DIOCESE OF BRISTOL TRANSFORMING. TOGETHER. The Bristol Diocesan Board of Finance Limited Annual Report & Financial Statements for the year ended 31st December 2024 Registered OffiGe= Hillside House, 1500 Parkway North, Stoke Gifford, Bristol BS34 8YU 0117 906 0100 | www.bristol.an lican.or The Bristol Diocesan Board of Finance Limited | Reg. in England.. Charity 248502, Company 156243 THE CHURCH OF ENCLANO
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 TABLE OF CONTENTS Page Number Legal Objects Strategic Development Report". Background Strategic aims and implementation Objectives, activities and achievements in the year Future plans Financial review Principal risks and UnrtaIntieS 12 structure and Governance 13 Trustees, Responsibilities 16 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 RepoTt of the Directors For the ear ended 31st December 2024 The Trustees, who are also Directors for the purposes of company law, present their annual report, together with the audited financial slalemenls, for the year ended 31st December 2024. 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. This combined report satisfi'es the legal requirements for.. A Directors, Report of a charitsble company., A Strategic Report under thè Companies Act 2006 (which has bèen covered by the Strategic Development report on pages 2 10 13 below)", and A Trustees, Annual Report under the Charities Act 2011. The Financial Statements have been prepared in accordance with slatulory requirements prevailing at 31st December 2024, with the requirements of the Charity's governing document, ils Memorandum and Articles of Association, and with the Charities Statement of Recommended Practice IFRS1021. Where possible, the guidance issued in the Diocesan Annual Report and Financial Statements Guide by the Diocesan Secretaries, Liaison Group has been followed. LEGAL OBJECTS The primary objective of the Bristol Diocesan Board of Finance I the BDBF") is lo promote and assist the work and purposes of the Church of England in the Diocese of Bristol. The BDBF has the following statutory responsibilities.. The management of glebe propety 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 to church schools under the Diocesan Boards of Education Measure 1991 and the 2011 A¢l', and The custodian of permanent endowment and real propety assets relating lo tTUSts held by Incumbents and Churchwardens and by Parochial Church Councils IPCCS) as Diocesan Authority under the Incumbents and Churchwardens (Trusts) Measure 1964 and the Parochial Church Councils (Powers) Measure 1956. STRATEGIC DEVELOPMENT REPORT BACKGROUND The strategic landscape in 2024 continued to be very challenging. The nation and the Church. continued to feel the impact of the Russian invasion of the Ukraine, the conflicts in the Middle East and at home - a cost of living crisis. The nation elected a new government in July 2024, and their early actions have impacted negatively both on the elderly, and employers and, over time, the cost of borrowing, level of inflation, and economic growth. Business and consumer confidence have dropped, which will impact on fundraising in 2025. At a national Church level, the release of the Makin report led lo the resignation of the Archbishop of Canterbury and calls for the Archbishop of York to resign. Work continued on the Professor Jay recommendations for the future of Safeguarding which was discussed at General Synod in February 2025. More locally, the pressure on our ministers, parishes and schools continues lo be significant and unrelenting, but they have reported that whilst they are 'weary', they are nonetheless 'hopeful'. Diocesan Support staff engagement was high in Third Sector terms at 730/D. Work was undertaken to learn the lessons from the breakdown of the Diocese of Bristol Academies Trust, and subsequently to purp05efully 're-home' the affected schools. The Education team have also been working very hard on a strategy for Children, Young People and Families.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31SI December 2024 Our vision Humanity reconciled,. creation restored. Ourmission To follow Jesus, to serve others, and to transform communitie5. lues Openness.. we value openness, and are loving and open to all Generosity. we value generosity, and receive and give sincerely Creativity: we value creativity, and we cooperate with the work of the Spirit Bravery.. we value bravery,. we are courageous with our voices and our actions STRATEGIC AIMS AND IMPLEMENTATION We have entered the second year of implementation for Transforming Church. Together ITC.TI After many months of workshops, co-creation and discernment, Diocesan Synod approved the TC.T Strategy in March 2021. OUT four Strategic Outcomes are.. To have a form of church in every community. and a church in which all can participate, thrive and belong, To have people who worship God in every aspect of their lives, and throughout their whole lives, For the diocese to be recognised as a powerfu5 force for gospel change, For the diocese to be 51JStainable, financially and environmentally. To achieve these outcomes, we discerned that we need to undertake 12 strands of activity in the years ahead. We will work towards.. Forms of Church to best Serve our communities Ensure we have the right form of church, in the right place, with the right support. Better utilise our church properties, for mission and income generation. Provide beller adminislralive support, intentional deployment. and vocational wellbeing. Build pathways into deep J Ilved-out Christian faith Through a Diocesan Rule of Life, workplace way-finders, local discipleship and evangelism, pilgrimage, and ParishlDeanery 'Missions'. Church Buildings to serve our communities Releaslng our Ministers to flourish and thrive Develop our Volunteers Provide better recruiting, induction, and 5UPPOrt, to grow both capability and numbèrs. Through Resourcing Churches IRCS), Mission Areas IMAS) and Chaplaincies,. to increase engagement and encourage participation. Invest with precision, revilalise the eslales, neOrk, increase Ministry deployment, provide targeted administrative support, and develop the next generation of offi¢ers and ministers. Create 'campaign partnerships,, identify relevant campaigns against injustice, and deliver them locally, regionally and nationally. Engage Under 25's Support Priority (Low Income} Communities Communicate and dellver positlve change against injustice
The Bristol Diocesan Board of Finance Limited Annual Report of the Directots For the ear ended 315t December 2024 Inclusion and Racial Justice Deliver our racial justice commitments and beller include under-represented communities. Make beller use ol our balan¢e sheet I investments and bLJild novel income generationlfundraising capabilitiès. Build Income Build Partnerships Create partnerships with public, private and third sector organisations to support 'campaigns', generate income + benefits in kind, and attract new volunleersldisciples. Deliver physical and behavioural change lo achieve environmental sustainability. Achiève Carbon Net Zero 2030 ICNZI OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS IN THE YEAR In 2024 we made good progress with a number of our Transforming Church. Together workstreams.. Adult attendance Up5° Up 6Yo 400A of our ministers engaged with coaches Additional 7 Parish buildings providing community space One new MA under developrllenl in Ghippenham Fresh Expressions 7 new Fresh Expressions of Church established Rhythm of Life Programme launched in Seplember1200 participants} Sharesy Launched 8 parishes have adopted, a further 55 in the pipeSine Growing Faith Chaplains 4 recruited in 2024 Ops Hubs 2 set up and being trialled in 2024 CNZ 2030 (Carbon Net Zerol 20 /0 emissions reduction from 2021 baseline, 35 Carbon Net Zero Churches Racial Justice strategy approved, and RJ Lead recrLJited. Anli-Racism training suite finalised and ready to roll OLJt. Contested monument audit completed CYP attendance Clergy under Coaching Community buildings Mission Areas The project status is 'amberlgreen' with parish engagement, parish share, and income generation the key areas of concern being addressed going forward. Funding. Planning. and Financial Trajectory The TC.T Programme Team stood up in 2022 and undertook detailed planning for implementation in 2023 and continued lo make good progress in 2024. The team generated plans for the governance, monitoring and reporting, and communications of the programme. The Diocese also undertook a swathe of Tecruilment for the programme. nearly 850/0 of which were for parish, or parish-facing roles. Throughout the year, Close attention has been paid to expenditure and cost control and the appropriate releases of investment funding. whilst the central team re-shaped itself lo prepare lo implement TC.T. Ministry in the Dlocese Parish ministry is at the heart of the what the Diocese of Bristol does, in serving the many and varied communities in and around Bristol, Chippenham, South Gloucestershire, North Willshire and Swindon. Through the work of our parishes, deaneries, Bishop s Mission Orders, and aided by the Diocesan Support Services Team, this collective work strives to provide a visible Christian Presence in every community in the Diocese. Whilst there will always be short-term fluctuations, the BDBF is committed lo maintaining the overall numbers of slipendiary clergy for the duration of the next five years. At the end of 2024, 212 Clergy were licensed across the Diocese of Bristol's 166 parishes, 100 benelices, 5 Bishop's Mission Orders and BrisloS Cathedral 12023..
The Bristol Diocesan Board of Finance Limited Annual Report of the DirectOTS FOT the ear ended 31st December 2024 200 Clergy). Of these Clergy, 14412023.. 1331 were in slipendiary ministry lor other paid ministry) and 6112023.. 671 were self-supporling ministers ISSMS). There were also 33 12023.. 311 Anglican clergy licensed to institutions as chaplains, 12612023.. 1101 clergy holding the Bishop's Permission lo Officiate and 15412023.. 1541 Licensed Lay Ministers ILLMS) In 2024, the BDBF paid an average of 112.3 full-time equivalent slipendiary clergy as officeholders holding parochial or diocesan appointments in the diocese12023.. 1121. In 2015, the comparative figure was 105. Supporting Ministers and the Mission of the Diocese Supporting ministers has been an integral part of the Transforming Church. Together strategy. In 2024, some key interventions were made. A coaching programme was launched, and a first cohort of 37 clergy began to receive regular coaching. Thi5 will support both the wellbeing and the leadership potential of those receiving it, and the programme is due to expand lo cover a11 licensed clergy and Licensed Lay Ministers ILLMS). A wellbeing survey foT clergy has been run since 2023, and this is enabling learning about clergy wellbeing and how to make supportive interventions. In 2024, a first LLM wellbeing survey was launched. Conferences lo support LLMS and cbergy were run by the Mission and Ministry Support Team in 2024. These gatherings of ministers are a valuable part of the support of ministers. New initiatives, largely supported by the Transforming Church. Together strategy, include the beginning to sel up a Mission Area in Chippenham. Building on learning from the three Mission Areas sel up under the previous strategi¢ plan, this brings together four parishes in Chippenham lo enable a beller and more coherent approach to serving the town. Seed corn funding was launched in 2024 to enable small New Christian Communities (Fresh Expressions of Church) lo develop. A new church graft was formally inaugurated al Holy Trinity Slaplelon in January 2024, and a curate ordained in June to lead a church plant into the New Eastern Villages in Swindon. The largest investment of money under Transforming Church. Together has been into areas of deprivation, known a5 Priority Communities. The Priority Communitie5 NeOrk IPCNI has TC.T funding to support 14 parish contexts in the top 12.40/0 on the Index of Multiple Deprivation IIMDI. Part of this funding is going towards the recruitment of Operations Hub Managers., we have managed lo recruit 3 so far with 4 more in the pipeline. With this additional support we hope that the elergy and their teams feel a burden is released which will enable them to focus more on mission and ministry. Even in the f1rsl few weeks of these Operations Hub Managers starting our clergy are reporting that they are a 'huge blessing,. The other part of the PCN investment is being used to enable PCN parishes to recruit lay staff lo grow their mission, evangelism and community transformation work. After a period of prayer and discernment, the parishes have been able lo choose what role they think will complement the vision of the church and where God is leading them. Many are hoping to focus their investment on children and young people's ministry. We have successftjlly recruited 3 lay posts with more expected to join in the coming weeks. Alongside this work the PCN team are investing in developing a new discipleship and leadership pathway for churches in the wider 30Yo IMD, lo encourage, enable and grow people's confidence to serve Jesus in their church and local commLJnity. Continuing Mlnisterial Development In 2024 we ran 4 Continual Ministerial Development training events attended by 147 clergy and lay ministers. Topics included preaching on the Gospel of Mark, Being Biblical about Human Sexuality. Arl in Church & Hospice for Humanity. February 2024 also saw a residential, weekend conference for lay ministers in Wiltshire with 69 attendees and October 2024 saw the bi-annual residential clergy conference in Derbyshire with 120 clergy present. 2024 saw 5 clergy granted Extended Ministerial Development Leave by the Bishop, lime was spent focusing on personal vocations, studying the sermons in Acts, contemplating the experience of autistic clergy, research the experiences of resourcing churches and spending time on pilgrimage, retreat and with family. Also, 7 applications for CMD funding grants were received & all applications were awarded funding contributing towards external training focusing on spiritual direction, ecclesiology, modern perspective on spirituality, leadership, theological anthropology & further education The Post of First Responsibility Learning Community includes 18 clergy who meet monthly to learn together. receive support & input from MMS colleagues as they encounter challenges this new role may bring.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 The Ministerial Development Review process is changing due lo the incoming coaching programme which has been provided through TC.T leading to a limited number of reviews being offered, overall 2024 saw 49 licensed clergy engage with the process. 30 Clergy allended the South West Transitions in Ministry consultations across the year, topics covered were Preparing for Retirement, New Post, Post of First Responsibility & Working with the Newly Ordained. Vocations Supporting individLJals on their vocation journey from feeling an initial call through to ordination or being licensed as a lay minister remains a significant part of the Ministry and Mission teams, work. In 2024 we had 18 people allend our exploration course"Am I Called?" with 13 making initial enquiries for vocations, 8 people attended the Stsge 2 panèl for ordination training and 3 people attended the lay ministry discernment day. 6 people began ordination training & 6 people began lay mini51ry training in September 2024. Following the completion of their training, 9 people were licensed as deacons at Bristol Cathedral, with a further 11 licensed as priests. There were no lay ministers licensed in 2024. We provided 49 training sessions and ongoing mentoring for 32 curates. Racial justice The Diocese has continued lo implement the Bishop's Racial Justice commitments during 2024. In June the Racial Justice Strategy was finalised by Bishops Council and a fvjll lime Racial Justice Officer was appointed to implement an ambitious programme of Change. Research was commissioned to look at the origins of our Diocesan Reserves and a second research project looked into contested heritage within Diocesan churches le.g. monuments, statues, plaques and other physical legacies) following a successful pilot last year. Plans have been developed to undertake community consultstions during 2025 regarding the future of All Saints Corn Street. Inclusion The Inclusion team has continued to advise the DSS and parishes in the areas of disability, mental health and older people's mental health and dementia. All DSS staff have been trained on The Sunflower hidden disability scheme, and parishes are being encouraged to join the scheme. We have trained a group of six neurodiversity trainers who will be able train others across the diocese during 2025. We continue to work closely with churches, the buildings team and the DAC lo enable more church buildings and halls are more physically accessible. We hosted our first mental health conference in November which launched the Renew Wellbeing scheme and was attended by around 40 people. Across the Diocese we have currently trained 120 Mental Health First Aiders, with refresher training now also being offered lo the first cohort trained in 2021. Anna Chaplaincy has been launched in the diocese, with information sessions resulting in five people going forward for training in 2025. One church received our Dementia Friendly Church award, with several others in the pipeline, and several dementia friendly services and awareness sessions have been delivered. Clirnate Emergency Al its Diocesan Synod in November 2019, the Diocese of Bristol became the first Diocese in the Church of England to declare a 'climate emergency, and commit to reach net zero carbon emissions. The Church of England General Synod followed this commitment lo nel zero by selling a 2030 target and in March 2023 a comprehensive plan lo achieve this was approved by Diocesan Synod with a Commitment lo provisioning £2.1 m lo fund its first 2 years of delivery. The focus of this PTovision is Audits, Housing retrofit, School Photovoltaics and fabric decarbonisalion. A £10,000 grant fund has been made available lo PCCS to support the decarbonisation of their church bLJildings. While this is only a small step given the scale of the challenge, il represents a mèaningful start. We recognise the significant financial Challenge faced by our dedicated PCCS. To strengthen this support, we are actively pursuing additional funding from both the National Church and external sources lo help resource this vital Iransilion. The estimated figures for the Bristol Diocese to achieve carbon net zero are focused on 3 key areas Housing and Glebe1£5.15ml, Churches & Halls1£19.7m and £4.5m) and our Schools, which is currently under review. This does not include additional costs for resourcès such as people, communications, and office provision {£0.6MI, we are also accountable for Bristol Cathedral and our adult and academy Educational Facilities. which add further comp5exity to our nel zero journey.