2024-12-31-accounts

Company Registration No. 00049825 Charity No. 248330 THE TRURO DIOCESAN BOARD OF FINANCE LIMITED (LIMITED BY GUARANTEE) FINANCIAL STATEMENTS 31 December 2024

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Contents Page Trustees Annual Report Independent Auditor's Report 18-20 statement of Financial Activities 21 InGorne and Expenditure Account 22 Balance Sheet 23 Cash Flow Statement 24 Notes lo the Financial Statements 25-56

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forthe year ended 31 December 2Q24 "Forsuraly I know thè plans I have for you, says th• Lord, plans for your wellare and not for harm, to give you a future with hope" Jeremtah 29.11 The Iru5tees of The Truro Diocesan Board ol Finance Limited Ithe TDBFI. who 8re also the direclors ol the TDBF for the purposes of company law, continue to Iiust in the God of all grace. who calls us, and who is lailhful. We trust in the plans that God has made lor us, trusting that God gives all the gifts that we need, and praying foi wisdom that we might use those gift5 to God's purposes. God's church in Cornwall. the Isle5 of Scilly. and our Iwo parishes in Devon, is richly blessed, and the work of the TDBF has supported parish churches, schools and worshipping communities towards fruillulness and sustainability. 2024 Saw a continuation of the implemenlalion of strategic plans with the four kgy headline8 In this report being.. riist, the Iruslees continue to be commilted to 8UPPOrting strateglc Change through the Diocesan Plan for Change and Renewal based on plans made locally in each deanery. DI0￿$an strategies and planning are focussed on thi5 work., second, direct support for parlsh mlnistry continued, piincipally through the allocation of TD8F income and reserves, and through operational prioiilie5', Ihiid, Kncome from investments, includlng th8 Glebe estate, remained strong overall," finally. incorne contributed by parishes to the Misslon and Minlstry Fund IMMFI performed very well wilh a higher collection rale. increasing to 94% when compared to budget and including contributions relating lo the previous years call. This strategic approach continued under the leade15hip ol Hugh Nelson as 8Cting diocesan bishop. During the v8C8ncy in see the truslees have Continued to support the sliategic approach outlined above. Bishop David Wiliams was announced as the new Bishop ol Truro in December 2024, he became Bishop of Truro in March 2025 and will be welcomed lo the diocese in May 2025. During 2024 the lop operation81 priorities of the TDBF have been.. clergy reciuilment- continuing to lower the'vacancy rate" and appoinling a record number of clergy., saleguaiding- implemenling the recommendations of the independenl INEQE safeguarding audit, including increasing the Size and capacity ol the safeguardin9 team., Change and Renewal - supporting deaneries and parishes in the implementalion of deanery plan5 8nd the Dioeesan Plan for Change and Renewal. The national church remains a key partner for strategio funding, partieularly for 8UPPOrting change and renewal. and supporting parishes with high levels of econotnic deprivation. Supporttng strategic change At a diocesan level, work to lead change and renewal is broadly in line with expectations al this point, bul the large nurnber ol clergy moves in 2023 and 2024 has had Iwo major impacts that can be seen in these accounts.. property majoi works spend has been brought fonN8rd in order to carry out works on properties when they are vacant to try to minimi5e disruption to ministry", and there has sometimes been delay or interrupted work toward5 fruitfulness and sustainability at paiish and deanery level. Trustees aulhorised significant additional spending on property during 2024. in effect bringing forward expenditure on majorworks thal would have followed in subsequer)l years. The work was prioiitised to suppori the aim ol reducing clergy v3c8ncy rates. and did result in reprofiling the budget mid-yeai with a consequenl additional spend of £1.25m against the original budget. Work lo grow and embed rnodels of ministry that are fruitful and sustainable is taking place across the diocese and the TDBF are supporting that work. We know that this work is moving more quickly in some places than in other5, and that in some places significant challenges remain. The approach of the trustees has been, and continues to be. sUPPOrt Ioc81 plans through resour¢e5 and project managemenl capacity, lo create a stable financial fratllework for parishes, and to seek national support for the work. Direct support forparlsh ministry The use Of assels is In line with plans made In our A&se15 Strategy, and conlinueg lo be sustainable. Al the end of 2024, and reported here, the balance sheet 15 Stronger than projeded at this point in the Assets Sliategy, but given the wider uncertainly in the economy we are not proposing lo diaw more from reserves Ihan in the 8greed slrategy at this lirne. We plan to review the Assets Stralegy in year S 0110, with the work laking place in 2026 and 2027 in lime for the 2028 budget. The use of reserves to support rnission and mir)istry 15 ahead of projections, laigely as a result of Ihe increased spend on property major works and we expecl thi& lo reduce naturally with fewer clefgy moves.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees. Annual Report For Ihe yearendod 31 De¢ember 2024 During 2024, along with sorne exlemal lunding, the use of r&serves lo enaNe a focu8 on supporting parish ministry included., pushing down on the MMF call lo provide stability for parishgs., an inerease in the level of stipend above the national average,. and resourcing of Church House based on dé8nery plan$. Within the Dioces8n Plan for Change and Renewal. and with MMF collection rates remaining strong. the TDBF conlinued lo allocate all of (he Lowest Income Communities Fundillg to SUPPOTi parish ministry and mission. Income fmm pmperty and investfftents The ¢ooling or flat domestic property market in Comwall pushed down yields for rental propèrties in the year and Saw an end to thé rawd sale-value inllalion seen since 2CI20. However (he value of the estste overall, and properties identified for sale In particular. continues lo track close to or even Sbove inflation. Income from completed property sales was below expectations in 2024, mainly because ol fèwer or delayed salag ralher Ihan lower sale values, but we expect this to correct in 2025 and 2026. Property sales continue to be part of the overall approach lo maximise income lo support tllinistry, lo align the e51ate lo our objeolives. and in some cases to release capital lo invest in the remaining estate. The Glebe estate continued lo shDW resilience. Whilst the yield on the largely agricultural e51alo remains relatively low, the over811 performancè on a lolal reluflls bAsls remains $8t18faclory. MMF Income The budget for MMF contribution5 from parishes in 2024 wss based on commitments described in deanery plans, as il has b88n for the last two years. The collection rale, when actual contributions are compared lo Ihe budget, incréased Irorn 91Vo to 94V• in 2024. This continues to give trustées the confidence lo mako assels available lo support deanery plans. The trustees are grateful to PCCS and parish leaders lor their conlinuing commitmènt to Ihe flourishing of God's church in Coinwall. After fivé years of not passing on the full inflationary increase in costs lo parishes Ihrough the MMF cs11 we expgcl lo see above inflation increases in the call from 2026, this has been referen￿d irn the MMF consultation work recently completed. The trustees present their annual report logelher with thè audited financ4al slatsmenls for the year ended 31 December 2024. This combined report satisfies the legal reouiremenls foi.. a DireGlors' Report and Slialegic Report of a charitable company- and a Trustees, Annual Report under the Charities Act 2011. Legal Objects The CTrverall objects ol the TDBF are lo support 8lld promote ihe work of the Church of England in the DI0￿Se of Twro and to scl as a good steward ol the resources entrusted lo it. The prineipal objecis sel out in the TDBF'S Atticles of Association are.. lo protnote and assist the work, objecis and purposes of the Church ol Enoland lor (he advancement ol the Chrislian religion in the Diocese of Truro, and in particulsr lo organise and provide funds in aid of the work ol the Church including.. training for rninislry., rnaintenan￿ and financial support and asgislance of rninislry., provision of pensions lor the clergy and lor lay workers", overseeing the various properties used by the wider church, including churches, church halls, clergy houses and other buildings.. providing religious edu¢alion through Church of England schools and colleges as well as elsewhere., and financing the diocesan and centr31 organisation. The TD8F h8s the following st£lutory responsibilities.. the rnanagement of qlebe pioperty and investments lo generate income t(> support the cosl of stipends arising frtsm the Endowment and Glebe Meastsie 1976., thE repair of benefice houses as the Diocesan Parson8gÈ Board under the Repair ol Benefice Buildings Measure 1972.. Ihe management of inveslmenls and th¢ custodian of assets relating to church schools under the Diocesan Board of EcJuGation Measure 2020., the custodian of permanent endowment and real properly assets ielaling to tiusls held by Incumbellls and Aichdeacons and by Parochial Church Councils IPCCI as Diocesan Authority under Ihe Incumbents and Churchwardens ITruslsl Measure 1964 and the Parochial Church Counci15 (Powersl Measure 1956.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustses, Annual Reptsrt Forlhe yearended 31 December2024 Legal Objects leontinuedl The strategic priorities ol the TDBF are established by Ihe IrL&Stees and Dioc¢san Synod in communication with Deanery Synods. PCCS. and the Bishop of Truro lin respect of his respon8ibilily lor the provision of the cure ol souls). To Ihis end, significant lime and effori is commilled to ¢ommunie8tion belween and with these boilies. as well as wilh the church nationally. Vislon, Aims and Objectives The Diocesan Plan for Change and Renewal describes three main themes or priorities emorging Irom deanery plans and shaping the work of the Board., sÈgnificant changes in pattems ol ministry., r8vérging the sleep decline in the numbe¥ of children and young people with whom we have significant engagement., and shifting resou¢¢es towards rninislry arKI tnission in communities expeii8ncing deprivation. In addition lo those IhTee headline themes five other signif1¢8nl priorilies ar8 clear in deanery plans and hence in dioc8san planning., achieving the national ambition lor culling carbon emissions lo nel zeio by 203Q,' supporting parishe5 In their slewardship of buildings, p8rtlcularly chuTth buildings., a focus on how small thurchès are able lo flourish.. changes to governanoe and leadership arising from changing patterns of ministry and lo support mission., and achievillg a sustainable financial model for local churches in partnership with the TDBF and the national chLJrch. Actlvities and achievements during the year The ovèrall strategic piiorities for the TDBF in 2024 continued to work towards fruiifuliies5 and sustainability at parish level. The focus was therefore in supporting parishes in implemenlin9 deanery plans, this is consolidated in the Diocesan Plan for Change and Renewal and progress towards implementing this in 2(r24 continued. Key decis11)ns taken by trustees during 2024 included.. approving plans for clérgy recruilm8nt' conoluding a truslee-led review ol governance and receiving recornmendalions,. r8ceiving th8 ind8pendenl INEQE safeguarding audit. accepting ils recommendalions, and approvlng the cons8qLJent Action Plan., approval Df 8 People Plan to suppotl the impl&mentation of tho Diocesan Plan for Change and Renewal,. noling the failure lo appoint Ici the Dean5 of Are8 roles and approving proposals for Ihe appointment ol Strategic Ruial Deans with SUPPDrting House foi Duty posts and olher changes., approval for significant increase5 lo Ihe budget for major works in clergy housing, noling the very high numbei of clergy moves in 2024., appioval ol a consullalion on a proposed Dew MMF lorrnula shaped to support implemenlalion of deanery plans.. and approval ol the 2025 budget. During 2024 Clive Hogger became Archdeacon of Comwall, and David Williams was announced as the new Bi8hop of Truro. Following triennial elections, we welcomed rnore than 40 new members to diocesan synod and 10 new members lo the Bishops Diocesan Council. Change and Renewal During 2024 every deanery plan w88 reviewed with local implementaliori learns. Part of the work was lo idenlily progress in a way Ihal could be compared'like lor like, 8ClOSS the diocEse and which allowed priorities to be agreed, as well a8 considering whether the plans continue to be 'fil for purpose,. The detailed work behind these sumtnaries is giving the deanery teams their priorities foi 2025 Work slaried, and is GOntinL%ing in 2025. on the Children, Young People and Families plzn which has ievealed the scale of the challenge and Ihe limit81ions in our capacAly lo do the work. The inlenlion Is lo use TDBF reseNes lo fund this work in line with Ihe Assets Slralegy, and lo seek national funding support. Resourcing Ininislry in Gommunilies experiencing depiivalion Is a prioi ily for the trustees. During 2024 the national Lowesl Incol￿e Commui)ilies funding (Licfi was used in doaneries as budgeted and as per Ilie deanery plai)s. niocesan mission funding was however underspent when co>mpaied lo budg*ls based on deanery plans. The lailiiro lo spend available mission funding r&flecled the challenges lor leading change iii sonie places and Ihe difficulty ol iinplemenling ainbilious pl8n5 in comtnunilies th81 are often

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forth8 yearended 31 December2024 Change and R&newal (continuedj hard-pres$ed. The impacl ol the LICF funding has been si9nifi¢ant. Mission funding is intended ID help grow ministry from a financially unsustainable position lo suslainabllily. evidence for the effectivèness is pErt of the deanery plan review work. Paiishes are also able lo apply for grants ol up lo £5,￿0 for mss8ional piojecls. 18 grants were issued in 2024 lolalling 133,168. Funded projects included a community larder, a generatorfor agricultural chaplaincy, wild church, a children's cinema club, training for deaf church, Easter PTayer slalions and equipment for a toddler group. 100¢/ts of recipients slated the granl fundeij project had a positive impact on the running of the church., 1W% reported a positive imp8d on the mission in their areas.. and 800/0 slated thal il had increased visitor numbers. In Ihe Di￿San Plan we have committed to supporting ehurches with their building5. The first slep has been to secure £104,165 in funding from the national ehurch lo pay for a Church Building Support Officer to h01p churches mainlain, repair and develop their buildings, with a focus oll project development and lundraising. Thi8 officer has worked with 80 churches this year, liaising very Closely wth ffte DAC Seoretary and comrllitlee. A further £137,000 from the national church has meant (hal we can give grants up to £1 0,000 to churches ftsT maintenance and ropairs and the diocese supports this with small discretionary grants lo help pay for professional fees. So far £41.000 in 9 grant5 has been released for items Such as rainwater goods repair, bal miligalion and masonry rEpairs, 100'k ol churches ￿￿1VIng a grant said it will help to inerease the ntsmber ol visitoisfviorshippers to ohurch and 80 /D Stated that the works had a signth'cant positive ImpaGI on mission and minislry. A 81rategie plan for supporting parishe5 in their stewardship of church buildings will be progre88ed in 2025 The work on small churches progressed during 2024 and is expected to be reFX)rted on in 2D25. Ordaln&d, LiGensed. and CommtS5ionedMinlstries Providing and supporting clergy, particularly but not exclusiv61y slipendiary clergy. is a corg part of the work of the TDBF. The Board also supports th8 discernment, training and ongoing flourishing Of Readers and many other commi8sioned layloaders and rllinislers. While the TDBF is iesponsible for fundin9 01 clergy stipend costs. the nation81 clergy paytoll is administered by the Archbishops, Councll. a charity which the TDBF reirnburses tllDnlhly for the costs of 5tipendiary clergy deployed in the diocese. Caring for th8 clergy, curates. readers, local worship leaders and local pasloral ministers in the dioces6 is a priorily of the TDBF and ministry costs represent by far its largest financial commitment. Allogelh6r the diocese ha8, as at 31 December, Iho following people involv¢d in aulhorised ministry. There was a lower rate of vacancies al the end of 2024 when ¢orllpared to 2023.. 2024 48 15 2023 39 18 Stlpendiary incumbenl status ctergy Self-silPPOrtiiig clèrgy 'House for Duly, clèrgy Stipendiary cuiales Self-supporting curate8 Readers Clergy wth Perrr7ission (o Official8 (incl retired and nDn-retiredl Local Worship Leaders Local Pastoral Ministers 10 16 91 162 232 212 91 767 232 217 Deanery Plan5 describe approximately 80 slipendiary incumbent slalus roles Truro is one ol very few dI0￿seS who man8g¢d to increase the number of clergy being paid a slipend during 2024 Ifrom 5510 58 including slipendiary cur8lesl these numbers have continued lo rise in 2025 ciiid TDBF continues to piiorilise this work. Pushing down the vacancy rale has been a significant 8chiev8menl in th6 context ol falling nurnbers of c18ryy availablo nationally. Behind these numbers lies a year of unprececlenled movements with Inore appointments made than in any recent years. We welcorned 20 clergy lo new PDSts in the year, wilh lÈn internal moves and len from outside the dia￿Se, with live mole appointments made bul not in post unlil early 2025. Further increasing and sus18ining the slipendiary clergy he8dcounl will be challenging in 2025. We will continue lo work to describe and promote paiierns of ministry needed for fruitfulness and sustainability During 2024 land in 20231 we identified strong 2nd elfeclive deanery leadership as a vilal element in implemei)ling plan5 lor friJilfiJlnes5 arid suslaii)abilily We dllgmpled lo implement approved p18ns for"Deaiis of Area it proved irnpossible lo recruit lo these posts and the model was abandoned New plans for Strategic Rural Deans" closer lo, bul d151incl from. the traditional I'ural

