Diocese of Bristol The Bristol Diocesan Board of Finance Limited Annual Report & Financial Statements for the year ended 31st December 2022 Registered Office: Hillside House, 1500 Parkway North, Stoke Gifford, Bristol BS34 8YU 0117 906 0100 | www.bristol.an lican.or The Bristol Di0￿san Board of Finance Limited | Reg. in England.. Charity 248502, Company 156243 THE CHURCH OF ENGLA The Bristol Diocesan Board of Finance Llmlted Annual Report of the Directors for the ear ended 31" December 2022 TABLE OF CONTENTS Page Number Legal Objects Strategic Development Report.. strategic aims Objectives for the year Activities and achievements Future plans Financial review Prirfcipal risks and uncertainties 12 Structure and Governance 13 Trustees, Responsibilities 18 Administrative details 17 Independent Auditors, Report 19 Statement of Financial Activities 22 Income and Expenditure Account 23 Balance Sheet 24 Cash Flow Statement 25 Notes to the Financial Statements 26 The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 2022 The Trustees. who are also Directors for the purposes of company law, present their annual report. together with the audited financial stalemenls, for the year ended 311t December 2022. The Trustees and Directors are one and the same and in signing as Trustees they are also signing the Strategic Report sections in their capacity as Directors. Thls combined report satisfies the legal requirements for.. A Directors, Report of a charitable company., A Strategic Report under the Companies Act 2006., and A Trustees, Annual Report under the Charities Act 2011. The Financial Statements have been prepared in accordance with statutory requirements prevailing al 310t December 2022, with the requirements of the Charity's governing docuffjenl, its Memorandum and Articles of Association, and with the Charities Statement of Recommended Practice IFRS1021. Vlfftere possible, the guidance issued in the Diocesan Annual Report and Financial Slalemenls Guide by the Diocesan SeGretaries' Liaison Group ha5 been followed. LEGAL OBJECTS Th8 primary objective of the Brlslol Di0￿58n Board of Finance <'lhe DBF'I Is to promote and assist the work and purposes of the Chufch of England in the Diocese of Bristol. The DBF ha5 the following statutory responsibilities.. The managemenl of glebe property and investments to generate income to support the cost of stipends arising from the Endowments and Glebe Measure 1976.. The repair of benefice houses as the Diocesan Parsonage Board under the Repair of Benefice Buildings Measure 1972.. The management of investments and. the custodian of assets relating lo church schwls under the Oio¢e5an Boards of Education Measure 1991,. and The custodian of permanent endowment and real property assets relating to trusts held by Incumbents and Churchwardens and by Parochial Church Councils IPCC8) as Diocesan Aulhonty under the Incumbents and Churchwardens (Truslsl Measure 1964 and the Parochial Church Council IPowersl Measure 1958. BACKGROUND The landscape in 2022 was challenglng, ￿1181 the Church was still recoverlng from the Impacl of the Covid pandemic, Russia invaded Ukraine and the government dlffi'cullies exacerbated the inevitable inflationary Gonsequences of the war. This led lo a significant co81 of living crisis and unimaginably high energy bills.. the impact on ministers and parishes has been Immense, In addition, Sadly, Her Majesty Queen Elizabeth the Second died during the year. and the Diocese mobilised lo provide much needed support throughout the communities at all levels. The facl that throughout the year the Dlocese of Bristol has continued to make a significant difference lo Christian witness in our communities through ils ministers, parishes and church schools is quite remarkable, STRATEGY DEVELOPMENT In 2021, the Diocese of Bristol undertook a process to discern and develop the next vision and strategy for the Diocese, under the lille of Transfom7ing Church. Togethor (TC. T). The oveiall aim of the process was lo understand as a Diocese what we do well. what we could change for the b'etter. and how we could create a positive way forward together. Through prayer, and conversations. with many groups ol people, the process discerned the new vision, mission and values which underpinned the subsequent strategy development work.. The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 20Z2 Our vision Humanity reconciled,. creation restored. Our misslon To follow Jesus, to serve others, and to transform comMuni￿eS. Our values Openn￿8., we value openness, and are loving and open to all Generoslty.. we value generosty, 8nd receive and give sinCe￿lY Creatlvlty.. we value creativity. and we cooperate wilh the work of the Spirit Bravery.. we value bravery., we are courageous with our voice5 and our actions After many months of workshops, Concreation, and discemm6nt, Dlocesan Synod approved the TC.T Slrategy In March 2021. Our four Strategic Outcomes are.. To have a form of ohuTch in every community, and a church in which all can participate, thrlve and belong, To have people who worship God in every aspect ol thoir lives, and throughout their whole live$, FOT the di¢xese lo be r8¢ognised as a powerful force for 905pel change, For the diocese to 1x8 sustainable, fin8nci811y and envlionmenlally. To achieve these outcomes, we discerned that we need lo undertake 12 strands of activity in the years ahead. We will work towards.. Fomia of Church to b08t 8frrvo our ¢ommunltle• Ensure we have the right form of church, in the rlghl place, with the right 8UPPOrt. Beller utilise our church properties, for mission and income generation. Provide better administfative support, intentional deployment, and vocational wellbeing. Bulld pathway• Into daèp, Ily￿￿out Chr18tlan falth Through a Diocesan Rule ol Life, workplace way-flnders, local discipleship and evangelism, pilgrimage, and PaiishlDeanery 'Missions'. Church Bulldlng8 to Sèrve our ¢ommunltle• Relea81ng our Mlnl8t•r8 to flourlsh and thrlvo Develop our Volunteerd Provide better recruiting, induction, and support, to grow both capability fjnd numbers. Through RCS, MAS and Chaplaincies,. to increase engagement and encourage parbcipalion. Invest with precision, revilalise the estates, network, increase Ministry deployment, provide targeted administratlV8 support, and develop the next generation of officers and ministers. Engag• Undèr 25,8 Support Priorty (Low Income) Communftles Communlcate and dgllvor posilivg Ghango agalnst Injustice Create 'campaign partnerships,, identify relevant campaigns against injustice, and delw8r them locally, regM)nally and nationally. Deliver our racial ju5tlGe commitments and better include under-represented communities. Make better use of our balance sheet I Inclu8lon and Raclal Justi¢é Build Incom8 The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the tar ended 31" December 2022 investfflenls and build novel income generalionlfundraising capabilities. Create partnerships with public, private and third sector organisalions lo support 'campaigns', generate income + benefi'ts in kind, and attract new volunleersldisciples. Deliver physical and behavioural change lo achieve environmental sustainability. Build Partnerships Achleve Nel Zoro 2030 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Fundlng, Plannlngp and Flnanclal Trajectory Gaining funding and planning to implement the TC,T strategy'were major areas of work in 2022. The Diocese passed Stsge 1 of the National Church process lo provide support funding TC.T in October 2022. For most of the year, the Programme Team. Diocesan Support Services IDSSI and Archdeacons have been d8veloping costed implementation plans lo present to the Strategic Mission and Ministry Board ISMMIBI in the Spring of 2023, al Stage 2 of the process. Diocesan Synod signed off the 5-year TC,T budget in September 2022, based on the approved Strategy, and this formed the foundallon of the Slag8 2 bid in March 2023.This bid was wholly successful and has resulted in a £6.82m grant for the next 3 years. That said, the bid process was unduly painful and piolracled. and considerable feedback has been provided to the National Church to make it a simpler, more Iransparenl, and more trusting 8xpeTienc&. The TC,T Programme Team stood up in 2022 and began detsiled planning for implementation in 2023. The team also generated plans for the governance, monitoring and reporting, and communieAllons of the programm8. This work formed the basis of our Stsge 2 submission for funding. Throughout the year, ¢lose attention has been paid to 8xp8ndlturè and cost control, whilst the cenlr8118am re- sh8ped i188lf to prepare to implement TC.T. Desplle the turbulence, on a like for like basis the Diocese ¢ame in under its operating budget by £37k, which was already £191k lower than the 2021 deficit. 11 Is pknned that thls downwaid Irajeclory continues 80 that, in lime, we achieve income and expenditure balance. MSnl8try In the Dloce8e Parish ministry Is at the heart of the what the Diocese of Bristol does, In Serving the many and varied communities in and afound Bri5101, Chippenham. South Glouceslershlre, North Wilishire and Swindon. Through the WOTk of our parishes, deaneries, Bishop's Mission Orders, and aided by the Diocesan Support Services Team, this collective work strives to provide a vlgible Christian presence in every community in the Dlocese. Whilst theffj will always be short-teTm fluctuations, the DBF is committed to maintaining the overall numbers of stipendiary clergy for the duration of the next five years. 2022 saw unexpectedly high tUTnover, and hence vacancy levels. but recruiting is actively underway to return lo the desired level of posts. The budgeted vacancy rate was 15.30A with assumptions of 7 Leaver5 and 12 joiners, The actual vacancy rate was 24Yo Wlth 15 Leavers and 8 joiners. At the end of 2022, 192 Clergy were licensed across the Diocese of Bristol's 166 parishes, 100 benefices, 5 Bishop's Mission Orders and Bristol Calhedral12021.' 217}. Of these clergy, 133 12021.. 1561 were in slipendiary ministry lor other paid minislryl and 59 12021". 611 were self-sUPPOrting ministers ISSM51. There were also 27 12021.. 321 Anglican clergy licensed to institutions a5 chaplain5, 111 12021.. 1121 clergy holding the Bishop's Permission to Officiate and 15712021., 1711 Licensed Lay Ministers ILLMS), In 2022, the DBF paid an average of 111 full-time equivalent 5b'pendiary clergy as office-holders holding parochial or di0￿$8n appointments in the dioGese12021.' 1191. In 2015, the comparative figure was 105. Mlssion Aroa$ and Re¥ourcing Churches An integral part of parish rninislry in 2022 has been the work of the three mission areas and two resourcing hurches that were established under the 'Creating Connections, 2016 to 2020 strategic plan. The mission areas alAvonside, Yale & Fromeside and North Willshire continue to prove the benefits ofworking a¢ro55 boundaries, collegiality and shared financial support. Despite continuing challenges, numbers worshipping in churches in the Mission Areas grew over 2022 to 224312021.. 15831. The resourcing churches at St Nicholas, Bristol and the Pattern Church in Swindon had continued to be agile and adaptive, with a strong The Bristol Diocesan Board of Flnance Limlted Annual Report ofthe Directors for the ear ended 31" December 2022 us on invitation and outreach. Numbers wotshipping in the resourcing churches also grew to 77012021.. 5801 One of the principal oul-workings of the resourcing churches has been the suttessfijl plans to plant and establish wider congregations. The Well, Swindon (planted in 20211 has grown to 140 worshippers12021., 421 and is estsblishing a range of ministries that serve the local community. In September 2022, St Nicholas, Bristol, planted on the sile of the old Fillon aiTbase on the border of Bristol and South Glouceslershire. Launched on the evening of 81h September 2022. Concord Church has 8 ¢18im lo be the first church launched during the reign of King Charles111. We have continued lo regularly review leaming from both the mission areag and resourcing churches in order to inform work being done under Transforming Church. Together. Cllmate Emergency Al its Diocesan Synod in November 2019. the Diocese of Bristol became the first diocese In the Church of England to decla￿ a 'climale emergency, and commit lo reach nel zero carbon emissions by 2030. This dec18ration 58 supported by a Dio¢esan Environment and Climate Justice Policy th81 made the seven commitments and marked the slart of a journey towards the Diocese becoming carbon nel zero by 2030. Tha Church of England General Synod followed this commitment to a nel zero by 2030 largel, when11 also declared climate emergency al ils February 2020 meeting. Since then, there has been significant progress, and 8 comprehensive plan was submitted lo Drocesan Synod In February 2023. followed up by a bid for support from the Nallonal Church. The Diocese is serious 8bout reaching the tsrget 8nd will ulillse reserves, as necessary, lo fund it, Raclal Iu8tlc8 In June 2020, Rt Revd Vlvlenne Faull Gommllled on behalf of the Bishop of Brlslol, Diocese of Bristol and Bristol Cathedral, to act now with a renewed sense of urgency and deteminats'on to., Acknowledge and r8pent of the Church's past involvement in and benefft from the slave trade.. Ch811enge and 8¢Jdres$ inslllutional racism, li8tening to and learning from the experiences of Black, A8ian and mlnorily ethnic peopl8', Recruit and support more Black, Asian and Minor￿ ethnlc Clergy, staff and volunteers., Make our churches truly welcoming to everyone, laklng responsibilty for the need for profound ¢ullur85 changé in our Church,. and Work wrth others in the Diocese of Bristol and the Church of England to bring these things about. In 2022, we have continued to make progress in implementing these commitments, including- The Racial Justice Task Group and Raclal Justice Advisory Group have mel during the year Appointing a Racial Juslice Project Officer using external funding awardèd Oeveloping and delivering training progfammes lo clergy and staff Consulting with UKME communities in Bristol to ensure they play a key role in helping us respond appropriately lo historic racism. Continuing lo conduGt audits of memorials and monuments in our ¢hur¢hes linked to the transatlantic traffic in enslaved Africans and working with both the Cathedral and parishes to consider their response. Safgguarding The safeguardir)g Tesource provision increased during 2022 with the addit￿n of a female easeworker and increased admini51rativ8 SUPPOrt. The team continued lo work to the agreed Safeguardinè Improvement Plan. Andy Wi115 remained as Independent Chair of the Diocesan Safeguarding Steering Group IOSSGI. The PCR2 was completed in December 2021 and both Diocesan and National recommendations were published during 2022. The recommendatlons have been incorporated Into the Diocesan safeguarding action plan. The Church of England Safer Recruitment and People Management guidance published during 2021 came into effect and changed the recommended DBS renewal period from 5 to 3 ye8rs. An updated Safeguarding The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 2022 Learning and Development Strategy also published in 2021 meant that the training requirements for parish Off￿ers changed. During the year 2191 people engaged with safeguarding training either via the e-leaming portal or face lo face courses.12021.' 