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 To dale, 185 churches have completed energy audits, each resulting in a ¢osted, tailored decarbonisalion plan. Across our clergy housing, 52 solar panel arrays have been installed, along with 10 heat pumps. Our Voluntary Aided IVAI schools represent a significant portion of the diocesan carbon footprint, two VA schools have completed major solar inslallalions, with two more scheduled for 2025. A growing movement of local action supports this progress. Our network of eco-champions, dedicated volunteers embedded in parishes, has expanded lo 75 active members. As of this year, 25 churches have achieved Bronze Eco Church status, 17 have achieved Silver, and 2 have reached Gold. As a Diocese, we currently hold Bronze Eco Diocese status and are actively working towards achieving Silver by the end of 2025.These precious buildings in our care are not only 'roofs for photovollai¢ (Solar) panels,, but they are also places of Worship, community hubs, warm spaces, addiction support, older people's Clubs, debt counselling cenlres, young people's clubs, café's, foodbanks, clothing banks, safe spaces, and so much more. When a roof is repaired it enables these amazing and supportive spaces to continue lo support a much wider community. When we add Photovoltaics or change the healing, we not only substantially reducè our impact on God's Precious creation, bul the financial savings on energy costs enable the continued sustainability of all these much-needed resources. Church Buildings The church buildings team was expanded and restructured during 2024 10 include the Diocesan Advisory Committee IDACI Secretary alongside a new Church Buildings Maintenance Officer and Community Engagement Officer, roles which are shared with the Diocese of Salisbury and funded by the National Church. The team provided support and guidance lo parishes across a range of matters including repair, rnaintenance, quinquennial inspection report reviews, advice on permissions and Faculties, and navigating project briefs for parish and community-wide projects. A series of tools for parishes were developed including a maintenance calendar and digital Matterport scanning of churches as part of their energy audits. During the year, 51 faculties were applied for, 29 were granted and 21 DAC site visits were carried out. For other permissions, 126 applications were received and 136 granted (due lo timing from the previous yearl. Proposals varied from repairs and improvements for bell ringing lo window repairs, new nel-zero heating systems and bike stands. Property In 2024 the propèty team made improvements to nearly all of the clergy houses carrying out 430 repairs, as well as planned maintenance throughout the full portfolio. The team also carried out a number of changes of occupiers as Clergy moved in or out of their roles which involved more intrusive works and any neSsary CNZ upgrades. The team responded to the reactive maintenance issues within 1-5 days, as well a5 managing a number of private rentals in order to bring in extra income for the Diocese. Education The Education team continued to work with our 71 church schools across the Diocese to ensure that children and young people flourished in their education. All Diocese of Bristol Academy Trust IDBATI schools transferred successfully to their new trusts by January 2025 and the company is in the process of closure. The Education Team are now working closely with six multi-academy trusts. This year 20 schools had OFSTED inspections, with most remaining as Good or Outstanding. OFSTED h3ve removed overall single word judgements. In addition, 15 school completed the Slatulory Inspection of Anglican and Methodist Schools ISIAMSI inspections with 14 of them achieving J1 which indicate5 that the school is living up to its foundation as a Church school and is enabling pupils and adults to flourish. Although a51 our schools continue lo thrive, there are profound concerns around school budgets affecting the quality of education offeT. Schools Advisors delivered training and Conferences throughout the year including the Annual RE (Religious Education) Conference in February195 delegatesl, the Learn Teach Lead RE Conference in Juty157 delegates), and the DBE Conference187 delegalesl where we welcomed Nigel Genders as our keynote. This was in addition lo individual school visits and bespoke school staff and Governor training sessions. In September we welcomed 13 new headleachers to our schools at a commissioning day at the Cathedral. Under 18's This stream of work within the TC.T programme focused on planning and setting up systems in 2024. However, we were able lo discern four pilot Growing Faith Chaplaincies, with bNo of them recruited by the end of the year. Two FIoLJrish locations were sel up at St Chad's in Patchway and Sl Mary Redcliffe and Temple in central Bristol. These worshipping communities in schools are a partnership beeen the church and school and are led by young people. An additional Growing Faith Learning hub was established through a partnership with Hazelnut Community Farm, which will focus on eco justice and youth advocacy.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors FOT the ear ended 31st December 2024 Grants were given out to rnulli-academy trusts lo support them to develop a chaplaincy provision and a diocesan Chaplaincy Adviser and Youth Engagement officer appointed. Youth engagement work look off through the 'Echo' programme lo find out the views of young people across the diocese. Fund raising and communications The Communications & Marketing tèam continue to boost the diocese's online presence and increase engagement by highlighting the great and varying work our parishes do. On our website, the safeguarding and education pages were updated lo offer clearer, concise information lo users with the former being praised by external safeguarding auditors. A monthly email news bulletin with more than 1,700 subscribers across thè diocese including church teams, clergy and the wider community focuses on good news within the diocese, funding and training opportunities as well as events and support that parishes can get involved with. Our social media plattorms have all seèn an increase in followers and engagement ovei the last 12 months with a 20 /0 increase of followers on Instagram. Our TikTok channel especially has been a success- as well as being one of the first C of E dioceses lo establish an account, we've seen a more than 1 OO0/D increase in followers over the 5asl year. Having a TikTok account aligns with our goal of increasing youth engagement in the work we are doing. We came off XITwiller in the last year as fell it was 3 space that no longer aligned with our value5 and are experimenting with both Threads and Bluesky. The fundraising team was increased in 2024 to enable more support to parishes particularly in securing grant funding bul also more general ideas related lo generosity and giving. We provided fundraising advice lo 26 parishes who then went on lo raise at least £135,000 towards their own projects. A new partnership with Sharesy was launched in October with the aim of supporting parishes lo rent out their churches and halls for community use, whilst also increasing their financial security. In the first three months eight churches registed, five of which were taking bookings by the end of the year which generated an average additional monthly income of £2-4,000. Parish Share Parish Share is the method by which the Diocese asks parishes to contribute to the common fund of money used lo provide, support or enable parish ministry across the whole Diocese. Through contributing Parish Share, each church is taking shared responsibility for providing vital mission and ministry in every community. especially those that might not otherwise be able to afford it. In 2024 a total of £5.71 m was requested in Parish Share, and £4.gSm generously given. This amounted to 87'k of what was requested, which is the highest gift to request rate since 2022. ven adjusted for the effects of inflation, the value of what has been requested and given has decreased, bul we continue to give thanks to our Heavenly Father for the generosity demonstrated through Parish Share gifts. Safeguarding 2024 has been a busy year for the Safeguarding Team within the Diocese. Commencing with the Independent Audit of safeguarding arrangements within the Diocese by INEQE la leading safeguarding trainer and inspecting orgsnisalionl which was published in July and has led to a revised and updated safeguarding Improvement plan. The Diocese is now certified as having met the requirements of Amending Canon 42 in relation lo recommendation 1 of the Independent inquiry into Child Sexual Abuse IIICSAI report into the Church of England. The staffing in the safeguarding team has remained stable though all roles have been reviewed and the Safeguarding Co-ordinator is now the Safeguarding Parish and Support Officer, the Training and Development Officer is now the Deputy DSO- Training and Development and a Safeguarding Caseworker has been redesignaled as Deputy DSO- Casework. Geralyn Meehan was appointed as Director of People IHR, Safeguarding and E,D&ll in 2024. During the year 2,375 courses were completed with safeguarding training either via the e-learning porL91 or in face-tTrfacelzoom courses12023.' 2,4841., 1,213 DBS applications were processed12023.' 1,0421 and all new cases were recorded on the national ease management system ulilising the new national calegorisalion system. The Safeguarding Annual Report for 2024 will be published on the Diocesan website when signed off by the Diocesan Safeguarding Steering Group.
The Bristol Diocesan Board of Finance Limited Annual RepoTt of the Directors For the ear ended 315t December 2024 Conclusion The Directors believe that all the above shows that the BDBF delivers significant public benefit by working with ministers, parishes and schools lo be a Christian witness al the centre of their communities, whilst continuing lo reduce the size of the operating deficit, and Transforming Church.Togelher. FUTURE PLANS During 2025. the Diocese will.. Continue to implement TC.T and provide world class support to Ministers, Parishes and Schools so thèy can follow Jesus, serve others and transform communities, Implement Total Return Accounting, Respond lo decisions relating lo the Future of Safeguarding, Submit proposals to the Strategic Mission Ministry Investment Board for the next phase of TC.T funding, Provide focussed support to a small number of parishes to calalyse change, and to demonstrate the impact of TCT more widely, strive to impiove performance in Parish Share returns and Income Generation, Refresh the governance of key Diocesan bodies and committees. FINANCIAL REVIEW Financial results analysis In November 2023, Diocesan Synod approved BDBF expenditure totalling £15m for 2024, which included other funds and Diocesan Stipends Fund IDSFI capital expenditure 12023.. £11.2ml. The budget presented lo Diocesan Synod showed expenditure outstripping income by £3.7m. However, similarly lo prior years most of this budgeted expenditure is for planned improvements is being funded from relevant restricted reserves so this effectively means that the BDBF'S remaining operational budget was in deficit by £0.6m (against a Budgeted expectstion operational deficit of £0.9ml. This budget reflected a desired level of Parish Share {Ihe financial contributions made by parishes to the BDBFI for 2024 of £5.4m. By the end of 2024, gifts of Parish Share tolalled £4.98m12023'. £5.03ml. Overall grant and project income was £1.3m below budget with most of this relating lo the liming of Strategic Development Fund ISDFI TCT grants and corresponds to a lower leve1 of expenditure on 'other parochial ministry, costs. A fundraising budget of £100,000 was set for 2024, but no progress was made toward this due to delays in establishing the required infrastructure. Actual expenditure was £13.5m, which was £1.5m under budget and an increase of £1.9m from 2023. As expected, BDBF'S largest area of expenditure during 2024 was the cost ofclergy stipends £3.5m (2023,. £2.9ml which was immalerially over budget, primarily due to lower than anticipated vacancy rates. Another major area of expenditure during 2024 was housing costs of £2.1 m, 12023.. £2.Oml which saw a continued investment in the maintenance and improvements lo parochial property. The DSF investment expenditure budget was set al £0.8m for the year, bul actual expenditure was £0.7m- resulting in a favourable variance and overall underspend against the housing costs budget of £0.1m. Strategic Transformation expenditure (including TCT and Director of People & Safeguarding salary) increased to £1.9m for the year12023'. £1 Oml, and although this expenditure was significantly below the budgeted £3.7m it was anticipated when the budget was sel that this expenditure would be largely grant funded. However, as TCT Strategic Ministry and Mission Investment Board ISMMIBI funded expenditure continues to be slower than anlicipaled, just £0.8m of expenditure is from TCT SMMIB funds, whereas £1.1 m of expenditurè is funded from BDBF designated funds. Sources of funding for the TCT work has also come from the Benefact Trust and General Reserves. Other areas of expenditure that created notable variances include Finance & Information Services which exceeded budget by £0.2m. This overspend is a result of our required transition away from the Church of England IT Service Iwhich was expiring) to a new local supplier ITRM. An additional need to upgrade IT security and improve efficiency and compliance meant increased support costs and an outlay for IT hardware. Diocesan Office Functions exceeded budget by £0.06m, caused by an overspend against recruilmenl costs
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31$1 December 2024 due lo the recruitment of a Director of People & Safeguarding, the search for a Director of Exteinal Relations and the appointment of a Racial Justice Programme Lead {£0.1 ml. Advisory Services, Parish and External Relations also accumulated an overspend against budget of £0.1 m due lo complexities of challenges faced. The 2024 net operational expenditure before other funds was therefore a deficit of £4.1 m 12023.. deficit of £2.7ml. However, this is before taking into consideration capital gains and fund transfers. Realisation of listed investments resulted in cash flow input5 of £6.1 m of which £0.7m was rè-invested in investments, £1.2m was spent on new parsonages lo support Clergy requirements and £1.Om on final bank loan repayments, leaving £3.3m (see Cash flow statement Nel cash provided by investing activities of £5.5m less Dividends, interest and rent of £1.2m less Loan iepaid of £1.Om - £3.3m) to support investment in long- term operations and the balance sheet 12023 equivalent £3.8ml. The transfer of parsonage Fixed Asset properties from General Funds to the Diocesan Stipends Capital Fund helped ftjlfil this transfer as well as ensuring that those assets were held in a more appropriate fund. In 2024, the net capital gains I losses of £1.2m is for investments only as there were no sales of glebe propety in year. The net capita1 gains and losses includes the aggregation of gains on investments for the Education Foundation I£0.24ml which funds grants to church schools including the Diocese of Bristol Academies Trust IDBATI and investment gains for Clergy Society I£0.06ml, which provides small welfare grants lo clergy on a case-by-case basis. Significant Property Transactions The BDBF spent £0 7m12023.. £0.6m} on necessary improvements lo benefice houses in the year from the Diocesan Stipends Capital Fund. The Diocesan Stipends Capital Fund is available for providing and improving benefice and glebe properties and when invested provides income for clergy stipends. During 2024, within benefice housing, properties were purchased lotalling £1.2m. One value linked loan property was sold for £0. I m. See note 13 to the financial statements. Balance sheet position The Directors consider that the balance sheet together with detsils in note 23 show broadly that the reslricled and endowment funds arè held in an appropriate mix of investments and current assets given the purpose5 for which the funds are held. During 2024, nel assets have decreased by £2.9m, lotalling £71.6m at the balance sheet date compared lo Z74.4m al the end of 2023. While there was a significant deficit in 2024 due to longer-term investment, this was counteracted by a larger increase in the value of investments of £1.2m which reflected the relevant market performance in 2024 including the realisation of some of that benefitthrough asset sales. It is worth highlighting that within net assets total, are properties, mostly used for ministry, whose value amounted lo £35.2m12023." £34.1 ml. Of the nel assets shown in the balance sheet, £44m are held in endowment funds and a further £10.6m in restricted funds and cannot be used for the general purposes of the BDBF. Reserves policy The reserves policy of the BDBF applies to three distinct levels of its operations. On one level, the policy is to ensure sufficient funds are available to maintain the smooth, ongoing operations of the BDBF. The management of thèse reserves helps the BDBF to ride out daily cash flow requirements, which can be quite subslanlial considering that the largest Itèm of expenditure (clergy stipends) is paid monthly but the largest income source IParish Share) tends lo come in unevenly across the year overall. On a second level, the policy is to maintain the minimum level of cash and liquid assets in order to permit the BDBF lo fulfil ils immediate financial commitments and effect a smooth transition shoLJld a major change or disruption occur to ils operations. Finally, the policy is to Maintain sufficient invested reserves, in OTder lo minimise the call made on parishes to support the work of the Diocese. The annual cost of ministry and related support costs are not wholly covered by annual Parish Share receipts in the BDBF budget and a significant factor in bridging this gap is the income generated by histori¢ rèserves. The BDBF is willing to use ils reserves to invest in future ministry and support the DioTrse's strategic initiatives, with a view lo these becoming self-suslaining over lime. The required reserves figure (based on the fiTSt two levels above) is estimated to equate to al least three months of general fund Idesignaled and undesignaledl expenditure and would amount to approximately £3.2m. At 31$1 December 2024, nel current assets lall Funds of £3.Oml less Long term creditors lall Funds of
