#
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|ableofContents||
|---|---|
||Page|
|Directors'AnnualReport|2|
|LegalObjects|2|
|StrategicAimsandObjectives|2|
|Environment,SocialandGovernance|3|
|AchievementsandPerformanceintheYear|4|
|FuturePlans|9|
|FinancialReview|10|
|PrincipalRisksandUncertainties|13|
|Structure,GovernanceandManagement|14|
|AdministrativeDetails|21|
|IndependentAuditor'sReport|24|
|StatementofFinancialActivities|29|
|IncomeandExpenditureAccount|30|
|BalanceSheet|31|
|StatementofCashFlows|32|
|NotestotheFinancialStatements|33|
##
|CBF|CentralBoardofFinance|ODBE|OxfordDiocesanBoardofEducation|
|---|---|---|---|
|CEFPS|ChurchofEnglandFundedPensionScheme|ODBF|OxfordDiocesanBoardofFinance|
|CEPB|ChurchofEnglandPensionsBoard|ODBST|OxfordDiocesanBucksSchoolsTrust|
|CSUST|ChurchSchoolsUniformStatutoryTrust|ODST|OxfordDiocesanSchoolsTrust|
|CPI|ConsumerPriceInflation|PACT|ParentsandChildrenTogether|
|CPIH|ConsumerPriceInflation(Housing)|PCC|ParochialChurchCouncil|
|DAC|DiocesanAdvisoryCommittee|RPI|RetailPriceIndex|
|DT(O)L|DiocesanTrustees(Oxford)Limited|SOFA|StatementofFinancialActivities|
|EIG|EcclesiasticalInsuranceGroup|SORP|StatementofRecommendedPractice|
|ESG|Environment,Social&Governance|UKME|UnitedKingdomMinorityEthnic|
|FRS|FinancialReportingStandard|||
|ICV|InitialCarryingValue|||
|LPI|LimitedPriceIndex|||
|MPC|Mission&PastoralCommittee|||
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Date: 22 September 2023
##
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##
|||Unrestri|ctedFunds|||||
|---|---|---|---|---|---|---|---|
|||General&|TangibleFixed|Restricted|Endowment|Total|Total|
|||Designated|Assets|Funds|Funds|Funds|Funds|
|||Funds|PropertyFund|||2022|2021|
||Note|£'000|£'000|£'000|£'000|£'000|£'000|
|IncomeandEndowmentsfrom:||||||||
|Donations|2|19,158||1,059||20,217|19,204|
|Charitableactivities|3|2,457|-|700|-|3,157|2,801|
|Investments|4|1,092|-|203|2,679|3,974|3,257|
|Othersources|5|7||||7|90|
|Total||22,714||1,962|2,679|27,355|25,352|
|Expenditureon:||||||||
|Raisingandmanaging||||||||
|funds|6|395|||430|825|895|
|Charitableactivities|7|28,323||1,680||30,003|29,184|
|Otherpropertycosts|8||106||6|112|724|
|Total||28,718|106|1,680|436|30,940|30,803|
|Net(expenditure)/income||||||||
|beforeinvestment(losses)/||(6,004)|(106)|282|2,243|(3,585)|(5,451)|
|gains:||||||||
|Net(losses)/gainson
investments||(4)||(123)|(6,377)|(6,504)|17,422|
|Net||||||||
|(expenditure)/income||(6,008)|(106)|159|(4,134)|(10,089)|11,971|
|TotalReturntransfer|14a|7,852|||(7,852)|||
|Othertransfers|14b|59|10|6|(75)|||
|Net(expenditure)/incomeafter||1,903|(96)|165|(12,061)|(10,089)|11,971|
|Transfers||||||||
|Otherrecognisedgains:||||||||
|Gainsonrevaluationof||||||||
|tangiblefixedassets|15||1,764||5,313|7,077|31,214|
|(Losses)/gainson||||||||
|definedbenefitpension|25|(53)|||684|631|(43)|
|scheme||||||||
|Netmovementinfunds||1,850|1,668|165|(6,064)|(2,381)|43,142|
|Totalfundsbrought||||||||
|forward|20|16,156|81,393|2,344|422,892|522,785|479,643|
|Totalfundscarried||18,006|83,061|2,509|416,828|520,404|522,785|
|forward||||||||
##
##
||Total|Total|
|---|---|---|
||2022|2021|
||£'000|£'000|
|Income|24,676|22,958|
|Expenditure|(30,504)|(30,101)|
|Operatingdeficitfortheyear|(5,828)|(7,143)|
|Net(losses)/gainsoninvestments|(127)|121|
|Transfersfromendowmentfunds|7,927|6,971|
|Netincome/(expenditure)fortheyear|1,972|(51)|
|Othercomprehensiveincome:|||
|Revaluationoftangiblefixedassets|1,764|6,808|
|Actuariallossesondefinedbenefitpensionscheme|(53)|(729)|
|Totalcomprehensiveincome|3,683|6,028|
##
##
##
|BALANCESHEETasat31Decem|ber2022|||||
|---|---|---|---|---|---|
||||2022||2021|
||Note|£'000|£'000|£'000|£'000|
|FIXEDASSETS||||||
|Tangibleassets|15||355,935||349,917|
|Investments|16||153,080||159,800|
||||509,015||509,717|
|CURRENTASSETS||||||
|Debtorsdueaftermorethanoneyear|17|72||196||
|Pensionschemesurplus—staffscheme|25|||77||
|Debtorsduewithinoneyear|17|1,977||1,833||
|Cashondepositandatbank||17,074||18,614||
|||19,123||20,720||
|CREDITORS:amountsfallingduewithinone||||||
|year|18|(5,072)||(4,224)||
|NETCURRENTASSETS|||14,051||16,496|
|TOTALASSETSLESSCURRENTLIABILITIES|||523,066||526,213|
|CREDITORS:amountsfallingdueaftermore||||||