14691, 1559 DBS applications were recorded12021.' 83618nd 46 new cases were recorded 12021.. 451. The Safeguarding Annual Report 15 published on the Diocesan website. The Safeguarding Team continues to be engaged in projects INalional Safeguarding Case Management System and Pathfinder project) that have developed in response to the IICSA recommendations th21 apply to the Church of England. This will enable a more collaborative approach to safeguarding across the whole church and enable a greater consistency in the m8na9ement of safeguarding in the Oiocese. CONCLUSION The Directors believe that all the above shows that the DBF delivers public benefit by working with ministers, parishes and 8choo13 to be a Christian witnèss al the ¢entre of thelr Communities, whilst continuing lo reduce the size of the operatin9 deficit. FUTURE PLANS During 2023, the Diocese will.. Seek Diocesan Synod approval for the govem8nce of TC.T Receive signilicant National Church Funding for TC.T Commence implem8ntalion of TC.T and continue lo providè world ela88 8UPPOrt to Ministers and Panshes Implement Total Retum Acwunting pollcy If•J., Continue to reflect on Iden￿ty, sexuality, relationships and marriage in the bigger contéxt of bèing human. through the Livlng In Love and Faith initiative,. and Continue to support lo ministers, churches, ¢hap14incles and schools rècovering from the long-term impact of the COVID-19 pandemic, and dealing with Ihe impact of the cosl-of-living crisls.. The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" Detember 2022 FINANCIAL REVIEW In November 2021, Diocesan Synod approved DBF expenditure totalling £9,712,000 for 2022 {2021-. £9.158,0001. The budget presented to Diocesan Synod showed expenditure outstripping income by £797,000. However, as with 2021, £200,000 of this expenditure conslilules improvement works lo property and is being funded by the Diocesan Stipends Fund IDSFI Capital Fund, so this effectively meant that the DBF'S operational budget was in deficit by £597,000. Thi5 budget reflected a desired level of Parish Share (the fi'nancial contributions made by parish'es to the 08FI for 2022 of £5,500,000. By the end of 2022, gifts of Parish Share lot811ing to £5,262,00012021.' £5.144,0001. This amount included gifts towards earlier years of £76,17112021.. £33,000) and additional gifts fiom parlshes of £54,28612021'. £83,000> made above and beyond the original pledges made. In tems of other income. fees from occasional office (weddings, funerals etc.) and inveslmenl income were marginally lower than expected. Overall grant income was £225k above budget. bul muGh of this related lo the timing of Strategic Development Fund grants and corresponds lo a lower level of expenditure on 'olher parochial minlslry costs. Property in¢ome was £124k more than budgeted, due lo a number of parish vacancies and careful property management. The National Church awarded us £261 k to mobilise TC.T for which £151 k was to be used in 2022 and £110k for 2023. This in part explaing the DSS non staff cost increases and use of contractors to commence the TC,T project. Actual expenditurè was £10,117,000, £405k above budget and £422k above 2021. In terms of expenditu￿, the overall cost of clergy stiP8nds lone of the DBF'S most gignifieant area of spendingl was £317k le5S than budgeted. This underspend r85ulled from the £260k impact of a higher vacancy rate 240k vs 15.3Vo budget, lilself a legacy of Covid churn in staffj. Employer5 National Insurancè was budgeted with the 1.25Vo increase from April onwards, bul thls wa5 Teduced back to the original rale in November. Pension was budgeted al 39.9Vo, but was subsequently reduced lo 360h, this generated savings of circa £57k over nine months of the year. Over811 expenditure on Initial ministerial training was £119k lower than onginally thought. Propety costs were up £533k due to Fin Com approval fpT an additional £254k lo bring forward approved expenditure on pairs delayed from Covid reslricbons including Quinquennial repairs £64k, Interim repairs £57k, and V8cancy repaSrs of£108k. Various other compliance projects for legionella and asbestos were also started during 2022. Other area$ where there were major variances lo budget were an overspend on DSS staff costs lo cover for staff leavers wllh more expensive contract 51aff. and TC.T mobilisalion contract staff in program and project management, 8 new finance manager role £27k, plus recruilmenl for bnlh DSS and Operational staff of £81 k. The renewal of a bank borrowing facility and interest of £25k In DSS Inon-slaffj was also parl of the overspend along with Computer costs £55k, Finance Consultancy £68k.' Fixed asset depreciation £12k', Comms Consultancy cover £85k', less various other small variances. Diocesan staff c08ts for TC.T were partly covered by the £151k of capacity funding (noted above) from the National Church and shown in grant income. The overall result for 2022 was an operational deficit of £797,00012021'. £894,000 deficit), after including'other funds, (see below).. funding from the Diocesan Stipends Fund IDSFI Capital Fund of £454,000 12021.. £244,000). A comparison be￿een the budget presented to Diocesan Synod and the actual results, for each of the main budget headings, is shown in Table 1 {on page 81. The irscome and expenditure from 'other funds, relate prfmarily to certain ancillary DBF funds, including the DBF Clergy Charities Iknown as th8 Clergy Sociely), the Educational Foundations funds and one Fresh Expression. In 2022, the Clergy Society, which provid8s small welfare grants to clergy on a case-by-case basig. awarded grants amounting lo £90,00012021'. £17,000). In 2022, the Educational Foundations funds awarded grants to church schools, including the Diocese of Bristol Academies Trust {DBATI amounting to £79,000 {2021.' £96,000). Included in the Ststement of Financial Activities SOFA are the gains on proceeds from the sale of properties in 2022 which amounted to £424.000. 'Olher expenditure, disclosed in the SOFA irbcludes £266,000 of 'negaliv8 expenditure, constituting net pension adjustments {2021.' £310,000). The various components of these pension adjustments are shown in note 10, as well as in the pension disclosures on pages 46 10.49. Table 2 lon page 91 shows the reconciliation behveen the operating deficit of £797,000 and the overall figure for total net income before investments losses of£4,396,000 shown on the SOFA Ivar40US items of unbudgeted expenditure or income (along with the capital grants for the resourcing churche5 and DSF Capital contribution) that give rise to the difference be￿een these fi'gures. The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the Year ended 31" December 2022 The Directors are mindfijl of the combined pension deficit at the end of the ygar of £16k which relates to pension schemes (see note 35 for details). Both deficits have resulted from the shortfall of the respective schemes, assets. compared to their calculated liabilities. Recovery plans ale in place with the aim ofeliminab'ng the defi'cit over time. This is a significant reduction in the deficit al the end of 2021, which stood at £443k. TABLE 1- ACTUAL vs. BUOGET 2022 SYNOD BUDGET £000 2022 ACTUAL £000 2021 ACTUAL £000 VARIANCE £000 INCOME Parish Share Local fee income (from wvddiTrJs Bnd fvnoral8 elc.) Grants 5,500 277 1,711 1,015 284 5,282 258 1.936 1,022 408 -238 5,114 263 -19 +225 1,866 979 332 Inveslment income Ilncl glebel Propety income Contribution to Oiocesan Support Services TOTAL INCOME +124 32 20 8,908 -12 +87 40 8,819 8,594 EXPENDITURE Clergy Stipends Other parochial minlslry costs Initial ministerial Iraining Property Costs Diocegan Support Services (staffj Dtocesan Support Services Inon-8taffj National Church TOTAL EXPENDITURE 3,374 840 3,057 835 1,621 2,092 1,351 910 -317 3,533 780 1,740 1,559 1,210 719 -119 1,665 1,512 1,232 703 +533 +141 +191 -19 +405 270 9,712 251 10,117 270 9,696 NET INCOME BEFORE OTHER FUNDS Income from 'olher funds, Expenditure from 'olher fund8. Funding from DSF capllal funds -893 -1,211 250 .290 454 -318 -17 267 236 -273 244 -255 200 -35 +254 NET INCOME I DEFICIT .797 -117 The 'other funds, detailed above re18te to ancillary DBF funds, including the DBF Clergy Charities, which provKles small welfare grants to clergy. the Educational Foundations funds and hvo Fresh Expressions. TABLE 2- Reconciliation of deflcll to Staternent of Flnanclal Actlvltl SOFA £000 OVERALL OPERATING DEFICIT las abovo) -797 Exce tional Stems that were not bud •ted Unrealised gainsllos5es on investments Realised gain5 on sale of properly & land {shown in 'Olher Income, on the SOFA) Annual net actuarial pension scheme adjuslmenls Funding from OSF Capital funds for improvements to housing Actuarial gains on pension scheme5 Educational Foundations grant for Deanery School (agreed in earlier years rants received for the Resourcin churches -3990 +424 *266 417 +161 NET MOVEMENT IN FUNDS {per SOFA on Pagè 221 4,396 The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for tht ear ended 31" December 2022 Stgnificant kroperty Transactlons The DBF spent £429,00012021'. £244,000) on necessary improvements lo bénefice houses in the year from the Diocesan Slipend5 Capital Fund. The Diocesan Stipends Capital Fund is available for providing and improving benefire and glebe properties and when invested provides income for clergy stipends. One surplus prop8rty and pieces of land were sold, no properties were purchased during 2022. Balancg shoot posttlon The Director5 cof15iLlvr Uicil 11)e balance sheet together with details iii note 28 show broadly tliat the r8slrict8d and endowment funds are held in an appropriale mix of investments and current assets given the purposes for which the funds are held. During 2022, nel assets have decreased, lolalling £73,294,000 at the balance sheet date compared to £77,690,000 al the end of 2021. In addition to the operating deficit, th8 principal negative amount was the uhrealised losses on investments of £3,990,000 which reflected th8 stock market performan¢e in 2022. 11 is worth highlighting that within nel assets total, are properties, mostly used for ministry. whose value amounted to £33,969,000 12021 £33,836,000). Of the remainder of the nel assets shown in the balance sheet, £42,321,000 are held in endowment funds and a further £9,824,000 in restricted funds and Gannot be used for the general purposes of the DBF. Re8erve8 poIIcy The reserves policy of the DBF applies lo three distinct levels of its operations. On one level. the policy is lo ensu￿ sufflcienl funds are available to maintain the smooth, ongoing operations of the DBF. The management of these reserves helps the DBF to ride out daily cash flow requirements, which can be quite substantial considering that the largest Item of expenditure (clergy stipends} Is paid monthly but the18rgesl income source IParish Share) t8nds to comè In unev8nly across the year over811. On 8 $e¢ond level, the policy is to malntain the minimum level of cash and liquid assets in order lo permit the DBF lo fulfil its immediate financial eommllmenls and effect a snTrJolh transition should a major change or disruption occur to Its operations. Finally, the policy is to malnlain sufficient invested reserves, in order to mlnimlse the c811 madé on parishes to support the work of the OioGese. The annual cost of ministry and related support costs are not wholly covered by annual Parish ShaTe recelpls in the DBF budget and a significant factor in bridging this gap is the income generated by historic reserves. The OBF 15 willing to use ils reserves to invest in future ministry and support the Diocese's strategic initialive8, wllh a view to these becoming self-suslaining over lime. The total of unTestrl¢ted funds (designated and undesignatedl at 3111 December 2022 amounted to £21.149,000 las shown in note 281, of which £11,196,000 was held in marketable securities and £11,699,000 is tiéd up in tangible fixed assets las shown in note 281, which is sufficient to meet this policy. The required reserves figure Ibased on the first tsvo levels above) is estimated lo equate to al least three months of general fund expenditure and would amount lo approximately £2,252.500. At 31 51 December 2022. nel current assets were £9,014,000 Ilhis amount includes all unreslricled inveslmenls, general fund ourrent 8ssels and general fund creditors, as shown in note 281.1. Successive operating deficits over recent years and the purchase of various properties has reduced the DBF'S liquid assets and the DBF renewed a £2m bank borrowing facility in mid-2021 as a result. The DBF'S cash flow continues lo be monitored closely. The DBF has a number ofolher endowment and restricted funds which are represented by investments and fixed as5els. The purpose of these funds is detsiled in note 29 of the financial statements. Grant maklng polley The DBF made a grant of £251,00012021: £270,000) to the Archbishops, Council of the Church of England in 2a22, as a contribution towards the costs of supporting the National Church Inslitulions, grants and contribub'ons to other organisatlons and mlsslofi agencies, pension conlribulions., details of the amounts paid are shown in note 13. Bristol Diocesan Clergy Charities makes grants lo diocesan cleryy and their dependanls, who are in condrtions of need, hardship, or distress., to advance the education of children of diocesan Glergy., and to assistwith the holiday expenses ofclergy. Other grants made from lime to time by the DBF are approved