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31, December 2024 £3.3ml plus Investments from Unreslricled Funds1£8.8ml were £8.5m, as shown in note 231. The comparative figure for 2023 was £8.4m. Successive operating deficits over recent years and the purchase Df various properties reduced the BDBF'S liquid assets and the BDBF renewed and drew down on a £2m bank borrowing fa¢ilily in September 2021 as a result. This loan was repaid on a quarterly basis over the period July 2022 10 September 2024, utilising the realisalion of investtnents. The BDBF'S cash flow continues to be monitored closely. The BDBF has a number of other endowment and restricted funds which are represented by investments and fixed assets. The purpose of these funds is delaibed in note 23 of the financial slalements. The total of unreslricled funds Idesignated and undesignatedl at 31sI December 2024 amounted to £17m las shown in note 221, of which £8.8m was held in marketable securities and £8.7m is lied up in tangible fixed assets las shown in note 231, which is sufficient to meet this policy. Grant making policy In 2024, the BDBF made a grant of £524k12023.. £502kl lo the Archbishops, Council of the Church of England, as a contribution towards the costs of supporting the National Church Inslitulions, grants and contributions lo other organisalions and mission agencies, pension contributions., details of the amounts paid are shown in note 11. Bristol Diocesan Clergy Charities makes grants lo diocesan clergy and their dependanls, who are in conditions of need, hardship, or distress,. to advance the education of children of diocesan clergy., and to assist with the holiday expenses of clergy. Other grants made from time lo lime by the BDBF are approved by the Directors in each year's budget. Loans policy Historically the BDBF advanced loans lo parishes largely lo facilitate fabric works in support of their overall mission and ministry. Inlèresl-free loans of up to £10,000 have been made from BDBF funds, with larger loans being obtained through the CBF Diocesan Loan Scheme (now closed), or directly from the BDBF'S own ftjnds, subject to availability and eligibility criteria. These are considered to be concessionary loans in accordance. with Section 34 of FRS102 and further details can be found in note 16 of the financial stslements. Investment pollcy and financial instruments risk The BDBF has power to invest funds not immediateY required for operational purposes in such concerns, securities, or properties as il thinks fil. These investments constitute the bulk of the financial instruments risk for the BDBF Iwilh the financial instruments iisk attached to cash, debtors and crediloTS being immaterial). The management of this risk is set out below. The Directors have resolved to invest such funds mainly within the various CBF (Church of England) Funds, managed by CCLA Investment Management Limited, which also operates the ethical investment policy of the National Church Inslitulions. The overall investment objective is lo maintain long term real li.e.net of inllalionl capital value., maximise tota1 return lincome and capilall, with medium risk. The BDBF has also committed to a fossil-free investment portfolio. The Finance Committee monitors investment performance through quarterly reports from the Investment Advisers. The majority of investments are held as permanent endowments for the long-term and therefore the Directors, investment advisers continue to recommend no material change to the current investment strategy. The investments held and their returns during the year are set out in the following table.. 2024 Funds 8t 41st Proportltsn Dec2mber of portfolio 2023 IncDme Total Funds at 31st Proportion Return. Deiember of portfollo in year Intome Total yleld In Return" year year veaT £'0005 18,261 10,215 2,279 675 2.390 33.820 £'0005 23.096 9,613 2,267 655 2.437 38.068 CBF1nvestment Fund CBF Global Fquity Fund CBF Property Fund CBF Fixed Interest Fund other Investments 53.99% 30.20% 6.74% 2.00% 7.07% J(x).o(pA 2.73% 2.3£% 5.39% 2.73% 4.90% 10.53% 8.78% S.95% 60.67% 25.2518 5.96% 1.72% 6.40% ifrJ.oo% 2.73% 2.48% 5.31% 2.14 5.30% 10.09% 17.75% -1.14% 7.81% 31.51% 5.78% -0.02% Capital and Income. Please note that the CBF Investment Fund experienced a high level of wilhdrawls during the year. On 10th July 2025 CCLA announced they were being acquired by Jupiter Asset Management, bul that this should have no negative impact on Church of England investment relationships.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 315t December 2024 Connected Charities Many of the Directors and Trustees are involved with charitable bodies which are potentially beneficiaries to or from the BDBF and a register is kept of these involvements. The Directors are 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. Details of the BDBF'S transactions with those charities are provided in Note 32 to the Financial Statements. Grants Recelved Details of grants and donations received in the year can be found in note 3 of the Financial Stalemenls. Taxation status The BDBF is a registered Charity and, as such, is able lo claim certain exemptions from Corporation Tax. No provision for lax is considered necessary. PRINCIPAL RISKS AND UNCERTAINTIES The Directors, through an Audit and Risk Committee, which normally meets at least three times per year, have continued the process of examining the major strategic and operational risks which the BDBF faces. They hold and monitor a register of the significant risks. assessing the probability of occurrence and likely impact if they were to occur. In 2024. the Audit and Risk Committee continued to use the framework for identifying and managing risk that was adopted in 2017. This framework requires the Directors to sel their corporate appetite for risk in four areas (finance, reputation, engagement and operations) and has been designed lo provide clarity about the operationa5 and strategic risks facing the BDBF. The impact and likelihood of each risk have been scored and the top scoring risks above the appetite of the Directors are as follows, along with their mitigation 5trategies'. Further Actlons Rlsk Reference and Impact Exlsting Mitigations Flnancial Income from Parish Share insufficient to meet financial commitments and strategic plans -unable to sustain parochial deploymenvclergy numbers -curtailment of Parish support -monthly monitoring of receipts v pledges -Encouragemenl of use of standing orders by Parishes -Enhand engagement through clerica5 structures (Archdeacons, Deans elcl and discipleship initiatives -Assist Parishes on ftjnd-raising inilialives -Ulilise reserves to invest in more sustainable Parish Share model -Independent external scrutiny and advice -Regular reports to Finance Committee -Regular review of asset allocation, diversity of investments and manager erformance -Ensure safeguarding processes and provision and advisers are in place and followed swiftly -Ensure safer policies for recruitment, training and monitoring are in place -scope and resolve issues via Risk Mana ement Grou -continually update engagement strategy -work with DI0san Synod representatives to improve strategy -Recruitment of fund-raising support 2nd implementation of online fundraising systems Financial Investment Returns Fall -Due to adverse market conditions andlor investment decisions -unable to meet spending commitments and have lo use reserves Reputational Serious past or present safeguarding issue identified -serious harm lo victims -Adver5e reputational issue -Delailed review with investment managers at least once every o yeaTS -Plan in the Budget that sufficient reserve funds available to cover un-budgeled investment income shortfall -consider Past Findings Reviews -consider IICSA recornmendations on current safeguarding practices -Implemenl SG audit findings In February 2024 the Audit and Risk Committee re-worded and updated the 2017 Framework to enhance ils usage. These updates were passed at Bishops, Council on 251h February 2025.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 STRUCTURE AND GOVERNANCE Oryanisatlonal structure The BDBF is governed by its Memorandum and Articles of Association bul also has to work In accordance with the requirements of the Synodical Government Measure 1969, which is regularly updated by means of its Schedule 3 'Church Representation Rule5'. The Articles provide that the members of the Standing Committee IBishop'5 Council) shall be the Directors. The Standing Committee IBishop's Council) are elected triennially by the houses of clèrgy and laity of the Diocesan Synod, in accordance with Bristol Diocesan Synod's Standing Orders. Certain officers of the Diocese are ex-officio members of Standing Committee IBishop'5 Councill. The Chairman and Vice-chairman of the Board are elected al the next General Meeting following the election of members. All members ofthe Diocesan Synod who are not BDBF employees are entitled to be members of the company. Following election, the Board of Directors are provided with information about their duties and responsibilities as Charity Trustees and Company Directors. This training last look place on 21 January 2025 at the beginning of the Directors, three-year term. The new DBE Measure 2021 required each Diocese to make a Scheme appointing an incorporation for the Board of Education, in this case, lo the Bristol Diocesan Board of Finance, and then delegating this function to a committeè, the DBE. A new Scheme and Terms of Reference were agreed with the DBE to define ils authority, mechanisms and Board compDSltion. The Bishop of Swindon continued to chair this Board. This structure integrates the DBE into the main vision and strategy of the diocese and develops the visibility of schools and wider education work. 11 enhances the relationship beeen our schools. churches and households across the life of the diocese. Decislon making structure The Bishop's Council and Directors met five times in 2024. All financial related business beeen Directors, meetings is dealt with by the Finance Committee, which mel seven times in 2024. 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 BDBF'S corporate propety, investments and ils role as Diocesan Authority for Parochial Trusts IDAPTI. It also deals with matters relating to the work ofthe Parsonages Board and the Diocesan Board 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, but consideration of establishing one is under review. The BDBF, 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 Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 The diagram below shows the overall structure of diocesan governance and the interaction beeell different commillees and bodies. DitsceolBTkts1 Diocesah GowerDance Dioco3a Btshop DIDCFS•n PCC$ ofF¢È vacy hS•• Comm• Syn&¥ Dkn¢•sEn Gro A¢•d•myTnMIS Drtrry Lead•thipTwrrd DBF &rd0f ,' Dh¢br4 I Mmgwjn &Pas10rn11 ,'SkndhgCthmmth•', . Payb)1 CofiynrttOQ Fim HR& dit& Rk govamÈM JolFln¥LC•MQr TC.T Governance Following Diocesan Synod approv81 in November 2022, the TC.T programme has utilised our existing governance structure to manage and implement the strategy. The process can be understood visually as follows.. RANSFORMING CHURCH. OGETHER. NCI FUNDING SMMIS wc Netzero Programme Board Structure SPONSOR Dlece5an Synod PROGRAMME BOARD PROGRAMME SUPPORT Chalr ICEOI Richard Leama TCT flnan Dirertor B15hop's Councll Audlt & Rl$k Commltteè Pro8ramme team Comm5 Property Workrea m leads Misslonal LEads Prolecl ads Peopl&& MISSIONAL PROJECT IMPLEMENTATION REVIEWS Educatlon Kuatdfft8 Reverse Mentor Mts4or* and Mln15try TC.T Pr08 team Wotkstream nance St8ke- holder5 Reverse Mentors
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 Rernuneration of key management personnel Emolument5 of higher-paid employees are based on benchmarking and take other market factors into account. Remuneration levels are scrulinised by HR, with recommendations made to the Finance Committee and ils terms of reference include remuneration and HR policy. Remuneration policies for BDBF staff The BDBF ieviews remuneration of ils staff annually to ensure alignment with good practice and equality legislation. During 2024 8 Reward and Recognition Policy has been drafted and will be considered by Committee in 2025. Public benefit The Directors consider that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit gLJidance published by the Charity Commission and in particular the Commission's guidance in Th& Advancement of Religion for the Public Benefil.. the Directors believe they have had regard lo the duty in their adminislralion of the BDBF. The Directors bèlieve that, by promoting the work of the Church of England in the Diocese of Bristol. the BDBF helps to promote the whole mission of the Church Ipasloral, evangelistic, social and ecumenicall more effectivèly, both in the Diocese as a whole and in its individual parishes, and that in doing so il provides a benefit lo the public by.. providing facilities for public worship, pastoral care and spiritual, moral and intellectual development. both for its members and for anyone who wishes lo benefit from what the Church offers., and promoting Christian values, and service by members of the Church in and to their communities. to the benefit of individuals and society as a whole. The Directors believe that this report, taken as a whole, provides evidence that the BDBF'S work in 2023 furthered its charitable purposes for the public benefit. Delegation of day-to4lay delivery The names of a15 those who were Directors on the date the report was approved are given on page 17 of this report. The name of the Diocesan Secretary, to whom day lo day management of the charity has been delegated, is to be found on page 18.
The Bristol Diocesan Board of Finance Limited Annual Report of the DirectOTS For the ear ended 31st December 2024 TRUSTEES, RESPONSIBILITIES, APPOINTMENT AND TRAINING The Directors (also named as Trustees) are responsible for preparing the Directors, Report and Strategic Report and the financial statements in accordance with applicable law and regulations. The Trustees are elected by House of Clergy and House of Laity of Diocesan Synod. The Board ensures that Trustees are sufficiently trained, where required, lo carry out Iheii duties The Diocese is affiliated with the Church of England and is obliged to comply with all regulations and processes which that requires. Company law requires the Directors lo prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under company law the Directors musl not approve the financial slalements unless they are satisfied that they give a true and faiT view of the slate of affairs of the company and of the profit or loss of the company for that period. In preparing these financial slatemenls, the Directors are required to.. select the most suitable accounting policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the company will continue In business. The Directors are responsible for keeping adequate aecounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any lime the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosurg to Auditors So far as the Directors are aware, al there is no relevant audit information of which the charitable company's Auditors are unaware., and bl they have taken all the steps that they ought to have taken as Directors in order lo make themselves aware of any relevant audit information and to establish that the charitable company's Auditors are aware of that information. Appointment of Audltors A resolution to re-appoint the auditors to the Company and lo authorise the Directors lo f1X their remuneration will be proposed al the Diocesan Synod which serves as the Annual General Meeting. Haysmac LLP were appointed as auditors during the year.
The Bristol Diocesan Board of Finance Limited Annual Report of the Directors For the ear ended 31st December 2024 ADMINISTRATIVE DETAILS Directors and Trustees The following served as Directors and Trustees from 1sI January 2024 to the date this report was approved lunless Shown olherwisel.. Presidgnl.. The Rl Rev Dr V F Faull, Bishop of Bristol . Canon R Bacon" Ch8irman.' Vice Chairman.. Vacant until Mr J Sunderland appointed 14th June 2025 Members.. The Ven C P Bryan ' Archdeacon of Malmesbury The Rev Beverely Charles (resigned 31 December 20241 Profèssor D N Clarke" (resigned 31 December 20241 Mr B A Finnamore The Very Rev A Ford, Dean of Bristol" Dr C Jefferis Mrs A Rowe Mrs Julia Childerhouse (appointed 151 January 20251 The Rev D Stephenson (resigned on 31st July 20241 Mr J Sunderland (appointed VI Chairman 14th June 20251 The Rl Rev N M Warwick. Bishop of Swindon The Rev T A Wigley The Rev K E Smith The Ven RA WaTing' Acting Archdeacon of Bristol lunlil 31 August 20241 and Archdeacon of Bristol (from 1st September 20241 The Rev A Beaumont, Associate Archdeacon Ifrom 2nd April 20251 Ms Sally Cordwell (from 16th May 20251 Members ofFinanoe Committee in whole orpart of2024
The Bristol Diocesan Board of Finance Limited Annuol Report of the Directors for the ear ended 31, December 2024 Senior management and advisers Diocesan Se¢Tetsry and Company Secretary Deputy Diocesan Secretary and Director of People & Safeguarding Rear Admiral Richard Leaman CB OBE Mrs Caroline Jowetl-lve (Resigned 8th April 20241 Mrs Geralyn Meehan (Appointed 3td June 20241 Deputy Diocesan Secretary and Director of Property Mrs Lindsey Mccullam MCIOB Msc Dip Surv AIHBC (Appointed Director of Property 6th September 2022, appointed Deputy Diocesan Secretary 15th April 20241 Mr Stephen Sheridan AKC FCA {Appointed 1 January 20241 The Rev Dr Simon Taylor Canon Ms Liz Townend Mr Harrison Leonard (Resigned 25th November 20241 Director of Finance and Technology Director of Mission and Ministry Support Diocesan Director of Education Director of External Relations Registered Office 1500 Parkway North, Stoke Gifft)rd, Bristol, BS34 8YU. Auditors Haysmac LLP 10 Queen Street Place. London, EC4R 1AG. Solicitors stone King LLP Boundary House 91 Charterhouse Street. London EC1 M 6HR National Westminster Bank plc Queen's Road South West RCSC 740 Waterside Drive A2tec West Almondsbury BD99 5BD Bankers Insurers Ecclesiastical Insuran Group Beaufort House, Brunswick Road, Gloucester. GL1 1JZ. CCLA Investment Management Limited Senator House, 85 Queen Victoria Street, London, EC4V 4ET. Investment Advisers Evelyn Partners 4th Floor, Pothall Place. Pothall Lane. Bristol, BS16NA This report, which incorporates the Strategic Report, was approved by the Directors of the Bristol Diocesan Board of Finance Limited on18 Ikj tr 2025 and signed on their behalf by Canon Richard Bacon Chairman
Independent Auditor5, Report to the Members of The Bristol Diocesan Board of Finance Limited Opinion We have audited the financial statements of The Bristol Diocesan Board of Finance Limited I'the oharilable ¢omp8ny°I for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Income and Expenditure Account, Balance Sheet, Cash Flow Slalemenl and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting fr2mework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK an(1 RepubliG of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalements.. give a true and fair view of the slate of the charitable company's affairs as at 31 December 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of DLJr report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLJirements. We believe that the audit evidence we have obtained is sufficient and appropriate to piovide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties Telating to events or conditions that, Individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of at least e1ve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this reporL other information The Iruslees are responsible for the other information. The other information comprises the information included in the Annua1 Report of the DiTeclors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assLJrance conclusion Ihereon. In connection with our audit of the financial ststements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financia5 statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misststemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infoTmation given in the AnnLJal Report of the Directors Iwhich includès the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the Annual Report of the Directors have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the sight of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Annual Report of the Directors (which incorporates the strategic report and the directors, report).
