Live | Pray | Serve
IfFryI Diocese
ofPortsmouth
ANNUAL REPORT AND FINANCIAL
STATEMENTS
For the year ended 31 December 2021
PORTSMOUTH DIOCESAN BOARD OF FINANCE
Company number- 226466
Règlstered charity number- 249256
Seeking to grow in depth, impact, and number
across the Diocese of Portsmouth.
A large print version is available on request from Jane Dobbs
Email:'ane.dobbs
ortsmouth.an
lican.or
Courageous I colluborutlv• l yenerous I ve•oure•ful I plon••vlng
First Aoor. Penin5u1ar House. WharfRood, Portsmouth P02 8HB . 023 9289 9650. port5mtsuth.angllcon.org . @CofEPortsmouth
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THE CHURCH
J OF ENGLAND

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 Decembèr 2021
TABLE OF CONTENTS
Contents
TABLE OF CONTENTS....................................................................................,..........................................,................
Foreword............... . ................................................................................................................................................
Legal Objeets.............................................................................................................................................................
strateglc Alm5....................................................................,................................,....................................................
A¢tlvltles & Achlevements for the Year.................,..................................................................................................
Future Plans..
Financlal RevSew........................
Prlnclpal Rlsks & Untertaintles..................................
.11
Structure & Gov*rnance.....................................................................................................................................,...13
Trustees, Responslbllltles...................................................................
.16
Admlnlstratlve Detalls......................................
.17
Independent Auditors report.............................,,.,..
Statement of Flnanclal Aetivitles..............................................................................
..20
.23
Balance sheet...,...
..24
Cashflow Statèment...,.,,...............................,.,.,,,...............................,,,.................................
.25
Notes to the fSnènclal statements..............................-..............................,....................................,,......
..26

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Foreword
It is a privilege to have been called to serve the good news
of Jesus Christ in the midst of the people, communlties and
neighbourhoods of the Dlocese of Portsrnouth. It Is a
moment, as we all know, of si8nificant upheaval in society
and for the world. Together with organisations and
Institutions acr05S the UK as a whole, we will ¢ontlnue to
need to address significant financlal and organisational
challenges associated with a global pandemic. war in
Ukralne and rising living costs. In this context it wlll be vital
to face, rather than to avoid or postpone addre55ing, J**
questions which arise for our Corporate Ilfe and mission.
Flnding courage and confidence in Jesus Christ, In one
another, in the future and in our shared capacity for
resilience and renewal will be key factors enabling us to
navigate stormy, uncertaln or even threatenlng waters.
As I be8in mlnlstry in the Diocese, I recall the words of a member of a reli8lOU5 ¢ommunlty who wrote to encourage
her community at a tlme of change and transition. These words provide a context foT the work accounted for in this
Report, and for the vocational life and activity which opens up before us In the year ahead. She wrote
Look back, remember and have confidence..
The future like the past, has God in it.
God's cupped hands hold the whole of time,
and you,.
Nothing can elude God'5 covenanted care and mastery.
With grateful thanks to all those whose hard work, faith and commitment 15 Tefle¢ted In the pages of this Annual
Report.
The Right Revd Jonathan Frost
Bishops of Portsmouth

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
The Trustees. who are also Directors for the purposes of company law, present their annual report, tO8ether with the
audited financial statements, for the year endÈd 310ecember 2021. The dlrectorsltrustees are one and the same and
in signlng a5 trustees thèy are also SiEnln8 the report in their capacity as directors. This combined report satlsfie5 the
legal requirements for..
Directors. Report of a charitable company, and
a Trustees Annual Report under the Charitie5 Act 2011
Legal Objects
The Portsmouth Diocesan Board of Finance I"PDBF"1'5 principal object Is to promote, assist and advance the work of
the Church of England in the Diocese of Portsmouth by actlng as the financial executive of the Portsmouth Diocesan
Synod.
The Diocese of Portsmouth coveis prbncipally South East Hampshire and the Isle of Wight.
Strategic Aims
Our vision during 2021 has been to LlvelPraylSeNe so that we'.-
Live the Good News of God in jesus Christ
Pray on our own and in cornmunity to know God's wlll, and to
Serve the people among whom we live and work.
The outworkin8 of this visSon Is that acioss the communities in our diocese we aim to see growth in depih, impact
and number. This means that through the work of PD8F, working in collaboiation with our parishes and schools,
more people will corne to love the Lord their God with all their heart. mind, soul and stiength, rnore people will be
actively loving their neighbour as themselves,. and more people will join us in going out to make new disciples and to
make disciple5 of all nations.
Our values determine how we go about fulfilling our vision. We seek to be.'_
Courageous- we ale bold and obedient In our actions, willing to make costly dècisions that we and others
have shied away from in the past, and not just for the $8ke of those wlthln tsur churches but for those who
might never consider entering them.
Collaborative-we strive throu8h ourstructures but also through ourattitude and approach to work together
a¢r05s parishes, deaneries, ecumenically and throughout the diocese, because we belleve that we are one
body wlth many parts all worklng In the servlce of God.
fjenerous we share our time, money and other resources with those who have least. being patient and
supportive, as communities discover and offer their own gifts, consciously and prayerfully allowlng our
resources to follow what we believe God is asklng us to do in mlssion.
Resourceful - we wlll be good stewards who see that God gives us what is sufficient to do His work, who
make the most of what we have, and who respond wholeheartedly to opportunities foi mission when they
arise.
Ploneerlng- we follow the first disclples after Pentecost, considering with fresh and transformed eyes what
God is asking us to do to reach other5 Wlth the good news of Christ. being creative, taking risks and sometimes
falllng, being willing to let go of the habits whi¢h hinder us, and all thi5 in the spirit of trust in the resurrection.

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 310ecember 2021
We therefore look to Matthew 5..14-16, which speaks of a distinctive witness to the world, rooted in prayer and
service. As Christians in Portsmouth Diocese, reflecting the light of ChTlSt, like a beacon acr055 land and sea, we seek
to transform this place, on the mainland and on our islands, as we respond and Serve faithfully in our context.
Activities & Achievements for the Year
2021 required us all to navigate changing restrictions and ultimately the relaxation thereof. This meant everyone
across our diocese and within the organisation adjusting to what was often badged as the 'new normal,.
2021 was another challenging year for the PDBF and one punctuated by major change of different kinds but
leadership change was a dominant theme during the year. After almost 11 years in post, Blshop Christopher retired
as our diocesan bishop on 24th April 2021, thus creating a vacancy in the See of Portsmouth. The announcement of
his retirement triggered the Vacancy in See process, which involved a period of extensive consultation to support
the preparation of our Statement of Needs la dc>cument outlinin8 the needs of the diocese and setting out the
person specification for our next Dlocesan Bishop). Thls
process rnoved to intèrview in July 2021 wlth the
announcement on 8, October 2021 that the Rt Rev Dr
Jonathan Frost would become the tenth Bishop of
Ptsrtsmouth, with his confirmation of election taking plaee
on 18, January 2022 and Installation on 12 March 2022.
As one of only two dloceses within the Church of England,
with no suffragan or area bishops to art in the vacancy, we
were given a Commissary Bishop. We were therefore
blessed to have Rt Rev Rob Wickham, Bishop of Edmonton
in the Diocese of London, serve as our Commissary Bishop
from 24" April 21 until 12" March 2022. Bishop Rob led and 5UPPOrted us as we navigated what proved to be a
difficult year in terms of strategic planning, financial management and operatlonal functionalltv.
Education
Our Education Team continued to support schoo15 through yet another challengin8 year whlch included the
significant demands on teachers as they navlgated the return to face to face teaching for all students in the spring
and rnental health for children and staff alike has remained a focus. The impact of the pandemic has led to several
Headteacher recruitments which are well supported by our education team. OFSTED inspections have a150
restarted which is also 8 tlme when the support ol the team is valued by our schools.
Lay & Ordained Ministry
Through the work of the Lay & Ordained Ministry Team, training for clergy and laity contlnued during 20218$ dld
the lay disclpleship course and the work of the Portsmouth
Pathway.
In 202111 candidates were sent to the Temporary Online
Discernment Process ITODPI (temporary as it was in place to
be able to navigate the Covid19 Testrictionsl,. all were
recommended for training at different points during 2021.
Slnce their TODP, 4 of those 11 have moved away from the
area and have been transferred to other dioceses leaving 7
for whom we are pastorally and financially responsible.
In June 2021 the diocese ordained 7 deacons and 3 priests.
Community Engagement & Impact
Community groups continue to be at the fore, seeking to serve those In greatest need. Churches continued to offer
support in a variety of ways including food banks, free cafés and hubs to leed the homeless and those needing

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
support of this kind. Our chaplains have also been actlve across a variety of sectors in our diocese. The PDBF'S
partnership with CSR meant support continued throtsgh the Good Nelghbour5' Network, serving the diocese but
more widely in Hampshire also.
Overall Strategic Direction
Through 2020 we had developed strateglc plans in whlch we would seek to be a thriving diocese which was
growlnÈ. This focus on achieving missional growth is first and foremost a Gospel imperative but also necessary if
we are to be able to become financlally sustainable. The premise beln8 that if we continue to manage decline then
that spiral of decline would contlnue.
In March 2021 Blshop's Council, voted on two key decisions..
approval of a slngle parish benefice, tearn ministry model to be applied contextually across the diocese.
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This decision also included approval of four key strategic elements which were to be a focus lor 2021 and
beyond to help us achieve our vlslon for a thrlving diocese-.
Visionary Leadership
Teams on a Mission
Communities of Kin8dom Building Disciples
Growth Enabling Structu¥es
Bishop's Council a150 agreed to apply to the National Church for Transformation Fundlng which involved a
cornmitment from reserves for match funding.
None of these decisions were easy and although they were agreed, this was not wlth a significant majorlty or
without substantial concern. This was perhaps understandable when the nature of change being recommended was
both radical and18r8e-scale. The proposal was rnade In response to our current missional and financial challenges,
but also in reco8nition of the potential opportunitles to 8row.
In response to feedback from those in our parishes in relation to the 5trategSc framework, Bishop's Council agreed in
June 21 that the remainder of 2021 would be used for further local conversation to develop thinkin8 and hear mole

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
about local plans and aspirations. This decision significantly changed the course of 2021 and to some degiee
increased the challenge that we face as the DBF and a wider diocese.
In November 21, Diocèsan Synod met to grapple with the next steps in the light of Bishop's Councll's declsion. The
agreed steps being..
Ongolng prayer- locally and dio¢ese wlde, corporately, and individuallv
Deaneries asked to fo¥m the mlssion hub5/partnershlpslcollaborative way of working which they identified
In their plans working Wlth their archdeacons to agree exactly how these will work.
Those mission groupings need to work together to see how they can best delive¥ mission and minlstry
across thelr churches and hold the necessary vacancles well.
Facilitated conversations continue in parishes and deaneries to assist with collaborative working but also
the ongoing conversations about the future direction of the diocese. The senior leadership tearn and
members of the diocesan team wlll continue to work with de3nerles, PCCS and emerging groupings to
SUPPOTt these conversations and planning.
Some areas where an Investigation of more formal collaboration has begun should eontlnue.
The presumptive pause on retruitment remains in place so that conversations at local level can contlnue,
and Strategic appointment5 can be made. Appointments which simply malntaln the status quo were
acknowledged to be unlikely. It was also agreed that appointments would only progress if certain
're¢rultment principles, were met.
The Introduction of these'recrultment principle5, was a key declsion which recognised the need to hold clergy
vacancles across the diocese to enable strategic decisions to be made and to help us move forward to become
thriving dio¢ese. It was acknowledged that this however needs to be managed so that our purpose to 8row in
depth, impact and number is not undermined. Each new vacancy which arises will enable a discussion to take place
about a new recruitment. The recruitment principles agreed were as follows..
The post fits with the current 5trate8ic direction of the diocese to grow In depth. impact and number. This
means that:
The parishlbeneflce concerned is Working collaboratively which at this stage means as a minimum,
looking at what missional activity can be undertaken together tts meet the needs of a wider
community and exploring sharlnÉ admSnlstratlve functions and utllislnE skllls In a wider area.
There is a Mission Action Plan with clear aim5 and outcomes1inked to community demo8raphics and need5,
Plans are emerging for growth in lay leadership
Key offices are filled ie Churchwardens, Treasurer and PCC Secretary and not by the same personlpeople
slmpSy holding multiple roles.
The post is one which the deanery agrees is a priority.
The post 15 clearly Identified and is not Ilkely to change in the near future.
While difficuli and not a decision taken lightly, thls has enabled us to go into 2022 wlth slgnificant opportunities to
addres5 the missional and financlal challenges we face.

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Future Plans
Having worked during 2021 to set out our financlal and mis5ional context, and spend time In conversations locally, it
is critlcal that during 2022 steps are taken to build on the work of the last two years and develop a refreshed vision
under Live | Praylserve. leading to articulated priorities flowing from that vision. The aim being to engage with our
communities and stakeholders across the dioceses such that bv
November 2022. the budget for 2023 15 set within a financial
plan for the period up to the Ènd of 2025 moving us towards a
flnancial break even position. However, most critically thls
process will ensure that every aspect of the diocesan budget is
focussed on growth and on furthering the strateg1¢ priorities of
the PDBF and wider diocese. In doing so we will See growth In
depth, impact and number over this three-year period.
To achieve this, there will be a focus on Children and Young
People seeking to reach this mi55ing generation within our
church communlties and enable them to hear the Good News of the Gospel in ways which are accessible and
relevant to them. The four key elements articulated in 2021 will contlnue to be strateglc priorities and wi15, along
wlth our important values, support how we fulfil our refreshed vision.
We speak In term5 of parSsh as we recognise our parishes as being key to serving schools and communitSes across
our diocese. In focusslng on parishes however, it will be in terms of a 'mixed ecologv where not just diversity of
church tradition Is supported but where there is an expectation of church plantlng, pioneerlng and chaplaincies.
Anna Chaplaincy will also be an Important part of our vision in 2022 and movin8 forwards as thi5 seeks to value,
nurture and develop the dis¢ipleship and falthfulness of our older Éenerations. In working towards a genuine mixed
ecology where all generations aTe reached with the Good News of the Gospels, there is an expectatlon that lay
ministries and self-supporting mSnistrles will need to increase also. All these aspect5 will be developed with youth,
children and young adults as our focu5.
The roadmap for 2022 into 2023 can therefore be summarised as follows:_
MarchlApril 2022- a reshaped Bishop's Senior Leadership will be formed so that it is representative of a
true mixed ecology.
May & June 2022- deaneries to look at their plans prepared In 2021 and advlse of what changes they
would make in the light of a focus on Youth and Children and Anna Chaplaincies. This response is to
include the roles they would want to see across the deaneries with a presurnption that not all will be paid
PQSts.
july 2022- updated deanery plans included as part of budget assurnptions for 2023-2025 consSdered at
Bishop's Council alongside staffing consideratlons to support emerging priorities and the future shape of
ministry.
September/October 2022- deanery events to outline the overall vision and how the strategic priorltle5
will shape local mission and deployment as well as detailin8 the budget for 2023 and financial plans for
2024 and 2025.
November 2022-Synod consider5 budget and flnancial plans in the context of the vlslon and priorities.
In relation to supporting our church schools each diocese has a Dloce5an Board of Education. Ours currently is a
joint Board with Winchester Diocese and is an unincorporated body in the form of a committee. A new Olo¢e5an
Board of Education Measure came into effect at the Start of 2022 which will require change5 to how the current
Diocesan Board of Education IDBEI, is constituted. There 15 a cornmitment to Coritinued jolnt working with
Winchester Diocese in thls regard but the response of the two DBFS will be determined in June 2022, but after the
respective AGMS. It is expected that the DBE will become an Incorporated Charitable Incorporated or8anisation.
The changes will bè worked through durlng the remaSnder of 2022 and reflected In the Annual Report for 2022.

