2023-12-31-accounts

Re8i5tered number. 137029 Charlty number. 249505 Th¢ Chelmsford Diocesan Board ol Finance Amual report and financial statements For the year ended 31 D•¢tynber 2023

The Chelmsford Diocesan Ooard of Fin*Ke Contents Inrrnduction Legal objects Strateyc Report l. Strdtegic Aims l Objeccives for the year 3. Acuvities and achievanw)ts in the year 4. Rela￿d parties and volwteer5 5. Hanning for 2024 6. Financial review 19 21 23 7. Custodian ¢ru5 27 8. Principal ri5k5 and uncertainties St￿￿ture and Governan 29 Trustees Responsitilities Administrdrive details 34 35 Independent a￿lit0￿S rep( Statem￿( of financial activities 37 Summary income and eX￿d1(Ure act￿nt Balance sheec 41 42 Statement of cash Ilows 43 Notes to the financAI statements

T￿ Chelmsford Dlocesan 8oard of Finance Trustees. Report for the year ended 3 l D¢c¢mlxr 2023 Regirtered number. 137029 INTRODUCTION The Trustees, vtho are also Directors for the PurFX￿ of company law, present their annual repo￿ together With the audid financial Statements. for the year ended 31 December 2023. The Directorsrrrustees are one and the same and in signing as Trusree5 they a￿ also signing the strategic report sections in their capaciry as Directo This combined report satisfies the legal requIr￿￿)ts for. a Directors, Report of a charirable cornpany, a Strategic Report under the Crjnpanies Art 2(M)6 and a Trustees, Annual Report under the Charives Ac¢ 2011. Legal Objects The o*'eccs of the Diocese of Chdmsford cfftr the county of E55ex. the unitary authorities of Southend and Thurrc<l the five Easr London boroughs of Newham, Waltham ForeK PArkin8 & Dagenham, Redbridge, and Haverin& and a few parishes in South Cambridgeshire. The Chelmsford Diocesan Board of Finance's f'CDBF") princip21 obiert is to promote. assist and adydnce the Y￿rk of the Church of Enghnd in the Diocese of Chelmsford by ac¢ing as the fina￿la1 executive of the Chelmsford Diocesan Synod. The CD8F has the follov4ing statutcrfy responsibilities: the management of grebe property and investmenrs to generdte income to support the cost of 5¢ipends arising from the EndoWm￿E and Glebe Measure 1976: the repair of benefice house5 as the Diocesan Parsonage Board under the Reyir of Benefice Buildirv Measure 1972: iii) the management of investments and the cus¢odianship of assets relating to church schools under the Diocesan Board of EdvcatK)n Measure 1991: the custcdianship of pernunent endowmenc and real Fyoperty assets relating to trusts held by Incumbents and Archdtscons and by Pdrochial Church Councils as Diocesan Authoriry under the Intumbents and ChUrCh¥￿rdenS (Trusts) Measure 1964 the Parlxhial Churth Counci15 {Powers) Measure 1956. The strategic viori￿ of the company are established by the Diocesan Syra on the advice of the BislK)P'S Council in communicatyon with Deanery Synods. Parochial Church Councils (PCCS). and the Bishop of Chelmsford (in respect of their re¥Jonsibility for the provision of the cure of sou15). To rhi5 end, significant time and effort is committed to communication between and with these bodies. as well a5 with the Church nationally. including discussions on strdtegic priorstses and Ewdgets.

Th• Ch•lmsford Dioc•san Board ol Finance Trnstees. Report for the year ended 31 Dettmber 2023 Strategic Report l. Strategic Aims The Chelmsford Di¢xese Board of Finance (CDBF) is resF)nsible for the cusrody and manageMt of diocesan finance5 and the employrrthc of CDBF soff. The CDBPS purpose 15 to provide apwopriate PerS￿￿e1 and financial resources to assix the Diocesan Synod, Bishop's Council. deanein and parishes to further the mission and 5rrategic wiues in the DI￿eSe, Travellin8 Well Together 2023 was the first full year follo￿￿8 the inrroducrion of thh sets out 3 rw direction of travel and shared walues for the Di¢xese of Chelmsford. Introduced after a period of listening and discernment that Egan when the Rt Rev Dr Gull Frantis Dehqani became Bishop of Chelmsford in 2021. Tratlelling Wdl Together reco8ni5e5 that the churches and communities we serye have been thr￿gh and remain in a Per￿ of Si￿lficant dAnge challenge. Challenges that iffpact each parish and worshiwng c¢Jnmuni¢y very differendy. The approach set ¢￿t in TrdVeIli￿ Well Together can be arttrculated as follow5: Our PuQose is to love God and to love our neighbour, ro worship faithfully and empowered by the Hoty Spirit witne5S to the love of God re￿Ied in Jesus Chrisc as we seThe the extraordinarily diverse array of local c¢Ynmunityes in Essex and East London. Our typrooch is to enable and eryower Fari5he5 worshipping communities to discwn I￿¥ chey are to be Gcd's rwle in their own very different IcK31 contexts and as part of one diocesan famity. UrKlerpinning our approath is an invitation to a way of bw.ng articulated by shored dh)ceson volues which might shape how VE trayd toget1￿r, 5UPPfrt each other and provide mutual accountabiliry. More information aEout Trdvellins Well Together and shared diowan values can be read at The approach set out in Trnvelling Well Togeth￿ seeks to build on vknat has gone before. There is much that Transfomiing Presen￿, the previous di¢xesan strategy, brtyjzht to the lrfe of our Diocese to different local contexts. TraveNing Well ToFther reco￿1￿ that ir 15 now time to build on its foundations by emphasisin& at a diocesan level. not what we need to do (that will be discerned and artiCula￿d locally) buL guided by shared values how we are to live. Travelling Well Together is iMrational. Parishes. deawies and V+r)rshipping ttJmmuniEie$ are invited to make use of the approach and Cc￿51￿ how the ¥Blves speak to and supwt thwr ¢)wn local context. The fdlues will underpin diotesan decisK>n Ma￿n% I￿lUding complex and drffKult decisions. It is a150 hoped that the values will suppJrt deosion making in more bcal contextr. in dear￿leS and parishe5, providing a fr2mev*Drk for conversations. Enabling and wnpowering parishes. deaneries and worshipping communities to discern how they are to be God's pe￿e in their own Very drffwent contexts and a5 part of one diocesan family. means moving beyond tcpth)wn diocesan iniriau￿s arml pr08raM￿•.

The Chdmslord Di(bcesan Board of Firbance TNstees' Report for the year ended 31 December 2023 2. Objertives for the year- resourcing and supporting parish ministry The 3 primary objectives frorn 2021 vknich supp)rt the direction of travel srf out in Travdling Well Together. continued in 2023. l. To reduce the annual deficit so that mission and ministry in parishes can be betterresourc•d in the future Continued irylementsoon of the FinarKe Acrion Plan: identifying new income streams and adopting tottl retum acCo￿ting to reduce the defici¢ and increase funding available co support local parish ministry. b. C(￿rIn￿ed development and support for (introduced from January 2023) in order to encourage greater mutual support between parishes and to increase furKls to sUp￿rE local parish ministry, induding through rhe introduction of a Mission Opportunt¢y Fund to support missional vffjrk across parish b)undarE5 ¥￿thin deaneries. 2. To support parishes and worshipping communities in their great Var￿ Of local contexts Continuing to supp)rt parish ministry throu8h paying the costs of stipends and hou5irig costs for clergy serying in the Diocese b. Reform of minis￿rial deYdopnEnt ind training to 5uppor¢ local ordained and lay ministry. including through the deVdopT￿t of a ne+V rnme of rnin . Supwrting parish youth work through our d. Stren8thening the proiect managwnen¢ of our SDF-funded Church ￿ants w better enable them to grow and flourish & Devel in Church ofEn and Stfd (SMMIB) co enable the DTrcKe5e to work alongside parishes and deanerie5 to discern p&ns for future mi5sional investment applicauon5 to the SMMIB from each Episcopal Area. ni to better understand how parishes and worshipping communityes can be well StsPF*Xted in the ¢￿text of the Trnvelling Well Together approach. g. Increasing the focus of Diocesan seThiees on l¢xal parish support including Safezuardin& Parish finarK< communications and property. including the introduction of a new on the diocesan websits to hebp church leaders access support. h. Supporting parishes that are engyd in SCKAI attion work, induding in local communities, on the environmen( eterfK>M￿ dyNation. and racial ju5ric J. To inyrove accountability across our dbocese Se¢¢ing clear or¥anisarional obiectsves and r￿P￿sibIlItieS and identifying resourcin8 and training needs to help achieve them b. Improving aPFroaches to e￿uatiOn acn)ss our staff and governance StrucDJres to drive continual improvement Breaking down silo$ and encouraging and enatding efftttive Col￿t￿atIon between departments and bet¥veen the di¢xesan offits and parishek The main objec¢ive for rhe CDBF is to resouro diocesan need5 as deterrnined by Synod and informed by local and national Church institsjtions. and to discharge its statuw funttion Through carrying out these obl￿0Ve5 and in Fff(￿lng the WI￿ mission ofthe Church (pastordl. fftngeli5ti¢ social and ecumenical) the Trus¢ees ￿ confthit Ihaving rydrd to Charity Commission guidance) that the

Th• Ch•lmsford Diocesan Board of Fin￿(¢ Trustees, Report for the yw Mded 31 December 2023 CDBF delivers pthlic benefit thr￿h community engag￿￿￿ resourcing education and supp)rting those in need both spiricually and physiolly. 3. Artivities and achievements in the year Introduction As parishes and worshipping COMM￿ltieS discern how they are to bve and bve their neighbour in thelr very different local contexts. this section provides case studies of local achievonenu and ac¢ivitie5 and the Y￿rk of the CDBF to resource and suppcrt local Missi￿ and mintsoy. Senior Staffing change5 The appointment of Adam Atkinson as Bishop of Brndwell vns anfiounced on 19 June 1023, following the departure of Bishop John Perumbalath who became Bishop of Liverp)ol earlier in the year. &shop Adam started in pose in NoVeM￿r 2023. In August 2023, &'shty Gull announwl the apFointments 0f￿than CrOud￿r as the new Archdeac¢y¢ of Chelmsford. sutteeding Elizabeth STr)wden vtho retired in 2022 and Kace Peacock as Archdeacon of Sransted to succeed Robin King had announced thar he v)uld be re¢iring in Ocu>trr 2023. Archdeacon Kate and Archdeacon Jonathan started in post in Noyenthr 2023. In January 2023 Archdeacon Vanessa Herrick announced that she would be retiring as Archdeacon of Harlow in March 2023. Following Archdeacon Vanessa's deparnire, Bishop Gull began a consul(arion about the fucure of the Harlow Archdeaconry. That consultation conduded in April 2024 and Bishop Gull announced thac the Archdeacon of Harlow role woukl no¢ be reF4aced, that the Deanery of Epping Forest and On8ar INould become part of the Chelmsford Archdeaconry in &7dwdl Episcopal Area. and the Deanery of Harlow would become parr of the Stansted Archdeaconry in the Colthester Episcopal Area. The Trustees would like to Ydcome BIsP￿ Adam. ArdKleacon Kate and Archdeacon Jonathan. along with all those who have started in new roles in our Diocese in 2023. They also vtant to place on record their thanks to all those vlho left rde5 in Chelmsford Diocese during 2023 induding Bishopjthn. Archdeacon Vanessa and Archdeacon Robin. Resourcing Mission and Ministry in Parishes and Worshipping Communities Building a suxainable finanaal base for Mis￿on and ministry in our parishes and y￿r$hIPping communities was top priority in 2023. The rdl ￿Jt of the new Parish Share sdleme key in ensuring that there are sufficienc resour￿ availawe ro ensure we have the finan￿$ ayailatk to $l￿1n our mrssion and ministry w￿rk. The aim of the new share scheme is to increase mutual SUPFort be￿eft parishes and to reduce the overall shortfall v4hich has had a significant impart on the of the CDBF w fvnd local parish ministry. In addition. ¥￿ underrook the followng aaions to imFKove our finantial pxirion to enable us to build a sustsinable financial base for mission and minisrry l. Continuing to work Eovrdrds the fve key cwtsits of our financial plan: Strffjhen resev b. Increase revenue Reduce costs d. Improve the cash posit e. Capacity w deliver the pkn 2. The sale of 5urplu5 prcpert* to enable us gmw ¢)ur investrnents

The Chelmsford Dioc•san Board of Finance Trustees, Report for the year ended 31 Decemb•r 2023 3. Investment of surplus cash in a h¥h depo%¢ acco￿¢ ¥￿th CCLK which has improved interest income and allov4s us easy access to cash reseThts as necessary. 4. The ad¢Jption of a Toral Rewrn Accounting Policy has allovod Endowment furth to wovide increased support towards St1per￿ cosc5. See note 26 on page 70. S. Long ￿rrn plans to redu￿ the total number of stipendiary clergy. vknith ¥vere accelerated as consequence of the Cov1￿19 pandemiG continued to be implementèl. This has been difficult aTrJ painfijl but has served to bring u5 to kne are today and we Ph)pe and pray that it viill allow us to move forward, liwng within our means and a foundation on vthich to build a flourishing mission and ministry. There are 5cilI painful consequence5 that we must INe with and there will scill be difficuli decision5 ahead. Where that is the cas& parishes will be more invofved in discussion and discernmen¢ about how can best deploy ministry acr055 the communi¢•es we serye. 6. We have Eeen securing exwnal funding to SUFWt tY¥s$￿n and ministry in pari5h4 including securing a grdnt of £2.2m from the Church of England Strate8ic Mission & Ministry Investment Board (SMMIBI Twhich will enable the Diocese to work alongside parishes and deaneries to plan for future missional investment applicauons to the SMMIB fr¢yn each Episcopal Area Case Study l- Serving local communities- Soul Food Brings the Communi ether at St Andre￿$ Le onstone St Andrews Church in Le>tonstone began Iwting the Soul Food Cornmunicy Meal in parcnership viith Leytonstone Mutual Aid in 2022. Soul Food Community Meal has subsequently evolved and is now run by the community. for the community. VolUn￿er$ prepare and ser￿ a free meal for all in a warm. friendly. safe Space. The meal provide5 a SF￿￿ for people of all faith5. bel•ds arKI ages to get to krthv their neighbours and to feel 3 Sense of bebnging in the local corrffiunity. Susan Toole. Thair of local Leyccfflstone Mutual Ald gr<)up said: ￿e ioined with St Andrew￿ to provide a hot three-course meal for our local communiry. The church WKles the venue. the council supp)rts us with fundin& and our volunceers do the rest! We ￿y. prepare and serve the food. The local Women's Institute provide sorne splendid puddings too! Everyone. includ.ng our Volun￿er% eats the meal together. We have about 50 people eaeh week attending to enjoy the fO￿J. vrdrnith and gc>)d company. Some great frierKlships have been made and we've learnc lots of new skills - cookin& plannin8 menus and teamY￿rk. It has been fantastic to see our comrnunity coming together to O) something useful and that'5 so enjoyable, too! SoulFood is for the Feople. by the people, with the r. We are more than a project- we are the Soul Food Community." Alongside Soulknd. St Andrew's is open eath week as 'Cfynmunity Living Room, space. Every Monday morning the church provides free hot drinks free WIFI with a hot desking area and children's play area for those in the local community to Use. In September 2023. Soul Food vos recognised at the Waltham Foresi Faith and Belief a￿ard winning the

The Chtlmsford Oloc•san Board of financ• Trustees, Report for the year ended 31 December 2013 aydrd for Promo(ing Indusion athd Commuthicy Cohesion. At the wne av4ryrd5 ceremony. another of our churches in Waltham Foruc deanwy - Cornets￿ Church. Ley(￿ - V*Dn the Cost-of_Living award fc setting up The COrntrst￿e Baby Bank A baby bank Fwvwjes trt-k)ved baby gC•)ds donated by the k>cal community tt) families in need. Case Study 2- Serving communities- 200 gather at Thaxted Parish Church for the Annual Plough Sunday Service MO￿ than 200 pecple gathered ar Thaxtd Parish Church on Sunday 15 January 2023 for the Diocesan Plough Sunday celebrntion. a special serrice to support the larming communiw. This was the largest ever congregation for the annual Servi￿ ￿lch was followed by the Essex Young Farmers, Trnctor Run. Chelmsford Diocese Rurnl Adviser and Ayicultural cha￿aIn. works ali)ngside church leaders in our parishes to support the farming corrwnunity in our Diocese. is wcwred above during the crddioonal blessing of the Plough outside Thaxted Parish Church. in JulL2Q21 Commenting on Janet's appointmen¢ the Bishop of Chelmsford. the Rt Rev Dr Gull Francis- Dehqani said ' Janet's apFointmen¢ a5 a Deputy Lieutenanc of Essex is a great tribute to the high re8ard in vthich she is held arbj the syificant contribution she has made in her ministry to the rurnl communities of our Diocese. l know that there are many peoFle have V￿rked with and been supported by JaneL who will jThn me in Yrdrmly congrntula¢ing her." Support for clergy and lay ministers The CDBFS most signifKant inves¢mwrt is in the clergy and lay minisrers who our parish churches and serve our local communities. In 2023. the fruit of a wide•ran&ng listening exercise on VAS a full repor¢ which was delivered to the Bishop's Lead￿shiP Team. An Implementation Group. chaired by the Bishop of Barkin& the Rt Rev Lynne Cullens. 15 ensuring that V￿ take action on the issues Klentified. notsbly by launching wellbeing groups and karning CO￿￿nunItieS. rela￿￿hIng WO￿ wth confiict analysis and Inte￿￿tIti￿ and ensuring that c￿r wocesses baore. during and af￿ vacancies promote the wellbeing of all those involved. The Chelmsford Leadership Prwamwe. has eV<>fr￿ Tnto ' Partiapants have said thty apPrtt4￿ a safe Spa￿ to relleffj with their peers. on the complex challenges

The Ch•lmsford Dlocesan Board of Thnance Trustees. Report for the year efftded 31 Decenknr 2023 and opp)rtunitye5 of their roles. Inp￿ is framed around the three foci of Knowing God. KrK>viing Oursdyes arKI Knowing our conce￿ vlith deep consideration of the shared value5 of the diocese. The group ha5 valued ￿￿tIng membws of the &slw?'s Leadership Team. diccesan specialists and experierKed incumbents. with ￿encY of time for conversation and contextualisation. In 2023 we cele￿trd the ordinacKJn of 18 deacons (stipendkiry and non-sripendiary), and 27 Candida￿ starced trdining in Septemter 1023 across a range of TEIS. With the inrroduction of a new National Quality Framework for Curacy. there TrKas opportuntty to further develop the IME2 curriculum to ensure that the revised competencies v4ere reflected. This curriculum was introduced in Seprember 2023 arwj to date the evaluations are positive from participan(s. We welcomed 18 newcunTrs vtho were ordained deacon ar Chelmsford Cathedral on I(￿ September. On 30 Swember. 26 Cufdtes v￿e ordained priest at five 5ervice5 acr055 the Diocese. In 2023, &shop John PWUMba￿th ￿4$ trdnststed to Bishop of LiverF￿1 and Caroline Harding. Lay Ministry Adviser. was aFpointed first as the in￿lM then the pernAnent Warden of Reader& Since her appointmen¢ Caroline ha5 continued to encourage ￿1 areas of Lay Ministry in the Diocese. V￿rkIng closely with the Rt Rev Adam Atkinson since his appointment as Area Bishop of Bradwell with a porrfolio for Lay Ministry. There are fewer Licensed Lay Ministers (LLMS) entering trainin& bur Caroline and Bishop Adam are looknng ac trdining opporninirie& to encourage all disciples of Christ from across all the diverse areas of the Diocese to step into this viral ministyy. In 2023 we licensed five new Litrnsed Lay Ministrrs (LLM51, and V￿lcOmed ts¥o trdnsfers from other dmxeses. Onty one r￿W st￿ent began LLM training at Sc Mellitus College. 44 people grdduated from the in Juty with four people re￿I￿n£ attendance cerrifiCa￿S (66 started in 2021). Thw-e v￿e no new srarters in 2013 as the new course start date vr45 moved cojanuary 2024. The new course tenN njn from January to November. 20 people achieved their Pastofdl Assistant Part I certificates which they V￿re awarded in July 2023. with a further nine achIe￿ng the cerrifKate to Ee avArded in 2024. A further four people completed and were avArded their Pastoral As*sont Part 2 certificates. with six expected to Compl￿ in 2024. There are a total of144 Authorised Lcol Preathers in the Diocese. 17 ofwhom were newly authorised in 2023. 23 people complttd at least one mtrjule ol the four-module courx Spiritual Companionship, and six people cornple￿ the course and received &'shop's certificates. Others are to complete in 2024. We currendy have 22 Spiritual companic￿$ in the DIOC￿ with a total of I I l ecumenical Spiritual Direc¢ors. Supporting clergy and others who live in Diocesan properties The Diocesan Property Team continued to provide suppor¢ to our partshes and worshipping communities. managing and maintaining our vicarages and other diocesan properties and supporting parishes with land and property issues. The team's V￿rk includ•&. 782 Helrthsk enquiries response5 and 530 works ordws raised 8 owned properties prepared and 3 letrings negototed for curates 26 va(3ncy works projects and moves delivered for newly aPpoin￿d clergy 4 proper¢ies prepared for let on priwdte market 24 parishes provided viith <ustodh1n SUFPtyt for land and Fyoperty relatsj i55ues and transacti¢)ns. 278 Landlord gas safety checks completed 107 electrical tests and upgrades completed 84 periodic inspections were cOM￿eted and 219 works orders raised for proper¢ies for planned external rnain￿nan

