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
#73

COVENTRY DIOCESAN BOARD OF FINANCE LIMITED
REPORT AND FINANCIAL sfATEMENTS
for the year ended 31 December 2021
CONTENTS
Pagé
Me88age from Bishop Christopher
Chai￿8 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¥1￿19 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•l￿nal rel•tlonshlps- have all thelr additTronal I￿rdens. To the peopl• of God.
thou8h. such drcumstances prov*le the opportunity not ontyt¢ reafflmi our faith in the mldst of adwrslty
but alsoto speak words of hope and dernor*Trte •cllons of lTrthe dlfflcult tMiesttrAt many people are
experienarva. That tsjwt what has been happentsyacr055 the Dloceseofcoveirtryas we ha¥E sou8lrtto fv￿lI
the parti￿rar calllng of the Church of E*nd 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 Outse￿e5 and the roadwewere ¢alledtofolknv as Chrirtlans.
As the year has pr¢8ressed those I￿¥d5 have de¥eknped into a vblon of rest￿ed 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 relatk*nships
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-g￿Ing 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 relat￿nShIPS 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 reSpor￿1b1e stewardln8 of
financ¢5 and assets that k necessaryftbr It to be properfy resourced.
As well •$ p￿InE tri￿rte 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 Emer￿l¥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 sTATEME￿rs
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 a￿￿t 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 w0￿h1P 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 d*xe5e, all our ¢lerBV and volunteers, staff wiihin the
DI0￿8n 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 fa￿d by many of our pa￿She$ 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 d￿Cese. 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 Concl￿de 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 Nat￿nal Church's Sirate8i¢ De¥ek*pment 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 bu1￿1ng 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 mill￿n 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 er￿ed 31 December 2021
whi¢h has 8¥ven vital 5UPPOrt to a numbei of churches providing befrber*ding seNkes, emergency food. and
supp0rttofarn￿les 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 ir*efvlfor. 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 MISS￿rt 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 perf0m￿nce Certifi&ites for Jll our housiry stlxk. A comrnltment to enswre
the Church Is a safe plate for 0￿ryOne will also rtmain at the tentrè of the DBF work In 2022. especi•lly as
wè respond tothe natio￿1 Church's Past Case Revlew11 repo￿ due to be publb5hed laterthls year. I remaln
u>nfident that the DBF wilj rise to all t￿se dIal￿￿e$ 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 DIO￿an 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 Re￿Irt
Se£tlon 3: Trustees. and Direct￿5. 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 E￿land for the advancement of the Christian faith in the DI0￿$e of Coventry
and elsewhere. The mlssw)n purpose of the Diocese of Co4entry is knr5hiF4)inB God, makin8 new disciples
and transformlng cornmUnft￿." Wrth an emphasis on reco￿Al￿t￿￿, 8i51Ky Christopher h05 described the
workln8 Out of thls statemenl a¢fOSS the Dir>cesè as seeing-
Yhe reconclllng love oAGodlnJesus Chri5tmonrfestedln Chrirtlan Communltles thotworship 604
mokenewdiwples and tronsfvrm the comnwnitles around them-
The D￿Cese reathts our to 011 the people of Watw"thhire and CD¥entry in its Mission Purpose through a
number of bodie5 and ooantsatlor6, not just churches. Coventry Cathedral. the Diocesan Board of Education,
ourchurth sthools. ourchaplairts,To8etherForChange. all pi3ya part in delbleringa whts￿ Diocese integrated
Strategy, recognisirf the Indi¥iéval distinctr￿neSS of eath rnember of the d￿￿$an fami￿. currently aliÈned
to 6 priorit￿$ which forms the focus for the alloc*ion of diocesan resourtes indudin& people, money and
prayer.
The 8lshop's Council has endorsed the slxshaved ObjeLtsves whith a¢:
maki￿ the g05Fel kn0wnihroug￿￿rt the Diocese so people become follower5 of Christ.
Strengthening the ￿41th of £hurches and Organisat￿nS a￿(￿ the Diocese in the 8 Essential Qualitles
lentified by NCD.
Enawing the we1p￿in& 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 I￿rning and edu(8tioD acr05Sthe D￿.
DelNerlng rKsitTr￿ conwnufiltytransformatlon.
In its wofk towards these obpdlves the Bisl)op's Council continw to et¥Jorse priority tr*mes 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 redUct￿n 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 s*nfrant irnpatt, on the DBF'S operatitins in 2021 w￿h dI￿e$•Th
staff p￿doMin4ntlY ￿meWOrkSn8atthe be81nNin8oft￿ye3r, Movi￿t0 a modelofhomeand Offi￿ workkn8
restrict￿$ relaxed. Many artr¥itses of the SOF funded propcts A￿ler8 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 lrwe5trn￿nl Subcommittee. and the
decision was taken to move fund management to CCLI The Glebe commlttee worked prtractNety w￿h our
property mana8er5 to ensure. where px)$5ible. rentsl I￿Nne 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.
I￿oMe from parish Sha￿ has continued at a similar level to 2020. wlth some parbhes findln8 thelr finandal
sustsinabllity to be more p￿c?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 Di￿eSe as a whole and in Its ind￿ldY47 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 a￿1 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 Commi￿10￿S 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 Organi￿tIOn. followlng whlch the
register is revIev￿d 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¢Y*temi sustain•bllty ofthe orpi¥ulion.
This risk T￿eCts 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 effert￿e 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 considerat￿rt. 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 R*r￿f. It has been feco8ntsed by Diocesan Synod
that the Parish Share systèm r￿uIrt$ miew and a working group. int￿dIng 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 organisat￿n31 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 P￿Ce. Bishops Councll.
in Its role as the Diocesan mis￿0￿ and Pastoral Commlttee. WIN seethese in May 2021
Polltlcal ￿certaIl1ty and euwmlc Impxts
This risk reflerts the èffetts of polit￿1 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 ? p￿Thning 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 D￿Ce53n Secretary has lèd
gular Communicatlon wsth and by the leadetship team to reassure and Infomi staff through a weekty staff
bulletin.
Foifin8to deli¥erstrawic obJert￿e$
Failing to dellver 51rategic obiectNe5 and outcomes coukl s(8IMficartty imw mission across the diocese.
particular￿ church health and gfowth. A len￿hY t￿[￿￿ apw)tntrnents prottss touhj lead to a hvdher number
of clergy vacantles leadingto unnecessary pressure and challenBes for office holders in paT￿he5.

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 mana8en*nt of strntegic ofy'ettbves and the
projects that supportthem. wtth personal objettv￿s set and ￿leWed twlceyeartyfor indiv￿￿al 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 pe￿onal data. wlth ￿tentialty serityjs impacts on those to whom the d*a
bebnB5. as well a5 lega( reputati)nal and fina￿la1 Consequen￿ forthe Church.
Slnce thLs Act came into forre in 2018. the DBF has wt n￿aSureS In pl￿ to min1rn￿e 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 T￿￿tee5. kty staff and speci•list •d¥i5ev5 has the potential to cause
significant disrvption to 8ovemarKe and seThke dekn￿ry and aJ50 Tesutt in the *Jss of wa￿ab* organisational
To mltryate thts rk5kthe DBF ha5 Pr￿¢S$e$ In plKeto rv4fjew￿Mrnlltee mernbershlp and temts of fEleren
regularty, to mairtain uptctrdatejob de5UiPtions. to antripate retlrements and. wherè possible. departures
and to undertake ￿cru1￿nent QmPaiBns appolntmert of prolessk>nal extemal •fv1seYs.
sa￿uar￿
The Dlocese regards protertlng the heath. welkbeing and hurnan T￿hts 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 i￿1V1￿Ja￿.
