2024-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2024

GUILDFORD DIOCESAN BOARD OF FINANCE

Company number - 225289 Registered charity number – 248245

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

TABLE OF CONTENTS	Page Number
Annual Report	2
Legal Objects	2
Strategic Report:
Strategic Aims	3
Activities and Achievements in the year	5
Future plans	8
Financial review	15
Principal risks and uncertainties	17
Structure and Governance	18
Trustees’ Responsibilities	19
Administrative details	20
Independent Auditor’s Report	22
Consolidated Statement of Financial Activities	25
Consolidated & Company Balance Sheets	26
Consolidated Cash Flow Statement	27
Notes to the Financial Statements	28

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT For the year ended 31 December 2024

The Trustees, who are also Directors for the purposes of company law, present their annual report, together with the audited financial statements, for the year ended 31 December 2024.

The Directors/Trustees are one and the same and in signing as Trustees they are also signing the strategic report sections in their capacity as Directors.

This combined report satisfies the legal requirements for:

• a Directors’ Report of a charitable company,

• a Strategic Report under the Companies Act 2006 and

• a Trustees’ Annual Report under the Charities Act 2011

LEGAL OBJECTS

The Diocese of Guildford covers most of Surrey and North East Hampshire, one parish in West Sussex and one in the London Borough of Kingston.

The Guildford Diocesan Board of Finance (GDBF)’s principal object is to promote, assist and advance the work of the Church of England in the Diocese of Guildford by acting as the financial executive of the Guildford Diocesan Synod.

The GDBF has the following statutory responsibilities:

• i. the management of glebe property and investments to generate income to support the cost of stipends arising from the Endowment and Glebe Measure 1976 and the Church Property Measure 2018;

• ii. the repair of benefice houses as the Diocesan Parsonage Board under the Repair of Benefice Buildings Measure 1972;

• iii. the management of investments and the custodianship of assets relating to church schools under the Diocesan Board of Education Measure 2022; and

• iv. the custodianship of permanent endowment and real property assets relating to trusts held by Incumbents and Archdeacons and by Parochial Church Councils (PCCs) as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Councils (Powers) Measure 1956.

The strategic priorities of the GDBF are established by the Diocesan Synod in communication with Deanery Synods, PCCs, and the Bishop of Guildford (in respect of his responsibility for the provision of the cure of souls).

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

STRATEGIC AIMS

The diocesan leadership and staff are committed to progressing towards the vision of a Transforming Church, Transforming Lives (TCTL) that was launched in September 2016 and refreshed in March 2022. It is a vision of a diverse, growing, intergenerational church at the heart of each community, working alongside our chaplaincies and schools in living and proclaiming the Good News of God in Jesus Christ. The three priorities of the vision are; Growing Disciples, Growing Diversity and Growing Community.

KEY AREAS OF FOCUS

To help deliver these three priorities at a diocesan and parish level, our staff at Church House focus on seven key strategic objectives:

1. Evangelism and Discipleship : All parishes encourage and provide opportunities to deepen discipleship and connect with unbelievers, the unchurched and the de-churched.

2. Transforming Communities : Worshipping communities are actively seeking opportunity to serve their parish community, to share the love of Jesus and to take the good news into the community.

3. Mixed Ecology : Every parish is implementing at least one fresh expression as a means of reaching the unbeliever and the unchurched by the end of 2027.

4. Church Vocations : To provide people with a discernment, training and formational pathway that facilitates God's call for everyone on the vocational journey into both lay and ordained service.

5. Children & Young People : The partnership of schools, churches and households enables children and young people to explore and develop their Christian faith and contribute to the life of their church, school, and community.

6. Net Zero Carbon : Guildford Diocesan Board of Finance properties achieve carbon net zero by end 2030 (the Church of England objective) and Church of England Schools are supported in reducing their carbon footprint.

7. Racial Diversity : That our cathedral, churches, schools, Church House and diocesan structures -- including their leadership -- reflect the racial diversity of their communities.

BRINGING THE VISION TO LIFE

The Church House support to parishes, schools and chaplaincies is delivered in a number of ways including the Parish Needs Process (PNP), through strengthening relationships and links between churches and our schools, investing in missional projects across the parishes, safeguarding support, and training to raise up new leaders and equipping existing leaders to deliver the diocesan vision.

Read more on our website

ACTIVITIES AND ACHIEVEMENTS

In 2024, we made good progress against our strategic objectives. Particular areas to celebrate include:

Evangelism and Discipleship

• The PNP was completed in four deaneries and started in a further two. Forty-seven parishes discerned and began to deliver Church Development Plans, 65% of which had specific action points directly relating to deepening discipleship activities.

• In 2024, 20 churches were supported and are progressing through the Revitalisation process to help encourage viable churches.

• All the funds allocated to the diocese’s Mission Fund 2024-2026 (£900,000) were allocated

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

• to nine projects which contribute to the diocese’s objectives in revitalisation, church vocations and carbon net zero. £90,000 from the Mission Fund also part- funded parishes receiving 3 additional curates for 3 years with the ambition that they will be licensed in parishes in need of revitalisation.

• Three Parish Partnerships have been developed in order to achieve sustainability and financial savings. These partnerships are discerned by the parishes as one of their revitalisation options. What begins as supportive explorative partnerships may lead to combining parishes into single parish benefices: St Barnabas Epsom and St Paul’s Howell Hill combined into a benefice.

• Our Church Growth events including speakers, such as The Rt Revd Rowan Williams and Canon J John, were attended by 350 leaders.

Transforming Communities

• We appointed eight Borough Deans to strengthen collaboration and links with local government to support community outreach.

• Seven new Hear Here clinics opened in 2024 with a 35% increase in the number of visitors in the last year.

Mixed Ecology

• We were able to support the Mixed Ecology Strategy of Mission and Ministry by providing training sessions for Local Ministry Programme (LMP) students, for curates in the IME phase 2, for Training Incumbents, and the diocesan clergy at the Bishop’s Study Day.

Church vocations

• The recently launched Foundations in Ministry (FIM) course welcomed a cohort of 40 in its first year and 30 in the second year, which will bolster lay and ordained ministry.

Children and Young People

• The full externally-funded Youth Catalyst team started in January 2024 and is enjoying wonderful fruitfulness in four secondary schools and several churches.

• 455 young people attended across 10 vibrant worship gatherings from May-December 2024, including a ‘Thy Kingdom Come’ celebration event to mark the end of Pentecost

• 4 young people came to faith through missional Hub activities

• 112 young people made a connection in some form to their local church, of which 12 began regularly attending the churches’ small discipleship groups

• An average of 29 young people regularly attended a small discipleship group within their school Hub

• 5 clergy were trained in Youthscape’s Launchpad scheme to help churches begin new youth ministry initiatives within their parish context

• For Children & Families, significant research was conducted which will inform an application to the Strategic Mission and Ministry Investment Board which seeks to encourage children under 12 to consider the Christian faith and to disciple those who choose to follow Jesus. The application will be submitted in October for a project to start in 2026.

• We used funds from the Mission Fund to move the DBE’s School & Church Partnerships Advisor to the Mission Team two days a week to help strengthen the partnership between schools and churches.

• Following extensive research, we have rationalised and increased the training that we

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

provide for working with Children, Youth and Families.

Net Zero Carbon:

• Net Zero Carbon (NZC) Team reached full strength in September 2024 supported by a £112,000 grant from the National Church. The NZC Programme Manager manages the programme of 3 dioceses which is enabling valuable collaborations.

• We made good progress towards the Net Zero Carbon strategy:

• Air Source Heat Pumps (ASHPs) were installed in 11 schools funded by the Public Sector Decarbonisation Scheme (PSDS)

• there was a 25% increase in the number of parishes with Eco Church awards, and a 56% increase in those with the silver award. There was an increased incorporation of Creation Care and NZC-related training into our programmes for training for Clergy, Ordinands and Lay Ministry.

• Thirty-six energy audits were completed for parishes with the highest emitting buildings.

• Grants totaling in the region of £150k were secured from the National Church through the ‘Quick Wins’ and ‘Demonstrator’ initiatives. Through our positive relationship with Surrey County Council, we supported parishes to apply for UK government capital funding, with two parishes securing grants totaling £295k to support their net zero work.

• ‘Energy Assessment Reports (EARs)’ have been obtained for 120 properties (as part of Quinquennial Inspections). These provide detailed data on what is required in each property to reach NZC. ‘Easy win’ NZC work (e.g. improving insulation) is now undertaken when clergy properties are vacant and £50,000 has been secured from the National Church for a clergy housing ‘Demonstrator Project’.

• The new Church House Guildford Office is designed to be energy efficient.

Racial diversity

• We ran three workshops to develop our action plan for increasing racial diversity in our churches and leadership teams and applied for funding (which has been approved) to the national Racial Justice Unit enabling us to recruit a Racial Diversity Enabler full time for 3 years who will work with churches to achieve the desired change in culture.

• We plan to recruit more UKME/GMH members to the Racial Diversity Advisory Group this year.

Online Ministry

• Thanks in part to earlier support from the Communications Team, a high prevalence of churches continue to stream services, and there is a much higher level of knowledge and skills in churches to support online ministry. It was, therefore, agreed that there is no longer a strategic need to develop Online Ministry (a response to the pandemic of 2020-22) but churches continue to receive advice and support from the Communications Team, and are able to access existing resources and guides on Online Ministry via the diocesan website.

Safeguarding

• Safeguarding continues to be of utmost priority as we strive to achieve the best possible standards in safeguarding across the Diocese. .

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

Progress against each strategic area was reported to meetings of the Bishop’s Leadership Team and the Bishop’s Council. Owners of the strategic areas were each invited to set new goals for 20252026. Goals include:

ORGANISATIONAL

Office relocation

• The final decision was made to bring the GDBF and GDBE to the Cathedral campus. The break clause for the lease of Church House was exercised in March 2024. Contracts were tendered and awarded for the construction of an extension to the former Diocesan Education Centre on the cathedral campus and for its fit out. We occupied the new Church House in April 2025.

FUTURE PLANS

Evangelism and Discipleship

• Encouraged by the PNP, a Growing Discipleship plan will be evident in 75% of Church Development Plans by end 2025.

• Each parish has at least one priority in their development plan indicating how they intend to build/continue developing a culture of discipleship amongst their core membership.

• Process evangelism courses evident in 50% of plans by end 2025.

Transforming Communities

• Community engagement projects included in 75% of Church Development Plans by end 2025.

• All 12 deaneries have appointed Borough Deans, working together for community engagement in the diocese. 2025 will see a focus on the distinctiveness of rural ministry and how we best support our rural parishes.

• 2025 will see greater collaboration between the diocese and Ministry in the Edge (MITE) parishes, supporting their ministry in our most deprived areas.

• Interfaith and Immigration/Refugee advisors working together to promote better relations in areas with migrant communities.

Mixed Ecology

• 40% of parishes have at least one full-time clergy.

