Re8iStered nUrn￿r. 137029 Charity number. 249505 The Chelmsford Dlocman Board ol Flnan Annual r•port and financial rtatements For the year ended 31 December 2024 The Chelmsford Dl•xes*n Board of Flnance Contents Introducrion Legal objetts Strntegic ReFQrt Strategic Aims OEiectives for year Acti￿￿eS and achieVem￿ts In the year Rela￿1 partles and volunteers Planning for 2025 Finanaal review 23 23 24 Custodian trustee 28 Principal risks and uncertainties 29 Structure and Governance 30 Trustees Respon5ibilicies Adminisrrntive details 35 37 IrKJependent auditor's re￿rt Sratemenc of financial activities 39 42 Summary income and exwditure aCcO￿t Balance shee¢ 43 Statement of cash flov 45 Notes to che financial statemen(s 46 Thè Chelmsford Dloc•san Board of Financ• Trustee$, Report for the year ￿ded 31 December 2024 Registered number. 137029 INTRODUCTION The Try￿ee$. who are also Directors for the purposes of company law. prewt their anTr￿1 rew together with the audiced finanoal statemenr& f<)r the year ended 31 Decen*er 2023. The Direccorsrrrustees are one and the same and in signing as Truscees they are also signing the str7tegt¢ report secci)ns in their capaciry as Director This combined report Satisf￿ the legal requirements for. a Directors. Report of a charitsble coThyTry. a Strawc Report under the Companies Act 2006 and a Trus¢ees' Annual Rewt under the Charities Act 2011. Legal Objects The ofy.ects of the Diocese of Chelmsford cow the county of ES￿ the unirary authoriues of Southend and Thurrocl the fve East London boroughs of Newha￿ Waltham ForesL Barking & Dagenham. Redbrid8e. and Haverin& and a few parishes in South Caffknidgethir& The Chelmsford Diocesan Board of finance's fcDBPI wincipl obiect 15 to promote. a$$￿t ar￿ advance the ￿￿k of the Church of England in the Diocese of Chdmsford by accin8 as the financial execucive of the Chdmsford Diocesan Synod. The CDBF has the following statutw responsitilitie& the management of ￿ebe property and inyestsnents to generate income to 5UPPOrt the cost of stipends arising frTh￿t of CDBF 5off. The CDBF'S purpose is to provide apwrate personnel and financial resources to assist the Diocesan Synod. Bishop's Council, deaneries and parishes to further the mission arKI Sfdtegic wiorities in the Dioce Trnvelling Well Together 2024 was the second full year follo￿nE the IntrcAluction of I[aydIw￿ vthich sets out a r•Y direccion of trnvel and shared Yalues for the Dvxese of Chdmsford. Introduced after a period of listening and discernmen¢ tha¢ b¥an VA￿ the Rt Rev Dr Gull Francis Dehqani became Bishop of Chelmsford in 2021. Trdvelling Well Together recogni5es that the churches and communities we serve Prdve bw) throuth and r￿￿1n in a period of $i￿1ficant thAnge and challenge. Challenge5 that iffpatt each parish and worshiFping communiEY w differentty. The aPpr￿Ch set otsr in Trnvelling Well Togets can be articulated as follov Our pur￿ is to love God and to k)ve our TreighbLwr. to worship faithfully and ￿nPOwered by the HCAY Spirit witnes5 to the love of God rernled in Jesu5 Chrisr as we serve the extrdordinarily diyerse arrny of local communities in Essex and East London. Our opproach is to enable and wnpywer parishes and vn>rthipping communtties to discern how they are to be God's people in their very diffwent local contexrs and as part of one diocesan family. Underpinning our approach is an invitation to a vrdy of being arciculated by shared d￿eSfjn values which might shape how trdvel together. support each Oth￿ and provide muwal accountability. More information abcwJt Trdvelling Well Together and the shared diocesan fdlues can be read at .chel The approach set ouc in Travelling Well Together seeks to build on vthhat h25 gone before. There is much that Transforniing PrewÈc< the previous diocesan strategy, brought to the lrfe of our Diocese and to different local contrxts, Travelling Well Together ￿lId$ ¢)n its foundat￿5 by emphasisin& at a diocesan level. not whac we need to do (thac will be d•scerned and articulated localty) ￿ guided by shared Ydlues, how V￿ are w live. Travdling Well Together is inviotional. Parishes. deaneries and worshipping communityes are invited to make use of the approach and consider how the values speak w and supwr¢ their own Iordl contexL The Trrdlues underyn diocesan decision ffAkin& indudiig complex and difficult decisions. The approach has already shaped decision making in a number of complex areas including Parish Share and how parishes are well supported. It is also hcped that the valves can SUPFrf)rt decision making in more local contex¢s: in deaneries and parishes, wovidiftg a framework for conversations. Enabling and empowering parishes. deaneries and worshipping communities ro discern how they are co be God's people in their own very drfferent contexts and as parr of one diocesan family. means moving beyond top4own diocesan initiarives and pro8rammes. For example, the approach was at the heart of missional planning for Bdieving in Barkin& a mis5ional plan developed collaborncively with church leaders and I￿l￿nteerS in the Barklng EF4scopal kna. that has re￿ntlY been awarded significant funding from the Churth of England Strategic MI￿0￿ ar￿ Minisrry Invests￿ Board. Th• Ch•lmsford Dioc•wi Board of Fln•nc• Trustees, Report for the year ended 31 December 2024 2. Objectives for the year- resourang and supporting parish ministry The 3 primary objectives from 2023. which supwt the direction of trdvel set out in Travelling Well Together, continued in 2024. l. To reduce the annual deficit so that mission and mlnistry In parlshes can be better resourced in the future Continue(l imfventafjon of the linance Action Han: ld￿trfY1ns new income streams and adopting rotsl return acco￿lIng ¢0 redu￿ the deficit and increase lunding available to SUPFWC local parish ministsy. b. Conunued development and support for (introduced from January 2023) in order to encourage greater mutual support between parishes and co increase fvnds to supptrc local parish ministyy. including through the Inrmduction of a Mission Opporwnity Fund to support missiorral work across parish boundaries within deanerie& rm 2. To support parishes and worshipping communities in their great variety of local contexts Continuing to supporr parish ministry thr￿ pying the costs of Stipends and housing for clew serving in the Diocese b. Reforn) of ministerial deyelownent and tyaining to supporr local ordained and lay ministry. induding through the Programn￿ of support for mini￿rial wellbein& Supporting parish youth work through our d. Strengthening the proiett management of our SDF-funded Church Plants to better enable them to grow and flourish a successful bid e Church nds Investment rd (SMMIB) to enable the Diocese to work alongside parishe5 and deanerie5 to discern plans for hjture missional investment apF4ication5 to the SMMIB from each Episcopal Area. to better understand how parishes and worshipping communities can be weFI supported in the context of the Travelling Well Together ap￿0ach. g. In¢rea5ing the focus of di¢xe5an services on local parish supporc including safeguardin& prish rin3nc< communications and property. including the continued development of a new Lih Hub e dioc to help church leaders acttss support. h. Supporting parishes that are engaged in social action worl includin8 in local communities. on the environmenL economic dHYiYarion, rdugees and rncial lustice. 3. To Improv¢ accountability a¢ross ukl like to ￿lcoMe Dean j￿iCa and ArclKkn Su¢ along ￿ all those WIK) have starred in new roles in our Diocese in 2024. They also want to p￿Ce on record their thank5 to all those who left roles in Chelmsford Diocese during 2024 induding the Venerth El*in Cockttt and The Very Rerfd Paul Kennington. Resourcing Mission and Ministry in Parishes and Worshipping Communities Building a sustainable financial base for mission artd ministry in our parishes and worshipping comrnunities WBS a top priority in 2024. The continued roll out of the new Parish Share scheme vrds key co making sure that there are suffic*nt resources aYdila￿e to ensure we have the finance5 alftilable to sustain our mission and ministsy work. The aim of the share scheme is to increase M￿Ual support between parishes and to redu the overall shortrall which has had a significant inw on the capacicy of the CDBF to fund Ioc21 parish ministry. In addioon. we undertook the following acrions to Improve our firAncial position to enable us w build a sustainable financial base for mission and ministry l. Continuing to w¢*k tovArds the five key ¢￿￿>r￿ts of our financial F&n". Srrengthen resen￿$ b. Increase revenue c. Reduce costs d. Improve the cash PDsi¢ion e. Capaciy to deliver the plan 2. The sale of surFAus propwtses w tyttble us £row our investments The Chelmsford Dloce5an Board of Flnance Trustees, Report for the year ended 31 December 2024 3. Invescment of surplus cash in a high depostt account wth cc￿ whlch has improved in*rest income arKI allows us easy access to cash re5erve5 as necessary. 4. The continued adoption of a Total Return Accounting Pdlcy v•hich has allt)wed Endowment funds to provlde increased supp¢)rc towards stiwd cosrs. 5. Long (erm plans to reduce the toral nunknr of stipendiary cleryy. v4hrch were accelernted as a consequence of the COVID-19 pandemiG continued to be implemenced. This has been difficult and painful but has served to lying us to where vrt are today and we hope and prny that it will allow us to move forérdrd. living V+ithin our means and wovbainga fc¥Jndation on vthich to build a flourishing missic and ministry. There are still painful that we rnust live with and there will sdll be diffiojk decisions ahead. Where that is the ca¥ rxrtshes wll be more involved in discussi￿ and dtscernment al)out how we can best deploy mini5rry acro￿ the ¢(￿munitieS we serve. 6. Throughout 2023 and 2024 work undertaken t secure ex*rnal fvnding to support misS￿n and ministry in parishe& induding securinga 8rant of £14.95 million to the Barking Episcopal Area to support missional work with deaneries and rArishe& Case Study l- Resourcing Mission and Ministry Believing in Barking Barking Episcopal Area Programme 2025- 2034 Following work undertaken betyfftn 2023 and 2025. it Vfds announced in March 2025 thac the Church of England st￿￿81c Mission and Ministry Investment Board (SMMIB) had awarded £14.95 million to the Barking Episcopal Area to supp)rt missional work vAth deaneries and parishes, vlith £6.45 million for the first phase of work and a fvrther £85 million in principle subjecc to the ArchlxsWs' Council's and Church Commissioners, deci5ion5 about the luture availabili¢y of Diocesan Investm￿t Programme funding+ and the Stra￿le Mission and Ministry Board's approyal of deoiled ￿anS for the second phase. (In-principle avfards are subject to the Diocese bringing back updated proposab fry conshderatfv)n and decision by the S¢racegic Mission and Miniswy Invesunenc Board) The Chelmsford Diocesan Board of Finance Trustee< Report for the ended 31 December 2024 The funding has been avArded through the DFocesan Investment Progrnmme to 'Beliewng in Barkinl. a missional plan develor& over the past years in parmer5hip v*ith kKal ¢hur¢h leaders and volunteers across more than sixry parishes and thurth comnwnities in the East London bwwghs that are part of the Diocese of Chdmsford. In keeping with the Diocese ofchelmsforrfs apFroach and %qlues arriculated in I￿¥￿IL￿, the Believing in Barking plan has developed by working with those vlho serrfe and lead in local church communicies ro ￿sure that the investment meets locally discerned needs and missiorAI opportunities. Believing in Barking wll focus on supporting churches in four key areas: Working to encourage greater attendance and parciapation of children. young people and f￿)Ille$ in our church communities Supporring and develoFxng intentional disaple5hip: growin& wpporting and developing volunteers and leaders in our churthes and increasing leadership diver5t¢y Supporting ehur¢he5 and church leaders in thwr work w help transform the communi¢ies they serve Developing sustainable stnKwres to support locat parish mission and ministry The investment will support missional in the many rArishes tha¢ have Contr1￿Ced to the developm￿£ of the Flan as well as others Mi the Barking Area. The Barking EpiscotAI Area is the first in Chelmsford Diocese to be a￿7rd￿ investment from the Strate8iC Mission and Ministry Inves(merf Board (SMMIB). Inves¢mert applications are ojrrently being prepared wth local church leaders and volunteers in the Brath4*11 JKI Colchesw Episcopal Area& Believing in Barking is one Fort of a wider apwoath tn supwting local parish mission and ministry that continues across Chelmsford Dioces< and seeks to resour￿ and support all parishes whether they are dirert beneficiaries of SMMIB funding or noL Support for clergy and lay ministers The CDBFS most significant investment is irb the dew and lay ministers who lead our parish churches and serve our local comrnunities. In 2024. there V￿re three main achieVemW￿ in the wellbeing field. Firstly, the creation of a network of small wellbeing groups and learning communitie& rrnst of vthich are presentty facilicated by the charity Kintsu&T HO￿ external facilitation will cease in summer 202S. but hope these 8roups will cononue to and 5elf%uid¢ We We$￿￿Y haN* e>2Cc￿ 50 ministers in these groups. Secondty. a rethink of grants. so that each ordainedllicensed miniw {and active minister with Pernwssion to Officia￿} have at leax £21)0 a year to Spend on courses, conferences or retrea¢s and £230 a year to spend on coachin& there is a pool of diocesan coache5 keeping pace on capacity. and six refflective pastordl supervisors are being trained Nia Wesley House Cambridge. Thirdly, the Diocese has trained a pool of 50 F)eople in basic c<>nflirt trdrdorffAtion approaches and vocabuhry in 2024. This year, we plan co trnin 13 of them. VH Bridge ￿lIderS V•ryth coaching from an ewnal consultanE to be a diocesan resource in this area. The 'Discerning Mission. Leading for Change. programme continues to offer those within the first few years of positions of pastoral charge a saft space to r￿le￿ ￿7th their peers. on the corrplex challerw and opportunities of th￿r rdes. In Awil 2024 a new cohort of 9 incumbents began the nine sessions of in person and online gatherings. These have been frarned around the three foci of Knowing Gcd, Knowing Ourselves arKI Knowing our ContexL With deep considerdtion of the shared dlues of the diocese. The group has valued meeong menkn of the Bishop's Leadership Team, diocesan specialists and experienced incumbent& with plenty of ome for conversation and con¢exuHli5ati￿. The Chelmsford Diocesan Board ol ￿TranCe Trustees. Report the year ended 31 December 2024 In 2024 Chdmsford Diocese celebrated the ordination of 13 new deacon5 {stipendiary and non- supendiary). and 12 candidates started training in September 2014 across a rnnge of Theological Education Institudons (TEls). The Initi￿ Ministerial Education 2 (IME2) curriculum continues to evcfve in the light of erdluations from previou$ parri¢iF4nr& arKI thanks to the offer of topics from colleagues from across the Diocese whose gifting in specdist areas of interes¢ in ministry have ￿ used. The key focus for all sessions is that they Fjrovide matrrjal to enable the cuTrtes co evidence their ability to meet the National Qualifies Framework for Curacy. On 18 September 2024, 18 curaw were ordained pries¢ at four servlces across the Dioces& In 2024 there were 7 ￿ Licensed Lay Ministers {LLMs) lic￿Se￿. and V￿ welcomed 2 transfers from other Dioceses. There were 9 student5 selected to begin trnining for LLM ministry In SeP￿mber 2024. Unfortunately. the learning provider for LLM& St Mellitus Colleg< withdrew their training offer after the setection of LLMS had haPF￿ in June 2024 because of low numbers of Ordinands. This mean( at short notic& those 5dected for LU41 trnining in 2024 had nowhere to train. The Di¢xese, the hejp of the newty app)inted LLM Trdining Cwdinatcr Dr Christine Rose, created a l-year forniation fdining pathvray. during vthith the students have a series of seminars and fonrAtion sessions delivered by Diocesan staff and complete a 4-v￿k placement in a church or y￿rshIpPing community of a rradition diffwent from their home thurch. The training includes 'h¢)W to write theological reflections.. a rxeaching workshop and a leading worship workshop. k vfis anticipated that they would then b¥'n training v￿th St Mellitus Cdlege in September 2025. In Detember 2024 Sc Mellitus announced the closure of St Melliws Chelmsford from June 2026. with the College continuing to te#¢h our those students already enroEled but not taking on any new students. This has left the Diocese needing to find a new ts7ining wider for LLMS going f¢)rward. The LLM studenrs who were $dec￿d injune 2024 will Ly"n tratning V•ryth ERMC in Sept*nber 2025. but a permanent training provider has yet to be iden(ified. 