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual R&port Forthe yearended 31 DeG8mber2024 Ordarnèd, Licensed, and Commlssioned Mlnistries (continued) dean role were developed. We have recruited to s&ven ol the Iwelve po815. Recruilm8nt to the supporting"HoLJse for Duly roles will begin in 2025. Gut carbon, ¢h8rlsh creafion, speak upl Work continu85 to delivei the Diocesan strategy to Cut Caibon, Cherish Creation and Speak Up, with very significant reductions in emissions ol carbon nel zero, particularly from clergy housing. Significanl progress has been made by the property management team with Iwenly one properties Ilrom zero in 20211 with an 'A' rated EER (Energy Efficiency Ralingl and a coherent plan and growing capacity for carrying this work forward. The oosl of the work is risin9 faster than anticipated and is requiring a careful review of the budget lo prioritise impacl and supporting the deployment ol cler9y with minimal disruption. £58.850 has been secured from the national church to give grants to churches for'QtJick Wins, lo h81p churche5 Cljt carbon and energy bills. These grants cornpliment the work of the Cut Carbon Support Officer for churches, who SLJPPOrted 50 churches in 2024. 70 churches have re￿iVed an energy audit {the top 20.10 highest emilling in the diocese), as have all 44 church schools. There are 100 lup from 721 Creation Care Champions across the diocese. These are passionate and dedicated volunteers who are driving change locally, supported by the Creation Gaie Nelwoik established by Ihe Di0￿san Environment Officer. 84°/D (up 10/.1 of churches reported on their energy use via the Energy Footprint Tool, data which is being used lo allocate giants and priorilise sUPPOrt. 80 churches are registered Eco Churches lup from O in 2022}, with 3 now holding the coveted Gold award. The challenge of Nel Zer(> and cliniate justice can sometimes feel unsurmounl8ble. but it is our missional imperative as a church lo'safeguard the integrity of creation, and we conlinue lo seek to lead in this work and set an example lor others to follow. The national church now provides us with a 8ummary of the carbon emissions ftsr the dioces8. As we aig still collecting data foi 2024 this data is 10 2023.. 4.692 4.441 4,$00 4,017 4.QC 8 3.SQO hur¢thes Chur¢hHoll 31-. Sch0019 2,5UO Ftouslng 2.QCLI oihèrbulldi 2D21 2022 2028 Church Hous8 During 2024 the TDBF team moved from Woodland Court (rented privately) to smallei accommodation rented from Truro Calhedial the Old Cathedral School. The new home provides much closer physical proximity to key partners in the cathedr81 team, as w811 as a cily centre localion more easily acce55ed by public transport The TDBF has continued lo ask staff to work on hybrid" basis wilh most staff working frorn home most ol the time, this has allowed us lo ieduce"desk-5pace' significantly with a consequent cost saving, and lo recruit Irorn a wider field of candidates. The slaffing of some of the Church House teams increased during 2024. The core safeguaiding team was increased in response Io Fecommendalions made by the INEQE independent audit, the cost ol this Staffing increase falls to TDBF. The safeguarding leatn have seen very 5ignilicanl increases in the numbei ol ￿ferr81S received, and in the number ol serious cases that they handle. other staffing 5ncreases have been1imiled either lo posts funded at least in part by the national church and where the post holder will directly 5UPPOrt parish ministry as well as accessing other nationa1 funding, and posts ILJnded by the TDBF but where the role Is called for to implement priorilies in deanery plans and the Diocesan Plan for Change and Renewal. Trustees ale alert to the challenge thal cornes Irorn employing an average core lay staff ol around 41 137 in 20231 full time equivalent In a diocese ol this size, and with stipendiary clergy numbers al 810und 60. A lypical head Offi￿ of Ih81 balance may be unsustainable. bul tIU5tees take the view that Ihe stalutory role and duties of the TDBF require a slaff ol that order. Staff ale focussed on providing SUPPOrt foi parishes in Iheirvilal work of change and renewal and ioles are tightly aligned lo those priorities.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees. Annual Report For th6 year ended 31 December2024 Church Hous& (continued) WherÈ possible, opportunilies lo use national Cpr Ihird-party fund5ng are taken lo redtsc8 the burden on pari$he8. Trustees bench mark the size and cost of the team against other sm811 dioceses. Public ben•llt The Iruslees believe that, by promoting the work of the Church of England in the Diocese of Truro. the TDBF helps lo promole IhE whole mission of the Church (pasloral, evangelistic, social and ecumenicall more effectively, both in the diocese a5 a whole and ill ils individual parishes, and that in doing so il provides 8 b8nefit lo the public by.. providing facilities lor public wor8hip, pasloral care and spi¥slual, moral and InlellectuRI devefopment. bolh for it5 rnembers and for anyone who wishes to benefit from what the Church offers., and promoling Chrislian values, and s8rvioe by members ol the Church in and to their communities, lo the benef￿1 of individuals and society 2$ a whole. The Iru5tees are awar8 01 ihe Charity Commission's published guidance on thè public benefit requirement in general and mo p3rticularly in the Advancement of Religion for the Public Benefit and have had regard to rfc in Iheir admÈnÈslralion of the TDBF. Work wlth schoo15 The wotk of the Diocesan Board of Educatton IOBEI in 2024 has seen the implementation of both our slraleglc commitmen18 which were sel when our Di0￿san Director of Education IDDEI, Lee Moscato, took up post aJKI 8180, refining some of our operational working procedures. The work has focused on delivering on our aim which 18, 'lo be a signilicanl partner in Improving outcomes for 811 chitdren in Cornw811 and the Isle8 of Scilty., The DBE works to this 8mbition by promoting and living out the Vision ltsr Education ol the Church of England and the wider vision lor the diocesE. The last year has sèen us focus wholly on delivering otjr strategic cowmilment which has Ihe following five core threads aimed at enablillg Dur schools, and all those in and around Ihem, lo flourish. Wilttin the strategi¢ plan. which will b8 reviewed in the surnmer of 2025, there is a locus on partnerships and how. through these. wé can improve educational. socielaj and life affecting outcomes for all children in Cornwall and the Isles of S¢illy'. Powerful Partnerships - partnering with others lo fulfil our commitment lo improve outcomès and provlslon for pupils. adults and school CCTrmmunilies', Joining the DOTS IDiocese of Truro Sohoolsl- ensur4ng meanlnglul connecltons wilh and lor Ihe church schools in our diocese., Community, Care and Connectedness lo provide for the most vulnerable through the right people, in the right place with (he right purpose to suppori the p3sloial, well-bèing and spiiilual needs of children, young people 8nd their families., Worshipping Life of S¢hoo15 and Communities to ensu￿ flouiishing. school communities that 8ie commllled and equipped lo develop the spiritual life of Ihe school and the community,. and Creation Care- to support schools in makI￿g a concerted effort lo care for God'8 Creation. Wfithin our work, th8re have been two significanl areas w8 have fo¢used on which deliver on two Eore threads but have overlap wilh others. Onè siea has been on delivering the Flourishing Schools Programme. This sees us train slralegic le8ders in multi- academy Irusts and schools who will partner with u5 through netwoiking, training and resources lo mutually deliver the DBE Measure. Leadeis are identified and trained in governance, recruitment and induction, Religious Education IRE) and Colledive Worship. These leaders SLfPPOrt us in delivering ourwork and speak into Ihe wider school improvement and support mechan18ms in mulli-academy tiusls and schools. Al￿ady. we are seeing Ihe fruit of this work through ifflproved provision in these core areas in sotne schools and trusts and tnore robust procedures in place regarding governance and HR. Anothèr core area of work has beén the delivery of the Flourish Network Pilot. Thi5 IS part of a nation81 pilot seein9 our diocese selecled as one ol only 12 nationally and us having 3 01 the 42 'worshipping communities. n8tlDnally here in our diocese. Our work in thts 8rea, partnering clusely with colleagu¢s in Ministry and Change & Renewal. saw us select Ihiee pilot locations, each with different contexts. links and anibilion, lo explore Iiow ourwork underlhe national 'GrDwing Faith, umbrella might develop. The three sites have a core aim which is to bring horne school and church logethei in 8 worshipping commLlnlty driven by the school and the young peDple in it. The three siles of the Flourish Pilot. in Camboine. Bodmln and Sl Auslell, will not only illlorin the national work bul also our own plans for gr¢>wing a younger. tllore diverse and inlèrgeneralional church here in our diocese The piltsl Is still in ils early stages and we are looking forw8rd lo sharing more of this work in the coming months. Creation Care is somelhiiig we are proud of. The work Df our Ciealion Care Schools Officer has seen over 500 pupi15 joln workshops in churches acr055 the diocese and over 20 schools slait the a¢credil8lion proTrss lo be an 'Eco-School'. Similaily Ilie wtsrk of our Cul Carbon Schools orficer has seen Èeveial miilli-academy trusts begin lo iinplemenl trusl-wide plans lo cut C8rbon which have beeii informed by audits completed in all of the 43 church schools in our diocese.

The Truro Diocesan Board Of Finance Limited {Limited By Guarantee) Trusts8s' Annual Report Forthe yearended 37 December2024 Work with scljools (continuerlj Training lor school colleagues 8nd leaders conlinues in areas such as RE, school leadership, curriculuw and Stalulory Inspection ol Anglit8n and Methodist Schools ISIAMSI preparation. Feedback from thoso in and around our schools informs our work and training and we are pl8nning how lo provide rètreals lor adults in our schools, regular tsnline worship Ihat school-based aduKs can join in with and how to continue to support them lo see how their woik is indeed a calling and how we sustain them in Iheii ministry in our schools. Operation811y, linked lo the overaiching strategic commitments. we have supported schools and trusts through pro¥Klillg a Governance Handbook, a Recruitment and Induelion GLJid& for Schools and a suite ol resource5 to support the curriculum and estates management in schools under the Crealion Care work. These resources provide clarity ol expecl81ion (both from us as a dlocese b(tl also nationall as well as transparency, consistency and supportive frames to follow. Lo()king ahead, we will bè reviewing our Strale9ic Commitments this year, evaluating and writing our nexl operational plan snd providing more 5UPPOrt to schools Ihiough further guides and resources including a 'Worship in Schools, booklel and support in developing a language ol spiiitualily in our schools. Vglunteers At èvery level the Church in Comwall relias on peoplB giving their lime and gifts freely. Trustees believè thal the numbEr of actnia volunteers lor volunteer houtsl given lo the mission and ministry of the church is a key indicator of thè health of a church. The service provided to a community through church volunteering also has a significant imp8cI on people's relationship lo the church. particularly al limes of crisis. Within this Gontexl, the TDBF Iruslees greatly v¥lue the considerable lime given by all the synod, board and committee members across the diocese, Financial Revlew Financlal porformaneè The Slat8menl ol Finallcial Aolivities (SOFA) for the year on page 21 shows lolal income of 27.099k12023.' £7.032kl and total expenditure of £11.414k (2023.. £9,138kl, r8sulling in nel expenditurè c>1 £4.314k12023.' £2.1￿k1. The incrgase in income of £67k is made up of £71k hlgher parish contrsbutions, £85k higher rental in¢ome and £195k higher investment income. This was in part offset by £92k less funding re¢eived from ArGhbishops' Gouncil and £197k less realisgd gains on disposal ol assets than in 2023, The MMF contributions given by parishes lo fund the ministry costs of the diocese remain the main source ol incom¢ for the diocese. In 2024 thi8 inwme inoTeased by £71k to £2,935k12Q23'. £2,864kl. The MMF Collection rale improv8d to 94.tKJYo, Irom .72/0 in the previous yèar, see note 3 on page 29. Income from the Archbishops, Council represents Ihe second largest Source of income al £1,612k, neaTly 55°/0 ol the amount reTrived Irorn parishes in the form ol MMF. The breakdown ol the diffeTent funding slieams received can be seen in note 3. Expenditure Increased by £2.276k. This is mainly due to re50urcing ministry cosling £2,086k more in 2024 when compared lo 2023. with 5UPPOrt (or ministry and fnission Costing £201 k more and expenditure on education costing £78k ltrss. Within the resourcing ministry heading is the budget for property maintenance which was incr8ased, and spent, in 2024. by £2.016k. The opportunity to carry out works (which include nel zero works) while properties are empty continued. There was also an increased arnounl spent on clergy Settlements in 2024, £70k, along with higher resetllemenl and recruitment cosls due lo the high level of cleigy changes in 2024, £85k. These were offset by a lower spend on clergy stipends and pensions of £134k which was due to fewer clergy being in post over the 12 rnonth period when compared to 2023. The increase in support for ministry and mission spend is predomin8nlly 1£174kl due to the spend relating lo the new funding received from the Archbishops, Council for works tsn parish buildings, this includes Quick Wins and Net Zero works. There is algo an increase in the cost of the safeguarding leam19.70kl that h8s additional capacity lo Implement Ihe findings ol the INEQE audil in earty 2024 along with an incrÈ85ed spend on Mission Fund grants1£9kl. Thes¢ increases sre partially offset by a reduclion in the sppnd on Transforming Mission1£93kl wh￿h is to be expected as the projects near the end of the pefiod for which they are funded by Strzlegic Development Funding and TDBF reserve5. The property rnarkel in Cornwall, according lo Land Regislry data, slr8ngthened again in 2024 ￿th values increasing by an average of 2 2¢/0. However, the value of the properties on the balance sheet have increased in 2024 by £2.4m. which is more than 2.20/0. This has come about because the value of ihe works being carried out on some of our propertie5 is inereasing Iheir value. This inlorrnalion comes from valu8liDns on properties received when the quinquènnial inspeclions ale carried out. The value of inveslmenls held also Increased iii v£lLJe tn 2024 wilh an unrealised gain of £1 66m, being rnade up ol £0.86m on glebe and £0.8m on listed and unlisted inveslments. This i)et gain ie5ulled In Ihe tolal fund balances again increasing from £119,923k lo £120.050k.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trusteps, Annual Report Forllie y8areiided 31 December 2024 Sffgnlflcantpmp&rty tr8nsactlons In 2024 the TDBF sold one property, which was replaced wlth a more suitable property, for nel proceeds of £428k. Two properties were Pufchased in the year. both being replacement propBrti85. one foT the one sold in the year 8nd the other for a property being sold in 2025. The TDBF policy continues to be.. lo replac8 unsuitable properties.. 10 8ccommodale the chsnging geogiaphical deployrnenl of clergy within the diocese.. and lo realise development po18ntial in some properties, thereby using resource5 more effèctively for the ministry of the church. Work on this strategy is continuing a5 tho deanery plans are impltsmenled a5 part of the Next Step5 On the Way work. Ba18nGe Sheètpositlon The ng1 assels al the balance sheet dale lotalled £120,050k12023.' £119,923kl. This includes 12012023.. 1211 properties lolalling £64,784k12023'. £61,10lkl, which are mainly used to house the slipendiary clergy. The values olthe properties range from £239k lo £1.22m12023.. £234k lo £1.2ml. Much ol the remainder ol the assets shown in the balance sh881 are held in restricted and 8ndowmenl funds and cannot necéssarily be used for the g8neial purpos¢8 ol the TDBF. The Iruslees are satisfièd that the TDBF has adeqLtrale resoLJr¢es to continue to operate as a going coneem and have prepared Ihe financi81 statements on Ihal basis_ Resernes Pollcy Free reselves Taking illlo account the continuing level of change in hrjusirig. MMF Gonlribulion levels, pfojecled operating results and our commitment lo the dl¢)¢esan strategy, the IrustÈes' policy 15 to hold thè following res¢¥ves'. General Designated Pastoral Fund Funds Account £'ooo É'ooo £'ooo Total £,￿0 Working Capital 'Cashflowing' for replacing parsonages Provision foi covering any unexpected deficit Additional worktng capil81 lor regular housing malnlenance and repairs Funding any future d8velopmenls arising from decisions taken 21 the BDC Loans lo PCCS 520 520 1,50 1,500 5LX) 500 250 250 100 500 500 Designated Funds 12,860 12,860 Dioces#n Pastor81 Account- Benefice Accounts 4.000 4,000 Total 1,620 12,860 5,750 20.230 As at 31 De￿mber 2024 the amount ol readily ￿a1]sable assets in the General Fund required undei the policy is £1,62(Ik12023'. £1.620kl, as pei the table above. Actual free resernes as at 31 December 2024 amounted lo £1,174k12023.' £2.553kl which 15 below the target amount and has come about as one Board property was purchased in 2024 before the property il is replacing 1$ sold. Oesignaled lunds Th8 Trustees may designate additional unrestricted resewes lo be retained lor an agreed purpc>se where Ihi5 is considered lo be prudent. Such designaled reserves are reviewed on an annual basis and returned to the General Fund in Ihe event Ihal thè purpose ol their designation is no longer oonsideied lo be adequ8le justilicalion for their ietenlion. A descripiion ol each fund, logelher with th8 intendèd use of the reserve, is sel out in note 23 on page 46. Al 31 December 2024 total designalÈd re5etves were £18,072k12023.' £15,455kl.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forlhe y8arended 37 December2024 Reserves Pollcy fcontinued) Reslricled and endowmènl funds A8 set out in note 23 the TDBF holds and adtllinisters a number of restricted and endowment funds. As al 31 December 2024 restricted funds lolalled £8,999k12023.. £12,734kl and endowment funds lolalled £91,805k12023.. £89,181 kl. None is avai18ble fc>T the general purposes (>f the Tt)8F. At the end of Ihe year. the awount ol the Pastoral AcGount that must be ring-lenced pending proposed pa51ofal reorganisations 8mounted lo £3,268k12023'. £4.033k). Fundraislng Actlvities The TDBF undertakes very limited fundraising a¢livities directly with individuals. The majoiily DI the TDBF'S incom8 comes fro olher charitable entities. Th& TDBF d08s not use IhiTd party professional fundraisers 8nd did not receive any complaints about 118 fundraising practices during 2024. Investmentpolicles Under thè Artides of Associallon, the TDBF has the power lo make any investment which Ihe Trustees sBe l([. The Investment Managempnt Commiltee Ilhe Commitleel oversees the mall8gemenl of the TDBF'S investment assets 18part from GlebB land and buildings which are the specific responsibility of the Glebe Commitleel. The Inv8Stment Policy and Principles St81ement sels out a piaclical framework of guidelines and conditions within which the investfflenls sh811 be administered and was last updated ill January 2023. A revised policy is in the process of being draftèd. It is expeGled that an ethical approach is adL)pted at 811 times.. broadly this encompasses the objectives of The Church ol England's Ethical Investmenl Advisory Group, the Diocesan Environmental Policy and mQTe recently the Church's objective of 'nel Z¢TO' by 2030. The ovèrriding objeclive is to suppori Ihe mission of the Church in the diocese thrtsugh a porttDlio that aligns slrongly with the diocesan and wider Church's Ethical, Social and Govemance {ESGI values. The prior*liEs are the maintenance of capital in real terms, together with a sustainable and growing level ol dislribulions. Th6 investmen15 are to be managed on a tolal reluin basis. The TDBF is able lo take a very long teim view in investment terms, accepting volatilily ol capital in the ghort term. The resulting toleran￿ of risk and the abilily to take (he long view imply an acceptance ol exptssure lo equities. the belief being (hat this assel class is likely tts provide the best overall relurns over thè envisaged limescale. as well as to keep pace with infl81ion. Other asset ¢lasses ar8 included lo moderate risk and protect income flows. The Comrnillee continues lo believe that it IS PTudent to rtrly on external fund managers (particularly CCLAI in order to obtain the appiopriale degree ol diveisificalion and to ensure adherence to our Èthical crileiia. The Committee is very sensitive lo the effect ol charges on investment perfoimancE, as well as being aware that it lacks the resources lo manage the Investme￿($ ilself. Use ol specialist charity funds 6nsure5 that the appropriate level tsf export15e is employed al a reasonable ¢ost. The Committee is permitted lo consider all 8uthorised m8nageTS and lypes of fund, subjecl to appropriate due diligence. £1m of the CCLA CBF Global Equily Income Fund was sold in 2024 to realise cash to finance the increased proporty major works. All of the investments in renewables weie sold ill the year and the proceeds w8ie reinvested equally in lisled funds already hekl with Sarasin and Cazenove. In December 2024 311 ol the Sarasin Glirvtate A¢live Endowm2nt Fund was sold with the prO￿ed8 being immediately invested Into a non fossil Iugl Fund with Sarasin. Mo costs We￿ charged lor this tr8n8action. Investments are held in two of the CBF Church of England Funds, representing 63.9¢/0 of the ltstal value of the TDBF's inveslmènls of £31.688k (excluding Glebel at 31 DBcember 2024. The remaining 36.1 % are held in li51fjd investments Isee note 18 on page 411. The Commillee has adopted an Industry slandard ben¢hrnark. the MSCI PIMFA Balanced Index for performance comparisons. The benchmark rose by 8.280/J in capil81 tEmis in 2024 and the TDSF'S ¢ombined portfolio (excluding glebe investnientsl rose by 2.53'/0 in the same period. The main reason for this pooier perforfflance was due lo the reneW￿￿e investments which were a11 sold towards the end ol the year, patuy because ol this. The yield on the portfolio was 3.1D/o. Al wesent il is eslimaled ￿at just aLx)ut 13V& of the portfolio 15 Invested in renewable funds or projects. During 2022 a process slarted to try and calculate the carbon footprint ol the TDBF portfolio and il proved quile challenging lo obta¥n data. Some progress has been made In Iracking progress towards net zero 203Q despite illveslments being outside the scope for Ihe Church ol England Net Zero 2030 agenda. 1t is eslim8led that in 2023 our carbon emissions frow underlying scopes l and 2 emissions were 571 IC02e 12022.. 629 IC02el This is unaudited and is based on unaudited reporiing by companies and funds that may be both eironeou5 and misinterpreted. There is also a small element ol e%tirnating where no dala was av(iiSable. It is hoped thi5 reporting will improve 101 2024 dala. Some of the invesimenls are in renewable5 and other activities helping 10 reduce olh8rs' carbon IDOtprinls but these savings have not been reported as offselling the carbon fooiprint of our other invo51tnents. The Cotnmillee continue lo believe that the 'respon5ible'. ESG aligned approach being adopted remains appropriate. The managers conlinLJe to focus on companies 8nd seclois where there are good prospeols loi the mediLJm lo long teim, whilsl ensuring a dependable income flow in the Short term, believir)g that a re5ptsnsible approach by managèinenl lo ils business soon feeds through lo profits and share piices. The Cotnmitlee continue lo believe the portfolio is well posilioned. The Iruslees consider these Inveslmenl returns io be salislaclory and is comfortable wilh the asset allocation ol the portfolio.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forlhe year vnded 31 Dec&mb9r2024 T(Jlt71 Return$ On 28 Maich 2Q18, the TDBF, as the so16 trustee of the DI0￿$￿ of Truro Slipe*YJs Fund Capilal Account ISCAI, made a resolution under section 104AI21 ol the Charities A¢1 2011 to adopt a total relurn Dn investment approach lo the SCA permsnenl endowment fund. On 28 March 2018. the TDBF identified the valu& of Ihe gifts of perrnanent endowment as al 31 December 1999, the eailiesl date wilh ¥eliable valuation5. This set (he baseline value of the gift component of the endowment lo which any subsequent gift8 of endowrnenl are added. The dIffe￿nCe between Ihe lolal of ètldowmenl funds as 9128 March 2018 and the inflalion-indoxed baseline value of the gift component represented the opening balance of unapplied tolal return. The power of l()tal relum permits thÈ TDBF to invest permanenily endowed fut￿8 lo maximise 10181 return and lo apply an appropriate portlon of the unapplied t(Aal return lo income each year. Unlil the power is exercised to Iransfei a portion of unapplieil total return lo incorne, IhE un8pplied to121 relurn rernains invested a5 part ol the permanent endowment. The power allows the TDBF to decide in each year how much ol the unapplied total return is transferred to income funds and so available for expenditur¢ on stipends and other direct clergy costs. The TDBF dècided to make a Iransler from unapplied tot81 return to unrestricted income lunds in both 2023 ahd 2024. In rnaking these decisltsris they took accounl of the investment climate, the return on investrnenl ltsr the year and the income needs of the charity, In deciding on the am￿nI lo transfer lo income funds, the Iru81ees and the Bishop's Diocesan Council refeFied lo an snalysis pr8pared by Mike Slurgess. Chair of the TDBF until September 2024, as to the likely inveslrnent Ironds and the sustainabilily of the investtnenl fund aftÉr oonsidering various levels ol transfer lo income. Grant making pollcy The Memorandum of Association explicitly peimils the TDBF to makts grants in pursuance of its objgcts, and Ihe naturo ol grants made in 2024 is indicated in note 11 on page 36. The Funds for Mission panel constder grnnl applicalions up lo £5,000. Grants are made lo the National Church to cover a proportion of it5 central costs and also to cover Ihe cost ol training for ministry and are paid lo other charitable proj8cls wh￿h appear to the TDBF lo support the furtherance ol its objects. Principal risks and uneèrtaintles The Iruslees and the Bishop's Diocesan Council are responsible for Ihe identification, mitigation and or Thanagement of risk. To achieve this, a registpr ol all the risks identified is maintained and, alongside it. a managoment and miligalioll slralÈgy formed. This is subject to review by the trustees on a regular basis, with the responsibility lor delivery of the miligalion sliategies idenlifiEd being delegated lo the Finance, A$sels and Risk IFARI Commillee and the Diocesan Secretary. The ¥i8k managers meet quarterfy lo discuss ihe ongDing developm8nl of tho process and each règister is Igviewed in deta51 by Ihe FAR Committee annually on a rotating s¢hedule. The risk iegisler identifies Ihe following high iisk areas where the residual likglihood of the risk occuriing is 'likely or almost ￿rtaIn, and the residual impact of the events is considered'malor or crilical, These 8reas and the associated miligalion strategies are,. Finance.. MMF income insufficient to weel linanei81 commitments. monthly moTriloFing by Finance department., regular detailed MMF management infoirnation comrnunicated lo deaneries and parishe5,' proadive approach to those not making MMF conliibution5 Implemented and parishes are being contacled., mechanism for a9reeing cost ol Ininislry., On the Way pio¢ess working with deaneries to enable Iruilfulness and sustainability for parishes", annual budgeting., prudent reserves policy, which is reviewed annually., Generous Giving Advisors help nurture and grow a culture of giving generously including promoting Parish Giving Scheme., regular communications wlh the national team Its understand national strategy and other dloceses challenges and experiences Ministry.. lack ol people within congregations willinglable lo lake on Parish Otticei responsibililie5 (especially Parish Safeguarding Officers, Local Leaders, Treasure15 and Churchwardensl. The ability ol Church House staff lo respond to enquiiies and requests IOT SUPPOrt Well r8sourced plans lo prDrnote vocations and VDlunleering Training lo be offered lo Tre8SUTeis and olher Parish Offi￿r$ in both responsibility aiid the Christian Faith. Safeguarding" failure lo salegu8rd, c31e and nurture children and vulnerable adulls within oiir church coinmunily, due tts lack of PCC capacity andlor resources. implemer)131ic>n of national and local policies and pracliLe guidance.. Pali3h Piiosl and Parish Safeguarding Officers have defii)e(J reS￿nsIbIlitieS foi saleguardiiig, 10