by the D1￿CtorS in each yeals budget. The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the eav ended 31. December 2022 Loans policy The DBF advances loans lo parishes largely to facilita18 fabric works in support of their overall mission and ministry. lntere$t-f￿e loans of up lo £10,000 (formerly £5,000) are made from DBF funds, with larger loans being obtsined through the CBF Diocesan Loan Scheme. if available, or directly from the DBF'S own funds, subject lo availability and eligibility criteria. These are considered lo be ¢once55ionary loan5 in accordance with Section 34 of FRS102. Inve81ment pollcy The DBF has power to invest funEgs not immediately required for operational purposes in such concerns, securities, or properties as il thinks fit. The Directors have resolved lo invest such fvnds mainly within the various CBF Funds, managed by CCLA Investment Management Limited, which also operates the elhi¢al investment policy of the National Church Inslitulion5. The overall investment objeGtIV8 IS to maintain long term real li.e.nel of inflalionl capital value., maximise lolal return (income and capilall, with medium risk. The DBF has also committed lo a fossil-free investment portfolio. The Finance Committee monitors inveslmenl performance through quarterly raporls from the Investment Advisers. The majority of investments are held as permanent endowments for the long-tèrm and therefore the Directors, investment advisers continue to recommend no rnaterial change lo the current investment 8lralegy. The investments held and their r8turns during the year are sel out in the following table.. Funds at 3101 December 2022 £'OOOs 21,S65 8.366 2,415 621 Proportion of portfolio Income yield in year Total Return. in year Igrossl C8F Investment Fund C8F Global Equity Fund C8F Property Fund CBF Fixed Interest Fund Other investments 60.70• 2.99% 2.84% 4.99% 2.72% 3.07% -8.69% -11.04% -7.80% -10.82Wo 1.43Y 6.80° 1.75% 7.20% 35,526 100.00° 'C8pltal Bnrl inco Connoctod Charltl98 The Foundation of Saint Matthlas'lregislered charity number 3116961 Is administered by the COO and ClerkJAdministrator (who became employoes of the Trust from October and November 2022, respecllvelyl, Formerly. all affairs were administered by Sl Matthias Administrator lan employee of BDBF. The BDBF w8S paid £31,583 for all admin and accountancy services lo the Foundation12021- £33,271). The Brlslol Diocesan Board of Education recelved grants totalling of £39,500 12021 £50,000}, funding the diocesan resource cenlres, providing in-service training and training resources for teachers. The Bristol Diocesan Board of Education were awarded a further grant of £7,00012021- £6,000). This funding supports the important work of raising Ihe profile of chaplaincies in FE Colleges. Many of thè Directors are Snvolved with charitable bodies which are potentially beneficiaries to orfrom th8 DBF and a register is kept of these involvements. The Directors a￿ mindful of their duties as Trustees of this charity and ensure that possible conflicting interests are declared and that all decisions are reached on a proper basis. Grants Ro¢eived The DBF is thankful to the varfous grant-making bodies that have 5UPPOrted the work of the Diocese of Bristol during 2022. Significant grants were received by the DBF during the period. including £449,000 from the Archbishops. Council., £178,000 from the Temple Ecclesiastical Charity,. £129,000 from AllchU￿hes Trust and £60,000 from the Bristol Archdeaconry Charity. Further details of grants and dcnalions received in the year are shown in note 3. The Bristol Diocesan Board of Financt Limited Annual Report of the Directors for the oar ended 31" December 2022 Directors None ofthe Directors have received any emoluments from the DBF in their capacity as Directors or for services to the DBF. However, included in cleigy stipends are the emoluments and expense reimbursements of certain Directors who have been paid in respect of their duties as clergy. Note 14 to the accounts detsils transactsons with the Directors during the year. As in previous years, the DBF has maintained insurance cover against losses arising from clalms against,il for wrongful acts committed by (t5 Directors and officers. Charltsble contribution8 Charitable contributions have b88n paid a5 normal expenditure in the pursuance of the DBF'S objects. No political contributions have been mad8. Taxatlon 8talu8 The DBF is a reglstered ch8rity and, as such, is able to claim Certain exemptions from Corporation Tax. No provision for tax is consldered necessary. PRINCIPAL RISKS AND UNCERTAINTIES I The Directors, through an Audit and Risk Committee, which normally meets three limes per year, have continued the process of examining the major strategic and operational risks which th8 DBF fa¢es. They hold and monitor a register of the significant risks, assessing the probability of occurrence and likely impact if they were lo occur. In 2022, the Audll and Risk Gommlttee conllnued to use the framework for Identifying and managing rlsk that was adopted in 2017, This framework requires the Directors to sel their corporate appetitp for risk in four areas (finance, reputation, engagement and operaliorssl and has been (Jesignad to provide clarity about the operational and slrateglc risks facing the DBF. The impact and likelihood of each risk have b8en scored and the lop scoring risks above the appets'te of the Director8 are a5 follows, along with their mitigation strategies.. Income from Par18h Sharo 1$ Insufflclont to mo01 the Ilnanclal commltm8nts and Iha 8lrateglc plans of the Dloco80. Miloalion.. Embed the new approgch to Parish Share, with active engagement with parishe5', Sustaln the roll*ouI of stewardship initiallv85 and tools lo encourage generosity lè.g. Parlsh Glving Scheme, conlaclless etc.). with support of Giving & Resources Adviserls}, Archdeacons and other champions., Ulilise Total Rètum A¢￿unting, and a new approach lo income generation to Sustain. and grow income levels., Continue to exercise taut financial Gonlrol and., Ulili5e national and local grant funding to invest in mlssional growth. SoGi&tsl ¢hallenge8 POSt-Covld, and tho CO8t-of-Ilvlng crlsls, have a long-tèrm Impact on the Dloce3e'8 ablllty to maintaln and grow Its mln15try. Mitigation.. Continue to assess the long-term impact of thè current environment on ministers and parishes, including sustainability (people or finances}', individual and corporate resilience.. capacity and innovation and., Through TC.T, invest in.the wellbelng and c8pabilily of our Ministers and glve more direct support lo parishes lo be ou￿8rd-fo¢UsSed and welcoming, especially to U18s and people from Protected Characlerislics. Serious safoguarding case Identlfled (pasl or curronti Mitigation.. Ensure swift action 15 taken rf a situation does arise, with effective safeguarding provision avallable through the diocesan safrguarding adviser, training officers and caseworkers., Ensure Safer recruitment. training, policies applied and audited al diocesan and parish level., Effective oversight and scrutiny by the Diocesan Safeguarding Steering Group IDSSGI., and Continuation of positive safeguarding leadership, communi¢ation and culture. Transfonning ChurGh. Together ITC.T} program and proj•tt risks of delivery mit￿8110n.' The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 2022 Deliver good govemance and program management through the new Transfomiation team. Carefully asses5 performance against the budget, objectives, and timelines. Learn, and adapt our work, where necessary. Continue to communicate with ministers and parishes in an'engaging and supportive way. On the 28th April 2023 the Dlocese wa5 awarded funding. on behalfof the Archbishops. Council, for £6,820,935 lo support our TC.T programme. Further details on income receipts and reporting spend are currently awaited. COVID-19 The Directors have consldered the impact that the COVIO-19 pandemic and the cost-of-living crisis will have on the DBF'S future financial p0511ion. These include the impact on Parish Share, wh￿h is highly related to the income an(J expenditure of parishes. The Diocese remains vigilant of any resurgence in Covid, or any other pandemic, which might restrict the Diocese activities and for worship in the future. In porb'cular.. Supporting parishes to sustain ministry and mitigaté the loss of income.. Careful man8gem8nl of Cash balances to ensure Sufficient liquidity., and Reducing and deferring exp8ndltur8, wh8r8 possible and appropriate. The Directors consider that the DBF will continue as a goin9 concern for a period of al least 12 months from the dale on which th95e fi'nancial stal8menls are approved for the following reasons.. The DBF has sufficlent eAsh to meet short-term needs,. and The DBF Could increase borrowing or sell assets Iproperty or investmentl if required. The Trustee8 therefore consider il appropriate to adopt th8 going concern basis of preparation of tha accounts, as detailed In nol6 1 to the fln8nGial Statement5. STRUCTURE AND GOVERNANCE Organl•atlonal 8tructure The DBF is governed by its Memorandum and Articles of Association, bul also has to work in accordance wllh the requirements of the Synodical Government Measure 1969, which Is regularly updated by means of its Schedule 3 'Church Representation Rule8'. The Articles provide that the members of the Standlng Committee (Bishop's Councill shall be the Directors. The Bishop's Council and Standing Committ88 are elected triennially by the houses of clergy and laity of the Diocesan Synod, in accordance wlth Church Representation Rule5. Certain officers of the Diocese are ex- officio memb8rs of the Bishop's Council and Standing Committee. The Chairman and Vice-chairman of the Board are elected al the next General Meeting following the election of members. All members of th& Diocesan Synod who are not'DBF employees are entitled lo be members of the company. Following election, the Board of Directors 8re provided with informatson about their duti&s and re5ponsibilits'es as Charity Trustees and Company Direclors. This trainlng last took placè in February 2022 al the beginning of the Director's three-year tem. The new DBE Measure 2021 required each Diocese to make a Scheme appolnting an incorporation for the Board of Education, in this case, to the Bristol Diocesan Board of Finance, and then delegating this fvnction to a committee, the DBE. A new Scheme and Terms of Reference were agreed with the OBE lo define its authority, mechanisms and Board composition. The Bishop of Swindon continued to chair this Board. This is an exciting slep forward for BristDI DBE integrating the D8E into the main vision and strategy of the diocese and developing the visibility of schools and wider education work. It enhances the relationship between our $¢hools, churches and households across the life of the diocese. DoGision rnaking 5tructurg The Bishop's Council and Directors m8t nine limes in 2022. All financial related business between Diwtors, meetings is dealt with by the Finance Committee, which mel seven limes in 2022. On behalf of the Directors, the Committee deals with such matters as the annual accounts, the receipt of Parish Share and the management of the DBF'S corporate property, investments and ils role as Diocesan Authority for Parochial Trusts {OAPTI.11 also deals with matters relating lo the work of the Parsonages Board and the Diocesan Board 12 The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 2022 of Education. The DAPT makes suggestions lo the Bishop's Council about the appropriate level of stipends for the clergy and it deals - usually through the Chairman and the Remuneration Committee with staff remuneration and conditions of service. There is currently no Remuneration Committee and consideration of establishing one maybe undertaken in 2023. The DBF, although a fully independent charity, Is one of 42 Dioceses In the Church of England, which itself is governed under the Synodical Government Measure 1969 by General Synod and the Archbishops, Council. The diagram below shows the overall structure of diocesan governance and the interaction be￿88n different committees and bodies. D10c￿1n Gov*rn*nc* oc• i i 7 Cwnwy PC¢a rdof Educ•bc ofFIThW¢ Mwnb•rnDi S>nod ocwan iurnbr¢4•wwanyl O••n•ry L￿d￿h*Telffll 8iih£y'8 CAuncA & , M￿11¢￿ &P••tcf* i tston4lng ceAnrnlNw i Siandkng C￿nItr•• I DlfKb)11 018ri Ac•drf•s Truii liew•idythc(¥po Fm4nt• AFvc4th•n* d• ft8 Audlll Rl•k Cornm￿• Rthmunw• Commrtt•• go¥•m•n¢• B¢aro olFknthC•OO¥•rnWC• 00￿c• P•th gtrrn•rK• TC.T Gov•mance Pending Diocesan Synod approval, the TC.T programme will ulilise our existsng governance structure to manage and implement the strategy. The process Can be understood vlsually as follows.. The Bristol Diocesan Board of Finance Limited Annual Report of the Directors for the ear ended 31" December 2022 RANSFORMING CHURCH. OGETHER. NCI FUNDING SMMIB Programme Board Structure Nplze SPONSi?A DIOcè￿Tr . Synod PROGWAME 80ARD PROGRAMME 5UPPQRT Ch41f ICEOI Olthop's Cr4JThcll Flnance Irp.r.lor Audlt & R15k COmm￿ree l)rwanime Ltdman Workstrea ni ￿ddS Mlg4lonal CDmm5 pi01￿￿ Prwerty MISSIONAL PROJE I IMPLEMENTATION REVIEW5 Ptoph & Eduutlon •rdlW R•vtr5È Mentor TQT Pro8 Wi¢kMie4m lea¢Js Fln•nc* Stsk holders Rev•r5e Mèntors Remunoratlon of kèy management personnel Emoluments of higher-paid employees are based on job evaluation and remuneration levels are scrutlnised by the HR. The HR Director makes recommendation5 to the Finance Committee and ils terms of reference include remuneration and HR policy. Publlc boneflt The Directors consider that they have Gomplied with the duty in section 17 01 Ihe Charities Act 201110 have due regard to public benefit guidance published by the Charity Commission and in particular the Commisslon's guidance in The Adv8nc8menl of Religion for the Public Benefit. the Directors believe they have had regard to the duty in their administration of the DBF. The Directors believe that, by promoting the work of the Church of England in tho Diocese of Bristol, the DBF helps lo promote the whole mission of the Church (pastoral, evangelistic, social and ecumenicall more effectively, both in the Diocese as a whole and in its individual parishes, and that in doing so it provides a benefit lo the public by.. provlding facilitles for public worship. pastoral ¢are and spiritual, moral and intellectual development, both foi ils members and for anyone who wishes to benefit from what the Church offers., and promoting Christian values, and service by members of the Church in and lo their ¢ommunitie$, to the benefit of individuals and society as a whole. The Directors believe that this report, taken as a whole, provides evidence that the DBF'S work in 2022 .furthered its charitable purposes for the public benefit. 