|thanoneyear||||||
|Pensionschemeliabilities—clergyscheme|25||||(684)|
|Othercreditors|19||(2,662)||(2,744)|
|NETASSETS|||520,404||522,785|
|FUNDS||||||
|EndowmentFunds||||||
|(includingassetrevaluationsof£236,103K(2021:£237,167K))|||416,828||422,892|
|RestrictedIncomeFunds||||||
|(includingassetrevaluationsof£323K(2021:£446K))|||2,509||2,344|
|UnrestrictedIncomeFunds:||||||
|TangibleFixedAssetPropertyFund|||83,061||81,393|
|(includingassetrevaluationsof£47,773K(2021:£46,009K))||||||
|DesignatedFunds|||9,199||7,151|
|GeneralFund||||||
|(includingassetrevaluationof£297K(2021:£301K))|||8,807||9,005|
|TOTALFUNDS|21||520,404||522,785|
|Thenotesonpages33to71formpartof|thesefinancialstatements.Thefinancialstatementswere|||||
|approvedbytheDirectorsandauthorisedforissueon2||May2023andsignednbhalfoftheDirectors||||
|by:||||||
|STATEMENTOFCASHFLOWSFortheyear|ended31December|ended31December|2022||
|---|---|---|---|---|
|||2022|2021||
||£'000|£'000|f '000|f '000|
|Netcashusedinoperatingactivities(BelowA)||(6,291)||(6,381)|
|Cashflowsfrominvestingactivities|||||
|Dividends,interestandrentfrominvestments|3,766||3,257||
|InterestPaid|||(2)||
|Proceedsfromthedisposalof:|||||
|TangibleFixedAssets|1,644||1,593||
|FixedAssetInvestments|18,468||20,612||
|Purchaseof:|||||
|TangibleFixedAssets|(816)||(579)||
|FixedAssetInvestments|(18,330)||(20,193)||
|Netcashprovidedbyinvestingactivities||4,732||4,688|
|Cashflowsfromfinancingactivities|||||
|LoansrepaidtoODBF|54||57||
|NewloansadvancedbyODBF|(35)||(7)||
|Netcashprovidedbyfinancingactivities||19||50|
|Changeincashandcashequivalentsintheyear||(1,540)||(1,643)|
|Cashandcashequivalentsat1January||18,614||20,257|
|Cashandcashequivalentsat31December(BelowB)||17,074||18,614|
|Reconciliationofnetmovementinfundstonetcashusedin|||||
|operatingactivities|||||
|A. Netexpenditurefortheyearbeforeinvestment(losses)||(3,585)||(5,451)|
|gains|||||
|Adjustmentsfor:|||||
|Depreciationcharges||138||142|
|Dividends,interestandrentfrominvestments||(3,766)||(3,257)|
|Interestpaid||||2|
|Losses(gains)onsaleoffunctionalassets||(7)||57|
|Decreaseindebtors(exloans)||57||232|
|Increaseincreditors(exloans)||848||1,350|
|Clergypensionschemeadjustment||-||12|
|Staffpensionschemeadjustment||24||22|
|Recoupmentofimpairment||||510|
|Netcashusedinoperatingactivities|||||
|||(6,291)||(6,381)|
|B. Analysisofcashandcashequivalents|||||
|Cashatbankandondeposit||17,074||18,614|
##
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||Rateperannum|
|---|---|
|Motorcars|25%ofcost|
|Computers|331/3%ofcost|
|Otherofficeequipment|5%to25%ofcost|
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|||2022|||2021||
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
||Funds|Funds|Funds|Funds|Funds|Funds|
||||2022|||2021|
||£'000|£'000|£'000|f'000|f '000|f'000|
|Parishcontributions|19,300||19,300|19,075||19,075|
|Sharerebatesand|||||||
|discounts|(568)||(568)|(486)||(486)|
||18,732||18,732|18,589||18,589|
|Archbishops'Council|||||9|9|
|BenefactTrust|219||219|232|-|232|
|Otherdonations|207|1,059|1,266|94|280|374|
|TotalIncome|19,158|1,059|20,217|18,915|289|19,204|
##
|||2022|||2021||
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|TotalFunds|Unrestricted|Restricted|Total|
||Funds|Funds|2022|Funds|Funds|Funds|
|||||||2021|
||£'000|£'000|£'000|f'000|f'000|£'000|
|Statutoryfees|876||876|887||887|
|Training,eventsandsimilar|126|700|826|113|685|798|
|Housingincome|1,319||1,319|1,043||1,043|
|Schoolpremisessupport|133||133|72|-|72|
|Other|3||3|1||1|
||2,457|700|3,157|2,116|685|2,801|
##
##
|TESTOTHEFINANCIALSTATE
.IncomefromInvestments|MENTS(Con|t'd)|||
|---|---|---|---|---|
|||2022|||
||Unrestricted|Restricted|Endowment|TotalFunds|
||Funds|Funds|Funds|2022|
||£'000|f'000|£'000|£'000|
|Dividendsreceivable|1|185|2,471|2,657|
|Interestreceivable|205|18||223|
|Rentsreceivable|785|||785|
|Otherinvestmentincome(e.g.solar|101||208|309|
|panel)|||||
||1,092|203|2,679|3,974|
|||2021|||
||Unrestricted|Restricted|Endowment|TotalFunds|
||Funds|Funds|Funds|2021|
||f'000|f'000|f'000|f'000|
|Dividendsreceivable|1|180|2,360|2,541|
|Interestreceivable|23|||23|
|Rentsreceivable|601|||601|
|Otherinvestmentincome(e.g.solar|92|||92|
|panel)|||||