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forlhe y8arended 31 December 2Q24 Principal risks and uncertainties Icontinuedl Diocesan Safeguarding Tearn in pla￿ lo provide support, guidan￿ and training., Iraining strategy and annua5 training progfamme lincludino virtual Irainingl in place that aligns wilh national guidance., Diocesan Safeguarding trainer and network ol volunteer Ir8inerg in place,. training informalion reported lo the TDBF and Diocesan Safeguarding Advlsory Panel IDSAPI., and training for senior leaders. Education.. Madron D8nle5 school, complex case re academisation and transfer to MAT complex case %vork allocated by Deparimenl of Education {DfEI to work with Local Authority ILA), diocese and Trust during transfer., LA, diooese and DIE working thTQLJgh responsibilities of building work5. Education.. implications of Ihe woiklaimslapproachlpolicylreputation of Iho national church have an Impact on our work locally within Dur diocese. regular communication wth schools regarding national messaging, practico, approach and strategy,. open door approach ol the TDBF eiluGation team wh$re questions can be asked", relationships wilh the national team lo ensure that we Stay abrèasl ol potential developments, issues etc Envtronment. competsng dioces3n prioritie8. dedicated budget funded from Total Return-. slraleyy in place., and (he DiDcesan Environment Board leeds into BDC and FAR lo erEable frequent consideration within wlder conlext. Environment.. aspirations limited by1egisl8tion or nallonal policy. Environrnenl Action Plan approved al Novetnber 2023 Diocesan Synod", and the Diocesan Enviionmenl Board monitors progress being made by each group to implement Ils part in thé overall envlronmenl strategy and action plan. Sl Paul's Church, Agar Roa(J, is a redundant clos8d church in Truio city centre. Under the tem)s ol tho Mission and Pastoral Measure 2011 and other rnèasures the TOBF has certain obligations and li8bililies connècled lo th8 building and churchyard. Th8 Church Commissioner8 have published a draft Stheme for the demolition of the building and the sale of Ihe cleared site. TDBF a￿ also currently negotiating with a neighbour regarding the reinslalement of a partially collapsed wall between the church and Ihe neighbour's properly. The TDBF may conlribule lo the cos(s ol the reinstatement but al this time il Is not clear that the TDBF have a le9al Dbligalion lo do so, or whal the quantum of any such contribution mighl be. Structure and Governance Svmmary Information about the Structure of the Church of Enyland The Diocese of Truro is part of the widei Church ol England, aiid any description of Ihe govtsrnan￿ sltucture of the Truro Diocese and thè TDBF must be set within the context of the structu￿ of the Church of Ellgland ilsell. The Church of England is organised as two provinces," each led by an archbishop Icanlerbtkry for Ihe Southern Province and York for the Norihernl. Each province cornprises dioceses of which there are 42 in England. Each diocese in England is divided ir)lo b8nefices, which comprises a number of parishes, although some parishes can be a benefi¢e in their own right. Each benefice 15 overseen by a priest {usually called a vicar. reolor or priest in charge). From ancient limes through to today, they 8nd their bishop are responsible for the 'cure Df SOLils' in Iheif parish. Benefices are also grouped together into deaneries, wilh Ih8rè being twelve deaneries in the Diocese ol Trufo. His Majesty the K%ng. who is the Supreme Governor ol the Chufch ol England, appoints archbishops. bishops and deans of calhedrals on the advice of the Prime Minister. The Iwts archbishops and 24 Senior bishops sit in the HOUSE ol Lords. The Church of England is episcopally-led (there are about 108 bishops, including Diocesan Blshops and Assistant and Suffragan Bishops). It is qoverned by General Synod as ils legt51ative and deliberalive body at nationa5 level, making decision5 on mallers ol doctrine. the holding of church services and relgtions with other churches. General Synod passes measu¥es which, if accepted by P811iainenl. have the effeci ol Acts of Parfiamenl. It is made up of three groups or houses of Members". the Houses of Bishops. olclergy and of Laity, and meets in London or York al least Iwice a year Io consider legislation for Ihe broader good of the Church. The Nafional Church Institutions The Archbishops. Council. L8mbeth Palace, Bishoplhorpe Palace, Ihe Church Commissioners, the Church ol England Pensions Board, National Society lor Promoting Religious Education and The Church ol England Central SerV￿es are called the Nation81 Church In51ilulions INCISI.

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Tru5tees' AnnLEal Report For fh8 yearend&cl 31 DecEnpber 2024 The National Church Institutions (contlnued) The Archbi8hops' Council wa5 established in 1999 to Co-ordinate, promote, aid and further the mission ol the Church of England. Its task is lo glve a clearsen5e of direction lo the Church nationally and support the Chureh loGally by acting as a poliGy discussion forum. The Church Commissioners manage thè historic assets of the Church of England, spending mo81 of their incckme on pensions lor (he elergy. Th& costs ol episcopal adrninislration through the diocesan and 8uffrag8n bishops aie mel by the Church Cornmissioners. The Church of England Pen8ions Board wa8 established by the Church Assèmbly in 1926 88 the Chvroh ol England's pen5i0n5 authority, lo adminislerlhe pension scherne for Ihe clergy. Subsequently il has been given wider powers, in respect oldiscrelionary bÈnefils and accommodation both lor those retired fiom slipendiary ministry and for widowlerls of those who hav8 served irt Ihal mini8try, and lo adminisl6r pension schemes for lay employees of Church 01ganisations. The Church of England Pensions Board Ilhe Pensions Board), which ¥eport5 to the Gentsral Synod, 18 trustee of a numbBF of pension funds and charilable funds. Mlhilsl the Church has drawn logelh6r under Ihe Pensions Board ils cenlial responsibilities for retirernenl welfare. the Pensions Board works in close co-operation both with the Archbishops, Council and with the ChLJrch Commissioners, The Diocèse of Trnro The slatutory governing bady of th¢ ttl0￿$e is the Diocesan Synod. It con5i5ts ol Ihe House of Blshops. the House of Clergy and the HoLtse of Laily, with broadly equal numbers of clergy and lay peopSe providing representation aoioss the dia￿Se. Its role is lo.. onsider matters affecling the Church of England in Ihe diocese., act as a forum for debate of Christian opinion on mallers ol religious or public interest., advise the bishop whèn requested., deal with mallers ￿ferred by General Synod., and provide for the financing of the dioce￿. The Diocese of Truro was created in 1877. 11 covers thè whole of Ihg ceremoni81 county of C(trinwall, the Isles of Seilty, plus IWD parishes in Devon. ArchdeacDnrles, D￿ne￿e$, Benoll¢es and Parishes The whole of the di0￿Se is dlvided into parishes which for admintstialive and 9Ov8rnan￿ purposes is generally the smallest pastor818iea in the Church of Eng18nd. Typically, each parish has onE paiish church. In total (he￿ ale 211 parishes in the diocese. The ecclesiastical parish is governed by a PCC. which Is maile up of the incumbent as chair, the chu¥chw8idens and a number of elected and ex officio members. Each PQC is a charity, and all are currently 'excepled' Irorn reg1glfalio￿ wilh the Charity Comfflission, apart frorn those PCGS wilh annual gross inwrnes excegding £100,000 which ar¢ required lo register Ljnder the provision8 ofthe Charities Act 2011. Except where shown, the transactions ol PCCS do not form part ollhese financial slalements. Financi81 slalements of an individual PCC can be obtained from the rel@V8nt PCC Iieasurer. A benefice is a parish or group of parishss served by an incumbent who typically receNes a Stipend and the benefit of free occupation in Ihe parsonage hou8@ from the diocese for carrying out spiritual duties. A deanery is a group of parishes over which a rural dean has oversight and an archdeaconry is a group ol d98neiies for which an archdeacon is responsible. Tho Diocese of Truro has two 8rchdeaconries, each w￿th six deanerle8, the archdeaconry of Cornwall in the wesl, and of Bodmin ill the east ol the diocese. The diocese is then the principal pastoral and in tuin financial and administrative resouTce ol the Church of England, encompassing the two archdeaconnes under the 5pirilual18adership ol the Diocesan Bishop. Deanery Synods There ale 12 deaneries in the dI0￿se. each wilh ils own Deanery Synod. Each Deanery Synod has Iwo houses, laily and clergy. and thè role of the synods is lo". Tespond lo requests from General Synod.. give effect to the decisions made by the Diotysan Synod", cor)sider matters affecling the Church of England by drawing log81her Ihe views ol the parishes within the deanery.. aGI as a channel ol communication to express the views ol parishes to Diocesan Synod and thence lo General Synod and, ctsnversely, lo pass malleis from General Synod and Oioces8n Synod lo the parishes,. raise with Diocesan Synod suth IMalleis as It considers appiopriale., elecl Ineinbers of the de8nery lo the Diocosan Synod and of Ihe diocese lo General Synod". allocale the deaneiy MMF call between their parishes and repori the allocaiion back lo Ihe Board, and develop a deanery plan for Ihe mission ol Ihe Church in the deanery 12

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Tru5tees' Annual Report Forthe yearendexl 51 December2024 Diocesan Governance The diocess is governed by Act of Parliament and Order in Council made in 1876. Its statulory govorning body 15 the Dioces8n Synod, which is an elected body wllh representation from all parts of the diocese. Membership consists 0115 ex officio members, including the Bishops and Archdeacons, 45 clergy members elecled by the houses of clèrgy in Do8nery Synods, 46 lay person5 elected by the houses of laity in Deanery Synods, UP to five pèrsons who may be co-opted by each ol Ihe House of CIErgy and the House of Laity and up to five oidained and five lay persons who may be nominated by the Diocesan Bishop. The Diocesan Synod meets three times a year. Th8 Truro Diocesan Board of Finance Lirnited, was lom)ed lo tnanage the financial affair8 and hold the assets of the dlocese. 11 was tncorporaled On 23 O¢lober 1896 as a charitable company limited by guar&nlee INO. 000498251 and ils governin9 documents ar¢ the Memorandum and Artides of Association. The TDBF is ￿gIstered with the Charity Commissi(x) {Nci. 2483301. Every member of Diocesan Synod is a m¢M￿r of the TDBF, foi company law purposes. and has a personal liabi5ily limited to £10 under Iheir guarantee a5 company members in the evenl of its being wound up. The Bishop's Dio¢esan Council ¢()nsists ol the m6mbers of the Bishop's Council and Standing Cofftmillee who are alsts the trustees and direclors of the TDBF under law. Bishop's Dlocesan Councll Diocesan Synod has delegated Ihe following functions lo the Bishop's Councsl and Standing Commillee, via the Bishop's Diocesan Council,, plathning the business of Synod including the preparation of agendas and papers., ini118tion of proposals for aclion by the DiocÉsan Synod and provision of policy advice.. Iiansacting the business ol the Diocosan Synod when nol ill session. managetnent of the funds and property of the dioce5è', preparation of annual estim8les of expenditure., advising on action needed to r8ise the income necessary to finance èxpendilui@'. oversight ol expendituie by bodies in receipt of Diocesan Synod's funds against eslimales of expendllure appfOV8d by Dio¢es8n Synod., advising Diocesan Synod of the finan¢lal aspects of ils policy and on any othèr matters ieferred to it., appointing membets of committees or nomlnating mernbers lor eloction to cornmittees, subject lo the direcllons ol Diocesan Synod,, and carrying out any oth8r funclions delegated by Diocesan Synod. The TDBF has responsibility lor the day~t￿daY financial management of Ihe diocese. Also within the iesponsibility of the Bishop's Diocesan Council are the fotlowing stalulory commitleo5 of the TDBF.. Parsonages Board, which is ie5ponsible ftrr deterrnining policy and making major decision5 concerning the management of parsonage hotsses in e8fjh benefice, including setting the policy fDr buying. repairing, maintaining and disposing of all paisonage houses and houses owned by the TDBF.. GlobB Commiltee, which is responsible ft>r determinillg policy and making major decisions concèming the management ol glebe property and investrnenls for the benef￿1 of the Diocesan Stipends fund ol thE diocese.. Diocesan Nlission and Pasloial coMm￿lte@, which is responsible for reviewing the afrangemenls for pastoral supeNision and care in the diocese, including the deployment ol clergy, and having iegard for the worship, mission and comtnunity as ￿n1¥al lo the lilo and work of the Church ol England", and Diocesan Board ol Education IDBEI, whiGh 15 responsible, under the Diocesan Board of Educzlion Measure 2020, for the promotion of education in the dI0￿se, being educalitsn which is consistent with the faith and practice ol the Church ol England," the prornotion of religious education anil religious worship in schools in the diocese., and the promotion ol church schools in the di0￿Se and in particularto advisethe governors olsuch schools and Iruslee5 01 church educational endowments on any matlor affecting church schools In the diocese. The members of the Bishop's DI0￿$an Council and the basis of their membership is shown in the Administrative section on pages 15 and 16. Some senior ofFicers have job lilles incorporaling Ihe Iitle 'Director', some of whom allend the Bishop's Diocesan Counci1, bul Ih9y are not directors ol the TDBF for the PUfP088S ol company law. All elected rnernbers of the Bishop's Diocesan Council may serve for a maximum of six yea15 before standing down for at leasl one year, but may stand fof re-election Iherearter. The Bishop's Diocesan Councll's responsibilities The Bishop's Diocesan Council, as the body of trustees I director5, is responsible lor preparing the Tru51ee5' Annual Report and the lin8iicial 51a(Èmenls, in accoidance with applic.able law ai)d United Kingdom Accounting Slandaids Iuniled Kingdom Generally Accepted Accounling Praclicel 13