To minMnis• •nd mana8e th￿ Ii5K the Dir*ese has a r*orous 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<klltlor•al 5UPPOrt ha5 been providwl to Partsh Safeguardlrva Olhcers durlng the pandemlc to
supwrt them wlth rlsk managernent for new Mi￿&y￿al and other actfvitSes arsing as a ￿SuIl of changes to
the way kn whlch parthes have had to adapt to ne4¥ of*Yxshipwvd and opÈrnti
Athle¥lng Net Ztro Embsknlarzet by2030
The riskthatthe DBFdoes not meetthenetzeroemi5sw)n5 taryet5et tyGeneralSynod would tead to flnandal
and rep￿ta￿D31 consequen￿.
To mlnlmise and manage thls risk the Dlocesan EnNiwonrnènt Grcwp and Net Zero Group are workin8 With the
dlo¢esan office and parlshes to prt xth)n tAan5 in pLa£e to oduce emissions to zero. Q>mmunK*lon
and education tralnlng 6 being provkled on environmental i55ues e.8. C￿•t1￿n Care. the Certitkate
in Disdpleship and Lent courses. aknnyththe bNomotiJn of the E￿(hU[th Stherne.

COVENTRY DIOCESAN BOARD OF FINANCE LIMITED
TRUSTEES, AND DIREcfoRS' REPORT
for the year ended 3IDe￿Mber 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 resufYeLI￿n. which o key to the Grv*th Strate*. These were
approved and work commenced in 2021 to set vp Re50urtin8 mi￿1￿n 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 cOntin￿d to plrythelr part In delNering thls Oblert￿e.
O¥ef the last year, churthes in Fosse Deanery hwe been takln8 thelr semces outslde kn response to Covid
reStrirt￿n$. Churches blessed with technolo8y have streamed ser¥ice5 online. while Othe￿ have not been
ble tg do this. But in Shari￿ expert￿ of how some F05se Oeanery pari5he5 have continued worship.
shale fellowshlp and reach out io thelr ¢Thnmunitles. ¥ Common theme emeoed. which demonstrnied the
btneffts oftakin8 the message ofthe Good Pl￿ bryond the walls of church trwildbn8S.
The rural natwe of much of F05se Deanery leant thls approach. St Peterfs In Wellesboume held
thelr 'Paddock Pralse. In Summer and In [k￿rnber they created Walk-thrO￿ scene5 that depirted tl
baiely-sheltered first Nativity. At HO￿ Trinity in Stratford-upon-A¥on. another walk-throu8h Idea enabled
paiishioner5 to experience chr1￿M#S •t ¢hurth by'w•lkin8 through itr. Di5play5. lightln& fioral decoration
affid taroksin8ln8 ty thè cknlr conveyed the splrllual atmosphere and sEnrficance of the Christmas story
and cèlebrntlon. Vlsltoys could prtrbook and queuetng was carefully planned and managed so thai the
church and Its grounds Could be used safety.
Inshottery, parishioners marked Pentecost bym•kw¥a brl8htiwntlThJof 'fiame5'. Strun8across StAndrthrfs
hedged frontagè on a wpular route for da1￿ exer¢ise. Information about PenlK051 and the si8nlflcance of
the'fiarnes, was posted on the notlcebDard for passers-by to fead.
Children have often been the 0￿$ to mks rArt since many seThkes went onllne. But In February 2021,
Shotlerfs youn6 'illumln8' group set a 'Heart Traif that 1Th￿fved 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 W0￿1ppIng (ommunltles Iwl alsostsrt
(knr 40 peorde In their 2th13cts hv4e algo e*red
[Christiafil vootlons and there ts good e¥hlonce that
those thurches who aal¥*Fy embraced NCD 8fv*n
both In rurnl and urban seff in8S.
This 15 a very pleas*￿ result and fvad the pandemt not $58nfrantty dbrnpted progress there was every
emi￿atIO￿tha Ixceler8 would have exceeded its inltial asplTrtions. vthich weretosee IDtIO new dlsclp
added to the w0￿h1pPl￿ cornmunlty In the dI0￿$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 spIrI￿ally.
Thls wojert clearty defflonst￿ that a on churth health usfrythe Na> prty4tdes a r¢busi •ppro•ch
to achltri￿ 81￿h 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 todeMc*￿r?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 d￿dPIeS 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 E￿larKI launched its E￿rydaY Faith
campaign. EN*ryday 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 fa￿h 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 temw0￿re. of Cle
wellbeing as the pandemlc unfolded. The Arthdeacons W0￿ed 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 cap￿re5 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 ¥p￿1￿*d as RecOntlll•￿ft Enabler In January
2021. Her role Is to mob1115e. envision and empower thurches
and indNldua15 In the D￿)Cese of c￿entry 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 deslgr*d 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 g￿pe1 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 thrO￿￿t 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 D￿5¢ and for Christian people the reglon to Ir¥e o
the gospel in their di5clpWilp as they follow Chrlst and Serve God's kI￿d0m. 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 s￿d*V
A new page has been created on the dto¢esan website with Ilnks lo rEsoU￿e$ for Racial Justice Sunday.
collated bythe Reyd Dr Aosalyn Murphy. The Co%tyd-19 crisis has hthlehted the L%isting inequalities in our
sOc￿ty 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 h￿folloWers1O 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. I￿t we oU￿e1Ve$..4r¢an
inwardty Who￿ we wait for our adoo￿Th...
The suffer)￿ that inequality and inJustKe cause the global
majortty •rtualty opposes the redernptp￿ work of ChrfsL Our redemrtk)n wmes I￿t 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 waThitkSh￿e. 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$s￿e Bus Inthe mId￿ndS. 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 yO￿h 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
Y￿th 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 ￿p￿rt to all ourChapLa¥ts in prs(Ms. hospIta￿. school and WoW￿s.
brI￿l￿theM tOget￿rt0 netWQTk•s • wp.
1.4 SUMMARY OF FINA14CIAL PERFORMANCE
Followin8 0 year of Un￿rtaInty. 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¢dUtt￿n in i￿orne￿oM Parlsh Share, th￿10 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
awa￿ed to parishes. as p&nned m&slonal artp*ity wa5 Impacted ￿ the uKert• caused ￿ the pandemic.
The value of Des*nated Funds Inueased to £16.097.(O)12020: £15.624.(XX>I. wlmarlty due to the transfer
of a fvrther £5￿>,1￿1 to the Cathedral "Endowmenf Fund IN￿e 16 to the Flnandal Statemènts).
Restrlcted Ful￿5 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 fv￿ing for the Se￿1n8 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 £77￿13.￿ 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 Offu￿lIng in 2021 came from Par￿h 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 War*Ack area and ￿rk￿$ othergrants and dOnat￿n5.
