WINCHESTER
ANNUAL REPORT AND FINANCIAL STATEMENTS
Pi'l(.I::Ll .Jl_ L)£'.L', liil)L-)l- Jl)'jG'
WINCHESTER DIOCESAN BOARD OF FINANCE
Company number- 142351
Registered charity number- 249276

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
TABLE OF CONTENTS
Page No.
Foreword
Legal Objects
Strategic Report:
Strategic Aims
Activities, Achievements in the year & Future Plans
Financial review
Strategie risks and uncertainties
8-10
10-12
Structure and Governance
13-15
Trustees, Responsibilities
15-16
Administrative details
17
Independent Auditorfs Report
18-20
Statement of Financial Activitie5
21
Balance Sheet
22
Cash Flow Statement
23
Notes to the Financial Statements
24-52
Page l ol S2

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
FOREWORD
This past year has been full of challenges for everyone, separated from our
families and friends, constrained in other ways and perhaps struggling with
health problem5 or coping with bereavement. Money has also been a worry
for many people too, 35 the corona viru5 impacted both local and global
economics and resulted in many job losse5.
As a Diocese, our finances have also been impacted and the DBF and Senior
Staff have faced some difficult decisions about how to continue to support the
growth of God's Kingdom in Hampshire and East Dorset during a pandemic. In
5Plte of the thallenges, many individuals and parishes have committed to
sustain￿ng their generous giving, which cannot fail to impress and inspire us.
Nonetheles5, our Common Mission Fund has been significantly affected, just
as the finances in parishes have. Some of the measures introduced in early 2020 could not Sustain u5
indefinitely. The economic impact of the pandemic has extonded well into 2021 and continues, with the
result that we must be hopeful but not complacent.
Having begun at our 2019 Diocesan Synod Conference to address the question of how misslon and ministry
are resourced across the diocese, we were well placed to respond to financial challenges which were
intensified but not unanticipated. As a consequence, a raft of proposals for pastoral reorganisation were
formulated on the foundations laid by that preparatory work. Although some of these changes are painful,
together with the restructuring of the diocesan offices, we can take comfort that they are grounded in our
commitment to steward the resources we share, and invest in ministry where it is needed. Having to make
cut5 in a climate by this is not unexpected, but we can be confident that our plans are not shaped by
decline but orientated around a vision for growth in the church and in the way we serve others.
Recognising that the pandemic has had a global impact, we know that the pandemic has hit our friends in
the Companion Link Provinces of East Africa, Asia and South America, many of whom are also suffering
drought, famine, civil war and violence. We remain committed to sharing God's love and blessings with our
neighbour5 both near and far.
There is hope ahead, and as we begin to ease out of lockdown restrictions and meet one another again
face-to-face, I pray that we will continue to trust that 'the One who began a good work in lusl will carry it
to completion until the day of Jesus Christ., (Phil 1.61
Thank you to all who have generously given their time and money to support the mission of the Diocese
over this past year.
sinc
+Tim
The Right Rever
Dr Timothy Dakin
The Blshop of Wlnchester
Page 2 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
Forthe year ended 31 December 2020
The Trustees, who are also Directors for the purpose5 of company law, present their annual report, together
with the audited financial statement5, for the year ended 31 December 2020.
The directors/lru5tees are one and the same and in signing as trustees they are also 518ning the strategic
report sections in their capacity as directors.
This combined report satisfies the legal requirements for..
a Directors, Report of a charitable company,
a Strategic Report under the Companies Act 2006 and
a Trustees, Annual Report under the Charities Act 2011
LEGAL OBJECTS
The objects of the Diocese of Winchester cover the majority of Hampshire,. a part of eastern Dorset, the
unitary authority of Southampton and the eastern parts of the unitary authorities of Bournemouth and
Poole. The Bishop of Winchester has delegated his responsibility for the pastoral and spiritual oversight of
the Channel Islands to the Rt Revd Trevor Willmott.
The Winchester Diocesan Board of Finance I"WDBF"1'5 principal object is to promote, assist and advance the
work of the Church of England in the Diocese of Winchester by acting 35 the financial executive of the
Winchester Diocesan Synod.
The WDBF has the following statutory responsibilities..
the management of Elebe property and investment5 to generate income to support the cost of
stipends arising from the Endowment and Glebe Measure 1976,.
the repair of benefice houses as the DSocesan Parsonage Board under the Repair of Benefice
Buildings Measure 1972,.
the management of investments and the custodian of assets relating to church schoo15 under the
Diocesan Board of Education Measure 1991 la new measure came into effect in March 20211,.
the custodian of permanent endowment and real property assets relating to trust5 held by
Incumbents and Archdeacons and by Parochial Church Councils as Diocesan Authority under the
Incumbents and Churchwardens ITru5tsl Measure 1964 and the Parochial Church Councils (Powers)
Measure 1956.
iv.
The strategic priorities of the company are estab115hed by the Diocesan Synod in communication with
Deanery Synods, PCCS, and the Bishop of Winchester lin respect of his responsibility for the provision of the
cure of souls). To this end, significant time and effort is committed to communication between and with
these bodies, as well as with the church nationèlly,. taking forward the commitments arising from the
Diocesan Conference includin8 the Diocesan Budgel.
STRATEGIC AIMS
The Diocesan Synod has developed and approved 4 Strategic Priorities that it continues to evolve and
implement..
Page 3 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 DecemF)er 2020
Under God, delighting in HIS grate and rooted in the Diocesan Rule of Llfe, we will be a Diocese in which:
SP I: We grow authentic disciples, going out as individua15 passionately, confidently and courageously
sharing their faith, and comin8 together as creative church communitie5 of prayer and worship that
live out Kingdom values.
SP 2: We re-imagine the Church intentionally connecting and engaging with our local communities in
culturally relevant way5. We will rejoice in the richness of the 'mixed economy, of all ministry and
proactively promote vibrant parochial and breath-taking pioneering ministries amongst 'mi5sing'
generations, eg children, young people, under 35s.
SP 3: We are agents of social transformation using our influence as a Diocese to transform public and
personal life. We will demonstrate loving faith at work in local communities and across the globe
bringing healing, restoration and reconciliation, eg through education, social enterprise, health care,
Spiritual care teams.
SP 4: We belong together in Christtr practislng sacrlfici31 living and good stewardship of all that God
has entrusted to L15. We will combine radical Benerosity, care and capacity building with a clear focus
on directing finance into the mission of Jesus. Sharing and multiplying local good practice, using
people, buildings and other resources wisely. we will seek to boldly prune, plant and invest in building
for the Kingdom.
Due to the nature of our organisation, our objectives and strategic priorities are primarily delivered through
our network of parishes, clergy, min15ters and worshipping communities. It is therefore vital that we invest
in engaging, supporting, equipping ancl challengin8 them to grow our shared mission as we all seek to Live
the Mission of Jesus.
The outcomes we look for are represented by the framework of the 3 P's..
Passionate Personal Spirituality
Pioneering Faith Communities
Prophetic Global Citizenship
Through carrying out these priorities and in promoting the whole mission of the church (pastoral,
evangelistic, social and ecumenicall the directors are confident Ihaving had regard to Charity Commission
guidancel that the Charity delivers public benefit.
ACTIVITIES IN THE YEAR
The Winchester School of Mission IWSMI continues to see the fruit of implementing the vision of equipping
the whole people of God to live the mission of Jesus undergirded by the diocesan Rule of Life. One hundred
and eight people completed the Bishop's Commission for Mission IBCMI after the introduction of a further
two programmes in Creation Care and as Prayer Champions. The Bishop's Commission for Mission in Worship
and Pastoral continue to be popular.
After an initial pilot programme was trlalled in 2019, sixteen people started the year-long Bishop's
Permission to Preach with the programme being oversubscribed. Thirteen people attended Bishops,
Advisory Panel, of whom twelve started training for ordination in September 2020, eight at the Winchester
School of Mission alongside one training for Licensed Lay Ministry and two as Licensed Lay Workers. The
impact of WSM training was felt as the ordination figures leapt up to seventeen deacons, of whom twelve
studied at WSM, and twenty people were ordained priests.
Page 4 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
Forthe year ended 31 December 2020
In February 2020 representatives from the Church of the Province of Myanmar visited the diocese. They
were hosted by members in the deaneries of Southampton and Odiham and welcomed the opportunity of
renewing old relationships and making new contacts with the current deanery leadership.
Despite lockdown, the Parish Support Team continued to offer support to parishes. Sixty-four parishes were
visited to provide bespoke advice on fundraising, stewardship, parish finances, and governance and strategv.
Nearly 77% of parishes and over 4,605 givers are now using the Parish Giving Scheme to help encourage
generosity and facilitate frictionless givinE proce55e5.
In June, the Stewardship Team launched the first Diocesan wide Stewardship campaign - Generous lune. The
campaign was run in partnership with the Diocese of Sheffield providing online resources for teaching and
preaching on generoslty, along with daily podcasts and reflections from people across our diocese. Highly
positive feedback from those that engaged with the campaign, with a number of parishes reporting
SLtbsequent increases in donated giving levels. The daily podcasts were downloaded over 1,175 time5 Wlth
over 2,500 people visiting the website during the month.
The DAC Team supported over 120 faculty applications and 3 further 180 lesser works requests during
2020. The Houses Team arranged for 1,386 separate repairs and maintenance works to clergy houses.
In 2021 the Parish Support Team will continue to support the Diocesan Mission Strategy by providing
professional and bespoke support to our 255 parishes, their clergy, volunteers and PCC5. In particular, we
will.. relaunch and expand the Church Officers Training Programme,. re-launch the Clerical Registry- plan and
implement the diocesan office moves,. seek formal approval for a new housing and investment strategy.
The education team worked remotely from March and quickly adapted to all that entailed. The majority of
the team were furloughed until October 2020, but throuEhotJt the entire locl<down and relaxation of rules,
we continued supporting schools, which remained open for Key Workers, children and Vulnerable
thildren. Our schools valued the weekly resources we provided, for use in school, and at home for children
I families. These resources included Reflections, Worship ideas and materials and links to useful websites
and organisations covering a range of pertinent and useful information on Mental Health, Well Being ènd
Safeguarding.
In February 2020 two of the Education team and two Headteachers ran a hugely successful conference and
in-school training for 90 Headteachers and Clergy in Shyogwe diocese, Rwanda. Supporting the SP4 priority
In Winchester we continue to offer training, materials and consultancy for Winchester schools and parishes
to support SIAMS, Ofsted and Curriculum expectations.
Our provision of training for Governors, Senior Leaders, Headteachers and Subject Leads was adapted and
embraced as an online resource. Some of our training provision increased as a resijlt of higher numbers
engaging in the remote provision.
Support for emergency and planned school building5 work continued, and we have successfully adapted to
a new way of prioritising, allocating and reporting government funds that we are deleBated, in line with
the national change introduced.
Adapting to the impact of restructuring of parishes and the impact this has on the deployment of Clergy as
ex-officio governors across the 160 schools in our dioceses was a practical focus. This will be fully mapped
and prioritised in 2021, bul significant reactive decisions have laid the foundations.
PagL J ol 52