• Growing number of Intergenerational Churches, 14 churches involved in the Intergenerational Learning Community

• Increase in the numbers of Pastors and School Leaders engaged in partnerships. Growing Church – School Partnerships leading to New Worshipping Communities

• Three Churches trained through the youth worship framework

• Growing Youth New Worshipping Communities

Church Vocations

• Develop the Local Ministry Programme: Recruit 70 Lay associate ministers by July 2025, 12 ordinands by Sept 2025, 6 Licensed Lay Ministerial candidates by May 2025; Rebrand LMP by July 2025 to make programmes more attractive to a broader range of applicants, and increase the number of participants

• Grow the number of people actively exploring vocations through:- o Bishop’s Study Morning on vocations

• 3 x ‘Nudge’ vocations events per year, and further developing a template for deaneryled Nudge events

• Re-envision Local Vocation Advisers – 2 per deanery, both to support local vocations,

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

• to increase diversity of those supporting vocations and to ensure there are multiple points of entry

• Develop strategies for young (18–32) and UKME/GMH vocations in support with LMP colleagues and the Racial Diversity Mission Enabler

• Maximise the opportunity of annual Vocations Sundays (11th May 2025)

• IME2 to encourage local curate-organised vocations events

• Review Ministry Development Reviews (MDR) to support clergy to have more vocational conversations

• Senior staff to preach on church vocations when visiting parishes (especially confirmations), in Cathedral etc.

Children & families

• Continue to develop the Intergenerational Learning Community, inviting more churches to join as appropriate

• Develop a group of church and school leaders who will meet together regularly to explore how their partnership can enhance the spiritual development of children.

• Review and adapt the new Children and Young Families (CYF) training plan so that everyone receiving leadership training within the diocese receives appropriate training around CYF.

Young People

Development of Youth Catalyst Project:

• Creating stronger missional pathways between schools and church

• Training 5 more youth ministries and seeing them using the small group framework,

• • Recruit 8 trainees & launch of degree programme with LMP to upskill existing youth leaders.

• Deliver 20 missional worship events for young people

• Initiating Launchpad with 4 more churches to expand their youth work.

• Development of Diocesan Ministry Experience Scheme and Future Youth Streams to support Church ministry and young vocations.

Net Zero Carbon

Targets for 2025 focus on:

Schools

• Complete the implementation of the current schools’ PSDSproject and monitor acceptance and impact of the Air Source Heat Pumps, identifying/documenting key learning from the design and implementation of the project for application in further funding bids.

• Embed ownership of NZC with school leadership teams, and how our future NZC fundraising efforts will be shaped by the schools’ own Carbon Action Plans.

• Parishes

• Support more parishes to develop their own NZC action plans;

• Secure more external funds to support parishes’ capital works;

• Increased collaboration with the Diocesan Mission Team to strengthen the way that Creation Care and NZC work enables our wider TCTL missional aims.

• Clergy Housing

• Complete the Clergy Housing Demonstrator project and identify/share key learnings;

• During vacancies, continue to undertake where possible ‘easy win’ energy efficiency work as standard, setting up mechanisms to more clearly track and report on what work is being done.

Church House office and diocesan-wide work

• Achieve the A Rocha Eco Diocese ‘silver’ award in 2025 which will include the development

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

and approval of a new GDBF Environment Policy;

• Develop ideas and guidance for staff on practical, environmentally sustainable lifestyles which will also be promoted among parishes and clergy for application at personal and household level.

Racial Diversity

• Recruit a Racial Diversity Enabler. Review the Racial Diversity strategy and develop an implementation plan which aims for the composition of church members and church leaders, both lay and clergy, to reflect the diversity of their local community.

Parish Needs Process

• Continue the programme to visit every parish (not in Revitalisation) every two years to help the parish develop a Church Development Plan, encouraging and delivering growth and advancing diocesan and parish priorities, Growing disciples, Growing younger and Growing diversity

• Develop and agree the theme for PNP cycle three for 2026-2027

Revitalisation

• Revitalising parish ministry and mission through well managed changes and providing them with a better chance to achieve their vision and church development goals: Ten parishes moved onto the next phase within the process. Seven parishes at the beginning of Phase five or exited.

• Synergies and financial savings due to the improved sharing of resources and expertise resulting from re-organisation of parishes or other forms of partnerships where these are taking place: 4-5 Partnership discernment processes.

Engaging Church Schools & Academies

• Increase capacity in the academy sector by supporting the merger of some of our smaller Church of England Multi-Academy Trusts (MATs) to ensure they get to scale

• Ensure that vulnerable schools are pro-actively monitored and supported so they maintain their Good and Outstanding grades at their next inspection (currently 93%).

• Provide training and support for all Church schools and MATs on the new Statutory Inspection of Anglican and Methodist Schools (SIAMS) Framework 2023 so they are adequately prepared and maintain or improve the SIAMS inspection grade.

• Replenish the Uniform Statutory Trust (UST) funds (education endowment) through the sale or long-term lease of former-school sites.

• Support school governing bodies and academy trusts by helping them to improve the diversity of their governing boards and tackling unconscious bias in recruitment processes for school leaders

• Support our Church schools with reducing their carbon emissions by providing training for sustainability leads (champions) to drive improvements

Mission Fund

• Ensure current projects financed by the Mission Fund meet their objectives.

• Identify means of replenishing the Mission Fund in coming years

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

Leadership Training

• Develop and implement the Virtual Learning Environment (VLE), beginning with the Foundations in Ministry (FiM) Programme. FiM content will be accessed online from September 2025

• Create a strategic plan for the move of all existing non-accredited courses (First Timers, First Incumbents, Caleb, Initial Ministerial Education (IME) and Occasional Lay Leader Courses) to the online platform. The development work will begin in 2025 and run through to mid-2026.

• Develop, launch and monitor a Continuing Ministerial Development (CMD) programme for clergy, in line with clergy competencies and Ministerial Development Review needs, with the aim of increasing clergy CMD engagement by 50% by the end of 2025.

Safeguarding

• Implementation of the Makin Review (2024) and Scolding Review (2024) recommendations as soon as possible.

• Focus on embedding and developing good practise across the Diocese by the introduction of drop-in ‘Safeguarding Surgeries’ led by the Diocesan Safeguarding Team (DST) and the Bishop’s Leadership Team and a communications campaign to highlight the need for everyone to take responsibility for safeguarding and to raise awareness of how to identify the signs of abuse.

• An increase in Diocesan Safeguarding Team (DST) staff to enable a greater focus on proactive and preventative work in response to Makin and Scolding Reviews and in preparation for the audit in 2027 by a third-party safeguarding auditor.

• Improve and develop comprehensive support for Parish Safeguarding Officers.

• Focus on developing understanding of those who pose a risk of sexual harm to children.

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

For the year ended 31 December 2024

ANNUAL REPORT

FINANCIAL REVIEW

Financial Performance

Total income for the year was £15,731,000 (2023: £14,524,000). Parish share contributions were £11,842,000 (2023: £11,569,000). The collection rate came back to up to 97.1% (2023: 96.8%; 2022: 97.3% 2021: 95.5%; 2020: 91.8%) against the amount requested. Parishes are reporting that finances are strained and this continues to cast doubt on our ability to return to pre-pandemic giving levels (2019: 98.7%). Income from statutory fees (weddings & funerals) was £331,000 (2023: £368,000).

The GDBF budgets to break even on its general fund before any capital gains/losses. Various external factors continue to contribute to the uncertainty in financial planning that began with Covid-19. Since that time global economics have been further affected by geopolitical instability in Europe and the Middle East, political changes in the UK and as we go into 2025 the effects of an administration change in the USA. The result was a net deficit of £221,000 on the general fund (2023: £9,000 net income) that, this year, is directly attributable to the clergy housing overspend which was not sufficiently compensated for by stipend savings through vacancies.

General Fund Net income after transfers Grants paid to parishes relating to 2021 surplus Grants paid to parishes relating to 2022 surplus Net income per management accounts	2024 2023 2022 £'000s £'000s £'000s
	(221) (145) 186
	125
	154 (154)
	(221) 9 157

There was an overall net decrease in funds of £1,265,000 (2023: decrease £13,997,0001). Values of tangible fixed assets fell by £743,376 (2023: £9,613,000 loss). Total investment value rose during the year resulting in a small net gain of £34,000 (2023: £3,434,000 loss) driven largely by a revaluation of our endowment investments. There was no net actuarial gain on pension funds (2023: £54,000 gain).

The financial stability of the GDBF depends on the financial strength of its parishes. This applies particularly to Guildford which lacks historic reserves and has the highest dependency on parish share of any Diocese. Across the diocese, unrestricted income has exceeded expenditure for the past 3 years but by less than 1%. At the same time the number of regular givers is in decline and in 2023 was 15% lower than in 2019. Approximately 32% of parishes are spending over 50% of their income servicing Parish Share. We continue the review of all our parishes, started in 2021, and work on a significant programme of re-organisations including new plants and growth initiatives to address the long-term sustainability of our parishes and therefore of the GDBF.

Balance sheet position

The balance sheet position remains strong. However, while net assets at the balance sheet date totalled £212m (2023: £213m), most of that represents properties in use for ministry whose value amounted to £189m (2023: £186m). Much of the remainder of the assets shown in the balance sheet are held in restricted funds and cannot necessarily be used for the general purposes. Note 21 gives further detail of the allocation of assets to funds.

1 Based largely on the re-valuation of property

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

Reserves policy

Free reserves

Recognising that the Diocese is heavily reliant on parish share receipts and that the major expenditure is on the clergy and lay staff to keep the organisation in operation, the GDBF has set a minimum level of general free reserves, excluding fixed assets, of 25% of budgeted annual expenditure which for 2024 was £4.2m. The balance of reserves excluding fixed assets on the general fund at 31 December was £1.9m (2023: £2.0m). To meet this target, the intention is sell houses that are not required for missional purposes and invest income into accessible investment funds.

The GDBF also has a policy of holding on deposit, or otherwise readily available within the Glebe, Pastoral Account or other suitable funds, sufficient cash over and above funds to meet normal cashflows to be able to purchase two houses of modest value. ‘Modest value’ will be calculated using the average freehold cost of a house that meets the requirements of the Green Book within the borders of the Diocese. At 31 December 2024 the GDBF had available cash balances less short-term borrowings of £2.0m (2023: £2.6m) excluding funds restricted to schools and other specific purposes.

Designated funds

The Trustees may designate unrestricted reserves to be retained for an agreed purpose where this is considered to be prudent. Such designated reserves are reviewed on an annual basis and returned to the general fund in the event that the purpose of their designation is no longer considered to be adequate justification for their retention. The balances and the intended use of each reserve are set out in notes 21 and 22. At 31 December 2024 total designated reserves were £2.2m (2023: £2.3m).

Restricted and endowment funds

As at 31 December 2024 restricted funds were £1.6m (2023: £1.9m) and endowment funds £206.5m2 (2023: £207.0m). The balances and purposes of these are set out in notes 21 to 22.

Grant making policy

The GDBF gives grants from funds established in the annual budget which is approved by Synod and is in line with its objectives. The main grants given in the year are set out within note 9.