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
The anticipated impact of this significant change is that the new CIO will be linked to the DBF through shared
members but it will be independent in its governance, finance management and pollcles. Alongside Winchester
DBF, the PDBF will becorne a grant giving body Into the Board of Educalion and support with offlce space and other
service5 under Service Level Agreements. Nevertheless, for 2021, the flnances for the Education Team remain
contained within the DBF.
Financial Review
Financial Performance
The financial results for the year show an improvernent compared to 2021 a5 PDBF has started to see some of the
benefits of the Covid restrlctlons relaxing on the economy, however results before the impact of revaluation of
investment funds and properties have declined compared to 2020.
Total income in 2021 for the diocese reduced by £806,305 to £8,634,146 12020: E9,440,4511. Parlsh share
contributions fell by £286,063 to £4,405,11512020.' £4,691,178) which represented a fall in the recovery rate to 87.5%
12020.. 89.8%) against the amount requested. This reflects the ongoing challenges of Covid-19 on parish finances
where some who may prevlously have relled on reserves to asslst with payment of parish share were no longer able
to do so.
Parochial fees have seen an Increase of £136,126 compared to the prior year from £224,359 to £360,485. Whilst thi5
is a small propoition of the income for PDBF, this represents a welcome return to weddlngs and funerals taklng place
in our churches.
PDBF recelved a further grant of £490,00012020.' E600,0001 from Archbishops, Councll Sustainability fund whlch has
been designated to support the work of the dlocese in the corningyear. The sale of four properties completed during
the year at a surplus of £432,833.
Resources expended across all funds decreased by £596,226 to £7,613.00912020.. £8,209,235) as result of prompt
decision making. extensive cost control management and the impact of Covid-19. In partlcular, there was a reduction
in clergy headcount from 90 full time equivalent5 in 2020 to 85 in 2021. There has also been a significant reduction
in Archblshops, Council fees due to an offset adjustment of £127,918 against previous years.
PDBF budgets aim to break even on its general fund before any capital gains/losses. As a result of the continued
management of costs, PDBF has mitlgated the impacl of the continued reduction in parish share collection and the
ongoing c05t pressures impactinE from inflation and in particular the increasing energy costs which we expect to See
impacting to a greater extent into 2022. The opeTating result on the general fund was a surplus of £154,78812020'.
deficit of £37.3171.
Balance sheet position
The Trustees ¢onslder that the balance sheet, together with detai15 in note 20. shows broadly that the restricted and
erhdowment funds are held In an approprlate mix of investment and current assets given the purposes for which the
funds are held. While the net asset5 at the balance sheet date totalled £87,830,77012020: £80,586,1101 it must be
remembered that included in this total are pioperties, mostly in use for the ministry, whose value amounted to
£59.304,423 12020.. £57,821,421). Much of the remalnder of the assets shown in the balance sheet are held in
restrlcted funds and Cannot necessarily be used for the general purposes of ihe PD8F.
Reserves policy
The free reserves, being the unrestricted general fund net of tangible assets and long te¥m financing totalled £3.Im
12020.. E2.9ml which represented 7.6 month512020'. 6.7 months) of parlsh share requested. The Trustees aim to
maintain between 3 and 6 month5.
Havlng considered financial ¥isk, liquidity requirements and the timing of cash flows throughout theyear, theTrustees'
policy is to hold not more than 6 week5, normal expenditure in cash or on deposit, this being around £910,000. The
year-end total for 2021 exceeded thls at £3.Im. It has been considered appropriate to hold this increased level of

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
cash and free reserves for thè short to medlum term whllst parish funds begin to recover, and alternative Income
sources can be 50ught. As interest rates begin to rise. consideratlon will be given to early repayment of the CBIL loan
if this is considered appropriate and In the best intèrests of the PDBF.
Designated funds
The Trustee5 may designate additional unrestrlcted reserves to be retalned for an agreed purpose where this is
considered to be prudent. Such designated reserves are reviewed on an annual basis and returned to the general fund
In the event that the purpose of their designation is no longer consldered to be adequatelyjustlfied for their retention.
The last review undertaken involved the re-designation of a substantial amount of designated funds such that the DBF
is better placed to meet it5 finantial obligations and address the current flnancial challenge5.
A descriptlon of each reserve together with the intènded use of the reserve Ss set out in note 21. The total value of
designated funds at the end of 2021 increased by £1.2m to £5.4rn12020.' £4.2ml.
Restricted ar)d endowment funds
As set out in notè 20 PDBF also holds and administers many restricted and endowment funds. As at 31 December
2021 restricted funds totalled £6.4m12020.' £5.5ml and endowment funds totalled £59.Om12020.' £54.7ml. Nèither
are available for the general purposes of the PDBF.
Grant making policy
The Mernorandurn of Associatlon of the PDBF explicitly permit5 the PDBF to make grants in pursuan￿ of its objects,
and the nature of grants made in 2021 Is Indicated In note 11.
Investment policy and report
In managing it5 investments, the PDBF tontinues to receive advSce from its Investment Advisory Group IIAGI, and the
fund managers. CCLA Investment Management. The level of cash being held is kept under constant scrutiny as, despite
the continuing low level of inflation, interest rates have also remained very low such that the investment income
relied upon for the underpinning of the mission work of the Diocese can only be achieved through an aetive
investment strategy that delivers real growth in total return. The IAG continue to encourage a slmilar approach in
relation to parish funds and members of the group continue to engage with parishes to provide support and guidance
n this important area.
The investment policy of the IAG as set out in the terms of reference for thls group are..
al Not more than 6 weeks normal expendlture is to be held in cash for routine purposes. This money (currently
about £lml is to be held in the CBF Dep051t fund lor such other bank deposlt account as may be deemed
suitable by the Board from time to timel. It bein8 understood that the bank current account be malntained
in credit.
bl The Diocesan Secretary following discussion with the IAG is authorlsed to 5Wltch Investments managed by
CCLA from time to tlme in order to achieve the Board's required total return.
cl Any fund managed by CCLA may be used for the Board s investments, but no other types tsf investment mav
be used wlthout the Board's prior approval.
dl The Investment manager5 are to be instructed to achieve a yield of not less than 4% Itaking Into account the
cash at a above), and a total return in line wlth ihe approprlate Benchmarks a8reed by the Board annually.
el This pollcy will be reviewed at least annually by the Board.
The income from financS31 investments in 2021 was £792,97012020.' £725,357) and reflected a 3.2% yield.
For the year ended 31 December 2021 the investment portfollo achieved an overall total return of 18.0% Ibeing the
increase/decrease in market value plus the actual yieldfincome receivedl12020.' 7.9%).
The benchmark aEain5t which each of the individual CCLA funds Is compared is disclosed in their quarte¥ly report. The
property and investment fund5 Outperformed the Selected benchmark in for the year to varying degree5. The global
equity fund has performed below the benchmark throughout the year. The PDBF'S investment strategy continues to
be. to rnaintain a high level of income, and to concentrate on good quality companies and properties with long term
growth potential. The property fund's performance saw a large improvement in pefformance to 19.74%12020'.
io

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
0.48%). The global equity fund dropped sllghtly and produced a total return of 19.2%12020.' +22.69%),. whilst the
investment fund resulted In an Improved return of +17.46%12020'. +10.2%). The % allocation of assets to funds was
as follows..
2021
2020
Inve5tm&nt fund
69%
68%
Property Fund
21%
23%
Global Equity Fund
io%
loo%
loo%
Principal Risks & Uncertainties
As this report has evidenced, the PDBF is fit for pksrpose.. financially stable, proactive, and responsive to the needs of
the Diocese and parishes and the assets and Investments held by the PDBF are well managed and secure.
The number and age profile of worshipping comrnunitie5 and of ministers is a concern, wlth a high proportion in the
upper age brackets. This has potentially far-reaching implications for the aims and objectivès of both the PDBF and
each PCC In the medium to long term. The future plans of the PDBF as outlined above are designed specifically to
address and mitigate these key risks and uncertainties and in this way to continue to fulfil its charitable aims and
objectives and thus serve God faithfully In this Diocese, by respondlng to His call to action and to fulfil the strategic
outcomes of the PDBF to grow in depth, impact and number.
Key risks and mit1gating actions are as follows..
Key rlsks
How managed
Tran5formatlon and Journey of change: The di(>cese Is
continuing on a programme of strategic change to
continue to fulfil its purpose to grow in depth, impact
and nurnber. This journey is reliant upon stability
amongst those in senior leadership roles, capacity
amon8St the wider Staff team and financlal or other
resources requlred to make the desired chan8es in a
sustaSnable way so as not to negatively impact on future
mission and growth.
Management plèn for any unforeseen vaeancies and
ensure that knowledge and resources are shared
amongst teams to cover any absences, ensure plans can
continue to be implemented and aid succession
plannlng.
PDBF
continues
to
seek
opportunities
for
transformation development funding to ensure that the
relevant reSoUr￿S are available to meet the desired
plans.
Ongoln8 Impact of Covld-19.. Whilst Churches have
largely been reopèned during 2021 and remain 50 into
2022, we face an ongoing reduction In numbers
attending, reduction in parish share receipts as parishes
feel less able to contribute, and the ongoing impa¢t of
the global pandemic on the economy,. including that on
the investment portfolio where much of the diocese's
financial resources are impacted.
Bishop'5 Council are meeting frequently to ensure that
the financial p051tion Is revièwed and monitored, and
the Finance Chair is working closely with senior
managernent between meetings.
AddltSonal sources of funding continue to be sought and
the diocese has benefitted from sustainabilityfunding in
both 2020 and 2021, and the award of the Coronavirus
Business Interruption Loan for which repayments
Staff contlnue to work in partfrom home and this hybrid
li

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Key rlsks
How mana8ed
working will continue. There is a risk of teams feeling
disconnected due to this hybrid workin8, and those
being supported by a reduced dlo¢e5an staff feeling
di5en8aged as a result of some routine work having
ceased or become more challenging as a result of the
pandemlc.
commenced at the end of 2021.
Senior management are fc*cussed on the use of
communication and resources to maintain connection5
to both the wider staff teams and the parishes and
clergy to ensure they remain informed and engaged and
receive relevant information on a tSmèly basis.
Parlsh share: Parish share accounts for around 68Yb of
the diocese's In¢ome therefore any reduction in this can
have significant irnpact on the future flnances and the
ability to deliver mlsslon longer term and support the
growth of parlshes.
Recelpts are closely monitored on a monthly basis and
deanery treasurers are supported by diocesan staff to
understand the budgets and why regular payment of
the parSsh share Is required.
Archdeacons are a150 clear about the need to make
parish share a priority and hold this line on local
conversations.
Parlshes are asslsted to promote the Parlsh Giving
Scheme to aid Income generation and enable them to
allocate resources to the payment of the parish share.
People.. The clergy and lay staff employed by the
diocese are criti¢al to the abillty to meet the diocesan
mission. If the staff teams and clergy are not adequatelv
supported then they will be unable to meet the needs
of the parishes and the wider needs of the communities
we serve. There is a risk of parishes feelln8 unsupported
when clergy vacancie5 occur.
Recruitment procedures are in place to ensure that all
those employed have the sufficlent skills and training to
undertake theiT roles. Parishes and archdèacons will be
kept up to date with any changes in the recruitment of
clergy.
Appraisal systems are in place to ensure that Staff are
aware of thelr objectives and their roles within the
diocese.
The diocese has an agreement in place with health
assured to support the health and wellbelng of clergv
and lay staff.
Governance: The work of the diocese 15 dependent on
good Bovernance and decision making.
Commlttee membershlp is reviewed annually to ensure
that decision making groups are appropriately skilled.
Training is also provided at least at the start of each
triennlum but more frequently as the need arises.
Following a review of governance structures In 2020, a
Finance Executive Commlttee was introduced to
12

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the yèar ended 31 December 2021
Key rlsks
How managed
increase the financial 5crutlny throughout the year and
give Bishop's Council greater confidence in the
recommendations It receives. During 2022 we will
refine how information flows more effectively through
the governance structure5 and out to deaneries and
parishes.
To ensure compliance with law and regulation, training
is provided for key members of staff as well as
maintaining appropriate profe55ional memberships.
Safe8uardlng: The care of children and vulnerable
adults remains a key priority to the diocese a5 It 15 a
Gospel imperative and at the heart of who we are and
what we do.
The diocese invests in suitable tralned officer5 and
training and support of parishes and schools. The
dioceses safeguarding procedures have previously been
inspected by the national review panel which validated
their high quality and work was undertaken to
implement those recornmendations. Systems are in
place to ensure that all personnel are trained at the
appropriate level for their roles and that this trainin8 15
renewed regularly.
During 2022 we wi51 be working through an action plan
which dea15 Wlth recommendations flowing out of the
Past Case Review 2 process.
Structure & Governance
Summary Information about the structure of the Church of England
The Church of England is the established church, and HM The Queen is the Supreme Governor. 1115 organised into two
provinces (Canterbury and Yorkl and 42 Dioceses. Each Diocese is a See under the care of a Bishop who is charged
with the cure of sou15 of all the people within that Beo8raphical area. This charge is shared wlth priests withln the
benefi¢es and parishes which together rnake up the Diocese.
The Natlonal Church has a General Synod comprising ex-officio and elected representatives from each Diocese and It
a8ree5 and lays before Parliament, Measures for the governance of the church's affairs which, if enacted bv
Parliament, have the force of statute law. In addition to the General Synod. the Archbishops, Council has
coordlnating role for work authori5ed by the Synod,. the Church Commissioners manage the historic assets of the
Church of England.. and the Church of England Pension Board adminlsters the pension schemes for clergy and lay
workers.
Within èach Diocese, overall leadership lies wlth the Diocesan Bishop, who exercises that leadership assisted by the
governance functlons of the Dlocesan Synod. The Diocese of Portsmouth has seven deanerles, each with it5 own
deanery synod, and wlthin each parish there is a parochial church councll whlch shares with the parish priest
responsibility for the mi55ion of the church In that parish.
13