Parfsh Skre
Tot•1 p¥rThh share Income received was £4.987m. Twhkh Is slmllar to th* re￿1Ve￿ in 202012020.. £4.988m
whlch was a £341.(xKJ reductx)n on 2019). Thts Ir*Jth amounts ￿te￿Ied that related to parish sharè
•Mocated for previous year5. twjt eX￿ded amounts recerled after the 31 De￿mber 2021 tJJt-off date. Totsl
parshshare receipts am￿nted10 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 rewthr￿h the Parsh Share relefscheme that wa5
eated by BISI￿p5 Council in 2020 atthe start of the pandemk Partsh Sharo of E154.587 was
202L makyfigthe total relièfoffered to ￿n￿gI1￿@ pr$hes over pa5ttwoye4￿ of£431587. Thescheme has
now been closed foifunhèrap￿K3t￿.
The Di¢xe5e ha5 rontinued to promote the Parish Stheme. a (Irect debit scheme that eftcour•5
kndbvidual church rnember5 to review their regularfy and a150 provlde5 an efficient way for ￿￿$￿e$ to
reCe￿e Gfft on grfts receNed. t￿ring 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 cO￿ry D￿se i￿e05ed from £13
10 £14.02 perweek.
Imiestment incorne was £2,247,iJx>12020: £2336.(NxII and defft￿d 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 inb*rtmenl 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 i1￿ude$ 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 Comp￿In8 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 charit*s. invested Main￿ In
equff¢ies, but also in fixed Interest seturttles, Property and other assets. There are no hold￿¥ in F055il Fuel5.
G￿be 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 C￿ntIl. the trustees agreed that h¢stoit UnappI￿d retum vf £1.5m
12020.'£1.9ml. plus the inCQTne investment re￿m5 that would ordinarity be reco8nTsed in the 2021 acco￿nts
iftotal rtum had not bÈert *ffjed, wovld be reCOgn￿ed 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 off￿e 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 volynt*eis
WhSlst acknowledg￿n8 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 010￿e 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 8r*eful to all those whose contrlbutk•n is essential to t
m¢sion ofthe whole Dw5e.
Penslon KI￿ne5
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 t￿laY 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 SaVIrE5Tn￿t {"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 Dec*nber 2021 thefoljxfi
Éndowment fvnds totall1￿& £77.013.1MXI. Thls an￿rt Inchmles expendable endowrnem of £6.217,582
relatSn8 to the Parsonages Housing Fund and pernianent eftdo¥fft￿ts 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 r*urntoihe Diocesa￿ st¥)e￿I5 Fund Inc￿ne Account.
to use forthe restrtted purpose ofpayn*rtof&w5tpnd8 the manaBernert•nd maintenarKe
of Glebe prnperty.
Restricted Fund5 totalling £420SJXf>. to be spert in aC￿Tdan￿Wkn￿ dorKrf5Wi5he5.
Llnrestr1c￿d funds of £18.120.(XKI. whi(h Indude5 £16.IY37.(m of des*rwted fwmlg that rekte sulstsntklty
to rperational properties and ￿ethere￿ I1￿Ul
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 maxIN￿M sum to be spent from opeTrtin8 funds In 2022 of £10,224W5. The
bal•nce in the General Fund at 31 D￿rnber 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 Gra￿hSt[ategylOf urban and rurnlchurth ￿ntIn% Twhith indudes ne
church communities lthurth plants} in areas of rthv urban esi*e5. and in other developed
c¢mmunilie5 wlwe rn155￿ Wteotiol exists. was apwoved Bslw's C￿nd1.
In 2021. slx key Ch￿rehe5 serviry as'Resourdng Hub, churthes were commlss10￿d and their development.
together wlth the 0Tr8oiThq de¥efopment of St Ma￿$ Res￿1￿￿ 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& togett*rwlth the award of£l.25m ofStrdtegK Development FundSNd In
February 2021 The DBF wlll fvnd the sti￿d5 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 t￿rItab￿ ¢ompany {No. 3194821 limited by rnembership
uarantees and its goveming documents are the MemoraNlum and Articles of A951XiJtion. The D8F is
re8irtered with the C￿ritY CommisS￿n (No. 2478281. The D8F has also been desi8nated as the Par$on￿e$
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 A￿lsOry 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 E￿land 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 Co￿Urrent roles. They are the member5 of the Standin8 Committe
of Di0￿San 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 mayddeg*e to il.
hs the DID￿an 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 pl￿01al5cheme$.
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 f￿an￿ that expendlture:
monitors income and expendrture a8ainst e5timate5 in the bu*t approved ￿ D•oce5an syl￿d.
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 KI￿d￿rn Stsndards li>ntted Kin8dorn Generally Accepted Ar£ountkng
Prn¢ticel.
Company law requ*ts the t￿￿teeS to wepare financial statemthts for e¥h financlal year whith 8lve a true
and fair vthy ofthe state of affair5 ofthe thwltrbte cOmp￿V and of the Incoming and appNcatSon
of resources, Includin8 the income and expendi￿re. of the chaiitabbe company for thèt perltsd. In PTeparin8
these financial statements. the trustees a￿ reqvired to:
o select Suitable accounting ￿1￿leS and then appprfthem ¢onsirtenlty;
o observe the rnethods and prlnoples in the Charities SOAP:
o makeju*rnents 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 prepa￿the financlal stsiÈmÈThts on the801￿ concern basi5 It 15 inappropria¢e to swe5ume
that the tharitabfe(ompany willwntiThue in I￿lness.
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 hen￿foftèk1nS reasonab￿StePstOf the preventicffi and detect*)n of fraudand other
Irregularftle5.They are a150 res￿nsIbl￿f0rthe 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.
mem1￿h1P ofthe 8i5Ws Cwneil
The membetshlp of the Bishop'5 CwKII15 comprsed of a rn#inum of 32 mem￿rn 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 nOmIr￿ted by eath of the Dlocesan A¢fv15w Commlttee, the Parsonages Cornm￿ee 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 trU￿eeS 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 WarW￿k
The Rt Revd John Stmyan
Archdeacon Pastor
The Ven Sue F*ld
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 Jac*son-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 ma￿11)n-frOm Septern￿r 2021
Dr Sarah Mount- from September 2021
Mr5 Sue wi￿￿3￿5- from Seoember 2021
ELECtEDCLERGY
C(WTED M£M8ERS m￿J0)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 5￿pe of the audlt. reviews the annual f￿andal statements prior to submission to
Bishop'5 Coun¢ll and keeps under reviewthe 5VStems of Internal control and risk mana8efflent-
the Bu51r￿sS Commktee. whkh consideTr the content of the agendas for Blshop's Council and the
Dlocesan Synod-
the Condltlons of ErnF4oyment Group. wh￿h deals with the tems and conditw)ns of employment,
includin8 remuneratton. of staff effipl￿￿d ￿ 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( InC￿d￿8 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 Dio￿an 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 suk￿COMMIttee, 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 D￿￿san 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 recru￿ment
for a replacement is ongoing.
Whilst senror staff have Job tioles Incor￿ratIng 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 DIO￿an 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 trt￿t holdlng PrO￿arKI 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°_
Offi￿ny 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
promot￿n or assistan￿ in the prornolion of edu(atron in the Diocese. which s con515tent wlth thè faith and
practi￿ olthe Church of E￿￿rKI arKI tFErefore cons￿ent w*h 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 t￿￿tee5 and staff, have
been revlewed and that 5V5tems and pr￿dureS 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 ref￿r￿
V•lu)tkn of prop*tlos In the finathclal siatem
Ivbve5tment propert￿5 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 ￿Tr￿Vrned that they havt taken all the steps that they 0￿ght to have taken as trustees and
directors in order to make themse￿￿ aware of any relèvant audtt inf0m￿tIOn and to eStabl￿h that li hag
been communKated to the auditor.