57 people grdduated from the Course Ki Chrisuan Stwlie5 (CCS) in July 2024. There were 106 new Star￿r5 in January 2024. followng the rtrwrite and re-laund) of CCS. 87 of these have completed year and received their certifKates in Fe￿ 2025. 30 people achieved their Pastoral Assistant14rt I certificates and y￿e awrdrded them in July 2024, with a further I l achieving the eertificare which was awarded in early 2025. A further 6 people completed and were avrarded their Pastoral knistan¢ Part 2 certifKares in 2024. There is now a toral of n Pastoral Assistsnts across the Diocese There are a total of123 Authort5d Local Preachws in the Di¢xe5e with I I being nevly authorised in 2024. In 2024 the diocesan course in spirituai wnpan1onsh￿¥ fdn in 4 centres around the di¢xe$4 Manor PaAc (Barking Episcopal Area) South ShoetMJry and Chelmsford (Bradwell Episcopal Area) and Bulmer (Col¢he￿r Episcopal Area). 20 people received the Bishop's Cvtifir2te in Spiritual Companionship. Of these some used their leaming to enhance F*esent ministry in their parish or in their workplace, and others discerned co join the ne£W￿k of SFiritual Companions. Over the year a Coral of 39 people took at least one mcdule on the cou Th• c1￿M$10rd Dioc•san Board of Flnanc• Trustees. Report for the year ended 31 December 2024 Case Study 2 - Chaplaincy to Gypsyp Roma and Traveller eo The Revd Be¢¢a Rogers Assodate Prlest at Wictoria Docks Ascension Churth has been Chaplaln to Gypsy• Roma and Trnveller people $lnce Ortober 2022. Becca writes about her chaplaincy role and the support she provide&. Working as a chaplain with Gypsy. Rorna and Trdveller people be￿ a huge learning curve for me. I had worked with many Margin￿lSed groups we￿ously. lyJr had not had much experien￿ with travelling people before. I visi¢ sites. ￿)lOY long conversations over cups of tea and offv Fxstoral and 5piriwal supwrL l also love learning *b￿t this ancient Cultu￿ vknich has been in our country for over 600 years, and yeL which our modern-day sociery has littte room for. Gypsy. and Travdler people suffer the worst health, education and well-being ouccomes of any racial group in this cc¥Jntry. They are the most likely people to experience hate crime and to keep their idenrityes hidden for fear of discrimlnation. Getting ro know them personally C￿ed my eye5 not only to a new culwre. but also to how many barriers they face jux for who they ar& In visi¢ing SI￿ I have found a real OPenr￿ to God. hith and spirittMli¢y. Never before have I had so rrAny prayer requests in one visiLI I've also been asked Wheth￿ l am the'first fwiale Carholic priest. because. particulady Irish Travellers are much more used to male prie5tk Vtsits are never borin& and l aliKdyS come away challenged and having learned scAnething new. Over the next couple of year5 ¥￿ are running a woiec¢ to encourage churches to have more engagement with the Travellers in their parishes and Vice versa. The funding is for Greater London. so if you are based there and in*rested. do get in touch - maiL The Chelmsford Di(Kesan Board of Finance Trustees, Report for the year ended 31 December 2024 This is a resilient people grou￿ with so much to bring and teath us. and also a group in need of supwrt and help. I'm excited to see what God V*ill do. Supporting clergy and others who live in Diocesan properties AR The Diocesan Property Team continued to wide gjpport to our parishe5 and worshipping communities, managing and maintaining our vicarage5 and other diocesan wowties and supporting tArishe5 With land and properry issues. The team's work induded: 812 helFrtJesk enquiries responses and 680 works orders rdised 2 o*med properties prepared, and one wrchased for curdtes 38 Ydcancy works wciects and moves delivered for newly appoin*d clergy 4 properties Frepared for let on the pr•Y4* rrArker 18 parishe5 promded with custodian suptffl for and property related issue5 and transactions. 267 Landlord gas safety checks c¢)mFAeted 120 electrial safety tes¢s arNI upgrades comFleted 62 periodic insF•ections were completed a￿1 works orders raised for propert•es for planned exrernal maintenance 17 house sales completed generdting over £10.4m of capital S house purchases at a cost of £43m CaF4ral £800k of revenue generated through rental of 52 properties S dosed churches nunaged 236 glebe propenie5 nAnaged. 40 directty 2 retrofic projects completed ro PAS 2035 stsndard at Greac Chesterford and Warley Chris¢churth as of the Church of &)g&nd's wc4* ¢ovrards Net Zero Cabron Support for children) young people and families ministry The Diocesan Pdrlsh Share consultatson identified mission and ministry with youn8 people as a priority for parishes across our Diocese. Those who lead youth and children's work in parishes continued to be supported in 2024 by our Mustard Seed Team: Macc Williamson joined the team in October 2024, supporting the Colchester Episcopal Area. In 2024 the Caraly5¢ a training course for FKospective and curwt Youth Worker& delivered by Ridley Hall wlth The Mustard Seed Team design. was ￿￿nth¢d with a cohort of 9 from the Diocese completing the course and a second cohort of 10 starting the nexr course Launchpad - a Youth5¢ape progrnmme ￿￿Ing wth dery/ vtho have little or no youthwork happening in their churches- V*7S launthed and VAII run in 2025 in the Colchester Episcopal Area, with 10 participants in each cohorL Other trnining courses run by the Mustard Seed Team induded courses on baptism, Hoty Communion and ConfirrrAtion and Additional Needs lor Chiklren and Youth Workers. The team conttnue to delNer trdining through the Pastoral Assistants course. DMLC and IME2, lyjilding connections 20-30 churches. Three annual retreats are wn across the diocese. 60 CYF workers. The supported the Brddhtll Algn"mage for Schools in July over 300 Children visicing the site during the 4 day pilgrimap Ocher education inirtauves indude securing funding for the sercing up of the Growing Faith Hu￿. supporting the Year 6 Leavers days in the Cathedral. vKJrk y￿th pre-schools 10 Thé Chelmsford DIOce&￿ Board of Flnance Trustees, Report for the year ended 31 December 2024 and nurseries: 5UPPOrting toddler groups arKI Prayerfulty Learning Together. Setting up prdyer Spaces in 7 schools and researching how this inpacts thildren. staff and home& Support for parishes across the diocese cortinued with. aMon￿t other things. guidance on emploYn￿r of thildren and y￿h vther& visiting toddler grou￿ SUPFXXting new and experienced children. family and youth worke The cwo Youth sY￿d hubs have each mec three times y￿th Bishop Lynn& Barking Episcopal Are¥ and Bishop Roger. CcAche5ter Episcopal Area. Around 20 young people al￿nd each time and have covered lots of topic& induding Ffdyer in schools. Case Stud 3 - Retro Gamin atstma s Walthamstow •¥ In April 2024 St Marfs Churth in Walthamth VAS home to a retro 8amlng event which saw the local community come together to enioy thelr favourite video games on consoles old and new. With con501es rdnging from the original Aran to a Spectrum +2&3 to a NES to a PS5... and everything In The retro gaming even￿ orzanised by The Revd Alan Mo4 Ytho was ac tha¢ rime Associate Prie5( have been held at St Mary's since April 2021 They are a regU￿r feature of the Church's acrwicy programme during school holidays. The free events often see around 400 familie5 ittend who have fun playing the likes of Mario Kart and Sonic on big screens in church. They are also an OFporwniry r¢ bjitd relationships and have conversauons with those in the local community who may not USU￿lY come to thurch. Tallung about the retro pming Alan said: "I have been running these retro gaming days fcr severdl years across London and Esse "Somecimes hundred5 of people come along and sometimes just a few but every tyme is worth IL Irs success is not in the numbers but in the heart of vthat it aim5 to do. bringing families and cfynmunities together around a The Chelrnsford Dloce5an Board of Finance Trustee5' Report for the year ended 31 De¢eTrknr 2024 common joy... this opens hearts. "The retro gaming days are for the whole COn￿v￿lEY, poor or rith. broken or fixed, whoever scumbles in, and I love doing them. "The point is alNwdy5 about drawtng communiry together and E¥Jilding connections by simply creating space. Be it a spao for gamin& hot thtxolat< lau8htu. or evth just a space to chat and be listened to. "Whatever we have and vhHtever Fmssi¢y￿te abour we can use to love our nethbours... sometimes it works and sometimes t¢ doesn'c Lw¢ trying new thiry and raking risks is always worth the efforL" Schools Our 139 Church Schools are integrdl co the life of cNJr Diocese. Our focus remains on cwting flourishing children in flourishing schools. A full reporr completed by che Diocesan Board of Edu¢2tion {DBE) on the 202312024 academic year is available ac uwa The Diocesan Board of Education operates under the Diocesan Boards of EdUcatiC￿ Measure 2021. Its strategy day in September 2024 stt wiorities for the UPCCAning year. including strengthening equaliry, diversiry #nd ineluwn. The DBE SUPFM)rt 139 Church of Enland schcd& working v￿th eighc k)cal authorities. Engagement ¥￿th the DBES Partnership Agreement has increased. with 96% of schools subscribin& ensuring regular advisory supporL Church Schools V￿thin the Diocese Continued to perfc*m I￿1. with 91% rated 'Good' or 'OJtsor¥Jing' by Ofsted. exceeding the national avera Both Ofsted and SIAMS outcomes rellett strong ￿adershiP with l(M)% of SIAMS.inspecEed Church Schools meetin8 Church Schoot standards. The DBE received £1.64S milltyx in capital funding fmm the DIE This has been used for essential school infrastructure projects induding decarbonisation iniuatives. roof replacements, securlty upgrndes and Hydromx installation. Religious Education: Schools have received guidano to develop religT'ous literdcy and to build strong RE curriculums from a dedica¢ed RE Lead arKI team of khool Advisers. Collective Worship: Events such as the Prinrary Leavers Servitt at Chdmsford Cathedral and termly networf( meetings helped s(rength￿ V4Drship in schools. Early Year&, The DBE sUppOr￿d Church to(%Jler groups and preschools and Church SclK>oI Nurseries. providing trnining and resources to ensure high quality early education. Governance r￿aIned a cctt focu5 with ¢raining ftjr school leaders and fouTrdation governors. The DBE encournged children to engage with soch11 justice iniiiatives. parmering with Christian Aid, Oxfam and Citizens Essex Highlghts included student-led Clima￿ justice arcwork being displayed in Parliamen( a Pupil Justitt Summit focusing on leadership and advocacy skills and a Diocese wide Creative Advocacy Exhibition in Chdmsford Cathedral. The DBE contlnues to focus on key prioriues that womott education tt4t is indusiK faith driven and focused on pupi15' success. ensuring children and youlvd pe* can thrive in a supwuve learning environmenL 12 Th• Ch•lmsford Dloc•san Board of Flnance Trustees. Report for the year erKled 31 December 2024 Case Study 4 - Diocese of Chelmsford Schools take part in Lord's Pra er ro ect Vpi In early 2024. Church of England Schools itt Chelmsford Diocese ￿￿e invited to take part in The Lord's Prayer ProiecL The Lord's Prayer Proje￿ run by the Diocese of Chelmsford's Eduotion Team. encouraged pupils. staff, parents and governors to v*riTr or record The Lord's Prayer in all the different languages that are reflecced in their school community. A numb¥ of schools across our diocese F4rtiorAted 2rKI sent in photogrdphs or videos of their translations of The Lord's Prayer. Many sch+)ols also made creative displays of the written prnyers for their school communiry to enjoy. S¢ John's Secondary School in Eppin& sent in a pcwre of their sclb)ol's display featuring translations of the Lord's Prdyw from across the b￿r1d. Malihe Zar< Head of Religtous Education at Stjohn's SclK>oI said: "We w¥e thrilled ro take part in the Lord's Prayer ProiecL Ir has been a fruitful opportunity to insFire togetherness and spiritualitrl within the school environment and community." Commenting on the Lord's Prayer Proieco B1￿￿P Gull said: "The Lord's Prayer is the tX7yer thac connects Chrixians of every denominati￿, not just in this country but globally. It 15 the prayer thatjesus hims￿1 faught his disciples and it expre5ses our deepest needs and longings 13 Trustees. Report for the year ended 31 December 2024 to God. for ourselves and for the world. Ifs a ￿ni￿.ng prayer it's also a prdoundly personal one and so it's important for every Christian to be aEAe to say the words in their own language. I hope The L￿1.5 Prayer Project has helped derr￿n$￿￿te our uniry. not jusr as Christians ￿t as huffAn beings across dsfferent cultures. languages and experientrs. and thar it has helped pupils in our schools learn more about one anorher and encourage conversations al￿)￿ the Importan￿ of faith in our communities." Katrina Carrdl. Assistant Director of Education in Chelmsfwd Diocese a¢JLkd: "It was fantastic to see the hard work and creativity of PUFMIS and to hear The Lord's Prnyer vfficten in the many languages represented across the diocese arKI within our schools. We hope that this project has helped indimduals to feel recognised and ￿alUed whilst openirbg everyone's eyes ro the presence of Christianity as a glo￿ laith." Support for New Christian Communities In a Diocese d ￿gnIficant deMoVa￿le ¥￿th areas of wwlation growth and new housing develoFrfn￿￿ suppor¢in8 parishes w grow, and devebp new Christian communities has been a key priority. 