||717|180|2,360|3,257|
##
##
||||||2022|2022||
|---|---|---|---|---|---|---|---|
|||General|TangibleFixed|Restricted|
Endowment||TotalFunds|
|||Funds|Assets|Funds||Funds|2022|
||||PropertyFund|||||
|||£'000|£'000|£'000||£'000|£'000|
|Surplusondisposalofmotorvehicle||7|||||7|
|||7|||||7|
|||||2021||||
|||General|TangibleFixed|Restricted|Endowment||TotalFunds|
|||Funds|Assets|Funds||Funds|2021|
||||PropertyFund|||||
|||f'000|f'000|f '000|f|'000|f '000|
|Surplusondisposalofproperties|||10|-||-|10|
|Disposalofclosedchurch||||3|||3|
|Furloughgrants||12||||-|12|
|Otherpropertyincome|||31|-||34|65|
|||12|41|3||34|90|
|6. ExpenditureonRaisingandManagingFunds||||||||
|||2022||||2021||
||Unrestricted|Endowment|TotalFunds|Unrestricted||Endowment|Total|
||Funds|Funds|2022|Funds||Funds|Funds|
||||||||2021|
||£'000|£'000|£'000|f'000||f '000|f '000|
|Glebecosts|264|430|694|244||518|762|
|Parsonagerentalcosts|101||101|132||-|132|
|Other|30||30|1|||1|
||395|430|825|377||518|895|
##
##
|OTESTOTHEFINANCIALSTATEME
7.ExpenditureonCharitableActivities|NTS(Cont'd|)|)||
|---|---|---|---|---|
|||2022|||
||Unrestricted|Restricted|Endowment|Total|
||Funds|Funds|Funds|Funds|
|||||2022|
||£'000|£'000|£'000|£'000|
|ContributionstoArchbishops'Council|||||
|TrainingforMinistry|902||-|902|
|NationalChurchResponsibilities|566||-|566|
|Missionagencypensioncosts|39||-|39|
|Retiredclergyhousing|348|-|-|348|
|Grantsandprovisions|78|-||78|
||1,933|||1,933|
|ResourcingMinistry&Mission|||||
|ParishMinistry:|||||
|Stipends|9,705|||9,705|
|Nationalinsurance|823|||823|
|Pensioncontributions|3,213|||3,213|
|Apprenticeshiplevy|44|||44|
|Housingcosts|5,251|||5,251|
|Removal,resettlement,parish&clergy|||||
|grants|307|||307|
|Otherparishexpenses|1,081|||1,081|
||20,424|||20,424|
|Supportforparishministry&training|||||
|Ordinandgrants|740||-|740|
|Diocesantrainingcosts|840|603|-|1,443|
|MissionintheDiocese|2,063|405||2,468|
|DAC,MPC&DT(O)L|411|||411|
|Communications|354|-||354|
|Bishops,Archdeacons&AreaOffices|735|||735|
||5,143|1,008||6,151|
|Expenditureongrants|||||
|GrantstoOxfordDiocesanBoardof|269|||269|
|Education(ODBE)|||||
|Grantstootherorganisations(seenote11)|||||
||554|672||1,226|
||823|672||1,495|
|Totalcharitableactivities|||||
||28,323|1,680||30,003|
##
##
|xpenditureonCharitableActivities(Cont'd|)||||
|---|---|---|---|---|
|||2021|||
||Unrestricted|Restricted|Endowment|Total|
||Funds|Funds|Funds|Funds|
|||||2020|
||£'000|£'000|£'000|f'000|
|ContributionstoArchbishops'Council|||||
|TrainingforMinistry|924|-||924|
|NationalChurchResponsibilities|645|||645|
|Missionagencypensioncosts|41|||41|
|Retiredclergyhousing|340|-||340|
|Grantsandprovisions|79|||79|
|Poolingofordinandmaintenancegrants|(5)||-|(5)|
||2,024|||2,024|
|ResourcingMinistryandMission|||||
|ParishMinistry:|||||
|Stipends|9,579||-|9,579|
|Nationalinsurance|782||-|782|
|Pensioncontributions|3,444|-||3,444|
|Clergypensionadjustment|||||
|(seenote25)||-|12|12|
|Apprenticeshiplevy|45|-|-|45|
|Housingcosts|4,000||-|4,000|
|Removal,resettlement,parish&clergy|||||
|grants|263||-|263|
|Otherparishexpenses|963||-|963|
||19,076||12|19,088|
|Supportforparishministryandtraining|||||
|Ordinandgrants|698|11||709|
|Diocesantrainingcosts|672|654|-|1,326|
|MissionintheDiocese|2,039|342|-|2,381|
|DAC,MPC&DT(O)L|329|-|-|329|
|Communications|253|4|-|257|
|Bishops,Archdeacons&AreaOffices|546|-||546|
||4,537|1,011||5,548|
|Expenditureongrants|||||
|GrantstoOxfordDiocesanBoardof|||||
|Education(ODBE)|269|-|-|269|
|Grantstootherorganisations(seenote11)|2,142|113|-|2,255|
||2,411|113||2,524|
|Totalcharitableactivities|28,048|1,124|12|29,184|
##
##
||2022|||
|---|---|---|---|
||Tangible|Endowment|TotalFunds|
||FixedAsset|Funds|2022|
||Property|||
||Fund|||
||£'000|£'000|£'000|
|Lossondisposalofproperties||3|3|
|Valuationandrelatedcosts|106|3|109|
||106|6|112|
||2021|||
||TangibleFixed|Endowment|TotalFunds|
||Asset|Funds|2021|
||PropertyFund|||
||f '000|f '000|f '000|
|(Gain)/Lossondisposalofproperties|(1)|69|68|
|Valuationandrelatedcosts|553|103|656|
||552|172|724|
|||2022||||2021||
|---|---|---|---|---|---|---|---|
||Activities|Support||Total|Activities|Support|Total|
||Undertaken|Costs||Costs|Undertaken|Costs|Costs|
