egistèrèd number: 137029 Charity number. 249505 Th• Chelmsford Diocesan Board of Fibwice Annual report and financial $tat•ménts For the year ended 31 D¢cemb¢r 2025
The Chdmsford Diocesan Board of Finance Contents Intr¢Jduction Lepl objects Stra*&c Report Strdtegic Aims Objectives for the year Activities and achievements in the year Related parties and vOlUner5 Planning for 2026 Financial review 30 Custodian trustee 35 Principl rlsks and UnrtainlieS 36 Strucrure and Governance 37 Trnstee$ Responsibiltties Administrative derails 42 Independent auditor's report Statement of financial acrivities 46 49 Summary income and expenditure account BRlance sheet so 51 Statement of cash fl¢)WS 52 Notes to the financial statement5 53
The Chelmsford Diocesan Board of Finan Trustees, Report for the year ended 31 December Regirt¢r¢d number 137029 INTRODUCTION The Trustees, who are also Directors for the purposes of company law present their annual reF gether with the auditrd financial statements. for the year ended 31 December 2025. The DIrectorsrusteeS are one and the same and in signing as Trustees they are also signing the strategic report sections in their capacity as Directors. This combined report satisfies the legal requirements for. a Direttors. Report of a charitable company, a Strdtegic Report under the Companies Act 2006 and a Trustees. Annual Report under the Charities Act 2011. Legal Objects The objects of the Diocese of Chelmsford cover the county of E55ex. the unitary authorities of 5outhend and Thurrocl the five East London boroughs of Newham, Waltham ForesL Barking & Dagenham. Redbridge, and Havering, and a few parishes in South Cambridgeshire. The Chelmsford Diocesan Board of Finance's {"CDBF") principal objett is to promote, assist and advance the work ofthe Church of England in the Diocese of Chelmsford by acting as the financial executive of the Chelmsford Di0San Synod. The CDBF has the followng Statutory SPonsibl11tes- the management of glebe property and investments to genernte income to SUFPOrt the cost of stlrnds arising from the Endowment and Glebe Measure 1976: the repair of benefice houses as the Diocesan Parsonage Board under the Repair of Benefi Buildings Measure 1972; the management of investments and the custodianship of assets relating to church 5ch¢J)ls under the Diocesan Board of Education Measure 1991. iv) the custodianship of permanent endowment and real property assets relating to trusts held by Incumbents and Archdeacons and by Parochial Church Councils as Diocesan Authoriry under the Incumbents and Churchvrdrdens ffrustsl Measure 1964 and the Parochial Church Councils {Powers) Measure 1956. The Sts?l¢ priorities ofthe company are estsblished by the Diocesan Synod on the advice ofthe &"shop's Council in communication with Deanery Synods. Parochial Church Councils {PCCs}, and the Bishop of Chelmsford (in respett of their respx)nsibility for the provision of the cure of souls). To this end. significant time and effort is committed to communication between and with these bodies, as well as with the Church nationally. including discussions on strategic wiorlties and EMJdget&
The Chelmsfonl Di¢x•san Board of Finante Trurtee< Report for the year ended 31 December Strategic Report l . Strategic The Chelmsford Diocesan Board of Finance (CDBF) is responsible for the custody and management of diocesan finances and the employment of CDBF staff. The CDBFS purpose is to provide appropriate personnel and financAI resources to a55iSt the Diocesan Synod, Bishop s Council, deaneries and parishes to further the mission and strar4ic priorities in the Diocese. Trnvelling Well Together 2025 was the third full year following the introduction of Tt7 directyon of trdvel and shared values for the Diocese of Chelmsford. er vthich set out a new Introduced atsr a period of listening and discernment that began YA)en the Rt Rev Dr Gull Frnncis Dehqani ecame Bishop of Chelmsford in 2021. Travelling Well Together recognises that the churches and communiues we seThe have been through and remain irb a period of signfficant chary and challen8e. Challenges that impact each parish and worshipping community very differenfly. The approach set out in Travelling Well Together can be ar¢iculated as foll Our Purpose is to love God and to love our neighbour; to worship faithfully and empowered by the Holy Spirit witness to the love of God revealed in Jesus Christ as we serve the extraordinarily diverse array of local communities in Essex and East London. Our approoch 15 to enable and empower parishes and worshipping communities to discern how they are to be God's people in their own very different local contexts and as parc of one diixesan family. undernning our ipproach 15 an inviratior) to a way of being articulated by shared dioce50n volues which might shape how we tyavel together, support each other and provide mutual accountability. More information about Travelling Well Together and the shared diocesan Ydlues can be read at Travellin The approach set out in Trayelling Well Together Seeks to build on what has gone before. There is much that Trnnsforming Presenc< the previous diocesan strategy. brought to the life of our Diocese and to different local contexts. Travelling Well Together build5 on its foundations by emphasising, at a diocesan level, noc what we need co do (that will be discerned and articulated locally) buc guided by shared value& how we are to live. Trnvelling Well T¢Jgether is invitational. Parishes. deaneries and vrShipPing communities are invited to make use of the approach and consider how the values speak to and suPrttheir own local context. The values underpin diocesan decision making, including complex and difficult decisions. The approach has already Shaped decision making in a number of complex areas induding Parish Share and how parishes are well supported. It is also hoped that the value5 can support decision making in more local contexts: in deaneries and parishes, providing a framework for conversatlons. It will be nEral to the Sustaining Ministry conversations that will bn in the autumn of 2026. Enabling and empowering parishe5. deaneries and worshipping commullities to discern how they are to be God's people in their own very different contexts and as part of one diocesan family. means moving beyond totFdown diocesan initiatives and programmes. For Example, the approach was at the heart of missional planningfor Believing in Barking, a missional plan developed collaboratively with church leaders and volUnerS in the Barking Episcopal Area. that wa5 aNYdrded significant funding from the Church of England Strategic Mission and Ministry Investment Board in 2025. It now forms the basis of similar missional planning for both the Colchester and Bradwell Episcopai eas.
Th• Chelmjford Diocwan 8¢)ard of Finance Trustèes, Report for thé year ended 31 December 2. Objectives for the year- resourcing and supporting parish minlstry The 3 primary objectives from 2023 and 2024, which support the dirertion of travel set out in Travelling Well Together. continued in 2025. l. To reduce the annual deficit so that mission and minlstry In parishes can be better resourced in the future Continued implementation of the Finance Action Han; identifying new income screams and adop¢ing total return accounting to reduce the deficit and increase furKling ayailable to suPrt local parish ministry, b. Continued developmerbt and support for our new long-term approach to Pari hsha (introduced from January 2023} in order to encourage greatrr mutual support betyleen parishes and w increase funds to 5UPPOrt local parish ministry, including through the introduc¢ion of a Mission Opporninity Fund to support missK)rAI work across parish Eoundaries within deaneries. 2. To support parishes and worshipping communities in their great variety of local contexts Continuing to support parish ministry through paying the costs of supends and housing for clergy serving in the Diocese b. Reform of ministerial development and training to support local ordained and lay ministry, induding through the programme of support for mini Supporting parish youth work through our star d. Supportin& training and equipping leaders in every part of our diocese to ensure our churthes and worshipping communicie5 are safe and wdcorning to all Strengthening the project management of our SDF-funded Church Plants to better enable them to grow and flourish f. Developing successful rapacity building bid$ to the Church of England Strawc Mission and Ministry Investment Board {SMMIB} as the Di0e to yrkS alorhgside parishes and deaneries to discern plans for fuwre mission & Continuing a rish on acion to betLer understand how parishe5 and worshipping communities can be well 5UPPOrted in the contex¢ of the Trdvelling Well Together approach. h. Increasing the focus of diocesan services on local parish support including 5afeguarding* parish finance, communications and propery. including the continued development of the E rish and s sectlons on the diocesan website to help church leaders a¢sS supporL Supporting parishes that are engaged in social action work including in local communi¢ies, on the environmenL economic depriyaoon, refugees and racial justice. 3. To improve accountability across our diocese Setung clear organisational objectives and respon5ibilitie5 and identifying resourcing and ts7ining needs to help achieve them b. Improving approaches co evaluatyon across our staff and governance structures to drive tontinual improvement Breakingdown silos and encouraging and enabling effective collaborntion between deparunents and between the diocesan office and parishes.
The Chelmsford Diocesan Bwd of Finance Trustees. Report for the year ended 31 December The main objective for the CDBF is to resource diocesan needs as determined by Synod and informed by local and national Church insututions. and to distharge its statutory functions. Through carrying out these objectives and in promoting the whole mission of the Church (pastorzl. evangelixiG social and ecLbmenical) the Trustees are confident (having had regard to Chariry Commission guidance) that the CDBF delivers public benefit through community engagement. re50urcing education and supporting those in need both spiritually and Fthysicalty. 3. Activities and achievements in the year Introduction As parishes and worshipping communities discern how they are to love God and love their neighbour in their very different local contexts, this section provide5 case studies of local achievements and activities and the work of the CDBF to resource and support local mission and ministry. Senior staffing changes The Very Rev'd Dr Jessica Martin started in post as the Dean of Chelmslord in January 2025, succeeding the intsrim Dean, the Very Rev'd Paul KennIngn who had served in this role since the previous Dean. the Very Rev'd Nichola5 Henshall left p05t in February 2023. The Venerable Dr Sue LuL2S was installed as Archdeacon of Southend in February 2025. succeeding the Venernble Mike Power who was installed as Archdeacon of West Ham in 2024. The Trustees Y1COme Dean Jessica and Archdeacon Sue. along with all those who have started in new roles in our Diocese in 2025. They also Yrdnt to pTrace on record their thanks to all those who left roles in Chelmsford Di¢xese during 2025. Resourcing Mission and Ministry in Parishes and Worshipping Communities Building a su5rainable financial base for mission and rninixry in our parishes and worshipping communities d5 a top priority in 2025. Our Parish Share scheme is key to making sure that there are sufficient resources available co ensure we have the finances aaIlable to sustain our mission and ministry work. The aim of the share scheme is to Increase mutual supporc knween parlshes and to reduce the overall shortfall which has had a signrfKant impact on the capltiry of the CDBF to fund local parish ministry. In addition. we undercook the following actions to iryrove our financial position to enable us to build a sustainable financial base for Mis0 and ministry l. Conty'nuing to work tnwards the four key components of our financial pLan'. Strengthen reserves b. Increase revenue Reduce costs d. Improve the cash Frf)sition 2. The sale of surplus properties to enable us grow our investments
The Chelmsford Dlocesan Board of Finance Trustees, Report for the year ended 31 December 3. Investment of stjrplus cash in a high deposit account CCL4, which has improved interest income and allows us easy access to cash reseryes as necessary. 4. The continued adoption of a Total Return Aecounting Policy which has allowed Endowment funds to provide increased support tovlards stipend costs. 5. Work to reshape the deployment of stypentjiary clergy has continued, Vth the aim of esrallishing a sustainable Patrn of ministry acros5 deaneries and episcopal areas that is aligned with available re50urce5. This approach is intended to provide a stable framework for mission and ministry over the longer term. Further decisions will be required as this work continues, and parishes will be engaged in discussion and discernment aboLtt how ministry is best shared and deployed across the communiries 6. Work has continued to Secure external funding to support mission and ministry in parishes. Thi5 has included securing a £14.95 million grant for the Barking Episcopal Area to SUPFor¢ missional work with deaneries and parishes. Further work is ongoing to secure funding for the Bradwdl and Colchester Episcopal Areas.