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report For the ye8K 2nd6d 310ecember2024 Thè Bishop's Dlocosan Courlcil's responsibilities (contlnued) Company law requir8s the Bishop's Diocesan Council to prepare financial statements lor each financial year, which give a truE nd fair view of the slate of affairs CTrf th¥ TDBF and of tho incoming resources and applicalion ol resources, including the income and expèndiltÈre, of the TDBF for that period. In preparing these financial slalemenls, the Bishop's Diocesan Council is required select suitable accounting policies and then apply them consistently., obseNe the melhods and principles in Ihe Charities SORP IFRS 1021., m8ke judgemen18 and eslimales that ale ieasonablè and prudent", stale whether applic8blÈ UK accounting standards have been followed, subjecl (o any material departures disclosed and explainect in the financial st8lements'. and prepare the financial stalements on 8 going concern basls unless il is inappropriate lo preS￿￿e that (h& TDBF wlll ¢onlinue in opeialion. The Bishop's Dioe888n Council Is responsib18 foi keeplng proper accounting records which dls¢lose with reasonable accuracy al any lime the financial position of the TDBF and to enable il lo engure that the financial stalemenls Cotnply with the Companies Act 2006. They are also respongible for safeguarding th6 assets ol the TDBF and hence lor taking reasonzble steps to prevenl and delect fraud and other irregulariti@s. The Bishop's Diocesan Council is responSi￿e lorlhe maintenance and inl¢Grily of th6 corporate and financial information included in the Diotsse of Truro's w8bsite. Statement of disclosure to atsditor 80 far as each member of the Bishop's Diocesan Council is aware, ihere 18 no relevant audit inloimation of which the TOBF'S auditor 15 unaware, and each member of the Bishop's Dioces8n Council has taken all the steps Ihal they ought to have taken as trustees in order lo make themselve5 aware ol any relevant audit information and to Qslablish that the auditor 18 awa￿ ol that inlormation. The Fffln&nGe, Assets Rlsk Committee The trustees of the TDBF have formed a committee consisting of the Chair of Ihe Truro Diocesan Board of Final￿e, members oif the BDC, and rnembeis oo-opted on a skills basis, and has delegated lo such of ils powers and responsibililies al it thinks necessary from lime to lime TnJst8e recruitment, selection, Induction and training Trustees ar¢ recruited through a mixlLJre of ex-officio po81t￿n$, élections and nominations. All trustees receive an induction pack and the first meeling of each triènnium is largely given over lo induction briefing5 and discussions. Training opportunities 8re offered, ar¢xJnd safeguarding and risk management, Furthèr development resouTces are made available through the life ol the Irienniurn. There is also a focus on the process of safer reuuitmenl ensuring that the organi5ation exercisés safer recruitment al all levels across thé board. Delegation of day to dsy delivery The Bishop's Diocesan Council and the Financ6, Assets and Risk Committee rely upon the Diocesan s￿retary and his colleagues for the delivery of the day lo day activities of the TDBF. The Diocesan Secretary is given specific and general delegaled authority lo deliver the business ol the TDBF Iri accordance with the policies framed by the Trustees. Rwnun8ralion ofkèy managementpersonnel Emoluments ol key management personnel are determined by the Remuneration Commiftee, under delegated authority from the Bishop'5 Diocesan Council. The Committee obtains reliable up-lo dale informzlion about remuneration in other oig3nisalions of comparable scale and e)alure. Funds held 4$ Custodian Trustee The TDBF is Custodian Iiuslee of assets held on permanent tiust by virtue of thE Parochial Church Councils IPower51 Measu 1956 and Ihe Incumbenls an(J Churchwardens (Trusts) Measure 1964 where the managing trustees are paiochial church councils and others. These assels are not aggregated in the financi81 slalen12nls as the TDBF does noi conlrol thein. and they are segregated from the TOBF'S own assets by means of a separate 8c¢ounling system. Further delai15 01 financial trust assets, whose market value amounted lo £5 7m al 31 December 202412023.. £5.6ml, 2re available froin the TDBF on iequesl, and are SUmTnarised in nole 29 on page 55. Where properties are held as custodian IrusteE. the deeds are idenlified as such and held in safe cuslody by Ihe TDBF'S solicilois. Veale Wasbiough Vizards LLP. 14

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees, Annual Report Forlhe ye8rended 31 Decen￿er 2024 Funds held on behalf of 5ehools The TDBF adfflinisters Devolved Formula Capital {DFCI grants for the diocese's church sthools. At 31 December 2024, it held £256,966 {2023.. £239,307) in designal¢d bank aocounls separate from those of the TDBF. Related partles Genèral Synod, Church Commlssloners and Archbi5hops' Council The TDBF has to comply with Measures p8$sed by the Gèneral Synod of the ChL4rch ol England and is required lo mak6 certain annual payments lo the Archbishops, Coyncil towards the running costs ol the National Church. The stipends of the Diocesan and Suflrayan Bishop5 are borne by the Church Commissloners and arè therefore not reflected in these financial slalements. Parochi•l Church Councils (PCCSJ The TDBF is required by Measure to be custodian trustee in relation lo PCC propetiy, but it has no conlrol over PCCS, whith a Independent charities. The accounts of PCCS and deaneries do not foTm part of these financial slalemenls. PCCS are able to influence the doGision-making within the TDBF and al Diocesan Syntsd level through representations to thtsse btsdie8 and thfough the input of their Deanery SynDds. rh8 Cathedral Truro Calhedial is the mother church of the dioc¢se and legally is consliluled as a separate chaiily. Copies of ils trustees, 18POrt and financsal slalements may be obtained from The Calhedral Office, The Old Cathedi81 School, Cathedral C105e, Truro, TR1 2Fa. Connected charities The trustees Consider the following to be a Conn￿led charity: The Cornwall R¢lired Cleigy, WKJows ol the Cler9y and their Dependants Fund - a r8gislered charity which provides financial support to clergy 01 their depèndents in p&rticular financlal need. Specifjc81ly, support may be provided lo the spouse or th8 dependants of deceased cleTgy', to retired clergy or their depend8nts', or to the spouse or dependanls ol clergy IIDM whom the spouse is separated or divoioBd. Penslons Slipèndiary clergy are members of Ihe Chureh of England Funded Pensions Scheme which provides d8fined re(iremenl benefits and is non-conlributory. On 1 April 2024, the TDBF ¢lostd ils Defined Benefits Scheme and the three lay slaff who ware in the scheme transfèrred acrcFSS to the Pènsion Builder Scheme (previously known as the Defined Contributions Scheme IDCSII, part of the Church Workers Pension Fund. All new lay staff are eligible to join this scheme which is contributory and provides limiled pension guaianlees. Furthei details at>OLJI these ￿h￿rneS are c(>ntained in note 27 on p89e 52 to the financial slatèmenls. Appointment of solicitors A resolulilin tts ￿appOInt Veale Wasbrough Wizards LLP a5 soliulors to the TDBF will be proposed at Ihe Annual General Meeting. Appointment of auditors A resolution to reappoint Franois Clark LLP 8s auilitors lo the TDBF will be proposed al the Annual General Meeting. Administrative Information Trustees The Trustees of the Charity Iloi the purpose5 of charity lawl and the direclois ol the Company (for the puiposes olcompany18wll who served during the year and who were members al Ihe date of this report W8re as IDIIows'. Chairman lex officiol The Ri. Revd. H Nttlson Chainnan of the Truro Dio¢osan Board ol Finaiicc lele¢ted by the MpmbeTsI Mr M J Slurgess (resigned 13 September 20241 Mr J M Day (appointed 14 Sepleiiiber 20241 15

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Trustees. Annual Report Forthe year ended 37 December 2Q24 Administrative Information Icontinuedl Ex officio The Very Revd. S Robinson (The Dean) The Ven. K A Betleridge (Archdeacon ol Bodminl The Ven. C D Hogger (Aiohdeacon of Cornwall) lapwinted 25 June 20241 Elected by the relèvant Houses of Diocesan Synod Chair of the House of Clergy The Revd, C C McQuillen Wright (resigned 31 July 2024} The Revd. P V Zaphiriou (appointed 1 August 2024 and resigned 5 March 20251 Lay Canon Mr R J Peiry (resigned 31 July 20241 Mr R B Smith {appoinl8d 1 August 20241 Chair of the House of Laity Elected by Houses and Archdea¢onry Archdeaconry of Cornwall The Revd. J E Risbiidger (appointed 21 Octobei 20241 The Revd. E M A Buike (appointed 21 October 20241 Mr A P Hicks (resigned 31 July 20241 Mr J A Stuart l appointed 21 October 2024) Mr S A Taurins l appointed 21 October 20241 The Revd. P R Holley Iresigned 31 July 20241 The Revd. R J Terry Mrs M C Macinnes lappoinled 21 October 20241 Mrs C E Irwin DrA G Thompson The Revd. T Folland Mrs A Corbett Mrs K L Bond lappoiriled 21 October 20241 The R8vd. Canon S Cade Archd&a¢onry ol Bodmin Blshop's Appolntments Company Secretary Registered Offi The Old Cathedral School Cathedral Close Truro TR1 2FQ Telephone [phone] Email address info tiuio.an lican.or Website wivw.trur dioTrse.or Company registration number 00049825 (England and Wales) Charity registration nurnber 248330 Diocesan registrar Mr J Moule, Narrow Quay House, Narrow Quay, Bristol Solicilors Veale Wasbrough Vizards LLP, Nariow Quay HoLJse. Narrow Quay, Auditors Francis Clark LLP, Sigma House, Oak View Close, Edginswell Paik, Torquay, Devon Bankers National Weslrninsler Bank PLC, Sl Nicholas Street, Truro Investment managers CCLA Investment Management Limited, Senator House, 85, Queen Victoria Slreel. London Walker Crip5 Investment Management Lirniled. Old Change House, 128 Queen Victoria Slreel, London S3r8sin & Partlleis LLP, Juxon House, 100 Sl Pauls Chuichyard, London Cazenove Capital. 1 London Wall PlaTr, London 16

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) TTUStees' Annual Report For the yearended 31 December 2024 Adminlstratlve Information (continued} Glebè estate manager Savills, Lemon Street, Truro PTOPèrty manager Savills, Lemon Street, Truro Approval of thls report In PTeparing this ￿pOrt, the Injstees have taken advantsge of the small companies exefflplions provided by s.415A of (he Companies Act 2006. This report was approved by the Iiustees trn 29 April 2025 8nd was signed on its behalf by.. 2Q The Revd. Canon S Cade Cotnpany Secielary MrJ Day Chairman of Ihe Board The Old Cathedral School C3lhedral Close T¥uro TR12FQ 17

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRURO DIOCESAN BOARD OF FINANCE LIMITED ILIMITED BY GUARANTEEI Oplnlon We have audited the financial sI81oments of The Truro DID￿$an Boa¥d of Finance Limited for the year ended 31 December 2024 whlch comprise the Staternenl of Financial Aclivilies, the Incorne and Expenditure Aecounl. the Balance Sheet, fhe Cash Flow Staternent and related notes. The financia1 reporting framework that h8s been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinancFal Reportlftg Slandgrd applftcable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounllng Piadicel. In our opinion, the financial stslement8'. give 8 tiue and fair view of the stat@ of the charllable CoMpall￿s affair5 as al 31 December 2024 and of ils incoming resources and applicallon of resources for Ihe year then ended; havg been properly prepared in 8ccordance wilh United Kingdorn Generally Accepted Accounting Practice,. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basi$ for opinion We Conducted our audit in accordance with Inlernalional Standards on Audlling IUKI IISAS IUKII and applicable law. Our responsibilities under those siandards are furthoi describ&d in the Audilorf8 responsibilities for the audit of the financial statements section of our report. We 8re independent of the charltable company in accordance with the ethical requirements that are relovanl to our audit of the financial stalernenls in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in Accoidanc6 with these iequiremtrnls. We believe that the audil evidence we have oblained Is suffici6nl and appropriate lo provide a basis lor our opinion. Concluslons relatlng lo going concèrn In auditing the financial stafements, we have coneluded that the trustees, use of going concern basls of accounting in the weparation of the financial 518lemenls is appropriate. Based on the work we have p8rformed, we have not identified any rnalerial uncertainties relating lo evénts or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to contiriue as a going conceTll lor a period ol al least twelv8 months from when the financial slalements arè aulhorised for issue. Our responsibilities and the responsibilities of the trustees wilh iespect lo going CO￿ern are de5¢ribed in fhe relevanl sections of this report. other information The trustees are responsibl6 for the other information. The other infoitnation cornprises the infoitvation included in the Ttusteès Annual Report. Our opinion on the financial stalem*nts does not c(wei the olhér information and, except lo the exlenl otherwise expliolly slated in our report, we do not express any form of assurance con¢lu8ion theieon. In conn8ction wlh our audit of the financi81 slatetnenls, our responsibllily is lo read the other information and, in doing so, consider whether the other information is illaleri8lly inconsistent with the financial slalements, or our knowledge obtained in the audit or othe￿iSe appeaTS to be materially rnisslated. If we identify such Inaterial ineonsistènGies or app8rent material misslatemen15, we are required to determine whether thEre is a material mi$51alemenl in the financial statements or a material mi8slalemenl of the other snfotmalion. If, based on the work we have performed, we conclude that there is a material misstalernent of this other information. we are required lo report that fact. We h3ve nolhing lo report in this regard. Opinion on othèr matters prescribed by thè Companies Act 2008 In our opinion based on the work undertaken in the course of the audit., Ilie information given in the Trustees Annual Report (which includes the stralegic report anil the directors, report prepared for the purposes of ctstnpany lawl for the financial year for which the financial statemenls are prepared 15 consislonl with the financial statefflents., and tho strategic report and the direclors, report included within Ihe Trustees Annual Reporl have been Pf8pared in accordance wilh applicable legal requireinents. Matters on which we are required to report by exception In Ihe light olthe knowledge and understanding ol the charitable CDinpaiiy and ils environment obtained in the course ol the audit. we have not identified In31erial misslaleinenls in the strategic reporl and the diie¢lors' report Included wilhin the Truslees Annual Repoi#

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRURO DIOCESAN BOARD OF FINANCE LIMITED ILIMITED BY GUARANTEEI Matters on which we are required to report by exceptlon Icontinuedl We h8ve llolhing to report respe¢l ol the following matteTS where Ihe Companies Act 2006 ￿qUireS us lo report lo you if, in our opinion., adequ3le accounting recoids have not been kept. Ahe financial staternènts are not in agieemenl with the accounting recoTd5 and relurns. cerf8in disclosures of IIv51ees' remuneration specified by law aTe not made, we have not i@ceived all the information and explanations we req￿¥[e for our audit. ResponsIbS1S￿es of trustees As explained more fully in the trustees. re5ponsibililies slalemenl set out on page 12, the Iruslees (who are also th6 directors of the ¢haiilable company for the purposes ol company lawl are responsible foi the preparation ol the financial slalements and foT being satisfied that they give a true and fair vlew, and for such internal control as the trusle9s determina is necessary lo enable the preparation ol the f1nanGial statements Ihal arè free fiotn material rnissta(ement, whether due to fra￿d or error. In preparing the financial slaletnEnls, thè trustees are responsible for 88sèssing Ihe charilable Compan￿8 ability to continue as a going concem, disclosing, as applieable, matters related lo going concein and using the golng concern basis of accounling unless the Iru8lees eilher intend lo liquid31e the chaTilable Company or lo cease operations. or have no realistic alternative bul to do so. Auditor'¥ responslbiSities for the audlt of th8 financial statements Our objectivès are to Dbtain rèasonable assurance aboul whether tho financial statement8 a8 a whole aro free from material misstatement, whether due to ffaud or eTior. and to issue an auditor's report that includes oui opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISA5 IUKI will always delecl a material misstatement when it exists. Misstatements can aiise from fraud or error and are considered m8lerlal il. individually or in the aggreg8te, they could re3sonably be expected to influert￿ the economic decisiDns ol users taken the basi5 of the$¢ fjnancial stalernents. Irregulaiilies, includino fraud, are inStrn￿S ol non-compliance with laws and reyulation8. We design procedures in line with our responsibillties. outlined above, to delèct maleri&l misslalèmenls in respeet of irregularllles, including fraud, The extent to which our procedures are capable of detecting irregularities, including fraud is dètailed below: As part of our audit planning. we obtained an understanding of the 18gal and r8gulalory frarn2work that Is applicable lo the charilgble cornpany and the sector in whiGh it operates lo identify the key laws and regulations affectlng the Charity. The key Saws and iegulations we idonlified were Charity legislation, Safeguarding and Health and Safety Règulations and etnployment legislation. We also considered thos2 law$ and regulations that have a direcl impact on the preparation ol the f1nancial 8tatements such as Ihe Companies Act 2006. the Charities Act 2011, the Charitie5 SORP and Church of England Measures, We discussed with management how tho compliance with these laws and regulations is monitored and discussed policies and procedures in place. Wè also identified the individuals WIK) have responslbllily foT ensuring that the entity cornp1ies wilh laws and regulallons and deals with reporting any issues ilthtsy arise. As part ol our planning proeèdures. we assessed the risk ol any non- compli8nce with lavis and regu181ions on the enlily's ability to continue Irgding and the risk of material mi55laletnent to the accounts. B85ed on this understanding WB designed our 8udit prO￿d￿reS lo identify n0n.comp1lan￿ with such laws and regulations. Our procedu￿$ ir4volved the following.. Enquiries of manag6ment and thos8 charged Mth governance regarding their knowledge ol any non-c0fflpl1an￿ with laws and iegulations that could affecl the financial st8lerMenls. As part ol these enquiries, ws also discussed with management whether ther8 have been any known instanG2s, allegations or suspicions of fraud, ol which therè we none. Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect ol nDn- compliance. Revi¢wed Board minutes. We also ev3lualed the risk of fraud Ihrtsugh tnanagemenl Dverride including that arising Iiom management's incentives. The kpy iisks we identified weie manipulation of fin8nGial perforfflance and we determined that the principal Tisks were in relation to management bias in accounting eslimalBs and judgements and the overstalement ol revenue. In response lo the identified risk, a5 part of our audit work. we.. Used d318 an8lylics lo lesl journ81 entries for appropri3leness. Reviewed estimates and judgemenls rnade in the accouiits for any indication of bias and challenged assumplions used by managemen-. in rnaking Ihe estimates. Performed cul off lesliiig respect ol ievenue. 19

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRURO DIOCESAN BOARD OF FINANCE LIMITED (LIMITED BY GUARANTEEI Auditor's responsibilitles for the audit of the flnan¢lal statement8 loontlnuedl ecause of the inherent Ilmilalions ol an audil, there Is a risk Ihat we will nol detect all Irregularilta8, inoluding Ihose leading to a ma16rial misslalement in the financial stalements of not delecllng a material slalemenf due lo fraud is higher than the risk of not delecling one iesulling from error, as fraud may involve deliberate omission, collusiDn, forgery, mlsiopresentalions, or the override ol internal CDnlrols. We are also less likely lo becotno aware of non-compliance with laws and regulatSons that are not closely re181ed lo evgnls and transactions reflected in the finanaal staternents. A furtheT descripllon of our respon5ibililies for the audit ol Ihe financial s181eThents Is located on the Finanaal Repotting Councll's website at.. www.frc.or .uklauditorsies This descrtplion fom15 part of our audilorfs r8POrt. Use of our report This rÈport is mad6 solely to the charitablè company's members, as a body. In accordance with Ch8pler 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might slate lo the charitable cornpany's members those mztters we are requiied lo st8t8 lo them in an auditor's report and for no other puipose. To the fullest extent pèrrnilled by law, we do not accept or assume responsibllity lo arnyone other than the Gharilable company and the charllable company's Fnetnbers, ès a body, for our 8udit work. for this ieptsrt, or for the Dpinions we have formed. Sharon Austen (Senior Slalulory Auditor) PKF Franci5 Cla Sigma House Oak View Close Edginswell Park Torquay Devon 29 April 2025 20

