to experience chr1M#S •t ¢hurth by'w•lkin8 through itr. Di5play5. lightln& fioral decoration affid taroksin8ln8 ty thè cknlr conveyed the splrllual atmosphere and sEnrficance of the Christmas story and cèlebrntlon. Vlsltoys could prtrbook and queuetng was carefully planned and managed so thai the church and Its grounds Could be used safety. Inshottery, parishioners marked Pentecost bym•kw¥a brl8htiwntlThJof 'fiame5'. Strun8across StAndrthrfs hedged frontagè on a wpular route for da1 exer¢ise. Information about PenlK051 and the si8nlflcance of the'fiarnes, was posted on the notlcebDard for passers-by to fead. Children have often been the 0$ to mks rArt since many seThkes went onllne. But In February 2021, Shotlerfs youn6 'illumln8' group set a 'Heart Traif that 1Thfved han8ln8 or hKlln8 home-made hearts Idrawn, sewn. knitted) around the thurth r$, logether with a QR ¢ode guiz. Such ideas make thE Gospel messa8e more accessible to those who do t usually attend church and bear wltness to a Il¥ing faith and continuin8 worshlp.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND tXRECTORS' REPORT for the year ded 31 December 2021 Actelerf wa5 an •arfy str•te8tslly fvnded Inli•the the Churth of Eqqland that began in 2016. It Wa5 a bokl Inltlatfveto speed up gr(Ywth by Impm¥ln8 thurch health and speoficalty f¢xused on tt 205 to 30$ a8e demoBTaphlc that came to an ernl durinB 2021. By the endof 2019. wellover9(Kl people be(ame newdtsdple5. of whith ¢wer 400 in thelr 20$ or 30$ and two 201305 fo¢u5ed W01ppIng (ommunltles Iwl alsostsrt (knr 40 peorde In their 2th13cts hv4e algo ered [Christiafil vootlons and there ts good e¥hlonce that those thurches who aal¥Fy embraced NCD 8fvn both In rurnl and urban seff in8S. This 15 a very pleas result and fvad the pandemt not $58nfrantty dbrnpted progress there was every emiatIOtha Ixceler8 would have exceeded its inltial asplTrtions. vthich weretosee IDtIO new dlsclp added to the w0h1pPl cornmunlty In the dI0$e. IndudlThJ 4th) In thE 205 to 305 age range. 20 people In the 2th130s age range enter[ Ichrtstlanl )calk>n$. 4 Pioneer Phnts establlshed and • 8eneral strenohenlng of the heafth and growth of church< both nurnerkalty and spIrIally. Thls wojert clearty defflonst that a on churth health usfrythe Na> prty4tdes a r¢busi •ppro•ch to achltri 81h and It can be used ty a wide raree of church tradttknns, If Introduced 5ensllfvelv. The use ofthe 2fy305 Leaders can 4150 m•ke • poskn knp•tt on dwrth en8aBemEnt wlth thls •8e range. ifitd b ural Devdo mert The alm of Ihls sh•red otiearrfe is to SUp[rt thurth Brry•rth. both splrftual and rwmerlcal. across the Dkncese. NCD siatlstics contlnue todeMcr?le Ihat when dwrches focus on the 8 Essentlal Qual•ties this leads to numertcal and spirrtual yowth. rnakI morn effertkn In our Athlon of worshlppinB God. mafvin8 new ddPIeS and transfomiln8 ummw)ities. Durlng 2021. a number of Ebb511eet thurches a(T055 the ¢try en8a8ed wlth NCD and begun work on their 8 EQ'S. Father Gary however. Covkl and has been makln8 a 5te•dy slow recovery meanln8 progre on deA¥erln8 thts obJectfr•e has been delayod. io
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRusfEES' AND DIRECTORS. REpoirr for the year ended 31 December 2021 In Workshops serving to equip 4hrist everyday Ser¥lng Chrlst Tearn re actlve dur1 2021. wnnlng many couw onllne to suppixt and enable the wellbelng of lay peopk across the dlocese. In 2020. the Church of ElarKI launched its ErydaY Faith campaign. ENryday Faith is about whefe and how we encounter God as we go about our dalty lives, from kMdin8 the washin8 machine to enterir dala and answering emailk It hi8hli8hts thè value of everyday work, help5 US to fNe out our Christian fah wherever we may be and ernphasises how even thè 5mallÈst. foutine actr¥rtie5 rnatttr to Gt>d and can make a difference to other5. In Coventry Diocese 6 Everyday faith sesslons were run In 2021 to support lay people In thelr Everyday Falth t)urlnE 2021. the aer Wellbelng Group cfjntinued to Meet and to take the temw0re. of Cle wellbeing as the pandemlc unfolded. The Arthdeacons W0ed wlth Area Deans to eftsure that clergy concerns were hearil and responded to. Support through phone calk from the Blshop of Warwick and the two Archdeacons. alongside vidèo mèssages ffom the Bishop of C¢vÈntry has been ongotn8 thTou8hout 2021 and providèd a source of encouracement and support to dergy. Thè CIÈT8V Wellbeing survey that was planned dvrlng 2021 has been defefred to 2022 to ensure It capre5 feedba¢ from ¢lew managi Ihe challènges caused by the pandemlL Dl¢xes of reron Wowkins closety wtth the Archbi51MJp of Canterbury's rèconciliatk)n team irt both London and Coventry. Emma Crick de Boom. was ¥p1d as RecOntlll•ft Enabler In January 2021. Her role Is to mob1115e. envision and empower thurches and indNldua15 In the D)Cese of centry and across the West Midiandstoeryage with'Drfferen¢e'. Difference is a course that explores what it ffleans io follow Jesus in a dlvided and conflided warld. èqulppiry peopk wlth threÈ fomiationjl hablts of recondllation to enable trarbsformation through everydayencounters. The course is deslgrd forboth onllne and In-person groups. Drawlng on the empertence of the Cathedral. Emma has 111 upon the expewlence galned from the 'Difference' course to embèd and re-energlsè the Dlocese's ¢ommltment to the gpe1 of reconclllatlon. She will play a key part In enabllngthe Diocese to engage wlth the Li¥bnB in Love artd Fakh Resources. She li
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND DIRECTORS. REPORT forthe year endeql 31 l>ecember 20ZI will also be equlppln8 and ernpowering thurche5, sthoo15. chaplaincie5. arml Indmduats to be 'Partne together In the Message arrfl Mlnistry of Reconclllatlorf thrOt the DMKese. Blshop Chri5tophersays: "l am dellghted that Covertry Dk)ctse has the Chan to collaborate wrih the Archblshop of Canterburfs Reconciliation Ministry through the creation of thi5 exciirnB P051. Emma's app)intment wlll enable the Drfference Course to becorne embedded in ihe D5¢ and for Christian people the reglon to Ir¥e o the gospel in their di5clpWilp as they follow Chrlst and Serve God's kId0m. I very much look forward to worklng wfth Emma and to seeiry her 8ffts bearfNit arnon8 us." Promoil fifelon Chr15tlan l•arnl and educallon •cr05sthe Oioctte The Dkncesan Board of Educatk)n fuifils much of thi5 shared oblectNe. howe¥er we sh¢)uld not forget the part our clergy and parishes play in the spiritu•l devetopment of both youre and old. Below are Just two examples of how this shared obleLtl¥e has b¢eTr dèli¥ered In 2020. R•¢lal Justke sd*V A new page has been created on the dto¢esan website with Ilnks lo rEsoUe$ for Racial Justice Sunday. collated bythe Reyd Dr Aosalyn Murphy. The Co%tyd-19 crisis has hthlehted the L%isting inequalities in our sOcty as the orer. fflcrfe marwalised ¢cffirnunltles are belng dtsprop)rtionatety Impacted by the pandemk, whlch seNes to demonstrate the need for Ireater racial just on our society. Rosatyn says: "Celebratin8 Radal Just5ce Sunday in our thurches remlnds U5that Christ calls hfolloWers1O leadthe world in extending equality to all human belngs, because we are all made In His image. Exdudlng even Dne. somehow says that God ha5 molle a mlstake. Paul writes in Romans 8 that, 't only ¢reatbon (groans In labour p•lnsl. It we oUe1Ve$..4r¢an inwardty Who we wait for our adooTh... The suffer) that inequality and inJustKe cause the global majortty •rtualty opposes the redernptp work of ChrfsL Our redemrtk)n wmes It simpty by acceol Chrlst as our saviour. but abo alowln8 hls Hofy Spirlt lo complete the 'hèarf work needèd In us. Of course, the outcome of Splrll workin8 Is tss is that our hearts are opened to bve each other, even a5 we kjve ouYselve>" Dell sltlve <omm atlon The D#)cese, workin8 in partnership wlth Togethef for Cha. strr4Yes to tsansfomb the liwes of the m05t disadvantaged thwoughout Coventry and waThitkShe. The following story 15 one example of what Towher For Change ha5 dell¥ered durirq 2021. Iz
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRusfEES' AND DIREcfoRS' REPORT for the year ended 31 December 2021 'Message Buses., like th• one shown bekm. are used by The Message cfrusil, which is a UKchrlstian charty that ueates christian resources for worklng with youn8 people, IncludlnB workh wlth schools and io support local ehurches with misslon and evan8elism irainlng. Message Buses are state of the art mobilev+Uth centresthat operate across the UK. Thi$ new bus will bethefir5t Me$se Bus Inthe mIdndS. Together for thJn8e obttSned fundlng through the Warwkk Churches Team arbd ihe Henry 8th Trust In orylertogive the Message Trust a orant that enabled ft to commission thls new Me55a8e Bus. The bus wlll be based in Warwlck and used to support youre people in that area. but it will also be available ft>r hlre acros5 the dlocese when It b free. wlth the oblectlves of launthlng I Chrlstlan youth groups and of 5UPPOrt ejrtstkng yOh groups and schools. The bus can accornrnodate up to 30 young people and pThides ample sp•¢e for learni. A fvll tlme Youth Evangellst/Bus Mana8er has also been fvnded. who will (ylersee the use of bus In reachlng out lo young people as well as the recmltment of volunteers and additM>nal dri¥ers in orderto makeihe vision of the bus Yth ministry a reality. CEO of To8ethÈrforChange. Jel Jone5 say5: Yhe Messo9e Trusthovealong historyolworkiry with t1 m05tdtstrdwantagedyoung &wple ondengGginq them with excftlng pre5entDtions on the gospel of Jesus ond we ore looking fvrword to portnerln9 wlth them." Durin8 2021. the DBF tontinued tofvnd the FurtherEducation IFEI Chaplalnry Ambassador pmjecL whlch airns to build reFatlonships acrossthe diocest In FE. In addrtion. the D8F fvnded the Workcare programme. which seeks to growthe number of thaplalns in workplace& The Archdeacon Pastor. who $ a Workcare Trustee, has been wovidin8 prt to all ourChapLa¥ts in prs(Ms. hospIta. school and WoWs. brIltheM tOgetrt0 netWQTk•s • wp. 1.4 SUMMARY OF FINA14CIAL PERFORMANCE Followin8 0 year of UnrtaInty. the unthrfying W•uIt in 2021 was a deficit of £31L(ixJ12020: £978AJ}. which was offset by the release O1£1.511.IY(2o2O: £lm,LY#)l of historicfunds. Thi5 relea5ewas apwoved Dlocesan Synod In November 2021tocoNera r¢dUttn in iorneoM Parlsh Share, th10 a combinatN)n ofh)weroffer5 frorn followed ty a hywthan expetted tolkntk)n rate thring the year. The rost of mkslon and mlnlstry Irfftased by 13% lo£Q052AW12020: £5.355AXKII (Note 5btothe Flnancial Statementsl. with e¥penditure on Interregnum works on pary)nages doybllng. As Covld restrictlons lifted. work whith coukl not be completed 2020 w05 Vried +)ul in 2021. Associated with clergy moves are ihe appolntment and retlremertt costs for dew. which increased lry 82% to £175.OOD12020.. £96.¢XJOI. The average Nmber of C in post duri 2021 fell to 10512020.109) Costs irt supm of rnlsslon and mlnlstry (Note 5cl, fell ty 5% to a549.LXK)12020: £2.683,IXA)). to staff ¥acanw and a reduLtion in grarlts awaed to parishes. as p&nned m&slonal artpity wa5 Impacted the uKert• caused the pandemic. The value of Desnated Funds Inueased to £16.097.(O)12020: £15.624.(XX>I. wlmarlty due to the transfer of a fvrther £5>,11 to the Cathedral "Endowmenf Fund INe 16 to the Flnandal Statemènts). Restrlcted Ful5 at the end of the year arnounted to £4.205.oxI {2020: £3,33&CW. Notable emS wlthln Restflcted FuDd5 induded t contlnuation of 8rani fving for the Se1n8 Chrtst project and the recelpt of Capaaty fvndine frLNn the Churth Commi5sionLYS to help with Inltlal set UP Costs of the SDF City Church Plant projett and provide furtd1 for a Programme Man¥er and the Director of New Wotshippi comrnunitées. UNC fundlng Incfeased dumg the year and the A(£eler8 project tame to an end as planned, wlth the final clwm on Trnt fvndiffd mJdE before Oft year. 13