The Chelmsford Diocesan Board of Finance Trustees. Report for the year ended 31 December Case Study l - Parish Giving Scheme enables generous giving at St Mary the Virgin Church in Shenfield James Anderson. ChurCh4rden at St Mary the Virgin Church in Shenfield. shares ht)w St Marls has used the Church of England's Parish Givin Scheme (PGS), which is promoted by Chelmsford DI0Se. to enable people in their church community to give generously. James wriw. "Desw'te being a lay congregacion situated in a rdatively affluent of Wesc Essex, we in the Parish Church of St Mary the Virgin Shenfield have struggled financially for many years. Paying our parish share ha5 been difficul and we have consistently recorded a significant deficit "Under the leadership of a new Rettor in 2024. the PCC decided to make a concerted effort to repair our shaky finances. There were a number of attions we put in place around cost reduction. but we a150 realised we needed to grow our income subsrantyally. 'We had used the PGS for quite a number of years, but giving had dropped off. and we had fewer than 100 regular giver5 on the scheme. We decided to make a concerced effort to improve thaL We focused on a small number of key messages to communicate to the congrerdtion and the vder church communiy. The financial chollenge the thurch wos focing would Tt go ow(ry ond Posed a signrfKant threot to the churth as 17 sole occupanry porislL
The Chelmgford Dlo¢esan Board of Flnance Trustees, Report for the year ended 31 December We were grateful for oll grvin& but strongfy encouroged People to Consider Signing UP to the PG& The PGS offered some importont odvontoges oyer other forms of giving.. fvr the church, o regulor ond predictable income to enoble better plonnin& for the givers the knowledge thot their money wos going straight to the djurch with no commission, and thot &ft Aid wo5 handled for thefft In odditson. give retained fvll control over the money they clKJse to don17te. The Process of sryning UP wos eosy. There were cords in Èvery Pew with the QR code. Posters at the back of the thurch. ond we stressed you coukl otso sign UP ty email or telrf)hone ifyou were IT confidert e communicated these me55ages through multiple channels: the church magazine. social media. and from the front of the church in our regular Services. We have continued to repeat them consintlY for over a year now, and also give updatss on the progress we have made as the months have gone pasL hat progress has been absolutely fantastic! We have now doubled our number of givers to over 200, and the money we receive is nearly 70% up on two years ago. This has made huge inroads into the financial deficic and alongside other. sometimes difficulL decisions we have made. gives us the real pr05pec¢ of a financial surplus in 2026." Case Study 2- Cornerstone Workshops encourage generous giving Cornerstone is an online generosity tool to help change the trdjectory of church finances. In April, the National Giving Team and our diocesan Parish Giving Advisors led pilot Cornerstorte workshops
The Chelmsford Diocesan Board of Finance Trustees, Reportfor the year ended 31 December with churches to 5UPPOrt them in understanding and improving their bTving Practi and culture of generosity. The aim is to provide thurches with clear and simple seep5 to grc>W giving and incom Cornerstone is supported by an online pladonn. which indudes a bespoke financial dashboard for your church, that helps to show areas where resources can be focused to get the best results based on your specific financial situation. The workshop gave each partycip3tin8 church dedicated time to review their finance5, provided them with a greater undersr2nding of the type5 of givers in their congregation and wder community. and left them with clear stepby-xep guidance on how ro develop or enhance their financial situation. The workshop participants commented p%iuvely on the value of the workshop: "I lefr enligh*ned and enthusiastic as to the use Cornerstone will have in our church." . a useful tool for PCCS - treasurers in particular - to guide Yrdys in which to encourage and increase regular gNing, and in providing ideas for fundraisin& . Cornerstone will provide a real step change in how we review our finances and then wKourage wving & generosity. Following the success of the pilo¢ the workshops are now run regularly across Chelmsford Diocese and are available to all parishes. To find out more and register your interest in attending a workshop, please oiLb2cLor contact our Parish Giving Advisors via email at n.or Support for clergy and lay ministers The CDBF'S m05t significant investment is in the der8y and lay MinirS who lead our parish churches and serve our local communiti. 2025 Imsf ese lebrd he ordin tion f20 newd on (stipendiary and self supporting). and 15 Candida started training in September 2025 across a range of Theobgical Education Instt¢utions (TEIS). wer ordain at four services across the Dic(ese. The Inioal MinirIal Education 2 {IME21 curriculum continue5 to evolye in the light of evaluation5 from previous partycipanrs. and thanks to the offer of new towcs from colle38ues from across the Diocese whose &fting in specialist areas of interest in ministry have been offered as a valuable resource. The key fuS for all sessions is that they provide material to enable the curdtss to eviden their abili¢y to meet the Naclonal Qualitie5 Frnmework for Curacy. As curates move on to their first Frt)st of responsibility they are invited to attend the Regional Incumbency Skills course. which Cor$ a range of key topics delivered by experts in their field including legal. governance and financial issues. The diocese 15 committed to encouraging all ordained and licensed lay ministers to adopt a posture of ongoing learning and numiring of their spirituality, To this end the annual Continuing Ministerial Development Grants can be used ro fund externally run courses of interest and also to contribute to the cost of retreats
Thè Chelmsford Di¢xegan Board of Finance Trustees, Report for the year ended 31 December During 2025, 60 individuals completed the first year of the ourse in Christian Studies CCS C urs Foundation5 in Theology. 66 individuals completed the second year, Foundauons in Ministry. LfiGatLs re Febru 26 in a seNice led by Bishop Roger. Colchester. The application process for CCS registyation Yns significandy revised in 2025. and we have 106 new s¢arters on the 2026 firsc year tourse. There are 145 Authori5ed Local Preachers in the Diocese, with 15 being newly authori5ed in 2025. There was a change of personnel in the role of Diocesan Pastoral Training Coordinator in June 2025. Of those who attended Part I Pdstornl Care Trainin& I I people attended trainin8 in 2024 in Harlow and Saffron Walden and were wesented wich the bishop's certificate in Pastoral Care Part l in February 2025. A further 21 people aftded Part I Pastoral Care Training in June and September 2025 in Chelmsford. A further 6 people were awarded Authorised Pastornl Assistsnt Certificates in June 2025, and 7 people began Part 2 Pastoral Care Trainin8 leading to the role of Authorised Pastoral A55iStanc. The training involves attending monthly sessions in Chelmsford which began in October 2025, and attending 4 sessions of IME2 trainin& alongside thi5. IneeS engage in a vocauonal placemenl with our5e work enabling them to build additional experience within their own Parish. This Cohort will complete their training in June 2026. 4 people retired from their role of Albthorised Pastoral Assi5txrit ift 2025. There are now 69 ALrthorised Pdstoral Assistants across the Di0Se vne 28th 2025 4 new Li nsed nis were admitced to the Office of Rea en ic Mini rs in the Diocese of Chelmsford by the Diotesan Bishop. In September 2025 7 students Eegan accredited IME I LLM training through ERMC (Eastern Region Ministrrial College) having completed the Diocesan l-year non-accredited LLM training. The training through ERMC is a 2-year 120 eredic Durham accredited course. The Diocesan rn-aCCredlted trdining course has been seen co provide a strong foundauon for the accredited courses and it vrds decided to keep this Iraining as part of Di¢xesan LLM training overnll but to reduce it to 2 terms rnther than 3. Thi5 course provides a strong foundarion for students going on to Durham accredited tr7inin& The Diocese has sought to form a training partnership with a new TEI during 2025. and after considering severdl proposals the decision was made to partner with Cuddesdon College. This new training provider will deliver all part-time accredited rrdinirbg for both LLMS and Ordinands in the Diocese. 9 individuals were selected in October 2025 to begin ¢he non-accredited trnining of LLMS in January 2026 and subsequently be the first cohorc of the Cuddesdon Chelmsford College in September 2026. The'Di er for ' programme contynues to offer those wtthin the first few years of positions of pa5tornl charze a safe Space to rdecL with their peer5, on the complex challenges and opportunities of their roles. In April 2025 2 new cohort of 6 incumbents began the monthly in person sessions. which increased to 9 incumbents by session 3. Sessions are frdmed around the three foci of Knowing God, Kn¢)Wbng Our5elve5 and Knowing our ContexL Time is given to consideration of the shared values of the diocese with Sessions being led by members of the Bishop's Leadership Team and diocesan specialists. In a change to previous years. the online sessions were moved to in person and rhe Action Learning Set 0vIsion to co<oaching. The group Wdlued the opportunity to have sessions specifKally designed around their needs and has agreed to continue meeting for an extra year in alternatsve monthly in-person meetings. In 2025, there were four significant deloPmentS in the field of wellbeiryg and formatson. Firstly. we revised the fr3Mevrk for Ministerial Development Review {MDR). with MDR now w5itioned in the wellbeing space and in the formation space. making'critical friendship" possible- combining support with appropria challenge. All Senior Staff and Diocesan reviewers received MDR training. Secondly, we restructured how Spiritual companionship is offered, creating the new role of Authorised Spiricual Companior) and ensuring robust safer recruitrnenL Thirdly. we trained five Rellective Pastoral SLbpervisors (out of 7 who berdn trainin ' experience of the course ha5 been unNersally good, and 10
The Chelmsford Diocesan Board of Finance Trustee5' Report for the year ended 31 December demand 15 roughly level with supply. And fourthly, we trained fNe Conflitt Transformation Partners. people who are aydilable to help incumbents or Area Deans think through their reaccions and roles in situations of conflitt vA)ich they enCOunr. We consulted Area Deans about their rol< recruited them via Archdeacons. sent them on training via Bridge Builders, arrdnged ongoing mentoring from Conflitt Transformauon specialist Ruth Adams, and have creatrd a se ion of the websi with their bios and contsct details. Case Study 3 - Women's Ministry Reflection and Coaching Day The Diocese of Chelmsford's Women's Ministry Team hostsd a Retlection and Coaching Day on Saturday I I October 2025. The day focused on setting healthy boundaries. Su Blanch of 3D Coaching helped participants eo think abou¢ how they can identfy and establish the boundaries that enable them to thrive in ministry. There vras also discussion at()utJesus' examples of setting bouTrJaries. The Reverend Elise Peterson, The Women. dar. Minis Advi r at the Diocese of Chelmsford commented on the "For our first in-person event hosted by the Women's Ministry AdYiser% we chose the topic most chosen from our spring survey - boundaries. &nce Setting Healthy Boundaries wll look different for everyone, this day vrts designed to offer space co Share the wisdom and experience we already have about setung boundaries. refflect on Jesus, example and then think about what will work for each of us. The feedback from attendees has been positive, calling it 'unexFecod' and 'helpful' and 'professional.' One person summed it up as. 'A really worthwhile. spiritually nourishing kind of day."
The Chdmsford Diocesan Board of Flnan Trustee ' rtfor ended 31 ecemb Case Study 4- The Epping Team Ministry Pastoral Care Team Pastoral Care is one of rhe Church's Five Marks of Mission and a way of showing God's love and care for our brothers and in Chrise in respon* to Jesus. call to love God and love each other. Pastoral Care is a major part of the ministry of a parish priesL However, it is the role of all baptised Christians, lay and ordalned. to carry out God's mission through their ministry as a priesthood of all believers. To facilitate pastoral ministry among the laity in the Dlocese of Chelmsford. we offer training for Pastordl Care through the Course in Christian Studie5 and also a stand-alone six-session Pastordl Care Course. Some individuals go on to be authorised into a leadership role in pastoral ministry as Authori5ed Pastoral Assistants. and these role5 are key in building pastornl teams who work alongside a ministry team. en5urin8 good pastoral care across a parish or benefice. This includes home visiting, hospital and h05pice visiting, and ¢)ffering support after a perwn has faced a bereavement or loss. One thriving Pastoral Care Team 15 the team from Eppin& led by Pastoral Assistantjo Waller. Jo vffites: "We have a thriving Pastoral Care Team here in Epping, which comprises of members from our three churches in the Epping Anglican Team. There is a sadY number who make up the Team, varying bemen 17 and 22 individuals. "We are often asked. 'How have you fornied this team?, Honestly, my answer is thac we haven't gone about consciously forming a team, yet it has evolved and 15 Still evolving. "Our starting point is our vAtchword and prayer- What would Jesus have me doP' And I wonder if it might sound fFaive to say that the rest has follovrtl. 12
Th¢ Chelmsford Diocan Boaril of Finance Trusteesp Report for the year ended 31 December "The Pastoral Lead spends intentional time wrth the team, encouraging them to grow both pastornlty and personally. This time includes (amongst many aspetts) a good FK)rrion of self.awareness which couple5 with humility, as W11 as accountability and safeguarding. "If V l¢)ok atjesus, exam ple of the team He formed, ir would appear that they were a diverse crew. I will not speak for other areas of Éhe church, or how other churche5 enrol their people- all I can Say is that our team has not been consciously chosen by u5, LwJt l say as far a51 am abl& they have been 'called', as we hear in the Scriptures, by God. for this ministry. "As we read in John 15:16 'You did noc choose but I chose you that you should go and bear fruit.. Case Study 5- Witham Deanery Churchwardens Network The Witham Deanery Churchwardens Network helps support Churchwardens across the Witham deanery, providing a space to share experiences, resources, and learn together. Churchw2rdens play a vital role in the life of our churche* They represent the laity, support clergy, act as officers of the bishop. serve as chariry trLbss and lead in mission and ministry. Their responsibilities a150 include a special role in leading worship and guiding the church during vac2ncies. The role of Churchwarden is deeply rewarding but can feel daunting- especially for those who are new. To help Churchvrdrden5 thrive in their minisiry, (he Deanery of Witham esrablished a Churchwardens, Network, providing a space for churchw&rdens fo share experiences, resources and learn together. The netsvork is ooanised by Sheila Gun50n, a Churchwarden at St Luke'5 Church in Tiptree. Sheila Shares: 'When I first became chUrChdrden, I had little idea what the role involved. My fellow Churchwarden reassured me it would all become clear in time - but some thin85 MaIned a mystery! Attending a Visitation meeting in Witham was a rurning point. I realised I wasn't alone,. many of us were new co the role and unsure abou¢ certain responsibilities. "Drawing on my Wl experience, I thoughc why not create an OPFominity for Churchvrdrdens to tome together. share experiences. and support one another! My fellow Churchwarden agreed, 50 we booked a venu set an agenda, and invited Churchwardens from acr05S the deanery. "Since then, we've held three gathering5 and thelve been invaluable. We've learned about the Faculty Process. explored practic31 issues like church heatins and most imporrandy. &Jilt a network of contatts for advi and encouragement. These events have Shown that when we Vrk together. we strengthen not only our own churches but the wider community we serve." Supporting clergy and others who live in Diocesan properties The Diocesan Property Team contirbued to provide support to our p3rishes and worshipping communityes, managing and maintaining our Yicarages and other diocesan properties and supporting parishe5 with land and property issues. The team's work included.. 662 helpdesk works orders rnised tOLaling a33,689 se ovmed properties prepared, and one purchased for curates 30 ingoirgworks projects ddivered totsling £58&456 Contlnued provided with custodian 5UPPOrt for land and property related issues and tran5attions 3C8 Landlord 5 safecy check5 completed 38 elertrical safery trsts and upgrades completed 45 periodic inspections were completed arsd wokn orders rnised toraling £292,155 13
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 19 house sales completed generdong £12.2m of p11 Two house purthase5 comFleted at a cost of £1.4m £849k of revenue genern through rental of 50 proytie5 Three tlosed churches managed £395k of revenue generated through 236 glebe prowties managed, 40 direcdy Church of England'5 Net Zero CarEoD grdnt fijlly utilisgj to hjnd decarbonisatic demonstrator proiects tsvo properues- air SOU heat fAmps and solar pands installed Support for children, young people and families ministry Our commitment to supporting work amongst children. young people and families in our parishes continued during 2025 through the work of our Mu rd S ed Team: In early 2026, Must3rd Seed Team members Emma Anderton & Belinda Ramsay have moved on to pastures new from the Mustard Seed Team to join York and Chichester Diocese, respettively. They go with our thank5 for the gift of their ministry amongst us. Launchpad - a Youthscape programme working with clergy who have little or no youthwork happening in their churches - supported two more cohorts of 19 cler8y, in the Bradwell 2nd Colchester Episcopal Areas The team continue to deliver training through the Pa oral A5SiStants C urs Discernin Miss n Leadin forc an e and IME2 Cler training, building connections with 20-30 churches Three annual retreats are run across the diocese. welcoming Children Youth and Family worker5 both paid and voluntary Due to increased demand, the Brddwell Schools Pilgrimage grew from 4 days to 5 days with over 500 children attending the pilgrimage week. The pilgrimage workshops and worship are supported by a local team of volunteers, the Diocesan Education team and the Mustard Seed Team. Investment into excellent qualiry drama performances continues with Artless Theatre Company. In September 2025 a new cohort of Catalyst participants attended the induction day at Ridley Hall. This has been the biggest cohort yet with 20 people initially signing up for the course and 18 continuing with the training. Participant5 are a mix of volunteer and paid workers working in a wide range of contexts across the diocese. To support learning for the Colchester Area application for funding from the Strategic Mission and Ministry Board, tsyo pilots were established with KICK and isin pop. We have 3 KICK worker in 3 Secondary Schools in Harwich, Manningtree and Colchester, mentoring 32 young people, with a view to launching 3 KICK Academies in these locations with trainin8 provided for volunteers 10 churches have si8ned up for the iSingPOP projecL This involves a main event in their school, and a concert in their church. with support to start a new worshipping community. We have subsequently launched a community of practice for all participatin8 parbshes to be part of, which currently meets termly. Our Growing Faith Learning Hub started in January 2025 with a focus on parents who choose a Church of England School for their child{ren). This is a collaboration between the Mustard Seed Team and the Educauon team and is initially focused on hearing the voice of children in this context. Earty years support in sthools, pre-schools, and toddler groups continued. This has 14
Thè Ch•lmsford Diocè&in Bo¥d d Financ¢ Trustees, Report for the year ended 31 December included staff training on Christian ethos in early years settings, improving understanding ol Christian distinctiveness, advice about recruitment and employment practice, and supporting well-being. Our Earty Years Adviser, one of just two diocesan Early Years Advisers across the country. has been invited to join a national group exploring at Earty Years and Growing Faith. joining together church. school, and horne. Our Ear Yèars Adviser has also worked with the Diocesan HR Team to support the development and delivery of training to over 20 clergy in the Deanery of Newham to support the recruitment of new Children, Youth. and Family Workers. 11 tJ- I, IIFI Case Study 6- Celebrating our Course Catalyst Graduates In May 2025. those from our di¢xese who had complered the Catalyst training course for volunteer and paid children, youth and families workers, gathered with other parucipants from across the country for a celebration and graduation Sery1 in Cambridge. at St Mark's Church, Newnham. Eleven par¢icipants from Chelmsford Diocese have cornpleTrd the course which was run through Ridley Hall in Cambridge. Duringthe course students learnc how to develop their practice in their own context vthllst leamlng together with othe. The topics covered included children, young people and learnin& culture, discipleship and inclusion. As part of the course students are required to complete a presentation aE¢ut youth and families ministry in 15
The Chelmsford Dioce$an Board of Financ¢ TrurteÈs' Report for the year ended 31 December their own contexL They also join other Catalys¢ Students from across the country at a residenual weekend. which. for thls cohor( $ held at Swdnwick in January. The awards were presented by the Revd Fiona Green. Vice-Principal and Dean of Mirbi5try Students of Ridley Hall. At the celebration, the course graduates for Chelmsford Diocese were joined by our diocesan facilltator and Barking Area Children. Families and Youth Adviser. Emma Anderton and the Revd Canon Rob Merchan( our Dean of Mission, Ministry and Education. Emma commen*d: "It's an absolute joy to work with the Caolyst students and to facilitate shared learning and experiences. The final presentations demonstrate some of the incredible ministry with children and young people happening around the diocese." Catatyx studenL Sheryl Dy50n. shared this prayer with the 0UP at the graduauon: "Praising God for the gifts He has given us all, celeErating each of us for the achievements we've made in following his call. Praying for and sending hugs to all who can't be with us. Thank you all for your SUPFQrt and encourngement in this journey, you have all inspired me and helped me grow.. 16
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December Case Study 7 - Chelmsford Deanery Youth Weekend at Fellowship Afloat In June 2025, tWenry-O young people from six different churches across the Chelmsford D&Anery spent a weekend of fellowship, activity and fun at the Fellowship Afloat lightship'Trinity' in Tollesbury. run by the Fellowship Atloat Charitable Trust The weekend was organised by Steve Reading5, Nvho is a children's leader at Sc Andrew's Church in the Melbourne area of Chelmsford and a volunteer with the Fellowship Afloat Charitable TrusL Steve says: 'The theme of the vekend was "k's up to you- or is it?" and the young people heard testimonies from the staff at the charity as well as hearing from the Rt Revd Adam Atkinson. the Bishop of Bradwell, about his faith journey. They were challenged to think atout how they might also grow in faith. Despite the group haying ages from ten to seventeen years, there vrds a great sense of togetherness on the Shi and the young people all enjoyed team games, a night walk, dodgeball, high ropes and a beautiful afternoon of sailing. Prayer and worship were also shared. They also enjoyed superb home cooked meals prepared by the ont4)ard 8alley tearn. ' "The vfftkend VAS supported by other youth leaders and part funded by the Deanery via Diocesan Mi55ion Opporwnity Fund granL "Feedback from the young people and their parents Yfds that they all enjoyed it and would like w take par¢ again next year.
The Chèlmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December "Several parents commented that it Wds a good way of helpin8 children know that they are not alone as young Christian5. and of achieving netyrking between differenc Church groups in the Deanery." Bishop Adam added: "It was a great pleasure to spend time with such a range of young people from churches in Chelmsford Deanery. Great credit to the leaders from the Yarious churthes for collaborating in this way. It's a vision of whac can be possible vthen we work together in uniry- and che young people were the beneficiaries. Glory to God and here's to the next one." Schools Our 139 Church of England schools remain integral to the mission of the Diocese. serving communities acr055 Essex and East London. Our fu$ continues to be the provision of UCatIon in which children and young people flourish 8(ademically, personally, and spiritually. A full report from the Diocesan Board of Education (DBE) for the 202412025 academic year 15 available ac Board of Education - se of Ch Imsf rd Operating under the Diocesan Boards of Education Measure 2021. the DBE'S Strategy Day in September 2025 refined priorities for 202512026, including strengthening equality, diversity, inclusion, and belongirhg and deepening partnerships between schools and local parishes. The DBE supports 139 Church School& alongside affiliated and independent settings working across eight local authorities to enable school leaders. governors and clergy to fulfil their responsibilities with confiden. Engagement wich the DBE Partnership Agreement remains extremely strong With 99% of schools subscribing in 202412025. ensuring regular adviser supporu access to specialist expertise. and strengthened school-parish connec(ions. School performance remains robust. During 202412025. 24 Ofsted inspeth'ons took plac4 with m05t receiving positive outcomes. including three schoo15 judged Outstanding in all areas. In the same period. 26 schools underwent SIAMS, with l 00% achieving Judgement l. refletting strong Chriyian vision, inclusive culture, and high-quality collertive worship. The Diocese received £1.628 million in School Condition All¢xation funding in 202412025, enabling essential capital works including heating and hot water system renewals. fire-safety upgrades. dter-system replacemenL roofing projects, and improvements to accessibiliry and safeguarding. Environmental sustainabiliry remain5 a priority, with decarbonisation measures such as energy-efPicient $ystem5, Hydromx installation. and involvement in the St Luke's Canning Town community solar projecL Religious Education continues to be sngthened through RE Quality Assurdnce visits, turriculum development supporL and training aligned with the Diocese's RE Guidelines (2025), Christianity as a Global Faith resource% and national neMrks. All secondary RE departments engaged in CPD thi5 year. Collective Worship and spiritual development remaln key strengths across the Di0$e. Revised online resource5, increased (raining for clew and school leaders, and rhe Year 6 Leavers. Services at Chelmsford Cathedrdl all suppor sch¢)015 in deepening worship rooted in Christian vision. Early Years work extended suppor¢ to toddler groups. nur$eries. and school.based EYFS rn5, focusing on Christian distinctyveness prayer spaces sustainability, and YlIbeIng. Joint work wirh the Muscard Seed Team provided additional training. Governance support included termty trdining, induaion for new headteachers and clergy. podcast resource5. and the appointment of over SO Foundation Governors. Ongoing support for chairs remained a priority given continued pressures on schools. The Diocese continued co promote social justice and courageous advocdcy, includlng partnershlps with Chrisrian Oxfam and Citizens Essex. Highlights included the second Pupil Justice Summit on "Windrush and Other Journeys" national curriculum tontributions through the Send My Friend to School piloL and a strong diocesan presence in dimate-justice exhibitions. The D8E remains committed to enabling schools and parishes to work together so that children and young people flourish. Our priorities for 202512026 include a diocesan strategie focus on SEND, alongside susrained 18
Thè Chelmsford Dioc•san Board of Finance Trustees, Report for the yèar ended 31 December support for Chrisuan vision. high44uality RE and Colletriye Worship. strong governance. and deepening partnerships with churches. families local aurhorities, and MATS. Case study 8- William Ford Church of England Junior School feature in Jamie's Dyslexia Revolution In 2025, William Ford Church of England Junior School in Dagenham. was selected to appear in the documentary, Jamie's Dyslexia Revolution on Channel 4. The programme. hosted by TV personaliry and chef, Jamie Oliver, explore5 the challenges faced by children with dyslexia and highlights the importance of inclusive education. William Ford was chosen because of the high qualiry support they provide for pupils with dyslexia and for their inclusive approach to education more broadly. The programme highlighted the scht)ol's creative curriculum and 19
Th• Chelmsford Di(Ke5an Board of Finance Trustees, Report for the year ended 31 December commitment to helping every pupil Succeed. David Huntingford, Headteaeher at William Ford. said: "l am absolutely delighted to support Jamie Oliver in this vital cause and incredibly proud that our school has Eeen recognised for the provision it offers our pupils. hese are the most Challenng times schools have ever faced. Vthile the number of children requiring atSJitional support continues to ris< we are being forced to reduce staffing because government funding simply does not meet the needs of our communiry or the true cost of education. his visit has shovrn the impact schools can have- and with the ril)t funding and truK we could do even more for ery child, especially those who face the daily challenge5 of dyslexia." Jamie, who has spoken publicly about hls own experienees with dyslexia. visited the school last year. They filmed the school's themed learning environments. including a space themed area, the Le80 learning zon& and the forest-inspired librdry. Jamie cha(d to staff and pupils, and gave a careers talk for children in the school's Lighthouse Provision, for children with special educauonal needs and disabilities, on VrkIng behind the camera. During the Yisi¢ l O-year-old Cairon and I l-year old Lillie interviewed Jamie live on the school's radio ststion. Cairon said: "Thi5 was a big opportunity to rnise awareness of what it is like to have *slexi< and I hope that thi5 will result in extra support for those who need it." Eight-year-old Shelby, added: "k vras good to meetjamie Oliver because he has dyslexia like me. He did not get any support at school. buc I get lots of help wlth my work and learning at William Ford." 20
The Chdmsford Dioran Board of Finance Trustees, Report for the year ended 31 December Support for Mission The Diocese of Chelmsford seeks to resource and 5UPPOrt all parishes as they discern how to be God'5 people across the great diversity of contexts in we serve. ln February 2025, the Church of England Strategic Mission and Ministry Investment Board awardts £14.95 million to the Barking Episcopal Arei to support missional work with deaneries and parishe5. with £6.45 million for a first phase of work and a fijrther £8.5 million in principle subject to the Archbishops, Council's and Church Commissioners, decisions about the future availabiliry of Diocesan Investment Programme funding. and the Strategic Mission and Ministry Board's apwoval of detsiled plans for a second phase. The funding d$ arded through the Diocesan Investment Programme (DIP) to rkin a missional plan developed over two years in partnership with local church leaders and volunteer5 across more than sixty parishes and church communeS in the East London knroughs that are parc of the Diocese of Chelmsford. In keeping with the Diocese of Chelmsford'5 approach and values articulated In Irayolli Iogetbor, the Believing in Barking plan has been developed by working with those who serve and lead in local church communities to ensure that the investment meets localty discerned needs and missional opportunities. Believing in Bark'4n8'5 focus 15 on supporting churche5 in four key areas.. Working to encourdge greater attendance and parricipHtion of children, young people and families in our church communities Supporting and developing intentional dlKipleship: growing. supporting and devel¢¥ing voluntsers and leaders in our churches and increasing leadership diversity Supporting churches and church leaders in their work to help transfom the communicies they serve Developing sustainable struccures to supp)rt local parish mission and ministry The investment will suptx)rt missional work in the many Fdrishes that have contributed to the development of the plan as well as others in the Barking Area. The Barking Episcopal Area was the first in Chelmsford Diotsse to be avrdrded investment from the Strategic Mission and Ministry Investment Board (SMMIBI- Work continues on investment applicatic with l¢xal church leaders and volunteers in the Bradwell and Colchester Episcopal Areas. Throughout 2025, work also continued to ensure good governance and effettive evaluation of Strategic Development Fund {SDF) and SMMIB funded missional proiects in Chelmrford Dioces& in rtnershiP with the Church of Enand Strategic Developmeni Team. In 2025 a decision vft5 take to prematurely conclude the Church E20 Bishop's Mission Order in ea 2026 Funding reached a conclusion for a number of Church of England Srracegic Development Fund suppOrd projects in 2025. In some cases. underspend5 were utilised to support the transition {where appropriate) of SDF projects to DIP funding and to pilot small projects to give inft)rmed learning ahead of larger DIP applications. SDF supported Stjohn's. Southend, planted into StAndreWs, Southend {Nr)vember 202S), representing the third plant for the Southend Netyrk Social and climate justice For many in our parishes and worshipping communities social justice and caring for God's creati¢)n are centrnl to their discerned mission and ministry. Conunuing to support thi5 mission and ministry was a key prioriry in 2025.. As the cost4rf-living crisi5 conrinued, our parishes and worshipping conmnunities continued to care for the m05t vulnernble in many differenc ways including through food banks night shelters and by offering ThdrM spaces for people to meet. Many parishes and worshipping communities continue to work alongside their local communities to 21
The Chelmsford Diocesan Board of Flnance Tnistees, Report for the year ended 31 December Vl¢OMe and supporL those who have been forced to flee their country of orw'n becduse of vrdr. PerseCl0n. natural disaster and the effeccs of dimate change. The Diocesan Environmental Group and Diocesan Office teams continued to support parishes and schools in achieving the Church of England Genernl Syn¢xI target of Carbon Net Zero by 2030. Support wa5 also provided for churches working tovfdrds the A Rocha UK Eco Church avrdrds. The Diocesan Racial Justice Officer, working with our Di0$an Racial Justice Advocates has continued to lead work to implement the Chelmsford Diocese 2021 repor( From Action ro Real Change. In 2025, 8 sessions of racial justice awareness tt7ining were deltyered acr055 the Diocese in addt¢ion to a special edition of the Racial Justice Newsletter for Black History Month that covered SSavery and the Anglican Church, what sysTrmic and personal racism Icoks like on the ground. and spotlighting prominent East Londoner5 commemornted through Blue Haques. With the &"shop of Chelmsford also leading the Church of England re5pon5e ro the national housing crisis a5 Lead Bishop for Housing, Chelmsford Diocese also continue5 to explore a¥S through which we can support parishes in addressing the housing crisis in their local communities and by utilising our public voice and resources. Case Study 9 - Porch Pantry at St Peter & St Paul West Mersea, provides support for the local community Tucked into the porch of St Peter & St Paul. West Mersea, the 'Porch Pantry, has been supporting the local communiry for nearly seven years. Launched in the summer of 201& it had a simple aim: to support local families who relied on free school meals and were xruggling during the school holidays. Very quickly. its volunteers realised that the need reached far beyond schcol holiday pressures. Volunteer, Emma Cornwell. who runs the Porch Pantry, explains:
The Chelmslord Diocesan Board of Flnance Trustees. Report for the year ended 31 December "We quickly realised that the need was much greater. Over year5 It has bect)me clear that any one of us may need its support. We never know what lrfe may throw at u&" "Even the most secure job fdn end with just a month's notice. An unexpected vet's bill or car repair can throw off even the m05t careful budgeting. And for victims of domestic abus< lrfe often Involves choices that are no choices at all. Controlling and coercive behaviour is very real in our communitie5." The pantry operates with a deeply rooted principle of no judgement. Emma continues: "None of us know what goes on behind closed doors. Irrespective of how people 'present' . how big their house is or what car they drive. "OLbr faith guides us and teache5 us not to judge others. Mersea is a truty unique cornmunity, always ready to step up to SuprL, The Porch Pantry receives financial donations from Essex and Local Councils, from indiwduals ind frorn charitie5, clubs and societies across Mersea. This generosity helps keep the pantry Stocked with essentials as well as seasonal items. The pantry refttly received a donation ol Easter eggs to share with familie5 at Easter. Emma's work at the Porch Pantry was recogni5ed more wdely when she was noMinad last year in the Volunteer category of the BBC Essex Make a Difference Awards. Emma said: "It vfts hugely humbling to be nominated. I went with my hushnd Aaron and my parents. We enjoyed an amazing evening at Hale[d Hace, hearing incredible stories of community engagement" Emma's nominafion reflects not only her own commitmenL but also the collertive effort of volunteers and donors who ensure the Porch Pantry remains a beacon of hope for anyone in the tommunity tacing a difficu time. 23
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December •wr Jt .L- Case Study l O - St Luke's Church of England Primary School at heart of ground breaking green community energy project An innoyative communiw energy projett that generntes green energy from an east London Church of Erbgland prirrRry school and shares it with nearby homes has begun defivering its first FM)wer. The Ixlot pro1t by E.ON Next is designed to maximise the benefits of local soLir generation and to make energy more affordable wthin Communities - making cleaner power more acSIble and affordable for all, while 5upp)rring the UK'S net zero goals. This first-ofryits-kind initiative has seen E.ON Next fund and install more than 220 solar panels on St Luke'5 Church of England Primary khool in Canning Town, east London. The school benefts from discounted dettricity, With a portion of the PoVr also shared to neighknurs at a reducgj price. The woiett was formally launched on Friday 18th November 2025. with sraff and pupils of St Luke'& along with tlessing by the Rev'd Amy StoeL the vicar of St Luke's Church ('rtUred above). SFeaking at the launch of the proje¢ Amy said: "It's so exating to see this project come together. St Luke's Church and School Is an amazing and ursique communiry. and now it's great to a150 be part of this new generntion of innovators and developers leading into this new technological revolution of seeing community buildings serving the community even more. "We are so grnteful to &ON for working viith us to see our wonderful school and church become even more at the heart of serving Canning Tovm." A150 speaking at the launch. Carrie Prior, Chelmsford Dic<esan Director of Education. Said.. oday is about more than installing soLar panels - it's about pioneering a new way of thinkin& vthere schools and communities work together to care for creation and share energy for the common good." 24