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
With the cancellation of the Year 6 Leavers, days at the Cathedrals, we jointly produced a very well-
received video that was shown at the end of term to Year 6 children at school / home. We also created
Christmas video with input from a number of our schools, which again was used both in schools for the
small number of children attending, and at home with families, or a5 part of online class gatherinES.
The Winchester Social Enterprise IWSEI is a separate company supported by a WDBF restricted fund set up
in support Df SP3. WSE focussed on scaling up it5 three new pre-school setting5 under the name
'Launchpad Early Years, in the midst of the challenges of the pandemic, with many people working from
home, and in some cases, keeping the children they would have sent to pre-school at home as well.
In one setting, Boldre, the social distancing requirements necessitated the speedy construction of new
facilities and a permanent yurt was put up in keeping with the New Forest national park. This has gone
down extremely well with local families and uptake has increased again. In the three settings, there are 12
staff, with over 50 children in setting5 which have a Christian ethos, a commitment to excellence, and a
positive link with the local church/church school. This is a developing business that 15 expected to reach
self-sustainability by 2023 and is supported partly from DBF restricted funds. The aim is to set up further
early years settinBS, preferably including a fvll-time nursery, during 2021.
Safeguarding Training transferred to 100% on-line throughout 2020 and it has been possible to remain on
top of training requirements for those in leadership roles. Clergy on Freehold and License and with
Permission to Officiate, as well as, Lay per50n5 undertaking the Bishop's Commission for Mission. The case
panel have further enhanced the process for reviewing current cases. A more diverse panel have added
considerably to discussion and formulating action. Our work on Past Cases Review 2 IPCR21 has progressed
steadily throughout 2020 and we are on target to meet our deadlines.
The Diocese has continued with the first phase of its church growth programme, Winchester Mission
Action, which commenced from January 2018. Progress during 2020 has been shaped by the impact of the
Covid-19 crisis, with emphasis on growing online worshipping communities and social action in support of
Covid-19 relief effort5.
Our Resource Church at St Mary's Southampton has collaborated with other local churches to deliver the
equivalent of over 200,000 meals to 400 households acros5 the City Centre, involving more than 200
individual volunteers from multiple churches. More recently, St Mary's has been worl(ing in partnership
with Southampton City Mission to pilot and launch è community food store, The Marketplace, which is
based on the emerging social supermarket model whereby the food bank model of free crisis provision is
replaced by one with a small subscription fee and choice from a range of better quality, fresh and ambient
food products. The Marketploce is also a community where relationships are built, and a more holistic
approach to support can be developed, linking to other ongoing projects such a5 employment SUPPOrt
(with Rework) and money management (with Christians Against Poverty).
During 2020, our Resource Church at St Mary's Andover was able to successfully re-order the interior of the
historical civic church, improving a range of facilities including seating and audio-visual, and creating a light,
beautiful and peaceful space which is now much more flexible and suited to contemporary church needs.
St Mary's has piloted a new social action hub for the town, known as The Lighthouse. The church is
partnering with organisations from acr055 different sectors to develop the work. Current projects include a
Job Club and Debt Management Centre Iwith CAPI, a mental health and well being programme acr055 the
town Iwith Klntsugi Hopel, and a Life Bus (donated by Stagecoachl for missional use around Andover and
the wider area.
Page 6 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Our Church Plant at St Nicolas North Stoneham has benefited from completion of the first phase of building
refurbishment worl(s, creating more flexible space and improving facilities in the historical church building.
The new church community has participated in 2 wide range of community engagement activities as new
residents continue to arrive on the adjoining major development area. Having been present and active
since the beginning of new house buildin& the church community are engaged with the new YMCA nurserv
school and community centre, and with the very first reception cla55 at the newly-opened Stoneham Park
Academy School.
Our three pilot Benefices of the Future have continued to reshape their ministry and mission in rural areas.
Two further pilot benefices were added to the project during 2020, and lessons learned SD far informed the
design and delivery of Winchester School OF Mission training for new Benefice Ministry Teams from across
the Diocese.
Members of our churches in each pilot benefice have taken the opportunity of Covid-19 lockdown to
reflect on vocations, leading to encouraging growth in numbeis exploring vocation and undertaking lay
leadership training. This has provided a wlder base of lay leadership to support development of Berbefice
MinistryTeams.
Work to improve digital connectivity across the churches in each Benefice, including development of online
worship materials and real-time streaming of services, has borne fruit in 2020 with significant Browth in
online congregations during Covid-19 lockdown. After lockdown, streaming has continued as part of hybrid
services, combining online and in-church worship.
The Avon Valley Churches benefice agreed to a single PCC structure from September 2020 and the new
arrangements are working well. The benefice has been active in the community, including 'Messy Church
in a Bag" and 'Easter in a Bag" initiatives reaching 600 and 1,000 children, respectively, and attracting
widespread news coverage, including BBC.
Noyth Hampshire Downs has introduced new Service patterns across the benefice, with focal ministry for
each church based on local lay leadership and the introduction of streamed services from the larger
churches. This has given the clergy more time for welcoming newcomers to the churches and addressing
the needs of each congregation, rather than travellinE between each of the 12 churches on every Sunday.
Pastrow Benefice has been developing the Small, rural church at Tangley into a retreat centre whlch can be
used by people throughout the Diocese. The benefice continued developing its Benefice Ministry Team and
took early steps towards simplified governance.
The Student Evangelism project continued to run throughout 2020, with seven Student Ambassadors
placed in churches with connections to Further and Higher Education institutions. Additional churches
joined the project, particularly from areas oriented more towards Further Education, such as Alton and
Totton.
In June 2020, the Diocese was awarded £3.19 million by Archbishops, Council for a second phase of
Winchester Mission Action. The funding will support projects at St Winfrid's Totton, St Michael's
Bournemouth and in Southampton City Centre. The grants will be used to revamp churche5, provide
evangelism to younger generations, and to create new congregations. The three projects will emphasise
social engagement in areas such as support for children and young families, early intervention to counter
homelessness, addiction, social isolation and mental health problem5, and cultural renewal through arts
arkd music.
Page 7 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
The diocese has in December 2020 received first-stage approval from Archbishops, Council for funding to
support development of a Resource Church at St Michael's Basingstoke, as part of a plan to revitalise the
four churches of the Ba5ingstoke Team Parish. Second stage approval is anticipated by autumn 2021.
Whilst these accounts relate to 2020 the trustees recognise that they are being published soon after the
announcement of the retirement of the Bishop of Winchester. We appreciate that this represents a
significant moment in the ministry and life of our Diocese and that our account5 cannot easily be read in
isolation from this news or indeed the wider public interest in his retirement. In the interim, Mr Alastair
Barron will fulfil the role of the chairman of the board of trustees. The Bishop's Council has committed to
commission a review of the Eovernance of the diocese.
FINANCIAL REVIEW
Financial Performance
Common Mission Fund, the mutual cost-sharing across the Oiocese to fund mission and ministry is the
main incoming resource for the Diocese. We received £9,022,00012019'. £9,388,000) which represented a
recovery rate of 89.6%12019'. of 93.4%) against budgel. In line with the recovery rate, actual shortfall on
contributions for 2020 stands at £1,050,00012019'. E705,0001. A consequence of the impact of Covid-19 on
parish finances. WDBF received a grant of £550,000 from Archbishops, Council Sustainability fund, which
has been credited to a new designated fund to help fund the pastoral re-organisation work that will be
necessary to address the fallouts from Covid-19.
Resources expended across all funds decreased by £1,059,000 to £12,445,00012019'. £13,504,000) as a
result of prompt decision making and extensive c05t control management. WDBF budgets aim to break
even on its general fund before any capital gains/losses. Covid-19 had a significant impact on finances this
year. Common Mission Fund receipts fell significantly as did parochial fees. Against this WDBF made
significant savings from a recruitment freeie and reducing expenditure in all areas of activity. The net
position on the Eeneral fund after transfers is a deficit of £169,00012019.. £2,564,000) this represents the
significant work to reduce costs and to work with parishe5 to help them sustain their finances during this
period.
Balance sheet position
The Directors consider that the balance sheet together with details in note 19 show broadly that the
restricted and eridowment funds are held in an appropriate mix of investment and current assets given the
purposes for which the funds are held. While the net assets at the balance sheet date totalled £158.2m
12019: £146.9ml it should be noted that included in this total are properties, mostly in use for Clergy, whose
value rbet of loans used to buy them amounted to £136.Im12019.' £128.8ml. Much of the remainder of the
assets shown in the balance sheet 15 held restricted funds and cannot necessarily he used for the general
purposes ofthe WDBF.
Free reserves
Having considered financial risk, liquidity requirement and the timing of cashflows throughout the year, the
Trustees, policy 15 to aim to hold a balance of free reserves18eneral fund less tangible fixed assets net of
long-term financinEI on its Eeneral fund equivalent to about 3 months budgeted unrestricted expenditure.
At 31 December 2020 the amount required under this policy totalled £2.8m 12019.. £3.Oml. Actual free
reserves as at 31 December totalled £4.Om12019= £2.Iml. Whilst the level of reserve5 is currently above the
reserves policy parameters and an improvement on the prior year, the Trustees are mindful that this was
achieved through the sale of properties, and that there is a decline in Common Mission Fund Income. This is
indicative of wider financial challenges and an oversight resilience task force has been created to ensure that
the WDBF remains financially resilient and able to deliver its mission.
Page 8 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Designated lund5
The Trustees may, with the approval of the Board, designate additional unrestricted reserves to be retained
for an agreed purpose where this is 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 considered to
be adequate justification for their retention. A description of each reserve together with the intended use
of the reserve is Set out in note 20. At 31 December 2020 total designated reserves were £3.Om12019'.
£2.2ml. This increase is largely due to the creation of the Sustainability Fund.
Restflcted and endowment funds
As set out within Notes 18 and 19 WDBF holds and administers a large number of restricted and endowment
funds. A5 at 31 December 2020 restricted funds totalled £IO.Om 12019.. £9.5ml and endowment funds
totalled £112.5m12019.. £104.5ml. Neither are available for the general purposes of the WDBF. Within Notes
18 and 19 "Winchester.. Mission Action" restricted fund and 'Resourcing Ministerial Education IRMEI
Training for Ordinands, fund" are recognised.
Grant making policy
The Memorandum of Association of the WOBF explicitly permits the WDBF to make grants in pursuance of
its objects. Details of grants made are shown in note 8.
Investment policy
The WDBF is empowered by its memorandum of association to invest monies not immediately required for
its purposes. In addition, the WDBF acts as Trustee of a number of trust funds, and these must be invested
in accordance with the related trusts. The WDBF'S policy is to review regularly the 355ets of each fund for
which it 15 responsible, in relation to the purposes of each fund, and to identify appropriate investment
vehicles. Note 19 provides details of the a$5et5 of each fund, together with the related purposes, and note
13 summarises the movements in investments during the year.
The majority of the WDBF'S investments continue to be held in the CBF Church of England Funds managed
by CCLA Investment Management Limited. Once again, CCLA'S performance has been very good through the
year. The investments held (valued at midl and their return during the year are set out in the following table:
Value at
%of
31112120 portfolio
2020
2019
Total
Return
CCLA
£OOO's
Yleld
Yield
Return
Investment Fund
18,803
82.89Yo 2.93%
10.2% 3.04%
23.16Yfj
Property Fund
1,195
5.27% 4.68%
-0.48% 5.46%
2.76%
19,998
Deposlt Fund
2,686
11.84%
22,684 100.00%
As a participant in the CBF Church of England Funds managed by CCLA Investment Management Limited and
a small number of others, the WDBF adopts the ethical investment policies in those funds.
Page 9 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Budget an(1 outlool< for 2021
The Covid-19 pandemic continues to have a significant effect on the activities of the diocese. As the prime
purpose of the diocese is to support the m15sion and growth of the church, now, more than ever, is an
important time for the diocese to be able to support the clergy and parishes.
We are grateful for the response that our laity and clergy have shown over the last few months, dealing
with the varied challenges that thi5 pandemic presents. The closure of all churches and diocesan offices, in
March 2020, ha5 changed the way that we worship in our pari5he5, support our communities and operate
our central diocesan services. Creative and inspiring solutions have arisen in response to this challenge,
amid the traumatic and distressing circumstances that many are facing.
The diocese is committed to sustainèble growth and to turn around the recent decline in numbers and
finances. We plan to invest in SLJPPOrting some church plants and revitalisations, mainly in urban area5
alongside our Benefice of the Future progrèmme which supports rural communities. We recognise that
collaboration acros5 benefice5 and the creation of teams, which include clergy and lay leadership are
vital. A new programme that supports benefice ministry teams will be piloted in 2021. Diversification and
new income streams will help to support investment in growth projects. In 2021 we will be reviewing our
property strategy with the plan to create an investment fund. This will provide a new income stream and
an opportunity to invest in projects that support local parishes and increase the ministerial provision
Financially, challenges continue to be felt at all levels. For the diocese, Common Mission Fund remains vital
to the functioning of the diocese, in order to continue to provide clergy stipends, housing and other support.
Churches are facing financial challenges across the diocese, and we continue to provide support to them in
a variety of ways. While a balanced bud8et was set for 2021. it is now likely that we will incur another deficit
in 2021 and we will need to sell some of our properties and call on other lending facilities to finance this on
a short-term basi5. This includes the approval for a CIBL Loan from the Board's L¥ank of £lm interest frèe for
a year. However, reviewing cash rese￿eS and financial projections, the Trustees are confident that the
diocese's finances are suff iciently robust to remain viable, and the Trustees have no doubts over the
continued operation of the Diocese.
STRATEGIC RISKS AND UNCERTAINTIES
The Directors are responsible for the identification, mitigation and management of risk. To achieve this, a
register of all the risks identified is maintained and, alongside it, a management and m￿tigatIon strategy
formed. This is subject to review by the Directors on an annual basis with the responsibility for delivery of
the mitigation strategies, identified by it, being delegated to the Chief Executive, and through him other
responsible officers. The followinE areas are considered to be the current highest strategic risk areas for the
diocese.
Page 10 0152

