2024-12-31-accounts

DIOCESE OF ST ALBANS Liviii.¥ (yod_f Love Annual Report and Consolidated Financial Statements For the 12-month period ended 31 December 2024 The St Albans Diocesan Board of Finance The principa/object of the Boardis thepromotion of the work of the Church of Englandin the Diocese of StA/bans Joy The 8lm of Llvlng Gods Love Is to see flourfshlng Ghr/st centred communlties Insplrlng people ofallagesandbackgmundsto dlscoverGod. togrowln thelrrel8tionshlp with hln7 and to respond to his transformlng love, through serving others $0 that Gods Kinqdom mayqmwln our world. The St Albans Diocesan Board of Finance, a company limited by guarantee registered in England and Wales No 145227. Registered Charity No 248887 Registered Office., Holywo11 Lodge, 41 Holyw811 Hlll, St Albans ALI IHE Switchboard.. 01727 854532 Web.. cese

Contents Reference and admlnlstratlve Informatlon Report Chalrfs Statetnent Memberfs Report lincorportaing strategic report) Independent auditorfs Report lo the members of the St Albans Board of Finance Year to December 2024 23 Flnanclal Statements Consolidated statement of f inancial activities Year to 31 December 2024 27 Comparative consolidated statement of financlal activlties Year to 31 Oecember 2023 Consolidated balance sheet 31 December 2024 28 29 Comparative consolidated balance sheet 310ecember 2023 Charlty balance sheet 31 December 2024 Comparative charity balance sheet 31 December 2023 Summary Consolidated income and expenditure account Year lo 31 December 2024 Consolidated statement Df cash flows Year to 31 Oecember 2024 30 31 32 33 34 Principal accounting policies 31 December 2024 Notes to the financial statements 31 Oecember 2024 35 42 Annual Report and Consolldated Financial Statements

Reference and administrative information Boord Mambgr8 U to31 D8c8mb$r2024 DrTJ CDulsDn A80f lJanua 2026 Chair OrT d Coulson Vice Chalr Other Metnb8rs A 8rown OBE The Bishop of StAlb8ns The Archdea¢on ol Bedford The Archdeacon of Hertford A Brown OBE The Bishop of The Archdeacon of Bedford The Archdeacon ol Hertlord The Archdeacon of St Albans The Archdeacon of St Albans The Reverend DrG R Cappleman C Bell M E Buicher N K Challis CGBird Dr D W Dallinger The Reverend K David The Reverend C E Bunce M E Butcher d W Butler The RÈvÈrend A L Davls The Reverend T A George The Reverend J L W Hookway The Reverend C R H Kilgour R Lindley TRNOtley E D Roberts N K Challls D C Clark B Crawford Dr D W Oallinger The Reverend K David P E Easierbrook E Sivyer T Snell Dr M Eaton K Ebbage T Flerning CBGage M J Gates L C Spring J Stewait The Reverend A d Thom88 The Reverend J Hookway R Llndley E O Roberts K Smith Or R L V Southern M PTaylor The Reverend A J Thomas Secreta to the Board D J Whlte D J Whlte Rfjglst8Md offl¢e Holywell Lodge st Albans Heitfordshlre ALI IHE Telephone [phone] CompanyTrgl¥tratlon no. 00145227IEngland and Walesl Charfty raglstratlon no. 248887 Th8 governance structure of the charlty Ss more fully dlscussed on pages 1110 12. Annual Report and Consolidated Financial Statements

Audltor Saffery LLP 71 Oueen Victori8 Street London EC4V 48E B¢nkgrs Barc18ys 8ank plc Blenhpirn Gate 22124 Upper Marlborough Road St Albans Herts 8x3 2B8 Dloce88n R•glstrorand Sollcltors Wlnckworth Sherwood LLP Minerva House 5 Montague Close Londo SEI 9BB Legal Advlsors Debpnham5 Oltaway Solicitors Ivy House 107SI Potofs Streei Sl Albans Herts ALI 3EW Invo8tm•nt m#n8g8rB Ilsted Investments CCLA Investffient Management Llmited l Angel Lane London EC4R 3AB Baillie Gifford & Co Callon Square l Greenside Row Edinburqh EH13AN Sarasin & Pèrtners Juxon House IOQ St Paufs Churchyard London EC4M 8BU Annual Report and Consolidated Financi81 Statements

Chair's Statement This is my flrst full year report as Chair. As I get further into my term as Chair, l am ever more aware of the commitment of all involved In parishes, schools and chaplèlncies who have continued to support and deliver ministry Sn 2024, supported by Dlocesan staff. The Diocese exists primarily in local ministries across Hertfordshire, Bedfordshire, Luton and parts of Barnet and is possible because of generous givlng by indivlduals in our parishes. Our world continues to be an uncertain place, and those uncertainties contlnue to be felt at a parish level particularly against a difflcult economlc background. There are also issues specific and common to parishes, which include declining congregations, economic uncertainty over rising prices (particularly in energy costsland general unease over leadership wSthln the national church. The impact of all this can be seen in the fact that the parish share recovery rate was 91.25% against 91.5% in 2023 and 92.5 10 in 2022. The decllne each year Is slow but noticeable yet still reflects the commltment of so many. Our full accounts are inevitably complex because of the range of funds that 8re managed. It is more helpful to focus on our management accounts which show a surplus of £284k. This surplus arises from the reduced contribution rate to clergy pensions and parish vacancies continuSng to run above theSr hlstorSc levol, This surplus represents1.7 / of our total income for the year and needs to be read against the medium-term position. In 2023, we made a surplus of £250k but COVlD19 and lockdown related losses In the three prlor years prlor totallèd £1.2m. The total return investment strategy adopted in 2022 has provided stabillty In, and an increase to, our Investment income which has permitted the DBF to designate other funds for grants to support parishes in missional activity and Net Zero Carbon projects. This, along with a strong balance sheet means that we have been able to shield parish share increases from the worst effects of general inflatlon. Havlng sald that, we need to Continue to monltor the underlying trends in church attendance and parish share capacity and take appropriate action as necessary. We acknowledge with thanks the support of our major external funders Including the Church Commissioners who are providing fundin<J to build capacity to develop a major programme of local activity to support the objective of Growing Younger and More Diverse. I would Ilke to take thls opportunity to thank on your behalf our Diocesan staff at Holywell Lodge and elsewhere for their vital contribution to the Ilfe of the Dlocese, with a consistent focus on supportlng operatSons in our parishes. Dr Tim Coulson Chair of the Board of Trustees Date.. 19 May 2025 Annual Report and Consolidated Financial Statements

Member's Report Introduction The members, as trustees for the purposes of charity legislation, submit their report together with the consolidated financial slalemenls of the Sl Albans Diocesan Board of Finance (the -Board' or the"D8V or the"Charil￿) for the year ended 31 December 2024. The report h8s been prepared in accordance with the requirements of the Charities Act 2011 and constitutes a directors, report Including strategic report for the purposes of company legislation. The financial statements have been prepared in accordance with the accounting policies set out on pages 35 to 40 of the attached flnancial statements and comply with applicable laws and Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives, Activities and Policies The principal object of the Board, as set out in its Memorandum and Articles, is the promotion of the work of the Church of England in the Diocese of St Albans. The members of the Board are aware of the Charity Commlsslons guidance on public benef it and have had req8rd to It Sn their management of the Board. The Board believes that, by promotlng the work of the Church of England in the Oiocese of St Albans, it helps to promote the whole mission of the Church (pastoral, evangelistic, social and ecumenlcall more effectively, both in the Oiocese 8$ a whole and in its individual parishes, and that in doing so provides a benèfit lo the publlc by= Provlding resources for public worship, p8Stor£l care and spiritual, moral and intellectual development, both for its members and foranyone who wishes to benefit from what the Church offers.. and Promotlng Christian values and service by members of the Church in and to their communities, to the benefit of indlvidu8ls and soclety as a whole. The Board continues to support engagement with other Christian churches and other faSths throughout the Dlocese. Together with the Bishops Councll the Board seeks to develop comprehensive, sustaln8ble strategies for the use of resources people, finance and properties to provide ministry and mission throughout the DSocese and to continue to provide practlC81 support and tools for parishes, schools and chaplaincies. The Diocesan initiative 'Livlng Gods Love,, was launched in St Albans Abbey in JanLJary 2011. Living God s Love has three themes.. Going Deeper into God, Transforming Communities and Making New Oisciples. Living God's Love is rooted in the parishes, and the effective deployment of Slipendlary Annual Report and Consolldated Financial Statements

Clergy is vltal to that work. The Board aims to support and resource parochial mission and mlnistry through the payment of stipends and the provision of housing and tr81ning. The number of c>rdalned ministers as at 31 December were= 2024 2023 2022 2021 Bishops and Archdeacons Cathedral Clergy Parochial clergy- Incumbent status 190 48 24 274 200 56 26 295 190 54 28 284 204 44 31 290 Curates Non- arochial cler Total Ag at 31 Oecember, there were.. 2024 42 223 2023 47 229 2022 47 235 2021 47 245 Self-supporting tninisters Llcensed re8ders The Diocese continues to.. Follow the natlonal stipend benchmark adjusted for reqional factors In determining the level of stipend for clergy of incumbent status., and Contribute to the Church of England def ined benefit pension scheme for clergy. Funding of stipendiary clergy and the provision of housing accounts for the majority of the Board's expÈnditure (see Not2 6 to the accountsland Is achleved by: lil The ¢ollectlon of contrlbutlons f rom parlshes vla the Parlsh Share Scheme In place slnce1995. The Board seeks to ensure it operates effectively by receiving regular reports on receipts, following up wher8 contributions have not been received and reviewing share factors on a regular basls. It also provides help with meetlng Parish Share commitments by making grants to offset the contribution due. These grants fal5 into two categories.. multi-year Mission Aided Support Grants for parishes identified by senior clergy as needlng partS¢ular support to sust8in missSon and one- year Pastoral Ald Support Grant8 to assist wlth transitory f inancial challenges. lill The management of f Inancl81 Inve8tments undar speclflc powers of Investment Set out In varlous measures and acts. The Board holds investmenls as authorised by the Trustee Act 2000. The investment strategy is set by the Board and takes into account income and capltal (Jrowth requirements, ethical considerations, the risk proflle and the investment managers'vlew of the market prospects in the medium lerm. In 2022, the Board adopted a total return policy wlth the intentlon of securing a consistent return on investments. Distribution is set at a rate of 3.5°/o to achieve this, whllst also seeking capital growth in real terms, over the much longer term. This is to be achieved through a balanced and diversified portfolio of equities, bonds, propertyi alternative assets and cÈsh. The Board follows the guldelines established by the EthScal Investment Advisory Group of the Church of England. In additlon, the Board is committed to Fossil Fuel divestment following a Diocesan Synod resolution in StatistiLE report for St Albans Dioc6s8 as at tho end ol December2024 produced by the Church Cornfftls￿oners. Annual Report and Consolidated Financial Statements

October2022. The Board continues regularly to review its investments. This includes systems for monitoring and reporting on ethical issues, online reporting and close networking with members of the Ethical Investment Advisory Group of the Church of England IEIAGI and the Charities Investment Group ICIGI. The portfolio of listed investments at 31 December 2024 had a market value of £61.Om12023 £59.5ml. POLICIES Grant maklng pollcy The following grants are administered by the Parish Grants Committee- Church Repair Grant City Church Fund Grant Mission Aided Grant Mission Initiative Grant Nel Zero Carbon Project Grant The followlng welfare funds are administered by the Parish Grants Committee: Allder Trust Christine Canti Fund Diocese of St Albans Moral Welfare Fund Patrick Trust R8serv8s poIIcy The Board reviews the level of working capital to ensure that il covers core Costs and there is sutficient cash flow to conduct the activities of the charity on a day-to-day basis. The majority ol the Board's budget is expended on the monthly payment of stipends and salaries. Any èctlon to deal with cash f low problems arising from parish share shortfalls will take tlme to implement. Therefore, the Board hag agreed that the level of free reserves should ideally be not less than eight and not more than sixteen weeks, expenditure. At the end of 2024, the free and realisable unrestricted reserves totalled £5.2 million representing 15.7 weeks of expendilure12023 - £4.7 mllllon representing 14.5 weeks of expendlturel. Costs remain under tlcjht control. However, parish giving remains fragile given the buffeting Df economlc conditions over the last few years, comblned with continuing reductions in church attendance. Last year yielded a surplus on the Common Fund before investment gains and losses and taking into account total return. The underlying concerns over parish giving means the Board will continue lo monitor and manage the ongolng consequences carefully. It is the Board's policy to sel 8slde, In a Property Ring-Fenced Fund, capital receipts from the sale of former parsonage houses that become surplus to needs after pastoral reorganisation. The purpose of this fund is to invest in income generating assets in order to fund improvements to ils remaining housing stock. The value of the Investtnents at the end of the year in the fund amounted lo £6.3 million12023 £6.0 million). Annual Report and Consolldated Financial Statements

Fundralslng Actlvltles The Charities (Social Protèction and Social Investment Actl 2016 requires large charities to include a statement within their financial statements with respect to fundraislng activities. The legislation def ines fundraislnq as"sollciting or otherwise procuring money or other property for charltable purposes. While the Board of Finance does not routinely undertake fundraising from individuals (including any potentially vulnerable groups), it may periodically epply for qrant funding from grant-awarding bodies. The charlty raises funds through Parish Share and on occasions receives other donations and voluntary income. It aims always to achieve best practice in the way in which it communicates with parishes, donors and other supporters. It takes care with both the tone of its communlcatlons and thÈ accuracy of its data to minimise the pressures on parishioners, parochial councils, donors and supporters. It applies best practice to protect their data and never sells data, never swaps data and ensures that communication preferences can be changed at any time. The Board of Flnance undertakes all such actlvStles Internally and does not engage wSth professional fundraisers or third parties. The day-to-day Jllanagement of income generation Is delegated to management who are accountable to the trustees. Owing to the low level of fundraising activity, the Board of Finance are not registered with the Fundralsing Regulator and are not bound by any voluntary scheme for regulatlng fundraSsing. or any voluntary st8ndard of fundraising. The charity did not receive any complalnts In re18tion to fundraising activities during the ye8r ending 31 December 2024. Annual Report and Consolidated Financlal Statements

KEY ACTIVITY INDICATORS As part of the Vision of Living God's Love, statistics published durlng the year in respect of 2024, illustrate some of the work of mission and ministry being undertaken in parishes 2024 873 303 1,176 2023 1,443 307 7.750 2022 1,889 222 2,111 2021 1,468 126 1,594 Infant and Child Baptisms Adult Ba tisms Total Ba tlsms Infant Thanksgivings Child Thanks Total Thanks 13 19 32 26 29 29 38 26 23 49 Ivln Marrièges 81essin Total 506 41 547 563 43 606 763 62 825 711 45 756 Funerals in church Funerals at crematorium Total Funerals 1,618 I,IOD 2,718 1,625 943 2,568 1,843 1,053 2.896 1,754 2,489 4,243 Easter Day Communicants Easter All Age Attendance Christmas Day Communicants Christmas All Age Attendance Usual Sunday Attendance Electoral Roll 21,211 28,437 20,802 69,402 17,331 26,325 21,563 29,233 21,665 73,665 15,228 25,927 21,325 28,048 20,039 66,433 14,815 26,586 12,155 15,965 14,320 35,290 nla 25,034 Statistics report for St Albans Diocese as at the end of Oecember 2024 from Mission Stats, adjusted lo ensure consistency in analysis of parish returns. 10 Annual Report and Consolidated Financial Statements