The Chelmsford Diocesan Board of Finanr¢ Trustees, Report for the year ended 31 December 2023 Revenue was genera*d through rtsrtal of WQFwrie5 during in￿rre£nUmS as well as through propercy sales 12 house Sal￿ compltted %eneAting over £9m of captsl 4 house purchases at a ctxt crf £3.6m from capul £808,￿0 of revenue generdteAI through rental of 40+ properties with net surplus of circa £476.Th)0. S closed churches managed 236 glebe propernes managed 40 direcdy New glebe tree suryy contrncr wocured Support for children) young people and families ministry The Di¢xesan Parish Share consulration of 2022 identsfied mission and ministry with young Peo￿ as a priority for parishes across our D￿cese. Those who lead yourh and chiklren's V￿rk in parishes ec￿(In￿ed to be supp)rted in 2023 by our Mustard Seed Team: In 2023 over four day& the Mustard Seed Team with the Bradwell Schools Algrimage Planning group, welcomed over 2￿] thildren to the Bradwell Sd¥)ois Fllgrirnage for a day of worship and creaovity at St P￿r'S Chapel, BradW￿n.sea. The team supported the Education Advisery with the Year 6 Leavers day5 at Chelmsford Cathedral, creaung wayer sraiions for the Childr￿ to rellect M thwr time at primary school and moving on to secondary schcol. The team hosted the Leaders. Lounge at the SOUD ftscival in July in partswship with Bar 'n' Bus. The space, refreshments and conversation were very well received by the children and youth leaders who POPFed in fw 'a cuppa and a d￿t. thrOu￿OuC the weekend. A programme of craining and retreats continued - a retreat in each Etmscopal Area; training in Ferson and virtually in a range of subiec¢s induding Adverse Childhocmj Experience& DNersity. Reflective Practice and Welcoming and En8aging With child￿n. young people and families. The new Y¢Mh Synod hubs have met wrth the &'shop of Barkin& the Rt Rev Lynne Cullens and the Bishop of Colchester. the Rt Rev Roger Morris to dixuss the role of a bishop and w￿h the Rev SarKlra Eldridge. Diocesan EnWronTr￿tal OffKer to disojss environmental issues. Early years supporc conrinued. Ann Sharp (parr of the Mustard Seed Team) has been supporting pre- schoo15 and reception classes envir¢)nrnenL wdkbein& leadw5hip and managemenL Ann has also been helping wddlw groups in startup and providirffg guidance on how to develop prayers and Chris¢ian distinctivene5S. Case Stud 3 New Youth S nod Hubs launched On two Sunday afternoons in Awil 2023. ar¢)und 20 young FwAe y￿e hosted ty Bishop Roger and Bishop Lynne at the fir51 meeting5 of our nevdy launched Youth Synod Hubs. The Hubs are Organi￿ by the

The Ch•lmsford DlocÈsan Bovd of Finance Trustees, R•port for th• yur wHl•d 31 Decenkn 2023 Chelmsford ￿"oCeSe Musfard Seed Team - the ream wl)O SUPFKxr our parishe5 and worshipping communitie5 with children, families and youth ministry - and re[la￿ cMJr pmious Diocesan Youth SYr￿d. The Youth Synod Hubs meet once a trmi and their wrpose is twofold: for young people and our bishops to connett direcrly with one another: and for y)ung pecyle's Mew5 and experiuKes to be fed into important decisions at diocesan level. The initial afternoon Meetin￿ in Aw'l 2023. started V￿th a short bl￿e reading and refiection. the group then took parc in Lego and cat's cradle artiyities to them think ab)ut the role of Bishops and the development of youn8 people as fLrture leaders and leadership skills. The sessions finished with a feast of pizza and homemade cakes. Emma Anderton, the childre￿ Farnilies & Youth Missioner for the Barking Area of the Diocese said: "The young Feople who atrended the hubs really enjoyed the chance to meet with the bishops and with one another. It gave thern the opporwnity to think about what we mght discuss at fuwre meetings. "Our hope is that our new Diocesan Youth Hubs Nill enable our young people to share their experience5 of life, faith and church which can then help shape di(xtrAn plans and church at a local level too." Case Study 4- Youth café provides a space for young people in East London Ascension Church, Custtxn Hous< is situated in one ol the deprived communiue5 in East London. One of the way5 the church reaches out to their community is through 'The Garden Café.. lO￿ted in a small parade of shop5 near the l¢xal DLR Static￿ and close to a local secondary schcd. The church Youth Café provides a space of V￿cOm￿ safety and hope for young people in those vulnerable hours betw￿ school and home. It 5 open day pro￿ding young people with activities knt meals. and the chance to dEvelop thwr &fts arKI skills T¥olunteering opp)rninities. The Rev Dive Chewey. Vicar at A$￿s1On Church said: 'We were all too awdre of the problem5 caused by 'lost hour5., where young peoF4e do not go direcdy once leaving the School gates at the end of the day. Whilst V￿ already reach out to young people in so many vrdy& vrdnted ro do something to help the rise in grooming by gangs. youth vidence and anti40cial behaviour. Our Youth Café is a place of protection. twt ir also shows our Y￿n% people that there 15 another vny ro I1￿- The café is run by Ascension Church Ycwth workers JrJdi and Torriec& and welcomes 15-15 young people every day and is having a positive impact on their lives. Jodi explain& "The response from those attending the Youth Café has been really posirivo One child has sah4 rr has helped them to socialise more vith peer5 of their own age in a safe place, and ar￿ther has told us it has helFed them the￿ Social wellbeing. "Our Youch Café is a wekomin& safe space that young Fwle from the local community can come along to. build Iriendship5. learn new skills and have fun." 10

The Chelmsford Oiocesan Board of financ• Trustees, Réport for the year ended 31 December 2023 Schools Our 138 Church khools are inteyal to the life of our D￿5& Our Dictesan Education Team continued co support school leaders in 2023. A full annual reporr of the work of the Dhxesan Board of Education presented to Diocesan Synod on Saturday 25 Novemter 1023. Please refer to this document for furthw details. The DBE continues to focus on its duty to Wom0￿ educatw. The DBE and Education Team members have been focusing ¢)n the core areas of sclb)ol imwavemen( deydopment of Khool leadership, supporting schod governors and maintaining the school estate. CDET {Chelmsford Diocese Educational Trus¢) is the incorpoAteA company through which the DBE manages its relationship vith our diocesan Multi-Academy Trust (MAT), The Vine Schools Trus( and our other MAT partners. Governance 5UPPOrt for co￿ and its directors is integrad into the work of our education and DBe sratucory filing requirements have been meL The Education Team consists of severdl full and part time operating face to face y￿th Schools or within the operational side of the deparrffenL During 2023 Carrie Prior was app)inted as the gjbstantive Director of Education and Maire O'Regan joined the ro wovide adviser capacity following the retirement of Heather Tetchner. Kathryn Willirhwit also joined the Operations Team filling the ￿acanCY for an Education Support Officer. 93% of our church schools signed up to our Parts)wship Agreement offer in 2022r23. This strengthens our relationship and en5ure5 our School Advisers a￿ making regular conracc and offering additional supp¢yt. The Education Team have cononued ¢0 bespjke suppjrt via our School advisers in areas of Governance. Collective Worship. Early Year% Relig￿US Education and Cour38eou5 Advocacy. Otsted undertook 63 Gt7ded & UTh￿ded In5pecrions atross the Diocese. Of those schools inspected 81% achieved or mainttined their go￿ judgement and 6% achieved or maintained cheir outstanding judgement. 20 schools received their SIAMS Inspection. with 70% achieving a good outcome and 25% athieving an excellent crtrtc0r￿. Our wo&7mme for learning and devel¢)pment remained free for Church Sthcols. in 2022123 we had over 1.000 ddegares syd up to 43 karning session& ceurses and multisession programmes with an artendance rate of 68 In 202Y23 the School Condition Allocation 8rant of £1.641 m vns receTved from the De￿rtfflenr for Education. A totsl of 22 trnie¢ts have been carried out including full toilet refurbishments of three schools and a new roof and y￿ndOwS for one ol our Larger schools. In addition. Y￿ conducted a piht trial with Sch¢>￿$ ins¢alling the Hydromx Heat transfer fluid into their heating system& Thi5 gave encouraging resulrs with the average gas usage reduction across the schools at 36%. with one school notin8 a redvctw)n of 47 Following guidan￿ issued by the Dyrtmen¢ for Éducation the DBE actioned surveys of all 38 Voluntary Aided eiA) Sd￿1$ to establish vlhthr RAAC is present in the school building& The outcomes of these surveys irKlicaTr RAAC ts not pre￿[ in the VA 5chooi buiklings estate.

The Chelmsford Dioc•san Board of Financ• Trurtees. Report for the year ended J l December 2023 Case Study 5 Chelmsford Diocese Schools become courageous advocates at the Houses of Parliament In mid-December, the 'Crea¢i¥e for the Clima(e' young people's art exhibi(ion took place at the Houses of ParliamenL The joint run by Christian Aid. Oxlam. The Catholic Agency for Overseas DevelopmenL Send My Friend to Schwl and the Climate CoalitTroTr invitrd schools from all over the country to explore the theme of climate juscice as parc of their learning in school. Children then crea￿￿ artwork ¢0 demonsu7re how they felt about all that they had learned. Eight schools from Chelmsford Di0￿e Submit￿ their work Four pupils - from St Peter's Church of England Primary school in Sible Hedingham and Great Waltham Church of England Primary sch￿1 - were then selected a5 part of a small of young Fwple from 3cr05s the country. ro curate the exhibityon. Following a workshop with Christian Aid in the rMrnin& to learn how ro deliver campaign messages StrOn￿Y and respecrfully, our curators guided MPS around the amazing art on display. 31 MPS visited the exhibition, which truly represented every corner of the UK and served to amplify young people's Yoices in Parltamenc Julie Sarti. Diocesan Schcx)Is Advw commented:"Thank you to every school in our diocese that got involved in the Creative for ClmaTr Jusuce kn Exhibicion. Your arrwork has delivered a strong and important message about the link between dimate Ju￿let arKI Krtial justice. "That message was heard. l￿d and clear. Well dC￿e to Lucy. Daniel. Leo and Florwce- you did an arna￿n8 lob curaung the exhit4tion." Support for New Christian Communities In a Diocese of significant derTrJgrdphic chang< v•ith areas of Fopulation gro￿￿ and new housing developmencs. SUPFK)rting parishes to grow, and de¥ekJP new Christian communiiies has been a key wioriry. 2023 saw. Continued strong governance and eydluation of our Strdtegic Deyebpment FuThl (SDB church plants in partnership with the Srrategic Developmenc Unrr of the Church of England. This ha5 laid che foundacion for work which commenced at the end of 2023 for future funding appltioons. including the Mini rd (see Objectives 2e and planning for 2024) Continued exploration of options for the develowt of the Sthool for Church Planting has led to the develownent of a new Mi5sional Enabler (diocesan v•ide) post to support and develop new mission (which be recruited w in 2024) Continued expbrdtion of v*that susrainaEAlity looks like for New Chrisrian Communities post SDF nding. 12

The Chelmsford Dioces*n Board of Financé Trustees, Report for th• y•ar ended 31 Decern￿r 2023 Tighter budget trackin& vthich has allowed us to idaitify underspwlds to target specific areas within prqects that need additional support to continue their misstoial work After careful C¢)nsidernoon by the Area Team. Church E20 continues as a lay led proiecE with Significandy reduced fundin& as they deternmne future mission through training led by Myriad. Case Study 6- Estate Churches Network In July 2023. the Diocese of Chelmsfor(l Esta￿5 Nerv￿rk met for their summer fdthering ac StJohn'$ Church in Strarford. The network brings togedw all lay and ordained. who miniw ￿ estates across our diocese. Attendees heard from guest speaker. the Reverend Roger5. Principal of St Edmunds Theological Courses, Direcwr of the London Centre Spiritual Direttion and Associate Rector at All Hall0V￿ Bow. an esta church she has co-led and grown over the last 13 year Beki spoke ab)ut'Self Care and Sustsining Long Terni Ministry on Esrates.. There were also presentations from the Church Urban Rjnd and La Trayiata: an opera experience aimed at socially and economically disadvantaged communities. Speaking about the ￿therIn& the Reverend Dan Scot¢ VKar of Chrisrchurch Three Milb in Stradord and Chair of the Diocese of Chelmsf(A Estw Netth sa￿. "The Summer gdthering of the Diocese of Chdmsford Estsres Netbw)rk Wds a great nighL "There ¥fdS a real ￿zZ as we gathered together with great C<￿trIbUtiOnS to our discussion about the develoFxnent of the netwcKI exploring k)w we can supwt and learn from each other and help rnini5try thrive in our neehbourhoods across our dioces&" 13

The Ch•lmsford Dioce&wb Board d Finance Trustees. Report for the year ended 31 De¢enkn 2023 Social and climate justice For many in our parishes and worshipping communitie5 social jusri￿ and caring for God's creation are central to their discerned mission and rnini5try. Continuing to 5UPPOrt this mission and ministry vns a key priority in 2023.. As the costd-living crisi5 con¢inwl our partshes and vftxshipping conwnunities continued to care for the nv)st vulnerable in many differenc way5 indudiTrg through food banks night shelters and by offering Yrdrm Spaces for people to meeL Many pari5he5 and worshipwng Communi￿ con(inue (o work alongside their local cornmuniries welcome support those who have teen forced to Ilee their country of origin because of war. persecurion, natural disaster and the effects of climate change. The Cornmunitie5 for Ukrainians proiecL established and coordinated by the Diocese of Chelmsford alongside Citizens UK. continued in 2023, with many who had fled ukrai￿ living y￿th Feople from our church communit*s acros5 the Diocese. Work also continued to suppNt those in our church communtties vtho wekome ￿fUgeeS fleeing and c$￿1￿ across the world. including from Afghaniswi. Syria Irdn. The Diocesan Environmentsl Group arKI Diocesan Office team5 continued to support parishes and schcds in achieving the Church of England General Sym¢)d raw of Carbon Nec Zero by 2030. Support VAS also provided f￿ churches working tovrdrds the A Rocha UK Eco Church awards. Thirry Chelmsford Diocese churche5 received Eco Church avnrds in 2023 as well as the Chelmsford Diocesan Office. Wbth the &'shop of Chelmsford also leading the Church of England response ro the national housing crisis as L￿d Bishop for Housin& Chdmsford also continues to explore vrdys through which we can SUPF(Irc parishes in addressing the h￿sing crisi5 in their hcal communitie5 and by utylising our public vcmce and resource> Case Study 7- Supporting parishes and worshipping communities in the implementation of 'From Artion to Real Change. The Revd Sharon Quiltrr has sepled as the RacAI Justice Officer for the DK>cese of Chelmsford since septen￿er 2022. The app)intment of a Racial Justice off￿er vras a key recommendation of the Chelmsford Diocese Raci￿ Justice Task and Finish Group Report- 'From Arn'¢)n w Reat Change. that was agreed by Diocesan Synod in November 2011. 14

The Chelmsford Diocesan Board of ￿nance Trustees. Report f4X the year ended 31 De¢¢mber 2023 Sharon explains m¢Jre abcyjt her remit of the role of Racial Jusuce Officer is quite broad. But the three main su7nds encompa55 rai￿n£ awareness to bring ab)ut a cultural change: managing and reporting concerns abouc rdcism.. and puuing in Pla￿ procedures for combaung rdcism within the diocese. And that means overseeing the inwemenotion of the recornmendations in 'From Ac¢ion to Real Change.. "Thi5 15 not something I can do on my own. It is a thin< not a thinl and requires Y￿rkIng with others within the organisation to create an envlrts)n￿C that is positive towards racial and ethnic diversity. To that end l am v40rking on a nemrk of Racial Jusuce AdY(otes and a P2cial Justite Advisory Panel to help ensu as a diocese. we all V￿rk together on this as a5 5UPPOrt each other in this endeavour. But it also means promoting and celebraung rhe rich culwral diversity already present in cwr diocese And when I say our diocese. I mean all vtho liK work a￿1 minister within our borders of Essex aThJ East London. "As we travel this journey togethw. l enioy visiting diff￿¢ par¢5 of the diocese engaging with others and sharing the plan& hopes and aspirati￿ have to bring about d￿n "My role as Racial Justice Officer is to facili￿te chriSt4￿tred change. I can onty do this working wth our parishes and worshipping communities. Do get in taKh rf you'd like me to speak at y¢￿r Deanery Syrod meetings. share in worship or if you want to know rnre atrknjt Racial Justice ID our Dioces¢" Case Stud 8 - Refu ee Minist inE in Forest and Ongar EICOME Refugee engagement and resettlemen¢ is a key ministry across the Diocese of Chelmsford. Many of our parishes and worshipping communities with bcal author￿ and ￿anbsatio￿s to help resetde refugees and to support people Nyho have been forced to ￿ave their country of origin. Churches within our Epping Forest and ¢ar deanery have been respo￿1n8 to the needs of refugees housed locally. There are Iranian Christians housed in the so the churches haye supplied Farsi Bibles and Farsi translations of service sheets co Welc￿ th¢xe COIT￿n& to thurch services. The Revd Jaimée Summers Team Curd at Stjohn's Eppin& who is leading the thurches. response in the deanery, explains more about the V￿rk they have been doing to welcome refugees and asylum seekers. "Last Christmas. we worked owi5ations like Volunrary Action Epping Forest and Care 4 Cahi5 to deliver 90 sacks of presents and warm clothes to those who V•ve housed in ¢wo hO￿S locally. We also Organis￿ a Christmas trrip to a local farm and phy area. "We have helptd families v￿th paper*vk to secure school tAace5 and most children have place5. We are also exploring options for offering free English lesson5 for the aduks and providing help with transporL" 15

The Chelmsford Dioc•san Board of Financ• Trustees. Report for the year ended 31 December 2023 Case Study 9- All Saints Springfield one of thirty Chelmsford Diocese churches to receive eco-church awards in 2023 A Rocha UK'S Eco Churth I￿ard sthwne helps churches derr#)nstrate that the Gospel is good news for God's earth. in rdDi Ch Bronze AvArd and f rth One of Ehe latest churches Eo receive a silver avord is Al Saints. Springfiekl (pictured). vthere the Eco Church group, having vK>rked hard over the hst few years to pur sustainabilicy and care for God's creation at the forefront of people mind& said: "This is a real achievement by the vknle church, and we would like to say a big 'thank you to all our congregauon and supporters for what they are doing to rnake our thurch and our communiry more environmenrally-friendly susrainable" All 5ainrs' Rector, the Salty Crof¢ added: -1 hope that we tontinue to be mindful of our actions uptjn this fragile balanced planer and work t0￿drd$ the w avrard. communicating our eco passion no¢ onty to our thurch family the ccrfnmunity in wh•th seryo" Case Study l O- St Francis Community Pop Up Food Store opup FCQD STDRE St Francis Community Church in Chelmslord has set up a w)pup 'social food store. for families who are struggling to afford fooKI amid the cost4)f-Iivbng crisis. The swre first launched it Ford End Village Hall ith June 2023 and has since expanded to run sessions at St Andrew's Church in Melbourne.