Independent Auditors. Report to the Members of The Bristol Diocesan Board of Finance Limited We have nothing to report in respect of the following mallers in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company", or the charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit Responsibilities of trustees for the financial statements As explained more fully in the Iruslees, responsibilities statement set out on page 16. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal contiol as the trustees determine is necessary to enable the preparation of financial ststemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going COnrn, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the fi'nancial ststements as a whole are flee from material misslatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outSined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charitable company and the environment in which il operates, we identified that the principal risks of nonlompliance with laws and regulations related lo safeguarding vulnerable beneficiaries, health and safety, and employment law (including taxalionl, and we Considered the extent to which non4ompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the PTeparation of the financial statements such as Companies Act 2006, the Charities Act 2011, Church of England Measures and VAT law. We evaluated managemenys incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of contiolsl, and determined that the principal risks were related to the risk of misappropriation of assets and the risks of the misrepresentation of financial inft)rmation, and revenue recognition. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and lax authorities., Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularities", Identifying and testing journals, in particularjournal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions., and Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslaternenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities OCCLJrring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibililies. This descripts.on forms part of our audilorfs report. 20
Independent Auditor5, Report to the Members of The Bristol Diocesan Boayd of Finance Limited Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required to slate lo them in an Auditor's report and for no other purpose. To the lullesl exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members, as a body. for our audit work, for this report, or for the opinions we have formed. steven Harper (Senior Statutory Audilorl For and on behalf of Haysmac LLP, Slatulory Auditor 10 Queen Street Place London EC4R 1AG Dale. 23 September 2025 21
The Brtstol Diocesan Board of Finance Limited Statement of Financial Activities As at 31 December 2024 Unrèstrktsd Restrtt¢d Endowmgnt 2024 UnwslrfBted P•strfrt¢d Endowm¢ni Funds 2023 Not¢ Funds Funds Fund$ TotslFunds Fund Funds TotalFund$ £.000 £.000 £,0 .000 In¢omè3Nd ndowrnpnts from D105 Pash$e cothbubDns Nati31¢hch knsiituionslNCtsI 0tsrdabDrtS 4.97 478 5,D25 5,025 909 667 1N54 1,164 2,D73 787 145 424 355 474 279 Ctab8mileS 319 319 333 333 4T1 321 racU%ilies 433 386 1.204 752 1.390 GainS1(L$1Ongo aSSgts 8.997 TOtsI Inco 7,n8 1,733 7.459 I38 ExpqndNure on Ralsiw 145 85 25 146 11202 1.440 737 13,379 1.066 9.916 11,648 Totsi•xpEndiiure 11.348 n7 N@t In¢omgll•xppndNuTg} befor¢ oth¢rgAlns 13,6121 1737) 12,4571 447 16411 Alb¢a1OfttWQ9S lDrIsh Nelg8ir61(k)s8es}¢n IrnEstrients 424 307 889 4209 5.6¥8 NBt nGom•NexpBndrturel 13.1881 12541 42) 11.S681 1M07 1.749 Tran*re botsvaen fundg 3DI 3n 1S771 204 A¢tsrfa1ialns1(b5spSI {351 1441 Notmov•mBntknfunds 12.g22) 299. (2541 I277) 430 1.953 73,294 Fund6 broughttoywar 19.910 44,274 74,438 21.149 9024 42.321 44.274 74A38 Fundsckrrteo loat 22 16PB 10553 44,020 71.561 19P10 10254 22
The Bristol Dioce5aTr Board of Finance Limited Income and Expenditure as at 31 December 2024 2024 £,000 2023 £,000 Tdal incorfB 9,469 8.997 Toialexpenditure 112,7881 111,0061 OpgTating Surplus for the year Net gans I(10ssesl on Invesiwents 731 1,449 Npt incomè for the year 12,5881 15601 The J70tes on pégès 26 10 f0rn7Part of th$s6 fin8nci&l ststernenls. The income and expenditure account are derived from the Statement of Financial Activities with movements in endowment fvnd excluded to comply with company18w. All income and expenditure is derived frorr continuing activities. 23
The Bristol Diocesan Board of Finance Limited Balance Sheet as at 31 December 2024 t8 2024 £,000 2023 £,000 £,000 £,000 FIXEDASSEtS Tangibk as8ets knvestrÉnts 13-14 15 35,171 36,639 34,118 40.846 71.810 74,964 CUIIIW ASS$ tkntors 16 2,105 1,952 CAsh on dewsit 17 3.681 3,400 Cash al bank and li hand 17 1,267 6,266 6.619 FWTOKS: amounts falling due withln one year 18 13.2051 13.3581 NEf CLIIIW ASS$ 3,061 3.261 TOTAL ASSEfs L&S CiTh LIABILlES 74,871 78,225 CREMTORS.. amounts lalllng due aftsr more than one ygar 19 13,3101 13,78n ASSETS 71,561 74,438 FUNDS EndowrTEntfunds Endow nnt funds reVaatr"On r8serve 13,454 30,566 11,970 32.304 44,020 44,274 Pestricted fun¢Js ReStrted funds revakjation serVe 6.667 3,886 6.691 3,563 10,553 10.254 UnreStrted funds Revaluation reserv8 9,2e4 7.724 14.0 4,950 16,988 19.910 TOTAL FUN 71,561 74A38 Gompany Number 156243 The Cash Flow Staternent and the Notes form part of these financial stslemeDts. The financial statement5 wer8 approved and authorised far issue by the DireGtors of the Bristol Diocesan Board of Finance Limite(l on l& fvpn025 and signed on their behaw by Canon Richard Bacon Chairman 24
The Bristol Diocesan Board of Finance Limited Cash flow stotement for the ear ended 31" December 2024 2024 £,000 14,9881 2D23 £.000 14.4471 £,000 £,000 Net cash inflow I loutnowlfrom operatino a¢tlvtties Cash fbws from Investlng act1¥ DIM¢fetvJs. intèrest8 rentfrom invesltnenis Proceeds from th8 sak of.. TangibÈ fixed assls Fixed asset Investmellis Pwchase ot. Tawible ffixed assetsforthÈ weoflkE DBF Fix8d asselin%Esknents 1,204 1.390 47 6.048 1,8S3 3.764 16281 Net¢ash provlded by I(us tsil Investing acUviti 5525 6,225 Cash flows fvomflnanclng act5 Loans repaid bylhe DBF 19861 Not¢ash provklod by I (used Inlfinanclng •cIve$ 19661 Change In cash and cash equlvaknnts in tho porfod Cash and cash equhfaloDts atl. January 812 3,855 4.667 a¥h and ¢a8b ¢quhfalpnts 8tJl' De¢tmber 4.161 4,667 Re¢onclllatlon of not movernpnts In funds to netcsh flow from oporatlng a¢tNlttes Net movemontlTh funds, belo othtrr galns.forthoy8arended 31. Decemb81 Adlustrnpnts for.. DepreclabonchargÈs Dlwdends, interes13td ThtfrOM itwesknenis Lo$sllProfitl on sale of fixed asset InvestrNnts lkncreaselldeGre¥se indebtors ID8creasell irtr8ase in Greditors lexd. barts) 14.0561 14.4701 28 11.3901 16241 2,024 415 Netrash pro¥Kled by I (used in) operaling a¢UvltlÈs 14.9881 14.4471 Anatysls of cash and cash *qI¥ants Cash in ha No11 deposits (k551Tr 3 montsl 480 3,681 1,267 3.400 4,161 4.667 25
The Bristol Diocesan Board of Finance Limited Notes to the FInonciol Statenients for the ear ended 31" December 2024 BACKGROUND INFORMATION These financial s131etnen18 comprising the Statement of Fin8nGial Activitie5, Income and Expenditure Actounl, Balanc& Sheel. CÈsh Flow Statemènt and the related notes 1 to 33 constitute the indivldu81 financial statements of The Bristol Diocesan Board of Financ& Limited for th8 financial year ended 31 D8cember 2024. The Bristol DI0san Board of FiDancÉ Limited is a private company limited by guarantee, incorporated ID England & Wales. The address of registered office is Dioees8D Office, First Flooi, Hillside House, 1500 Patkway North, Stoke Gifford. Bristol, BS34 8YU, which is also the piincipal place of business. The principal 8Ctivilies of the entity are d8scribed in the legal objÈcts section on pagfr 2 01 the Annual Repart of the Directors. The fifiancial slaternents have been presented ID Pound Sleding Ès this is functional currency of the BDBF and a11 valu&s Ère rounded lo the nearest thousand pounds I£OOOI except when 0th8rwise indicated. STATEMENT OF COMPLIANCE Th8 fin8nci31 slÈtements have been prepared in accordance with FRS 102'The Financial Reporting Slandard applicable the UK and Republic of IrÈland' IFRS 1021. The BristDI Dioces3n Board of Finance Limited meÈls the definition of a publiG benefit entity under FRS 102. GOING CONCERN Th& Directors have reviewed the anticipat8d performance through a Going ConcÈrn Report which takes into account th& available and proi8Cted gvailable reseTVÈS. the latest statement of Financi81 AGlivilies ISOFAI forecasts for th8 fu112025 year, SOFA prDjÈCtion5 for 2026 and Cash Flow projeGtions for a period of at least twelve rnonlhs from the date of approval of the financial s12tements and concluded that there is no mateiial uncertainty regarding the BDBF'S ability lo meet its liabilitie8 as they fall due. and lo continue as 2 going conrTh. On this basis the Ditectors consider il appropriate to prepare the financial slatem8nt5 on a goin9 concern basis. The Directors considerthal the BOBF has sufficient reserve5 to continue as a going concern for a period of at least 12 months from the date on which these financial stalem8nls are approved. 1. ACCOUNTING POLICIES The financial sl8tements have beèn prepared under the historical c05t conv8nlion, with the exceptian of freehold properties held as invesltnenl properties, which are included al theirfairvalue as del&rmined undér the applicable valuation m8lhod as detailed in cliii. and fixed 85sel Inv8StmeDls, which are includ8d attheir market value al the balance she8tdate. Th&financia1 stalem&nts have bÉ8n prepared in accordance with the Stalemenl of R8commended PracliTr for Charities ISORP 2019 Second Edition), the Comp3nles Act 2006 and applicablÈ accounting Standards IFRS1021. al Income All income is Included in the Slatemellt of Financial Aclniities ISOFAI when the BDBF is legally enlilled lo them as income or ¢apital, uttim3te receipt is probable and th& arnount to b8 recogDis&d cafj be quantifY8d wilh rea80nable accuracy. 11 Parish Share Th& principal sourtt of inGom& of the BDBF is Parish Shar8, whiGh 15 r&cognise(l on a cash ieGelv8d in year basis only lincluding chUes1. Thi5 is because it Is classified under donations, in accordanc8 With FRS 102 and Chairty SORP 2019. 111 Rent RÈnt receivable i% recogni5ed as income In th8 period to which it relat8S. iiil Int8Te5t and dividentls Inlèresl and dividends recew3ble recognised as income in the period to which it re12tes. Iv) Grants and donatioD$ Income from grants and dgnations is recognised OD rec8ipI, expt where it relal&s specifi¢ally lo expenditure to be ncurred al a futur8 dale. in which case th& Income is deferred in the balance 5heÈt. vl ParoGhial fees Income due to the BD8F in r8spect of parochial fees is reCogned as income of th8 yeartowhkh they relate. vll Gainslloss on di5ptssal of fixed assets forthe BDBF'S own uso Gains on the disposal of non-inve5tment assets 8re accounted for as other incom8. Losses on disposal of such a85ets ar8 8CCOUTrtéd for 8$ olhÈr8xpendilurÈ. vlll Diocesan Stipends Fund IDSFI Income The Stipends Fund C3Pital account governed by the DioTrsan Stipends, Measure 1953. as amended. and the vse of the incotnè resliicled for clergy stipends. However. the incotne fully expend8d within the year of receipt and legal restrictions. therefore, are satisfied. This income is included in the restricted column on the Statement of FinanGiÈl Actwilies ènd as a transferto the unr&stricled fund. where the related expenditure is shown. 26
The Bristol Diocesan Board of Finance Limited Notes to the Finoncifjl Stotemenls for the ear ended 31" December 2024 bl Expenditure All expenditure 15 accounted for on an 8rual5 basis and has been classified under headings that 3ggr8gale 811 costs lated to that category. Where costs cannot be directly attributed lo particular he3dingg they have been alloGaled lo atlivilies on a basis con51Stenl with the use of the resources. Ll Costs of raislng funds Costs of raising funds are constrained to costs relating lo the tempoi8ry renting out of parsonages and invesltnent management Gosts of glebe and any other investment properti&s. ill Charltable expenditure Ch3rilable expenditur8 IS an31ysed between conlribulioD5 to the Archbishops. Council. expendilvre on resourcing Tn15SlOrt and ministry in the parishes of the di05. expenditure r&laling lo the running of th8 diocesan r8treal Trntrè. and expenditure on 8ducation and Church of England Schools In the dioGÈs8. lill Grants payable Grants payable are charged ill the year when the offer Gonveyed lo the reclpient except in those Gases where th8 offer is conditional, such grants being recognised a8 expenditur8 where the ¢ondilions attaching are fu1118d. Iv) Support costs Support cost5 consist of central managernellt. administration and goveTnance costs The amount SP8nl on rBising fun(Is and other activities is consered lo be irnmalerial and all support costs ar8 allocated lo the putpose of charitable activit2S Costs are allocated wherevèr possible dir8Ctly to thè activity to which they relate, but where such direct a11oGation Is not possibl&, the remalnd8r is a11oGated on an approximate staff time basis. vl Penslon contribuuons Cuirent BDBF staff are member5 of a d8fined contribution schem8 and clergy ar8 members of the Church of Eng5and Funded Pensions SGhem8 (see note 301. The pension costs Gharged as resource8 expended represent the BDBF'5 contributions payable in respect of th8 accounting period, ill accordance with FRS102. Deficit funding far the pension 8chemes lo which BDBF participales is accrued 3t currentvalue in creditors distinguished betwe8n contributions falling due within one year and after more than one ye8r. The BD8F operates 8 defined benefrt P8nsion schÈme, now closed to new m8mber5. The amounts charged to the SOFA are th8 current seNice costs and gains and losses on 5elllÈmnl and curtÈilments. They are Included as part of otheiexp8nditure the SOFA. Past service costs ar8 recognised Immedi¥tely in the SOFA if the benefils have vested If the benefits have not vested imrnediately, the Gosts are reGognis8d over the pèriod until vesting occurs. The interest cost and the 8xpected retum on assets ar& Shown as È nel amount of olherfinance costs in other 8xpenditu. Actuarial gain5 and losses are tOglSe immediately al the bollom of the SOFA. The defined benefft scheme is fun(led. wrth the assets of the sch@ held separately frotn tho88 ofthe Gompany, in a separaletru81ee-adtninist&red fund. Pension Scheme assets 8re measures al fair value and Iiabililies a measured on an actuari81 basis using the projected unil Method and discounted al 8 rate eouiva1ent to the current rale of return on high quality corporate bond of equiv31entcurrenl and t&mto the scheme liabilili&s. The aGtuarial valuation is obtailled at leasttriennially Is updated al each balance she8t dale. Any Surplus in the scheme is rtot recognised as an a55et. vll Tertninatlon Payrnents TewmiDalion paymen15 forstaff reGognlsed in the period to which the t8minalion relates, rathèr Ihanthe pèriod in whith the benefits are paid. Gl Tangible fixed assets and d8preciatlon 11 Freehold propertie5 FTee*old properties have been valued using the mid-point of the applicab council tax band, adjusl&d to 1. January 1993 by an appropriate index. or costwhere known. Depreciation is not provided on buildings as any provision (annual or Gumulalwel would not be material due lo the very long expected reTnainin9 Useful economiG life in each case. 2nd beGau88 their expected residual value is not tnateria11y less than their Garrying value Th8 BDBF has a policy of regular structural inspection, repair and maintenance, which in the case of residential prop8rties is in accord8Dce with the Rep8ir of Benefic88 Buildings M&asure 1972 and properties are th&fore unlikèly to deteriorate or suffèr from obsol&scence. In addition. disposals of properties generally occur well before the end of their &conomiG IVe$ and disposal procèeds are u5vally not less than their c8rrying value. The Trustees perfom anDual impairment revi8WS Ill acGord8nce with the requirements of FRS102 to ensure that the carrying value is not More than the L0verable aTnount. Redundant churches fvave bean valued at £1,000 eaGh. reffecting th& uncertainty of whether Ih8y will be 501d by the BDBF. ill Properties subject to value linked loans Propertie5 which have beèn bought with the as515tanc8 of valuÈ-linked loans from the Church CoTnmission8rs are valued at Gosl, with the Gorresponding valu& of the related loan at th& balance sh88t date shown willin creditors. 27