GOVERNANCE STRUCTURE The Blshop's Councll is a statutory body established under the Synodical Government Measure 1969. It acts 8S the Standing Committee of the Diocesan Synod and carries on the work of the Synod between sesslons. It advises the Diocesan Bishop and has, since its inception in 1970, gradually assumed an important role in the formulatlon of dloces8n policy. The Bishop's Councll has the following Boards and Committees- The Agenda Commlttee plans the business of Synod and prepares the agenda for its sessions, subject to approval by the Bishop's Council. The Dlocesan Envlronment Group was created to provide advice and support on Environment matters, Includlng the cotnmltment to work towards Net Zero Carbon Emissions, and to raise the profile of Environment issues. Since l January 2019 the Bishop's Council assumed the role of Diocesan Mission and Pastoral Committee. The Dlocesan Mlsslon and Pastoral Executlve Commlttee is responsible for carrying out the detailed casework which is then ratlfled by the Bishops Council. The slatutory responsibilities are undertaken by the Bishop's Council. The Dlocesan Board of Flnance has the followlng Commlttees: The Assets Commlttee recommends to the Board of Flnance an overall strategy for the management Df the Board's investment and operational assets consistent with the functional priorities of the Diocese, and the responsibilities of the Board as Charity Trustees to current and future beneficiaries. The Audlt Commlttee provides a formal link between the Board of Finance and the company's external auditor, reviowing the scope and any recommendations arising f rom the external audlt. Thecommon Fund Budgetcommltteeworkswith managementto develop an annual Common Fund budget for approval by the Board of Finance and Oiocesan Synod. In addition, they monitor performance against budget within a financial year and consider the rolling f ive-year forecasts prepared by management. The Globe Commlttee maintains and aims to increase total returns from the diocesan glebe by actlvely managing Ihe glebe pc>rtfollo. The Parlsh Grants Commlttee allocates funding under a number of diocesan grants, including Church Repair Grants, Capital Support Grants and City Church Fund Grants. The Parlsh Sharesand Support Commlttee dealt with all aspects of the Parlsh Shares Scheme. The Property Commlttee oversees the management of Parsonage houses and the Boards own properties. Annu81 Report and Consolidated Financial Statements

There are other statutory and operation81808rds and Committees.. The purpose of the Board for Mlsslon and Mlnlstry is to develop strategies and plans to enable people in every place in the diocese to glimpse the good news of Jesus and be empowered in their discipleship and calling. The Dlocesan Advlsory Commlttee is a statuttsry body whose functions are set out in ecclesiastical legislation. Its role Is to advise the Chancellor and parishes on proposals for works to church buildings, churchyards and church furnishings, and to advise more generally on the care and development of churches. The Dlocesan Board of Edu¢atlon Ss 8 statutory body established under the Dloces8n Boards of Education Measure 2021. OPERATIONAL ACTIVITIES BISHOPS COUNCIL Dlocesan finances.. The Council made the followincj allocations from 2024 designated funds arising from additional investment income available and used lor stipends.. £400k for Mission Initiative Grants, £50k for the payment ol costs of EPCS lor parsonage houses and £50k to Local Church Income Generation Support. Safegu8rdlng-. During the year, the Council received regular reports and noted that for several months, the safeguarding team had achieved compliance for clergy mandatory training or 95- 100 % . On 11 December, the Diocese published its action plan in response to the Independent Review into Soul Survivor by Fion8 Scolding KC. which outlined changes to be implemented within the Diocese and recommendations for the wider Church of England. Governance.. The Council Considered amendments to governance arrangements during the year and noted the creation of a Nominations Comtnittee by Diocesan Synod. Rlsk.. The Council reviewed and noted current and emerging risks on a six-monthly basis. The Councll received reports and updates from.. the Raclal Justlce Actlon Group and noted that the Racial Justice Action Plan continued to be implemented. lill the Dlocesan Envlronment Group includinq progress on implementation of the Diocesan Net Zero Carbon Action Plan. liiil the Agenda Group, who had met on five occasions to consider future buslness of Diocesan Synod and Bishops Council. Ilvl the Development Plans Monltorlng Group. the Dloce$an Mlsslon and Pastoral Commlttee Executlve Commlttee and considered draft prDPDsals for pastoral reorgani5ation to promote appropriate models of ministry to support mlsslon In Hemel Hempstead. 12 Annual Report and Consolidated Fin8nci81 Statements

DIOCESAN ADVISORY COMMITTEE The DAC focused on making church bulldings more vergatSle for both worship and comrnunity use. Ongoing project dèvelopm8nt and management advl¢e was provided on major schemes of re-ordering and extension at Tewin and Wheathampstead and at leest fifteen other parishes were encouraged to proceed with sensitlvo and well-planned schemes. The enlarged DAC staff team, funded by Historic England and the Church of England.. Net Zero Carbon Off icer provided advice on heating options. Historic Church Buildings Support Offlcer provided advice on the funding of projects large and small via site visits, workshops and webinars. Church Buildings Maintenance Off icer provided advice on the routine maintenance of church buSldlngs vla site visits. workshops and webinars. Sever81 parlshes looked at improving access for all. The completed projects at Willian lintpmal redevelopment), St Albans St Peterlnew nave floor 8nd seatingland Renhold Ireplacement floor) combined repair needs with the deslre to make the church building f it forworship, hospitalityand outreach. Work on progressing towards Net Zero Carbon continued wlth 56 slte visits being completed, along with undertaking a variety of research to support and inform parlshes as they chose thelr future heating system. Experimental installations were proposed in three churches uslng the known technology of thin electric underfloor heating in a church context. New Net Zero Carbon funding streams became avai18ble froffi the NatlDnal Church anol were used alongside diocesan grant funds, to help parlshes identify and implement low carbon opportunities. The DAC underllned the Importance of Qulnquennlal Inspeotlons to enable each PCC to understand the condition of the church bullding and to plan for maintenance end repalrs. The rchdeacons and members of the DAC staff team reviewed all QI reports when received, allowing them to offer individual support where a parish faced particular challenges. In cases such as the Grade11 listed 20, century church of St Andrew & St George, Stevenage, an up-to-date condition survey was the startSng point for deciding how to repair the le8klniJ roofs and getting external grants alongslde local fundraising to make the work possible. A concrete structure was discovered when the north aisle roof at Letchworth St Paul was taken off for replacement, that required a quick re-assessment and some addition81 expense to complete the job. The replacement of a masonry feature thought to be of Anglo-saxon origin at Stevington, was eventually resolved through the Chancellor granting a conf irmatory faculty for the work, subject to conditions including safeguards agalnst simllar cases arising in the future. 13 Annual Report and Consolidated Fln8nci81 Statements

DIOCESAN BOARD OF EDUCATION The DBE worked with its 136 schools1137 in 20231, the OfE, the Church of England Educatlon Office, local authorities and other stakeholders, to ensure that all ils schools were thriving Christlan educational communitles. The Board sought to provide stability, pastoral support, expertise and guidance through the work of ils Schools Team and its Service Level Agreement ISLAI. In September 2024, 134 out of 136 schools joined the SLA. 57 training and development events were facilitated154 in 20231.. 121 schools engaged wlth at least one of these over the course of the year1120 in 20231. 2024 saw the arrival of 11 new he8dte8chers. The OBE, through its SLA, provlded a year's coaching for each of them. School Leaders 8tletTrded the DBE'S Annual Headteacher Conference themed'Journeys of Hope and Stewardship. In September. Flnanclal challenges: a number of schools saw a reductlon in pupil numbers. With the capacity and demand for school places not always in alignment, the Board worked with LA partners to ensure that any changes took into account denominational proportionality. Our schools, commitment to Incluslon placed extra financial pressure. September 2024 saw eight diocesan s¢hools moving from three to two-tier provlsion within Centr81 Bedfordshire's educational re-organlsatlon programme. The planned re-orggnisation that has already commenced in some areas in Central Bedfordshire, will lead to the creation of three new CofE secondary schools in our Diocese and will ultimately provide CofE schooling from the age of four to16 in three geographical areas. The Dlocese of St Albans Multl-Academy Trust welcomed Great Barford Primary Academy in September, bringing the total number of schools in OSAMAT to 14. The new CEO Anna Rogers, strong vision for OSAMAT moving forward has strengthened the working relationship between DSAMAT and the Schools Team. Recognltlon of work: St Paul's school was hlghlighted for its work on developing its prayer life and an understanding of spirituality. The DBE plans to work wlth the headteacher and staff to enable curated visits to the school froTn fellow diocesan school leaders. The Heart forthe Earth resources, created by members of the Schools Team, were 'highly commended, in the Tralnlng and Education category at the prestlqlous 2024 Church Times Green Church Award5. In July, the Board adopted a new three~year Strateglc Development Plan, with three key themes lo underpin its work.. 'Increasing regional capacity to support growth','Planning for change, and 'Championing Courageotjs Advocacy, Racial Equityi Disablllly Justlce, ancs Inclusion,. The Board s biennial Harvest servlces took place in October. The three services, led by Bishop Alan, were attended by1449 chilLlren and staff from 44 schools. Clifton All Salnts Academy, Cockernhoe Endowed C of E Primary School and St Helen's C of E Primary School, Wheaihampslead, joined Renhold VC Prlmary School and Oughton Primary School, Hitchin Inon-church school) in welcoming a new Y8arSlx Alban Way ¢ohort. 14 Annual Report and Consolldated Financial Statements

DIOCESAN BOARD OF MISSION AND MINISTRY MISSION AND MINISTRYTEAM.. The Vocatlons Advlsors team continued to grow; hostlng online'God Calling, events., several have now gone on to meet with Vocations Advisors. Ordlnatlon.. Seven new Deacons were ordained Isix Stipendiary and one Self Supporting), plus f ive new Ordlnands entered training at Theologlcal College. Lay Mlnlstry= 69 people completed Lay Leader of Worship training-, 17 people completed the Foundations and12 people undertook Reader training. IME2 role.. Curacies in diff iculty were dealt with, and positive relationships were established with curates and Readers. Reviewers were consulted on how the dlocese would Implement the Scoldlng report's recommendations regarding MMDRS. CMD.. The First Incumbency Leadership Pathway was launched in November with twenty incumbents., Transforming Conversations ran for two cohorts. 250 clergy attended the Blshotys Cl8ryy R8sldentlal Conference. 30 clergy attended the annual Symposium on the Mlxed Ecology of Church and discussed their church's contribution to the mixed ecology in the diocese, with many engaging in follow up coaching and support. FLOURISHING CHURCHES TEAM: 198 churches recelved support from both Giving and Church Growth Officers. 92 people attended the Hope for Rural Churches conference in March. 56 contaclless devices were distributed to parishes through the Dlgltal Rollout project, exceeding the National Giving Teams income targets by 109 %. 53 people took part in the Leadlng your Church Into Growth residential weekend. Glvlng Campalgn.. Participating parishes saw a 12.5 /0 average increase in regular giving. GROWING YOUNGER AND MORE DIVERSE TEAM.. Growth In Under-18 Engagement: Increased by 3.4°K14,258 in 2022 to 4,402 in 20231. The Alban Way grew from10 to 20 young adults and from four to seven leaders, exceeded diversity targets and developed a new, more accÈssible pilgrimage. Six new schotslsjoined the Alban Way Schools Cohort. Tralnlng and Leadershlp Development: Over 250+ volunteers trained through Youths¢ape Essentials, CYM Ilnslitute for Children, Youth and Mission) Children's Leaders Trainlng, and Launchpad youth ministry courses to date. Launched Open Space Support Events and initiated a retreat for Youth Leaders. Secured £500k in capacity funding from the Strategic Mission and Ministry Investment Board to support expansion efforts. 15 Annijal Report and Consolidated Financial Statements

STRATEGIC REPORT FINANCIAL REPORT FOR THE YEAR Overvlew The results for the year are good, showing the strength of our assets and the generally good ncome collection. Nèvertheless, whilst the medium-to-long-tertn position is not critical, it remains challenging. Parish Share recovery rates, having shown an initial encouraging recovery since lockdown, are now showing three years of reductions and have not recovered to the levels prior to 2020. The recovery rate end engagement from parishes is high but we need to view them in the context of the ministry we are able to support across the Olocese. The stresses on Church Leadership do not directly Impact our day-to-day work but add an unwelcome uncertainty. Any reduction in our parish share puts pressure on our cost base, which is signiticanily made up of our direct support of clergy mlnistry. We have been able to contain costs mainly due to reductSons in pension contributions in both the clergy and church workers pension schemes. The Impact of employer National Insurance increases from 2025 will negate that. Meanwhile resources required to support our parsonagès houses are under severe pressure given the amounl of work that is required as a result of quinquennial inspectlons and routine maintenance. Income remalns under pressure. It is domlnatod by parish share and whilst all other income sources are of value and help us identify costs and to provide grants to parishes, they cannot sustain us if parish share does decline and the current fragility suggests that this is likely 8t le8St over the medium perS0d. Results forthe ye8r Total income amounted to £22.9m compared to £22.7m In 2023, a small increase of £200k. Inspite of the income between years being so close, there were some variations between type. Investment income increased by £450k from 2023 and sales of housing contributed a f urther £1.7m in the yearlr)one In 20231. These increases were effectively mitigated by lower sales in St Albans Diocesan Property Company- £400k against £2.Im in 2023. During 2024, Parish Share contrlbutlons amounted to £13.3m12023 - £13.Iml. Thls 8mDunt Included contributions by parishes in respect of earlier yearg'shortfalls" of approximately £146k 12023_ £46kl. The collection rate for Parish Share for 2024 lamount recelvedlamount requested) wes 91.25 /12023- 91.5 /.). Expenditure totalled £21.7m in the ye8r compared to £23.Im in 2023, the decre8se of £1.4m being m8inly due to two reasons. A payment holiday on the Church Workers, Pension Fund ICWPFI- the total surplus of £403k is recognised as a reduction in expenditure in 2024. The second reason is a result of lower sales in the propèrty company, producing a corresponding decre8se of £1.7m in cost of sales. Net income before revaluations and investment asset disposals amounted to £1.2m 12023 £300k net expenditure). The net realised and unrealised gains on investment properlles and Ilgted Investments totalled £7.4m12023- £3.Im gain). The net increase in funds for the year was £8.7m12023- £2.9mlwith the Common Fund showing an increase of £284k12023- £1.7ml, which includes a total return transfer that provlded an extra £895k of income12023- £907kl. 76 Annual Report and Consolidated Financial Statements

The Common Fund shows an operational surplus of £564k (see note 251. Our management accounts showed a surplus that was £280k lower. The difference is due to a timing difference on the treatment of the payment holiday on the CWPF discussed above. Thls essenllally represents an over-payment of pension contribution8. In the management accounts we account for this reductlon In the year In whlch the reduction occurs. This means we can assess parish share more fairly year on year. In the financial accounts wè have to recDgnis2 that overpayment in tot81 In 2024. The payment holiday is for 29 months, of which we have used 8 months. The remaining 21 will be taken over the next two years, so the tlming dlfference wlll unwind overthe next two years. Fundlng posltlon The consolidated balance sheet showed total f unds of £214.6m12023_ £205.91. This figure included endowment fundg of £168.8m12023 - £161.5ml, the principal part of thls being the parsonage houses f und gmounting to £78.39m12023- £76.gml. Also included in total funds were restricted funds totalling £l6.Im12023- £15.Iml. These monles have either been raised for, and their use restricted to, speclf ic purposes or they comprise donations subject to donor-imposed conditions. Further details of these restricted funds can be found in note 24 to the financial statements together with an analysis of movements in the year. Funds totalllng £20.4m12023- £20.3ml had been deslgnated, or set aside, by the Board for specific purposes. These purposes and an analysis of thè movements on the f unds are set out in note 25 to the financial statements. FUTURE PLANS The key feature of Dloces8n life in recent years has been maintaining both vlslon and operations, in the context of the long-term trend of decline in Church of England attendance and the speclf ic shock of lockdown and church closures resulting from the COVID19 pandemic. Recent years have been characterised by settled le8dershlp wSth a strong commitment to enabllng all In the dlocese to walk toqether despite issues that divide the national church. In January 2025 Bishop Alan announced hls retirement, effective from 31 May 2025. The Diocese has therefore entered a period of vacancy In the See of St Albans. Tho formal process of appointment of a new Qiocesan Bishop has begun and will lead to a meeting of the Crown Nominatlon Commlssion in January 2026. It is hoped that a new Bishop will be installed in the Diocese in the second half of 2026. There are robust operatlon81 plans In place for leadership during the vacancy, with delegated responsibS1itles to both suffragan bishops and the Bishop of Bedford serving as acting Bishop of St Albans. Diocesan governance and management bodies will continue to function as usual. It can reasonably be expected that the next Bishop of St Albans will want a reset of strategic vlsion for the diocese, although a radlcal change Is not anticipèted. Under Bishop Alan the vision of Living God's Love was promoted, to encourage churches to engage more missionally and slmilar focus is anticipated under the next Diocesan Bishop. Boards and Committees will continue working to support that vision by resourcing p8rochial tnlssion and mlnistry and offering help and guidance to parishes. The natiorial church strategic vision of 'Growing Younger and More Diverse, wlll continue to be an important part of f uture work within the Diocese. 17 Annu81 Report and Consolldated Financial Statements