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND DIRECTORS. REpoKr for the year ended 31 December 2021 The Endowment Funds (Note 16 to the FiTrancial Staternentsl were valued at £7713. at the erKI ol the ar,12020..£73.286.(xxII. Wrthln Qhistotal thereWe a numberof notable m¢Nements. These included galn5 on revaluatlon of investment assets of £5.096.OCIO {2Q20: £2339,IKIOI, a £138,(KYJ Surplus on the safe of Investments. actuarial mo¥en)ents on the Churth ofEn8lJnd Ckr8y Pens)n scheme of£6,OW12020£5.0fy)1 and the release of £3.647.IM of Endowment Funds of whith £2,136.(KK)12020&L213.Cts)) L% inve5trnent Income. whlchfoms part of the total retum on the Dwsan Stipends Fund Note 18 explainsthÈ full Impact oftotal return on these acmurt Prlndpal fvndSr% sour¢es The prinopal sourre5 OffulIng in 2021 came from Parh Share£4.9m, 53%12020: £4.988. 49%). inve5tmert income of £2.247m, 24%12020: £1336m. 23%). £0.8m. 9%. from Church Covnm15sloners12020: £0.9m. 9%), and £L361m. 14%. from othersource512020: £L964rn 19%). other sources of Income Indude parochlal ftts frorn Y4eddw¥ and funernls. whith hfft recovered to preppandemlc rental income from the letting of h(¥Jses whltst not occupled der. Testricted incornefrom The King HenryVIII Endowed Trust. wed to meetcosts in the WarAck area and rk$ othergrants and dOnatn5. Parfsh Skre Tot•1 p¥rThh share Income received was £4.987m. Twhkh Is slmllar to th re1Ve in 202012020.. £4.988m whlch was a £341.(xKJ reductx)n on 2019). Thts IrJth amounts teIed that related to parish sharè •Mocated for previous year5. twjt eXded amounts recerled after the 31 Dember 2021 tJJt-off date. Totsl parshshare receipts amnted10 93% of theallocatton12020."91%1. Deaneries cortimetoindicatsthatthey are Strug811 to meet Parish Share allocations. Durin8 the year. Supp wa5 provided to PaTishe5 by the Diocesan Flnance team. particulath when apptyin6 for rewthrh the Parsh Share relefscheme that wa5 eated by BISIp5 Council in 2020 atthe start of the pandemk Partsh Sharo of E154.587 was 202L makyfigthe total relièfoffered to ngI1@ pr$hes over pa5ttwoye4 of£431587. Thescheme has now been closed foifunhèrapK3t. The Di¢xe5e ha5 rontinued to promote the Parish Stheme. a (Irect debit scheme that eftcour•5 kndbvidual church rnember5 to review their regularfy and a150 provlde5 an efficient way for $e$ to reCee Gfft on grfts receNed. tring the pandem14 partshesthat 5witrhed to uslng thls method of wvin8 have seen in Increase in planneLI gr¥ing. Thi5 was llected in the ststIst for M15slon ¢olknted in 2020. which showed that the average doriatiDn made under planned 8i¥ln8 •n cOry Dse ie05ed from £13 10 £14.02 perweek. Imiestment incorne was £2,247,iJx>12020: £2336.(NxII and defftd fmm both equit and Glebe assets. After allowlng for Glebe management fees and other Glebe operatin8 costs. net Investmtnt In¢ome was £1.958.rJ))12020: £2.103.IXIOI. Net knvestmentlncomefrorn Glebe inbrtmenl dÈcreased to E914.CKK) durkng the year as a result of inueased costs of maintsining farm dweifiry and repairs to fami buildings.12020: £LIY36,0001. Otherlnvestment irKome.which i1ude$ Interest and di¥ends. in(¥ea5edto£i.089.rmi2020.' £1.054,0001, as a resuFt of increased kntere5t Iworn hoklin8s in ihe CCLA depositaccount. Dlscrete-year iotsl retum perfarmarKe lerossj for Nestment fur& In the DBF h wwested were as follows. CCL4's CBF Churth of Eryland In¥estThnt Fund: 17.46%12020: 10.2%) CCL4's CBF Churth of En6land Global Equlty Income Fund.. 19.20%12020: 22.69%) CCiA's CBF Clwrih ofEngland UK Equlty Fund: 2L25% (2020: 0.81%) 14
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES, AND DIREcfoRS' REPORT for the year ended 31 December 2021 Investment objecli¥e5 and inve5bnents held The DBF'S investment objective, with pect to arnounts a¥alkWe for Investment. Is to safe8u•rd capltal values In real tèmis the IDn8 term and to provide real gmwth in net income, whilst CompIn8 With the Church of England Ethi¢al InNestment Policy. Investments are princip01 hehl In Glebe wowrties and in knvestment funds. The investment funds a rnanaged by CCLA Irwe5trnent ManaBement Limbted and are diversifkd hjnds for charits. invested Main In equff¢ies, but also in fixed Interest seturttles, Property and other assets. There are no hold¥ in F055il Fuel5. Gbe investment properties comprse agrKultural, commer¢h•l and resklential land and buildires. The total value of The5trnents shown on the balan Sheet at 31 December 2021 was f7&4 million12020: 1.5 million.) of whith £70 mlllion was permanent eftdowme (Nate 12 and Note 161. FolkJwln8the approval of ¥Trfal Return approachto In¥estments inthe DiocesaTr StipeDdsFuftd. and a further 5ub5equent disajssion at Bishop's CntIl. the trustees agreed that h¢stoit UnappId retum vf £1.5m 12020.'£1.9ml. plus the inCQTne investment rem5 that would ordinarity be reco8nTsed in the 2021 acconts iftotal rtum had not bÈert ffjed, wovld be reCOgned as Income In the 2021 accounts. cler and lay ministers We are blessed with a 8feat dp4ersty of derey in our Dro. wh¢ exewcise.theif valued ministry In a nurnber of ways:fvll-tirne, part-time, incumbents. associate ministers. and chaplalns, ministers in secularemploymeni. stipendlaryand self-supportlrg Readers and lay-minis¢er5. Fofthe purwses ofthi5 reF. li helpfulto refer separatety to those whoare stiFendiary. Slipertthary dew hèadtaunt The lull time equivalent I-FTVI number of offKe holders in the Diocese T•4ho were stipefwjiary clerBy or Ilcensed lay workers in 2021 was 10512020: 1111. which indudes tswo Archdeacons. The decrease does not refiect thè incrèased level of actfvlty by the Arclbdeacons offe to fill vacan¢ie5. rather vacandes have Increased qurcker than the capacty for rpcruilment to happen. The average number of ¢urntes wa$ 21 {2020.'171 reflectln8 the dloce5e'5 commkniefit to intrease the Intake of dergy vler the coming yea. House for Duty aerrvi Selfaippwtiry MiN5try WKI volynteis WhSlst acknowledgn8 that fflany of our self-SUPPOrtin8 ministers a office holders and INing In thelr own house5, there are office holders that the DBF provide with house5. In 2021 there were 912020.91. It cannot be underestimated that the artr4Tities of the of Er8hnd across the 010e of Coventry depend hugely on thÈ neroSity of our retired der8y, selF-supportin8 ministers. Reade and tay mlnLslers. The value of this time, to the DNxese a5 a whole and in partKukrlo the DBF. cannot be quantifted and reroBni5ed in Ihe financial ststements. The DBF is 8reful to all those whose contrlbutk•n is essential to t m¢sion ofthe whole Dw5e. Penslon KIne5 All 5tlpendlary clew In the Dlocese. some clerKy employed in central diocesan posts and sorre Ilcensed lay worker5 are mernbeE5 of the defined benefft Church of Engknd dergy pen5ipn s¢heme. The ctsntributrorb to thls stherne in 2021 was £10.031 12020- £9.8431 per full time 5tipendh1ry tlaY mernber. If they are not mernbets Of ihe ¢lewg¥ pension scherne. the D8Y5 perrnanent aff are mèmbers of the Church Workers Pension Fund. Further details of both Schemes are in note 2 to thè Financial Statements. DBF staff employed on ternpordry or short4em contracts, who have qualfyin8 earning5 ortht right to opt In, are enrolled in the Naiiofial Empbyment SaVIrE5Tnt {"NEsf- the workplao pensknfft scheme sel up ty govemmentl. 15
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND DIRECTORS, REPORT for the year ended 31 December 2021 Reser¥es p¢li¢y •MI the General Fund 4tthe trwreNI Thè funds hekl by the DBF at 31 Decnber 2021 thefoljxfi Éndowment fvnds totall1& £77.013.1MXI. Thls anrt Inchmles expendable endowrnem of £6.217,582 relatSn8 to the Parsonages Housing Fund and pernianent eftdo¥fftts of £70.796.OLYI. The pemianent end(yMnent irtdudes £70,131(D) rel4ts¥ to DtLxesan Stw)d5 Fund of which £48.067.000 b unapplled totsl rtum: TheTru5tEe5 ¢an apptythe unappW totsl rurntoihe Diocesa st¥)eI5 Fund Incne Account. to use forthe restrtted purpose ofpaynrtof&w5tpnd8 the manaBernert•nd maintenarKe of Glebe prnperty. Restricted Fund5 totalling £420SJXf>. to be spert in aCTdanWkn dorKrf5Wi5he5. Llnrestr1cd funds of £18.120.(XKI. whi(h Indude5 £16.IY37.(m of desrwted fwmlg that rekte sulstsntklty to rperational properties and ethere I1Ul The objecthe ofthe DBPS P)Iicy 15 to ensure adequate workry capitsl resources. During 2021. the policy v4aS ta ensure the General Fund femalned wthln a ran8e equrAlent to two and a half to th • half months, worth of operdtlty costs. as approNtd by Dthxesan Synod for the en5uin8 year. Thls pollcy has been revlthved been left uthnged. DlrAesan SyTThl apprortd a maxINM sum to be spent from opeTrtin8 funds In 2022 of £10,224W5. The bal•nce in the General Fund at 31 Drnber 2021 was £2.023,(#X). whith Tewesents 2.4 months, cl pl•ntsed spendlng and Is thewefaré be&>wthe bottom of tl poliritsi8ei fdfv. I.S PLANS FOR THE FUYURÈ and FufuRE COMMIThEKIS The Coventry Dk£esan misslon Strate has been shaped long4erni Irwestment In the development of healthy churches using the Natural Church Deveknpment programrne INCDI and there 15 a now a recognith that churth health bring$ growth. However, In ordertoseeastepchange in numerlcal 8rowth, m15sional focus must?den tode¥eh)pan knteerated GrahSt[ategylOf urban and rurnlchurth ntIn% Twhith indudes ne church communities lthurth plants} in areas of rthv urban esie5. and in other developed c¢mmunilie5 wlwe rn155 Wteotiol exists. was apwoved Bslw's Cnd1. In 2021. slx key Chrehe5 serviry as'Resourdng Hub, churthes were commlss10d and their development. together wlth the 0Tr8oiThq de¥efopment of St Ma$ Res1 Churth laurfhed in 2016. wSn support the delivery of thi55trnte8y. Thb5 strate8ywilla1505eektoencompassihefvll breadth ofchurch tradrtioTrs. wthfreshexpresslon5 of Chuth, m15wnal comrnunities andwor5hipsty& In 2022. weexpea tosee thts aLtpiity bew to delrver new8rowth, renewed relat)nshJps and restored health xn>ss the Dwse. Thè Olocesan Syt)od apprtr•d the bJd8¢t forthkfi¥e-par pro8ramme In Nty4ernber 2021 that included the rele•se of £4.2m of htstori¢fvndFn& togettrwlth the award of£l.25m ofStrdtegK Development FundSNd In February 2021 The DBF wlll fvnd the stid5 and hous•wfor 6 new a55oclate min15tW5 who hove been recruited to bulld capacity In each of ihe resourc Iwb5. 16
COVENTRY DIOCESAN BOARD OF FINANCE LIMrrED TRUSTEES. AND DIREcfoRS' REPORT for the year ended 31 December 2021 SECTION 2: GOVERNANCE REPOR T 2.1 COMPANY LEGALSTATV5 The DBF was incorporated ort 12 October 1936 as a trItab ¢ompany {No. 3194821 limited by rnembership uarantees and its goveming documents are the MemoraNlum and Articles of A951XiJtion. The D8F is re8irtered with the CritY CommisSn (No. 2478281. The D8F has also been desi8nated as the Par$one$ 8oard forthe Dlocese of C(Nentry Trder the Repar of Benefice Buiklings Measure 1972. 12 DIOCESA14 SfllODAND DBF MEMBERSHIP The Diocese is govemed In accordance wlth the Synodical Governrnent Measure 1969, under whlch Its governin8 body 15 the Di0$an Synod. Every Diocesan Synod member 15 a member ofthe DBF forcompany w purposes and ha5 a personal liability lirnited to £1 under their 8uar¥nte as company members In the eveni of It being wound up. The DiD¢esan Synod is madè up oflhr•• HOUS.. House of glshops: the Bishop of Coventry (President of the Dlocesan Synod) and the Blshop of Wamlck. House ol Cler8y: 58 rnembers, includin8 the Chair of the House and seven ex-offi¢io members Ithe Dean of the Cathedral, two Archdeacons. the Chair of the Diocesan AlsOry cornm¢ and the three diocesan clerey General 5ync** membersl. The remait)der were by ihe houses of dergy of Deanery Synods. House of Laity.. 50 members, of whom slx were ex offido {the Chancelk)r of the Dlocese, the Chalr of the Board of FInan, the Chalr of Board of Education. the three diocesan Say General Synod meThbersl and one was Mmlnated by the Blshop of Coventry. The remainder We elerted by the houses of laity of Oeanery Synods. Elected and nominated mernber5 of the Synod hokl office for a term of three year5. Eleclions lor a new trienniurn happened duri the year, with the new Dkxe5an Synod in place fiom I, August. The Diocesan Syrlod nornialty meets threetimes a year and its fvnttitins are to: consider matters affectingihe Churth of Eland in the Digre5e: act as a fowum for debate Df Christian opinlon on rnatttts of relffdkX or lie interest: dvi5e the Bishop whert requested. deal with matters refer by General Synod: conslderihe annual account5 of the 08F: conslder and approve the DBVS annual bud8et Oioce5an Synod 8overn5 itselfthrough Strndi Orders. whith were approved by D•oce5an Synod on 19 Ju 2CW, and amended on 14 Marth 21K)9. Throueh the Standing Ordews. many of Dio¢esan Syno(V5 responsibilities have been delegated to its StJndin8 Commrttee, thè Bishop's Coundl. 2.1 BISHOWS COUNai AND ThE TRusfEES AND DIREcfoR5 OF ThE DBF The Bishop's Council is the sènlor commlttee of the Dw)cese. Under the Standin8 Orders of the Diocesan Synod ils members have a number of CoUrrent roles. They are the member5 of the Standin8 Committe of Di0San Synod. the tfustees of the Charrly for the purposes of charty law. the direttors of the DBF for the purpose5 of company law. and the mernbers of the Diocesan Mission and Pastoral Commfjtlee. 17