||Directly|(Note|10)|2022|Directly|(Note10)|2021|
||£'000|£'000||£'000|f '000|f'000|f '000|
|Raisingandmanagingfunds||||||||
|(note6)|737||88|825|824|71|895|
|Charitableactivities(note7):||||||||
|Contributionsto||||||||
|Archbishops'Council|1,933||-|1,933|2,024|-|2,024|
|Resourcingparishministry|19,872|552||20,424|18,647|441|19,088|
|Supportforparishministry||||||||
|andtraining|5,052|1,099||6,151|4,658|890|5,548|
|GranttoBoardofEducation|269||-|269|269|-|269|
|Grantstoother||||||||
|organisations|1,226|||1,226|2,255||2,255|
|Otherpropertyrelatedcosts||||||||
|(Note8)|112|||112|724||724|
||29,201|1,739||30,940|29,401|1,402|30,803|
##
|10.AnalysisofSupportCosts|||||
|---|---|---|---|---|
||||Unrestricted|Funds|
||||2022|2021|
||||£'000|f'000|
|Humanresourcesandadministration|||277|292|
|Finance|||395|315|
|Secretariat|||203|201|
|ICT|||325|202|
|Premisesandother|||330|207|
|Governance:|||||
|Externalaudit|||40|23|
|RegistrarandChancellor|||154|128|
|Synodcosts|||15|34|
||||1,739|1,402|
|11.AnalysisofGrantsMade|||||
||2022|2021|2022|2021|
||No.|No.|£'000|f'000|
|FromunrestrictedfundsforNationalChurch|||||
|responsibilities:|||||
|ContributionstoArchbishops'Council(note|||||
|7)|1|1|1,933|2,024|
|Fromgeneralandrestrictedfundsto|||||
|institutions:(Note7)|||||
|ParentsandChildrenTogether(PACT)|1|1|95|95|
|DevelopmentFundGrants|29|41|373|927|
|Ecumenicalandchaplaincygrants|3|3|41|52|
|Grantsforparishbuildingprojects|22|34|29|36|
|Bishopsdiscretionarygrants|4|4|16|21|
|OxfordDiocesanCouncilfortheDeaf||1||7|
|DiocesanMutualSupportgrant||1||1,000|
|HardshipFundsandEnergyGrants|705||647||
|Othergrants|23|33|25|117|
||787|118|1,226|2,255|
|GranttoODBEfromunrestrictedfunds|1|1|269|269|
##
##
|TESTOTHEFINANCIALSTATEMENTS(Cont'd)
2.StaffCosts|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Staffcostsduringtheyearwereasfollows:|||
|Wagesandsalaries|3,319|3,104|
|NationalInsurancecontributions|357|314|
|Pensioncosts|410|465|
|Total|4,086|3,883|
|Theaveragenumberofpersonsemployedduringtheyearbasedon|Number|Number|
|headcount:|||
|Charitableactivities|73|79|
|Support|23|19|
|Total|96|98|
|Theaveragenumberofpersonsemployedduringtheyearbasedonfull-|||
|timeequivalents|||
|Charitableactivities|61|64|
|Support|19|16|
|Total|80|80|
|Thenumbersofstaffwhoseemoluments(includingbenefitsinkindbut|||
|---|---|---|
|excludingemployer'spensioncontributionsandNationalInsurance)|||
|amountingtomorethan£60,000wereasfollows:|||
|£60,001-£70,000|1|3|
|£70,001-£80,000|4|2|
|£90,001-£100,000||1|
##
|DiocesanSecretaryandCompanySecretary|CanonMarkHumphriss|
|---|---|
|DirectorofMission&Ministry|CanonAndrewAnderson-Gear|
|DirectorofFinance|MrJohnOrridge|
|DirectorofProperty|MrDavidMason|
|DirectorofHumanResources&Safeguarding|MrsPoliShajko|
|DirectorofCommunications|MrStevenBuckley|
##
##
##
|videdbytheODBFduringtheyear:|||
|---|---|---|
||Stipend|Housing|
|TheRevdCanonDrGBBayliss|Yes|Yes|
|TheRevdCanonJVBinns(from31/01/2022)|Yes|Yes|
|TheVenerableJChaffey|Yes|No|
|TheVenerableGElsmore|Yes|Yes|
|TheVenerableJFrench(to30/09/2022)|Yes|Yes|
|TheRevdR.1Lamey|Yes|Yes|
|TheRevdDWMcFarland|Yes|Yes|
|TheRevdDJMeakin|Yes|Yes|
|TheRevdJMMintern|Yes|Yes|
|TheRevdRAPeters|No|No|
|TheVenerableSPullin|Yes|No|
|TheRevdSESharp|Yes|Yes|
|TheVenDTyler(from01/10/2022)|Yes|Yes|
##
##
##
##
||General|Designated|Total|Endowment|
|---|---|---|---|---|
||Funds|Funds|Unrestricted|Funds|
||||Funds||
||£'000|£'000|£'000|£'000|
|i)
TotalReturntransferto|||||
|generalfundsfromEndowment|7,852||7,852|(7,852)|
|fund(note16c)|||||
|ii) Transferfromgeneralto|(3,912)|3,912|||
|designatedfundsforCommon|||||
|Vision|||||
##
||General|Designated|Total|Endowment|
|---|---|---|---|---|
||Funds|Funds|Unrestricted|Funds|
||||Funds||
||f'000|f'000|f'000|f'000|
|i)
TotalReturntransferto|||||
|generalfundsfromEndowment|6,971|-|6,971|(6,971)|
|fund(note16c)|||||
|ii) Transferfromgeneralto|(3,109)|3,109|||
|designatedfundsforCommon|||||
|Vision|||||
##
##
|||UnrestrictedFunds|UnrestrictedFunds|||
|---|---|---|---|---|---|
|||General&|Tangible|Restricted|Endowment|
|||designated|FixedAssets|Funds|Funds|
|||Funds|Fund|||
|||£'000|£'000|£'000|£'000|
|Typeof|transfer|||||
|i)|Purchaseandimprovementstoproperties|(10)|10|||