Thè Chelmsford Diocesan Board of finance Trustees, Report for the year ended 31 December ,JAllR4;11 Case Study I l - Hospice Chaplaincy: 'It is a real privilege to be part of that final journey with a person" The Revd Andrew Merchan¢ Priest at St Andrev/s Church In Chelmsford is also a volunteer chaplain ac Farlegh Hospice in Chelmsford. Andrew vffites abcMJt his ministsy vlorking in palliative care with hospice patients. their family and friend& Fadeigh has eleven beds and thry support approximately five hLsndred people in their own homes. My role is also to provide SUPFM)rt for all staff and volunteer5.1 have often found mysdf with a person as they die and offer their soul to G(yJ in prayer. My work invofves vRlking alongside peotAe as they experience grief and the loss of a loved one l offer to spend time with all the tients in the In-Patient Unit and their family and friends, it is not dependent on whether they have a fwth. l find myself talking on a Variety of topics from football to fvnernl prepardtron, from food to farnily lrfe. Everyone has a story to tell, the spirttual care provides the time for people to expre55 how they and their family are feeling in the reality that lrfe is both fr¥'le and maybe not be as they had imw'ned or hoped. For Feople that have faith we encourage the leader5 of their community tn visit them. We also carry a list of contacts thac we use if people yUld like to spend time th a faith leader. It is imFQrtant to under5rand that different fxiths have different rituals when a person dies. Within the building we have a place set apart from the rest of the hospice lled the Sanctuary to allow time and space for moments of quiet reflectn. It is in this place that l 0fTr slt N•itth people as I pray with them and thLy
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December light a candle. It is a real privilege to be parc of that final journey with a person and be alorgside them and thr family and friend5 a5 that Fer50n dies. I have been par¢ of st)me amazing conversations about God and lrfe after death. My experience as a Chaplain is that rrony people in the world would like to have a conversation with someone of faith. Safeguarding During 2025. the Diocesan Safeguarding Tearn continued to: Ensure our volunteers, clergy. advisers and lay people achieve the standards laid dovln in the Safeguarding Policie5 of the Church of En8land. Work with individuals who have criminal conviction& or where other safeguarding risks are idenofied, to ensure thac they, and all members of the ¢hur¢h community are Safeguarded. Hold to account all persons reswnsible for the safety and wellbeing of ¢hiklren and vulneTrble adult5 in the Diocese. Headline summary: 6244 indlviduals across Chelmsford Diocese compleTrd safeguarding e-learning modules during 2025. 59 different training sessions were offered in 2025. The team were contaccd 454 time5 At the end of 2025, 93% of parishes had a Parb5h Safeguarding Officer in post There wa5 excellent parish sign up to the new Parish Safeguarding Dashboard. Charity Commission Official Warning On 16 Janry 2026 the Charity Commission for Enand and Wales issued an OFficial Warning to the Trustses of the Chelmsford Diocesan Board of Finance (CDBF) for "a breach of trust or duty or other misconduct andl or mismanagement" in relation to the handling of a concern raised in 2023 atouc the conduct of the forn)er Bishop of Brddwell land more recendy the Bishop of Liverpool). the Rt Re¢d Dr John Perumbalath. The case ds first reported in national media in January 2025. The Bishcp of Chelmsford and Head of Safeguarding issued a joint statement in response to the Official Warnin& wi¢h the fvll support of the Trustees of the CDBF and the members of the Bishop's Leadership Team. The statement can be read here - A statement from the Bisho of Chelmsford and the Chelmsford Diocesan din 26
Chdmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 20Z5 Communications The Diocesan Communications Team continued co provide sUprt co parishes and worshipping communities in 2025 through: One to one support for parishes and church leaders in handling challenging situations involving media or social media. Providing media support to the Bishop of Chelmsford and the Bishop's Leadership Team Providing guidance, training and 5UPPOrt to help parishes use effective communications. including digital communications in their mission and ministry. Sharing information, news and resource5 Wlth parishes through Diocesan Communications including. The weekly newsletter The Ifiew The quarterly prayer diary We Prdy Weekly Video sermons The Diocesan websi Social media channds Facilitating engagement and prticipation in consLtltations and diocesan events including the Parish Support Conversation, Diocesan service5 and thering& 27
The Chelmsford Diocesan Board of Finance Trustees. Report for the year ended 31 December 2025 ACE AssOClati()n lor Church Edi Annual Awards foJ-. h Magazlnes are:" m•ss d•s19n Case Study 12 - Church Magazine from All Saints, Springfield is awarded top prize at the Association for Church Editors 2025 Awards 'in touch,, the parish magazine of All Saint5. Church. Springfield, Chelmsford, won the Gold Award in the Association for Church Editors (ACE) 2025 Awards. The award. presented at ACE'S annual meeting in Birmin8ham in September 2025, recognises excellence among magazines printed in blad( and whi*. Editor of 'ln touch, magazine. Robin Stevens, Vfds presented with the John King Trophy, a silver baptismal shell to Use for the year, as well as a fMed certificate and an engrnved trophy. Commenung on the winning magazine. the judges said: "The Gold avfard this year goes to a magazine that wa5 a clear winner wich ourstanding scores. 'in touch. has an appealing cover. includes great photos, has a Wdriery of pieces incorporaung the Christian message, plus some of general interesL has good qualiry printin8 and paper and is a very attractNe publication. A worthy winner - well done!" Refiecting on the achievemen¢ Robin said:
The Chelmsford Diocesan Board of Finance Truste Report for the year ended 31 December 2025 "It's a joy and privilege to be the Editor of 'in touch. . a publication designed to keep the local community in touch with the faith of the church, its worship and aaNities. It plays a key role in our communication strate and is printed using th . I Ias 8obsmad(ed that won! If I'd known I vo5 going to win I'd have worn a tie!" The Aswxiation for Church Editors 15 a not-for-profit interdenominational, country-wide orrdnisation. aiming co encourage and help church edttors to improve their magazines. Diocesan House of Retreat Pleshey There has been a signifi(3nc pard trajectory in financial stability. occupancy. and seiCe quality at th Dio san Ho of Retreat since 2022. Financial and Operational Grovrth Retreat House finances have moved from significant deficit in 2022 to a healthy surplus for 2025. Annual income is expected to reach more than £350,000 in the futur< a 60% increase over three years. Occupancy r&tes reflect this grovrth, wth resident nights increasing from 2.21 O to an estimated 2,628. Debt mawement has also improved significantly., outstanding balances have been halved from l 0% of annual incorne to 5& with far collection cycles. Facility and Estate Management Signifiant investment has been made in che infrastructure and grounds: Maintenance: A £40,000 electrical overhaul {grant-funded) is nearing completion, along with a £70,000 fire risk compliance projett that wa5 completed during 2025. Grounds: Followng neglett during lockdown, the grounds have been restored. a I changes made to encourdge and support biodiversiry Health & Safety: A new water treatment regime has Successful rnirigated legionella risks. rin dd Staff and Strategic Partnerships Team mordle ha5 improved signrfic2ndy through annual reviews and welfare improvements. To manage fluctuating needs. the house now use5 a reliable network of exrnal conrrdttors for housekeeping. Cann% and maintenance. Collaiw)rative relationships have also been Strengthened diocesan departments such as Finance. HR, and IT. Guest Experience and Community Engagement The introduccion of feedback forms has helped to resolve issues that had been a r2use of complaints, parucularty in relaiion to catering and facilities. Satisfaction levels now exceed 90%. New iniciatiye5 include: rtnerg A revived support group now exceeding sixry members. Sunday HrsL A monthly informal worship attratting local leadership. Regional Reaclk. Increased bookings from six neighbouring Dioceses. Market Position While the national Retreat HoLTrSe movement is in decline - highligh¢ed by the recent closure of Epiphany House in Truro- the Chelmsford Diocesan House of Retreat at fleshey remains the only Anglican retreat centre in the Eastern region. With group bookings secured through 2029 and stable income from the National Vocational Discernment Bishops Advisory Pane15, the House is bucking the national trend. This is also a consequence of parc funding for retreatants who Vuld not otherwise be able to afford to attend and subsidised meeting spaces and accommodation for charities and hosted Church of England clergy ordination discernment panels. 29
The Chtlmsford Diocesan Board of Firbancè Tru5tees' Report for the year ended 31 December 2025 4. Related parties and volunteers Related parties include: The PCCS within the dioctte Chelmsford Cathed1 The Archbishops, Council to which the CDBF pays a donation based on an apportionment system for funding national training of ordinands and the activities of the various national boards and council5, as well as Generdl Synod The Church Commissioners which acts on behalf of clersy with HM Revenue and Customs. The CDBF pays for clergy stipends through the Church Commissioners The CD8F is in receipt of grant funding from the Church Commissioners (via the Archbishops, Council) for miniscry support and special projects e4. the Turnaround and Church Planring projects The Church of England Pensions Board. to which the CDBF pays retirement benefit contributions for xipendiary clergy and employees. It also offers scheme5 to provide housing for clergy in retirement The Vine Schoo15 TSts. and the Chelmsford Diocesan Educational Tru5( vthich while separate and independent of the CDBF, have certain re5ponsibilitie5 in relaoon to church sch¢)ols in the diocese and work with the DBE The Guy Harlings TrusL vthich provides office facilities free of charge under lince to the CDBF and the Cathedral Dean and Chapter and make5 grants towards the upkeep of the premises MCO Investments. the vtholly owned subsidiary of the CDBF vknich owns 58 New StreeE providing accommodation for the kndwell Area Office St MellitU5 College Tru a The010.¢al Education Institution which receives financial support from the CDBF and to which the CDBF pays fees for trnining of ordinands. Trdn5actions with the main categories of related partie5 are identified in appropriate places throughout the financial statemen Volunteers The CDBF is dependent on the huge number of people involved in church activities both localty and at diocesan level. The service provided to a community through church volunteering also has a significant impatt on people. relationship to the Church particularly at times of difficulty, challenge or crisis. Within this conrex( the CDBF greatly values the considerable time given by committee members and other volunteers across the diocese in pursuit of the mission of the CDBF. We particularly thank them for the additional wpporr they have given during thls challenging year. There are also many people who are unpaid but who hold official positions WFthin the life of the church that carry authorisation. licence. or Pemission to Officiate. This includes Churchvrardens, who serve each local parish church. locally authorised preacher5, pastoral carers, evangelists. and funeral miniws, plus Licensed Lay Ministers and Readers and our self-supporting ordained ministers. 30
Thè Chelmslord Dioc•san Board of FinarKe Tru5tees' Report for the year ended 31 December 2025 S. Planning for 2026 As the CDBF approached 2026. planning coniinued to be shaped by the approach and values set out in Travellin Well To her. A primary focus for 2026 is Travellin Well T us Mini a conver5acion that will begin in autumn 2026 abouc how we can be an enduring mi5sional presence in E55ex and Easc London in the tymes and contexc in which God has placed us. The conversation stsms from a paper that was presented to the Chelmsford Diocesan Synod in March 2025 and which rdects our commitsl)ent to participative change. Ahead ofthe tt>nversation in Autumn 2026. the Bishop of Chelmsford invited people across the DI0$e to participate in 100 Da of Pra er. From 18 February to 29 May 2026 The approach to sustaining ministry builds on the work undert2ken since 2023 through the Pari rt Conv n and will be the next phase of that work Work continues with Parishes and Deaneries tL) develop and implement missional proposals and plans supported by investment from the Church of England's strategic Mission and Ministry Investment Board across all three Episcopal Area As the Diocese prepares for its INEQE Independent Safeguarding Audit in 2027. work continues to ensure tha¢ our churches are environments where everyone feels saE valued and respected. Other key planning priorities As we approached 2026. there were also a number of significant events and actyvities that shaped planning. The Diocese will continue to implement the proposals in From Action to Real Change. the BaoaLJu Task and Finish Grou 's r ort. The Diocese will conunue to implement the road map to by 2030 as agreed by the Church of England General Synod. As the Church of England's knving in Love protsss drew towards its conclusion, leaving many deeply fnj$trad and Concerned by either a lack of progress. or beouse of a belief that decision5 that have been taken have crossed red lines, the Bishop's Leadership Team emphasised their continued commitment to promoting and encouraging a way of trdvelling well together, despi the differences in what vle belie and despite the inevitable pain those differen (ause. Over recemt years the Bishop's Leadership Team ha5 focused on bringing people together from wide rdnging views acros5 rhe dioces to listen to their concerns and anxieties and to hear thoughts and ideas about how reassuran might be provided and how we mighc continue to live well wgether despite our differences. One consequence of these conversations was the introduction of d members of the Bisho 's Leadershi Team in early 2025. 6. Financial review Financial Performance The CDBF recorded a deficit of £569k for the year on its general fund5 before gains on revaluarion of assets. Although there Vfds a deficit for the year. this was better than the budgeted deficit of £1.004k. The improved performance mainly arose because of lower expendicure on ministry costs linked to a higher number of cler vacancies than budge¢ as well as higher income from the rental of vacant vicarydges than anticipated. During 2025 in line our Totsl Return Accounting policy (see noce 14 on page 70) there a transfer of £3.2m {2024: £3.Om) from endowment to unresrricted funds to support the costs of stipendiary ministry in parish6J