PRINCIPAL RISKS AND UNCERTAINTIES The Board continues to revlew the risks faced by the charity uslng the risk register adopted in November 2023 and a review by both the Board 8nd the Bishops Council takes place every slx months. The most significant risks are specif ically identified for review rogether with new and emerqing risks. The top 11 rishs identified are.. ConflScts over governance, strategic and operational matters Lack of legal mechanisms to deal with unsatisfactDry parish clergy performance Parishes not undertaking thelr own risk assessments Decline in attendance Dlsagreement over significant ecclesiological differences Departure of congregations through ecclesiological differences Failure to ensure high levels of safeguarding training compliance High profile safeguarding cases Failure to collect parish share because some parishes cannot conlribule Failure to collect parish share because some parishes will not contrlbute Failure to providè and maintain appropriate housing for clergy For each of the risks identified action to mitigate risk, the monitoring process to be adopted and the bodies and indlvlduals responsible for the risk are identifled. The Board recognises that whilst mitigation of rish is a key responsibility, there are some individual risks where only limited mitigation is available. CUSTODIAN FUNDS As at 31 December 2024, the St Albans Diocesan Board of Finance held funds on behalf of parishes, church schools and general trust funds within the Diocese with a market value of approximately £42.3m12023 £38.5ml as Custodian Trustee. These assets are not included in the financi81 statements. The funds are held predominantly as units in common investment funds held by the Central Board of Finance ICBFI of the Church of England and are professionally managed on behalf of the CBF by CCLA Investment Management Limited. At all times, funds held by the charity as Custodian Trustee are segregated clearly from those belonging to the charity itself. 18 Annual Report and Consolld8ted Financial Statements

STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon The St Albans Diocesan Board of Finance is a registered charitylcharity Registration No 2488871 and a company limited by guarantee Icompany Registration No 001452271England and Walesll. It is constituted in accordance with the Diocesan 8oards of Finance Measure1925. Llablllty of the members of the company Each company member has undertaken to contribute to the assets of the company in the event of It beSng wound up whilst he or she is a member, or withln one year after he or she ceases to be a member. The contribution, which cannot exceed £1, may be applied toward the payment of the debts and liabilities contracted before he or she ceased to be a member. Organlsatlon The members of the Board are empowered by the Articles of AssociatlDn of the company to act as the company directors of the St Albans Diocesan Board of Finance. The members also act as trustees of the Board for the purposes of charity legislation. The Diocesan Synod18 the democratically elected decision-maklng body of the Diocese and its standing committee, the Bishop's Councll, Is responsible for the formulation of diocesan policy. The Board of Flnance is the financial executive of the Diocesan Synod and is responsible for the custody and management of the Synods f unds and th& employment of all those paid directly from the funds. Much of the work of the Board is delegated to ils committees. Related bodlas The Boards staff provide admlnlstratlve and f inancial servlces to the Board of Education and the Board for Misslon and Ministry. These bodies report to the Dic)cesan Synod which has overall responsibility for policy. The Synod delegates its day-to-day business to Sts standing committee, the Bishop's Council. Members During the year no member of the Board had any beneflcl81 interest in any contract with the charitable company. During the year several members, who are also clergy within the Diocese, received stipends from the charitable company in connection with their religious and pastoral duties within the Diocese. However, no member received any remuneration in connectlon with their duties as members of the Board during the year. No expenses were Incurred in the performance of their duties as Board members were relmbursed during the year. 19 Annual Report and Consolidated Financial Statements

Member- sèlection and appolntm8nt 17 members are elected by the Diocesan Synod lof whom five should be clerks In Holy Orders and 72 shall be laypersons) and up to five are nominated by the Bishop of St Albans. The Bishop of St A1bans is an ex-orficS0 member of the Board. Members of the Board are elected to servè for è period of three years, after which period they may Offer themselves for re-election. Elections were held at the end of 2024 to appoint members for the triennium l January 2025 to 31 December2027. Member Inductlon and tralnlng On agreeing to become 8 member of the charity, the members are thoroughly briefed on the history of the charity, the day-to-day management, the responsibilities of the tnernbers, the current objectives and future plans. The members 8re also encouraged to attend any courses whlch they teel are relevant to the development of their role, and to keep up to date on any changes In legislalion. Remuneratlon of key management personn81 Key management personnel comprise all the members of the Board, together with the senior executives which includes the Dlocesan Secretary, the Director of Finance, the Oireclor of Education, the Property Director, the Diocesan Pastoral and Advlsory Secretary, the Director and Deputy Director of Mission and Ministry and Communications Director. The remuneratlon of all lay members of staff, including that of key manaqefflent personnel, is set accordlng to pay structures originally established by the Archbishops, Council which have, in recent years, been adopted by the Board. These scales are revlewed annually wlthln the confines of the Common Fund Budget which, is in turn, approved by the Dlo¢esan Synod. Members of ihe Board, also part of key management personnel, do not receive remuneration for their roles either as trustees of the charity or directors of the Board of Finance. The clergy members of the Board, as off ice holders within the Oiocese, receive housing and stipends as part of their clergy role. Clergy stipends follow national stlpends benchmarks as agreed annually by the National Church Central Stipends Aulhorlty adjusted tor local economic factors. Member's responslbllltles statement The members of the St Albans Oiocesan Board of Finance are responsible for preparing the members'report and financial statements in accordance with appllcable law and United Kingdom A¢cotJnting Sland8rds Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the rnembers to prepare fSnancial statements for each financial yearwhich give a true and fair view of the state ol affairs of the group and the charity and of the income and Èxpenditure of the group for the financlal year. Under company law the members must not approve the f inancial statements unless they are satisfied that they glve a trLte and fair view of the state of affairs of the group and the charity and of the irFcome and expenditure of the group for that perlod. 20 Annual Report and Consolidated Financial Statements

In preparlng these financial statements, the members are requlred to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles In Accounting and Reporting by Charltles.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021- make judgements and estimates that are reasonable and prudent-, state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the group and the charlty will continue in operation. Tho members of the Board are responsible for keeplng properaccounting records which disclose with reasonable accuracy at any time the f inanci81 position of the charity and whlch enable them to ensure that the flnÈnci81 statements comply with the Companles Act 2008. They have responsibility for safeguardlng the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularitles. Each memberconfirmsthat= so far as the member Is aware, there is no relevant audit information of whlch the charity's auditor is unaware; and the member has taken all steps that helshe ought to have taken as a member In order to make himlherself 8W8re of any relevant audil information and to establlsh that the charity's auditor is aware of that information. Thls conf irmation is qiven and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The members are responsible for the maintenance and integrity of the financial Information included on the charity's websitp. Logislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from leglslation in otherjurisdictions. Tradlng subsld18rle8 The charity has two wholly owned trading subsidiaries. The principal activity of both companles is property development. The St Albans Diocesan Property Company Limited (Company No. 088993021 is a company incorporated in England with a share capltal of £7,700,00012023- £7,700,000). During the year the company made a net proflt of £289k12023_ £460kland madè a charStable donatlon of £342k 12023- £1,048kl to the charlty. This donatlon ensured that there was no tax liability for 2023. In 2018, the charity loaned the subsidiary £7m for two years lo ald worklng capital. £lm of this was repald in 2D19. The remaining £6m loan was exchanged for equlty in the company in 2022. The St Albans Diocesan Property Company Icheshaml Limited (Company No. 155845241 is a company incorporated in England on 22 March 2024 with a share capital of £1,000. Durlng the period from its incorporatlon to 31 December 2024, the company made a los8 of £117k. 21 Annual Report and Consolidated Financial Statements

The members. report, including the strateglc report, was approved by the members and signed on their behalf by.. TIM Coulson Chair of the Board of Trustees David White Dlocesan Secretary Approved on.. 19 May 2025 22 Annual Report and Consolidated Financial Statements

Independent auditor's Report to the members of the St Albans Board of Finance Year to December 2024 Oplnlon We have audited the financial statements of The St Albans Diocesan Board of Finance. We have audited the f inancial statements of The St Albans Diocesan Board of Finance Limited Ithe'parent charitable company'l and ils subsidi8rieslthe group'lfor the year ended 31 December 2024 which comprise the Stètement of Financlal Activities, the Income and Expenditure Account, the 8alance Sheet, the Cash Flow Statement and notes to the f inancial statements, including a summary of significant accounting policies. The financial reporting f ramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportlncj Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnlon, the f inancial statements: give a true and fair view of the state of the group and the parent charitable company as at 310ecember 2024 and of the groups incoming resources and application of resources, including its income and expenditure, for the year then ended., have been prDperly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordanco with the requirements of the Companles Act 2006. Ba81s for oplnlon We conducted our audit in accordance with Internalional Standards on Audltlng IUKI IISAS IUKII and applicable 18w. Our responslbllities under those standards are f urther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the UK, Including the FRC'5 Ethical Standard, and we have fulf illed our other ethical responsibilities in accordance with these requirements. We believe that thè audit evidence we have obtained is suff icient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng Concem In auditinq the financi81 statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identlf led any materlal uncertainties relating to events or condltions that, individually or collectively, may cast significant doubt on the group Dr the parent charitable companls abllity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 23 Annual Report and Consolidated Financial Statements

Our responsibilities and the responsibllltles of the trustees with respect to qoing concern are described in the rèlevant sections of this report. Othgr Informatlon The other information comprises the information included In the annual report, other than the financial statements and our auditor's report thereon. The trustees are responslble for the other Information. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicitly stated in our report, we Llo not express any form of assurènce conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or othèrwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whelher this glves rise to a materlal misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information,. we are requlred to report that fact. We have nothing to report In this regard. Oplnlon8 on other matters pr8scrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audit.. the information given in the Trustees, Annual Report which includes the Directors, Report and thÈ Strategic Report for the financial year for which the financial statements are prepared is consistent with the flnancial statements., and the Trustees, Annual Report which includes the Oireclors, Report, and the Strategic Report has been prepared in accordance with applicable legal requSrements. Matters on whlch we are requlr8d to report by exceptlon In the light of the knowledge and understanding Df the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified rllateria misstatements in the Trustee5' Annual Report and Strategic RepDrl. We have nothlng to report in respect of the following matters where the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequète for our audit have not been received from branches not vislted by ug,. or the parent charitable company f inanclal 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. Responslbllltles of trusteés As explalned more fully in the Statement of Trustees, Responsibilities set out on pages 20-21, the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and lor being satlsfied that they give a true and fair view, and for such internal control as the trustees 24 Annual Report and Consolidated Financial Statements

determine is necessary to enable the preparation of the flnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company's ability to continue as a going concèrn, disclosing, as applicable, matters related to goln(J concern ènd uslng thÈ golng concern basis of accounting unless the trustees either intend to liquidate the group or the parent cheritable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltlesfor the audlt of the flnanclal statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtaln reasonable assurance about whether the group and parent f inancial statements as a whole are free from material misstatement, whother due to fraud or error, and to Issue an audltorfs 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. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these f inanclal statements. Irregularities, ir>eluding fraud, are instancès of non-compliance with laws and regulations. We deslgn procedures In Ilne with our responsibllltles, outllned above, lo detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting Irregularitles, Inttluding fraud, are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptlbllity of the group and parent charitable companys financial statements to material misstatement and how fraud might occur, including through discussions wlth the trustees, dlscussions within our audit team planning meeting, updating our record of Internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for f raudulent manipulatlon of the financial statements. identified laws anLI regulations that are of slgnlfloance In the context of the group and parent charitable company by discussions with trustees 8nd updating our understandlng of the sectors in which the group and parent charitable company Operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales and the Church of En9land Measures. Audit response to rlsks Identif led.. We consldered the extent of compllance wSlh theso laws and regulations as part of our audit procedures on the related f inanclal statement items including a review of financial statetnent dlsclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorStles to identify potential material misstatements erising. We discussed the parent charitable company's policies 25 Annual Report and Consolldaled Financlal Statements

and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audll teatn, the engagement partner drew attention to the key aregs which might involve non-compliance wlth laws and regulatlDns or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estlmates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement Partner's revlew included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to Identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the f inanclal statements, the less likely we would become aware of it. Also, the risk of not detecting a tnaterial misstatement due to fraud is higher thèn the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery Dr intentional misrepresentations, or through collusion. further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibllilies. This description forms part of our auditor s report. Use of ourreport This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Parl16 of the Companies Act 2006. Ouraudit work has been undertaken so that we might state to the parent charitable company's members those matters we are requlred to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by 18w, we do not accept or assume responsibility lo anyone other than the parent charitable company and the parent charitable company's members as a body, for our audit worh, for this report, or for the opinions we have formed. LL16 Helen Wilkle (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Oueen Vlclorla Street London EC4V4BE Dale.. 30 May 2025 26 Annual Report and Consolidated Financial Statements

Consolldated statement of financlal activities Year to 31 December 2024 Non- Endowment Restrlcted Unrestrlcted charltable funds funds funds tradlng eooo eooo eooo lunds ¥ooo Tot81 2024 £000 Total 2023 £'ooo Noies Incomgand endowment8 from: Donationgand legacies Invesiments 13,344 1,24Y 13,347 3.687 393 3,871 1,803 458 58 3,117 2,109 4.385 27 Charftable a¢tSvirles Other sources Total Income 3,064 807 267 15,666 1,4( 3,209 3,531 461 22 858 22,725 Expendlture on: RaSsSng funds 139 23 418 B35 2,696 Promotion of the work of the Church of En9land In the Diocese of Sl Albans Tot8l•xpèndltur8 3,697 17,234 17,257 20,e31 20.359 23.055 255 418 Nat lTrcomèlèxpendlturel b8for8 InvoStm•nt galn$ and laslès 206 7,692 33 1330 Realised 9ains on disposal of investment properly and listed investments Unrealised qains on investment propertyand listed investments Net Incomelexpendfturel beforetran8fersand tsxatlon 14 250 240 1.348 1,248 217 1,824 9,549 282 33 2,742 Total Return transfer Net Incomeforth?y?4r afterTotal R¥turntransfgr 15 12,8241 2.624 282 1.346 33 8,585 2,742 Othertransfers betwèen funds 22 342 884 16641 13421 Corporatlon tax credlt IchargÈl 12 139 N•t Incomelexpondltural and nèt movement In fund8forth8y•ar 7,287 028 11701 8,704 2,860 Other recognlsed ￿1n9 and108s88'. Aciuarlal gains 32 Netmovement In fund8 Fund balances brought forwardat Idanuary 2024 Fund balan¢e8 carrfed forward at31 December 2024 7,287 926 681 170 2,860 161,530 4427 205899 203,039 168,797 4267 214803 205,899 27 Annual Report and Consolidated Financial Statements

Comparatlve consolldated statement of flnanclal actlvlties Yearto 31 December 2023 All of the groLJP'S activities derived from continuing operations during the above financial period. Non-charitable rradinglunLrfs Endowmenr Reslricled fun(ts £voo Unres¢ri¢ied Tofal 2L12 Noles £ODO 000 £voo IjJcoryTasnd6ndosvm￿Isrrom.' Donalions2ndleg3cles Inwessments Tra&inq&c¢iviiies Ch3rila)leaGtivKties Othersources Tot8llncom8 13,107 1.132 5.114 3. 117 2.109 4,$83 1.547 417 21 2.1135 3,431 952 1.547 J.855 15.1 2.130 22,T25 Ewertdltureon.. R6isinqlunds Charitableactivities Promot￿￿ oltheworkoflhe ChurGh of Englaiidiii the Diocese oISIAlb3ns rot8l&xpendltvrn 34J 2S 2,196 J.P64 3.415 17.075 20.J59 23.055 343 2.196 NetlncomeI￿p•R¢wtVrejbeIO Inve$tmentqaln$8n&loss•S 440 11.908) Realisedqalikgon dlsposalor investn￿￿tPrO￿e1tYon￿llsItrd investnpnis UnrealisedgainsohinwesfnJEnt properry3ndlhslÈLlinveslnTenls 14 558 149 1.248 14 1.192 557 1824 Ntrtha77&1&xp8ndltw•Jbeforn tr8n8fersandt8xatlon 354 Kl,684J 166) 2.742 ToiRtrrurnir&nsf8r Natincomelorlh8y88r&ft TotalReturnlransler 2.452 2.452 902 1.158 2.742 otheitransfersbeiweenfunds 22 1.048 187J 87 Corpoiafiontaxcrediilchargej 12 118 118 Netlneomelewndlturnlondn8t movfrmentlnlundsforth8ye8r 1,051 555 z.860 OthBrreGognl88dq8ln88nd 32 1,950 1,051 8S5 K996) 2,660 FundbslancesbMughtfon￿￿4t IUonuary2023 Fundtstsnc&scarrhdfonv*dat JIDecember202J 159,580 14.074 2J.$82 5.425 203,QTg 21 1,530 15. 125 24.BJ7 4.427 20&899 28 Annual Report and eonsolidgted Financial Statements