|ii)|Fundstransferredtosupportstipendiary|||||
||costs|69||(69)||
|iii)|Othertransfers|||75|(75)|
|||59|10|6|(75)|
##
||||UnrestrictedFunds|UnrestrictedFunds|||
|---|---|---|---|---|---|---|
||||General&|TangibleFixed|Restricted|Endowment|
||||designated|AssetsFund|Funds|Funds|
||||Funds||||
||||f'000|f'000|f'000|f'000|
||Typeoftransfer||||||
||i)|Purchaseandimprovementstoproperties|(446)|446|||
|.|i)|DisposalsofBoardproperties|838|(838)|||
|||Othertransfers|||||
||||67||(67)||
||||459|(392)|(67)||
##
##
##
|TangibleFixedAssets|||||||
|---|---|---|---|---|---|---|
||Freehold|Leasehold|Vehicles&|Benefice|Glebe|Total|
||Property|Property|Office|Property|Team||
||||Equipment||Vicarages||
||£'000|£'000|£'000|£'000|£'000|£'000|
|Costorvaluation|||||||
|At1January2022|83,868|788|1,053|231,352|34,277|351,338|
|Additions|16||46|3|751|816|
|Disposals|||(14)|(1,640)|-|(1,654)|
|Revaluations|1,666|16||4,627|686|6,995|
|At31December2022|85,550|804|1,085|234,342|35,714|357,495|
|Depreciation|||||||
|At1January2022|526||896|||1,422|
|Chargefortheyear|106||32|||138|
|At31December2022|632||928|||1,560|
|NetBookValues|||||||
|At31December2022|84,918|804|157|234,342|35,714|355,935|
|At31December2021|83,342|788|158|231,352|34,277|349,917|
|Inadditiontogainsnoted|above,there|wererevaluationgainsof£82Krelating|||toequity||
|mortgageloans(note19).|||||||
||Freehold|Leasehold|Vehicles&|Benefice|Glebe|Total|
||Property|Property|Office|Property|Team||
||||Equipment||Vicarages||
||£'000|f'000|f'000|f'000|f'000|f'000|
|Costorvaluation|||||||
|At1January2021|77,562|717|1,025|210,665|31,366|321,335|
|Additions|444||28|107||579|
|Disposals|(825)||-|(827)||(1,652)|
|Revaluations|6,687|71|-|21,407|2,911|31,076|
|At31December2021|83,868|788|1,053|231,352|34,277|351,338|
|Depreciation|||||||
|At1January2021|425||854|||1,279|
|Chargefortheyear|101||41|||142|
|At31December2021|526||895|||1,421|
|NetBookValues|||||||
|At31December2021|83,342|788|158|231,352|34,277|349,917|
|At31December2020|77,137|717|171|210,665|31,366|320,056|
##
##
||At1January|Additions|Disposals|Changein|At31|
|---|---|---|---|---|---|
||2022||atbook|Market|December|
||||value|Value|2022|
||f'000|£'000|£'000|£'000|£'000|
|UnrestrictedFunds||||||
|EquityMortgageLoans|493||||493|
|DesignatedFunds||||||
|Administeredfunds|30|||3|33|
|RestrictedFunds||||||
|ODBFTrusts&other|936|||(123)|813|
|EndowmentFunds||||||
|Glebe(seenote16b)|152,543|18,330|(14,655)|(9,590)|146,628|
|ODBFTrusts&other|5,798|||(685)|5,113|
||158,341|18,330|(14,655)|(10,275)|151,741|
|Total|159,800|18,330|(14,655)|(10,395)|153,080|
||At1January|Additions|Disposals|Changein|At31|
||2021|||Market|December|
|||||Value|2021|
||f'000|f'000|f'000|f'000|f'000|
|UnrestrictedFunds||||||
|EquityMortgageLoans|546||(53)||493|
|DesignatedFunds||||||
|Administeredfunds|26|||4|30|
|RestrictedFunds||||||
|ODBFTrusts&other|819|||117|936|
|EndowmentFunds||||||
|Glebe(seenote16b)|136,335|20,192|(19,831)|15,847|152,543|
|ODBFTrusts&other|5,068|1|-|729|5,798|
||141,403|20,193|(19,831)|16,576|158,341|
|Total|142,794|20,193|(19,884)|16,697|159,800|
##
##
||Agricultural|Residential|Commercial|Amenity|Listed|Total|
|---|---|---|---|---|---|---|
||Land|Property|Property|&Other|Investments||
|||||Property|||
||£'000|£'000|£'000|£'000|£'000|£'000|
|Costorvaluation|||||||
|At1January2022|23,410|2,986|2,934|2,898|120,315|152,543|
|Additionsatcost|13||8,266||10,051|18,330|
|Disposalsatbook|||||||
|value|(334)||||(14,321)|(14,655)|
|Unrealised|||||||
|Gains/(losses)|779|60|61|20|(10,510)|(9,590)|
|NetBookValue|||||||
|At31December2022|23,868|3,046|11,261|2,918|105,535|146,628|
|CostorICV|||||||
|At31December2022|3,780|1,544|11,444|1,796|81,809|100,373|
||Agricultural|Residential|Commercial|Amenity|Listed|Total|
|---|---|---|---|---|---|---|
||Land|Property|Property|&Other|Investments||
|||||Property|||
||f'000|f'000|f'000|f'000|f'000|f'000|
|Costorvaluation|||||||
|At1January2021|24,387|2,715|2,220|2,807|104,206|136,335|
|Additionsatcost||-|637|9|19,546|20,192|
|Disposals|(877)|||(120)|(18,834)|(19,831)|
|Unrealised(losses)/|||||||
|gains|(100)|271|77|202|15,397|15,847|
|NetBookValue|||||||
|At31December2021|23,410|2,986|2,934|2,898|120,315|152,543|
|CostorICV|||||||