The Chelmsford Diocesan Board of finance Trustees. Report lor the year ended 31 Decwnlw 2023 As v4ell as being able to pth up essent41 f¢)od supplies. shoppws are ￿￿rnity welcomed by volunreers who offer a listening ear and Fmide teas and coffees. SE Franas Cobythunity Church part-fund the proiect with money received through the Church of Enghnd'5 Strategic Developmenr Fund. It is also supported by Chelmsford City Council and Essex Counry Council who helped Secure a grant of £20.000 from the Government's UK Shared Prosperiry Fund wh•ch was used to purchase an old supermarket fdn to trdnsport food. Additional fvnding has been secured through the Essex Association of Local Councils for the supply of winter warmer packs vthich provided families with wintrr essentials and Chri5(mas treats in the run up to the festive season. Ruth Pwce, Community CkKaniw. at St Francis C￿l¥￿Vni(y Church. who VAS instrumental in setting up rhe pJup food store corrwnented: "Before launching the popup food stC￿. I worked closely the Chelmsford Food Alliance and Essex Counry Council ro research the best locations. We found people living more rurally spend more money on trdnsporr ro ac￿$$ focd. iffpacting on already tight budgets. "It became clear there was a need for a mobile popup store that can travd close to where people li￿ rdther than re5tritted to one central location. Our tagline is to offer 'a helping hand wrth your weekly shop. and we really Nvant to supP￿t those in the IcKal communw aThJ take the sting (xrt of the ￿eklY shop." Safeguarding The Diocese of Chelmsford is C¢Jmmitted. as part of the Christian Church living in the SFirit of the Gospel. to protect and care for everyone and ¥￿ airn to be a beacon of best prncuce in safeguarding. Working to suppor¢ those who lead Safeguarding in our phri5hes and worshipping coftwnunities, our Safeguarding Team: Ensure our volunte&% athsers and lay petyle achieve the st3ndards laid in the Safeguarding Policie5 of the Churdb of England. Work with irbdividuals v4ho have criminal cL￿VIctio￿. or vhwe other ￿feguardIng risks are identified. to ensure that tFry, aml all members of the church cc¥nnwnity are safeguarded. Hold to accoun¢ all perwrs responsible for the Safety and vdlbwng of children and vulneratle adulrs in the Dioces At the end of 2023. the DK)cesan Safeyurding Team (DST) had 67 o￿n cases across ojr 474 parishes. During that year.18 neV cases were opened. and 14 cases V•Ere closed. 72% of the open cases haye safeguarding agreements due w the w￿h1pPer posing a F￿¢￿I￿al risk and. therefore. requiring safeguarding risk assessnnts to be Undertak￿ at the Parish. The DST have a duty system whereby par1sF￿$ can ¢c￿tart the team on a dedicated telephone number for advice and consultstion of a safeguarding natur& In 2023 the team received 359 ducy calls. which is 55 more olls than 2022. 60% of the calls were about concwns for adult& 20% of the 359 calls were related to non•recent abus< 28% of calls were from p3ri5h safeguarding officers and 55% of calls were from Clergy. E-learning tfdining is aYdilat4e for an)rme in the Diocese ind in 2023. 1604 people completed the Basic AWar￿e$S C￿r5e and 1324 comed the Foundation Course. 234 people completed the Safer Recruitment and People Managern￿¢ e-learning course. 786 people cryleted the mandatory Domestic Abuse cC￿r$e and 52 Feople comfved the opti￿1 Modwn Slavery Course. 17

Th• Chèlmsford Dio¢esan Board of Finance Trustees, Report for the year ended 31 December 2023 Case Study I l - Giving thanks for all those involved in the work of Safe uardin in our Diocese J. In Occober, people from acro￿ our diocese fdthered at Chelmsford Cathedrdl to give thanks for those v•ho are involved in the work of safeguarding. Commenting after the strvice, The Right Reverend Dr Gull Fr3ncis-Dehqani, the Bishop of Chelmsford said: "Our annual Service of Thankwvin& Prayer and Recommitment for those involved in the V￿rk of safeguarding is an important event in the life of our dhxese. "It Is an opportunity ro prdy for those v11￿ have suffered from abuse in the church. to refiect on the time5 when the church has tailed people and to &ve thanks for those in our diocese who work to make our churc￿$ saf "It was hugdy encouraging to gathw with so many Fwpfe our parishes and worshipping communities, including those such as our Parish Safeguarding OffKers T•tho are direcdy invow in safeguarding and others vtho wanted to show their supprt and gNe thanks for this iry)ortant ministry" Communications The Diocesan Communications Team continued to provide 5UPtx)rt to parishes and worshipping cowmuni(ies in 2023 through.. One to one support for parishes and church knders in handling challenging situations involving media or social media. Providing guidance. u7ining and SUFP)rt to help parishes use effective communication4 including digital communicatic￿$ in their mission and ministry. Sharing information. news and resources with F4fi5hes through Diocesan Communications includin The V￿ekty newsletter The View o The qUa￿rIY prnyer diary We Pray Weekly Video serm0Tr5 The Diocesan website Social media chanrds Facilitating engagement and partrciption in consukatir)ns arKJ diocesan events including the Parish Support Conversati¢)n. Diocesan services and gathering5. 18

The Chelmsford Dioce54n Board of Financ• Trustees, Report for the year ended 31 Decen￿ 2023 Parish Support Hub In 2023, the Diocesan CcrfnmunKatb)ns Team introduced significant changes to the Dic(esan web5tte, with a particular focus on supp)rt for parishes and ministers. The new hsu rt Hub brings into one place resources and support for parishes across the DK)ctte. provides a similar service for lay and ordained ministers. Diocesan House of Retreat Pleshey The House and grounds ac the Dicesan House of Retreat at PlesFw reDJrned to a good srandard in 2023. The outstanding building WO￿ and repairs Fncticalty completed and kKUS moved to the redecoratitin of bedrooms and cornmn Spaces. We are indebted to The Benefact Trust for their grant in 2023 which allowed so much of this work ¢0 be completed and meant that The Retreat House income from charges for cMJr hospitalicy and meeting spces and from monthly or one-off donattons and legacie& has met all other workiro expenses and wage roll. This 'trading' income has allovrtd the in￿o￿tt10n of a bursary fund to assisr re¢reatants vtho woldd not otherwise be able to afford ro attend. The house has ￿$0 l)een aL4e to offer subsidi5ed meeting space and accommodation for other charities. 4. Related parties and volunteers Rèlated parties include: The PCCS within the diocese Chelmsford Cathedral The Arthbish¢ps' Council to which the CDBF pay5 a donation based on an appcrtionment system for funding national trnining of ordinan& and the activttie5 of the Tfirio￿ natiC￿al L)ards and councils. as well as General Synod The Church Commi55ioner5 whKh aas on behalfofdry with HM Revenue ard CustO￿ts. The CDBF pays for clery stipends through the Church Cornmissioners The CDBF is in receipt ofgrant funding frorn the Church Commi5sionws (via the Archbishops, Council) for ministry SUFPOrt and SFecial F*oieccs e.g. the Turnaround and Church Hanting projects The Church of England P￿)siOnS Board. to which the CDBF pay5 retirement benefit contributions for stspendiary clergy and empl(iyees. k also offers schemes to wovide housing for clergy in retirement The Vine Schools Trust& and the Chelmsford Diocesan EducatM)nal TWSL which while separate and independent of the CDBF. have cenain responsilxlitie5 in relation ro church schcds in the diocese and work with the DBE The Guy Harling5 Tru5( vhbich wides Offi￿ facifrties free of charge under licence to the CDBF and the Cathedral Dean and Chapw and makes grants wvrdrds the upkeep of the premises St Mdlitus College TrusL a Theologr41 Educaiion Institutton which receives financial 5UPPOrt from the CDBF and to v•knich the CDBF pays fees lor training of ordinand5. Transactions with the main otegories of rela￿d parties are idenfified in approwiate pla￿5 throughout the financial statements and in FarricuLir note 24 to the fmncial statemu)ts (see page 73). Volunteers The CDBF is dependent on the huge nurrt)er of peoFAe involved in Church acriyities both locally 2nd at diocesan level. The number of acEi¥e volunteers (or vOlun￿r Ih)urs) giv￿ to the mission and ministry of the Church 15 an indicator of the health ofa Church. The service P￿thided to a community through churth voluntrering also has a significant impac¢ on people's relationship to the Church ￿rt￿UlarIY at times of crisis. Wirhin this contexL the CDBF 8rea(ty Y￿ueS the con5Klerdble time liv￿ by commitree members and other volunteers 19

The Ch•lmsford DIoc•&￿ Board of Finante Trustses. Report for the year ended 31 Decemkn 2023 across the diocese in pursuit of the mi$5ion of the CDBF. We FArricularty thank them for the additional support they have given during this challenging year. There are many people who are unpaid hold official posirions within the life of the church that carry authorisation. licence. or Permission to OfficAt& Thts indudes ChurchvArden& vAio serye each local parish church. Ioc311y authorised preacher5. pastoral carer5. e￿d￿gel15tS and funeral ministers plus Licensed Lay Ministers and Reader5 and our self-5UPP)rtin8 ordained minister 5. Planning for 2024 As the CD8F approached 2024. planning continued to be shaped by the approach and Ydlues set out In Well T ether. The Par n which started in Autumn 2023. ar￿ vknich seeks to drdw alongstde people in parishes and worshipping communTue5 to collectively develop an understanding of how parishe5 and worshipping communities can be wdl supported in the future. will roll out further in 2024 with a ￿.10¢ conversation f￿USIng on support for the Main[enan￿ arKI care of church buildings. in Investment Prtxrd will enable the Diocese ro work abng5ide parishes and deaneries to plan for future missional investment applicarions to the SMMIB from each Episcopal Are& At the same time planning continued to address the Si￿lficant and long term financial challenges facing the diocese. SMMIB Parish Support Conversation In Auwmn 2023 Chelmsford Diocese starced a conver5athM aknut how parishes and worshipping communioes across Chelmsford Diocese cart be y￿1 sUppOr￿d in futur& This conversation 15 an imporrant nexc srep in Travelling Well Together. Travdling Well Together is not a topdown initiative or a diocesan strategy. It is. rather. an invitation to engage with an approach and a set of shared Vall￿5 that seek to empower chijrches and worshipping communities ro discern for themselves how tly are to be God's people in rheir oym very different local contexts and as part of one diocesan famity. The move tovrdrds emFowering and enabling local discernmenc and decision makin& will also require a differenr approath to supporting parishes and worshipping communities. What's more. in keeping with the values of Travelling Well Together holding a diocesan wide conversation will help us to collectively shape this approach to 5UPWting parishes and worshipixng communities. rather than imp)se a topdown soluoon. A5 is the case with Travelling Well Togethtr. thi5 15 not 3 5hort-term proiect. It is importanr we take the time to get this right. We are parricularty avnre that those who serve in our pari5he5 and in support roles. continue to feel Stretched and under significant Fyeswre. The conversation trMII be owdnised so that participa¢ion doesn'c become an addirional Lwrden. Stage l - Planning in Autumn 2023 An advisory group con51Sting of people frorn different roles and contexts across the diocese was brought together for 3 meetin85 befften Septemter and November 2023 to help shape and design the conversation and to explore its xop Chaired by the Archdeac￿ of Colchester. the Advisory Group consi￿$ of 19 people including clergy and licensed lay miniscers from every episcLipal area. deanery ky d￿1r$ from every episcopal area, a mini5*r who 20

The Chélmsford Dioc•san Board of finance Trustees. Report for the year ended 31 December 2023 serves in a dllplaincy role and a minisw frcrti a new worshipping communiry as well as members of dioCe￿n s¢aff. The advix)ry group has helped to shape what Fwe to learn arKI achieve from the conversation as we seek to ensure churches are supported well in the futurt Learning from the Advisory Group Through their work. the Advisory Group idenufied a number ol key learning outcomes to help steer the direttion of the Parish Support Conversation: uilding trust and relationships A conversation rather than a consul(ation: this c¢)ntinues to be a Challen￿'ng rim for those who serve in our parishe5, worshipping communiiies and in supwt roles. People and relationships have been s¢rnined. This conversation is an opp)rwnity to txjild trust and relationships vthich is a5 importanc as learning aix)ut the practical needs and prioriries of parishes and worshipping communitie5. A conversation that is accessible and reaches participants Given the continued pressures on Feople in parishes and worshipping communities. ic 15 important that the conversation isn't a new burden for those who vrdnt to parricipate. PeoF4e should therefore be able to erEage with IL in their own time. through extsring networks and meetings rather than new ones. We must also reach out co those V￿￿Se voices haven't previously been heard in diocesan consukation exercises, providing a variecy of eayty accessible V42yS to participaw and by going co pecple rather than expectyng them to come to us. A sequenced approach which helps to develop a deep understanding of needs and priorities By srarting wilh a c¢)nversational approach. askn'ng open quesriort& listening to each other and praying togerher. we can develop a deeper understanding of the needs and prwiues of parishes and worshipping comrnuniti￿ than rf we be8in with questionnaire5 and surveys. There may. however. a role for questionnaires and suryeys at a later stage as we begin ¢0 ask more detailed questions about possible solu¢ions to the needs that have been identified. Communication and learning To be informed in our conversaoons. tt will be fftp)rtant for parricipants to understand the suppor( serwces that are currently proV￿d and how they are re￿r(ed. We will also need to understand those ¢hin85 we don't have control of as a diocese because they are outside our auspi￿ or because of financial or legal prameters. There is also a risk that the conversation c¢￿Id generao false expectations about what SUPFK)rt might be possible the resources that are available. A programme of communication will be required to Suppl￿ this wor To 5UPPOrt each other well. it will be imFK)rrant for those who participate to understand each other 2nd the challenges and resourtts we each W￿rk in our own role5 and ministry. We are aware thac there are unraFped resources across our diocese and pe)ple with wisdom. experience and skills that chey woukl be happy to share with txhers. The conversation will provide an opportunity for people from different roles arKI cOn￿ts to meet with each other. vthere they rn￿t identify ways they can support each other. It 15 knped that in Some cases this may lead to the development of mutually supportive relationships or net￿. Stage 2 - the conversation in 2024 In line Trdvelling Wdl Together and the learning from the Advisory Group (see above). this wogramme of work will not be a short-term consultati(m FKoiect Wtth a ddined Start and end date but will be a long- rni and evolving change of approach to inform deasion mthng about parish 5UPPOrt in the fucure. Workstream l - Intro￿(1￿8 the conversation 21

The Ch•lmsford Dioc•san Board of Finance Tru5tees' Report for the year ended 31 December 2023 In the spring and summer of 2024. a programme of communicatts)ns will further inrroduce the conversaiion. set out what will happen in 2024. ar￿ tdl the sw of h¢)w support 15 currently provided to parishes and worshipping communifies. The purpose of these communications will be to: l. Help people in parishes and worshipping communities better understand how to access the support that 15 currendy provided, in particular by hEhl￿htin8 where support services can be accessed via the Diocesan websi￿ and telling the xory of how diocesan ￿M$. area trams and netsvorks. support parishes and worshipping communiiies. This will be deliwed through regular diocesan communication& including storres in The or We Pray 2. By helw'ng people to understand how SUFP)rt is currenrly provbjed. this PrOgrdm￿ of communications will also help peoF4e to take part in conversatsons in an informed way. 3. We y￿11 work co increase the reach of our diocesan communication5, by running a subscription campaign for The View arKI We Pray. so that Thh)re people Lwnd our clew, churchwardens. lay ministrrs and lay chairs can betome involved in the conversati¢)n. Workstream 2 - Church building supp¢)rt conversation - pilot A consultation had already been planned into how parishes are supported by the Diocesan Advisory Committee {DAC). This consultack)n bwll now be broadened ro consider church building support more generally and organised in a conversaiional vrdy whith refiecES the change in approach. The main goal will be to discern hovi resources can be used to ensure parish volunteers are adequa￿lY equipped in the care of their building5. The Advisory Group will work staff and other stakeholders to design the conversation. which will roll out to parishes and worshipping communities in Autumn 2024. The in￿ntIon wll be to learn from the approach that is tsken 50 that it can be refined and used for crxtsversation5 abou¢ other areas of parish support in 2025 and bey￿d. Capacity funding to enable missional work with deaneries and parishes In 2023, the Diocese prepared a fu￿JIng ap￿￿3t￿on to the Church of Enghnd Strategic Mission and Ministry Investment board to enable Mis￿Onal V￿rk with deaneries and parishes ac￿￿$ Essex and East LoNJon. IL March 2024 it vrds an DBF With support from the Bishop'5 Council and Bishop's Leadership Team. the applicacion drew on the values outlined in Travelling Well Togthr. seeking to bJild our capacity to V￿rk alongside deaneries and parishes. The capacity funding V￿1[ enable us to prayerfulty discern together in creative partnershifv plans for fucure Miss￿nal investsnent applications to the SMMIB from each Ey"scopal Area of the D￿Se. Resourcing mission and ministry in parishes and worshipping communities At the same ume. building a sustainable financial base ts mission and ministry in our parishes and y￿rshIPping communities remains a top prioriw. the roll out of the new Parish Share Scheme in 2023 was key in ensuring that there are sufficient res¢)urces aYdilable ro ensure we have the finances awdilable co sustain our mission and ministry y￿rk The aim of the new share 5theme 15 to increase Mutu￿ Support be￿n parishes and to reduce the overall shortfall which has had a 5ignifrant impact on the capacity of the CDBF to fvnd Iordl parish ministry- In 2024 we concinue with our financial plan ro: b. Increase revenue Reduce costs d. Improve the ash posr(ion Capaciry to deltver the pkn 22

The Chelmsford Diocesan Board of FinabK• Trusttes, Rep¢)rt for the )ar efKled 311)ecember 2023 Plans focused on: Growing income from parish share by continuing to eX￿lIn its essentml purpose in funding and supporting local parish ministry and by deyoknng agency to deane￿5. Continuing to identify additional funding srreams through &Yant fundin& including from the Str7tewc Mission and Ministry Investment Board Scrurinising our propwty ￿rtIo110 to identsfy oworwnities to imwove our financial position {vthilst continuing to prioritise harne￿Ing our woper¢ies for MI￿On and ministry). Continuing w identify opportunities to redu￿ expenditure. Continuing to utilise Toral Re¢urn Accounring to intrease the amourt of investment return that can be withdrawrb frcrfli the Sopend5 EThJ¢)wmwt Fund. This has allowed Endowment lunds to provide increased support tov4ard5 stipend costs than under the FttViOUS policy of urilising income only (See noTr 26}. Other key planning priorities As we approached 2024. there were also a number of signthcant events and activities tha¢ shaped planning. The Diocese continues to wnp1er￿t the reC￿￿Mer￿￿a1I￿5 the Safeguarding Pa£L£dX￿R 2 whith y￿e published in Octoiw 2021 The Diocese v•ill continue to implement the proFM)sals of the The Diocese will contmue to implement the road map to by 2030 as agreed by the Church of England Generdl SyrK)d. As conversations continue l¢xally in the Diocese and Thationalty around the vay ahead regarding Prayers of Ble￿.n£ for those in same sex marrw and pro¥151c￿ for those vkno cannot in conscience use the Prayers of Love and Faith. the &shop of Chdmsfcd and the Bishop's Leadership Team are engaged in a series of listening exercises and will continue to diS￿rn h¢)w best to have ¢onYersatyons with groups and individual& across a range of vivw5. going fcrfird. In this time of untsrtainty as the Diocese and the wider Church of England discern a way forward, the Bishop's Leadership Team are committed ¢0 ensuring ill voices are I￿ard to creating a SF4ce where people and pari5he5 feel Yalued and supwrEed and not Fessured ¢0 act againx their conscienc 6. Financial review Financial Perfomlance The CDBF recorded a deficit of £349k for the year on ifs general funds Edore rdins on rewaluation of assets. Although there was a deficit for the year. thi5 was bett¥ than the twdgeted defictc of £1.120k. The improved perf0rnun￿ mainty arose because of better use of restricted income and funds to pay 5tipendiary ministry costs. lower expendiwre stipends due to hohtt than expetted Wdcancie& and improved income from the rental of surplus houses. During 2023 in line vith our Total Return Accounting policy (see noTr 26 on page 74) there was a transfer of £3.Om (2021. £3.2m) from erNlovrnc ro unrestricced funds to supporr the costs of stipendiary ministry in parishes. Parish Share. the money given by parishes to the CDBF ro fvnd the mission and ministry of the diocese. 15 the main incoming resource for the CDBF widing cwo thirds of its incom A¢ £2.6m (2022: £2.Im) the nec parish share Shor￿￿1 was h"￿er than the s)revious year. The Share requestrd totalled £15.8m12022: £15.9m) which a reduction on the rxevious year. In cash tern)s £13.2m12022.. £13.7ml has bew received in Parish sha￿ a decrease of 3.8 The CDBF has met all its financAI obliga¢ioD$ to con¢inue resourcing the diocese as reqund. including the 23

The Ch•lmsford Dioc•san Board of Finance Trustees, Report for the year ended 31 Decenkn 2023 provision, development and SUPFW)rt of ministry. the F)rovtsion and mainTrnance of ￿)use5 for the clergy. National Church responsibilities aTrJ ￿riching aThJ facilitating many other asP￿ts of church life throughout Chelmsford Diocese. Income across all fund& bdore other recognised gain5 and kysse5 totalled £26.4m (2021. £23.8m) and expenditure aM{￿ntrd to £24.6m (2021. a4.Im). The Statement of linancial Activities (SOFA) for the year shows a net surplus of £1.8m (2022: deficit of £0.4m) before net gains and losses on the revaluation and sale of inves¢ments and the revaluation of fixed assets. Net gains on investments rofalled £4.6m (2021. Det loss of £53m) and there was a net Ios5 on revaluation of fixed assets of £9.7m (2022: net gain of £24.9m). Net cash infiow of £4.2m12022: ouffl¢)w £5.2m) arose as a resuk of fixed asw 531e5 of £7.2m (2022: £2.7m). offsetting £3.3m net Cash used in operating actsvitie5 (2021. £19m). CDBF continued to benefit from tight financial control in 2023. Siznifficant Property Transactions The A55et Investment and Management Pc4icy aO)oed by che Trus￿e$ governs the management of operarional and investment properry. The vasi maioriry of the residenrial properry rK>rtfolio is held for operational purposes. It is managed ro achieve required qualiy srandards at a consistent and efficient average annual cost of ownership. &gnifKant operdCh)nal property transactions in the year comwsed: Purchase of four properties for housing stipendiary ecclesiasrKal office holder5. Sale of twelve wowties suWus to operdtional requirements. Sale of two plots of glebe land Sale of St Marks College Glebe land and property is held for investynenr purposes. The overall strategy is to retain a land holding. to seek to leverage value through long term develO￿en( and to disp)se of ￿sS lucrdtive holdings and direct exposure ¢0 cormiercial property. During the year the CD8F agreed the sale of two land holdings providing £0.18m of additional investment funds on complet￿. The uwal cyde of rwt reviews and lease renewals on glebe land continued as advised by the CDBF5 land agents. The Diocesan Stipends Cap'tal Fund is available for Fwvpjing and improving benefice and glebe propwty and vthen invested provides income and cw(al growth for dergy stipends under the Toral Return Accounting Policy (see note 26). Residential prcyerties are wal￿1 on the basis of a certifd annual valuafion. Balance Sheet Position The Trustees consider that the balance sheet cogether with derails in noo 18 show broadly that the restricted and endowment funds are held in an appropriate mix of investment and current assets &"ven the purposes for which the funds are held. While the net assets at the baLIn￿ sheet date totalled £372.6m (2022: £375.9ml it must be remembered that included in this total are proFerties. mostty in use as dergy housing, whose value amounted to £291.6m (2022: £307.4m). M￿h of the remainder of the assets 5hovm in the balance sheet are held in restricted fund& and (anr￿t necessarily be used ft)r the general purposes of the CDBF. Res•rves Policy Having considered financial risl liquidity requirement and the timing of cashflovts throijghout che year. and based on the Chariry Commission recommendation, the Trustees consider that an appropria￿ level of free genernl reserves is three months gross generdl fund eXpthdItu￿ currently £5. I m. Thi5 policy was last reviewed 24