The Bristol Diocesan Board of Finance Limited Notes to the Financiol Stotements for the ear ended 31, December 2024 1111 Investment propprttès Glebe land Includillg in Investment Properties has been valued 81 market Vale, using an appropriate value p&r acre under RICS v81uation principles by Hannah Wray MRICS of Savills UK for tle year Ènded 31 December 2023. A desktop revi of matket movements lo 31 December 2024 indicated malerial valuation movement since the last valuation has occurred. The BDBF policy is lo conduct a full Rtd Book valuation of these properties al least every three years. Iv) Parsonage houses The BDBF has followed the requirements of FRS102, in 115 accounting treatment for Th&fice houses Iparsonag851. FRS102 rèquires the accounting treatment to follow the substance of arrangements ralh8r than their strict legÈl form. The BDBF L% forrnally responsible for the m?inlenance and rÈpair of such properties and has som8 jurisdiGtiDn ovei Ih8ir lulure use or potential sale if not required as a benefi house. bul in the meantime legal title and the right lo beneficial occupation is vested in the incijmbenl. The Trustees therefore consider the most suitable accoullting policy is to capilalise such propèrties as exp&nd8ble endowment assets and to carry Ihern al the mKI-point of the applicable council t3x band, adjusted to 1* January 1993 by an appropriate Index, or cost where known. dl Othtrr tangible fixed assets All capital expenditure over £5,000 45 C2pIt8Ied and depreGiated as follows Depreciation 18 provided in order lo write ofE the cost (less any uttiTnate disP05al protreds at prices ruling 8t the titne of the asset's acqui5itionl of other fixed as88ls over Ih8ir currently expected useful eGonomic IDtes at th& following inttial rates-. Fixtures and frttings IT 8quipmenl Office equiprDÈnt All Èxpendrture on properti&s in 2024 has been repairs and rnalnt8nance, therefore £0 was capit8li5ed. 10%-33% per annum 33% p&r annum 33% per annum 5traight-line basi% el Other accouvting policies il Flxed asset Investments Fixed asset inv8Stmen15 are Included in the ba18Dcè sheet al tnarket value and the gain tyr loss taken lo the Stalem8nt of Financial Activities. Listed investments are valued atfairvalue using recognised marketvalue eslimat8s at the y&ar end D8tails of listed investments are provided on Notes 15 and 23. ill Leases The BDBF has &ntered only into operating lease arrangernellts for the use of certain assets, the ntaI for which Is charged in full as expenditure in the yearto which il relates. Vvher8 rent free periods are given a5 part of an opertting ase. the impact of this rent free peiiod is r&flecle(l in the StalemÈnl of Financial Activities over the leas8 term. Fund balances Fund bal8nce5 are split beb¥een unrestrict8d (general 2nd de5ignatedl, re5tricl8d and endowment funds. UnrestrictÈd funds General funds are unreslriGted funds whh are available for use at th8 discrètion of the Oir8Ctors in furth8rance of th8 general objeGlnf88 of the BD8F and which have fiol been designated for other purposes De5igrtated funds comprise unrestricted funds that hav& been sel a8bJe by the Directors for p8rticular purposes. The aim and use of each designatèd fund is set out ill the notes lo IhÈ financial stal8ment5. Long-temi liabilities in respect of defineil benefit pension scheme d8ficrts are shown, where required. in a specific undesignated pension re5eNe fund. This is a deviation from the recommendations of the Diocesan Annual Report and Financial Slatetnents Guide Isih Editionl- il Restricted funds Restric18d funds ar8 funds whlch have been raised by the BDBF for particular purposes. The aim ènd u8e of e)ch restricted fund is s8t out in th8 notes to th8 financial statements iiil Endowment funds Permanent endowment funds are a particular type of restricted fund which must be held permanently and the Gaprtal of the fund rnaintairt8d. Expendable en(lowmenl funds are similarto permaDentendowments except Ihalthere is power of discretion to convert eDdow8d fund5 Into income to be expended. 28
The Bristol Diocesan Board of Finance Limited Notes to the FiDancic71 Statements for the ear ended 31" December 2024 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCFRTAINTY The preparation of the financial sl8tetnents requires management to m3ke judg8menls, eslimales and 8Èsumplions th8t 8ffeci the amounls reported for assets and liabilities as 8t the ba18nce 5heetdale and the amounts r&ported for irtcome and expenditure during Ihe year However. the nature Df estimation means that actual outcomes could differ from thosé eslim31es The following udgèmenls18part frorn Ihoae involving estimalesl have ha(1 the most significant effect on amounts recognised in the Iin3ncial 51atemenls. Depreclation of fr8eholrl properties The BDBF does not depreciat8 its freehold propertl&S 2S it judges any depreciation charge to be immaterial on the basis of thè long lif& of the ass8t and high re5idval value on the basis of the BDBF policy of regular mainlen3nTr. The BDBF carries out periadic impairment review5 to &nsure that properties ar8 not being carried at values exTreding Iheirfair value. Revaluatlon of inVestmel propertie5 The entity carries ils investment property at fair value, wkh changes in fair value being recognlsed in the Statement of Financia1 Activities. The entity engaged Independent valu3lion specialis15 to deterrnin& fair valuè al 31 December 2023 and has Considered market movements since this dale. The valuer used a valuation technique based on 8 value per acre of agricultur31 lalld and the market value foi residential properties. The deltrmined fair value of the invesltnent property is most sensitiv8 to IhB eslimaled vale pÈr acre of the particular land asset in qu8slion. Sèe Pension and other post-employment beneflts The Gost of defined benefit pension plans Ènd other pension related provision ar8 determined using aGtJarial valuati0fi8. The actuarial valuation involves rnaking assurnptions about dLscounl rates, future salary 1ncrea5es, mortality rates and futur& p8nsio increases. Oue lo the complexity of the valu8tion. the underlying assumptions and the long-t8rm naturè of these plan8, such estimates are subject lo signrficant uncertaivty. In detertnining the appropriate discount r8le. managemènt considers the interest ral&s of corporate bonds with at lea5tAA ratillg, with extrapolated maturitie5 cortesponding to th& expeGlÈd duration of the defined benefit obligation. The rnortalily rale Is based on publicly available mortality tables. Future salary increases and pension increases are based on expected future innation Mtes and for th8 clergy pension schem& assumptions have bEÈn made about the nutnbèr of future cl8rgy in post. Dlscount rat8 Further detaiLs are given in note 30. Small values Value5 whlch are £Nil are shown as- those b81ow £500 ar8 shown as O. 2.MDVEMENT IN FUN FOR THE )AR 2021 £.000 2023 £,ooo Trenetkrts$tQrY?Ir1sstated 8fterchapJiTha'. Aln5' reMration1[jIrOvAT AM0$all0[Depre¢1atiOn C>pefEbng baseCe$- ptsrt&r equipme lereslpayableonknaTtsW1IYlep¢&1e.' willinone y¢ar 81gstpayabkon1oanswholr8payablÈ 9fterrethanWa 43 30 28 129 56 15 10 29
The Bristol Diocesan Board of Finance Limited Notes to the Finuiiciol Stoien?ents for the ear ended 31" December 2024 3. LX)NATION5 Partsh Conlributions Th8 Trwjorily of donatn5 are co1cted from pari4hes of the tiocese through the Pdri%h. Total funds Total funds 2023 2024 £,000 £.000 Contributions in year Extra contrtsutions Receipts for prevv$ y&ars 4,949 10 19 4,978 4.985 33 5.025 National Church Institutions ING151 Total funds 2024 Total funds 2023 £.0 £,000 LIP Archbishops. Councl strateg tkve1opTrEnt Funding Strategic Capacity Funding Strategic Mnistry Fundin9 housing areas 466 205 179 809 450 84 253 293 373 30 337 30 The National SOcty 2,073 1A54 other donation$ Totsl funds 2024 Totsl funds 2023 £.000 £,000 Tenp Ecclesi¥tical tharty Bristol Archdeaconry Charity Other donations 172 S8 173 45 194 424 226 30
The B Yistol Diocesan Board of Finance Limited Notes to tlie Finonciol Stoiement5 for the ear ended 31" December 2024 4. CH4RJTABLEACTIVITIES Totsl funds 2024 Totsl funds 2023 £.000 £,000 Slatulory fees SACREand SNMS SchDols work Iiani5try course5 252 48 13 278 34 14 319 333 5. OTHERACTIVITIES Totsl funds 2024 Total funds 2023 £,000 £,000 Ftopèrty rental other kncoTrE Stsff se¢ondj to other charit$ 266 157 228 29 351 471 6. INV&TMW INCOME Totsl fund8 2024 Total funds 2023 £,000 £.000 thvidends and inter85t recewab pnts receivab 1.176 28 1.204 1,362 28 1,390 7. FUND RAISING COSTS Totsl funds 2024 Total funds 2023 £,000 £,000 rsonage r8nlal costs Giebe agent'5 fpe CnrrYYErcial property Go$ts other costs 102 28 65 15 19 10 146 110
The Bristol Diocesan Board of Finance Limited Notes to tlpe Finonciol Siatements for the ear ended 31" December 2024 8. CH4FiJTABLEACTIVITIES Total lunds 2024 Total fund5 2023 £,000 £,000 ContributlODS to Archbishop$' Council Training for mInlrY National Church ResponslI118 FboliDo of ordinands ffwintenan 225 251 48 225 251 26 524 502 Re8OUTcing Ministry and Mission Parish Mnistry Stipends, Nland pen8ions busing cost8 Curate stipends. Nl and peTr5nS ssion Area & R88ourcing churches straI1C Transforrrvtion Oiher parwhigl costs RerrK)val. res8tt1errpnl and grants Chaplaincy Ecu35 support tkan8fy Support for pari8h nYni5try Chur¢h Buildiws Racwl Justi¢e Other soUrC1g trink%try costs 3A5 2,092 1,010 15 1,929 168 224 151 2,945 2,026 857 346 889 224 292 125 38 3,194 26 37 94 40 2.724 84 12,436 10,660 E<penditure on Education Supportfoi church schoo Grants 374 424 1201 374 404 aosed churches Other ¢ost8 FnSIOn schertE adjustnts.. contributn8 paid IBtEF Staff RBSI terest cost IBtBF Staff RBSI Bkshop'5 Urban Fund 38 37 15 1851 25 26 other EKP8nditure 45 1281 13,379 11.538 32
The Bristol Diocesan Board of Finance Limited Note5 to the Finoncial Stolements for the ear ended 31" December 2024 .AIIALYSIS OF EXPFNDITURE INCLUDINGALLOCATION OFSUPPORTCOSTS. Grant Undprtakon Funding of DI£1 E.QOO Activith$ Undprtak¢n FundiThy DI Dirg A¢ti¥ib&s tJJQD Support Tot*lC¢$ts Costs 2024 LODD {ODD support TtstsicosL% CDsL% 2023 £,ooo £,0 t,ooo £DOO FwLdraisitwJcosts 146 14$ clSp5'CUfftil MIrisiry8ThJllissio Edaon 524 224 524 I2£ 374 45 BQ2 9.018 374 45 3.194 292 2.732 424 4D4 IZ81 9,583 748 V4 2.732 11fi48 D10 wgradlry Of1COmpanI5¢QIaLsdUriffj 2024 rethrt thawesinalbcabonknvpprforhwr.pleaserththatÈpOrsa[Jthts$l0W adiffeprtaknatoni0Se [l01YreP0rt8d,bllia TrLQte m88rlrylLlcomryaSOrL 10. ANALYSIS OF SUPPORT COSTS Total funds Total funds 2024 2023 £,000 £,000 Diocesan Office functions Support for parish rninistry Finance and Inforw81ion SenriTrs Adwsory setbices S8Yeguarding Communications 691 710 932 86 204 142 612 481 885 110 176 141 E11 HR function Parish and External Relatior Registrai and Chancellor Archdeacon's Office DAC Govemance arK1 synodic81 costs Olher professional sen1$ 142 149 75 35 117 71 62 34 17 18 24 3,194 2.733 Due lo the wgrading of Ihe Companls chart of accounts during 2024 and the resuttant changes in allocation for the prioryear, please note that the piioryear numbers show a different allocationto those preioUS pOrted, but give a more mean1rfUL Compa80n. 33
The Bristol Diocesan Board of Finance Limited Notes to the Financial Stotements for the ear ended 31" December 2024 11. ANALYSIS OF GRANTS MADE 2024 2023 Individuals £,000 InstitutSons £,000 Total £.000 Totsl £.000 For national church responsibilitie5-. TiainirKJ for Ministy National Church ResporBibilities Pooling of ordinarKls mainterBnce 225 251 48 225 251 48 225 251 26 For purposes within parish ministry: PCCS for lay appointments Clergy (new appointments) Removal Grants - postcuracy Cbefgy Iresettlementl Curates lon ordinalionl Curates Iresethementi Ordinands Ilamily maintenance) Clergy support Iclergy Society) 40 40 14 34 20 24 20 16 56 37 24 51 35 40 12 64 55 14 34 20 24 20 16 56 For educational purposes: EdLallOal Found3ts"ons grant5 10 schc*ols 120) 112 636 748 800 2023 Individuals and Institution5 161 639 800 Due to the upgrading of the Companls chart of accounts duiitKJ 2024 and the resultart changes in albcation for tre prioryear, please rK)lè that the prioryear wmbers strK)W a different allocation to Ih05e preloUSty reported. bLrt give a more meaningful cornpaNson. 34
The Bristol Diocesan Board of Finance Limited Notes to the Finonciol Statements for the ear ended 31" December 2024 12.STAFF COSTS 2024 £,000 2023 £,000 Employee Costs dwng the yearwere as follows.. Wages salaries Nab"onal Insui8nce contribution5 2,438 234 2,100 202 Pension costs 317 154 2,989 2,456 2024 2023 The average nllber of persons employ8d bytke group during the year. 86 67 2024 2023 The average wmber of persons etnployed byts group duriru the year based on lull-time equivalents.. 70 55 35