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEEY AND DIREcfoRS' REpoirr for the year ended 31 December 2021 the Standing Commiitee of the DNJcesan Synod. the Bishorfs Coundl.. plans the business of the Synod and drculates the agenda and supportin8 pape forits 5esslons: inr¢iate5 prOp[S for action lry the Synod and advlses It on mattets of polcy.. advises the President (the Di(pce5an 8i5W} on •ny matter. o transacts the busine55 of Synod when not in o appoints rnembers of rommittee5 4nd nomlnates individua15 for eletiTh to COTnmlttees' o carries oirt 5uth lunctloThs asthe SwNxl mayddege to il. hs the DIDan M15510ft and Pastoral Committee and In Consultat with the eleven Deanery Mlsslon and Pastoral Committees. the Bts?5 Counak ad¥e5 the Bishop ofCo¥entry the deployment of¢Y8y wbthin ttre Owxe5e: o tonside and authorkn5 pl01al5cheme$. s the trustees al directm ofthe DBF, Bts,5 o takes respon5ibilityforthe actirfhles of the 08F. indudin8finandal accountabllltyasset out below: o manages funds and property held centrnlly In the DlocvA: o prepares an annual budget f¢xconswJeratlon and approval by Diocesan synod. with estimates of expenditufe and irKome rbeeded io fan that expendlture: monitors income and expendrture a8ainst e5timate5 in the but approved D•oce5an syld. advwI Diocesan 5yMd on ftharKkl aspects oflts poliths ar on any other rnattets referred lo It. Flnancial accowrt•blllty respore51bTi rties of Btslw's CwKll rnembeTh a5 trustees and the(lor5 The trustees of the D8F. are a150 the dirert0 of the DBF for the purp)se5 of company law. are responsible for preparin8the aNITrustee5' Repyt and thefinanclal statements in accordance wEth applioble law aNI United KIdrn Stsndards li>ntted Kin8dorn Generally Accepted Ar£ountkng Prn¢ticel. Company law requts the tteeS to wepare financial statemthts for e¥h financlal year whith 8lve a true and fair vthy ofthe state of affair5 ofthe thwltrbte cOmpV and of the Incoming and appNcatSon of resources, Includin8 the income and expendire. of the chaiitabbe company for thèt perltsd. In PTeparin8 these financial statements. the trustees a reqvired to: o select Suitable accounting 1leS and then appprfthem ¢onsirtenlty; o observe the rnethods and prlnoples in the Charities SOAP: o makejurnents and estimates are reasonable and wthrt: o state whether applKable UK Ac(ountin8 Standards ¥t been fokn¥ed, subiecl to m•terfal departures disclosed and explalned In the f6nancial 5tatemEnts: o prepathe financlal stsiÈmÈThts on the801 concern basi5 It 15 inappropria¢e to swe5ume that the tharitabfe(ompany willwntiThue in Ilness. The trustees are resKK)nslble ftykeeplng w0peracc0unti reconlsthat dbdose wlth reasonab acojracy at any time the fmancial posltlon of the tharItab company ar#1 enabbe thern lo ensurt that the flnandal statements ¢ompty with the Companie5 Act 21Xh are responsib for safe8uardln8 the assets of the tharitable companyand henfoftèk1nS reasonabStePstOf the preventicffi and detect*)n of fraudand other Irregularftle5.They are a150 resnsIblf0rthe maitenance and integrity ofthe DBF'5 corporate and financlal forn)ation included on the dlocesan vftbthe. LeÉ151atlon n the United Kincdom goverrll the preparation and dlsseminatlon of ffinanclal ststements may dllfer from Wiorb in otherluflsdlrtioys. mem1h1P ofthe 8i5Ws Cwneil The membetshlp of the Bishop'5 CwKII15 comprsed of a rn#inum of 32 memrn a5 fo1(N. 0 8 e¥ officio Mernbe". 15 member5 elerted by the Diocesan Syffiod (seon deryy etght loy. In Ix)th c•ses wkh minimum of two frnm eath arthdeawnryl: 18
COVENTRY DIOCESAN BOARD OF FINANCE UMITED TRUSTEES. AND DIREcfoRS' REPORT for the year ended 31 December 2021 up to 6 nominated rnembers Ithree may be norninated by ihe Bishop of Coventry and one may be nOmIrted by eath of the Dlocesan A¢fv15w Commlttee, the Parsonages Cornmee and the Diocesan Board of Education),. up to 3 member5 Co-opted tythe B55horfs Counc The Chair of the OBF. one of the exoffKio ffember50f Bishop's Council, is nominated bythe Bishopof Coventry Jnd appoFnted by Dio¢esan Syntxl. 2021. the Bishop's Council met fNe times as Bishop'5 Council and btsard of trUeeS and directors. The lemi of Offi of the member5 of Bi5hop'5 Cwncil (excluding ex officio members) lasts for three years. Theirterni will er¥1 in 2024. upon the election of the new Dh)cèsan Synod. LhJrin8the yearand a5 at the date of this report the members of Bishop's Council were as follows.. EX4IFFKIO President The Rt Revd Dr thrtstopher Cocksworth Btshop of WarWk The Rt Revd John Stmyan Archdeacon Pastor The Ven Sue Fld ArchdeKon Mi55Klf The Ven barry Dugmorè Dean of Coventry The Very Revd Johnwrtcombe Chair ofthe House of Clergy The Revd Oalre Mcarthur Chair ofthe House of Laity Mrs Helen Simmonds-toAu8USt 2021 MT Phll Sewards-from Octobet 2021 Mrsimon Danks Chair of the D8F NOMINATED MEMBERS Chalr of DAC DAC Nomination Chalr of DBE The Revd Camn Rkhard Williams-to August 2021 The Revd Peterwalker-from September 2021 Mr Chris Edwards BISHOVS NOMINEE The Revd Kate Ma55ey The Revd Canon Dr Jlll Tucker-to August 2021 The Revd Graerne Ander50n-to August 2021 The Rtvd Canon Dr Dawd Stone- to August 2021 The Re¥d l)wayne En8h-ta August 2021 The Revd Alison Evans- to August 2021 The Rèvd Kay Dyer-fvmSeptember2021 Revd aalre McArth The Revd Stella Bai The Re¥d Barry Jacson-Iwom September 2021 The Re¥d Jo Parker-from September 2021 The Revd Stephen Parker-from Sèptember 2021 The Revd Jonaihan Jee-from Seoember 2021 Thè RÈ¥d Arson Evans- frorn September 2021 Mr5 Karen Arrnbrster-to Augusi 2021 Mr Chris Baker Mrjghn Franks-to Augwt 2021 MtsJoKi Mr Ptter Rogers- to August 2021 MrTim Pollard Mr David spiers-1oAugu 2021 DrYVOn Warfertr ioAugust 2021 Ms Ogechi Ngemegwai- from Seoember 2021 Ms Alex Suffell- from September 2021 Ms Marion ma11)n-frOm Septernr 2021 Dr Sarah Mount- from September 2021 Mr5 Sue wi35- from Seoember 2021 ELECtEDCLERGY C(WTED M£M8ERS mJ0)re knos-to Au¢ust 2021 Mrjames Styan Kendall-to Av8u5t 2021 19
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES, AND DIREcfoRS' REPORT for the year ended 31 t>ecembeT 2021 2A COMMITfEE sfRucfiNIE There are a number of Dlocesan comrnlltee5 whlch advlse the D8F. ThÈy are: the Audlt and Risk Committee. whbch conslders the appointment c>f the audilor, the autht lee, the ature and 5pe of the audlt. reviews the annual fandal statements prior to submission to Bishop'5 Coun¢ll and keeps under reviewthe 5VStems of Internal control and risk mana8efflent- the Bu51rsS Commktee. whkh consideTr the content of the agendas for Blshop's Council and the Dlocesan Synod- the Condltlons of ErnF4oyment Group. whh deals with the tems and conditw)ns of employment, includin8 remuneratton. of staff effipld the OBF and annual in¢re05es to de stipends in line with Increa Sn the cost of lfvln& exceptthe Dlowan Secretary Iwhose temis and condltlob7S of empl(meTh( InCd8 remuneration, are revwed the Chair of the DBF and the Dlocesan 81shopl.' the DI¢san Advisory Commlttee fort Care of Chwrthes 1.the DAtrI, which advlses on thè repair and irnprovement of places of worship. their wntents and churchyards, wlth a view to the fvrther3nce of the Church's rni55ion and the proteclion of the nation's herlta8e: the Diocesan EnvlroDment Group. whKh encoura8e5 the Diocese in 115 vocatlon to care for the earth: the Dlocesan Finance Group. whlch mmltots the finances of the OBF and advlses Bbhop's Councll on financial matters. in particukrthe apsdication of the Deanery Share system and matter5 relatlng io the Church Fabrlc Fund: the Dioan Mtssion Fund Committee. which (onslders matters relth8 to the Diocesan Misslon Fund and Church Improvement Grarrts. makes recommend•tknns ta Bishop's Counell and makes dectsior6 on Erants of less than £lO.(m: the Glebe Commtttee. whkh oversees the management of Dkncesan Glebe investments. underthe powers laid down In a scheme under the Endowments and Glebe Measure 1976.. the Investment sukCOMMIttee, oveF5ee5 Investment strategy and pollcy: the Parsonages Comrnlttee. whlth conslders polloi. repairs and improvements in felatknn to parsona8e houses. under powe lald down In a schemè under Repair of Benefice Bulldlngs Measure 1972. 2.5 DIOCEMN SECRETARY AND STAFF The Diocesan Se¢retsry during 2021 was Ruth Marlow. She 5eryed 05 the Secretary to Dsan Synod and Bishorfs Council and as Chief Executtve Officer and Compatly Secrtary of the DBF. The Dlocesan Se¢retsry and her staff carry the day-to-day wotk of the D8F. Theyconsult re8ularlywith the Chair of the DBF and the variou5 diocesan comfflittee5. Ruth rEtired from the 08F on 28 February 2022 and recrument for a replacement is ongoing. Whilst senror staff have Job tioles IncorratIng the word 'Dlrertorf they are dlroctors of the companv for the purposes of company law ortrustees of the chartty for the wrp05es of charny law. FOT Infomi8tk relatin8 to st•ff h¢adcourrt and costs. see note 10 to ihe financial statements. In 2021 there was one staff memberworting in the area of tT systems th* is employed underioint worklng rran8ements wlth the Leicester Diocesan Board ol Finance (company re8lstered number 227087: registered charity number 24911X)l. These arrangements a re8ularly rlylewed and ¢ontlnue to be an effeLtlve method generatlng economles of scale Witho detrlment tothe service provtded. 2.6 RELATED PARTIES Coventry Dioresan Trustees IRegtstered} The Coventry DIOan Trustees IRegi5teredl. re8tstered charity number 249165, 55 the Dlocesèn Auihorlty urththe Pamchialchurch CoLEncils (Powers) Measure 1956andthe Incvmbents and Churchwardens (Trustsl Mèasure 1964. TheTrust Is the ast¢than trtt holdlng PrOarKI funds on behalF¢f PCCS and the D8F. 20
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TrUSTEES' AND DIRECTORS, REPORT forthe year ended 31 December 2021 Covemry Dlocesan Board of Education 1.the DBE°_ Offiny re8fistered In En8land and W•les no. 3663851 and a registered charity rbo. 10911451 15 a statutory ts0 èstrblshed underthe Dlocesan Boards of Edu(2tion Measure 1991, sponSible to O¥)ce5an Syruxl. functions vnder thls rneasure prinopally relate to the promotn or assistan in the prornolion of edu(atron in the Diocese. which s con515tent wlth thè faith and practi olthe Church of ErKI arKI tFErefore consent wh the objectr4es of the D8F. 2.7 OTHER GOVE8NANCE MATTERS Rlsk managenient The trustees confirm that the risks to which the DBF is ewse4 as wjentffied by the ttee5 and staff, have been revlewed and that 5V5tems and prdureS to manage those and other Identlfied risks have been establ&hed. The trustees revlew the risk register at least annual and delegate to the DBF leadershlp team day to day management of the the DBF is expose(5 to. In addit. the Audit & Risk ComrnittE? rEviews the rfsk mana8emerrt proce55es and the risk regiiter ai least annually. and reports to thetrustees on whether is sotisfied with ils findir4s. This yèar thè re8iSter has been reviewe(l èt each Audit & Risk Committee meeting. Recommendations are made as a resuh of those findings. The Principal rsks Klentifred are shown kn Sectlon 1.2 of this refr V•lu)tkn of proptlos In the finathclal siatem Ivbve5tment propert5 are stated Sn the balante sheet at falr value. All non-inve5tment Properties- par50na8e hou5e5. operational propertles. houses for def8y held in Glebe arKI the dio¢esan oifiw - are freehold proptrrties and are stated in the balance sheet at C05L In thé ¢winion of the trustees the fair value of these non-investment properties is substantialty in ex¢eM of cost. l)utthe amount of thts excess Is not economical qu8ntTfiable. The trustees who In offke on the date of aprxo¥al of ihese fin•n¢ial statements have tonf*med, as far a5 are aware, that there is no relevant oudTt formation of whKh the audiiof 15 unaware. Each of the trustees have TrVrned that they havt taken all the steps that they 0ght to have taken as trustees and directors in order to make themse aware of any relèvant audtt inf0mtIOn and to eStablh that li hag been communKated to the auditor. A re5dutitrn to reappolnt Cfowe LLP as auditorto the ComnY and tts authowise the Board of Dlrett¢)ts to fu( the audi$ remuneratiDn witl be plowsed at the Annual Gen¢rdl MeelSn& zi
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED TRUSTEES. AND DIREcfoRS' REPORT for the year ended 31 December 2021 2.8 REFERENCEAND ADMINISTRATNE DETAILS Reglstered & Prlnrlpal Office Diocesanoffices. l Hii fom Co¥entry. CVI 5A8 Telephone 024 7652 12(Ll Webslte Company reglstrotlon number Chorityrryistrgtion number Componysecretory 3IY82 (EIaftd and Wales) 247828 IEnBlandl Vacant Reg15trorondsolicito Mrs Mary Allanson. Mrs Jenny tffliond,Rotherham & Co & 9 The cadranl Ctyentry. CVI 2EG Crowe UK LLP black Country House. Round5 Green Road. Oldbury. 869 20G Bank of Scotland Pentland House. 8 Lochside A¥ewe. Edlnbur8h. EH12 90J Tom Plckln& Godtrey.Payton 25 High StreeL Warwick. CV344B8 Godfrey.Payton 25 High Street. Wanwick. CV34488 Ecdesiastical Insurance oifice plc Beaufort House. Bwnswi¢k Road. Glou¢ester. GLI IIZ CCLA INestment Management Ltd Senator House. 85 Queen Wloria Strtèt. London, EC4V 4ET Ecde5i4Sti¢al Investment Management Ltd BeaLrfort House. Brunyick Road Gh)ucester, GLI llz Auditor Bonkers GlebeAgent Insurers In$(ment Monagers SECTION 3: DIRECTORS AND TRUSTEKS. REPORT APPROVAL This Trustee5' and 06CtOrS. Report. indudin8 both the StTate8ic Report and the Govemance Report Is approved by thetru5tee5. by vthose authority it iSSi8nedas below. Mr Slmon Danks Chair ofcoventry (Aocesan Board of Finaw Lanited 22