|At31December2021|4,101|1,544|3,178|1,796|86,079|96,698|
##
##
##
||Trustfor|Unapplied|Total|
|---|---|---|---|
||investment|Total||
|||Return||
||£'000|£'000|£'000|
|Asat1January2022:||||
|Basevalueofthepermanentendowment|78,639||78,639|
|Unappliedtotalreturn||38,879|38,879|
|Total(asreportedintheprioryear)|78,639|38,879|117,518|
|Surplusonsalesofglebeland||4,480|4,480|
|Investmentreturns:dividendsreceived||2,471|2,471|
|Investmentreturn:realisedandunrealisedlosses||(10,764)|(10,764)|
|Investmentmanagementfees||(374)|(374)|
|WithdrawaltoreinvestinGlebecommercialproperty|(4,000)||(4,000)|
|Unappliedtotalreturnallocatedtoincomeintheyear||(7,852)|(7,852)|
|Addindexationofbaselevelofendowment|8,257|(8,257)|-|
|Netmovementsintheyear|4,257|(20,296)|(16,039)|
|Asat31December2022:||||
|Basevalueofthepermanentendowment|82,896|-|82,896|
|Unappliedtotalreturn||18,583|18,583|
|Valuationasat31December2022|82,896|18,583|101,479|
|AnalysisofWithdrawaltoincome|£'000|
|---|---|
|Releasetogeneralfundstosupportstipends(note14)|7,852|
|Investmentmanagementfees|374|
|Withdrawaltoincome|8,226|
##
##
|rioryearfiguresfortheyearended31December2021||||
|---|---|---|---|
||Trustfor|Unapplied|Total|
||investment|Total|endowment|
|||Return||
||f'000|f'000|f'000|
|Asat1January2021:||||
|Basevalueofthepermanentendowment|94,122||94,122|
|Unappliedtotalreturn||12,362|12,362|
|Total|94,122|12,362|106,484|
|Adjustmentstoopeningbalance||||
|Glebelandnetdisposalproceedssince1Jan2018|(14,951)|14,951||
|AdjustmenttoCPIindexation|(5,050)|5,050||
|Movementsintheyear:||||
|Investmentreturns:dividendsreceived|-|2,360|2,360|
|Investmentreturn:realisedandunrealisedgains|-|16,127|16,127|
|Investmentmanagementfees|-|(482)|(482)|
|Unappliedtotalreturnallocatedtoincomeintheyear|-|(6,971)|(6,971)|
|Addindexationofbaselevelofendowment|4,518|(4,518)||
|Netmovementsintheyear|(15,483)|26,517|11,034|
|Asat31December2021:||||
|Basevalueofthepermanentendowment|78,639||78,639|
|Unappliedtotalreturn||38,879|38,879|
|Valuationasat31December2021|78,639|38,879|117,518|
|Thetotalendowmentincludescashfundsoff2,797Kinaddition|tolistedinvestmentsof£117,518K.|
|---|---|
|AnalysisofWithdrawaltoincome|£'000|
|Releasetogeneralfundstosupportstipends(note14)|6,971|
|Investmentmanagementfees|482|
|Withdrawaltoincome|7,453|
##
##
||2022|2021|
|---|---|---|
||£'000|f '000|
|Amountsdueaftermorethanoneyear|||
|Loanstoparishes|72|196|
|PensionSchemesurplus(Note25)|-|77|
|Amountsduewithinoneyear|||
|Prepayments|67|236|
|Accruedincome|429|384|
|Otherdebtors|1,052|850|
|Loans|289|314|
|Amountsduefromconnectedcharities|140|49|
|Total|1,977|1,833|
|Totaldebtors|2,049|2,106|
|18.Creditors:amountsfallingduewithinoneyear|||
||2022|2021|
||£'000|£'000|
|Creditorsandaccruals|4,535|3,823|
|Taxationandsocialsecurity|89|87|
|Deferredincome|448|314|
|Totalcreditors:amountsfallingduewithinoneyear|5,072|4,224|
|19.Creditors:amountsfallingdueaftermorethanoneyear|||
||2022|2021|
||£'000|£'000|
|Loansandothers|2,662|2,744|
|Totalcreditors:amountsfallingdueaftermorethanoneyear|2,662|2,744|
|Theaboveloansareallrepayableaftermorethanfiveyears|||
##
||||2022||||
|---|---|---|---|---|---|---|
||Balancesat|Income|Expenditure|Transfers|Gains&|Balancesat|
||1Jan2022|||(note14)|Losses|31Dec2022|
||£'000|£'000|£'000|£'000|£'000|£'000|
|UNRESTRICTEDFUNDS|||||||
|General|9,005|22,657|(27,112)|4,314|(57)|8,807|
|DesignatedFunds|||||||
|CommonVision|5,660|6|(1,450)|3,912|-|8,128|
|Developmentpostsandnew|||||||
|communitiesfund|775||(105)|||670|
|Propertyrepair&maintenance|550|||(330)||220|
|Otherfunds|166|51|(51)|15||181|
||7,151|57|(1,606)|3,597||9,199|
|TotalGeneralandDesignated|||||||
|Funds|16,156|22,714|(28,718)|7,911|(57)|18,006|
|TangibleFixedAssetsProperty|||||||
|Fund|||||||
|Boardpropertiesfund|81,393||(106)|10|1,764|83,061|
|RESTRICTEDFUNDS|||||||
|DiocesanPastoralAccount|186|4|(10)|75||255|
|Missiongrantsfund|28|700|(618)|||110|
|ArchbishopsHardshipGrant||647|(647)||||
|SillitoeBequest|1,150|27|||(122)|1,055|
|Otherfundsbelow£250K|980|584|(405)|(69)|(1)|1,089|
||2,344|1,962|(1,680)|6|(123)|2,509|
|ENDOWMENTFUNDS|||||||
|Glebeteamvicarages|35,817||-|-|687|36,504|
|Glebeinvestments|149,883|2,679|(430)|(7,852)|(5,699)|138,581|