14 The Bristol Dioc¢san Board of Finance Llmited Annual Report of the Directors for the ear ended 31" December 2022 Constltutlon The Bristol Diocesan 8oard of Finance Limited {Ihe DBFI is a company limited by guarantee registered under the Companies Act, number 156243. It is also a registered charity, number 248502. registered in England and Wales. The principal office and Tegislered office of the ¢harily is Diocesan Office, Ftrst Floor. Hi51side House. 1500 Parkway North, Stoke Gifford, Bristol, BS34 8YU. Dltectorg'and Trustees The Directors of the Board of Finance are its Trustees for the purpose of charity law and throughout thls report are co118clively referred to a5 the Directors. This report constitutes the Trustees, report for charity law purposes and the Directors, report for Companies Act purposes. Delegation of day to day dolivory The names of all those who were Directors on the dale the report was approved are given on page 17 of this report, as are the names of any who served as Directors from the start ol the financial year. The name of the DI￿esan Secretary (Chief Administrative Officer), lo whom day to day management of the charity has been delegated, and the names and addresses of professional advisers are to b8 found on page 18. Fund8 held by the D8F a8 trustee In February 1998, the Ch8nty Commissloners issued 8 schèmè making the DBF th8 sob Trustee of the charity known as the Bristol Dio¢esan Clergy Charities. The accounts of this charity have been aggregated into these financial stslements as they are administered by the OBF and held for spe¢ifiG purposes which are within the 9eneral purposes of the DBF. By virtue of th8 Parochial Church Council (Powers) Measure 1956 and the Incumbents and Churchwardans {Truslsl Measure 1964, and certain Charity Commlssloners schemes, the DBF is the Diocesan Authority over ertain assets held on permanent trusts. These assets have not been aggregated in these fi'nancial statements, since the DBF does not control them. Separate fi'nancial statements have been prepared to account for the DBF'S stewardship of these assets, and full trust accounts for each trust are the responsibility of the managing trustees in each ¢8se. Copies of the separate financial slalement5 are available from the Secretary al the Registered Office of the DBF. Fund8 hold on behallof •chools The Dio¢esan Board of Education IDBEI is incorporal8d within th& DBF and receives contributions from govemors of volunlary-aided church schools within the Diocese in Connection with major repair and capital proie¢ts lo ChU￿h schools and also government grants in conn8Ction with the same. The DBE administers these monies as managing agent and makes appropriate payments lo contractors for work carried out. Tho monies do not belong to the DBE and as such the receipts and payments are not Irealed as income and expenditure in the Stslement of Financial Activities. Any monies held al the balance sheet dal8 ar& treated as cfedilors on the balance sheet. The amount included in creditors as at 31st December 2022 is £1,880,59912021'. £997,960). This increase is due to the sale of St George's Annexe for £1,154,160 in 2022. Suppllgrs, customer and othgrs During 2022. the DBF has had regard lo the need lo f08ter the organisation's relationships with suppliers, customers and others. The Bristol Diocesan Board of Finance Limlted Annual Report of the Directors for the ear ended 31" December 2022 TRUSTEES, RESPONSIBILITIES The Directors are responsible for preparing the Directors, Report and Strateglc Report and the h'nancial statemerils in 8ccordance with applicable law and regulations. Company law requires the Directors to prepare financial sl8lements for ea¢h finan¢ial year. Under thal law the Directors have elected to prepare the financial statements in accordanGe with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Stsndards and applicable lawl. Under Gompany law the Directors must not approve the financial statement8 unless they are satisfied that they give a true and fair view of the slate of affairs" of the company and of the profil or loss of the corhpany for that period. In prepaTing these financial slatemenls, the Directors are required to.. select the most svilable accounting policles and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent., slate wh8ther applicable UK Accounting Standards have been followed, subject to any material d8parture5 disclosed and explained in the financial slalemenls., and prepare the financial slalemenls on the going concern basis unless it is inappropri8te to presume that the company will continue in buslness. The Directors are responsible for keeping adequate accounllng records that are suffi'cient lo show and explain Ihe Company's transactions and disclose with reasonable accuracy al any lime the financial position of the company and enable them to ensure that the financlal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deteGtion of fraud and other irregulalilies. Staternent of dlsGIo8urg to Audltor• So far 88 the Dlrectors are aware, a) there Is no relevant audit information of which the charitable company's Auditors are unaware., and b) they have taken all the 8lep8 that they ought to have taken 8$ Directors in order lo make themselves aware of any relevant audit information and to establish th81 the charitable company's Audltors are aware of that information. Appolntmgnt ofAudltorn A resolution to 8ppoint auditors to the Compsny and to authorise the Directors to fix their remuneration will be proposed at the Annual General Meeting. The Bristol Diocesan Board of Finance Lirnitèd Annual Roport of the Directors for the ear ended 31" December 2022 ADMINISTRATIVE DETAILS Dlrectors and Trustees The following served as Directors and Trustees from 1 Et January 2022 to the date this report was approved {unless shown Othe￿iSe1.. President.. The Rl Rev Dr V F Faull, Bishop of Bristol" Canon A J S Lucas" Chairm8n.' V￿8 Ghairman., Mr R Bacon {from 281h March 20221 ' The Ven C P Bryan ', Ar¢hdea¢on ofmalmesbury The Rev B Charks (from 181 January 2022). Professor D N Clarke ' Mr B A Finnamore The Very Rev A Ford, Dean of Bristol Mrs C Jefferls (from 111 January 2022) The Rt Rev Dr L S Rayheld. Bishop of Swindon Irelired on 311t April 20231 Mrs A Rowe (from 11t January 20221 Mrs A Scott lfrom 11t January 2022 until 191h March 20231 The Rev D Stephenson (from 101 January 20221 Mr J Sunderland The Ven N M Warwick ' Archdeacon of Bristol The Rev T A Wigley ' The R8v K A Smith (from 19th Nov&mb&r 20221 Members ofFinanc8 Committee in 2022 The Bristol Diocesan Board of Finance Limited Annual Report of the Director5 for the ear ended 31, December 2022 cont Senlor managemont and adv18er8 Diocesan Secretary (from 111120221 Deputy Diocesan Secretary Mr Matthew Hall FCA resigned 1010712022 Deputy Diocesan Secretary, Director of People & Safeguarding Mrs Caroline Jowett-lve Direclor of Finance and Technology {Interim 291h June 2022, appointed 4th April 20231 Mr Jeff Loo FCMA Director of Communications Ms Sally Cordwell Resign8d 3110312022 Mrs Sally Moody Retired 1510912022 The Rev Dr Simon Taylor Ms Liz Townend Rear Admiral Richard Leaman CB OBE Head of Governance & Prop8ty (to 31110120211 Director of Ministry Development Diocesan Director of Education Oirector of Extemal Relations Harrison L8onard IApF)olnt8d 1919120221 Company Secretary Mr Matthew Hall resigned 1 OtT12022 Richard Leaman appointed 101712022 Registered Office 1500 Parkway North, Stoke Gifford, Bristol, BS34 8YU. Audllors Mazars LLP 90 Victoria Str88t Brlstol, BS16DP. Solicltor8 Stone King LLP Boundary House 91 Charterhouse Street, London EC1M 6HR Bankers National Weslminsler Bank plc 40 Queen's Road, Clifton, Bristol, BS8 1 BF. Insurers. Eccleglasllcal Insurance Group Beaufort House, Brun$wlck Road, Gloucester, GL1 1JZ. InveStn￿nI Advisers CCLA Investment Management Limited Senator House. 85 Queen V.ictorla Street, Lcndon, EC4V 4ET. Evelyn Partners 4th FliJJr, Pothall Place, Pothall Lane, Bristol, BS16NA This report, which incorporates the Strategic Report, was approved by the Directors of the Bristol Oio¢e$an Board of inance Llmiled on 31st May 2023 and slgned on their behalf by Andrew Lu¢as Chalman 18 Independent Auditors, Report to the Members of The Bristol Diocesan Board of Finance Limited Oplnlon We have audited the financial statements of The Bristol Diocesan Board of Finance Limited {Ihe 'company'l for the year ended 31￿ December 2022 which cornprise The Slalemenl of Financial Aclivilies, Income and Expendituie A¢Gounl, Balance Sheet, Cash Flow Statement and notes to the financial slatemenls, including a 5urnmary of signifi'cant aGGounting policies. The financial reporting framework that has been applied in their prepaiation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally A¢¢epted Accounting Pfacticel. Th8 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted A"ccounting Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the company's affairs as al 31￿ Decembef 2022 and of its result for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Bas18 for oplnlon We conducted our audit in accordance With Inlernab'onal Standards on Auditing {UKI {ISAs IUKI) and applicable law. Our responsibilities und8r those standards are further described in the "Auditor's sponsibilities for the audit of the financial slalemenls" section of our r8POrt. We are independent of the company in a¢cordan¢e wllh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accord8noe with these requirements. We b8liev8 that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclu$lon8 r•latlng to golng concèrn In auditing the finan¢lal statements, we hav8 concluded that the Iru5tee5' use of the golng concern basis of accounting in the preparation of th8 fi'nancial statements is approptiale. 88sed on the work we hav& perfofmed, we have not idèntified any material un¢ertalntSes relallng to events or condillons that, individually or collectivety, may cast significant doubt on the company's ability lo continue as going concern for a ￿rIOd of at lèast tsvelv8 months from when the ftnancial ststemenls are aulhorised for issue. Our responsibilities and the responsibllities of the trustèes with respect to golng concern are described in the relevant sections of this report. other Inform•tion The other information comprises the information included in the Annual Report, other than the financial slatsmenls and our auditor's report thereon. The trustees are responsible for the other information contained within the annual r8POrt. Our opinion on the financlal statements does not cover the other information and, except to the extent otherwise explicilty slated In our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infom)ation and, in doing so, consider whether the other informallon Is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olherwise'appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatemont in the financial slalemenls themselves. If, based on the work we have performed. we conclude that ther8 is a material mis51atemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters pre8crlbed by the Companios Act 2008 In our opinion, based on the work undertaken in the ¢ourse of the audit. Independent Auditors. Report to the Members of The Bristol Diocesan Board of Finance Limited the information given in the strategic report and the truslees, report for the financial year for which the financial statements are prepared is consistent with the financial stalemenls.. and the strategic report and the trustees. report have been prepared in accordance wilh applicable legal requirements. Matters on which we are Tgqulred to report by exceptlon In light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identified material misstatements in Ihe strategic report or the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿IVed from branches not visited by us., or th8 financial statements are not in agr8emenl with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received 811 the information and explanations we require for our audit. Re•pon•lbllltlo• ol Tru•tso• As explained more fully in the trustees, responsibilities statement sel out on page 16, the Iruslees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal conlrol as the Iruslees del8mine is necessary lo enable the preparation of financial stal8menls that are free from material mis51atement, whether due to fraud or èrror. In preparing the financial slatemenls, the trustees are responsible for assessing the company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the company OT lo cease operations, or have no realistic alternative bul to do so. Audltor'8 r98pon8lblllt1￿ for the audlt of the flnancl•l 8tatomonts Our objectives are to obtaln reasonabl8 assurance about whether the fi'nanclal stslemenls as a whole are free from material misstslement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hlgh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Mi55talements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the. economic decisions of users taken on the basis ol the financial statements. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibiliti8s, outlined above, to detect material misstatements in respect of irregularities, including fraud, Based on. our understanding of the company and ils industry, we considered that non-compliance with the following law5 and regulations might have a material effect on the financial slatemenls.. pmployment regulation, health and safely regulation and anti-money laundering regulation. To help us identify instances of non-¢ompllance wllh these laws and ￿gUlatiOns, and in identifying and assessing the risks of matertal rnisstatemenl in respect to non-compliance, our procedures included, bul were not limited to.. Inquiring of management and, where appropriate, those charged with govem8nce, as to whether the company is in compliance with laws and regulations. and dlscussing their policies and procedures regarding compliance with laws and regulations., Inspecting correspondence, if any, with relevant licensing or regulatory authorities.. "Communicating identified laws and regulats.ons lo the engagement team and remaining alert to any Indlcations of nonwJ from Investlng actlvltle* Pividends, inleie61 and rent Iiom inv85tm$nts Proceed8 frtsm the sale of.. Tangible fixed assets Fixed a5sel inveslments Purchase of.. Tangible fixed assets for the use of the DBF Fixed assel investments Transfer of assets ltrom BMHTI 1,205 1,170 542 176 521 55 12701 11731 11211 1901 Net ca•h provlded by I Iu8•d Inl Invggtlng actlvltl•8 1.480 1.535 Cash IIow8 from financlng actlvltl• Loans repaid by the DBF New h)ans recelved by the OBF 14491 12,0881 2,000 Nèt ¢a•h provldgd by I lusgd In) flnan¢lng aGtlvltl•• 14491 {88} Ch•nu• In ¢o•h and ca•h •qulvalonts In the p•rtod Cosh and ¢a•h oqulval•nt• •t l•t Janu•ry 239 3,618 11,843} 5,259 C￿h and calh ¢qulvahnts at 31* Do¢wnb•r 3,855 3,616 Re¢on¢lll•tlon ol net mov•mont• In lund• to n•t ¢a8h Ilow from operatlng 4Ctl¥ltl N•t mov•m•nt In fund• for th• yurond•d 31￿ D•c•mbor AdluBtment• lor: Depre¢ialion Gharg88 Dividends, inl8re818nd rent from Investments {Profit) on Sale of function81 assets (Profrtl on sAla of fixad gssèl Inv•8lments Ilncre85el I decrease In debtors ID8cr8Asel l increas8 In craditors lexcl.108n81 1587) 13391 42 11,2051 14241 1391 1801 1,460 33 11,170) 15211 181 1951 (9901 Met cash Provid￿ by I lu¥ed Inl operating activltie• 1793} {3.090) A￿lYsIS of ¢•¥h and c4•h oqulvalonts Cash in hand Notice deposits Il•ss th8n 3 monlhsl 418 3,439 S17 3,099 3.855 3.816 2S T.he Bristol Diocesan Board of Finance Limited Notes to the Accounts for the ear ended 31" Decembtr 2022 BACKGROUND INFORMATION These financial statements c(mprfsing the St8t&m•nt of Financial Activit￿S, Inceme and Expenditure A(xount, 8alanc8 Sh801, Cash Flow Slalement and the related notes 1 to 38 ¢onstbtule thg indivKlual financial ststemgnis of The Bristol Diocesan Board of Financ8 Llmttwl for the finan¢kq1 y88rend8d 31° D&Ltmber 2022. The Bristol Diocesan 8oaTd ef Finance Limited 18 a prhiat8 ¢(Knpany limited by guargnlee. incorporated in England & Wale5. The address of ils registered office1$ DIoc88an Office, First Floor. Hi115ide Hous&, 1500 Parkway North. Stoke Gifford. Bristol. BS34 8YLI. which is 8180 the principal place of buslnass. Th8 princlpal actlvi118s of Ih8enlty aredeSc￿b￿I Sn the boal objects 5eGlioTh on page 2 of the Annual Report of the Trreclors. Tho th'nanci81 statements have been presented in Pound St6ding 88 thls18 functional currency olthe 08F 8tYJ all values are rounded to tho ne8rost thousand pounds I£LWI 8x¢opt when oth&rwi$e indicated, 1. ACCOUNTING POLICIES Th& fin8nao1 $latements have been prepared ufyyer tht historical cost convention, with the exceptlon of freehohj properties held as investm8nl propart￿&. whlch ara includÈd at Ihelrfalrvalue detertnlned under the appllcable volualion mothod as det8118d In cllli, and fixed as$el Inveslmnts. whkh arn includéd atth8irrn8rketv8lue al the balanc8'sh8et date. Thefinano81 $¢olemenl$ have been prepgftsd in ac¢ordqne4 with the St8lement of RecomThnd8d Pr8CtiC8 for Chorili88 ISORP 20191, the Companles Act 2006 and 8pplkoble accounts'ng EtBndords IFRS1021. STATEMENT OF COMPLIANCE The finqnGial statements hBve be•n preparnd in Jrx0rdan￿ with FRS 102'Th¢ Financial Reportlng St8ndArd appllcable In the UK and Republic ol Ireland, IFRS 1021. The Bri$tol Oiocgjan 80grd of Finan￿ Llmll¢d moèts the deffrbll?n of o publ1¢ ben•fit entity under FRS 102. GOING CONCERN The Diwtoi$ h8ve revlewerj the •nt*lp8ted pMfom8ne•for 8 p8rlod of ￿ lea$t monlhg from Ihtr d#1• of •ppTov#l of the financial statements gnd ¢on¢ludod Ih81 Iheit 1$ ntr m8i•rlal uncèrtainty regarding the DBF'B ability lo meet ils liabili1188 08 they fall due, ond lo ¢onllnu8 as 8 golng Eoncern. On th18 bas￿ Ihe Dlrecloiy con8k1er It approprtala te prepare th fln8nd81 $laiements on 8 9c*lno Con￿rn ba&ts. The Dlrector8 coll5￿8r thot the DBF ha8 sufficN8nt r8seN88 lo cenlinue 88 a going concern lor a per￿d of at l•ast 12 monthi from th8 dale on whKh these fin8ndal slatsrnenls are approved. •) Incom• All Income 1$ Induded In Ihe Slaltmonl al Finan￿ll1 Activit￿8 ISOFAI when the DBF Is legally •ntil￿d lo them a5 income Of capit81. uttimg18 recolpl Is prob8bL• and the smounl lo be recegnlsed b8 quantrfied wrth r8Bson4blg gccumcy. 11 ParfBh $h•r• Tho principal seurco of Income of tha DBF Ls Parlsh Sh4rg, ond amounts undertoken to be by parkn￿l for th? y•#r. but not receNed by the year48nd, •re onty 8ccrt￿d If r8ceiv•d on or befo￿ the 31 J8nugry 2022 111 Ront Rent recelv8ble ￿¢09nl￿d w Incemo In tho POrh￿ to whlch it r•l8t•8. 1111 Intsrg8t and dlvldond• The amounts shown In the Bccounts Ih mP•Ct of inl•r8at r•prei8nt the irKome r8C8Ned In Ihe year and no Bccount has boon taken DI accrued interest. 0￿￿18ndS IrBm I￿￿$1M•nI¥ reported In th¢$8 fm8n¢ial Ntstemgnts arg recognl8ed when they bec0rn8 rec8ivabl8. Iv) Grants and dowuono Income Irom gmnts And donations 15 re¢ogni$od on receipl, except where ￿ relates 5pedflcally io expendlturo to be Incurre(l 918 future dote, in which ca¥& tha Incom 18 doforrod In th8 balancè shèèi. vl Parochlal fees Income due lo the OBF In r•BF4c* of parochlal fae8 r8cbgnlsod 0$ incom8 of the yearto whlch they relote. vll Galn• on dl8POBal ot Ilxod a880ts lor the DBF'$ own UB• G81ns ors the dispoyal of non-inveslment assets 4re aGcounled lor8s other ineorne. L05885 on disposal of such ssseis are accounted foras other expenditure. vlll Dloc•san SVp¢nd# Fund IDSFI In¢om• The Stipends Fund C8pital aC￿U￿t is governed by Iho DhXeSan Sts'p8nds' Measure 1953. as amBnded, and th8 use ol the incorne ￿StrIctod for clergy stipends. However, the incorne18 fully expended wbthln the year of recaipl and kgal re$trktlons, therefore, are $ati5fied. This incgm& 15 included in the restrtcled column on the Statement of Finandal A(1fv￿1￿$ ond 88 8 transf&r lo tho unostrieted fvnd, whère thè rèla18d exp8ndiiur8 18 Shown. The Bristol Diocesan Board of Finance Limited Notes to the Accounts for the ear ended 31" Dtcèmbtr 2022 I Expondlture All expendrture Is ￿cOunted lor on accruHls basis and has been dassified under hesdlngs thgt 8ggreg&te all costs related to thai cateoory. Where ¢osts ¢annoi be direclty attrfblrt￿J to part￿ul#r headings they have bean &I￿ated to activities on a basis consistent wth the use of the resources. 11 Co$1• of ral$ing fvnds C0515 ol raising trJnds are con8trained to costs relating lo the tempgrory rontiro out of parsonages and invesimont managen%nl costs ef glebe and any otherinveslmenl properties. 111 Charltabl8 oxpandlture ¢harrtab18 6xp?ndrturg i¥ ana1y$gd betwgon contributions to the Archbl$hop$' CovtKII, expendrturo on re50urang mi8SIOn and ministry In the p8rishe8 of the dioc8S8, 8xp8ndrture Trlaling to the wnning of the dIw￿$Bn ietre81 r*Trtr6. and 8xp8nditure on education and Church of England schooL8 in the dltrc*se 1111 Gr•nt• p¥y•bl• Gr8nls payable are charged In the year when the ofter Is ¢onveytd to the rtcipient except In Iho&e ¢8$e$ where I offer is cond￿.0￿¥1, such grants bving rocognised as expvndilure whre the conditions attaching are fu￿1110￿. Iv) Support ¢o•ts Support Costs ¢on$ist of eeniral m8nsgemenl. &drnIn￿trat1Qn and gov•mance costs. The imount spent on rBlslno funds and other aGtwilK15 15 con5id&red lo be immaterial and all 8UPPOrt ojsls are allocated lo the purpese of chariigbk• Bctivilios. Costs are 8llocBled wh•rév•r p055ibl8 directly to the &ctivily to whlch they r818t8, bul wher• such dlre¢t Bllocation 1$ not possIb￿, thè r8m8ind8r 18 $llocat8d on an 8pproxlmote stsff tlmg b9¥1¥. vl P•nslon contrlbullon Curr8nt 08F ylaff m8mb9r8 of a denned contribu￿an sch8m8 and cl8rgy 8r8 m8mbers ol the Church of England Fundad Pen8lDn$ Scheme l$ee r￿te 351. Th¢ p8nslon co6ts chaiged 08 resour￿ expendad r8pr88enl tho DBF'8 contrlbutlons p8y8ble In r8SPeCt of the 8ccounlirvJ P8fiod, In Accordance wlth FRS102 Defidl funding for the p8n&ion 8cheme• to whth DBF p8rtlclp8te•18 gccwed at cuffenl vali1• In er•aknrn di8tingul8h•d b•fvMon contributlonl f•llln9 du¢ wrthin on• year and After mor¢ Ih8n onb year. Th? DBF operatss g dellned benellt pgn•lon 8chem•, clo•ed to now membern, The anYounls¢harged toth? SOFA are lh8 current Bervlce costs 8nd gBln8 ond low on settlement Dnd curtallments. They are Included B8 Pèrt of other •xp¢nditure In the SOFA. Past servic¥ ¢o$t$ Af? r￿QgnIsed knmedl8l•ly In the SOFA if the benefrts hove Yasled. Jf the bonaf￿$ h8ve not vesle(I Imm8dial•lyp the costs ore recoun￿0￿ over th& p8riod untll ve$ling occurs. The Inl¢ro11 $tAnd the expected return on 986et8 are $hown as a nel amount of olh•rflnan￿ colts In ¢thor8xpen¢llur8. Acluail41 gain8 an(1 lo$stS 8rg roMgn*g1I Imme¢i8ieW 8tthe bottom of the SOFA. The d8flned benefll scherne is fvnded. wtth the 88selB of the schema héld ièparatèly from thosa ofth¢ cempany. In $eporatEltru8tee.Idrnlnlstered fund. Pon?lon &GherThJ 855•ts aro mea8ums al f8ir v81uo and IIBbilltles are me4sured on an 8ctuBrial ba818 u&lng the projacted unil method and di9￿￿nted 9¢ 8 rate equlvglgnt lo tho Current rate of return on bigh quallly ￿rpOratO tyon¢J of equIva￿nl¢urr0nt and termto Ihe scheme IiabS1itie8. The acluoh81 valu&llon18 obtaln& ¥t190gt trlennlally and 18 updatsd et each balance •heet date. ¢1 Tanolbl• flxod ￿1•ts and dopr•clatSon 11 Fr••hold proport1 Freehold propert488 h8¥0 been valued uslng the mid-polnt of ippl1¢ab￿ ¢oun¢ll lax band, Bdjusled to 111 J8nuary 1993 by Bn approprlate index, u co81 where known. D8pre¢Lqtlon18 not provbjgd on bullding$ as any provislon (annual cf curnulatN81 WOU￿ not b8 materfal du8 to th8 very long exp8ct8d r8m8lning us8ful economic Iwe in 8ach case, and t4c&use th8irexpected r88idug1 volue 1$ not materially less thon Ihelr ¢orryln9 V81ue. The DBF h89 g pollcy of regular $lruclur81 inspection, repair 8ntJ m8inlen8n¢e. which in the c89e of resK1enlio1 properti88 1$ In accordance wtth thts Repalr of Benef**s Bulldings Measure 1972 ond propert￿* are the￿for¥ unlikety to tlelerivrale or 8uffer from clisolescence In addltlon, Ilspo$o1s of prop&rt￿$ gener81ty (K¢ur well bBforg IhB ond or theif e¢onomi¢ I￿￿9 and ¢lsposal p￿r￿86dS are usually not 18SS thAn their carying ¥8lue. The Tw8109S Porfom annugl impaiTh8nt rev18W8 In acco￿anCe wlth the reoulremnts of FRS102 to en8ufe Ihgt the eArrying vi1ue is not more th4n the rg¢over8b amount. RedunotAnt churthes h4Yo bwn valu•d 01 £1.QOO, rnfiBeting Un￿rtainlY of whethèrtlw will bo $ok1 by the 08F. 111 Prop•rtlM 8ubl•¢t to v•luo Ilnk•d loan8 PropertE5 whiGh have been bought with the qssi5tanc8 of v81ue-link8d lean5 frorn the Church CommissiDnern are v8IuEd at w$1, with the corresponding valutr tsf th• f&￿*•d loifi al the baLynce sheetdale shown within ¢r•dIto￿. 27 The Bristol Diocesan Board of Finance Limited Notes to the Accounts for the ear ended 31" December 2022 iiil Investrnent properbes Glebe land has b8en valu8d at market valug, using an appropriate value p8r acre, by Arthur Wilch?11 FRICS of Savils UK. based on ro¢eni profess￿n01 v#luatlOn5 and fflany years. experience of rural eslale management. other g￿be prgpert*s are v8lued yt rn8rket value provided by T J Magg$ MRICS of Magg$ snd Allen, based on m8ny ye8rs of exp&rien¢e of property valuatlons In the area. Iv) Parnonage hous85 Thg DBF has followed the requlremenl$ of FRS102, In it5 a¢countSng t￿Atment lof benefi¢¢ houses Iparsona98$1. FRS102 requires th8 AcLounling treatment to follow the $ub$tsn¢e of arrangeménts rather than their slrtt legal form. The DBF 1$ fonrally responslb1e forthe maintenance and repair of such properties and hos some1urisd￿1Qfi overtheir future use or potential sale il not requlred as a benefic6 hou5&. but in Ihtr m8anlimè legal lille and the right lo bènèfirAal occupalion Is ve51ed In the Infjurnbent. The Trust6es therefore ￿nSIder the m06t suh3ble accounllng poliGy Is lo ¢apltsli$e such proportios as oxpondable endowrnent a5set5 and to carry Ihern althe mId-p￿ntOflh98pplIcab￿ councll tsx band. adjustod tD 1" January 1993 by an appropriate index. or COBI where known. vl Refurblshm•nl cos15 and offlco 04ulprnent Refuibl$hm•nt eosls qro cgpitAlis•d and d8pr8Ciat8d 0¥8r1gn y8ars L181ng the slr8ighl-line rnethod. Office 8quiprn8nl and fumilure Is capftalised 8nd deprec58ted wer three years using the slr819hl-Ilne method. Grants made for c8pilal xpendbture on ehureh #nd other tsJildlng¥ not in th• D8F's are wrfttén off in tho y•Arth• gr￿1 IJ mad•. dl Othèrtsnglblo fftxed asgOtJ All caprtal exp8ndrtuw over £5.wg is ￿pItalISed and ¢¢pre¢l8led 0$ follows. De￿¢18110n Is pro¥K1ed In ￿left0 write off the cog1 Ile88 Any uttlmate dispo881 proceed8 81 prlces ruling at the tkne of th• 8S901'$ 8¢quIs￿onI ol oth¢r fixeil assals over Iholf ¢urronlty expo¢1gd useful Konomt Ini?8 01 Ihg lollvwlng In1￿81 rats$.' Fixturas and fitllng8 IT equipment 10%.33% p&r Annum 33% por annum $lr81ght-Ilne ba$1$ Slralohl.Ilr￿ baskl •) Oth•r I¢￿￿n11Th9 pplkl 11 Flx•d a•••t InvMtm•ntJ Flxed a*Mt inv•stm•nts Includ•d in tha b#larK• ihe•t Ai mirfKet vAluo and th• ooln or10oB taken to th• Slat•m•nt ef Flnancial Aelfvlibj. 111 L•a8 Tho DBF h88 enl8r8d oThly inlo op8ratlng lease 8rrangem8nl8 for the use of certain assets, the renlal for which 18 charged In full a& 8xp8ndllure In the year lo whlch * r8l8te8. Where rent free perfods are glven 88 part of an 0￿ratIng lease, the Impacl of th￿ r•nl fr•• p8rlod18 refiocted the StBi8m8nt of FlnBncial Act￿￿188 wr the ￿880 t•rm. 1111 FSn8ncl•l In•trwn•nt• The chartly onty has finAnclol 3B8ets snd flnandal Nabllttkg& of a klnd tho1 quallfy a& bgslc ftnAnclBI Inslrurnents. 8Bs1c financlal Instruments are Inlllally re¢o9nlsed ol trangOCtlon volue and subaequ8nt￿ measured al Ihtslr settlement value wlth Ihe exception of bank loans which are 8ubsequtnlty mea&ured 81 amort￿d c￿1 uuirY4 the •ftective Inlere•t method Fund balanc Fund balanc85 are split btheen unreBtrKt8d Ig8nei81 and d85ignaledl, restricted Bnd endowrrtsnt funds. 