The Chtlmsford Dloc•san Board of Financ• Trurtees, Report for the year ended 31 Decents 2023 and weed by the Trustees in May 2023. The finarKe Executive is char¥ed vith oversight oyer the reserves policy and with improving the free generdl reseNes to meet the policy requiremenL After transfers. free gener￿ reserve5 at the yearond were in surplus by £5.9m (2022: surplus £6.2ml being the Trnlue of the General Fund exduding fixed assets. The Trustee5 previously recorded thac free general reserves would fall if parish share shor¢fall did not mI￿naltY improve. The adoption of a Total Return Accounting Policy. wgether with the other orcums¢ances dexribed in the Financial Perfcrniance section al)ov< has significantly inwed the level of free gen￿31 reSer￿S in recent yeark Altho￿1 the balance of free general reserves at year end is atK)ve the three months general fund operating expendirure targe( it is expected that reserves will be required to furNI operdting deficits in fvwre years. and as a result the trustses consider that the CDBF has suffiaent resource5 to meet irs day to day opwational needs. Designated funds The Trustees may designatA addiciorAI ufirestr￿d reserves to be re(ained for an agreed purpose vthere this Is considered to be prudenL Such designated reserves are reviewed on an annual basis and rerurned to the general fund in the event that the purpose of their designatlon is no longer considered to be adequa justifKation for their retention. A description of each reswve together with the intended use of the reserve set out in noTr 17. At 31 Decemtr￿ 2023 to(al desonated resrn wwe £35.4rn (2021. £34.2m}. The Trustees apwed three new deggnatrd fvnds during the year: rhe Diocesan Pas¢oral Accouni the Mission Opp)rtunities Fund and the Friends of the Retreat H(yJse (see nore l T). Restricted and end0￿￿ent funds As ser out in I￿te 17, CDBF holds and administers a large number of reStriC￿d and endowmeni fvnds. As at 31 December 2023 restritted funds rotalled £12.8m (2021. £9.2m) and endowment funds totalled £318.5m {2022: £326.3m). Neither are ardilable for the genernl purposes of the CDBF. During the year the St M￿1¢￿.$ trust assets have ien brought iThto the accoun¢5 by means of a gift included within the restricted ¢J)nation5 {5ee note 2). The inccthe from the crust's assets has been historically used to support the Diocese Education department The trust's asser were under sole conrxol of the Diocese and therefore it was dechled to recognise the tntsts assets vitthin the financial statements. Liquidity Policy The CDBF has re8ular and wedittable cash in110￿3 (Princi￿1￿ from parish share) and outfiows (principally stipend. ￿lary and pension payment5). Less fre1p￿t cash move￿￿nts include grant payments. which are also predictable. The largest cash fflove￿ relate to Froperty transacrions v4hith are infrequent and normally have a clear lead time. The CDBF airns to hold 12m cash in insrant access accounts to meet its cash needs. In addition. up to £3m in additional cash is hdd in hither interest deposit accourts. Where cash balances are forecas¢ to fall below £ I m the CEO and Finance Direccor have ddegated authority to liquidate investments to replenish liquidiry w levels matching operational reWireM￿¢S with such rrnnsac(ions repfftd to h"nan￿ Executive. Where cash balances exceed £5rn. the FInar￿ Executive vlill consider the approFriate use for the excess funds. including Pa￿n% down loans or adding to investment& whe￿ there is the recommendatKJn to add to inyescments this is reviewed by In￿Stment Cornmitlee pri¢x to an investsment being made. Grant making policy Contribucions are made ro the Nacional Church to cover a proportion of its centrdl cosrs and also to cover the cost of training for ministry (see no￿ 8). Grdnts are pa*J to ¢xher charities e.z. PCCS and charitable proietts which arpear to CDBF to SUPFQrt the fvrtherance of irs 0￿"eas. The General Fund l￿dget indudes regular grants. Othw grants are appr¢Jved according ro the terms of reference of the relevant fund.

Th• Ch•lmsford Diot￿an Board of Finance Trustees, Report for the y¢•r ended 31 De¢ern￿ 2023 Investment Poli The Trustees apwoved an integrnted Asset InVeSt￿t and Management Pol•cy in 2014 developed under the oversEht of the Investment Committee. The Polry was UFrtJated by the Investment commit￿ in 2017 and approved by the Trustees. This policy distinguishes bets¥een investment and operational assets and Se￿ out the policy framework for Ex)th. In relation to investment assets the key prinaples in the ￿)licY may be summarised as follo The overall objectives are to creatr sufficient income and capiral growth to enab￿ the CDBF to carry out Its purposes consistentty year by year with due and proper consideration for future needs and the maintenance and enhancement of the TAlue of assets they are rerained. Invesfment funds shall be ¢¥erated arwj compared on a toral return basis (See Notr 26). Rdevant benchmarks include a orgec total return of CPI + 4.5% over the long tem). The CDBF requires its investment assets to be managed in cornpliance with the Church of England ethical guidelirw and ethical considerations shall form part of the dialogue with the Investment Managers. The Trustees will consider mixed-motive inVestm￿t yop)sals which are expected to deliver financial returns and further the purposes of the charity The CDBF is assumed to be a perpetual charity and is able to take a long twm view on inve5¢ments, balanced against the short term need5 of the charity liquidity and resources to best realise its operational purposes. The Trustees regularly re¥w and reterkn Investment MaTrager5. The last revievi was in 2016 and concluded with the reappointsment of CCLA Investmtrt MarAgement Ltd and appointmenc of Cazenove Capiral Managemenc (a trdding style of Schroder & Co. knmited). Funds at 31 Income yield in year Total r•turn in year of portfolio 2023 £000 CCLA Mana Cazenove Other funds Total CBF Inve5tmenc Furbd ted rtfolio 34.693 23.998 13 $8,704 59.10% 40.88% 0.02% 100.0% 2.15% 1.99% 12.57% 9.90 % re Statement of raising funds The CDBF is aware of the Charities (Protection and Social In￿tMent} Ac¢ 2016 and the Trustees fully supwrt the aim5 Qf this legislation. The majority of the CDBFS income comes from other charitable bodie5 and PCC'S in the form of grants and parish share and it undertakes very litrje direct fundraising activity involving individual donors. Examples include one-off appeals (eo. the Lent Appeal} which are pyomoted generally through communications rather than rargeting spcific indNTrdual* and the Friends of the Retreat House scheme where Retreat House guests are invired V#itho￿ Fwure or obliption co loin the 'Friends'. The CDBF follow the Church of England's 'Guide for Churche5 Gmng and Vulnernble People. to ensure that we follow best prattice when receiving donations Irom individuals. The CDBF considers the origin of unsoliciEed donations and legacies. does noc share or purchase any donor data with or from third parties and, in 2023, did not en￿ge with independent professional fundrdisers. The CDBF did not receive any complaints in rdation to fundraising or rdise any matter with regulacors in 2023 (2021" none). Going concern The direccors have assessed whether the use ofthe going concern assumption is appropriate in preparing these financial statements. The directors have made this assessmenr in respect to a period of at least 12 months from the dace of approval of these financial sratements. 26

The Chelmsford DiotÈsn Board of Flnanc• Trustees, R•port fijr the year ended 31 Decern￿r 2023 Parish Share payments comprise the larpt proportion of income lor the Diocese. 84% of Parish Share requested was recei¥ed in 2023. which VAS a signrfKanr athievement ￿en the challenges Parishes were facing with increased costs due to hgh infiation. and reduced income as congrytions faced increases in the cost ol living. 2023 saw the implementation of a nthv Parish Share scheme which vR5 designed to be more trdnsparent and enables parishes to rNtually support each other. It is exFectrd thao as parishe5 and deanerie5 move tOWdrd5 ministry plans which are firqncially Sustsinabk the new schewe will achieve a higher parish share recovery rate which will ensure diocesan financial Niability rnoving frnrds. Other factors that directors have consmkned rdating to t)ing concern indude Impart of Parishes unwilling or unable to pay Parish Share due to affordability and dottrinal differences. It is not exFeCted that this wll have a rnawi41 long term irrpacr upon the CDBF finances. In the near ir is expected that parish share payments will increase under new scheme which will mitigate any non-payments from indmdual rjarishes. In the l¢)nger temi if share contribution5 tall. cost reduttions (such a5 reduaion5 in stIp￿dr￿ry posts) be necessary. This ityje will remain under review. The costs of building maintenanc& specifKalty linked to dery housing and voluntary aided church schools. Increased budgers are pknnned for dew housing improvements and there is c105e management of schtsjl captal to ensure that funding is direcred vthere most needed. The costs asxjciated with the diocese becoming net carbon zero by 2030 in line vdrh the ColE Generdl Synod decisi¢)n made in 2020. which are expected to be significanc over the next 5-10 years. A plan is being developed to idenufy vthat work is required and to identrfy sources of funding to carry out works to properties maintained by the diocese. Inflation & Investment retums will need to be W under close reyiew to ensure that over time investment returns outstrip Inflatic￿ rD maintain sufficien¢ un¥plied total return balances within endowmen¢s to sustain planned drawdovms vknich suppcrt Sti￿ndS. Although infiation has been hi8h over the past 2 years it is expected that infiation will fall and investmenc perfomlln￿ has been wsitive. so there is no immediate concern. Non-financial risks associated governano major nonThcompliance, charEe in government policy and 5afeguarding- There is Confid￿Ce tha¢ contro15 a￿ in F4ace and that the diocese can manage any non.financial risks sufficiendy. Trustee5 review the financial ￿sitIon of the cPArity and receive an update on going concern sratus at evtty Finance Committee meetir¢. CDBF have germl fund reserves covering 3 Months of operating expenditure and reserves are sufficient to cover proiecred operduonal defiots in the shor¢ term. CDBF have a 5-year financial plan and having revithved the funding facilities available to CDBF togetlv with Ihe expecd future dsh flows. the twstees have a reawnable expectati¢￿ that dllrity has adequa￿ resources to continue tr5 activities for the foreseeable fu￿￿ and consider that there were no ma￿121 uncerrain¢ies over the charity'5 finanoal viability. Accordingly. they also continue to adopt the going concern basis in preparing the financial statementk 7. Custodian Trustee The CDBF is cus¢odian trus￿ of assets held ￿ F*rnllnent trnst by virtue of the Parochial Church Councils (Powers) Measure 19S6 and the Incumbents arwj Churchwardens (frusts) Measure 1964 vthere the managing trustees are parochial church councils and others. These assets are not awegated in the financial statements as the CDBF does noc control and are segre8ated from the CDBF'S own assets by means ofseparare bank accounts. Such funds are predominandy manw by CCLA Investment Management Ltd. or M&G Investments as deremined by the mana&'ng trustees. The CDBF reserves the rLght to charge the managing trustee5 an a(kninistration fee where alternative Investm￿t marw are used in recognition of the additional complexity such arrangements cause. Further details of financial trust asset% whose market value amounred to £18.4m ar 31 December 2013 Q021. £17.7m). are aydilable from the CDBF on requesk and are summarised in note 25. Where properties are hdd as custodian truste< the deed5 are identifid as such. 27

The Ch•lmthird Dloc•san Board of ￿nance Trurtees. Report for the year ended 31 December 2023 8. Principal Risks and Uncertainties The Trustees are rew)nsibte for the identif•cation. Mitigatic￿ andlor management of risk To achieve thi& a re8iSter of all the risks identified is rnaln￿ned and. alongside IL a ffAnagement and mitigation strategy formed. The Audit Commirtee periodically re￿ewS the risk regisw in derail. The Trustees are invired ro rev￿¢ the risk register regularly and, in any event at leax annualty. leading to fornial discuss1c￿ and approvdl of the strategic risk rey'ster, setting out risks and mit1￿￿Oft strate￿￿ The responsibility for delivery of the idenofied mitigation strategies 15 dele8ata to the execuuve sraff or Bishops and ArCh(￿aC0ns as appropriate. A programme of internal audit is overseen by the Audit C<y))mittee and conwements CDBF'S risk management activities. The Trustees confirm that the major ri5k5. to %thich CDBF is ex￿sed, as identified by the Trus￿$ and staff. have been reviewed that systems and procedures have been established to manage those risks. The register idenrrfies six straogic risks with a pr&mitigation rating of 'high'. These risk5 and the associated mitigation strate￿$ are as follow5: l ) Missional Failure This risk recognises a variety of issues which could lead to the thurch failing to fvlfil its mi5sional purpose. Across the Church of England, V￿ are experIe￿ing dedine in £￿gre￿t￿xs closure of some church buildin85 with others facing significant cos Different theological understandings continue to present challenge5 to unity ithin the Diocese. Whilst the cause arKI Fre5ence of these factor5 ￿St outside the boundarie5 of Chelmsford Diocese. there are mirigations that we are taking or can tske localty ind￿lIng mucual wpporr bety￿n parish deryy. a Diocesan focus on prioritising and supporting looj parish miniwy, a better esrablished approach to Parish Shar increased diocesan level 5uppor¢ for churches to assist to look after their t￿ildIng$ and guiddines and resources for parishes. Additionally, we have a Pacial Justice Worksrream and 'Mu5tard Seed, children, young people and families worksrream to focus ￿ inproving represen(ation and mis5ional growth. There is a proiett management board for prqects who have received funding from the National ChLsrch and we provide training for our clergy, lay leaders and congretdtions to be confKlen¢ enngelis 2) Financial This risk enciynpa55es the threat posed by a long terni Structsjral defiix the risk of failure to amend or improve the parish share scheme. the risk F•)sed by the signthtant pension liabiliry in the clergy scheme and risk of poorty managed developmenc opporninities or failure to owimise propery land resources for mission. The mitigations in Pla￿ are a finan￿ iction pkn. sthciendy resourced finance team. and ongoing review of the parbsh share scheme. 3) Incident or accusations of serious misconduct Whilst there is tK) expectation of any accusations of serious Miscondu￿ or any reason to think that such accusavons would arise. it is IM￿rrant that Y￿ consider the implications of an event such as a senior staff mernber being found guilty of (or accused ofj serious misconducL an inad0￿¢ or accusaoons of serious misconduct in a parish currenc or historic. The mitigations include ovensight provided by the Dic<esan Bishop and Chief ExecutN< links Deaneries and Parishes. support from diocesan sraff including our Safe￿Arding ￿rn, racial jusrKe officw and panel and communications Cedm. We also have a bUll￿ng and harassment poly and have annual Visitstions. 4) Governance This risk recognises the implKations ol a potentbal gty•ernance failure. vAiere CDBF trustees are not able to fulfil their rol< failure of trust in Synodical proctss or senior leadership, serious PCC failure that may result in 28

The Chelmsford Diocesan Board of Fln¥K• Trustees, A￿Ort for the year ended 31 Decem￿ 2023 liabiliry for the CDBF or serious governan￿ failure in a "rar relation-. To Mitiga￿ this risk V￿ are doing tx will take the folloNing rneasures induding our Standing Committee considering our synodical processe5 and culwr< active recrutrment of ￿PIe ro serve on our trustee body and commit¢ee5. make use of the abiliry to fu￿1 the duties of a PCC under Church Rewesentation Rules in the eYo)t of parish failure and raise greaw avAreness of the impatt offailure of'near relations" S) Operational Rbsks This risk recognises the inwications to the CDBF of ¢)peraticrful failure resLslting from lack of capacity, key person risk5. physical risks eg. wrorist incidenL Ios5 of tenure of offKe buiklings le& fire), serious data protection or IT issueslbreaches and failure to adequatdy maintain churth t￿Ilding$. Mitigation atdinst such operdtional risks indude the Wellbeing coV￿an( greater sharing of knovAedge among teams. 'MaThJals' and guide11r￿S for key srnff. data protectitX training for all sttff the appointmen¢ of a Data Protecuon Lead and creacion of an over5itht 8￿p. IT upy7de providing improved securi¢y and capability. DAC advice on app)intment of architecc% a H¥itsge Support Officer and our DAC staff and rnembers. 6) External Risks This risk category recognises that there are factors extwnal to the church that could have significant implication5 for our rnis5ion and ministry including dima thange and other ser￿u5 incidents vthich would affec¢ the vthole of our sooecy e4. another pandemic. sustained fuel or fc Each Diocese 15 a See under the care of a Bishop who is charged with the cure of sou15 of all the people within that geographical area. Thi5 charge is shared with priests V￿thin benefices and parishes which are Su1￿1¥1$•0￿5 of the Diocese. The NatiC￿31 Church has a General Synod comprised of ex-officio and elected representatives from each Diocese and it agrees and lays before Parfiamenc Measures for the governance of the Church's affair5 which. if enacted by PaAiamenL have the force of su¢u law. In addition to the General Synod. the Archbishop5' Council has i coordinating role ffiyk aLthorised by the Synod: the Church Commissioners manage the historic a5ser5 of the Church of England; and the Church of England Pension Board adminis*rs the pension schemes for stipendiary ecclesiastical office holders and enWoyee5. Within each Dioces< 0￿￿411 leadership lies with the Diocesan Bishop. who exercise5 that iwt as Bishop within the Dititssan Synod. Our Diocese is divided into 23 dear￿les. each with tts own Synod and within each parish there is a Parochial Church Council (PCC) v4hich shares with the parish priest responsibiliry for the mrssion of the church in that place. in a similar way to that in which the Bishop shares responsibilities with the Diocesan Synod. In this dI0￿se. as part of our re-imagining mirtistry priority. parishes are on a iournw to working rwher colla￿ratiVety, often in Mi55ion and Ministry Units viith common mission pr10nti￿ aTrJ shared resources where appropria¢e. Whilst each Diocese is Separa￿ with a dear reSF#￿11XLlty for a SFecifK geogrdphical area. and each diocesan board of finance is a 5epardce legal enury. being F4rt of the Church of England requires and enables working together in a national framevN)rk and with national churth institution& 29

The Chelmsfrrd Diocesan Board of Finance Trustees. Report for the year ended 31 December 2023 Structure and governance (continued) Organisational strurture The Diocese of Chelmsford was created in 1914. Itspans the whole of Essex and five l)orou8hs of East London. It covers an area of1.531 square miles with an ¢)verall population in ex￿$5 of three million. The diocese is divided into three Episcopal areas by an Area Scheme under whKh the Diocesan Bishop, d)e Bishop of Chelmsford. has delepted ￿r(aIn audwity to the Bishops of Barkin& Brad￿￿11 and Colthes￿r in relation to the Archdeaconries in those areas. In 2024 it vras decided to reduce rhe number of Archdeaconries for seven to six. Each Arthdeaconry is subjivided into deanerie& rhere being a tota) of 23 dear￿rIeS across the Di¢xe5e. The deaners are further subjivided into 467 parishes. Diocesan governance The statutory go¥erning body of the Diocese of Chelmsford is the Dioeesan Synod. which is an elected body with representacion from all parts of the Diocese. Membership consists of ex officio members. including the Bishops. the Dean and Arthdeacons: clergy memb￿5 elected by the Houses of Clergy in Deanery Synods," lay persons dected by the kkJu5es of Laity in Dearhery Synods: up to five persons who may be co-opted by each of the House of Clergy and the House of Lai¢y and a maximum of eeht members nominated by the Diocesan 'shop. The Diocese Syn￿￿ is governed by Standing Orders whKh were updated in June 2012. The Diowan Synod meets two or three time5 a year. Many of Diocesan Synd's responsibilities have been delegated to the &'shop's CourKil. the &'shop's Council Standing ComMit￿e or the finance Commit￿e. Company Status The company. The Chelmsford Diocesan Board of Finance (CDBF). vfis fonned to manage the financial affairs and hold the assets of the Diowe. It ¥vas incorFrt)raced on 16 July 1914 as a charifable company limited by membership guarantees (No. 137029) and its governing instrument 15 the Memorandum and Articles of Assooation which were most recentty amended by Special Resolution in June 2012. Revised Articles of Assooatyon v4ere approved for suEthission to the Charity Conmnission in November 2018, and we continue to avrdit determinauon by the Commission. CDBF 15 reg5tered with the Chariry ComrTh55ion (No. 249505). Every eligible member of Diocesan Synod is a rnemE￿ of CDBF for company law purp)ses and has a personal liabiliry limited to £ l under their guarantee as a comFNiny memtw in the event of it being y￿￿n￿ up. Decision-making structure CorFK)fdte priorities and the overdll financial strategy for the Diocese (In its primary objecr to promote. assist and adyance the work of the Church of Engfand within the Diocese of Chelmsford) are Set by the Diocesan Synod and the CDBF. The company meets once a year in gener31 meeting to receive and approve the annual report and financial statements and to appoincthe audiws. The Diocesan Syncd each year receives and agree5 the annual bud￿ prepared and approved by the Trn￿ee$. The Trustees. meeting within the context of the Bishop's Council. hold up to six meetings during the year to formulate and coordinare ￿lIcIeS on mission. ministry and finan￿. Certain executive funcciorts of CDBF are undwuken by the Finance C¢)mmIt￿e. whose members are the TruS￿e5 and Directors of CDBF. The Finance Corrffiittee's terms of reference are as follows: Determine policy. in parricular for: Ministry numb￿$ aergy Stipends, Capiral Buts Revenue budget levels. Grant making and Investment& Monitor such policy decisions. AppY<)ve referral of Budgets to the D￿n 5yncwJ. Approve and sign the annual report and financ•al 5trtement5 after receiving a report from the Audi¢ Committee. Agree remuneration of the Auditor each year. Reteive a reF￿rt from the Finance Executive at eath rneeun& 30