The Chelmsford Dloc¢saTr tsoard of Finance Trustees. Report for the year ended 31 December 2025 Parish Share. the money donated by parishes co the CDBF to fund the mission and ministry of the diocese. is the main incoming resource for the CDBF providing two thirds of its incom At £2.9m (2024: £3.Om) the net parish share shortfall decreased compared to 2024. Parish Share requested toralled £16.3m12024: £16.2m} a 0.7% increase. In cash terms £13.5m {2024: £13.2m) Vfds received in Parish Share. which ds 83% of the amount requested (2024- 82%), the overdll increase in Parish Share contributions is of great encouragement and we are grateful to all Parishes that tdve so generously during the year. During the year a total of £606,207 {2024..£288.6391 a5 conf ributed to parish share via the Ephesian5 Fund. Of these amounts £102,207 TrKdS contributed by the PCC of Henham, Elsenham & Ugley who asked that their parish's net mutual support contribution of £10.459 be used to support the parishes of thgenham St George and Kirby L&Soken St Michael on a shared and equal basis. The CDBF has mtt all its financial obligations to continue resourcing the diocese as required, including the provision. development and 5UPPQrt of ministry. the provision and maintenance of houses for the clergy. National Church re5ponsibiliues and enriching and facilitating many other aspects of church life throughout Chelmsford Diocese. Income across all funds, before other recognised gdins and losses totalled £219m {2024.. £22.3m) and expenditure amounEeJ to £25.8m (2024: £26.9m). The Statement of Financial Activities (SOFA) for the year show5 a net deficit of £2.8m (2024.. Net deficic £4.6m) before net gains and losses on the revaluation and Sale of invesrments and the revaluation of fixed assets. Net gains on invesrmencs totalled £1.2m (2024". net gains of £7.7m) and there Nyas a net gain on revaluation of fixed assets of £12.Om {2024: net Ios5 of £15.7ml. There 25 a net cash oufflow on operdting activitie5 of £4.8m12024'. outhow £6.3m). Net cash generated from sale of fixed assets and investment transactions totalled £12.4m {2024: 7.Om) and from this loans totalling £2.1 m wre repaid (2024: £5.6m). erall, there was a net improvement of £5.5m in cash and equivalent5 over the course of the year. CDBF continued to benefr( from tight financial control and ca5hflow management in 2025. Significant Property Transactions The Asset Investment and Management Policy adopted by the Trus*es governs the management of operational and investment properry. The vast majority of the residential property portfolio is held for operational purposes. It 15 managed to achieve required quality s£andards at a consistent and efficien¢ average annual cost of ownership. Si8nificant operdtional property tran5action5 in the year comprised: Purchase of one propery for housing stipendiary eecle5iastical office holders. Sale of sixteen properties surplus to operational requirements and i)ne propwty where a replacement property has been purchased. Glebe land and property is held for inves¢ment purposes. The overdll 5trdte8y 15 to retain a land holdin& to seek to leverage value through long terni developmenL and to disF4)se of les5 lucrative holdings and dirett exFrt)sure to commercial property. The usual cycle of rent reviews and lease renewals on 8lebe land continued as advised by rhe CDBF'S land agents. The Diocesan Stipends Capital Fund 15 available for providing and improving benefice arKI glebe property and when invested provides income and capital grovrth for Cler Stipends under the TOLII Return Accounting Policy (see note 14). Residential properties are valued on the basis of a rtifIed annual valuation. 32
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 2025 Balance Sheet Position The Trustee5 consider that the balance sheet together with details in note 20 show broadly that the restrttted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. While the net assets at the balan sheet da totalled £370.2m (2024: £359.9m) it must be remembered that included in this total are propercies. mostly in use as dersy housing. whose Yalue amounted to £279.2m12024: £273.2m). Much of the remainder of the a55ets shown in the balance sheet are held in restricted funds, and cannot necessarily be used for the general purposes of the CDBF. Rèserves Policy Having considered financial risl liquidiry requirement and the timing of cashflows throughout the year, and based on the Charity Cornrnission recommendation, the Trustees consider that an appropriate level of free general reserve5 IS three month5 gross general fund expenditure, currently £5.3m. Thi5 policy vrds last reviewed and agreed by the Trustees in May 2025. The Finance Executive is charged with Oversht of the reserves policy. After transfers. free general reserves at the year-end were in surplus by £4.5m Q024: surplus £5.Om) being the value of the General Fund. This is below the reserve target of £5.3m. The Trustee5 previously recorded that free general reserves would fall below policy tsrget rf parish share shortFall did not matsrially improve, and although there has been a movement in the right direttion over the past 2 years. it has not been sufficienL and operational deficits have continued to reduce general fund reserves. There is a financial plan in place to move the charity to breakeven and then surplus over the next 5 years. during this time ir 15 not expected that the chariry will come close to oxpending all general fund reserve5, but it is likely that the ehartty will be operating with reseThes below the policy target in the short to medium term. Although the balance of free general reserves at year end is below the reserve target, the trustees consider that the CDBF has sufficient resources EO meet its day to day operarional needs. Designated funds The Trustees may designa additional unrexricced reseryes to be retained for an agreed purpose where this is tonsidered to be prudent Such designated reserves are reviewed on an annual basis and returned to the general fund in the event that the purpose of their designation is no longer considered to be adequa justification for their retention. A description of each reserve together with the intended use of the reserve is set out in no 19. At 31 December 2025 toral designafed reserves were £47.2m (2024: £36.1 m). The Trustees approved one new designated fund during the year: the Deaf Community Fund {$ee noTr 19). Restrirted and endowment funds A5 set out in note 19, CDBF holds and adminisr$ a large number of res¢ric¢ed and endowment funds. A5 at 31 December 2025 restricted funds totalled £13.3m (2024: £12.Sm} and endowment funds totalled £305.Im (2024.. £306.2m). Neither are available for the general purFose5 of the CDBF. Liquidity Policy The CDBF has regular and predictable c2sh inflows (principally from parish share) and oudlows (principally stipend, salary and pension payments). Less frequent cash movements include grant payments which are also predictable. The largest $h movements relate to property trnnsactions which are infrequent and normally have a clear lead time. The CDBF aims to hold £2m cash in ins(ant access accounts to meet its cash needs. In addicion, up to £3m in additional cash is held in hher interest deposit accounts. Where cash balances are forecast ro fall below £ I m the CEO and Finance Director have delegated authority to liquidate investments to replenish liquidity to levels matching operational requirements with Such transactyons reported to Finan Executiye. Where cash balances exceed £5m, the Finance Executive will consider the most appropriatr use for the excess fund5. Including paying down loans or adding to inves¢ments. 33
Thè Chelmsford Diocesan Board of FinIre Tru5tees' Report for the year ended 31 December 2025 Grant making policy Contributlons are made to the National Church to cover a proportion of its centrdl costs and also to cover the cost of training for ministry (see note 8). Grants are paid to other charities e.g. PCCS and charitable projects which appear to CDBF to support the fvrrherance of its objects. The General Fund budget includes regular grants. Other grants are approved according to the term5 of reference of the relevant fund. Investment Policy The Trustees approved an integrated Asset Investment and Management Policy in 2014 developed under the oversight of the Investment Committee. The Policy s Reviewed and updated by the Finance Executive in 2024 and approved by the Trustee5. Thi5 policy disunguishes betrieen investment and operational assets and sets out the policy framework for both. In relation to investment assers the key principles in the FK)licy may be summarised as foll The overall objective5 are to create sufficient income and capital growth to enabFe the CDBF to carry out its purposes consistently year by year with due and proper considerntion for fvture neèjs and the maintenance and enhancement of the value of assets while they are retained. Investment funds shall be oper4ted and compared on a total return basis (See NO 14). Relevant benchmarks include a minimum target total return of CPI + 4% over the long term. The CDBF requires its investment assets to be managed in compliance with the Church of England ethic guideline5. and ethical conSideon5 shall form parr of the dialogue with the Investment Managers. The Trustees Y11 consider mixed-motive investment prop)sals which are expected to ddiver financial retums and lurther the purpose5 of the chariry The CDBF is assumed to be a perpetual chariry and is able to take a longterm view on inyescments. balanced insc the short trrm needs of the chariry for liquidity and resources to best realise its operational purposes. The Trustees regularly review and retender Investment Managers. The last review was in 2016 and concluded with the reapwinomenc of CCLA Investment Management Ltd and appointment of Cazen¢)ve Capital Management (a trading style of Schroder & Co. Limited). Funds at 31 D¢¢¢mber Proportion of portfolio Income yield any Total return in ye¥ 2025 000 CCLA Mana Cazenove Se Other funds Total CBF Investsnent Fund ted rrfolio 32,967 27,379 16 60,362 54.62% 45.36% 0.03Y. I00.O°A 3.05 % 1.76% 8.80 % Statement of raising funds The CDBF is avrdre of the Charities (PrOtIon and Social Inve5cment) Att 2016 and the Trustees fully support the aims of this legislation. The majoriry of the CDBF'S income comes from other charitabie bc)dies and PCC'S in the form of grants and parish share and it undertakes very little direct fundrdising activity involving individual dOrrS. Examples include one-off appeals {e.g. the Lent Appeal) which are promotrd generally through communications rather than targeting specific individuals-. and the Friends of the Retreat House scheme where Retreat House guests are invited wtthout pressure or obligation to join the 'Friends'. The CDBF folk)w the Church of England's 'Guide for Churches on Giving and Vulnerable People. to ensure that we follow best attice when receivin8 donations from individuals. The CDBF considers the origin of unsolicited donations and legacies, does not share or purchase any donor data with or from third parties and, in 202S, did not engage with independent proftssional fundraisers. The CDBF not rettwe any complaints in relation to fundraising or raise any matter wth regulators in 2025 (2024: none). 34
The Chelmsford Diocesan Board of Finance Trustees. Report for the year ended 31 December 2025 Going conc¢rn The directors have assessed whether the use ofthe going concern assumption is appropria in preparing these financial statements. The directors have made thi5 a55es5ment in respect to a persod of at least 12 months from the date of approval of these financial sratements. Parish Share payments comprise the largest proportion of income for the Diocese. 83% of Parish Share requested was received in 2025, which wrds higher than in 2024 but lower than budget and refiecrs the challenges Parishes are facing wrh increased costs due to high inflation. and reduced income as congregations faced increases in the cost of livirbg. It is expected that parishes and deaneries will moye tovrdS minisrry plans which are financially suscainable and that Wbll help to achieve a higher parish share recovery rate which will ensure diocesan financial viability moving forwards. Other facr$ that directors have considered relating to going concern include: Impact of Parishes unwilling or unable to pay Parish Share due to affordabiliry and doctrinal differences. It is not expecod that this will have a material long rM impact upon the CDBF finances. In the near term, it is expected that parish share payments will increase which wll mitigate any non- payments from individual parishe5. In the longer term if share contributions fall. c05t reductions (such as reductions in stipendiary posts) wll be necessary. This issue will remain under review. The costs of building maintenance, specifically linked to clergy housing and voluntary aided church schools. Increased trtjdgets have been put in place for clergy housing improvements and there is close management of school capital works to ensure that funding is directed where most needed. Inflation & Investment returns 11 need to be kept under close review to ensure that over time investment returns tsLttstrip inflatron to maintain sufficient unapplied total return balances within endowment5 to sustain planned drawdowns which support stipends. The Unapplied Total return balan remains pN)sitive. despite investment returns that have been l¢)wer than hoped for. and so there are no immediate concernk Non-financial risks associated with governance. major non-complianc< change in government policy and safeguarding- There is confidence that controls are in place and that the diocese can manage any non-financial risk5 5ufficiendy. Trustee5 review rhe finanoal Fx)sition of the chariry and receive an updaTr on going conrn status at every Pinance commit meeting. CDBF have generdl fund reserves covering approximately 3 months of operdting expenditure and reserve5 are sufPicient to cover projecred operational deficits in the short term. CDBF have a 5-year financial plan and having reviewed the funding facilities ayailable to CDBF together wth the expec¢ed luture cash flows. the trustres have a reasonable expectation that charity has adequate resources to continue its actNi¢ies for the foreseeable future and consider that there were no material uncertainties over the charity's financial viability. ACCordiny, they a150 continue to adopt the going concern basis in preparing the financial statements. 7. Custodian Trustee The CDBF is custodian trustee of assets held on permanent trust by virtue of the Parothial Church Councils <Powersl Measure 1956 and the Incumbents and Churchwdrdens ITrusrs) Measure 1964 where the manaw'ng trustees are parochial church councils and others. These assets are not wegated in the financial statements a5 the CDBF does not control them, and they are segregated from the CDBF'S own assers by means of separnte bank accounts. Such funds are predominantly managed by CCLA Investment Management Ltd, or M&G Investments as determined by the managing truxees. The CDBF reserves the right to charge the managing trustees an administration fee where alternative investment managers are used in recognition of the additional complexity such arrangements fduse. Further details of financial trust assets, vthose market value amounted to £17.3m at 31 December 2025 (2024: £17.9m}, are adilable from the CDBF on requex and are summarised in note 25. +Vhere properties are held a5 Custodian trus. the deeds are identified as such. 35
