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
W*ith the audi*d 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 r*w
direction of travel and shared walues for the Di¢xese of Chelmsford.
Introduced after a period of listening and discernment that E*gan 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 V*E 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>tr*r 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 N*ill 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 v*ith 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 v*ith our diocesan Multi-Academy Trust (MAT), The Vine Schools Trus( and
our other MAT partners. Governance 5UPPOrt for co￿ and its directors is integra*d 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
pJ*up 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 ne*V 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 assessn*nts 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$S C￿r5e and 1324 com*ed the Foundation Course. 234 people completed the
Safer Recruitment and People Managern￿¢ e-learning course. 786 people cryleted the mandatory
Domestic Abuse cC￿r$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 Dic*esan 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 v*ay 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 Chdmsfc*d 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 fcr*fird. 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 F*essured ¢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 v*ith 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 v*ith 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 i*en 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 DiotÈs*n 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 expec*d 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 "r*ar relation-.
To Mitiga￿ this risk V￿ are doing tx will take the folloN*ing 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$.
Mitigation atdinst such operdtional risks indude the Wellbeing coV￿an( greater sharing of knovAedge
among teams. 'MaThJals' and guide11r￿S for key srnff. data protectitX training for all sttff the appointmen¢ of a
Data Protecuon Lead and creacion of an over5itht 8￿p. IT upy7de providing improved securi¢y and
capability. DAC advice on app)intment of architecc% a H¥itsge Support Officer and our DAC staff and
rnembers.
6) External Risks
This risk category recognises that there are factors extwnal to the church that could have significant
implication5 for our rnis5ion and ministry including dima* thange and other ser￿u5 incidents vthich would
affec¢ the vthole of our sooecy e4. another pandemic. sustained fuel or fc<Jd shortage. avil unresL
Whils¢ mitiKdtions here are challewng ￿ are workir¢ towards meeting the Church of England carton
zero goal by 2030 and rrAkn'ng use of our experTrence tdined during current pandemic including use of virtual
resources w adapL
Structure and governance
Summary inforniation about the strurture of the Church of England
The Church of England is the established church. and HM The King is the Supreme Governor. It is orzani5ed
into two provinces (Canterbury and York) and 42 Dio¢ese> Each Diocese 15 a See under the care of a Bishop
who is charged with the cure of sou15 of all the people within that geographical area. Thi5 charge is shared with
priests V￿thin benefices and parishes which are Su1￿1¥1$•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 Chelmsfr*rd 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 deaner*s 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 ry*mbership 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$ v*thich 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 incorpora*d 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: 01245 2944CQ
Trustses
In accordance with the Ccxnpanies Acc 2006 a￿1 Sta*men¢ 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 Missi<m. Ministry & Education
Director of Finance
Dirertor of Communications & Media
Director ol Education
The Revd Canr)n liob Mtrchant
dul Setterfield. ACMA, CGMA (from 0613n3)
Canon ThowAs Gddard
The R￿d Rob Merchant (to 311 In3)
Carrie PrNx (from 0112123)
Head of Property
Head of Service Dellvay
Head of Safe￿ard5Th8
HR Mana8•r
Programm¢ M￿88¢r
Canon Nathan wh1￿head
Arnanda Goh
Rachel Towns
Dawn WeOJell
Auditors
10 Queen Street Pl
London EC4R IAG
Sollcitors and R¢81s¢
Minerrd House
London SEI 9BB
Bankers
PArcknys Bank
l Street
National Westminster
Bank PIC 45 High Street
Chelmdord CM I I FZ
12 Wte
Management Ltd
85 (>Jeen 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 Stateff*nt 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 v*ith 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 repc*L 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 wc*k 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¢ateff*nts.
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 managerr*nt 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 forn*d.
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¢thi*e5.'
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
Tc*al 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•t*urplusl Idefidt) bthrt oth*r
and 1•5ses
3,629
*94
6.J41
1&069)
re￿[ul￿n dftxed
12
5)
IV24
(*.708)
24.912
Aetuiml p*751lb5sesl 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¢sunw*s
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& stat*M￿ 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 *ith*i 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•Stn*tht 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 pa*J
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 ¢ang*sle fixed assers for the use of the CD8F
Purthast of fixed ¥$5ets investmenrs
99
(3.846)
(1944)
(856)
f9.529)
N•t Cash uMd In Investln8 actlvltles
9.469
{1.388)
Cuh kn from financlng artl¥ltles
New bans rt¢￿￿ed by CD8F
Loans repaid by COBF
Net Cash provlded by lThanclng artiiides
Totsl mov¢m•nt in year
{307)
(9.￿9)
(367)
9.102
1924)
(2.312)
Chany In ¢ash and cash equival¥bts in the reportonz
Cash and cash equivalents at l JaAuary
Cash •nd ¢ash ¢qulval•nts at 31 D•cornber
4245
4.036
8.282
(5.166)
9,202
4,036
R•¢a>n¢iliation of n•t inc¢xn• to net cash used In opevatln¥ activit￿>
2023
2022
£woo
Net Income for the yur ended JI t>ecen
(3J67)
19.473
AdSustmethts lor.