Th• Chelmsford Diocesan Board o(Finance Trustees. Report for the year ended 31 Decemkn 2023 Receive minutes from all Su&Commitcees. Structure and governance (continued) Handle any EyJ5iness referred by the CDBF. Diocesan SyrKxI or Bi51w's Council. Create and dissolve sU￿COMMittees as rewired. Committee structurn The Finance commit￿.$ remit is set out abo￿. it ts supported ty i¢5 s￿￿￿￿mittees. Finance Executive handles rou¢ine I￿SInesS C￿ behalf of the Finance corrmit￿ and develops the and other woposals for Finance Committee's consideration. Audit Committee resPr￿sIble for assisung the FinarKe Committee in the discharge of its resp)nsibilicies ftr financial reporti￿ and internal control. responsible for making decisions concerning the operational management of all dergy houses ft)r the CDBF has r￿F￿)nsIbilIry. Investment Committee resp)nsible for re¢orThn￿1n£ Fdicy and ffAking decisions cc￿c￿ning the Remuneration and determines reft￿Therdti￿ policy and annual salary award& and oversees the Governance Committee effectsYenes5 ofgovernance across the CDBF. Diocesan Mission and Pastoral Committee (m•Jnbership of vthich is Covterminus with the Bishop's Council) is responsible for pastornl re¢)rpiisation. tsking account of dergy nurn￿r5 and the need for new patterns of minis¢ry. ad¥ises on marters ccwKerning Ch￿rd￿5 and places ofworship such as the gv7ntin8 of faculties. archaeology. art and the history of places of v￿rship. the use and care of places of vrt)rthip and their contents and the care of churchyard5. Committee Diocesan Board of Education prcwnoos ed￿at￿m. rdigious educar1￿ and religious I•￿r$hIP in schools in the Diocese. It also prorn0t￿ and advises goverrK)r$ of thurch schools in the Dioces ishop'$ Council and Finance Committeè Bishop'5 Council consists of 17 ex officio elec￿ by the House of Clergy from among their number { I from each Episcopal area). 9 lay pwsons elected by the House of Lairy from among their number (3 from each Episcopal area), 3 lay persons ap￿in￿ by and from the membership ofeach Area Mission & Pastoral Committee (l from each Ep. ) and a maximum of 6 rrembws nominated by the Diocesan &'shop. area Finants C¢)mmittee conysts of the Chair and Chair of CDBF (vtho are also members of Bishop's CoLAncil) and those other members of the Bishop's Council not Other￿Se disqualrfied fr)m membership such as persons remunerated by the CDBF. Trustee recruitmen¢ sdection and induction Trustees are ff￿mbers of the Finance ComMitr￿ and are se1￿Ced as set out above. Trustees are offered an induction when first appointed. TrUs￿e training is arranged at the srarr of eath triennium and subsequently as appropria￿. An element 0fTrus￿e training 15 typiolty included in the programme for the annual day meeting. While some senior sraff have jc*) fitles Incor￿rating the title 'Director'. they are not directors of the company for the purpJ5es of cryny law. All Tru5rees are required to maintain th￿r entry in the record of

The Ch•lmsfr*rd Diocesan Board al Finante Trustees. Report for the year ended 31 December 2023 decfarations of interest. 32

The Cholmsford Diocesan Board of Finance Trustees. Report for the end•d 31 December 2023 Attendance at Trustse Meetings Nunts cl meeting5 eligib Number of Percentage of mwiny artended attended Mrs Isabd Adcod¢ The R¢ Revd Adam Athinson (from 2919123) The Re¥d KathÈrinÈ dè B¢￿re1¥ The Ven C￿ls¢￿pher &Jrke Mr Philip Carnellvy The Ven Elwin Cocke¢¢ iTr)% The Ven Jonathan Croucher (Irom 411 Ir23) The Rt Reyd Lynne QAlens Mrs ￿￿￿1¢her Canon knger Ennxls The Rt Revd Gulnar Fr3no>De(luni The Re¥d John Fry (until 15104124) Canon Robert ￿mMOnd Mr Frank Hawkin5 {￿￿{￿ 2012123) The Very Revd Nichdas Henshal <￿til 2312123 The Ven Van•ssa H•rrKk 3113n3) Mrs Lesleyjudd Thè Very R￿d Paul Kenniw (from 2412n3) The R¢ Revd Roger Morris Mrjeffrey Mushens Mrs Michelle C>bende loo% The Ven Pa The Ven Kate Peacock (from 4111123) The Rr Revd Drlohn Perurthth (uniil 21Yln3) Thè Ven Michael Power Mr5 JIH Reading5 Ifrorn Iwin3) The Rèvd Canon Jane Richards {￿111 3tyin3) The Revd Canon Nicholas Rovrdn Canon Adrian Smith Mr Brian Smith Ms Hazel T￿aS {(rom 2￿1123 Mr john TipiMn¥ Mrjokn Winterbotham (until 1511Q4) 33

The Ch•lnNford Dloc•san Board of Finance Trustee5' Report for the y•ar ended 31 Decenkn 2023 Remuneration of key management personnel The Remuneration & Governance Committee reviews the emoluments of senior employees on an annual basis. The Committee's rymbership is the Chair of the CDBF. the Bishop of Chelmsford, and the Lay and Clergy VI￿ Presidents of Synod. The Committee also determines any cost ol living pay increase for employed staff and re￿ewS other Mat￿r5 relating to employee remunerdtion as required. Del•gation of day to day delivery The Trustees and che sU￿¢0mMIt￿e$ vthich assist them in the fulfilment of their re5pon5ibilities, rely upon the Chief Executive & Di¢xesan Secretsry and her colle•es for the delivery of the day to day accivifies of the company. The Chief Execurive & Diocesan Secretary 15 w'ven spgjfic and general delegated authority to deliver the business of the CDBF in accordance with the policies framed by the Trustees. Funds held on behalf of schools The DBE (as incorporad within the CDBF) receives IO% conuibutTrons from governor5 of church schools within the Diocese in connection with major repair and capital proiect5 to church Schools and also government 8t7nts in connection with the same. The DBE administers these monies as man¥'ng agenc and makes aPProprM￿ payments co contractors for carried OUL The monies do not belong to the DBE and as such the receipts and payments are not treated as inc¢)me and expwKliture in the Statement of Financial Activitie5. Any monies held at the balan￿ 5heec da a￿ treated as creditws on the balance sheeL The income and expenditure relating to school proie¢ts not reflected in the Statement of Finanaal Activitie5 amounted to £4.804m and £3.542m respectyyety (2021. £1.777m and £2.763m). Hisrorical assets arising Irom unexpended amirnulation5 of sale proceeds of redundant Church of EnglaTh Sthool properties are accounted for in the reStriC￿d Church Schoo15 fund and are M￿aged by the CDBF in consultstion with the DBE and hdd in a CDBF restricted fund detailed in the accounts. 34

The Chelmrford Diocesan Board of Finance Trustees. Report for the year ended 311)¢cemb•r 2023 Trustees. responsibilities The Trustees are responsible for preparing the Annual Rewl and the financial 5>tements in accordance with applicable law and regulations. Company law requires the Trusrees {as Directws) ro prepare financial staiements for each financial year. Under thac law the Trustees have elected to Fryare the financial Statem￿¢$ in accordance with United Kingdom Generally Accepted Accounting Practice (Un•ted Kingdom Accounting Standards and applicable law}. Under company law the Trustees must not aFprove the financial sta￿rne￿ts unless they are satisfied that they give a true and fair view of the Sta￿ of the a￿1r$ of the CDBF and of the surplus or deficit of the CDBF for that period. In wring these financial st3￿Ments the Trusrtts are required to: Sdett suitable accounting P￿iCieS and aFpty them consistendy Obserye merhods and principles in the Chartties SORP Make jud￿ents and estimates thac are reasonable and sta￿ whrfher applicable accounring standard5 have been followed, subj'ect to any miorial deparwres disclosed and explained in the financial statements Prepare the financial statements on the going concwn basis Un￿5$ it is inappropriate to assume that the company will continue in i)Fwation. The Trustees are also responsible for keepng proper accounting records thatdisclose with reasonable accurdcy at any time the financial FX)ytion of the CD8F and enable them to ensure that the financial sratements CoM￿Y with the Companies Act 201 l. They are also responsiik fw safeguarding the assets of the CDBF and hence for taking reasonaEAe s￿p5 for the prevention and detecrion of fraud and other irregulariries. The Trustees are respon5itde for the maintenance and integn'ry of the corporate and financial information induded on the CDBF'S vthite. Legislation irt Enland & Wa￿$ governing the preparation and dis5eminatyon of financial statements and other inforniation includèl in Annual ReFfflS may ¢thffer from legislation in other juriylicuons. Statement of disclosure to the auditor5 So far as the Trustees are aware: there is no relwdnc audit information of which the charirable company's auditors are unawar< and we have taken all the s¢ep5 that we to have taken as Twstees in order co make ourselves aware of any relevant audit information and co e$la￿lsh thai the dHrirable company's auditors are avlare of tha¢ inforniatit)n. Appointmènt of Auditors The appoinrment of auditors co the CDBF *ill be woposed ac the Annual Ger•eral Meefifh& 35

Th• Chtlmsford Dlocesan B(th of Flnance Administrative details Company registrdtion number Charity registration number Rew$tered Office 137029 (Er¢knd & Wale5) 249505 53 New StreeE Chelmsford CM I IAT Tel: [phone]CQ Trustses In accordance with the Ccxnpanies Acc 2006 a￿1 Stamen¢ of RecommeTh4ed Prnttice: Accounting for Charities (Second Ediuon. effective l ￿Uary 2019). the ComFAnie5 Acc 2006 and apFdicable accounting standards. the Trustees (for the purposes of charity lavi) and dirertors (for the purposes ofcompany raw) during the year andlc as at the thte of $i￿1ng Presid•nt Chair Victrchair Area Bishops The Rt Revd Gulnar Frnncis-Deqhani Mrjeffrey Mushens {from 20nn3) Mr Frank Hawkins (unril 2012n3) The R¢ Revd Roger A B Morris The Rt Revd Dr John Perumbalath (until 2win3) The Rt Revd Adam A£kin￿n (from 2919123) The Rt Revd Lynne Cullens from 2013n3 The Ven Christopher Burke The Ven Elwin W Cockett The Ven Vanessa Herrbck (until 3113123) The Ven Ruth Pat The Ven Michael Povler The Ven fvnathan Croucher (from 4111123> The Ven Kat£ Peacock {from 411 In3) The Very Revd Nicholas J Henshall (until 231ZQ3) The Very Revdjohn Paul Kennington (from 24nn3) Canon Rolert l Hammond The Kevd car￿nJane Rtchards (uncl 3011n3) Arrhdeacons The D•an Interim Dean Lay Vice-President Cleryy Yir¢-Prnsidents Elerted or appointed to ffill a Yacancy Mrs lsabd Adcock Canon Rosv J Ennafs The Revd John Fry {until 1514r14} Mrs Michelle A K Obende Canon Adrian J Sffith Mr John H W1n￿bOth￿M (until 1514r24) Mrjohn Tippir Mr5 Jill Elizabeth lieadi)gs (from 1811123) Mr Brian Smith The Revd Katherine de Bourcier Mr Philip Carnelley Mrs Mary DuAad Mrs Lesley Vjudd The Re￿ Canon Nicholas E Ro¥wi Ms Hazel Thcynas (from 2&11123) No Trustee had any benefic41 interes¢ in the corrywy during year. 36

Trustees. Report for the year ended 31 December 2023 Administrative details (continued) Senlor Staff The day to day managemert of the Chelrn￿ Diocesan Board of 1$ delegated to the Chief Executi The offttrs who served during the year and at the date of Si&Mng art CanoD SouthM>nh Dean of MissiJeen victoria Street London EC4V 4 Gl•be Property A8•nts Strut¢ & Park Coval Hal chekn￿ CM12QF In approving this Trustees. Rep(Y( the Trustees are also approviry the Strat¥c Report Included above wlthln eir capadty as director& DE THE TRu¥fEES Mushens Chair of the Chel te: 22nd May 20 Diocesan Board of finance 37

The Chelmsford Dioc•san 8oard of Financ• Independent avditors, report to the members of The Chelmsford Diocesan Board of Finance Opini<>n We have audi￿ the financial statements of The Chelmsford Diocesan Board of Finance for the year ended 31 December 2023 which comwise Statement of Pinancial Activities the Summary Income and Expenditure AccounL the Balance Shee¢ the Stateffnt of Cash Flows and no￿ to the financial sratements. including a summary of wgnificant accounttng policies. The financral reporring ft7mework that has been applied in their prepardtion 15 appqicable law and United Kingdom Accounting Standard% including Financial Reporting Standard 102 The Pu￿n(￿l Repornng Stondord appkntde in the UK ¢3txJ Re￿bk of Irek7nd (United Kingdom Generally Accepted Accounting Pt7ctice). In our opinion. the ￿ancial stacemenr& give a true and fair view of the state of the Ch￿71￿ company's affairs as at 31 December 2023 and of the charitable company's moveMt in funds. including the incorr and expenditure. for the year then ended: have been properly prerAred in accordance with Unl￿d Kingd￿ Generally Accepted Accounting Practice,. and have been prepared in accordance vith the requirements of the Companies Att 2006. Basls for opinion We conducted our audit in accordan￿ viith International Stsndards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those starbjards are further described in the Auditor's responsibilirie5 for the audit of the financial scatrments sectx)n of our repcL We are independent of the charity in accordan￿ with the ethical requirements that are relwdnr to our audic of the financial statement5 in the UK, including the FRC. Ethical Standard. we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obcained is suffiaent appropnate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial Staternen￿ we have conduded thac the trust￿. use of the going concern b35is of accounting in the prepara¢ion of the financial statonencs is apwopriat& Based on the vffjrk Yrt have ￿rforrned. we have not identified any material uncertaint￿5 relating co events or condioons thaL indrvidually or collectivdy. may cast significant doubt on the tharirable company's ability to continue as a going concern for a of at least twdve month5 (rwi the financial statements are aurhorised for issue. Our responsibilities and the responsitmlioes of the trustees with respecc Eo going concern are described in the relevanc secuons of this reporL Other inforniation The crustees are responsible for the other informarion. The other inforniatson comprises rhe information included in the Trus￿5. ReporL Our opinion on the financrdl statements dxs noi cover the other information and. e￿p¢ to the ex￿n( othtrèffise explTrcitly soted in our rem do not express any fr>rm of assurance conclusion thereon. In conr*ction with our audit of the financial statement& our resp)nsibility is to read the other information and. in doing 50, consider whether the other infornution is materially inconsisten¢ with the financial statements or our knowledge obtained in the audit or otheThvise appears to be materially misstated. If we identify such material inc$￿$15￿n¢les or apparent mawial misstatemenrs. we are required to determine whether there is a material misstatrment in the financial statements or a material mi5Statemenr of the other informath?n. If. based on the work ￿￿ have performed. conclude that there is a mawial mi5Statement of this other inforniation, we are required to reFQrt thac frdcL We have nothing to reporr in this regard. Page 38

The Chelmsfr•rd Di•xesan Board of FinancÈ Independent auditors. r•port to the members of The Chelm51ord Diocesan Board of Finance Opinions on other matterJ prescribed by the Companies Act 2006 In our opinion, based on the wck undertaken in the course of the audi the inforniation given in the Trustee5' ReFMX {v4hich inclu¢Jes the s¢rategic report the directors, report prepared for the purF¥)ses of company lawl for the financial year for vthich the financial statemenrs are prepared 15 consistent with the financi￿ statements: and the stratepc report and the directors. reporr induded ¥￿in the Trustees. Report have been prepared in accordan￿ with apFAicable le8al requirer￿S. Matters on which w• are rnquired to report by oxception In the light of the knovAedge and undersranding of the charita￿e company and its environment obtained in the course of the audiL we have not identified material misstatements in the TrUS￿e$. Rewt (which incorporates the Stra￿1¢ report and the directors. report). We have nothing to report in re5pecr of the following matters in relation to which the c￿￿panieS Act 2006 requires us to report to you if, in our opinion: adequa￿ accounting records have kepr by the eharirable companr. or the charitable company financial statements are not in agreem￿( with the accounting records and returns.. or certain disclosures of tru5Tre5' remunerdti¢n Specif￿ by law are not made: or we have not received all the informxt•on and exrAanarx)ns we rewire for our audiL Responsibilities of trustees for the financial statements As explained ￿re fully in the crustees. reSP￿sIbIlitieS sfaternent Set on page 24. the trustee5 (who are also the directors of the tharitable company for the purposes of ctryny law) are responsible for the eparacion of the fmancial statemer)ts and for bwng sarisfied that they give a true and fair view, and for such internal control as the trus￿eS determine is necessary to enaE4e the Freparation of financial statsments that are free from matyial Missra￿Men( vknether due to fraud or wror. In weparing the financial s0teM￿ts. the trustees are responsiile for assessing the charirable company'5 ability to continue as a g<xng concern. disd05ing. as applicabl4 matters related to going concern and using the going concern basis of accounring unless the trustees erther intend to IN4uidate the charitable company or to cease operations or have realistic alternative ￿ to do so. Auditorfs rèsponsibilities ft•r the audit of the finandal statements Our objectives are to obtain reasonable assurdntt atC•Ut whether the financial statements a5 a whole are free from material misstatemen( vthethw due to fraud or error. and to Issue an audittw's report that indudes our opinion. Reasonable assurance is a high levd of as5urdnce bui is not a guarydntee that an audit conducted in accordance with ISAS (UK) will always detect a material mis5tstement when it exists. Missfatrments can arise from fraud or error and are considered mawial rf, individually or in the aggre￿￿￿ they could reasonably be expec￿ to influence the economic decisions of users taken on the basi5 of these financial s¢ateffnts. Irregularirie& including fra￿, are instances of norKonWiance with LIw5 and regulations. We design procedures in line with our reSpOn￿l￿￿ties. outlined alw to de(ecr maorial misstatements in respect of irregularities. including fraud. The 2xtent to vknich our procedure5 are capable of detecting irregularities. including fraud bs detailed belw. Based on our understanding of the and the environTrMt in N*thich ic operdte4 we identified that the principal risks of non-compliance with laws and regulations related to chariry and company law applicable in England and Wales. and we con&dered the extent ¢0 whith non<ompliance might have a material effect on ¢he financial statements. We also considered those laY+S and regulauons thac have a direct impact on the prewation of the financial statements such as the Companies Act 20)6 and the Chaiiries Act 2011. Page 39

Th• Chdmsford Dititesan Board of Finance Independent auditors. report to the members of The Ch¢knsford ￿0CesaTr Board of Finance We evaluated management's incentives and opportunities fty fraudulent manipulatbon of the financial statements (including the risk of override of controls). Audit ￿¢￿ed￿re$ perfwned by the engagement ream included: Inspetting correspondence regulators; Discussions with management including considernion of known or suspected instances of ron- compliance with laws and regulation ar￿ fraud: Reviewing the contrds and procedures of the group relevant ¢0 the preparntion of the financial statements to ensure these in place throughout the year. i1￿udIng during the Covid-19 remote workn.ng period: Evaluating management's controls designed to PreV￿t and de¢ea irregularioes: Identifyin8 and trsung journals: Challenging a55umptsons and judgw￿ts ff4de by managerrnt in their critical accounting estimates in parricular valuation of Fmperry assets and investfftht prOF>￿tIeS. Betause of the inherent limitations of an audiL there is a risk that we ￿111 not detect all irregularities. including those leading to a matrrial missratement in the financial staTrments or nonvcompliance with regulauon. This risk increases the more that compliance wth a law or regulation 15 removed from the events and trnnsattions refiected in the financial sta￿MentI as we will be tess likety to become aware ol Instan￿ of non-complian The risk is also greater regarding irregularities omirring due to fraud rather than error. as fr7ud involve5 inteniional concealmen¢ forgery, collu5￿. ornission cf misrepresentation. A further description of our responsit4litses for the awjic of the fina￿la1 sratemenrs is loca￿d on the hnancial ReF￿tIng Council's Websi￿ ac w4•w.frcorg.ukJaLKlirorsrewnsibiliries. This description forms part of our audiw's report. Use of our report This report is made solely co the charitalle company's Mem￿ as a body. in accordance Chap¢er 3 of Part 16 of the Companie5 Att 2006. Our audit work has been undertaken so that we mght Sta￿ to the charitable company's members those mattery we are required tt) stao to them in an Auditor's report and for no other purpose. To the fvlles¢ exont permitred by Liw. we do not accepr or assume responsibility to anyone other than the charioble company and rhe charitable ¢<￿￿panY'S Fnembers as a b￿ay. for our audit Y￿r￿ for this repor¢ or for the OF4nions we have fornd. Jane Askew {Senior Statutory Auditor) For and on behalf of Ha￿mIcincYre LLP. Statutory Auditors 10 Queen Street Pla London EC4R IAG Date. 3 June 2024 Pate 40

Thè Chelmsford Diocesan Board of Finance STATEMENT OF FINANaAL AcfiviTIES Fvrth• ywand•d 31 D•c•fflber 1023 Furtds 2•23 73 1023 2023 202J 2Q22 .0 Dona￿OnI.. lJ.232 7.815 13.675 S,757 1.6Jl 5.921 ChantsblE actr￿11 215 1.611 1.055 1,655 Other Trd a¢thie5.' 738 Other (172) 1.0•7 526 Total In￿rn• 17.171 0.24• 1.5•9 23.152 Expendllurt #n Iw4e5Emencmawqm•nt CPAritaWe ictr•itye 336 291 551 24.310 2J.849 Tcal expen¢knJr¢ 551 J2• 24,140 Net surplus l{4efi¢i¢l bd)rn (JJOg1 933 1952 1.745 13881 N•tpin511195MsI 307 677 3.532 4.S70 (5.2811 N•t wrplus l (d•fick) I 13Jw) iJ•o Jh29 4.721 (5JéP) Tramler b•tsv•b 7&7 (J.7Z7) N•turplusl Idefidt) bthrt othr and 1•5ses 3,629 94 6.J41 1&069) re￿[ul￿n dftxed 12 5) IV24 (.708) 24.912 Aetuiml p751lb5sesl on lefined bene4t pernioTr sthllm 11 230 In hnds (329) JS94 (7.•30 (J,307 19.473 Tot41 lYwzht 197 M174 9.2 32(320 J75,•13 354450 Total •Jthd• JSJ74 iL•?2 318.490 372.556 315.923 The notes on page5 44 to 74 ￿rI of these firAncial sratements. Page 41