Th• Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 2025 8. Principal Risks and Uncertainties The Trustees are reskK)nsible for the identification, mitigation andlor management of risk. To achieve this, a register of all the risks identyfied is maintained and. alongside it, a management and mItatIOn strategy formed. The Audit CommirTre periodically reviews the risk register in detsil. The Trustees are invited to review the risk register regularly and, in any event at l&st annually, leading to formal discussion and approval of the strntegic risk rew'scer. setting out risks and mitigation stfdtegies. The responsibility for delivery of the identtfied mit1(lOn strategies is delegated to the executive staff or Bishops and Archdeacons as appropriate. A progrdmme of internal audlt is overseen by the Audit Committee and complernents the CDBF5 risk marragement activities. The Trus5 confimi that the major risks, to which CDBF is exposed, as identified by the Trusoes and staff, have been reviewed and that systems and procedure5 have been established to manage those risks. The register identifies six strategic risks wi¢h a pre-mitigation rdting of 'high'. These risk5 and the associated miiigaiion 5rfdte8ies are a5 foll0v. l) Missional Fallure This risk recognise5 a variety of issues which could lead to the church failing 10 fulfil its missional purpose. Across the Church of England, we are experienong decline in congregations, closure of some church buildin with others facing significant costs. Drfferent theolowcal understandings continue to present challenges to unity within the DI0Se. Whilst the cause and presence of these factors exisf outside the boundaries of Chelmsford Diocese, there are mit1on$ that we are raking or can take locally including mutual support between parish clergy. a Diocesan focus on prioritising and supporting local parish ministry, a better established approach to Parish Share. increased diocesan level suppor( for churches to assist them to look after their buildings and guidelines and resources for parishes. Additionally. VR have a Racial justice Workstream and 'Mustard Seed, children. young people and families workstream to focus on improving representation and mi5sional growth. There is a proiett management board lor projects who have received funding from rhe National Church and we provide training for our clergy, lay leaders and congrwtions to be confident evangelists. 2) Financial Thi5 risk encompasses the threat posed by a long terni Structural defici¢ the risk of failure to amend or improve the parish share scheme. the risk posed by the significant pension liability in the clergy scheme and risk of F¥)orly managed development opporruniries or failure to Olm1$e property land resources for mission. The mitigations in place are a finance strategy incOrrnting a 5 year budge[ Sufficiently resourced finance team. and ongoing review of the parish share scheme. 3) Incident or accusations of serious misconduct Whilst there 15 no expettation of any accusations of serious misconduc4 or any reason to think that such accusations would arise, it 15 irnPOrtant that we consider the implications of an event Such a5 a senior staff member being found guilty of {or accused ofj serious misconduct. an incident or accusatyons of semus misconduc¢ in a parish current or historic. The MititiOnS include oversight provided by the Diocesan Bishop and Chief Executive, links with Deaneries and Parishes, support from dI0san soff including our safeguarding ceam. racial justice officer and panel and communications team. Alorhgside following the national Church of England safeguarding policyi we also have a bullying and harassment Folicy. 4) Governance This risk recognises the implications of 2 porentyal governance failure, where CDBF tru5tee5 are not able to fulfil their role, failure of trust in Synodical process or senior leadership. serious PCC failure that may result in liability for the CDBF or serious governance failure in a'near relation" 36
Thè Chelmrford Dioc•5an Board of Finance Trustees, Report for the year ended 31 December 2025 To mitigate this risk we are doing or will take the following measures including ongoing consideration of our synodical processes and culture, active recruitment of people to serve on our trnstee body and committees making use of the ability to fulfil the duties of a PCC under Church Representation Rules in the event of parish failure and raise greater awareness of the impact of failure of "near relations" 5) Operational Risks This risk recognises the implications to the CDBF of operntional failure resulting from lack of capacity. key person risk5, physical risk5 e£. trrrorist incidenL loss of tenure of office buildings (e.g. fire), serious data protection or IT issueslbreaches and failure to adequatety maintain church buildings. Mityidtion against such operational risk5 include the Clergy Wellbeing CoYenanL &reater sharing of knowledge among arns, 'Manuals' and guidelines for key staff. data protettion training for all staff the appointment of a Data Protettion Lead cyber security auditin& training and penetrntion tesun& an improved DAC and church buildings team, advice on appointment of architects, a Heritage Support Officer and our DAC 5tsff and members. 6) External Risks This risk category recognises that there are factors external to the church that could have significant implications for our mission and ministry including climate change and other serious incidents which would affect the whole of our society e.g. another pandemic, Sustsined fvel or food shortage, civil unresL Whilst mitigations here are challenging we are working towdrds meeting the Church of Enand net carbon zero goal by 2030 and making use of our experience 8ained during current pandemic including use of virnMI resources to adapc A Net Carbon Zero Officer remains in post we work as part of a rebTonal group for mutual support and learning ha5 gained greater depth with the appointment of a Regional Fundraising Officer. Structure and governance Summary information about the structure of the Church of England The Church of England is the established church, and HM The King is the Supreme Governor. It is organised into provinces (Canterbury and York) and 42 Dioceses. Each Drocese is a See under the care of a Bishop who is charged with the cure of souls of all the people within that geographical area. This charge is shared with priests within benefices and parishes which are sub-dNision5 Qf the Diocese, The National Church ha5 a General Synod comprised of ex-officio arKI elected reFYesenrative5 from each DI0Se and it agrees and lays before Parliament Measures for the governance of the Church's affairs whtch. if enacted by Parliamen¢ have the fortt of ststute law. In addition to the General Synod, the Arthbishops, Council has a coordinating role for Vrk authori5ed by the Synod,. the Church Commissioners manage the historic assets of the Church of Erbgland: and the Church of England Pension Board administrrs the pension schemes for stipendiary ecclesiastical office holders and employee5. Within each Diocese. overall leadership lies with the Diocesan Bishop. who exercises that input as Bishop within the Di¢xesan Synod. Our DI0Se is divided into 23 deaneries. each with its own Synod and within each parish there rs a Parochial Church Council (PCC) which shares wth the parish priest responsibility for the mission of the church in that place, in a similar way to that in which the Bishop shares responsibilities with the Di¢xesan Synod. In this diocese. as part of our re-imagining ministry priority, parishe5 are on a journey to working together collaboratively. often in Mission and Ministry Units with common mission priorities and shared resources where appropriao. Whilst each Diocese is separate with a clear respon5ibiliry for a Specific geographical area, and each diocesan board of finance is 2 separate legal entity, being part of the Church of England require5 and enables working together in a national framework and with nafional church instiwtions. 37
Thè Chèlmsford Diocesan Board of Finance Tru5t¢e5' Report for the year ended 31 December 2025 Structure and governance (continued) Organi$ational strurture The Diocese of Chelmsford was created in 1914. It spans the whole of Essex and fve boroughs of East London. It covers an area of1.531 square miles with an overall population in eXsS of three million. The diocese is divided ineo three Episcopal areas by an Area Scheme under which the Di0$an Bishop. the Bishop of Chelmsford, has deleted certain authority co the Bishops of Barking, thdwell and Colchestsr in reLition to the Archdeaconrie5 in those areas. Each Archdeaconry is subdivided ineo deaneries, there being a total of 23 deaneries across the Diocese. The deaneries are further subdivided into 462 parishes, In 2024 the CDBF acquired a trading subsidiary. MCO Investments Ltd. Company Number 09614431. which owns a property from which the charity will run an Area Office. As the results of the subsidiary are ImmarIal, they have not been consolidated into the Charity's financial results, but the Trrtlue of the l 00% shareholding in the subsidiary has been recognised in the Inyestrnents settion of the Balance Sheet (See note 131. Diocesan governance The statutory governing body of the DI0$e of Chelmsford is the Diocesan Syn¢)d, which is an elected body with representation from all parts of the Diocese. Membership consists of ex officio members, including the Bishop5. the Dean and Archdeacons.. clergy members elected by the Houses of Clergy in Deanery Synods.. lay persons elected by the Houses of Latty in Deanery Synods.. up to fNe persons who may k co-opted by each of the House of Clergy and the House of Laity and a maximum of eight EMberS nominated by the Diocesan Bishop. The Diocese Synod is governed by Standing Orders which were updated in June 2012. The DI0$an Synod meets two or three times a year. Many of Diocesan Sync*J's responsibilities have been delegad to the Bishop's Council, the Bishop's Council Standing Committee or the Finance Committee. Company Statu$ The comparby. The Chelmsford Di¢xesan Board of Finance (CDBF), was formed to manage the financial affairs and hold the assets of the Diocese. It was incorporated on 16 July 1914 as a charitable company limited by membership guarantses (No. 137029) and its governing insrrument is the Memornndum and Articles of Association TrNhich were m05t recently amended by Special Resolution in June 2012. Revised Arricles of Association yre approved for submission to the Charity Commission in November 2018, and we continue to avrnit determination by the Commission. CDBF is registered with the Chariry Commission (No. 249505). Every eligible member of Diocesan Synod is a member of CDBF for company law purposes and has a personal liability limited to £ l under their guarnntee as a comrAny member in the event of it being wound up. Declsion-making Structure Corporate priorities and the overall financial strnte8y for the Diocese (in its primary object to promots, assist and advan the work of the Church of England within the Diocese of Chelmsford) are Set by the Diocesan Synod and the CDBF. The company meets once a year in general meeting to receive and approve the annual report and financial xacements and to appoint the auditors. The Diocesan Synod each year receives and agrees the annual budget. prepared and approved by the Trustees. The Trustee& meeting within the contex¢ of the Bishop's Council. hold up to six meetings during the year to formulatr and ctrdInate Frf)licies on mission, ministry and finance. 38
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 2025 Structure and governance (continued) Certain executive funaion5 of CDBF are undertaken by the Finan Committee, whose members are the Tru5tee5 2nd Directors of CDBF. The Finance Committee's rms of reference are as follows: Determine Folicy. in particular for. Ministry numbe. Clergy Stipends. Capital Budgeo Revenue tdget levels, Grant making and Investments. Monitor such policy decisions. Approve referral of Budgets to the Diocesan Synod. Approve and sign the annual report and financial statement5 after re1¥In8 a report from the Audit Committee. Agree remuneration of the Auditor each y&Ar. Receive a report from the Finance Executive at each meeting. Receive minutes from all Sub_committees. Handle any business referred by the CDBF, Diocesan Synod or Bishop's Council. Create and dissolve Sul>Committees as required. Appoint members of Sub-committees and its representatfves on other Diottn bodie Committee structure The Finance Committee'5 remit is sec out above: it is SUPF<Jrted by its sU0mMite5. Finance Executive handles routine business on behalf of the Finance Committee and develops the budget and other proposals for Finance Committee's consideration as well as oversees finanaal investments and liai50n with the CDBF'S Investment managemenL Audit and Risk Committee responsible for assisting the Finance Committee in the diKharge of its responsibilities for finanaal reporting and Inrnal control. Property Committee responsible for making deCIon$ concerning the operational managerrnt of all clergy houses for which the CDBF has responsibility. RecommerKling policy and making decisions concerning the management of Glebe property. Remuneration and determines remuneration policy and annual salary award& and oversees the Governance Committee effectiveness of governance across the CDBF. Dlocesan Mi55ion and Pastornl Committee {membership of which is CO•terniinus with the Bishop's Council) 15 responsible for pastoral reorKdnisation. taking account of clergy numbers and the need for new pattern5 of ministry. Diocesan Advisory Commlttee advises on matter5 concerning ch¥Jrche5 and places of worship suth as thegrancing of facultiek arthaeology, art and the history of places of worship, the use and care of plates of worship and their contents and the care of churchyards. DI0$aTh Board of Education promo5 education, religious educatlon and reli&-ous worship in schools in the Dioces& It also ProMoS and advises governors of church sch¢o15 in the Dioces& 39
The Chelmsford Diocesan Board of Fin4nce Trustees. Report for the year ended 31 December 2025 Structure and governance (continued) Bishop's Council and Finance Committee 'shop's Council consisrs of 17 ex officio members, 3 clew elected by the House of Clergy from among their number { I from each Episcopal area), 9 lay per5on5 eletted by the House of Laity from among their number (3 from each Episcopal area), 3 lay persons appointed by and from the membership of each Area Mission & Pastoral Committee (l from eath Episcopal area) and a maximum of 6 member5 nominated by the Diocesan Bishop. Finance Committee consitts of the Chalr and Vice Chair of CDBF (who are also memiws of Bishop'5 Counal} and those ocher member5 of the Bishop's Council not otherwise disqualified from membership such 25 persons remunerated by the CD8F. Trurtee recruitmen( selection and induction Trustees are members of the Finan Commirree and are selec*d as sec out above. Trustees are offered an inducrion when first appointed. Trustee training is arranged at the start of each triennium and SLFb5equently as appropriat& An element of Trustee training is typically in¢lLEded in the programme for the annual day meeting. A new consolidaced induction process has now been implemented and in use with new trustees on an ongoing basis. While some senior staff have job titles incorporating the tide 'Director'. they are not directors of the company for the purposes of company law. All Trustees are required to maintain their entry in che record of declarntions of InreSL
The Chelmsford Diocesan Board of Finance Trustees. Report for the year ended 31 December 2025 Attendance at Trustee Meetin8S Number of Number of Percentsge of eligible anded meetongs digible to attend meerings ttÈnded The Rt Revd Adam Atlan50n loo% The Vo) Christopher Burke Mr Phllip Carndley The Revd Canon David Chesney (from 2514125 until 2219125) Mrs Florence Conaty The Ven jonathan Crouch The Rt Revd Lynne Cullens Y15s Vevet Norine Deer (from 611125) Mrs Mary Durlicher The Rt Revd Gulnar Francis-Deqhanl M5 WilhdmÉna loan Goulboum Canon knbert Hammond Mr Andrew HcAt (from 27161251 Mr Dur3i5amy Danid lebanesan Th• Ven Susan loy Luc25 The Very Revd Dr jessica HelThse Manin (from 5111251 The Rt Rd Roger Morri$ Mr lefrey Mushens RLwd Cancfi Christian O 83% 66°A 50% 83% 83% 83% 83% loo% 83% 83% loo% 50% loo% loo% 83% 83% 66% 83% The Ven Ruth Pat 66% The Ven Kate Peacock loo% Thè Ven Michael PON4 66% Mrs lill Readings (until 917125) The Revd Canon Nicholas Rowan loo% loo% Mr Adrian Smith (from 2814125> Ms Hazel Thomas loo% 50% Mrs Julia Thomas (from 6111251 Mrjohn Tipping 83% 83% 41