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED AUDITOR'S REPORT Independent auditorfs report to members of Coventry Dlocesan Board of Finance Ltd. Oplnlon We have audited the financial statements of Coventry Diocesan Board of Finance Limited for the year ended 31 Oecember 2021 which comprise the Staiement of Financial Activities. the Income and Èxpenditure Account, the Balance Sheet, the Statement of Cash flows and notès to the financial statements. including a summary of si8nificant accounting policies. The financial reporting framework that h35 been applled in their preparation is applicable law and United Kin8dom Accounting Standards. including Financial Reporting Standard 102. The Financial RÈportin8 Standard applKable in the UK and Republic of Ireland (United Kin8dom Generally Accepted Accounting Practice). In our opinion the fi"nanual statements: give a true and fair view of the state of the charttable compan5 affairs as at 31 December 2021 and of income and expenditure. for the year thèn ended.. havè been property prepared in accordance with Vnited Kingdom Generally Accepted Accounting Practice,. and have been prepared in attordance with the requirement5 of the Companies A¢t 2006 Basis lor opinion We condurted our aLKlit in accordan with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responbIlItIeS vnder those standards are further desCrid in the Auditor's re5pon5ibilities far Ihe audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical quIrementS thatare relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fullilled our other ethical responsibilities in accordance with ihese reqvirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclysion5 relating to golly concem In auditing the financial statements. we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial siatements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collettively, may cast significant doubt on the Charitab tompany's abilitv to continue as a going Conrn for a period of at le35t twelve months from when the financial statements are authorised for issue. Our responsibilities arld the responsibilities of thetrustees with respect to going concern are describ in the relevant settions of this rèport. Other inlormation The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements nd our auditor's report thereon_ Our opinion on the financial statements doe5 not tover the other informètion and. except to the extent otherwise explicitly stated in OLrr report. we do not exp5$ any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtainetl in ihe audit or otherwise appears to be materially misstated. 11 we ideniify such material inconsistencies or apparent material misstatements, we are required to deiermine wheiher this Bives rise to a material misstatement in the financial statement5 them5elve5. If. based on the work we have performed, we cOlUde 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. 23
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED AUDr[o5 REPORT Independent auditorfs report to members of Coventry Diocesan Board of Flnance Ltd. Oplnions on other m•ttrs prtstylbed by tht Companies &•Af In our tip.inn based on the work undertaken in the COUTse of our audlt Ihe Infomlatknn 8lven the trustÈes' whlth In¢ludesthe dirertixs. report and the strate8lc report prepared for the purFrf)5es of company law. for the flnarKial year fol whlch the flnandal statenntS are prepared is Conlent with the financial statements: and Ihé strate8lc report and the dlfertots, rert hKluded withln Il trustees. report have been prepred In accordance wh appli¢able legal requirement> In118ht of the knoWdEe and understandlng of the charitable company and thelf envlronrnent obtalned In the Course0ftadlt, weha¥e not Identif material misstatements in the strategic reportorthe directors, report Induded wtthlrt the tru5tee5' pOrt. We have nothin8 to Tel in resped of the follrywy mattets in relatKJn to whKh the Companies Act 2m6 requires u5 to pOrt lo you rf, In our opInk. adequate and propera¢countln8 records ha¥e been kepL' or the financkl statements are not In asment wlth the accounting records and retur. or certaln disclosures of trustees. rernuneratknn Sped ty law are not made: or we have not recelved all the Inforfflatlon and explanatlDns iequlre for ouraudlt. As eJ¢plalned rnore fulty In the trustees. responsibillties statement set out on page 18. the twstees (who are also the director5 of the charrtable company for the purposes of cornpany lawl are responslble for the preparatkjn of the fKancial statements and foT belng satiSfd that they 8i¥e a true and falr view. and for suth Internalcontrola5 the trustees determine 15 nece55aryto enable the PTeparatlonof financialstatements that are Iret frorn merial misstatemenL whether due to frawl of error. In QparIng the finanaal statements. twu¢e5 are responsible for •$$in8 the tharftable compaThrfs ability to continue as a going conorn. disch)5• as applicabk. matter5 related to golng concern and using the Èoln8 concern basi5 of accounting uns5 the trustees eitlw intend to liquidate the chariiable company or to cease operntwJr or ha¥ no rea115tic attemathe but to th $0. Authtoes responslbl4ts Iw the autholthè finand4 swements Our Object are to obtain reasanable assurance •bout whether the finandal ststements as a whole are free from materlal misstatemenLwhetherdue to fra1 orenu. and to issue an auditorfs rport that indudes ouroplnlon. Reasonable assufance is a hlgh levelof assurante. Ixrt is nota guarantee thatan audlt ¢onducted In ac¢ordan¢e wlth ISAS IUKI wlli alw•fi detert a rnatsrial m&statement when It emists. Mlsstatements ¢an arise Irom Iraud or errof and are consthred material rf. IndldUallY or In the 48regate. they could reasonably be exkyrted lo Infknno the economK decisions of Use taken on the basls of these finandal statement> Detalb of the extent to whkh the awlit was ¢onsldefed capable of detertlr% Srreeulafltles. Indudln8 fraud nd non-compliance with laws and regulations arè set out bÈFow. Afurther desuimion of our responslbilities forthe audit of thefinanda15taternentsls locatedonlhe Flnandal Reportlng Councifs webstte at: ww4w.frc.o audito res nsibilities. This dexrwlon fomis part of our audltorfs report. 24
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED AUDITOR'S REPORT Independent auditorfs report to members of Coventry Diocesan Board of Finance Ltd. Extent to wtÈl¢h ihe alit was corddtred tbIt of detecti irfegularttles. ihdud1fraUd Irregularilies. intludin8 fraud. are instance5 of non-compliance wilh laws and regulations. We identified and assessed the rlsks of materfal misstatement of the ftnanclal statemenis from irregularltles, whether due to fraud or error. and dlscussèd these between our audit team members. We then designed ond performed audit procedures responslve to those Ti5ks. Inthdlng obtaining adit evidence sufficlent and appropriate to provlde a basls for our oplnlon. We obtalned an under5tandTrng of the al and regulatoryfvarnewowk5 wlthln whlch the tharltable company operate5, focusing on those laws and regubtions th have 4 dirert effect on the deteminaiion of material amounts and distlosures In the finandal staternents. The laws and reEulat10Th5 we con51dered In thls'ujntext were the Companles Act 2006. the Charrtie5 Act 2011 togethEr with the Charities SORP IFRS 10212019. Wè assessed the required compliance wh these laws and regulations as part of our audit wdre5 on the relate41 flnancvdl statement items. In addition, we mnsidèred provisions of other laws and regulations that do not have a dirert effett on ihe firnantlal ststements but compliance with which might be fundamentalto the charttable cornpanvs ability to opefate or to avold a material penalty. We also considered the opportunilie5 and incentpies ihat may ex15t wlthin the charltable company for fraud. The key laws and reguljtiws we considered in thTrs context for the UK operations were employee le8islatton. AUdtIn8 stsndards limtt the required audit procedure5 to identrfy non-complian with these laws and regulation5 to enquiry of the Trustees and other mana8ement and in5pertion of regulatory and le8al correspondence, if any. We identlfted the greatest risk of merial impact on the financial statements from i181alItI$, including fraud, to be within the timing and tompfeteness ol incorne reco8nit¥on and the override gf controls by management. Our audit procedures lo respond to these risks IndUd ènquiries of rnana8ement and the Audit & Risk Committee about their own identifKatitsn and a5se5sment of the risks of Irregularttles. sample testing on the posting of journals. re¥WIng accourrtlng estimates for brase5, reviewin8 reguktory correspondence wlth the Charrty Commlsslon. and readin8 rninutes of meetln8s of those char8ed with governance. Owln8 to the inherent limltations of an audit. there ts an unavoidable rlsk that we not have detected some material mtsstaiements in the financial statements. even though we have proper planned and performed ow audlt in accordance with auditing standar(1s. For exarnplt, the further moVed n- compllontt wlth laws and regulations (Irregularit5) 15 frorn ihe events and tra[ctionS refipded in the fin•ncial statements. the les5 ljkety the Inherent fimited procedures fequired by audiling standards would identrfy It. In additK>n, a5 with any audft, there remained a higher risk of non-detèctlon of irregularitiès. as these may lTh¥olve collusion, forgery, intentional omissions, misopresentations. or the overrlde of internal contro15. We are not responsible for preventing nor*4compliance and cannot be experted to detect non- compliance with all laws and regulatlons. 25
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED AUDtroR'5 REPORT Independent audltofs Teport to membets of Coventry Dlocesan BoaTd of Flnance Ltd. Use of our report This report is made 501ely to the charitable Compan$ members. as a body. in attordancewith Chapter 3 of Part 16 of the Cornpans Art 200& Our audit work ha5 been undenaken 50 that we rnight State lo the charltable companrfs members those rnatters we are required to state to them in an auditorfs report and for no other purpose. Tothe fulstextent mIled bylaw, we do accept c assume respon5ibililyto anyone oiherthan the tthafitable tompany and the tharItab comparfs members as a body forour audri work, for thls report. orfor the opinions wt have formed. Kerry Bfw I Senior StatutoryAuditor For and on behalf of Crowe U.K. LLP Statutory Audrtor Black Country House. Rounds Green Road. Owbury. West Midlands, B69 2DG Datè:4 July 2022 26
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 December 2021 Noies G¢ffjeftl Desn•ted Restricted Ewd•wment FuDd nds fvrtds £OOOs 2021 Toial £0005 2020 Total EoS Incomèrtdertdowmen¢sfr•m: Donatlons Par15h Share Church Commissioners OthÈr grants and doThations Ch#rÈes forcharitsble a¢tivlbes Other tradingacbvities lttvesttnerts Investments incomp Total retrn 1¢ted to inrorne Release ofhistoric retsJrn Surplus on5aie ofassets Total 299 667 3•9 4,987 8Z9 433 354 S74 4.988 B63 480 218 626 162 124 351 574 4¢ 4d 4f 67 2.136 (2,136) (1.511) 2247 2336 18 i.sii 640 5.966 Exp¢ndltsrt on: R4i$inBfvnd5 Chat1tabJe anlvldes Misthi and miTLimy Support for mission aDd mln15ty Contrlbuttonstt¢Arthblshop5' Cfjurttii Dlocesan Board of ll¢llort Other Total 234 246 480 425 Sb 2J47 2331 3.705 296 052 2.S53 5.355 2.683 26 467 187 467 187 S17 188 Sf 26 Z47 Netlnc•mebefore InvestshetRalns 50Q (26) (l758) (316) 978 Nttgalnson IDvÈsDnetsts: NetKalns on rtvaluatia Surplus on sale of Sttvestrnents 12 307 16 176 S.150 138 Sh49 138 2.563 288 Netlncornt 807 (io) 1.144 3.530 5h71 3.829 Tr8rthrs ktween fvnds 19 (275) 203 Other rtognistdBalns: Artuarial Eains OE) defined benefitpension stheme (6) (6) Nel nwvementln(¥ty1s 399 470 869 34. RttoncMl*tfitrn of funds Funds ai i lanuary Ntrt movemènt in funds Fundsat JI December 16 J5AD24 4711 3.336 869 73386 9374 5.465 90.041 33 74 399 2A127 16 93 27
COVENTRY DIOCESAN BOARD OF FINANCE LIMrrED STATEMENT OF FINANCIAL ACTivmES for the year ended 31 December 2021 Z02J zozo Total £OOOs £0005 Total illCOD expendlmre 10,935 93 Ih42 10.151 Netgalns on inve5tllwDts Netlncome fDTtheyarbÈforttsWbS Transferto endowmentfuDds ZZ4 1,208 320 888 7.091 203 Theinc¢)me al expeAditurEa£couThtts deyived from thesiatErnEAtofFlnattdal Aamdes wtth movements itt Endowtheut funds exdud¢d ¢0 cornplywlth ¢othpanyl8w.AM incorneand tYtnd1Dtts deriTrnlfrom conthutngactlvffitiES.