WINCHESTER DIOCESAN 80ARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Risk
Safeguarding..
Strategic Overview
The Diocese has a Safeguarding Board that Is independently
chaired and draws-in senior officers from statutoiy agencies, law
and education as well as the Chief Executive of the Diocese and the
Dean of the Cathedral. The Board is responsible for developing
Safeguarding Strategy and an action plan of improvement. The
Board is supported by a Casework Subcommittee and a Training
Subcommittee (both independently chaired). The Board promotes
best practice and continuously ensures that the Diocese is adopting
and developing appropriate policy and practice.
A Safeguarding team, led by a highly qualified and experienced
Safeguarding Manager, promotes best practice, supports those
making disclosures and manages offenders and those under
investigation.
In 2021 the Diocese will undertake further work to review the
records it holds as part of its continuin8 work to review non-current
cases.
There is an occurrence of child,
adult at risk, or domestic abuse
by someone working for or on
behalf of the Church lin a parish
or parish based organisation or
at the Diocesan Oflicel
It comes to Ilght that there were
instances of abuse in the past
which were not appropriately
dealt with by the clergy/Diocese
Risk
Financial:
strategic Overview
The Diocesan Board of Finance IDBFI is supported by a Finance
Monitoring Group, made up of DBF and independent members that
scrutinise the budgets, major financial transactions and CLJrrent and
future spending plans. The DBF also has an Investment Advisory
Group which is responsible for meeting with fund managers,
managing investment5 to meet the DBF'S growth and income
targets, and advising on levels of liquidity.
The DBF issues comprehensive Financial Standing Instructions and
the Chief Executive issues further Financial Operating Instructions
to clearly identify levels of delegation, responsibility and
accountability. Appropriate measures are in place to ensure that
financial transactions require two signatures and propertv
purchase5 and major contracts also require two director signatures
in addition to the Chief Executive.
The DBF insures against its most significant serious incidents and all
insurance policies are reviewed annually.
The DBF reviews parish annual reports and accounts, ensures that
all drawdowns on investments and property tran5actlDns are
viable. Major works to buildings, requirinE faculty, are also
assessed for financial prudence.
A serious loss of income,
investment market crash,
unforeseen majoi expense,
fraud and theft are all potential
serious financial incidents for
the Board.
A parish enter5 into major
expenditure without sufficient
resources, experiences fraud,
has major unforeseen building
or staffing issues requiring
SIEnificant expenditure.
PaEe 110152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Strategic Overview
The Diocese continues to invest in human resource. It a150 plans to
develop a new managerg training programme and invest in
targeted leadership development for key individuals.
Staff support and development are overseen by an HR team led by
a highly qualified and experienced Head of HR. Investment and
improvement in appointment processes has been a priority for the
DBF over the recent years. More use is made of targeted testing
and assessment, both prior to and during the early stages of a new
employee's appointment.
People
Significant staff turnover, staff
without appropriate
qualifications and skills mix for
evolving needs of the DBF and
wider Diocese.
The Diocese fails to make the
right appointments to parishes
and senior positions within the
Diocese.
Risk
Reputation
A serious incident causes
adverse publicity and a loss of
confidence in the Diocese.
Strategic Overview
The Diocese cannot prevent all possible serious incidents across all
parts of the organisation. If a serious incident should arise the
Diocese has a policy of open and transparent communication,
supported by a communications team made up of both internal
and consultancy staff. The Diocese works closely with statutory
agencies and will always report serious incidents to the Charity
Commissioners. One serious incident was reported to the Charity
Commissioners during 2020.
Page 12 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
STRUCTURE AND 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. It is organised
into two provinces (Canterbury and Yorkl and 42 Dioceses. Each Diocese is a 'See' under the care of a Bishop
who 15 charged with the cure of souls of all the people within that geographical area. This charge is shared
with priests within benefices and parishe5 which are sub-divisions of the Diocese.
The National Church has a General Synod comprised of ex-officio and elected representations from each
Diocese and it agrees and lays before Parliament, Measures for the governance of the church'5 affairs which,
if enacted by Parliament, have the force of statute law. In addition to the General Synod, the Archbishops,
Council has a coordinating role for work authorised by the Synod,. the Church Commissioners manage the
historic assets of the Church of England,. and the Church of England Pension Board administers the pension
schemes for clergy and lay Workers. Within each Diocese, overall leadership lies with the Diocesan Bishop,
who exercises that input as Bishop within the Diotesan Synod. The Diotese is itself is divided into 13
deaneries, each with its own Synod and withSn each parish there is a parochial church council which shares
with the parish priest responsibility for the mission of the church in that place, in a similar way to that in
which the Bishop shares responsibilities with the Diocesan Synod. Whilst each Diocese 15 a separate legal
entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires
and enables each Diocese to seek support from and application for partnership with neighbouring Dioceses.
Organlsational structure
The Winchester Diocesan Board of Finance IWDBFI 15 a company limlted by guarantee (No. 1423511 and a
registered charity INO. 2492761 governed by its Memorandum and Articles of Association.
The company's principal activity is to promote, asslst and advance the work of the Church of England within
the Diocese of Winchester. It wa5 established in its present form in 1927 and is successor in title to the
Winchester Diocesarb Trustees.
Governance and policy of the Diocesan Board of Finance is the responsibility of the Trustees, who are also
members of the company and trustees for the purposes of charity law. Following the changes in governance
approved in December 2012, the membership of the DBF comprises of.. The Bishop of Winchester lex-officio
chairman),. the Chairs of the Synod House of Clergy and the Synod House of Laity, together with six people
elected from and by the members of Diocesan Synod every three years. The most recent election5 were held
in October 2018. Details of Trustees who served during the year are set out on page 17.
The Diocesan Synod, the statutory governing body of the Diocese, is an elected body drawn from across the
Diocese with responsibility for setting the vision and strategy of the Diocese, guided by the Bishop's Staff
Team. The Synod membership is elected every three years, the last elections having been in September 2018.
The Synod elects six of the ten Trustees of the Diocesan Board of Finance. Whilst the WD8F is a separate
legal entity, with clear responsibilities under both company and charity law, as well as a governing
memorandum and articles of association, by virtue of the National Institutions Measure 2000 the WDBF is
subject to the direction of the Synod in all its activities, unless such direction is not in accordance with the
Eoverning documents or statutory regulations.
Page 13 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
Decision making structure
Corporate priorities and the overall financial strategy for the Diocese in its primary object to promote, assist
and advance the worl< of the Church of England within the Diocese of Winchester are set by the Diocesan
Synod, and the WDBF. The responsibility for ensuring that these priorities and strategies are delivered is
delegated to the Chief Executive. 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 Diocesan Synod each
year receives and agrees the annual budget. prepared and approved by the WDBF. The Trustees, meeting
within the context of the Bishop's Council & Standing Committee, hold up to seven meetings during the year
to formulate and coordinate policies on mlssion, ministry and finance by..
Initiating proposals for action by the Synod and advising it on matters Df policy.
Transacting business of the Synod when it is not in session subject to the directions of the Synod and
in accordance with Synod Standing Orders.
Acting as the Trustees of the WDBF.
Planning the business of the Synod, preparlng the agenda for it5 session, and circulating to member5
information about matters for discussion.
Advising the Bishop on any matters he may refer to the committee.
Initiating consideration of any restructuring of Synod Committees and Departments which may
appear necessary and for the establishment of ad hoc review groups, their terms of reference and
membership.
Carrying out such other functions as the Synod delegates to it.
Appointing members to committees and representatives to external bodies, subject to the direction
of the Synod.
The Trustees are assisted in their work by 2 sub-committees..
Finance Monitoring Group.. monitors management accounts and budget, the use of assets and
investment policies and exercises the authority delegated to it by the Tru5tee5 in areas such as grants
and loans. It also undertakes the WDBF'S responsibilities under the Parsonages Measure,. the Repair of
Benefice Building Measure 1972,. the PCC IPowersl Measure 1956 and the Incumbents and
Churchwardens (Trusts) Measure 1964 (with respect to parochial property),. the Endowment and Glebe
Measure 1976 (with regard to property a55et51- and the Pastoral Measure 2011 Iwith re8ard to
redundant churchesl. The diocesan pastoral account is currently in deficit due to timing differences on
disposal and the associated continuing cost of maintaining and insuring a Closed Church following the
10ss of tenants.
Investment Advisory Group.. provides advice (the sub-committee has no executive authority) to the
Finance Monitoring Group and the Chief Executive on WDBF'S investments and funds available for
investment.
Trustee recruitment, selection and induction
Trustees are members of the Bishop's Council & Standing Committee and are selected as set out èbove. They
are given induction and provided with trustee training at the outset of the triennium and at other time5 as
appropriate. They are also informed before seeking membership and, at all other relevant times, of the role
and function of the Committee. All Trustees are required to sign the code of practice and maintain their entry
in the record of declarations of interest and loyaltv.
Pag@ 14 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEE5 REPORT
For the year ended 31 December 2020
Fundraising Code of Practice
The Diocese provides support to the parishes with regards to fundraising. Due regard is given to the
Fundraising Code of Practice set by the Fundraising Regulator when providing the support to the parishe5.
Remuneration of key management personnel
Emoluments of higher-paid employees are determined by a remuneration group consisting of the Bishop of
Winchester, the Chair of the House of Cler8y and the Chair of the House of Laity. The terms of reference for
this group are established by the Bishops Council and include regular appraisa15, remuneration and salary
benchmarking and consequent recommendation of changes.
Delegation of day to day delivery
The Trustees and the sub-committees which assist them in the fulfilment of their responsibilities, rely upon
the Chief Executive and his colleagues for the delivery of the day to day activities of the company. The Chief
Executive is given specific and general delegated authority to deliver the business of the WDBF in accordance
with the policies framed by the Trustees.
Funds held as Custodian Trustee
The WDBF is custodian trustee of assets held on permanent trust by virtue of the Parochial Church Councils
IPowersl Measure 1956 and the Incumbents and Churchwardens ITru5t51 Measure 1964 where the managing
trustees are parochial church councils and others. These assets are not aggregated in the financial statements
as the WDBF does not control them, and they are segregated from the WDBF'S own assets by means of a
separate bank account and accounting system. Further details of financial trust assets, whose market value
amounted to £17,793,000 as at 31 December 202012019.. £17,021,000), are available from the WDBF on
request, and are 5ummarised in note 25. Where properties are held as custodian trustee, the deeds are
identified as such and held in safe custody by the WDBF'S solicitor, Blake Morgan LLP, Winchester.
TRUSTEES. RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance
with applicable law and regulations. Company law requires the Tiustees las Directors) to prepare financial
statements for each financial year. Under that law the Trustees have elected to prepare the financial
statements in accordante with 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 WDBF
and of the surplus or deficit of the WDBF for that period. In preparing these financial statement5 the Trustees
are required to-.
Select suitable accounting policies and apply them consistently.
Observe methods and principles in the Charities SORP.
Make judgement5 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 statement5.
Prepare the financial statements on the going concern basis unless it is inappropriate to assume
that the company will continue in operation.
The Trustees are also responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial p051tion of the DBF and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of
the WDBF and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularitie5.
Page 15 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
The Trustees are responsible for the malntenance and integrity of the corporate and financial information
included in the WDBF'S website. Legislation in England and Wales governing the preparation and
dissemination of financial statements and other information included in Annual Report5 may differ from
legislation in other jurisdictions.
In all matters the Trustees have due regard to the Charity Governance Code which covers seven areas:
Organisational purpose
Leadership
Integrity
Decision making, risk and control
Boards effectiveness
Diversity
Openness and accountability
Statement of Dlsclosure to the Auditors
SO far as the Trustees are aware..
al there is no relevant audit information of which the charitable company's auditors are unaware,
and
bl we have taken all the steps that we OUBht to have taken as Trustees in order to make ourselves
aware of any relevant aLJdit information and to establish that the charitable company's auditors
are aware of this information.
Appointment of Auditors
The re-appolntment of Haysmacintyre LLP as auditors to the WDBF will be proposed at the Annual General
Meeting.
Page 16 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
TRUSTEES REPORT
For the year ended 31 December 2020
ADMINISTRATIVE DETAILS
Trustees
No Trustee had any beneficial interest in the company during 2020. The followinE are the Trustees who
served at any time during 2020 up to the date of this report:
Chairman:
Ex Dfficio..
Timothy Dakin BA, MTh, PhD- Bishop of Winchester
Andrew Micklefield BEd (Honsl - Chair of the House of Clergy
Alison Coulter MA, MSC, MFPH- Chair of the House of Laity
Richard Harlow MA Icantabl, Dip. Psychotherapy
Charles Stewart MA PGCE
Alastair Barron BA (Honsl, MBA, Fsyl
Esther Clift Bsc (Hon51, Msc, MCSP
lan Newman
Mark Ward BA IHonsl
Synod House of Clergv:
Synod House of L8lty'.
Senior staff and advisers
Chief Executive and Company Secretary
Director of Finance
Director of Education
Directory of Ministrv
Director of Operations
Director of Human Resources
Director of Strategic Development
Andrew R Robinson VR, BA (Honsl Msc, PGD, FCIPD
Lisa Streeter FCCA, M8A
Jelf Williams MA, DPhil
Mark Collinson BSC, MA
Colin Harbidge BA (Honsl, MCMI
Susan Beckett, FCIPD
Mark Lowman BSC, MBA, PhD, FHEA
Registered Office-
Bankers..
Auditors..
Solicitors..
Investment advisers..
Diocesan Office, Old Alresford Place, Alresford, Hampshire, S024 9DH
National Westminster Bank PLC, 105 High Street, Winchester, S023 9AW
Haysmacintyre LLP, 10 Queen Street place, London EC4R IAG
Blake Morgan, New Kings Court, Tollgate, Chandler's Ford, Hants S053 3LG
CCLA Investment Management Limited, 80 Senator House, 85 Queen Victoria Street,
London, EC4V 4ET
Carter Jonas LLP, 9a Jewry Street, Winchester, S023 8RZ
EIG, Beaufort House, srunswick Road, Gloucester, GLI IJZ
Richard Turner Associates, 2 West View Lawns, Barton Road, Welford-on-Avon
CV37 8EY
Glebe Agents:
Insurers..
HR Consultants:
In approving this Trustees, Report, the Trustees are also approving the Strategic Report included on pages 3-
11 within their capacity as company directors.
ON BEHALF OF THE TRUSTEES
The Right Reveren
Chairman
8, September 2021
Dr Timothy Dakin
rew Robin50n
Company Secretary
8, September 2021
Pau(.. 17 of .)?.