The Chelmsford Dloc•san Board of Flnan Note5 to the finandal statements For the year ended 31 Dec•mber 2023 SUMMARY INCOME AND EXPENDmiRE AccovKr For th• y•ar ended 31 o¢C￿b¥ 2• To¢1 2023 2022 Total incorne 24,9•2 21314 Totsl eype (24J24) Qi831J OpEratiry Profit Net8ains11955es} w Th¢sunws 574 (1.517) (1.1 I,Q45 Not Inc(Th the year 1021 617) Reyalutation of fixed assets 3.249 5.614 Net assets transferred from Erthwmert 3,727 Totsl cDrnprehen5ive l￿Dm￿ 4246 The incom• and exp￿￿1￿ account is d•rI￿d frorn th& statM￿ al RrAndal Actlvknes with Move￿r$ in •ndowmont funth &xduded to wkh conyry I￿. All Incornt aThJ Éxp¥Jirur¢ is derived fr¢rn con¢inukng Page 42

The Chelmsford Diocesan Board of Rnanc• Notes to the Ilnandal statements For the year ended 31 December 2023 BALANCE SHEFr For th• yev ended 31 Decenkn 2•23 nwmber. 137•29 2022 Flx•d Asg•ts Tangible assets Invèstments 12 291172 13 36103$ 373.008 CurY•nt ass•ts Assets held for Sale 12 10,527 Dettys: amounfs (all￿￿￿e mwe than year Detrtor5: amrAthts fal&nKdue wirlmn one year Cash at t4nk ￿ in harKI 14 278 14 1.125 3.7n 4.036 21.229 14613 Credliors: am￿Trts falling the ithi one year 15 {1391) (&7391 Notcurrent assets 11,874 Tot•J ￿9•ts Il•blNtl¢s 3U.8n 381.882 Cr•dltoN: am¢xnts after more year 16 {4317) (49591 N•t ￿1•ts •xthdln8 p•n•loN •dwrte Il•bl4ths Defined benefrt pension kbilill•s 37L550 375.923 21 Net asi•ts IndudlAg pMslM N•bl#t 371556 37&923 of £196.47m12012 00&44m) 17 324320 of £3M&h12022 £129ml DesigrAted Funds lincknlin8 iW•Stntht r•¥afvA￿ of £15.20m (2022 £17.49m) General Funds {induthry invos¢rnent revaluaTron reserve of É1.45m (2022 £1.46m> 17 9.228 17 J&J70 34.178 17 s.•61 6.197 T•tA UNIS 375,923 e apwobyd is> ty the Truste¢$ 4)n 22 May 2024 and si8ned on their b¢haW, by. r Jeffrny Myshac Pay 43

The Chdmsford Dlocesan Board of Finance Notes to the financial statements For the year ended 31 D•cember 2023 STATEMENT OF CASH FLOWS 2023 2022 Net Cash used In from operatlnK a£tivitle¥ Cash•(+w from Inv•stlnz actlv5tS "vidends. In￿rÉSE amd rent from inYe¥unen (4.857) 854) 1055 (507) 3.169 7.253 1.655 (393) 896 lThtsresr paJ Proceeds from the salE d tsngibk r￿ed assets P￿e¢d$ from the sale of held for tr￿n¢ assets Proceeds Irorn the sale of in¥esrmenrs 2.728 3.621 490 Proceeds from the sale ol closed thwches P¥¥￿eedS from the ¥ale ol cloxd 5chooL4 Purthase ol ¢angsle fixed assers for the use of the CD8F Purthast of fixed ¥$5ets investmenrs 99 (3.846) (1944) (856) f9.529) N•t Cash uMd In Investln8 actlvltles 9.469 {1.388) Cuh kn from financlng artl¥ltles New bans rt¢￿￿ed by CD8F Loans repaid by COBF Net Cash provlded by lThanclng artiiides Totsl mov¢m•nt in year {307) (9.￿9) (367) 9.102 1924) (2.312) Chany In ¢ash and cash equival¥bts in the reportonz Cash and cash equivalents at l JaAuary Cash •nd ¢ash ¢qulval•nts at 31 D•cornber 4245 4.036 8.282 (5.166) 9,202 4,036 R•¢a>n¢iliation of n•t inc¢xn• to net cash used In opevatln¥ activit￿> 2023 2022 £woo Net Income for the yur ended JI t>ecen (3J67) 19.473 AdSustmethts lor. Depreciauon Loss on rvaluati+X of fixed a55e¢s 92 92 1.70• (24.912) Loss on the reval￿(1￿? rjf VLL Dividend5, interest and rert frcrfn in¥esuk (2.•55 567 11.655) 393 Interest pald Gifts of non rash assets (1,571 (1.007 (4.571) (6 1.9•3 (4.744 Galn on sale of f￿Ctional assets (178) 5.741 {4&)) {712) {635) Losses (Sa￿S) on revahdon of ih¥estswts Gains on sale ol investments DecrtasellincreasEJ in debtors Increaselldecreasel ￿ credit￿$ Nèt tash used in opernthg a¢¢lvlti¢s (4.157 (2.854) The notes on p4e$ 44 to 74 part <Jl these I￿n(la1 srar•w Page 44

Thè Chelmsford Dlocwan Board of Finance Notes to the financial statements For the year ended 31 December 2023 PRINCIPAL AccouNfiNG POUCIES The financial 5ratements have been prepared under the histor•cal cost convencion. except for freehold properrie5 which are included at their fdir value as derermined under the applicable valuation method as de(ailed bel¢)w, and fixed asset Investm￿(5 which a￿ included at their rnark￿ walue at the balance sheet date. The financial statwrs have been prepared in accordance with the Sfarement of Recommended Practice for Charitie5 (second Edirlon. effective l January 2019). the Ccrfnpanies Att 2006 arKI appli¢able accounting standards (FRS 1021. CDBF meets tr defini¢ion of a Public Benefit wtity as defined by FRS101 The principal atteunting policies and esumation ted￿1queS are as follo (a) Income All income is included in the Statrnt of financial Actyviwes {SOFA> wthen the CDBF is legally entided to it a5 income or capiral respecov, ultsmate receipr is ￿0b￿ble and the amount to be recosnised can be quantified reasc¥uL* accuracy. Parish Contr1￿￿on$ are recognised as income of the year in re5pett of which they are rec￿vable. Rent receivable is recognised as income in the period TrM¢h resp￿[ ro which it relates. iii) Interest and dividends are ret¢)gni5ed as inccrfne whÈn receivable. iv) Grants re￿Ived whith are subiett to prè<ondirions for entitlement specified by the donor which have not be￿ at the year￿￿ are induded in credit<Jrs to be carried forward to the fc4lowing year. Parochial fees are recognised as income in the year to wh•th they relao. vi) Donations other than grants are recognised when receivable. vii) Gains and losse5 on disposal of fixed assers lor the CDBF'S own use (i.e. non4nve$¢ment a$5etsl are accounted for as other income viiil Supends fund incom& The Scipends Fund Captal account is governed by the DioCe￿n Supends. Fund Measure 1953. as amended. and ￿ use of the income 15 restricted for clergy stipends. However. the income is fully exFeThled wbthin the year of receipt and the legal restriction& therefore. are satisfied. It is on this basis that the income and the (normally much larger) related expw)diture are both induded in the unre5rricted column of the Statemenc of Financial Activities for the sake of greafer clarity and simplicity in financial reporting. Paze 45

The Ch•lmsfovd Diocesan Board of Finance Notes to the flnancial statements For the year ended 31 December 2023 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (b) Expenditure ExFenditure is induded on the accruals basis and has be￿ classified under headiry that a88re8ate all costs related to the Statement of Financial Acts￿rY cacegory. Costs of rd¢sing funds are consrdined to costs relaring to the investment management costs ofglebe and any other inve5trnent land or woperty. Charitable exFenditure is analysed between contributions to the Archbishops. Council, expenditure on resourcing mission and minis¢ry in the parishes of the dI0￿Se. expenditure reknrinz ro the running of the dbxesan retreat cu)tre. and expenditure on education arKJ Church of England schools in the dTrc Grants pay2ble are charged ift the year when the cthr is conveyed to the recipient except in those cases where the offer is corwjicional on the reLipient satisfying performance or other discretionary requirements to the 5ausfact•oTr of the CDBF. such grants being recognised as expenditure when the conditions attsching are fijlfilled. Grants offered subjett to such conditians whKh have not been met at the yearond are r￿ted as a commitmen( but not accrued a5 expenditure. iv} Supwrt costs consis¢ of central manag￿en( adnMni$tsition. and governance c05¢5. The amoun¢ spenc on raising funds and orher activities are considered to be immaterial and all support costs are afiocated ro the purFose of doritable acciviries. Costs are allocad wherever possitAe direcdy to the activiry ro which they relate, but vknere such direct all¢xation is not poKible, the remainder is allocated on an approximate staff time basi5. Pension contyibution5 - the CDBF partKipate5 in thr￿ pension scheme5 to provide pension benefits based on final pensionable pay. namely the Church of England Funded Pensions Scheme (clergy). the Church of England Defined Benef1¢5 Scheme par¢ of the Church Workers Pension Fund, and the Teachers 5upeTrnnuarion scheme. The CDBF also participates in the Church of England Pens)n Builder Scheme {forn*rly known as Defined Contributions kheme) Fart of the Church Workers Pension Fund. Details of the schemes are set out in note 21. The pension costs tharged as expenditure represent the CDBFS contriburions payable in respect of the accounting period. in accordance with FRSI 02. vi) Shorr term employee benefits including holiday pay are recognised as an expense in the peri￿￿ in which the Service is received. vii) Employee terni1n3t￿ benefits are accounced for on an accrual basis and in line with FRS 102. (c) Going concern Having rewewed the f￿dIng facilities available to CDBF together with the expec￿ future c2sh IIow4 the trustees have a reasonalAe expettaoon that charity has adequate resources to continue its activities for the foreseeable future and consider that there Y￿re no material uncertainties over the charity's financial viability. Accordingly. tly also continue to adopt the going concern basis in preparing the financial state￿￿

Th• Ch•lmsford Diocesan Board of Finance Notes to the financial statements For the year ended 3 l D•c•mb•r 2023 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (d) Tangible fixed assets and depreciation Depreciation 15 not provided on t￿Ilding$ as any provision (annual or cumulative) would nsx be mawial due to the very long expecred rtrnaining usdul economic hfe in each case. and because their expected residual value is n¢x mawially less than their carrying Trrdlue. The CDBF has a policy of regular s(rucwral in¥)￿lOn. repair, and ffAintenance. vthith in the case of residential properties is in acc<xdance with the Repair of knefices Buildings Measure 19n and properties are therefore unlikely to deteriora C￿ suffer from ob501e5cenee. In addition. disposals of propertie5 occur well before the end of their econonmc lives and disposal woceeth are USLAlly not less than (heir carrying value. The Truscets perform annual itryairrrnt reviews in accordan￿ with the requiremen¢s ol FRSI 02 to ensure that the carrying Wdlue 1$ not more than the retoverable amount Properties for the chorirfs own use Ail houses (excewing pr¢¥ties suEiect co rdlue linked loans shown below) are included in the baLince sherf a¢ fair value. which 15 consKlered to be their professional marketvaluation. Such houses are rwdlLd annualty. Properties sublert to Yal Ilnked loons Properties wthich have been boughr with the assisrance of valu&linked loans from the Church Commissioners are stated using the fdlue of the relared loan at the balance sheet date. Each year end the respecrive propercy and loan are carrd at an index linked current valuarion basis. Parsonoge houses The CDBF has followed the reqUire￿￿ts of FRS101 in its accoun¢ing treamient for benefice houses (Farsonages). FRSI 02 requires the accountin8 treatrwit to follow the substance of arrangements rather than their srrirt legal forni. The CDBF is fornially responsible fw the maintenance and repair of such properties and has some jurisdiccit)n over their future use or wtenual if not required as a benefice hrwse. but in the meantime legal title and the nght ro beneficial occupation is vested In the incumbent. The Trustees therdore C(￿Sider the most suitable accounting p￿ICY is to capiralise such properties as exP￿dable endowmt assets and to arry them at their estymated current market value. Parsonage houses are re￿4lUed annually and ￿e retorded at their fair value. (e) Other tangible fixed assets Depreciation is provided to write off the c05t (less any ultimate disposal proceeds at prices rullng ac the cime of the asset's acquisition) of other fixed assets over their currenfty eXPeC￿d useful economic lives at the following initial raw - Solar PV panels Motor vehides Compu*r5 Furniture and office equitrnit 4% per annum S(ra￿ht line 25% per amum straight line 25% per annum straight line 21fA ptr amum srraffht line All apiral expenditure ovw £ I.(￿ is cawalised. Page 47

Th• Chelmsford Diotesan Board of Finance Notes to the financial statements For the year ended 31 December 2023 PRINCIPAL ACCOUNTING POUCIES (CONTINUED) (Q Other accounting policies Fixed asset in¥estff£nts - Inve5tmeDt propwties include wicultural holdings and commercial operties whKh are Frof￿.Onalfy valued annually. Other investments are included in the balance sheet a£ fair (market) walue and the gain or105s on revaluation raken to the Statement of Financial Activitiek Financial Instruments - Other than equity Icwis 4*thich initially recognised ar the amount received. with the carrying amount adjusted in subsequen¢ years to refiect rhe fdlue based on the prowrtion of the current value of the relevanc Fropery and any accrued interesE the company onty has financol assets and liatxlitie5 of a kind that qualfy as b￿lC financial instrumenrs. Debtors- Trdde and other debtors are recognised at the settlement amount due after any trade discount offered. ￿epayments are valued at the amounr prepaid net of any trade discounts due. Ac the end of each reporring period debtors are assessed for evidence of impairment If an asset is irryllired an impairn)ent Ioss is recognised in che Statement of Financial Actiwties. b) Cash Cash at bank ind cash in hand includes cash and short term highly liquid investm￿￿$ with a sh<rt marurity of three months or le55 from the date of acquisition or opening of the depostt or similar accounc cl Creditors- &sic financial liabilities. including trade and othw- payables and bank loan& are recognised where the charity has a present obligation resulring from a past event that will probalAy result in the transfer of funds to a third parry and the amount due to settle the obli8ation can be measured or estimated reliabty. Creditors and provisions are recognised at tran5ac¢ion price. Leases - The company has enwed into operating lease arrnngements for the use of errain assets. the renfal for which is charged in full as experKliture in the year to which it relates. whe￿ renc free periods are gtven as part of an operating lease, the impact of this renc-free period is reflected in the Stsrement of Financial Activiues over the shorter of the overdll lease terrn or first break clause. (g) Fund balances Fund balances are split between unrestric￿1 IS￿￿￿1 and de$Ena￿). restritted and endowment funds. Unre5tricred funds are the CDBPS corporate funds and are freely available for any purpose within the duritable company's obpcts. a¢ the discreth)n of the CDBF. There are two rypes of unre5triCted funds: Generdl furth v4hich the CDBF intends ro use for the general purposes of the CDBF Designated funds Set aside our of unrutricted funds by the CDBF for a purpose sPecif￿d by the Trusrees. Restricred funds are income fvnd5 sufy.ect to condicions imwsed by the dorK)r as specif temis of trusL or dse by letdl measure. End¢)wment funds are those held on trust to be retained for the benefit of rhe charirable company as a capiral fund. In the case of the endowment funds adminis￿red by the CDBF {Stiwd$ FurKI CaF¥ral and Parsonage Houses), there are discretionary powers to convert capital into income and. a5 a resul these funds are cla55ified as expendable endowmenL EftdoWrr￿nt funds vthere there is no prs)vision for expenditure of capital are classified a5 permanent end¢?Wn￿c In 2021 the trustees passed a resOlUtK￿ under s104 Charities Att 2011 to adopt Total Return Accounting as pemiittoj by the Diocesan Supends Measure (AmeThJed) 2016.. For Page 48

The Chelmsford D1¢K￿an Board of Finance Notes to the financial statements For the year ended 31 December 2023 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) further detail see nots 26. "Special trusts" (as defined by the Charrues Act 2011) and any crther trusts where che compny atts as truS￿e and controls the management and use of the funds. are induded in the company's own financial statements as charity trnnches. Trusts where the CDBF arts merely as custodian trustee with no control over the management of the funds are ntx included in the financial sratements but are summarised in the notes to the financial (h) Capitsl expenditure on Voluntary Aided schools Contributicffls to ca&w¢al expenditure from Departrn￿t for Education arKI school governors are not recogrtised in the Scat￿nt of Financial Acttvitstt. Details of the turnover related to this activiw are included in r￿te 24. The CDBF contributes to the Improveme￿ extension and bjilding of schtr)Is not under i¢5 control by making grants to the schcd govunors concerned, and these are shovm as such in the Sutement of Financial Activitbe The CDBF does not recognise filue of the ccfflpany's reversionary interest in the assets of closed schtr)ls untyl the u1tmna￿ proceeds of di5pxal have been received. (i) Judgoments and estimatss In the application of the accounting Fdicie& the Trustees are required to make judgements, estimates and as5umption5 about the carrying value of assets and li3tilities that are not readity apparent from other sources. The estimates and undertyir¢ as5umpts.ons are based on historical exper￿￿ and othw faaors that are considered to be relevant Actual results may differ from these estimates. The estimates and undertying aSsumptTrc￿S are conunually evaluated. Revi51ty1S to accounting estymates are reco8nised in the period in which the es¢ima* is revised. Siziwfvortiudgemenis i) Valuation of Freehold propertie5 afftd parsonage houses- All freehold properues and parsonage houses, induding invesunent propertw but excluding those subiecc to value linked loans are revalued to their fair wdlue annually using valuations provided by external professionals. Properrie5 5ubiecr to fdlue linked bans are revalued each year at the fair dlue based on the index linked cu￿ent valuation basis. li) Valuaoon of liabili¢ies arising from the chariry's obli8ation to meer drfKit reduttion payments for its multi-emF4oyer defIr￿ benefit P¥ision 5cheme- These liabilitie5 are revalued at each year end using dk5count ra￿ which are reassessed annually. iii) R￿dUal value of Freeh¢)bJ propwties- The Trusree5 consider thar the residual value of freehold properties is Suffia￿ty hith that deprecration would not be material. In the view of the Trustees there are no 50urce5 of estimarion uncerrainty affecting assecs or liabilities at the balance sheet date that are likely to result in a matyial adju5unent to their carrying amounts in the nexc financial year. Page 49

Th• Ch•lmsford DlocÈsan Board al Finarbce Notes to the financial statements For the year ended 31 Decernber 2023 INCOME FROM DONATIONS Pari¥h ContrIbu￿0 Gmeral Designated 2023 202J Fwid5 Funds Funds 2023 2023 2023 2022 00 Parish share assessment for the yÈr ShortlaN in conr11￿￿ory4 IS.8•3 (1611) 17 IS.803 (2.611) 17 15,885 (2.2081 PaymeNts in exces% of asx55men¢ Arrears f¢x prewous years 23 131 11675 13.232 13.232 I prish COntr￿UrionS in 2022 were WLres Other Don•tions Total G¢nrAI D¢siznat•d 2013 2023 Funds F￿d Funds 2023 21123 202] 2022 c•oo cfjoo £'ofjo Donations 15 3.110 3.195 1519 140 Minlstry Suppon Fun¢th"ng Su$tainability knthng BEnelx¢ Trus¢ I￿1 1,827 500 258 295 Church F1anr 1.097 335 1.07 325 1,13S 538 Train8 for mints￿7 City Churches Fund Strategic Capacity Fund Srrnre8fjc mfjnls￿ Fund Other &ants 844 169 109 189 97 228 325 143 1,631 251 5.936 7.815 5.157 Total donatlons 25• 5.926 21.047 19.432 In 2021 £1727.OQ) of)dr donatyxs were ￿reStr￿ted and {3.0￿￿￿} wa5 re5ts5Cted. Page 50

Th• Ch•lmrford Diocesan Board of Finance Notes to the finaTrcial statements For the year ended 31 December 2023 INCOME FROM CHARITABLE ACTMTIES Varlsh Contributions Total G•n•rnl Desi8ma¢•d 1•23 2•23 Funds Fund5 Fund¥ 2•13 2•23 2•23 2022 c• e••• Statutory fees and £hphiKy I￿oMe Priffi￿ 701 835 13 3 Mixdlaneou5 incoffle 346 371 255 Oiocesan Retreai Hou 162 162 3L 1.469 1.401 Totd ￿ 2022 1.401 INCOME FROM INVESTMEKrs Total TLMCI Funds Funds 2023 23 2023 202J 2023 2022 cooo DI￿¢￿ndS 205 1.244 Intertst 44 nr 520 528 30 215 1.055 1.655 Told￿ 2022 207 1.438 1.655 OTHER INCOME Total Genernl DeSI￿ated 1023 2023 Funds FuDds Fund$ 2023 2023 2923 2022 £￿00 Galns Ilossesl ¢￿ dlsposal of assets i.on (172) 1.007 526 1.•78 (172) 1.007 526 T(¢d ￿ 2022 16 490 2Q 526 Pa8• 51