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 December 2021 2021 2020 £0005 FIXED Assgrs Tafi£ib fixEd assets Fixed asset investments li 12 I&Z88 18.290 94.frfl 89.793 CURRENT ASSETS Debtors Cash and cash equlvalents 13 2,IS6 2.354 6.108 5.635 ' CURREP4T UABILITIFS Creditors.. amouE)ts falllngduewlthln oneyear NET CURJIENT ASSErs TOTALASSETS LESS CURPENT LIABiufJFS 99J97 94x152 Creditor>. amountsfalllng dueaftermore th3DoDe year 15 (} (178) 20 FiJNDS unrestrictrdfftds. General Fund Deslgnaied fuThds 16 16 2.027 1.6Z8 11121 420S 17.252 3.336 73. RestrSrted funds Endowment hbnds TQTALFUNDS 16 16 The Ilttandal statements on page5 27 to48were apwoved bytht B¢ordofDlre£tors aThlauthortsed hr15sue on and are Signed OD its behalf by. IL Zul? MrSSmon DaAk5 Chairof Co¥enlry DreSn Board of finantt Limittd 29
COVEKfRY DIOCESAN BOARD OF FINANCE UMrrED STATEMENT OF FINANCIAL ACTivrriES for the year ended 31 December 2021 ZQ21 £OODs 2020 £01)05 Net(a5b by0p¢MiryaLlvlts [Z66) (1.37 810 [332] 1.269 951 Ir¢ht offixed assets Pro¢ttds from saleof InNYstmeDts Purchase of fnvestsllents 937 937 796 aKe Incashand rash eWva]entslntheye4r rash nd¢ash eqlll¥¥]t•t i tttry CAsh&d ush ¢qui¥¥k#ts Jt31 Decemlxr 671 3381 3.95Z 1.335 1.946 3,281 2021 £QOOs 2020 £OOOs Aaly5ts olush a0 ¢asbeqthkAts ¥t31 De¢¢1 Cash In hand 5honterm deposlts Oess thaD 3 months) Total usb4Ddash equSvaleThts 2201 700 2.581 2021 2030 Eoixls NetmwEmertJnhdsforthe)wr Adlusthients fDr. Galns on investents Profil on 5aleof fLxed as5etprD4rtles Deprttiation offixed assets A£nrIal (Bains)l losses on defujed benefitpeDskm scheme UnwSndlnEoFpen5ioft liabilitydiscourtt Decrease In debtOTS Incr¢a5¢/lDeGease) In credftDrs Ner¢4sb 8rtratrd by op¢rntlry•¢ii¥lUes &46S 33 (5.78 33] (6401 (6) (6) S3 198 IM 266 707
COVENThY DIOCESAN BOARD OF FINANCE LIMrrED STATEMENT OF FINANCIAL AcnvrriES tor the year ended 31 December 2021 I Princlpal accoxmlw p•lldes Basisof arcotsnting Thè DBF is achar5rablecompanyand apubiltbenenEtnYry.7herefw¢ rheftnaocial swementshavebeen prepartd hnaccordanct with the Statemettt ofRe¢ommended Practkt forcharsties (FRS 102).the CornpaniesAtt2O06 attd theapplltableUKactourtlngsta#dard IFRS 102.. The Finarti81 Repo 5tartdard •ppllrabJelD the VKand Repub]icoflreland).The fuMnc5al sratementshave been prepared underthe histofital Cost tofftntion except that fixedassrtb)estrnentsare Induded atfairvalue atthebalaRcesheetdate.After maknThEenquirSe5 the1Ttees3re5atiSrJedthatthe D8F hasadc4UTt rtsource5to condnuet• operate as agokng¢oncernfortht (oreseeable futskre andhprepar¢dthe finanaai tsternEntsonthatbasl Goin¥(OllCEfIL TtLe Covid-19 pandem1¢ h4s lthparted thefharltysoperatlons overthe pasryear. partinJaAytheSDF h]ThJed PTDiec& atLd Llew and sraff5 ablllryioconrinueiobujld and mlintsln re]•tloDshlps forthosethi organL¥atton here rD Serve. Frorna financ5ai perspecuve odelllThB ofthelongtemi Impartofthepanden>lc ba5bEen malnThinetsd ImpartortparlshÈ5ts beSTh8 doseiyrnonltor¢d by the DIocen FinanceGroup. TheTrysts satisfiEd thatthE DBF hasadoqu•te¥esource$ ¢oot5we w operatr 448ofih8 cor¢cem for thefoffeseeable fuwre andbaveprepaTedth¢flD3ndal s&tEMts DDthatbisl Intome 5s inthe Srawhtnt of Fln•nul ActMtleswheThtherhartytsle8allyemhled trrtrecttyi Lprobable8ndthéTh io be recognlsed caThbequaniified Tmth re•son•b]exoJw. Porlsh skor¢ In¢rTre Parjsh Sha IDcomeforthtytar.orfor prEvic4YearSiThClue ambus1 to the31 De¢ernterfOJiowln¢theytareTL Income from par0tkni fees is •tfa¥rted forwhen re¢elved. Grnftts(receivoble) Grant incomelsaccounred forviheAthe fonh•i offeroffvfrJnc Is communicated Inwritin& amyrondJ)ionsreiated totht eThYttementhaYe beETh meL Tecdptis prOble10 thtamour¢aThFx mewred relkbly. DoD¢iOgns.1¢gocles oAdslfftllorlncome IncDrn¢ Irom letaciesis rtCD8tiisedwhenthe DBFhsbctrtnotifitdthaitbert tsdtvlTh41r415on of rh¢•mwnrrecetV4bl Donadons and MI]Irl¢vAr¢acCot¢d forwheDTeceived. InveSDnEni incDme15 a[[DUrt forthets re£elvable. InvestXLertlntomefrML Common InwesDJent Fv$edbycCtA InvestrnèTri MaAa8er4 15 C¢ll51trtd re¢eiY¥bJe when dlvkleDth aredeclare DelerredlJRcoJnt Income is recosnised as deferred wlLer¢theeventotrehtal per6od whkhthe IncomeTel•tr5 octhbrsbtythbdtheend of the ftrL4ndAI p¢rtod belA8 reporttdo ExpeOltiirt ExptNdirur¢ts ¥¢¢¢yE)trdfor DaanaccnjS lTrasisand kn bEeDr1•55ifiTdutderhE•dithataggrepte slmSlariostsunder eath iegoryofthB Stst¢m¢niDfFlnan<ialAciSvlUe Gnints (poyublej Grants payable. are accounredfor eitherth fvllor knparLwhen authorised¥kntht•W•Td tsfthoErant hasbeen sp¢clftuJly communlcatedtothE reclpieDf orwlwj pald Ifthtro Is C¢)mmunkationio therecipient in advanee. arpjwhen anyconditltsn atr4cbSngtOlhe granttsou151dethe comrol olthe DBF. Suppw¢¢osts The$e¢ostswlSI ofindSrerts)ff costs. Dffirt¥nd IT tOsTsaDdEovornarec0StrThryare ajloatedty rare4orte$ofexpendlll]re on the ba515 ollh¢pttrpJrdonofstaff Urnespenton each Jrea Df•¢tiYity. GovÉrnrtfiee tosts The casts allocated togovernanct¢osts4rethoxcosts incyrrEd IncounECt¥M with theWin1$TraII¢mOFthe(ha1tyand complLgnce with constituODn aJwJAthrOryreqrernents. Operod•gle¢ Paymeots w?d¢r rJperadrg1eaare¢baT8ed alair[srO•S lrrfur. Inv¢5¢m¢nraaltts and Josses Forlnvestrnents thatare DorpartofthpDiotts•J &ipwdsFund CapltslAccLrynl rea]ised Bainsorlo55es ar•rECOEnlsed In the Statrment DfFlnanclalAcr5virles wbèttlrtvestweotsaresoldUDrealtsed8aln5 orlos5esare acc¢Junthd forortrtvaiuaonoffinVQSbhets theyeartnd. Atota] rett apPrOh has bEeD Jvpredforthe Dio(esatt StipeAd5 FundCapitslAcrDunL Partofthe historic unapplled ruta] reuJrnwSJl b¢ allKaredtolnc¢rnelntheyearasdttermlned byBlshop'sCDuncS1. 31
COVENTRY DIOCESAN BOARD OF FINANCE UMITED STATEMEKf OF FINANCIAL AcfiviTIE5 for the year ended 31 December 2021 rsowlEouses.op¢rauonal prnpErresand the dloce5anDltsrns3rnhtld¢coresthDd crtThe costof extens10wld1 enbance the (apikivallle buIldi1¥ i5rapJtai Forparn?na8ff hous•&thelet4J titte•ndrJehitrbenefiCia] gctupatl¢)ttaYtvepAin the5nrunthniwh¢rEa5 the DBF t5 responble rtheKtsinttnanct andrtpir afsuchpYope5tiesttdtandetenJinethEirgJbseoyeJt¥se orsalt. FRS 102re4uires arcrALnun trtatsnentsto fvllowthe sub5unceofarr#r4trDtntSTtbErthanthtirwittleEal fmAttoTdiu8ly. Pare houstsare capitsused as tsD8iblt fixed asser& (er801 propernesarehotssesowtted bytseDBFfQrouplQntr1dellldlOfOrDprles1 TheDffiocttaTh 0fflry5¥Tt•t7 PtkyRow.Cov#ty(whithslwesthe poml addressof l HlllTTh CwtDtry, CVI 5ABJ thelonResdrn4ied Ter0alDi ustfulewDomlcll¥e$3ndbecawth••sdm4redreddua valu¢5 ar¢ nrtiDaterlailylpssthantheir rrythB valuEsand th¢buRdln85 LwlSkdyto wJlterfrurn obxsieentt.WvfknJildlD850c¢ur well before th• end 0fthr ec¢)nomic U¥eS/Dd+Jtsposai proceethareu5uaUynutle55thanthe5rurrylDgv4lu&The DBF boa wItcyofr4#r551ecIlo palr4nd •11¢ty8tsce of buildiry thrEes (orwhlrhaTekndvde4 ine1jyt in theS¥tewenrof Wilnal A¢dvlrie4 thetxpecied useDJ] lives thatare as fDIIw>. IT&TtletonrnitaiiotsEquipmtht Offlce F¥rniWt and Flt15ny Indlvfidual Itemsof offlc•equlpwwtaDdfUnthlth 4 purchHseprknof£5.QQQorltssareTwrftteD off fjntheywlfiwblchthe ass¢ts¥re 8tqulr•l land and buUdir4sheldundtTthe Enotswmenrs& Giebe Mea 1976fGiebtpmpeTWartlttluded ItrknGIebe propertieswhlch are fix¢dassrtbwtmBents arecomprtsedofcammerclal properdEsnd aVkultuTrl propertl8&Aylthdtstr81 PTop¢rttes•ro preJorrttharlafydbuilndude5ome IMblldln8s¥nd resideDtkl properOe&GlebepropertSes4ts0 ItKludehouseSforDcP3DnbyCjeYthtt1ttreadstlbItztd1STe UnJlstedshare5 inyewllenifvnds are indudEdat fairthatthebaLaTKeslKetdat (knt4UStts41ndWabllSdex Debtors¥rtmeaMred atthe trartsKtlonprfceless•Aylrapairn)trtltssstslaabattiLsartre¢o8rthdassoottas there15a legal or 4moyTrtswed.FOrp¢nsIOnllOtII1tIeS seenotrl Cash ahd rash eqly1)ents llvdec3sh atbMk¥Yl lu h•E)d•thdsknrttenpthpoFswlthaDywANfyitlnsllwttDnrepablQ demartd withourmoretban 5evenday<tto¢ieefpthdty. Fwid attowiti ofthe8eneTal objeciivesof thEcharftyatd whlch hwenotbten dMtedCor•thÈrpurp05e& tsDated hjnds conwrtseunft5triLtsd lucomefimdsth•tl0vebeensetdtbythtln¢S10rp¢U11rpo$ETheakn aDdu5¢ Of¢•¢b+Jsitht¢d fvodtsx¢oiiiinthenot¢5bÈloW. Restrtcted fund44re tundswblcb ar¢tob¢wl1tt0T00yvjthWafi[r2$IrklstybP¢d orwthl¢b h•ve beeDrthJ Endowmentfund5artfvndsheld 0ntThffttyberÈtwnedforthecharltya5w1fvjdSwrrttheho1eTth¢fvlld mustbE pern4nettdymJuJialnedtttskMwn a5 permanentd0wh¢Y*therel%aP0wer0ff dlxrthhto ¢oryverteMlowedfuntsJnto Income. the fvnd 15c135sed astxpendabletodowmenL