WINCHESTER DIOCESAN BOARD OF FINANCE
INDEPENDENT AUDITOR'S REPORT
For the yearended 31 December 2020
OPINION
We have audited the financial statement5 of Winchester Diocesan Board of Finance for the year ended 31
December 2020 which comprise the Statement of Financial Activitie5, the Income and Expenditure Account,
the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their preparation
is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The
Financial Reporting Stondard opplicoble in the UK ond Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and
of the charitable company'5 net movement in funds, includinE the income and expenditure, for the
vear then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for opinion
We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these reouirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relatlnE to going concern
In auditing the financial statements, we have concluded thèt the trustees, use of the going concern basis of
accounting in the preparation of the financial statements 15 appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability
to continue as a going concern for a period of at least twelve 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
relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Annual Report. OLJr opinion on the financial statements does not cover the other information
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
Page 18of52

WINCHESTER DIOCESAN BOARD OF FINANCE
INDEPENDENT AUDITOR'S REPORT
Forthe year ended 31 December 2020
In connection with our audit of the financial statements, our responsibility is to read the other informatio
and, in doing so, consider whether the other information is materially inconsistent with the financial
Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit=
the information given in the Annual Report (which includes the Strategic report and the directors,
report prepared for the purposes of company lawl for the financial year for which the financial
statements are prepared 15 consistent with the financial statements,. and
the strategic report and the directors, report included within the Annual Report have been prepared
in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obiained in
the course of the audit, we have not identified material misstatements in the Annual Report Iwhich
incorporates the strategic report and the directors, report).
We have nothing to report in respect of the following matter5 in relation to which the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company,. or
the charitable company financial statements are not in agreement with the accounting records and
return5,' or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financlal statements
As explained more fully in the trustees, responsibilities statement set otjt on pages IS and 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 statements 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 preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's
ability to continue as a going concern, discloslng, as applicable, matters related to going concern and using
the going concern basis of accounting unless the trustees either intend to liquidate the charitable companv
or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financlal Statements
Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAS IUKI will always detect a material mi5Statement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users tal(en on the basis of these financial
statements.
Pdge 19 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
INDEPENDENT AUDITOR'S REPORT
For the year ended 31 December 2020
Irregularitles, Including fraud, are instances of non-compliance with law5 and regulations. We design
procedures in line with our resporsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud.
Based on our understanding of tie charitable company and the environment in which it operates, we
identified that the principal risks of non-compliance with laws and regulationb related to 5(Ifeguarding
vulnerable beneficiaries, health and safety, and employment (including taxatlonl, and we considered the
extent to which non-compliance 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 firancial Statements such as
the Companies Act 2006, the Charities Act 2011 and Church of England Measures.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements lincluding the risk of 04erride of controls), and determined that the principal risks were related
to fund accoijnting, including transfers between funds, and revenue recDglltion. Audit procedures
performed by the engagement team included..
Inspecting c.orrespondpnc.e with rpgiilator£ and tax aijthnritips,.
Discussions with management including consideration of known or sucpected instances of non-
compliance with laws and "egulation and fraud,.
Evaluating management's -ontro15 designed to prevent and detect irreEulJrities:
Identlfying and testing jDurnals, in particular journal entries postej with unusual account
combinations, postings by unusual users or with unusual descriptions,.
ChJlleiidirits ¢1SSuifis)ti(>1is aiid juddeinei)ts iyiade by management in tlieir critical accounting
estimates;
Testing transfer5 between funds; and
Cut-off testin8 In respect of revenue.
A further description of OLsr responsibilities forthe audit of the financial statement¢ is located on the Financial
Reporting Council's website at.. www.frc.or
uditorsres
onsibilities. This destription forms part of our
auditorfs report.
Use of our report
This report Is made solely to the claritable company's members, as a body, in acccirdance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the
charitable company's members those matters we are required to state to them in an Auditor's report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone
other than the charitable compan'i and the charitable company's members, as a body, for our audit work,
for this report, or for the opinions vve have formed.
Adam Halsey (Senior Statutory Auditorl
For and on behalf of Haysmacintyr: LLP, Statutory Auditor
17 September 2021
10 Queen Street Place
London
EC4R IAG
Page 20 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
Statement of Flnancial Activitles
For the year ended 31 December 2020
Unrestrlrted funds
Restricted Endowment
Total
Tot?1
General Dcslgnated
£'ooo
£'ooo
Fund5
£'ooo
Funds
2020
2019
Note
£'ooo
É'ooo
£'ooo
Income and endowments from
Donation5
Parishes
Archblshops. Councll
Other
9,022
58
9,022
1.996
194
9,388
1.298
297
550
1.388
191
9.271
591
827
262
30
10,981
550
62
1,391
42
22
414
Charitable actwlties
Other trading activltles
InvestmÈnt5
Other
11.212
695
849
714
55
13,525
10,983
852
697
739
19
19
25
117
Totsl
631
1,894
19
13,388
ExpÈndlture on:
Fund Raising Costs
110,6381
251
110.6951
Other Expenditure
Total
11,7721
111 112,4131 113,3391
11,7721
12.4701 113,5041
Net income/lÈxpendlturel before Investmeni galns
Net gains on inve5trnents
Net IncomÈlle¥pendlturel
Transfers between ftsnds
Net lexpendlturelllncome alier translers
oiher recognlsed Ealnslllossesl
Gèin5 on revaluatlon of fixed tangible a55ets
629
122
18
1,055
1.081
11161
2,602
66
33
348
634
352
15211
11691
662
loo
762
470
652
2.136
2,486
421
470
1,073
2,L36
2.486
2.163
34
81
6.886
9.164
3,935
Remeasuretnent of penslon Scheme provlsion
1361
1391
1,631
Npt movement In lund5
1,958
30,761
32.719
796
2,206
3,002
551
9.461
10,012
7.956
104,524
112,480
Total Fund$ at I January 2020
Total funds at 31 December 2020
11,261
146,952
158,213
8,052
138,900
146,952
18
The net incomelldeficitl of income over expenditure, together with detaSls of income and expenditure
required by the Companies Act, may be derived from net incoming resources before transfers, excluding
movements on endowment funds, in the Statement of Financial Activities above. All incomirb8 resources and
resources expended derive from continuin8 activities.
The notes on pages 24 to 52 form part of the financial statements.
Pii ge 210152

WINCHESTER DIOCESAN BOARD OF FINANCE
Company Number 142351
BALANCE SHEET
For the year ended 31 December 2020
Note
Z020
2019
£'ooo
£'oDD
FIXED ASSETS
Tangible assets
Investments
12
136,105
21,503
128,854
20,230
149,084
13
157,608
CURRENT ASSETS
Debtors
14
1,930
2,658
837
1,811
1,515
26
Cash on deposlt
Cash at bank and Sn hand
5,425
3,352
CREDITORS.. amounts falllng due wlthln one ye3r
LS
19291
19261
NET CURRENT ASSET5
4,496
2,426
162,104
151,510
CREDITORS.. Amounts falllnÈ due alier more than one year
16
12,8301
13,0051
21
IL.0611
11,5531
NET Assrrs
158,213
146,952
FUNDS
Unrestrlrted Income funds:
General funds
32,719
3,002
35,721
10,012
112,48D
30,761
2,206
32,967
9,461
104,524
146,952
Deslgftated funds
Restrl£ted funds
EndowmÈnt funds
TOTAL FUNDS
19
158.213
The Notes on pages 24 to 52 form part of these financial statement5. The financial statements were
approved by the Board of Trustees and authorised for issue on 8, September 2021 and signed on
behalf of the Board by..
The Right Reverend
r Tlmothy Dakln
Pag@ 22 of52

WINCHESTER DIOCESAN BOARD OF FINANCE
CASH FLOW STATEMENT
For the year ended 31 December 2020
2020
2019
.000
£,000
13421
£,000
£.000
11,3561
Net cash loutflowll inflow from operatlng attivltles
Cash *lows flom Investing actlvltles
Dividends, interest and rÈnt from
investments
714
739
11.6621
11,0071
3,096
546
Purchase of propÈrty and equipment
Purtha5e of investments
le ol property and equipment
Sale of inve5tm&nts
Ii,moi
1,905
Net cash provided by Investlng actlvlile5
2.427
1,712
Cash flows from flnancing actfvltles
Repayments of lendlng
Rep8yments of borrowing
Cash inflows from new borrowing
Cash outflows from new lending
Net fash used inllprovided by) financlng
215
269
12471
21
1991
47
Chan8e in cash and tash equlvalents
1,954
402
C•5h and cAsh equlvalÈnt5 at l January
1,541
1,139
Cash 4nd cash equlvalents at 31 Decernber
3.495
1,541
Reconclllatlon of net Incom
Net Income
2,136
2,486
Adjustments for..
Oepreclatlon charge5
Revaluation L055esllGzinsl on Investments
DividÈnds, interest and rent from
investment5
IProfitllLoss on ￿le of functlonal a55et5
IProlitl/Los5 on dispos81 of inve5trnent5
Decreaselllncreasel in debtOf5
IOecrea5el/increase in crÈditor5
Net cash (used inl/pro¥lded by operating 3Ctlvltles
11,0811
12,6021
17141
17391
92
12351
14561
118
11,3561
Anal sls of ta5h and c35h e
ulvalents
Cash at b3nk and in hand
Cash on deposit
2.658
837
26
1,515
1.541
3,495
Page 23 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
I. ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, with the exception of
freehold properties, which are included at their fair value as determined under the applicable valuatio
method as detailed in el, and fiyed asset investments, which are included at their market value at the balance
sheet date. The financial statement5 have been prepared in accordance with the Statemènt of Recommended
Practice for Charities (Second Edition, effective l January 20191, the Companies Act 2006 and applicable
accounting standards IFRS1021.
Afier reviewing the charity's forecasts and projections, as described in the budEet and OLttlook for 2020 on
page 10, the Trustees have a reasonable expectation that the charity has adequate resources to meet its
liabilities as they fall due for the foreseeable future. The Trustees consider that there are no material
uncertainties that may cast doubt on the charity's ability to continue as a going concern and they therefore
continue to prepare the financi315tatements on the going concern basis.
al Income
All income is included in the Statement of Financial Activities ISOFAI when the WDBF is legally entitled to it as
income or capital respectively, ultimate receipt is probable and the amount to be recoEnised can be quantified
with reasonable accuracy.
Common Mission Fund (parish 5harel is recognised as income of the year in respect of which it is
received.
Rent recelvable is recognised as income in the period with respect to which it relates.
iii. Interest and dividends are recognised as income when receivable.
iv. Grants received which are subject to pre-conditions for entitlement specified by the donor which have
not been met at the year-end are included in creditors to be carried forward to the following year.
Parochial fees are recognised as income of the year to which they relate.
vi. Donations other than grants are recognised when receivable.
vii. Gains on disposal of fixed assets for the WDBF'S own use li.e. non-investment assets) are accounted
for as other income. Losses on dlsposal of such assets are accounted for as other expenditure.
viii. Stipends fund income. The Stipends Fund Capital account is governed by the Diocesan Stipends, Fund
Measure 1953, as amended, and the use of the income is restricted for clergy stipends. 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 related expenditure are both included in the unrestricted column of the
Statement of Financial Activities for the sake of greater clarity and simplicity in financial reporting.
bl Expendlture
Expenditure is included on the accruals basis and has been classified under headings that aggregate all costs
related to the Statement of Financial Activity categorv.
Costs of raising funds are constrained to COSt5 relating to the temporary renting out of parsonages
and investment management costs of glebe and any other investment properties.
Charitable expendlture is analysed between contributlons to the Archbishops, Council, expenditure
on resourcing mission and ministry in the parishes of the diocese, expenditure relating to the runnin8
of the diocesan retreat centre, and expenditure on education and Church of England schools in the
diocese.
iii. Grants 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 WDBF, such 8rants being recognised as expenditure when the
conditions attaching are fulfilled. Grants offered subject to such conditions which have not been met
at the year-end are noted as a commitment, but not accrued as expenditure.
Page 24 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
iv. Support costs consist of central management, administration and governance costs. The amount
spent on raising funds and other activities is considered to be immaterial and all support costs are
allocated to the purpose of charitable activities. Costs are allocated wherever possible directly to the
activity to which they relate, but where such direct allocation is not possible, the remainder is
allocated on an approximate staff time basis.
Pension contrlbutlon5. The WDBF'S staff are members of the Church Workers Pension Fund and Clergy
are members of the Church of England Funded Pensions Schemelsee note 211. The pension costs
charged as resources expended represent the WDBF'S contribtjtions payable in respect of the
accounting period, in accordance with FRS102. Deficit funding for the pension schemes to which
WDBF participates is accrued at current value in creditors distinguished between contributions falling
due within one year and after rnore than one year.
c) Tangible fixed assets and depreciatlon
Freehold properties. Depreciation is not provided on buildings as èny provision (annual or
cumulativel would not be material due to the very long expected remaining useful economic life in
each case, and because their expected residual value is not materially less than their carrying value.
The WDBF has a policy of regular structural inspection, repair and maintenance, which in the case of
residential properties is in accordance with the Repair of Benefices Buildings Measure 1972 and
properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition, disposa15 of
properties occur well before the end of their economic lives and disposal proceeds are usually not less
than their carrying value. The Trustee5 perform annual impairment reviews in accordance with the
requirements of FRS102 to ensure that the carrying valve is not more than the recoverable amount.
Propertie5 subject to value linked loans. Properties which have been bought with the assistance of
value-linked loans from the Church Commissioners are stated using the value of the related loan at
the balance sheet date. Each year end the respective property and loan are carried at an index linked
current valuation basis.
iii. Investment properties. Glebe properties held for investment purposes and rented out have been
included at their fair value.
iv. Parsonage houses, The WDBF has followed the requirements of FRS102, in its accounting treatment
for benefice houses Iparsonagesl. FRS102 requires the accounting treatment to follow the substance
of arrangements rather than their strict legal form. The WDBF is formally respon51ble for the
maintenance and repair of such properties and has some jurisdiction overtheir future use or potential
sale if not required as a benefice house, but in the meantime legal title and the right to beneficial
occupation is vested in the incumbent. The Trustees therefore consider the most suitable accounting
policy is to capitalise such properties as expendable endowment assets and to carry them at their
estimated current market value. Parsonage houses are revalued on a five-year cycle.
Other tangible fixed assets. Capital expenditure over £5,000 15 capitalised. Depreciation is provided
in order to write off the cost (less any ultimate disposal proceeds at price5 ruling at the time of the
asset's acquisitionl of other fixed assets over their currently expected useful economic lives at the
following initial rates-.
Motor vehicles
Fixtures and flttings
25% per annum reducing balance basls
15-30% per annum
straight line basis
P{Igp 25 of .)2