Investment policy and performance

The GDBF has power to invest funds not immediately required for operational purposes in such concerns, securities or properties as it thinks fit. The GDBF follows the ethical investment policies and guidelines of the Church of England Ethical Investment Advisory Group. Non-property financial investments at 31 December 2024 had a market value of £12.7m (2023: £10.4m) of which £9.1m (2023: £9.7m) were invested within the Church Funds Board (CBF) Church of England investment funds managed by Church Charity and Local Authority (CCLA) Investment Management Limited. Total return performance for the CBF investment fund for 2024 was +5.09% (2023: +12.6%), somewhat below CCLA’s comparator weighted index return of 15.3% (2023: 13.3%). This was due largely to the decision not to invest in the big technology stocks whose performance tilted the market upwards. The five-year fund total return is +5.82% p.a. (comparator +10.1% p.a.).

Property investments are primarily in residential property with some glebe land within the Diocese of Guildford. It also includes £2.9m (2023 £2.9m) of disused school sites. The total market value at 31 December 2024 was £9.7m after re-valuation and the sale of six properties realising £3,733,319 (2023: £13.8m). The Trustees have maintained a high level of residential property investments relative to our financial market investments because a major potential area of expenditure for the Diocese is on residential property for delivering ministry and its residential property investments act as a hedge against that exposure. However, it is a non-diversified, non-liquid asset subject to the risks of the UK housing market and the Trustees have adopted a policy to move more funds from

2 Of which 72% is the nominal book value of benefice housing.

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T: 01483 790300 E: [e-mail] www.cofeguildford.org.uk

GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

residential property, where not required for direct ministerial purposes, to financial funds over a number of years. The Board of Education, with the GDBF as Custodian Trustees, reviews how best to realise value on the disused school sites to support Diocesan schools and education activities.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees are responsible for the identification, mitigation and management of risk. To achieve this, a register of all the risks identified is maintained and, alongside it, a management and mitigation strategy formed. This is subject to review by the Trustees on an annual basis. The key strategic risk is the persistent gradual decline in church attendance and the increasing age profile. Much of this report has detailed our strategy to respond to this. Other important risks are highlighted as follows with the associated mitigation strategies:

• Safeguarding: Safeguarding remains a high priority for the GDBF. 2024’s high profile safeguarding media stories have prompted an even more urgent need to promote positive safeguarding culture and has increased awareness. Mitigating measures in place include monitoring training levels and other safeguarding activities in parishes through the Parish Safeguarding Dashboards, an increase in resources for the safeguarding team, an ongoing training strategy and electronic and a social media safeguarding campaign.

• Parish share: Covid has had a significant impact on parish finances. This, coupled with the increase in Employer National Insurance Contributions increases the risk that shortfalls will grow. Mitigating controls in place include active engagement with parishes and stewardship and mission support. A number of parishes will need help to re-organise so that they can be financially and missionally sustainable.

• Appointments: In common with all Dioceses, the GDBF faces a high number of clergy retirements in the coming years with a reducing pool of potential replacements. Mitigating controls in place include strong Archdeacon engagement, clear appointment process and increased focus on vocations. The GDBF has adopted a strategic goal of increasing vocations and new clergy.

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

STRUCTURE AND GOVERNANCE

Summary Information about the structure of the Church of England

The Church of England is the established Church with HM The King having the title of supreme governor. It is organised into two provinces (Canterbury and York) and 42 Dioceses. Each Diocese is a see under the care of a bishop who is charged with the cure of souls of all the people within that geographical area. This charge is shared with priests within benefices and parishes which are subdivisions of the Diocese.

The national church has a general synod comprising ex-officio and elected representatives from each Diocese and it agrees, and lays before Parliament, measures for the governance of the church’s affairs which, if agreed by Parliament, have the force of statute law. In addition to the general synod, the Archbishops’ Council has a coordinating role for work authorised by the synod; the Church Commissioners manage the historic assets of the Church of England; and the Church of England Pensions Board administers the pension schemes for clergy and lay workers. Within each Diocese, overall leadership lies with the Diocesan bishop, who exercises that input as Bishop within the Diocesan synod. The Diocese itself is divided into twelve deaneries, each with its own synod, and within each parish there is a parochial church council which shares with the parish priest responsibility for the mission of the church in that place, in a similar way to that in which the bishop shares responsibilities with the Diocesan synod.

Whilst each Diocese is a separate legal entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each Diocese to seek support from and act in partnership with neighbouring Dioceses.

Organisational structure

The GDBF is a company limited by guarantee (No. 225289) and a registered charity (No. 248245) governed by its memorandum and articles of association.

The GDBF’s principal activity is to promote, assist and advance the work of the Church of England within the Diocese of Guildford. It was established in its present form in 1927 and is successor in title to the Guildford Diocesan Trustees.

The governance and policy of the GDBF is the responsibility of the Directors, who are also members of the GDBF and Trustees for the purposes of charity law. The details of Trustees who served during the year are set out on page 21.

The Diocesan synod, the statutory governing body of the Diocese, is an elected body drawn from across the Diocese with responsibility for setting the vision and strategy of the Diocese, guided by the bishop’s staff team. The synod membership is elected every three years, the last elections having been on 12 July 2024. The Synod elects 12 of the Trustees of the GDBF. Whilst the GDBF is a separate legal entity, with clear responsibilities under both company and charity law as well as a governing memorandum and articles of association, by virtue of the National Institutions Measure 1998, the GDBF is subject to the direction of the synod in all its activities unless such direction is not in accordance with the governing documents or statutory regulations.

Historical assets arising from unexpended accumulations of sale proceeds of redundant Church of England school properties are accounted for in the restricted Church Schools fund and are managed by the GDBF in consultation with the Diocesan Board of Education.

Decision making structure

Corporate priorities and the overall financial strategy for the Diocese, in its primary object to promote, assist and advance the work of the Church of England within the Diocese of Guildford, are set by the Diocesan synod, and the GDBF. The responsibility for ensuring that these priorities and strategies are delivered is delegated to the Diocesan Secretary and Bishop’s staff team. The GDBF

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

meets once a year in general meeting to receive and approve the annual report and financial statements and to appoint the auditors. The Diocesan Synod each year receives and agrees the annual budget, prepared and approved by the Trustees. The Trustees, meeting within the context of the Bishop’s Council & Standing Committee, hold at least eight meetings during the year to formulate and coordinate policies on mission, ministry and finance by:

• Initiating proposals for action by the Synod and advising it on matters of policy.

• Transacting business of the Synod when it is not in session subject to the directions of the Synod and in accordance with Synod Standing Orders.

• Acting as the Trustees of the GDBF.

• Planning the business of the Synod, preparing the agenda for its session, and circulating to members information about matters for discussion.

• Advising the Bishop on any matters he may refer to the Trustees.

• Initiating consideration of any restructuring of Synod Committees and Departments which may appear necessary and of the establishment of ad hoc review groups, their terms of reference and membership.

• Carrying out such other functions as the Synod delegates to it.

• Appointing members to committees and representatives to external bodies, subject to the direction of the Synod.

The Trustees are assisted in their work by the Finance and Audit Sub Committee which monitors management accounts and budget, the use of assets and investment policies and makes recommendations on areas such as loans. A programme board provides additional scrutiny of GDBF’s growth and revitalisation projects and grant funding. The Guildford Diocesan Board of Education (GDBE) (as incorporated under the DBE Measure 2021) is a statutory subcommittee of the GDBF responsible for Church of England schools and academy trusts in the Diocese of Guildford.

Trustee recruitment, selection and induction

Trustees are members of the Bishop’s Council & Standing Committee and are selected as set out above. Trustees are given an induction at the outset of the triennium and at other times as appropriate. They are also informed before seeking membership and at all other relevant times of the role and function of the Committee. Some staff hold the title of ‘Director’, but this relates to their function within the organisation and has no legal meaning within the terminology associated with the Companies Act. All Trustees are required to maintain their entry in the record of declarations of interest and loyalty.

Remuneration of key management personnel

Emoluments of higher-paid employees are determined by the Bishop of Guildford and the Chair of the GDBF in consultation with GDBF’s remuneration committee which includes members of Bishop’s Council as relevant. Procedures include regular appraisals and benchmarking of remuneration.

Delegation of day-to-day delivery

The Trustees and the sub-committees which assist them in the fulfilment of their responsibilities, rely upon the Diocesan Secretary and colleagues for the delivery of the day-to-day activities of the GDBF. The Diocesan Secretary and other members of Bishop’s staff team are given specific and general delegated authority to deliver the business of the GDBF in accordance with the policies framed by the Trustees.

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

Funds held as Custodian Trustee

The GDBF is custodian Trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing Trustees are parochial church councils and others. These assets are not aggregated in the financial statements as the GDBF does not control them, and they are segregated from the GDBF’s own assets by means of a separate bank account and accounting system. Further details of financial trust assets, whose market value amounted to £7.58m (2023: £7.56m), are summarised in note 24. Where properties are held as custodian Trustee, the deeds are identified as such and held in safe custody by the GDBF’s solicitor.

Funds held on behalf of schools

The Diocesan Board of Education administers on behalf of its schools government grant funds for major repair and capital projects to church schools. It administers these monies as managing agent and makes appropriate payments to contractors for work carried out. The monies do not belong to the Board of Education and as such the receipts and payments are not treated as income and expenditure in the Statement of Financial Activities. Any monies held at the balance sheet date are treated as creditors on the balance sheet. The amount included in creditors as at 31 December is £4.3m (2023: £4.1m). The income and expenditure relating to school projects not reflected in the Statement of Financial Activities amounted to £5.5m and £6.2m respectively (2023: £1.8m and £1.9m).

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations .

Company law requires the Trustees (as Directors) to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the GDBF and of the surplus or deficit of the GDBF for that period. In preparing these financial statements the Trustees are required to:

• Select suitable accounting policies and apply them consistently.

• Observe methods and principles in the Charities SORP.

• Make judgements and estimates that are reasonable and prudent.

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

• Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue in operation.

The Trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the GDBF and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the GDBF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the GDBF’s website. Legislation in England/Wales governing the preparation and dissemination of financial statements and other information included in Annual Reports may differ from legislation in other jurisdictions.