11 Unrgitrl¢¢ed Yun Ggneral funds aw unrestricted funds which Ire av8i18ble for use at the dis¢retion of the DI￿torS in fvrthernnce ol the genewal obJ'ecliv•s of the DBF and which hgve not bsen designat•d for other PU￿03•5. Dè81gnated funds comprilo unrè#trkt•d fund$ thAI havè b•on 18t a9￿• by th• Dlroctorn for particular purpos￿. Th• aim and u&e of eBch deB￿nated fund ￿ 88t out In the notes to the Inandal Btatements. Long-temi li8bllrtles in raspecl ofdefined benefit penslon schemedeficit8 are shown In 8 specrfic undesbJnated pension serve fund. Thls1$ 4 devlation from the recc*nmendalion$ of the Dbf*san Annual Report and Flnandal Statements GuhJe1S Edllionl, ill Restricted funds RestrKted fund5 are fvnd5 which h8Vo b00n raisod by Ihe DBF fcr particular pury)08e5. The aim us8 of èoeh reBITKled fund is set out In the notes te the fln8nclal st4tement$. lill Endowment funds Pemignent 8ndowrr*nt funds are 8 particular type of restrfcled fund whlch must b8 held peThanent1y and the capital olthe fund maintained. Exp8ndabl8 endowmentfunds arv slrnilarlo p8rnanentendowments 8XCgPtthatthere15 power of diiuètion lo convert ?ndow8d fiJTrJ8 into ineemè to be exFended. The Bristol Diocesan Board of Finance Limited Note5 ¢0 the Account$ for the ear ended 31" December 2022 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAip¥rY The preparation of the financial stslements r8quires manag8m8nt to mak8 judgements. eslimot05 Ond as$uTnptions that affect the amounts teport8d lorasset5 8nd liabilities as atthg balance sheetd8te and the Hfflounls repDrted for InGome Bnd e¥pendilu dunng the ye8r. However, the nature of eslm&tion m@ans that actual outcomes Could differlrom those estimate5. The following judgements (apart frcm those invelwing e%tim81esl hav8 hod the mDSt s19nif￿an¢ 2lfeGt on arnounts reco9n15ed in the financyal slalaments. B8n&f*e houses are vest8d In the Incutnbent of the benefice. How•ver, the DBF h85 iecegnised these properti88 88 funclonal a$sets of the DBF on the basls that the OBF Co￿V&S both oblwJations In t8mi8 of mainl8Thanc8 And Improvern8nt and owct r&l4ted benoffts of ownershlp. Dopr•cl*lon of frgghold prop•rd8¥ The DBF does not depreci8te freehohl prop8rtWa as Il judg?J any depreclatlon charoe to be immated41 on the basi$ of th long lil• of the ass818nd hvJh residual ¥81￿ on the ba$1$ of thè DBF policy of regular malntenanee. The DBF ¢arr*s out perSodlc irry8irmenl reviews lo ensur• that prop8rtleg not being carrled at ¥alu&s eX￿e￿ing their fair value. RoValW￿On of Invoslmont prop8rtle% Th8 8nlily c￿(des rts Inv851mÈnt property g11oir valuo. wllh ¢h•ng•¥ in fair value being racogn15ed In th• Slalement of Financlal A¢llvlli?$. The enllly en9S9od Ind8pendont valuauon speclallsls lo det•mln8 falr valu8 8t 3111 Oec8mb8r 201S and has considered mark81 mov8m8nts sinc8 thls dale. The valuer used a valuation technique b888d on 8 value par acre of Bgrlcullurgl lond ond the mgrket vglue fof ￿SkIent￿91 prep•rtl•s. Th8 dot8m1r￿d f81f valw oflhè Invéslmenl property 1$ most So￿1￿.¥? lo tha tim8lod valu& por4e#e of the PBrticul8r land asset In queation. P•n•len •nd oth•rpo•t-omploym•nt bo￿111¥ Tro cost of dtsfined bonefit pensien plaTh8 8nd other p8nsiorb relaled provijion Ore delemlned u$lng actuarlal vglualkJn&. Tre Aduarial valuBts'on Involvos msklng Bssumplion8 Bbout discount r&lo&. futurn Salary Incregses, mortorty rats8 and fvlure penslon Increa1￿ Due lo Iho comploxlly of th8 V8lualion, the und8rtylng a88umptlons gnd tha bng-toim nolur* ol th?8e plans, Bu¢h tkn•t•s #r• iubloct tc ilgnfficant unc•rtalnty. In determlnlng th• approprlÈt• discount rBte, rnan8gem8nl considers Ihe in18r￿t rgle$ olcorwmte bondi wrth ai bgst AA rgtlng, wtth exirBpolatB¢J m8tUrilies correspondlng lo the expected duiobon of the defSned bonefit obl¥481ion. The mortlltty r410 is based on publicly availat￿O mortality tab￿8. Future salary I￿reaSo5 and p8nsbn Incro••ee 8re b4$ed expected futur• lthfiatlon rat lor th el•rgy p•niion sehelrts assumpllon8 have been m8d• 8boul tho number of fvture clergy In p￿t. Db•¢ount rAts Futher delalls aro gfvon In not• 35. Small valu0• Values bvhich 8re £Nil are sh(Ywn as- ', those beknv £5Tr) ¥fg •hown as O, 2. MOVEMENT IN FUNDS FOR THE YEAR 2022 2021 The net Snc¢￿ f¢rt￿ yeor l• $t•ted aftw¢h4T9ing'. Aud￿or$, remuner8tlon Auditor8, reMunerat￿n Oepreci81ion Operalln9 ba$e charges- planl equipment Interest payabb on10gns wholly rop8y8bk'. wllhln ono ￿lf Interasl pBy8bb M loans wholly repayabk.. between one and five ye8r8 Interest poy4ble on loèns wholly rep8yabk'. after mor• than five y88rs 22 21 33 109 42 14 74 21 29 The Bri5¢01 Diocesan Board of Èinafice Llmlted Note5 to the Accounts for the ear ended 31" D￿eMber 2022 3. DONATIONS Por]8h ContdbuUon8 Th8 m810￿lY oftlonatlon$ are cdkrycted from pBfishe5 ofthe Dioce88 through the Parf8h Share syst8m. Unr•stri¢t•d Fund& Goneral D8slgnat8d £.000 £,000 R8Btrtctsd Endowment fotsl fiKDd8 Totsl Funds Fund• 2022 3021 £,000 £,000 Pbdgo$ recelved parf$hes Shortfall in CDiilrlbuUon$ 5,190 1581 0,190 1581 5,239 12411 5.132 6.132 4.998 Extra contn"butl)ns 83 5.186 4186 5,081 Ree•lpt8 for previouj y•8rn 78 33 262 5,.114 NatbOn￿ Chuwch In•tliutlon• INCl•l Unr••trl¢t•d Fund• Gènéral D•¥lynat•d £,000 £,000 R••trlel¢d Endo%bTr•nt Tot•1 funds fot81 fund Fund¥ Funds 2022 2021 oooo Lower Incom& ComMunlUo$ FundlTrJ Straleo¢ Developrnent Fundlng Str8leglc Cap•clty Fundlng Str8teglc Mln41ry Funding CEMES Church Commfjo•K)n•rn annuRi 450 400 ejo 434 850 181 139 139 652 1341 1,174 Oth•r don•tlow UnMtrIGt•d Fund• G•n•rnl Do•19net•d £,000 RMtrl¢t•d Endov*Th•nt rot41 fund• fot•l funds Funds 2022 2021 £,000 £000 Temple E￿I￿la•t￿￿I Chqrlty Al*hu￿h￿l Tru8t Brlgtol ArchtsAconry Charlty The Found8tion ol St Mallhkq• Marnhall's Chartty other don8tlon FDf Btra18gk Inttl8U¥es FDf p8rochlal mlnljlry Foredvcallon wo Fcrg8ner81 purpo8es Towar(Is rndundant church 178 129 176 129 187 118 28 28 50 12 20 40 18 109 70 71 109 70 71 109 12) 32 22 17 678 30 The Bristol Diocesan Board of Finance Limited Note5 to the Accounts for the ear ended 31" December 2022 4. CHARITABLE ACTIVITIES Unr95trlGtsd Funds G&ner81 Deslgnated £.000 £,000 Re5tr1G¢gd Endobwnvnt Total fvnds Total funds Funds Fund$ 2022 2021 £,000 £,000 .000 £.000 statulory fees SACRE and SNIAS Schools wo Ministry cour5e5 258 55 258 56 10 16 263 339 339 J. OTHER ACTIVITIES Unro•trlcts¥ Funds G•noral Do8lgnatsd £,000 £,000 R￿trICt•d Endc+wm•n¢ Fund8 Funds £,000 £,000 Totsl lund8 Totsl fund 2022 2021 Prop8rty rent81 StBff s•Cor￿ed lo cther Gharh Property 8eNiceJ to sehooli 411 20 411 20 335 431 436 378 I. INVE3TmEfr￿ INCOME Unmtrlctsd Fund G•n•r81 D¢8lgnatsd £,000 £,000 Pestrlci•d Endowment Funda Fund• £,000 rot81 funds Totsl fund8 2022 2021 ,000 £,000 Olvldends anLI Intsre8t receSvaNe 384 135 28 858 1,177 1.176 14 384 183 e58 1,208 1.190 7. GAINS ON SALE OF A$8ET8 Unr•8trl6t•d Funds Gon•r81 Dgslgn•t•d £,000 £,000 Ro8trf¢tsd Enilowmant Fund• Fund$ £,ooo £000 rotsl funds Tot•1 lunds 2022 2021 GAlns I ILo$¥o$1 on 8•1fr of assets 434 424 621 434 424 521 8. FUND FiAI8ING COSTS Unrestrlcted Funds Genoral De&lgnoted £,cM)o £,000 R88trfcted Endowment Tot•1 lunds Tot•1 fvnds FundJ FundJ 2022 2021 £,000 £,000 £,000 PBf80nag8 rent81 ¢0818 Glebe agent's lee Other 9￿be costs Other rental costs Comm8rcS81 property ¢￿ts 110 110 14 14 14 19 15 15 13 13 123 15 17 166 132 Thè BrFstol Dioeesan Board of Financ? Limited Note5 to the Account5 for the ear ended 31" December 2022 . CHARITA8LE ACTIVITIES UnrestrlGted Fund5 Genernl 08slgn8l¢d £.000 £,ooo Rt8tricted Endowrnent Totsl funds Total iunds Fund$ Funds 2022 2021 £,000 £,￿0 Contdbu￿ons to Archb￿hOp*. Counc51 TrainiThJ for Mlnlstry Nat￿￿￿1 Church Respons￿11￿88 Grants and provisions Support of mission ag•ncy pansions 225 139 19 225 139 225 158 19 10 83 CHARM 85 1821 as 1621 Pooling ol ordinandB malnt8nanc4 415 416 394 R•sourclng Mlnl$try •nd Ml•slon PBf18h Ministry Stlpends. Nl and penibnl Hou$lng ¢￿tI Cur8le sllpends. Nl and penlloni Mlssion AroA & Re$oureiw ¢hurcheJ Strat•glc Trgn¥fomAlion Other parochlal costs R•moval, r•s•iii•mènt And orants Chsp18incy Ecum8nicAI Support De8n8ry Support for parf8h mlnlstry 2,825 1,505 919 74 202S 1,969 919 3,296 1,402 850 797 138 203 233 454 530 59 265 183 288 147 197 113 ss 28 2,oe6 91 48 22 1,907 28 2,198 8.145 684 454 9,430 9,007 Exponolturo on Edu¢•￿1)0 Support fcrf church $thool 222 386 433 222 386 433 8,782 147 848 454 10,231 9,834 10. OTHER EXPENDITURE iJnr••trlthd Fund• Ggner•l D•81gnJt•d £,000 £,ooo R••trlthd Endowmient fotthl fund4 Total fuftd• Fund¥ Funds 2022 2021 £.000 £,000 Clo•ed churche8 othor ¢osts Pension schsme udjuslmunts.. Contributions pa￿ IBDBF Staff RBSI Interest cest IBDBF Staff R8$1 Contribution8 paid (Clargy 8ch8mg1 Reme8$urement Iclergy &chemel lnIe￿$t cost (Gleruy 5Ghernel 17 33 20 13 13 1851 28 11201 1891 1851 28 11201 189) 27 12241 12491 13 123 12571 32 The Bristol Diotesan Board of Finance Limit Notes to the Accounts for the year èndèd 31" Detèmbèr 2022 11. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS Actfvit185 Undertaken DIre￿Y £,000 Grant Funding of Actlvltlo5 £,000 Support Cosls £0 Tol&l Costs 2022 Fundraising costs Charitsble activitrd5 Afchbishops. Council Mln181ry &nd MIs8lon EdurAlon Other 155 155 414 276 79 414 9,496 321 12351 7,487 242 12351 1.733 7.849 769 1.733 10,161 12. ANALYSI8 OF SUPPORT CO8T8 UnroBtrl¢t•d Fvn Ganoral Daslgnotod £.000 R88trl¢t•d Endowm•nt To¢al lundi Tot•1 fuftd• Fund• Fund• 2022 2021 (000 £,000 £.ooo Cloce$8n lunctlon& Finan¢0 8nd Inlormotkin Servkeo Advi$ory $er¥ice$ Sifeouirdlng Communlcatlon8 HR funGtion Partsh and Exl•rn#l R•lations R•gislrar and Chanetlhy Archdeacon's Oftlco DAC 691 476 440 452 154 122 107 $8 29 57 30 470 184 142 142 42 79 42 Governants and #ynodical co*8 C•nlral audlt faes oth•¥ prof055ional sèrv￿￿1 22 17 16 11 1,822 1,733 1,491 13. ANALYSIS OF GRANTS WIDE 2021 rot41 2021 Tot•1 £oGo Indlvldu•l• £.ooo IMtitutlon• From unmtslcted furKI8 lor na￿onI1 church r88p)nBlbllltloB: TrBlning fer Mlnkntry (Vots 11 Apportlonnwnt (Votes 2.51 Poollng 225 251 1821 226 261 1621 225 270 From unr¢8trfGtod fundo lorvadou8 purpM06 wlthln parfsh mlnl•try PCCS lor lay appointments Clergy (new appoinlmontsl Clvrgy Ires0ttl•rnontl Curate8 lon ordination) Ordinand# Ifamlly malnt8nonc41 36 1S 15 31 10 28 23 75 From unre8trfctod fundi: Ecumenical bodias Universty Chaplalncy From restrlctèd funds for varlou8 purpoA88 wlthln p8rf8h mlnl8¢ry Clergy 8UPPOrt (Clergy Sc¢letyl 90 18 From restrlcted l￿dI for•du¢•¢lon•l purpw$ Educatlon81 Found8Oons gronts to schoo 79 156 234 535 769 33 The Bristol Diocesan Board of Finance Limit•d Notes to the Accounts for the ear ended 31" December 2022 14. STAFF COST8 2022 2021 Eryloyee during lh8 ye8r￿re o¥ follws.. Wages and salar National InBur8nc8 contrtbulions Penslon ce8t8 1.578 1.533 142 187 187 1.923 .1,862 20g2 2021 The gverag• numb•rof per8on8 emP￿)yo￿ by tha group durlng the ytsar. t)k)w8an Secrelary and Governance Offi P80pl8 & Saf8guardln9 m•r9ed Saleguardlng only Educ&t*) Flnon(* Proporty land gov&m4nc• In 20211 Mlnislry Development P8rl$h & Ext•mil R•l8llJn• Archdeacon's Office Parochial18y alaff Parochial clergy (not pald through Clergy Payroll) Chapl85n¢y M188lon Ar8•1 Strntegk pregramme kndudlng TC.T Comrnuni¢gtlong 2022 2021 Tho avor•oe number olp•rnoni employod by thu group durfryj the ywr bwg•d on frJWllm• •qu￿11•￿￿'. O￿t￿l￿n Secretgry's Office P•ople and Safeguardlng mèrged SafeguardlThJ only EdUC8￿On Flnance Govgrnance ond Prop•ty Mlnlstry DevelopThnt P8rl6h & Extemal Rolallon8 Archde8¢on'5 Office Paroshial Iwy staff Parochial ckryy (not pakl thrO￿h C*y Payrdll Chaplalncy Misslon Ar8aB Str8tegk programme kndudln9 TC.T Communlcatlons 121 The nyjmber ofslaff whose emolunKnts I1￿1udIng beneffts In klnd but exduding Pen8Ion contrfbutronsl amounted to more than £60,000 were'u ftsllows.. £60.(K11- £70,000 Pen$iDn payments of£6,295 worn m8de ts these ￿ployeeS12021.. £12,409). 34 The Bristol Diocesan Board of Finance Limited Notes to thé Accounts for the ear ended 31" December 2022 14. STAFF COSTS Icontlnuedl Remunaratlon of kny managomont per8onn Key mon89oment personnel are fjeemed to be those h8vlng authority and responsibllKy, delegated 10 them by the Truste88, lor planning. dir&(aing and controlling the activtties of Ihe Diocese. OuNng 2022, thty were.. Dio¢esan Se¢retarylCEO Deputy Di(￿San Secretary (Flnance & Owratlonsl Inlerirn FSngn¢e DSre¢tor Direelor of Ministry Development Hegd of Governance #nd Pro￿rtY Head of Porish and Exlernal Relatbns Dir8Ctor of Education Communlcallons Dlrector Director of Peopb and S8feguèrding Remuneration, pansiens and oxpensas for Iheae 8mploye88 amountsd to 2022.. £495.38612021,' £408,723) Dlrector8' emolumonts None ofthe Dlwctorn have recew•d any emoluments frcm the DBF In respect ol servkxs ￿rtomed gs a 0lrector12021'. None). The following table gives d8t8iLry of the Directors who were in r•c8pt of o Jtipgnd gnd l or housing provKled by the DBF during the y80r. Stlpond & Houjlng The Ven C P Bryan The Rl Rev Dr L S Rayfi•il Th• Ven N M WBrwick Tli8 R8v T A Wi9ley The R8v K E Smlth Ifmm 1tyh Nov 20221 The Rev D J Slephen$on (from I" J4n 20221 Y•B Y•8 Y•# Yg8 Yg8 Y•8 Ye8 Ye• Th8 DBF Is reBponslblB for fundlThJ VIB tho Church Cornml8f bn8fB th8 Btlpgnds ol lI￿n￿￿ 8tlpendl4ry cknrgy In thg Dbc88•, other than the b18hop8 8nd cathedr81 &laff. The DBF 18 8180 responslble for the prov1810n of hou$lno for $tlp8ndiary ¢brgy In the Dlocese, IncIL￿Ing the sufffag8n bishop, bul excludlng the dioce88n blshep and calhed1818t8ff. From tlm• to tlme Borne of the dlrectorB may b• rel8ted lo deryy or lay slgff worklnq In the Dbce$o ¥nd In rKelpt of B 811pand Rnd houslng or Salary. TroV8lllnu and other out ef pocket expen888 lolalllng £5,25712021 £4.3921 wgro paid lo 212021 - 41 cl the Dlr8dor$ 4uring thg y8ar, r8spgCt of Ggngrol Synod duli88, dulb8 88 A￿hde9¢0n orAre8 D•8n, anij olher d1¢)￿8n duts89. Profegsional Indemnlly In8ur8nce has boon taken out lo protact the Trustees. Thyi b incltyded In •n Injur•n￿ poll¢y coverlng the Dlo¢gg•n Office and $¢off, Dlow4n Synod •nd thg D8F'$ bo•rd¥ •nd ￿MmI￿•S, •1 an ov•rollco$t of£15,24312021-£15,0791. Clorgy cost• Tha D8F pald An 4v8rage of 107 FTE I￿0d￿Unt 1111 (R021.. 119 FfE ', H•4dcounl 12318t*en¢llary clergy •$ offlc¢-hothrs holdlng pArochla1 ordiocè5an appolnlmgnts In th? diocglle, ond th? co•1$ We￿ 0$ followB'. 2022 2021 Stipènds Nallonol Insurance ¢onlrlbuUons Appwntlceship Levy Pons￿n costs- current year Pen$k)n cost8- reduction 2,993 261 14 741 31 3.265 270 15 878 3n 4,319 4,801 slpends of the DIoc88an Blshop and SufTTagan BlshopB ara funrf8d by the Church Cornmlsslon8TS 8nd ar8 In the rang £38,050- £46,64012020 r8ng8 £38,670- £46,560). The annual r8ts of sllpend. funded by th8 0gF. payable to Archdeacpns 2022 w88 In the r8ng8 £36,830- £38,23912021 range £36,830- £38.2391 and othef DBF fundad Cbrgy who were Tru81ees w8r• P81d Stipends In Ihg range 01£27,079- £28.42012021 rnnge £27.O79-￿8,4201. The estimated value to the ￿¢upant. of church provKJed housing in 2022 was £11,07912019- £11,079). 