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
dl Other ac¢ounting policies
i. Fixed asset investments are included in the balance sheet at market value and the gain or loss taken
to the Statement of Financial Activities.
ii. Leases. The WDBF has entered only into operating lease arrangements for the use of certain assets,
the rental for which is charged in full as expenditure in the year to which it relates. Where rent free
periods are given as part of an operating lease, the impact of thi5 rent-free period is reflected in the
Statement of Financial Activities over the term of the lease term or first break clause whichever is
shorterin time.
el Fund balances
Fund Balances are split between unrestricted Igeneral and designatedl, restricted and endowment fund5.
Unrestricted funds are the WD8F's corporate funds and are freely available for any purpose within the
charitable company's objects, at the discretion of the WDBF. There are two types Df unrestricted funds..
General funds which the WDBF intends to use for the general purposes of the WDBF and
Designated funds set aside out of unrestricted funds by the WDBF for a purpose specified by
the Trustees
Restricted funds are income funds subject to conditions imposed by the donor as specific terms of
trust, or else by legal measure.
Endowment funds are those held on trust to be retained for the benefit of the charitable company as
a capital fund. In the case of the endowment funds administered by the WDBF (Parsonage Houses and
Schools), there are discretionary powers to convert capital into income and, as a result, these funds
are classified as expendable endowment. Endowment funds where there is no provision for
expenditure of capital are classified as permanent endowment.
"Special trusts" 135 defined by the Charities Act 20111 and any other trusts where the company acts as
trustee and controls the management and use of the funds, are included in the company's own financial
statements as charity branches. Trusts where the WDBF acts merely as custodian trustee with no control
over the management of the funds are not included in the financial statements but are summarised in the
notes to the financial statement5.
fl Key Judgements
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect 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 estimate5. The following judgement5 (apart from those
involving estimatesl have had the most significant effect on amounts recognised in the financial statements..
Basis for non-depreciation of functional resident131 property
Valuation of investment properties which have not been formally revalued in the year
Assumptions underpinning the clergy and church Workers, pension scheme liabilities.
Page 26 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
2. DONATIONS
Parlsh Contrlbutlons
Unrestricted funds
General
Deslgnated
£'ooo
Restr5cted Endowment
Funds
Funds
E'OOO
'ooo
Total
2020
£'ooo
É'ooo
Current Year Apportionment
Shortfall In Contrlbutlons
10,072
11.0671
9,OOS
17
10,072
1,0671
9,005
17
RÈceipt5 lor prevlous years
9,022
9,022
Unrestrlcted funds
RestrtttÈd
Endowment
Furbd5
Yotal
General
Designated
Funds
É'ooo
2019
£'ooo
'ooo
£'ooo
£'ooo
Current YearApportlonment
Shortfall in Contrlbutlon5
10.076
17051
9,371
10,076
7051
9,371
17
Receipts lor prevlous years
17
9,388
9,388
The majority of donations are collected from the parishes of the Diocese through the Common Mission Fund.
Current year CMF receipts represent 89.4% of the total apportioned 12019.. 930AI, or, when receipts for
previous years are included, 89.5% of the total apportioned12019'. 93.2%1.
Archbishop's Councll
UnrestrlrtErl funds
General
Restricted
Endowrnent
Funds
£'(KJo
Total
Designate
£'ooo
Funds
2020
£'ooo
£'ooo
£'ooo
5ustainability Fund grant
Strategic Development 8rant
Ordinand Trainlng grant
550
550
790
790
58
598
656
58
550
1,388
1,996
Unrestrlcted fund5
General
RÈstri¢ted
Endowment
Total
Designated
£'ooo
Fund5
Fund$
2019
É'ooo
£'ooo
e'ooo
E'OOO
strategic Development grant
Ordlnand Training grant
836
836
462
462
1,298
1,298
PaEJQ 27 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
2. DONATIONS Icontinuedj
other donations
Unre5tricled lund5
RÈ5trlcted
Endowment
Total
General
Designated
Funds
Funds
20ZO
£'ooo
£'ooo
£'ooo
£'ooo
E'ooo
All Churches Trust
132
132
Donations
59
62
Total
191
194
Unrestrlcted funds
Restricted
Endowment
Tot31
General
Deslgnated
£'ooo
Funds
Funds
2019
£'ooo
£'ooo
£'ooo
£'ooo
All Churches Trust
L28
128
Other
163
169
Total
135
163
297
3. CHARITABLE ACTIVITIES
Unrestrl£ted funds
Generhl
Designated
£'ooo
Restricted Endowment
Fund5
Funds
Total
2020
É'ooo
£'uDo
£'ooo
£'ooo
statutory fees
42J
62
483
Miscellaneous income
170
42
212
S91
62
42
695
Unrestrlcted funds
Restrlcted Endowment
Total
General
DeslBnated
£'ooo
Funds
Funds
2019
E'OOO
E'OOO
£'ooo
£'ooo
5tatutoiy fees
Other grants recelvable and miscellaneous
income
517
517
327
335
844
852
Page 28 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
4. OTHER TRADING ACTIVITIES
UnrÈ5trlcted funds
General
Restrlcted Endowment
Funds
Funds
Total
2020
Deslenated
£'ooo
2020
£'ooo
827
£'OOD
'ooo
849
Rental income on fvDctional property
Other income
22
827
22
iJnre5trltted ltsnd5
General
Designated
£'ooo
£'ooo
680
Restllcted Endowment
Funds
Funds
Total
2019
2019
£'ooo
680
£,￿0
Rental income on function31 property
Other income
17
17
697
697
5. INVESTMENT INCOME
Unrestrlcted funds
fjeneral
OeslEnated
E'OOO
Resirltterf Endowment
Funds
Funds
Total
2020
Dlvldend5 receivèble
IntÈrest recelvable
169
19
412
19
619
25
27
Rent5 receivèble
68
68
262
19
414
19
714
Unrestricted funds
General
Re5trltted Endowment
Funds
Funds
Total
Designated
£.(￿0
Z019
£'ooo
E'ooo
£'ooo
É'ooo
ODiidend5 recelvable
Interest receivable
RÈnt5 receivable
96
19
465
io
590
28
31
54
118
IB8
19
522
io
739
Page 290152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
6. OTHER INCOMING RESOURCES
Unre5trlcted funds
Restrlcted Endowment
Funds
Funds
£'ooo
E'ooo
Total
Gerseral Designated
2020
£'ooo
25
£'ooo
£'ooo
G3in5 on fixed asset disposals
Coronavirus Job Retention Scheme
25
30
30
30
25
55
Total
Funds
Unrestrlrted ftrnds
De51gnate
Restrlcted Endowment
General
Funds
Funds
2019
£.￿0
£,000
£,000
£,OOD
Sale ol redundant churches
37
88
117
7. FUND RAISING COSTS
Unrestrl£ted funds
General
Deslgnated
£,OOD
Re5trlcted
Funds
£,000
Endowment
Funds
£,000
Total Funds
2020
£,000
Glebe aEenl's fee
27
27
Direct FundralslnB
Conference Centre
32
32
Unrestrlcted funds
General
Designated
£.000
Restrlcted
Funds
£,ooo
EndowmeTht
Fttnd5
E.000
Total Funds
2019
£,000
£,ODD
Glebe agent's fee
38
38
Dlrect Fundralslng
25
25
ConfÈrÈnce Centre
io
io
73
73
Page 30 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TOTHE FINANCIAL STATEMENTS
Foy the year ended 31 December 2020
8. CHARITABLE ACTIVITIES EXPENDITURE
Un¥estrlcted fund5
Restrlcted
Endowment
Total
General
Designated
Funds
£'ooo
Funds
2020
£'ooo
E'ooo
£'ooo
£'ooo
utions to Archbisho
Training lor minlstry
Natitrnal Church Responslbilities
Grants and provlsions
Misslon Agency Penslon Cost5
RÈtlred clergy housing costs
Poollng of ordlnaDd5' malntenance grant cost5
s, Councll
368
306
26
368
306
225
251
132
1601
772
132
1601
997
225
Resourcin
Mlnlstr
and Mlssion
Stipend5 4nd nation31 insurance
Penslon contrlbutions
Houslne costs
Removal. ￿Settlement and other grants
RME Tralning for rninistry
Other expen5e5
4,099
1,020
1,160
102
134
4.234
1,020
1,175
102
353
569
7,453
2,220
27
1,442
Ll,142
13
353
58
511
6.892
1,237
27
558
983
Support for parish ministry
Lay pension defitit provision
Governance
1,436
9,592
1.547
Ex
iture on Education
Support lor church schools and pBrishes
Total
274
274
10,638
1,772
12,413
Governance costs of £1,430,000 include5 auditows remuneration of E22,000.
P3Be 3101 J2