A re5dutitrn to reappolnt Cfowe LLP as auditorto the Com￿nY 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 (E￿Iaftd and Wales)
247828 IEnBlandl
Vacant
Reg15trorondsolicito
Mrs Mary Allanson. Mrs Jenny t*ffliond,Rotherham & Co
& 9 The c￿adranl 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 W￿loria Strtèt. London, EC4V 4ET
Ecde5i4Sti¢al Investment Management Ltd
BeaLrfort House. Bruny*ick Road Gh)ucester, GLI llz
Auditor
Bonkers
GlebeAgent
Insurers
In￿$(ment Monagers
SECTION 3: DIRECTORS AND TRUSTEKS. REPORT APPROVAL
This Trustee5' and 06￿CtOrS. 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 compan￿5 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 respon￿bIlItIeS vnder those standards are further desCri￿d 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 Con￿rn 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 exp￿5$ 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 cO￿lUde 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[o￿5 REPORT
Independent auditorfs report to members of Coventry Diocesan Board of Flnance Ltd.
Oplnions on other m•tt*rs prtstylbed by tht Companies &•Af
In our tip.in￿n 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 staten￿ntS are
prepared is Con￿lent with the financial statements: and
Ihé strate8lc report and the dlfertots, re￿rt hKluded withln Il* trustees. report have been prepred In
accordance w￿h appli¢able legal requirement>
In118ht of the knoW￿dEe and understandlng of the charitable company and thelf envlronrnent obtalned In
the Course0ft￿a￿dlt, 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 follry*wy 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 as￿ment 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 fK*ancial statements and foT belng satiSf￿d 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 m*erial misstatemenL whether due to frawl of error.
In Q￿parIng 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 un*s5 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 fra￿1 orenu. and to issue an auditorfs r*port 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. Ind￿ldUallY or In the 48regate. they could
reasonably be exkyrted lo Infkn*no 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 a￿lit was corddtred t*￿bIt of detecti￿ irfegularttles. ihdud1￿fraUd
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 a￿dit 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 w*h these laws and regulations as part of our audit w￿d￿re5 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.
AUd￿tIn8 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 m*erial impact on the financial statements from i1￿8￿1alItI￿$, 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 (Irregularit￿5) 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 Cornpan*s 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 ful￿stextent ￿mIl￿ed 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¢ffjeft*l Des*n•ted Restricted Ewd•wment
FuDd
nds
fvrtds
£OOOs
2021
Toial
£0005
2020
Total
E￿oS
Incomè*rtdertdowmen¢sfr•m:
Donatlons
Par15h Share
Church Commissioners
OthÈr grants and doThations
Ch#rÈes forcharitsble a¢tivlbes
Other tradingacbvities
lttvesttnerts
Investments incomp
Total ret￿rn ￿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
Mis*thi and miTLimy
Support for mission aDd mln15ty
Contrlbuttonstt¢Arthblshop5'
Cfjurttii
Dlocesan Board of ￿ll¢ll￿ort
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
Investshe*tRalns
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 r*tognistdBalns:
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
93￿74
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 fDTthey*arbÈforttsWbS
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 tYt*nd1D￿tts 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
unrestrictrd￿fftds.
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 D￿reS￿n 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¢MiryaL*lvl￿ts
[Z66)
(1.37
810
[332]
1.269
951
I￿r¢h￿t offixed assets
Pro¢ttds from saleof InNYstmeDts
Purchase of fnvestsllents
937
937
796
a￿￿Ke Incashand rash eWva]entslntheye4r
rash *nd¢ash eqlll¥¥]t￿•t i ￿tt￿try
CAsh*&d ush ¢qui¥¥k#ts Jt31 Decemlxr
671
3381
3.95Z
1.335
1.946
3,281
2021
£QOOs
2020
£OOOs
A*aly5ts olush a￿0 ¢asbeqth*kAts ¥t31 De¢¢￿1
Cash In hand
5honterm deposlts Oess thaD 3 months)
Total usb4Ddash equSvaleThts
2201
700
2.581
2021
2030
Eoixls
NetmwEmertJnh*dsforthe)wr
Adlusthients fDr.
Galns on invest￿ents
Profil on 5aleof fLxed as5etprD4*rtles
Deprttiation offixed assets
A£n￿rIal (Bains)l losses on defujed benefitpeDskm scheme
UnwSndlnEoFpen5ioft liabilitydiscourtt
Decrease In debtOTS
Incr¢a5¢/lDeGease) In credftDrs
Ner¢4sb 8*rtratrd by op¢rntlry•¢ii¥lUes
&46S
3￿3
(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 the1T￿tees3re5atiSrJedthatthe D8F hasadc4U*Tt rtsource5to condnuet• operate as agokng¢oncernfortht
(oreseeable futskre andh￿prepar¢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 malnThine￿￿tsd ImpartortparlshÈ5ts beSTh8 doseiyrnonltor¢d by the
DIoce￿n FinanceGroup. TheTrys*ts satisfiEd thatthE DBF hasadoqu•te¥esource$￿ ¢oot5we w operatr 448ofih8 cor¢cem for
thefoffeseeable fuwre andbaveprepaTedth¢flD3ndal s&tEM￿ts DDthatbisl
Intome 5s inthe Srawhtnt of Fln•nu*l ActMtleswheThtherhartytsle8allyemhled trrtrecttyi L*probable8ndthé*Th￿￿
io be recognlsed caThbequaniified Tmth re•son•b]exoJw.
Porlsh skor¢ In¢r*Tre
Parjsh Sha￿ IDcomeforthtytar.orfor prEvic4￿YearSiThClu￿e ambu￿s￿*1*￿ to the31 De¢ernterfOJiowln¢theytareT￿L
Income from par0tkni￿ fees is •tfa¥rted forwhen re¢elved.
Grnftts(receivoble)
Grant incomelsaccounred forviheAthe fonh•i offeroffvfr￿Jnc Is communicated Inwritin& amyrondJ)ionsreiated totht
eThYttementhaYe beETh meL Tecdptis prO￿ble**10 thtamour*¢aThFx mewred relkbly.
DoD¢iOgns.1¢gocles oAdslfftllorlncome
IncDrn¢ Irom letaciesis rtCD8tiisedwhenthe DBFh*sbctrtnotifitdthaitbert ts*dtvlTh41r415on of rh¢•mwnrrecetV4bl
Donadons and ￿MI]Irl￿¢￿vAr¢acCo￿￿t¢d forwheDTeceived.
InveSDnEni incDme15 a[[DUrt￿ fort*hets re£elvable. InvestXLertlntomefrML Common InwesDJent Fv￿$￿￿￿edbycCtA
InvestrnèTri MaAa8er4 15 C¢ll5*1trtd 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
Expe*Oltiirt
ExptNdirur¢ts ¥¢¢¢yE)trdfor Daanaccn￿jS lTrasisand kn bEeDr1•55ifiTdutderhE•di*thataggrepte 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$e¢ostswl￿SI ofindSrerts)ff costs. Dffirt¥nd IT tOsTsaDdEovornar￿ec0StrThryare ajloatedty rare4orte$ofexpendlll]re
on the ba515 ollh¢pttrpJrdonofstaff Urnespenton each Jrea Df•¢tiYity.
GovÉrnrtfiee tosts
The casts allocated togovernanct¢osts4rethoxcosts incyrrEd IncounECt¥M with the￿Win1$TraII¢mOFthe(ha1tyand
complLgnce with constituODn￿ aJwJAthrOryreq￿rernents.