Consolldated balance sheet 31 December 2024 No Unrestrlct4d charltsble fund$ tradlng eooo fund8 £000 Endowment Restrlcte fund$ d funds ¥ooo £000 Totsl 2024 £000 Total 2023 PODO Notes FLxed8SSets Tanglble assets Investments 13 ,179 77,907 IBB.086 13,002 90.181 90,664 2,401 10Q,789 89,189 2 401 180,970 179,853 12,706 12,708 20.Tn Currenta¥8et¥ Stock.. land under development Debtors- due within Dne year Debtors- after one year Short lÈrm deposits Cash at bank and in hand 16 13,892 13,892 11,831 17 17 58B 49 1,809 10 891 374 2,500 1,917 1,122 9,328 1,403 I,D06 10,939 3,434 28,613 3,221 1,7J8 3,304 Credltor8'. amounts falling due within on8 year Not current assets 14851 11071 11241 12131 19291 11,3881 2,819 2,358 1&334 26,243 Total assets less current elimlnatSng Snler-fund balances Inter-fund balances Totala¥sets I￿9¢￿rrOnt 157,906 16,064 25,509 18.735 277,213 207,078 10,892 987 265 12,144 188,797 16,oM 26,714 ,591 217,213 207,078 Cr8dltors.' amounts falling due after one year 19 12781 12,3541 12,8101 Provl$lonsforllabllltles Total net•$$Ots 20 4.257 214,603 205,899 Rèprè$èntèd by.. Th8 fund$ ofth•group Endowment funds Restricted funds UTrrestricted funds Non-tharsiable iradlng funds 23 24 25 IBB,797 188,797 18,061 25,498 161,530 15,125 24,B17 16,051 26,498 25 4,257 4,427 4257 214803 205.899 16,051 25,498 ADDroved bv the members of the Board and sSgned on their behalf by.. Tim Coulson Chair Approved on: 19 May 2025 The St Albans Diocesan Board of Finance Company Reglstration Number 00145227 (England and Wales) 29 Annual Report and Consolidated Financial Statements

Comparatlve consolidated balance sheet 31 December 2023 Non- ch3ritable tr8dln¢ Endowment Restricted funds funds Evoo £Doo UnrÉstricted runds £000 lofal 2023 £000 Notes £000 FA￿d&s$etS T8ryible 3ssEIs Investments 75 14 78. 174 70,1SD 148,324 12,490 6.579 18.869 g0,S64 89, 189 179,8SJ 12,8SO 12,S80 Current88sets Stock.. landunder devélopment Debrors-due withlnone 1$ 11,8Jl 17 17 199 851 307 5.D78 2,458 8,474 355 1.405 1,006 10,$39 3.454 28.613 Debtors-8fteroneyeaT Short rgrn? rleposirs Cashatb8nkandinh8nd 4,256 I, Isi 404 85 14,274 4.495 Cr8dltors.' amounlsf811inq withinoneye3r N&tcurrnnt8$8•t4F 1836J 734 IS36J 175J 11.38BJ 14, 159 4.494 TotBl&sspfsJesscurrenr li8bilitiesbefore b&18nces In¢er-funtlb8lances Tot818sS8tsl￿Current Ilabllltlo5 152,818 8,712 15,394 1,731 26.707 11,477) 14,159 207,078 IS.956J 161.530 15,125 25,230 5,193 207,078 Crndltots.. 8n?ountsf811ing dtseafteroneye&r 19 {415J 1766) 11.1791 Provlslonsfor118blllths r0t•lnet￿$ef* 20 181530 15.125 24.817 4 427 205.899 R8presentedb Thefvndsof thoqmup EndowmBnl funds R8stric¢edfunds Unrestrictedlunds Non-ch8rit8ble tr8ding funds 23 24 25 161,530 1S1,530 15, 125 24,877 15,725 24,817 25 4,427 4,427 4,427 205,B99 761,5JO 15, 125 24,817 30 Annual Report and Consolldated Financial Statements

Charlty balance sheet 31 December 2024 Endowment lunds 000 Restrfcted funds £cK)o Unre8trlcled lunds 00 Totsl 2024 00 Tot81 2023 £'ooo Notes FLxed asset$ Tangible assets Investments 13 14 77,179 85,608 13,002 90,181 IC6 089 90.684 96,BB9 187,553 12,706 12,706 Currentass•ts Debtors- due wSthSn one year Deblors- due after one year Short term deposits C88h 81 bank and In hand 4,680 688 49 1,809 19 891 374 2,500 1,091 4,858 8,159 425 7,530 2,470 307 10,535 2,449 15.761 3,221 15.222 Credltors.. amounts falling due within one year Nel ¢urrenta8set8 18 485 7,416 107 124 4,732 11,2731 14,488 Total as8et8 less¢urront Ilabllltles before ellmlnatlng lnter-fund ba18nce8 170,203 IS,￿4 25,609 210,718 202,041 Inler-fund balances Totsl a$8et8 le85¢urrent IlabllEtI 1,4061 419 202,041 168,797 26,928 210,776 Credltor8'. amounts falling due alier one year 19 12781 12761 20 Totsl not a88•ts 16,051 210,500 201,628 Rèpr8$8fbted by: Th8fund$toth•charlty Endowment funds Re8tricted fund5 Unrestricted fun(ts 23 24 25 168,797 168,797 16,061 26.B62 210,500 161.530 15,125 24,973 201,62B 16,051 25,852 25,662 16,051 As permitted by Sectlon 408 of the Companles Act 2006, the charity has not presented Its own income and expencsiture accounts and related notes. The charity net in¢omÈ for the financial year as £8,872k12023- net income £3,850kl. Approved by the members of the Board and signed on thelr behalf by: Tim Coulson Chair Approved on.. 19 May 2025 The St Albans Diocesan Board of Finance Company Registration Number 00145227 (England and Walesl 31 Annual Report and Consolidated Financial Statemènts

Comparative charity balance sheet 31 December 2023 Endowmeni lunds Unreslricted funds Et1170 Notes Restricted funds £DOD 2023 £000 Flx•dasSets r3nqibleass8ts Inveslnienfs 13 78, 174 77,850 15S,024 12.490 6,379 18.869 90,684 96,889 187,553 12,660 12,860 Current8ss&ts D&brors-due withinoneye8r Debtors-due8ft8roneye&r Short reTm deposits C8shatb8nk6ndinh8nd 17 17 I,S21 851 307 5,078 2,458 8,474 2.479 307 10.535 2.449 15,761 4,29S 1. 161 5,917 1,570 Cr8dltors.' 8mountsf8l/inqdue witljin onÉyÈ8r N*teun¥nt•ssets 18 ij 5,916 1856J 734 11,273 14,488 7.8Jb Total4ss8tslwourrert 118bllltl8sbeforeellmlnatlnq Int6r-ftsndb814nces ISI,940 13,394 26,707 202,047 Inier-lundb818nces Totsla$$•tsl8SSCUITent Ilabllltles 1410) 1.731 1,321 161,550 15.125 25.386 202,041 Cr8ditors.' anJountsf811ingdue BfterDneyear 19 147SJ 1415J Provisions forliabililies rotslnotwets 20 781,530 15,125 24,973 201,828 Reprns•nt8db Thefundsto thech8rfty Endowm&13tfuiids Restrlctedfunds Unreslric¢edfunds 23 24 25 161,5JO 161.530 15.125 24.973 201.62 15, 125 24,973 24,973 ISi.530 15,125 32 Annual Report and Consolidated Financial Statements

Summary Consolidated income and expendlture account Year to 31 December 2024 This summary consolidated income and expenditure account relates to income funds only li.e. excluding movements on endowment funds) and has been prepared to comply wlth the Companies Act 2006. 2024 £000 19,647 121,4111 2023 £000 21,178 122,7121 Total Income ol Continuing operations Total expenditure of continuing operations Netlexpenditurel inoome lor the yèar before transfers. investment gains ar)d losses and taxation 11,7641 11,5341 Total return transfer 2.624 2,452 Other transfers to endowment funds 13421 11,0481 Net ineomelexpenditurelbelore investment gains and losses and taxation 518 11301 Invèstmènt gains Ilossesl 780 922 Taxation credit Ichargel 139 118 Net income lexpenditLJrel for the year as defined by the Companies Act 2006 ,437 910 Total income as deflned by the Companies Act 2006 comprises £16,116k12023 - £17,323kl for unrestricted and non-charitable trading funds and £3,531k12023- £3,855kl for restricted funds. A detailed analysSs of income by source is provided in the statement of financial activities. Detalled analyses of expenditure are provided in the statement of f inancial activities and related notes. Net income before investment gains and taxation for the yeer of £518k 12023 £130k expenditure) comprises net income of £852k12023 - £483k expenditure) on unrestrlcted and non-charitable tradlng funds and net expenditure of £334k12023 - £353k income) on restricted funds. The summary consolidated Income and expenditure account is derived from the eonsolidated statement of financial activities on page 32 which, together with the notes to the financial statements provides full information on the movements durSng the year on all funds of the group. 33 Annual Report and Consolidated Financial Statements

Consolldated statement of cash flows Year to 31 December 2024 2024 2023 Notes C8ghflDWS from operatlng actlvltl8S: Net cash used in operatlng activities 14,1181 Ca¥h flowsfrom Inv8Stlngsctlvltl88: Dividends, interest and rent frotn inve5trnenls Proceeds from the disposal of tangible fixe(J assets Pur¢hase of tangible fixed assets Proceeds from the disposals of investments Purchase ot investments 1,678 18121 17.330 121,5261 80 18871 33.720 132,1931 Taxation reimbursedlpaid Net cash provldad by lThv?¥llng actlvltl88 215 3,957 Ca$h flowsfrom fln8nclng8Ctlvltlès'. Repayrnent of boriowing Net¢4$h u8ed In flnanclng&ctfvltle 131 ChaThg8 In c85h andcBshequlvalent$ lnthe y•ar 13,90Jl 3.4D5 Cash ind cash equlvalents et l Janu￿ 2024 C88h and caBh 8qulvalonts4t 31 December2024 14,373 10,470 10,968 14,373 Notes to the Statement of cash flowsfortheyearto December2023 Reconclllatlon of ngt Incom9 to net C88h flow used In opgratlng actlvltles 2024 2023 Net Income{88 perlhe Statement of flnancl814cllvltle8: Adjustmentsfor.. Depreciation charge (Gains) on investments Divid&nds. iniÉrpsl and rent from investments 8,565 2,742 63 17,3751 13,5671 13441 11,8811 18301 1,031 68 13,0721 Surplus on disposal ol tangible fixed assets Ilncreaselldecreasè in srocks Iin¢reaselldeciea&e in debtors Increase in crÈditors 247 1.528 1,065 Pension adjustment N8tcash used In op?ratlng actlvltles 14,1181 15491 AnalyBls of c8sh and eash equlvalent8 2024 2023 Cash ai bank and in hand Short-term deposits Cash held by investment man8gers Total cash and ca8h8qulvalonts 1,112 9,329 3,434 10.939 10,470 14,373 34 Annual Report and Consolidatèd Fln8ncial Statements

Analysls of changes In net debt At l Jan 2024 Cash At 31 Doc £000 flows £000 2024 £000 3,434 2,322 1,112 10,939 1,581 9,558 14,NJ3 3,￿3 10,470 Cash at bank and in hand Cash equivalenf8 Total The Group did not have any debt at 31 December 202412023.. none). Principal accounting policies 31 December 2024 Basls of accountlng The principal accounting policlos edopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements arè laid out below. Basls of preparatlon These financial statements have been prepared for the year to 31 December 2024 with comparative information provided for the year to 31 December 2023. The f inancial statements have been prepared under the historlcal cost convention with items recognised at cost or transaction value unless otherwise stated in th2 relevant accDunting policies below or the notes to these flnancial statements. The financlal statements have boen prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance wlth the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS1021 and the Companies Act 2006, except where the special nature of the St Albans Oiocesan Board of Finance's operations has required adaptation of the formats as allowed by section 396151. The charity constitutes a public benef it entlty as defined by FRSIO2. The flnancial statements are presented in sterling and are rounded to the nearest thousand pounds. B8sls of consolldatlon The f inancial statements consolidate, on a line-by-line basis, the results of the charity and its wholly owned subsidiary companies, St Albans Oiocesén Property Company and St Albans Diocese Property Company Icheshaml Limited, made up to the balance sheet date. 35 Annual Report and Consolldated FinancSal Statements

Crltlcal accountlng estlmates and areas of Judgement Preparation ol the financlal statements requires the members of the Board and management to make signlficant judgements and estlmates. The Items In the financial statements where these judgements and estimates have been made include.. the valuation of investment properties., the useful economic life of tangible fixed assets., the valuation of stock of land under development., and The estimation of future income and expenditure flows for the purpose of assessing going concern (see below). olng concern The members of the Board have assessed whether the use of the going concern assumptlon is appropriate in preparlng these flnancial slalements. The metnbers of the Board have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. The charity, saw a re8trlction of Income due to 8 slow return of people to their local church following lockdown. Much of the parish share is received f rom congregants who give via regular church services. Congregatlons have increased since then, but we are still seeing an overall decline. This has resulted in a continuing fragillty to income received, a significant portion of it being f rom parish sharè. The charity has been able to combat this by the introduction of total return on investments and the reduction of expenditure. This will conilnue. The Board has prepared, reviewed and continuously updates a flve-year forecast which provides us with a finance strategy that underpins the Olocesan mlsslonal strategy, whilst allowing us to control costs. As a result, the financial position has been healthy for the past three years. The members of the Board have concluded that accounting for the challenges that we face, there are no material uncertainties related to events or conditlons that may cast signif icant doubt on the ability of the charity to continue as a going concern. The members of the Board are of the opinion that the charity wlll have suff icient resources to meet Ils11gbllities es they f811 due. Income Income Is recognised In the period in which the charity is entitled to receipt, the amount can be measured reliably, and it is probable that the funds will be received. Income comprises donations and legacies, including Parish Share income, income from listed and properly Iglebel investments, income directly related to charitable activities (including grants) and the surplus on disposal of tangible fixed assets. 36 Annual Report end Consolidated Financial Statements

DonatSons are recognlsed when the charity has confirmation of both the amount and settlement date. In the event of donatlons pledged but not received, the amount is accrued for where the reeelpt is considered probable. In the event that a donation is subject to conditions that require a lev81 of performance before the charity18 Èntitled to the funds, the income is deferred and not recognised until either those conditions are f ully met, or the fulf ilment of those conditions is wholly wlthln the control of the charity and it is probable that those conditions will be fulf Illed in the reporting period. In accordance with the Charities SDRP volunteèr time is not recognised. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are suff icient surplus assets in the estate to pay the legacy, and any condStions attached to the legacy are within the control of the charity. Grants f rom government and other agencies have been Included as income f rom activitles in furtherance of the charitls objectives where thèse amount to a contract for services, but as donations where the money is given in response to an appeal or with greater f reedom of use, for example monies for core funding. Grants receivable on confirmatitsn by the charity that specified performance criteria have been met are accounted f or only once such criteria have been 88tisfied. Income is deferred only when the charlty has to fulfil performance related conditions before becoming entitled to It or where the donor or funder has speclfied that the Income is to be expended In a future accounting period. Oividends are recognised once the dividend has been declared, and notification has been received of the dlvldend due. Interest on funds h&ld on deposit is included when recelvable and the amount can be measured rellably by the charity,. this is normally upon notiflcation of the interest pald or payable by the bank. Income from each sale of land under long term land development contracts is recognised on completion. Costs of each sale are apportioned based on the proportion of the land area sold. Expendltur? Expenditure Is Included in the statement of financlal activities when incurred and includes any attributable VAT whlch cannot be recovered. Resources expended comprise the following.. Expenditure on raising funds includes all expendlture associated with raising funds for the charity. This includes investment management fees, staff costs assoclated wlth f undralslng, and an allocation of support costs. 37 Annual Report and Consolld8ted Financial Statements