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) ! statement of Financial Activities For the year ended 31 DeGember 2024 Unre8tricted funds Restricted fund Endowments 2024 2023 Notes Income and endowment8 from.. Donations.. Parish contributions Aichkiishops, Council Other Chaiilable activitiès- stalulory fees Other aclivilies Investments Other 2,934,729 997,536 106,433 213.067 2.934,729 1.611.634 203,997 213,067 244.86Y 1,844,924 46.093 2,863,661 1.704,080 167,275 220,442 183,275 1,649,817 242,978 614,098 97,564 244,867 52,450 753,258 1,039,216 46,093 Tota5 5,005,023 1,008,979 1,085,309 7.099,311 7,031,528 Expenditure on: Raising funds Charitable activities Other resources expended 159,253 10,061.628 235.078 394,331 11,019,381 329.523 8.808,057 957,753 Total 10.220.881 957,753 235,078 11,413.712 9.137,580 Net outgoing I Incoming resources before reallsed gains 15,215,858) 51.226 850,231 14,314,401} {2,10S,052} Nel gains Dn investment assets 35,483 526,850 1,443,164 2.005,497 4,341.085 Net loutgolngl l incoming resources before transfers {5,180,375} 578,076 2,293,395 12.30B,9041 2,235,033 Tiansfer be￿een funds 12 5,914,963 14,313,403) {1.601,5601 Net income I loutgoingsl for the year 734,588 13,735.3271 691,835 12,308,904 2.235,033 Unrealised gains on ievaluation 13 503,420 1,932,352 2,435.772 2.152,155 Net movement in funds 14 1,238.008 13,735.3271 2,624,167 126,868 4,387.188 Fund balances al 1 JEnuary 2024 18,007,552 12,734,188 89,181,285 119.923,025 315,535,837 Fund balancès at 31 December 2024 19,245,560 8,998,861 91,805.472 120.049,893 119,923,025 21

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Income and Expenditure Account, For Ihe year ended 31 December 2024 2024 2023 Total incoming resources Resources expended 6,014,U02 5.846,615 111,178,6341 18.966,3891 Operatlng deficit for the year {5,164.632I 13.119,7741 Nel gains on investments 562,333 1,137,177 Net (expenditure) for the year 14,602.299) 11,982,597) Other comprehensive income Revaluation of fixed assets Net assets transferred from enclowments 603,420 1,601,560 1193,3971 4.916,129 Total comprehensive (expenditure} I Income 12,497,319) 2,74U,135 The income and expenditure a¢count is derived frorn Ihe Ststem8nt of Financial Activities with movements in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing aGlivities. 22

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) BalanGe Sheet 8131 December 2024 2024 2023 Notes Flxed assets Tangible assets Investmenls 17 18 64.784,246 52,963,439 61,101,166 S1,935,723 117,747.685 113,036,889 Current assets Debtors Cash al bank and in hand 19 20 717,936 2,809.592 659,475 7,281,025 3,527,528 7.940,500 CreditOTS- amounts falling due wlthln one year other creditors 21 11,225,320) {1,054.364) Net current assets 2,302,208 6,886,136 Net assets 120,049.893 119,923,025 Funds employed Unrestricted funds 19,245,560 18.007,552 Restricted funds 8,998,861 12.734,188 Total unrestricted and restricted funds 28,244,421 30,741,740 Expendable endowment Paisonage Houses Fund 49,444,144 47,117,618 Perrnanent endowments Stipends Fund Capital Account 42,361.328 42.063,667 Total endowmenls 91,805,472 89.181,285 Total funds employed 23.4 120,049,893 119,923,025 The revaluation reserve included in the above funds is.. 24 41,811.207 39.406,216 The cash flow slalefflenl on pagÉ 24 and the notes on pages 25 10 56 form part ol these fin8ncial stalemenls. These fiiiancial statemenls were approved by the Board of Tiuslees and 2ulhorised foi i55ue on 29 April 2025 and signed on ils behalf by. MrJQay Chairinan ol the Board Cornpany Registration No 00049825 23

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Cash Flow Statement For the year ended 31 December 2024 2024 2023 Net cash outflow from operatlng activitie5 (see belowl Cash flows from investlng activities Dividends, interest and rent from investments Proceeds from the sale of.. Tangible fixed assets Fixed asset investments Purchase of.. Tangible fixed assets for the Ljse of the Board ol Finance Fixed asset investments 16,066,502) {2,954,711) 1,844.924 1,122,775 432,699 7,675,567 4,246,126 630.935 11,660,3351 16,697,7861 169,8811 142,5231 Net eash provided by investing activllles 1,595.069 5,887.433 Change In cash and cash oqulvalents In the reporting period 14,471.4331 2,932.722 Cash and cash equivalellts al 1 January 2024 7,281,025 4,348.303 Cash and cash equivalents at 31 Oecember 2024 2,809,592 7,281.025 Reconciliation of net movements In funds to npt cash flow from operating activities Net movement in funds for the year ended 31 December 2024 Adjustments for: Depreciation charges Dividends, interest and rent Irom investments Profil on sale of functional assets Gains on investments and revaluation of fixed assets Decrease in loans lo parishes (Increaselldecrease in debtors Increase in creditors 126,868 4,387,188 26,421 11,844,924) 146.0931 14,441.2691 119,0001 (39,4611 170.9S6 10,705 11,122,776) 1242,9481 18,493,240) 172,0001 438,447 139,943 Net cash lused inl oper21ing activities 6,066,502> 12,954,71fl Analysis of cash and cash equivalents Cash in hand 2,809,592 7,281,025 24

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Constitution The Truro Diocesan Board of Finance Limited is incorporated. in England and Wales (Cornpany Registration Number 000498251, as lirnit8d by guaranloe under the Companies Act 2006. The R¢gis(ered Office is The Old Calhedral School. Cathedral Close, Truio, TR12FQ. In the event of windir)g up, Lip to the peitnilted maximum 114 members of the TDBF are liable lo contribute a sum not exceeding £10 per member towards the debts and 1iabil*ties of Ihe TDBF and the GostS, charges and expenses of winding up. At Ihe year end there weie 80 rnembers. Prlncipal accountlng policles The charily meets the dofinition of a Public Benefit Enlity in a¢¢ordance wilh FRS102. The following 8ccounting policies have been applied consistently in dealing wllh Items which are considered malellal in rèl81ion lo the fillancial statements. Basls of preparatlon Thè financial slaleTnents havè been prepared under the historical cost conventior¥, wilh the exception of freehDld properties and inveslmonls (held as fixed assets), which are included al their market value al Ihe balance sheel dale. The financial ststements have been prepared in accordance with the Stalemenl of Recommerided Practice A¢¢ouiiling and Repo￿ng by Charities (Second Edition, effective 1 January 2019, applicable accounting standards {FRS 102 The Fin8ncial reporting Slanclard 8pplicable in the UK and Republic of Irel8ndl and the Companies Act 2006. The financial slalements have been prepared in UK sterling currency and rounded lo the nearest £1. Going Concern The Iiuslees asse$s whether the use of the going concem 15 appropriate i.e. whether there are any matEr%al uncertainties relating lo event5 or conditions that may cast slgnificanl doubt on the ability of the TDBF lo continue as a going concern. The Iiustees make Ihls assessment in respect ol a period ol at least one year from the date of Ihe 8uthoiisalion for issue ollh8 financial 8lal¢menls and have concluded that the TDBF has adequate resourcos lo continue in operation81 existence for the loreseeable future and there are no malèrial uncertainties about th8 TD8F's ability to conlinue as a going ooncèrn, thus they continue lo adopt the going concern basis ol accounting in preparino the financial slatemenl5. The piincipal accounting policies and eslim8liDn techniques are as follows". la) Incomo All incorne 19 included In the SOFA when the TDBF is legally entitled lo them as income or capital 18speclively, ultimate receipt is probable and IhE amounl to be recognised can be quanlified with rèasonable accuracy. Parish contrlbutlons are recognised as income in the ye8r in respect of which il is received. Rents receivable is re¢ognised as income in the peritsd with rèspect to which it ¥elale8. Interest and dlvldenr18 are recognssed as income when receivable. Grants received which are subject lo pre-conditions lor enlittemenl specified by the donor which have not yet been mel at the year-end are included in creditors to be carried forward lo the following year. P&rochial fees are recognised as income when receivable. Donations Otherthan grants are r&cognised when receiv8ble. Gains ort disposal of fixed assets for the TDBF'S own use li.e. non-ithvestmenl assets) are a¢counled for as other income. Lts55e5 disposal of Such assets 3re 8ccounted for 8$ other expenditure. Ibl Exp8ndltuie Expendilure is included on the accruals basis snd has been classified under headings that aggregate all cost5 relaled lo the SOFA category. Costs ol ralsing funds are constrained lo costs relatlng to the temporary renting out ol parsonages and investment management costs of glebe and any othei Investment propprties. 25

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements {bl Expènditure Icontinuedl Charitsble expenditure is analysed between contributions to the Ard7bishop8' Council and expendituie on resourcing mission and Ministry in the parishe5 of the diocese. Grants payable a￿ charged to the SOFA in the year when the offer is conveyed to the recipient exeept those in cases where the offer is conditional on the iecipient satisfying performance or other discretionary rèquirements lo the satisfaction of the TDBF, such grants being recogni8ed as expenditure when the condition$ attaching are fulfilled. Grants offered subjecl to Such conditions which havo not yet been met at tho year-end are included in 8 designated fund as a cotntnittnenl, but not accrued as expenditure. Support costs consist of management, adminislralion and governance eosts. Cost5 are allocated wherever possible iieclly to the activity lo which they rel8le. but where such dir6ct allocation ss not possible, Ihe remainder is allocated ba8ed on estifflaled usag6 of iesources al Church Flous8. Employee benefits. Termination benefits are recognised immediately as an expense when Ihe charity is demort81rably comtniltgd lo terminate Ihe employrnenl of an employee oi to provide tErminalion benefits. Penslon contrlbutlons. Tho cost ol providing pension 2nd related benefits lo the cleigy and Board's lay staff is advised by Th¢ Church of England Pensions Board and is charged to the General Fund in Ihe period in which the conliibutions becotne due lor payrnent Ilor further details ol the schemes in p12ce see ngle 271. Deficit funding for the pension schetnes lo whi¢h the TDBF participates is accrued at current valuè in creditors, soparated between contributions falling due within one yEar and rnore than one year. Icl Tangible flxed assets and depreclatlon Freehold propertles Deprecialion is not piovided on buildings a5 any provision (annual or cumulalivel would not be material due lo the very long expected remaining useful ¢conomic life in each case, and because their exp6Ct8d iesidual value is not rnalerially les5 than their carrying valuE in the financisl slalemenls. The TDBF has a policy of regular strucluial inspeetion, repair and mairTrtenancè. which in the case of residéntial properties is in accordance with the Repairs of Benefices Buildings Me8sLJre 1972 and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition, disp08als ol Properties occur well before the end Df their economic lives and disposal proceeds afe usually nol less than theii carrying value. Annual imp8irtnenl revt8ws are carried out to ensufe that the carrying value is not less than the recoverable amount in accoidance with FRS 102. Inv6stment properties Glebe properties which are hèld for inveslmenl purp)ses And rented out have been included al thèi¥ fair value. Par80nage houses The TDBF has followed the ¥eqLiiremenls of FRS 102, in its accounting treatment for benefice houses Iparsonagesl. FRS 102 requiles the accounling Irealwenl to follow the substance of ariangements ialhèr than their strict legal form. The TDBF is formally responsible for the maintenance and repair of such properties and has some jurisdiction over their lulure use or potential sale if not required as a benefice house, but in the rneantime legal title and the right to beneficial occupation is vested in the incutnbent. Tha Bishop's Diocesan Council Iheiefore consider the most suilable accounting policy is to capitalise such pioperties as expendable endowment assets and lo cairy them al their 8slimaled current market value. School properties Aided schools are the subject either of Twsls for which the TDBF acts meiely as trustee, or of the Secrelary of State's Orders specifying the application of any sale pr(>ceeds lo support other Church of England schoo15 within the dioceses. Accordingly, school properties are not include(l in these linancial 8lalemenls. The distribution of the prop.ged5 frorn Ihe sale tsf a redundant school may depond on an ordgr of the Department for Education or on a Scheme approved by tho Charity Commission. Until approval for distribution has been granted, the Sale prO￿ed8 are invested and held by the TDBF in Itusl. When approval lor distribution is eventually grantecl, Ihe TDBF'S share ol the prtsc6eds is transferred to The DiocesE ol TrLJro Education TrLEsls which is accounted lor as a reslricled fund in these financial statements. 26

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Icl Tanglble flxèd a8Strts and depreciatlon Icontlnuedl Closed churches Churches closed foi public worship a￿ not included in these financial statements because, in the opinion of the Bishop's Diocesan Council. they are of negligible value. If a situation arises whereby a chufch is likely lo be an asset ralhor (han a liability, then it will be brought into the financial slalements al the appropriate lime. Other tangible fixed assets are capilalised al cost and depreciated 81 rates ol betweèn 20ryk and 33112% on a slraighl line basis, Leasehold impmvements are depreciated over the torm ofthe lease. Idl Fixed asset Investmènts Fixed asset inv8Stments arts included in lh8 balance sheet al market value end the gain or loss taken to the SOFA. Listed investments are UK listéd compally shares and are valued al their quoted bid prioe. Glebe comprises a portfolio ol mainly agricultural property and is profes8ionally revalued every S years lo establish fair value. The last revaluation look place as al 31 December 2020. In the intervening years. thè Bishop's Diocesan Counul adjust the market value for additions and dlsposals and such professional advice Ihat may be received if this is malerial. Cash and cash equivalents Cash and cash equ¢valenls inclyde cash in hand, deposits h8ld at call with banks and other short-term liquid investments th oiiglnal maturities of three months or less. F¥nanclal inslyurnents Financial instruments are recognisBd in the TDBF'S balance shèèt when the TD8F becomes pariy to the con118clual pro¥i3ions of Ihe instrument. Basic fjnancial asse15. which include debtors and eash and bafik balan￿s, are initially measured al Iransadion price including Iransaclion costs and sub5equenlly carried al amortised cost using the effective interest method unl95S the arrangernenl constitutes a financing transaction, where the transaction is measuiEd al Ihe present value ol the future receipts discounted al a rnarket rale of interest. Financial assets classified as recewable within ono year afe not amortised. Basic financial liabilities, including crEditors and bank loans are initially recognlsed at Iransaction price unless the arrangetnent constilutés a financing transaction, where the debt instrument is moasured as the present value of Ihe future payments discounted al a market ralè of interest. Finanrial liabilities classified as payable within one year are nol amortisèd. Financial assets held at fair value Gompri5e Ihe listed and unlisted investments disclosed in note 18. ConGe88ionary loans Concessionary loans are loans provid&d at below markèt rates ancl are recognised in the accounts 81 the amount due wilh the cairying value adjusted to reflect repayrnents made in subsequent periods. lel Other aecounting policies Leasing Rentals payable under operating leases are ch8iged to the SOFA on a slraighl line basis over the lease term. If) Fund balances Fund balances are split belween unrestricled Igeneral and de5ign8ledl, restiioled income funds 8nd caiylal endowment funds. Unrestricted funds are f￿elY available lor any purptsse within the TDBF'S objecls. They in¢lud8 funds which have been sel aside by the Bishop's Diocesan Council out of the General Fund ltsr designated purposes. Restricted funds ale income lund5 subjecl to conditions imposed by the donor as specific terms of Iiust, or else by1egal Ine8sure. 27

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements If} Fund halances {cont4nuedl Endowment funds are those held on trust a5 capital. In the casè of the endowmonl funds administered by the TDBF, where there are discretionary powers lo converi capital into income, these fL¢nds are classified as 6xpendable endowm¢nls. Endowment funds where Iheie is no provision lor expendilure ol capital are clas8ifiod as permanent endowment. Tho Bishop's Digcosan Council has adopted a policy of Total Return in respect of the p6rmanent endowmt3nl in line with sèction 5A ol the Diocesan Stipends Funds Measure 1953, Details of Ihe major lund5 ars given in note 23. 'Spe¢ial trust$' las defined by the Charities A¢t 2011) and any olheT trusts where the TDBF act5 as trustee and controls the management and usè of the funds, are included in the TDBF'S own financi81 statements as ¢harily branches. Trusts where the TDBF acts mèrely as cuslodiÈn trustee with no control Dver the management of the funds are not Included in the financial slalement5 bul are 8ummaiised in the noles to the financial statements. Igl Critical accountlng estimates and ludgements In th6 appti¢ation of th& TDBF'S accounting policies, the trustees are ￿qUired lo make judgements. eslimaltrs and assumplions about the cairying amount ol assets and liabilitie8 that are nol ieadily apparent Irorn other sources. The eslirnales and assoeiated assumptions are based on historical experie¢)ce 8nd other faclors that a¥e considered to be relevant. Actual results may differ from Iheso eslimales. The e8tirnates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting e51itvales are recognised in the period in which thè estimate is revised where the revision affects only that period, or in the peiiod of the revisior and lutLire periods where the ievision affects both cutrenl and future periods. Thè k8y estimates and assurnptions made in these accounls are.. Freehold properties are valu¢d al the trustees, eslimale whlch Is based on CDsVmarket valuation adjusted by a published index lo rellecl changes since the last valuation. Invesltnenl properties 8re valued at the IIu8lees' estimate which is based on a market valuation completed by the property rranagement company. The present value oflhe clergy and lay pension schem8s defined benefit liabilities depends or) a numberof factors that are delerrnined on an acluarial basis using a v81iely of assumptions. The assumptions in delerrnining the net coslof income ftsr pensions include lh6 discount rate. Any changes in th6$e 8ssumptions, which are disclosEd in notè 27, will impast the Garrying amount of any pension liabllily. 28

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Donations Parlsh contributions Unrestrlcted funds R8Stricted funds Endowments 2024 Currènt year call - asked of deaneiie5 Use of LICF, SDF 3nd Mission Funding Use of TDBF reserves 3,938,096 1547,6971 (268,149) 3,938,096 1547,6971 (268,1491 Current year call- budg8t6d Shortfall in ctsnlribulions 3,122,250 1272,274) 3,122,250 1272,2741 2.849,976 84,753 2,849,976 84,753 Receipts for previous year 2,934,729 2,934,729 Current year MMF receipts represent 91.28O/D of the lolal budgeled call12023'. 89.29Wol or, when re¢olpls for previous years are included, 94.00ts/o of the lolal bLidgeled call 12023.. 90.72°101. Archblshops, Councll Un¥esliicted funds Resliic18d funds Endowments 2024 Lowest Income Communities Fund ILICFI Contribution lo registrarfs retainer Strategic Developmènt Funding ISDFI Falrnouth Sliategic Development Funding ISDFI Phase 2 Resourcing Ministry Fund IRMFI Generoub Giving Funding Strategic Capacity Funding ISCFI- Director ol Change and Renewal Strategic Ministry Funding {SMFI Transition Funding NZ Caibon Capacity Building St8rter giant PCR2 Diocesan Investment Programma grant FLOURISH Building5 for Mission grant- G8SO Buildings for Mission granl- MR & I Nel Zèro Quick Wins giant 947.927 947,927 49,609 49,609 37,210 37,210 215,821 215,821 7,260 48.749 46.920 7,260 48,749 46,920 49,948 49,948 46,423 46,423 66,242 10,262 37,185 41,343 6.735 66,242 10,262 37,185 41,343 6,735 997,536 614,098 4,611,634 other donation8 Unreslricted funds Restricted funds Endowments 2024 Benelacl Trust Ipieviously AIIGhur¢hes Tru811 Boiler upgrade Scheme IBUSI Conliibulion towards church schools". 08Partmenl lor Education Donations from indivsduals Other contributions Feed Tariff IFITI 78,260 78,260 45,000 45,000 49,262 3,302 49,262 5,586 25,533 356 2.284 25,533 356 106,433 97,564 203,997 29