The Chelmsford Diocesan Board of Finance Trustees, Report for the year ended 31 December 2025 Structure and governance (continued) Remuneration of key management Pernnel The Remuneration & Governance Committee reviews the emoluments of senior employees on an annual basis. The Committee's membership is the Chair of the CDBF, the 8ishop of Chelmsford. and the Lay and Cler Vice Presidents of Synod. The Committee also determines any cost of living pay increase for employed staff and reviews other matter5 relating to employee remuneration a5 required. Delegation of day to day delivery The Trustees and the sub-committees which assist them in the fulfilmenc of their resF<)nsibilities, rety upon the Chief Executive & Diocesan Secretary and her colleagues for the delivery of the day to day activities of the company. The Chief ExeoJEive & Diocesan Secretary is gven specific and general delegated authoriry to deliver the busines5 of the CDBF in accordance with the policies framed by the Trustees. Funds held on behalf of schools The DBE (as incorporated wthin the CDBF) receives IO% contributions from governors of church schools within the Diocese in connection with major repair and opital projects 10 church schools and a150 government grants in connection with the same. The DBE administers these monie5 as manapng agent and makes appropriate payments to contractors for work carried out. The monies do not belong to the D8E and as such the receipts and payments are not treated as income and expenditure in the Statrment of Financial Activities. Any monies held at the balance sheet date are treated as creditors on the balance sheeL The income and expenditure relatyng co school projeccs n¢X reflected in the starnent of Financial Activities amoun to £1.059m and £1.475m respectively (2024: £1.543m and £1.41 Om}. Historical assets arising from unexpended atcumulations of sale proteeds of redLbndant Church of England Sch¢xJl propertres are accounted for in the rescricted Church Schools fund and are managed by the CDBF in consukation with the DBE and held in a CDBF restricted fund detailed in the accounts. Trustees, responsibilities The Trus5 are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees (as Directors) to prepare financial 5tatement5 for each financial year. Under that law the Trustees have elected to prepare the financial s¢atements in accordan with United Kingdom Generally ACced Accounting Prattice (United Kingdom Accounting Srandards and applicable law). Under compqny law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair Yiew of the State of the afFdir5 of che CDBF and of the 5urplu5 or deficit of the CDBF for that period. In preparing these financial statements the Trustees are required to.. Select SUifAble accounting policies and apply them consistently Observe methods and principles in the Charities SOKP Make judgemer)ts and estimates that are reasonable and prudent State whether applicable accounting s¢andards have been followed. subject to any material departures disclosed and explained in the financial statements Prepare the financial sracements on the going concern basis unless it is inappropriate to assume that the company will continue in operation. The Trustees are also responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the CDBF and enable them to ensure that the financial statements comply with the Companie5 Act 201 l. They are also responsible for 5afesuardin8 the asset5 of the CDBF and hence for taking reasonable s*p5 for the prevention and detection of fraud and other irregularities. 42
The Chelmsford Dioc•san Board of Finan Trustees, Report for the year ended 31 December 2025 Trustees, responsibillties (continued) The Trustees are responsible for the maintrnance and integrity of the corporate and financial information included on the CDBF'S website. L'SlaI10n in England & Wales governing the prepardtion and dissemination of financial statements and other information included in Annual Reports may differ from ISlaOft in other jurisdictions. Statement of disclosure to the auditors So far a5 the Trustees are aware: there is no relevant audit information of which the charitable companls auditors are unaware, and we have taken all the step5 that we ought to have taken as Trustees in order to make ourselves aware of any relevant audrc inforniation and to establish that the charitable company's auditors are aNwdre of thac informatKJn. b) Appolntment of Auditors The appointment of auditors wll be proposed at the Annual General Meetin& 43
The Chelmsford Diocesan Board of Finance Trustses. Report for the year ended 31 December 2025 Administrative details Company registration number Charity registration number Reystered OfPice 137029 (Engfand & Wales) 249505 53 New Streek Chelmsford CM I IAT Tel: 01245 294400 v.chelrnSf0rd. ican.or Tru$tees In accordan wth the Companies Act 2006 and the Statement of Recommended Pracuce Accounting for Charities {Second Edition. effective l January 2019), the Companies Att 2006 and applicable accounting standards, the Trustees (for the purposes of charity law) and direttors (for the purposes of company law) during the year andlor as at the datr of signing vlere: President Chair Vice-chal Area Bishops The Rt Revd Gulnar Frnncis-Deqhani Mr Jeffrey Mushens Mr John Shakeshaft (frorn 2310212026) The Rt Revd Roger A B rri$ The Rt Revd Adam Atkinson The Rt Revd Lynne Cullens The Ven Christopher Burke The Ven Ruth Patten The Ven Michael Power The Ven Jonathan Croucher The Ven Kate Peac¢xk The Ven Dr Susan Lucas The Revd Canon Dr Jessica Martin Canon Robert l Hammond The Revd Canon Jane Richards (r( a trustee due to remuneration by the Board) Archdeacons The Dean Lay Vice-Pre5ident Clergy Vi.PreSIdents Elerted or appointed to fill a vacancy Mr John Tipping Revd Canon Christian Okeke Mrs Jill Readings (until 0910712025) Mr Duraisamy Daniel Jeknne5an Mrs Floren Cona Miss Vevet Norine Deer Mr Fhilip Carnelley Mrs Julia Thomas Mrs Mary Durlacher The Revd Canon David Che5ney (from 2510412025 until 22109120251 The Revd Canon Nicholas E Kowan Mr Adrian Smich {from 08104120251 M5 Hazel Thomas Mr Andrew Holt (from 2710612025) Ms Wilhelmina Joan Goulbourn No Trustee had any beneficml interest in the company during the year.
The Chdmsford DiocesaD Board of Finance Trustees, Report for the year ended 31 December 2025 Admlnistrative details (continued) Senior Staff The day to day management of the Chelmsford Diocesan Board of Finance is delepted to the Chief ExecutNe. The officers who served during the year and at the daTr of signing are. Canon Michaela Southworth Paul Setterfield FCMK CGMA (from 0610212026) The Reyd Canon Rob Merchant Paul SertIe1d. FCMA CGMA (to 0510Y2026) Canon Thomas Geldard Carrie Prior Alex Reeye (to 0910112026) Canon Nathan Whitehead Amanda Goh Rachel Towns Dawn Weddell Graham Dowling Chief Executive & Diocesan Secretary Chief Operating Officer Dean of Mission. Ministry & Education Dirertor of Finance Dirertor of Communications & Media Dirertor of Education Head of Property Head of Service Delivery Head of Safeguarding HR Manager Programme Manager General Manager Retreat House Pleshey Professional Advise Auditors Haysmac LLP l O Queen Street Place London EC4R I AG Solicitors and Reslstrars Winckworth Sherwood Minerva House 5 Montague Close London SEI 98B Bankers Barclays Bank plc 404 l High Street Chelmsford CM I I BE Investment Managers Cazenove Charitie5 12 Moorgate London EC2R 6DA CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Glebe Property Agents Strutt & Parker Coval Hall Chelmsford CM12QF approving this Trustres. Reporo the Trustees are also approving the Strategic Fieport included above within capacity as company direaors. THE TRUSTEES Jeffrey Mushens ir of the Chelmsford Diocesan Board of Finance . (IM IJVI &4 45
The Chelmsford Diocesan Bovd of Flnanct Ind¢p8ndent auditor5. rnport to the m¢mbers of The Chelmsford Diocesan Board of Flnance Opinion We have audited the financial S0mentS of The Chelmsford Diocesan Board of Finance for the year ended 31 December 2025 which comprise Statement of Financial Activities, the Summary Income and Expenditure Accoun¢ the Balance SheeL the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework thac has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Finoncial Reporting Standard applicable in the UK ond Republic of Irelond (uni Kingdom Generally Accepted Accounting Pracuce). In our opinion, the financial sratemen give a crue and fair wew of the 5tt of the charitable company's affairs as at 31 December 202S and of the charitable company's movemenr in fijnds, including the income and expenditure, for the year then ended. have been property prepared in accordance with United Kingdom Generdlly Accepted Accounting Prtc¢ice', and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for opinlon We conducted our audit in accordance with International Standard5 on Audiung (UK) (ISAS (UK)) and applicable law. Our responsibilities Lbnder those standards are further described in the Auditor's responsibilities for the audit d the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to pmvide a basis for our ownion. Conclusions relating to going concern In auditing the financial 5uTrmerits. we have concluded that the trustees, use of the going concern basis of ccounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condi¢ion5 thac individualty or collecuvely, may cast significanr doubt on the charitable company's abilrty to continue as a going concern for a period of at least 1Ve months from when the financial sr2tements are authorised for issue. Our responsibiliue5 and the responsibilities of the trustres with respect to going concern are described in the relevant sections ol this reporL Other information The uustee5 are responsible for the other information. The other information comprise5 the inforniation included in the Trustees, Report, Our opinion on the financial 5£atements does not cover the other information and, except to the extent othepmse explicidy stated in our reporo we do not express any form of assur7nce conclusion thereon. In connettion with our audit of the financial statements, our re5pon5ibiliry is to read the other information and, in doing so. consider whether the other information is materially inconsistrnt with the financial starnents or our knowledge obtained in the audit or otheThvise appears to be materially misstad. If we idencify such material inconsistrncies or apparent material misstatements, we are required to drMIne whether there is a material misststement in the financial xatements or a material misstatement of the other inforniation. If. based on the work we have performed, we conclude that there is a material mi5Statemen¢ of this other inft>miation. we are required to report that fac¢. We have nothing to report in this regard. Page 46
The Cht1rn5ford Diocesan Board of Finance Independent auditors. report to the members of The Chelmsford Dlocesan Board of Finance Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audic the inforniation given in the Trustees. Report (which includes the strategic rep)rt and the direcwrs. report prepared for the purposes of company law) for the financial year for v+hich the financial Statements are prepared is consiscent with the financial statements; and the strdteg.lc rert and the directors. report included within the Trustee5' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtsined in the course of the audi( we have not identified matrrial misstatements in the TrLbStees' Report (which incorpordtes the strategic report and the directors, report). We have nothing to report in resFecc of the following matters in relation to which the Companies Att 2006 require5 US to report to you if, in our opinion: adequate accounting records have not been kept by the charitable company: or the charitable company financiai statements are not in agreement with the accounting records and returns: or certain disclosures of trUse5. remunerauon specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsiblllties of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 35. the trustees (wtho are also the direttors of the charitable company for the purposes of company law) are responsible for the preparatyon of the finanaal statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deTrrniine is necessary to enable the preparation of financial s(aTrments that are free from material misstatemenL whether due to fraud or error. In preparing the financial sotementy the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, macrer5 related to going concern and using the going concern basis of accounting unless the trustres ether intend to liquidatr the charitable company or to cease operaoons. or have no realisuc alrnatiYe but to do so. Auditor's responsibillties for the audit of the financial statements Our objectives are to obfain reasonable assurdnce about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report chat includes our opinion. Reasonable assurance is a high level of assurdnce but is not a guarantee that an audit condutted in accordance with ISAS {UK) will alwdys detect a material mi5Statement when it exists. MIsstaMentS can arise from fraud or error and are considered material if. individually or in the aggregare, they could reasonabty be expetted to influence the economk decisions of users taken on the basis of these financial st3ments. Irregulariue& including fraud, are instances of non-compliance with laws and regulations. We desb8n procedures in line Wbth our re5ponsibiliues, outlined above. to det material misstatements in respect of irregularities. including fraud. The extrnt to which our procedures are capable of detecting IrregularleS. including fraud is detailed belovr. Based on our vndersranding of the and the environment in which it operates, V identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wale& and we considered the ent to which non-compliance might have a material effett on the financial statements. We also considered those laws and regulations that have a dirett impatt on the preparation of the finanoal statements such as the Companies Act 2006 and the Charities Act 2011. Page 47
Th• Chelmsford Diocesan Board of Finance Independent auditors, report to the members of The Chelmsford Diocesan Board of Finance We eydluated management's incentives and opportunities for fraudulent manipulauon ofthe finaftaal statements (including the risk of override of controls). Audit prottdures perfomied by the en8a8ement team included: Inspecting correspondence with regulators: Discus5ion5 With management including consideraoon of known or suspected instantts of non- compliance with lay and regulation and fraud; Reviewing the controls and procedure5 of the group relevant to the preparydtion of the financial statements to ensure these were in place throughout the year, including during the Covid-19 remote working period. Eydluating management'5 controls designed to prevent and detecc irregulariiies,. Identifying and testing journals: Challenging assumptions and judgements made by management in their critical accounting estimates in particular valuation of property a55ets and investment properries., and Because of the inherent limitations of an audiL there is a risk that vle Mll not detett all irregularities. including those leading to a material misstatement in the financial sta¢ents or non<ompliante with re8ulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions refiected in the financial statements, a5 we will be less likely to become aware of instances of non-complian The risk is also greater rerdrding irregularities ¢xcurring due to fraud rather than error, as frdud involves intentional concealmen¢ forgery, collusion. omission or misrepresentavon. A further description of our responsibilities for the audit of the financial Statements 15 locatrd on the Financial Reporting Council's vobsite aL Tr*VWW.frc.org.uklauditor5responsibilities. This description forms part of our auditor's repK)fL Use of our report This report is made solely to the charitable company'5 member5, as a body, in accordance with Chapor 3 of Par¢ 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members those matters are required to state to them in an Auditor'5 report and for no ocher purpose. To the fullest extent permitted by law. we do not aCpt or assume respon5ibiliry to anyone other than the charitsble company and the charitable company's members as a body, for our audit worK for this repo or for the opinions we have formed. Jane Askew {Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Da 1710612026