The ch•In￿f￿ Dlocesan Bovd of Finance Notes to the financlal statements For the year ended 31 December 2023 FUND RAISING COSTS Total Totd Funds Funds Funds iozj 1023 2023 1023 2022 00 Irvestment wemenl costs Is 336 291 rotdii 2022 27 261 291 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Vnrestrkt•d thnds R•strlct•d EthdoTwment Totsl General Desl8nated 20ZJ 2013 Funds Funds Fundj 2023 1023 2023 £'ooo Re$our(ing ministry and rn￿$10n Granr Fun(lin8 of attivities SuFPOrt costs E¥pendiwre on Diocesan Retreat House E¥penditure on Ed￿atIOn Loss dispv5al of as%ets 1S.M4 1.449 1636 163 127 1172 500 18.292 2.057 3.062 333 145 70 Iss Jio 505 20.487 551 3.163 24,309 Fw05 FwL& Fu￿& 2022 2022 2022 2022 2022 14502 1458 19.249 1.493 1.949 285 Gr¢¥rt F¢¥thE Of￿￿¥￿5 1,547 45 357 Dfvxesun RetreGI Ho(￿e 285 215 310 525 L055 on thposal of assets 302 348 19.848 713 3.242 23,849 Page 52

The Chelmsford Dioc•san Board of Finance Notes to the financial stateM￿ts For the year ended 31 December 2023 8. ANALYSIS OF GRANTS Totsl Individu Instib•tions Funds 2023 23 2023 2022 GranTS made 21• 1.139 IOS7 1,493 1022 230 1.263 1,493 Reconfliation o18rants payable 2023 2022 Accrned ai I january Grants p3rablE for the year Grants ￿ld knryg thE year Totsl 546 I057 (1114) 247 1.036 404 Payable as follow&. less than l year 247 401 y fund type Inthiduals Instlwflons 1013 2022 From Uhr￿trIcted fund for Nlonal Chwth rwonsibiliiies 1.227 1,217 1.100 From ￿restrIrted fvn¢J¥ PCC fv451bily study Chwrh•4 Tog¢ther orz3Thsatitins lrterfaith worki Is iio) 145) 18 (2S 14 (25) 14 Other instlDJtKJnal g(arrts OrdinJnds in Tra￿nI Cleryy for va 18S 212 19 16 Total from urtrestrlctod 204 1,24$ 1.299 Tot•l from d¢sl8nted ￿ndS PCCS fw mitsbn projtt 14 17 From restricted funds Overseas mlssion proiects Relu¥ee sUPPOrt Pccs f( rrbssion prqeus Educaiion grants 185 116 14 14 2•J 31J7 T•tsl from restricted 14 445 soo Toral 145 218 1,139 1.057 1.493

Th• Ch•lmsford Di(Kesan Board of Finance Notes to the financial stat•m•nts For the year ended 31 D•cember 2023 ALLOCATION OF SUPPORT COSTS 2023 20Z2 £'ooo Re50urcing ministry and minsion Educatyon 1872 190 1.767 182 Total 3,062 1.949 io. NET INCOME Thls 1% stated after tharylnz 2023 2022 £'ooo Audi¢ Fees 38 31 Other Fees 12 Operating lease costs in the year Depreciation charge Interest paid 194 92 92 567 393 Page 54

Th• Ch•lmsford Diocesan Board of FiDance Notes to the financial statements For the year ended 31 December 2023 STAFF COSTS 2023 2022 Stall costs wve as l&k) Wagg5 5aLvi•s Natsiwl Ir15￿n(e 2.33• 221 194 Pen￿￿ c05rs (r￿ 211 299 283 1851 1485 1•23 2022 Fwt fc parnh mmis Retreat 7• 73 Se£rètants to A#thdéacor The a¥er4e man￿Y yw exy¢5%eil a5 fil twrE was as follows lYKILthI casual and prt. me 2023 2022 for parish mirwslry Diocesan Retreat House Setrètaries to Ardhleaco 72 68 1023 Z022 In the band £60.001- nO,W) In band £70.001 . ￿.(ts) In the £W.WI . É.(b) Ouriryt yearthe £harty made payffws to 14887 12022.. £3&4fyJI Pag* $5

The Ch•lmsford Oiocesan 8¢Ard of Flnance Notes to the financial statements For the year ended 31 December 2023 STAFF COSTS (Continued) RemuTh•rtlon t)f k•y management pwsonnel Key manag?rnert wscffiTrel are deemed to be those ha¥M¥ ar&1 re¥￿￿. &kyted to them by the Trnstees. for pknTrwns, (krectkng and ¢ontyolkn¥ the aeuvitits vfthe r&Le3e. 2013 thEy were.. Dir•rt•r OfFIn￿ {frryD 6103n31 Dlreetor ofCommunittions & Media Thimas Gewd Drre<tor of Ed￿￿tion {to 310)In31 Ifrom 1102n31 Head ofProperty H•d of Ser¥lte Ddivery Head of Sa1•8￿￿rdin8 HR M•nior Rad1 Tcrwn5 Gn•rnl R•tr•t House Pl•sh•y Gvhwn R•rnwer4tKJn, Pens￿)n$ •nd ewN5ES for thue rylDyEe5 to £816.679 r1021. £7ts1C ler¥y Stip¢n41 The CDBF 1$ r•sponskn ILV the Churth c￿15s1￿ the swnth ollicensed 5UPEn(liary clErzY in th? diocese. other than bishops and caththl stsff. The CDÈS is also rewnsle for the yo¥Is￿￿ c4 frjr sdpeneilry clery in the 4kneso Incl￿￿.￿¥ the S￿r￿an but the th"gee5￿ bThlw)p and cathethal soff. 2023 2021 <'ooo Stpends Nav0￿1 Insvr4nc <ontrilAw￿s 1.430 702 a327 Pensioth costs. £urreht year . deficit rethKOo I,Q52 1491 310 11,838 The styend5 of the Diocesan Bishop and thrtt Suffragan 8￿hOpS are the Cknh Commissioners and are in the rarye £39,950. 48.970p.3.12022.. £38.050. C46.64CpJ.l. The anrnAI rre the CDBF. pavj tv Arth&at¢JNs ITh 2023 75 in the wa￿e 37.370. £39.05812021. £37.000. L37J70 PA.). Other t￿1 who v￿re tere pid L29.S02 p.a.1201Z. LM232 pa.). The CD8F pr¢)vides housing for the Btshopk thE ArdwJEacrJn5 and the who we TrUmE￿ The Church Ccrrrn5ioners prov4e housing for th• DvJctsah Bthp. No Trustee rtteNtd lor stryiets as Trustee. The Trwsthes who recewed travel and out of pocket expenfes was £l,Ml for 2 trnrtees1202Z. in rnspert of Genertl Synod ¢kn and other a5 Tru5tee5. 10 rru5teE5 recer¥ed £14.820 lor out of pocket expensés ith tFir normal llbe ofdw as archdE￿ or mernber0ld￿. Page 56

The Chelnirford Diocwan Bo¥d of Finance Notes to the financial statements For the year ended 31 December 2023 12. TANGIBLE FIXED ASSETS Fra•hold Office Other Flxed Total 2023 ?023 2023 cooo At I lanury 2023 Add￿(￿4 307J61 3.799 (iJ20) (9.70•) (•.03S> 191597 81• 47 3.846 (1.1741 <9.1￿ (8.035 292.614 Disposals ReVaI￿kn wrphjs Transler to •sxts held for sale {15) p•) 310ecembtr 2023 J15 711 Depreciatlon At I ￿nUary 2023 Chrye for the y•ar On disp)sals At 31 De¢emter 2023 289 450 41 ?2 {15} (16) 3•4 510 Net book Trtltse At 31 Deeembtr 2023 21.5•7 397.361 467 2*1.172 308.004 At 31 December 2022 112 S21 If the freehold prop¢rtyes had nc¢bew •tv4h•wn FAYe been h￿t0￿ClI ctsst onv•n¥on as follo%ws-. 2023 2022 Cost 95.539 gA219 The ￿lIding5 were r￿l￿ed on 31 Deteth 2023 ty Struu & Patkèr LLP. 5Lv¥eyws on an open Marketex￿tin¥ use Pa￿ 57

The Chelmsford Dioc•san Board of Finance Notes to the financial statements For the year ended 31 December 2023 12. TANGIBLE FIXED ASSETS (continued) ftev4lu•tlong Two ofthe equity loar6 In¢lte 1613re for the offreW al)¥e. Th• r•payment ¢em)s are 5Uth tht the bt rtSttted The 4natysis of •D ol fixed ssets Thl 15 as foltyws.. 2023 2022 RevaluaiiDn of fmd 155ets (9.708) 24.641 271 ReValua￿>n ol assers held for Net per Slatemeni of FinancHI Actpits (9.7081 24.912 The analyls of usets held forslÈ 2023 2022 £No BI￿nce bl l Janwry 2023 Proceeds frorn the sale of hdd for tra 3ssefS L055es on di¥05al ol he￿ fortA• assets Addityons ¢0 b• held for salo 10.527 (7.153) (429) 7.265 (17281 12121 210 At￿lUatIo￿ of held for 5alÈ assets 271 Held for sal lor 21)23 8.035 10.800 5.721 8aLince d 31 DecernbEr YJ23 IQ527 Proceeds trom th• salt af tAn£lble Ixed assts 2013 2022 Net book offreehdd property fixed a¥sety 95ed ar l Jw 2023 Gains and losses ￿ thptssal t4 assets Pro¢Èeds from the sle clfrehDld propErty ttr¥th assets {1.84J) (41) {1.804) 19951 18961 Page 58

Th• Chelmsford Di(Kesan Board of ￿nance Notes to the financial statements For the year ended 31 December 2023 13. FIXED ASSET INVESTMENTS UnlSsted InYe51m¢n¢ 2073 2112J 2023 2023 2022 At I january 2023 Additions 21.734 2.944 617) 1.682 23.673 33.138 793 10.032 785 65.••4 4,522 {4.233) 4.571 69.863 64.377 9.528 (3.1601 (5.741) Di5PQ5415 Reyaluauon rdin Marker Value at 31 De¢eftkn 2023 (1.546) 3.015 35.$00 (125) 10fv91 listorK Vaue at 31 December 2023 19.184 15.372 44769 38,025 Invutsrnnts h•ld by Tot1 Gentrnl Deslgnattd 2023 2023 Fund• Funds Funds 2023 2•23 31 Decgmber 2023 co LiS￿d invÈSll￿tftts 3.700 5.639 7•5 19.973 25.593 9.905 23,673 3S,S¢KI Its.090 Unlisred investments 4,267 Investrnent property Total 4.207 10.124 55.471 69.86J T¢Md 2Q22 2022 1022 2Q22 2022 4 31 Deceftrtyr 2022 3.407 4.425 14327 28013 10.032 Sl.172 21.734 33,238 IQ032 TthAI 7.832 The analpts c4 ner on investynerys r4 3$ folowL' 1023 2022 £10 Realised g￿nS Unrealised Oos51 galns ON revaluation Net yins per sta￿llent ol FIr&nei￿ AcfiiTres 400 4.571 4.576 15.741) 15.281) Page 59

The Chelmsford Diocesan Board of Finance Notes to the financlal statements For the year ended 31 December 2023 14. DEBTORS Total Tord 2023 2022 £'•oo Loans to Pan$￿1 Equity loa Other103 193 248 29 242 278 Total 1•23 2022 Due withln orbe year Parish share 363 358 Chantst4e acmiives detwrs 1.495 628 Other loans and dekns Grnnt Income accn*d 17S Prepaymenr5 and accrued irKome 983 1.125 3.771 Page 60

The Chelmsford Diocesan Bo¥d of Finance Notes to the financial stateme• For the year ended 31 De¢¢mber 2023 I S. CREDITORS: AM￿nts faling due within one year Tot•1 2Q23 2022 Bank and e￿llty I￿an9 Trade credtors 1539 4•0 666 Other taxation and scKKal security C105ed klbJob5- amounts ￿ld dÉ￿nn￿ts0n 578 Devofved Fornwjla Capiial Schools Condiuon Al¢xaiion$ 27 569 1268 261 Pensi¢)n contrAnions In0￿ 211 Other credittys ZQ2 Z37 1.229 Accrual$ and tkferred Incyne 133 Grants accrued Inots 81 247 4.$34 6.739 16. CREDITORS: Amounts falling due after more than one year Total Total 2023 2022 £'•oo Bank loans 5J75 4CQ5 874 Equiry loin 6.174 8.959 National Wesrm1n￿r Bank Pk has made *vailai4e morrgap facilities to fvnd the wrcha5e of h￿Se$ for cur2￿. The totsl ban balance stands at £7.718m (2021. £8.085m) at the yur end. The loan is divided between £5.575m falling due after rnore than one year and £2.143m included in creditors falling due within one year as che capital ryyments b¥"n in July 2024. The loan rate 15 1 B3% above base. In May 2022 a facility of £8.085m was ayeed. This facility. thich is repardtrk in full a¢ the end of IS year5, 15 secured on certain freehold propertie& Where hou5e5 have be￿ sold the mr￿e has been red￿￿d. Equity loans are made available by the Church Commissi(￿ to assix with provision of housing for curntes and other ministers. The tern￿ are thar the loan is rvrdtle rf the PrO￿rEY 15 sold or ceases to be used for the purpose under which the loan vns grdnced. The amount repayable to the Church Commissioners is the proportion of the curreni value of the merty that the loan bore to the original purchase cost. Most loans incurred inrerest initially at 3% per annum the ratr thereafw varies with infiation: the average interest rate on these loans 1$ 6X One loan is held as a creditor falling due wÉthing one year and was repaid in January 2024. Page 61

The Ch•lmsford Dioc•&kn Board of Financè 14otes to the financial statements For the year ended 31 December 2023 17. SUMMARY OF FUNDS MOVEMENTS STATEMENT OF FUNDS - CURRENT YEAR Transf￿5 GaiThsl Balance at (lo%w) J I Ckt•mber Z023 2023 2023 2•2J 2•2J 2013 co Dosi8natsd kndl Houses {128) 1869) 28517 Brts¢t Trust 427 367 Dt51Sna￿d &lpÈnd C>•it41 FLmd Cb5ed C￿r(he5 3A12 574 283 4.558 1861 11421 522 Dloctsan P45toral Mi55Kn OpportuNrJes Frnn¢Js of the Retreat Hc D•sywf•4 Work 1.022 1.052 34.178 767 15011 35,376 General fvnds GenEral 197 17.178 20 5.868 TtyAI Unresthcred fvnO5 40.375 1&662 I21￿38) 3.n7 14811 41.141 Endowm•nt Fundi Stip￿d5 F￿d Caytsl Parwnage H￿se$ Pernydnent Endowment 83356 1.415 (320) 917) 17D3) 1107) {3.nT) 1421 83.954 239.918 17,999) 285 231.227 3JM6 3,308 311489 32&no 320) IS.292) l¢estylrted Fuhd¥ Diocesan ￿rd of EthKarlc S,467 410 l+S831 1561 SS9 5,753 LoThdon 0￿r th Border 37 ch￿ 1.650 5¢ MMica's Trust 3,1 Leffl¢Appeal Relugee Chwch Aantin¥ prqett Tnining f*¥ Mlttls Suategtc Capa sua￿￿£ NnIS￿ F￿d HistorK En￿and Oth¢r Srnall Grnnts 141 11.09 831 42 1,097 315 293 1831 33 16 9.228 13.288) 642 11823 Tgul 375.913 2&411 P4.6451 15.132) 3n556 Page 62

The Chelmsford Diocesan Board of Fin Notes to the fmancial statements For the year ended 31 December 2023 17. SUMMARY OF FUNDS MOVEMEI4TS (continued) STATEME￿ OF FUNDS~ PRIOR YEAR Trwrfe I￿[￿j1? 2022 31 December 2022 )22 2022 2022 Dwlyotsd [￿lts H¢w5 2aioi 324 14661 1192) (i.a67J 3,124 29.698 427 295 DesythTed Stthl CFtknl ioiz 3.012 (￿) 17131 2a430 2,550 3.114 34,178 GerwOlf￿ 4.645 la266 (19.8 3.L 19.057 (20J611 5,014 3,184 4QJ75 12 .155) 1337) 1122) 15.6141 {1.018) 19.138 (408) 17,712 81350 239.918 221.147 1479 311094 97 1.438 oio) 326.320 Restricted Funds 4338 340 32J 1461 1901) 1879) 1150) &467 1.821 O*trthe ew 43 1.652 Leffl Wed RefwPW 45 15 (1.135) 1671 14761 1189) {1 121) {3.2091 07 fvrMW￿try 251 21 IQ275 3,257 (1.035) 9.228 To￿￿FW￿5 35a450 23.752 {24.140) 19.861 375.923 Page 63

The Chelmsford Dioc•san Board of Financ• Notes to the financial statements For the year ended 31 December 2023 17. SUMMARY OF FUNDS MOVEMEKfs (continued) SUMMARYOF FUNDS-CURRENT YEAR G&kn inrfout) 2011 {losss) 2023 31 Dpc•rnber 2023 2023 102J cooo rooo c•oo Desi8narÈd fwwJ5 General fvnth 34.178 767 35,376 £197 40375 17.178 1960 20 18.662 Pl.0381 3,727 14811 41,2M 32&310 13201 13.72n 15.2921 642 318.489 Restrlcted 240 12.823 375923 24411 P4.6451 15.1321 3n.s56 SUMMARY OF FUNDS- PRIOR YEAR Tr•i ILMrtJ 2Q22 IOZ2 2022 2022 2022 2022 2a430 4.645 33.t¥l 791 (7131 {19.8 QQ561) 2JS0 3.064 3.114 34.178 6.197 18,2a6 19.057 5.614 3.184 40.375 313.LW 10.375 131Q 13.2691 (5,614J 17.712 {1.0351 J24320 9.228 3.257 354450 23.751 Q4.14C4 19.801 375.923 ANALYSIS OF TRANSFERS BFfwEEN FUNDS- CURRENT YEAR Unrtstricted ￿Thd5 Restricted Endowment Genernl Desiznated 2023 2023 Funds Funds 2023 2023 cooo £￿00 Totsl return transfer togeneral IwK15 from eNkn¥me 3.024 {3.0241 fund (nore 24 Transfer from Designated stipeTrJ fund to SUF￿ revenue 126 (126) Disposal ol Beneti¢e properves in the year w th• Diocesan Pasto￿ Account 703 (7031 Trdnsfer from g•rwrdl to d8ygnated fund5 for Deanery 1150) {40) Cther tyansfers of less tlmn £50.CW each 767 13.727) Page 64

The Chelmsford D10c￿1Th Board of Finance Notes to th• financial statements For the year ended 31 December 2023 17. SUMMARY OF FUNDS MOVEMENTS (continued) ANALYSIS OF TRANSFERS 8ETWEEN FUNDS- PRIOR YEAR FuTrYs 2022 2022 2Q22 2022 Totd ￿￿rn togeneralfthjs 1218 (3.218) (149) 149 (740) 3.285 740 13.285) General to Dewgnoted Yarth Wtwk {5) 1550 (5,614) ated F Houses Fund Benefact Trust This fund reFesenr$ 8ran(s received from Benefatt Trust and is to be diwibuted at the discrnion of the &"shop ol Chdmsford {Prw'ously known as Alkhurthes Trust). Mission OpportunitiÉ Fund Tlus fund rwes￿ moNes alho￿d for new mi5sbon initiative5. Deslgnated Stipend Capitsl This operates in the same manner as the sti￿d5 Endowment FUTr4 and is designared for exp￿¥￿Iture on clergy StiP￿d$. The funds are invested with our Investment Managers and aCcO￿ted for tsn a c<xal rexurn basis. This represencs pr4xeed5 from the sale of closed churches which ￿ve been Set aside to cover fuurt cos(s ariyng on other t1we￿$ in thè ditieese closed k public w¢)rship. Diocesan Pastoral A(coynt The t'oce5an pasttral accO￿t was srf w urbjer the pro¥isTron of the Pasroral Measure 1983. The purpose fcK vknith the account may be used arè.. To defray costs In￿￿ed lor the purposes of the Measure or any scheme y orts under the Measure exeepi for salaries of regular diocesan C105ed Churches To make103ns ar yants for the wovision. re5¢0rau¢n. imFfovement or repx to d¥￿the$ and Parson￿ houses in the diocese Other purp￿5 of the General Fund This fund is aval￿ble lor any pwpose TAthin the 0tr4'ec(s of the CD8F. Fun Stipends Fund Cpital Tlws fiwTrd 15 go¥W￿d by the D￿Ces8n Suwds Measure 1953. Thè income of the fvnd can be used for stip&)ds This f￿j rWre%w￿ the value ofau the b&)efice h￿$¢$ Iparsonages) in the Diocese. The ir*ome ol these fimds is a¥wlalAe to be spent within th• G•n•ral Funds. Parsona8e Houses Pemianent endowments Pagè 65

The Chelmgford Diocesan Board of Financ• Notes to the fiTrancial statements For the year ended 31 December 2023 SUMMARY OF FUNDS MOVEME￿[[5 (cont•nued) ertrfrted Fund . Diocesan Board of Education The D￿￿eSan Board of ÉthKatiCrfb is an unin¢¢rpoAttd bdy consutu¢ed in accordan￿ with the tAKe5an Boards of EdLKat¢on Measure 1991 INo.21. Ths i￿1th the poc4ed sale Ffoceeds of ch)sed church schools and the unsp•nt balance of the gran¢ received from the Hock￿11 Ethjcational FountJa(ion. The c￿01 is inmituod to a¢kninisw wific knds for the ben•ffit of parishe5 withn fve speow dear￿leS of the Diocese. This fund is available to pari%hes ￿1th1n five specrfd deaneries of the diocese, for the purposes of suppornnz thè adYaftts￿t ofr"on. repa of churches. and supporc of This fund repre$￿ts incomè frorn the 8bshop's Lent Appeal. Trms fund repreS￿ts irtomè frorn the Bishop's Refvzee Appeal. This fund represents Arnnts re￿IVed from the Church Commissioners towards the ¢ost of the owng de¥elopment of resource dwches and a network of new ¢hwch Comm￿1(1e$ in S miuion prioriry areas. Thi5 fund repre￿ts 8rancs received from the Church Commissioner5 ¢9 aid the London Over the Border City chUrd￿ Fund Lent Appeal Refu8ee Appeal Church Planting Proi•rt Restrurturing (¢ransition) FundiDg Training for Ministry This hjnd repre$￿ts grants reteived from the Archbisknps. Councd to assist in the l￿dIrtg of tftining dergy. This fund represert% gnnts receNed from the Archbishops. Council to assist in the funding D￿San sraff Supporung Parish Ministry and Worshipping Communities. Funding for a Hisroric Buildings Team. To help better eare and promo ¢x historic biA&)gs and help PCC'S develop 5trateKie5 for long-term care. maint￿anCe, and sUs￿nIbIlItY of ther assets. This lund conutns the accumulated assets of the St Monica's TrusL which ori&na￿ from the sale of a school 5it& The Pr£￿eedS of the lund are used to pwt educat*Jn amry¢ies across the diocese. Strategic Capacity Historic Ensland St Moniu's Trust e66