2024 saNY. Continued strong &)vernance and th￿UatIOn of Strdtegic Development Fund (SDF) church planrs in par(nership y￿(h the Strategit Deyelownent Unit of the Church of England. Continued exrAordtion of what sustainaiMli¢y looks like for New Christian Communities post SDF funding. After careful considerdtion by the Area Tea￿ Churth E20 continues as a lay led proiett with significantty reduced l￿din% as they determine future mission through training led by Myriad. Whilst we had plans for a Missional EnaE4er (d￿n wde) p05¢ the decision vrds made to go ahead wth this p)st as each 4Nscopal area v￿e liven funding through the capaoty applicatyon to the Church of England Strategic Mission and Miniwy Invesrment Board (SMMIBI. for their own missional enaEder ￿$L Sustainability cOntinl￿ ¢0 be a dHIl￿e on some and where possible SDF woiecrs are being rolled into our SMMIB aP￿1(atiOns. Continued tighter Lwdgrf trn¢king has all0v￿d us to target specific areas within projeas that need additional suP￿rt to ¢￿tinue their missi¢x¢al work. including the redistriburion of Beam Park funding to five estate ministries. showing that Sm￿1 inVeSt￿ts can (acil1ra￿ a big impacc to churthes to increase their missional reath. Social and climate justice For many in our parishes aThJ worshipping communt¢ies social justice and caring for God's creation are centrnl to their discerned mis￿On and nwnistry. Continuing to support this mission and minisu7 was a key prtority in 2024: As the co5¢￿-11vIng crisis continued, our FArishes and V+TrYshipping communities continued to care for the most vulnerdble in many dIffer￿E vrdys induding throuth food banks. ni8hc shdters and by offering warni space5 for people to meeL Many parishes and worshipping communiDes continue to work alor￿[de th￿r local communities to welcome and support those vkno have been forced to flee their country of origin because of war. persecution. natufdl disasw and the effects of dIrro￿ chang& The Diocesan Environmental Group Diocesan Office teams continved to supporr parishes and schools in achieving the Church of England G￿ernI syn￿ targe¢ of Carbon Net Zero by 2030. Support VAS also wovided churches working towards the A Rocha UK Eco Church a¥Ydrds. In 14 The Chèlmsford Dlocesan Board of Flnance Trustees. Rewt for the year ended 31 December 2024 2024, 39 thur¢hes registered for rhe avrdrds, 32 re￿Ived bronze awards 22 silver and one gold. L The Diocesan Racial Justice Officer. •hrrking with our Diocesan Racial Justice Advocates has conun[￿ to lead vKrk to iM￿t the Chelmsford Diocese 2021 repor4 From Action to Real Chang¢ rni&ng aNWdreness across the Dhxese througth visits to thurthes. a new Racial Justice Newslerter. media appearnnce& diocesan Nideo sermons and the Change Makers campaign. profilir people who have delivered Chrisc Centred Change in their local communities. With the Bishop of Chelmsford also leading the Church of England response to the national housing crisis as Lead &'shop for Housins Chelmsford Diocese also c￿OnueS to explore Nfdys through which can support parishes in addressing the hwsing crisis in their local comrnuniries and by utilising our public voice and resource& Case Study 5 - Christ Church achieve Gold Eco Church Status Worshippws at Christ Churth. ¢eleiwate th•r Gold E¢0 Chxch award with Cokhesw MP Pam Cox In 2024. Chrlst Church. Ireton Road. Colchester became the third thvrth In Chelmsford Diocese to achieve Gold Eco Church statu& Chrfst Church join St John's Moulsharn and Cheknsford Cathedral in achieving the gold standard withAR To achieve the al￿rd. the team at Christ Church demonstrated high levels of sustainable practices a¢xoss all areas of church life, including building& land managemen( worship and teachin& community enDgemen¢ and personal lrfestyles. In a time of Increasing awareness of the global Clima￿ and nature emergency, the Church of England is committed to carbon net zero by 2030 and Christ Church is committed to taking steps towards 15 The Chelmsfonl Dlocesan Board of Flnance Trus¢ees' Report for the year ended 31 December 2024 reducing the carbon footprint and environmental impact of the church and all its members and community. Rev'd Chris Smith of Christ Church and St Botolph'5 Said. "l am so pleased that Christ Churth's commirment to caring for crearion has been recognised. Inspired by Jesus. instruction to love as He has loved us. Eco Church is one of the ways we are learning to express His incredible love, and l am gr4teful to everyone who has worked to make caring for people and nawre parc of our church wltu 'Christ Church began the Eco Church journey just before the covid l¢xkdown. Once rneeting outdoors was pern)i¢¢ed. we started gardening In small groups - and the eco team was born. Increasing the nature value of our garden co welcome in more biodiversity VRS a wonderful start to the journey. From bird boxes and a herb garden to native trees and a flower meadow. we haye continued adding to our garden ever since. 'Now every aspect of thurch lif& from a major lyjilding project to our worship and teaching, children's worl4 communiry ourreath. far trad& ethical finance and personal lifestyles are thought through with sustainakn'lity at the heart of decision making." Kate Clifton, Eco Church leader and Cold￿Ster Deanery Environment Advocate said: "Looking back to lockdown gardening group& I could never have imagined the transformation we have experienced at Christ Church. It's a credit to everyon& that the church has embraced sustainability in every way- and li¢eralty built ic in to our church through better insulation. energy efficiency, reducing and recycling all kinds of waste. ￿ well as living lightly and ethicalty in our home lives. We are not complacent however- realisin8 there 15 alway5 more we can da including planning for a completely carl)on neutral d)urch by 2030. "All this underpin5 our desire co celebrate God's creation. and care for our neighbours, local and obal. We would like to thank the wider community of Chrisc Church and the churches who have helped us with wisdom and encouragemen¢ along our vray.. The Bishop of ColcheS￿r and Diocesan Lead for the Environmen¢ the Rt Rev'd Roger Morris said.. "It is so good ¢0 see thurches leading the way in the transformation of our built environmenL But this is about so mud) more than buildings. This Gold Award reflects a cornmitment and a passlon to address the very real 2nd present issue of dimate change. and for that commitment and passion to impact every area of our lives. We can all do something to safegLtard the integriry of creation and sustain and renew the life of the earth. Christ Churth are to be commended on what they have achieved, buc l am even more excited by their dedication to press on and to become a Net Zero Carbon Church." A Rocha UK said: "Chrisc Church has involved children in planting seeds and making bird boxes which help create a welcoming green space to support wildlife and biodiversity. and their Sunday 'Flames' group regularly has lots of fun with Creation-based activities both inside and outside. 'They have just recendy done their annual mow of one of the wild areas of their small plot of land and new species have been discovffed growing ther& The asse550rs partlcularly noted a lovely area left with broken logs co encourage stag beetles. demonstrating part of their commitment to care for Th• Chdmsford Dioc•san Board of Flnanc• Trustees, Report for the year ended 31 December 2024 the envlronment and Christian responsibility to nurtyre and wotert GC￿'S earth. 'We look forward to hearing more in due course about how their Gold Eco Church Avnrd is not an end but rather a springboard to sowing seeds and mobilising as many people as possible to take positbve action5 in response to the dimate and nature emergency." Case Study 6 - Racial Justice Advocates and Racial Justice Panel Commissioned at Chelmsford Cathedral On Thursday 7th Novtyn￿ 2024. Bishop Gull commissioned our diocesan Racial Juxice Advoca￿5 and our Raaal Justice Advisory Panel at a service at Chelmsford Cathedral. The Racial Justice Advisw Panel VAS a key recomM￿dar10n fr(xn the Chelmsford D*￿eSe BaoLJuLIcL Fini and their role is to manage. oversee, coordinate. report arKI advise on all matrers relatI￿g to rdasm. ethnic diversity and inclusion in our dloces Our Racial Justice Advocates come from a range of local eontexts across the Diocese #nd sU￿rt the work of our Racial Justice Officer. the Rev Sharon Quilw. Safeguarding Safeguarding in the Church of En8tand Nyas the focus of considerable pu￿le attention in 1024 following the publication of the Makin Repyt into the Church of England'$ handling of disclosures of serious abuse perpetrated by the late John Smyth. The criuosm and failures outlined in the reporr led to the resiznarion of the Archbishop of Canterbury. The Makin report Wds published just two weeks after DavKI Tudor. a Rector in Chelmsford Diocese vrds ohibited from ministry by a &'shop's Disciplinary Tribunal for the Diocese of Southwark following a full and recent admission of guilt to disclosures of Serious sexual abuse that Y￿re brought as a disciplinary complain rela(ing co a period in the 1980s when he VAS a priest in the Diocese of Southwark and included serious 17 The Chelmsford Dlocuan Board of Finance Trustee$. Report for the year ended 31 December 2024 sexual abuse involving a I S-year-old and a l&year-old. Dawd Tudor had been suspended from mlntstry in the Church of England since 2019. Commenting about the TriE￿nal outcom< Bishop Gull said: "l orn deepfy sony for the Profound hurt cmd horm DabTd TtAlorfs behakiwr hos caused and I wekome the Tribunofs decision to remove htm from Offi￿ and Prolubrt. htin from MIn￿ty for rrf -11 has itjken enOrn￿ courage those who come fonyord to rel￿ Dfftid Tudorfs obuse tlhx led to o formal comploint being investigoted under the aew Dwpkne me0su￿. l am extremety gmtefvl to thern for doing so and I know thi* lenohy process I￿$ coused consideroblt dtstre5s and (￿x￿ty. Anxiety and dtstress thot could hfft teen ovaided. ot leost in some p(rt (Dth?Y Tudor Iu5 adrn￿￿ befo￿ Thyw. "l om oko gr0￿fvI to the wms of safeguarding professionok in a￿lM￿Ord D￿eSe, Southwark DI0￿Se and at the Churth of Englond who conimwe to together th suPWi th)se who hove been offeaed and liaise with the relevant stotutory authoritie& Trre WIN be important less¢Mts must be lertmtd olxNrt hthy this motter hos been hondled over mory Yea￿ and I wekome the fact that thére VAI Mw be o ThJtv)nd rJdePeThJert sofv£uorfinE Pro¢tKe revrew." In Deconber 2024. the BBCS h'le ¢)n 4 rngrnmme broadcast inter11￿ ￿ victims and survivors of David Tudor's atr￿se and others who PAd been involyed in the ose who were critical of how it had been handled over many years. including by the Archbishop of York when he VAS Bishop of Chelmsford between 2009 and 2020. The progrnmme Wds follovRd by consÉderable media attention alx)ut the handling of the c2se. Following the media coverage. the Trustees of the Chelmsford Diocesan Board of Finan￿ submitted a serious incident reFttt to the Chariry CoThnissitr) and reffrtin in contact Wtth them. Tv40 further Serious Incident Reports have ￿$0 been made in early 2025 ahead of the filing of this reporL The first ￿lateS to January 2025 media coverdge of accusat￿nS made against &'shop J¢)hn Perumbalath concerning his time as Bishop of Bradwell. The second report ￿a$ made in advance ofa BBC Radio 4 Sunday progrdmme broadcast in March 2025 when the Diocese was informed by the BBC tha¢ a fonrer Chelmsford Diocese ordinand would raise concerns about how his reporting of allegations from the 20 IOS V*2S handled by the Church of En*nd. Trustees have complied fulty wth all Charity ComThMwon enquiries into these incidents. The CDBF Trustees also responded to the Chariry Commission after they wrote ro all diocesan bishop4 including the Bishop of Chelmsford. following the Makn"n Review and other h￿h profile deYelopment5 relating to Church of England safeguarding. The lettw vfis ahead of the February 2025 General Synod decision on the Future of Church of Enland safeguarding and sough¢ to undwsrand from the Bishcp and her fell¢>W CDBF Trustees vknether. following any changes made or agreed by G￿￿71 Synod, there are any remaining s¢ru¢tural. procedurdl or consotutionaj arrangements urth ecclesiascical law that they consider conflitt Trmth. or prevent the Bishop and her cTrtruxees frcffi fulfilling their saf4uarding duties as chart¢y ¢rus¢ees (Legal Impediments). In April 2025, an Independent Safeguarding Prartice Review into the handling of the David Tudor case was joindy commissioned by the National Safeguarding Team, the Diocese of Chelmsford and the Diocese of Southwark. Bishop Gull has pledged the full support of the Diocese of Chelmsford and a commt¢ment ¢0 learning from the Re￿eW.5 outcome& The public focus and criocism of the Church of En8knds handling of safeguarding cases has had a sig)ifKant impact on the wwk of safeguarding wde$5ionals. parish safeguarding officers and other church leaders who continue to Y￿rk hard to ensure our churches are safe platss. Speaking about that impac¢ following the publication of the Makin repor( Bishop Gull said: "I'm deeply avnre that there V*ryll be many in our F4rishes who may be feelin8 de5pondenL disorienta￿d. angry and confvsed. I vnnt to encourage you to be gMrle vlith one another. hold one another in prayer and keep yI￿r eyes firmly fixed on Christ vAK> is e￿r before us. Safegwdrding is fundamental to our lrfe of discipleship and we musc continue striying to create communitie5 where we hold one an¢xher accountable. treat one another with love and respecL and challenge unhealthy power struttures. I vrdnt to express my profound thanks to all those v¥ho. acnxs the Dioces< are hDrking to creace ￿fe spaces in which all God's children are Yalued equally." 18 Th• Ch•lmsford Dk>c•S￿ Bovd of Fln*Kè Trustees. Report for the year ended 31 December 2024 Durln8 2024. the Diocesan Safeguarding Team wntinued t Ensure our voluftteers. clery. advisers and lay people achie￿ the standards laid down in the Safeguarding Policies of the Church of Eng&nd. Woth with iTrJividuals have criminal conviction4 or where other safeguarding risks are identified. to ensure that they, and members of the church cernmuniry are safe8uarded. Hold to account all persons re4)on5ible for the safry and V￿1being of thildren and vulnerat4e adults in the Dlocese. Ac the end of 2023, the Diocesan Safeguarding Team IDST) had 67 open cases across our 474 parishes. During 2024. the OST mtgrated into the National Safeguarding Case Management System. Thi$ has made differentiaong betw￿ a 'case' ard a piece of ducy (athice and consultancy)problematic because everything is classed as a case in the rhew syfftm. Like for like comparisons Y￿th previous years is therefore not [*￿S￿e. At the end of 2024 the team had 192 concerns open with 343 recorded throughout the year. 42 of the open ases have safeguarding agreements due to a worshipper ￿sing a poeentml risk and, there1￿ requiring safeguarding risk assessments to be undertaken at the Parish. 63% ef calls in 2024 V￿re primarily from priests and parish safeguarding officers and 14% were from ststucory ageTraes such as the pol•ce or probation. E-learning trdining is ardilable co anyone in the Diocese and in 2024. 