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Donations lcontlnuedl Comparatlve analysis for 2023 Parlsh contrlbution8 Unreslricled funds Reslricled funds Endowmenls 2023 Curronl year call- asked of deaneries Use of LICF, SDF and Missltsn Funding Use of TOBF reserves 3,636,915 1377,9741 1102,4501 3,636,915 1377,9741 1102,4501 Curreftl year c811 Shortfall in contributions 3,156,491 1338,1681 3.156,491 1338,1681 2,818,323 45,338 ReGeipls for prèviws year 2.818,323 45,338 2.863,661 2,863,661 Archbishops. Councll Unreslrlcted funds Restricted funds Endowmenls 2023 Lowesl Income Communities Fund {LICFI Contribution lo regislrarfs ielainer Strategic Development Funding ISDFI Falmouth Slralegic Oèv8lopment Funding ISDFI Pha8e 2 R8sourcing Ministry Fund IRMFI Gènerous Giving Funding Strategic Capacily Funding ISCFI- Director of Ch8nge and Renewal Strategic Ministry Funding ISMFI Transilion Funding Archbishops mission grant N2 Carbon Capacity Buildlng Starter grant PCR2 Diocesan Investment Progi8mrne grant FLQURISH Buildings for Mission grant- CBSO Buildings for Mission grant- MR & I Nel Zero Quick Wins grant 916,315 916.315 47.098 47,098 162,917 1e2,917 219,188 219,188 41,135 45,800 45,600 41,135 45,800 45,600 127,629 47,937 15,1911 15,000 121.629 47,937 15,1911 15,000 14,288 32,364 14,288 32,364 963,413 740,667 1,704,080 Other Ifonations Uniestricled funds Restricted funds Endowments 2023 Benelacl Trust Ipreviously AIIchu￿heS Tr￿St) Boiler tjpgrade Scheme IBUSI Contribution towards church Schools.. Deparirnenl lor Education Donations from individuals Other contributions Feed in Tariff IFITI 91,000 91.000 1 [1,000 10,000 48.557 3.240 48,557 11.158 6,560 7,918 6.560 105.478 61,797 167,275 30

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements other actlvltles Unrestricted funds Restricted funds Endowrnents 2024 Rents Irorn Parsonage houses Reooverable costs 218.586 26,281 218,586 28.281 244,867 244,867 Comparative analysls for 2023 Unrestricted funds Restricted funds Endowments 2023 Rents from Par50nage houses Recoverable co315 154,261 29,014 154,261 29,014 183,275 183,275 Investmant incom6 Unreslrlcted funds Reslrictod funds Endowments 2024 Divi(lends and interest Rents.. Board properties Glebo estate Redundant schools 654.849 16.004 649,635 1,320,488 98,409 98,409 389,581 36.446 389,581 36,446 753,258 52,450 1,03g,216 1.844.924 Comparative analy3is for 2023 UnTe81ricted funds Restricted funds Endowments 2023 Dividends and inlerest Rents.. Board properties Gl&be eslate Redund8nl schools 499,58D 33,953 589,243 1,122,776 1 D9,452 109,452 381,143 36,446 381,143 36,446 6C19,032 70,399 970,386 1,649,817 31

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Other incomlng r6$ources Unre51ricled funds Reslricted funds Endowments 2024 Realised gains on disFX)sal of as5el8 for the TDBF'S own use 46,093 46,093 Comparatlve analysis for 2023 Unieslricled funds Restricted funds Endowments 2023 Realised gains on disposal ol assets for the TD8F'5 own use 28,451 214,527 242,978 Fund raising c08ts Unresliicted funds ReStr￿ed funds Endowments 2024 Glebe.. Outgoings Management ch8rges Contral support costs 179,926 55,152 179,926 55,152 159.253 159,253 159.253 235,078 394,331 Comparatlv• analysls for 2023 Unrestricted fL¢nds RestiiGlod funds Endowm6nls 2023 GlebÈ-. Oulgoings Management Charges Central support costs 115,560 55,631 11S,560 55,631 158,332 158,332 158,332 171,191 329,523 32

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Charitable a¢tivitio$ Unr&stricted funds Reslricted funds Endowments 2024 Contributions to Archbishops. Council Training for Ministry Nation81 Church ro3ponsibililies Grants and provisions Mission Agency pension eontribulions Retired Clergy housing Costs ICHARMI 158,284 94.500 16.280 1 $8,284 94,500 16,280 65,840 65,840 334,904 334.904 Résourcing Mlnlstry Parish ministry.. Stipends and national insurance Pension conliibutions Clergy salary Clergy setllemenls HomElparish milèage Sundry clergy related CCTrsIs Housing costs Property management charges Resellletnenl and associated costs Olhei payments (including Iraining} Central guppori costs 1.899,694 370,919 46,078 134,252 9,205 30,192 4.011.079 194,050 168,453 303,357 223,253 49,948 1,949,642 370,919 46,078 134,252 9,205 30,192 4,056,079 194,050 168,453 303.357 223,253 45,000 7,390,532 94,948 7.485,4BO Support for ministry and misslon Mission Fund grants Diocesan support for ordinands in training Training and development DMPC function5 Specialist ministries Safeguarding Diocesan Advisory Cc>mmilteo Chancellorfs and Reglstrarfs retainers Faculty feès Communications Closed Church expenditure General Synod mernb?rs' expenses Central suppori c08ts Lay staff cost of living pEymen18 Generous Giving Advisors Next Stop5 On the Wgy Bad debl piovision Transforming Mission (TMI- Falmouth TTanslorrning Mission (TMI Phase 2 Children and young people incl FLOURISH Net Zero building wo 678,763 133.147 47,904 117,509 38,746 211.432 38,834 60,383 14,525 72,998 678,763 137,239 47,91M 117,509 44,240 211,432 38,834 60,3B3 14,525 72,998 24,657 7,653 510,SOS 4,092 5,494 24,S57 7,653 510,505 48,749 113,162 48,749 218,212 105,050 25,954 136.545 2.671 35,486 27,388 232,191 10.262 138,150 53,342 368,736 12,933 173,636 2,238,105 604.145 2,842,250 Expenditure on Education Support for church schools and parishe5 98,087 258.66Ql 356,747 10,061,628 957,753 11,019,381 33

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Charitable actlvbtie¥ IcontinuÈdl Comparative analysis for 2023 Unrestricted funds Restricted funds End¢>wments 2023 Contribution5 to Archbishops, Council Training for Ministry Nalion21 Church re5pon8ibililies Grants and provisions Mis5i0n Agency pension contrlbulions Retired clergy housiFYJ costs (CHARMI 157.529 92.113 16.222 5,043 62,399 157,529 96,483 13,293 6,579 59,422 333,306 333,306 Resour¢lng Minlstry Parish ministry.. Stipends and nalional insurance Pension conlribulions Clergy salary Clergy selllemenls Homelparish mileage Sundry dergy reL4led costs Housing costs Property management charggs ReselllemEnt and associated ¢0516 Other paymen15 (including Iraining) Central support C0818 1,874.952 458,280 38.984 63.900 10,665 36.398 1,776,987 153,294 82,947 298,336 219,546 121.629 1,996.581 45B,280 38,984 63,900 10,665 36.398 2,040,152 1S3,294 82,947 298,336 219,546 263,165 5,014,289 384,794 5,399,083 Support for ministry and Mission Mission Fund grants Diocesan suppori lor ordinands in Iraining Training and devBlopmenl DMPC functions SpeGialisl ministries S8feguarding Diocesan Advi50ry Committeè Chancellor's and Registrarfs retainers Faculty fees Communications Closed church expenditure Gei)eral Synod members. exp@ns&s Contral support costs Lay staff cost ol living payments Generous Giving Advisors Next Steps On the Way Bad debt provision Transforrning Mission (TMI- Falmouth Tiansfoiming Mission (TMI- Phase 2 Children and young people inrj FLOURISH Nel Zero building worf< 6fj9.234 101.392 48,598 145,481 39,578 147,284 36,918 49.443 14.970 66,408 669,234 186,803 48,598 145,481 60,345 155,572 36,918 49,443 14,970 66,408 31,938 6,208 500,304 1,765 45,800 176,122 120,0001 149,912 364,752 65,411 20,767 14,288 31.938 6.208 500,3Q14 1,765 45,800 125,901 SO.221 120.0001 120,3311 145,901 170,243 218.851 1.947,374 693,199 2,640,573 Expenditure on Education Support for church schools and parishes 57,208 377,887 435,095 7,352,177 1,455,880 8,808.057 34

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Analysi$ of exponditure Includlng allocation of support Costs Aclivities ndertaken dlreclly Grant funding of Total costs 2024 Support Costs Raising lunds Charilable aclivilies.. Contributions to Archbishops, Coun¢ll Resourcing parish ministry Support for ministry 8nd mis8iOII Education 235.078 159,253 394,331 334,904 127,299 737,008 334,904 7,485,480 2,842,250 356,747 7.134,928 1,594,737 356,747 223,253 510,505 9,321,490 1.199,211 893,011 ql,413,712 Comparative analysis for 2023 Acliviliès undertaken directly Grant funding ol activitie9 Total CDSts 2023 Support costs Ralsing funds Charitable aclivilies.. Contributions lo Archbishops, Council Resouicing parish ministry Support for ministry and mi85È0n EduGation 171.191 158.332 329.523 333.306 75.215 643,534 333,306 5,399,083 2,640.573 435,095 5.104,322 1,496,735 435.095 219,546 500,3D4 7,207,343 1.052,Q55 878,182 9,137.S80 10. Analy$ls of support costs Unrestricted Funds General Designated Restricted Endowment Funds Funds Total 2024 Central administration Governance.. External audit Registrar and Chancellor Synodioal costs 868,491 868A91 24,520 60,383 7,653 24,520 60,383 7,653 961.047 961,047 Comparative analysis for 2023 Unrestricted Funds General Designated Reslricled Endowment Funds Funds Total 2023 Central administration Governance.. Exleina1 audit Regisliai and chan￿410r Synodioal costs 852,382 852,382 25,800 49,443 6,208 25,800 49,443 6,208 933,833 933,833 The Registrar, Chancellor and Syr)odical costs are not included iii the suppori costs in note 9. 35

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Analysi$ of grants made Numb8r Individuals 2024 2023 From unrestricted fund8 for Nation41 Church responsibilities.. Contributions to Archbishops. Council 334,904 334,904 333,306 From unrestricted funds.. Resetllemenl and first incumbency gran18 Doing Church Differently granls Ordinands in training Clergy for training Mission iriilialives in paiishes Clergy hardship grants 30 85.258 85,258 42,610 38.428 3,510 103 38,428 3,510 678.783 22,298 4.607 633,534 5,700 14 32 678,660 81 127,299 678,fj60 805.959 708,749 From reslrlcted funds for v&riou¥ purposès= Mission initiatives In parishes Overseas mission work Clergy hardship granls 24 54.348 4,000 54,348 4.000 10,000 25 58,348 58,348 10,000 110 127,299 1,071,912 1,199.211 1.052.055 Comparative analysi¥ for 2023 Number Individuals 2023 2022 From unrestrlcted funds for National Church responsibiliues: Contributions to Archbishops, Council 333,306 333.306 333,306 From unrestrlctsd funds.. Resettlement and fiisl incumbency grants Doing Church Differently grants OrdinarTrds in training Clergy tor Iraining Mission inilialive5 in parishes Clergy hardship grants 16 42,610 42,610 45.886 7,562 19,438 5.069 203,874 6.650 22,298 4.607 22,298 4,607 633,534 5,700 14 102 633,534 5,700 142 75,215 633,534 708,749 288.479 From Yestricted funds for varlous purp05es-. Mission initiatives in p&ri8hes Overseas mission work Clergy h8rdship granls 295,973 18,000 34,510 10,000 10,000 10.WO 10,000 348,123 149 75,215 976.840 1,052,055 969,908 36

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 12. Transfer ba￿98n funds Unrestricted funds Resliicled Endowmen(s funds Property repairs Payments to acquire property Receipts from sale ol property Tot81 Return spend Transfer Parsonages to Boa¥d properties Tiafisfer Board properties lo Parsonages 3,965,322 13.965,3221 1170,6781 432,698 170,678 1432,6981 11,949.6411 1,949,641 1810,1Q11 610,101 5,914.963 14,313,403) 11,601,560) CornparatSve analysis for 2023 Unrestricted funds Rèstricled Endowments funds Property repairs Payments lo acquire property Receipts from sale of pioperty Tolal Return spend Transfer P8rsonage3 lo Board properties Transfer Board properties lo Parsonag8S 1.638,626 11,638,626) 145,5371 2,819.472 45,537 {2,819.472} [799,1941 799,194 1,343.000 {1,343,000} 3,780,820 1,135.309 14.918,1291 13. Other gains and losses on r&valuatlon Unrestricted fiJnd5 Restricted Endowments funds 2024 Reualuation of land and buildings 503,420 1,932.352 2,435,772 Comparative analysis for 2023 Unre81ri¢led funds Restricted Endowments funds 2023 Revaluat￿￿ of land and buildings 1193,3971 2,345.552 2,152,155 37

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 14. Net tnovement In fund 2024 2023 This is slated after charging.. Staff costs Inote 151 Audil0rf5 iomuneralion audit fee l&xcluding VATI other services Realisod losses on disposals of18ngible fixed assels Operallng leases- land and building8 other DeprecAalion of tangible fixed as5els 1,65B,334 20,433 1,SOO 1,598,307 21,500 2.050 60.752 3,305 26,421 60,992 885 10.705 2024 2023 Thls is 81ated aft61 crediting.. Realised gains on disposals of tangible fixed ass81s Realis8d gains on diswsals of inveslment fixed assets 46,093 348,167 242,978 115,062 15. Staff Costs Employee costs during the yèar were as follows.. 2024 2C123 Wag83 and salaries Soci81 security COSt$ Pension contributions 1,479,732 135.567 43.035 1,305,831 119.818 171.658 1,658,334 1.598,307 The TDBF look 8 pension holKlay from 1 April 2024, amounllng lo £134,20012023 £01. The average nutnber ol persons employed duiing the year.. 2024 2023 Aijminislralion and financial management Communications Discipleship & Minislry, Stewardship Safeguarding & inclusion Education Transformtng Mi5siorTr Change & Renèwal 17 16 12 52 48 The average number of persons ernployed during the year based on lull lime equivalents.. 2024 2023 Administration and financ431 management Communications Discipleship & Ministry, Siewardship Safeguarding & inclusioii Education Transloirning Mission Change & Renewal 15.2 14.6 11.4 40.6 38.8 38

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 15. staff costs Icontinuedl Rèmuneration of higher paid wnployees w8ie as follows: 2024 2023 £60.001 £70.000 Romunèration of key management personnel Key m8nagemenl personnel are deemed lo be those having aulhorily and responsibility, deleg2t8d to them by the Iruslees. for planning, directing and controlling the activities of the TDBF. Durin9 2024 Ihey were.. Diocesan Secretary and Company Sg¢retaiy Simon Cado Director ol Eduualion Lee Moscato OireGlor ol Finance and Assels Sophie Eddy For these 312023.. 31 employees remuneration and pensions amounted to £259,30812023'. £242.5671. Expensos were £6,242 {2023.. £1.8391. Related party transactlon The son of a previous member ofthe key management personnel worked for the TDBF and earned £0 PC123.' £1.850)- The spouse of a Iiuslee worked for Ihe TDBF and ea¥n¢d £9,801 during the year12023. £3,750). Trustees, emoluments No trustee reGeived any remuneration for services as Iiuslee. 12 Irustees 12023.. 71 received travellin9 and out of pockèt expenses, lolalling £12,22412023'. £16,153) in respect of General Synod dulles, dulles as archdeacon or arealrura5 dean, and other duties as Irustee8. The following table gives delalls ol (he Iruslees whc* were in le￿Ipt of a stipend andlor housing provided by the TDBF durlng the year.. stippnd Housing The Rt. Revd. H Nelson The Ven. K A Betteridge The Ven. C D Hogger The Revd. C C McQuillen-Wiight The Revd. T Folland The Revd. P R Holley The Revd. E M A BLsrke The TDBF is responsible for funding via the Church Commlssioners the stipends of licensed stipendi8ry clergy in the diocese, other than Bishop5 and cathedral sl8ff. The TDBF is also respon51ble for the provision ol housing for slipendiary cleigy in the dioces6 including the Suffragan Bishop bul excluding the Diocesan Bishop and cathedral staff. The TDBF paid an average of 6012023.. 661 stipendiary clergy (including 2 Archdeacon51 as office holders holdlng parochi81 or diocesan appoinlrnents in the diocese, and the costs were as follows.. 2024 2023 No Yes Ye8 Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes SlipeTTrds National insurance coniribulions Pension cosls Appienliceship Levy 1,783,922 161,335 385,691 8,274 1,861,983 152.455 482,435 8,472 2,339,222 2.505,345 The stipends ol the Diocesan Bishop and Suffragan Bishops were paid 2nd funded by the Church Commissioners and ale in the range £43,425 - £55,831 12023 range £40,967 - £52.6711. The annual rale ol slipend, liinded by the TDBF, paid to Archdeacons in 2024 was in Ihe lange £38.649 - £41.792 12023 range 236,461 £38,649) and other clergy who were Truslees were paid in the range £28.672- £31,37212Q23 range £27,049 - £29,3031. The TDBF paid cl8rgy selllemenls ainounling lo £134,25212023.' £63.9001. 39

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements

6. Taxation

The TDBF is a regislered charity and is nol liable to UK corporatlcn lax. 17. Tanglble flxed assets 17.1 Freehold land and buildings Board property Parsonag& houses Total Al vÉlualffOn At 1 January 2024 Additions Disposals Revaluation adjustmÉnl Transfer 13,972,002 1,379,263 47,117,e18 170,678 1386,6051 1.932,352 610,101 61,089,620 1,549,944 1386,6051 2,435,772 503.420 (810,1011 At 31 Decemb6r 2024 15.244,584 49,444,144 64,688,728 All olthe propertie5 in the balancè sheet are freehold and are vested in the TDBF, exceplfoi benefice houses Iparsonagesl which are vegled in the incumbent bul still inEludeil as TDBF assets in accordan￿ with the accounting policies. Land and buildings al 31 December 2024 are included al valuation. Properties ale subject to a five-year cycle of sutvey and consequent repairs are charged as expenditur8. The corresponding historical cost figures are.. Board property Parsonagè house Total At trosl At 1 January 2024 Additions Disposals Trans181 9,235.001 1,379,263 12,448,403 170,678 1355,8241 610,101 21,683,4Q4 1,549,941 1355,8241 IS10,1011 At 31 Decembèr 2024 10,004,163 12,873.358 22,877,521 17.2 L&88ehold premÈses At cost Al 1 January 2024 Additions Disposals 39,609 80,413 128,2781 At 31 Decembèr 2024 91,804 Dep[6G1at￿n Al 1 January 2024 Disposals Charge for year 29,786 128,2181 19,071 At 31 December 2024 20,639 Net book V¢?lue At 31 De¢ember 2024 71,165 Al 31 December 2023 9,823 40