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

STATEMENT OF DISCLOSURE TO THE AUDITORS

So far as the Trustees are aware:

• 1) there is no relevant audit information of which the charitable company’s auditors are unaware, and

• 2) we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

ADMINISTRATIVE DETAILS

Trustees

No Trustee had any beneficial interest in the GDBF during 2024. The following Trustees served from 1 January 2024 up to the date of this report:

Ex-officio members

The Bishop of Guildford The Archdeacon of Surrey The Archdeacon of Dorking Chair of the GDBF

Bishop nominees

The Bishop of Dorking The Dean of Guildford Mr G Everness (Vice Chair of the GDBF) The Revd Canon B Hunt (to Dec 2024) The Revd E Prior (to Dec 2024) The Revd M Babatunde (to Dec 2024)

Co-opted members

Mrs A Shaw (to Dec 2024)

Elected by Synod House of Clergy Elected by Synod House of Laity The Revd Canon B Beecroft Canon P N E Bruinvels The Revd C Bessant Mr G Everness (Vice Chair of the GDBF) The Revd Canon R A Donovan (to Dec 2024) Mr G Hampshire The Revd Canon S Taylor (to Dec 2024) Mrs M Hill (to Sept 2024) The Revd D H Uffindell (from Nov 2024) Canon K R Malcouronne Mr G McFarland Mr N Stuart (to Dec 2024)

Key Management Personnel Diocesan Secretary Canon Geraldine Newbold Deputy Diocesan Secretary Steve Collins (to January 2024) Head of Governance & Operations Katherine Darwent (from February 2024) Director of Mission Team The Revd Canon Dr Peter Harwood Director of Education Canon Alex Tear Director of Finance Malcolm Twigger-Ross (to Sept 2024) Director of Finance Inigo Churchill (from Aug 2024) Director of People & Safeguarding Andy Morgan

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GUILDFORD DIOCESAN BOARD OF FINANCE

ANNUAL REPORT

For the year ended 31 December 2024

Advisors

Bankers Lloyds Bank PLC, High Street, Guildford, Surrey, GU1 3AD Auditors Forvis Mazars LLP, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS Solicitors Lee Bolton Monier-Williams LLP, 1 The Sanctuary, Westminster, SW1P 3JT (to 31 Aug 2024) Birketts LLP, One London Wall (fifth floor), EC2Y 5EA (from 1 Sep 2024) Investment Managers CCLA Investment Management Limited, 1 Angel Lane, London, EC4R 3AB Insurers Ecclesiastical Insurance Group, Beaufort House, Brunswick Road, Gloucester, GL1 1JZ Registered Office: Church House Guildford, 20 Alan Turing Road, Guildford, Surrey, GU2 7YF (to March 2025) Church House Guildford, Stag Hill, Guildford, Surrey, GU2 7UP (from March 2025)

In approving this Trustees’ Report, the Trustees are also approving the Strategic Report included on pages 1-13 within their capacity as company directors.

ON BEHALF OF THE TRUSTEES

Canon Steve Roberts Chairperson

31October 2025

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GUILDFORD DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF GUILDFORD DIOCESAN BOARD OF FINANCE For the year ended 31 December 2024

Opinion

We have audited the financial statements of Guildford Diocesan Board of Finance (the ‘parent charity’) and its subsidiary (‘the group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2024 and of the group’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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GUILDFORD DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF GUILDFORD DIOCESAN BOARD OF FINANCE

For the year ended 31 December 2024

• the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its sector, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: health and safety regulation, anti-bribery, corruption and fraud and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of noncompliance throughout our audit; and

• Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities Act 2011 and the Companies Act 2006.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related

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GUILDFORD DIOCESAN BOARD OF FINANCE

INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF GUILDFORD DIOCESAN BOARD OF FINANCE For the year ended 31 December 2024

to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, income recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor

6 Sutton Plaza, Sutton Court Road, Sutton, Surrey SM1 4FS

Date: 31 October 2025

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GUILDFORD DIOCESAN BOARD OF FINANCE

CONSOLIDATED STATEMENT OF THE FINANCIAL ACTIVITIES For the year ended 31 December 2024

			Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total	Total
			General	Designated	Funds	Funds	2024	2023
	Note		£'000	£'000	£'000	£'000	£'000	£'000
	Income and endowments from
	Donations
	Parishes 2		11,842	-	-	-	11,842	11,569
	Archbishops’ Council 2		263	311	427	-	1,001	671
	Other 2		89	111	-	-	200	238
	2		12,194	422	427	-	13,043	12,478
	Charitable activities 3		620	10	124	-	754	676
	Other trading activities 4		723	-	(2)	-	721	621
	Investments 5		358	-	390	158	906	749
	Other 6		-	-	-	307	307	-
			13,895	432	939	465	15,731	14,524
	Expenditure on:
	Raising funds 7		(512)	(5)	(8)	(36)	(561)	(639)
	Charitable activities 8		(13,923)	(522)	(1,062)	(219)	(15,726)	(14,889)
			(14,435)	(527)	(1,070)	(255)	(16,287)	(15,528)
	Net (expenditure)/income before investment gains /(losses)		(540)	(95)	(131)	210	(556)	(1,004)
	Net gains / (losses) on investments		2	-	8	24	34	(3,434)
	Net (expenditure)/income		(538)	(95)	(123)	234	(522)	(4,438)
	Transfers between funds 11		317	(52)	(215)	(50)	-	-
	Net (expenditure)/income after transfers		(221)	(147)	(338)	184	(522)	(4,438)
	Other recognised gains/(losses)
	(Losses)/Gains on revaluation of fixed assets		-	-	-	(743)	(743)	(9,613)
	assets
	Actuarial gains on pension schemes	-	-	-	-	-	-	54
	Net movement in funds		(221)	(147)	(338)	(559)	(1,265)	(13,997)
	Total funds brought forward		2,069	2,344	1,905	207,049	213,367	227,364
	Total funds carried forward	20	1,848	2,197	1,567	206,490	212,102	213,367

The net surplus of income over expenditure, together with details of income and expenditure required by the Companies Act, may be derived from net income before transfers, excluding movements on endowment funds, in the Statement of Financial Activities above.

GDBF’s company only result (net movement in funds) for the year was £1.2m deficit (2023: £14.0m deficit).

The Notes form part of the financial statements.

Company Number – 225289

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GUILDFORD DIOCESAN BOARD OF FINANCE

BALANCE SHEETS

As at 31 December 2024

		Group	Group	GDBF	GDBF
	Note	2024	2023	2024	2023
		£'000	£'000	£'000	£'000
Fixed assets
Tangible assets	12	188,744	186,223	188,744	186,223
Investments	13	19,868	24,210	19,868	24,210
		208,612	210,433	208,612	210,433
Current assets
Property held for resale		-	600	-	600
Debtors	14	5,718	4,048	5,612	3,966
Cash on deposit		6,566	6,201	6,566	6,201
Cash at bank and in hand		824	628	771	576
		13,108	11,477	12,949	11,343
Liabilities
Creditors: amounts falling due within oneyear	15	(6,446)	(5,386)	(6,380)	(5,339)
Net current assets		6,662	6,091	6,569	6,004
Total assets less current liabilities		215,274	216,524	215,181	216,437
Creditors: Amounts falling due after more than one year	16	(2,607)	(2,659)	(2,607)	(2,659)
Provisions for Liabilities	17	(565)	(498)	(565)	(498)
Total net assets		212,102	213,367	212,009	213,280
The funds of the charity
Unrestricted income funds:
General funds		1,848	2,069	1,755	1,982
Designated funds		2,197	2,344	2,197	2,344
		4,045	4,413	3,952	4,326
Restricted funds		1,567	1,905	1,567	1,905
Endowment funds		206,490	207,049	206,490	207,049
Total funds	21	212,102	213,367	212,009	213,280

The endowment fund balance above includes revaluation of reserves of £109m (2023: £110m).

The Notes form part of these financial statements. The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2025 and signed on behalf of the Board by:

CANON STEVE ROBERTS GDBF Chairperson

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GUILDFORD DIOCESAN BOARD OF FINANCE

CONSOLIDATED CASH FLOW For the year ended 31 December 2024

	2024 2023
	£'000 £'000
Cash flows from operating activities
Net cash (used in) operating activities	(1,269) (1,615)
Cash flows from investing activities
Dividends, interest and rents from investments	906 749
Purchase of property and equipment	(3,859) (1,058)
Purchase of investments	(74) (950)
Sale of investments	4,625 1,039
Sales of property and equipment	266 1,691
Net cash generated by investing activities	1,864 1,471
Cash flows from financing activities:
Repayments of borrowing	(36) (1,036)
Net cash used in financing activities	(36) (1,036)
Change in cash and cash equivalents	561 (305)
Cash and cash equivalents at 1 January	6,829 7,134
Cash and cash equivalents at 31 December	7,390 6,829
Reconciliation of net expenditure to net cash flow from operating activities
Net expenditure	(522) (4,438)
Adjustments for:
Depreciation charges	22 20
Gains on property and equipment	307 368
Gains on investments	(34) 3,434
Dividends, interest and rents from investments	(906) (749)
(Increase) in debtors	(1,084) (693)
Increase in creditors	949 443
Net cash used in operating activities	(1,268) (1,615)
Analysis of cash and cash equivalents
Cash on deposit	6,566 6,201
Cash at bank and in hand	824 628
	7,390 6,829

Cash on deposit includes £3,006,000 (2023: £3,896,000) held for the benefit of schools’ buildings.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

1. ACCOUNTING POLICIES

The Trustees have reviewed working capital and capital expenditure requirements and as a result, are satisfied that it is appropriate to prepare these financial statements under the historical cost convention, with the exception of freehold properties, which are included at their fair value as determined under the applicable valuation method as detailed in c), and fixed asset investments, which are included at their market value at the balance sheet date. The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019), the Companies Act 2006 and applicable accounting standards (FRS102). The charitable company’s own Statement of Financial Activities has not been presented as permitted by s.408 of the Companies Act 2006.

The Trustees have reviewed the 2025 budget and cash-flow forecasts to 30 June 2026 and believe that it is appropriate for these financial statements to be prepared on a going concern basis.

a) Income

All income is included in the Statement of Financial Activities (SOFA) when the GDBF is legally entitled to them as income or capital respectively, ultimate receipt is probable and the amount to be recognised can be quantified with reasonable accuracy.

• i) Parish Share is recognised as income in the year in which it is receivable.

• ii) Rent receivable is recognised as income in the period to which it relates.

• iii) Interest and dividends are recognised as income when receivable.

• iv) Grants received which are subject to pre-conditions for entitlement specified by the donor which have not been met at the year-end are included in creditors to be carried forward to the following year.

• v) Parochial fees are recognised as income of the year in which they are receivable.

• vi) Donations other than grants are recognised when receivable .

• vii) Gains on disposal of fixed assets for the GDBF’s own use (i.e. non-investment assets) are accounted for as other income. Losses on disposal of such assets are accounted for as other expenditure.

• viii) Stipends fund income. The Stipends Fund Capital account is governed by the Diocesan Stipends’ Fund Measure 1953, as amended, and the use of the income is restricted for clergy stipends. However, the income is fully expended within the year of receipt and the legal restrictions, therefore, are satisfied. It is on this basis that the income and the (normally much larger) related expenditure are both included in the unrestricted column of the Statement of Financial Activities for the sake of greater clarity and simplicity in financial reporting.

b) Expenditure

Expenditure is included on the accruals basis and has been classified under headings that aggregate all costs related to the Statement of Financial Activity category.

• i) Costs of raising funds consist of costs relating to the renting out of property and to trading services.

• ii) Charitable expenditure is analysed between contributions to the Archbishops’ Council, expenditure on resourcing mission and ministry in the parishes of the Diocese, and expenditure on education and Church of England schools in the Diocese.