The charitable activities comprise expenditure on the charitys primary charitable purposes as descrlbed in the members, report i.e. promoting the work of the Church in the Diocese of Si Albans including payments of grants. The expenditure includes both costs that can be allocated directly to such activities and those indlrect costs necessary to support them. Support costs are those costs which enable charitable activities to be carried out. These costs include the expenses relating to finance, human resources, properly m8nagement, communications and inf(>rmation technology. Where expenditure incurred relates to more than one activity it Is apportloned using the most appropriate basis. Grènts payable are included in the statement of financial activities when approved and when ommltted. Commltment wlll usually arise when the intended recipient has either received the funds or been informed of the decislon to make the don8tlon. School major repalr and capltal proje¢t$ The charity receives contrlbutions from governors of Church schools In the Diocese in connection wilh major repair and capital projects to Church schools and also Government grants In connection wSth the same. Under the School Contiltion Allocation ISCAI funding scheme, monies are received and then allDcated or spent. Projects are agreed by the Diocese, under the statutory and non-st8tutory quidance provided by the Department for Education l Df El. Because the Diocese has some Ilmited discretion over the application of funds, it is our view that all income and expenditure under the SCA should be Included in these accounts. Monies received have to be spent withln a two-year time period or returned to the DfE. Tanglble flxed assets All assets costing more than £2,000 and with an expected useful life exceedlng one year are capitalised. Freehold lar>d and buildings owned as at 31 December 2013 comprising parsonage houses and corporate residential propertles are included in the financial statements at a valuation determined by the members of the Board as at 31 December 2013.The valuatlon, deemed to approximate to the value based on an existing use basis, was based on an insurance value determined by Rumball Sedgwick, Chartered Surveyors, as part of their quinquennial review. Other freehold land and buildings are included in the f inancial statement at cost, or where the cost is not known, at a valuation determlned prior to 31 Oecember 1999 by members of the Board. All of the above valuations have been deemed to be cost under the transitional provisions of FRS102. All other tangible flxed assets are included in the financlal statements at cost, except for Holywell Lodge, where key building work is depreciated over a period of fifty years. Parsonage houses being buildings designed as, and used wholly or malnly for, private residential accomrnodation are not deprettlated. Their value and conditions are reviewed annually by the members of the Board, who are satisfied that their residual value is not materlally less than their book value. 38 Annual Report and Consolidated Flnanclal Statements

Other Ireehold buildings which are used as private residential properties are not depreclated. The value and condition of the properties is reviewed annually to ensure that their residual value is not materially less than their book value. Computer equipment is wrltten Off over a perlod of between three and slx years and office equlpment over a period of ten years, based on cost, in order to write the cost of each asset off over its estimated useful life. Investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet d8te uslng the Closlng quoted market prlce. The charity does not acquire put options, deriv8tivÈs or other complex financial instruments. As noted in the Members, Report attached to these f inancial statemenls, one of the maln forms of financial rlsk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of Investors to investment risk, and ch8nges In sentiment concerning equities and wlthin particular sectors Dr sub sectors. Glebe property comprising agricultural land, retail property and residential property held for Investment is Inclkjded in the fin8ncial statements at a valuation based on rental yield. The valuation has been determined by the members after consultation with their professional property advisers. In the eage of a small number of residential properties subject to long leases, rental yield comprises ground rent only and the resultant valuatlon reflects this. Realised gains lor losses) on investment assets are calculated as the difference bètween disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the f inancial year. Unreallsed gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised Investment galns lor losses) are combined In the statement of f inancial activities and are credited lor debited) in the year in which they arise. Stock: land under development Stock is stated at the lower of cost and net realisable value. The cost of stock includes the Inltlal cost of the land, preliminary costs incurred prior to the commencement of constructlon and borrowlng cosls. Debtors Debtors are recognlsed at their settlement amount, less any provision f or non-recoverability. Prepayments are valued at the amount prepald. They have been dlscounted to the present value of the future cash receipt where such discounting is material. 39 Annual Report and Consolldated Financial Statements

Cash at b8nk and In hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have 8 maturity of less than three months f rom the date of acqulsitlon. Deposits for more than three months but less than one year have been dlsclosed as short-term deposlts. Credltors 8nd provlslons Creditors and provisions are recognlsed when there is an obligation at the balance sheet dale as a result of a past Èvent, it is probable that a transfer ol economic benef it will be required in settlement, and the amount of the settlement can be estlmaled rellably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is malerlal. Fund structure The unrestricted funds comprise those monies whlch may be used towards meetlng the charitable ubjectives of the charity and may be applied al the discretion of the members of the Board. Certèln unrestrlcted f unds have been set aside and designated for specif ic purposes by the Board. The regtrlcted funds are monles raised for, and their use restricted to, a specif 1¢ purpose, or donations subject to donor-imposed conditlons. The èndowment funds comprlse assets which normally must be held as capital but, where permitted, may be applled towards meeting certain charitable aims. The income therefrom may be used either in accordance with the terms of the endowment, if stipulated, or for general purposes. The application of total return in 2024 does not change this and all transfers to unrestricted funds as a result of total return are in accordance with the terms of the endowment funds. The non-charitable trading funds represent the rÈtalned profil arisin9 on the charitys trading subsidiaries. Flnanclal Instruments Apart from fixed asset investments held al fair value, the charity only has financial assets and flnancial liabllilies of a kind that qualify as basic financ181 Inglruments. Baslc flnancial instruments are initially recognised at transaction value and subsequently measured at ètnortised cost using the effective interest method. Penslon co8t8 All members of staff and clerqy are eligible to belong to a defined benefits pension scheme 8dministered by the Church of England Pensions Board. The charlty is unable to identify its share of the underlylng assets and liabillties of the schemes on a reasonable and consistent basis. Therefore, in accordance with FRS102, it has 8CCDunted for Its normal contributions as if the schemes were defined contribution schemes. Normal contributions are charged lo the 40 Annual Report and Consolidated Financial Statements

statement of f inancial activities when payable. The present value of the expected deficit recovery contributions are recognised as a liability at the balante sheet date. The amount Is reviewed annually taking into account any changes to the def icit contribution rate or the Implicit rate of interest used in discounting the liability. Custodlan fund$ Funds held by the charity on behalf of parishes, church schools and other entities and overwhlch the charity has no power to make m8n8gement decisiDns are classified as custodian funds and are not included in the f inancial statements. Instead, the funds held are disclosed by way of a note to the financial statements. 41 Annual Report and Consolidated Fln8ncl81 Statements

Notes to the f inancial statements 31 December 2024 Income from donations and legacles Re8trlcted UnrestTlcted funds funds eooo EOOO 13,314 Tot81 2024 £000 13,314 Parish Share Specific parochial donations General donations and legacies 2024 total funds 24 13,344 27 13,547 Restrict8d ilnrestricted funds funds 000 £000 13,072 Total 2023 £voo 13,072 P81"Ish Share Specilicp8*ochi8ldonations Gener6ldon&tlDns an6leqacies 2023tot8/funds Jo 13, 107 37 13, 114 In additlon to the above, the DiocesarTr Board of Finance received as trustees. contributions of £379k12023 - £6714kl from the governors ot Church schools in the Oiocesè in connection wilh major repair and capital projects. Income from Investments Non- Un- Charltable Endowment Rèstrlcted rgStrlcted Tradlng Total funds funds funds Income 2024 rooo gooo £000 £000 gooo Incorne from listed investments aTrd interest receivable Glebe income Income from miscellaneous rents and 1,335 467 435 48B 58 2,316 469 24 4S9 757 1,247 7B2 58 3,567 2024 total fund¥ 1,803 on- Un- Chbritgble Endowment Rgstricted restricte6 Irading Total funds funds runds income 2023 £000 £000 £000 £OOD rooo Incom8 fiom listedinvestmentsand interesfi"eoeivable Glebe income 7,086 460 528 21 2.024 460 Income from miscellèn&)ous renls and lettin 2023totalfunds 28 417 605 1. 133 633 21 3, 117 1,546 42 Annual Report and Consolid8led Financial Statements

Income from charltable actlvltles Rostrlcted Unrestrlcted funds funds £000 eooo 267 Total 2024 £000 553 621 134 2,199 60 240 Grants receivable Fees and chaplaincy ir)come Schools, Service Level Agreements and Project levies Grant funding lor Sohools Building Projects Othèr income from courses and conferences Grant from Church Commissloners, DIP Funding National Church allocations 2024 totsl tund8 521 134 2,199 60 240 164 3,064 807 3,871 Restricted Unrestricted funds funds rooo £000 357 281 6S3 lotal 2023 000 518 66J Grantsreceivab/e Fe8s3ndchbplBihcyincome rr8ding income Schools'service LevelAgreen7entsandProjectlevles Gr8ntlundingforSchÉJo/s BuildingProjects Otherincome from courses 8ndconferences Grantfrom Church Commissioners'Str8tegic Development Fund N3tionalChurch allocations 2023totalfunds 124 2.250 60 124 2,250 BD 178 482 3,431 178 482 4,383 952 Srants receivable for the year which exceeded £100,000 from a single orqanlsatlon were as follows.. 2024 £000 141 2023 £'ooo 165 156 lQS 240 Benefact Trust City Churches Fund ITrLJSt For London) Hockerill Foundation Church Commissioners. Strategic Development Fund Church Commlsslonerd Dloce$an Investment Programme 110 240 Income from other sources Un- Endowm8nt R9StrSeted roStrlct&d Total funds funds funds 2024 £000 eooo eooo eooo 7,378 198 1,578 28 89 102 1,406 Income from sale of properlles Miscellar)eous incotne 2024 total funds 267 1.678 In 2023, sales of small items of assets raised a surplus of £2k. 43 Annual Report and Consolidated Financial Statements

Expendlture on raising funds Non- Charitablg Trading Total Income 2024 £OOD £000 38 18 59 130 418 172 836 Endowment Restrf¢ted restrlcted funds fund$ fltnds Eooo Eooo gooo 38 18 58 24 Schools. Service Level Agreemer)ts Schools, Courses School Capital Projects Investment management costs Trading expenditurelnote 261 Glebe expèndlture 2024 totsl funds 83 23 418 172 255 139 23 418 on- Un- Chéritèble Endowmeni Resfrlcted restricted rrading Total lunds funds income 2023 £000 £DOD £000 pooo 46 46 30 20 38 38 27 145 2, 198 2, 196 251 £000 Schools'S8rvice LevelAgreements Schools'couises SchoolCépit&lProjects /i?vestmentmènaggment¢osts rr86inqexpenditure[note 26) G/ebe expenditure 2023totalfund& 52 26 251 343 731 26 2.196 2,8gB 44 Annual Report and Consolldated Financial Statements

Expendlture on the promotlon of the work of the Church of England In the Diocese of St Albans Y•orend4d3108c•mbar2024 Ye8rendedJlDec&mber2025 Rèstrlctèd Unr•stilct•d Total Reslri¢ted Unrestricted funrfB fund8 2024 funds funds fOOO eooo eooo eooo eooo Total 2023 fooo Parochial clergy stipends and related costs Stipends Pension contrlbutSons Naiional Insurance Retnoval resetllÈment Other clergy costs 6,Th ￿?31 1,488 1.4fje 667 267 2WI 455 456 9 498 9.488 6,175 1,507 509 299 431 8,921 6, 175 7,507 509 299 431 8,921 Clergy houslng costs Parsonage5 Idlrect exposure) Allocation of support cosls Sub total Board of Finance propertiesldirecl expenditure) 3,708 3,708 3,614 3.614 450 4,150 450 4,158 560 4,174 5$0 4,174 267 267 4,425 4,425 307 4,475 301 4,475 Direct expenditure AIIoc8tion of support costs 1,330 1,412 285 1,394 1,577 513 1.843 513 1,925 637 2,all &77 2.314 283 Educallon Schools Condition Allocallon qrantslnote 231 Direct expenditure AIIDcation of support Costs 1633 2,633 408 2,092 433 2092 433 296 298 296 3 335 367 367 367 2.892 3.039 2525 Mission Direct expenditure Allocation of support costs 44 187 370 557 64 441 505 296 666 296 853 367 387 87Z 187 64 Grants payablelnote 71 269 06 7g5 472 473 885 Total fundg 17 234 20 831 Thls figure include5 the Costs of supporting ordinands In tralnlng amountlng to É803k12D23- £881kl. Strategic Development Fundlng recelvable from the Church Comffllssioners finished In 2023. In 2023 Q41k was funded in this way. Such funding was credited to restri¢ted fundsand 8 transferfrorn restricted funds to unrestricted fun(Js was also made at 31 December2023 to reflect the utilisation of the monles for the purposes Intendedlnote 211. 45 Annual Report and Consolidated Financial Statements

Grants payable The Diocese makes grants to institutlons in accordance with its grant making policy set out in the members, report. A detailed list of those institutions receiving grants may be obtained on request from the Diocesan Secretary. Yearèndèd 31 D&c8mb8r2D24 Y&8rended31December2023 Re8trlcted Vnre8trl¢ted Totsl Restrleted Unrestrlcled funds fsJThds 2024 lunds £VOO £000 £000 £000 Total 2023 fooo £voo Chufchschools Olher grants to schools 16 16 15 Parf8he8 To 8Ss15t with repairs ur rebuilding ¢osis PasiorÈl Ald Supporl Grants 10 assist moeiing Parish Share contributions 159 167 176 141 289 183 204 10 183 204 io 289 Energy grÈnts External charltle8 For humanitarian relief mission and evangelism 68 63 66 129 Clergyand clergywldows Ordinands. suppori Discretionary oranls for 49 60 98 60 60 69 70 hardship TotolfuThd8 289 506 412 473 8B5 Support costs Unrestricted funds Total 2024 eooo 582 470 174 389 1,555 Total 2023 £'ooo 822 516 Support st£ff costs Support ollice costs Governance costs General Synod Requirement 187 406 1,951 Reallocated to charitable activities as follows.. Clergy housing Ministry Education Missio 450 513 296 296 1,555 560 637 387 367 1,931 46 Annual Report and Consolidated Financial Statements

Net Income (expendlture) before investment gains and losses This is stated after charging.. Total 2024 eooo 2,045 Total 2023 £'ooo 2,304 Staff ¢ogts (note io) Auditor's remuneration- Statutory audit services 42 28 Depreciation 63 59 Staff costs have been reduced in year by £403k representing the pension surplus on the Church Workers, Pension Fund at the end of the year (see note101. £134k of this relates to support staff (see note 81. See note 33 for a detailed explanation. 10 Staff costs and employees Total 2024 eooo Total 2023 £'ooo Srèff costs durlng the year were as follows.. Wages and salaries Social security costs Other pension costs. 2,1gB 213 13661 2,045 1,690 187 227 2,304 'Credif Is a result of pensSon holiday of 29 tnonths fullyaccounted forln 2024 (see note 33 forfull detall81 Tot81 2024 eooo Total 2023 £'ooo Stall costs per functlon were as follows.. Direct promotion ol the work of the Church ol England in the Diocese of St Albans Other support stall 1.213 832 2.045 1,261 1,043 2,304 The average number of employees and office holders, analysed by function, was.. 2024 2024 Full-tlme Part-tlme 2023 Full-time 2023 Part-time Direct promotion of the work of the Church of England in the Diocèse of St Albans Other support staff 13 14 27 26 io 38 17 26 28 31 The 3612023- 311 part-time posts are equivalent to 21.5 full-time posts12023-181. 47 Annual Report and Consolldated Financial Statements

The number of employees who earned over £60,000 (excluding employerfs pension contributions) during the year was as follows.. 2024 2023 £60,001 - £70,000 £70,OOQ - £80.DOO £80,001 - £90,000 £90,001 £100,000 Employer contributions are also pald Into a pension scheme in respect of the employees who earned over £60,000. Key management personnel remuneratlon Ilncluding employer's pension and natlonal Insurance contributionsl totalled £1,217k in the year to 31 December 202412023- £877kl including stipends and related employer's pension and national insurance contributions In respect lo Board members of £274k12023- £227kl. Board members. remuneratlon During the year no member of the 8oard had any beneficial interest in any contr8Ct wllh the group or the charity12023- none). During the year several members of the Board, who are also clergy within the Diocesp, received stipends from the charity in connection with their religious and pastoral duties within the Diocese. Thèse stipends totalled £274k12023 - £174kl including pension contributions of £46k12023 - £40kl lo the Clergy scheme and other employer costs. However, no member of the Board received any remuneration in connection with their duties as members of the Board during the year12023 - none). Less than £lk was incurred in travel expenses in the performance of their duties as Board members12023 - less than£lkl. Six clergy members benefited from clergy housing provided by the Board12023- five members). The Board's insurance policy includes cover for Trustee ItTrdetnnity. 12 Taxatlon The St Albans Diocesan Board of Finance is a reglgtered charity and therefore is not Ilable to income tax Dr corporation tax on income derived f rom its charitable activities, as it falls within the various exemptions avallable lo registered charities. The charitls subsidiary companies pay corporation tax on their taxable profits. If sufflclent f unds are available, the subsidiary companies may make a charitable donation to their parent charity which will reduce the corporation tax payable. 48 Annual Report and Consolidated Financial Statements