1.880 people completed the Basic Avrdreness Course and 1.504 completed the Foundation cour￿ 341 people completed the Safer Recruitment and People Management e4earning COU￿ 1.126 people completed the mandatory Domestic AEyJse course and 131 peo* comtAeted the OFxional Modern Slavery Course. 556 people a¢cended dI￿esIn Zoom lead¥ship COU￿ 56 PSOS attended the iTrJuttion course 2 Face to Face training sessions were held in 2024. one in May where 15 people attended and one in Sewmber vthere 27 pec*le att￿￿ed 19 The Chelrnsford Diocesan Board of Finance Trustees. Report for the year ended 31 December 2024 Case Study 7- Giving thanks for those involved in the work of safeguarding in our diocese . sr,¥, On Monday 7th October. people from across ChelmskA Diocese gathered at Chelmsford Cathedral for a service of Thanksy"vin& Prayer and Recommitment for tl¥)se involved in the work of safeguarding in our diocese. The annual seNce provide5 an important OPFrt)rtunity to give thank5 for our Parish Safeguardir¢ Officers. Diocesan Safeguarding Team. cler8y. hy mlnisters and leadtr& and all those invow in this imporranr ministry in the life of our diocese. 20 The c•￿IM$10rd Di(Kesan Board of Financ• Trustees, Report for the year ended 31 Decembtt 2024 Communications The Diocesan Communications Team continued to w0￿de $upporr to parishes and worshipping communities in 2024 through: One to one support for p3rishu and church leaders in handli￿ challenging situattons involving media or social medi& Providing media support to the Bishop d Chdrns(ord and the Bishop's Leadership Team Providing guidance, trdining and SUPFffl to hdp parishes use effective communications, iftduding disT'tal communications in their Miss￿ and ministry. Sharing information. news and resource5 *lth parishe5 through Diocesan Communication5 includin The weekty newsletter The View The quarterly prdyer diary We PAY Weekly Video sernion5 The Diocesan thi Socral media channels Facilitating engagement and partiCiF4uon in ¢onsulfations and diocesan events induding the Parish Support Conversation. Diocesan services ￿ther1ftg Diocesan House of Retreat Pleshey Internal and external redecoration of the Diocesan House of Rerrear continued in 2024. A large number of repairs to piping and elec(rical wring and equipment ￿tre conduC￿d too. A new automatit Pressurisation unit has been fitted for the central heating. Hydromx. nanorechnology. was also in5ralled to all campus heating system& improving the carbon footpn'nt of the house. The eonferenee aftd meettng fatnt to St Faith¥ Newron Longville. Oxford and an Am)y Chaplain in ChippenPom. Wilcs.: Tables to St Peters Littlebury Green, Saffron Walden and Moulsham St Lukes. The Retreat Hcwse is once again grateful to The Benefacc Trust for their grant in 2024 which allowed so much of this work to be comF4eted arKI meant that the income from tharges for hospiraliw and meeting spaces and from rTh)nthty or on￿ff donati¢)ns and legacie¥ has for a second year running met all other V￿rkIng expenses and pay roll. Housekeepin& Kitchen. Grounds and Adminimuon wm5 Eolstered and now have additionally sourced external agencies that can be dled on in wnergenc¢e$. A Labyrinth ha5 been insralled (¢)n the lavm behind Parsonage Cowe) featuring grass pathway5 and brick linin& All bricks used V￿re either existing from the grounds or were donated. The House has therefore played a key role in the diocese and wider church in 5upporring people in parishes and worshipping communities to experience retreats and quiet day5. indth4ing other denomKnations. assisted with parc funding for retreatants who V+ruld not othemse be able w afford ro aryend, offered subsidised meeting space and accommodation for dbaritTres and hosted Church of Enland clwy ordination discernmeftt panels. 21 Th• Chdmsford Dloc•san Board of Flnance Trustees, Report for the year ended 31 December 2024 Case Study 8 - Chelmsford Diocese Deaf Church Retreat at Pleshe "In March 2024. 17 people vtht expecttndy to PlesFw Retreat House for ¢)ur Annual Day of fellov45hip, learning and pausing togthr. "Our day vrds led by Sue Whalle/. BaFty¢ Minister. She is Deaf herself and so the day ￿ds led in British Sign Language with interF*eters Froviding the Er￿1th for people V*1￿ could hear. "Sue took the theme of Ro&L She carefulty wove aspects of htt v•m story into three ¢tipi¢s: The Rod( of faithfulness: The R¢xk of sin and forziveness The Rock of resurrection and hope. 5The gave u5 muth ¢0 think abouL including- h¢)w did the v￿fflen who vrtit to the tomts think that they were going w OP￿ it Janice Taylor. a participant ae the retreat shares her experientr of the dar. "This wasn'c my first experience of Pleshey. in facL my first experience wa5 over 30 years ago when l first became a Christian! But this ¢im& rny daughter and I were recurning w Ple5hey a5 part of the Deaf community. vthich felt very welcoming and supportive. This retreat day vths a great opporninity to go to a holy place and take time out from everyday li￿ It was a lovely Spa￿ £0 be refieccive and creative alongside other people. wA)o I met for the first time. l Say tt YR5 a real joy being able co rdax, a51 underswod vthat VAS going on and felt really induded. We were (rea￿d to Sue's teachin& a chance to vnlk the beautrful grounds, and also got creative *ith wnting scones and wriung F*Jetry. There were many lovely blessings as we shared this time together. especially with the fantastic food provided too! I must say since that day I have felt a little more ccthden¢ and Inve! I have been sharing my experTrence back at my home church as well as with our women's ministry. It is great to come back from a retreat with a great experience. and we look fowdrd to the next 0pporwn1￿.. The Rev'd Canon Stephanle Gilllngham Chelmsford Diocese Lead Minirter to the Deaf Community Th• CIMlm$ford Dloc•san Board of Flnance TrusteesP Report for the yev ended 31 Deceft4w 2024 4. Related parties and volunteers Related partles include: The PCCS wthin the diocese Chelmsford Cathedral The Archbishops, Counal to which the CDBF Pa￿ a donation based on an apportionment sYs￿M for funding national trdining of ordinands and the acoviries of the various national boards and councils. as Yrfell as Generdl Symod The Church Commissioners which acts on behaffofclergy with HM Revenue and Cuscoms. The CDBF pay5 for clery supends thrwgh the Churth Commissioners The CDBF is in receipt of grant funding from the Church Commissioners (VA the Archbishops. Council) for ministry supporc and special proieas ¢& the Turnaround and Churth Hanting projeccs The Church of England Pensions Board. to which the CDBF pays retirement benefit contributions for scipendiary clergy and employee5. It also offers Schemes to provide housing for dergy in reurement The Vine Schools Trust4 and the Chelmsford Oiocesan EducatiorAI Trus( whKh while separate and independent of the CDBF. ha￿ certain rtsponsibllities in relation to thurch sehools in the dI0￿$e and work with the DBE The Guy Harlings Truso wthich wides office faoliues free of charge under licence to the CDBF and the Cathedrnl Dean and Chapttr and makes grdnts tONYdrds the upkeep of the premises St Mellitus College Trusl a Theological Education Institution v4hich receives fin2ncHI suppor¢ from the CDBF and to which the CDBF pays fees for training of ordinands. Transactions with the main Ca￿80r1e5 of related parttes are identified in appropriate places throughout the financial statemertts and in particular note 24 to the financial ststements (see page Xl. Volunteers The CD8F is dependent on the huge number of peoFAe involved in church acovities both locally and at diocesan level. The number of aaiye volunteers {or volunteer hoursy given to mission and minis¢ry of the Church is an indicator of the health of a Church. The service wovided co a communiry through church volunceering also ha5 a significant impact on people's rdationship to the Church particularty at times of crisis. Within this contex¢ the CDBF gready values the ¢onsiderable lime given by committee members and other volunteers across the dI0￿e in pursuit of the mission ofthe CDBF. We parncul¥ly thank them (or the additional support have given during this challenging year. Th￿e are many people who are unpaid Iw¢ who hold official pO￿tionS within life of the church that carry authorisation, licen¢q or Perniission to officia￿ This indudes Churchwardens. wlK> serve each local parish church. locally authorised preachers. pastornl Care￿ evangelis￿ and funernl ministtrs, plus Llcensed Lay minis￿r$ and Readers and our self-supp)rting ¢xdwned minister5. 5. Planning for 2025 As the CDBF approached 2025. planning continued to be shaped by the a￿￿Ch and ￿lueS set out in Ilanning continues co address si8nifKanc and lonkterm thallenge5 facing the diocese. articulated in the that vlas presented to the Chelmsford Diocesan Synod in Marth 2025. &Jsraining Ministry refieccs our commitmw)t to parucitAtive change and sets out a process of consulfauon to help us discern together as a vthole diocesan family. how we will be an enduring missional presence 23 Th• Ch•lmsford Dlocesan Board of Flnance Trusteesl Report for the year ended 31 December 2024 aeross Essex and East London as we respond to the thallenges of numbers of peopl< resouros. and finances, and how V￿ embrdce considerable missional opporumities. v*thich started in AUtuTr￿ 2023. and which seeks to drdw alongside people in wlshes and worshipping comrnunitie& to discern how our churches can be y￿11 supported in the future, will roll out further. building on the work of the Church Buildings Support Conversation to focus on new areas of parish and diocesan life. Work continues with Parishes and Deaneries to develop and implement missional prowsals and plans supported by investment from the Church of England's Strategic Mission and Ministry Investment Board across all three EpiscoFAI Ar As the Diocese prepares for its INEQE Indwdent Safeguarding Audit in 2027. work corrinues to ensure that our churches are environments where everyone feels saf& Ydlued ar#Y respetted. Other key planning priorities As we approached 2025. there were al￿ a number of syiknt activicies that shaFed plannin& The Diixese will ￿￿￿nue to impl¥T￿t the proposa15 of the eT k ndFini h Grou The Diocese will conunue ro implement the n)ad map to £￿gL￿ by 2030 as agreed by the Church of England Gene￿ Syno The Prayers of Love and Faith, and how they nwt be used in the Churth of England in the future remains a subjeet of considerable concern and divis￿. Some peO￿e are fruStra￿d by further delays and feel that the Church of England has not gone far enough by introduong the prayer& ¢xhers are CC￿cerned that red lines have already been crossed. These are not issues that ¥￿11 be resolved in Chelmsford Diocese alone, but the &shop's Leadwship Team reffrain committed to prOn￿ting and encournging a Wdy of travelling well together. deswe the drfferences in *thac we beliew and desw the inevita￿e pain those differences causo Over re￿n¢ years the &shop's Leadership Team has focused ijn bringing people together from wide rangn'ng viev*S across the dioce￿ w listen to their concerns and anxbecies and to hear thoughts and ideas about how reassurance nNght be provided and how Y￿ might continue ro live well cogether desixts differerKes. One consequence o( these COW￿r$tOon5 vras the introduction of L nd members of In earty 2025. 6. Financial review Financial Perforniance The CDBF recorded a defiat of £825k f￿ the year ￿ ¢[5 genernl funds before Dins on revaluauon of assets. Although there VAS a defitic for the year. this was bettu than the bJd8eted deficit of £1.367k. The improved performance mainty an)se because of lower expenditure ￿ stipends due to higher than expected vacdncies, sayings on employment costs and improved income from the rental of surplus houses. During 2024 in Ilne with ¢￿r Total Return Accounting policy (see note 14 on pge 62) thtre %YdS a transfer Of £3.Om P023: £3.Om) from ertdowm￿t to Unrestr1tt￿ funds w suppr¢ the costs of sti￿dIary ministry in parishes. Parish Shar< the money wven by parishes to the CDBF to fund the missk)n and ministry of the di<)ces< is the main incoming resourte for the CDBF rmtding thirds of irs income. At £3.Om {2023: £2.6m) the nec parish share shortfall increased compared to 2023. The share reqUes￿d totalled £16.2m (2023: £15.8m) a 2.5% increase on 2023. In ¢2sh ternis £13.2rn12023: £13.2m} re￿ived in Parish Shar4 vknich ￿d$ 82% of the amount requesred (2023: 84%). The increase in shortfall is of concern and we will need to see the shor(fall reduce in finire years in order to deliver a balanced budgeL 24 Thé Chelmsford Dloc•san Board of financ• Trusteesp Report for the year ended 31 December 2024 The CDBF has met all its financial obliDtiofts to continue rese4Jrcing the diocese as required, including the provision. development and supporc of ministry. the wision and ffAintenance of houses for the elergy. National Church responsibilities and enriching arKI faalitating many other aspects of chureh life through¢)ut Chelmsford Diocese. Income across all funds, Wore ¢xher rec¢wbtsed gains and losses rotxlled £213m P023: £26.4m) and expenditure amounted w £26.9m12023: £24.fAn). The Statement of Fina•)chil Activityes (SOFA) for ￿ year shows a net defirit of £4.6m {2023'. surplu5 of £1.8m) before net gains and losses on the rwdluation and sale of investments and the re￿￿lUation of fixed asset5. Net gains on investments totalled £7.7m (2023: net gains of £4.6m) and there was a net loss on rwdluatyon of fixed assets of £1 S.7rn (2023: net loss of £9.7m). There vrns a nec cash outfi¢)w of £5m (2023: inllow L4.2m). During the year used surplus cash to repay loans rotalling £5.6m. In #ddityon. there were fixed asset sales of £ I I m (2023: £IOm}. offsetting the £6.3m of net cash used in operating activities P023: £4.8m). CDBF continued to benefit from tight financial control and cashflow management in 2024. Significant Property Transactions The Asset Investsnent and Maftagem￿ Policy adoMed by the Trustees governs the management ofoperational and investment property. The Yast majority of the res•denrial Fmpery p￿￿0110 is hdd for operdtional purpose& k is manaFd to athle￿ required standards at a con515tent and efficient average annual cost of ownwship. Signrficant operational property crdnsactions in the year cOmw￿eth. Purchase of five properues for housing stiFendiary ecde5iastical office holders. Sale offifteen properties SUr￿U$ to operdtional requirementsand three propertie5 where a replacemen¢ properry has been purchased. Sale of one plot of glebe land. Glebe land and proputy is hekl ft>r inve5¢rwt ￿rF￿ The overdll strntw is co retain a land holdin& to seek to leverage N?lue through long term deveIoFffi￿¢ and to disFose of less lucrative holding5 and direct exposure to Cofmiercial propwty. The usual cycle of rent reviews and lease renevRls on glebe land contin as advised by the CDBF'S land agents. The Diocesan StFpends Capiral Fund is ayailable for Fyoviding and imFroving benefice and glebe properry and whert invesced provides income and ¢apiral growth for dergy stywds unts the Toral Return Accounting Policy {see 26). Residentsal properties are wdlued on the basis of a certified annual ￿luation. Balance Sheet Posftlon The Trustees conslder that the balance sheet togethtr with