• iii) Grants payable are charged in the year when the offer is conveyed to the recipient, except in those cases where the offer is conditional on the recipient satisfying performance or other discretionary requirements to the satisfaction of the GDBF, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to such conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

• iv) Support costs consist of central management, administration and governance costs. Costs are allocated wherever possible directly to the activity to which they relate, but where such direct allocation is not possible, the remainder is allocated on an approximate staff time basis.

• v) Pension contributions . The GDBF's staff are members of the Church Workers Pension Fund and stipendiary clergy are members of the Church of England Funded Pensions Scheme (see note 19). The pension costs charged as expenditure represent the GDBF's contributions payable in respect of the accounting period, in accordance with FRS102.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

c) Tangible fixed assets and depreciation Freehold properties

Freehold property is held at revalued amounts. Properties are revalued based on changes in local prices with a five-year cycle of specific valuations. Depreciation is not provided on buildings as any provision (annual or cumulative) would not be material due to the very long expected remaining useful economic life in each case, and because their expected residual value is not materially less than their carrying value. The GDBF has a policy of regular structural inspection, repair and maintenance, which in the case of residential properties is in accordance with the Repair of Benefices Buildings Measure 1972, and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition, disposals of properties occur well before the end of their economic lives and disposal proceeds are usually not less than their carrying value. The Trustees perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the carrying value is not more than the recoverable amount.

Properties subject to value linked loans

Properties which have been bought with the assistance of value-linked loans from the Church Commissioners are stated using the value of the related loan at the balance sheet date. Each year end the respective property and loan are carried at an index linked current valuation basis.

Investment properties

Glebe properties which are held for investment purposes and rented out have been included at their fair value.

Parsonage houses

The GDBF has followed the requirements of FRS102, in its accounting treatment for benefice houses (parsonages). FRS102 requires the accounting treatment to follow the substance of arrangements rather than their strict legal form. The GDBF is formally responsible for the maintenance and repair of such properties and has some jurisdiction over their future use or potential sale if not required as a benefice house, but in the meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees therefore consider the most suitable accounting policy is to capitalise such properties as expendable endowment assets and to carry them at their estimated current market value. Parsonage houses are included at fair value.

Assets under construction

New parsonages under construction are included within the functional fixed assets category at the value of costs incurred at the balance sheet date.

Cost values

For the purposes of the calculation of a revaluation reserve, where the actual cost is not known, the cost value is deemed to be the value at which the properties were brought into the current accounting system in 2005.

d) Other tangible fixed assets

All capital expenditure over £5,000 is capitalised and depreciated as follows. Depreciation is provided in order to write off the cost (less any ultimate disposal proceeds at prices ruling at the time of the asset’s acquisition) of other fixed assets over their currently expected useful economic lives at the following initial rates: Fixtures and fittings 15-30% per annum straight line basis Leasehold Property 1% - 10% per annum straight line over the life of the lease

e) Other accounting policies

• i) Fixed asset investments are included in the balance sheet at market value and the gain or loss taken to the Statement of Financial Activities.

• ii) Leases . The GDBF has entered only into operating lease arrangements for the use of certain assets, the rental for which is charged in full as expenditure in the year to which it relates. Where rent free periods are given as part of an operating lease, the impact of this rent-free period is reflected in the Statement of Financial Activities over the life of the lease.

• iii) Properties held for resale: when properties are put on the market for sale they are transferred from fixed assets to current assets.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

f) Fund balances

Fund Balances are split between unrestricted (general and designated), restricted and endowment funds.

• Unrestricted funds are the GDBF’s corporate funds and are freely available for any purpose within the charitable company’s objects, at the discretion of the GDBF. There are two types of unrestricted funds:

• General funds which the GDBF intends to use for the general purposes of the GDBF and

• Designated funds set aside out of unrestricted funds by the GDBF for a purpose specified by the Trustees

• • Restricted funds are income funds subject to conditions imposed by the donor as specific terms of trust, or else by legal measure.

• Endowment funds are those held on trust to be retained for the benefit of the charitable company as a capital fund. In the case of the endowment funds administered by the GDBF (Parsonage Houses and Schools), there are discretionary powers to convert capital into income and, as a result, these funds are classified as expendable endowment. Endowment funds where there is no provision for expenditure of capital are classified as permanent endowment.

“Special trusts” (as defined by the Charities Act 2022) and any other trusts where the company acts as Trustee and controls the management and use of the funds, are included in the company’s own financial statements. Trusts where the GDBF acts merely as custodian Trustee with no control over the management of the funds are not included in the financial statements but are summarised in the notes to the financial statements.

g) Judgements and key sources or estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

• Fair value of freehold and investment properties. Fair market value is based on a 5-year cycle of valuations, the movement of relevant property indices and the provision for any impairments. No depreciation is charged on freehold properties.

• Pension and other post-employment benefits. Pension provisions relating to lay staff and clergy are valued every three years on an actuarial basis. Any shortfall in funding pensions and post-retirement benefits is recognised as a liability in the accounts. Further details can be found in note 19.

h) Financial Instruments

Financial assets measured at fair value comprise listed investments, unlisted investments, value linked loans to parishes and bank deposits. Financial assets at amortised cost comprise trade debtors, other debtors and loans to parishes. Financial liabilities measured at amortised cost comprise pension liabilities, bank loans, other creditors and amounts held for other bodies.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

2. DONATIONS

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2024	General	Designated	Funds	Funds	2024
	£'000	£'000	£'000	£'000	£'000
Parish Contributions
Current Year Request	12,067	-	-	-	12,067
Shortfall	(356)	-	-	-	(356)
	11,711	-	-	-	11,711
Received in respect of prior years	131	-	-	-	131
Archbishops' Council	263	311	427	-	1,001
Benefact Trust	-	83	-	-	83
City Church Fund	89	-	-	-	89
Legacies	-	-	-	-	-
Other	-	28	-	-	28
Total	12,194	422	427	-	13,043

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2023	General	Designated	Funds	Funds	2023
	£'000	£'000	£'000	£'000	£'000
Parish Contributions
Current Year Request	11,871	-	-	-	11,871
Shortfall	(380)	-	-	-	(380)
	11,491	-	-	-	11,491
Received in respect of prior years	78	-	-	-	78
Archbishops' Council	305	15	351	-	671
Benefact Trust	-	96	-	-	96
City Church Fund	125	-	-	-	125
Legacies	2	-	-	-	2
Other	15	-	-	-	15
Total	12,016	111	351	-	12,478

The majority of the Diocese's mission is funded through the contributions of parishes. In 2024, the Diocese received 97.1% (2023: 96.8%) of the total requested.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

3. CHARITABLE ACTIVITIES

	Unrestricted funds Restricted Endowment Total
2024	General Designated Funds Funds 2024
	£'000 £'000 £'000 £'000 £'000
Statutory fees	331 - - - 331
Social Responsibility projects grant income	- - 58 - 58
Other grants receivable and miscellaneous income	289 10 66 - 365
	620 10 124 - 754
	Unrestricted funds Restricted Endowment Total
2023	General Designated Funds Funds 2023
	£'000 £'000 £'000 £'000 £'000
Statutory fees	368 - - - 368
Social Responsibility projects grant income	- - 106 - 106
Other grants receivable and miscellaneous income	133 4 65 - 202
	501 4 171 - 676

4. OTHER TRADING ACTIVITIES

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2024	General Designated		Funds	Funds	2024
	£'000 £'000		£'000	£'000	£'000
School Buildings Project Management	109 -		-	-	109
Training Services to Schools	137 -		-	-	137
Rental income on functionalproperty	477 -		-	-	477
	723 -		-	-	723
	Unrestricted funds		Restricted	Endowment	Total
2023	General	Designated	Funds	Funds	2023
	£'000	£'000	£'000	£'000	£'000
School Buildings Project Management	51	-	-	-	51
Training Services to Schools	159	-	-	-	159
Rental income on functionalproperty	411	-	-	-	411
	621	-	-	-	621

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

5. INVESTMENT INCOME

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2024	General	Designated	Funds	Funds	2024
	£'000	£'000	£'000	£'000	£'000
Dividends receivable	178	-	101	48	327
Interest receivable	28	-	180	(16)	192
Rents receivable on investmentproperty	152	-	107	126	385
	358	-	388	158	904

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2023	General	Designated	Funds	Funds	2023
	£'000	£'000	£'000	£'000	£'000
Dividends receivable	152	-	77	33	262
Interest receivable	68	-	6	2	76
Rents receivable on investmentproperty	154	-	129	128	411
	374	-	212	163	749

6. OTHER INCOME

	Unrestricted funds Restricted Endowment Total
2024	General Designated Funds Funds 2024
	£'000 £'000 £'000 £'000 £'000
Other income	- - - 307 307
	Unrestricted funds Restricted Endowment Total
2023	General Designated Funds Funds 2023
	£'000 £'000 £'000 £'000 £'000
Other income	- - - - -

7. EXPENDITURE ON RAISING FUNDS

7. EXPENDITURE ON RAISING FUNDS
	Unrestricted funds		Restricted	Endowment	Total
2024	General	Designated	Funds	Funds	2024
	£'000	£'000	£'000	£'000	£'000
Schools Building Project Management	82	-	-	-	82
Training Services to Schools	63	-	-	-	63
Rental Management Fees	68	-	-	23	91
Investment Property Costs	146	-	8	13	167
Support Costs	153	5	-	-	158
	512	5	8	36	561

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2023	General	Designated	Funds	Funds	2023
	£'000	£'000	£'000	£'000	£'000
Schools Building Project Management	41	-	-	-	41
Training Services to Schools	68	-	-	-	68
Rental Management Fees	77	-	1	16	94
Investment Property Costs	247	-	13	18	278
Support Costs	154	4	-	-	158
	587	4	14	34	639

8. CHARITABLE ACTIVITIES

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2024	General	Designated	Funds	Funds	2024
	£'000	£'000	£'000	£'000	£'000
National Church
Training for ministry	729	-	-	-	729
National Church Establishment	306	-	-	-	306
Retired clergy housing costs	213	-	-	-	213
Other	74	-	-	-	74
Indirect Support Costs	25	-	-	-	25
	1,347	-	-	-	1,347
Ministry & Mission
Parish Ministry
Stipends & pension	5,620	-	-	-	5,620
Housing costs	3,328	-	8	41	3,377
Loss on housing disposals	-	-	-	1	1
Removal & resettlement grants	192	-	-	-	192
Other expenses	339	196	3	58	596
	9,479	196	11	100	9,786
Ministry Support & Training	957	279	909	-	2,145
Indirect Support Costs	1,315	33	3	1	1,352
	11,751	508	923	101	13,283
Education & Mission
Schools & Education	427	-	139	118	684
Indirect Support Costs	398	14	-	-	412
	825	14	139	118	1,096
Total	13,923	522	1,062	219	15,726