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Organisational structure
The Portsmouth Diocesan Board of Finance Is constituted under the provisions of the Diocesan Boards of Flnance
Measure 1925. It is a registered charitable cornpany and has responslbility for conducting the financial affair5 of the
Diocese.
The Board of Directors is the maln governing body of the Charity. Its members are the Directors and Trustee5. The
Diocesan Synod, however, agrees the overall annual budget, including the overall level of parish contributlons to be
sought from parishes under the Parish Share system. The Directors also form the Bishop's Council IStandinÈ
Committee of the Diocesan Synod). the Diocesan Mission and Pastoral Committee. and the Oioce5an Parsonages
Board. These arrangements achieve the uniting of the Diocese's policy-setting and finance-controlling responslbilities.
Membership comprises ex-oflicio members, clergy and lay member5 elected by their respective 0Socesan Synod
houses, and one member nominated by the Bishop. Bishop's Councll Is a150 SUPPOrted by employed staff a5
appropriate (See sectSon 12 for further Informatlonl.
Trustee recrtjitment. selection, and induction
Trustees are members of the Bishop's Council & Standln8 Comrnlttee and are selected as set out above. Trustees are
glven induction at the outset of the triennium and at other time5 as appropriate. A skills audit al the start of the
triennium Informs future training needs also. Those likely to stand for election are also informed before seeking
membership and, at all other relevant times, of the role and function of the Committee.
Oecision making structure
Corporate priorities and the overall financial strategy for the Diocese, in its primary object to promote, assist and
advance the work of the Church of England wlthin the Diocese of Portsrnouth are set by the Diocesan Synod, and the
POBF. The responsibility for ensuring that these priorltie5 and strategies are delivered is delegated to the Diocesan
Secretary. The company meets once a year in general meeting to receive and approve the annual report and financial
statements and to appoint the auditors. The Olocesan Synod each year receives and agrees the annual budget,
prepared, and approved by the PDBF.
The Trustees, meeting within the context of the Bishop's Council and Standing Committee, normally hold eight
meetlngs during the year to..
plan the business of the synod, to prepare the agenda for its sesslons, and to circulate to members,
information about matters for discussion.
Initiate proposals for actlon by the synod and to advise it on matters of polScy which are placed before it.
advise the president on any matters which he may refer to the councll.
transact the buslness of the synod when it is not in session.
undertake the responsibilities of the Dioeesan Board of Finance
undertake the responsibilities of the DI0￿San Mission and Pastoral Commlttee IDMPCI
to hold all boards and committees accountable for their work and to provide an annual report to synod of
that work.
to work wlth deanery standing committees on the comrnunlcatlon of diocesan Issues and the understanding
of deanery issues.
carry out such other functions as the Synod delegates to it.
The Trustees are a5515ted in thelr work by several Sub-committees and there is a flow of work through those groups
thus making effective recommendations to the trustees In Bishop's Coun¢il-
Dlocesan Deanery Flnance Committee reviews and rèports on the finances of Individual parishes and their
ability to meet their parish share commltments. In addition to this important monitoring and evaluation of
parish share contributions, thi5 group also agree the approach to individual parlsh Share arrear5 Wlth the
Oiocesan Stewardship Adviser, communicate financial matters to Oeanery Finance Commlttees and
parlshes and provide parish feedback into the Diocesan Finance Executive Committee.
14

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Diocesan FInan￿ Executlve Commlttèè scrutinises matters of financial management and governance
in¢ludlng budgets, management accounts and cashflow5, annual report and accounts, risk managernent as
well as considering each of those aspects in the light of recommendations frorn the Investment Advisorv
Group. Taking into account all these different interlinking aspects, the Diocesan Finance Executive
Committee bring recommendations to Bishop's Countil.
Investment Advlsory Group provide5 advice (the sub-committee has no executive authorltyl on PDBF'S
investments and funds available for investment and the PD8F's overall investment strategv.
Property Sub Commlttee reports to the Trustees,. it oversees repairs to parsonages. glebe property.
properties held for the charity's own use, and the di5P05al and purchase of propertv.
Dlocesan Synod Agenda Group supports Blshop's Councll by planning the annual bu5inÈss of Synod for
approval.
Lay Staff Remuneratlon and Condltlons of Servlce Commlttee meets annually to revlew the pay,
conditions and policies affecting the lay members of staff employed by the DBF.
Delegation of day-to-day delivery
The Trustees and the sub-committees whlch asslst them in the fulfilment ol thelr responsibilities, rely upon the
Diocesan Secretary and her colleagues for the delivery of the day-to-day activities of the company. The Diocesan
Secretary is given specific and general delegated authority to dellver the business of the PDBF in accordance with the
policies framed by the Trustees.
Related Parties
The PD8F is required to comply wlth Measures pa55ed by the General Synod of the Church of England and is required
to make annual payments to the Archbishops. Council toward5 the costs and the national arrangements for trainlng
clergy. The PDBF currently receives annual grants from the Church Commissioners in ihe form of Lowest Income
Community Fundin8 and an annual Brant from The All Churches Trust. In both 2021 and 2020 the PD8F also received
Sustainability Grant payrnent from the Church Commissioners lo support with the financial challenge caused by the
ongoing impact of the Coronavirus Pandemic and its associated restrictions.
Fundraising
The Diocese provides guidance to the parishes with regard5 to fundralslng but does not engage in fundraislng
activities itself. Due regard is given to the Fundralslng Code of Practice set by Fundraising Regulator when providing
guidance to the parishes.
Remuneration of key management personnel
The Board operates a set salary scale and èmployees are placed on this benchmarked where possible against
comparable roles in other dioceses and the external employment market. The salary scale is reviewed each year by
the Board with reference to cost-of-llvlng movements in clergy and national church staff pay. This process 15 supported
by the Lay Staff C(Indltlons of Service Committee. Emoluments of higher-paid employees are determined in
consultation between the Bishop of Portsmouth las chair of the Board), the Chair of the Finance Commlttee and the
Diocesan Secretary.
Funds held as Custodian Trustee
The PDBF is custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils Ipowersl
Measure 1956 las amended) and the Incumbents and churchwardens (Trustsl Measure 1964 where the managing
trustees are parochial church councils and others. These asset5 are not aggregated In the flnancial statements as the
PDBF does not control them. They are segregated from the PDBF'S own assets by rneans of a separate bank account
and accounting system. Further details of financial trust assets, whose market value amounted to £10.8m at 31
December 202112020.. £9.5ml, are available from the PDBF on request, and are summarlsed in note 26. Where
properties are held as custodian trustee, the deeds are Identified as such and held in safe custody by the PDBF'S
solicitor, Messrs Brutton & Co.
15

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Funds held on behalf of schools
The PDBF, on behalf of thejoint Portsmouth and Wlnchester Diocesan Board of Education Iwhlch 15 not incorporated)
receives contrlbutions from governors of church schools within the Dloceses in connection with major repair and
capital piojects to church schools and government grants in connection with the same. The staff of the Board of
Education Iwho are employees of the PDBFI administer these monies as managing agent and make appropriate
payments to contractors for work carried out. The monies do not belong to the PDBF or the Board of Education and
as such the receipts and payments are not treated as income and expenditure in the Statemént of Financial Activities.
Any monies held at the balance sheet date are treated as credStors on the balance sheet. The amount included in
creditors as at 31 December 2021 is £1,778,23912020: £1,794,949). The income and expenditure relating to School
projects not reflected in the Statement of Financial Actlvlties amounted to £1,881,075 and £1,798,495 respectively in
202112020.. £1,603,667 and £1,281,2591.
Trustees, Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
Company lèw require5 the Trustees las Directors) to piepare financlal statement5 for each flnan¢ial year. Under that
law the Trustees have elected to prepare the financial statements in accordance wlth United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the
state of the affairs of the PDBF and of the surplus or deficit of the PD8F for that period.
In prèparin8 these financSal statements the Trustees are required to..
select suitable accountSng policies and apply them consistentlv.
observe methods and prlnciples in the Charities SORP.
make judgernents and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements.
prepare the financial statements on the goin8 toncern basis unless it is inappropriate to assume that the
company wlll continue in operatlon.
The Trustees are also responsible for keeping proper accounting records that dlsclose with reasonable accuracy at anv
tSme the financial position of the DBF and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguardlrsB the assets of the PDBF and hence for taking
reasonable steps for the prevention and detection c*f fraud and other irregularities.
The Trustees are responsible for the maintenènce and integrity of the corporate and flnancial informatlon Included in
the PDBF'S webslte. Legislation In England and Wales governin8 the preparation and dissemSnation of financial
statement5 and other informatlon included in Annual Reports may differ from legislation in otherjuri5dictions.
In all matters the Trustees complies with the Charity Governance Code which covers seven area5-
Organisatlonal purpose.
Leadership.
Integrity.
Decision makin& risk and control.
Board effectivene55.
Dlversitv.
Trustees confirm that they have referred and had due regard to the guidance contalned in the Charity Commlssion's
Beneral guidance on public beneflt when reviewing the DBF'S aim5 and objectives and in planning future activities.
16

PORTSMOUTH DIOCESAN BOARO OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
Statement of Disclosure to the Auditors
So far as the Trustees are aware=
al there Is no relevant audit information of which the charitable companws auditors are unaware, and
bl we have takèn all the steps that we ought to have taken as Trustee5 in order to make ourselves aware
of any relevant audit information and to establish that the charitable company's audltors are aware of
than Information.
Appointment of Auditors
There will be a tender process for the appointment of auditors for the PDBF for the year end 31 December 2022.
Administrative Details
Trustees
No Trustee had any beneficial Interest In the Company durin8 2021. Electlons onto our Board took place at the end of
2021 for the next triennium which start5 on I"January 2022 meaningthe trustees were different during 2021 to those
now serving from I" january 2022 up to the date of thls report.
General Synod Members can be in attendance at all meetin85 of Bishop's Council,. Portsmouth has 6 members of
General Synod at any one time13 lay and 3 ordalnedl. There were however General Synod elections in 2021 meaning
those In attendance during 2021 are different from those In attendance from the beginning of 2022.
The following are the Trustees who served at any time during 2021 and those that are now 5ervin8 from the start of
2022 covering the period up to the date of this report along with details of those in attendance:_
Trustees who served 1$¢ Januaryto 31, December 2021:
al Ex Officlo Members
Chair..
The Rt Revd Christopher Foster (Blshop of Portsmouth; retlred 24th April 20211
The Rt Rev Rob Wickham Icommlssary Bishop of Portsmouth from 1st May 20211
Dean of Port5mouth.' The Very Revd Dr Anthony Cane
Archdea¢ons'.
The Ven Peter Leonard Ilsle of Wightl
The Ven Gavin Collins Imeon, resigned 21st january 20211
The Revd Canon Will Hughe5 (Acting Archdeacon of Meon from 22, January 20211
The Ven Jenny Rowley Iportsdownl
Chalrs of the Houses.. The Revd Canon Robert White Ichair of the House of Clergy)
Canon Debbie Sutton (Chair of the House of Laity)
Diocesan Secretary= Mrs Victoria james
bl Blshop'5 Nominee
Mr Phllip Poulter Ichair of the Diocesan Deanery Flnance Committee and the Diocesan Finance Executive
Commltteel.
17

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
cl Elected by House of Cler8y
Revd Paul Arm5tead IresiBnÈd 20, October 20211 Revd Dr Paul Chamberlain
Revd Rlchard England
Revd James Hunt
Revd lan Snares
Revd Canon Will HuBhes
dl Elected by House of Lalty
Canon Oavid Bennison
Mr Norman Chapman
Mrs Mary Crlttenden
iss Elizabeth Davidson
Canon Lucy Dochertv
Mr Mark Emerlon
Canon Stuart Forster
Mrs Debs Henning-vears (from 14 April 20211
Mrs Irene James
Canon Adrian Jordan
Canon Dr Hugh Mason
Mr Eugene Organ Ireslgned 21 January 211
Canon Hilary SpurEeon
el Members In Attendance
Throughout 2021. 5 General Synod members are also voting member5 of Council in either èx officio or
elected capacltles (The Ven Peter Leonard, The Ven Gavin Collins, Rev Canon R White, Canon Lucy
Docherty, Mr M Emertonl. Therefore, only I member of General Synod (Mrs Emily Baggl Is in
attendance.
Trustees servlng slnce I" January 2022 post the electlons and up to the date of thls report:
al Ex Offlclo Members
Chair-
The Rt Rev Rob Wlckham (Commissary Bishop of Portsmouth until 12 March
20221
The Rt Rev Dr Jonathan Frost (Bishop of Portsmouth from 18 January 2022;
installed 12, March 20221
Dean of Portsmouth.. The Very Revd Or Anthony Canè
Archdeacons..
The Ven Peter Leonard Ilsle of Wlght,. resigned 27, February 20221
The Revd Allie Kerr (Acting Archdeacon of Isle of Wight from 27, February 20221
The Ven Jenny Rowley Iportsdownl
The Revd Canon Will Hu8hes (Acting Archdeacon of Meon from 22, january 20211
Chairs of the Houses.. The Revd Canon Robert White Ichair of the House of Clergy)
Canon Debbie Sutton (Chair of the House of Laity)
Diocesan Secretary.. Mis Victoria James
bl Blshop's Nomlnee
Mr Philip Poulter (Chair of the Diocesan Deanery Finance Committee and the Diocesan Finance Exècutive
Committee).
18

PORTSMOUTH DIOCESAN BOARD OF FINANCE
ANNUAL REPORT For the year ended 31 December 2021
cl Elected by House of Clergy
Revd Dr Susie Colllngridge
Revd Bruce Deans
Revd Canon Tom Kennar
Revd Andrew Hargreaves
Revd Jame5 Hunt
Revd Sam Martell
Revd Mark Wi1Siams
dl Elerted by House of Laity
Mr James Bremridge
Mr Neil Chrimes
Canon Lucy Dochertv
Mr Mark Emerton
Canon Stuart Forster
Dr Coleen lack50n
Mr5 Irene James
Canon Adrian Jordan
Mrs Vanda Leary
Mr Simon Lemieux
Mr Steven Smart
el Members In Attendance
From I" January to the date of this report, 3 General Synod members are also votlng members of Council In
either ex officio or elected capacities IRev Canon R White, Canon Lucy Docherty, Revd Andrew Hargreavesl.
Therefore, 3 members of General Synod (Mrs Rebecca Hunt, Mr lan Johnston and Revd Dr Paul
Chamberlainl are In attendance.
Senior staff and advisers
Diotesan Secretary
Finance Dlrector
Head of StTategic Implementation and Resources & Deputy Diocesan Secretary
Head of Lay and Ordained Ministry
Head of Mission and Educatlon and Director of Educatlon
Head of Social Transformation
Victoria james
Lisa Stieeter
Jenny Hollingsworth
Anthony Rustell
Jeff Williams
Nick Ralph
Registered Office
Diocesan Offlce. 1st Floor, Peninsular House, Wharf Road, Portsmouth, P02 8HB
Key Advisers and Agents
Bankers
Audltors
Stslititors
Investment Adv15er5
Glebe Agents
Insurers
HR Advlsers
Barclays PLC, PO Box 165, Crawley, RHIO IYX
Haysmacintyre LLP, 10 Queen Street Place, London EC4R IAG
Messrs Brutton & Co, West End House, 288 West street. Fareham, P016 OAJ
CCLA. 80 Senator House, 85 Queen Victoria Street, London. EC4V 4ET
Carter Jonas LLP, 9-10 Jewry Street, Winchester S023 8RZ
EIG, Beaufort House, Brunswick Road, Gloucester, GLI IIZ
Kane HR, Westpoint Housè, 32-34 Albert Street, Fleet, Hampshire, GU513RW
ON BEHALF OF THE TRUSTEES
The R5ght Revd Jonathan Frost
ctorla James
Chairman
Diocesan Secretarv
2S' Mèy 2022
25, Mzy 2022
19

