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
01872-274357
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