detaits in note 20 show broadly that the rescricced and endowment furK15 are held in an approprra* rnix of investment aN4 current assets given the pvrposes for vthich the funds are held. While the assets at the balance sheet date totalled £359.9m (2023.. £3n.6m) 1¢ must be remembered that included in this cotal are propertie& mosdy in use as clergy housin& whose value amounted to £273.2m (2023: £291.6m). Much of the reffAinder of the assets shown in the balance sheet are held in rescricted funds. arKI cannot necessarily be used for the general purposes of the CDBF. 25 The Chelmsford Dlocesan Board of Finance Trustees. Report for the year ended 31 December 2024 Reserves Pollcy Having considered financial risk liqu￿1￿ requirement and the timing of cashkn throughc￿( the year, and based on che Charity Commission reccmmerKlation. the Tru5rees consider that an appropriate level of free general reser￿$ is three months gross general fund expenditure. currently £5.3m. This policy was last reviewed and agreed by the Trustees In May 2024. The Rnance Execu￿ is charged V•ryth Over￿Sht of the reserves policy. After transfers. free general reserves at the Year￿ V￿re in surplus by £5.Om P023'. surplus £5.9m) being the value of the General Fund. This is slEhdy under the reserve target of £5.3m. The Trustres previously recorded that free general reserves would fall rf parish thare shortfall did not materially improve, The adoption of a Total Recum AccC￿nI1n¥ Policy. totrther with the other circumsrances described in the Financlal Perforniance section ab￿ has Si￿11ficantjY imwed the level of free genw71 reserves in recent years. Although the balance of free generdl reserv￿ at year end is $l¥htty below the resen4e raw the trustees consider that the CDBF has suffictht rescAirces tK> meet its day to day operdeional need& Deslgnated funds The Trustees may designate addiuonal Unrestri￿ res￿￿$ to be retained for an ¥￿eed purpose where this is considered to be prudent. Such desigmated resen￿$ are reviewed on an annual basis and returned to the generdl fund in the event that the wrpose of their duonatI￿ is no longer considered to be adequate justification for their retention. A description of each reserve together with the intended use of the reSe￿e 1$ 5e¢ out in note 17. Ac 31 December 2024 toral designaced reserves were £36.1 m12023: £35.4m). The Trustees approved new de5i8nated funds during the year. the L)evelopnent Proietts Fund and the Clergy Conference Fund (see no* 19). Restrirted and endowment funds As set out in rhxe 17. coe} holds and adminiscws a ￿rge numbtr of restritted arKI eJ)dovmient funds. As ac 31 December 2024 restricted funds totalled £115m (2023. £12.8m) and endowment funds totalled £306.2m (2023: £31 &5m). Nwther are available for the general purpose5 of the CDBF. Llquidity Policy The CDBF has regular and FThlic¢able cash infiows Iw'nciFAIty from F>ari5h share) and outflows (principalty scipend. salary and pension paymen¢s). Le55 frequenr cash Th)vements indude grant payments, which are a150 predicrable. The largest cash mov*wts relate to property trnnsactions ¥thid) are infrequenr and nornMIIy have a clear lead ¢im& The CDBF aims to hold £2m cash in instant access attounts to meet its cash needs. In addirion, up to £3m in additional cash is held in higher interest deposit account& Where cash ba￿nCeS are forecast to fall below £ I m the CEO and Finance Direcwr have delegared authority co Irquidate investments to replenish liquidity to levels matching operdtional requirements with suth transacrions reFM)rted to Finance Executive. Where cash balances exceed £Sm. the Finance Executive wll consider the mosc aF4>ropriate use for the exces5 fund including paying d¢)wn loans or adding to investments. Grant making policy ContrilNJtions are made to the National Church ro cover a proportion of its central costs and also to cover the cosc of training for ministry (see no￿ 8). Grants are paid to other charities e& PCCS and charitable proietts vthich appear to CDBF to surp)rt the furthernnce of irs obietts. The General Fund budget includes regular grant& Other grants are apwov&4 according to the ￿rnS of reference of the relevanc fund. 26 The Chelmsford Diocesan Board of Flnanc• Trustees, Report for the year ended 31 December 2024 Investment Policy The Trustees approved an intewated Asset Investrnt ar*d Management Policy in 2014 developed under d)e over5i8hc of the Invest￿￿nt Committr& The Policy Reviewed and utxjated by the Finance Exeeutive in 2024 and approved by the Trusrees. This policy disunguishes betsveen investment and operdtional assets and sets out the pollcy framevth for ts)th. In reLi¢ion to 1nvescm￿C assets the key principles in Ehe policy may be summarised as E410￿. The overall o*'ectives are to Crea￿ sufficient income ¢awal growth to enable the CDBF co carry out its purposes consiscertdy year by year with due aThJ proper considerdrh?n for future needs ard the maintenance and enhancement of the value of assets v*hrle they are retained. Investment funds shall be operaTrd and compared on a total return basis {See Note 14). Relwdnt benchmarks inclLKle a minimum target total return of CPI + 4% over the long term. The CDBF requires its investment assets to be manapl in compliance with the Church of England ethical guideline& and echical Considerations shall form part of the dialogue with the Investment Managers. The Tnjstees wll consider mixed-motiye inve5mient proposals which are expecred ro deliver firtancial returns and further the purw)ses of the charity The CDBF is assumed to be a perpetual dllrity and is able to take a long term view on investments, balaneed against the short tern) needs of the dllry for liquidity and resources to besr realise its operatsonal purposek The Tru￿eS regularly r￿leW and retender Investmert W. The last review was in 2016 and concluded wich the reappointm￿( of CCLA Inve5¢M￿t Management Ltd and aP[￿Intment of Cazenove Capiral Management (a trading style of Schrodtr & Co. Limited). Funds at 31 Pvoportk>n of portfolio Income ylékl In yèar Total return in year 2024 CCLA Mana Cazenove Other funds Toral ed C8F Investment Fund ted rcfolio 37,532 25,839 13 63.385 59.21% 40.7 0.02% i 00.0% 2.71 % 1.81 % 5.09 % 11.20% Statement of ralslng funds The CDBF is avore of the Chari¢ies (F￿0£eC￿0Tr and Social Inves¢ment) Acc 2016 and the TrUS￿eS fijlly suppo the aims of this legislation. The rna1￿1￿ of the CDBPS income comes from other charitable Eodies and PCC'S in the form of grants and parish share and 1¢ undertakes very litde direct fundraising activiw involving individual donors. Examples include onewoff appeals (e.g. the Lent Appeal) which are promoted generally through communications rather than targeting 5pecifK individualk and the Friends of the Rerreat House scheme where Retreat House guests are invited Witho￿ pressure or obligation to jotn the 'Friends'. The CDBF follow the Church of Enghnd's 'Guide for chur￿￿$ on Giving and Vulnerable People. to ensure that we follow best Practi￿ when receiving donations frc*)) indr¥iduals. The CDBF consider5 the orig'n of unsolicited donaoons and legacies, doe5 not Share or purchase any dorH)r data with or from third Farties and. in 2024. did noc engage th independent professional fundrdisers. The CD8F not receive any complaints in rdation to fundrdising or rnise any mat*r with regulawrs in 2024 (2023: none). Going concern The directors have assessed whether the use ofthe png concern assumption is appropriate in preparing these financial statements. The directors have made this assessment in respect co i period of at least 12 months from the date of approwdl of these financial sratemen¢ 27 Th• Ch•lmsford Dloc•san Board of Flnance Trustee< Report for the year ended 31 December 2024 Parish Share paymerts comprise the largest prOF¥Xu￿ of income for the Di¢xese. 81% of Parish Share requested was received in 2024. which was I¢)y￿ than hoped for bur refiec¢s the challenges Parishes are facing with increased costs due to hi8h infiarion. and reduced income as congr¥dtions fa￿d increases in the cost of living. It is expected tha¢ as parishes and deawies move towards ministry plans vthich are financialty 5UStainable. the new scheme. irylemented in 2013. will help to achieve a higher parish share recoyery rnte which y￿11 ensure di(Kesan finanLial viab'licy moving forKdrds. Other fartors that directors P4ve considered relating to ￿ftg concem inclu￿. Impacc of Parishes unwilling or unable to pay Parish Share due to affordability and doccrinal dlfferences. It Is not eXp*C￿ that thi5 v•ill have a mawial long temi impact upon the CDBF finances. In the near tem. it is expecred that parish share pa￿￿nts will increase under new scheme which will mit1rd￿ any noTrpayments from individual pari5he5. In the lonF term if share contributions fall. cost reductions {such as reductions in stiFwdiary posts) %*ill be necessary. This issue will remain under review. The ¢os¢s of I￿lIding m•ntenan¢& yafically linked to dergy housing and vc4untary aided church schcols. Increased budgets are ￿ned for dery h￿l$ln£ improvements and there Is close management of school capital works t£• ensure that funding is diretted where most needed. The costs associated with the diocese becoming net carbon zero by 2030 in line with the Co Genernl Synod decision made in 2020. N*th•ch are eXP￿d to be si8nificant over the next 5-1 O years. A plan is being developed to identify vthat work is required and to identsfy sources of funding to carry out work5 to properues mainrained by the diocese. Inflatlon & Investment return$ viill need to be W under dose review ¢0 ensure that over time investment returns outstrip inllation to maintain sufficient unapplied total return balances within endowments to SLL%tain planned drdwdomis vthich support stipends. Although inflatyon has been high over the pasc 2 years it is expected that Infiati￿ will fall and investment perfcrmnce has positive. so there is Immedia￿ concern. Non-financial risks associated %*ryth governanc4 major non-compliano change in government wliey and safeguarding- Th￿% is Conffiden￿ that controls are in place and that the diocese can manage any non-financial risks sufficiently. Trustee5 review che financial position of the chariry and recerve an update on going concern status ac every Finance Cornmit￿ meetin& CDBF have 8eneral fund reserves covering 3 months of operyéting expenditure and reseryes are suffiaent to cover projec¢ed operational deficits in the short term. CDBF have a 5-year financial plan and having revi￿￿ the funding facilities av7ilable to CDBF together with the expected fuwre cash flow¥ the trustees have a reasonaEAe expectation that chariry has adequatr reS¢)ur￿$ to continue its activities for the foreseeable future and consider that there V￿re no material uncertainties oyer the charity's financial viabilicy. Accordingly. they ako continue to adopt the going concern basi5 in Fryaring the financial statements. 7. Custodian Trustee The CDBF is cusrodian trustee of assers held on pernianent trust by virtue of the Parochial Church Councils IPowers) Measure 1956 and the InoJmbents and Churchwardens (Trusts) Measure 1964 where the manawn8 trust￿ are parochial church councils and others. These assets are not a￿ted in the financial statements as the CDBF does not control them, and they are segreDted from the CDBF'S own assets by means of separa bank accounts. Such fvnds are wed¢yninandy marwd by CCLA Invesunent Management Ltd, or M&G Invesmients as detemiined by the managing trustee5. The CDBF reser4es the right to charge the managing trustees an administrncion fee where alcernatiye investment mana8er5 are used in recognition of the Additional eomplexity such arrangements ous& Further details of financial trust asset4 vthose rftarke¢ value amounted to £17.9m at 31 December 2024 (2023: £18.4m), are aYdilalAe from the CDBF on requesL and are summarised in note 26. Where properties are held as custodian truste& the deeds are iden¢ified as such. 28 The Chelmsford Diocesan Board of Flnance Trustees, Report for the year ended 31 December 2024 8. Principal Risks and Uncertainties The Trustee5 are responsible for the identification. mifigation aTrJlor management of rlsk To achieve this, a register of all the risks idenrified is mainrairled and. alongside IE a management and mitigation strategy formed. The Audit Committee periodically reyiews the risk register in derail. The Tru5tee5 are invrted ¢0 review the risk relis￿r regularly and, in any eventat least annvally. leadingto fomol discussion and approval of the strnregic risk register. setting out risks and miliDcir￿ strdtegies. The respM)nsibility for ddNery of the identyfied mitigation strntegies r5 delegated to the e¥ecLtye staff or Bishw arKI Archdeacons as appropriat& A programme of internal audit is overseen by the Audit ComMit￿e and cOrTple￿ts the CDBFS risk Manag￿nent activiti The Trustees confimi that the maior risks. to whith CDBF is exposed. as identrfied by the Trustees and staff. have been reviewed and that systems and Fyocedures have ￿en established to manage those risks. The register identifies six 5tra¢e8ic risks a pre-mitsgdrion rdting of 'hith'. These risks and the associated mitigation mtegies are ￿ follow& l ) Missional Failure This risk recognises a Ydriety of iSSL*S which coukl lead to the church failing to fulfil sts missional purpos Across the Church of England. we are experiencing dedifte in congregations. closure of some churth buildings th others facing significant costs. Different theolo&'cal understandings ¢(￿￿lnue to preS￿r thallenges to unity viithin the Dioces Whi15t the cause arKI presence of these facrors exist cwtside the bourvjaries of Chelmsford Dic(es< there are mitipuons that we are taking or can take locally induding mutual support between parish dergy, a Diocesan focus on pyioritising and supporting local parish ministry. a bet￿r e5oblished approach to Parish Sha increased dio￿an level support for churches to a5sisr them to look after their buildings and guidelines and resources for parishes. Additic>nally. we have a Racial Jusrice WOrkStr￿ aThl 'Mu5tard Seed, chiklren. young p￿PIe and families works¢ream to focus on improving representation and mi￿10nal 8rov*th. There is a proiect management board for projects who have received funding from the Na¢ional Church and we Frovide training for our clergy.13y leaders and congregations to be confthnc e*dngeli 2) Financlal This risk encompasses the threat posed by a long terni strurtural ￿1ClO the risk of failure co amend or improve the parish share scheme. the risk ￿Sed by the significant wsion liability in the clergy scheme and risk of poorly managed devdownent opportunities or failure to optimise propercy land resources for mission. The mitizations in place are a fIfian￿ S￿ategY incorpornrin8 a 5 year W suffic•endy resourced finance team, and ongoing review of the FWi5h share scheme. 3) Incldent or accusations of serious miscondurt Whilst there is no expectation of any acojsations of serious misc￿du￿ or any reason ro think thac such accusations would arise. ic is important that we consider the implications of an event such as a senior sraff member bwng found guilry of (or accused ofj serious misconduo an incident or accusations of serious misconduct in a parish current or his¢oriG The mirtfdtions Include oversight wovided by the Diocesan Bishop and Chief Executi¥4 links with Deaneries and Parishe& support from diocesan stsff including our safeguarding tea￿ racial justice officer and panel and communications team. We also have a bullying and harassment Fdiq and have annual Visitauons. 