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
8. CHARITABLE ACTIVITIES EXPENDITURE Itontinuedl
Unrp5tricted f￿ndS
Restrlcted Endowment
Total Funds
General
DesiEnated
£,000
Funds
£,000
Fund5
£,000
2019
£,000
E,ooo
Contrlbutions to Archblsho
Tiaining for Ministry
National Church Re5pon5ibilities
Mission agency pension costs
Retired clergy hou5in8 COSt5
Pooling of ordinands, rnaintenance grant costs
s, Councll
313
313
333
333
125
125
748
748
Resovrcln
Mln15tr
and M15slon
Stlpends and national Insurante
Pension tontribution5
Housing to£ts
Removal. rÈsÈttlÈmÈnt and othÈr ErantS
RME Tralning for Mlnlstry
Other expenses
4.230
915
2.116
179
4,230
915
2,175
179
339
423
8,261
2,229
20
54
339
361
12
50
7,801
1,713
20
1,584
11,118
12
443
516
Support for parlsh mSnlstry
Lay pension deficSt provision
Governance
58
70
1,642
12,152
959
enditure on Educatlon
Support for church schools and parishes
434
439
12,300
70
964
13,339
Anal sos of Resources Ex
Èrbded Includin
ort Costs
Grant
lunding
of activltles
undèrtaken
dlrectly
£.OOD
Support
Costs
Total
2020
£,0
£,000
É,000
Ralslng funds
Investment management costs
Direct Fundraising
Conference Centre
Charitable Actlvlties
Contributlons to Archbishop's Councll
Resouiclng rnln15try and mi55ion
Education
Other
27
27
997
509
997
11,142
274
8,413
274
2,220
8,719
1,506
2,220
12,445
Page 32 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
8. CHARITABLE ACTIVITIES EXPENDITURE Icontinuedl
Ana
Sls of Resources Ex
ended Includln
Grants & Su
C05ts- 2019
uThdertakÈn
Grant funding
of actlvities
Support
Costs
2019
£,000
£,000
£,000
E,000
Ralslng funds
Investment management costs
Direct Fundraising
Conferente Centre
Charltable Activities
Contributlons to Ar¢hb15hop's Councll
Resourclng mlnlsrry and misslon
Education
other
38
25
io
25
io
748
701
748
12,152
439
7,121
439
4.330
92
92
13,504
7.725
1,449
4.330
Analysls of Grant fundinE
2020
Indlvldua15
£.000
Total
£,000
£,000
From unrestrlctÈd funds for natlon81 churth responslbilitie5
Archbishops, Council (note 81
From unrestrlctÈd lund5
PCC5 for church insppction fees
PCQ for faculiy fees
Churches fogether oreani5ations
Clergy for tr31nlng
Ordinands, trainingp receiving malntenanre
South Central Regional Training Partnershlp
Total from unrestritted fund5
Frorn restricted funds fDr various purposes
ClÈrgy foi study leave (Penrose fundl
Clergy for charitable purposes
Wldows and dependants of clergy
Deaf clubs
RME Ordin3nds In tralnlng
997
997
53
14
32
20
350
350
130
359
19
378
49
143
210
259
469
353
259
618
Total from restri£ted funds lor varlous purposes
iii
150
TOTAL
249
1.485 1,994
Pc78e 33 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
CHARITABLE ACTIVITIES EXPENDITURE Icontlnuedl
Analysls of Grant fundlng
2019
Total
E,000
No.
£.000
£.000
From u#re5tricted fund5 for natlonal church
Archbi5hops' Council (note 81
From unrestricted funds
PCCS lor church inspection fees
PCCS lor faculty fee5
Oversea5 Inl55ion agencle5
Clergy Spice
Ordinands, trainlngi receivlng malntenance
South Central Regional Training Partnershlp
Total frorn unrestrl¢ted funds
From re51ricted funds for varlous purposes
ClerEY for study leave (Penrose fund)
Clergyfor charltable purposes
Widows and dependants of clergy
Deaf clubs
RME Ordinands In training
Other Institutiortal grants
Total Irorn restricted funds lor varlous purposes
748
748
35
ioi
37
17
37
17
25
245
245
21
240
260
60
318
15
78
26
22
215
L24
20
339
20
152
235
147
381
TOTAL
398
496
955 1,447
g. OTHER EXPENDITURE
UThrestrlcted funds
General De51gnated
£,0
£,000
Restrlcted
Funds
,ooo
EndowmÈmt
Funds
£.000
Total Funds
2020
£,000
Loss on sale of flxed assets
25
25
25
25
Unrestricted funds
General Deslgnated
.000
£,000
Restricted
Funds
£,000
Endowment
Funds
£,￿0
Total Fund5
2019
Los5 on Sale of flxed assets
91
92
92
Page 34 01 $2

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
10. STAFF & TRUSTEES
2020
2019
£,000
1,799
181
241
16
£,000
1,885
191
218
20
Wages and salaries
National insurantÈ contribution5
Pension costs
Lay pension defltlt provision change
2,237
2,314
The average number of persons employed durlng the yèaT based on full-time equivalents..
2020
fte
2019
fte
Resourcing mlnlstry:
Winchester School of Mlssion
strategic Development
Administration and Financial manaEemÈnt
Safeguarding
Property
Fundraising
Parochial13y staff
25
25
46
47
The average number of persons employed durlng the year:
2020
2019
no.
no.
Resourclng mlnlstry:
Winchester School of Misslon
Strategic Development
Administration and Financial managemènt
Safeguarding
Property
Fundrai5in8
Parochial lay staff
io
io
27
27
51
52
The number of ernployees wh05e emoluments (including benefits in kind but excluding pension contributions)
amounted lo more than £60,oc￿ were as follow5..
2020
no.
2019
no.
£60,LX>i- £70,000
£90.001- £100.1100
Pension payments of £49,16412019.. £45,000) were made for these employees.

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
10. STAFF & TRUSTEES continued)
Remuneration of key management personnel
KÈY management personnel are deemed to be those having authority and responsibility, delegated to them by the
trustees, lor planning, directing and controlling the attivitles of the Diocese. DuTing 2020 they were..
Chlef Executive and Company Secretarv
Director of Flnance
Director of Education
Archdeacon for Mission Development
Head of OpErations
Director of Resource Development
Oirector of Human Re50urce5
Director of Strategic Development
Canon Principal & Head of School of Mission
Andrew R Roblnson
Lisa Streeter160%1
Jeff Williams167%1
Paul Moore Ileft March 20201
Colin Harbidge
Anthtsny Smith Ileft March 20201
Susan Beckett
Mark Lowman
Mark Collinson
Rernuneration. pensions and expenses for the 8 employees and I clergy stlpend amounted to £603,60812019'.
£620,0001
Trustees, emoluments
No Trustee received any remuneration for services as Trustee. The Trustees received travelling and out of pocket
expenses. totalling £8612019.. £1,7561 in respect of General Synod duties, duties as Archdeacon or ArealRur31 Dean, and
other duties as Trustees. No Trustee wa5 in re￿Ipt of a clergy resettlement grant In 202012019.. Nill.
The following table gives details of the Trustees who were in receipt of a stipend andlor housing provided by the WDBF
during the year..
Stipend
Yes
Yes
Yes
Houslng
Yes
Yes
Yes
The Revd A Micklelield
The Revd Canon R Harlow
The Revd Canon C Stewart
2019
The Revd A Micklefield
The Revd Canon R Harlow
The Revd Canon C Stewart
stipend
Yes
Yes
Yes
Houslng
Yes
Ye5
Yes
There were no other related party transactions in the current year or the prior year.
The WDBF 15 responsible for funding via the Church Commissioners the stipend5 of licensed stlpendiary clergy in the
diocese. other than bishop5 and cathedral staff. The WDBF is also re5pon5ible for the provision of housing for
stipendiary elergy in the diocese including the Suffragan Bishops but excluding diocesan bishop and cathedral 5t3ff. The
WD8F paid an average of 14012019., 14215tipendlary clergy as office-holders holding parochlal or diocesan
ppointments in the dioc@se, and the costs were as follows..
2020
E,000
3.938
295
1,020
429
2019
£,000
4,215
299
Stipends
National Insurance
Pension C05t5- Current Year
Pension C05t5- Deficit Reduction
919
443
5.682
5,876
Page 36 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 Oecember 2020
11. ANALYSIS OFTRANSFERS BETWEEN FUNDS
2020
Unrestrltted funds
Restrlcted Endowment
General Designated
£,000
E,QOO
Funds
£,OOD
Funds
Frorn General fund to 5tlpend fund for reduction in pen51on deflcit
From General fund to Cl@rey welfare fund lor the OAP property loan
rÈductlon
£,OOD
421
iiooi
IOD
1521
loo
421
2019
Unrestricted funds
General De51Enated
£,ooo
É,000
Restricted Endijwment
Funds
Funds
E,000
,000
From Parsonage Endowment incorne to General fund for house
cost5
From Council for Social Responsibllity Fund to General fund to
support envlronrnent advlser
From Schoo15 fund to General fund for s¢hools officers
Frorn Loèns fund to General fund to clear balance
From Pember income to general fund for clergy pensions
From Cl@rgy Welfare Trust to GenÈral fund for ordinands. grants
From Maclean fund to general fund for clergy house costs
From Fairb£irn Trust fund to General fund for the adviser ta the
deaf
From the ICSF fund to the General fund for property repaiTS
From General fund to Stlpend fund for reduction In pension deFltit
Frorn Benelice Houses to Gener31 Fund for transfer of propÈrtie5
21
214
12141
168
li
11681
15
13851
3,380
385
13,3801
3,425
Iiii
14191
12,9951
12. TANGIBLE FIXED ASSETS
Freehold
Land &
Bullding5
£,ODO
Olfice
Equlpment
£.000
2020
Total
£,o(K)
CLtrrent Year
Valuation as at..
l Janu3ry 2020
Addltions
Disposals
Revaluatlon
310ecember 2020
128,846
524
129.370
11,9051
9,164
136,105
11.9051
9,164
136,629
524
Depreciatlon
At l January 2020
Disposals
Charge lor the yÈar
At 31 December 2020
516
516
524
524
Net Bix)k V31ue
At 31 Deiember 2020
136.105
136,105
At 31 Oetember 2019
128,846
128,854
PagL 37 of 53

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIALSTATEMENTS
For the yearended 31 December 2020
All of the properties in the balance sheet are freehold and are vested in the WDBF. except for benelice houses which are
vested in the incumbent.
13. FIXED ASSET INVESTMENTS
As at 1st
Net
As at 31st
Januarv
2020
fjalns I
ILDssÈsl
E.000
December
Current Year
Additions
£,000
Disposals
2020
£,000
£.wo
£,000
Unre5trirted funds
Unllsted Investments
1,526
1,000
99
2.625
Restricted Fund5
Unlisted Investments
8,075
348
8.423
Endowment Funds
InvestMÈnt property
1.013
1,013
Unlisted Investments
9,616
8081
634
9,442
10,629
18081
634
10,455
Total
20,230
1,000
18081
1.081
21.503
14. DEBTORS
202
£,000
2019
E,000
Dije wlthin one yeor
Current year Cotnrnon Mi55i0n Fund Iparish
share)
Loans to parishe5
Loan5 to others
98
59
103
141
46
71
other debtor5 and prepayments
652
492
899
763
Due Gftermore thon oneyear
Loans to ￿rIsheS
Other Loans
632
682
399
366
1,031
1,048
Total debtor5
1,930
1,811
P¢ige 38 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2020
15. CREDITORS: amounts falling due within one year
2020
£,000
2019
.000
Loèn repayment5
34
106
Deferred income
Other taxes and social securlty
20
Creditor relatingto salÈ proceeds of c105ed School
400
400
Other credltor5 and accruals
349
245
Pension scheme liabilitles..
CEFPS for Clergy
53
95
Church Workers DBS
Total ¢reditors.' amounts falling due wlthln one
ar
65
78
929
926
16. CREDITORS: amounts falling due after more than one year
2020
E,000
2019
£,000
Lo4n repayment In5taltnents due after more than
one year
Church Commissioners v#lue-linked loans
85
85
Church Commlssloners other loans
iii
112
Other loans
2,634
2,808
Pen51on scheme liobllities..
CEFPS for Clergy
479
855
Church Wcrker5 DBS
Total creditors.. amounts falling due after more
Ihan one year
582
698
2,891
4,$58
The maturity of the above103ns may bÈ aDaly5ed
s follows..
Between one and two years
34
37
BÈtween two and five years
134
107
In h've years and more
2,662
2.861
2,83
3,005
Pit pe 39 01 J2