INDEPENDENT AUDITORS REPORTTOTHE MEMBERSOF PORTSMOUTH DIOCESAN BOARD OF FINANCE
For the year ended 31 December 2021
Opinion
We have audited the flnancial statements of Portsmouth Diocesan Board of Finance for thè year ended 31
December 2021 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of cash
flows and notes to the financlal statements, including a summary of slgnlficant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standard5, including Financial Reporting Standard 102 The FinonciGIReporting Standard applicable in the UKund
Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial 5tatement5'.
give a true and fair view of the state of the charitable cornpany's affairs a5 at 31 December 2021 and of
the charitable company's net movement in funds, Including the income and expenditure, for the year
then ended,.
have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting
Piactice,. and
have been prepared in accordance with the requlrernents of the Companles Act 2006.
Basrs for opinlon
We conducted our audit in accordance with International Standards on Auditing IUKI11SA5 IUKII and applicable
law. Our respon5ibilitles under those standards are further described in the Auditoi's responslbilitie5 for the
audit of the financial statements section of our report. We are Independent of the charity in accordance wlth
the ethical requirements that are relevant to our audit of the financial statements in the UK, Including the FRCS
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirèrnent5.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
oplnion.
Concluslons relatin8 to going concern
In auditSng the financlal statements, we have concluded that the trustees, use of the golng concern basls of
atcounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relatSng to events or
condition5 that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a goin8 concern for a period of at least twelvè months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
ielevant sections of this report.
Other Informatlon
The trustees are responsible for the other information. The other inforrnation comprises the information
included in the Annual Report. Our opinion on the flnancS3l statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance
onclusion thereon.
In connection with our audit of the financial statements, our responslbility is to read the other Information and,
in doing so, consider whether the other information is materially inconsistent with the fln3n¢ial statements or
our knowledge obtained in the audit or otherwise appearsto be materially misstated. If we identify such mate¥ial
inconsistencies or apparent material misstatements, we are required to determine whether there Is a material
misstatement in the financial statements or a material misstatement of the other informatlon. If, based on the
work we have performed, we eonclude that there is a rnaterial misstatement of this other information, WÈ are
requlred to report that fact. We have nothing to report In thi5 regard.
20

INDEPENDENT AUDITORS REPORTTOTHE MEMEBERS OF PORTSMOUTH DIOCESAN BOARD OF FINANCE
For the year ended 31 Decembèr 2021
Oplnlons on other matters pre5crlbed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audlt..
the information glven in theAnnual Report Iwhlch includes thestrateglc report and the directors, report
prepared for the purposes ol company lawl for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
the strategic report and the directors, report included wlthln the Annual Report have been prepared in
accordance with appllcable legal requirements.
Matters on which we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable cornpany and its environrnent obtained in the
course of the audit, we have not identified material misstatements in the Annual Report Iwhich incorporates
the director5, report).
We have nothing to report in rèspect of the following matters in relation to whlch the Compariie5 Act 2006
requires us to report to you if, in our oplnlon:
adequate ac¢ountlng records have not been kept by the charitable company,. or
the charitable company financial statements are not in agreement with the accounting records and
returns.. or
certain disclosures of trustees, remuneration Specified by law are not made,. or
we have not received all the information and explanation5 we require for our audit.
Responslbllltles of trustees for the finandal statements
As explained more fully in the trustees, responsibilities statement set out on page 16, the trustees (who are also
the directors of the charitable company for the purposes of company lawl are responsible for the preparation
of the financial 5tarements and for being satisfied that they give a true and fair view, and for such internal control
as the trustees determine is necessary to enable the prepaTation of flnancial Statements that are free from
material misstatement, whether due to fraud or error.
In preparing the linanclal statements, Ihe trustees are responsible for assessing the charitable company's abilitv
to continue as a going concern, disclosing, as appllcable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative but to do 50.
Audltor's responslbllltles for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
frorll material misstatement, whether due to fraud or error, and to jssue an auditor'5 report that includes our
opinion. Reasonable assurance is a high level of assuranee, but is not a guarantee that an audit conducted In
accordance with ISAS IUKI will always detect a material mlsstatement when it exists. Misstatements can arise
from fraud or error and are considered materlal if, individually OT in the aggregate, thèy could reasonably be
expected tl) influence the economic decisions of users taken on the basis of these financial statements.
Irregularlties. including fraud, ère instances of non-compliance with laws and regulations. We design procedure5
in line with our responsibilitie5, Outlined above, lo detect material misstatements in respect of irregularltle5,
including fraud.
Based on our understanding of the charitable company and the environment in which it operates, we Identified
that the principal risks of non-compllance with laws and regulation5 Telated to safeguarding vulnerable
beneficiaries, health and safety, and employment linclvding taxation), and we considered the extent to which
non-eompliance might have a material effect on the financial statements. We also considered those laws and
regulations that have a direct impact on the preparation of the financial 5taternents such a5 the Companies Act
2006, the Charities A¢i 2011 and Chur¢h of England Measijres.
21

INDEPENDENT AUDITORS REPORT TO THE MEMEBERS OF PORTSMOUTH DIOCESAN BOARD OF FINANCE
For the year ended 31 Dècember 2021
We evaluated management's Incentives and opportunities for fraudulent manipulation of the financial
statements lincludin8 the risk of override of controls) and determined that the principal ¥isk5 were related to
fund accountlng, including transfers between funds, and revenue recognitlon. Audit procedures performed bv
the engagement team included..
Inspectlng correspondence with re8ulators and tax authorities,.
Discussions wlth management including consideration of known or suspected instances of non-
¢ornpliance with laws and regulation and fraud,.
Evaluatlng management's controls designed to prevent and detect Irregularities-
Identifying and testlng journals, in particular journal entries posted at the year*nd and those wlth
unusual descriptions;
Challenging assurnptions and judgements made by management in thelr crltical accountlng estimates,.
Testin8 transfers between funds,. and
Cut-off testing in respect of revenue.
A further descriptlon of our responsibilities for the audit of the financial statements is located on the FinancSal
Reporting Council's website ai= www.frc.o
auditorsres
onsibillties. Thls descriptlon forms part of our
auditor's report.
Use of our report
This report is made solely to the charitable company's member5, a5 a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the tharitable
company's members those matters we are required to state to thèrn in an Auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and the charitable Company's rnembers, as a body, for our audlt work, for this rèport,
or for the opinions we have formed.
Adam Ha15ey Isenior Statutory Audltorl
For and on behalf of Haysmacintyre LLP, Statutory Auditor
Date.. 8 June 2022
10 Queen Street Place
London
EC4R IAG
22

PORTSMOUTH DIOCESAN BOARD OF FINANCE
STATEMENT OF FINANCIAL AcfiviTIES
At 31 December 2021
Unrestilctedfunds
Gene¢al
DèslÉnated
Restrftied
funds
Endowmenl Totall￿ndS
funds
X>21
2020
N¢)ts
Incomeandendowmersts from
Qonatlons
4.￿,11$
47&430
111233
5W,751
430,926
510,(
141WJ4
&WJ.348
4,4)5.115
1,796,288
I￿783
582,782
5,375
792.970
432,￿3
4,69L178
2,329.3f
154.5
Arthbishops, C¢uncil
827,858
6,55)
1031
74,449
137,454
220.YXI
1,269.242
Othertradlniadivltl¢s
Investment5
453.178
725,357
520,591
9,441451
57,3
69,IT3
126,485
578,071
ExpÈndlture on..
Ralslngfunds
Charitsble adl¥ltles
Total
44￿2
6,45&567
4501560
&993
7,561016
7.613.￿)
36,391
8,171844
8,209.235
106,613
106,61J
i.rth.836
I,OW836
NetlnromÈllexpendlturel beloie
Inve5tme*t8alns
154.n8
4nN58
2e4406
12fj485
1,23L216
Nei8aln50n investmenis
15
271,220
40L197
70L114
L659,2
3,031731
91A931
Netlncome
421C¥J8
872,655
969.520
1785,685
4,Q51868
2,134147
Transfer$be￿eenfUndS
1%4,6351
294167
IIY3532)
164(#]O
O1herrn(￿nl5ed8aI￿￿II0s$e$1
14
851,669
13*123
3.2rr3,792
LfiJ3,743
assets
Remelsurementof pension
scheme provision
119.flXII
12J,(Y
830,669
947,042
1360,123
I,309,￿¥
4190,792
7.244,660
1,061,743
3,199WO
Netmovement In I￿ndS
¥168,8lZ
818,988
Totallunds8iiJan¥ary2021
gAIS
4184,756
S.$43,827
51701112
8QSB6,110
77,386,220
Total funds at31Decernbei2021
17.096.457
5,1%3.S78
362W15
59.017,920
87,830,770
80,586,110
The net 5urpluslldeficltl of income over expenditure, together with detai15 of income and expenditure
required by the Companies Act. may be derived from net incorning resources before transfers, excludlng
movements on endowment funds, In the Statement of Flnancial Activities abovÈ. All income and resources
expenditure derive from continuing activities.
The notes on pages 26 to 57 form part of the financlal statements
23

PORTSMOUTH DIOCESAN BOARD OF FINANCE
Company No.. 226466
BALANce SHEEr
At 31 De￿mbe* 2021
2021
2020
Note
FIXEDASSEfs
Tanglblè Fixed A55ets
Investrnents
14
59,350,360
24,382.639
8173Z,999
57,821,421
21,285.6rJ7
79,107,028
CURRENT ASSETS
Debtors
Cash on Deposit
Cash at bank and In hand
97I026
7,129.175
nL169
8,831,370
025,149
4749.986
S81,￿1
CREDITORS.. amounts fallln8due wlthlt)
one year
17
1999,532
1763,059
NEf CURRENT ASSETS
5,834838
4818.842
Total asset$le55 currentllabllltles
99.564,837
81,925,870
CREDITORS amounts lallln8due alter more
Ihan one year
Pension scheme Ilabllitie5
Loans and longterm provisions
18
1734.067
l339,7£11
167.4LKI
1 566 667
299.7OJ
NET ASSETS
87.830,770
80,586,110
FVNOS
Unrestrlcted Income tund5:
General funds
Oesignated funds
17.C136.457
5.351578
￿45￿035
6.162.815
59,017,920
16.149.415
4 184,7S6
20,334.171
5.543,827
54,708,112
Rest¥ltted lunds
Endowrnenl lunds
TOTALFVNDS
120
87.830.770
.586,110
Revaluation reserve5 of the following amounts are included within the above funds.. endowment funds £15.4m
12020.. £9.7ml, restricted fund5 £2.2m 12020.. £1.5ml. deslgnated funds £1.7m12020'. £1.3ml, general funds
£2.9m12020.' £1.2ml.
The Notes on pages 26 to 57 form part of these financial statements. The fTrnancial statements were approved
by the Board of Trustee5 and authorised for issue on 25, May 2022 and signed on behalf of the Board by..
The Rlght Revd Jonathan Frost
24

PORTSMOUTH DIOCESAN BOARO OF FINANCE
Company No: 226456
STATEMENT OF CASHFLOWS
At 31 De¢tmber 2021
2021
Net¢J5hflow fvomoperatinE activitles
Nelt%h used Inoperating octivitles
1429,1681
I34.L￿)
Cash flows from InvestlngaCtlvl￿es
Dividend5, interest and rent from investments
Purchase of property and equipment
Purchase of Investment5
Sale of property and equlpment
Sale of investments
NetCa5h prowded bylnvestlngactlvltlts
72&669
147,2491
S,025
17,5lll
695,591
185,1%5
2,121833
2,8C¥l,253
L538,
Cash flows from Ilnancingartivitie$
Loans repald to PDBF
Loans repald by PDBF
Cash Inflowsfrom new borrowlTrg
NetCa5hused Inflnanilng
Iioj
1713931
I40,(￿0]
I￿N),(KA)
1712931
1,959,940
Chan8e In cashand cash equiTrJalentsln the reporting perlod
2,303WZ
3,464,325
Cashanda$h equlwalentsat ljanuary
5,5S1752
2,092,427
Cash•nd ¢ashequlvalentsat31 December
5 556,752
Reconclliatton ol netln
me to net(￿bloW fromo
ratln
rtlvltles
2021
2020
Netln¢¢me forthe yearended 31 December
Adjustments for..
Depreclatlon char8e5
Galnson In¥e5tments
Dividend5, intere5tand rent from investments
Gain OD sale of functlonal assets
Oecrease in op&iatingdebtor5
4,053
2,138,147
38,102
13,0317311
17919701
14318331
52,021
1314.827
429,368
36,79)
19C6,9311
1725,357)
1520,5911
25,899
li,￿194
11￿3.983)
Netcash provlded byoperdtlngactlvltles
Aoal 51501 cash and ¢ashe
Cash at bank and in hand
Cash on deposlt
r81,169
7,129.175
7,860.344
,766
4,749,986
5,556,7S2
25