Operod•gle¢
Paymeots w?d¢r rJperadrg1ea￿are¢baT8ed alair￿[s￿rO￿•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 forortrtvaiua￿onoffinVQSbhe￿ts
*theyeartnd. Atota] rett￿ apPrO￿h 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 prnpErr*esand the dloce5anDltsrns3rnhtld*¢c*oresthD*d crtThe costof extens10￿w￿ld1
enbance the (apikivallle ￿buIldi1¥ i5rapJtai
Forparn?na8ff hous•&thelet4J titte•ndrJehitrbenefiCia] gctupatl¢)ttaYtvepAin the5nrunthniwh¢rEa5 the DBF t5 respon￿ble
rtheKts*inttnanct andrtp*ir afsuchpYope5ties*ttdtandetenJinethEirgJbseoyeJt¥se orsalt. FRS 102re4uires arcrALnun
trtatsnentsto fvllowthe sub5unceofarr#r4trDtntST*tbErthanthtirwittleEal fmAttoTdiu8ly. Par￿e houstsare
capitsused as tsD8iblt fixed asser&
(￿er8￿0￿1 propernesarehotssesowtted bytseDBFfQro￿up*lQntr1￿de￿llld￿lO￿fOrD￿prles1*
TheDffiocttaTh 0fflry5¥Tt•t7 Ptk*yRow.Cov*#ty(whithslwesthe poml addressof l HlllTTh CwtDtry, CVI 5ABJ
thelonResdrn4ied Ter0alDi￿* ustfulewDomlcll¥e$3ndbecawth••sdm4redreddua valu¢5 ar¢ nrtiDaterlailylpssthantheir
rrythB valuEsand th¢buRdln85 LwlSkdyto wJlterfrurn obxsie*entt.WvfknJildlD850c¢ur well before th• end 0fth￿r
ec¢)nomic U¥eS/Dd+Jtsposai proceethareu5uaUynutle55thanthe5rurrylDgv4lu&The DBF boa wItcyofr4￿#r5￿51ecIlo
palr4nd ￿•1￿1¢ty8tsce of buildiry thrEes (orwhlrhaTekndvde4 ine1￿￿j￿￿yt in theS¥tewenrof Wil￿n￿al A¢dvlrie4
thetxpecied useDJ] lives thatare as fDIIw>.
IT&TtletonrnitaiiotsEquipmtht
Offlce F¥rniWt and Flt15ny
Indlvfidual Itemsof offlc•equlpwwtaDdfUnth￿￿lth 4 purchHseprknof£5.QQQorltssareTwrftteD off fjntheywlfiwblchthe
ass¢ts¥re 8tqulr•l
land and buUdir4sheldundtTthe Enotswmenrs&￿ Giebe Mea￿￿ 1976fGiebtpmpeTWartlttluded It￿r￿￿kn￿GIebe
propertieswhlch are fix¢dassrtbwtmBents arecomprtsedofcammerclal properdEs*nd aVkultuTrl propertl8&Aylthdtstr81
PTop¢rttes•ro preJorrtthar*lafydbuilndude5ome IMblldln8s¥nd resideDtkl properOe&GlebepropertSes4ts0
ItKludehouseSforDc￿P3￿DnbyCje￿Ythtt1￿ttrea￿d￿st￿lbIt￿ztd1STe
UnJlstedshare5 inyewllenifvnds are indudEdat fairthatthebaLaTKeslKetdat
(knt4UStts41ndWabllSdex
Debtors¥rtmeaMred atthe trartsKtlonprfceless•Aylrapairn)trtltssstslaabattiLsartre¢o8rthdassoottas there15a legal or
4moyTrtsw￿ed.FOrp¢nsIOnllOtII1tIeS seenotrl
Cash ahd rash eq￿ly1)ents ll￿vdec3sh atbMk¥Y*l lu h•E)d•thdsknrttenpthpoF*swlthaDywANfyit*lnsllwttDnrepa￿blQ
demartd withourmoretban 5evenday<tto¢ieef*pthdty.
Fwid attowiti
ofthe8eneTal objeciivesof thEcharftyatd whlch hwenotbten d*MtedCor•thÈrpurp05e&
t*s*Dated hjnds conwrtseunft5triLtsd lucomefimdsth•tl0vebeenset￿dtbythtln￿¢S10rp￿*¢U11rp￿￿o$E￿Theakn aDdu5¢
Of¢•¢b+J*si￿tht¢d fvodtsx¢oiiiinthenot¢5bÈloW.
Restrtcted fund44re tundswblcb ar¢tob¢w￿l￿1tt0T00￿yvjthWafi[r2$Irkl￿￿stybP￿¢d orwthl¢b h•ve beeDrthJ
Endowmentfund5artfvndsheld 0ntThffttyberÈtwnedforthecharltya5w￿1fvjdSw￿rrtthe￿ho1e￿Tth¢fvlld mustbE
pern4nettdymJuJialnedtttskMwn a5 permanent￿d0￿*￿wh¢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<￿(￿￿1￿￿p0&lyalld Si¢nifianttst5ma￿*lld ivdwettts
The DBF patticlpates 6n three perLslon schemes adrninistered by rhechurch of E￿11*￿0 Pen￿0￿$ 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 finab5aiaryseb*m* andtheother a deftrrtd ¥onoityxba))¢AllthrEt ofthesexhemes¥¢ muk1-em￿oYerdÈfiThedbemefit
Ye￿1￿￿5(herneS for whlch the DBF Isunableto idenufy itsshorE tTrftheur￿erIy￿ thEtsand li•b51ities as EachempbDyer15 expDsed
¥rtu#rial rlsks a&%ouatedwSth the tyrfext and forrneremployees ofotherentities panlthpati￿LnthesEhern￿.AVjjUatt{ffl of each
scheme. io detsnAihe fu￿reCOntributIQnIeytl1 L*c•rTledwi ordce tverythreeyearsand ther￿ulling 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[￿&The1udÉ￿t￿tCtsndUded that fDrmerly contracted•OUI
xhemes 4re requffired io equ31tsepetssiOrtbertefits fDrmeTh3ndwomen in relationtt*¥uar&rrtted mlttlmum pensionbenefiL< In
November Z020, theHlgh Coiirt banded down4fvrthernLlbng concernittethe equ￿SS311￿n0f GMP&Thb nding req￿resTr￿SreestO
equali5etTar￿eTpJ￿E￿rSpaid from %hEme> This txerc￿e￿￿ JwuirÈa thetk on prtvicrtts tra*￿fer$ p•id amdlfapprnpriate paya
tap.uptransfer payMtnttotheTerei￿ry 5rheme if the GMP dernentisdeethedknbe unequal.