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 17. Tanglble fixed assets Icontinuedl 17.3 Office equipment Al cosl At 1 January 2024 Addit￿nS 98,057 29,980 At 31 December 2024 128,037 D8preciation At 1 January 2024 Charge for year 96,334 7,350 At 31 Decèmber 2024 103,684 N&t book value Al 31 December 2024 24,353 Al 31 December 2023 1,723 17.4 Total tangible fixed assets 2024 2023 Nel book value Freehold land and buildings Leasehold p18mises Office equipment 64,688,728 61,089,620 71,165 9,823 24,353 1,723 64,784,246 61,101,166 18. Fixed asset inve$tments Freehold investment property IGlebe and other) Listed investments Unlisted inve8tments Total At valu91￿￿ At 1 January 2024 Additions Disposals Revaluation adlustment Tiansler 20,390,0(X) 26.319 11,085,101 6,671,467 {6,383,4271 58,405 20,460.622 51,935,723 6,697,786 17,327.4001 1,657.330 1943.9731 740,244 858,681 At 31 December 2024 21,275,000 11,431,546 20,256.893 52,963,439 Glebe proporty w35 professionally valued as al 31 December 2020 by Savills IUKI Limited. on a Fair Valuè- Inlernalional Valuation Slaiidards basis. Glebe property was vesled in the TDBF in 1978 under the Endowrnenls and Glebe Measure 1978. Further advice Is considered in the intervening peiiod and the valuation adjusted by the Iruslees accotdingly. Listed inveslrnen15 5ubslanli8lly ¢ompris8 shares in funds tnanaged by Sarasin and Cazenove. Unlisted investments comprise shar85 In funds managed by The CBF Churoh ol England Funds. 41

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 19. Debtors 2024 2023 ArtFounls falling due wilhin one year Trade debtors 53,789 26,018 Concessionary loan8 to parishes 8nd others 115,000 113,500 Other debtors including prepaytnen18 and accrued income 491,647 479,957 An7ounls f2llin9 due aRermore than one year 660,436 S19,475 Concessionary loans to parishes and others 57,500 40,000 717,936 659,475 Concession8ry inleresl free loans are made to parishes with no security. At Ihe year-end there were amounts comrnitted lo but not drawn of £50,00012023,' £110,ODO}. The iepayment lenns of the loans Tange from 9 months lo 6 years. 20. Cash at bank and in hand 2024 2023 The CBF Church ol England Deposit Fund 2,539,809 5,902,282 COIF Charities Deposit FLJnd 387,539 361,197 Bardays Bank PLC 2,884 31.039 Malional Weslminsler Bank PLC 607,388 1.528,025 Savills Cliènt Account 84,553 284,816 Cash in hand 19 25 3,622.192 8,107,384 Less.. allribulable to local tiusl funds 1812,6001 1826,3591 2,1109,592 7,281,025 42

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 21. Cre(Jitors'. amounts falling due wÉthln one year 2024 2023 Trade creditors 363,611 572,030 Other creditors {induding taxalion and social security) 221,011 67,936 Accruals and délerred income Inole 221 840,698 414.3g8 1,225.320 1.054,384 22. D6ferred Income 2024 2023 D¢lerred income is includèd within.. Credilor5 due within one year 293,598 2￿,460 Defèrred income as al 1 January 2024 206,460 253,281 Released from previous years Resources deferred in Ihe yttar 1116,4481 117f),203} 203,5B6 123,382 Deferred incoThe as al 31 Dec6mber 2024 293,598 206,460 Included within defe¥red income DI £293.59812023.' £20e,4601 are the following balance&= £72.97712023.. £62,392) in respect ol glebe deferred incame, 288,798 (2023.. £89,000) in respect ol glebe setvice chargès, £69,65312023.. £16,172) received in advance of entitlement and £42,72312023'. £23,143} r¢ceived on behalf of schools. 43

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Fund5 employed 23.1 Summary of fund movements Al 31 December 2024.. Balance brought forward Balance carried forward Incorning resourcès Resources expended Gains and lossès Transfers Unr6strlcted fund5 General Fund Designalecl funds.. Board Houses Fund Church House Fund TM - Falmouth TM- Phase 2 Net Zero 2030 Energy grants Clergy hardship fund Lay 51aff cost ol living paymenls Mis510n grants Clergy Settlements Next Steps on the Way Childien, young people and families 2,553.453 5,005,023 19,616,189) 35,483 3,796,1eo 1,173,930 13,972,002 341,959 127,605 535.330 503,420 769,162 15,244,584 272,773 101,651 398,785 169,1861 125,9541 1136,5451 227.203 1161,1351 1134,2521 174,9491 12,6711 1,359,811 134,252 167,215 288,363 1,425,879 250.000 342,266 285,692 18,007.552 5,005,023 110,220,881) 538,903 5,914,L*3 19,245.560 Restricted funds Pssloial Account Dioces8n Council for Mission & Unity Educ81ioN Trusts Resou¥cing Ministry Fund IRMFI SDF- TM Falmouth SDF- Phase 2 Slralogic Ministry Fund Gengrous Giving Fund Transilion Funding SCF-Dir Change & Renewal Arehbishop mission grant Bishop Phillpolls Library Bishop Phillpotls Prize Fund NZ Carbon Capacity Building Slarter grant B(>iler Upgrade Scheme Pa51 Case Review 2 IPCR21 DI0￿$an Investment Programme IQIPI grant FLOURISH Buildings for Mission- CBSO BL5ildings for Mission- MR & I Nel Zero Quick Wins giant 11.998,009 32.807 244,867 3,302 124.6571 15.4941 513,619 14,313,403) 8,418,435 30,615 664,060 11,1641 15.856 11331 101,712 7,280 37,210 215,821 49.948 48,749 (258,660} 14,0921 127,388} 1232,1911 149.9481 148,7491 13,1g6 520,308 2,004 25,680 116,503 45.920 146,9201 11,811 6.476 6,464 11.811 6,S11 35 46,423 152,8871 45.000 {45,0001 66,242 166,2421 10,262 37,185 41.343 6.735 110.2621 137,1851 141,3431 16,7351 12,734,188 1,008.979 1957,7531 526,850 14,313.4031 8,998,861 Expèndable endowment Parsonage Houses Fund 47,117,618 46,093 1.932,352 348,081 49,444,144 Permanent endowment Stipends Fund Capital Account 42,063.667 1,039,216 1235,0781 1,443,164 11,949,6411 42,361,328 Total endowments 89,181,285 1.085,309 1235,0781 3,375.516 11.601.J601 91.805,472 Total 119.923,025 7,099.311 111,413.7121 4.441,269 120,049,893 44

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds omployed Icontlnu9fll 23.2 Prlor year comparatlve summary of fund mov6ments At 31 December 2Q23'. Balance brought forward Balance carried fornard Incoming resources Resources expended Galns and 1955es Transfers Unrestrictsd funds General Fund Designated fun(Is.' Board Houses Fund Church House Fund TM- Falmouth TM- Phase 2 Net Zero 2030 Energy grant8 Clergy hardship lund Lay 51aff cost of liviftg payments Mi5510n grants Clergy Seltlemenls Next Steps on the Way Children, young people ar families 1,544,244 4.790,477 16,8SS.0911 21,496 3,052.327 2.553,453 14,207,650 435,631 87,274 275,889 350.00 90,000 28,45D 193,6721 20,331 I145,￿1) 1193.3971 (70,701) 13,972,002 341,959 12Y,605 535,330 20.000 405.342 1350,0001 {5,3421 5,700 1,765 357,608 63,900 300,221 184,6581 15,7001 11.7651 1258,3821 183.9001 150,2211 127,977 227,203 250,000 17,118,665 4,790,477 17,510,509) 1171,9011 3,78D.820 1B.007,552 Re8trict6d funds Pasloial Account Oioeesan Council for Mission & Unily Education TrusEs Resouicing Ministry Fund (RMFI SDF- TM Falmoiulh SDF- Phase 2 Slralegifj Ministry Fund Generous Giving Fund Transillon Funding SCF-Dir Change & RenewAI Archbishtsp mission granl Bishop Phillpotls Libr8ry Bishop Phillpolls Prizo Fund NZ Caibon Capacity Building Starter grant Boiler Upgrade Scherlle Past C85e Review 2 IPCR21 Dioce8an Inveslment Piogiamme {DIPI grant FLOURISH Buildings foi Mission- CBSO Buildings lor Mission- MR & I Net Zeio Quick Wins grant 9,909.726 39,611 183,275 3,240 1285,103) 110,0441 1.Q54.802 1,135,309 14,998,009 32,807 862,134 23,111 23,184 147DI 118,956 41,135 162.917 219.188 121,629 45,8 47.937 45,600 15,1911 1377,8871 {65,4101 1170,2431 1218,8511 1121,6291 {45,800) 147,9371 145,6001 11.6981 14901 60,857 664,060 11,1641 15,858 {1331 6.889 12,301 6.454 11,811 6,476 6,￿4 22 15,000 18,5381 10,000 14.288 32,364 110,0001 114,2881 132.3e41 10,882.940 1,056,138 11,455,880) 1,115,681 1,135,309 12,734,18 Expendablè endowment Parsonage Houses Fund 48,674,473 214,527 2,345,552 14.116,g341 47,117.618 Permanent endowment Slipend5 Fund Capital Account 38,659,759 970.386 3,203,908 1799,195} 42,063,667 Total endowmEnts 87,534.232 1,184,g13 1171,1911 5,549,460 14,916,129) 89,181.285 Total 115,535.837 7.031,528 19,137.58CII 6,493,240 119,923,02S 45

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds 6mployed Icontlnuedl 23.3 Purposes of funds Unrestrlcted funds The General Fund supports the day lo day aclivilies ol the TDBF. The Board Houses Fund is represenled by tho book value ol board properti$$. Additions 10 8nd disposals from lh8 Fund are finarnced by or credited lo the General Fund respectively. The following other funds have been set aside by the trustEes for purposes which the trustees themSe￿e$ have designated.. The Church House Fund was ¢reated to fund the aggregate charges payable (tnder the terms of the non-cancéllable lease agreement for the office premises al Church House, Threemileslone. During 2024 this leasè lerrninated and a new lease was Onte￿d inlo at the Old Cathedral School, Truro. Thls IL5nd will pay for the charges under this new lease, The Transforming Mission Funds arE forlhe TDBF'S contributions lo assist with financing the Transforming Mlssion project in Falmouth, Cambome, Truro, St Auslell and Liskeard. There is a restricted fund for this work which is funded by the Archbishops, Council, The Ng1 Zero 2030 fund is paying for Not Zero works on the TDBF properties. Th6 Energy Grants Is thnding which was added to the funding received IroTll the Archbishops, Council lo increase the amounl distributed lo the parishes to assist with rising energy costs. The Clergy Hardship Fund is funding which was added to the funding received from the Archbishops. Council lo increase the amount distributed lo the clergy to Z5SlSt with rising ènergy costs. The Lay staff cost Df living payment fund is for payments which were mad8 to lay staff lo 8ssisl them with Ihe cost of living Ctisis which includèd rising energy costs. The rnission granls fund is for mission initiatives includèd in the deanery plans. The balan￿ at the end of the year is Ihg amount Ihal is yet lo be paid across to deaneries, who aro awa¥e ol this funding and must have plan5 approved befor6 the funds can be claimed. The clergy seltlemants fund is for the payments made to clergy as part of the deanary implementation process. The Next Steps on the Way fund is Ihe TDBF'S conlributions lo assistwith financing the Change and Renewal team. There is a ieslricled fund IDIPI for this work which is funded by the Archbishops, Council. The Children, Young People and Families fund is fLtnding this area of work included in the Diocesan Ptan lor Change and Renewal. Restrlcted funds The Pastoral Account mainly represènt5 the proceeds of sale of redundant parsona9e houses which may be applied for the exlen8ive purp0525 permitled by section 94 of the Mission and Pastoral Measure 2011. £3.3m is ringlenced pending Pastoral reorganis8lions. Th@ Tiuro Diocesan Council for Mission and Unity fundg are managed by the World Church c0￿mittee(S sub committee of the TDBFI lor the purposes ol enabling Ihe dioTrse to be a vibrant part of the world-wide church. Specifically. il actively promotes formal links with other dioceses, currenlly with ihe Di0￿Se of Slrangnas in Sweden. (The link with the Diocese of Mzimvubu in Soulh Africa ¢eased *n 2013 bul, Ihe (Jiocese continues to support the feeding of orphans, 8nd vulnerable children's programme in tblzimvubu}. The Diocese of Truro Educalion Trusts are governed by Schedule 36 of the Education Act 1996. The fund mainly repre5enls the unspent sale proceeds of redundant Church of England sehool properties. The objects of the trusts are widety drawn to allow trust assets lo bè used for a variety ol educational purposes. Resourcing Minisleiial Formation IRMFI Ifortn8rly R&50urcing Ministerial Education IRMEII is a grant, received from the Archtxshops, Council to fund some elements of Ihè training of ordinands in lh8 diocese. The Strategic Developmenl Fund TM FalmDUth reslricled fund Is grant funding received from the Archbishops. Council ID assist with financing the Transfonning Mission piojecl in Falmouth There is an unreslficled fund which is funded by TDBF. The Strategic Developrnenl Fund TM Phase 2 is gr8nl funding received Iroin the Archbishops. Council lo assist wilh financing Ihe Transforming Mission projecl in CaiMtx)rne. Truro, Sl Auslell and Liskeard There is an unrestricted fund which is funded by TDBF. 46

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds èmployed Icontlnuedl 23.3 Purposes of funds Icontinuedl Restricted fund$ Icontlnuedl The Strategic Ministry Fund is grant lunding received from the Archbishops, Council to assist with financing curates. The Generous Giving Fund 18 giant funding received from the Archbishops, Council lo assist wlh financing Generous Giving Advisors. The Trin$ltion Funding TS grani funding receivèd from the ArGhbishops' Councll and is being used lo resource the delivery of Next Steps On the Way. The Slralégic Capacity Fund- Director of Change & Refjewal Is grant funding received from the Archbishops, Counal lo assist in funding the post which is leading (h8 Next Steps On the Way dèlivery. The Archbishop MISSI￿ Fund is giant funding received from the Archbishops. Council to fund activities hekl during the Archbishop ol Cantert)ury's visit lo thé Diocese in 2023. The Energy Cost Grant is grant funding received from the ATchbi5hops' Council for dislritxrtlon to parishes lo assist with rising energy costg. The Clergy Hardship Fund is grant funding ￿ceiVed from the Archblshop8' Council lor distribution to clergy to asSI81 with rising energy costs. Bishop Phillpo115 Library rnay be used lo fund the rosource of th8 library which 15 located al the Old Cathedr81 School in Truro. Bi8h¢)p Phillpotls, Prlze Fund may be used lo award school prizes in religious edu¢atlon. The Net Zero INZI Carbon C8pacity Building Starter grant is grant funding received from the Archbishops, Council and 1$ being used lo resource net zero work in Dur schools and church buililings. The Boiler Upgradè Scheme is grant funding received from national government lo assist with costs ol upgradillg boiler in our properties. The PCR2 funding is addilioin81 grant funding ￿Ceived from the Archbishops. Council to a8sisI with funding the costs associated with the PCR2 revi8w which was carried out in 2020. The Diocesan Invesltnenl Programme IDIPI grant is funding received from the Archbishops, Council to assist with financing Ihe Change and Renèwal team. The FLOURISH grant is funding received Iiom the Archbishops, Council to e8t8blish of a n8tw(trrf(s 0140 woishipping communities in schoo15 and FE colleges acioss the UK. The Buildings for Mtssion Church Buildings Support Officèr IC8SOI grant is funding received Imm Ihe thhtyshops. Counoil towards the costs of ernploying a CBSO to assist the parishes with work lo their buildings. The Buildings lor Mission - Minor Repairs and Improvements IMR & 11 grant is funding received Iiom the Archbishops, Council lo distribute as small grants to pa¥ishes for urgent and necessary repair or improvement pioject5 on their church buildings. The N8t Zero Quick Wins grant is funding r¢Ge*ved from the Archbishops, Council lo help fund small scale decarbonisation projects ift the parish85. Endowment funds The Parsonage Houses Fund Is iepresenled by the book Vall￿ ol parsonage houses antl team vicarages. Addilions to and disposals from the Fund are financed by or credited lo the Pastoral Account respectively. The Slipend5 FLJnd Capltal Account is mainly represented by the book value of Glebe property 3nd othei inveslmenl assets. The fund generates income f(>r thè payment ol stipends and can only be invested or applied lo Ihe tapital purptsses permitted by the Endowmeiits and Glebe Measure 1976 and Ihe Miscellaneous Provisions Measure 1992. Following Chaiily Cominission approval ol 3 10131 return approach lo inveslmenls, the Trustees may transfer lo income 811 or part of the unapplied tolal retufn. An analy515 01 the fund is given overleaf. 47

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds employed Icontinuédl 23.3 Purposes of funds Icontlnu6dl Endowment funds IcontSnuedl Slipends Fund Capital Account analysis.. Trust for Investment Unapplied Total Return Total Endowment At 1 January 2023 10.098,893 28,760.866 38.859.759 Movements in the yBar'. Invèslrnent retum.. dividends and interest Investment retiirn. unrealised gains I (losses) Invesltnenl relurn.. fund raising costs Transfer frotn Slipends FLJnd Capital Ac¢ount lo designated fund Indexation on base value ol investment 970,386 3,203,908 1171,191) 1799,1951 970.386 3,203,908 1171,1911 1799,1951 396,969 1396.969} Nel rnovements in 2023 396,969 2,80S,939 3,203,908 At 1 January 2024 10,4g5,862 31.567,805 42,063,667 Movements In the year.. Invèstment return.. divide￿d5 and inler&sl Investrnenl return.. Un￿alISed gains l {Ios8e81 Invostmenl return.. lund raising costs Transfer from So'pends Fund Capital Account to deslgnaled fund Indexation on base value of inveslmenl 1,039.216 1.039,216 1,443,164 1.443,164 1235,0781 1235,0781 11,949,641) 11,949,641) 269.939 1269,9391 N81 rnovemenls in 2024 269,939 27,722 297,661 At 31 Decembor 2024 Gift componenl ofthe permanent endowmènt Accumulated inflation sincè original gift Unapplied total letum 5,763,991 S,001,810 5,763,991 5,001,810 31,595.527 31,595,527 10,765.8D1 37.595,527 42,361,328 48