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
17. ANALYSIS OF CHANGES IN DEBT
As at 1st
As at 315t
January
2020
December
Cashllows
£,000
Other
E,000
2020
E,000
C35h and tash equivalents
Loans falllng due within one year
Loans f3lling due after more than one year
1,541
11061
12.8081
11.3731
1.954
72
3,495
1341
12,6341
827
174
TOTAL
2,200
As at 1st
As at 315t
January
2019
December
Cashllows
Other
.000
2019
£,000
£,OOD
sh and cash equivalent5
sh equivalents
Overdrafr facility repayable on demand
Lo3ns falling due within on@ year
Loèns falling LSve after more than one year
TOTAI
1,139
402
1.541
11081
12,8881
11,8571
11061
12.8081
11,3721
82
486
Page 40 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2020
18. SUMMARY OF FUND MOVEMENTS- CURRENT YEAR
Gains and
losses
£'ooo
31 December
2020
'ooo
l January 2020
£'ooo
Income
£'ooo
ExpenditurÈ
£'(#Jo
T¥ansfers
E'ooo
UNRESTRICTED FUNDS
General
30,761
10,981
110,6951
1521
2,193
32,719
DESIGNATED FUNDS
Pirish mlsslon development
Maclean
OAP Property
8ulldin8 New Church
Planned maintenance sinklng fund
Sustainability Fund
107
377
1.450
372
iiooi
106
416
1,550
491
11061
545
3,002
15
24
loo
66
44
550
632
loo
67
RESTRICTED FUNDS
Pastoral fund
Pzr50nages endowment ￿nCorne
Clergy hou5e5 fund
Major Ball settlÈment income
Penr05e income fund
Clergy welfaTe income fund
Chalke Bequest Income
Church schools fund
QueÈn Victoria clerey fund
Pernber income fund
Widows and depend3nts fund
Thorrold Ilbrary fund
ICSF grant fund
Council for Social Responsibilty
F31rbarn trust
12641
12671
2,918
19
47
493
21
2,896
70
130
3,101
12
160
55
666
22
3,122
1151
25
126
103
77
829
29
52
904
24
362
24
li
26
75
21
399
939
33
12241
823
317
293
li
Christopher library
RME Training for Mlsslon
Wlnchester Mission ActSon
L63
598
13531
1.1181
1,7721
408
363
10,012
648
9.461
832
1.893
430
ENDOWMEvfFUNDS
Expendable
Benetice houses
Permanent
Stipefid5 fund capital
Parsona8e5 endowment capital
Major Ball settlement tapital
Penrose capital
ClÈrgy welfare capitBI
Chalke bequest capit31
Widows and dependants capital
Thorrold library capital
Pember capital
Christopher Library
Chute endowment
76,947
5,881
82,828
18,767
730
164
319
6.159
56
183
202
753
421
1.133
50
li
22
321
20,320
780
175
341
6,480
60
196
216
823
13
14
52
18
240
L04,524
17
7,517
257
112,480
19
421
Total Ivnds
146.952
13,525
112.4701
10,20Y 158,213
Paye410152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 December 2020
18. SUMMARY OF FUND MOVEMENTS- PREVIOUS YEAR
GÈlns
and
105ses
£,000
Balances at i
January 2019
£,ooo
In£omln8
resources
Balances at 31
De￿mber 2019
£,000
Expendlture
£,OOD
Transfers
£,000
£,000
UNRESTRICTED FUNDS
General
27,167
11.289
112,3741
3,425
1,254
30,761
Parish mlsslon and development
Maclean
OAP Property
Bulldlng New Church
Planned rnaintenance sinklnÉ fund
107
316
1,450
366
142
2,197
107
377
1,450
372
iiooi
2,206
Is
57
22
1581
1701
li
79
RESTRICTED FUNDS
Pastoral fund
Parsonage5 endowment income
Clergy houses fund
Major Ball settlement income
Penroso Income fund
Clerey welf3rÈ Income fund
Chalke 8eque5t incorne
Diocesan loan5 fund
Church schools fund
Queen Victoria clergy fund
Pember income fund
Wldows and dependants fund
Thorrold library fund
ICSF grant fund
Council for Social Responsibilitv
Falrbarn trust
12101
12641
22
68
2.791
18
43
441
19
78
2.918
19
47
493
21
12
161
11671
66
2.651
138
12141
326
2,896
45
690
18
308
871
248
26
28
77
829
24
362
939
293
118
li
42
58
171
47
11451
iioi
Chrlstopher Ilbrary
RME Training for Mlssion
Winchester Mission Action
40
462
997
1,991
13391
13541
19641
163
648
9,461
7,984
14191
869
ENDOWMENTFUNDS
Expendable
8enelice houses
Permanent
stipends fund capltal
Parsonages Èndowment capitsl
78,088
13.3801
2,230
76,947
15,805
615
88
1961
385
2,585
115
18,767
730
Major Ball settlement Capital
Penrose capltal
Clergy wellare capltal
Chalke bequest capital
Widows and dependants capital
Thorrold library capital
Pember capitèl
Chrlstopher Library
Chute endowment
138
269
5,425
47
154
170
634
26
50
734
164
319
6,159
56
183
202
753
29
32
119
202
IOL,552
38
5,966
240
104,524
97
1961
12,995
Total fund5
138,900
13,388
113,5041
8,168
146.9S2
Page420152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
Forthe year ended 31 December 2020
19. SUMMARY OFASSETS BY FUND-CURRENTYEAR
Flxed assÈt5
Tangible
Investment5
£.000
Current
Assets
,000
Nel
A55ets
Credltors
£,000
£,000
£,000
Unrestrl£ted funds- general
32,548
1,752 1,966
3.547
32.719
UnrÈstrl£tÈd dÈsign3ted
Parlsh m155ion and development
Maclean
OAP Property
Buildin8 New Church
Planned maintenance sinking fund
Sustainability
106
106
416
1,550
492
11061
545
424
2,750
801
11.2001
14581
11061
545
148
3,551
572
3,002
Restrittèd
PJ5toral fund
Porson3ges endowment Income
Clergy houses fund
Malor 6311 settlÈment income
Penr95e incorne fund
Clergy welfare income fund
Ch3lke Bequest income
Church schools fund
Queen vittorSa Clergy fund
PÈmber incorne fund
Widow5 and dependants fund
Thorrold library fund
ICSF grant fund
Council for Soclal Responsibility
Falrbam trust
Tale Tellers
Christopher Ilbrèry
RME Training for Mission
Winchester Mission Action
12671
1.376
808
1,210
12931
3,101
41
609
16
56
22
141
57
665
22
3,124
3,383
14001
68
li
80
903
24
800
103
24
402
395
1.178
322
13071
1481
823
317
408
363
1,761
363
10,012
1,376
7,615
17411
Endowment funds
Expendable endowmÈnt
Benefice houses
Perrnanent
Stipend5 fund czpital
Par50nages endowment capital
83,826
171
11,1701
82.828
14,803
3,172
2,876
15331
20,318
780
Malor 8311 settlement c4pltal
PenrosÈ capital
Clergy welfare capital
Ch21ke bequest capital
Wldows and depen(fant5 capital
Thorrold library capltal
Pember capiral
Christopher Librarv
Chute endowment
174
342
5.382
60
197
217
804
175
342
6,480
1,098
196
217
823
19
257
257
98,629
11,563 2,820
15331 112.479
Toial fund5
136.105
21,503
5,425
14,8211 158,213
PaEe430152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TOTHE FINANCIALSTATEMENTS
For the year ended 31 December 2020
19. SUMMARY OF ASSETS BY FUND- PREVIOUS YEAR
Flxed assets
Tangible
£,000
31,647
C¥rrent
Asset5
É.000
1,946
Net
A55et5
£,OOD
30.761
Investments
CreditOT5
£.000
13,9231
£,000
1,091
Unrestrlcted funds- general
Unre5tritted- designated
Parlsh mlsslon & develDpment
Maclean
107
107
377
398
iiooi
138
OAP property
Building New Church
Planned maintenance sinking fund
2,750
767
11.2001
15331
liooi
11,7471
1,450
372
I1(￿>
2.206
3.517
436
RestrlctÈd
Pastoral fund
Pasonages Endowment Income fund
Clergy houses fund
Major B3115ettlement income
Penr05e Incorne fund
ClÈrgy Welfare income fund
Chalke Bequest intomÈ
Church Schools fund
P@mber income fund
Queen Victoria clergy fund
Widows and depend3nts fund
Thorrold library fund
ICSF grant fund
12651
12641
1.945
758
414
17
11991
2,918
19
43
47
585
493
18
21
2,896
77
3,282
69
14
14001
iioi
829
749
80
23
1171
24
379
1.094
299
362
939
293
Fairbarn Trust
Tale Tellers
Christopher Library
RME Training for Mi5510
Winchester Mlsslon Action
163
163
648
9,461
648
8,074
1,945
41
15991
Expendable endowment
Benefice houses
Permanent endowment
Stlpend5 fund capitsl
Parsonage5 endowrnent capital
Major 8all sÈttletnent capit31
Penrose capltal
Clerey Welfare capita1
Chalke bequest capital
Widows and dependant5 capital
Thorrold Ilbrary cèpltal
Pember capltal
Christopher Library
Chute endowrpent
77.938
180
11,1591
76.947
13.807
3,034
730
2,876
19501
18.767
730
164
319
163
320
4,759
56
1,4CQ
6.159
56
183
202
753
203
753
240
10,629
240
91,745
3,112
19621
104,524
Total funds
128.854
20,230
3,352
15,4841
146,952