t4orna]lythe Employer Lsrequtred torefiett both thebxkdated and fu￿re costsolGMP eoualisatiortarSsin8 th15ludBmenL
However.&nt¢the D8F particl￿tE9￿d ar* •tcwndo8as mwjtsemployerdefined benefirpEn5knn scheme5 thts L%nDt appll(able.Any
upllft In Ilabllltywlube ￿lle(led1nthefip*KI1)S￿*)xe￿ts r￿¢￿Te¥￿edde￿rItrecr1Y￿rypIyrntThtpI•TrS are iwe
Accountir4policy
Where the5them* is inddiotarKI theDBFiJ rEquired tts make defjot rrttsveryconDibullotts. this ob]Ig*Konts 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 Floand￿￿e￿t￿tie￿ Chaws
in thppsts£bDf*liabi]irydueth cbanEes LD thedJ5(ouurratewtd¥ttd thetoinatturacie$4fid theartvariJl assuMp￿0￿$￿dé
bythi Pensiobs DoArd arerecogrtisedasactvarial gaiTbSOTID55EsiThtheStatemenl of Finan¢ial A(tfvkie
Theiiabnity•nd M￿Ments￿tbe1￿b1IttYare31yQCaIttt1oth￿DI0clsan StipeTrJs Fund CapFralknDunL 4nd0￿ent heid for
Inve5tsllEni relurn forlbe btrteftt ofthe Diocew Stspends Fund I￿)MeA£CoUnt￿￿Ickn i5 exwcrcd tr*be 5uffldenLtOCOverthe D8Ps
fvwre defidrTecDvBryioDtrbbuYon> DeficiitocDvery£ontr5trAJtions¥waUypaSd intheyeaTare tral￿fer￿AfroTh the Dlocesan
Stlpends Fund IncorneAcc¢Juntto theDl0cVJ￿ StbpentsFuftd CaphalAtCWDL
wsrh effertfrom I january 1998. d6oce53n dery becathtmeml)ers ofthtr•v Chtsr£h ofF￿land Fundtd PettsloA%SchemÈ. Toenable
th&theDBFparticipates In this 5chemeand at 31 Dccember Z021 Wa$pa￿r¢COntrtbu￿o￿s for 120members(2OZO.. 12Z me>nbersl.
The scheme pr￿deSbene11￿blsod on memberg final pttislvu¥b]eMipellds￿￿PmvIdts forthatparroltheber*elStthat relatesiD
pensionablE5er¥l¢Èafter I january 199& P•uSomablestip*nds arEawrendythe NitiOD¥I Minimum 5ttpend inthe precedlns yEar.
Benefits are <urretttlYbe5￿1ccrt￿d on Ibe bats ofhalf ofthe penSIf￿abIeSllPelld beingpaid *Sthenorn￿iPÈr&onon reachingthe
38e of68. or 125 rimesthisim()UDtforarthdtator& plusa lujnp Sum nOrmallythree￿￿eSthe penslDn payJb]efrom theschEme.
Penslons lnTe5PEcr￿Pe￿$ID￿¥b1eserY1Cebef•rt 114rrtwy1998artprovSded bythechurch commi￿a0￿￿r5 underthe prewous
arran8ements. Each paTtitipatinE entityiD thexhemtp¥ysc(sntrlbutiotts*a ¢othr*oncr*lltrtbution rate applied io peDdonable
st1pend$Whkhare￿rre￿￿Ytht sameasthe Natio[￿1 MinimuMStipcrMloftht prevsousyear.
Av¥lUationvfth¢Sd￿meI5CarlW0Ut or•ceeverythreeyear5. The mostrertrtsthemevalu￿On ¢omplettdw¥ cayrltd outatas 31
December2018. fht Z018 4t￿￿0¢1￿￿ f•voaed a dofidtof£50m.b3sed on a£setsof £1,818ffi anda fvMdlnBtsryerof£lR68b￿I$1esSed
uslng thefDllowinR ￿S￿l￿PrI￿n'.
An aveTaie di5COUnt raitof32% pa.
RPI InllJtionoF3A%pA. (and pension irtcrelsesco￿15ten1wffithth￿j..
In¢r¢ase th pet%sSDnablesdpentsof 1.4%
Mort￿lty5Th 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 recovery￿nwa5 ￿tin placeu1￿ 31 December2022 andthEdefid¢r¢rovery
cantrlbutloA8(4sa percent¥eofpellsth*bles11pAdsJ 4re4ssttoutkn thttsbiebeh)*Tr.
J•nuary ZOIBIO
Deceother 1020
%afpensioDab]¢nipEttds
January 1021 to
PeceJDbeT2022
DEflc1tR￿c￿thllOns
11.9%
7.1%
Sectfon 28.IIAof FRS 102 requlrÈ4ayeed dendtTEcovery pa￿ts1O bErttwed asallalAJILy. The Thovemtttt Intheballnce shett
liabiltyover20ZO afyj over 2021 tssrtsxrt in thttableEdow.
zozx
2020
Penslon Ita￿2fty* I January
Deficit contTlbuttons pa5d
Inrerescost
Re￿￿ttl[l8 Lknwtothebaianet shertll*W
Baiancesheetliknlity*t30 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
5bareofth*Rtsp0hdb]eWspetthl￿bu￿de
Thpdeflned Benefity Srhty fDBfi secuon ofthtChwr¢hWorkers Pen5kin PWdprovide5be￿ttts forjaysraff basthl on fiTMI
pe1￿10￿¥ble salarles At31 Tre¢etyber2018, theDBF l￿d DO acUwemembey%3nd ￿51￿￿adMItted any T￿ber Coventry DBPstaff to
rnembershlp ofthLs strtlotyof thesehernt Therr is oflejointworknremployed by E*icesrff Dloces￿ HoatTI ofFihanCt f￿1[¢#
DBFJwhotsanat¢lve rnetnberofthiTsectiOD ofthe CburehW•rkers Pensi•# Furtd
Themo#rectntschemtvaluaEboncomplewlwaJ ?rrled a￿35*t31 D¢eembtr Z019. The t*ite5ter DBFCOrtrl￿￿0n Me lthtdnB
the co*oiiokntWDrkÈrslnthts5ecYM oftheChurrbWorker5 P¢uaon Furyi [% 309%ofw. A]tsb45ty Of£02￿00 (2020..E62AIDO)
basbe¢nacm￿Jwfth1rt0￿erAC(IU￿1SfoTtheoBP sbarEofthedtfjtitrtl815tY4b)ityirtwothlnthescheoJ&
Thisschtmeisadtlllni#ertsJ bythtQuY¢b OfE￿ Pe￿￿&sRO•[&Wblc￿￿0ld5the as*etssepaTatrlyt4thoseofthe p•rtSdpaUng
ernp]oyer5.There are two 5ecrlon&the Defined BEnefitsSthEm¢¥Thl the Pen51r￿ Bu￿derS￿eME whlch h2stwosubseciJons:a
deftryedatmuitysecoonknown a$PeMSb)nBL￿derc1a￿￿￿.a￿d1 tas* baian¢estCllohkn¢JwnasPen51on Bullder2014 both ofwhlch
*Tet1efi]yed beoEfi15theme& Penslon B￿]derad55IC pthdes a pen%lon ac£uTDU]ated frDrn tontribudoLspald alldconveriedthro
d*ftrrndADnuitydurln8 employment Penslon Bu11 der2014 isa rashba1￿CexhtM¢th# provide5¥ 9Jmwhl¢b jnethbersusetu
providtbettelltsatre15rÉmenL Pe$￿¢•￿Til￿O￿ft%¥rerecQrded Inan aecounrForeach tucrnber. DlscfEllonarybonuses maybe
added beforerettrkn*ntdty*kndin8 tsn inwesb*rtTtturns*rwJ<thrl•¢t￿%Tht9(U￿￿¢plus1￿b0DY￿￿payablt.￿nTOdu¢¢d from
TheTets nosub4lvisloDofassetsitheen employff51u ta(hsertion ofthe PwL51onBuader Schem&
Avaluatsonoftl* Pertyon BuliderSchemetscarfEed rArtonce¢verythreeyear& The tarr1ed0￿ as•131
December 2019. The neX[v￿￿3￿0￿1S￿ye •54t31 D¢t¢mber2021
Forthe PtnsioTh Bylldev aa*sectyO￿thtV¥LYlf5onTt￿1ed adeficitorU￿￿ oThtheryokn4*SSUtThpttoThsuSEd.Atthe mostrtcert