COVENTR Y DIOCESAN BOARD OF FINANCE LIMITED STATEMENT OF FINANCIAL AcrivrriES for the year ended 31 December 2021 Pen5ioD scheme<(1p0&lyalld Si¢nifianttst5malld ivdwettts The DBF patticlpates 6n three perLslon schemes adrninistered by rhechurch of E110 Pen0$ Board.whlchhDlds the a8sètsofthè schemessepaTatElyfromthoseoftht DBF andthe ¢)therparUclpaDryemployernODe ofthesc tsthechurch ofEn8]and Funded Pen5iDThsSiheme forsbPtJ)di4ryrJerty.The other ts¥o¥re fDrlay#th¥nd areseparatesection50fthe Churchworkers Ptrtsion Pund- onea finab5aiarysebm andtheother a deftrrtd ¥onoityxba))¢AllthrEt ofthesexhemes¥¢ muk1-emoYerdÈfiThedbemefit Ye15(herneS for whlch the DBF Isunableto idenufy itsshorE tTrftheurerIy thEtsand li•b51ities as EachempbDyer15 expDsed ¥rtu#rial rlsks a&%ouatedwSth the tyrfext and forrneremployees ofotherentities panlthpatiLnthesEhern.AVjjUatt{ffl of each scheme. io detsnAihe fureCOntributIQnIeytl1 Lc•rTledwi ordce tverythreeyearsand therulling reponanrt recoveryplam for 4nydehclt is requiredtobE completed wlthin fifreen month5 OtthevaluauoThdawOn26 0rtobtr2018.the Hish Courthanoed down ludtmeDi lThvdving the Jjoyds Bankln8 Croup'sdeflned benefii penslon sc1m[&The1udÉttCtsndUded that fDrmerly contracted•OUI xhemes 4re requffired io equ31tsepetssiOrtbertefits fDrmeTh3ndwomen in relationtt¥uar&rrtted mlttlmum pensionbenefiL< In November Z020, theHlgh Coiirt banded down4fvrthernLlbng concernittethe equSS311n0f GMP&Thb nding reqresTrSreestO equali5etTareTpJErSpaid from %hEme> This txerce JwuirÈa thetk on prtvicrtts trafer$ p•id amdlfapprnpriate paya tap.uptransfer payMtnttotheTereiry 5rheme if the GMP dernentisdeethedknbe unequal. t4orna]lythe Employer Lsrequtred torefiett both thebxkdated and fure costsolGMP eoualisatiortarSsin8 th15ludBmenL However.&nt¢the D8F particltE9d ar •tcwndo8as mwjtsemployerdefined benefirpEn5knn scheme5 thts L%nDt appll(able.Any upllft In Ilabllltywlube lle(led1nthefipKI1)S)xets r¢Te¥edderItrecr1YrypIyrntThtpI•TrS are iwe Accountir4policy Where the5them is inddiotarKI theDBFiJ rEquired tts make defjot rrttsveryconDibullotts. this ob]IgKonts recotnised as a liability wlthln (Teditorslnihe BalanteSheeL The arnountTe¢¢)Entsedl$thesurty oftbedellcitrec¢)very¢oThtnbutfjofts payablioiscounted lothe rtot presertLvalue.The llnwindlr¥ ofthedlscouDt ine¢h >ar. iogetheTwrith ron¢ributitsTA%ttquired by the PensioJ)s B4)arxl forthe betsÈfitill relationtopeM5iOThat4e sethceffin theyear.iSTtcogthisedwthin expthdiNRlnthe St•¢ementof Floandettie Chaws in thppsts£bDfliabi]irydueth cbanEes LD thedJ5(ouurratewtd¥ttd thetoinatturacie$4fid theartvariJl assuMp0$dé bythi Pensiobs DoArd arerecogrtisedasactvarial gaiTbSOTID55EsiThtheStatemenl of Finan¢ial A(tfvkie Theiiabnity•nd MMentstbe1b1IttYare31yQCaIttt1othDI0clsan StipeTrJs Fund CapFralknDunL 4nd0ent heid for Inve5tsllEni relurn forlbe btrteftt ofthe Diocew Stspends Fund I)MeA£CoUntIckn i5 exwcrcd trbe 5uffldenLtOCOverthe D8Ps fvwre defidrTecDvBryioDtrbbuYon> DeficiitocDvery£ontr5trAJtions¥waUypaSd intheyeaTare tralferAfroTh the Dlocesan Stlpends Fund IncorneAcc¢Juntto theDl0cVJ StbpentsFuftd CaphalAtCWDL wsrh effertfrom I january 1998. d6oce53n dery becathtmeml)ers ofthtr•v Chtsr£h ofFland Fundtd PettsloA%SchemÈ. Toenable th&theDBFparticipates In this 5chemeand at 31 Dccember Z021 Wa$par¢COntrtbuos for 120members(2OZO.. 12Z me>nbersl. The scheme prdeSbene11blsod on memberg final pttislvu¥b]eMipelldsPmvIdts forthatparroltheberelStthat relatesiD pensionablE5er¥l¢Èafter I january 199& P•uSomablestipnds arEawrendythe NitiOD¥I Minimum 5ttpend inthe precedlns yEar. Benefits are <urretttlYbe51ccrtd on Ibe bats ofhalf ofthe penSIfabIeSllPelld beingpaid SthenorniPÈr&onon reachingthe 38e of68. or 125 rimesthisim()UDtforarthdtator& plusa lujnp Sum nOrmallythreeeSthe penslDn payJb]efrom theschEme. Penslons lnTe5PEcrPe$ID¥b1eserY1Cebef•rt 114rrtwy1998artprovSded bythechurch commia0r5 underthe prewous arran8ements. Each paTtitipatinE entityiD thexhemtp¥ysc(sntrlbutiottsa ¢othroncrlltrtbution rate applied io peDdonable st1pend$WhkharerreYtht sameasthe Natio[1 MinimuMStipcrMloftht prevsousyear. Av¥lUationvfth¢SdmeI5CarlW0Ut or•ceeverythreeyear5. The mostrertrtsthemevaluOn ¢omplettdw¥ cayrltd outatas 31 December2018. fht Z018 4t0¢1 f•voaed a dofidtof£50m.b3sed on a£setsof £1,818ffi anda fvMdlnBtsryerof£lR68bI$1esSed uslng thefDllowinR SlPrIn'. An aveTaie di5COUnt raitof32% pa. RPI InllJtionoF3A%pA. (and pension irtcrelsesco15ten1wffiththj.. In¢r¢ase th pet%sSDnablesdpentsof 1.4% Mortlty5Th ac(ordancewith9S960fthÈS314IVLtsbltSWlth aUowJ#te forfvttweimprovementsSTh morralltyth limewlththe CMI Z018 exteThded model,Wth along tEnn aDmval TJtrofit5bprovemrntofJ.S%.a sfftoothth¢ PanTtheter¢f7 and in Inltbal •ddftbonty morjlityirnprowerllerrfs ofOS%p& 33
COVENTRY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL ACTivmES for the year ended 31 December 2021 Fo]lowlo8 the31 Dett¥nber2018 va]WI0 a recoverynwa5 tin placeu1 31 December2022 andthEdefid¢r¢rovery cantrlbutloA8(4sa percent¥eofpellsthbles11pAdsJ 4re4ssttoutkn thttsbiebeh)Tr. J•nuary ZOIBIO Deceother 1020 %afpensioDab]¢nipEttds January 1021 to PeceJDbeT2022 DEflc1tRcthllOns 11.9% 7.1% Sectfon 28.IIAof FRS 102 requlrÈ4ayeed dendtTEcovery pats1O bErttwed asallalAJILy. The Thovemtttt Intheballnce shett liabiltyover20ZO afyj over 2021 tssrtsxrt in thttableEdow. zozx 2020 Penslon Ita2fty I January Deficit contTlbuttons pa5d Inrerescost Rettl[l8 Lknwtothebaianet shertllW Baiancesheetliknlityt30 Sepwrn 397 (139) 732 (336) 265 397 L)uewlthln Dueafter rnorethan OVyEar 265 339 2020 O%y 0.2%pA. 3.l%p4. 1.6%pA 2019 LlismntralE Price In(reasttotht¥lpensiDwblepyr•ll PA. I J% PA 5bareofthRtsp0hdb]eWspetthlbude Thpdeflned Benefity Srhty fDBfi secuon ofthtChwr¢hWorkers Pen5kin PWdprovide5bettts forjaysraff basthl on fiTMI pe110¥ble salarles At31 Tre¢etyber2018, theDBF ld DO acUwemembey%3nd 51adMItted any Tber Coventry DBPstaff to rnembershlp ofthLs strtlotyof thesehernt Therr is oflejointworknremployed by Eicesrff Dloces HoatTI ofFihanCt f1[¢# DBFJwhotsanat¢lve rnetnberofthiTsectiOD ofthe CburehW•rkers Pensi•# Furtd Themo#rectntschemtvaluaEboncomplewlwaJ ?rrled a35t31 D¢eembtr Z019. The tite5ter DBFCOrtrl0n Me lthtdnB the cooiiokntWDrkÈrslnthts5ecYM oftheChurrbWorker5 P¢uaon Furyi [% 309%ofw. A]tsb45ty Of£0200 (2020..E62AIDO) basbe¢nacmJwfth1rt0erAC(IU1SfoTtheoBP sbarEofthedtfjtitrtl815tY4b)ityirtwothlnthescheoJ& Thisschtmeisadtlllni#ertsJ bythtQuY¢b OfE Pe&sRO•[&Wblc0ld5the asetssepaTatrlyt4thoseofthe p•rtSdpaUng ernp]oyer5.There are two 5ecrlon&the Defined BEnefitsSthEm¢¥Thl the Pen51r BuderSeME whlch h2stwosubseciJons:a deftryedatmuitysecoonknown a$PeMSb)nBLderc1a.ad1 tas baian¢estCllohkn¢JwnasPen51on Bullder2014 both ofwhlch Tet1efi]yed beoEfi15theme& Penslon B]derad55IC pthdes a pen%lon ac£uTDU]ated frDrn tontribudoLspald alldconveriedthro dftrrndADnuitydurln8 employment Penslon Bu11 der2014 isa rashba1CexhtM¢th# provide5¥ 9Jmwhl¢b jnethbersusetu providtbettelltsatre15rÉmenL Pe$¢•TilOft%¥rerecQrded Inan aecounrForeach tucrnber. DlscfEllonarybonuses maybe added beforerettrknntdtykndin8 tsn inwesbrtTtturnsrwJ<thrl•¢t%Tht9(U¢plus1b0DYpayablt.nTOdu¢¢d from TheTets nosub4lvisloDofassetsitheen employff51u ta(hsertion ofthe PwL51onBuader Schem& Avaluatsonoftl Pertyon BuliderSchemetscarfEed rArtonce¢verythreeyear& The tarr1ed0 as•131 December 2019. The neX[v301Sye •54t31 D¢t¢mber2021 Forthe PtnsioTh Bylldev aasectyOthtV¥LYlf5onTt1ed adeficitorU oThtheryokn4SSUtThpttoThsuSEd.Atthe mostrtcert anoual revlewthe BUd ch¢)semirdntadtscretsotMrykJmtsof3%foUowSn8 Improents1tht over 2021. Ttbrre ts htsrequlrementf0rdefiotpatn¥theCTr£rt1IM& PDrthe pens BuUder2014 secdoothevA¢lofirtveaIed4 *¥50f51thpQW1%SITrPsUSed There tsno
COVENTRY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL AcnvmES for the year ended 31 Dernber 2021 ValuatSon olGlebeAsselS AE the end of2021.thep•rtdemlc caused as a rewltofCOVlTrtg appeared to bedr4wln8tt+ao endwitb HM GOveEIMnentÉnaIIIn 'Plan B. and ¥ Eeneral relaxattonand rernoval of9sslert restrict5on&althougb there ts soil adegreeof unctTtsthty>Jmuttdlngthe ImpacrthatCOV]D.19 ha5bad DtLthetomThercial propEnyse(ror.Nevenbeles5a5aEtheva]uaDoD dart. pn)perty markets are rnastjy fvncbonlr4with tra[10Th volurnesaDd otherrelevant EvidencEatlevEls where enDugh tswkete7MdencEeMsts upon wkKh ro b•se oplnions ofvalu& A£cordln8ly. andforthe avO5dare OfdourJr Valuation is n0trep0npdbl4r% gJblecrtg"materiBI valuation uncertainry. as definedbyVPY aThdVPGA lQofthe RIISValua15on Global Stsndard Neiijbtou 2021 £0005 2020 É()Os Audltol$ rèmunÈrattan hrtht•vdS1 Deprecladon Hlrt ofofficeequipme Surplusondtsposal oftsne5bJ¢fr£ed asse 18 640 4 Analy$15 Df INotye • ParlthShAre zozo Totsl £OOOs 5.447 515 4.932 ds £OOOs htnds £OQOs £0005 £OOOs 5.377 440 4.937 Partsh Shareasse55ed forthtyer IS sbortf•ll 5rtcontributtoos Recelved fortheyear Irs re¢e5vd An respert01 Z99 440 4.638 299 56 299 Thtthortfall lu Contsfjbutlo dleS P¥bsb Sbare Relltf ofe154587 (Z020.. t277)0) b Grarfs trom Church c•llllTrtsnersnd ArthbislLOPS' fAwLciL Thl$trfleos montrs frD¢D Chvrch Cornrnlsstonersand Arcbb&hopg CthJAciJ wblth arEU5ed Inthefoilowlr*aLtltraUes: 2021 2020 Totsl Fund £OQOs £¢)OOs EOOO¥ Capadty Fundi Mitiistiy DlvlsloA futtdlnlof Cuiates Mlssionto Lowestinrom• Commuttltles Er¥nt OrdlnatlonTr31nln8 Giant (see ntste 17J Conthbutlonto Bish¢p'5 Lry¥i C+JSW3 231 2Z IJO 39• Z69 38$ 184 41 663 Z69 31 B29 Jz 162 667 2020 Total £OOOs fwids £0005 fund5 fOOOs Total £OOOs fOOOs fOOOs ng HenryWII E#dowedTrwt Allchurche<Trust othergrantsandmolrInr0rne 291 291 iii Ji 433 224 ios 151 13 IZ4 309 d CbaryttfvJrcb•rltableacttvllles zozo To £QOOs Z17 F4Trd ¢ODO$ 3J3 nds ¢0005 £OOOs EOOOS £OOOs Parnchlal fees Churtbe5 closed forpublic worshlp Cothbudor6to 333 3SI 354 218 35