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

8. CHARITABLE ACTIVITIES (continued)

	Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total
2023	General	Designated	Funds	Funds	2023
	£'000	£'000	£'000	£'000	£'000
National Church
Training for ministry	713	-	-	-	713
National Church Establishment	299	-	-	-	299
Retired clergy housing costs	202	-	-	-	202
Other	69	-	-	-	69
Indirect Support Costs	25	-	-	-	25
	1,308	-	-	-	1,308
Ministry & Mission
Parish Ministry
Stipends & pension	5,811	-	-	-	5,811
Housing costs	2,461	-	10	89	2,560
Loss on housing disposals	-	-	-	368	368
Removal & resettlement grants	160	-	-	-	160
Other expenses	400	156	-	20	576
	8,832	156	10	477	9,475
Ministry Support & Training	895	84	806	-	1,785
Indirect Support Costs	1,290	24	11	1	1,326
	11,017	264	827	478	12,586
Education & Mission
Schools & Education	391	-	73	171	635
Indirect Support Costs	351	9	-	-	360
	742	9	73	171	995
Total	13,067	273	900	649	14,889

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

9. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS

		Activities undertaken directly	Grant funding of activities Support costs Total 2024
	2024
		£'000	£'000 £'000 £'000
	Raising funds	403	- 158 561
	Charitable activities
	National Church	-	1,322 25 1,347
	Ministry & Mission	11,466	464 1,353 13,283
	Education & Mission	684	- 412 1,096
	Total Expenditure	12,553	1,786 1,948 16,287
	Grant Funding of Activities		Total
	2024	Number	Individuals Institutions 2024
	From unrestricted funds		£'000 £'000 £'000
	Archbishops' Council	1	- 1,143 1,143
	Clergy appointment and resettlement	24	192 - 192
	Ordinand Maintenance	15	179 - 179
	Parish Support	18	- -
	From restricted funds
	Parish Mission & development	7	- 271 271
			372 1,414 1,786
		Activities undertaken directly	Grant funding of activities Support costs Total 2023
	2023
		£'000	£'000 £'000 £'000
	Raising funds	481	- 158 639
	Charitable activities
	National Church	-	1,283 25 1,308
	Ministry & Mission	10,751	518 1,317 12,586
	Education & Mission	635	- 360 995
	Total Expenditure	11,867	1,801 1,860 15,528
	Grant Funding of Activities		Total
	2023	Number	Individuals Institutions 2023
	From unrestricted funds		£'000 £'000 £'000
	Archbishops' Council	1	- 1,162 1,162
	Clergy appointment and resettlement	31	164 - 164
	Ordinand Maintenance	11	121 - 121
	Parish Support	154	- 154 154
	From restricted funds
	Parish Mission & development	10	- 200 200
			285 1,516 1,801

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

9. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS (continued)

Support costs are allocated by the direct allocation of certain costs that relate specifically to activities with the remaining costs allocated on the basis of staff employed in direct activities.

Included within support costs are fees payable to the auditors of £22,600 (2023: £21,500) in respect of audit services.

Support Costs				2024	2023
				£'000	£'000
Diocesan Secretary's Office				123	141
Administration Team				179	157
Communications				152	158
Finance				235	199
Safeguarding				246	221
Human resources				183	219
Diocesan Advisory Committee				83	69
Office Costs				398	368
IT				252	242
Other corporate costs				97	86
Closed Pension Schemes				-	-
				1,948	1,860

.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

10. STAFF & TRUSTEES

10. STAFF & TRUSTEES
Staff Costs	2024 2023
	£'000 £'000
Wages and salaries	2,653 2,113
National insurance contributions	281 218
Pension costs	352 287
Total	3,286 2,618
Average number of full-time equivalent people employed by the group during the year	2024 2023
	No. No.
Mission Team	19 17
Mission Youth Catalyst	5 -
Schools, Colleges & Universities	9 8
Parish Support	4 4
Operational Support	3 3
Safeguarding	4 4
Communications	2 2
Property	5 4
DAC	1 1
Finance	3 3
HR	3 3
IT	1 1
Total	58 50
By Main Funding Source
Parish share	40 38
Grants,tradingand restricted income	18 12
	58 50
The average number of individual persons employed by the group:	2024 2023
	No. No.
Mission Team	28 21
Mission Youth Catalyst	6 -
Schools, Colleges & Universities	11 9
Parish Support	5 5
Operational Support	3 3
Safeguarding	5 5
Communications	2 2
Property	5 4
DAC	1 1
Finance	4 4
HR	3 3
IT	1 2
Total	69 59

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

10. STAFF & TRUSTEES (continued)

The number of employees whose total employee benefits (all remuneration, salary, benefits and any termination payments) excluding employer pension costs fell within each band of £10,000 from £60,000 upwards is as follows:

Employee benefits falling between:	2024	2023
	No.	No.
£90,001 to £100,000	1	-
£80,001 to £90,000	2	2
£70,001 to £80,000	2	2
£60,000 to £70,000	1	3

Pension contributions of £69,000 (2023: £76,000) were paid in respect of these people.

The GDBF paid an average of 156.8 (2023: 154) full time equivalent stipendiary clergy as office-holders holding parochial or Diocesan appointments in the Diocese.

parochial or Diocesan appointments in the Diocese.
	2024 2023
	£'000 £'000
Stipends	4,335 4,478 376 372 976 1,090 - -
National Insurance
Pension Contributions Current year
Deficit reduction
	5,687 5,940

Key Management Personnel

Key management personnel are deemed to be those having authority and responsibility delegated to them by the Trustees for planning, directing and controlling the activities of the Diocese. Key management personnel are set out on page 21. The emoluments, including all benefits in kind including pensions, for these employees amounted to £569,249 (2023: £470,000)

Trustees

No Trustee received any remuneration for services as Trustee. The Trustees received travelling and out of pocket expenses, totalling £14,704 (2023: £10,700) in respect of General Synod duties, duties as archdeacon or area/rural dean, and other duties as Trustees. The following table gives details of the Trustees who were in receipt of a stipend and/or housing provided by the GDBF during the year:

or housing provided bythe GDBF duringtheyear:
The Bishopof Dorking	Stipend -	Housing ✓
The Archdeacon of Dorking	✓	✓
The Archdeacon of Surrey	✓	✓
The Revd B Beecroft	✓	✓
The Revd C Bessant	✓	✓
The Revd R A Donovan	✓	✓
The Revd B Hunt	✓	✓
The Revd E. Prior	✓	✓
The Revd S Taylor	✓	✓
The Revd D H Uffindell	✓	✓

In addition, connected parties to the following trustees were also in receipt of stipend and housing: Mrs A. Shaw and The Right Revd A.J. Watson.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

10. STAFF & TRUSTEES (continued)

The GDBF is responsible for funding via the Church Commissioners the stipends of licensed stipendiary clergy in the Diocese, other than bishops and cathedral staff. It is also responsible for the provision of housing for stipendiary clergy in the Diocese including the suffragan bishop but excluding Diocesan bishop and cathedral staff. The amount of stipend, funded by the GDBF, for each clergy person who are trustees was £40,705 (2023: £39,000) for Archdeacons and £31,606 (2023: £30,101) for incumbent clergy.

11. TRANSFERS BETWEEN FUNDS

	Unrestricted funds Restricted Endowment
2024	General Designated Funds Funds
	£'000 £'000 £'000 £'000
To fund triennial clergy conference	(17) 17
To fund parish revitalisation grants	(85) 85
From retirement fund to general fund for clergy housing retirement costs (CHARM)	50 (50)
From general fund to fund net zero support	(42) 42
Transfer School Partnership Advisor grant from Mission Fund 2024	7 (7)
Funding from Pastoral Fund Farnham Rectory	110 (110)
Funding from Pastoral Fund Woodham Waye Rectory	90 (90)
From School Funds to General Fund to support education activities	204 (204)
From Growth Fund to Strategic Development Fund	(189) 189
	317 (52) (215) (50)
	Unrestricted funds Restricted Endowment
2023	General Designated Funds Funds
	£'000 £'000 £'000 £'000
To fund triennial clergy conference	(15) 15 - -
To fund parish revitalisation grants	(85) 85 - -
From retirement fund to general fund for clergy housing retirement costs (CHARM)	70 - - (70)
Saving on CHARM allocated to Mission Fund	(70) 70 - -
From Growth Fund to Strategic Development Fund	- (190) 190 -
From general fund to fund net zero support	(40) 40 - -
From School Funds to General Fund to support education activities	96 - (96) -
From Nugent Fund to support mission grants	- 58 (58)
From pastoral fund to fund net zero housing improvements	50 - (50) -
	6 78 (14) (70)

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

12. TANGIBLE FIXED ASSETS

All of the properties in the balance sheet are freehold and are vested in the GDBF, except for benefice houses which are vested in the incumbent. One property, valued at £606,000 (2023: £608,000), was purchased with the help of a value-linked loan from the Church Commissioners; when disposed of 28% of the net sale proceeds will be remitted to the lender, and the related loan liability extinguished.

		Group and GDBF
		Freehold Land and Buildings Leasehold Buildings Office Equipment Total
		£'000 £'000 £'000 £'000
	Cost or valuation
	Balance at 1 January 2024	185,804 923 503 187,230
	Additions	2,973 886 3,859
	Disposals	(1,065) (1,065)
	Revaluation/impairment	(251) - - (251)
	Balance at 31 December 2024	187,461 1,809 503 189,773
	Accumulated depreciation Balance at 1 January 2024 Depreciation charge for year Balance at 31 December 2024	- (544) (463) (1,007) - (5) (17) (22)
		- (549) (480) (1,029)
	Net book value
	At 31 December 2024	187,461 1,260 23 188,744
	At 31 December 2023	185,804 379 40 186,223

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

13. INVESTMENTS

13. INVESTMENTS
			Group and GDBF
	1 January 2024	Additions	Disposals	Transfers	Change in market value	31 December 2024
	£'000	£'000	£'000	£'000	£'000	£'000
Investment property	13,790		(3,733)			10,057
CBF Investment Fund	9,697	74	(900)		222	9,093
Electric & General Fund	376				56	432
Other listed investments	287				(61)	226
Program related	60					60
	24,210	74	(4,633)	-	217	19,868

The CBF Investment Fund is managed by CCLA. Program related investment is an equity share loan on a property for clergy housing in partnership with the Methodist church. Such investments are made directly in pursuit of the Board’s charitable purposes rather than for financial investment purposes. The amount shown represents the sum originally advanced as required under FRS102. The loan is not expected to be repaid in the short term.