anoual revlewthe BU￿d ch¢)semirdntadtscretsotMryk*Jmtsof3%foUowSn8 Impro￿￿ents1￿tht over 2021. Ttbrre
ts htsrequlrementf0rdefiotpa￿tn￿¥theC￿Tr£rt1IM&
PDrthe pens￿￿ BuUder2014 secdoothev￿￿A¢lofirtveaIed4 *¥50f￿5￿1￿thpQW￿1%SITrP￿sUSed There tsno

COVENTRY DIOCESAN BOARD OF FINANCE UMITED
STATEMENT OF FINANCIAL AcnvmES
for the year ended 31 De￿rnber 2021
ValuatSon olGlebeAsselS
AE the end of2021.thep•rtdemlc caused as a rewltofCOVlTrtg appeared to bedr4wln8tt+ao endwitb HM GOveEIMnent￿ÉnaIIIn￿
'Plan B. and ¥ Eeneral relaxattonand rernoval of9ss￿lert 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 avO5dar￿e Ofdou￿r￿Jr Valuation is n0trep0npd￿bl4r% 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$15 Df INotye
• ParlthShAre
zozo
Totsl
£OOOs
5.447
515
4.932
ds
£OOOs
htnds
£OQOs
£0005
£OOOs
5.377
440
4.937
Partsh Shareasse55ed forthtye*r
I￿S sbortf•ll 5rtcontributtoos
Recelved fortheyear
Irs re¢e5v*d An respert01
Z99
440
4.638
299
56
299
Thtthortfall lu Contsfjbutlo￿ ￿d￿leS P¥bsb Sbare Relltf ofe154587 (Z020.. t277￿)0)
b Grarfs trom Church c•llllTrts￿ners*nd ArthbislLOPS' fAwLciL
Thl$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
othergrantsand￿molrInr0rne
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

cOVE￿rRy DIOCESAN BOARD OF FINANCE LIMITED
srATEMENT OF FINANCIAL ACTivmES
for the year ended 31 December 2021
4 o1thcoThe(c•ndn￿l)
e OtherU￿1￿18l1￿lll*S
zozi
2iiLu
Total
ods
Total
propert1¥)
Recharyèdpyrg]l¢osts
351
159
351
159
385
166
Sundry iDcome
56
S74
74
626
$74
2021
TDtsI
fOOOs
1.158
1032
35
ZZ
2020
TDtal
OOS
1,282
IK+26
OD
Gl•b*propertyfncorDe
vni1thdsecu￿th$
Barjkand depO￿¢￿tert51
(*herpToP¢TtyI￿orne
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
Parsol￿ge 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& re￿remen1(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 SUppDrtforrAtsslonaod￿nIStsY
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 (•ntrfib*tioNstoAT¢kblsknp¥cM#dl
2021
Yotal
£OOOs
2020
Total
£OOOs
Fund
eooos
d5
funds
£D005
Tr•inlnÉ formlntstry
Nat5frnal Churth RwonslbMldE5
Grants & Provtsions
Mlsslf*n 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
St*ff to%t% (seen¢tr loi
Izi
si
19
239
J06
439
154
145
Stsff costs{s*not¢ 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 p*lsbes
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
Co￿trY ￿.0£e53￿ Btrlrd DfEthcadon
TD￿ther Forchatv
CowefttsyCathedra]
109
21
39
so
17
19
17
30
159
159
30
16
515
Izo
367
To other1Tr51i*udons
Tokndlvldllals
Forsvpportofordth*thkn mlnL%Ferfalira*th8
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 are1n￿eeS oftheDBFandthtarchdeacoDs •r*ln recdptofa 5UPen￿ b￿A55Th8aT￿ other
payrnertq made to der¥yp•hl ￿th*D8FbyvlTtlle oftheirotrkaTheDBF prnv¥deshthJSit¥fotth¢ Sufr48anBtskoptyvirt¥eof his
offlce.
No trusteesrtcelved Tr*ei expertstsNel•trd toarniviry*strustEes tsfthe DBF12020.. one£97NTwotrll*ee5rereived atoral of £?￿ sn
theyearftsrtftvel and otherrxpensesintonne£tion withtheirmembersblpoftheGeDeral SynrA ofthechurch olEn8land,
embersh5p ofwblch Ss I￿r¢O￿nectedW#hthetrffteMberthSPoftht Board (ZOZO.. one and £5021. FJevEll truSLees received a total of
É4YS.807 Inconnectiottwlth Oth￿oI￿rES heidln the DioctAe12020.. devertand £446.4ZZI.These amouThtswue for*ipend&atcrned
e￿Or￿benEfitS 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￿(0￿￿t
Staff empltryed di￿￿1￿.
MI￿0￿ arrtl minls
Supportfor mi&%loD and ￿1￿￿trY
Central gJPPOrt
zz
Ai
42
32
48
5brfemployed thLrd parues
Support for mission and M5n￿til
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
Depred*lan
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¢u*l ford*ertrtharSuble
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¢cn￿s
Deferred Incorne
T￿l￿Olland ¥oclal seojrfty
Pe￿onc0th￿bJtton5 payable forthepxlod
Pen￿OI)I￿bIlItY (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
Atll*n
Z021 Expend1￿re 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
LINC￿LPe￿o$ Fund
LINC Groknth Strate8y
PL￿e50rPea¢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 cler8ysdpe￿ds & HOU￿￿FuTld
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 enJ￿wment 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 Teprrsent5thecostofpropErtiesheblforopeT*￿aI U5ebytheDBFandbyd¢r&¥￿t￿p9r￿h1llPOXsth010therWtre
wouldbe ILeldbytheG¢ner•JF4nd indydfjryetbe h•yw4xaJpied byth*Suffrw B15hop and thearchdear¢W, butexcludln8 Glebt
boyse5for￿CuPltiMbydÉry1.1￿etherWMhgjr￿￿<4thfrtsttth*￿eDr prap¢rU£%knld rorrthve#wrtinhLw￿tshr￿r*trsO￿￿1
otherderBy,
CothEdrnl"k)Nlowrn¢lleFulld
Wjthtbe lossoltradlDE Srkcome fortheCathtyJrg1 thJrlJ¥theCOVID 19 p*rxlÈtsLthEDBF htrTLdsrorre*ea 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 Lsexpertedth*t¢£150k will btderiv¢dfrorn thwe thvesttt*nts. Th1$
In¢orne wbe used bytht C•thedr•l oniisthorml ruDniy¢¢*stsatyd ￿lev￿￿theCathedThl WIU trIPTr￿de Dloce5an 5eTvlce4
andworkw*th p¥N5he50n therE£ondllationmtrLkny5rnWCc&lE¢tlveacro￿ theDloC￿ These huLdsrkn bEundes*n4¢edth
w¢¢m¢ntwithth¢Cathetral.bytheDBFlnthefvwn FoJlowlp£theTethofthe perfor1n￿et th 2020 wertm•d•
Wshop,sMlssloftFr￿d
Yhts fund ha5beene5tsblash•d¢owpportsperffj(Trlsthiprol¢a5spoDwrndbytheBls￿ptsf Cotyttttry.