35 Tht Bristol Dioctsan Board of Finance Limited Notes to the Accounts for the ar ended 31 St Dtc¢mber 2022 16. AIIALYSIS OF TRANSFERS BET￿￿EN FUN[)8 Unr•strl¢tod Funds Ggn•ral 1)081gnat•il £.ooo £,wo Restrlcted Fund5 £.000 Ew¥Jownent Fund5 £,000 Transferoffunds from DID￿30n Slipend8 Fund Capital for major buildlng works 100 28 1128 Book cost of￿0 propety diBPO8818 transferred from Par80Th8ge B￿lI￿￿n0 Fund to Pastoral Reserve 104 1104 132 2321 18. TANGIBLE FIXED ASSET8- LAND AND BUILOIN¢38 2022 £000 2021 EndovM￿nt1un￿• B¢nefic• housa& AB gt 1. January Addltlon8 L￿$ dlspos411 As 8t 3111 Oac¢mbgr 18.293 18,.293 18,293 18,293 G￿b• proportkns As Bt 1￿ J8nu8ry A&Jltlons Le￿ disposa Ai at 31* Decernbor 3,207 4207 3,207 Total prop•rtkn& hekj lor permqnent fund$ 21,500 21,Sg0 R••trkt•d fund• Other propertle• A8 •t 1• J4nuary and 31M D8￿Mb￿r 128 128 Trtsl pTcY￿08 h•bJ fr*r ￿t￿Ctsd fund• 128 128 Unr••trfct•d lund• oth•r pr￿rt￿l A8 at I￿ January Addttbns Transferfrcm endowment Less dl$poJo AI At 31W DOe•m￿r 7.886 T.866 11051 7,761 7.866 Resou￿1￿9 GhurGhos A• at 1M Januaty Addlts'onB Lè#s di#pO8818 As at 3111 DV￿rnb￿T 4,342 238 4,271 71 4,580 4,342 Tot*1 propertb8 hdd for unrnstrlcted bjnds 12,341 12.208 Total l¥n(l and bulldlngs 33,989 33,836 36 The Bristol Diocesan Board of Flnance Limited Notes to the Accounts for the ear ended 31" Decemb¢r 2022 All ofth8 prop8rt188 Inthe ba18nce sheet ar8 fr8eholl. Som8 propertK88 have been purchased wrth th8 help of a v8lu8 linked losn Irom the Chur¢h ComMiss￿ners,. wh8n di8PO88d of, the appropriate sh8re of the net 881e proceeds will be remitted to the Commissloners. and the related loan liability Iheroby extinguished. The vslue of such propertie5 included above amount5 10 £460.575 12021 £460,575). Of the total land and buildings 81 31sI D8cemb8r 2022, £17,377,275 B valued at cost 12021 £17.377,2751 and tho romaindar al valuation. PrOpart1￿.8re Subject to a fN8-y8ar cycle of surv8y and consequenl repaifs are charg8d to the Incom8 and 6xpenditure account. The Directois conShler Ihat depr8Ck8twJn ef the buiklings element of thes piopertie$ k% therefor8 not appropriate. 17. TANGIBLE FIXED ASSETS- REFURBISHMÉNT COSTS 2022 2021 Cost ss at 1N J8nuary 142 142 Cost Bs at 31° D8c*mber 142 142 Provision for d8pr8clatlon 98 at I￿ Jonuary Oepw)t￿n chgrg?s in year 128 14 128 14 PfovLBion for dapreclatlon 88 at 31W D0￿M￿r 142 142 N8t book VBlut BJ 8131* O•c4mb•r R•furt)I8nment costs reprneentlhg Ingoing work• 01 the Diow¥n Office In Stoke Grfford in 2012. 18. TANGIBLE FIXED A8SETS- OFFICE EQUIPMETr 20 2021 .Co8t as gt l J4nuqry Addilioni In th& y•ar Lg88 dl8posalB Cost aB qt 3111 Dec•mber 242 209 Provlsk)n lor depreclgllon ￿ gt 1* J•nu•ry Depreclglion ¢harge$ In ygor 178 28 157 19 PrOv￿￿n for doprnclatkon aB Bt 3111 Oecemb•r 204 776 NBt book v8lue Bs at 31. D•e•mb 38 37 Thé Bristol Diocesan Board of Finance Limlt•d Notes to the Accounts for th¢ ear •ndèd 31" December 2022 19. FIXED Ass￿ INVESTMENTS 2022 2021 Valuatlon Llsted Inv¢simanls At 1* January Additions in Iha year Disp058L5 in th8 year Unr8a1158d Inve&tm8nl110880$1 Igaln8 40,452 172 35,493 1551 4,924 14,Wl At 314 0￿￿nber 35,528 40,452 In¥••tm•nt ProportSB8 AI 1￿ January. Addlllons In th• year 0i8POs815 in the y88r Unreall$¢d Inv•8tm9Dt galn8 1 (loss￿) 3,671 3,401 270 At 31. Drfemb•r 3.671 Total Flx•d A•••t Inw•tffl•nt• 40.191 44.123 U•t•d Inv•Btm•nt¥ c<1mpr￿•. 2022 2021 Endovnn•ntfundB CBF.Inve8tm8nl Fund sh8r•J CBF Propèrty Fund 8h8r8s CBF Inl8r•31 Fund 16,744 1,048 1,922 18,919 1,219 2,177 19,714 22.316 RMtrf¢t•d lund• CBF Inve$tmtsnt Fund Jham CBF Global Equty Fund 8har•• CBF Flx•d Int•r•st Fund CBF Property Fund ManBg8d portfollo Rértt charge 3,018 2,881 825 3,41S 3,097 717 2,580 2,82S 8,8e4 10,064 Unr••trl¢tsd fund• CBF Inv•8tm•nt Fund sharn$ CBF Global Equity Fund 8hBr•J CBF Prcp•rty Fund shAr•• 2.353 4.595 2,e87 S,418 6,948 Total In￿tn￿nI• 40,452 Tho hlstorfc colt of th• Invo￿￿nIS ol 31. Dwb8r 2022 waB £13.988.OfKI12021- £13,952,000). Inv•stM￿l Prop•rtlu ¢omprkn•'. 2022 2Q31 ¢.ooo Gletr Agrlculural Land Non-4grKuttural Land Property 2,243 37 410 1,975 1,868 3T 475 1,291 Other ,685 £3.671 Tha hl&torl¢o1 cost oftM m•lortyol Imgtment proport*1 kn not knovm. but rgcord$ org h¢FJ of total adlJ￿on$ of £7,000. of vJhl¢h enll We￿ added in 2022 I£NI- 20211. 38 The Bristol Diotesan Board of Finance Limited Note5 to the Accounts for the ear ended 31" Detembtr 2022 20. DEBTORS- LOANS 2022 l)uo In one yeer 2022 2021 Duo In oneyeer 2021 Duo 4ft one yeBr Due4fter tsne ye4r Parish buiWing$ loans PCC Sl John w Sl Andrew Park PCC St MKhael, Stoke G￿[ord PCC Red18nd PCC C8St18 Comb& PCC Downend PCC St Paul Chipp8nh8ni othor108n8 Ilncl, to work ￿heM8￿) 14 241 100 14 282 100 12 70 55 95 511 483 Totsl loanB mgdt tyy Ihg DBF $12 484 21. DEeTOR8-OTHER 2022 2021 All du& wllhli? w￿YO6r Trode debtors Prépaym8nl$ Debtor8 for PBilsh ¥hore Oth8rd8btor8 85 56 114 44 570 37 812 Tot81 t1ebtor• 816 784 22. CASH AT BANK AND ON DEPOSIT 2022 2021 Cash on hand and at bank Central Board of FinarK8 Depos￿ Fund8 Funds hahl by Investment manag•rs Dlo¢eBgn Pastoral A￿￿Trt held by th8 Church.Commlssioners Dlocesan Supends Fund capftal account 01 CBF Educ8tbnal Foundfilions d8POS 8ri81ol Di(wan Glergy Chorrtles %Jepoolt Fresh Expresslony d8poyII 8nd c88h 416 419 53 517 1,532 136 2,781 161 20 1,270 20 Tclal cash Ot bank and on dapoB 3,B55 3,616 23. CREOITORS: AMOUNTS FALLING OUE IllbTHIN ONE YEAR 2022 2021 Trad8 crediters T8X8tlon 8nd 80c18108curty Cl8rgy Stlpendj A¢¢ount eank loans Oih&r C1￿110r$ Loan r£p8ymBnt5 after one yoor Dle¢osAn Lo8n Schomè loans Pensicn ycherrE liabilities Clergy pension scherne Historic lay defined benefit scheme 348 25 197 27 392 392 834 209 62 18 Totsi creditcrd falling due within cn8 yèar 1,545 1.621 39 Thè Bristol Diocèsan Board of Finance Limited Notes to the Accounts for the ear ended 31 D¢cember 2022 24. CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR 2022 £,Lwo 2021 othèreredilors Education Foundatyon Loan repoymenl$ duo after one year Dloce58n Lo8n Scherne loans Value liThked IDan¥. Bank loans Other loans P8n8ion 8ch8rne Ilablllli85 Clergy pen8ion $chgme Hl8toric18y dèfined benellt schfrrne 45 2,616 45 336 348 1,197 373 348 1,808 172 Total credltors folllng duo after on• yoar 4,S42 3,665 Th¢ Church Commlssknn•r8' V8lu8 Ilnk8d loa1￿ tor c4plt81 expandiluro on clergy housing in parcchlBI or diocasan ownership are of 8n equlty nolure. The appropd&le equity $ham i5 repayable on the 8ale of tha proporty concemed or than it ce8888 to b8 occupl8d by a m8mber olth8 cleruy gr IIGensed lay worker, and inler88t 18 ch8rg8d by the Comml88loner8 at 4% per gnnum on th8 amount loan8d Inllialty, the rats rlslNd annually by the incre88e In th8 Retall Pric85 Index. Al Y81u8 linked 108ns are currently due for repgyment after 5 years. 26.ANALYSIS OF CHANGES IN NET DE8T Al 11t￿n￿￿ry C•8h fiows 2022 Olh•rnon. AtJl¥tDoc•mb•r 2022 ch￿9•5 Cuh and cuh oqufvjlents CB8h on depo8 C8sh al bank 8nd in h8nd 3,099 517 340 3A30 418 3,618 239 3,856 BovroWni• Dobt dua wthln one ye8r Dobt due after one yo¥r 13911 12,3291 13921 448 12.7211 12,2731 Tolal 89S 687 1,582 21.FINANCIAL INSTRUMENT8 2022 £,ooo 2021 FlnAnclal as￿1* musurnd at amorls•d co•t ¢omprl•• of.. Tr8de debtor6 Prep8ym8nts Olhor deblo Loans e5 102 013 512 570 1,291 1.224 Flnanelal Ilabllltl•• mo8￿18d atamortlwd ¢omprt•• ol.. Trade er•diiors Taxation and seci8188CUlity Clergy StipEnd3 Account other ¢reditors Loans PenI￿n scheme liabl1￿88 197 27 25 3,425 2,273 16 1,798 2,721 6.087 5,186 The Bristol Diocesan Board of Finance Limited Note5 to thè Accounts for the ear ended 31" December 2022 27. SUMMARY OF FUND MOVEMEp¥rs Balance at 1" January £,000 BalanG• at 31" D9cwnber £,000 Incoma Expondllure Tra￿fer8 Gains and Losses £,000 É.000 £.000 £,000 ENDOWMENT FUNDS Diocesan Slipend5 Fund Capllal PAr$onag8 8ullding Fund Ckrgy PenslOn5 TIu5t Diocesan Mission Trust Dioc8s8n Education Committee Trost DIoces8n orfices endowment Parson8ge$ Fund 17 08krie￿ Road, Glifton TrJst S¢hooL8 Maintenance Fund cgprtal Yaunghusband1898¢y Gummer legacy Slr Fran¢is Cowlln Trust Brtslol Diocese GleTgy Hollday Tritst .17,534 21,350 27 314 22 357 319 1,290 469 275 14541 11281 11041 11.1341 16891 15,818 20,647 24 277 19 315 281 1,976 1371 1421 1381 685 1551 1321 142 1,870 2,120 449 12501 1531 44,687 14541 .12321 11.6701 42,321 RESTRICTED FUNDS D￿CeS8￿ Stipend5 Fund Ineome Merldl8n Hall Reser¥e Urb8n Fund ReB8rv• Educatson81 Found81ion# CApllal EducBlionBI Found811ons Incorr S¢hool$ Maintenance Income Funds C￿rgY Society C8PIt81 Funds Clgrgy Society Accumulatod Incom• Clfrrgy Socloty Hollosoy Trust Incryng Uoonoo Uogndo IDe•neryl Sl Mich8el on the Mount Wlhoul Ternpkn Tnjst lor Thoalr• Dlrec¢or Fresh ExpreJ$lon$ P8r80naye Major Work• Rele&se Fund Brdhop Monk's Hortleld Tru•t Fund Daventy RoBd Fund CreBllve Art Global partmrth￿ l Upinda Trip• TrBnsforrnlrrfJ Church Straltylc Oevelopment FundSng ISDFI 128 128 1,879 3,393 778 967 254 100 11851 15291 1671 11281 1,894 2,858 744 839 177 loo 138 33 11441 30 14 1891 33 20 20 13211 13091 2,811 189 122 2.933 189 131 1521 15731 1621 10,613 1,331 18761 11,2441 OESIQNATED FUNDS Dome Violet VV+lb Legocy P8&1oral Rosonfè Di¢>c•s4n Olfice Rental Fund-Coptt81 Diocesan Offic* Rental FunLI- Inco Mi55ion Fund Growth Fund Olher SpFciffc R8soM8 Tudor Cottagè DBE Hoothiilh Educatlonal Found8Wcn Other 1,098 5,839 5,416 77 170 24 989 5,948 4,056 83 1241 104 1331 17601 100 170 1161 1281 28 12,808 183 11631 132 19231 11,817 UNDESIGNATED FUNDS H Gummer Gifts H H ¥Mlls Bequest St Nl¢holas Hall Tnjst Genèral Re88N8 penS￿n R888r¥8 118 548 585 8',974 14431 104 483 517 1651 1681 8.100 18,9221 100 161 9,782 8.100 18,6561 100 9,332 77,690 {10,1491 13,8311 73,294 41 The Bristol Diocesan Board of Finan¢e Limited Note5 to the Accounts for the ear ended 31" December 2022 28. suM￿Ry OF ASSETS BY FUND Flxed a880ts Inv•fjlm•nw Curr•nt Cr•dltor8 £.000 £,ooo ,000 Net a88ets £,000 ENDOWMENT FUNDS Dlocesan Stipends Fund Capiial Pornonogè Building Fund Clergy Pensions Trust Diocesan Mission Tw$t Diocesan Edu¢ation C(mmttt80 Trnst Di0￿$9n Offices endowmenl PaTson&ge$ Fund t7 Oakfiek1 Road, CINton Trust Schoob MaSntenanGe Fund capft81 Younghu$band legacy Gummer leggcy Sir Frands Cowlln Trust Brlstol DknceBe Cl•rgy Holid8y Tru8t 12,029 2.154 24 277 19 315 282 1.975 414 15,816 20,647 24 277 316 282 1.970 414 142 1.870 142 1.870 396 .180 20,141 42.321 RESTRICTED FUNDS Dioce88n Stipends Fund Inc￿* Mer#Jian Hall ReseNa Urbon Fund R¢8eNe Educalonal FoundalSons Copltgl Educalonal Founda¥on$ Income Schoots M8lntenance In¢ome Fund8 Clergy Socioty Capital Fundi Clergy Soclety Accumulalod Incom• Cknrgy Soclety Hollday TNBI InGCffl• Ugandi Uganda ID6An•ryl st M*haéi on the Mount Mfilhoul T•mpl• Truil forTheBtre Director Fresh ExpfèsslDns Psrson8ge M8lorWorks R8188se Fund Bl8hop Monk's Hortleld Trust Fund Daventry Road Fund Creallv8 ArtB Glob81 P8rtnershlp l Ugan*Ja Trfp8 Transfonnlng Church s￿te91¢ Dev•bpmenl Fundlng18DFI 128 128 1.356 3.417 233 2,322 238 106 12.8811 1,195 2,858 744 839 177 104 10 859 123 60 105 1511 10 20 13221 13221 2,058 389 2.933 189 189 40 ($21 Iszi 412 412 128 8,8S4 3,650 12.8081 9,824 DESIGNATED FUNDS Domg Viobt Lo9•Cy PA$toro1 Re8erye DlocesoD Office Rental Fund- CApiial DI0￿38Th Offlc• Rental Fund- Ineomo Mission Fund Gro%vth Fund oth8rSpeclfic Ro8oNes Tudor Cottag8 DBE Hookmi118 Educatbnal Foundat￿1￿ 969 4,588 1,242 4.656 123 4,8S6 76 170 24 {131 170 4,587 6,866 377 11,817 UNDESIGNATED FUNDS H GUrn￿r Gifts H H Wills Bequest St Nlcholas Hau Tnjst G9r￿ra1 R8s9rvo P8n8lon R￿￿1¥6 104 104 483 1517 516 3.227 7,112 1.1S6 13,2501 1161 7,112 4,330 1,156 13.2861 9,332 ,007 40,191 5,183 16,087 73,294 42 Tbe Bristol Diocesan Board of Fin#nct Limited Notes to the Accounts for the ear ended 31" December 2022 20. DESCRIPTION OF FUNDS ENDOWMENT FUNDS Dloce8an s￿p8nds Fund CBpltal Thls fijnd repr888nts th8 value of glebe property and investm?n15 at the balanGe Sheet date. The atsounl 1$ govem¢d by the Di(*esan Stlpends Fund8 Measure 1953 85 8rn8nd8d by th8 Endowments and G￿be M&asut& 1976, the National Insirtutlon8 M83$ura 1998, and the MIS￿lIaneOuS Provisions Measure 1992. It represan15 the 8¢¢umulated sale proceeds of olebe prop8rty, sale proceeds of parsonage houses and surplus benefice endowrnents lollowing pastoral [corgon￿OI￿on The main function of th6 fund isto produce incom&for61ipend8, bul il may al80 be u&8d lorolh•r purpos08 including.. acquiring g￿ba property, d8valoping and protectin9 gl6be amenit￿S, discharging loans aryj levies on 9lebe, improving parsonage houses and discharging any loans made by the Church Commission8rs under the Endowtnenls and Glebe Measure 1976. The fiJnd8 rnay be Inve8l¢d in any invo8lm&nls fund or deposit fund con8titu18d und8f thè Church FuDd3 Inve51ment Me88ure 1958 or In any invg8tments in which the Iru8189$ may invest under the general power of inve5tm?nl in 5e¢iion 3 of the Trustee AGt 2000. Parsona￿ Bulldlng Fund Parsonaoe buihling fund5 represent fftsour￿a regtrktsd to pro¥l&lon of benefi￿ hou￿1 In the Dioce8¢. They 8r• represented by tho benefice house5 or by $8le proceeds of formor hnefi'ee housos held on $u$pens& by the Church Commi88loners. Although beMfKe houses ale vested in irKurnbents for th& time beino olthe benefic•¥ contsrn8d, th? DBF i8 obllg8d to m81Thtain them, lo ensure that there ore sufficlenl hou8eB for the pa51ordl strudure of the Dk)ce80. 