13 Tanglble flxed assets other froehold land and Offlcg bulldlngs 8qulpment gooo Eooo Parsonage house8 £000 Total fooo Group & Charlty 2024 Cost or deomod c08t At l January 2024 Additions Disposals At 31 December 2024 76,391 14,473 779 12371 15,015 278 33 91,142 812 11,2321 90,722 19951 75,39B Depreclatlon At l January 2024 Charge tor the year 0Ssposals At 31 December 2024 13821 1221 1861 1411 14781 1631 14041 11371 16411 Ngt bookvalues At 31 December 2024 At 31 December 2023 75,396 76,391 14,611 14,091 174 182 90,181 90,664 Parsonage houses and corporate residential properties owned as at 31 December 2013 have been included in tangible f ixed assets at a valuation at that dale. The valuation attributable to each house as at that date is that deemed by members of the Board of Finance to h8ve approximated to the value calculated on the basis of existlng use. In calculating this valuation, ref erence was made to insurance value, as determined by Rumball Sedgwick, Chartered Surveyors, as part of their quinquennial review. The historical cost of the parsonage houses is not known as many of these assets have been given or transfèrred to the Oiocese over a perlod of many years. These valuations are now rÈgarded as the deemed cost of the properties under the transitional provisions of FRSIO2. Parsonage houses and corporate residential properties acquired slnce l January 2014 have been Included within tangiblè f ixed assets at their cost. The book value of other freehold land and buildinqs is based on cost, or where cost Is not available, at a members, valuation made in prior accounting periods. Other fixed assets are stated at cost. The Board has opted to adopt 8 policy of not revalulng its tangible fixed assets as permltted on the Implementalion of FRS102. It is likely that the open market values of the groups and the charity's other freehold land and buildings are materially greater than their book v81ues. The amount of such dlfferences canntst be ascertained wlthout incurring signiflcant costs, whlch, in the oplnlon of members, Is not justif led in terms of the benef it to the users of the financial statements. Four of the freehold buildlngs, costing £1,783k were bought using money from Glebe receipts and so are part of the Glebe fund. If thèy are sold in the future, the proceeds will be retalned within the Glebe Fund. 49 Annual Report and Consolidated Financial Statements

In accordance with FRS102. to the extent that property is financed by Church Commissioners, equity loans for sector ministry, it is excluded from both tanglble f ixed assets and the relèted creditors in the balance sheet. 14 Investments Non- Un- charlt8ble Tradlng restrlcted funds Funds zooo 000 En-dowment funds gooo Restrlct8d fundB eooo Total 2024 000 J9,752 81,037 Total 2023 £'ooo 29,845 59,544 Group Glebe property Listed investmer)ts and cash 37,351 40,556 2,401 12,706 7,775 77,907 12.708 7.775 2,401 100,789 89,189 En-dowmènt funds £'ODO Un- restricted funds £'ooo Restricted funds E'OOO Total 2023 £'ooo 29,645 59,544 89,189 Group Glebe property Listed investmenrs and cash 29,645 40,505 70,150 12,660 12,660 6,379 6,379 En-dowment fund5 £000 R8Strlctgd fijnds 000 Un- re8trlcted funds £000 Total 2024 eooo 37,351 61,037 7,701 Total 2023 rooo 29,645 59,544 7,700 Charlty Glebè property Listed investments and cash Investment in subsidiary undertaking 37,351 40,55B 7,701 12,706 7.Tr5 85,608 12,706 7,TJ5 106,OB9 96,889 En-dowmènt ILJnds É'ooo Un- restricted funds £'ooo Restricted funds £'ooo Total 2023 £'ooo 29,645 59,544 7,700 96,889 Charity Glebe properly Listed investments and cash Investment in subsidiary undertaklng 29,645 40,505 7,700 77,850 12,860 6,379 12,eBo 6,379 50 Annual Report and Consolidated Financial Statements

Movements in the group s and charity's investments during 2024, excluding those In subsldiary companies, were as follows.. Glebe property 'ooo 29,645 5,042 Listed investments eooo 59,644 18,484 Total £'ooo 89,189 21,526 Market value at l January 2024 Additions at C051 Dlsposals at book value (proceeds-. £17,33Ok,. net gains.. £1,348kl Net unrealised investment gains Market value at 31 December 2024 Cash awaiting investment 115,9821 962 61,008 29 81,037 115,9821 6,027 100780 29 100,789 5,065 40,762 40,752 Glebe property Glebe property is included in the flnancial statements at a valuatlon based on rental yleld. The valuation has beeTr calculated by the Board based on Information provided by the charity's managing land agents. The historical cost of the Glebe properties is not known. Many of the propertles have been owned for 8 significant number of years and, in many cases, the propertles were given or transferred tD the Diocese for no consideratlDn. Glebe property held at 31 December 2024 comprised the following: Group 2024 eooo 31,995 7,757 39,752 Charlty 2024 eooo 29,594 7,757 37,361 2023 £'aoo 24,723 4,922 29,645 2023 £'ooo 24,723 4,922 29,645 Agricultural land Residual properly 51 Annual Report and Consolidated Financial Statements

Llsted Investments Listed investments comprise units in funds held mainly by the Central Board of Finance of the Church of England ICBFI which are professionally managed on behalf of the CBF by CCLA Investment Management Limlted, Sarasln & Partners UK and Baillie Gifford & Co. RemaSning funds are held by Schroder and Company Limited and are in the process csf being sold. Al 31 December 2024, the investment portfolio for both the group and charity included the following holdings which represented a material proportion of the total value of the f ixed asset investment portfolio at that date.. 2024 Percentagè ot portfolio 2023 Markat Percentage value of portfolio £000 33,025 Market vèlue £'ooo 30,592 CCLA CBF Investment Fund-1ncomé unit5 Sar8sin Climate Active Endowment Fund Class A Income Baillie Gifford Responsible Slobal Equity Income Fund B Accumulated Property Funds held with Cazer)ove 64.1 51.4 24.8 15,114 23.2 13,7S7 18.0 10,947 1.923 17.5 10,397 4,701 All Ilsted Investments are held withln the United Kingdom. Investment In subsld18ry companles StA/b8ns Diocesan PropertyCompanyLimited During 2014, the charity established a wholly owned subsidiary company, Sl Albans Diocesan Property Company Llmlled, Investing £l.7 million in the purchase of the subsidiary company's called up share capital of 1,700,000 ordinary shares. During 2022, a £6 million loan from the charity to its subsidiary company was converted to equlty shares, brlnging the total holding to 7,700,000 ordlnary shares. Further details of the subsidiary and its trading results for the year to 31 December 2024 and f inancial positlon as at that date are given in note 26 to these financial statements. StAlb8ns Dioces3n Property Company(CheshBm)Limited During 2024, the charity establlshed a wholly owned subsidiary company, St Albans Diocesan Property Company Icheshaml Limited, with a called-up share capital of £1,000 ordinary shares. Further details of this Snvestment are included within Note 32 to these f inancial statements. 15 Appllcatlon of total return accounting to Investments The investment power of total return permits the si Albans Diocesan Board of Finance to invest across all permanent endowment Investments to maximise total return and apply an appropriate portion of the un8pplied total return each year. These are the endowment funds for Diocesan Stipends, Glebe and Parsonage Benef ice Funds. 52 Annual Report and Consolidated Flnancial Statements

Until the power Is èxercised to transfer a portion of unapplied total return to income, the unapplied total return remains part of the individual fund. 3.5 /* of the value of Investments, i.e. £2,624k in total1£2,452 in 20231, was transferred to qeneral funds such that it is set agalnst the ost of stipendiary minlstry in the year, a8 detprmlned by the Dlocesan Stipends Fund (Amendment) Measure 2016. From l January 2022 the St Albans Diocesan Board of Flnance adopted a total return approach to investfflents with regard to the gbove investment portfolios. The Board adopted and agreed a base-line asset value at 31 December 2017, indexed using CPI, and a dlstribLttSon policy of 3.5 / based on a live-year rolling average of capital values, to be revlewed every three years. The initial value for implementing total return for investment was determined at 31 December 2017 8s £57,238k. Thls was the amount held In permanent endowment investments and cash deposlts at that date. The unapplled total return calculated as at the1 January 2022 and valued at £18,81lk as the increase above inflation in the value of these investments slnce the initial valuatlon, subsequent to the appllcation of CPI an(i adjusted for amounts Invested in curates, houses. The movements In the value of the un8pplied total return, during the two years that total return has been applied, are set out in the following tables: Trust for Investment £000 Unapplled total r8turn gooo Tot81 Eooo At l January 2024.. Base value of the permanent endowment Unapplied total return Total 89,814 69,814 11,130 BO,944 11.llo 11.130 69,814 Movements during the year.. Investment returns.. divldends received Investment return.. realised and unreallsed losses Investment managemènt feeds Glebe property expènses Ur)applied total return allocated to Income in the year Charitable donation from property company Add indexation of base level of endowment Net movements In the year 1,729 6,595 1,728 8,695 11401 12,6241 342 11,7981 4,095 11401 12,8241 J42 1,796 1,796 5,891 As at 31 December 2024 8ase valuè ol the permanent endowment Un3ppliÈd total return Valuatlon as at Dgcèmber 2024 ,810 71.610 16,225 86,836 15,225 16,226 71,610 53 Annual Report and Consolidated Financial Statements

Trust for investment £Doo Un8pplied rolalreturn 000 Total rooo At lJènuafy2023.- Sase of th8permanent8ndDwm&nt Unappliedrof8lreturn Total 67,774 57,174 11,817 11,517 87,174 78.991 Novements during theyear.. Investmenfreturns.. divid8ndsr&ceived Investmentrefurn.. rea/ised8ndunre8lisedlosses Inv2stm8ntn73naqement leeds Glebepropertyexpenses Unappliedtof3lp"ettsrn allocatedto income in theyear Chai-itable donation frompropertycon?p3ny Addindexation ofbase levelof endowment Etmowementsin theygar 1,546 2, 150 152) 1246} [2,452) 1,047 12,64L7J 1687J 1,548 2, 150 192) 1246) 12,452] 1,047 2,640 2,640 1,953 As3tSlDg¢&mber2023 Base vélue olth8pern7anent gnbowment Unappliedtotalreturn Valuation3saS DecembeK2025 69,874 69.814 17,750 17,lJO 69,814 80,94 16 Stock: land under development 2024 000 11,831 1,933 153 12251 13,692 2023 £'ooo 12,078 1,261 30 11,5381 11,831 grou At l January 2024 Oeveloprnent cost Borrowing costs Oisposals Al 31 Oecember 2024 Land under developmerit relates to 8 parcel of land that is being developed by the charity's wholly owned trading subsldlary, St Albans Diocesan Property Company Llmited. On 20 December 2017 St Albans Diocesan Property Company Limited signed a Collaboration and Equalisation Agreement with the owners and co-developers of adjacent land to ils own near Houghton Regis. This agreement is pursuant to an existing Collaboration and Equ81isatlon Agreement in place I"Heads of Agreement'l with the same owners. The new agreement sets out detailed terms and conditions of the financlal and operational obllgatlons of each membèr to the Houghton Reqis Consortium whlch will manage the development and sales of land owned by each member of the Consortium. Ouring the seven years to 31 Decetnber 2024, professional, feasibility and borrowing ccists have been incurred and have been treated as additions to the value of the land under develDpment. The first major sale of land was made in February 2019 with further sales in each of the followlng years to date. The profits on these sales have been Included in the group f Snanclal statements in the year appropriate to the transactions. 54 Annual Report and Consolidated Financial Statements

17 Debtors Group 2024 £000 Charlty 2024 £000 2023 £'ooo 2023 £'ooo Due wlthln on9 9gr Amounts due from Parochial Church Counclls.. Building loans Parochial contributionslnote lal below) 53 63 63 53 53 64 64 Church CommissSoners- Pastoral Account Inote Ibl below) Investment income recelvable Stall loar)s Due from subsidiary companylnore Icl below) Amount due to respect to sale of land Sundry debtors Bnd prepayments 280 280 4.697 1,422 355 1,389 1,917 356 688 1,403 1,389 6,169 698 2,470 Group 2024 £000 Charlty 2024 eo&) 2023 £'ooo 2023 000 Due after one ear Amounts due from Parochial Church Councils.. Equity loans to finance the pur¢hasè of eLJr2tes' houses Inoteldl below) Other108ns Sundry Oebtors Other Debtors 300 300 91 91 699 1,006 1,122 423 307 Notes lal The debtor for p8rochial contributions represents monles In respect of parochial feos, rent, stipend recharges and other small ad-hoc income for 2024. Ibl Amount due from the Church Commissioners represents proceeds from the sale of a redundant church. Icl In 2022 and 2023, the amount due from the subsidiary company includes accrued interest on the loan to the company (note 261. Idl Equity108ns enable Parochial Church Councils lo purchase curates, houses. They are repayable only on the future disposal of the relevant property. 55 Annual Report and Consolidated Financial Statements

18 Credltors: amounts falling within one year Group 2024 £000 93 Charlty 2024 eooo 93 2023 £'ooo 523 2023 £'ooo 523 Church School bulldings 3nd maintenance Grants comTnitted Corporation tax payable Sundry creditors and accruals 22 814 929 81 780 1,388 623 716 746 1,273 Church sehools, buildings and maintenance represents recèlpts held and allocated to a project but nol yet spent. 19 Credltors: amounts falllng due after more than one year Group 2D24 rooo Charlty 2024 £000 2023 £'ooo 2023 £'ooo Amounts due to the Church Commlssloners Vari£ble deposit l-ate and equity loans for the purchase ol curates. houses Amount due to consoitium development partners 276 413 276 413 2,334 2,610 766 1.179 276 413 The Church Commissioners, loans have no flxed date of repayment. The equity loans bore interest al between 6.68 / and 11.Ol°A during the year. Two of these properties were sold In tho year. 20 Provisions for Ilabilities 2024 eooo 2023 £'ooo Grou and Charlt Clergy pension scheme deficit contribution liability Following f in8llsatlon of the 31 December 2021 valuation, the Clergy Pension Scheme was fully funded, no agreed deficit recovery payments are required from l January 2023 onwards, and the balance sheet liablllty as at both 31 December 2024 and 31 December 2023 is nil. Note 33 contains further details. 56 Annual Report and Consolidated Financial Statements

21 Summary of assets by fund Charlty Funds T8nglble as8t31 Flxed Oec8mb8r 2024 As8et8gOO Investment Curr8n Credltor Int8r- Fund Balance Net Ass9ts Assets 00 gooo eooo eooo £000 ENDOWMENT FUNDS Stipends Capital Fund Parsonage House Fund Parsonage Building Benelice Fund Glèbe Fund 19,452 1,STJ 1101 3,665 24.678 77,179 1,080 78,260 2,888 243 654) 2,278 63,468 85,608 6,084 7,901 14741 14851 15,4951 11.4061 63,583 168.797 77,179 RESTRICTED FUNDS Consolidated Fund for Statutory Educatio Pastoral Account Committee for Social Responsibillty Parker Fund Yapp Fund Archdea¢ons Discretionary Funds under £400k of Investments 8,816 1,201 11521 13061 9,580 793 793 850 898 155 262 46 29 793 896 702 737 535 113 138 1,169 45 471 2,457 12,708 2,465 11071 987 16,051 UNRESTRICTE DFUNDS Common Fund Desl na Funds Tangible Fixed Assets Property Ring- Feneed Fund Pastor21 Account 1,498 1,905 11481 1,960 5,216 13,002 1,473 12691 12,4651 11,741 6,106 528 13371 6,292 922 58 19801 13,002 7,604 4,B28 13641 1361 11,8221 1,087 23,248 1,051 Missio Oevelopment Other Funds 28 4,858 1,154 419 1,353 25,652 13,002 14001 Total Funds 90,181 106,089 15,222 19921 210,60 57 Annual Report and Consolidated Financial Statements

Ch8rltyFunds T•nqlble 8satJl Flxed Decemb8r2025 Asset$£OO Invostm8nt Curr8n CredltLY Int& Fund Balanc Net As$8ts Assets pooo fooo 000 ENDOIVPIENT FUNDS Stip8nds C8pitalFund P3rson8ge House Fund P3tson8ge Bbklding BeneliceFund Glebe Fund 19, 771 144 4,038 23,955 76,392 521 78,913 2, 730 4$ 1608J 2,7S8 1,782 78,174 55,349 77.850 5, 726 5,917 58,496 761,550 1470) REsfRICTED FUNOS Consolid3t8b Fundfor Statutory EduG3tion Committee for Social Responsibility P8rkerFund Yapp Fund Archde2Gons DiscretlDnary £inds under £400k of Investments 8,856 256 1573) 1,039J 9,578 880 137 808 736 721 523 229 44 27 1201J 95 147 764 858 697 7,144 677 862 2.420 12,660 1,570 163BJ 1. 731 15,725 UNRESTRicfE OFUNLiS Common Fund 5,95S 1746) 1559J 4,S51 13ngibl8 Fixed Ssets Property Ring- FenGEdFund P3slora/ Account 72,490 1,553 1322) 12,1SlJ 11,540 6,212 (228J 6,044 874 59 1166) 767 12,490 8,272 8,447 11,015) 136) 13, 134) 907 23,002 871 Mission Oevelopnpent otherFunds 187 6,379 27 8,474 9D7 11,321) I,ioi 24.973 12,490 11,049J Tot81Funds 90,684 96,889 15,761 11.686) 201,62 58 Annual Report and Consolidated Financial Statements