Investment in Subsidiary

Guildford Diocesan Board of Finance has one wholly owned subsidiary, Guildford Diocesan Services Limited (GDSL) which has a share capital of £1. The trading activities of GDSL primarily consist of the supply of building project management and training services to church schools in the Diocese. The profits of GDSL are normally wholly gift aided to the GDBF. In accordance with revised guidance issued by the Financial Reporting Council these are now accounted for when paid and not set against the year to which they relate. A summary of the financial results and funds of GDSL which are consolidated in these financial statements is as follows:

		Unrestricted funds Restricted Endowment Total
	2024	General Designated Funds Funds 2024
		£'000 £'000 £'000 £'000 £'000
	Other trading activities	246 - - - 246
	Fundraising costs	(151) - - - (151)
	Gift to GDBF	(90) - - - (90)
	Net income and net movement in funds	5 - - - 5
	Funds at 1 January	87 - - - 87
	Funds at 31 December	92 - - - 92
		Unrestricted funds Restricted Endowment Total
	2023	General Designated Funds Funds 2023
		£'000 £'000 £'000 £'000 £'000
	Other trading activities	210 - - - 210
	Fundraising costs	(116)* - - - (116)
	Gift to GDBF	(76) - - - (76)
	Net income and net movement in funds	18 - - - 18
	Funds at 1 January	69 - - - 69
	Funds at 31 December	87 - - - 87

• Fundraising costs in the 2023 accounts were misstated. This has been corrected here

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

14. DEBTORS

			Group GDBF
			2024 2023 2024 2023
			£'000 £'000 £'000 £'000
	Due within one year
	Parish Share		118 148 118 148
	Fees		87 64 87 64
	Prepayments and accrued income		466 435 368 394
	Legacy		- - - -
	Other debtors		2,368 625 2,360 584
			3,039 1,272 2,933 1,190
	Due after more than one year
	Loans to parishes - housing		2,325 2,339 2,325 2,339
	Loans to retired clergy		325 325 325 325
	Other loans and debtors		29 112 29 112
			2,679 2,776 2,679 2,776
	Total		5,718 4,048 5,612 3,966
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group GDBF 2024 2023 2024 2023 £'000 £'000 £'000 £'000 Amounts held on behalf of school governors (4,530) (4,137) (4,530) (4,137) Other creditors and accruals (1,880) (1,213) (1,814) (1,166) Loan repayments due in oneyear (36) (36) (36) (36) (6,446) (5,386) (6,380) (5,339) 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group GDBF
		2024 2023 2024 2023
		£'000 £'000 £'000 £'000
	Loans in respect of house purchases
	Church Commissioners value-linked loans	(2,508) (2,524) (2,508) (2,524)
	Church Commissioners other loans	(99) (135) (99) (135)
	Other bank loans	- - - -
		(2,607) (2,659) (2,607) (2,659)
	The above loans fall due for repayment:
	Between one and two years	(36) (36) (36) (36)
	Between two and five years	(108) (108) (108) (108)
	In fiveyears and more	(2,463) (2,515) (2,463) (2,515)
		(2,607) (2,659) (2,607) (2,659)

The loans from the Church Commissioners include £2.2m (2023: £2.3m) used to purchase houses for parishes matched by loans from parishes included in debtors.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

17. PROVISIONS FOR LIABILITIES

	Group and GDBF	Group and GDBF
	2024	2023
	£'000	£'000
Diocesan Office Dilapidations and Office rent review	370	298
Freehold PropertyDilapidations	195	200
	565	498

The diocesan office provision is in respect of reinstatement obligations related to 20 Alan Turing Road, Guildford, a leasehold property and will be utilised at the end of the lease. The freehold property provision is in respect of rectification work necessary on one of the DBF’s properties and will be utilised to demolish the house and restore the graveyard once further permissions have been completed, and retrospective rent review.

18. FINANCIAL INSTRUMENTS

18. FINANCIAL INSTRUMENTS
	2024	2023
	£'000	£'000
Financial assets measured at fair value	17,141	17,189
Financial assets measured at amortised cost	5,133	3,464
Financial liabilities measured at amortised cost	(9,221)	(7,647)

19. PENSIONS

Church of England Funded Pension Scheme (Clergy)

The GDBF participates in two defined benefit pension schemes administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the GDBF and the other Responsible Bodies. One of these is the Church of England Funded Pensions Scheme for stipendiary clergy. The other is the Church Workers Pension Fund for lay staff.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

The Church of England Funded Pension Scheme (CEFPS) scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £976,000 in 2024 (2023: £1,090,000), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £0 (2023: £0).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

• An average discount rate of 2.7% pa;

• RPI inflation of 3.6% pa (and pension increases consistent with this);

• CPIH inflation in line with RPI less 0.8% pa pre 2030 moving to RPI with no adjustment from 2030 onwards;

• • Increases in pensionable stipends in line with CPIH;

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

19. PENSIONS (continued)

• Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

	% ofpensionable stipends
31 December 2021	7.1%payable from January2021 to December 2022
31 December 2022	Nil
31 December 2023	Nil
31 December 2024	Nil

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024 is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out in the table below.

	2024	2023
Balance sheet liability at 1 January	0	0
Deficit contribution paid	0	0
Interest cost (recognised in SoFA)	0	0
Remaining change to the balance sheet liability* (recognised in SoFA)	0	0
Balance sheet liability at 31 December	0	0

• Comprises change in agreed deficit recovery plan, and change in discount rate and inflation assumptions between year-ends.

The legal structure of the scheme is such that if another Responsible Body fails, GDBF could become responsible for paying a share of that failed Responsible Body’s pension liabilities.

Church Workers Pension Fund (CWPF)

The GDBF participates in the Church Workers Pension Fund (CWPF). The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

19. PENSIONS (continued)

CWPF has two sections:

1. the Defined Benefits Scheme (DBS))

2. the Pension Builder Scheme, which has two subsections;

3. a. a deferred annuity section known as Pension Builder Classic, and,

4. b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £352,000, 2023: £287,000).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2025.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, GDBF could become responsible for paying a share of the failed employer’s pension liabilities.

CWPF: the Defined Benefits Scheme

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

19. PENSIONS (continued)

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. This does not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA during the year are contributions payable towards benefits and expenses accrued in that year (2024: £Nil, 2023: £Nil) plus the figures in relation to the DBS deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £Nil for 2024 (2023: £54,000 credit).

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board having taken advice from the Actuary.

A valuation of DBS is carried out once every three years. At the most recent valuation at 31 December 2022 there was a surplus of £73.6m.

The next actuarial valuation is due at 31 December 2025.

Since 31 December 2023, the Board has entered into a full buy-in agreement with Aviva to insure all accrued benefits within the DBS of the CWPF.

The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there is no obligation recognised as a liability within the Employer’s financial statements as at 31 December 2023 or 31 December 2024.

The movement in the provision is set out below:

The movement in theprovision is set out below:
	2024	2023
Balance sheet liability at 1 January	0	0
Deficit contribution paid	0	0
Interest cost (recognised in SoFA)	0	0
Remaining change to the balance sheet liability* (recognised in SoFA)	0	0
Balance sheet liability at 31 December	0	0

• Comprises change in agreed deficit recovery plan and change in discount rate between year-ends.

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:

	December	2024	December	2023	December	2022
Discount rate	N/A		N/A		0.0%

The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer’s pension liabilities.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

20. SUMMARY OF FUND MOVEMENTS

		1 January 2024 Income Expenditure Transfers Gains and losses 31 December 2024
	2024
		£'000 £'000 £'000 £'000 £'000 £'000
	Unrestricted funds
	General	2,069 13,895 (14,435) 317 2 1,848
	Designated
	TCTL growth fund	757 - (39) (188) - 530
	Mission Fund	347 118 (237) 18 - 246
	Strategic change fund	432 303 (195) 101 - 641
	Development fund	785 - (21) - - 764
	Diocesan Premises reserve	- - - - - -
	Clergy conference fund	12 - - 17 - 29
	Church fabric repair fund	11 11 (35) - - (13)
		2,344 432 (527) (52) - 2,197
	Restricted income funds
	Pastoral fund	951 1 (2) (200) (1) 749
	Strategic Development Fund	- 468 (656) 188 - -
	Glebe income	338 23 (1) - 2 362
	Clergy Hardship	156 16 (6) - (1) 165
	Moor Park Trust	100 4 - - 3 107
	Regional Training	25 57 (77) - - 5
	Community Engagement	43 58 (44) - 1 58
	Church Schools income	(41) 48 (58) (159) - (210)
	All Saints Fleet	16 1 - - - 17
	Moss Lane Fund	33 68 (86) - (1) 14
	Partridge Fund	149 9 - (44) 5 119
	Nugent Income	72 72 (8) - - 136
	Ministerial Education	63 (40) (131) - - (108)
	Church Schools Building Projects	- 154 (1) - - 153
		1,905 939 (1,070) (215) 8 1,567
	Endowment funds
	Expendable endowment
	Board endowment	11,876 25 (59) - 95 11,937
	Onslow bequest	518 - - - 11 529
	E M Woods trust capital	342 - - - 7 349
	Church schools capital	4,573 176 (118) - (166) 4,465
	Retired clergy housing	8,672 138 (52) (50) (43) 8,665
	Benefice houses fund	150,419 131 - - (1,221) 149,329
	Nugent fund	3,600 (10) (19) - 32 3,603
	Permanent endowment
	Glebe capital fund	25,270 5 (7) - 526 25,794
	E Newill trust	278 - - - 6 284
	Budgen legacy	663 - - - 15 678
	G Nash will	387 - - - 9 396
	Power legacy	246 - - - 5 251
	Toulmin will	96 - - - 2 98
	St Agnes Lodge fund	109 - - - 3 112
		207,049 465 (255) (50) (719) 206,490
	Total funds	213,367 15,731 (16,287) - (709) 212,102

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

20. SUMMARY OF FUND MOVEMENTS (continued)

		1 January 2023 Income Expenditure Transfers Gains and losses 31 December 2023
	2023
		£'000 £'000 £'000 £'000 £'000 £'000
	Unrestricted funds
	General	2,160 13,512 (13,654) 6 45 2,069
	Designated
	TCTL growth fund	1,122 - (59) (306) - 757
	Mission Fund	58 100 (24) 213 - 347
	Strategic change fund	378 15 (117) 156 - 432
	Development fund	812 - (27) - - 785
	Diocesan Premises reserve	- - - - - -
	Clergy conference fund	47 - (50) 15 - 12
	Church fabric repair fund	11 - - - - 11
		2,428 115 (277) 78 - 2,344
	Restricted income funds
	Pastoral fund	1,496 1 - (50) (496) 951
	Strategic Development Fund	- 119 (310) 190 1 -
	Glebe income	313 25 - - - 338
	Clergy Welfare	153 14 (10) - (1) 156
	Moor Park Trust	88 4 - - 8 100
	Regional Training	35 65 (75) - - 25
	Community Engagement	77 105 (139) - - 43
	Church Schools income	18 44 (49) (53) (1) (41)
	All Saints Fleet	16 1 - - (1) 16
	Moss Lane Fund	24 44 (35) - - 33
	Partridge Fund	166 8 - (43) 18 149
	Nugent Income	73 69 (14) (58) 2 72
	Ministerial Education	110 235 (282) - - 63
		2,569 734 (914) (14) (470) 1,905
	Endowment funds
	Expendable endowment
	Board endowment	12,878 - (34) - (968) 11,876
	Onslow bequest	476 - - - 42 518
	E M Woods trust capital	311 - - - 31 342
	Church schools capital	4,861 - (171) - (117) 4,573
	Retired clergy housing	9,600 159 (369) (70) (648) 8,672
	Benefice houses fund	158,699 - - - (8,280) 150,419
	Nugent fund	3,498 - (4) - 106 3,600
	Permanent endowment
	Glebe capital fund	28,259 4 (105) - (2,888) 25,270
	E Newill trust	254 - - - 24 278
	Budgen legacy	605 - - - 58 663
	G Nash will	354 - - - 33 387
	Power legacy	224 - - - 22 246
	Toulmin will	88 - - - 8 96
	St Agnes Lodge fund	100 - - - 9 109
		220,207 163 (683) (70) (12,568) 207,049
	Total funds	227,364 14,524 (15,528) - (12,993) 213,367