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds employed l¢onllnuodl 23.4 Analysls of net assets be￿O¥n funds AE 31 December 2024.. Tangible flxed assets Investments N•t currenl Provision assetsl I long term Tot41 Unrestricted funds General Fund Design8led funds.. Board Houses Fund Church House Fund TM - Falmouth TM- Phase 2 Net Zero 2030 Energy grant8 Clergy hardship fund Lay staff cost of living payments Mission grants lergy settleTMen15 Next Steps on the Way Children, young people and families 95,518 850,0gQ 228,322 1,173,930 15,244.584 15,244,584 272,773 101,651 398.785 272,773 101,651 398,785 1,425.879 1,425.879 342,2fj6 285.692 342,266 285,692 15,340,102 850.090 3,055,368 19,245,560 Restricted funds Pastoral Account Dicicesan Council for Mission & Unity Education Trusts Resourclng Ministry Fund {RMFI Strategic Development Fund- TMF Strategic Development Fund- Phase 2 Strategic Ministry Fund Generous Giwing Fund Transrfcion Funding SCF-Dir Change & Renewal Archbishop mission grant 8ishop Phillpotls Library Bishop Phillpotls, Prie Fund NZ Garbon Capacily Buildino Starter grant Boiler Upgr8de Scheme PCR2 Diocesan Investment Programme IDIPI grant FLOURISH Buildings foi Mission- CBSO Buildings for Missioll - MR & I Net Zero Quick Wins grant 9,778,245 11,359.8101 30,615 169,4321 2,004 25.680 (16.503} 8,418,435 30.61S 520,308 2,004 25,680 116,5031 589,740 11,811 5,603 11,811 6,511 908 10,368.893 11.370,0321 8,998,861 Expendable endowmènt Parsonage Houses Fund 49,444,144 49.444,144 Pertnanent endowmpnt Stipends Fund Capilal Account 41,744,456 616,872 42,361,328 Total endowments 49,444.144 41.744,456 616,872 91,805,472 Total 64,784.246 52.963.439 2,302.208 20,049,893 49

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 23. Funds èmployed Icontinuedl 23.5 Prior year comparative summary of fund movements At 31 December 2023.. Tangible fixed assets Investments Net currènt Provisions assetsl I long term Total Unr8stricted funds General Fund Design8led fund8.' Board Houses Fund Chijrch House Fund TM - Falmouth TM- Phase 2 Net Zero 2030 Energy g¥ants Clergy hardship fund Lay slaff cost of Iwing payments MissiDn graiils Clergy seltlements Next Steps on the Way Children, young poople and families 11,546 814,6Q8 1,727,299 2.853,453 13,972,002 13,972,002 341,959 127.605 535,330 341,959 127,605 535,33L) 227,203 227,203 250.000 250.000 13,983.54e 814,608 3,2C19,396 18,007,552 Restricted funds Pastoral Account Diocesan Council for Mission & Unity Education Trusts Resourcing Mlnistry Fund IRMFI Slialegic Dèvelopment Fund- TMF Strategic Devèlopment Fund- Phasè 2 Slrateqic Ministry Fund Genèrous Giving Fund Tran811ion Funding SCF-Dir Change & REnew81 Archbishop mission granl Bishop Phillpolls Library Bishop Phillpolls, Prize Fund NZ Carbon C8pacily Buildlng Starter giant Boiler Upgrade Scheme PCR2 Diocesan Investment Programme IDIPI gr8nl FLOURISH Buildings for Mission- CBSO Buildings for Mission - MR & I Nel Zero Quick Wins grant 10,264,626 1.733.383 32,807 1347,9041 11,1641 15,858 17331 11,998,009 32,807 664,060 11.1641 15.858 11331 1,011,g64 11,811 5.6Q3 6.464 11.811 6,476 6,464 873 11,277,463 1,456,725 12,734,188 Expendable 8ndowment Paisonage Houses Fund 47,117,618 47,117,618 Permanent endowment Stipends Fund Capital Account 39.843,852 2,220,015 42,063,667 Total endowments 47,117,S18 39,843,652 2,220.015 89,181,285 Total 61,101,166 51.935.723 6.886,136 119,923,025 50

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 24. Revaluation rèseNe The revaluation reserve is required by the Companles Act 2006 and represents the amounl by which tangible fixed assels and inveslmenls exceed Iheii higtorical cost. Balancè brought forward Realised Unrealisèd on surplus In transfer8 y¢ar Balance arTied fotward Realised on dispo$8ls Board Houses Fund Parsonage HoLJses Fund 4,737.001 34,669.215 503.420 1,932,352 5,240,421 36,570.786 130,7811 39.406,216 2,435,772 (30,7811 41,B11.207 Comparative analysis foi 2023 Balance brought foNaTd Reallsed Unrealised on suyplus in ransfers year Bal8n¢e carried forward Reallsed on disposals Board Houses Fund Paisonage Houses Fund 4,591,508 35,316,469 984,625 1984,6251 1193,3971 2,345.552 1645,735) 12,008,181) 4,737,001 34,669,215 39.907.977 2,152.155 12.653.916) 39,406,218 25. Capital commitments 2024 2023 Capil818xpendilur& Expenditure conlracled for but not provided for.. Church Schools Ithiough Private Finan￿ Iniliallve funding): Conlrad due lo expire in 2031 40,715 4e,188 Repairs to properties 163,146 45,809 203.861 91,997 Private Finance Initiativè IPFII paymenls are due in half-yeaity instalmenls. The payments cover the TDBF'S (through the Diocese of Truro Eduealion Truslsl share of the building costs, the costs of financing the scheme and a small share of ongoing mainlenance costs. The amounts shown ale the total costs over the p8riod of Ihe scheme. 51

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 26, Operating leases Total commitments under non-ca1tcel1ab￿ operating leases are as follows.. 2024 2023 Land and building$ Within one year of the balance sheet date In Ihe 8econd lo fifth years inclusive of the balance sheet datè 8eyond 5 years of the ￿alance Sheet date 31,200 83,200 64,280 109,937 114100 174.217 other operatlng leases Within one year of the balance gheel dale In the second lo fifth years inclusive of Ihe balance sheet dale 4,063 8,932 885 221 12,995 1,016 27. Penslons Glergy The TDBF participates in the Church of England Funded Pensions Schome lor stipèndiary clergy, a defined ben8rrt pension scheme. The scheme is administered by the Church of England Pènsions Board. wh￿h holds the as8ets of the 8cheme Separately from those of the Responsible Bodies. Each participating Responsible Body in Ihg Church ol Eng18nd Funded Pensions Scheme pays eonlributions al 8 common ccintribution rale applied lo pensionable stipends. The scherno is considered lo be a mulli-ernployer scheme as described in Section 28 01 FRS 102. 11 is not possible to allribute the Scheme's assets and liabilitios lo each specific Responsible Body, and Ihis rneans contributions ale accounted for as if the Scheme were a defined con1ribut￿n scheme. The pen5i0ns costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in Ihal year, which werè £385,691 in 202412023.. U82.4351, plus any figures arising from contribution8 in respect of the Scheme's deficil15ee belowl. The 2021 valuation showed Ihe Scheme to be fully funded and as such in 2024, followTng the valuation results being agreed. the defKil contributions paid were £Q12023 £01. A valuallon of the Schetne is carried out once every Ihre9 years. Th6 niost recent Scheme valvation completed w2s carried out as al 31 Decernber 2021. The 2021 valuation revealed 8 surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assLsmptions: an average discount rale of 2.70/¢ per annum", Retail Pri￿ Index inflalion of 3.6¢/o per annum land pension increases consistanl with Ihis)", CPIH infl8tiori in line with RPI less 0.8Vo pre 2030 tnoving lo RPI w41h nci adjuslmenl from 2030 otw¢ards', inGrease in pensionable stipends in line with CPIH,. and mortalily in accordance with goo/ts of the S3NA tables. with allowance ltsr Imp￿vementS in mortalily rates from 2013 in lin6 with the CM12020 extended Inodel with 8 lon9 term annual rale ol Improvement of 1.5Yo, a smoothing parameter 017, an initial addition to mortality improvement$ of 0.5Vo pèr annum and an albwance for 2020 data of OOJ¢ lie w2020 = OQ/ol. Following finalisalion ol the 31 December 2021 valu81ion, deficit conlribulions ceased wilh effect from 1 January 2023, Since th& Scheme was fully funded. The defidl recovery contributions under the recovery plan in force al Bach 31 December We￿ a5 follows.. /0 of pensionable sliperids 7.IO/D payable from January 202110 December 2022 31 Decètnbef 2021 31 December 2022 31 December 2C>23 31 Decernbei 2024 An interim reduction lo delicil conlribulions lo 3.2Yo of pensionable stipends was made wilh effect Irorn April 2022 and rernained in place until December 2022. 52

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 27. Pensions Icontinuadl For senior Offi￿ holders, p8nsionable stipends are adiusted in the c£lculations by a mullipl8. Bs sel out in the Scheme's rules. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be Tecognised as a liatriilily. However, as there are no agreed deficit recovery payments from l January 2023 onwaids, the balance sheet liability as al 31 December 2023 and 31 Décember 2024 is nil. The movement in Ihe Balance Sheet li8bility over 2023 and Dver 2024 18 sel out in the 18ble be10w'. 2024 2023 Balance sheèt liability al 1 January Dèficit contribu￿n paid Interest cost Irecognised in SOFA) Remaining ¢hange to the Balance Sh¢el Ilability. Irecognised in SOFA) Balarn￿ Shoet liabilily at 31 December Comprises change in agreed deficit roGovery plan. and change in discount rale and assumptions belween year-6nds. The legal slruGlure of the scheme is such that if another Responsible Boily fails. Ihe employer could become rosponsible lor paying a sh8Te of thal failed Responsible Body's pension liabilities. Lay The TDBF participatès in the Church Workérs Pension Fund ICINPF) which hag a section knDwn as the Defined Benefits Scheme. a deferred annuily Section known as Pension 8uilder Classic and 8 cash balance section known as Pension Builder 2014. Defined Benefits Scheme IDBSI The TDBF partioipales in Ihe OBS section of Ihe CWPF lor lay 51aff, which 1$ now closed lo future acciual. The sch8mè is administered by the Church of England Pensions Board, which hold5 the assets of the scheme separately from those of Ihe Employer and the olher participaling etllployers. The DBS $8Ction of the CWPF provides benefits for lay staff based on final pensionablg Salaries. For funding purposes, the DBS 18 divided into sub-pools in respect of each pariicipating employer as well as a fuTiher sub- pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain rlsks belw88n employors, including those relating lo m(>rtalily and pos(-retirement investment relums. The division of the DBS into sub-pools is notional and is lor Ihe purpose ol calculating ovTrgoing conlributsons. This does not allei the lacl that the assets of the DBS are held as a single trust fund out of which all the benefils are lo be provided. From time lo time, a notional premium is Ir8nsferred from employers, 8ub-pools to the Lrfe Risk Pool and all pensions and death benefits are paid from the Life Risk Pool. The scheme 15 a multi-employer scheme as described in Section 28 of FRS 102. It is not possible lo attribute DBS asse15 and liabililies to specifi¢ employeis, since each employer, Ihrough the Life Risk Section, is exposed to 8Ctuarial risks associaled with the cuiient and former employees C>f other enlltie5 partieipaling in Ihe DBS. Thi5 means Ihal contributions are accounted for as if D8S were a defined contributs'on scheme. The pensions oosls charged lo the SOFA during the year are contributions payable towards benefils and expenses accrued in that year12024.' £7,078, 2023.. £26,166). plus the ¢igures in relation to the DBS deficit highlsghled in the table below a5 being recognised in the SOFA, giving a total charge 01 £7,078 for 202412023., £2e.166}. 11. following an actuarial valuation Df the Life Risk Pool. there is a surplus or deficit in the pool. lurthei transleis may be made from the Lile Risk Pool to the employers. sub-pools, orvice versa. The amounts lo be Iiansferred land their allocation between the sub-poo151 will be selt18d by the Church of England Pensions Board havii)g taken advice from the Acluary. A valuation ol the DBS is carried out once 8very three yea15. Al thè most recenl valuation al 31 December 2022 there wa5 a surplus of£73.6m. The next valuation is due as al 31 Oecembei 2Q25. Since 31 December 2023, the Board has ertlered into a lull buy-in ag￿ement with Aviv8 to insure 211 accrued benefils within Ihe DBS ol Ihe CWPF. 53

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 27. Pènsions Icontlnued The Church of England Pensions Board agreed that deficil conlribulions should cease with effect from 310ec6rnber 2022 for employers whose PtsDls were estimated to be maleTially in surplus. As 8 result, there is no obligation recogni8ed as 8 liability withln the EmplDyer'8 finanaal statements a5 al 31 December 2023 or 31 Decetnb¢r 2024. The movement in the provision is sel out below.. 2024 2023 Balance sheet liability at 1 January Deficit contribution paid Inleresl cost Iiecogni5ed in SOFA) Remaining change to the Balance Sheet liability. Iiecognised in SOFA) Balance Sheet liabilily 8131 December compris85 change In agreed delicil recovery pLgn and change in discount rale between year-ends. Where relevant this liability represents the present value of the deficll ¢ontributlDns agreed as at the accounting datÉ and has been valued using the following assumptions, set by rèference to Ihe duralion of the deflcil recovery payments.. December 2024 December 2023 December 2022 Oiscounl rale NIA NIA o,oo/ The leg81 slruclure of the scheme is such that if another etnployer fails, Ihe employ¢r could become responsible lor paying share of (hal ernpioyer's pension liabililies. Following consultation wilh thè three employee8 for whom the TDBF were still conlributing Into the DBS scheme it was decided lo close the TDBF section of the DBS scheme from 31 March 2024. The employees moved into the Penslon Builder Scheme, se0 below. Pension Builder Scheme IPBSI For employees who commenced employment after 1 February 2010. the TDBF participales in the PBS section of the CVIPF lor lay staff. The scheme is administéred by the Church CTrf England Pensions Board which holds the assets ol the schemes separatEty from thos& of the Employer and the olhor partieipaling employor8, The PBS of the CWPF is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which ate classed as defined benefits schernes. The TDBF does not have any members in the Pension Builder 2014 scheme. Pension Builder Classic provides a pension, ac¢urnulated from contributions paid and convèrted into a doleried annuity during employment based on term8 sel and reviewed by the Church of England Pensions Board frorn lime to lime Discretionary incrèases may also be added, depending upon the investment return8 and other factors. 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 8$ de5cribod in Section 28 of FRS 102. Thi5 is b￿aUse it is n¢>t possible Io 8tliibulÈ the PBS'5 assets and liabilities to s￿¢if1¢ employers and mè8ns that Eonlribulions ale accounted for as ilthe Scheme were a defined contribution seheme. The pensions costs charged to the SOFA in the year are conlributions payable 12024.. £35,957. 2023.. £145.4921. The TDBF look a pension holiday from 1 April 2024, 8mounlin9 10 £134,2 {2023 £01 A valualion of the Seheme is cairied oul once Every three years. The mosl recent valualion was Carried out as al 31 December 2022. Fox the Pensions Builder Classic section, thE valuation reve2led a Surplus of £34.8in on the ongoing assumptions used. Al the most recent anllu81 review effeGtive 1 Janu8ry 2025, Ihe Board chose to grant a discretionary bonus of 6.7 /0 lo bolh pensioi)s not yel in paymenl and pensions in payment in Tespocl of service prior lo April 1997," and a bonus on pensions in payment Ir? r&specl of post April 2006 service SD Ihal the pension increase was 2 7.10 Iwhere usually il would be calculated based on inflation up lo 2 5¥,1. This lollc)wed improvements in the funding position over 2024. There is no requirement for deficit payments at the cutrenl lime. The nexl valuation is due as 8131 December 2025. 54

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements 27. Pension5 Icontinuedl The18gal structure of the scheme is such that if another employer fails, the employer could becom8 responsible for payin9 a share of Ihe failed employer's pension liabilities. 28. Tfansactlons with Trustees The trusteès derive no fingncial benefil for their Se￿1￿8 as Ilusteès other than the re-imbursement of Iheir oul-of-pocket expenses. In 2024, 12 trusl8ès were paid £12,22412023: 7 tRJstees £16,1531. The TDBF enters into Iransa¢llDns, on a regular basis. with olhei aulonomous organisation6 within the Church of England e.g. parishes lincluding the Calhedrall, the Archbishops. Council and the Church Gommissioners. Fiom time lo time. certain truslees may serve on cornmillees ol olheT bodies, or on the General Synod. 11 is nol conside￿d 2ppropriate to report the detail ol such transactions sinc8 no individt58191 gfDUP of individuals so serving has Bny significant influence over any malerial Iransaclions. 29. Funds held on bèhalf of others TDBF is ¢uslodian trustee for thè following investment assets held on behalf of Parochi81 Church Councils in accordance with the Parochial Church Councils (Powèrs) Measure 1956. 2024 2023 Al v8lu8tion-. Freehold land and buildings Other investments 205.200 5,507,614 205,200 5.409,794 5,712,814 5,614,994 Al cost: Freehold land and buildings OÈhei investmenls 6,20D 2,580,903 6,200 2,582,902 2,587,103 2,589.102 The TDBF also acts as cuslodian truslee in relation to PCC property. These assets are held sep3ralely lo those ol th8 TDBF, The TD8F also administers Devolved Fo¥mula Capital {DFGI giants IDFC grants provide the diocése's church schools with direct funding to invest in their buildings, grounds and ICT equipmenll. Consequently, for those individual schools which have appointed the TDBF as their agent, the TDBF recéives their DFC grants direct from the Department for Education and defrays qu8lifying expenditure according lo Iheii insliuclions. At 31 De￿mber 2024, Ihe TDBF held £258,96812D23.' £239,307 in designated bank accounts separate from (hose of the TDBF. 55

The Truro Diocesan Board Of Finance Limited (Limited By Guarantee) Notes to the financial statements Prior year comparatlve SOFA Unrestrictèd fLFnds Restricted funds Endowments 2023 Income and endowments from- Dc*nalions'. Parish contributions Aichbishops, Council Othei Charitable aclivilies slalulory fees etc Other aelivities Inveslmenls Other 2,863,661 3,413 105.478 220.442 2,863,66q 1,704,080 167,275 220,442 183,275 1,649,817 242,978 740,667 61,797 183,275 70,399 609,032 28,451 970,386 214,527 Total 4,790,477 1.Q56.138 1.184,913 7,031,528 Expenditure on.. Rgising funds Chaiitable aclivitie5 Olh8r resources expended 158,332 7,352,177 171,191 329,523 8,808,057 1,455,880 Total 7,510,509 1,455.880 171,191 9,137,580 Net incomlng rèsources before realised gains 12,720,032) 1399,7421 1,013,722 12,1 06,0521 Nel gains on invesimenl as8ets 21,496 1,115,681 3,203,908 4,341,085 Net incomlng resources before transfers 12,698,538} 715,939 4,217,630 2,23S,033 Tran81er between fund8 3,780,820 1,135,309 14.916,129) Net income for the year 1,082,284 1,851,248 1598,4991 2,235,033 Uniealised gains on revalualion 1193,3971 2.345,552 2,152,1 $5 Net movement in funds 888,887 1,851,248 1,647,053 4,387,188 Fund balances at 1 January 2023 17.118,e65 10,882,940 87,534,232 115,535,837 Fund balance5 at 31 Decembèr 2023 18,007,552 12,734,188 89,181.285 119,923,025 56