The Bristol Diocesan Board of Finance Limited Notes to tlie Finonciol Statements for the ear ended 31" December 2024 12 STAFF COSTS CONTINUED 2024 2023 The nutnberof staff whose ernlumen15 lindudiNJ beFEfits InkiThJ bLrtexclLtdiw Pen5iOD contributior) amount8d to more than £60.OOOwer8 as follows £80,001- £90,000 £70,001- £80,000 £60,001- £70,000 Pension PayTnenis of£33,489 w8re made foTlhès8 employÈe812023.. £19.3061. RÈmun8ration ol key managemènt PeTsonnÈl KeymanagenEnl petsonnel are deèmed lo be those having authority and responsibility, delegated to them bythè TrLL8tees. for planning. directiw ar Gontrollirvj ItrE aGlilIsS of the Diocese. TrEy ar8 8hown on pag& 17 Remuneration, pensiolls and expenses for Ise empkjyees Oted to 2024 £566,39812023." £578,796). Empkjyers, Natior1 knsurdnTr in addilionto th8S8 Costs arnuurtsd to £61,178. Dlrectors, emoluments Nor of IIE DirÈctors have tl¥ed any emolLTrEnts from the QBF In r8spect of sÈNces perfotm8d as a Diredorl2024.. Nonè). Th& fOlwIllg giv85 delaik of the DireGttsts whj were in receiptof a stlpand arKI l orhousiry prowded bythe DBF duriNJ the year. S)pend& pension Ye$ Houslng The Ven C P BtsFn The RT Rev N MWarwiGk The R8vT A Wigley The Rev K E Smith The Rev D J Sleph8rBon Iresign8d 31stJuty20241 The Rev RA lfrom 1st Decembèr 20231 Th& Very Rev A Ford R&vA Beautnontlfrom 2rKI April 20251 Yes Yes Yes Yes Yes Yes No Ye5 Yes Yes Yes Yes Yes DBF is respor6lb18 forfwdirw the Churth Comrnissionets the stipends of11NCe 5tlp8nd1aryGr0y in the DioTrse, otherlhanthe bishop5 3rd Caldra1 Staff. The DBF is aL%o reSpo[Ibl& for PfDwsion of hol1[) for stipeTKliaryrgY in the Diocese, indkKlirLg the suffragan bismp, butexGluding the dio(Ès2n bishop cAlhedral Staff. From linE lo limè some oflhe dir8Ctors maybe reLgled to d8ryyor1aystaff wothiru Int Diocese arKJ in receipt of a slip8ThJ and housing orsalary. Travelliru and otherout of pocketexpenses totalliw £8.74112023- £9.502lwere paid to 412023- 51 of the Directors during the ar, in respeCtofG&neralSd dubes, duties as Archdeacon orAa Dean, arKI othèr diocesa dLrties. Professional indemnity Insuran has beentaken Quito proteGllhe Trustee5. This Is included in an irsurance policyc0rillg thè Diocesan Offi(* and staff, Diocesan Swod and the DBF'S boards and committee5. atan overall cost of£15,941 12023- £15,690). 36
The Bristol Droeesan Board of Finance Limited Notes to the Financiol Statements for the ear ended 31. December 2024 12 STAFF COSTS COMtINUED Clergy costs The DBF paKI an average of 2024.. 117 Fre FadcOUnt 118112023. 112 FtE Hèadcount 11018tipendiary crgY as office-holders holding parochigl or dio¢es8n appoinlffenls in the diocese, and th& costs were as follows.. 2024 £,000 2023 £,000 Stpend$ National1nsuianGe conlrbi U1$ ApprenteShip Levy Pen5K>n costs- current year 3,826 344 17 3,126 260 14 796 797 4.983 4.197 The 8tip8nds of the Th'ocesan Bishop and Suffragan 8hopS ale funded by the Church ConYDEsion8rs and are in the ian9e £42.35012023 rang8 £39,953- £48.9721 The annual rate of stipend. funded by the DBF. payabl8 to Archdèacons in 2Q24 was in the range £39,058- £41,79212023 range £39,058- £40,5651 and other DBF funded ckrgy who were Trustee5 wer8 paKI stip&nds in the range of £27,350- 9,637(2023 lange £27,350- £29.6371. Th8 estur01 value ID the occupant. of church provKled housing in 2024 wa8 £12,57312023- £11,750). 13. TANGIBLE FIXED ASSETS- LAND AND BUILDINGS 2024 £,000 2023 £,000 Cost As at 1° January Additions Less disposa 34,107 1,146 1821 33,969 675 15371 As at 31stDeomber 35,171 34.107 AM oflE propetties inthe b3nCe set arefr88h)kl. Somè properties have been prchased with th8 help of a value lie loanfrorn th8 Church ComissioneT5.' wh8ndisposed of, Ihe appropriate share oflhe npl Sa proceeds will be retnittèd to I Commi$5ionets. and related loan liabilitylherebyextinguished Th8 ¥ae of Such properties included abov8 amounts lo £460.57512023- £460.5751. Ofthe total laNI bu1119$ at31. D8cember2024, £17,820.995 is valued Èt cosl12023- £17.820,9951 a[ th8 remainderat valuation In accordarte with Note 11 cl il above Properties are $ubFctto a five-year cycle of surveyand GonseqLEnl repaits are charged lo the income and ewenditure acGOWrt. The Dite¢lors considertrAt depreuation of thè buiklings elÉmentof ItrEse prOPee$ is therefore ntrtappropriale. 37
The Bristol Dtoce5an Board of Finante Limited Note5 to the Finoncial Stlltements for the ear ended 31" December 2024 14. TAlBLEFlxEDAsSS- OFFICEEQUIPMwr 2024 £,000 2023 £,000 Cost a5 at 181 January Additions in the year Le55 dPOs81S 242 242 G)st a8 at 31st tkceTr*er 242 242 Frovision for depreciation as 311stJanuary tkpreci81ion chargÈs in year Less disP0$2L% 232 10 204 28 FrOvisn for depreCkqln as at 31st tc8r 242 232 N8t bookvalue a8 8131st eber 10 38
The Bristol Diocesan Board of Finance Limited Notes to tlie Finonciol Stotements for the ear ended 31" December 2024 15. X) ASSEf INVESTMWS 2024 £,000 2023 É.000 Valuation Listeil Investments Al 1st January 3B,068 35,526 Add¢Lions in the year 588 146 'sposals in th8 year Unrealised inv8strrEnl Ib$88sI I gains 16,0841 1,229 16591 3.055 At 31st LkGert)&r 33,821 38,ffi8 Investment Prop8rtie$ At 1st January AdditnS in the y8ar 2,778 ti5PO8a& in the year Unrea115ed investEnt gains I Ilosse81 12,3981 511 Al 31st tÈGeffb8r 2.818 2.778 Total Fixed Asset Investments 36,639 40.846 Investment Properties comprise: 2024 2023 £.000 £,000 be AgrUllural Land )n-agriuhuial Land F¥op&ity (Xher Fyoperty 2,781 37 2.741 37 2.818 2.778 The hislorial cost of the rrHiority of inve5trTEnt propeilES is not known. bul r0[$ are hekj of totsl aththn5 01 £7.000 of w hich £40,000 wer8 added in 2024 I£NiU- 20231 39
The Bristol Droce52n Board of Finance LimÉted Note5 to the Finonciol Stotements for the ear ended 31" December 2024 16. DEBTORS 2024 £,000 1.263 198 511 2023 £,000 517 170 946 183 Due wthin orE year Tiade debtors Piepaytnpnts Other debtors Parish L08ns Due after one ye8r. Pansh Loans Total debtors 124 2.105 135 1,952 17.CASH AT BANK AND ON DEPOSIT 2024 £,000 2023 £,000 Cash on h8thd and atbank Central Board of FinarLe Dep051t Fur$ Futxls held by investment marogets Diocesan Pastoral Account held by the Church CornmissiorÈrs Deposit Funds held for Parish- see Notes 10 and 23 Education81 Fowdations depositand cash Bristol Diocesan Clergy Charities deposit and rash Fresh Expres8ions deposit and cash 351 407 80 344 40 1.819 1,316 163 20 1,819 1,931 142 20 Total cash atbank and on deposlt 4,161 4,667 18.CREDITORS-. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £,000 2023 £,000 Tmde creditors Taxation and 50ual security Bank loans Realised capital owed to Parish othere110r$ Edw81ion Foundation Pension scheme liabilities Clergy pension scheme 794 57 208 56 814 1,819 460 1,819 469 43 23 Total credrtots falling due withln one year 3,205 3,358 19. CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR 2024 £.000 2023 £,000 other creditors Educats"on Foundation Loan repayments afterorE year Diocesan Loan SckEme loar Value linked loans 46 2,998 3,248 145 348 266 Total credltors falling due after one yèar 3,310 3,787
The Bristol Diocesan Board of Finance Limited Nores to the Financial Statement5 for the ear ended Jl" December 2024 The Churth Commissioners, value linked loans for Gapilal expenditure on clergy housing in paroBhial or diocesan ownership are of an equily nature The appropriate Èouity share Is repayable on the s81e of the property concerned or when It ceases to be occupied by a rllernber of the clergy or licensed lay woiker, and Interest is Chargèd by Ihe Commissioners at per annum on the arnount loaned initially, Ihe rale rising annually by the increase in the Retail Pricès Index. All value linked loans are currently (lue for r8payment after 5 years. Funds held on behawof Schoo.. The Diotesan Board of EdCatIOn ID8EI Is a cotntnitt8e of the BDBF who receive contributions from DfE on b8hall of voluntary- aide(l Ghurch schoo15 Within the Diocese in connection with tnajor repair and tapilal projects lo church schools and also goveFnment grant5 in cortn8clion with the same Th& DBE ad[ninlr8 Ihese rnoni&s as managing agent and m8kes appropriate paynEnts lo contr8Ctors forwork carried out. The moni8s do nol belong lo the BDBF and as SUGh the receipts and payments are not treated as income and 8xpenditurÈ in the Stslemenl of Financial Activitie5. Any monies held al the balance sheet date are Irealed as cr8dilors on the balan* sheet. The amount included in Cred10rS as at 318t December 2024 w85 £2.997,99512023.' £3,248,323). This decreas& of £250.328 in 2024 is caused by the release of SCA funding, whiGh didn't occur in 2023. 20ANALYSIS OF CHANGES IN FUNDS At 1st Cash flow5 January 2024 £,000 other non- cash changes £,000 At31st December 2024 £.000 £,000 Cash and cash 8quivalents Cash on dep08il Cashatbank and in hand 3,400 1.267 281 17871 3.681 480 4,667 15061 4.161 Borrowings Debt due within OTE year Debtdue after orÈ year 18141 14931 814 227 12661 11,307 1.041 12661 Total 3,360 53S 41
The Bristol Diocesan Board of Finance Limited Notes to the Financial StutÈments for the ear ended 31, December 2024 21. ALySIs OF TRANSFE BEfwEEN FUND5 Unrestricted Re5trlcted Endowment Fund8 FndS Funds £,000 £,ooo £,000 Corr8Ct Staff funded fromTCTto 8enefact 2022 13 Correct Staff funded lo Ben8facl 2022 fromTCT and Tran8f8r BenefaGt 2023 from Benefa¢l 2022 11251 Tran8f8r B8nefa¢t 2023 to Penefa¢t 2023 113 General Fund thriections 316 Transfer to fioc8san Sliperds Fund Incor 1751 Transfer 81ffito Pdrsonage Mapr Works 11501 Transfer 8ristol Archdeaconry 2023 to C£neral R&serves 1451 CorrectTudor CKJltage fund Realbcation of fund balance lo SDF 1321 301 13011 Please note thatthey above anal1$ is pre3enled onlyto clarifywhere spend which would othetwise byallocated to General Funds has been re-allocated to Restrcted or Endowrnent Funds in line with the spending permissions granted on thos8 Funds. 42
The Bristol Diocesan Board of Finance Limited Note5 to tlie Finoncial Statements for the ear ended 31" December 2024 22. SUMNL4RYOFFUND MOVEMENT8 Balance at I. January t,000 5ncom EXpÈndrtU Galn$ Transfers Balance at31. Lts98es De¢omber £,000 £,000 EMOO £.00 £,000 ENDOWMENT FUNDS Diocesan sIpEt¥FUr Cèwtal Fats92 Builliro Fund Clergy Pgnsiotk%TnJsl DIocp5anMi53lonTntsl DiucesBn Elation CornFt¥tteÈ Tn1 Dlo¢è$anOffi¢8se[oMèTht ParsorkRoeS Fw SclrtL4 Mainl8[¥ F¢0p11 yoUryhwb8 IEg2ty Gunnrlegacy Sir Frarr4s CwlinTrugt Bristol Diocese Clergy HolidayTnBt 2024 16,B6B 23,050 26 303 (7371 2B2 16.413 23.1S2 27 310 21 353 315 4£3 272 159 2,093 443 44.Q20 345 308 453 io 155 2.D46 433 47 37 483 2Q23 42,321 2.460 204 44.274 RESTRICTED FUNDS DiocEsansbperfs Fund Iwme 34 MeTrdian Hal Resefye Urban REser4e EdlOnal Fowthtions Capltal Edor1 FoUrtionS 6S SS 35 189 7,B50 3,616 847 993 3.315 179 50 (671 CroyS0¢1eCaPits1 Fundg clgyEDietyAC¢umLal8Q ClEY StscietyHolidayTru8tknn Uoanda Ug8nda IDeare Stmichael onkn Mountwtho Fresh E¥reSS Par6otk4oe Maprlltyks Release Fu 8islpp Mot5 Horfield Trust Fw DaventyRoad Fwd CrealiwArts GlobalP8YtrEf8Np lup3[&Tp3 Tr8nslomNw Ctuch SlratsglcDevÈbpmentFwdiw ISDFI Ra¢idl Jusiice Fur(I New HousityAreaS Fu. CMtthConMx$Grant Ghurch Bukllrgs SWportcer Fu Benefac1Tt?o22 88n8factTmst2023 Fu BenÈf8cITrLts12024 Fur NeWToWnhwwnPrO18¢t{NyIw23I strategicmlni$lryFurkry INewln20231 5-7 Meridian RèsÈr NalioTr41 SottiÈty.FknunEh Fu BristolArcMgawnryClÈrfty Stmattlias TnEt Resource $tealFotrrtiUn{RMFI Ordination Fund 2024 947 225 127 46 35 17 144 35 20 37 20 79 (9) 2,614 189 42 26 2,640 189 41 853 179 37 3D 28 1752} (321 1371 {301 216 (911 108 71 63 63 58 54 13 1,733 307 301 1Q,553 3023 9,824 91 580 577 10,254 uNRESTRTED FUNDS Viotl Lega pasra1 R8se Diocesènl)ffice Renial F-capItal Diocesan 0ffi¢g Rettsl F- Mi&sion Fu Clolh Fu TorCotI Transloimiro chWchTogetsrC knov4tsonFLd GTra1 Règer 2024 1,090 S,B82 5.350 104 104 24 24 37 335 I,OB4 6,941 5.685 123 65 Eo 138) 13 (391 poi 11.C2) (61 I104) 7.955 19.910 7,538 318 301 5.73 1E,988 11,348 3U9 2023 21,149 7.459 646 373 Total 2024 9,489 13.525 71.561 Totsl 2023 13,457 5.614 74,438 pk&s& a Wallbalae leg.TC.n trme mrsp8t@s IedfrOMGeng[aq Fur1 43
The Bristol Diocesan Board of Finance Limited Notes to the Financiol Stotement5 for the ear ended 31" December 2024 23. S1th4MARY (ASSErS FiTrL) tcurrqnl L<)ng term xAd assEt5 £,000 InvBstm&nts sl £,Doo £,ODD ooo £ODD dNmnlFunds 26,363 44,020 RestrEd Funds 9.651 3,772 10,553 Total Restrlctèd Funds 26.492 27,882 12.9991 fj4,673 tksignated Fu$ 5,132 7,522 11.4201 11,2J4 Lknd8sunated Funds 3.547 1.235 1,2B3 5.754 Total uDr•strlGtod FUd5 B.679 A757 16.988 Total Fund 35,171 38.639 3.061 2023 40.64fj 3265 74h38 24. DESCRIPTION OF FUNDS ENDOWMENT FUNDS Dloce5an Stlpends Fund Capltal This fund represents the valuÈ ofglebe property and inveslwents at the balancè she8t dale. The account is govemed by the Diocesan Stipends Fund8 Measure 1953 as amended by the Endowments and Glebe Measure 1976. the National Institutions M8a8ure 1998. and the MiscellanEOUS Provisions Measure 1992.11 rÈpresents the accumu18ted 581e proc86ds of glebe prop8ty, sale proce8ds of paTSonage houses and surplus benefice endowrnenls following p3Storal reorgani53tion. The m8in function of the fund is to produce inGom&forstipends, but il may also bè us&d for otherpurposes including.. at4uiring glebe property, developing and protecting gl&be amenilies. d18charging loans and levies on glebe, improving parsonage houses and discharging Èny loans made by th8 Churcl Commissioners underth8 Endowments and Glebe Measur8 1976. The funds may be inves18d in any iDvÈslmenls fund or deposit fund Gonsliluted under Ihe Church Fufjd5 Investment Measure 1958 or in any inv&stmenls in which the Iruslees may invest under th& general pow&r of inv8Stmenl in section 3 of the Trustee Act 2000 Parsona Bulldlng Fund Parsonage building funds represent resourt8s restricted lo provision of bell8fice houses In the Diocese They are represented by the benefice houses or by sale proceeds of former benefiTr house8 held on suspense by the Church Comrnissionets. Although benÈfic8 houses ale vest8d ill inGumbents for the lime b81ng of the benefices conTrrned. the BDBF is obliged lo maintain them, to ensure that there are SLrffici8nl houses forth8 pastoral structure of the Diocese, and r8cewes the sale proed5 of benefice houses surplus to requirements into it5 pastoral resetve. Other perrnanent ?ndowments Fund Clergy Pensions Trust Diocesan Mission Trust Diocesan Educ8tion Committ88 Twst Diocesan Offices 8ndowrnent Parson8ges Fund Schools Maintenance Fund caprtal YounghusbÈnd gaCY Gummer legacy Sif FranGi5 Cowlin Trust Bristol Diocèse Clergy HolKlay Trust Income Purpose To defray the cost of clergy pensions Towards soGial r8sponsibilily worft in the DioGe$8 Towards the work of the Board of Education Towards the maintenance of Diocesan Offi$ Tow8rds the tnaintenance of patsonage houses in the Dise Maintenance of CE voluntary aidsd schools in thÈ Dioc&8e Towards the augmentation of stip8nds Towards the augm&nl8tion of slip8nds For the general purposes of the Bristol DI0sn Board of Finance To assistwilh th8 hOlaY e¥perts8s of clergy RESTRICTED FUNDS Meridian Hall Reserve This reseNe r8presenls the properties known collectively a5 M&ridian Hall which are hekl on trust for use as 8 host81 for overseas sludènls. Urban Fund Roserve This resetve was originally crea18d by the rec&ipl of donations for funding projects in urban areas of the DioffsÈ. such as the projec18 originally 5UPPOrted by Ihe Bishop of Bristol's UFban Fund and was augmenied in 1995 by a donation of the residual funds of the Bishop of Bri5tol'5 Urban Fund. The wserve is held as cash on dewsll.