|Clergypensionschemedeficit|(684)||||684||
|Diocesanstipendsfund|185,016|2,679|(430)|(7,852)|(4,328)|175,085|
|Parsonagehousefund|232,017||(6)|(75)|4,627|236,563|
|Stipendsbequestfund|2,407|||||2,407|
|Ordinationcandidatesfunds|1,758|-||||1,758|
|Otherfunds|1,694|-|||(679)|1,015|
||422,892|2,679|(436)|(7,927)|(380)|416,828|
|Totalfunds|522,785|27,355|(30,940)||1,204|520,404|
##
##
||||2021|2021|||
|---|---|---|---|---|---|---|
||Balances|Income|Expenditure|Transfers|Gains|Balancesat|
||at1Jan||||and|31Dec|
||2021||||Losses|2021|
||f'000|f'000|f'000|f'000|£'000|f'000|
|UNRESTRICTEDFUNDS|||||||
|General|9,792|21,741|(25,570)|3,771|(729)|9,005|
|DesignatedFunds|||||||
|CommonVision|5,264|3|(2,716)|3,109|-|5,660|
|Developmentpostsandnew|897|-|(122)||-|775|
|communitiesfund|||||||
|Propertyrepairandmaintenance|-|||550||550|
|Otherfunds|163|16|(17)||4|166|
||6,324|19|(2,855)|3,659|4|7,151|
|TotalGeneralandDesignated|||||||
|Funds|16,116|21,760|(28,425)|7,430|(725)|16,156|
|TangibleFixedAssetsProperty|||||||
|Fund|||||||
|Boardpropertiesfund|75,488|41|(552)|(392)|6,808|81,393|
|RESTRICTEDFUNDS|||||||
|DiocesanPastoralAccount|200|2|(16)|||186|
|Missiongrantsfund|43||(15)|||28|
|SillitoeBequest|1,012|23|-||115|1,150|
|Otherfundsbelow£250K|1,006|1,132|(1,093)|(67)|2|980|
||2,261|1,1.57|(1,124)|(67)|117|2,344|
|ENDOWMENTFUNDS|||||||
|Glebeteamvicarages|32,907||(100)||3,010|35,817|
|Glebeinvestments|138,439|2,360|(518)|(6,971)|16,573|149,883|
|Clergypensionschemedeficit|(1,358)||(12)||686|(684)|
|Diocesanstipendsfund|169,988|2,360|(630)|(6,971)|20,269|185,016|
|Parsonagehousefund|210,660|34|(72)||21,395|232,017|
|Stipendsbequestfund|2,109||||298|2,407|
|Ordinationcandidatesfunds|1,537||||221|1,758|
|Otherfunds|1,484||||210|1,694|
||385,778|2,394|(702)|(6,971)|42,393|422,892|
|Totalfunds|479,643|25,352|(30,803)||48,593|522,785|
##
##
||||2022|||
|---|---|---|---|---|---|
||Tangible|Investments|Current|Creditors|NetAssets|
||Fixed||Assets|||
||Assets|||||
||£'000|£'000|£'000|£'000|£'000|
|UNRESTRICTEDFUNDS||||||
|General|157|493|10,078|(1,921)|8,807|
|Designated||||||
|CommonVision||7,014|3,094|(1,980)|8,128|
|Developmentposts andnew||||||
|communitiesfund|||670||670|
|Propertyrepair&maintenance|||220||220|
|Otherfunds||33|171|(23)|181|
|||7,047|4,155|(2,003)|9,199|
|Totalgeneralanddesignated||||||
|funds|157|7,540|14,233|(3,924)|18,006|
|Tangiblefixedassetsproperty||||||
|fund||||||
|Boardpropertiesfund|85,722|||(2,661)|83,061|
|RESTRICTEDFUNDS||||||
|DiocesanPastoralAccount||-|255||255|
|Missiongrantsfund|-|-|295|(185)|110|
|SillitoeBequest||800|255||1,055|
|Otherfundsbelow£250Keach|-|13|1,174|(98)|1,089|
|||813|1,979|(283)|2,509|
|ENDOWMENTFUNDS||||||
|Glebeteamvicarages|35,714|300|490||36,504|
|Glebeinvestments|-|139,307|139|(865)|138,581|
|Diocesanstipendsfund|35,714|139,607|629|(865)|175,085|
|Parsonagehousefund|234,342||2,221||236,563|
|Stipendsbequestfund|-|2,407|||2,407|
|Ordinationcandidatesfunds|-|1,758|||1,758|
|Other|-|955|61|(1)|1,015|
||270,056|144,727|2,911|(866)|416,828|
|TotalFunds|355,935|153,080|19,123|(7,734)|520,404|
##
##
||||2021|||
|---|---|---|---|---|---|
||Tangible|Investments|Current|Creditors|NetAssets|
||Fixed||Assets|||
||Assets|||||
||f'000|f'000|f'000|f'000|f'000|
|UNRESTRICTEDFUNDS||||||
|General|158|493|9,691|(1,337)|9,005|
|Designated||||||
|CommonVision||3,109|5,079|(2,528)|5,660|
|Developmentpostsandnew|||775||775|
|communitiesfund||||||
|Propertyrepair&maintenance|||550||550|
|Otherfunds||30|145|(9)|166|
|||3,139|6,549|(2,537)|7,151|
|Totalgeneralanddesignated
funds|158|3,632|16,240|(3,874)|16,156|
|Tangiblefixedassetsproperty||||||
|fund||||||
|Boardpropertiesfund|84,131||6|(2,744)|81,393|
|RESTRICTEDFUNDS||||||
|DiocesanPastoralAccount|||187||187|
|Missiongrantsfund||-|28|-|28|
|SillitoeBequest||922|228||1,150|
|Otherfundsbelowf250Keach||14|1,190|(225)|979|
|||936|1,633|(225)|2,344|
|ENDOWMENTFUNDS||||||
|Glebeteamvicarages|34,276|300|1,900||36,476|
|Glebeinvestments||149,134|874|(125)|149,883|
|Clergypensionschemedeficit||-|-|(684)|(684)|
|Diocesanstipendsfund|34,276|149,434|2,774|(809)|185,675|
|Parsonagehousefund|231,352||6||231,358|
|Stipendsbequestfund||2,368|39||2,407|
|Ordinationcandidatesfunds||1,758|-||1,758|