cOVErRy DIOCESAN BOARD OF FINANCE LIMITED srATEMENT OF FINANCIAL ACTivmES for the year ended 31 December 2021 4 o1thcoThe(c•ndnl) e OtherU118l1lllS zozi 2iiLu Total ods Total propert1¥) Recharyèdpyrg]l¢osts 351 159 351 159 385 166 Sundry iDcome 56 S74 74 626 $74 2021 TDtsI fOOOs 1.158 1032 35 ZZ 2020 TDtal OOS 1,282 IK+26 OD Gl•bpropertyfncorDe vni1thdsecuth$ Barjkand depO¢tert51 (*herpToP¢TtyIorne 150 956 21 zi 336 67
COVENTRY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL ACTivmES for the year ended 31 December 2021 2Q21 Totsl £0005 2020 Totsl £0005 Fwtyl £OOOs £OOOs Cdebp oporat5D¥ rosts GlebE managertsent lees Parsolge r¢nts] ¢osrs SupportCD5ts 188 58 4S 124 S8 47 192 4Z5 109 334 Z46 2021 Z020 FDnd OOOS fu•d5 50005 Total £OODs Totsl £OOOs £OOOs 3.670 £QOOs aergy5tlpend5cosrs Isee note g) Curates, stipend$ costs Iseeno¢e91 aerEy houslog aer8y appoinknÈnt& reremen1(asTs siaff cosrs lsee io) Feest• rettred stspendlaryderyy OtheT rleryy dlocesan empens SuDportcosrs 3.670 618 1.131 175 151 24 108 17S 3,303 702 61•
5 175 Isi 24 137 19 17S 176 S.355 t SUppDrtforrAtsslonaodnIStsY 2021 zozo Tota) £OOOs 195 IP69 758 Z7 Iz 623 luN15 funds £0005 £OOO$ 232 99S 3B6 £01>05 £000 Departmentcosts Sts(l¢osts (see note 10) Grants lseenote7} Churehesclosed forpobll¢worsbl New¢hurcb btsJldb)g Support costs 232 995 680 28 Z6 268 28 618 2.23l 618 26 296 d (•ntrfibtioNstoAT¢kblsknp¥cM#dl 2021 Yotal £OOOs 2020 Total £OOOs Fund eooos d5 funds £D005 Tr•inlnÉ formlntstry Nat5frnal Churth RwonslbMldE5 Grants & Provtsions Mlsslfn 38erKI& pension e•sts Redredclerwhwslr¥& othertosrs 1911 162 23Z 174 19 162 20 io io 8S 467 83 517 467 e Diocesan Board olEdw•tt•D zozi Total EOOOS 20ZO Totsl £OOOs 159 29 lund5 funds £OOils flJQOs Go*ts(see note7) Suppmco 159 Isg 28 187 187 2021 2020 Total £OOO$ Fund OOOS ds fODOs funds £OOQ¥ £OOOs tiwirtdlbKof penslonliablltydlxwnt 37
COVENTRY DIOCESAN BOARD OF FINANCE UMrrED STATEMENT OF FINANCIAL AcrivmES for the year ended 31 December 2021 2021 2020 £OOOs £DO•$ 05 Stff to%t% (seen¢tr loi Izi si 19 239 J06 439 154 145 Stsff costs{snot¢ 10) Otherro5ts 14 26 135 138 618 236 239 187 1.019 17 175 io 2tr21 £OtsO$ 2020 Af155ffon & mlRlstyinwrfsh& Missiortto tswestlvdcorneCommunityesy3ths D5o¢e5an Fundsrants ED plsbes 20.305 developmelltwork GrLwiin8Falth prvittt6rantsto partshes Bishup'smtssiott fvrbjstrnnts knpth¥b¢s Church lon4ondbulldlo9S Cburrh ImprovemEntFulld8Tants Other church bufildin(dtrdopments Chutth Fabrit FuDduAThts Otheroryon150Uon5 In theDloeat CotrY .0£e53 Btrlrd DfEthcadon TDther Forchatv CowefttsyCathedra] 109 21 39 so 17 19 17 30 159 159 30 16 515 Izo 367 To other1Tr51iudons Tokndlvldllals Forsvpportofordththkn mlnL%Ferfalirath8 452 386 15 Layretreatgrants 402 40 917 zozo Tot41 £OOOs £0005 £000 £ODOs Supportformis5tonAndthitt5$1ry Mlsslon and mlnisrrylrLpansh ChuTcb l•Thd and bulldlD45 Oth¢rgr8anlsatiom lfttheDlo¢es• 19 Z9 Z9 Iso 236 74 Iso IThllv5d¥ ZJ2 252 26• 402 758 25 Dl(KewB03rd ofEduc*tlon Othtr oryanis•tions Inthe DiKese 159 159 159 159 159 159 547 25 917
COVENTRY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL AcrivtTIES forthe year ended 310ecember 2021 None ofthe tru5ttts reeefved anyemdwrnentsfrom the DBF forwvlcos sdirEctQTS (20ZO.. EAII). The paroch531 rlerlca] ffternberswho are1neeS oftheDBFandthtarchdeacoDs •rln recdptofa 5UPen bA55Th8aT other payrnertq made to der¥yp•hl thD8FbyvlTtlle oftheirotrkaTheDBF prnv¥deshthJSit¥fotth¢ Sufr48anBtskoptyvirt¥eof his offlce. No trusteesrtcelved Trei expertstsNel•trd toarnivirystrustEes tsfthe DBF12020.. one£97NTwotrllee5rereived atoral of £? sn theyearftsrtftvel and otherrxpensesintonne£tion withtheirmembersblpoftheGeDeral SynrA ofthechurch olEn8land, embersh5p ofwblch Ss Ir¢OnectedW#hthetrffteMberthSPoftht Board (ZOZO.. one and £5021. FJevEll truSLees received a total of É4YS.807 Inconnectiottwlth OthoIrES heidln the DioctAe12020.. devertand £446.4ZZI.These amouThtswue for*ipend&atcrned eOrbenEfitS bou51n& exptAs•sandsundry 8rants Farresttdemertabd mlThtsterW development 9 aew keadcowiiand costs The aver382 full tlmeeqlllvaleThtnurnberofsttpendiaryd#tywbowtrt•ffirelwldtts if•thtDIDcesewas 105 [2020.. 1091,. thls Induded two120ZO.. 0}drChdtac0n 2021 £OOOs 2020 EOOOS E.956 244 761 SUpEnd5 Social securityco Pemlon ¢Olllrfbytlons Z.937 2M 4.28B • stsdlaumber5based •nhradcoullr Z021 2020 He(0t Staff empltryed di1. MI0 arrtl minls Supportfor mi&%loD and 1trY Central gJPPOrt zz Ai 42 32 48 5brfemployed thLrd parues Support for mission and M5ntil Central gApport 52 b si•ff¢ws 20ZI EOIIOS 2020 stsifemployed directy. SalArles Sod•l sectsrlty¢OSts Penthn CDntrfibuuoths Xh43 139 131 1.713 3,417 134 140 1,691 Sraff employed thlrd part1. Forseryk¢ Intheye4r 106 19 199 9Q 39
COVENTRY DIOCESAN BOARD OF FINANCE UMrrED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021 Totsl £OOQs £OOOs £OOOs £0005 At I lanuary2021 At 31 December20ZI 19 219 928 928 10295 237 237 18 zs Depredlan At lJaDvHry2021 Charse foryEar At31 DttthbvrZOZI 235 Z35 Z37 237 N¢tbookvhlu¢ At31 December2021 6319 928 IOJ9S 18388 At31 tk¢ember2020 6219 928 10.295 846 18,290 Aliw4lbl¢ &¥ed •sxtsww¢ul fordertrtharSuble Glebe Ihllx £OOOs £OOOs £OOOs Fdlrvalueati January2021 Dtsposa15 atrosr Galns on revaluation Falrwakn Ji DetoNthv2021 3VS4 q799J 304 7L503 45 42.194 76 S3 2021 £OOO$ 423 2020 £000 Glebe4ents P4TlshSbare 171 27 iJ3Q 469 IS7 1.078 437 zio Pr•payth¢nts •nd 4¢¢W ¢)thertho)me otherdebtors 2020 OQP$ 172 OOS Trade£rEdftotS Grant paymentKcru$ Othera¢cns Deferred Incorne TlOlland ¥oclal seojrfty Peonc0thbJtton5 payable forthepxlod PenOI)IbIlItY (see)WAe 2) Z24 178 264 248 225 133 io 339 265 2021 £OOOi 2Q20 £W05 58 120 178 PemioTLllai41ty{seenrtE 2) 58
COVENTRY DIOCESAN BOARD OF FINANCE LIMrrED STATEMENT OF FINANCIAL AcfiviTIES forthe year ended 31 December 2021 16 &aternentof luods Atlln Z021 Expend1re Transters £01 £OOOs G•iDsaDd At31 Dtt Oosses) 2021 £fjiIOs £OOOs GENERAL FUND W8 J07 2.027 DESIGNATED FUNDS operation Properttes Fwd athedr¥l"£ndowmenf Fund Bishop's Mls%lon Fund Extra M15slon and MWSupportFuhd DSocesan Mlssion Fuftd Church BulidlDgs FuThl Church ImpTovemEntFund Blshop ofcovenrtys UnkDkneestt Fund LambEth Conference Fur Prolects2020 Cler8yHolid4ys Fund TotaldeslBThated funds Toui uttrÈArtrtedfuuds 11.143 4.000 34 106 S3 yi 77 11,143 4.SOO 31 106 35 500 (3) (IB) [17J l¥J (32) 20 (9) 125 15.624 zo 20 141 94 29 16 16 17 52 72 323 RESTRICTED FUNDS Pastoral Futsd A¢ttler8GtantsFund 5¢MDE£hrtst Fund M1S51onto tAwest ltteome Cornmuhiuts Fund Chur¢h Commissionerf MtssionFund LINC DMF Futtd LINC NCD Fund LINCCCDA F¥nd LINCLPeo$ Fund LINC Groknth Strate8y PLe50rPea¢e Fund Offa CApitsl Protects Fut otra Spirfty Renewal Fund Syrian OTthodoxCILriStian Sthooi Fund SOCS Stholarshlp Ftshd CornpaDlonshlpJJnk FwJd5 iletre Grants Fund TheReverend George Goe41e F¥ ordln3dohlraioln8GrartFuod DC BDnfteld Beque ATthdearon5' DlscJrthDary Puttd Queenvicwrja Ci¢ryFund Plocesan SIipEndsPund IntomeAetou Ca¢1tyFundl DeanerySh•Tt S4Lpport Furtd War4vlrk cler8ysdpeds & HOUFuTld Totsl restrieied psj 19 155) Ci62) 166) (3) 14 6S (io) Z51 583 (¥J 13 17 (i) 13 14 (3) {54] 300 300 203 12Z4 li 283 L43$ li 43 [8) zo Is (ITJ 58 (21 17 15 17 58 53 {2511 (3.IlS) 3.446 (451 331 170 215 299 Z91 zz (299) 291 36 74 175 ENDOWMEFIT FiIND5 E*pehdabl8.' Par50naie House5 Fund PermonenL Dkncts•n Stlpends Fund Capitsl Account Churth of En8iand Funded Pen5iQD Fund CoventryDioces80 EndowthenrFynd To¢¥1 enJwment hwds ZIB 63 0&654 1397) Èli 2.136 t245J (3.647) 201 5234 16) 54 70.132 1201) •65 73 2•A TOTAL FUNDS 93 ' Trnjsltrs Indude £3.621k1202tr. £4.122k) rdea5edrorestrk fbJt¥Js ID accowthRLTwlththe DBF$totri remrnpuliLy. 41