Thl*fyMd enablesthe DBF Ets8ive fin3rKla15UPpOrtththL￿PfLVldIuS￿I￿aRd
Dl•teMu Mlsslon
T￿eD￿￿*San Mlssl¢)nFundwxxtup In20094mJ h*8beenrtpletytsW tofU￿a4pPIkaf1thn¥lDrrnlR￿•Th*pPortfroM paT15he
Chur¢hBurldirysF¥wd
Thls fvndjs￿x+klloWn ￿the(￿rth Fabrk FllndaAdisnon))*lyu￿￿WakefabrI¢sr•tsto dLUttl
Blshop DICowAty$LthkDSo¢esesfiod
Diocese ofIen￿e￿.
ClerAyHo1ld￿F4ts
ThtsfvndTE(eivts intcrestaTi5in8 the capitaionthe ￿t&7]e0[a llatth BOUN￿￿1 bequgstrecefj%*d tx ZOO& Itisvsed
bYtheArcbdeaco￿£ to ffj•ke b4)lidayy￿1% todtry4Ddlluns¢d layl￿1¢r%
This tund Iw been$etupa5a resjltof a8ranrawarded in Z015 bytheChurchCommlssSonerstowardsthe cogofa projertts5wd up
30s •ge ran
Thlsfund hasbeen sotup asar•sult of4yan1Thard￿ In 2017bytheChurchCornTrl¥s1o￿WwXO$thec** of theSeTwkn8CILTtst
pr•ltoan extension ofthe e￿$ll￿dIOt*s*th Str#Wrf8rowth8 he4thYthJrthes.Tbtpmjertairnsrolntrt*sW￿anI1Ythe
capacity furBroMh In exim￿anderne1WTh¥(I1Ur￿he5l￿v5Sthedl￿OfCOVWty.￿lld •Js• Ebbyleet￿rlsheS thotherDiocÈses, by
a dL￿1PItSbIP d¢velopmtnL
rhts fvnd Jsfor8rantsrecelvtd fromthe CFLur(bCoMml￿dWffjDB the2017 ro2019trleDntwaJ forrnlsslontt*lowestlAcome
eommunibesinthe DiDCE5e.
Thlsfund tsfw Djoniesrncelved frnm thEStokeA1den￿DrvccfOylddld￿Ol*0tk￿oll￿t￿thUrdL￿
ThLs fvnd representsadd"LtiotL41 ￿ndS￿VEnt0 theDBFbytheCknrth CoTThthis%lothÈtsth*h**4rl%¢na5 ar¢Attofbeu¢r returrts on
WllrWldc2QV￿n&l3￿DI￿￿e￿eF{￿arf
Thtsfvnd wasxtyp IDtheyear [ori￿OlDe fronThe KthgHenryVIU ÉpdowedTrus¢W•rwi(ktspayfoTthe¢ostofa20sard 305
developm¢ntwor*erfortheparishes ofthe WaTwJ&Teamathl Budbrook
Offo CéWtolProJtttsF¥
TheTru9￿￿z￿dBtshoP orco￿t￿lryb1￿￿strthtsfund￿4rftht proteeds•ftheOffa HoLse5alL Th¢ ¢apitsland th(ome froThthts
fund ¢a*be uspdtofund4pitslwolec¥sth•tsuppOrtthesplriu￿ dev¢lopmeDtofthemetDbefsofthethurch kn the Dloceseor
Co¥enty.

Z4

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
Glftmponentcfthepernw￿nttndOWrne
Accumulated lnfiadefi￿Mceol1¥l￿I ¥ft
14,
6,9•1
(162)
14.984
6,981
(162)
39
UA•pplledtotal Tetyrn
39
39
21
overnertsh theyt
Ifivesullentr￿rn.' propertyincom¢ dlvMentsaDd illttY¢St
2.136
S.234
49S
07S
2.136
5234
495
.495
7.370
UJappJledt•t¥l r¢tsmiallo¢*d tol￿t￿ thtytar
Rtlewo(btsiark u[￿PPIledto¢1] rewrn
KJ
li
[3￿7)
[2.136)
li
(3ffj47J
NetmovemeDtsththey
495
At31 DecenLbeT ZOZI
Glttcornponettt•FtheptrnbaneAttndtywmtTrt
Acrumulatod Ir*fladonsffiDCe 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¢Comm￿lIleS7YoIk
ML&slonto Imvesllrteome e#mmuthes Funds
UNC GTowth
LTEIC DMF
1327)
45
Churchcomrnisslorterf Missioth Fvrtd
Top up thurch ImprovezTrenrFwid
PeT￿l00 deftdtron￿bUtio￿5 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 brtw￿l￿1￿
zozi
Totsl
£DOOs
F¥nd
fOOOs
fuNds
OOS
£OOOs
£OOOs
Fundsat31 t>ecember 2021 are repvESea*d by.
TanÈiblt fixed assets
Fixed a￿tr1Dve$r￿*
Netcijrreiitassets
CreditOT5 f￿][n8 dueaftErmorethan oJ*yeaT
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 lsrw0t￿bleto DIKe$8n $y￿￿,the￿￿￿bets ofwhlth
are also theThernbers ofthe 0gF. The DBF provided the DBEwithyants Df£159.000 (ZOZQ.. £159￿00] 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 prO￿dedbYtht 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 0Trbth￿0fthe Di0ees•nTr￿*￿WertE33￿o (Z0211.. £3&602).These t4￿￿ were (tsTSeCrd*ri￿ supporL
land re8istr3tionsandaudirfe
T¢¢ether forchange cfFCI ts al•kni Verrt￿￿￿￿￿eeTrtbe DBFand thechurch Urban FUNI. C05ts LDcurred by thr DBF as partolthls
partnershlp indudeth¢ wpplyof¥Cbkf Eu¢¢yOvtQffJLer. 01knand￿pr0¥5thfy and fi￿nce and HRserriCe&A￿ant0fÉJQ.ooo w
warded Intheyear (20ZO.- £2Z.(K*oi-
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
Othergrantsa￿I 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
contr6b￿￿On5IoArc1btsho￿c0u￿dl
Dlo¢es4D B03rdorEd￿1lSOn
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
(2￿92)
1044
1671)
3ZO
AtiuthallDssondennedbplld]tpeD%lonxkemt
Z50
I￿37
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
C*thedral EndowrnentFund
Blshop's MissloD
EATrMlssion and MthtstyySupportFur•l
Dlotwan M1551Dn PuDd
ClwrdL Bulldings Fund
Cburch Improv•mEnrFund
Bth¢p ofCoveDtys Unk])1￿1$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 OrthodOxChrts￿an Scboof Fund
SOC5Schdatship Fund
CornpaolonshlpLlnk Funds
RetTRat Crants FuThl
The Reverer)dGÈov8t G￿)de Fup
OrthnadortTrninthK GTantFund
DC B&nfleid Bequest
ATebdeacons' Di*TetlonaryFund
ClrrEY FtsJ)d
DlocesanSifpentsPynd IncomeAccou
CapacityFund
Dt•JL2rySh&rtSupport Fyr*4
Wanvitk Cler8y SIAptads& HOu￿n&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
Exp*Jdobla'
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 dueafterMornth￿ty￿y
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