The Bristol Diocesan Board of Finance Limited Notes to the Finoncial Stotements for the ear ended 31" December 2024 Educatlonal Foundatlons Capital Funds Thes&funds resullfrom Ile sale of redundant Church of England voluntary aided school property as directed by a Scheme under section 86111 of the Education Act 1944. and subsequent orders made under section 2 of the Education Act 1973. They may be used for the provision. Improvetnenl or enlargemÈnl of Church of England voluntary aed schools in the Diocese of Bri5101. and in the payment of any expenses incurred In the adminislralion of the variou5 foundations. In 2013, the con81ilulion of these fund5 wa8 amended to widen its 5CUP8 10 inGlude academies and other Church of England schools in the Diocese. EdCatIonal Foundatlons Income Funds These fund5 result from acGumulations of incom8 arising frotn Education81 Foundations capital funds. They may be used for thé same putposes as the Gapital funds abovè. Sthools Maintenanc8 Income Funds These funds result from accurnulations of inGom8 arising frorn the permanent endowmeDI deskJnated for mainlenanGe of Church of England voluntary aided schools ill the Diocese. In Clergy Society Capltal Fund5 These funds fortn the capital of th& 8ristol (Diocan) Clergy Society and the Bri8tol DI0saN Suslentation Trust, both of which funds are part of the Bristol Dioce5all Clergy Charities. They may be used for relieving diocesan dergy and their dependants who are in conditions of need, fvardshlp or dislie55-. and in adv3nGing the edUtIOn ol children of dI0$an clergy. The funds w8re subst3nlially augmented in 2009. by the sale of a house, purchased in 1976 to providè acGommodation for a retired clergyman, and no long8r needed. Clergy Soclety Atcumulated Incom8 Fund5 These funds resutt from accumulatians of income arIng from the Clergy SoGiety capital funds. Th8y may be us8d forlhe same purpose5 a5 the capital funds above. Clergy Socl8ty Holiday Trust AGCLJmulat8d InGome Funds This trust originates in a gift of the la18 Horace Gummer in 1923, and its object ts to assist with the holiday expenses of dergy. wlth preference b8ing given to diocesan clergy., and, if the income cannot b8 applE(185 above, to reliev8 diocesan clergy and their depend8nls who ar& In conditions of need, hardship 0rdist$s. 01 Uganda Fund8 These funds are from a legacy. received in 2015, to be used to provide scholarship funds for theoloyi¢al or ordination training in Uganda for those who are engaged in or preparing for service in the ministry ordained or lay of the Church of Uganda with special consideration bÈlng gDien lo Gandidate5 from th8 Di0SeS of Bukei, Mbale or North Mbal8. fji Uganda IDeaneryl Funds These funds are held on behalf of a numberof deaner8 in the Diocese tQ 5UPPOrt their links wrth the Anglican church in U9aDda. Ikl St Micha81 on the Mount Without These Mnds rem¥in from those dtributed lo the BDBF in 2007. when the DiocÈs8 took re$ponsibility for thÈ church. Fresh Expr8ssion5 The Cros8nel Network Church was e8t8blhed in 2004. It meets in a non-¢hurch 8elling and draws ils mÈmb8rs from a wide area. The finances of this entities are separal&ly maintsined., however. at present they have no fomal status are therefore aggregated into these accounts. Im) Parsonage Major Works Bishop Monk's Horfield Trust IBMHTI transferred 75% of ils 955els to BDBF in 2021. BDBF continue(I the fund treatment Ihat had be&n imposed by BMHT upon transfer, which deletmlned that two thirds of the fund would bÈ allocated to parsonage rÈpair Imajorl works. Release Fund Rekase is a leader8hip development programme that realises th8 Potentlal of lea(lers programme ha5 been made p055ible by the receipt offunding from an anonymous donor r8lease5 thèir energy. The Bishop Monk'5 Horfleld TT115t Fund This fvnd was eslabllsh8d in 2020. following the winding-up of the Bishop Monk's HorfEld Trust. DavEntry Road Fund This fund wa5 established in 2020, following the determination of the proTreds of a prop8Tty held in trust. Creatlv8 Arts Fund This fund was established by a g8nerou5 donation in 2018, with the aim of creating a fund to support and invest in engagemeDtwilh the creative arts by Anglican Churches in the Diocese of Bristol. 45
The Bristol Diocesan Board of Finance Limited Note5 to the Finonciol Stotement5 for the ear ended 31" December 2024 Global Partnership l Uganda Trips Fund This fund represents atllounts collected and disbursed ID relation lo trips by parishes in thè DI0Se lo link8d churches in Uganda, and other rel8te(J activilES. Transforming Church This fund is used lo account for the reslrLted grant income towar(S TCT from SMMIB It is restriGted to use on TCT approveil artivity, as per the TCT SMMIB grant application and subsequent change request8. Strategi¢ Development FndIng This fund represents grallts awarded by the Archbishops. Council, and associated expenditure, in relation the Diocese's str8tegic initiatlV8s of establishing three Mission Areas in Avonside, Yate & Frome5ide and North Wiltshire and Iwo Resourcing Ghurch8s atst Nicholas, Bristol and the Pallern Church in Swindon. Th fund aLso Includes strategic capaGity funding awarded to the BDBF to support IhesÈ strategK initiativ&s. Raclal JustTce Fund This funding is provided by the National Church Instilulion, Racial JusliTr Unit In thfr fomi of a grant. The fund is used to enable us lo deliver the comTnitmenls made by the Uishop of Bristol in respons& to the death of George Floyd, the rise in 5nteresl in BlaGk Liv&s Maller, the toppling of the Colston statue in Bristol and to respond lo th& proposed suit& of actions highlighted in the From Latrtent to Actio New Housing Areas Fund- Church Cornrrtisslons Grant In 2010, the Dioc&sewa5 award8d 8 grant of £500,000 fromthe Church Commissionersto provid& mintry in new housing ar8as throughout the Diocese During the early part of 2020. the88 funds were us8d lo payfora homela SGhool linkworker in Palchway, North Bristol Church Building SLtpport Officer This fund has been generated by grant income from the National Church, Buildings for Mi55ion unil and is used to fund a Church Buildings Support Officer rok who will fill an existing gap In the existing m8asures lo promote the rnaint8nance of Ghurch building5 and help to establish a pr03Glive, not reactive. approach to maintenance. This will not only complemenl what is existing but improve the offer through a onè-to-one approach and with simple and aGhi&vable plans cr8aled by the PCCS with the support of the Church Buildings Repair and hAaintenanGe Support offi[. BenÈfact Trust12022. 2023 and 20241 The BÈnelacl Trust funds 8re established through a recuireDt grant provided by the Benefact Trust. Each years. funding is identrfied in a sÈpÈrale fund. as th8 purpose af Èach grant may be different dep8nding on our application Th6 2022 fund was utilised ta support dergy wellbeing and improved digital engagement. Tre 2023 fund was ulilised to cx)ntinue the work covered by the 2022 grant, in addilion lo an eslablishr£nt of a fundraising database. The 2024 fund is a conlinualion of Ihp above, in addrtion to a Dementia and Menlal H8allh Advisor. Iwl Ixl New Town Innovatlon Funding for the Swindon New Town Innovation project is to aGhiev8 good growth in a traditional Catholic Gontèxt usiThg a rnethodology drawn from evangellcal tradition. The target ctsmmuThities lor Church engagement are= Famllies and young people Young Single people and Coupl livivg in the town Gentre The Goan tommunity stratèglc Ministry Fund ISMFI ThÈ SMF represents grants from Nationa1 Church whKh GQDtribute partially to positions of first responsibility IPFRI and additional curate pos18, usually over a period of s&veral year5. National Society- Flourish Fund Thp Flourish fund is provided by The N8tional Soci&ty for the Promotion of Religious EduGatlon and will be used to 15 Greate new worshipping communit1&8, furthering its vision of becoming young&r and more diverse. The Flourish network will establish p3rtnÈrships between schools or co118ges and their local churthas, aining to engage a large number of children. young peaple, and their families laal Bri5tr)l Archde?conry Charity BDBF applie5 for a grant with Bristol ArchdeaGonry Charity annually. The 2024 sutte55ful grant funding is us8d to fund the roles of Mental Health Advlsor and Parisfr DevelopmentAdvisor. lab) St Matth1as Trust The St Mallhi3s Tntrst fund support the Further Education WOFk carried out by BDBF, speeffa1IY employee 8nd related expendilur&. lacl Resource Mir4iSterlal Formatlon IRMFI Ordlnatlon Th8 RMF Ordination fund 15 granlfunded by National Church and the putposa ofthis fund is10 8UPPOrt ordinands, Iraining, including fuiktime residential and p8rt-tiMe training pathways. 46
The Bristol Diocesan Board of Finance Limited Notes to the Finoncial Stotements for the ear ended 31" December 2024 UNRESTRICTED FUNDS lal Dame Vfolet Wills Legacy Fund This fund resvts from a general legacy to the BDBF by the lal& Dame Violet Wills. The BDBF has designated the fund's futur8 use for children's and youth WOFk, 8nd the incorne arising from the cÈpilal sum is usèd lorthis purpose. The funds are invested princip811y in the CBF livestment Fund. Pastoral ReSee The pasloial res2N8 re5utts from past JGGvmul8tions of general fund income, tr8nsfÈrs and s31e5 of property for the BDBF'S general use which the BDBF has designated as a gen8ral buildlng fund. It InCDrporales the Dioeesan Pastoral AGcouthl which is gDvÈrned by the Mission and Pastoral Measure 2011. Diocesan Office Rental Fund- Capltsl This fund useil lo produce income to p8y the rental of the Diocesan Office in Stoke Gifforf. DioGe5an Office Rental Fund- Income Thi5 is accumulated income from th6 capital investment. The r8nl-free period al the start of the ase has been spread for awounling puwposes oveithe first 10 year5 of the lease. l&) Mission Fund This reserve repre5Ènls allocatiorts receiveil from the Church Commissioners sin* 2002 under the Parish Ministry and Mission scheme. This money is allocated by the BDBF lo Tn15sion initiatives. Growth Fund This res&rve was 8150 set 8$Ie from th8 General Fund 8urplus for 2005 is being used to g1ve graTrt51o parrshes, who ish to undtrrtake new mission inilialives, but do not have sufficlenl funds la do so. Granls ar8 being given over a lirnitÈd period towards the employment GOSts of new positions. which rAn b8 shown lo conlribuleto new mission initiatives within the parish. Im) Transfomilng ChurGh Tog8ther ITCTI As part ofthe TCT SMMIB application, BDBF committed lo designatlng reserves toward the TCT project. BetW88n 2023- 2033, BDBF has commrttad to £4.5tn of funding. Innovation Fund BDBF designated funds to supportthÉ Innovation projectwhh partialty funded by an NCI grant. The deslgnated funds contribute toward the Gosl of the project officer alld Council tax I water rates. lol G8neral Reserve The general reserve Tepresen15 accumulalions from past general fund surplu88s. The rÈs8Nes poliGy for this fund 1$ described in the DiieGtors' Report. 25. CAPITAL COMMITMENTS At 31. December 2024. the BDBF had cLvDtnitm8nts and pol&nlial commitments toialling £4,923k for the purchase of Ckrgy housing. 26. OTHER COMMThMENTS During th8 2022 calendar yearthe Charity agieed to undeTwrft8 the oblallonS of the 8rlslol Diocesan Board of Financ8 Limited Staff Retirement Benefit Scheme as they fall due lo the extent that they exceed the fund8 asse15. Furth8r detsils of the current POs11ion of the pension scheme can be found in note 30. 27. CONTINGENT LIABILITIES At 31° D8cembei 2024, the BDBF had no conbng8nl liabililies12Q23- non81. 28. OPERATING LEASES The fOlwing total amount5 due und8r operating 18as85 are as follows.. 2024 £,000 Land & Buildirtgs 119 148 2024 £,000 oth8r 2023 £,000 Lend & Buildings 2023 £,000 Olher Operating le85es Within one year Within two to fve years After five years 267 The Lgase paymenls expensed during the year were £138.67012023- £128,7651. 29. POST BALANCE SHEET EVENTS Two propertie5 W8re purchasèd In J8nuary and February 2025. 27 Hor88 Lee and App1ehaze. both of whiGh w&re included In th8 total number for note 25 above. 47
The Bristol Diocesan Board of Finance Limited Notes to the Finoncial Statements for the ear ended 31" December 2024 30. PENSIONS Clergy penslon scheme The BOBF participates in the Church of England Funded Pension Scheme for slipendiary cltrrgy. This SGhetne is administered by the Church of England Pensions Board, which holds the assets of the 8cheme separately from those of the BDBF and other Responsible Bodies. E8Gh partlcipaling Re5ponsibl& Body in the sGhem8 pays contributions al a common contribution rale applied to pensionable Stipends. The sGhemÈ is considered lo be a mulli-employer scheme 8s described in Section 28 of FRS 102. 11 is not possible lo allribute the Scheme's asse15 and liabilities lo each specific Responsible Body. and thi8 means contributions are 8CCOUnted for ss if the Scherne were 8 defined contribution scheme. Thè pensions costs Gharyed to the SOFA in the y&ar are contributions payable towar(Is benefits and eKpense5 ac¢ru8d In that year. which were £0 in 202412023.. £01, plus any figur&s arising from contributions in respect of th8 Scheme'5 defi¢lt188e below). The 2021 valuation showed the Scheme to be fully funded and a5 such in 2023. following the valuation results being agreed, the deficit contributions paid wer& £012023.. £01- A valuatioll of the Scheme is G3rrièd out once every thr8e y8ars. The rnosl recent Scheme valuation compted was carried out at as 31 December 2021. The 2021 valuation revealed 8 surplus of £560m. based on as5els af £2,72(kn and a funding target of £2.160m, assessed usin9 the following assumptions-. An average discount rale of 2.7% p.a.; RPI inflation of 3.6% p a. land pension illGreas&s consislenl wrth Ihisl., CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI wth no adjustmentfrom 2030 onwards." Increase in pensionable slipend8 In line wilh CPIH., Mortality In accofdance with 90% of the S3NA tables, with allowan for Improvemen15 in mortality rates from 2013 in line with th8 CM12020 extended model with a long term annual rale of improvement of 1.5Dk, a smoothing param&t8r of 7, an initi21 addition to mortality improvements of 0.5¥o pa an allowance for 2020 data of OOA li.e. w2020= ookni. Following finalisalion of the 31 DeGember 2021 valuation. deficit contributions ceased wbth effeGt from l January 2023, sinc8 the Scheme was fulty funded. Additional inftrnralion 15 dependent on the next relea98 of valuation data from the National Church. Th8 deficit reGovery contributions under th& recovery plan in force al each 31 De(*mb&r ¥vere as follows.. %of ensionab sli nds 7.1fi p8yable frorn January 2021 to December 2022 31 Deomber 2021 31 DecernbÈr2022 310ecember 2023 An intèrim reduction to deficit contribution5 to 3.2% of pen5i0nable stiP8nds wa5 madè with effect frotn April 2022, and mained in place until December 2022. For senior office holders. pensionable stipends are adjusted in the calculations by a Mu1p18, as Set QLrt In th8 Sch&me's ru$ Section 28.11A of FRS 102 requires agreed déficit recovery payments to be recognis8d as a liability. Howev8r, as there are no agreed d8ficit recovery payments from 1 January 2023 onwards. the balantt sheet liability as at 31 Dmber 2022 is nil. Thè movEment in the balanGe sheet liability over 2021 and over 2022 is 881 out in the table b81ow. 2023 2022 Balance Sheet liability at 1 January 209,0 D8ficit contribution paid Int&rest cost Irecounised in SOFA) Remaining change to thè balance sheet liability. (recogned in SOFA) 1120,0001 189,0001 8alance sheet liabilty al 31 Decber Comprls88 change in agreèd d8ficit recovery plan, change in discount rate and infl)tion assumption5 belw8en year-end5. 48