4) Governance This risk recognises the implications of a Po￿tial &Thttnance failur< where CDBF trustees are not able to fulfil their rol< failure of trux in Symodical ￿oCeSS or senior leadershiw serious PCC failure that may result In 29 Th• Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 Decen4w 2024 liability for the CDBF or serious governance failure in a-near relation". To Mitip￿ this rlsk we are doing or will rake the following measures including our Standing Committee considering our synodical protesses and culture. acuve recruitment of people to serve on our trustee body and cornmittees. make use of the ability to frJlfil the duoes of a PCC under Churth Representation Rule5 in the event of parish failure and rnise greater awareness of the imFAa of failure of'near relations" 5) Operational Rlsks This risk reCO￿lse$ the implicarions to the CDBF of operauonal failure resulting from lack of capaciry, key person risks. physical risks e.g. twrorist incideno loss of tenure of office buildings (&g. fire), serious dara protection or IT issueslbreathes and failure to adequardy main¢a•n church buildings. Mitigation winst such operntional risks indude the c￿ Wellbeing CovenanL greater sharing of knowledge among ￿M$. 'Manuals' and guidelines for key sraff, darn protection trdinir@ for all staff the apFL)inrment of a Data Protection Lead cyber Security audir and trninin& an imrKoved DAC support provision, advi￿ on appointment of architecc& a Heritage Supwrt OffKer aThJ our DAC staff and members. In 2024 we also recruited a Churth &Jilding Suppcw¢ Offiw and Churth Buildings Support Conversation got undervrdy. 6) Extsrnal Risks This risk category recognises that there are factors exr£rnal to the church thac could have significanc implication5 for our mission and ministry induding diffAre dRnge 3nd other wious incidents which v￿uld affert the whole of our society eg. another panderr*4 sustained fuel or food shortagq civil unresL Whilst mitigauons here are challenging V￿ are working toyrdrds meeting the Church of England net carbon zero goal by 2030 and making use of our experien￿ gained during turrent pandemic including use of virtual resourtes to adapL A Net Carbon Zero Officer was appointed in the year and we also began working as part of a regional gr¢)up for mutual supporc and learnin& Structure and governance Summary information about the structure of the Church of England The Church of England is the established chvrth and HM The King is the Supreme Governor. It is organised inro provinces (Canterbury and York) and 42 Dioceses. Each Diocese is a See under the care of a Bishop who is charged with the cure of souls of atl the peotAe vitthin that geo8raphical area. This charge is shared with priests within benefices and rArishes vknich are sub4ivi5ions of the Diocese. The National Church has a Gen￿#1 Synod conyiwj of ex-officio and decroj representatives from each Diocese and it agrees and lays before Padiament Measures for the governance of the Church's affairs which, if enacced by ParliamenE have the force of staru* law. In addition to the General SyncA4. the Archbishop5' Council has a coordina¢ing role for N￿rk authori￿ ty the Synod: the Church Commissioners manage the historic assets ol the Church of England: and the Church of England Pension Board administers the pension schemes for stiperKli3ry ecclesiastycal office holders and tynployees. Within eath Dioces< overall leadership lies with the Diocesan Bisho￿ who exwcises that input a5 Bishop within the Diocesan Synod. Our Diocese is divided into 23 deaneries. each with its Synod and within each fvirish there is a Parochial Church Council (PCCI which share5 with the parish priest responsililiry for the mission of the church in that place. in a similar way to that in whith the Bishop shares resFthsibilities with the Dlocesan Synod. In thi5 dioces< a5 part of tyjr re-ifflabT'ning ministry priority. parishes are on a ioury to working together collaboratively. often in MissSon and Miniscry Units with common mission wiorit•es and shared resources where appropriat Whilst each DI0￿$e is separdte with a clear res￿$￿Ility for a specific geogrdphtcal area. and each diocesan board of finance is a separdte legal entity. being part of the Church of Enoand requires and enables working cogether in a national framework and with naoonal churth insritU¢ions. 30 Th• Chelmsford Diocesan Board of Hnanc• Truste￿ Report for the year ended 31 December 2024 Structure and governance (continued) Organisational strUc￿re The Diocese ofchelmsford was created in 1914. 1¢ SFqns the whole of Essex and five boroughs of East LorKlon. It covers an #rea of1,5314uare miles y￿th an ¢ymll popuLioon in excess of three million. The diocese is diwded into three Episcoyl areas by an Area Scheme under which the Diocesan Bishop, the Bishop of Chelmsford. has delegaod certain auth￿lty ¢D the Bishops of Barkin& Bradwell and Colchester in relation to the Archdeaconries in those areas. In 2024 it VAS decided to reduce the number ofArchdeaconries for seven to SIK Each Arthdeaconry is sutr￿1¥1ded into deaneri4 there being a tornl of 23 deaneries acr05S the L)ioces& The deaneries are (urther subjivided into 462 parishe During the year CDBF acquired a trading subsidiary. MCO Investrnents Ltd, Company Number 09614431. which owns a F￿per￿ from whith the tharity will run an Area Offi¢¢ As the results of the subsidiary are immaterial. they have not been consolKtated into the Charitls financial results. but the TrAlue of the l 00% shareholding in the subsidiary been reCo￿lSed in the Investff￿ts section of the Balance Sheet (See noce 13). Diocesan governance The sratutory governing of the Diocese of Chelmrford is the Diocesan Synod. vthich is an elecced body rh representation from all parts of the Di(Kese. Membership consisrs of ex offieio members, including the Bishops. the Dean and Archdeacons; clergy members elected by the House5 of Clergy in Deanery Synods., lay persons elected by the Houses of Lairy in Deanwy Symods: UP to fNe persons tho may be COryOPted by each of the House of Clery and the House of Lai¢y and a maximum of eight members nominated by the Diocesan Bishop. The Diocese Syrnd is goven)ed by Standing Orders vthich were updated in June 2012, The Dlocesan Synod meets two or three times a year. Many of Diocesan Syntsj's responsibilities have been delegated to the Bishop's Council. the Bishop's Counol S¢anding Committee or che Finance Committee. Cornpany Status The company. The Chdmsford Dicterniinus with the Bishop's Council) is responsible for toral reorganlsati￿. trking account of clergy numbers and the need for new tterns of minityi. Dioc•san Advisory Committee advises on mauers concerning churches and Pla￿ Ofv￿r$hiP such as the 8ranting of faculties. arch2eolo8y. art arKI the history of places of worship, the use and care of *es of worship and their contents and the care of churchyard5. Diocesan Board of Education promotes education. rdE1c￿$ education and religious vK¢ship in schools in the Diocese. It also and ad¥i5e5 governors of church schwls in the 32 The Chelmsford Diocesan Board of Flnanc• Trustee< Report for the year ended 31 December 2024 Structure and governance (continued) Bishop's Council and Flnance Commlttee Bishop's Council consiscs of 17 ex offiao members. 3 derEy elecced by the House of Clew from among their number { I from each EpiscoF41 area). 9 lay persons elec*d by the House of Laity from among their number (3 from each Episcopal area). 3 lay persons appointed ty and from the membership of each Area MÉ5sion & Pastoral Committee (I from each Epixopal area) and a maximum of 6 n*mbers nominated by the Diocesan Bishop. Finance Committee consists of the CPRir and VKe Chair of CDBF (TWI￿ are also members of Bishop's Council) and those other members of the &'shop's Council noe otherwise disqualrfied from membership such as persons remunerated by the CDBF. Trustee recruitmen( selection and Indurtlon Trustees are members of the Finance CommitTre and are sdected as set out above. Trustees are offered an induction when first aF)pointed. Trustee training is arrdnged at the start of each triennium and subsequendy as appropriate. An element of Trustee trdining is tyFAcalty included in the progrnmme for the annual day meeun& While some senior staff have job titles incorrxfdting the tide'Direcror'. rhey are nor direcwrs of the company for che purposes of company law. All Trustees are required to maintain their entry in the record of declarations of InteresL 33 The Chelmsk•rd Diocesan Board of Flnanc• Trustee5' Report for the year ended 31 December 2024 Attendance at Trustee Meetings Numbtr Numbtr ¢f Per￿¢¥£e of digible attended meetmy eltgl* to meetings Mrs Isabd Adcock (unt511 ui I n4) The Rt Re￿4 ￿aM Atkinsc 83% The Revd Kathtrine de Bwrcier (until 1816n4) The v￿ Christopher Burke Mr Philrp Carndley The Ven Elwin Cockett (until 3019r24) Mrs Florence Conaty (from 16111124) The Ven Jonathan Crouther The Rt Rewd Lynne Cullens Mrs Mary Durlather Can¢n Rogw Ennals (until 1611 IfA4) The Rt Rewl Gulnar Francis-Deqhani M$ Wllhdmina Joan Gwlboum {frtyh 21110n4) The Jcthn Fry (until 1514n4) can*￿ Robert Hammond 66% loo% 66% 25% loo% 83% 66% loo% loo% 66% Mrs Lesleyjudd (until 16111124) The Very Re￿1 Paul Kennington Revd Dr Susan Joy Lucas (from l ￿ I In4 Th* Rt Roger M¢)rrls Mr Jelkey Mushen5 Mrs Mithelle Obende (un￿1 l ￿1 In4) Revd Canon Christian Okeke [fr￿n 1611 In4) The Ruth Pa¢ten 66% 83% 83% The Ven Kate Peacock The ￿th#e1 Po Mrs Jill Readinis The Rewl Canty) Nitholas Rv•An Canon Adrlan Smith (until 1611 In4) Mr Brian Smith (until 16111124) Ms Hazel Thtynas 66% Mr John Tipping Mr John Winterbotham (until 1514n4) 33% 34 Th• Ch•lmsford Dlocesan Bt)ard of Flnance Trustees, Report for the year ended 31 December 2024 Structure and governance (contlnued) Remuneration of key management personnel The Remunerarron & Governance Ccrfnrnit￿e reviews the emoluments of senior empl¢)yees on an annual basis. The commit￿'S membvship is the Chair of the CDBF. the Bishop of Chelmsford, and the Lay and CIwT/ Vice Presidents of Syncrf4. The Committee also decermines any cost of living rAy increase for empbyed sraff and revie￿ other matters rdaring to emFAoyee remuneration as required. Delegation of day to day delivery The Trustees and the SU￿0MmitteeS vthich as5ix thwn in the fulfilrnent of their responsibilities rely upon the Chief Executive & Diocesan Setretsry arKI her colleagues for the delivery ol the day to day activities of the company. The Chief Executive & Diocesan Sttre¢ary is givth specific and genernl delegated authority ¢0 deliver the business of the CDBF in acc(Ydance vitth the FM)licies framed by the Trustees. Funds held on behalf of schools The DBE (as incorpordted within the CDBF) recaves IO% conrribu¢ions from governor5 of church schools wthin the t)iocese in connection with major repair aThJ capiral projects to church schools and also governmene grants in connection V*th the sam& The DBE administers these monies as managtng agent and makes appropriaTr payments to contractors for work carried OUL The monies do not bek)ng to the DBE and as s￿h the rec*pts and payments are not (reated as incorne and expenditure in the Statement of Financial Activities. Any monies held at the balance sheet da* are treated as creditors on the balance sheeL The income and expenditure relating w school projects rellerted in the Statemert of Financial Activities amounted co £1.543m and £1.4 IOM respectiv*12023: £4A04m and £3.$42m). Historical assets arising from unexptythd accumulations of sale proceed5 of redundant Church of England School propertie5 are accounted for in the restrrcted Church Schools fund and are managed by the CDBF in consultation with the DBE and held in a CDBF restric¢ed fund detailed in the accounts. Trustees, responsibilities The Trustees are responsible for Fryarin8 the Annual Report and the financial sratements in accordance with applicabie law and regulations. Company law requires the T￿￿(ee$ (as Direcws) to pryare financial statrments for eath financial year. Under that law the Truseees etected to wep¥e the firwicAI statements in accordance with United Kingdom Generdlly Accepted Accounong Practice (United Kingdcm Accounting Standards ar)d applicable law). Under company law the Trustees must not approve the financial statements unless they are sausfied that they 've a true and fair view of the stste of the affairs of the CDBF and of the surplu5 or deficit of the CDBF for that period. In preparing these financial sratwwffs the Trustees are required to: Selec¢ SUIta￿e accounting policies and apwy consithdy Obserye method5 and princiFAes in the a)arities SORP Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been followed, subiecr to any rroterial deparrures disclosed and explained in the financial ststements Prepare the financial sratements on the going concern t4sis unless it is inappropriate to assume that the company will continue in operdtion. The Trustees are also reswnsible for keeping properaccounting records that disclose with reasonable accuracy at any time the financial position of the CDBF and enable them to ensure that the financial statements comply with the Companies Act 201 l. They are ￿s0 responsible for safeguarding the assets of the CDBF and henee for raking reasonable steps for the prevention and detection of frdud and other irregularitie& 35 Th• Chelmsford Dloc•san B(•vd of Trustees. Report for the year ended 31 December 2024 Trustees, responsibilities (continued) The Trus¢ees are respons&)le for the maintenance and integrity of the corporate and financial informacis included on the CDBPS website. Le&slation in En8hnd & Wales governing the preparation and dissemination of financial statements and other infornution induded in Annual Reports may differ from legislation in other jurisdiccion& Statement of diKlosure to the auditors So far as the Trustees are avrdre: there 15 no releyant audit infonrAtion of vthich the charitable company's audrtors are Unawa￿ and ¥￿ have taken all the steps that we ought ro love takn as Trustees in order to make ourselves aware of any relevant audit informarion and to establish that the charitsble companls auditors are avlare of that infomiation. Appolntment of Auditors Foll0v￿n% an audit Services tender exercise in 2024 the reappointment of Haysmacintyre LLP as auditors co the CDBF will be proposed ac the Annual Generdl meeting. On the 18 November 2024 the company's auditor changed it's name from Haysmaontyre LLP ro Haysmae LLP. 36 The Chelmsford Diocesan Board d Flnanc• Trustees, Report for the year ended 31 Decem￿ 2024 Adminlstrative details Company registratlon nund)er Charity rtystration number RegIS￿red OffKe 137029 (En*nd & Wales) 249505 S3 Ne4*4 Stree( Chelnisford CM I IAT T*. 