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TOTHE FINANCIAL STATEMENTS
For the year ended 31 December 2020
20. DESCRIPTION OF FUNDS
General fund
The general fund is the WDBF'S unrestrleted undesignated fund available for any of the
WDBF'S purposes without restrictitsn.
ThÈ Maclean Fund origillated with an unrestricted bequest in 1948 by the late Sir
Alexander Maclean. The WDBF h35 designated thi5 fund to assist with expenditure on
clergy housè5 which could not be met from any other fund.
The diocesan pastoral account was set up under the provislons of ihe Pastoral Measure
1983. The restricted purpose5 for which the account may be used are..
to defray costs incurred for the purposes of the MeaSL5re or any scheme or order
made under the Measure except for salaries of regular diocesan employee5
to make loan5 or grants for the provision, restoration, improvement or repair of
churche5 and parsonage houses in the diocese
othei purposes of the diocese or any benefice or parish in the diocese
to make Erants or loans to any other diocese
to transfèr funds to the diocesan stipend5 fund income or capital account5.
This restricted fund, formerly known as the Clergy Retirement Houses Fund.
repre5ent5 the unexpended balance of a spetial appeal for funds made in the earlv
1980s forthe provlsion of retirement housing for clergy. The fund is also used to make
bridging loans to clergy approaching retirement. A Charity Commissioners Scheme
has widened the purposes tsf this fund to Include housing provision for clergy widow5
nd deserted clergy spouses.
Thls restritted fund represents the unexpended accumulatèd income of a settlèment
for the benefit of the parishes of Brown Candover and Chilton Candover.
This fund represents the unexpended accumulated income of a legacy for tl)e benefit
of clergy, who in the opinion of the WOBF are most in need of grants. In recent year5
the WDBF has applied the ineome for grants to clergy for extended study leave.
The Clergy Welfare Fund is vested in the WDBF as trustee. The capital of the trust is
Shown as a permanent endowment, and accumulations of income as a restricted
fund. The purposes for whlch the trustee may apply the income are as follows.. for
the benefit of clergy in the Diocese of Willchester. at the discretion Of the Bishop,. to
assist ordination candidates.. to a5515t with the hlgher education of children of the
clergy in the Diocese.
Maclean fund
Pastoral fund
Clergy houses fund
Major Ball settlement
Penrose legacy income
Clergy welfare fund
Church schoo15 fund
The church schools fund represents unexpended accumulations of sale proceeds of
redundant Church of Eng13nd School properties. Its L)se Is restricted by law to capital
and rllaintenance work to Church of EnEland schools in the diocese and education
generally at Churth of England Schools in the diocese. The WD8F 15 trustee of these
funds, which are managed on a day to day basis by and in consultation with the Board
of Education.
Pember income fund
The annual income of the PembÈr Fund is restricted by a Charity Commissioners,
Scheme to the payment of Winchester Oiocesan clergy pen5ion5. Where the income
In any year is not required for this purpose, it may be used for providing
accommodation for these clergy and their dependants, and for makin8 grant5 to
widows of such tlergy and theii dependants.
These funds have been left to, or settled with, the WDBF Specifically for the benefit
of clergy widows and dependants.
The purpose of this fvnd 15 to provide a theologital library for the clergy of the
Diocese. The Thorrold and Lyttellon Library ha5 been loaned to the Univer51ty of
Winchester to secure it5 future accessibility and development.
Clergy wldows and dependants
Thorrold Library fund
Pir Ee 15 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2020
Fairbairn trust
The Fairbairn Trust, of which the WDBF Is trustee, was 3 bequest of the late Sir Arthur
Fairbairn for the Church of Englav)d's mission to deaf and hard-of-hearing people in
the Diocese. Grants are awarded to parishe5 and local deaf clubs.
Diocesan Council for Social Responslbilitv
The Winchester Diocesan Council for Soclal Responslbility is a registered charity of
which the WDBF is trustee, and which is linked to the WOBF for reporting purposes
by a uniting direction of the Charity Commission dated 31 May 2005. The purpose of
Ihe charity is 'the advancement of the Christian religion within the Diocese of
Winchester by promoting Christian engagement with and concern for people'5 needs
in the whole of society, and to reflect upon Social issues in the Ilght of the 'Gospel'.
This fund ar05e from a distribution to the WDBF from the former Incorporated Clergy
Sustentation Fund. Capital and income may be Used in aid of the sustentation of the
clergy in the Diocese.
This restricted fund consist5 of income generated by the a5SOClated endowment the
income is entirely transferred annLJally to the gener31 fund where it is appSied for it5
specified purpose of benefice house outgoinES.
The dioce53n stlpends capital fund has been created from the diocesan stlpends fund
capital account assets held on behalf tsf the diocese by the Church Commissioners
under the Endowment5 and Glebe Measure 1976 to providè income for cleiEv
stipends. It represent5 the actumulated sale proceeds of glebe propertv, 5alÈ
proceeds ol benèfice houses and surplus benelice endowments following pastoral
reorganisation. Capital funds may be ysed for the purchase, improvement and
maintenance of glebe property and benefice houses. The funds may be invested in
the CBF Church of England Property, Investment or Fixed Interest Securitie5 Funds, or
51mply held on deposit.
The benefice property fund consist5 of Te50urces restricted to provision of b@nefice
houses in the diocese. They are represented by the benefice houses or by salè
proceeds of lormei benelice houses held on suspense by the Church Commissioners.
Although benefice houses are vested in the incumbents for thE time being of the
benelices concerned. the DBF is obliged to maintain them, to ensure that there are
sufficient benefice houses forthe pastoral structurÈ of ihe diocese,. in Hddition. where
a benefice house 15 no longer required then it IS Usually transferred into rhe
unresiricted corporate ownership of the WDBF.
Bequest from Miss Winifred Joan Chalk to be used for the benefit of Indvstrial
Mission.
ICSF grant for tlergy house5
Benefice house endowment
Diocesan stipends fund capltal
Benefice property tund
Chalk Bequest
Chute Endowment
The income from the Chute Legacy Endowment, a fund originally created by the
WDBF from a number of restricted gifts is for the purpose of being a repair and
replacement fund for the Retreat Centre.
Gift from OAP Trustees in 2009- Income is used to support the salary of resources
ssistant in the Resources Centre.
Christopher Library
Tale Tellers
Gilt from OAP Trustees in 2009 - Income is used to support the salayy of resources
ass1stant in the ReSour￿S Centre.
Sustainability Fund
To aid transltitsn
Page 46 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
21. PENSIONS
The DSF participates in two penslon schemes administered bythe Church ol England Pensions Board, which hold% the assets
of the schemes separately from those of the DBF and the other partltipating employers. One of these is the Church of
England Funded Penslons Scheme for stipendiary clergy. The other is the Church Workers Pension Fund. The Church
Workers Pension Fund has a section known a5 the Defined Benefits Scheme, a deferred annuity settion known as Pension
Builder Classic and a cash balance section known as Pension Builder 2014.
These schemes are multl-employer 135t man standing defined benefit pension schemes for which the DBF is unable to
identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risk5 associated with the
current and former employees of other entitie5 particlpating in the scheme. For multi-employer scherres where this is the
case. paragraph 28.11 of FRS102 requlres the DBF to account for pension c05t5 On the basi5 of contributions actuallv
payable to the stherre in the year and. where contributlOn5 are affected by a surplu5 or defitit in the scheme, to disclose
Information about the surplus or deficit and the implications of the surplus or deficlt for the D8F. A valuation of each
scheme is carried out once every three year5.
Church of England Funded Penslon Scheme ICEFPSI
The membership figures that we hold ès at December 2019 and December 2020 for Winchester 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 FRS102 calculation5, so ère provided here for reference.
December 2020
December 2C>19
Number of Members at this Responsible Bodv
146
155
Winchester DBF participates in the Church of England Funded Pensions Schème for stipendiary clergy, a defined benefit
pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the
schemes separately from those of the Responsible Bodies.
Each participating ResponsSble Body in the scheme pay5 contributions at a common contribution rate applied to
pensionable stipends.
The scherne is considered to be a rnultl-employer scheme as described in Section 28 of FRS 102. This means it is not
possible to attribute the Scheme's assets and liabilities to each specific Responsible Body. and this means contributions
are accounted for as If the Scheme were a defined contribution scheme.
A valuation of the Scheme 15 carrled out once evory 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 oll asset5 Of £1.818m and a
funding target of £1,868m. assessed using the followrn8 assumption
An average discount rate of 3.2% p.a.,
RPI inflation of 3.4% p.a. land pension Increases consistent with thisl..
Increase In pensionable stipends of 3.4% p.a.,
Mortality in accordance with 95% of the 53NA_VL table5, Wlth allowance for improvemont5 in mortality rates in
line with the CM12018 extended model with a long term annual rate of improvement of 1.5%, a "smoothing
parameterf, of 7 and an initial addition to mortality impiovements of 0.5Yo Pa.
Following the 31 December 2018 valuation, a recovery plan wa5 Put in place until 31 December 2022 and the deficit
recovery contrlbutions las a percentage ol pensionable stipends) are as set out in the table below.
Pcige 47 of 52

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
% of pensionable stipends
Januaiy 2018 to
December 2020
11.9%
January 2021 to
December 2022
7.1%
Deficit repair contributions
As at 31 December 2018 the deficit recovery contributions under the recovery plan In force at that time were 11.9% of
pensionable stipends until December 2025.
As at 31 December 2019 and 31 Dec@mber 2020 the deficit Tecovery contributions under the recovery plan in force
were as set out in the above table.
For senior office holders, pensionable stipend5 are adjusted in the calculations by a multiple. as set out in the Scheme's
rules.
Section 28.IIA of FRS 102 requires agrÈÈd d*fiClt retoveiy payments to be recoEnlsed as a liability, The movement in
the balance sheet liability over 2019 and over 2020 is set out in the table below.
2020
2019
Balance sheet liability at l January
950.000
2,966,000
Deficit contribution paid
Interest C05t Ireco8ni5ed in SOFAI
Remaining chanEe to the bal3nte sheet liability. Irecognised In SOFA)
-429,000
8,000
3,000
-443.000
58,000
-1,631,000
Balance sheet liability at 31 December
532,000
950,000
Comprises change in agreed deficit recovery plan, and change in discount rate and assumptions between year-ends.
This liability represent5 the present value ol the deficit tontributions agreed as at the accounting date and has been
valued using the following assumptions set by reference to ih@ duration of the deficit ¥ecovery p3yment5'.
December 2020
December 2019
Dècember 2018
Discount rate
0.2%
3.1%
1.6%
l.l% pa
2.8% pa
1.3% pa
2.1% pa
3.l%pa
1.6% pa
Increase to total pensionable payroll
The legal structure of the schemè 15 such that if another Responsible Body fails, Winchester DBF could become
responsible for paying a share of that Responsible Body's pension liabilities.
Winchester D8F participates in the Defined Benefits Scheme section of CWPF for lay staff. The Scheme 15 administered
by the Church of England Pensions Board, which hold5 the assets of the scheme separately from those of the Employer
and the other participating employers.
The Church Workers Pension Fund ha5 a section known as the Defined Benefits Scherne, a deferred annuity section
known as Pension Builder Classic and a cash balance settion known 35 Pension Builder 2014.

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
Defined Beneflts Scheme
The Defined Benefits Scheme I"DBS'I section of the Church Workers Pension Fund provides benefits for lay staff based
on final pensionable salaries.
For funding purposes, DBS is divided intcl 5ub-pools in respect ol each partlcipating employer as well as a further sub-
pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers. includiNE those
relating to rnortality and p05t-retirernent investment returns.
The division of the QIBS into 5ub-pools is notional and is for the purpose of calculating ongoing contributions. They do
not alter the fact that the assets of the DBS are held as H single trust fund out of whlch all the benefits are to be
provided. From time to time, a notional premium is transferred from employer5, sub-pools to the Life Risk Pool and all
pensions and death benefits are paid from the Life Risk Pool.
The scheme is a rnulti-employer Scheme as described in 5ectlon 28 of FRS 102. It is not possible to attribute DBS assets
and liabilities to specific ernployers. slnte each employer, through the Life Risk Section, is exposed to èctuarial risks
associated with the Current and former employee5 of other entities participatine in DBS. This means that contributions
are accounted for as if DBS were a defined contribution scheme.
If, following an actuarlal valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be
made frorn the Life Risk Pool to the employers, 5ub-pools, or vice versa. The amounts to be transferred land their
allocation between the sub-poolsl will be settled by the Church of England Pensions Board on the advice of the Actuarv.
A valuatlon of DBS Ss carried out once every three years. The most recently linalised was carried out 65 at 31 December
2016. In this valuation, the Life Risk Section w35 Shown to be in deficit by £2.6m and £2.6m 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 £26.2m.
A valuation 35 at 31 Oecember 2019 wès under way as at 31 December 2020. The contributions agreed at that
valuation will be reflected in the figures disclosed In the 2021 accounts.
Following the valuation. the Employer has entered into an agreement with the Church Workers Pension Fund to pay
expenses of E7.700 per year. In addition deficit payrnent5 of É153.956 per year have been agreed for 7.00 years from I
April 2018 in respect of the shortfall in the Employer sub-pool. This obligation has been recognised as a liability within
the Employer's financial staternents.
Sectlon 28.IIA of FRS 102 requlre5 3greed deficit recovery payment5 to be recognised as a liability. The movement in
the provision 15 set out below..
2020
2019
Balance sheet liability at I January
776,000
893,000
Deficit contribution paid
Interest t05t Irecognised in SOFA)
Remaining change to the balance sheet liabllity'lrecognised In SOFA)
-154,OOD
9,000
16.000
-154.000
17,000
20.000
8alance sheet Ilabllity at 31 December
647.000
776,000
* Comprises change in agreed deficit recovery plan and change in discount rate betwÈ8n year-ends.

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
This liability repie5ent5 the present value 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 payments..
December 2020
December 2019
December 2018
D15count rate
0.40%
1.30%
2.10%
The legal structure of the Scheme is such that if another ernployer fails, the employer could become responsible ftrr
paying a share of that employels pension liabilitie5.
Teachers, pension stheme ITPSI
The WDBF made contributions to the TPS on behalf of 2 employee5 who had previously been teachers. The TPS is B
statutory, conlributory. defined benefit scheme, governed by the Teacher5, Pensions Regulations120101 and. from I
April 2014, by the TeacheTS' Pension Scheme Regulations 2014. Membership is autotnatic lor full-time teachers and
from I january 2007, automatic for teachers in part-time employment following appointment or a change of contract,
although they are able to opt out.
The TPS 15 an unfunded scheme and members contribute on a 'pay as you go, basis, these contributions along with
those made by ernployers are credited to the Exchequer. Retirement and other pension benefit5 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
review of the TPS in accordance with the Public Service Pensions Ivaluatior)s and Employer Cost Capl Directions 2014
published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarlal scheme
valuations are dependent on assumptions about the value of future costs, design 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
collections
teachers-
en5ion-scheme.
22. OPERATING LEASES
Total amounts payable under non-cancellable operating leases are as follows:
2020
2019
£,000
£,000
Land and buildlngs
Within one year of the balance sheet date
16
In the second to fifth years inclusive of the balance sheet date
13
21
Z9
21
Other operating leases..
Within one year of the ba13ncè sheet date
In the second to fifth years inclusive of the balance sheet date
13
14
13
Page So 0152

WINCHESTER DIOCESAN BOARD OF FINANCE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
23. FUNDS HELD AS CUSTODIAN TRUSTEE
The WDBF acts a5 Diocesan Authority or custodian trustee for many trust funds by virtue of the Parochial Church Counci15
Ipowersl Measure 1956 and the Incumbents and Churchwardens ITrust51 Measure 1964 where the managing trustees
are parochial church councils and others. Asset5 held in this way are not consolidated into these financial Statements as
the WOBF does not control them. The financial assets held in this way may be summarised as follows:
2020
2019
£,000
15,288
590
£.000
14,467
647
CBF Church of Eneland Investment Fund income share5
CBF Church of England Fixed Interest Securities Fund shares
CBF Church of England Property Fund shares
COIF income and accumulation shares
Other common investment fund holdings
Direct holdings in UK equities
Other flxed interest stocks
CBF Church of England Deposit Fund
Sundry debtors
Cash at bank
Sundry creditor5
Total assets held as Custodian Trustee
243
271
31
39
288
298
104
ioi
1,233
1,206
15
1171
17,021
17.793
24. POST BALANCE SHEET EVENT
The. Channel Islands Measure 2020 was approved by the General Synod of the Church of En8land at It5 February 2020
group of sessions and received Royal Assent in July 2020. At the end of 2020 it had not yet entered into force because
further legislation was required. When it doe5, Its effect will be to transfer legal responsibility for the deanerie5 01
jersey and Guernsey to the Diocese of Salisbury, as recommended by the Report of the Archbishop's Commission.
published in October 2019. Responsibility for these deaneries was delegated to the Rt Revd Trevor Willmott. as
described in the Trustees, Report. with effect from l January 2015 $0 there will be no direct financial impact on the DBF
when thls Measure tomes into legal effect.
Pago51 of52