22 Other transfers between funds The i nter-f und transfers during the year were as follows.. Non- charltable tradlng funds Eooo En- dowment Restrlctad Common other funds fund8 fund unrestrlcted eooo eooo £000 £000 Group and Charlty Funds designated for use of projects from 2023 funds Transfer ol funding for Net Zero Carbon Support of Mlnlstry Experience Scheme Support of Digital Roll-out S¢heme Agree tr8nsler of Strateqic Oevelopmenl Fund to support missional activities Transfer from typè of fund Transfer of Pastoral Account to Restricted funds Charitable donation from subsidiary company to pareni Charity 15001 600 1151 16 161 141 (921 1221 92 22 793 17931 J42 342 13421 13421 688 1610) IT761 The Pastoral Account, previously categorised 8s a designated fund, has been reclassif led as a restricted fund, following consideratlDn of the restrictions placed on it by church reprèsentation rule8. The Inter-fund transfers during the previous year were as follows.. Non- chartt8ble tr8d/ng funds rooo En- dowm49nt Restrlcted Common Other funds fvnds fund unr8Strfcted eooo GroupgndCh8rlty Netrelease ofDesignatedfunds Undes/gn&tion of desighatedfunds Grants from Church Commissioners" Str3tegic Development Kund transf8rr8dto meetmission expenditure Oharitable donètion from subsidiary companytop8r&nt ch2rity 510 1610J 187) 87 (87J 1507) 59 Annual Report and Consolidated Financial Statements

23 Endowment funds The capital funds of the group and the charity are endowed assets which normally must be held as capltal but, where permitted, may be applied towards meeting certain charitable aims. At1 Galns, At31 January Income and Ioss8s and December 2024 Exp9ndltiJrg transl8rs 2024 £000 Eooo gooo gooo Grou and charlt Eridowment funds.. Stipends Capital Fund Parsonage Houses Fund Parsonage Benelice Fund Glebe Fund 23,953 76,913 2,168 58,496 161,530 536 1,347 189 24,678 78,280 2,276 63,583 168,797 29 4,095 4,313 992 2,954 Gains, At31 January Income and losses and DeG8mbgr 2023 Expenditure tr8nsf&rs 2023 £000 000 £000 pooo Gro andcharir Endowmenl funds.. Stipends CapitBIFund Penslon reserve 2J,690 433 1170J 23,953 25,690 76,917 2,076 55,896 759,579 433 1170J 23,953 7S,973 2, 168 58,496 161,530 Parsonagé Houses P3rsonaqe Benefice Fund Glebe Fund 67 707 1,203 25 893 748 The endowment funds were established as follows.. Parsonage Houses Fund and Parsonage Beneflce Fund The Parsonage Houses Fund represents the nel book value of propertles used as parsonage houses less the value of temporary flnance Irom the Stipends Capital Fund for the replacement of parsonage houses where the sale of existing houses Is pending. The Parsonoge Beneflce Fund represents net proceeds from dispDsals of parsonage houses or parsonage land which are not the subject of a Pastoral Reorganisation. Under the Parsonage Measure 1938 las amended by the Church Property Measure 20181, these funds are required to be held by the 8oard on behalf of ihe benelioe concerned. The first call on these funds is to make improvements to the current parsonage house. Once these requirements are met, the rem8inlng funds can be transferred to the Diocesan Stipends or Diocesan Pasloral Account after serving due notice on the Parochial Church Council and Patron. 60 Annual Report and Consolidated Flnancial Statements

The parsonage house belongs to the benefice Inot to the Pgrochlal Church Councll nor the OBFI and thè ownership is vested in the 'incumbent for the lime being.. Durin9 a period of vacancy In the benefice, the Diocesan Blshop has Powers to sÈll in accordance with the provisions of the Church Property Measure 2018. The statutory provislons rel8tlng to repairs to parsonage houses are contained Sn the Repalr of Benefice Bulldings Measure1972. The Measure puts a statutory obligation upon the Diocesan Parsonage Board lor DBF Property Committee) to repalr and ensure benef ice houses, thereby rellÈvlng the incumbent of this responsibility. Glebe Fund The Glebe Fund represents the value of the Glebe Property plus net current assets of £5,61012023- £2,470kl. The use of the ftjnd is restricted under the Indowments and Glebe Measure 1976, which transferred ownership of all Glebe land and property from the benefice to the Diocesan Board of Finence to be held by the B08rd exclusively for the benefit of the Oiocesan Stipends Fund (see belowl. All income and expenditure derived from this fund is included within the Glebe Fund. Transfers to the Common Fund are made follc>wlng the adoption of a total return policy. Stlpends Capltal Fund This fund represents net proceeds from the dlsposal of Glebe land subsequently invested to be held as part of the Stipends Capital Fund. Income from the fund must be applied towards the payment of stipends. The provision for the Clergy pension scheme deficit recovery payments forms part of thls fund. The fund balance is represented by listed investments, cash on deposit and loans to provide temporary finance to the Parsonage Houses Fund f or the replacement of parsonage houses where the sale of existing houses In pending, less the provision for the doficit in the Clergy penslon scheme. 61 Annual Report and Consolidated Financial Statements

24 Restricted funds The Income funds of the group 8nd the charity include restricted f unds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes.. Atl January 2024 eooo Galns, At31 losses and December transfers 2024 gooo £000 Income Expendlture £000 gooo Grou and Charlt Consolidated Fund for Statutory Educatlon Pastoral Fund Church Commissioners, Strategie Development Fund Committee for Social Responsibility funds Creed Fund Trust lor London ICCFSI Bishop's Harvest Appeal Church Repairs Fund Parkèr Fund Archdeacons, Oiscretionary Yapp Fund Historic Buildings Fund Minor repairs g Improvetnents to Churches Church Building Support Officer Ordinands, Training Fund Grimthorpe Fund Oisability Task Group Church Commissioners. Net Carbon Zero The Alban Way SNMIB Year of Spiritual Renewal & Wellbeiiig Other restricted funds 9,678 2,796 13,1941 380 793 9,560 793 1921 808 113 804 12 356 764 697 858 11091 26 16 850 119 820 12 354 793 702 896 11051 131 11151 1281 1221 1281 34 21 22 21 17 12 18 1171 28 1J 48 28 1221 1491 289 227 1601 228 234 47 1251 15 1591 1181 166) 11071 1101 1341 13,7561 1161 131 114 611 15,125 43 3,531 60 1,131 670 16,051 62 Annual Report and Consolidated Financial Statements

At7 January 2023 £000 S81ns, lossesand December transfers 2023 DOO 000 Income Expenditure rooo 000 Grou 8ndCh8ril ConsolldatedFundforStatutory Sduc81ion Church Commissioners'Strateg/c DevelopmentFund Committee forSoci81Responslbillty funds CreedFund Irust forLondon (CGFSJ BishopsHarvestAppeal Church Repairs Fund P8rkerFund Archde3cons'Discretionary Yèpp Fund Historic Bui/dingsFund Church Buildinqsupport Officer Ordinands. fr8iningFund Grimthorpe OisBbility lask Group Church Gon7misslongrs'NetCarbon Zero rhe Alban Way SNNIB Otherrestrictedfunds 9,07J 2,804 12,673J 374 9,578 179 187) 92 727 102 777 43 308 695 651 774 199J 24 59 806 113 804 12 356 764 697 858 1709J 373 1146J 137J 26 30 24 22 52 (24J 123) 45 62 118J 252 220 525 1288) iioj 170) 289 227 14 742 15 15 159) ISJJ 551 14,074 158J 13,415J 42 611 611 15,125 3,855 The Consolidated Fund for Statutory Educatlon is legally restricted by the trusts set out In Sectlon 17 of the Education Act1993. Its uses include.. Purchase, erection, maintenance and improvement of any school or teacherfs house In the relevant area.. lill Provlsion of advlce, guidènce and resources for the management of schools in the area., Iliil Inspection of relevant schools in the area. 63 Annual Report and Consolidated Flnantlal Statements

Movements on the Consolidated Fund for Statutory Education during the year can be summarised as follows- 2024 eooo 2023 £'ooo Grou and Charl Income Investment income Grènfs received Rental ineomè from school properties Service Level Agreement income School Courses Grant funding Irom SCA School Buildinij Projects levy Total Income 278 98 29 89 242 105 25 87 61 2,250 34 2,804 2199 44 2,796 Expendlture Educatiori 13,1941 12,6731 Nat lexpendlturevlncome before Investment galns and trBnsf8rs Invgstment galns110888s and transfers N8tlexpgndltureYlnoome 13981 374 505 118) The fund is represented by the following net assets.. 2024 £000 8,815 654 878 12811 13061 9,560 2023 £000 8,856 221 12 12001 689 9,578 Grou and Charlt Investments Debtors Short term deposits Creditors.. amounts falling due withlr) one year Inter fund balances Tot81 net assets The SCA (Schools Condition Allocation) system, which cotnmenced in April 2020 requires the charity lo reflect grants received and spent as income and expenditure within the accounts. The grant funding received is included in the SOFA along with the rel8led expenditure. The unspent balance Is included as part of Ihp surplus for the CFSE at the year-end. The grants received have to be spent withln two years of receipt or returned lo the DIE. The cycle is longer than our accounting period, so the transactlons in a year will show as a surplus or def icit according lo the tSmings of all the Indivldual projects. This means thèt across geveral years, the position will be break-even, whilst any individual year will show 8 surplus Dr deflcit depending on the phasing of the projects. 64 Annual Rèport and Consolldated Flnancial Statements

The specific purposes for which the Other restricted funds are to be applied are as follows: Fund A licatlonl ur 08e Church Commissioners Strategic Oevelopment Fund Grant funding re¢élved from Church Commissioners co-funding the Reaching New People project Consolidated Fund for Statutory Applleation of net sales proceeds of closed church schools under Education section 17 af the Education Act1993. Comfnittee lor Soei31 Responsibility Funds Formerly held under the eharity regbstered number 291655, <Jrants are awarded by the Committee for Social Responslbilily, which is a sub-committee of thè Board for Mission 8nd Ministry Creed Fund Trust for London ICCFSI Evangelism and mlsslon at the discretion of the Bishop For the support of parishes In the Metropolitan Pollce area. Monies are applied to support specific qualifying projects where expenditure occurs irregularly. Bishop's Harvest Appeal Monies raised as part of the Bishop's annual appeal Church Repairs Fund Monies forthe repair ot churches within the Oiocese Parker Fund Assistance to Clergy as directed by the Blshop Archdea¢ons' Discretlonary Asslslance to clergy as dlre¢led by the Archdeacons Yapp Fund Towards the Common Fund of the Board, lo support the payment of stipend8 Historic Buildings Fund This is a jointly funded project with Historlc England to build the capacity ol Ioc81 communlties to conserve and develop rhe use of their church buildings. Grants are received once a year, whilst expenditure supported by those grants occurs evenly throughoLJt the year. Ordinands, TrainSng Fund This fund receives block grants from the Archbishops, Council Ministry Division intended to meet the tuition costs for OrdSnands at accredSled Training institutions. Grants are received terffllyi to meet termly payments throughout rhe year. Grlmlhorpe Fund Monies applied lor rhe repair of churches within the Archdeaconries of Herllord and St Albans. Other restricted funds Sundry specific purposes 65 Annual Report and Consolidated Financial Statements

25 Unrestrlcted funds The unre8tricted income funds of the group and the charity, includinq designated funds which have been set aside by the Board for specif Sc purposes, are as follows.. Atl J8nuary 2024 eooo 4,651 Galns, At31 logses and December transfers 2024 £000 gooo 2,112 5,215 Incom8 Exp8ndlture EOOO £000 15,142 116,6901 Grou and Charlt Common Fund Other unfestricled funds.. Tangible fixed assets fund Property ring-fenced fund Desigr)ated funds Pa5torBI Account 11,540 6,044 1,971 198 203 23 99 523 11.741 6,202 2,404 12671 12321 1731 15691 312 842 17931 161 20,322 20,457 Unrestricted funds Elimination of Intra group profit 24,973 11561 24,817 4,427 15,665 117,2591 2,273 25,662 11541 25,498 4,257 15,665 451 117,2671 14181 2,273 12031 Non-charitable trading 29,244 18,118 117,875 2,070 29,755 Atl January 2023 £000 2,825 Gains, At31 loss&sand Decen?ber transfers 2023 £000 rooo 5,045 4,651 /nGon7E Sxpenditure £DDO rooo 14,980 (16, 199) Group éndCh8rit Common Fund Otherrestrictedfunds.. 18ngible fixedassets fund Prop8rtyring-fencedfund Speci8/DesignJtions P8storalAccount 11,540 S,229 2,777 753 21,299 11,540 6,044 1,971 767 20,322 IS5 1561) 1315) 132) [908J 211 1493) 46 213 1282) Unrestrictedfunds Elimination Df/ntr8 groupprofil 24, 12 1162) 25,962 5,423 29,385 15, 193 117,107J 2,763 24,975 1156J 24,817 4,427 29,244 15, 793 2,130 17,323 117,701J 12,078J 119, 179) 2,763 11,049J 1, 715 Non~ch3ritbblg trading 66 Annual Report and Consolidated Financial Statements

2024 00 2023 ooo Common Fund rec¢nclllatlon Total income in year Total expendituie in a year Deficitlsurplus tor the year before transfers eooo 15,142 118,8901 11,5481 £'ooo 14,980 116,1991 11,2191 Total R•tuml8ee note151 Investment income received fi.om Endowment funds in year Addillon31 income due to adoption of total return 1,729 1,546 895 g07 2,624 2,452 Other 8djustmentsltran8ferg b9tW8gn fund¥ seè note 211 Transfer from designated funds to cover previous year deficlt Transfer to designated funds agreed by DBF Other net grant iransfers 51Q 15001 IID) 83 15101 593 Revaluation of investments (21 Net movement on Gommon Fund 1,826 Balance at l January 2024 4.651 2,825 Balance at 31 December 2024 5,215 4,851 Common Fund The Common Fund is used to fund the budget of the St Albans Dlocesan Board of Fln8nce as 8greed by the Diocesan Synod. Its primary source of income is the amounts collected from Parochial Church Councils vla the Parish Shares Scheme. The Comrllon Fund provides the liquidity needed to operate effectively and the ability to f inance short-term deficits. The glm Is for the fund to be represented, in part, by a minlmum cash balance suff iclent to meet stipend and lay staff salary payments as they fèll due. The need for such working capital is taken into account when setting the annual budqet. Excess monles may be distributed to parishes via the budgetary process, but ttonversely any prior year deficits sustalned on the common fund may be recouped via the same process. The policy itself, and the levels of resources required, are reviewed annually. Tanglble Fixed Assets Fund This fund rèpresents those assets held by the Board for carrying out its general activities. Reserves are needed to provide the St Albans 0Socttsan Board of Finance with the assets needeLI to carry out its objectives including statutory requirements, administration of funds and housing of non-beneficed clergy. 67 Annual Report and CDnsolidèted Financial Statements