01245 2944(Ki Trustees In accordance v*ith the compan￿ Art 2(X)6 and the Statem*)t of Recommended Practicv. Aceounting for Charities (Second Ediuon. effecuve l Janwy 2019), the Crynies Att 2IXI6 and arplicable attounring standards, the Trustees (for the purposes ofcharity law) and directors (for the Pur￿Se5 of company law) during the year an(Vor as at the date of signing Y Presldent Chair Vice-chalr Area Bishops The R¢ R￿d Gulnar Francis-Deqhani Mr Jeffrey Mushens Vaont The Rc Revd Roger A B Morris The Rc Revd Adam Atkinson The Rc Revd Lynne Cullens The Ven Christopher Burke The Ven W Cod(ett (until 30nn4) The Ven Ruth Patten The Ven Michael Power The Ven Jonathan Croucher The Ven Kate Peacock The Reyd Cannon Drjessica Martin(Irom 5101125) The Very Revd John Pavl Kenningcon (until 5101125) Canon RoE*rt l Hammond The Revd Canon Jane Richards (not a trus￿ due to ￿m￿ne17￿￿ by rhe Board) Archdeacons The Dean Interim Dean Lay Vice-Pre54dent Clergy VICe*Pre￿defits Elerted or appolnted to fill a vacancy Mrs Isabel Adcock (until l ￿1 In4) Canon RogerJ Ennals {until I Wl In4) The Revd John Fry (until 1514n4) Mrs Michdle A K Obende {untsl 1611 Ir24) Canon Adrian J Smith (until l ￿1 In4) Mr Philip Carnelley Mrs Mary Dur&cher Mrs Lesley Vjudd (until I ￿11124> The Revd Canon Nicholas E Rowan Ms Hazel Thomas Ms Wilhdmina Joan GoU1b￿rn (from 21110r24) A￿d Canon Christian Okeke (from 16111124) Mr Duraisamy Daniel Jebanesan {from ￿lAs) Miss Vevet Norine Deer (from 6101125) Mrs Julia Th¢ynas (from 611n5) Mr John H Winterbotham (until 1514n4) Mr John Tipping Mrs Jill Elizabeth Readings Revd Dr Susan Joy Lucas (from 1611 Ir24) Mrs Florence Conary (from 16111124) Mr Brian Smith (until 1611 In4) The Revd Katherine de Bourcier (until 1816124) No Trustee had any beneficial int¥es¢ in the ccffnFqny during the year. 37 The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 Deeemlw 2024 Administrative details (continued) Senlor Staff The day to day management of che1n￿ll￿d Diocesan Board of FinaKe is delegated to the Chief EKecu¢ive, The ofTKers who served during the year and at the da￿ of $i￿1ng ar Chief EXt￿trive & Dio¢esan Se¢retary Canon MidAda Stsuth￿rth Dean of Mission, Ministiy & Education Dirertor of Finance Dirertor of Communications & Medla Director of Education Head of Property Head of Service Delivery Head of Safeguarding HR Manager Programme Manager General Manager Retrnat House Pleshey The Revd Canon Rob Merthant Paul Setterfield. ACM& CGMA can￿ Thomas Gethrd Carrie Prior Canon Nathan Whi*head AmaThaa Goh Rachel Towns Dawn Wedddl Graham DoN*4in8 Profrs5ionol Advisers Auditors Haysmac LLP 10 Queen Street Flace London EC4R IAG Solicitors and Registrws Minem House 5 M￿¢￿e Close London SEI 98B Bankers Bardays Bank pk 41HI High Streer Chdm5ford CMI IBE National We5tmin5ter Bank Pk 4-5 High S￿l Chelmsford CM I I FZ Investment Managers CCLA Investment Management Ltd One Angel Lane London EC4R 3A8 12 Moorgate London EC2R 6DA Glebe Property Agents Stru¢¢ & Parker Coyal Hall Chelmsford CM12QF ving thi5 Tntstees. Repor¢ the Trustees are also approving the Stra￿lc Report induded above within paciry as company directors. Ina E TRusfEES Mus r ofthe Chelmsford 13 May 2025 n Board of 38 The Chelmsford Dlocesan Board of FlrAnce Independent audltors. report to the members of The Chelmsford Diocesan Board of Finance Oplnlon We have audited the financial staturthts of The Chelmsford Diocesan Board of Finance for the year ended 31 December 2024 which comwFse Statement of Financial Attivirie5. the Surrrnary Income and Expendicure AccounL the Balance SheeL the Statement of Cash Hows and nores to the finanoal statements, induding a summary of significant accounting Fdlcie& The finarKo1 reporung framework thac has been applied in their preparation Is applicable law and United KIngd￿n Accounting Standards. including Financial Reportyng Standard 102 The Finonciol Rwrtrng Stondard appkt714e in the UK aTrl Republic of Irek7nd (Untted Kingdom Generdlly A(￿pted Accounting Practice). In our opinion. the financial sratrment give a true and fair view of the stste of the tharicable comrAny'5 #￿irS as at 31 December 2024 and of the charitable COM￿nY.$ net movem￿r in fund& induding the income and expendi¢ure. for the year then ended: have been properly prepared in accordance United Kingdom Generally Accepted Accounting Prdccrce., and have been weFared in lccdw• (3.949) (59$) 1851) (4,407) 1.705 tpin$ l (10s*$1 op kL¥e# Ssg 7.014 7.091 4,570 14Éestsry4lus l (d￿CIt) befort (3.•49) (47T) 3.004 O.J41 4124 (A054) Net wvply¥l{ddd¢) Ixlv• othv 8alns and105*e5 1453 1.75S 3.014 4341 Gaknsloomesl on re¥1￿￿￿ al (i•) (1.016) (15) {1402•) (15.7J?) (9.Ml Ntst mowemtnt In 747 1314) {Il273) (I l455) 11367) Total Ix•yts¢hr*ard JSJ76 iU23 311.489 37U56 375,923 Total lunds Aftltd forw*n1 OJJ JO.142 IiS09 301.214 J59.900 372,550 The noces on pages 46 to 75 forni par( ol these frnnaal ststemen Pagè 42 The Chelmsford DSoc•san Board of Flnance Notes to the financial statements For the year ended 31 December 2024 SUMMARY INCOME AND EXPENDMJRE ACCOihNT For th• yw entled 31 DK•mb•r 2024 Total 2024 2023 Total KKome 20,733 24,902 (24135) (24,326) Operdting profit Net rdin5 (losses) on trwe5tments (5,402) 077 576 l.Q45 Net intome lor the year (4,725) 1.621 AeYahJo¢ign tsf r￿ed a55e¢s 18841 3.727 é.054 Tool comprehensi¥È kKome (382) The Inc4Th and •xpwKllutr• attaunt is derived from the Sratemenc of Flnandal Ac(Ivltles vAth movemen(s In endowment funds exthded to compy with cow kw. All I￿ome and èy¥ÈnditurÈ is derfftd from continLMTrg The now on pages 46 to 75 forni part of these finaftcl￿ s¢atemen¢& Page 43 Th• Ch•lmsfr•vd Dloc•san Board d Flnanc• Notes to the financial statements For the year ended 31 Dec¢m￿r 2024 BALANCE SHEET For the year ended 31 DeceM￿r 2•14 Company oumber. 137029 2•24 2023 c•0• Flxed Assets Tangiblt a55e¢5 In¥estmen 12 273.716 71,•54 292.172 69.863 13 351742 362.035 Current assets Asseu held for ￿le 12 40$3 io Debrors.. amowffs faNkng due after more year Debtors.. aMoW￿ faNMis vlthln one year Cash ac tank and h) hand 16 242 16 l741 3.291 1.825 4282 143•4 21.229 Cre4lltors'. amowits hlling withln ry* yw 17 431) R391) Net current assets la838 Total assets less cuTrent15abllltl 342,4•1 380.872 Credltors.. amothits falling thje after more thafi year {1701) 18J171 Net assets 35*.*•0 372.556 Funds Endowment F￿d$ (Inchjding asset rey41￿l￿)￿s of £1619 Q023 £179.43rn} Restricted Funds (Induthng ass￿ reY4k4fjons of £033m P023 £.34m) Oesiznated {l￿￿ding asset reY4k4wJr4 of £1 IA9m 12023 £14A3ml General hjrth (mcluthng asset rev41￿trI￿￿ of £l.44m Q023 £1.45ml 316.211 318.489 J2,823 34142 35J76 19 S.•33 5.868 Total Funds 35*.*00 372.556 Thefi roved and authtirl￿ for isyje ty the Tnjstees on 13 Miy 2025 and slgned on their behalf. by. ffr¢y Mushens. Ch* The nores on pages 46 ¢0 75 forni part of these finanoal s¢atemen Page 44 Th• Ch•lmsford DkKesan Board of Fin•n¢È Notes to the financlal statements For the year ended 31 December 2024 STATEMENT OF CASH FLOWS 2024 2023 t•oo N•t Cash us•d In tram operatlTri acd¥ltles (4,321J) {4.8571 Cashllow from Investlng actl¥ld 0￿￿ndS hlreresi and rtnt from irvestrnents Interest paid Proceeds from the sale of tangitk r￿ed a55et5 Proceeds from the Sale of held for tradtnE assets Proceeds frorn the sale of iivestmenu Proceeds frorn the Sale of closed chwche5 1443 (3•5) 1055 ($67) 3.109 7.253 4.239 2,7$3 Proceeds from the Sale of dosed sthools PUrCh￿e of tangit4e fixed for tr* use of tt* CDBF Purchase of fr*ed assets inve5tme1115 (4,641) (4. ISS) (3.846) (2,944) Net Cash used In Investlng artlTAtl•s 6.974 9.469 Cash (Iow5 from finandn¥ actlTNItIos New loarts recelved by CDBF Loatts repaid by CDBF Net Cash provlded byllnandnz acthl Totsl movement In ye•r (S,44S) (307) {S.64S) 1,329 (367) 9.102 Chan8e In cash cash equlvalents kn the rymbrtlng perlod Caih and Ah The ar¥KAI rd* f￿ded by the CDOF. pakl to ArchdEacrrt w) 2024 in the rdr £39.058. 141.792 P023: O7.370-£39.058 PAI. Crtlw t￿*￿ *ve TnL%tees were £31￿49 pA12023: Q9S02 pAI. The CDBF provth h￿j$Ing lor the tl¥ee 8tyhw thÈknhthx￿ and the Tr4￿. The c￿rth CornmissttiWS provide ￿D￿￿¥10r the Diocesan &"shop. No Tru5te¢ ree¢Th*d rerb¥Jner*tkffi fly aSTTr￿.ThE Truswes traveknng and out of pod¢et eMpense5 was £1.962 for 2 trusree$12023.. £1.2WI ffi respect d Genual ¢kni4 atwjother asTrustees. 9 frthtees recefved £20.296 for ou¢ ol pocke¢ exptyu¢s nornial line ol as ¢* m￿￿ ol deryy. Page 58 The Chtlmsford Dlocèsan Board of Finance Notes to the finandal $tatemeftts For the year end¢d 31 December 2024 12. TANGIBLE FIXED ASSETS Frethold OINce Other Flxed prop¢rtles Equlpment 24 2•24 Total 2•24 24 £No Cost or¥aluado At I lar￿ry 2024 Add￿0 i￿•7 315 292 1S2 Dispos* Rvaluayon (4.530) (14.697) (29) (27) (4,S86) (14.097) (3.690) 274,352 Transfer to assers heldfor s* At 31 Decemter2024 273.170 431 Dtpred*tlon At I14mary 2024 Charye lor thè y￿r On dlsposal$ At 31 Decwrkn 2024 206 304 30 94 {40) S6S 324 Net book value Ar 31 Dec•Trber 273.171 291.$97 273,786 1*1.172 At 31 December 2023 447 If the f￿￿K$1d prtspenies tr4d notbeen at valMvJn W two￿d 14Vt been Nstwkal cost ¢¢miethoon as follo 2014 2023 96.718 95.539 The and ￿l￿dIr￿ w¥t rtvak*d M 31 t>etwrthr 1014 ty S￿￿tI P¥ktr LLP. CP•rt¥ed &Jr4eyors on a fair value b3SiS. Page 59 Th• Chdmsfovd Dl(K•san Board of An*nt* Notes to the finandal statements For the year ended 31 December 2024 I I TANGIBLE FIXED ASSETS (contlnued) Two of thi eqi•ty Irw 161 offre•TrKdd above. The t•rm5 ar• swh thac thg re￿￿￿b￿ Is 9￿￿￿￿rIed as a 01 tr* gres rf the w¢pery b5 the assotAted loan alsts be restsod. The anafy%is ol netzalns on re¥ahydthJr6 offt*ed *ssets ts as 2024 2023 Ath1￿11¢n offfixed ReVaIthi￿)n of assets ￿k1 for sa (14.697) (1.042) (9.708) (15,739) 19.708) Th• Mr￿ly111 of assets held for s*1• 2024 2023 8ahnce bf I linuary 1024 Proceed5 frem ￿ sale OF￿1￿ ler tradng ass Losses ¢n dIspo￿l d hekl far trathx assèts Revalua￿0￿ olhdd for￿le asse IQ527 (7.253) 1429) {o.•i i) {664) {1,042) 3.690 6,053 Hekl for s* fty 2024 8,035 d 31 Oecernber 2024 lQ880 Prowds from th• sal• of tanslble Ilx•d ass•ts 2014 2023 (4.546) 349 11,8431 Gains and losses on th$p￿1 of assets (4.1 S8) 11.8841 Page 60 The Chelmsford Dlocesan Board of Finance Notes to the financial statements For the year ended 31 December 2024 13. FIXED ASSET INVESTMEKrs Usted UThnsted InvestmEnt Investment Property 2024 2024 2•24 2•24 2024 2023 •D co•0 'ooo At I lanw 2024 Athjitlons 23,473 1542 (2.7S5) L317 25.141 35,5 41,163 4155 (17$5) 7,693 7&*S6 65.CQl 4.522 {4.233? 4.571 69.863 Di5pos315 Relalua￿ON ga Market Value at 31 Decerfiber 1024 37.$46 15.15 Hiswric Value at 31 Decemb¥ 2024 21.520 26,043 4.113 48.769 Inv•itm•nts held by fund Tot*1 Funds nds Funth 1•24 2•24 24 2024 At 31 December 2024 *•0 cooo Li5tEd Inve5trneiits 4,071 4,12S 21,77• 24ITI 25.848 37.545 Unlsled investy*rrts 143 In¥estment 5th￿rary In¥estment proF*ty 413 ns 14J65 15,150 Total S.243 01312 71,?56 2023 2023 2023 2023 31 Detemter 2023 17 639 19.973 2V93 23,673 4.267 785 IQ690 69.853 4.267 10.124 5&472 The analysi5 c4 netzains on iTh¥estswts ts as foll￿ 2024 2023 rooo Realised {ltsM} Unrealtsed gains re#ahJation Nei gains per Ststement ol ￿a￿tial *£(1 (i) 7.693 7,692 4.571 4.576 Page 61 Th• Chelmsfonl Diocesan Board ol Finance Notes to the financial statements For the year ended 31 December 2024 MCO Investments Ltd.'s last published set of financial statements were as at 31 May 2024. which pre-dates the date at which CDBF purchased the company (6° August 2024). At this date MCO Investments Ltd had fixed assets of £365k current assets of £34l and currenc liabilioes of £340k with net assets and accumulated reserryes totalling £49k As part of the purchase agreement intercornpany debts of £316k were repaid immediatdy before completion, leaving jusc the fixed asset property as the sole asset within the company. The Investrnent held at £413k includes purchase and legal fees associated with the purchase of the subsidiary. From the date of completlon there have been no In￿rCOMpanY transactions between CDBF and MCO Investrnents Ltd. 14. TOTAL RETURN ACCOUNTING The unapplied total return brougtht ft)rV#￿ at the l January 2024 was £10582m for SCF and £1.276m for PEF a combined valued of £11.858m. 3.5% was quoted and agreed a5 the annual percentage to trdnsfer to the Generdl fund to sUPplen￿t revenue. this Pe￿ntage will be reviewed annually raking into account investment pvformantr and the t￿lan￿ of unapF4ied ror#l return. The indexation of the base fdlues is calculated using the National CPI indeK as of L)e￿mber 2024 the CPI index used VAS 2.6%. The movemenrs during the hst calendar year in the value of the unapplied ¢oral return are sec ouc in the rable below. UnappNe¥ Trust IDr Tvtal Trnttthr T4x•I Tgtal AS at I lahu*ry 201 nan nJ73 IQ582 83.953 zon 2,032 1.276 3,3 UnapF4ed ted r•Jm T¢ 1,276 1,276 nJn IQS82 1031 Movem•Ns kn theyer. ni t)n dassers Is*n 421 &938 13381 93¥J {1.88 &938 13381 gJ8) lJ87 1187 52 52 (521 1981 57 4¢ 31 Dectrnber2￿4. 75260 75260 11.676 8&935 Vnappled tod v¥u1￿ as at 31 C*cets1024 I lJ76 11th7th 7S.160 3,365 Anal￿1$ dWtthdraT￿ to Incgm• To Gerffil ncxe 19 aNlYysdtr￿j 1938 L93B c￿T¢ baLIKe 11.676 8&9)5 )J65 Page 62 Th• Ch•lmsfoYd Dioc•san Board of Hnance Notes to the financial statements For the year ended 31 December 2024 I S. ANALYSIS OF CHANGES IN NEf DEBT Other Non- At l Jan 2024 Cashllows Cash Chang¢s At 310K 2024 tooo tooo Cash and ash •4uivalents Cash and ush equNaletYS &282 (4.991) 3.291 &282 (4.991) 3.291 Borrowlngs Debt one year Debt ¢k* afw one ye•r (396) (&317) 396 (3601 360 (360) 5.249 (&713) 5.645 (3.068) Total (431) 654 16. DEBTORS Total 2024 2023 Due aft•r m¢w• than one ￿*r £￿00 Loan5 to pari5he5 Eqthry loar Other knarts 182 193 37 49 219 242 Total 2024 2023 withln one year eooo Pari$h share 410 363 aAritable a¢fjYAtlts debtors 143 Other loa1￿ debt*yS 785 158 Grant income acryued 345 175 Prepayments and accrued inrorne 1,042 L741 1.825 Paze 63 The Chelmsford Diocegan Board of Flnance N¢)tes to the flnancial statements For the year ended 31 December 2024 17. CREDITORS: Amounts fallinz du• withln one year Total 2024 2023 Bank and egulry loans Trade creditor5 36• 396 5•1 Other taxa(Ton and SOCAI securi 102 84 Closed Schools- amounrs held pendiry detern￿liOn Devolved Fomda Captlal Sthools Condl¢kn Alocatsty 474 578 27 458 Penslon corrtrlburlons (no¢e 27) Other credl¢ors 202 128 237 Accrual$ and deferred IT￿0 133 Gran¢$ acuued Inc*e 81 257 247 2.431 2.391 18. CREDITORS: AM￿nts falllng due after more than one year Total T￿￿1 2024 2023 £'ooo Bank loans 2.121 58Y 7.718 599 Equity loan 2.7•0 a317 National Westminsw Bank Flc has made aydilable morri4ge facilitie5 co fund the purchase of houses for curates. The total loan balance stands at £2.481 m P013: £8.114m) at the year end. The k>an 15 divided between a121 m falling due after more than one year and £0.360m incl￿ed in creditors falling due wlthin one year. This figure include5 a provision for monthty capiral repayments and a lump sum repayment in nuary 2025 following the sale of a property. The k)an rdte is 1.83% above b During 2024 a toral of £5,645m reF*id from the sale of charged Froperties and to reduce the outstanding debt balance. Equiry loans are made available by the Church CommissK)ners to assist with pro￿s1on of housing for curdtes and other ministers. The terms are that the loan is repardble rf the FKOPWty is sokl or teases to be used for the purpose under which the loan VAS 8ranted. The arn￿nt repardble to the Church Commissioners is the proporcion of the current value of the property that the &)an bore to the original purchase cott. Most loans incurred interest initially at 3% per annum but the rd* ￿rIeS with infiation: the averdge interes¢ rate on these loans is 6 Thè Ch•lmsford DSoc•san Board of Flnanc• Notes to the financial statements For the year ended 31 December 2024 19. SUMMARY OF FUNDS MOVEHEKrs STATEMEKf OF FUNDS- CURREKf YEAR Galml Balanc• at l jar￿ary Ewdltsr• W{¢wO 24 2024 Oos**s) JI D¢c¢mbtr 2024 2024 2124 oo £'oo DesSgnat*d W5es 28517 367 {598) 11.686} 16.138 EfKE TrLSt 228 15TJ 330 Dtsi8n3W 5wdcJp#￿ FWKI a¢Jsed ClvJrthÉs 4J5F 95 7,578 521 {125) 399 41 Missknfi 3Lh) Friends ofthe Rerrtar FkxLse 19 Dewrted Yoth Work 1.052 27 23 1.072 pi) atr&v Confere￿¢ (o) 35.376 379 1974) 2.930 113681 3&142 Gener*1 fimds 17J22 (21.2711 3.124 5.033 Total Vnrexrkted F 41141 17JOI Q22451 11.578) 41.175 Endowm￿¢ FWKIS +wd5 Thjnd cl￿ra1 Par$or￿e Houses 81954 131.227 1.492 P.938) 13.r 4.916 112.IlJ61 86.935 215,916 1,365 30&216 13051 318.489 (794) 16.OS41 17.0131 Rertrlcted Funds Dioeeun Board ol Et*xa¢l 5.753 In 16731 (641 18621 (1361 1211 5,753 1.953 L￿dOn ¢)rfer the Both ty C￿r¢h St M￿1￿￿,$ Tntst 622 3.IWJ 52 3,256 21 42 A¥nOng￿lett Trainkni ftx M￿1¥tyY Strateii¢ Cawity StrateiK ￿￿$try FL￿d Hlsfodc E￿land ¢)ts Sffdll Grnms 1.453 (188) 365 11.453) 293 io 19 P6) (2301 {3mOI 12 229 IU23 3.031 S44 12,509 Total Fur 3n556 21321 12&92 (8￿7) 359,9QO Th• Chelmsford Diocesafi Board of Finance Notes to the financial statements For the year ended 31 December 2024 19. SUMMARY OF FUNDS MOVEMENTS (cortinued) STATEMENT OF FUNDS- PRIOR YEAR W(o*J 31 De£e 2023 2023 2023 2023 Deslpoted fvfi Hcojsts (184) (I (069) 2a517 367 Benelatt Tntst 427 De*rAted Cap￿1 Cknsedchurthes 3.612 441 574 4.558 521 Dl¢xesan Past¢r41 {1421 {1081 41 Missith) Cwrnr4Ots ofthe RetreatHwx 3C 19 De48n¥td YwthW￿k (io) (551) 85 1.052 35.376 34.178 767 15011 Cwerd fvndj 197 17.118 (20.