COVENTRY DIOCESAN BOARD OF FINANCE UMrrED STATEMENT OF FINANCIAL ACTivrriES for the year ended 31 December 2021 DESIGNAITD FUIIDS Thlsfuhd Teprrsent5thecostofpropErtiesheblforopeTaI U5ebytheDBFandbyd¢r&¥tp9rh1llPOXsth010therWtre wouldbe ILeldbytheG¢ner•JF4nd indydfjryetbe h•yw4xaJpied bythSuffrw B15hop and thearchdear¢W, butexcludln8 Glebt boyse5forCuPltiMbydÉry1.1etherWMhgjr<4thfrtstttheDr prap¢rU£%knld rorrthve#wrtinhLwtshrrtrsO1 otherderBy, CothEdrnl"k)Nlowrn¢lleFulld Wjthtbe lossoltradlDE Srkcome fortheCathtyJrg1 thJrlJ¥theCOVID 19 prxlÈtsLthEDBF htrTLdsrorreea fvrtd with a cllpiial arnoufft of£5mwhlch 1510 remainunderthe control ofthe DBF. ThEthrome iener•dfrowLthecapiral amoun( CUTrEntlylDvesredwith CC ill bEyantrdona quarterty bads wtheCathedrtieO y¢¥r. It Lsexpertedtht¢£150k will btderiv¢dfrorn thwe thvestttnts. Th1$ In¢orne wbe used bytht C•thedr•l oniisthorml ruDniy¢¢stsatyd levtheCathedThl WIU trIPTrde Dloce5an 5eTvlce4 andworkwth p¥N5he50n therE£ondllationmtrLkny5rnWCc&lE¢tlveacro theDloC These huLdsrkn bEundesn4¢edth w¢¢m¢ntwithth¢Cathetral.bytheDBFlnthefvwn FoJlowlp£theTethofthe perfor1net th 2020 wertm•d• Wshop,sMlssloftFrd Yhts fund ha5beene5tsblash•d¢owpportsperffj(Trlsthiprol¢a5spoDwrndbytheBlsptsf Cotyttttry. ThlfyMd enablesthe DBF Ets8ive fin3rKla15UPpOrtththLPfLVldIuSIaRd Dl•teMu Mlsslon TeDSan Mlssl¢)nFundwxxtup In20094mJ h8beenrtpletytsW tofUa4pPIkaf1thn¥lDrrnlR•ThpPortfroM paT15he Chur¢hBurldirysF¥wd Thls fvndjsx+klloWn the(rth Fabrk FllndaAdisnon))lyuWakefabrI¢sr•tsto dLUttl Blshop DICowAty$LthkDSo¢esesfiod Diocese ofIene. ClerAyHo1ldF4ts ThtsfvndTE(eivts intcrestaTi5in8 the capitaionthe t&7]e0[a llatth BOUN1 bequgstrecefj%d tx ZOO& Itisvsed bYtheArcbdeaco£ to ffj•ke b4)lidayy1% todtry4Ddlluns¢d layl1¢r% This tund Iw been$etupa5a resjltof a8ranrawarded in Z015 bytheChurchCommlssSonerstowardsthe cogofa projertts5wd up 30s •ge ran Thlsfund hasbeen sotup asar•sult of4yan1Thard In 2017bytheChurchCornTrl¥s1oWwXO$thec of theSeTwkn8CILTtst pr•ltoan extension ofthe e$lldIOtsth Str#Wrf8rowth8 he4thYthJrthes.TbtpmjertairnsrolntrtsWanI1Ythe capacity furBroMh In eximanderne1WTh¥(I1Urhe5lv5SthedlOfCOVWty.lld •Js• EbbyleetrlsheS thotherDiocÈses, by a dL1PItSbIP d¢velopmtnL rhts fvnd Jsfor8rantsrecelvtd fromthe CFLur(bCoMmldWffjDB the2017 ro2019trleDntwaJ forrnlsslonttlowestlAcome eommunibesinthe DiDCE5e. Thlsfund tsfw Djoniesrncelved frnm thEStokeA1denDrvccfOylddldOl0tkolltthUrdL ThLs fvnd representsadd"LtiotL41 ndSVEnt0 theDBFbytheCknrth CoTThthis%lothÈtsthh4rl%¢na5 ar¢Attofbeu¢r returrts on WllrWldc2QVn&l3DIeeF{arf Thtsfvnd wasxtyp IDtheyear [oriOlDe fronThe KthgHenryVIU ÉpdowedTrus¢W•rwi(ktspayfoTthe¢ostofa20sard 305 developm¢ntworerfortheparishes ofthe WaTwJ&Teamathl Budbrook Offo CéWtolProJtttsF¥ TheTru9zdBtshoP orcotlryb1strthtsfund4rftht proteeds•ftheOffa HoLse5alL Th¢ ¢apitsland th(ome froThthts fund ¢a*be uspdtofund4pitslwolec¥sth•tsuppOrtthesplriu dev¢lopmeDtofthemetDbefsofthethurch kn the Dloceseor Co¥enty.
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COVENTrY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL AcrivmES for the year ended 31 December 2021 18 T•tsl Retwrn Tot4J £00115 £OOOs 0004 At I laouary2011 GlftmponentcfthepernwnttndOWrne Accumulated lnfiadefiMceol1¥lI ¥ft 14, 6,9•1 (162) 14.984 6,981 (162) 39 UA•pplledtotal Tetyrn 39 39 21 overnertsh theyt Ifivesullentrrn.' propertyincom¢ dlvMentsaDd illttY¢St 2.136 S.234 49S 07S 2.136 5234 495 .495 7.370 UJappJledt•t¥l r¢tsmiallo¢d tolt thtytar Rtlewo(btsiark u[PPIledto¢1] rewrn KJ li [37) [2.136) li (3ffj47J NetmovemeDtsththey 495 At31 DecenLbeT ZOZI Glttcornponettt•FtheptrnbaneAttndtywmtTrt Acrumulatod IrfladonsffiDCe OrtBiDal 14.904 ?h76 (162) 1£984 ?.4?6 (162) 48M67 VnappllEd tL*al rEturn 22 2021 Futsd OOS Oos 327 poo) 31)0 145) (48) {3) £OODs £•OOs Lowtsl IncOm¢CommlIleS7YoIk ML&slonto Imvesllrteome e#mmuthes Funds UNC GTowth LTEIC DMF 1327) 45 Churchcomrnisslorterf Missioth Fvrtd Top up thurch ImprovezTrenrFwid PeTl00 deftdtronbUtio5 pald inyur C42) (203) 203 A£cde)f kxojert Servln¥ Cbristprokrt Diotesanmission Fund UNCDMFP¥nd UNC Stipend FuDd Speclal Project52020 Pastoral FuDd Cathedra) EndowTrertFuDd rapaOtyFundb¥ (55) (18Z) (19) (14) 14 [54) (Z9) (19) (soo) 19 soo 7S 203
COVENTrY DIOCESAN BOARD OF FINANCE LIMITED STATEMENT OF FINANCIAL AcrivmES for the year ended 31 December 2021 20 Allalysls olnetAssets brtwl1 zozi Totsl £DOOs F¥nd fOOOs fuNds OOS £OOOs £OOOs Fundsat31 t>ecember 2021 are repvESead by. TanÈiblt fixed assets Fixed atr1Dve$r Netcijrreiitassets CreditOT5 f][n8 dueaftErmorethan oJyeaT To¢¥1 thrfass¢ IL14I tsz 41124 7,147 7Z.388 (2.SZZ) 18,288 76.351 4.758 S8 39 2A41 (414) 2.869 55 21 Related partytransadions The Coventry Dloce5an Board of Edue•tion llheDBrJ Sa rtl•ted party4sil lsrw0tbleto DIKe$8n $y,thebets ofwhlth are also theThernbers ofthe 0gF. The DBF provided the DBEwithyants Df£159.000 (ZOZQ.. £15900] sty theytarrowatdsthe Costs of the DBE'S ststutory Dblytton5•tsd.in 2020. the£ostsofacademisJtion and the c05tsof potetyiill newschods devElopment15eenote 71. Oth¢r8ran¥ prov1d bythe DBF tCtslled£O (2020-. £0). Otherservlces prOdedbYtht DBF totslled £0 120ZO.. ÉO).The net owingfromthE D8Eat 31 Decembtr2021 IrLrelatioThtOtra¢t between thetwopartie5was £O{31 Dttèmber2020..£01. Theclwentsy DiocesanTnLStees IAegthredl 1lheCDfJ tsardaTEd paryas Ittsthe tusrodianuijsteeof the Coventry DIDces Endowment Fund •nd a r¢sldenttal propEfty. Incornereceived from the D5ocesanTrustEts durin8theytar fortht Dloce&in StipEnds Fund In¢omeA¢touiltw&%'. Covèntry Dlocesan EndowrnEnt Pund £21.987 Q02tr.Q1232J ReSIden¥prOpertY £4.031 12020.. E236Z} Costs InLurrwJby theDBF 0Trbth0fthe Di0ees•nTrWertE33o (Z0211.. £3&602).These t4 were (tsTSeCrdri supporL land re8istr3tionsandaudirfe T¢¢ether forchange cfFCI ts al•kni VerrteeTrtbe DBFand thechurch Urban FUNI. C05ts LDcurred by thr DBF as partolthls partnershlp indudeth¢ wpplyof¥Cbkf Eu¢¢yOvtQffJLer. 01knandpr0¥5thfy and fince and HRserriCe&Aant0fÉJQ.ooo w warded Intheyear (20ZO.- £2Z.(Koi- 46
COVENTRY DIOCESAN BOARD OF FINANCE LIMITED STATEMENT OF FINANCIAL ACTivrriES for the year ended 31 December 2021 Fund fQOOs £OODs 000$ 0005 0005 Dotratyons PartstL Sbare CburcbCommLwonetS OthergrantsaI dooattons ChatV5 forcbarJtabl¢aL Othtrtr¥dknK*¥vities Investy)eThts 4A439 63 349 2•A 218 626 zie 626 U13 122131 {1.909) 2336 Tota] returnallocathdtDllltome Relu%t ofhlstoric fEturn OtheT Toul 2213 1.909 64 64S 1.909 AO.151 239 425 Cbartt3blear¢Mdes MtS51on aDd mlnfistry Svpportforrnlsslonaod contr6bOn5IoArc1btshoc0udl Dlo¢es4D B03rdorEd1lSOn L170 2212 517 4.185 354 5.355 2,683 517 118 35 S27 843 (L915J 979 Nrtlosseson revaiuthn Sutyius Dn sale4fknvestmw 138 L339 2eB 712 2.S63 922 3029 (292) 1044 1671) 3ZO AtiuthallDssondennedbplld]tpeD%lonxkemt Z50 I37 Fundsat I january Nrtmovpmentlnfuods 12.046 3,1186 2SO 3J36 72249 90.041 1.032 93.B74
COVENTRY DIOCESAN BOARD OF FINANCE UMrrED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2021 23 Prlor ytarsratemertof hnds Atljan 202(1 Galnsand At 31 Dtt 20ZO £OOOs £fjOOs £OOO$ £OOO$ GENERALFUND 47 2S 13e DESIGNArn>FUNDS OperaUoJMI Properde5 Fund Cthedral EndowrnentFund Blshop's MissloD EATrMlssion and MthtstyySupportFur•l Dlotwan M1551Dn PuDd ClwrdL Bulldings Fund Cburch Improv•mEnrFund Bth¢p ofCoveDtys Unk])11$eS Fw Lambpth Conference FuThd Spee5ai Prolecrs 2020 Cleryy Holldays Fuad TotaldesIyh/i¢d 11kn05 (1,102) 4,000 64Q 11.143 4JbOO 34 106 $3 ?1 77 (zi 1201 (211 {301 {M) (i) 126 73 26 61 75 20 [103 (xo) 12S Il5 12 li 647 Totsi unrestri¢itd funds 52 4.443 3S2 785 172S2 AESTR]cfEDFUNDS Pa#or¥ FyDd AccelerB Grants Fund Ser¥ln8 chr Fund Mis$iun to Lowest ID¢•me Cornmuthiyes Ftsnd ChuTr¢h CoJ))mlssloMtrs' Mlssjon Fuod Warwl¢k20s-305DEveJopmtTLtWorker Fund PIKeofPeace Fund Capitsl Pro>e¢ts otFaSplrtthJal Revewal Fund Syrlan OrthodOxChrtsan Scboof Fund SOC5Schdatship Fund CornpaolonshlpLlnk Funds RetTRat Crants FuThl The Reverer)dGÈov8t G)de Fup OrthnadortTrninthK GTantFund DC B&nfleid Bequest ATebdeacons' DiTetlonaryFund ClrrEY FtsJ)d DlocesanSifpentsPynd IncomeAccou CapacityFund Dt•JL2rySh&rtSupport Fyr4 Wanvitk Cler8y SIAptads& HOun&Fund Total re5tritted 30 123 lJ26 (2TJ 158) 1261) 30S (121] 330 (i) Ji 14) 282 1.114 33 76 1.223 li 19 Is p) D) (i) (199} 15 (171 S8 184 45 13) 13) 13.799) 3.781 (isi 215 349 223 (349) 223 79 eNTM)WhlENTFUNDS ExpJdobla' Pxrsortage HowsFund PernJonenL. Dlocesan Stipethd5 Capltsl Aetovrf Chwcb ofEwland Funded PensloBkheme Coventry DlocÉ%an Endrvwrnellr fund TotsiendtswMeMfuhd6 6233 115) 6.219 65.985 [732) 763 1213 (4.122) 336 2577 66,653 (39 811 (6) 48 IJ TOTAL PUNDS 90.1 174 47
COVENTrY DIOCESAN BOARD OF FINANCE UMITED STATEMENT OF FINANCIAL AcrivrriES for the year ended 31 December 2021 £OQOs EOOO¥ OOOJ £OiIO$ Futtd$ai31 December2020xe rnprtserthlby. Yanyble fxed assets Plxed as7erlnvtsim¢n15 Nèt<urreat*sstts CrtditOE¥falllnE dueafterMornthtyy 11.141 116 4.39Z 25 7.147 68P37 [IA981 18,290 71.503 4.ZOI 170 ?4 1134 (508) 1216 Z.215 95 Is 93 rf8