Prop8rty Rlng-Fenced fund This was set up using the residual f uds due to the OBF following the sèle of parsonage houses and Initially transferred lo the Pastoral Account Isee Note 221.11 Is a deslgnated fund and so the DBF can use the income generated and assets held according to need. However, it is primarily Intended to relieve pressure on the costs for maintaining and improvlng parsonage houses. Speclal Deslgnated Funds These are funds which the Board has set aside for specific sundry purposes falllng within the normal activities of the Diocese. P8Storal Account The Olocesan Pastoral Account is held by the Board for the purposes defined In Sections 93 and 94 of the Mission and Pastoral Measure 2011. Its uses inelude.. Expenses incurred relating to the purposes of the measure., 1111 Grants and loans for p8rson8ge and church provision, resloratlon, Improvement or repair., 11111 Transfers to the Diocesan Stipends Fund., livl Oiher purposes as defined in the Measure. 26 Unreallsed galns The total unrealised gains as at 31 December 2024 constitutes a revaluation reserve and are as follows.. 2024 gooo 9,191 2023 £'ooo 8,181 Unreallsod galns on Ilsted Inve8tments at 31 December 2024 Re¢onclllatlon of movements In unrgallsed galns Unrealised gains at l January 2024 Add.. in respeei to dlsposals the year Netllossesl gains arising on revaluation arising in thè year Total 4Jnr&alis9d galng at 31 December 2024 8,161 48 82 9.191 6,571 18281 2,438 8,181 27 St Albans Dlocesan Property Company Llmlted On 18 February 2014, St Albans Diocesan Property Company Limlted was established as a 100 / owned subsidiary of the St Albans Diocesan Board of Finance. Its current directors al 31 December 2024 were are Mr C G Bird, Mr A C Brown, Dr T Coulson, The Ven D Middlebrook, and Mr C B Gage who are also members and dirèctors Df the B08rd of Finance and, The Hon H T Holland- Hlbbert who is an independent director. Sl Albans Dlocesan Property Company Llmited Is part of a V AT Group reglstration with the St Albans Diocesan Board of Finance. 68 Annual Report and Consolidated Financial Statements

On 10 AprS12014, the St Albans Dlocegan 8oard of Finance transferred a parcel of its land with planning potential to St Albans Diocesan Property Company LimSted. The land was classifled initially as investment18nd as it was not known whether satisfactory planning permlssion for development would be obtained. Such permisslon was granted in July 2015 at which point the land was reclasslfied a8 Stock of land under developrnent. The company has signed an agreement with the owners and co-developers of adjacent land lo its own nèar Houghton Regis and a consortium has been formed to rnan8ge the development and sales of land. Slnce 2019 the consortium has completed a number of significant sales of land. All 88les proceeds and associated costs are included in the f inancial statemènts of the company and these consolidated financial statements. Tax has been calculated on the prof its and is included in the financial statements. A summary of the compgnls statement of income and retalned earnings for the yearand b818nce sheet at 31 Oecember 2024 is given below. Audited f inancial statements will be f Iled with the Registrar of Companles. The companls registered offlce is Holywell Lodge, 41 Holywell Hill, St Albans, Herts, ALI IHE. 2024 eooo 2023 £'ooo Income and expendlturg Turnover Cost of sales Operating costs Interest received Interest payable Taxation Profltforthe year Impact of restatement of prior period comparatives at subsidiary level on reserves carried forward ILo881 profltforthe year 393 12561 1461 58 2,109 12,1491 1471 21 139 289 52 408 460 289 2024 vooo 2023 £'ooo Balance sheet Current assets Creditors.. amounts falllng due within one year Creditors.. amounts falling due after one year Tot81 net 888ets 18,024 11,8161 12,3341 12,074 14,430 11,6961 16071 12,127 2024 gooo 2023 £'ooo Capltal and reserves Called up share capital Profit and Ioss account Total shareholderf$ funds- 8qultylntere8t8 7,700 4,374 12.074 7,700 4,427 12,127 69 Annual Report and Consolidated Fin8nclal Statements

28 St Albans Diocesan Property Company(Chesham) Limited On 22 march 2024 the charlly established a further wholly owned subsidiary company, St Albans Diocesan Property Company Icheshaml Limited, investing £1,000 in the purchase of the subsidiary cotllpany's called up share capilèl of 1,000 ordlnary shares. A £3 million unsecured loan has been provided from the charlty to St Albans 0Socesan Property Company IChesh8ml LlmSted, at an interest rate of 3.5 /., charged in line with the D8F's total return policy. The intention is lo develop the land and buildings in two stages, starling with the farm and res5dential buildings. This will generate sufflclent return to cover the cost of the purchaso. The second slage involves development of the land holdings, whlch fully will recoup the DBF'S investment in the glebe farmland. 2024 fOOO Income and expendltur& Turnover Cost ol sales Operating cosrs Interest receivad Interest payable Taxation ILos$lfor the perlod 1441 1731 2024 £000 Balanca sheet Current 2ssets Creditors.. amounts falling due within one year Creditors.. amounts f211ing due aller one yeai Total net as8et 3,078 13,1941 11161 2024 £000 Capltal and rgserves Called up share capital Profit and loss account Total shareholderfs funds- 8qulty intgrgsts 70 Annual Report and Consolidatod FinancS8l Statements

29 Custodlan funds As 8t 31 December 2024 the St Albans Diocesan Board of Finance held funds on behalf of parishes, church schools and general trust funds wlthin the Diocese with a market value of approximately £42.3m12023 - £38.5ml as Custodian Trustee. As explained under principal accounting policies, these 8sgets are not Included in these financial statements. The funds are held predominantly as units in common investment funds held by the Central Board of Finance ICBFI of the Church of England and are professionally managed on behalf of the CBF by CCLA Investment Management Limited. At all times, funds held by the charity as Custodian Trustee are segregated clearly from those belonging to the charity itself. 30 Llablllty of company members The charlty Is constituted as a company limited by guarantee. In the event of the charity being wound up, company members are requlred to conlrlbute an amount not exceeding £1. 31 Related party transactlons Hockerlll Educatlon Foundatlon- reglstered charlty number 311018 Three12023- Three) members of the Board are trustees of the Hockerill Educational Foundation. In 2024 the St Albans Diocesan Board of Finance received educational grants from the Foundation totalling £IIOk12023- £105kl and £89k12023- £118kl was spent during the year. Youthscapè- reglstered charlty numbgr1081754 One key member of staff12023- one) is a trustee of Youth8cape. In 2024 the St Albans Diocesan 04rd of Finance made payments to Youthscape totalling £20k12023- £31kl, for qrants for work with young people in the Diocese. Clty Church Fund- reglstered charlty number 20562B-2 One member of the Board12023- one) is a trustee of the City Church Fund. In 2024 the St Albans Diocesan Board of Finance recelved grants from City Church Fund totalling £1llk12023 _ £156kl, for work with young people In the Diocese. Unlverslty of Bedford Enterprlses Llmlt8d (UBELI- roglstgred comp8ny number 02460429 One member ol the Board12023 - one) is a governor of the University of Bedford, which wholly owns UBEL. In 2024 the St Alban Diocesan Board of Finance made payments to UBEL totalling £18k12023 - £20kl, for use of premises for synod. 71 Annual Report and Consolidated Financlal St8temÈnt8

Cathedral and Abbey Church of St Albans- registered charlty number1207312 One member of the Bo8rd12023 - one) is a key member of the Cathedral. In 2024 the St Alban Diocesan Board of Finance made payments to the Cathedral totalling £19k12023 _ £30kl, for grants and general educative purposes and received £8k12023 - £8kl for rental income from properties. Jane Cart Trust- reglstered charlty number 200166 Two members of the Board12023- two) are trustees of the Jane Cart Trust. In 2024 the St Alban Diocesan Board of Finance received a grant towards a Net Carbon Zero projecl12023- nill. Donatlons from Board members No donations were received from Board members in the year12023- none). 32 Connected entltles The St Albans Dlocesan Board of Education IDBEI was 8 B08rd of the St Albans Dlocesan Synod up until l January 2022. The Board worked closely with the Diocesan Board of Firlance to seamlessly transition to a new constitutional form following the enactment of the DBE Measure 2021. After the resolution had been passed by Dlocesan Synod in October 2021 the Archbishops, Coijneil Certificate was received, confirmlnq the Scheme which prepared the way for the Institution of the Diocesan Board of Education as a statutory committee of the Diocesan Board of Finance from January 2022. Key policles were revlewed and a three-year strategic plan approved which will cover the whole of the next triennium. Whilst it has certaSn functions and responsibllities imposed by statute (the Dlocesan Boards of Education Measure 1991 las amended 20061 and reports directly to the Oiocesan Synod, it has no legal personality separate from the OBF. A key function of the OBE is to assist in the promotion of education in the Diocese, such education being consistent with the f81th and pracllce of the Church of England. It promotes or assists also in the promotion of religious education and reliqious worship in schools in the Diocese. Following the enactment of The Academies Act 2010, the OBE established The Oiocese ol St Albans Educatianal Trust, a company limited by guarantee (Company Registration No. 08225185 (England and Wales) to assist Church ol England Academy Trusts in the Diocese as they seek to provide a high-quality education lor pupils and students in their schools. This cotnpany is a member of each of the Academy Trusts formed in the Diocese since I Septemb&r 2012. Flve of the seven directors of the company are appointed frcjm the DBE with two non-DBE appointments. 72 Annual Report and Consolidated Financial Statements

In response to the Education and Adoption Bill 2015, the Oiocese of St Albans Multi Academy Trust IDSAMATI was incorporated on 27 October 2016 as a company limited by guarantee Icompany Reqistration No. 104493741. The five members of the Multl Academy Trust are appointed by The Diocese of St Albans Educational Trust. These members are responsible for appointlng the seven directors of the Multl Academy Trust who have responsibility for its day- to-day management. The Multi Academy Trust has been est8blished tD provide for schools within the Olocese requlring rapid improvement having boen placed in Special Measures and subject to a directive Academy Order, good or outstanding schools where no natural cluster of local Church of England provision exists, and new schools within new housing provlsion where the Diocese Is the identifled spon80r. The DBF has not consolidated the DSAMAT accounts into its own as It does not consider itself to be a controlllng entSty. The DBFS appointment of DSAMAT members, who in turn appoint the Dlrectors, is highly disconnected from practical f inancial and operational matters. The DBF does not make appointments in order to derive benefit for itself.. rather its appointments are to help to support DSAMAT to benef it Its beneficiaries and help it to achieve its separate purposes. The DBE makes no strategic decisions for DSAMAT.. It does not direct expenditure or funding, nor does it approve or set budgets. During the year, there have continued lo be a limited number of transactions between the Multi AcadÈmy Trust and the DBF in respect of a recharge of staff salaries by the DBF. The amounts involved are not material to these financial statements. 33 Pension commltments Lay workers sch8me St Albans DBF participates in two defined benef it pengion schemes administered by the Church of England Pensions Board, whSch holds the assets of the schemes separately from those of and the other Responsible Bodies. One of these is the Church of England Funded Pensions Scheme for stlpendiary clergy. The other is the Church Workers Penslon Fund for lay staff. CWPF h88 two sections.. the Defined BenÈflts Scheme the Pension Builder Scheme, which has two subsections., a deferred annuSty section known as Pension Builder Classic, and, a cash balance section hnown as PensiDn Builder 2014. Deflned Beneflts Scheme The Def ined Benefits Scheme I"DB>I section of the Church Workers Pension Fund provides benef its for lay staff based on f inal pensionable salaries. For fundlng purposes, DBS is divided into 5ub-pools in respect of each participating employer as well as a further sub-pool, known as the Lif e Risk Pool. The Life Risk Poc>l exlsts to share certain risks between employers, Includlng those relating to mortality and post-retirement investment returns. 73 Annual Report and Consolidated Financial Statements

The division of the DBS into sub-pools is notional and is for the purpose of calculatlng ongolng conlrlbutions. This does not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benèf its are to be provided. From lime to time, a notional premium is transferred from employers, sub-pools to the Lif e Rislf Pool and all pensions and death benefits are paid from the Llfe Risk Pool. The scheme is a multi-employer scheme as described in Section 28 of FRS102. 11 is not possiblè lo attribute DBS assets and liabilities to specif ic employers, since each employer, through the Lif e Rlsk Section, is exposed to actuarial rlsks associated with the current and former employees of other entities participating in DBS. This means that conlrlbutlons are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SOFA during the year are contribullons payable towards benefits and expenses accrued in that year12024.. £0, 2023.. £0) plus the figures in relation to the OBS deficit highlighted In the table below as being recognised in the SOFA, givlng a total charge of £0 for 202412023.. £01. If, following an actuarial valuètiori of the Life Risk Pool, there is a surplus or deflclt in the pool, further transfers may be made from the Life Risk Pool to the employers. sub-pools, or vice versa. The amounts to be transferred land their allocation between the sub-poolsl wlll be settled by the Church of England Pensions 8oard having taken advice from the Actuary. A valuation of OBS is carried out once every three years. At the most recent v8luètlon at 31 December 2022 there was a surplus of £73.6m. The next actuarial valuation is due at 31 Oecember 2025. Since 31 Oecember 2023, the Board has entered into a full buy-in agreement with Aviva to insure all accrued beneflts wlthin the DBS of the CWPF. The Church of England Pensions Board agreed that deficit contributions should cease with effect from 61 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there Is no obligation recognised as a liability within the Employer's financial statements as at 31 December 2023 or 31 December 2024. The determination was that the OiDcese ol St Albans had a usable surplus of £585k. The Diocese decided to lake this as a payment holiday, which commenced In April 2024 and will continue for 29 months. This effectively means that the Diocese has overpaid by £585k In preceding years, so the whole credit has been recognised in the SOFA for 2024. The element that relates to future years is held on the balance sheet as a sundry debtor, split between the amount due within one year1£242kl and the amount due in more than one year1£161kl. This will be released to the SOFA in the relevant year. 74 Annual Report and Consolidated Fln8ncial Statements

The movement In the provision is set out below.. 2024 2023 Balance sheet liabillly at l January Deficit contribution pald Interest cost Irecognised in SOFAI Remainlng change to the balance sheet Ilabilllylrecognised in SOFA) Balance sheet liability at 310ecember Comprlses change In agreed delicit recovery plan and change in dlscount rate between year-end5. Thls liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the followlng assumptions, set by reference to the duration of the def icit recovery payments.. December 2024 December 2023 December 2022 Discount late NIA NIA 0.01. The legal structure of the scheme is such that if another employer f8118, the employer could become responslble fc>r paying a share of that employer's pension liabilities. Clergy scheme St Albans OBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benef It pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies. Each participating Responsible Body In the scheme pays contributlons at a common contribution rate applied to pensSonable stlpends. The scheme is considered to be a multi-employer scheme as descrlbed In Section 28 of FRSIO2. It is not possible to attribute the Scheme's assets and liabilities to each specific Responslble Body, and this means contributions are accounted for as if the Scheme were a defined Contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benef Its and expensesaccrued In that year12024- £1,488k., 2023- £1,509kl, plus any figures arising f rom contributlons In respect of the Scheme's deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributlons paid were £012023.. £Okl. 75 Annual Report and Consolldated Financial Statements

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuatlon completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions- An average discount rate of 2.7 /. p.a., RPI inf lation of 3.6 / p.a. land pension increases consistent with this),. CPIH inflatlon in line with RPI less 0.8 10 pre 2030 moving to RPI with no adjustment from 203D onwards., Increase in pensionable stlpends in line with CPIH., Mortality in accordance with 90/. of the S3NA tables, with allowance for improvements in mortality rates In line with the CM12020 extended model with a long-term annual rate of improvement 011.5 %, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5 /4 and an allowance for 2020 data of O /. li.e. w2020- OY. I. Following finallsation of the 31 December 2021 valuation, def icit contributions ceased with effect from l January 2023, since the Scheme was fully funded. The def icit recovery contributions under the recovery plan in force al each 31 December were as follows.. %of ensionablè 8t1 end8 7.1"A payable from January 2021 to December 2022 31 December 2021 31 December 2022 31 December 2023 31 December 2024 An interim reductlon to deficit contrlbutions lo 3.2 1 of pensionable stlp2nds was made with effect from April 2022 and remained in place untll December 2022. For senior office holders, pensionable stipends are adjusted In the calcu18tlons by a multiple, as set out in the Scheme's rules. Sectlon 28.IIA of FRS 102 requires agreed deflcit recovery payments to be recoqnised as a liability. However, as there are no agreed deficit recovery payments from l January 2023 onwards, the balance sheet liabllity as at 31 Oecember 2024 is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out in the table below. 2024 gooo 2023 £'ooa Balance sheet Ilablllty at l January Deficit contribution paid Intei-est C05t Irecognised in SOFA) Rémalning change to the balance sheet li2bility"Ireeoglllsed in SOFA) Balance sheet Ilabllltyat 37 December Comprises change in agreed deficit recovery plan and change In dlscount rate and 3ssumptions between year-ends. 76 Annual Report and Consolidated FSnancial Statements

The legal structure of the scheme is such that if another Responsible Body fails, the charity could become responsible for paying a share of that Responsible Body's pension liabilities. Other schemes No other contributions were made to any other pension schemes in the year12023- none made to the Teacher's Pension Scheme and the Hertfordshire County Council pension scheme). 34 Subsequent events In March 2025, two furth&r parcels of land were sold for which the St Albans Diocesan Property company recelved £987k, which was the remaining receipts after paying down the outstanding loan of £2,678h to the Management Company. Annual Report and Consolidated Flnancial Statements