Depreciauon
Loss on r*valuati+X of fixed a55e¢s
92
92
1.70•
(24.912)
Loss on the reval￿(1￿? rjf VLL
Dividend5, interest and rert frcrfn in¥esuk
(2.•55
567
11.655)
393
Interest pald
Gifts of non rash assets
(1,571
(1.007
(4.571)
(6
1.9•3
(4.744
Galn on sale of f￿Ctional assets
(178)
5.741
{4&))
{712)
{635)
Losses (Sa￿S) on revah*don of ih¥estswts
Gains on sale ol investments
DecrtasellincreasEJ in debtors
Increaselldecreasel ￿ credit￿$
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<es
iii> 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 alloca*d
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 itryairrr*nt 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 rwdlL*d 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 carr*d 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 yÈ*r
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¢n*rAI 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
1.0*7
325
1,13S
538
Tra*in8 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*)d*r 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 N*lonal Chwth rwonsibiliiies
1.227
1,217
1.100
From ￿restrIrted fvn¢J¥
PCC fv451bil*y 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¢sl8n*ted ￿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 payff*ws 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•r*tlon 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&L*e3e. 2013 thEy were..
Dir•rt•r OfFIn￿
{frryD 6103n31
Dlreetor ofCommunit*tions & 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•n*ior
Rad*1 Tcrwn5
G*n•rnl R•tr•*t House Pl•sh•y Gv*hwn
R•rnw*er4tKJn, Pens￿)n$ •nd ewN5ES for thue rylDyEe5 to £816.679 r1021. £7ts1C*
ler¥y Stip¢n41
The CDBF 1$ r•spons**kn ILV the Churth c*￿15s1￿ the swnth ollicensed 5UPEn(liary clErzY in th? diocese. other than
bishops and caththl stsff. The CDÈS is also rewns*le 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* <ontril*Aw￿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 r*re 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 t*ere 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 prov*4e
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 tF*ir 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 lanu*ry 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
2*1.5•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 offr*eW 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 Actpit*s
(9.7081
24.912
The analyls of usets held fors*lÈ
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 ass*ts
2013
2022
Net book offreehdd property fixed a¥sety *95ed ar l Jw 2023
Gains and losses ￿ thptssal t4 assets
Pro¢Èeds from the s*le clfre*hDld 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.$00
(125)
10fv91
listorK Vaue at 31 December 2023
19.184
15.372
44769
38,025
Invutsrnnts h•ld by
Tot*1
Gentrnl Deslgnattd
2023
2023
Fund•
Funds
Funds
2023
2•23
31 Decgmber 2023
co
LiS￿d invÈSll￿tftts
3.700
5.639
7•5
19.973
25.593
9.905
23,673
3S,S¢KI
Its.090
Unlisred investments
4,267
Investrnent property
Total
4.207
10.124
55.471
69.86J
T¢Md
2Q22
2022
1022
2Q22
2022
4 31 Deceftrtyr 2022
3.407
4.425
14327
28013
10.032
Sl.172
21.734
33,238
IQ032
TthAI
7.832
The analpts c4 ner on investynerys r4 3$ folowL'
1023
2022
£10
Realised g￿nS
Unrealised Oos51 galns ON revaluation
Net yins per sta￿llent ol FIr&nei￿ Acfi*iTres
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 contr*Anions In0￿ 211
Other credittys
ZQ2
Z37
1.229
Accrual$ and tkferred Inc*yne
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
B*r*ts¢t Trust
427
367
Dt51Sna￿d &lpÈnd C>•it41 FLmd
Cb5ed C￿r(he5
3A12
574
283
4.558
1861
11421
522
Dloctsan P45toral
Mi55K*n 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 St*thl C*Ftknl
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
{loss*s)
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 reF*esenr$ 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 <liotese or any benefice or parish in the (li¢xese
To makè &Yancs or loans w other diocese
To ¢ransfer fvnd5 to the diocesan stipend fund income or capital actoun
Friends of the Retreat
House
Desiyiatsd Youth Work
This fiThJ rw•sthts mtywes allocatyj kn improvements to the Diocesan House ol
ftecrear
This fijnd rewesents n￿leS allOca￿d for youth work initiatives. Thi5 fund was
created from the of the of St Mark5 ColleKe* Audley End. The gain
from the 5xle of the colkge is accoun￿ ID other incorrelsee nots 5>
General Fund
This fund is aval￿ble lor any pwpose T*Athin the 0tr4'ec(s of the CD8F.
Fun
Stipends Fund C*pital
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 specrf*d 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 En*nd 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 par4me*r 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 in*rim 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
year*nds.
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 C*VPF 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 multi*nWoyer 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 v*ith 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￿ L*rween the sub-F*J)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 sl*Èt lith.lity at l January
Deficit contribuuon paid
Interest C*Ytst {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 v*thich 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¥•sw*ir knd 4*res
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•pttslth*d
Umapplled
TThrtf•r Total
P*rni*hent
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& o18knb*kn15
ns OTh r•va*JatAM hoL
&In￿O￿$S•s) o(• dtsposalal ass*ts
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