￿ 40J7S Pl.03• 1727 (¥1) 41.244 Endo*inert Funds 83.356 239.918 3JM6 326J20 1.415 Q2Q R917J 1421 f7.999) 285 83.954 231.227 (107J 13.727) P24 {5,Z92) 314489 oeenD Board d Eoxati &467 410 1083) 559 5753 London Over the Dordw 37 Oty CFweh St MO￿(al Tr 1,650 3,180 il Lenr4iptal ftelugee Chjrth Ponyni prtietL Trairrfni ler Mlni kntegk Cap3dty ￿￿1£0Y Fwnd 45 (4) (1.09F) P83) po 1831 42 J.09T 32S 205 251 293 33 16 (fj P.288) 12 9.228 6.240 612 12.423 TwdFthJ5 375.923 1&411 Q4.619 15,1321 371550 Page 66 The Chelmsford Dloc•san Board of Finance Note5 to the financial statements For the year ended 31 December 2024 19. SUMMARY OF FUNDS MOVEMEKfs (¢￿tinued) SUMMARY OF FUNDS- CURREKf YEAR at Tranrftrs Galn (losses) 2024 aalance at l Jarnwy 2024 31 De£ernber 2024 2024 2024 £YJoD 'ooo Dt￿Intttd fund5 General lund5 35.376 379 19741 (21.271) P22451 2.930 115681 36.142 5.033 17J22 3.124 &OS4 41,244 17.701 IlJ78) 41.175 31&489 12.823 {&OS4) (7.0131 30&216 12309 3.1132 3n356 21321 P6,9J) 10) 359,% SUMMARY OF FUNDS- PRIOR YEAR 31 De(ert**r 2013 2023 2023 34.178 0.197 4Q375 (551) 4487) 1.038) 767 {5011 20 35.370 5.868 41.244 17.178 ia062 3.727 (481) 32A320 9.228 P20 o.n7) (5.292) 642 318.489 12,823 240 375.923 24411 (24.6 15.134 372,$56 ANALYSIS OF TRANSFERS BEfwEEN FUNDS- CURREKf YEAR Unrestrkted fvndj R•strlct•d Endowment Gener•1 Desl8nated Funds Funds 2024 2024 2024 2014 cooo cooo £'ODO {3,0541 fund (note 14) From Designated stlpend fund to $4wlement revenue Funth from the sale of ParsrAuge hou%es WI￿re Th) replacement Is wmred trawferred to the DkKesan Pastoral Account (160) {3.C m the yneral co desl8nated COnf￿e Other transfers of less than ÉS0.(#)) eath 87 (8T) 2.930 3.124 {6.054) Page 67 Thè Ch•lmsfoYd Dioc•san Board of Flnance Notes to the fmancial statements For the year ended 31 December 2024 19. SUMMARY OF FUNDS MOVEMENTS (continued) ANALYSIS OF TRANSFERS BETWEEN FUNDS- PRIOR YEAR 2023 2023 2023 2023 Totdretyn tr¢7* to generdfuxk frLvn the (note 14) Trm5fer froffl De5gTrfftdst*ertd fi¥hJto 1024 (3.024) 126 {126) D*Posd of 8enefK¢ ProPenKs 703 (7031 Trfflrfer from ger￿rd to (150) 140) 2.960 Other trrfers rfkss UO.(kX) e 767 (3.727? Hous¢s Fund Benef*rt Trust Thi$ fLmd represents grants recerved from Bemfact Trust and is to be distrl)uted a¢ the discretiC4) of the Bi4w of Chdmsford. IPrtvlously kr￿wn as Allthurche5 Tru5¢). Mlsslon Opportunities Fund Ths repYesWrt5 rnOn￿ allocated for new rnission iniuati￿. Desl8nat•d Stipend Capital Th5 fund operate5 in the same manner as the Sup￿d5 Endowment FI￿d and is dewgnated for ev￿lure on ckrgy Silw)￿ The funds are investÈd with OL Invesunent Managers and accoun¢ed for on a tod reujm basis. Tr¥s fund repre￿ts proceeds froTn the sale of closed thurches whith havè been set asidt (o cover fuwre costs arising on other churches In the dhxese closèd for publÉc worship. Diocesan Pastoral Aceount Thè Cliocesan pstoral account was set up uwth tF* trowsion ol the Pastcrtl Measwe 1983. The wrpose for vknich the xcount may be used are.. To defray costs incurred fgr the pryses of the Mèasurè or any scheme or order made under the Measwe excetx for salaries of rtgular dl¢xesan ￿M￿oyeeS To make or yants for the provlsion. restorduon. ImF*ovement or repalr co churthe5 and p4r5onage houses in the dKXèSÈ Other pwp)5es of the di0￿Se or any bentfice er parish in the dlocese To make ran¢$ w loans to other dlocese To transfer funds to the d￿S2ft fimd income or capital act£￿rt¢s Closed Churchés Fri¢nds of the Retreat House De5r8nated Youth Work This Itmd repres￿￿ monles ￿lOCated for irTvOv￿ to the Di(Ke5an Hous• of Retrtat This lund represents m¢ywes ￿located for youth work inttsattve$. This fund was crèated from the proceeds gf the sale of St Marks College. Authey End. The gain frorn thè sai* of the 15 ¥ce￿ted lor in other in¢om¢ {see note 51 Development Proitct Fund This fi￿1 re¥rt￿ monies allocaod to resource new devdopment opportunities. Clergy Conference Fund Ths hjnd represen¢s nK￿e$ set asbde for the cost of a futyjre clerKY conlerence evenc kn our rfi*xese. Page 68 Th• Chelmsford Diocesan Board of Finance Notes to the fiTrancial statements For the year erKled 31 December 2024 G•neral Fund This is avadaTrk for any purpose within the cbiects of the COBF. Stipends Fund Capital Trws fund is govtrrtd by thè Dlocesan S￿p￿)d$ M•aswe 19S3. The Income of the fvnd can u￿d fe< deryr $￿p￿d$ This fifftd ryesents the Val￿ of all thè ￿[￿rICe hr￿J$t$ Iparsw) in the DitKe5 The income crf these lunds is avaiLatAè to bè spent within th• Gen•ral Funds. Parsonage Houses Pemwient Endowments Diocesan Bo*rd of Education The Diocesan Board of Ethjcation Is an unlncorpora*d tody consty¢utyJ in accordance wlth the Diocesan Boards of Education Measure 1991 {No.2). This dudes the poded sale proceeds of dosed church schools and the unspent balance of the grant re¢￿d from the Hockwill Educational Foundatio The CourKd is ins¢iwced to adminis￿ speofic funds for the benefiE of parlshes within ffive spectfied deanerie5 01 the DicKese. This fund is available ¢0 wi5he5 within five sPecif￿d deanerie5 of the dioce4 for the purpxes of 5uppMing the advance1￿ of relipor4 repair of churches, and pport of Slip￿ This fijnd represenrs income fr(¥n the &'sky's Lent Pgpeal. This fijnd rqJresenrs inC￿e from the &shop's Refugee ApFeal. This frjnd reF*esents grancs recelved from the Churth Comff4ssioners towards the cost of the a￿￿ing d￿oPmèY1t of resource thurches and a network of new thwth C4￿￿￿￿¢[eS in 5 strdtewc mission priorlry area This fund rwre5ents gra￿ receiv￿ from the knhbishops, Council to assist in the fvnding of training d¥y. This fund rePre￿ts grarts received from the Archbishops. Coundl w asslst in the funding DKJcesan suff Supporrmry Parish Ministry and Warshpplng CommUni￿e$. Jndrng to support addioonal Kipendiary cw*c*Ès from 2020 to pro¥ide financial 5uppgr¢ for Wowi￿ the number of curates. Fundwry a Historic &Jildmgs Team. To help be¢¢er ort and F*omorè our historic buildbngs and hdp PCCS develop strarewes for Iwmi care. Maintenan￿ and susuinabdi¢y ofthw assets. This fund contains the accumulaced assets ol the St Monica's Trux which originated from the sale of a sthool SI￿ The proceeds of the fwml are used to London Ov•r the Border City Church•s Fund Lent Appeal Refugee Appeal Church Plantlng Prolect Training for Mlnistry Strateglc Capacity Strateglc Mlnlstry Hktovk England St Monica's Trust Page 69 Th• Chelmsford Diocesan Board of ￿nIn(¢ Notes to the financial Statements For the year ended 31 December 2024 20. ANALYSIS OF NET ASSETS BEfwEEN FUNDS ANALYSIS OF NEY ASSETS BEfwEEN FUNDS- CURRENT YEAR Totsl Funds Funds Funds 2024 2024 2024 2024 1024 £YJoo £￿00 cooo Tanglble fixed assets Fued assét inveStsm￿ts 1256 413 31.40S 243 239.745 61312 3A45 273.786 71956 053 10.988 Assets hdd lor sale Debtors due after m(ffe one rèar Curn•)t Issets 219 219 241 1344 {1.2031 330 4032 {1,438) {1,708) Crerfrtors thje ¥•thln *)ne yur Creditors thje In mefe than one year P701 (1201 5,033 36.142 IiS09 3062ia 3S9,900 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR 2023 2023 2023 2023 2023 1178 35.1 4267 5375 254,517 55.472 S.4￿5 291172 69.863 10.880 10.124 Assets l*lJfLYSt* 242 4,715 (1.135) (132) 242 io,ioy R391) 113171 3.142 1839) 1910 (14) f4Q3J 1&185J 35J77 11822 314489 371S56 21. CONTINGEKf LIABILITIES There Y4ere no contyngent liabilities a¢ the balantr sheet date. 22. CAprrAL COMMITMENTS There is a capital commitment relaced to the Prot￿ demolirion of St PeTrr's Church, Birch. feasibility study and demolition tender ￿d$ carried ou¢ during 2023 ac the baPdnce sheet date there is a Commitment of £409k related to the prcwsed demoft¢ion. The cosc of the Frnposed demolition will be parrially mec from the Closed churthes fund vthich a bthnce of £399k at the end of 1024. Page 70 Thè Chdmsfovd Dloc•san Board of Flnance Notes to the financlal statements For the year ended 31 December 2024 23. OPERATING LEASÉ COMMITMENTS Total of fijture nynimum kase Ffdyn*nts under Th¢￿Tnents to be recognised as a liabiliw. However, as there are no agreed deficit recow payft￿ts from l January 2023 onwards. the balan sheet liability as at 31 December 2023 is nil. The le￿1 structure of the scheme is such that rf another ResF<)nsible Bcdy fail& the CDBF could become responsible for payin8 a share of that Responsible Bodqs pension liabilities. Church Workers Pension Fund (CWPF)- Lay Workers Defined Beneffts Stheme The CDBF fomwly pArtiopated in the tkfined Sthwne section of CWPF for lay staff, which is now closed to future accntsl. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemts separd*ly from those of the Employer and the other parricipaung employers. The CWPF has two secr10r￿. l. the Defined Benefits Scheme 2. the Pension &ild¥ Schem4 vthich I￿S subsecti(￿% . a deferred annuity seccion known as Pension Builder Ckassio and. IL a cash balan￿ section knoNvn as Pension Builder 2014. The Defined Benefits Schew* C'DBS") Secti￿ of the CWPF woyides bvÈefits for lay sraff based w final pensionable salaries. For funding Pur￿se$. the DBS is divided into su&Fw15 in respect of each participating employer as well as a further su&pool. knovm as the Life Risk P￿1. The Life Risk Pool exists to share ￿rrain risks between employers. induding those rdating to ffts)rtaliw and posr-retirement investment returns. The diw5ion of the DBS into suwols is fK)tional and is for the purpose of calculating ongoing contribution5. Thi5 does not alter the fatt that the assets of the DBS are held as a single trust fund out of which ail the benefits are to be wovide¢J. From rime to tim< a notional premium is tTrnsferred from employers. SU￿pOolS to the Lrfe Rlsk Pool ard all pensions and death benefits are paid from the Life Risk Pod. The scheme is a multi￿eMPloYer scheme as described in settion 28 of FRS 102. It is not tXJS5ible to attribute the scheme's asse¢s and lithilities to specific ￿p10YerS. since each employer. through the Life Risk Section. is exposed ro acwarial rrisks associated with the current and fornier employees of other entities participating in the DBS. This means thar contyibJtions are accounted for as if DBS y￿e a defined convibution xhwne. The pensions costs tharged to the SOFA during the year are contributions payable toffirds benefits and exwses accruèy in tha¢ year Q024: £0, 2023: £0) plus the fEures in relacion to the D8S defici¢ highlighted in the table beknv as being recognised in the SOFA giving a total tharge of £0 for 2024 (2023: £0). Page 73 The Chelmsford Diocesan Board of Flnance Notss to the financial statements For the year ended 31 December 2024 27. PENSIONS (c4)ntinued) bf. follo￿ng an actuarial vafuatson of the Life Risk Pool. there is a surplus or deficit in the pool. further transfers may be made fr￿￿ the Life Risk Pool to the employvs. Su&F¥￿1$, or vits versa. The amounts to be transferred (and their allocation bet¥￿￿ the sU￿p￿)IS) V+ill ie setded by the Church of England Pensions Board on the advice of the Actw. A fdluation of DBS is carried twc once every three years. At the most recent Wdluation at 31 t)ecember 2022 thwe Wds a surplus of £73.kn. Since 31 December 2023. the Board entwed into a full Ixy-in48reement with Aviya to insure all attrued benefits withing the DBS of the CWPF. The Church of England Pension5 Board agreed tPAt contributions should Cease with effett from 31 December 2021 for eTrWo>v5 whose pools were estimated to be ma*rially in surplus. As a resul¢ chere is no obliraoon recogni5ed a5 al￿1￿11￿ v•ithin the Employer's financial statements as at 31 December 2023 or 31 December 2024. This liabiliry represents the rrnent •Alue of the deficit contribucions agreed 35 ar the accounting date and has been Wdlued using the foll¢)wing assunyions sec by reference to the duration of the deficit recovery paymenr5: D•c•mber December December 2024 2023 2021 Discoun¢ rd¢e NIA NIA The legal strucwre of the 5cherne is such that if another Rwnsible Body faib. the CDBF could become responsible for paying a share of that Resp)nsible Bodls ￿$10Th liabilitie C Church Workers Pension Fund (CWPF) - Pension Builder Classic and Pension Builder 2014 The CD8F partyc1pa￿ in the Pension ￿lIder sd￿rne section of CWPF for lay staff. The Scheme is adminiscered by the Church of En*nd pens￿ Board. which holds the assers of the schemes separdtely from those of the Employer and the other F*niapating employer Penslon Builder Scheme The Pension Builder Schejne of the CWPF is nude up of 5ettion¥ Pension Builder Classic and Pension Builder 2014. t()th of which are dassed as defined benefit scheme& Pension Builder Classic provides a pension, accumulated from contritrMJtions paid arwj Converted into a deferred annuicy during employment based on term5 set and reVIev￿ by che Church of England Pensions Board from time co tyme. Discretionary increases may also be added. depending on investment returns and other factors. Pension Builder 2014 is a cash balance scheme thac provides a lump $um vthith members use to provide benefits at recirement Pension contributions are rectjrded in an a¢C￿jnt for each member. Discretionary b)nuses may be idded before retiremwiL depeThJing on investment returns and other factors. The attoun( plus any bonuses declared is Para￿ unreduced. fr. A copy of the Yaluatson report and suppcrting dcts aasslc aThJ P82014 164 45 36 Total 49 202 2024 2023 Church ol &¥land hndtd PÈMions SeThe Church Workers Peoslws Total Paee 75