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

21. SUMMARY OF ASSETS BY FUND

	As at 31 December 2024	Tangible fixed assets	Tangible fixed assets	Investments	Current assets	Creditors	Net assets
			£'000	£'000	£'000	£'000	£'000
	Group
	Unrestricted Funds		25	103	3,986	(2,266)	1,848
	Designated Funds		-	-	2,594	(397)	2,197
	Restricted Income Funds		373	1,075	4,706	(4,587)	1,567
	Expendable Endowment Funds		167,558	14,115	(623)	(2,173)	178,877
	Permanent Endowment Funds		20,788	4,575	2,445	(195)	27,613
			188,744	19,868	13,108	(9,618)	212,102
	GDBF Company
	Unrestricted Funds		25	103	3,827	(2.200)	1,755
	Designated Funds		-	-	2,594	(397)	2,197
	Restricted Income Funds		373	1,075	4,706	(4,587)	1,567
	Expendable Endowment Funds		167,558	14,115	(623)	(2,173)	178,877
	Permanent Endowment Funds		20,788	4,575	2,445	(195)	27,613
			188,744	19,868	12,949	(9,552)	212,009
			Tangible fixed assets	Investments	Current assets	Creditors	Net assets
	As at 31 December 2023
			£'000	£'000	£'000	£'000	£'000
	Group
	Unrestricted Funds		41	100	3,566	(1,638)	2,069
	Designated Funds		-	-	2,664	(320)	2,344
	Restricted Income Funds		378	1,067	4,671	(4,211)	1,905
	Expendable Endowment Funds		166,728	18,525	(3,079)	(2,174)	180,000
	Permanent Endowment Funds		19,076	4,518	3,655	(200)	27,049
	Total Funds		186,223	24,210	11,477	(8,543)	213,367
	GDBF Company
	Unrestricted Funds		41	100	3,432	(1,591)	1,982
	Designated Funds		-	-	2,664	(320)	2,344
	Restricted Income Funds		378	1,067	4,671	(4,211)	1,905
	Expendable Endowment Funds		166,728	18,525	(3,079)	(2,174)	180,000
	Permanent Endowment Funds		19,076	4,518	3,655	(200)	27,049
	Total Funds		186,223	24,210	11,343	(8,496)	213,280

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

22. DESCRIPTION OF FUNDS

General fund The general reserve is the GDBF’s unrestricted undesignated fund available for any of the GDBF’s purposes without restriction. Mission fund Designated fund to help with diocesan and parish growth initiatives. TCTL Growth fund Designated fund for Transforming Church, Transforming Lives initiatives. The majority of this is allocated as joint funding for projects within the Strategic Development Fund below. Strategic change fund Designated fund to implement change processes deriving from T ransforming church, Transforming lives initiatives. This was set up from grants received in 2020 from the Church Commissioners and the Trust for London.

Development fund Designated fund for development projects of the Diocese. The principal designation is to fund a move of Diocesan House up to the Cathedral site.

Diocesan Premises Designated fund to spread the impact of rent-free periods and costs of refurbishment reserve and dilapidations. Clergy conference fund Designated fund for the triennial Diocesan clergy conference.

Church fabric repair fund Designated fund from which to make grants to parishes for fabric repair. Pastoral fund The Diocesan pastoral account is regulated by the provisions of the Pastoral Measure 2011. The restricted purposes for which the account may be used are:

• to defray costs incurred for the purposes of the Measure or any scheme or order made under the Measure except for salaries of regular Diocesan employees

• to make loans or grants for the provision, restoration, improvement or repair of churches and parsonage houses in the Diocese

• other purposes of the Diocese or any benefice or parish in the Diocese

• to make grants or loans to any other Diocese

• to transfer funds to other Diocesan funds

Strategic Development Funds received from the National Church for specific strategic development projects Fund including church growth projects in new housing developments and other church growth projects. Joint funding is being provided from GDBF general funds through the TCTL growth fund.

Ministerial Education Income and Expenditure on the ministerial education of ordinands. Glebe income fund Accumula t ed income from glebe capital used for clergy stipends and housing costs Clergy Welfare Accumulated investment income for needy and retired clergy and their dependants. Moor Park Trust Expendable gift from Moor Park College for adult Christian education work. Regional training Restricted fund for the activity of the regional training Diocesan partnership. Community Engagement Grants and related activity for Community Engagement projects. Church Schools income Accumulated income from uniform statutory trusts (church schools fund capital) used for supporting church schools in the Diocese, both buildings and education.

Funds for Church School Building Projects.

Church Schools Building Projects All Saints Fleet

All Saints Fleet Funds to support mission in All Saints Fleet. Moss Lane Fund Funds to support mission in Godalming. Partridge Fund Funds to support Church of England Schools.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

22. DESCRIPTION OF FUNDS (continued)

Board endowment	Expendable endowment fund for capital growth. Income is credited to the general fund
	for the general purposes of the Diocese.
Onslow bequest	Expendable endowment for the support of clergy and building churches in Surrey.
E M Woods trust	Expendable endowment for the benefit of needy or retired clergy and their dependants.
capital	Income is credited to the Clergy Welfare fund.
Church schools fund	Expendable endowment arising from sale proceeds of redundant Church of England School
capital	properties. Its use is restricted by law to capital and maintenance work to Church of
	England schools in the Diocese. Income arising may be used to support education generally
	in the Diocese. The GDBF is Trustee of these funds, which are managed on a day-to-day
	basis by and in consultation with the Board of Education
Glebe capital fund	The glebe capital fund was created from the Diocesan stipends fund capital account held
	on behalf of the Diocese by the Church Commissioners under the Endowments and Glebe
	Measure 1976, and glebe assets, to provide income for clergy stipends. It represents
	glebe assets, the accumulated sale proceeds of glebe property, sale proceeds of benefice
	houses and surplus benefice endowments following pastoral reorganisation. Capital
	funds may be used for the purchase, improvement and maintenance of glebe property
	and benefice houses. Besides glebe property, the funds may be invested in the CBF
	Church of England Property, Investment or Fixed Interest Securities Funds, or simply held
	on deposit. Income is credited to the general fund for the payment of stipends and
	benefice house outgoings.
Retired clergy fund	Expendable endowment for the provision of housing for retired clergy. Income is credited
	to this same fund.
Benefice houses fund	The benefice houses fund consists of resources restricted to provision of benefice houses
	in the Diocese. They are represented by the benefice houses or by sale proceeds of
	former benefice houses held on suspense by the Church Commissioners. Although
	benefice houses are vested in incumbents for the time being of benefices concerned, the
	GDBF is obliged to maintain them, to ensure that there are sufficient benefice houses for
	the pastoral structure of the Diocese and receives the sale proceeds of benefice houses
	surplus to requirements into the Diocesan pastoral account.
Nugent fund	Expendable endowment for general church purposes. Income is credited to the Mission
	Fund.
E Newill trust	Permanent endowment to provide income for family needs. Income is credited to the
	general fund.
Budgen legacy	Permanent endowment to provide income for general church purposes. Income is
	credited to the general fund.
G Nash will	Permanent endowment to provide income for general church purposes. Income is
	credited to the general fund.
Power legacy	Permanent endowment to provide income for clergy stipends. Income is credited to the
	general fund.
Toulmin will	Permanent endowment to provide income for the training of ordination candidates.
	Income is credited to the general fund.
St Agnes Lodge fund	Permanent endowment arising from the sale of St Agnes Lodge, to provide income for
	social responsibility work in the Diocese. Income is credited to the general fund.

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

23. CAPITAL AND OTHER COMMITMENTS

At 31 December, the Board had no capital commitments (2023: None).

The GDBF had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:

following periods:
	2024 2023
Payment due:	£'000 £'000
Not later than one year	72 249
Later than oneyear and not later than fiveyears	37 62
	109 311

The GDBF had no other off-balance sheet arrangements.

24. FUNDS HELD AS CUSTODIAN TRUSTEE

The GDBF acts as custodian trustee for many parish and other trusts by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964 where the managing Trustees are parochial church councils and others. Assets held in this way are not aggregated in these financial statements as the GDBF does not control them. The financial assets held in this way are as follows:

	2024 2023
	£'000 £'000
CCLA Church of England Investment Fund (income)	5,048 5,141
CCLA Church of England Fixed Interest Securities Fund	122 118
CCLA Property Fund	46 46
Other common investment fund holdings	1,783 1,707
Direct holdings in UK equities	58 48
CCLA Church of England Deposit Fund	512 490
Cash at bank	10 10
Total financial assets held as custodian trustee	7,579 7,560

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GUILDFORD DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

25. PRIOR YEAR COMPARATIVE SOFA

			Unrestricted funds	Unrestricted funds	Restricted	Endowment	Total	Total
			General	Designated	Funds	Funds	2023	2022
	Note		£'000	£'000	£'000	£'000	£'000	£'000
	Income and endowments from
	Donations
	Parishes 2		11,569	-	-	-	11,569	11,802
	Archbishops’ Council 2		305	15	351	-	671	922
	Other 2		142	96	-	-	238	914
	2		12,016	111	351	-	12,478	13,638
	Charitable activities 3		501	4	171	-	676	1,181
	Other trading activities 4		621	-	-	-	621	651
	Investments 5		374	-	212	163	749	679
			13,512	115	734	163	14,524	16,149
	Expenditure on:
	Raising funds 7		(587)	(4)	(14)	(34)	(639)	(594)
	Charitable activities 8		(13,067)	(273)	(900)	(649)	(14,889)	(14,277)
			(13,654)	(277)	(914)	(683)	(15,528)	(14,871)
	Net (expenditure)/income before investment (losses)/gains		(142)	(162)	(180)	(520)	(1,004)	1,278
	Net (losses) on investments		(9)	-	(470)	(2,955)	(3,434)	(346)
	Net (expenditure)/income		(151)	(162)	(650)	(3,475)	(4,438)	932
	Transfers between funds 11		6	78	(14)	(70)	-	-
	Net (expenditure)/income after transfers		(145)	(84)	(664)	(3,545)	(4,438)	932
	Other recognised gains/(losses)
	(Losses)/Gains on revaluation of fixed assets		-	-	-	(9,613)	(9,613)	11,240
	assets
	Actuarial gains on pension schemes		54	-	-	-	54	113
	Net movement in funds		(91)	(84)	(664)	(13,158)	(13,997)	12,285
	Total funds brought forward		2,160	2,428	2,569	220,207	227,364	215,079
	Total funds carried forward	20	2,069	2,344	1,905	207,049	213,367	227,364

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