The Bristol Diocesan Board of Finance Limited Note5 to the Financiol Stotemenis for the ear ended 31" December 2024 This liability reprÈs&nls the pr&sent Value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions ar& needed for December 2022 as ther& are no agreed deficit recovery payments going forwafd No price inflation aSsuMptn was needed for December 2021 since pensionable slipÈnds foi the remÈinder of thÈ recovery plan were already known. DeGemb6r 2023 la DeTrmber 2022 nla DeceTnbèr 2021 0.0% pa Discounl Tal& Price ifjflalion nl¥ Increase lo total nSiOnable payroll n18 -1.5% pa The legal structure of the Scheme 18 such that rf another R&8ponsiblè Body fails. BDBF could b8come responsib for paying 8 share of that failed R&8ponsiblÈ Body's pension liabilit18S. Defined Benefit Scheme rislol Diocesan Board of Fin3nce Ithe'Etnployer'l operat8s a defined benefrt tnSIon arrang8menl called the Bristol Diocesan Board of Finance Litnlted St8ff Relirernent Ben&fit SGheme Ithe 'SGheme'l. The SGh8me provides benefits based on final salary and length of setvice on retirement, leaving Senfice or death. The following disclosures exclude any allowance for defi'ned contribution schemÈs operated by the Employer. The Scleme is subjectto the St3tutory Funding Objective under the PensionsAct 2004. A valuation of the Scheme is tarried out at least once every thre8 years to d6termiDe whelherthe Statutory Funding Objectiv8 is met As part ofthe proce55 the Employer musl agree with the TrJstees of the Scheme the contribution8 to be paid to meet thè Statutory Funding Qbj&ctive. The most r¢ cornprÈhensive actuarialvaluation of the Scheme as al 31 MarGh 2023As part ofthis valuation, a new Schedu of Contributions will be agreed with the Employer which could requiie higher or lowèr contribution5 to bè paid than under the &xisting Schedule of Contributions The next valuation of the Scheme is due as at 3151 MarGh 2026. Under the existing Schedule of ConlributlQn5. tha Employer expect5 to pay contributions of £30.000 in the yar to 31 Decembei 2025. Th8re were no plan amèndments, Curtailments or SettMents during the p8riod. Proflle of deflned benefit obligation Th& weighted average duration of the defined benèfrt obligation is around 12 year5. Dlsclosures Figure5 fordisclosure in accounts for period ending 31 December 2022 under FRS102. Resutts are shown in pounds, rounded to the neaffst £1,000. Prlncipal actuarial a5sumption$ Th& principal assumptions used lo r)Iculate the SchÈme'5 Ilabililies inGlud8'. 2024 2023 Di8COUnt rate Inflation assumption IRPII Inflation assumption ICPII P8nsion iDGrea8e IRPI m2x 5% ILPII pension increases) Pension increase (Revaluation ID def8rment ICPIII 4.50% pa 3.30% pa 2.30% pa 3.200h pa 2.20% pa 3.500/0 Pa 3.30% pa Post ieliremenl rnortalty 950h of th& S3PA tables with CMI 2023 projections using a long- term improvement rale of 1.50lo P.2. The 2020 and 2021 w&ighl Parameters are nil and the 2022 and 2023 weight param8ters r8 150 95% of S3PA with CMI 2022 projeGtion and a 10rt9-18rm Iniprov8m&ntof 1.5Y. pa. The 2022 W8ighlparamsl8ris 25% No allDwance has been msde for members to tske tax free cash No allowance has been mad8 for m&mbers to lake lax free cash Ass8ts The SGhem8'8 assets ar8 invested in One Family's Pension AcGumulalion Fund. together with the 5urrend&r value of the one r8mainiDg small wilh-profil defetred annuity policy. The assèts do not include any invastments in shares or property of th& Employer. 49
The Bristol Diocesan Board of Finance Limited Notes to the Finonciol Stotements for the ear ended 31" December 2024 Balance Shè8t at 31st December2024 2024 £,000 2023 £,000 Fair Val of assets Presentwal of funded obligations 512 489 14891 Netdeflned benefit liability at 31st Decemb8r2024 Amounts recogrused Statement of FiwnciaIActivityovert ar 2024 £,000 2023 £,ooo Curreni seThfjts cosls AdmirNstralion cosls 27 25 24 lereslon assets Past sennce cost Settkm&ntC051 Inleresl on effect of assetceiliT 1231 Totsl 26 25 ReTnea$urements overthe year 2024 £,000 2023 £.000 Loss Ilg8inl orysch8me 855ets In 6X*S5 of Int&re5t Experience b55es Ilgain51 on Iiabililie5 Losses Ilgain51 from ch8nge5 ID demographic 8SSLmpbgns L055e5 1 Igainsl from changes lo financial assumptions L0s5esl(gairI fmm charoe ineff8ctof asselceiliry 27 24 1631 1421 50 20 Totsl r6m8asurÈments 35 23 Th8 clwry8 inthe 855Èts period was.. 2024 £.000 2023 £,000 FairvalLE ofassets atitrt b8giMiw ofthe period 515 473 InleteÈton assets Etnploy8rcoDtribthons contributior bystMe participant5 Benefits paid AdTninislralioD Costs Chary& dup10 5etUement5 Return onplan ¥55els ks5 lrterest 23 81 24 85 1271 (241 Falrvalue ofass&ts atthe end of the perlod 512 515 Actual relurll on assets ltskulaled rOue figure51 141 Th8 charye in thè Defined Ben8fitOblig)Iiorts overth8 period vrds.. 2024 £poo 2023 £.000 Defn8d BerEfitObligaliorts atts b8ginTYry oflhe period 448 489 Cutrenl seNce c05t Contribthion8 by scme partiGipant8 Past s8Nce cost Inleresl cosl Benefits paid Change du8 to settlemenis Eyer18rKe Igainl Iloss ondeflnèd befil obllgaliot CharvJe810 dernographic 85SUtnptio CFwtWJ8S to findDrAal a8sumplior 19 1331 24 1631 1421 20 Dèflned BenÈfftObIOtiOns atthe end of the pÈriod 392 44B DofinÈd Contribution Scheme 50
The Bristol Diocesan Board of Finance Limited Notes to the Financial StGtements for the eav ended 31" December 2024 The BDBF op8r8tes g group personal pension plan IGPPPI for all new and existing employees of the Bristol DiSan Boar(l of Finance Ltd. As part of this scheme, the BDBF contraGts lo pay specific contributions lo an individual etnployee's pension fvnd. b85ed on a perceDlagÈ of their salary. The amount the employee will receive in the future as a pension will depend OD the Investment P8rformance of the particular funds assets. The BDBF has no other ongoing liability and the costs of providing the GPPP are charged to staff costs In the financial slatetll8nts as the contributions payable The lolal cost for the p8riod was £156,00012023- £156.0001 and outstanding contributions as al 31° D&cember 2024 amounted to £23,79212023- £23,792). 31. PRIOR YEAR COMPARATWE SOFA Urestrlct8d Fund5 Restricted Funds Endowmenl Funds 11023 £'OOO$ £'OOOs £'0005 £'OOOs Income and endowments from Donaliorhs Parish Share COrribUtiOrL4 Nalional Church hstitubon5 otherdonations Charitable acti118 otheracliwbes hvestrÈnts Gal on sale of a55ets 5.025 787 355 333 321 638 5,025 1.454 474 333 321 1.3 667 119 752 Total Income 7,459 1,538 8.957 Expenditure on Raising funds charitab aCtI711eS 85 9,831 25 1,066 110 11.538 641 Total oxpenditur8 9.916 1.091 641 11,648 Net IncotnÈllexpendiiurel bèfore other galns 12.4571 447 12.6511 Alb(ation of [tproeds lo parish 11,8191 N8tgain5 on IMstMer 889 560 4.209 5,658 Net Income 11.5661 1,007 1,749 1,188 Transfer betwean fvnds 3n 15771 204 AGtuarial gairElllossesl on pensionsch8mes 1441 1441 Netmovement In funds 112391 430 1,953 1.144 Total fuvds as at15tJanuary 2023 42.321 73,294 Totslfunds a5 at 31st Decèmber 2023 19,510 10,254 44,274 74A38
The Bristol Diocesan Board of Finance Limited Notes to the Fiftoncial Statements for the ear ended 31" December 2024 32. RELATED PARTY TRANSACTIONS All Rel8led Party Transactions wÈre al arm5 ngth and none were oulstanding at the year end uniÈs8 disclosed below. Please note Ihal Related Party Iransaclions1isled below exclude money provided by Parish& to the BDBF in th8 fomi of Parish Share which 3re accounled for under Parish Contributions under Note 3 above. The Foundation St Matthia5 Iregistered charity number 3116961 administered by th8 COO and derklAdminislr3tor (who became employees ol the Trust from October and November 2022, respeclivelyl Formedy, all affairs were adrninistered by St M811hias Adminislralor lan etnploy8e of BD8FI- BDBF no longer provides adrnin seNice8 for St Mallhias. In 2023 the BDBF received £42.636 for Ihese setvicÈs. The Bristol Diocesan Board of Educatiofj received grants tolalling £76,500 12023 £61,000). funding the diocesan r&source centreg. providing in-setViC8 training and training resources for teachers Dlocesfr of Bristol Academie5 Trust IDBATI 15 3 ¥eparate legal entity. Ffom OGtober 2020, DBAT ceased tc be administered from the BDBF'S r8gistered office. DBAT was invoiced £5,625 toward rent of School land al Ly(liard Millicent ifj 202412023 £7,500) and £0 toward training [esDurS I conferenc&812023- £2751. Addilion311y, BDBF paid £1,000 to DBAT for trees and curates tourllunGh12023- £118 D8A Foundation Training). The Diocese of Bristol Acadernies Trust is closing in 2025. The 15 CE Schools have already been transferred to three existing mulli academies trus18. While membèrs of the BDBF sit within DBAT and Iruslee boards. the BDBF has not financial liabili1165 10 DBAT. The Dean of BTlStol Cathedral one of the UDBF'S dir&ctors and Bristol Cathedral has MU1P customèr and supplier accounts with BDBF a8 follow5". DeÈn and Chapter of Bristol Cathedral paid BDBF £1.314 toward DBS checks and 113ining12023- £4721- BDBF paid Brislol Cathedral £6,737 contribution towards Racial Ju5tio and All Gods Childr8n work and £90 for rneetiDg rÈfre8hmenls12023- £2,030). Bristol Cathedral Choir School PaKI BDBF £465 for Gonferences 202412023- £2251. Cathedral Schools Trust paid BDBF £0 in 202412023- £100- for training and conferences) and BDBF paid £0 in 202412023- £1.212 for recharge of VWQ costs) Bishop Faull (president of BDBFI. Mandy Ford and Rhard Bacon are also a trustees for Cathedral SGhool$ trust. Nauonal Church of England ICOEI has signifallt influènc8 over BDBF. During 2024 BDBF re1ve significant grants from COE against their Guslomer account forthe followin9'. Strategic Capacity Fund- £1,236,413- used to fufjd TCT aclivrty12023 £467,410) Strategic Development Fund- £139.325- used to fund Mission Areas & Resourcing Churches prqeGt12023'. 3182,7291 Innovation Fund £15.955- used lo fund Innovation projecl12023.. £55,474) CBSO Grant- £25.661 used lo fund the Ghurch Buildings Support Office12023.. £01 Pension recharge- £012023.. £7441 BDBF paid.. SIAMS contribution £5.SOO12023.. £5.5001 AADE confefence attendance £012023". £2401 Swndon CCRC Trust lalso known a5 Patt&M Church) has a 8hared Itusle8 In Katherine Smith. In 2024 Swlndon CCRC Trust paid BDBF £368 for Iraining course5 and DBS check512023.' £2151 and £7.222 for insuranc8 premium BDBF paid £823 for venuÈ hire in 202412023 £484, plu5 £33,920 for an insurance claim) Untverslty of West of England IUWEI employs a chaplain who is paid by BDBF, and the Chair of BDBF IRichard Bacon) also the Chair of Governots for UWE. In 2024, UWE paid BDBF a contribution of £33,381 toward the chaplains stipend thi$ InGluded £10,560 relating to prior years and £4,275 relating lo 202512023 £19,175). DorGan Church, Swindort has a shared trust88 in TrudE Mfig18y. In 2024 BDBF paid Dorcan Church £7.000 for Growth Grant and £70 for Safegu8rding training12023.- £01 St Paul's PCC Chlppenham has a shared truste8 in Julia Child8rhouse. In 2024 St Paul's were invoiced £245 for DBS chesks and p3id £829 for BDBF loan12023.. £144 for DBS cheGks and £2,338 for the BDBF Loalll. BDBF paid St Paul's £0 in 202412023.. £150 Archdeacon visit and £370 for room hirel. Leaf Academy Trust has a shared Ifuslee In EIiz8belh Town8nd. In 2024 Th& LeafAcademy Trust paid the BDBF £120 for conferenc& place12023." £01. BDBF paid The LeafAcadetny £984 for two stdentS to attend the CST annual conference12023'. £0). ChuTGh Commlssioners h28 a shared trustee in the Bishop Faull. 2024 BDBF paid the Church CotNTnissioners £31.585 on interestfor value linked loans12023.. £30,312), £972 for online facility 5yStem12023.. £7791. £0 for conferencès and housing allowanc&12023.. £300. £16,845) PCC Malmsbury with Westport and Brokenbrough has a sh8red Trustee wrth John Sund8rfand. The PCC paid £0 for insurance premiutns In 2024 12023 £5991 The 8DBF p8id forthe following.. Lay appointment granl £6,60012023.. £6.6001 NVVMA Youth SO cost reimbursement £29,41212023." £13,584) Athelstan Pilgrim Way Grant £2,00012023". £01 Refreshm8nls £87 12023. £01 32. RELATED PARTYTRANSACTIONS CONTINUED 52
The Bristol Diocesan Board of Finance Limited Notes to the Finonciol StutÈment5 for the ear ended 31" December 2024 pcc st Mary's Almondsbury has a shared Trustee with Clare Jefteris. ID 2024 the PCC paid £0 for DBS ch&cks12023'. £3BI The Church of England Pension Board ICEPBI has a shared Iruslee in Trudie Wigley. In 2024 BDBF paid the CEPB £1.2m in pÈyment for psnsions12023.. £0.8ml Network Counselllng and Training has a 5har8d tru51ee in Simon Taylor. In 2024 the BDBF paid £012023.. £50 for rootn hirel 33. FUNDS HELD AS CUSTODIAN TRUSTEE By virtu& of the Parochia1 Church ConCIlS (Powers) Measre 1956 and the Incumbents and Churchw8r(lens (Trusts) Measure 1964, and certain Charity Commis5ion&rs' sGh8mes, the BDBF 15 the Diocesan authority over rtaIrt assets h8ld on permanent tfU5ts. where the managing Trustees ar8 parochiÈl churGh counci15 oiolhers. In doing so the BDBF furtheis its chatitable objeGIs to promote and assist the work 2nd purposes of the Church of England in the Diocese of 8ristol. In February 1998. the Charity Commissioner5 ISSU8d a Scheme maklng the BDBF the 5018 Trustee of the charity known as the ri5tol Diocesan Clergy Charities. Th8 accounts of this ¢harity have been aggr8g8ted into these financial statements as they are administ8red bythe BDBF and hekl f0rspecif1cpurp08eswhh arewithin the gÈneral purposes of the BDBF and are not therefore part of th8 Fund5 held as Custodian Trustee below. These a$sets have not been consolidat8d in these fin8nGial statements, sinGe the BDBF does not control them. The numbei of trusts whose assets are held as custodian trustee ar8 too Dum8rous for indivi(lual disclosure. The fiwrrial 85se18 hekl in I8W¥Y(xn be SrISed asfolh)ws Wth a like-for4ike 2023 comparison.. 2024 £'0005 2D23 £'OOOs INestrNenk DepositAGGOUnt Property Fixed hterest Gbbal Equity kncome otr 12,493 337 12.348 311 397 73 1,332 1,083 75 1,365 1,107 15,783 15.544 53