8nd ro¢oNe8 th8 sal8 proceeds of be￿fice hous8s sU￿lUS 1¢ reguir•mènts Into tt8 pa$lorg1 r6s8rve. oth•r p•mi•n•nl ondowTront• Fund Clergy Pensbn$ Tru&t Olocesan Mission Trust Diocesan EduGglion Cornmltse Tru8t Oiocesan Offic09 endowment Parsonfiggs Fund 17 OAkf*k1 Ro8d, Cllfton Truit Income purposo To defr8y the cosl of c18rgy peTrslon8 Toword$ 8WIg1 regpon$ibilily wort in th• Dioces9 Tow8rd$ the work olth6 Board of Education Toward$ th6 malnlenance of alr￿89&n Officè Toward$ the molnlenan¢o of p4rBonag8 hou$es In tha Dloc•se Toword8 the augmentallors of 811pends and generAI occleBlaBt￿l purpo$e$ In the parish of Chnst Church, Clifton M8lntenonce ol¢E voluntary 8id8d schools in the DirrAryS Towardg th• 8ugm•nl8llon of sllpends Towar¢fy the ougmentalion of $llpends For the general purpase$ olthe 8ri$tol DkJc858n BoArd ol Finon¢• To 988ht wlth th• holldoy OK￿n$9$ of clgrgy Schools Mgintsnanea Fund eAptt81 Younghu8bond leg8¢y Gumft￿r legacy Slr Fran¢l8 Cewlm Trust Bristol Dioc•8a Ck•rgy Holhlay Tru•t RESTRICTED FUNDS Dlo¢MAn Stlwnd8 Fund In¢om• Subject to any charges impo88d by sch•mv or Drdfrr th• fund 8h411 bè 8pplled to.. prov￿8 or OUL¥nènt sllpenda of Incumbents, as8￿tant curates ind olhtsrs engaged in the cure of •oul8 in the Dioc￿8,. rneel expen8es In¢uired in making Improvements to parsonago hou￿?.. pay ¢la$g 1 Natlon81 In8ur8nce contdbutlons in 188P8Ct ol mlnlstern not 8mploy•d ndgr 8 wntr8cI of 8eNk•,' dtslray ieque6tratorn' expnjtt. Alorldlan Hall Ro•eryo Th￿ r88erv8 r8pres8nt5 the properU81 known eol*dlvely ai M•rid5on Hall whlch are held on truit for use as 4 for ovgr8989 8tud8rrtB. (¢1 Urb•n Fund Re•eThe Thts rè6erve was ortgSn81ty cr8Bted by the recelpt of donatlc•n5 for fvnding projects In urban areas of the DSo¢ese, such as Ihe projects orbglnolly supported by the Bishop of 8rf3101'8 Urb8n Fund and was augmented in 1995 by a donAtlon of the residual fun¢9 ofthe 818hop of 8ri$tol'8 Utyn Fund. Th8 r•serw 18 hold 88 cash on depoDiL Educatlonal FoundaUon• ¢apl¢o1 Funds Thts#e funds re$uMfrom thesakq olredund8ntChurch OlEng￿n￿ vrAuntary 8hled school prcyety a#dlrèct•d by a Schomo under section 86111 of the Et1ucatlon Acl 1944. and subsequent order8 mado underjéctlon 2 of the EduCat￿n A¢¢ 1973. They rnay be u¥ed for the provision. improvement or en18ryeThnl of Church of Eng18nd voluntary 8￿ed 5chooLs in th Diocese of Bristol, and it).the pay￿nt of any expen$e$ Incurred In admlnlstratlon of the v8riou5 foundations. In 2013, constltirtlon of the$0 fun(J$ was omonded to ￿den fts scope to Snclude a¢ademle$ and other Church of England 8¢hooli in the Dkn¢Me. Educauonal Foundations Incom• Funth Th88è funds rèsuKfrom accumul8tion$ of inc(MN arising from E¢Ju¢atlonal Fout￿oI10nS captt81 funds. They may be used for Ihe same purposes as th& ¢9Prtal lund$ above. If) Schoo15 Malnt•nanG• Incom• Funds These fund5 resuttfrom a￿UMUlatIonS ol Incomg ori$ing from the peThan8niendowm8nt de51gnoted for maint•n8tKe ot Church of England ¥oluntsry aided schools In the DIr￿ese. 43 The Bristol Diocesan Board of Finance Limited Notes to the Accounts for the ear ended 31" Decèmber 2022 (gl Clergy Socl8ty Capltsl Funds These fund8 form th8 ¢apltal of the Bristol IDioce$anl Clergy Society the Bristol Dio¢gsan Su$t&ntaUon Trust, both olwhich funds are part of tha Bri5101 Dlocesan Clergy Cha￿1165. They may be used for relieving dioc8S8n ckrgy and their dopendants who ar? in condrtions of need, hardship or dL%iress.' and in odvancing the educabon of chihlren of ￿lL￿£S8￿ C￿rgY. The funds were substantially augmented In 20Dg, by the Sa￿ of a house, purchased Sn 1976 to provld8 awDmmdatioTh fcrf a retired dergyman, and no longer n8ed8d. Ihl Cl•rgy So¢l•ty Accumulated Income Fund8 The$e fund5 resultfrom accumulation8 ef incom8 8ri81ng fromthe Ckryy S¢tkly capitsl funds. They may be u50d for same purposes as th• capital fund8 above. Clorgy Soclety Hollthy Accumulatsd Incom• Fund• Thls ttusl originat•s in a grft of the late Horac8 Gummer In 1923. ond its oble¢i 1$ 10 ossist with the holh48y expenses of ck*rpy, vrith preference boing givan todigce8an clergy." and, if the incorne Gannot be applNryd as 8bo¥8, lo rel￿￿• dioceB8n clergy and th8irdepond8nts vjho arp In ¢ondlllon$ of need. hardshlp ordliir•$s. Uganda Fund& These funds 8re from a ￿gACY, recel¥ed in 2015, to be usod to prtsvido scholarship funds for theologic81 or ordlnatlon training in UgandA for thoso who &re engaged in or preparln9 for 5•Nlco in Ihe ministry ordalned or lay off thè Chtsrch of Uganda wlth sp8dal Cons￿leratIon belng 9iven to C8ndidat85 frorn tho Dioce88s of 8L*81. hAbak or North Mbo16. Ugonda IDo•n?ryl Fund• Th•sa fund$ aro held on b&h4lf ora number of d•aner￿5 sn th• Dlrxese lo support thelr Ilnk• the Angllcon ehur¢h In Uganda. St ￿1¢h￿l on th• Mount Y￿thOUt Thoso fund$ r•mBin Irom those dkntr1bu￿d to th8 08F In 2007, when tho D[eC•￿ tuok rnsponBiblllly forth8 church. SMR Cl•rgy .TheJe funds help to defr8y CO￿ ol the a8$o¢late clergy at St Miry Rodeiwfè. In Fre•h ExprnB•bon• Th• Crossnet Neknvork Church wa8 è8tfibl￿hed In 2004. It moots In i nofi-chu¥Gh settlnq 8nd dr8W8 rts Mom￿rI from 4 wlda 8r88. The finan¢¢$ of th1$ enlllL*$ are sepiralely mahtained,. however, 81 present thgy hov¢ no fomol s¢8lu$ •r¢ thgr•lor• aoqregated Into these Keounts. lol Now Hou$lng Ar••• Fund In 2010, th• DioC8￿W9$ 4wgrd8d a9rantof£5oo.￿0fvcffj thochurch CommlMksngr¥toprovK* mlnlgtry In houslng •reo$ throughout th• Dior*g6. During th• e8rly part of Ihg year, Ihgge fvnd8 havo been used to pay for 8 hom& I school Ilnk wor*•r In Patchway, North Bristol. Ipl R•l•a•• Fund Re￿0$1 1$ a l•adèrship dovelopmenl progiammg Ih•t wallses the pot•nlial of 18gder•- thtslr •Mrgy. T prograrnrne hBs been made po98￿9 by the of fuTrdlng from on 4nonymoui doner. Iql Crnatlvo Art8 Fund This fvnd was ?$tablknh¢d by a pnorous donation in 2018, wlth tho glm ol cr80llng • fund to lupport and Inv•$l In n9ageff￿nt wlth th• creat￿• art8 by AnglKon church￿ In th• Dioc•8• of 8r*lol. Ir) Global Partnornhlp l Uganda Trlps Fund This lund rnpresunts amounts coIK8Cted and dlsbursgd In r¢loUon to tr* by p&ri$h•8 in th6 0￿¢0￿ to link•d chU￿hts In Ugand8, and other relot8d actnil￿o$. Strat•glc Dovolopm?nt Fundlnq Thi8 lund represent gronl¥ •warded by the Ar¢hbishops' Council, and sssoclated 8Kpendrture, In rglallon the Dloco$e'$ slralegl¢ Initiavves of establishing three ML88lon Areas In Avonsid8. Y818 & From88hl& and North WIttshi￿ and two Rosourdng church89 al St Nicholas, Brmtol and the Pattern Church In Swlndon. Thi6 lund Include$ stratffjic ¢ap8oty fundlng awarded to the 08F to Support these 8trat8gi¢ initiat￿￿. Bl•hop Monk's Horfleld Tru•t Fund This fvnd was è8t8bl￿h0d In 2020, followlng th8 wlndlnfrup of the Btshop Monk'$ Horfield Trust. {ul Daventry Road Fund Th15 fund wa8 establlshed In 2020, folltMSng thè deterMInA￿on of tht protsod$ of 8 property held In trust. The Bristol Diocesan Board of Flnance Llmlted Notès to the Accounts for the ear ond¢d 31" Dècember 2022 UNRESTRICTED FUNDS Dam• Vlolot Wlll$ L•g•¢y Fund Thi5 fund result5 from g general legbcy lo the 08F by the late Damè Violet ￿115. Tho DBF ha$ deslunaied the fund¥ lulure use forchiklren's and yculh work, and the income arising from the capit81 sum used forthrj purpose. The funds are invested princip81ty in the CBF Inve5trnenl Fund. Pastoral ResoTh• The pastoral res8rv• results from past accurnulations of ganeral fund income, translers and sal88 of property lor tho OBPY y¥ii¥i¥l us¥ WtIiLlI Ili¥ DBF li¥¥ d￿NI1￿1￿j y¥ii¥idl buildiiiy fuiid. It iiiLuiyui¥l¥s Ili¥ DiU￿Y¥ll P¥¥Lui¥l Awounl whKh Is governed by the Mission and P88tor81 Me88ure 2011. 1¢) Oloc8san Oftlco Rental Fund- Capltal Th16 fundlg used to produce income to pay the rental of Ihe Diocesan Office In Stoke Ghyord. Oloc•8an Ofll¢• Rental Fund- In¢om• Thls 1$ accumulated Incom& from the CApllal Investmonl Th6 renl-free pedod at the 8tart ol the kn468 h•$ been spread lor 8e¢ounting pu￿09e8 over the flrst 10 y•arn ol th• ￿95•, lel Ml•¥lon Fund Th55 res8fV• r8presentB allocalknns roc•i¥ed from th• Church Cornm1BSlor￿r8 8lncg 2CrfJ2 undgr the Parf8h Mlnistry and Mi88lon #cheme. Thk¥ mott•y 1$ 8lb¢aiod by th8 DBF lo mla#lon IniU#tlve8. GrovAh Fund Th1¥ rg$orve w8N oljo 59t 8sld6 from lh8 Gangrol Fund Jurplu6 for 2005 and 1$ bglng usod ¢0 ghe gronts lo pgilshej. who w18h to und8rt8k8 n6vJ mL881on Inhiatlv88, but do not have Suff￿￿nt funds ta do 80. GrBn18 Bf8 b8lno glvan over IiTnilBd p?riod IDwaids t￿emPk)Ymfjlll costs of new positiDn5, which can tv wntribule lo nEw tni53ion inilialivv8 ¥vSthln Ihe parf&h, ID OtP•r SpKlfl¢ Rowr A 8m•ll number ol fe8erve$ hove been e8tobN•hed lor specthc pu￿09￿. th•se Include two 8m•ll fund$ In r•$pect of Tut1or Cottago and the 08E Kookmill$ Edu¢81ional Foundatlons. Im) G•n•f•l RM•ry• The genergl re$eNe repres￿1￿ accumulqtloni pail 9en•ml fiJTrJ •urplu8￿. The re•eryeJ pol*y for thli fund doscribed in the Dlre(aors' Report. P•n•lon R•••N• The ￿ni￿On 1$ the 9mounl needed lo mohe good the d8fk*s that have Èrisen between the P￿8?￿1 VAlue ol lh• fund• and thg e$limot8¢ liabllty In re$p¢¢t of￿0 ¢efinod bgn¢fft scheme&. The two $¢hem¢$ kn que$tion 4re th Church of England Fundéd PenBion Schthme for slip8ndiiry cl•rgy and thè Bri&tol DIoc8s#n 8oArd ol Fln&nca Llmilad Staff Rellremeni Benefit SGheme. for lay $tafl, whlchlg closed to new membar$. Full d8lall$ are 9lven at note 35 ond recovery plons are In place to ellrnlnAlo the re$pectlve dd¢lts. 30. CAPtTAL COMMITMENT8 At 31W D•¢•mbor 2022, th• DBF had authorliod eaptsl •xpèndltur• on TC.T of £261k of whkh £151k was ippre￿d for •xpendtture in 2022. A b8lBnce of £110k romiln earri•d forward Into 2023. 12021- £NIll. Mlnor contract for eontractorn worf(In9 on TC.T in 2022 will contlnuo Into 2023. 31. OTHER COMMITMENTS Durlng the yearthe Charity agreed lo undémrlle the obl1gat￿n8 ofthe Brl&td Dloce8an Bo8rd of Flnance Llmlt8d Slaff R•iirÉm•nt BeneNt Schern8 88 they f81 due to th8 eXt8nt th8t Ih8y ex¢8ed the fund8 assets. Further detalL8 of tha current PO8ltlon of the pension ¥¢horne cgn bg found In note 35. 32. CONTINGE￿ UABILITIES At 31. D8￿mber 2022, the DBF h&d no conUng8nt l*bll*le812021 - nw81. 33. OPERATING LEASES The following total amoun¢$ under opgmtlll9 leAses 8r8 as foHows'. 2022 £,000 L8od & 8uildings 119 2022 £000 Clbpr 2021 £.000 Land& Builthtjgs 119 475 30 2021 £,000 Other Operabng kase5 Ihln one year thin tWD to fvo years Atsr fiv8 years ￿ase paymènts expensed during the year were £110.74412021 . t108,9551. 45 The Bristol Diocesan Board of Finance Limited Notes to the Accounts for the ear ended 31" December 2022 34. POST BALANCE SHEET EVENTS On the 28" Aprll 2023 the Diocese were awarded fundirvJ, on behalf of th8 Ar¢hbtshops' Coun¢l. for £6,820.935 tOW8rds our TG,T proposal. Further details on Incomè r8ceipl8 and reporfng Spend 8r¥ ¢urrenlty awatted. so￿ of Kllvorts Parsonage - receipt of£65,581 on January, 2023. 35. PENSIONS Clergy p&n81on $¢h•mè Th8 DBF part￿lp•t&s in th• Church of England Funded P8nslon Schamè for 8tIp8ndiary ckf9y. Th1$ 6ctherne is administered by the Church ol England Pensions 808rd. wh￿h hokls 88B¢ts ol the 8ch8me 6eparate￿ f￿rn those of the D8F 8nd othor Responsibk Bodles. Each pirti¢ipaling Resporrdlblo Body In Ihe sth?mo pa￿ conlrlbthk)n$ at A ¢Nnmon ¢ontrfbutbn At• appllBd lo p8n8lonabl8 stiponds. The 8cheme Is con8hlgred to be 8 mutti-ernployer scheme as deacrbed In Secllen 28 of FRS 102. This me8n8 it is not posslbl8 lo Hltrtbute the Scheme's as8ets and li8bili1188 to each $pe¢rfic Re$ponslbla Body, ond this means contributions are accounled for as if the Schem& w•re 8 definèd eonliibulion s¢heftN8 Tho pen5ion5 G05t5 Ghgrged to the SOFA in the year are ContrIbut￿n8 payable towards benefrt& and axpenses accrued In that y&8r12022". £120.000, 2021.. £224,0001, plus th8 figum hlghlighled In th• IBble below 88 balro r8cognl88d In th8 SOFA. glvlng g tol81 ch4r9• 01 £209,000 for 202212021.. £254.CQOI. A valuation ofthe S¢h¢me b carrled oul onc• every threeye8rs. Thtr most raeent Scherne valuation compk•t•d WB8 corried out ay al 31*1 Dec8mbèr 2021. The 2021 valuatjon itrvèaltd a jU￿1￿S 01£560m, based on 888018 gf£2720m and 8 lundln9 lar9et ef £2180 m , 98$e$$ed uslng the folk)wing asBumptlonB'. An 8vgrage discount rate of 2.7%; RPI Inflatlon of 3,6% p•14nd pon$lon Increaus eons*tsni wlth Ihl$l,' CPIN Infialknn in Ilne with RPI 0.8% pr• 2030 mo¥lThJ to RPI wlth no adlu•tmwl from 2030 onwAth', Increas• In penilonable iUpend• In Iln• wtth CPIH,. gnd Mort8lity in 4¢GoTdan¢o wllh 90% of the S3NA VL tables, wlth allow8ncg lor Improtsements In mertolily rat•1 In Ilne w*h the CM12020 •xlènded model wilh a long Annu81 rato of Improvenwnl of 1,5%, A #moothlng para￿ter of 7 and an inltlAI addttlen lo mrtaljty lrnprovqrnonts of 0.5% p4 and an 8llowanco for 202D d•t• ol O%11.e. w2020 E 0%). Following th• 31. Dttomber 2018 valu8llon. a tecovery plgn wo$ put In plofx until 31I1 Decornbfrr 2022 4nd tho defiGII reCo￿ry eontiibulions las a p8rc•nlage of pensi0Thob* sllpend$l •r• 8$ 6el out In th& tab￿ b•low. An inl•rtm reductlon lo delclt conlributloni te 3.2% 01 penslonabla 8llp8ndg was mode wfth effeci Irom 1 Aprfl 2022. Fcllowlng fln8llsBllon of tho 31 Decomb 2021 valuatlon, d8flctt conlrlbutlons C888od wlth ¢ffecl from 1 January 2023. Ilnce the Schorn• WBS In BU￿1￿$. % of pen51onBble ¥tlpendi January 2018 to D•cemb•r 2020 January 2021 to Do¢•mb•r 2022 Defkit rvpalr GOntrfb￿￿l 11.9% 7.1% As •t 31" De￿￿￿1•r 2020 gnd 3111 Oocombar 2021, the dèfiell ￿coVery contrfbutlon8 under the Tecovery pL9n In force wtim as el out In the abDv• tablo. For senior offic4J hoha8r5, pen8K￿8b1e 3tlpend8 Ar• gdlusted In Ihe c81cul4￿on& by i rnulliplo, 85 #èt out in the Scheme's rukn. SeLlion 28.11A of FRS 102 roqulres agreed deficit rg(overy payments lo be r¢eDgnl8èd 88 8 liability. However, as them ar8 no agreed defidl rac0￿ry p8yments from 1 January 2023 onwArds. thè balance Sheet liabllty a$ at 31 Dec8mber 2Q221s nll. The rnoverrffjnt In the bAIAn¢e ¥heet liabilty over 2021 and 2022 18 Sot out in tho tabl? below. 2022 2021 Balanca 6hèet Ilabllty at 141 January 20￿)00 483,000 Qeflcit contrlbuiion pild Inlorest cost Irecognised in SOFAI Remaining ¢hange lo the balance sheet li8bility' IreGogniwd in SOFA) I120.(￿} 1224,0001 1,0 131,0001 BaL8nce 8heet Ilabllity at 31rt De¢embor 209,OCQ Comprl8es change in agreed deficit recov8ry ￿8￿, and thang8 in di8¢0unt rate and assu1￿￿.0n$ beiween yesrn schgrnol Oporatod by th8 Employer. The Schemè is subjaet to tho Sta￿l0ry Fundlng Oblecttve under the Penslons A612004. Avalualon oflhe S¢hem81s Carr￿d out Bt le85t once every three yearsto determine whBther Iht statutory Fundlng Objeclwe is met As pgrt oflho pro¢e86 the Employer rnust agr8• with Iho Tru8t•es of the Scheme the Gontr¥)ulions lo be pald to rnBet the Slatulory Fundlng ob)ed￿0. The most rgcgntcomprehenslve Bcluarlal v81uatlon oflhe S¢h8me 88 8t31M Mgf¢h 2020A8 partofthS$ valu8tion, 8 new Schodu of Conlnbullon$ wlll be agreed wllh the Èmployer which could requira hKpher or lower conlribullons lo bo paid thin under th• exi8tiro schèdu￿ of Conlrlbullons. Tha next valUat￿n of tho Scheme is due aB at 31￿ March 2023. Under the oxlstlng schedu￿ ol Contrlbution¥, tho Employer 8xp8cta to ply c4ntributknns of £86.QOO In th• y•ar to 31N Dewiber 2023. Th8r8 wera no pLgn amendmentB. CUrtallm•nt8 or $8ttlern8nts durlng ￿ perlfrj. Proflh old•lngd b￿•11¢oblIgOft1on The ￿Ighted •v•rngo dur•b"oTh ol lh• defined banefft ob5kd9￿0n h •round 13 ye•rn. Dl•¢lgsurn• FkJure$ lordydcloaure In Kcounls fr¥r p•rbJd endlng 31M D￿mber 2022 under FRS102. ResuttJ are •hown in pound8, rtyJnd•d to the n8aTest £1,0W. prtnclp•l ¥¢tu•rlal a•BumptloTh• Th• prlnclp•l •J$umptIo￿a u¢gd to ul¢ul8t¢ thg &hgrn¢i IlabllSt*8 kndudg.. 2022 2021 Dlscount r•t• Inllatbn a8sumptSon IRPII Inflatlctn a8sumptlon ICPII Penslon InC￿05e IRPI 5% ILPII pensSon incre4seil P•nslon In￿859