Th• Ch•lmsford Diocesan Board of ￿naTh(e Notes to the financial statern￿ts For the year ended 31 December 2023 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BEfwEEN FUNDS - CURRENT YEAR Total FuNds Funds 2023 2023 2023 £100 cooo Ta￿￿le assets fixed a55et wivesimw 1178 395 2S4.S17 SS.4n SAOS 19L172 6.￿5 10.810 242 4267 10.124 A5￿tr hEld for $8le 5275 Debthr5 thJe after morE than rthe year Current a35ets 242 4.71S 3.142 1910 (141 10.107 (LJ?i ) (•Ji7) Creditors the witlwn one year Creditors ￿e in more thin one year Defined beDefii pen5iw liabdi 1403) 1&185) 18391 1132) 35J77 I1￿12 311.489 37L556 ANALYSIS OF NET ASSETS BETWEE14 FUNDS. PRIOR YEAR Totd 20Z2 2022 2Q22 2022 1022 T+ fved 05XfS 1197 39.630 430 265.741 57.172 5.328 308.004 65.004 JO,527 178 l.a32 hE￿fvr 910 4.283 278 S125 (11821 (13TI fyrert ¢tssers (9191 5,501 (4.5351 11.899) 21 Crethor5 dte one 16.739) (&959) Crethors h1 more Lkn tx ytty (a8221 &197 34,178 9.228 321320 375,923 19. CONTINGEKf UABIUTIES There v￿e rho contingent liabilitses at the balance sheet dè 20. CAprrAL COMMITMENTS There is a cawral commitment related to the Froposed demolr¢ion of St Peter's Church. Birch. A feasikn.lity study and denKJlition cender carried out during the year at the balance sheet dale there is a commitment of £409k related to the prlwsed demoliti￿. The cost of the proposed demolirion will be me¢ from the Closed churches fund vthich had a balance of £522k at the end of 2023. Page 67

The Chelmsford Dioc•san Board ol Finance Notes to the financial statements For the year ended 31 December 2023 21. PENSIONS Chelmsford DBF pxrric1pa￿ in four Pensi￿ scheme Church of Ennd Funded Pensions Scheme Church Workn PensK)n Fund DBS Church Workers Pension Fund Pension Buikler Teachers Pension Schen The Church of Enland Funded Pen&ons Scheme (CEFPS) and the Church Worker5 penS￿D Fund {CWPFI are multi-employer last man standing defined bendt pensbon schemes for which the CDBF is unable to identsfy its share of the urderlyng ass￿ and liabilities as each employer is exposed to actuarial risks associated with the current fonyw em￿oYeeS of other entities partiapating in the scheme. For multi-employer schemes where this is the case. paragraph 28.1 l of FRS102 requires the CDBF to account for pension costs on the basis of contrib￿lOn$ acwalty pardble ¢0 the scheme in the year and, where contrièmjtions are affected by a wrplus or defictt in the scheme. to disclose information about the surFdus or deficit and the implicarions of the sU￿u5 or deficit for the CDBF. A valuation of each scheme is carried out ontr every three year5. Churth of En8land Fwrbded PensI(W￿ Scheme {CEFPS) - the Clergy defined benefit pension sch•m• Chdmsford DBF Participa￿ in the Church of England Funded Pensions Scheme for stipendiary clew. a defined ber￿fiC pension scheme. Thbs scheme is adminis￿r￿a by the Church of England Pensions Board, which holds the assets of the schemes 5eparatdy from those of the Responsible Bodie Each participating Responsible Bc¥ty in the scheme wdys contributions at a common contribution rate applied to F￿s1Onable stiwds. The $C￿Me is considered to be a muki employer scheme as described in SeLtion 28 of FRS 102. This means it 15 not POS5ible to attribuTr the Schane's assets and liabilities to the specific Responsible Body and thi5 means that contributions are accountrd for as rf the Scheme Y￿re a defined contribution scheme. The Fension5 Costs charged to the SOFA in the year are contributions Payab￿ tovnrds benefits and expenses accrued in that year (2023: 2021. £2.408m). there vlas no addirional deficit charge during 2023 to be recognised as a liability a5 shovrn in the tatle below to be recogni5ed in the SOFA the total charge is £2.04Lkn for 2023 (2022: charge of £2.178m). A valuation of the kheme 15 carried ou¢ once every three years. The mox recent kheme valuation compleced was carried out at as 31 Dec￿ 2021. The 2021 fdluatson revealed a surplus of £560m. based on assets of £2.llom and a fvnding target of Q161h. assessed using the following assumptions: An average discount rate of 17% PJ.: RPI infiation of 3.6% ￿1. (and pension increases consistent with this); CPIH intlation in line with RPI less 0.8% pre 2030 moving co RPI no adjustment from 2030 onwdrds: Increase in pensionable stipends in line v￿th CHH. Mortality in acccrdance with 90% of the S3NA VL rables. %ith all¢)wance for improvements in mortality ra￿ from 2013 in line vrith the CM12020 extended model with a long-term annual rate of irnprovement of 1.5k a smoothing par4mer of 7. and an initial addition to mortality improvements of 0.5% pa and an alk)wance for 2020 data of 0% (IA w2020 - 0%). Pagè 68

Thè c￿lmS1¢)rd Di(than Board of Finance Notes to the fmancial statements For the year ended 31 December 2023 21. PENSIONS {aMrtinued) Following finalisation of the 31 December 2021 valuatMM. defKit contributson5 ce35ed with effecc from I January 2023. since the Scherre VAS fully fvnded. The deficit recovery coniributions under the recw pknn in force as each 31 December V￿re as follov 31 December 2021 7.1% pyatde January 2021 to December 2022 31 December 2022 31 December 2023 An inrim reduc¢Ic￿ to the defKir contril)utions to 3.2% of pensionable stipend was made with effecr frt)m 2021 and remained in place until Decembw- 2021 For senior off￿e hohaers. pensionable stipends are adjusted in the cakularion5 by a multipl< as set out in the Scheme'5 rule& Section 18.1 IA of FRS 102 requires ayeed deficit recovery payments w be recogni5ed as a Ihibility. However. as there are no agreed deficit recovery paymenrs from I ￿nUary 2023 onvrdrd5, the balance sheet liability as at 31 December 2023 is nil. The m¢)vernent in the balance sheet liability over 2022 and over 2023 is set out in the table below. 2023 2022 'ooo Balance sheet kn￿11￿ at l JaTh￿ry Detidr conwibuv¢)n paid Inwest <QSt {recognised th SOFA) Remaining charqe to the b￿alKe Sheet lth"V (recoKNsed in SOFA) 540 (310) {230J Balance sheet liability at 31 December * Comprises change in agreed dacit recovery pknn 2nd change in discount rate and assumptKins tthveen yearnds. This liability represents the present value of the deficit conrributicffls agreed as ar che accounting date and has been valued using the following assumptions. No assumptions a￿ needed for December 2022 as there are no agreed deficit recovery payments going for%Ydrd. No price inllation assumption was needed for December 2021 since pensionatAe s¢iwds for the remainder of the recovery plan were already December Decerydier Dectmber 2023 2022 2021 Dixounr 0.0% pa nla fvic• infknuon nla Increase to toul pensionatle ￿yT01 -I.S%Fq The legal Structure of the sdRme 15 such that rf another Respongble Body fail4 the CDBF could become re5wn5ible for paying a share of that RttFThsible Body's pensw liabilitie5. Pag• 69

The Ch•lmsford DlocÈsan Board of Financè Notes to the financial statements For the year ended J l December 2023 21. PENSIONS (continued) Church Workers Pension Fund (CWPF) - Lay Workers Defined Benefits Scheme The CDBF formerly participated in the Defined Berdits Stheme section of CVPF for lay scaff. The Scheme is adminiswed by the Church of England Pensions Board. whKh holds the assets of the schernes separately from those of the Empwtr and the other parriapating employers. The CWPF has two sections: l. the tkfined Benefrts Scheme l the Pension ￿lIder Schem< which has two subsections: a. a deferroj annuity Secti￿ known as Pensi￿ 8uilder Classic. and. b. a cash baLance section known as Pension &Jilder 2014. The Defined Benefts Scheme ('D8S-) section of the CWPF provides benefits for lay sraff based on final pensionable salarie& The CDBF has noc had any acrive members in the DBS Sin￿ March 2018. For funding Pur[￿e& the DBS is divided into Su￿F?0￿ in ￿Pec[ of eath participatyng employer as Y￿11 as a further sU￿pOol. known as the Lrfe Risk Pool. The Life Risk Pool exists to share certain risks be￿¥een employer& including those relating to n￿rt￿l￿ and poll-recirement investment returns. The dNision of the DBS into sub-FX)ols is notional and is for the purpose of calcuLiting ongoing contributions. They do not alter the fatt that the assets of the DBS are held as a single trust fund out of which all the benefits are ro be provided. From time to tim4 a notional premium is transferred from employw5' su&pools to the Life Risk Pool and all pensions death benefits are paid from the Life Risk The schewe is a multinWoyer scheme as described in section 28 of FRS 101 It is not possible to attribute the scheme's assers and liabilities to spetsfic employers, since each enwoyer, through the Life Risk Sec(ion, is exp)sed to acDJarial risks associated vith the current and former employees of other entities partiopaong in the DBS. This mean5 that contribuoon5 are accounted fcr as rf DBS we a defined contribution scheme. The pensions costs charged to the SOFA during the year a￿ contrliwtions parat4e tovfdrds benefits expenses accrued in tha¢ ywar 12023.. £0. 2022: £0) plus rhe figures in relation to the DBS deficit hi8hlightrd in the table below as being recognised in the SOFA giv4ng a total tharge of £0 for 2023 (2022: £0). If, following an actuarial Ydluation of the Life Risk Pool. there is a surplus or deficit in the pool. further transfers may be made from the Life Risk Pool to the employers. suEtr￿oIS. or vice versa. The amounts to be transferred (and their allocati￿ Lrween the sub-FJ)ls) will be settled by the Church of England Pensions Board on the advice of the Actuary. A valuation of DBS is carried outonce every three years. The most recently finalised valuation was carried ouc as at 31 December 2019. In this valuation, the Life Risk 5ec¢ion vlas shovm to be in deficit by £7.7m and £7.7m vns notionalty transferred from the wnpbyers. sub-PCh)Is w the Life Risk Section. This increased the employer contributic￿5 that would otherwise have been payable. The overall deficit in DBS v4as £11.3m. The next actuarial valuation is due at 31 December 2021 The calculations for this are under vrdy. Following the 2019 ￿luatiOn. the Employerentwed into an agreen￿twith the Church Workers Pen5i0n Fund to pay expenses of £9.900 w year. Page 70

The Ch?Imsford DIOces￿ Board of Finance Notes to the financial statements For the year ended 31 December 2023 2023 2022 &alanEE slÈt lith.lity at l January Deficit contribuuon paid Interest CYtst {recognised in SOFA) Remaining d4n8e to the sheet Irilw (recognised in SOFA) Balantt sheet liabill¢y ar 31 De¢erthr * Comprise5 change in agreed drfKit recovery and chafige in discount rnte and assumptions between Where relevant this liabiliry rwesenrs the present value of the deficit contributions agreed as at the accounting date and has been valued using (ollowing a$suryt￿nS set by reference to the duratK>n of the defici¢ recovery paymenr December Decembèr Dec•mb•r 1023 2022 2021 Discount rate NIA 0.00% The legal strucwre ofthe scheme is suth that rf aThxhw Responsible Body fail& the CDBF could become responsiNe for paying a share of that Respon&t4e Booy's pension liabilities. C. Church Wo•kn P•nsion Fund (CWPF) - Pension Builder Classic and Pension Builder 2014 The CDBF parricipates in the Pension Buildw Sdvne 5ecrNx of CNPF kn- lay staff. The Scheme is administered by the Church of England Board. which holds the assets of the schemes separately from those of the Employtr and the other partsciwong employer P¢n5ion Builder Scheme The Pension Builder Stheme of the CWPF is made up of two secrions, Pension Builder Classic and Pension Buildw 2014. both of which are dassed as defined knefit schemes. Pensi¢)n Builder Classic provides a pension. acojmulated from Conrril￿tic￿S paid and converted into a deferred annuiry during errployment based on terms set and reviewed by the Church of England Pensions Board from time to (im& Discrecirw Increas￿ miy also be added. depending ￿ inves¢ment returns and other factors. Pension Builder 2014 15 a cash balance schen that ￿￿￿deS a lump surn vthich members use to provide benefits at retiremenL Pension Contr1E￿￿OnS are recorded in an account for each member. Discretionary bonuses may be added before retiremen( dependi￿ on invesunent rrfurns and other factors. The accounL Fdus any bonuses declared 15 parabl< unreduced. from age 65. There is no sutAl￿s1on of issets between employ5 in each seLrion of the Pension Builder Schem& The scheme is considered ro be a mulu4nWytt scheme as described in Secrion 28 of FRS 102. Thls means it is not possible to attri￿re the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as rf the Scheme were a defined contributyon scheme. The pensions Costs charged to the SOFA in the year are contributi￿5 payable (2023: £299.OiX). 2022.. Q92.OCQ). Pagt 71

The Chelmsford Dioc•san 8oard of Financ• Notes to the financial statements For the year •ndad 31 December 2023 A valuation of the Pension ￿lIder Scheme is carrred ou¢ orKe every three years. The most retsnt ￿d$ carried out 35 at 31 December 2019. The next Y41uaoon is due as at 31 December 2021 cakulati¢￿S for this are currently under vrdy. For the Pension Builder Classic secuon. the 2019 ¥31uation revealed a deficTr of £4.8m on the ongoing assumptions used. At the most recent annual re4iew effective I ￿nUary 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payinent and pension in payment in wpett of seryice prior to April 1997.. and a bonus <)n pensions in payment in re5pec¢ of post 2006 seryio so that the pension increase 5% {where usualty it y￿uld be calculated based on infiation up to 2.5%). This foll0v￿d improvements in the furKling pO￿tIon over 2023. There is no requirement for def￿1t paymenfs ac the current tim For the Pwsion Buildw 2014 secuon. the fdluation revealed a surplu5 of £5.5m on the ongoing assumptions used. There is no requirement ft>r deficit payments at the current time. The legal structure of the stheme ts such that rfanothw employw fail& CDBF could become resFonsible for paying a share of that empknyer's F)ension liabilities. Teachers, Pension Scheme (TPS) The TPS is an unfvnded multiomFdoytr defined benefits pensH￿ scheme governed by The Teachers Pensions Regulations 2010 {a5 arneTrdd) and The Teachers Pension Scheme Regulation$ 2014 (as amended). Members Contribu￿ on a "pay as you go" basis with contributions from Members and the employer be credited to the Exchequer. Retirem￿ and othw pension benefits are paid by public furbd5 provided by Padiament. The ernployer contribution rate is set by the Seoyrary of Slate folk)wing scheme Ydluations underraken by the governmen¢ AcuMry'$ DeFqrtmenL The ffK)st recent actuarial valuauon of the TPS prepared as at 31 March 2020 and the Valuarion ReF￿L whrch wa5 published in Occober 2023. The fdluation confimed that the employer contritrxrtion ra* for the TFS would increase from 23.6% to 28.6% from l April 2024. Employers are also required to pay a stheme administration levy of O.OV/• giving a total employer contril)ution ratr of 28.68%. The CDBFT employer's pension Costs paid to the TPS in the year amOUn￿d to £18.Crf)) (2022 £32,1N)O). A copy of the valuation rewt and supporting documenrafion is on the Teachers, Pen5i¢)n5 websiTr. The surnrnary of all the Schemes. liabilities at 31 Decembw i 202J 2022 Amounts falling duè within one year Church of England Funded Pensions Scheme Church Work¢r5 Pensions Fund D £'ooo 226 36 35 Tèachers PenskH1 schemè Total 202 261 2023 2022 Amounts falllng due after more than one year Church ol England hJnded ￿nSionS kheme Chvrch Workers Pensions Fund D8S £'ooo Toul Page 72

The Chelmsford Diocesan Board of Firbance Notes to the financial statements For the year ended 3 l December 2023 22. OPERATING LEASE COMMIThENTS At 31 t)e￿mber 2023 the total of future n￿muM knse paYn￿S under I￿￿￿￿ncellabIÈ opernting leases was 2023 2022 rooo Within l year Between l and S years After more than 5 years 22 Total ios 106 23. RELATED PARTY TRANSACTIONS AFArt from the trustee fdnsaai￿s disdosed in notr I l. there were no other related party ts7nsac(ions in the finantial year. 24. CAPITAL EXPENDITURE ON VOLuKfARY AIDED SCHOOLS CDBF received funding on behalf of xht)ol$ from the Deparnnent for Education totalling £1.821,fiXI (2022: £1,817,1)Xl) and from xhool governing bodies amounting to £407.500 (2021. £185.1)Xi) to rinance building work These funds were then urili5ed to pay for sthool building improvanent Neither the inccffne nor the expenditure are included in these accounts. 25. FUNDS HELD AS CUSTODIAN TRUSTEE CDBF acts as Diocesan Authority or custodian trustee for many trust funds by virtue of the Parochial Church Councils {Pov￿r5) Measure 1956 arKI the Incumbents and Churchvrdrdens (Trusts) Measure 1964 whwe the managing trustees are parothial church councils and others. Assets held in this way are not aggregated in these financial sUteM￿£S as the CDBF does not control them. 2023 2022 £0• CBF Clwrch ol Eryknnd In¥•swir knd 4res C8F Church ol Errfknrtd Irwesunenr knd accmlatiw ores CBF Qwrrh ol Wrtd ftxed Imwesr Secwiiie5 Fwd CBF Clwrth 0fEryknr￿ Gobal Equity I￿L￿ne Fund iKome slwes CBF Church olEngPdTrJ VK Ewi4y Incorne knd irK¢Ane shwes CBF Church •fEngPdDd Property share¥ COIF income aThJ iccwNla¢*)n 5harns 9.914 993 243 229 56 42 125 7•4 ioi OthÈr common invesunem (M￿) DYect hok4ings ￿ UK equitRs CBF Churrh of ￿And Dep05iE Fw 927 710 3.77• 4.939 Total 18.369 17,762 Fage 73

The Clwlmsford Dioc•san Board of Financ• Notes to the financial statements For the year ended 31 December 2023 26. TOTAL RETURN AccouMfiNG From l January 2021 the Chelrnsford DicKesan Board of Finance adowed a toral return approach to investments and property ￿￿th rerard to the Stipend Capital Fund (5CF), and the Permanent Endowment Fund IPEF) following Consul￿ri0n ith the DKKesan I￿1 athisors and auditors and in accordance WTth their adNllce. The initial base values for implementing total return wtre determined ar l January 2021: the SCF £60.51 I m and the PEF £1.678m. The unapplied tool return broLEht forward at the l January 2023 vos £12.759m for SCF and £1.091 m for PEF a combined valued of £13.850m. 3.5% Yo5 quoted and agreed as the annual percentage to transfer ¢0 the General fvnd to suP￿t rertiu< this percentage will be reviewed annually raking into account invescment performance and the balance of unapplied wral return. The indexation of the base values is calculated using the National CPI index as of tkcemLEr 2023 the CPI index used Yo5 3.9%. The movements during the las¢ cakndar year in the Y￿Ue of the unapplied total return are set ouc in the tsble telow. Sdwd C•pttslthd Umapplled TThrtf•r Total Prnihent VTrappHed Trnrthr T•¢al T￿1 TDtsI slmont rooo a¢ I lanuwy 101>: 1.955 1.955 12J59 11759 83.355 n 12359 1.955 Moverntnts kn the yar. I￿1 sale Pr￿￿0& o18knbkn15 ns OTh r•vaJatAM hoL &In￿O￿$S•s) o(• dtsposalal assts 1184 1.147 1183) 3.245 1320) (2.917) 285 285 P2(4 12.gITJ UrtWi•dt¢xalrntthib alocaiod to d of 11071 IIOT) V75 V76 12,178) 195 262 atjl De¢4mbw 202 71373 n,)n 10582 8J.9S4 1031 2.032 Ur4ppltod I￿aIT￿tth a5 at 31 OoC•rr*w 1023 IOJ82 1276 1.276 73.)TJ 1032 1276 3JC• &knatyJts •fWlthdrm4•1 knc•m• To Gwffal (soe note 18arAtys0 of Z917 107 1917 107 IOJ82 83.954 1032 1276 Pay 74

The Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2023 27. ANALYSIS OF CHANGES IN NEf DEBT Other Non- At I lan 2023 Cashlrrn Cash Chan8e5 At 31 Dec 2023 £￿00 eooo Cash and cash equlvalents Cash and cash eqw¥alents 4.036 4.245 8,282 4.036 4.245 8.182 Borrnwln¥s De￿ due wthin one year Debt due after one year $39) 1419 ,539) (6.173) (&9591 367 (&959 367 (&713) Total {4.913 4.612 {431) Pay 75