PORTSMOUTH DIOCESAN 80ARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 310ecember 2021
ACCOUNTING POLICIE5
Portsmouth DBF is a company limited by guarantee, incorporated in England and Wales, and is a Public
Benefit Entity as defined by FRS102. The financial statemènt5 have been prepared under the historScal cost
convention. with the exception of freehold properties, which are included at their lair value as determined
under the applicable valuation method a5 detailed In el, and fixed asset investments, which are included at
their market value at the balance sheet date. The financial statements have been prepared in accordance
wlth the Statement of Recommènded Practice for Charitles (Second Edition, effective l January 20191, the
Companles Act 2006 and applicable accounting standards IFRS1021.
The Trustees consider that there are no material uncertainties that could east doubt on the charity's abllity
to continue as a going concern. After reviewing the charit￿5 forecasts and projection5, the Trustees have a
reasonable expectation that the charity has adequate resourcès to continue as a going concern for the
foreseeable future. The Trustees therefore continue to adopt the going concern basls In preparing thls
Annual Report and Financial Statements
The principal accounting policies and estimation techniques are a5 follows.
al Income
All income is included In the Statement of Financial Activities ISOFAI when the PDBF is legally entitled
to them a5 income or capital respectively, ultimate receipt is probable and the amount to be rècognised
can be quantified with reasonable accuracv.
il Pai15h Share Is recognised as Income in the year in which it Is received, plus an accrual for any late
payments received in january of the following year.
ill Rent 15 recognised a5 income when receivable.
iiil Interest and dlvldends are recognlsed a5 income when receivable.
ivl Grants received which are subject to pre-conditions for entitlement specified by the donor whlch
have not been met at the year-end are included In cieditors to be carried forward to the following
year.
vl Parochlal fees are reeognised as income in the year in which it is received, plus an accrual for anv
late payments received in January of the following year.
vil Donatlons other than grants are recognised when receivable.
vill Galns on dlsposal of flxed assets for the PDBF'S own use li.e., non-investment assets) are
accounted for as other income. Losse5 on disposal of such asset5 are accounted for as other
expenditure.
viiil stlpends fund Income. The Stipends Fund Capital account is governed by the Diocesan Stlpends,
Fund Measure 1953, as amended, and the use of the income is restricted for cler8V Stipends.
However, the income is fully expended within the year of receipt and the legal restrictions,
therefore, are satisfied. It is on this basis that the income and the (normally much lar8erl related
expenditure are both included Sn the unrestricted column of the Statement of Financial Activities
for the sake of greater clarity and simplicity In financial reporting.
bl Expendlture
Expenditure 15 included on the accruals basis and has been classified under headings that aggregate all
costs related to the Statement of Financial Activities category.
il Cost% of ralslng funds are constrained to costs relating to the temporary renting out of parsonages
and investment managernent Costs of glebe and any other investment properties.
26

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
ACCOUNTING POLICIES Icontlnuedl
ill Charltable expendlture is analysed between contributions to the ArchbSshop5' Council, and
expèndlture on resourcing mission and ministry within the Diocese.
iiil Grant5 payable are charged in the year when the offer is conveyed to the recipient except In those
cases where the offer Is conditional on the recipient satisfying performance or other discretionary
requirements to the satisfaction of the PD8F. such grants being reco8ni5ed as expenditure when
the conditions attaching are fulfilled. Grants offered subject to such conditions whlch have not
been met at the year-end are noted as a commitment, but not accrued as expenditure.
Iv) Support costs con515t of central management, administration, and governance costs. The amount
spent on raising funds and other activities is consldered to be immaterial and all support costs are
allocated to the purpose of charltable activities. Costs are allocated wherever possible directly to
the activity to which they relate, but where such direct allocation 15 not possible, the remainder is
allocated on an approximate staff time ba%Ss.
vl Penslon contrlbutlons. The PDBF'S staff are members of the Church Workers Pension Fund,. either
the Pension Builder or the Defined Benefit Schemes, and Clergy are members of the Church of
England Funded Pension5 Scheme lsee note 241. The pension cost5 charged as resources expended
represent both the PDBF'S contribution5 payable In respect of the accounting period, In accordance
with FR5102 and the fundln8 of the deficit. Deficit funding for the pension schemes to which PDBF
participates is accrued at current value In creditors distinguished between contributions fallin8 due
within one year and after more than onè year.
cl Tanglble fixed assets and depre¢latlon
Freeholdproperties
Properties are accounted for at their fair value and are reviewed on a five-year cycle and revalued
accordingly. Depreciation is not provided on buildlngs as any provision (annual or cumulatlvel would
not be material due lo the very long expected remainin8 useful etonomic life in each case, and becausè
their expected residual value is not materially less than their carryin8 value. The POBF has a policy of
regular structural inspection. repair and maintenance, whlch in the case of residential propertles Is in
accordance with the Repair of Beneflces Buildings Measure 1972 and properties are therefore unlikely
to deteriorate or suffer from obsolescence. In addition, disposals of properties occur well before the
end of their economic lives and disposal proceeds are usually not less than their carrying value. The
Trusiees perform annual irnpairment revlews in accordance with the requirements of FRS102 to ensure
that the carrying value is not more than the recoverable amount.
Parsonttge houses
The PDBF has followed the requirements of FR5102, In Its accountlng treatment for benefice houses
Ipars(>nagesl. FRS102 require5 the accounting treatment to follow the substance of arrangernents
rather than their strict legal form. The PDBF Is formally responsible for the mainienance and repair of
such properties and has some jurisdiction over their future use or potential Sale if not required as
benefice house, but in the meantime legal title and the ri8ht to beneficial occupation is vested in the
incumbent. The Trustees therefore consider the most suitable accounting pollcy is to capitalise such
properties as expendable endowment assets and to earry them at their estimated current market value.
This treatment is also applied to any property where the title will revert to the PCC in the event that it
should no longer be required as a parsonage. Parsonage houses are revalued on a five-year cycle.
Property cost value5
For the purpose5 of rhe calculation of a revaluation reserve, where the actual cost 15 not known, the
C05t value is deemed to be the value at which the property was brought into the accounting system in
2007.
27

PORTSMOUTH OIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 310ecember 2021
I. ACCOUNTING POLICIES Itontlnuedl
Computerequipment
Items of computer equipment are stated at cost, bèing the purchase prlce and any Incidental acqulsltlon
costs.
dl Depreciatlon on leasehold property
Depreclation is provided on leasehold properties over the lesser of 50 years or the life of the lease.
Depreciatlon Is provided on corrputer equipment over a period of 3 years.
el other accountlng pollcles
il Foxed asset Investments are included in the balance sheet bid value and the gaSn or1055 taken to
the Statement of Financial Activities. The sinele property held a5 an investment is revalued by the
Diocesan surveyor on a five-year cyde alongside all other properties. Glebe land is valued at ten
tlmes the annual rental income.
ill Leases. The PDBF has entered only into operating lease arrangements for the use of certain assets,
the rental for whlch is charged in full as expenditure the year to which it relates. Where rent
free periods are given as part of an operating lease. the impact of this rent-free period is reflected
in the Statement of Financial Actiwties over the lease term.
iiil Flnanclal Instruments are recognlsed in ihe charity's balance sheet when the charity becomes
party to the contractual provisions of the instrument. The charlty only has flnancial assets and
liabilltles which qualify as basic financial instrurnents.
Financial assets and liabilitles measured at amortised cost, which includes loans to parishes.
parish share re￿1vable and other debtors, bank loans and creditors, are Initially measured at
transaction price including transactlon ¢o5ts and subsequently carrled at amortised cost using the
effective interest rate method.
Financial assets held at fair value comprlse the listed and unlisted investments disclosed in note
15.
Fund balances
Fund 8alancè5 are split between unrestricted (general and designated). restricted and endowment
funds.
Unrestricted funds are the PDBF'S corporate funds and a￿ freely avallable for any purpt>se
within the charltable company's objects, at the discretion of the PDBF. There are two types of
unrestricted funds..
General funds which the PDBF Intends to use for the general purposes of the PDBF and
Deslgnated funds set aside out of unrestricted fund5 by the PDBF for a purpose specified
by the Trustees
Re5trlcted fundsare income funds subject to conditions imposed bythe donor as specific terms
of trust. or else by legal measure.
Endowment funds are those held on trust to be retalned for the benefit of the charitable
company as a capital fund. In the case of the endtswrnent funds administered by the PDBF
Istipends Fund Capital, Parsonage Houses and Schools), there are discretionary powers to
convert capital intts income and, as a result, thesè funds are classified as expendable
endowment. Endowment funds where there is no provision for expenditure of capital are
classified as permanent endowment.
28

PORTSMOUTH OIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
ACCOUNTING POLICIES Icontlnuedl
"Special trusts" las defined by the Charities Act 20111 and any other trusts where the company acts as
trustee and eontrols the management and use of the funds, are included in the company's own financial
statements. Trusts where the PDBF acts merely as cu510dian trustee with no control over the
management of the funds are not included In the flnancial 51atements but are surnmailsèd in the note5
to the financlal statements.
KeyJudgement5
The preparation of the financial statements requires management to make judgements. estimates and
assumptions that affe¢t the amounts reported for assets and liabilities as at the balance sheet date,
and the amounts reported for revenues and expenses during the year. However, the nature of
estimation means that actual outcomes could differ from those estimates. The following judgements
lapart from those involvin8 estlmatesl have had the most significant effect on amounts reco8ni5ed In
the flnancial statements..
Basls for non-depreciation of functional residential property
Assumptions undefpinning the clergy and church workers, pension scheme liabilities.
DONATIONS
Par15h Contrlbutlons
2021
Unreslricted fund5
General
Designated
Restrlrted
funds
Endowment
funds
Total fund5
2021
Parish share requested
Shortfalllsurplus aeainst cash recelved
Payments received
Amounts received for prloryear
Parlsh share re￿1¥able
4,973.C
621,842
4,351,158
53,957
4,405.115
4,973.1XJ)
621,842
4,351.158
53,957
4,405,115
Unrestrirtedfunds
General
Restrfcted
funds
Endowrnent
funds
Total funds
2020
Deslgnated
Parfsh share requested
Short fall/surplus agalnst cash re￿iVed
Payments received
Arnounts received for prioryear
Parish share receivable
5,213,405
725,923
4,487.482
203,696
4,691,178
5,213.405
725,9231
4,487,482
203.696
4 691.178
The majority of donations are collected from the parishes of the d1ocese through the parish share system. Parish
share payments received represented 87.5%12020.. 89.8%) of the amount requested.
29

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
2b
Archblshops, Councll
2021
Llnrestrlcted funds
General
Desl8nated
Re$trirted
funds
Endowment
funds
Total funds
2021
Lowest Income communlty funding
Par15h mlsslon developmentfund
Ccgrant for RME
Strategic Development Fund
Sustalnabllity grant
478,430
474430
191,811
631047
191.811
636,047
490,000
1.796,288
490,Q)O
490,L
47&430
827.858
2020
Unrestrfcted funds
General
Designated
Restrlcted
funds
Endowment
lunds
Total funds
2020
Lowest Income comrnunityfunding
Parish misslon development fund
CC grant for RME
Strateg1¢ Development Fund
365,579
96,900
365.579
9Qg00
213,353
1.053,534
600,000
2.329.366
213,3S3
1,053,534
600,000
462,479
1.266,887
2c
Other donatlons
2021
Un￿StrIcted funds
General
Oeslgnated
Re$tricted
lunds
Efidowment
fund$
Total funds
2021
All ChuichesTrust
Donatlons
101250
9,983
112,233
102,250
16,533
6.550
6,550
2020
Unrestrlcted funds
General
Desl8nated
Restrlcted
funds
Endowment
fund5
Yotal fvnds
All Churches Trust
Donations
Grants from trusts
92,gJO
33,181
22.
147,750
92,5(#J
40,011
22,069
154.580
6,830
6,8
30

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
3 CHARITABLE AcfiviTIES
2021
Unre$trlrtedlunds
GemÈftl
Oeslgnated
Restrlcted
fund5
Endowmeni Total iunds
funds
2021
Statutory fee5 and chaplaln¢y Ineome
Miscellaneous income
Sectlon income..
Lay& Ordained Mnistry
M1s5ion and Education
Strategic Implementatlon & Resources
Soclal Transforma￿On
360,485
44,386
360,485
46,417
10
555
>1,112
iu
49.770
91,443
582,78Z
91,443
2,031
Unrestrlcted funds
General
Deslgnatsd
Re51rfcted
lund$
Endowment Total ￿ndS
fvnds
statutoryfeesand chaplaincy income
Mlscellaneous inwme
Sectlon income..
Lay& Ordained Mlnlstry
Mi55ion and Educètlon
Str8tegi¢ Implementauon & Resources
s￿la1 Transfermation
224,359
99,252
,821
4431
J,519
85,574
46,034
iCn,464
561,rn
¥519
85,574
46,034
109,464
S66,201
4.431
4 OTHER TRADING AcfiviTIES
Unrestrlrted funds
General
Designated
Restrfcted
funds
Endowment
funds
Total funds
2021
Rental income from properties
430,926
430,926
74,449
74,449
505.37S
505,375
Unre5trlctedfunds
General
Deslgnated
Restrlrted
funds
Éndowment
funds
Total fund5
2020
Rental Income from properties
343,187
343,187
109,991
109,991
453,178
453,178
31

PORTSMOUTH DIOCESAN 80ARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
INVESTMENT INCOME
2021
Unrestrlrtedfunds
Geneial
Designated
Re$iricted
funds
Endowmeni
funds
Total funds
2021
Dlvidends recelvable
Interest receivable
Rents re￿1vable
428,584
87.947
124
136,835
619
57,303
710,
81.471
510,089
81,471
791970
88,071
137.454
57,356
2020
Unre5trl(ted funds
General
Deslgnated
Restrlcted
funds
Endowment
lunds
Total fund$
2020
Dlvldends recelvable
Interest ￿￿1Vable
Rents recelvable
350.529
84,315
136.755
5.937
105,433
325
677,032
7,252
41.073
725,357
41,073
391,602
85.305
142,692
105,758
OTHER INCOME
2021
Unre$trlrted funds
General
Deslgnated
Re$trlrted
funds
Endowment
funds
Total funds
2021
Galn on sale of properties
141804
1804
220,9
220,9X)
69,129
69.129
432,831
432,833
2020
Unrestrlctedfurhds
General
Deslgnated
Restrlcted
funds
Endowment
funds
Total fund5
2020
G3in on sale of propertie5
Sale of long lease
Furlough grant
io,(
io,oc
161145
171145
162.145
520,591
348,446
32

PORTSMOUTH OIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ènded 310ècèmber 2021
7 FUND RAISING COSTS
2021
Unrestrfcted funds
General
Deslgnated
Restrfcted
funds
Endowment
funds
Total funds
2021
Glebe agent's fees and repalrs
Management fees of rentals
11.615
35,378
4&993
ii.fj
35,378
46,993
Un￿StrICted funds
General
Deslgnated
Restrlrted
lunds
Endowment
lunds
Total funds
2020
Glebe agent's fees and repalrs
Mana8ement lees of rentals
9,521
26,870
36,391
9,521
26,870
36,391
CHARITABLE ACTIVITIES
20
Unrestrlcred funds
General
Deslgnated
Restrlrted
funds
Endowment
funds
Total funds
2021
Contributlonsto Archbi5hop5' Council
Training forministry
Natlonal church ￿SponSIblE[rieS
fjrants and provlslons
Mission agency penslon contrlbutlons
Retlred clergy housingcosts
184,912
144.663
1127,9181
8,261
67,886
277,8L
184,912
144.663
1127,9181
8,261
67,886
277,8LJI
ResourdThg mln15tryand rn1551on
Training for ministry
Parish ministry..
Stipends and narional Insuran
Pension costs
Housing costs
Removal. resettlement & othergrants
Other expenses
137,321
191,811
329,132
1681,889
689,683
713,331
88,567
74,911
4,385,702
1681,889
689,683
746,789
88,567
721203
5,254263
3L637
1,821
303
31,940
646,989
,621
Supportforrnini5tryand ml$slon
Lay and ordained ministry
Mission and Educatlon
Strateglc implement and resources
Sodal transformatlon
Governance
Other Oiocesan Central Support
824134
158,041
625,9Lbl
115,585
51,397
16.OtKI
L795.061
6,458,567
74,6n
154,5th)
315
L057,307
158,356
625,9LS1
115,585
51797
74,673
106,613
160.215
I,r￿,836
1029.949
7,566,016
33