|Other||1,672|22||1,694|
||265,628|155,232|2,841|(809)|422,892|
|TotalFunds|349,917|159,800|20,720|(7,652)|522,785|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|%ofpensionablestipends|1January2018to|1January2021to|
|---|---|---|
||31December2020|31December2022|
|Deficitrepaircontributions|11.9%|7.1%|
##
##
|andover2022issetoutinthetablebelow.|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Balancesheetliabilityat1January|684|1,358|
|Deficitcontributionpaid|(407)|(686)|
|Interestcost|-|2|
|RemainingchangetotheBalanceSheetliability*|(277)|10|
|Pensionadjustmenttostatementoffinancialactivities|(277)|12|
|Balancesheetliabilityat31December||684|
||December2022|December2021|
|---|---|---|
|Discountrate|n/a|0.0%|
|Priceinflation|n/a|n/a|
|Increasetototalpensionablepayroll|n/a|-1.5%|
##
##
##
##
##
||2022|2021|
|---|---|---|
||%|%|
|Discountrate|5.00|1.82|
|Salaryincreases|3.00|2.50|
|Inflation(RPI)|3.13|3.24|
|Inflation(CPI)|2.91|2.99|
|AllowanceforpensioninpaymentincreasesofRPIor5%ifless|3.01|3.10|
|AllowanceforpensioninpaymentincreasesofCPIor5%ifless|2.83|2.90|
||2022|2021|
|---|---|---|
||f'000|f'000|
|FixedInterestBonds|2,236|5,190|
|Index-linkedgilts|4,074|6,312|
|Property|1,429|1,681|
|Other|2,245|3,034|
||9,984|16,217|
||2022|2021|
|---|---|---|
||f'000|£'000|
|Fairvalueofplanassets|9,984|16,217|
|Presentvalueofdefinedbenefitobligations|(9,217)|(14,793)|
|Unrecognisedsurplus|(767)|(1,347)|
|Surplusrecognised(seenote17)|-|77|
##
##
|Reconciliationofopeningandclosingbalancesofthefairvalueofplanasse|ts:||
|---|---|---|
||2022|2021|
||£'000|f'000|
|Fairvalueofassetsat1January|16,217|16,014|
|Interestincome|293|223|
|Employercontributions|122|192|
|Benefitspaidandexpenses|(398)|(401)|
|Actuarial(loss)/gainonassets|(6,250)|189|
|Fairvalueofassetsat31December|9,984|16,217|
|Reconciliationofopeningandclosingbalancesofthedefinedbenefitobligation:|||
||2022|2021|
||£'000|f'000|
|Definedbenefitobligationat1January|14,793|14,248|
|Currentservicecost|77|170|
|Interestcost|267|198|
|Benefitpaid|(327)|(345)|
|Actuarial(gain)/lossonliabilities|(5,593)|522|
|Definedbenefitobligationat31December|9,217|14,793|
|DefinedbenefitcostsrecognisedintheSOFA:|||
||2022|2021|
||£'000|f'000|
|Currentservicecost|77|170|
|Netinterestincome|(2)|(12)|
|Expenses|71|56|
|Total|146|214|
|Definedbenefitincome(costs)recognisedinothercomprehensiveincome:|||
||2022|2021|
||£'000|f'000|
|Returnonplanassets—(losses)/gains|(6,250)|189|
|Experience(losses)/gainsarisingonplanliabilities|(916)|86|
|Effectsofchangesindemographic&financialassumptionsunderlying|||
|thepresentvalueoftheplanliabilities|6,509|(608)|
|Effectsofchangesintheamountofsurplusthatisnotrecoverable|||
|(excludingamountsincludedinnetinterestcost)|604|(396)|
|Totalamountrecognisedinothercomprehensiveincome|(53)|(729)|
##
##
##
##
##
##
##
|||General&|TangibleFixed|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|
|||Designated|Assets|Funds|Funds|Funds|
|||Funds|PropertyFund|||2021|
||Note|f '000|f'000|f'000|f'000|f'000|
|IncomeandEndowmentsfrom:|||||||
|Donations|2|18,915||289||19,204|
|Charitableactivities|3|2,116||685||2,801|
|Investments|4|717||180|2,360|3,257|
|Othersources|5|12|41|3|34|90|
|Total||21,760|41|1,157|2,394|25,352|
|Expenditureon:|||||||
|Raisingandmanaging|||||||
|funds|6|377|||518|895|
|Charitableactivities|7|28,048||1,124|12|29,184|
|Otherpropertycosts|8||552||172|724|
|Total||28,425|552|1,124|702|30,803|
|Net(expenditure)/income|||||||
|beforeinvestmentgains:||(6,665)|(511)|33|1,692|(5,451)|
|Netgainsoninvestments||4||117|17,301|17,422|
|Net(expenditure)/income||(6,661)|(511)|150|18,993|11,971|
|TotalReturntransfer|14a|6,971|||(6,971)||
|Netincome/(expenditure)after|||||||
|TotalReturntransfer||310|(511)|150|12,022|11,971|
|Othertransfers|14b|459|(392)|(67)|||
|||769|(903)|83|12,022|11,971|
|Otherrecognisedgains/(losses):|||||||
|Gainsonre-valuationof|||||||
|tangiblefixedassets|15||6,808||24,406|31,214|
|(Losses)/gainsondefined
benefitpensionscheme|25|(729)|||686|(43)|
|Netmovementinfunds||40|5,905|83|37,114|43,142|
|Totalfundsbrought||16,116|75,488|2,261|385,778|479,643|
|forward|||||||
|Totalfundscarried|20|16,156|81,393|2,344|422,892|522,785|
|forward|||||||