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 December 2021
CHARITABLE ACTIVITIE5 Icontinuedl
Unrestrtcted funds
General
Deslgnated
Re5trlcted
fund5
Endowment
funds
Total fund5
2020
ContrlbutionsloAr¢hblshops' Councll
Trainlng for mlnlstry
184,469
154,192
77,063
6,919
66,230
488,873
154,192
Grants and provlslons
Mission agency pension contrfbutions
Retired clergy housingcost5
6,919
66,230
488,873
Resourcln8 mlnlstry and mlsslon
Tralnlng for mlnlstry
Parish mlnistry..
Stipends and natlonal Insurance
Pension costs
Housing costs
Removal, resettlement &othergrants
Otherexpenses
281991
282,991
2,821,151
629,020
691,862
72,128
40,793
4.254.954
23&428
3.059,580
629,020
675,885
72,128
718.085
437,6B9
115,9771
941
115,0361
675,352
1,197.771
Support foimlnlstryand rn155ion
Lzy and ordalned ministry
Mission and Education
Strate8ic implement and reSoUr￿S
Soclal transformation
fjovernante
840,249
205,26B
,439
35,473
39.781
2.027.210
15,823
189,920
L045,992
205,181
913,915
35.473
7,476
23,299
8,263
195,773
1,393,544
I24&282
8,172,844
6,77L037
ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS
2021
Aclivitle5
Undertaken
Dlredly
Grant
Fundln8 of
Artl¥itle5
Support
Costs
TOTAL
2021
Raislngfunds
Contrlbutlons to Ar¢hblshops' Council
Parish Ministry
Supportfor Ministry and Msslon
Education
4&993
46,993
277,804
5,258,263
I,WS.837
34,112
7,613,LJJ9
277,8ts1
$4,332
5.205,931
1,902,2S0
34,112
7.187 286
93,587
331136
34

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 December 2021
ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS Icontlnuedl
Undertaken
Directlv
FundlnE of
Activitles
Support
Costs
TOTAL
2020
Ralsingfunds
Contribution5 to Archblshops. CounLiI
Parish Ministry
Support for Ministry and Mission
Education
36,391
36,391
488,873
5A37,689
2,041,101
537,417
8,541,471
488,873
54B32
5,383,357
1,964,530
537.417
7.921,695
71571
543,205
76,571
10 ANALYSIS OF SUPPORT COSTS
2021
Vnrestrlrtod funds
General
Deslgnated
Aestrirted
funds
Endowment
fund5
Total funds
2021
Central administratio
Governance
36,7
51,397
88,187
36,790
56.797
Unrestrlcted funds
General
Designated
Restrlrted
funds
Endowment
funds
Total fund$
Central èdmlnlstration
Governance
36.790
39,781
76,571
36,790
39,781
76,571
Auditors remuneration for the year was £15,84012020'. £16,530) and the cost of operatlng lease ientals was
£15,05212020.' E16,9021.
35

PORTSMOUTH DIOCESAN 80ARO OF FINANCE
NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
11 ANALYSIS OF GRANTS
2021
Number
Indivlduals
In5tltLttlons
Total
From unrestrfcted fundsfor natlonal
Church ￿spOnsIbIlItIe$.
Contrlbution5 to Archbishop's Councll
From unresirirted funds:
Cathedral
Retired Lay WorkerPenslon Grant
Removal and resettlement grants
277,804
277.
I6,￿0
2,043
2,043
14
16
3,607
3,607
16,(XM)
293,804
19.607
297,411
17
2020
Number
Indlvlduals
Inststutlons
Total
From unrestrlrted fundsfor natlonal
Church responslbllltles..
Contributlons to Archbishop's Councll
From unrestrltted fund5'.
Ret[￿d Lay Worker Pension Gr8nt
Removal and resettlement grants
488,873
488,873
1020
52,312
1020
52,312
54,332
543,205
13
14
15
54,332
12 STAFF COSTS
Employee cost5 durfngthe yearwere asfollows..
2021
2020
Wages and s4larles
Natlonal Insurance wntrlbuttons
Penslon costs
1.055,388
105,709
180,320
L341,417
1.291,818
125,079
202,608
L791957
The average numberof persons employed during the year based on full tlme equlvalents..
2021
fte
fte
Mission & Education
Lay & Ordained Mlnlstry
Strateg1¢ lrnplementsfion & Resources
Safeguarding
Soclal Transformation
lof which 2.2 are externally funded)
13.2
29.3
Parochi31 Asslstants
36.8
36

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
12 STAFF COSTS Icontlnuedl
The average nurnberol persons employed durln6 the year..
2021
2020
no.
no.
Misslon & Education
Lay & Ordained Min15try
Strategic Implementètion & Resources
Safeguarding
Social Tr8nsformatSon
io
13
33
Parochlal Assistants
35
41
Included In the fl8ures above are a small number of staff who work wlthln the deaneries includin8 the PA'S to the
Ar¢hde8cons, as well as those in central diocesan support roles. In addltlon, 3 rnernbers of staff are funded under
the Strategic Development funds.
The staff tearn includÈd above under Mlssion and Education are shared with the WlnchesterDiocesan Board ol
Flnantt IWD8FI. Two thlrds of the costol this tearn ère reth8rged to the WDBF based on the nurnber of Khools In
The flnance team for the PDBF are also a shared te8m wlth WD8F. The cost5 of th15 team are thar8ed from WDBF to
PDBF on the basis of time spent providln8 SUPPOrt to e4ch dI0￿se. These staff are not refletted In the headcount
above.
The number of Staff whose ernoluments Ilncluding benefits in klnd but excludlnE pension contributions)
amounted to more than £60,0(K> were as follows..
2021
2020
£70,000- £80,rx)o
Penslon payment5 01 £27,38312020.. £24,600) were made for these ernployees.
Remuneratlon of Key Management Personnel
Key management personnel are deemed to be those having authorlty and responsibility, delegated to them by
the trustees, for planning, directing and controlling the activitie5 of the dioeese. Durlng 2021 they were..
Victoria James
Lisa Streeter146%1
Jenny Hollingsworth
Anthony Rustell
Jeff Williams133%1
Nick Ralph IlO%I
DI0￿$an Secretary & Company Secretary
Director of Finance
Deputy Dlocesan Secretary
Head Lay and Ordained Minlstry
Head of Education
Head of Soclal Transformation
Remuneration, pensions and expenses for these 6 employees amounted to £281,84112020'. £263,408).
Trustees, emoluments
NoTrustee received any remuneration for services as Trv5tÈe. The Trustees received travelling and out of pocket
expenses, totalling £8,34112020.. £11,663) in respect of General Synod duties, duties as Diocesan Secretary,
Archdeacon or Area Dean. and other duties as Trustees. All those claimin8 are staff or ¢ler8y employed by the
dlocese.
37

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Decembèr 2021
12 STAFF COSTS Icontlnuedl
The following table gives details of the Trustees Ilncluding those eleued in 20221 who were in receipt of a Stipend
andlor houslng provided by the PDBF during the year..
Stlpend
Ye5
Yes
Yes
Yes
Yes
h)uslng
Yes
Ye5
Yes
Yes
The Archdeacon of the Meon Icollinsl
The Archdeacon ol Isle of Wlght ILeonardl
The Archdeacon of the Meon (Rowleyl
Chairol House of Clergy (Canon R C White)
The Rev Canon Wllllam Hughes
The Revd Dr Paul Chamberlain
The Revd lan Snares
The Revd Paul Armstead
Yes
Yes
Yes
Yes
Yes
Yes
r 11
Ye5
Yes
Yes
The Revd Richard Eneland
The Revd james Hunt
The Revd Bruce Deans
The Revd Andrew HarEreaves
The Revd Canon Tom Kennnar
The Revd Safll Martell
The Revd Allie Kerr
The Revd Mark Williarns
Ye5
Yes
Yes
Yes
Yes
Yes
Ye5
Yes
Yes
No
Ye5
Yes
Yes
Ves
The PDBF is responsible for fundlng via the Church Commissioners the stipends of licensed stipendSary clergy in
the dlocese, other than bishops and cathedral Staff. The PDBF is also responsible ftsr the provislon of housing for
stipendiary clergy in the diocese, agaln excluding the dioeesan bishop and cathedral staff.
The PDBF paid an average of 8512020.. 901 slipendiary clergy as officeholders holding parochial or diocesan
appolntments in the diocese, and the costs were as follows-.
2021
Stlpends
National Insurance contributlons
Pension costs- turrent year
deficit reduction
2,476,289
205.600
525.683
164.(MK)
3,371,572
2.863,514
219.183
626,700
307,[￿j0
4,016,397
38

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
13 ANALYSIS OFTRANSFERS BETWEEN FUNOS
2021
Unrestrlcted fund5
General
Deslgnated
Restrlcted
fund5
Endowment
funds
Portsmouth Share of Interest earned by P&WCSG Fund
To charge the General Fund for the reduction In penslon
deficit provlsSon
Redesignation of fvnds from Catherlngton Trust to CBIL
fund
Redesignation of funds from car loan fund to CBIL fund
Redesignation of funds from dlocesan loan fund to CBIL
fund
Transfer from CBIL fund for CBIL loan repayments
8udgeted transfer to Lambeth Conference fund
Clergy ¢onference costs net of budgeted transfer to
conference fund
Redeslgnatlon of funds to the bulldlng repair fund
Transfer Cost of education tearn activities
63
1631
1164.0001
IfA,000
33,333
16.0001
18.5001
1315.0001
150 469
1309,6351
133.3331
6,0
8,500
315,000
150,469
1150,5321
296.167
164,000
Further detalls of the transfers are Included In note 19.
2020
Unrestrfcted funds
General
Deslznated
Restrlrted
funds
Endowment
funds
Portsmouth share of Interest earned by P&WCSG Fund
70 char8e the General Fund forthe reductlon in
pension deflclt provision
Transferfrom Catherln8ton Trust for Spirituality Advlsor
Bud8etÈd transfer to Lambeth Conference fund
Clergy conference costs netof budgeted transferto
Transfer of RME Fund deflclt to gener31 fund
1.513
11,5131
301.000
1301,OLWJI
14,875
11.0641
18,7761
1167,7401
462,1921
114,8751
1,064
8,776
167,740
166.227
15,0351
301,WO
39

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
14 TANGIBLE FIXED ASSETS- Land artd Bulldlngs
Freehold
Land •nd
Building5
Leasehold
Bulldln8S
Cornputer
eqltlpment
Total
2021
Atcostorvaluatlon
At ljanuary 2021
AddStions
Disposals
Revaluation
At 31 December2021
56,460,186
L851,443
58,311,629
47.249
I1,￿,C￿l
47,249
IL690,OLKII
3,209,792
57,979 978
1.85L443
47.249
59,878,670
Accumulated depredatlon
Ar ijanuary 2021
Charge forthe year
At 31 December2021
490,208
36.790
526,gJ8
4￿.203
38.102
528 310
1,312
1.312
Net bookvalue at 31 December2021
57 979,978
1324 445
45,937
59.350.3
Net book value at 31 Decetnber 2020
56.460,186
1 361,235
57.821,421
All of the properties in the balance Sheet are freehold and are vested in the PDBF, except for benefiee houses
which are vested in the intumbent. All propertie5 are held at market value and are subject to a five-year cycle
of survey and consequent repairs are charged as expenditure. The Diocesan Office at Peninsular House Is a
leasehold property for which the premium is belng amortised over SO year5. lust under half of the office space
is sublet as it is not required for diocesan use. The carrying value of thi5 property valued on a part fvn¢tional,
part Investment basis would not be materlally different from that quoted above.

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
15 FIXED ASSETS INVESTMENTS
At 1st
Change I
Market
Value
At 31st
De￿mber
2021
January
2021
la5 amended)
Addlllons
Dlsposals
un￿strICted General Fund$
Unllsted investments
L831077
271,220
2,103,297
Deslgnated Funds
Unlisted investments
2.706,458
3,679
40L197
3,IIL334
Restrltted Funds
Unllsted inve5trnents
4,835,981
60,622
701,114
S.597.717
Endowrnent Funds
UnlistÈd Investments
Investment Property
Investment Land
11,236.128
3610
311963
l.Q2.2
I1￿8,364
362.0
349.928
36,
Total FuThds
21,285,607
64,301
3,032,731
24,382.639
The balances at Istjanuary 2021 have bÈen updated from those reported at 31 December 2020as the split of
Investments dld not correctly reflett the funds to whlch the Investments were held. The overall fund balances remaln
unchanged.
16 DEBTORS
2021
2020
loans to parishes
Parlsh share ￿te1Vable
Prepayments and accrued Income
Otherdebtors
2,100
119,485
232,786
670,778
1,025,149
41,769
354,372
574,885
971,026
41

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For thè year ended 31 December 2021
17 CREDITORS: amounts falllng due wlthln one yèar
2021
2020
Accruals
Othercredltors
P&WCSG Fund Creditors
Loan repayments
Deferred income
Tax and social 5ecuritv
Penslon scheme liabilitles..
Clergy Pension Scheme
Lay penslon schÉme
62.040
563,569
1,852,018
440,(60
31.722
3L523
87.465
726,081
¥868,6DI
40,050
7.552
16,7CX)
33,3CI)
2,999,532
2,763,059
* The P&WCSG fund holds £1,891,12512020.. £1,9Q7.7071 on deposit with CCLA and Bardays.
Deferred income relatesto rental Income re￿iVed in advante and is fully released In the subsequent year.
18 CREDITORS.. amount5 falllng due after more than one year
2021
2020
Loan repayrnent Snstalments
due after more than one year
1-2years
2-5years
Pension Scheme liabllities..
Clergy Pension Scheme
Lay pe￿510n scheme
8(O.(
¥240,Q&J
766.667
299,70)
17.100
1,734.067
339,76D
42

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTESTO THE FINANCIALSTATEMENTS Forthèyearended 31 De￿mber 2021
19 SUMMARY OF FUND MOVEMENTS
2021
Balances at
ljanuary
alances at
31 Dteember
2021
Gains and
losse5
2021
Income
Expenditure
Transfers
Unrestrlcted funds- General
16,149.415
6.660,348
1&505,560
309,S45
1,101,889
I7,￿6,457
Unre5trlrted fvnds- Desl8nated
Brown. Do5& SllverBequest
Circu5 Charity Fund
Dloce$3n Conference Fund
Car Loan Fund
Diocesan Loan Fund
Parsonages Repair5 Fund
CME Fund
Valpy Bequest
Wlnterborh3m Legary
Office Repair Fund
Mission Fund
Lambeth Conferentr Fund
Evan6elism Fund
Buildin8 Repair Fund
Caiherlngton House Fund
34.545
2.262
36.812
295.543
649,412
330,284
144,(03
32,525
13&146
108,414
496,818
12,715
1,495
80,494
¥zzL
5,241
306
39.786
2,568
45.329
17
8,50D
1347.S441
1369,610>
42,741
74629
63,254
13.179
19.Q34
369,610
131,5841
4,101
37,459
165.715
4,934
22,391
&052
5.177
L663
175,0291
42L793
18.715
495
395,494
738.575
315,(X)O
39.730
49QWO
I￿.648
CBIL ￿paYrne￿tfu￿d
1.383,821
296,167
1.383.821
5.353.578
4.184.756
57&071
1106.6131
40L197
43

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
19 SUMMARY OF FUND MOVEMENTslcontlnuedl
&alan￿$ at
lJanuary
2021
Balances at
31 December
Galns and
losses
Income
Expenditure Transfers
Restrfttedfunds
Barclay Be9ue5t
8erTr Aug Fund
Bishop's Lent Appeal
Chrlstièn Healing Fund
HaTr151on P?rochlal Loan Fund
Huckstepp Legacy
James Le8acv
New Churthes Fund
Turret House Fund
Surrexit Fund
Strategic Development
Pastor31 Fund
P&WCSGF
Corban Fund
Eckersley Cler8y famllles
Educ*ion Restricted
Re50urcinE Minlsterial Education
6.748
,991
13,571
247
18,274
121,298
22.332
1,218,4O)
110,459
5,1*
145,9561
1110,075
39.107
42,526
413,401
L367,If
151
734
15,321
7,633
116.312
6,551
247
1&314
138.371
25,521
L298.683
129.706
5,195
145,9561
2.407.157
39,107
49.637
475,918
L674849
17,073
3,189
193.032
16.017
41,751
3,230
636,047
66.850
379
1,2(
10,850
310,376
191,811
I63&￿7J
115.0611
13161
24S293
s.￿5
53.067
15L483
IL4(¥JI
11,7011
1191,8111
I￿,459>
5,543,827
1,269,242
I.OW.836
150,532
701,114
361815
Expendable Endowmentlund$
Parsonage House5
Educarion Endowment
Permanent Endowrnentfunds
5tlpend5 Capital Fvnd
Bells Loan Fund
Boyd Wchardson Trust
constan￿ Trust
Cowes St M Ben Au8
Dlocesan House Trust
Fawdry Bequest
Glebe Fund
Glebe Property
Glebe House Cottage Trust
Hayllnest Mcuracy End
lambert Loan Fund
Glebe Capltal
39.51L514
FAI032
69,129
57,356
1295.822
119.693
41,877,465
1.84
&313,947
461.098
17&127
32.993
L026
24L027
41445
1,141,334
2.88&889
4.741
1,337
185.466
40,137
54,708,113
1,161,227
.890
26,721
9.639,174
521.987
37,997
1.165
Z77,359
47,363
1.246.994
1988,154
5.417
4518
206,360
121.037
59.017,920
139
36,332
5,918
ICS,660
99,265
676
181
20,894
80,9LKI
4.019,322
126,485
164,(
Total Funds
80,586,110
8,634,146
7,613,￿9
&223.523
87.830.770
The transfers made between funds take into account the Eains and1055es Benerated on the funds throughout
the year, based on the underlying assets held in the funds.
44

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 De￿mber 2021
19 SUMMARY OF FUND MOVEMENTS Icontlnuedl
2020
Balances at
ljanuary
2020
Balances at
31 December
2020
Galnsand
losses
Income
Expendlture
Transfers
Unrestrlcted funds- General
16,420,209
7 102 347
7,139,663
462.192
228,714
16,149,415
Vnrestrlcted funds. De$lgnated
Brown, Doi& Silver Bequest
Circus Charity Fund
Diocesan confe￿nce Fund
Car Loan Fund
Diocesan Loan Fund
Parsonages Repalrs Fund
CME Fund
Valpy BequÈst
Winterbotham Legacy
Off1￿ RepaSr Fund
Mission Fund
Lambeth Conference Fund
Evan8ellsm Fund
Building RepairFund
Catherington House Fund
Sustainabllit¥ Fund
32,191
2,125
27,911
264,447
562,511
346,201
144,027
2.354
137
34,545
1262
3&812
295,543
649,412
33Q284
144,033
31525
13&146
10&414
49Q818
11715
L495
8Q494
L22¥198
135
9,025
13,086
17,9
8.776
22.071
73.815
13,8651
130,0411
2.217
6,524
3,617
126,692
103,044
521,026
lJ,651
L495
34,476
1,129,451
4,930
1,753
32
124,2401
46,018
38,29)
6CM),(XKI
114.8751
68.332
3.337.546
18,2631
5,035
175.202
4.184.756
Restrlcted tunds
Barclay Bequest
Ben AUÉ Fund
8ishop's Lent Appeal
Christian Healing Fund
Harrlslon Parochial Loan Fund
Huckstepp LegaLv
James LÈ8aCy
New Churches Fund
Turret House Fund
Surrexlt Fund
Strategic Development
Pastoral Fund
P&WCSGF
Corban Fund
Eckersley Clery famllles
Education Restricted
Resourcing Mini5teri31 Education
Transformation Capaclty FundSng
6.266
94.iD8
6,740
246
18,133
123.848
20,899
1,265.453
I￿,366
,oii
195,45
2,015.294
39.107
39.013
,141
879,807
1167,7401
152
330
&748
.991
13,571
247
18.274
12L298
21332
1,218.4rKJ
110.459
5.195
145,9561
2,110.075
39.107
41526
413,401
1367,Ifn
6,831
141
12,Th11
39.273
3.032
1156.9521
7,061
14.8321
11.(A)4,0341
112,0201
13,1331
1.053,534
65,194
41,607
IL5131
1.178
10.670
481,256
213,353
2,335
23,839
4,067
11,2501
1213,3531
167.740
4.736,236
1,879,277
¥393,544
166,227
155,631
5,543,827
45

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
19 SUMMARY OF FUND MOVEMENTS Icontlnuèdl
Balantesit
Ilanuary
Balinte5 at
Gains and 31 December
losses
2020
Imome
E¥pendlturè Transfers
Expendable Endowm¢ntfunds
Parsonage Houses
Educatlon Endowment
Permanent Endowmentfunds
Stipends Capital Fund
Bells Loan Fund
Boyd ￿chardsOn Trust
constan￿ Trust
Cowes St MBen Aug
Diocesan House Trust
Fawdry Bequest
Glebe Fund
Glebe Property
Glebe House Cottage Trugt
Hayling St M Cvrary End
Lambert Loan Fund
Glebe Capital
38,998.￿5
1,59L409
513,EQJ
28,212
39.512,514
1,666.032
4&411
7,579,219
404,486
164.124
30.744
30LQUI
433,728
45,528
12,LD3
2,249
62
.313,947
46L098
176,127
32,993
1,026
241,027
4L445
1,141,334
2,88&889
4.742
1,337
185,466
40.137
ii,
227,641
38,786
1,079,(YJ6
2.599.458
4,438
1,256
171,703
2,659
22,145
289,431
4Q(133
81
4.377
3,795
36,342
52.892,229
105,759
301,CQ)
1,4C8.125
54,70&114
Total Funds
77,386,220
9.772,689
18,541,470>
1,968.672
80,58&111
46

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
20 SUMMARY OF ASSETS BY FUND
2021
Flxed A55et5
Tan%lble
Investmerf$
Cuttent
Assets
Net
Assets
Unrestrlcted funds- General
15,517,772
2,103,295
1,787,Z13
12,311,8221
17,096,457
Unrestrlcted funds-
Deslgnated
Brown, Doi& &lver Bequest
Clrcus Charity Fund
Diocesan Conference Fund
Car Loan Fund
Dlocesan Loan Fund
Parsonages Repair Fund
CME Fund
Valpy Bequest
Winterbotham Le8acv
Office Repalr
Fund
Mission Fund
Lèmbeth Conference Fund
Evangellsm
Fund
Bulldlng Repair Fund
Catherlngton House Fund
Sustainability Fund
CBIL repayment fund
41.690
2,433
11,9041
135
45,328
1328,4171
1180.0021
1124A501
144,101
11,7921
114.6601
39.786
2,568
45,328
328,418
549,612
505.438
369,610
380,988
144,101
37,459
165,714
39,Z51
180,373
64,053
54,077
421,793
18,715
118,130
421,793
18,715
IN95
395A94
1661,4911
1,090,000
1,383,821
2,242,244
1.495
395,494
738,576
1,090,000
1,383,821
5,353,578
1,400,067
3,111,335
Restrlcted
funds
Barclav
Bequest
8en Aug Fund
8ishop's Lent Appeal
Chrlstlan Healing Fund
Harrisk)n Parochial Loan Fund
Huckstepp
Legacv
Jzme5 Legacy
New Churche5 Fund
Turret House
Fund
Surrexit Fund
Pastoral Fund
P&WCSGF
Corban Trust
Eckersley Clergy lamllies
Education Restricted
Resourclng Mlnisterlal
Educatlon
strategic Developrnent
5,838
121,876
1,794
15.5641
20,121
247
18,314
7,633
116.312
20,121
247
18.314
136.530
25,368
1,555,912
1,841
154
1257,2291
138,371
25,522
1,298,683
129.180
526
5,195
462,750
1.891.125
2,668
53,781
870,107
129,705
5,195
2M07.157
39.105
49,636
475,920
1,676,849
I￿44,408
11.852,0201
46,969
422,140
1209.499
1402,7561
145,9561
3,019.873
145,9561
6,362.815
5,597,718
12.254.777)
47

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 December 2021
20 SUMMARY OF ASSETS BY FUND Icontinuedl
Flxed Assets
TangSble
Investments
Current
A55ets
Nét
Llabllltles
Assets
Expendable Endowment funds
Parsonage Houses
Education Endowment
Permanent Endowmentfunds
Stipends Capital Fund
Bells Loan Fund
Boyd FiichardsonTrust
Constance Trust
Cowes St M Ben Aug
DI0￿$an House Trust
Fawdry Bequest
Glebe Fund
Glebe Propertv
Glebe House Cottage Trust
HaylinB St M Curacy End
mbert Loan Fund
Glebe Capital
4L570,288
307,177
727,161
418n,465
1,843.081
1,115.921
9.231,470
457,884
212,555
39,816
4104
289,212
47,078
4335,064
549,926
5,378
574,704
64,104
19.7071
11,8181
61
111,B531
285
188,0711
175,927
39
80
40,156
3,795
1.782.042
1167,C¥XII
9,639,174
521,988
202,848
37,998
1,165
277,359
47,363
L246,994
2,988,154
5,417
1,5
206,3fKI
121,037
YJ,017,920
IZ62,301
166,203
117,242
13,570,2
43 832,588
1167,(
Total Funds
59,350,360
24 381639
8.831,370
4,73
87,830,770
48

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
20 SUMMARY OF ASSETS BY FUND Icontinuedl
2020
Flxed Assets
TanBlble
Inve$tment5
Current
Net
Assets
Assets
Unrestrlrted funds- General
15,496,955
832,076
1.291,81Z
2.471,429
16 971 106
Unrestrlcted funds- De51gnated
Brown. Doi8, Sllver Bequest
Circus Charity Fund
Diocesan Conferente Fund
Car Loan Fund
DSocesan Loan Fund
P8rson8ges Repalr Fund
CME Fund
Transltion Fund
Valpy 8equest
Wlnterbotham Legacy
Office Repair Fund
Mission Fund
Lambeth Conference Fund
Evangelism Fund
Buildin8 Repalr Fund
Catherington House Fund
Sustalnability fund
36,449
2,126
11.9041
136
36,812
9,867
176,429
1111,9C#JI
144.093
34,545
2,262
36,812
295.544
649,412
330,284
144,093
285,677
472,9B3
34,317
154,303
56,LX)i
11,7911
116,1571
52,412
496,818
12.715
1.495
80.494
11.2221
32.526
138.146
108.413
496,818
12,715
1,495
80,494
1.221.197
L222.419
2,706,459
1,478,297
4,184 756
Restrlrted funds
Barclay Bequest
Ben Aug Fund
8lshop's Lent Appeal
Chrlstlan Healing Fund
Harrlslon Parochlal Loan Fund
Hutkstepp Legacy
Jame5 Legacy
New Churches Fund
rurret House Fund
Surrexit Fund
P8Storal Fund
P&WCSGF
Youth DÈvelopment
Corban Trust
Eckersley Clergy families
Educatlon Restrlcted
Resourtin8 Ministerial Educatlon
5trate8ic Development
5.105
106.555
6.748
100.991
13.571
247
18,273
121,298
22,332
1,218.4OJ
110.458
5,195
1110,075
39,106
15.$641
13,318
247
18,Z73
1,841
153
1109,1741
524
5,195
433,048
1,907,707
253
119.457
22,179
1,327,574
109,934
L677.027
IL868,6011
41,
369,071
864,031
1.462
44.330
194.1141
42,526
413.401
¥367.160
1402,7571
18,6711
2.2rN).218
127,2841
IZ,298,3891
145,9551
5.543,826
S.641.997
49

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
20 SUMMARY OF ASSETS BY FUND Icontinuedl
Fixed Assets
Tan8lblè
Investments
Current
Assets
Net
Assets
Llabilitles
Expendable Endowmentfunds
Parsona8e Houses
Education Endowment
Permanent Endowrnent funds
Stipends Capital Fund
Bells Loan Fund
Boyd Richardson Trust
Constance Trust
Cowes St M Ben Aug
Diocesan House Trust
Fawdry Bequest
Glebe Fund
Glebe Property
Glebe House Cottage Trust
Hayling St M Curacy End
Lambert Loan Fund
Glebe Capital
40,￿4￿65
1611.9511
1.475,820
44.116.961
1.666,032
190,212
8,072,243
396,994
185.834
34,811
965
252,B80
41,160
1.229,404
512.962
4,702
1,257
145,309
36.342
574,705
64,103
I9,7(￿)
11.8191
61
111,8531
285
188,0711
175.927
1333.(Wl
8,313,948
461,097
176,128
32,992
1,026
241,027
41,445
1.141,333
3.359,459
4,742
1,337
185,466
40.138
1200,OC
80
40.157
3,796
42,324.466
11,105.075
1,611,S74
333,0￿)
59.783.131
Totsl Fund$
57,82L421
21,285,607
6,581,gJl
5.102,818
86,482,819
21 DESCRIPTION OF FUNDS
Fund
Pur
Unrestrlcted fund5- General
FHP Capital Fund
Freehold Property
General Fund
Leasehold Property
Provision of clergy houslng
Housing other clergy
DBF'S revenue operations
Property for the charities own use

PORTSMOUTH OIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMEMfs For the year ended 31 December 2021
21 DESCRIPTION OF FUNDS Icontlnuedl
Unrestrlcted funds- Desl8nated
Brown, Doi& Silver Bequest
Building Repair Fund
Car Loan Fund
Catherlngton House Fund
Circus Charity Fund
CME Fund
Coronavirus Business Interruption Loan Fund
Diocesan Conference Fund
Diocesan Loan Fund
Evangelism Fund
Lambeth Conference Fund
Mission Fund
Office Repair Fund
Parsonages Repairs Fund
Sustainability Fund
Valpy Bequest
Winterbotham Legacy
To offset DBF offlce costs
AdditSonal repair work on Diocesan properties
Loans to DBF employees
For work of thÉ Diocesan Spirituality Adviser
For stipends
Continuing mini5teYial education
For repayment of the CBIL loan
To offset cost of diocesan Clergy Conferen
Loans to Parishes
For evan8elism within the diocese
To offset the next Lambeth conference costs
For outward focussed mission actlvities
Repalr and malntenance of Office Equipment
Repair and maintenance of parsonages
To aid tran51tion
For stipends
For DBF'S own purposes
Restricted funds
Barclay Bequest
Ben Aug Fund
Bishop's Lent Appeal
Christian Healing Fund
Corban Trust Fund
Eckersley Clergy Famllies
Education Restricted Fund
Harrisltsn Parochial Loan Fund
Huckstepp Legacy
James Le8aCY
New Churches Fund
P&WCSGF
Pastoral Fund
For'new churches, buildin8$
For stipends
Bishop's annual charity appeal
For Christian healing work
For Poor and needy in Portsmouth St Albans parish
For the support of tlergy and their familie5
Education within the diocese of Portsmouth
Loans to Parishes
Support Ordinands
Support Ordinands
For'new churches. bulldlngs
Income from school governors, funds
Mana8ement of money in accordance with the Pastoral Measure
1983
Grants received to fund ordinand training
For activities specifically identified in the strate8ic plan
For youth development
For ¢hurch buildin8 projects
Resourcing Ministerial Education
Strateglc Development Fund
Surrexit Fund
Turret House Fund
Expendable Endowment fund5
Par50nage Houses
Education Endowment
Housing incumbentslpriests in charge
To fund education
si

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
21 DESCRIPTION OF FUNDS Icontlnuedl
Orl Inal Ca Ital
Permanent Endowment funds
Bells Loan Fund
Boyd Richard50n Trust
Constance Trust
Cowes St M Ben Aug
Diocesan House Tiust
Fawdry Bequest
Glebe Fund
Glebe Capital Fund
Glebe House Cottage T¥ust
Glebe Property
Hayling St M Curacy Ed
Lambert Loan Fund
Stipend5 Capital Fund
14,563 Loans to parishes in Portsmouth Deanery
2.500 For DBF'S own purposes
500 To offset DBF office costs
679 For stipend ICowes.'St Maryl
4,800 Upkeep of DBF offices & payment of staff
12,001 For clergy widows & DBF general purposes
Glebe funds held on deposit
2,200 For DBF'S own purposes
Glebe held for investment and housSng
630 For stipend (Hayling 151andl
21,300 Loans to clergy and PCCS
For stipends
22 OPERATING LEASES
Total commitments under non-cancellable operatln8 leases are as follows..
2021
Operatlng leases payable..
Wlthln l year
In 1-5 year5
15,053
26,247
41,3(N)
16,6
42.151
23 ANALYSIS OF CHANGES IN NET DEBT
As at 1st
January
2021
As at 31st
December
2021
Cashflows
other
Cash and cash equiv31ents
Loans fallin8 due wlthln one year
Loans falling due after more than one year
TOTAL
5,556,752
140,IMI
2,040.(WI
3,476,632
2,303,592
7,860,344
1440,0601
11,566,667)
5,853,617
I40D,0￿)
73,393
2,376,985
The amounts shown a5 '0therf above represent the amount now due for repayment within one year on the
CBIL loan.
24 PEN510NS
Portsmouth D8F participates in the Church of Englènd Funded Pensions ScheTne for stipendiary clergy, a
defined benefit pension scheme. Thls scheme is adrninistered by the Church of England Pensions Board, which
holds the assets of the schemes separately from those of the Responsible Bodies. Each participating
Responsible 8ody In the scheme pays contributions at a Common contribution rate applied to penslonable
stipends.
52

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
24 PENSIONS Icontlnuedl
The membership figures that we hold a5 at De￿mber 2020 and Decernber 2021 for Portsmouth DBF are set
out in the table below. These are used as part of the Board's calculation of the deficit contributions in
payment at each year-end, which In turn feed Into the FR5102 calculatlons, so are provlded here for reference.
December 2021
December 2020
Number of rnembers at this Responsible Body
103
The scheme is considered to be a multl-employer scheme as descrlbed In Sectlon 28 of FRS 102. Thls means it
is not possible to attribute the Scherne'5 assets and liabilities to each 5pecilic Responsible Body, and this
means contributions are a¢counted for as if ihe Scheme were a defined contrlbutlon scheme. The pensions
costs charged to the SOFA in the year are contributions payable toward5 benefits and expenses accrued in that
year12021'. £689,683, 2020.. E629,0201, plus the figures highlighted in the table below as belng recognlsed In
the SOFA, glvlng a total charge of £856,683 for 202112020: £1,000,020).
A valuation of the Scherne is carried out once every three years. The most recent Scheme valuation completed
was carried out at as 31 December 2018. The 2018 valuation revealed a deficit of £50m, based on assets of
£1,818m and a fundlng target of £1.868m, assessed using the following assumption.
An average discount rate of 3.2% p.a.
RPI inflation of 3.4% p.a. land pension increases con515tent with this).
Increase in pensionable stipends of 3.4% p.a.
Mortallty In accordance with 95% of the S3NA_VL table5, Wlth allowance for irnprovements In mortalitv
rates in line with the CM12018 extended model with a lonÉ-term annual rate of improvement of 1.5%,
smoothing parameter. of 7 and an initial addition to Mortality improvements of 0.5% pa.
Following the 31 December 2018 valuation, a recovery plan was put Sn place until 31 December 2022 and the
deficit recovery contributions las a percentage of pen5i0nable stipendsl are as set out in the table below.
% of pensionable stipends
January 2018 to
January 2021 to
December 2020
December 2022
Deficit repair contributions
11.9%
7.1%
As at 31 December 2019. 31 December 2020 and 31 December 2021 the deficit recovery contributions under
the recovery plan in force were as set out in the above table.
For senior office holders, pensionable stipends are adjusted in the calculation5 by a multiple, as Set out in the
Scheme's rules.
53

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
24 PENSIONS Icontlnuedl
Section 28.IIA of FRS 102 requires a8reed deficit recovery payments to be recognlsed as a liability. The
movement In the balance sheet Ilability over 2020 and over 2021 is set out in the table below.
2021
2020
Balance sheet IlabSllty at l January
Deficit contribution paid
333,000
692,000
1165,0001
1307,0001
Intèrest cost Irecognised In SOFA)
1,000
6,000
Remaining change to the balance sheet liabllSly' Ireco8nlsed in SOFA)
Balance sheet liability at 31 Deeernber
12,0001
158,0001
167,000
333,000
Comprlses change In agreed deficlt recoveTY plan and change In discount rate and assumptions between
year-ends.
This liability represents the present vèlue of the deficit contributions agreed as at the accounting date and has
been valued using the following assumptions set by reference to the duration of the deficit recovery
payrrents..
December 2021
December 2020
De￿mber 2019
Discount rate
0.0%
0.2%
1.1%
Price inflation
nla
3.1%
2.8%
Increase to total pensionable payroll
-1.5%
1.6%
1.3%
The legal structure of the scheme is such that if another Responsible Body fails, Portsmouth DBF could become
responsible for paying a share of that Responsible Bodws pension liabilities.
Portsmouth DBF IDBSI participates in thè Defined Benefits Scherne section of CWPF for lay staff. The Scheme
Is administered by the Church of England Pensions 8oard, which holds the assets of the scheme separatelv
from those of the Employer and the other participatlng employer5.
CWPF has iwo sections..
The defined benefit5 Scheme
The pension bullder Scherne, which has two subsections
A deferred annuity section known as Penslon Builder Classic, and.
A cash balance sectlon known as Pension Builder 2014
54

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTE5 TO THE FINANCIAL STATEMENTS For the year ènded 31 December 2021
24 PENSIONS Icontlnuedl
Deflned Beneflts Scheme
The Defined Benefits Scheme I"DBS"I section of the Church Workers Pension Fund provldes benefits for lav
staff based on fsnal pensionable salaries.
For funding purposes. DBS is divided into sub-pools in respect of each participating employer as well as a
further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risk5 between
employer5, including those relating to mortality and post-retirement investment returns.
The division of the DBS Into sub-pools is notional and is fo¥ the purpose of calculaiing ongolng contributlons.
They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits
are to be provided. F¥om time to time, a notional premium is transferred from employers. sub-pools to the
Life Risk Pool and all penslons and death benefits are paid from the Life Risk Pool.
The scheme Is a multi-employer scheme as described in 5ecrion 28 of FRS 102. It Is not possible to attribute
DBS a55ets and liabilities lo specifie employers, since each employer, through the Life Risk Seetion, Is exposed
to actuarial risk5 associated with the Current and former employees of other entities participating in DBS. This
rneans that contrlbutions are accounted for a5 if DBS were a defined eontrlbutlon scheme. The pensions costs
charged to the SOFA during the year are contributions payable towards benefits and expenses accrued in that
vear12021'. £268,127, 2020.. £106,081)
If, followlng an actuarlal valuation of the Life Risk Pool, Ihere 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 betweeFI the sub-poolsl will be settled by the Church of England Pensions
Board on the advlce of the Actuarv.
A valuation of DBS is carried OLSt once every three years. The most recently finalised was carried out a5 at 31
Decernber 2019. In thls valuation. the Life Risk Seclion was shown to be In deficlt by £7.7m and £7.7m was
notionally transferred from the employers, sub-pools to the Life Risk Section. Thi5 increased the Employer
contributions that would otherwise have been payable. The overall deficit in DBS was £11.3m.
The next actuarial valuation is due at 31 December 2022.
Following the valuatlon, the Employer has entered into an agreement with the Church Workers Pension Fund
to pay expenses of £9,500 per year. In addition, deficit payments of £3,206 per year have been agreed foi 7.0
vears from l April 2021 in respect of the shortfall in the Employer sub-pool. Thls obligation has been
recogni5ed as a liablllty wlthln the Employels financial statements.
Section 28.IIA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The
movement in the provision is set out in the table below.
2021
2020
Balance sheet liability at l Januarv
Deficit contribution pald
12.0001
Interest cost Irecognlsed In SOFAI
Remaining change to the balance sheet liability, Irecognised in SOFA)
21,000
Balance sheet liability at 31 December
19,000
SS

PORTSMOUTH DIOCESAN BOARD OF FINANCE
NOTESTO THE FINANCIAL STATEMENTS For thè year ended 31 December 2021
24 PENSIONS Icontlnuèdl
Comprises change in agreed deficit recovery plan and change In discount rate and assumptions between
year-ends.
This liabllity represents the present value of the deficit contributions agreed as at the accounting date and has
been valued u5in8 the following assurnptions set by reference to the duratlon of the deficit recovery
payments..
December 2021
De￿rnber 2020
December 2019
Discount rate
1.5%
0.0%
0.0%
The legal Structure of the stheme is such that if another employer fails, the employer could become responsible
for paying a share of that employerfs pension liabilities.
Teachers, penslon scheme ITPSI
The PDBF rnade contributions to the TPS on behalf of 3 employees who had previously been teachers. The TPS
is a statutory, tontributory, defined benefit scherne, governed by the Teachers, Penslons Regulations120101
and, from l April 2014, by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-
time teachers and from l January 2007, automatlcfor teachers in part-tlme employment following appointment
or a change of etsntract, although they ae able to opt out.
The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis, these contributions altsn8
with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid
by public funds provided by Parliament.
Not less than every four years the Government Actuary, using normal actuarial principles, conducts a formal
actuarial revlew of the TPS in accordance with the Public Service Pensions Ivaluations and Ernployer Cost Capl
Direction5 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions.
Actuarial scheme valuation5 are dependent on assumption5 about the value of future costs, deslgn of benefits
and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2017 and full
details are available on the Government website at.. htt
www.
ov.uk
overnment
teachers-
nsion-scheme
25 RELATED PARTY TRANSACTIONS
The Portsmouth Diocesan Council for Social Responslbility IPDCSRI is a separate charitable limited company.
Staff engaged In the activities of POCSR are employed by the PDBF and a contribution towards thèir staff costs
was made by the PDCSR for E126,65212020.. £102,732). The POBF has also supported the work of the PDCSR for
several years and in 2021 provided free use of office space, and IT Cloud functionality.
56

PORTSMOUTH DIOCESAN 80ARD OF FINANCE
NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2021
26 FUNDS HELD AS CUSTODIAN TRUSTEE
The PDBF acts as Diocesan Authority or custodian trustee for many trust fund5 by virtue of the Parochial
Church Councils IPowersl Measure 1956 and the Incumbents and Churchwardens (Trusts) Measure 1964
where the mana8lng trustees are parochial church counclls and others. Assets held in thls way arè noi
aggregated in these financial statements as the POBF does not control them. The financial asset5 held in this
way may be 5ummarised as follows..
2021
2020
CBF Investment Fund Income shares
CBF Investment Fund accumulation shares
CBF Property Fund income shares
CBF Global Equity Fund
CBF Flxed Interest Securltles Fund Shares
CBF COIF Investments
Other unit trust unit5
UK Equity holdirigs
UK GSlt-edged stocks
Other Flxed Interest stod<
Foreign Equitles
Deposits & Cash at Bank
Net Creditor5
Total assets held as custodian trustee
6.431222
809,396
829,543
314,910
625.672
196,901
17,490
14,161
79,32D
10,318
8,518
1,484,759
12,7801
10,820,430
S.603.830
80,455
743.779
271,CX)3
669,323
210.659
15.127
12,458
79,320
8,137
7,482
L755,219
12,7801
9,454,011
57