The Chelmsford Dioce54n Board of Finance STATEMENT OF FINANCIAL ACTIVITIES For th¢ yur end 31 De¢•mb•r 202$ Unregtrlrted fund8 Rtttricted End0¥mit General Dt51gnat•d Funds Funds 2025 2025 2025 Totsl Funds ToTal dF 2025 2025 eo 2024 000 Nirte £'ooo Incomtfro Dan1tS.. Partsh eontrhutiOn5 Oth¥ donari$ and Wies Charl aetNit Investments 13.5Z8 12 13J28 4,495 1.774 lJ96 13.208 4.216 1.530 2.443 3.397 1,737 35 303 Other TradinxattNiies'. ParsoTha8a rgnTX recthv her IDety 849 149 S3 925 kncome 17,239 450 J.702 22.995 22J22 E¥PdIjre on Rsing fvt)d$'. Inv£%thEnt neMt Charitable 3CtNiti&% her EXpendvre 30 3,718 375 367 25.208 1,354 7a 76 21.183 290 24199 Tod expendffure 21.183 J.748 15818 20.929 Net surplusl Idefi(It) befor• In¥stmeht Kins {3.944) IS2 (46) l.ois {1824) 14,6071 Netpns l {ltssse%l on inveKtrreThts 13 (245) 821 612 7.691 surplusl (defi(•t) before tranrferl (3,W4) (93) 775 1.427 (1,630> 3,084 Transfer beNeen funds 3.375 10,163 (52) (13,486) Net aurplu$l {dèlSclt) bgfv• othèr gaihnd 105 (569} IOW70 723 {11.8S9) (1.436) 3A84 GaIn(lO$ss) on rèv19 of fed a%r$ 75 1052 10,8 12,017 115,7391 Net movement in fvndg (494) 793 {1.039) 10,382 112.6551 Totsl fund5 broughtfonvar 5.033 3&142 12. 31J6,21é 359.91KI 372J56 Total fund tarrled lorward 4.539 47,264 13J 305,ITI 359.900 The nots5 on pages $3 to 82 form part of these financial Ma¢ement& Page 49
The Chelmsford Diocesan Board of Finance Notes to the financial statsments For the year ended 31 December 2025 SUMMARY INCOME AND EXPENDITURE ACCOUNT For th• year ended 31 Decembtr 2025 Total Total 2025 2024 Tothl income 21.393 20.733 Tetal expenditure (25.231 P&135) Operatinz profit Net la1<105s6$l on inveso))ents (3038) 576 (5,402) 677 Net inc¢me for thè year {3,262) 14.72S) Other ccmpreh8nsNe IrKome'. Revalutsty¢ of fixed asse 1,197 13.486 Net assets traTrsferred Ir¢m b)dowment 4054 To1 comprehensiye income (3821 The income ind expenditure account Is derived from the Statement of Firrancial Aetivitie5 Wlth movements in endowment fund5 excluded to comply with company law. Ail income and expenditure is derived from continuing activities. The notes on pages 53 to 82 form part of these financial s¢atement Page SO
The Chelmsford Dlo¢•san Board of Finance Notes to the financial statements For the year ended 31 December 2025 BALANCE SHEET For the year ended 31 December 202S Company number: 137029 2025 É'ooo 2024 fooo Note £'ooo eooo Fixed Assets Tarswble assets Invesrments 280,020 79.946 273.786 78.956 359.966 352.742 Curr•nt asxts Assets hdd for sle 1,587 6.053 Debtors.. anY)unts fallng due after more than one year Debtors.. amounts fallng due wlthln one ye¥ Cash at bank and ITr hand 2S7 219 3,593 8.756 2.741 3.291 14,193 12JO4 Cr•ditor amounts (ling due within one yEar {3,290) (2,438) Net curr•nt assets 10,903 9.866 Total assets Iws current liabilities 370.869 362.608 Creditors.. anxsut)ts falhng due after than one year (587) Q.708) N•t 1•ts 370,282 359.900 Fundi Endowtneni Funds {including asset revalua0$ of £162.85m (2024 É162.99m) Restricted Fund5 lincluding a5se¢ reVatS of £0.40m 12024 £0.33m) Designated Funds linchjding assrf revaluations of £13.61m12024 É11.69ml Generdl Funds {includ¥hg asset revat)Ds of £1 52m 12024 £1.44m) 305.177 306.216 13,302 12J09 19 47.264 36.142 4539 5.033 Tot*1 Funds 370.28Z 359,900 ial statements were approved and authoris•d for issuè by the Trustees on 13 Mly 2026 and sid on thwr behaw, ns. Chair s ¢)n p3ge$ 53 £0 82 forni part of these finanoal Statements. Page 51
Thè Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 STATEMENT OF CASH FLOWS 2025 £'ooo 2024 fooo £'ooo iooo (6.320) Ntt Cash ud in from oper•tlng 4ctiYi¢is Cashfiow from inv¢sting activities Divldends, interest and rent from 1nyesrftts Interest pld Proceeds from the $ of 12n&ble fr assets Proceeds from the salè cl hekl fix $e Sets (4.765) 1296 {117) 5.354 5,848 1408 (1.228) {3,210) 2.443 95) 4.158 6,811 2.753 {4.641) 14.155) Pr¢xeeds from the s of investments Purchase of tan&bk Ilxwl assets for the use of the CDP Purchase of fixed assets investmen Net Cash In inv¢stin8 activiti 11351 6.974 Cash flows from finan¢lng ACti¥ities Loans repaid by CDBF Net Cash provided by financlng activitiel Tot1 movement In year {Iizi) (5.645) (2,121) 10,230 15.6451 1.329 Change in cash and cash equival•nts in the reporting period Cash and cash oquivalents at l January Cash #nd cath ¢qu5val•nts at 31 Dffember 5,465 3,291 8.756 14.991) 8.282 3.291 ReconciliatitsTh of n•t Incom• to nrt cash used in oporatin8 activit 2025 £'ooo 2024 Cooo N•t in¢om• for th• year ended 31 December 10,382 (12,655) Adjurtrnwbts for. DeprecTrathn Gn on revafuitlon of fed assets DNidends, Inwest and rwrfrom investments Inorest pid Gn sale c4 functional ass 94 (12.000) 12,296) 14.697 (2.443) 395 {327) 278 388 Loss sale d funcrional assets Gwn on the revaluation of held for sle assets Losses on $e of hdd for se assets L055es In$) revaluation of inve5tment5 L055 ¢)n sale of investnnts Decrezsel{increasel in debtors Increas•Jldecreasel in crwlitors {17) 205 1.042 664 17.693) (1,214) 36 (891) 8S2 (893) 82 N•t (h ith operating activities (4.76S) (6.320) Page 52
Th• Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 PRINCIPAL ACCOUNTING POLICIES The financial Statements have been prepared under the historical cost convention, eXpe for freehoFd properries which are included at their fair value as determined under the applicable valuation method as detailed below, and fixed asset investments which are included at their markec value at the balance sheet date. The financial Statements have been prepared in accordance with the Statement of Recommended Practice for Charities (Second Edition. effective l January 2019), the Companie5 Act 2006 and applicable accounting stsndards (FRS 102). CDBF meets the definition of a Public Benefit entity as defined by FRS102. The principal accounting policies and estimation techniques are a5 follows.. (a) Income All income is included in the starnent of Financial Attiyities (SOFA) when the CDBF is legallx enrided to 1¢ as income or capital re5pectyvely. ultimate receipt is probable and the amount to be recognised can be quantrfied with reasonable accuracy. Pdrish Contributions are recognised as income of the year in respett of which they are receivable. Rent receiyable 15 recogrbised as income in the period with respett to v4hich it relates. iii) Interest and dividends are recognised as income when receivable. iy) Grant5 received which are subject to prethcondttyons for entitlement specified by the donor which have not been met at the year-end are included in creditors to be carried forNYard to the following year. Parochial fees are recognised as income in the year to which they relate. ) Donations other than grants are recognised when receivable. vii) Gains and 105ses on disposal of fixed assets for the CDBF'S own use li.e. non-inves¢ment assets) are accounted for as other intome for gains and expenditure on charitable artivities for losses. viii) Stipends fund income. The Stipends Fund Capltal account is governed by the Diocesan Stipends. Fund Measure 1953. as amended, and the use of the income 15 restricted for clergy stipends. However, the income is fully expended within the year of receipt and the I1 restricrions. therefore, are satisfied. It is on this ba$is that the income and the (normally much larger) related expenditure are both included in the unrestritted column of the Statement of Financial Activities for the sake of greatLY clarity and simplicity in financial reporting. Page 53
Th• Chèlmsford Diocesan Board of F4nan¢e Notes to the financial statements For the year ended 31 December 2025 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (b) Exp•nditure Expenditure is included on the accruals basis and has been classified under heading5 that aggregate all costs related to the Statement of Financial Activity category. Costs of raising fund5 are constrained to costs relating to the investrnent management Costs of glebe and any other inyesrrnent land or property. ii) Chari(able expenditure is analysed between contributlOf15 to the Archbishops, Council. expenditure on resourcin8 mission and ministry in the parishes of the dFocese, expenditure relating to the running of the diocesan retreat centre, and expenditure on education and Church of England schools in the diocese. iii) Gains and losses on diswsal of fixed assets for the CDBF'S own (i.e. non-investsnent assets) are accounted for as other income for 1n$ and expenditure on charitable acrivities for losses. iv) Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional on the recipient satisfying perforniance or other discretionary requirements to the 5aosfaction of the CDBF, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to such conditions which have not been met at the year-end are noted as a commitmenL but not accrued as expenditure. vl Supporr costs consist of central managemenL administration, and governance costs. The amount spent on raising funds and other accivities are considered to be immaterial and all support costs are allocated to the purpose of charitable attivities. Costs are allocated vtherever possible direcdy to the attivity to which they relaty buc where such direct allocation is not possible. the remainder is allocated on an approximatr staff ume basis. vi) Pension contributions - the CDBF parriCipa5 in three pension scheme5 to provide pension benefits based on final pensionable pay. namely the Church of England Funded Pensions Scheme (clergy), the Church of England Defined Benefits Scheme part ofthe Church Workers Pension Fund, and the Teachers Superannuation Scheme. The CDBF also participates in the Chureh of England Pension Builder Scheme (formerly known as Defined Contributions Scheme) part of the Church Workers Pension Fund. Details of the schemes are Set QU¢ in note 27. The pension c05t5 charged as expenditure represent the CDBF'S contributions payable in respett of the accounting period. in accordance Trmth FRSIOI vii) Short term employee benefits including holiday pay are recognised as an expense in the period in which the service is received. viii) Employee termination nefIts are accountrd for on an accrual basis and in line v*ith FRS 102. (c) Going concern As explained more fully in the Trustses report on page 35: having VieWed the fijnding facilitie5 available to CDBF together with the expected future cash flows. the tru5tee5 have a reasonable expectation that charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the charity's financial viability. Accordingly, they also continue ¢0 a¢Jopt the going conrn basis in preparing the financial statements. Py54
The Chelmsford Diocesan B¢)ard of Flnance Notes to the financial statements For the year ended 31 December 2025 PRINCIPAL ACCOUNTING POUCIES (CONTINUED) (d) Tanglble fixed assets and depreciation Freehold properties Depreciation is not provided on buildings as any provision (annual or cumulative) would not be material due to the very long expetted remaining useful economic life in each case. arKI be(ause their expetted residual value 15 not materialty less than their carrying value. The CDBF has a policy of regular strutturdl inspection. repair. 2nd maintenance, which in the case of residential properties is in accordance the Repair of Benefice5 Buildings Measure 1972 and propertie5 are therefore unlikely to deterioratr or suffer from obsolescence. In addition, disposals of properties occur wdl before the end of their economic lives and disposal proceeds are usually not less than thw'r carrying value. The Trustees perform annual impairment reviews in accordan with the reqU1ments of FRS102 to ensure that the carrying value is not more than the recoverable arTrJunL Freehold properrie5 are included in the balance sheet at their fair value. Properties for the charitys own use All houses (excepring properties 5ubjett to Ydlue linked loans shown below) are included in the balance sheet at Fair valu< which is considered to be their professional market VUation. Such houses are revalued annually. ProP•rti•s subi•¢t to value Ilnked loans Properties which have been bought with the assistance of value-linked loans from the Church Commissioners are stated using the value of the related loan at the balan sheet date. Each year end the respettive property and loan are carried at an index linked current valuation basis. Porn>noge houses The CDBF has followed the requirements of FRS102. in its accounting treatment for benefio houses (parsonages). FRS102 requires che accounting treatment to follow the Substan of arrangements rather than their strict legal form. The CDBF is formally responsible for the maInnanCe and repair of such propertie5 and has some jurisdiction over their future use or potential sale if not required as a benefice house. in the meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees therefore consider the most suitable accounting poliq is capitalise such properties as expendable endowment assets and to carry them at their estimated current market value. Parsonage houses are revalued annually and are recorded at their fair value. Assets held for sole Asset5 held for sale are not depreciated, are measured at the lower of carrying amountand fair Ydlue less costs to sell. and are presented separately in the statement of financial posityon. (e) Other tangible fixed assets DeprecÉation is provided to write off the cost (less any ultimate disposal proceeds at pri$ ruling at the time of the asset's acquisition) of other fixed assets over their currentty expected useful economtc lives at the following inttial rates.. - Solar PV pane15 Motor vehicles Computers Furniture and office equipment 4% per annum straight line 25% per annum straight line 25% per annum strydight line 20% per annum straight line All capital expenditure over £ 1.000 is capitalised. Page SS
The Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (fj Other accounting policies Ftxed asset investments - Investment properues incILe agriculturnl holdings and commercial properties which are professionally valued annually. Other InVestnts are included in the balance sheet at fair (market) dIue and (he tdin or loss on revaluation taken to the Sratemenc of Financial Attiyities. Financial Instruments Other than equity loans Ythich are initially recognised at the amount received, with the carrying amount adjusted in subsequent years to reflect the value based on the proportion of the current value of the relevant property and any accrued interesL the company only has financial assets and liabilities of a kind that qLRIfy as basic financial instruments. Debtors - Trade and other debrors are recognlsed at the setdement amouni due after any trade discount offered. Prepkyments are valued at the amount prepaid net of any trade discounts due. At the end of each reporting period debtors are a55e55ed for evidence of impairment. If an asset is impaired an IMlmientIo$s is recognised in the Statement of Financial AttNities. Cash - Cash at bank and cash in hand includes cash and short Trrm highly liquid investments with a short maturity of three months or less from the date of acquistuon or opening of rhe deposlt or similar accounL Creditors- Basic financial liabilities, including trade and other payables and bank102n& are recr)gnised Ythere the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third pany and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at transaction pri. Leases - The company has enred into operating lease arrangements for the use of certain assets. the rental for which is charged in full as exFenditure in the year to which it relates. Where rent free periods are glven as part of an operating lease. the impact of this rent-free period is refletted in the Statement of Financial Activities over the shorter of the overall lease term or first break clause. d) (g) Fund balances Fund balance5 are Split between unrestricted Igenerdl and designated). reStrItt and endowment fund5. Unrestricted fvnds are the CDBF'S corporate funds and are freely available for any purpose within the charitable company'5 objecrs, at the discretion of the CDBF. There are two types of unrestricted funds- General fund5 which the CDBF intends to use for the general purposes ofthe CDBF Designated funds set aside out of unrestricted funds by the CDBF for a purpose specified by the Tnjstees. Restrictrd fvnds are income funds subjec¢ to conditions imposed by the donor as specific rms of trus( or else by Iwl measure. EndovKnent funds are those held on trust to be retained for the benefit of the charitable company as a capital fund. In the case of the endowment fund5 adminisred by the CDBF (Stipends Fund Capital and Parsonage Houses). there are discretionary pOvr$ to convert capital into income and. as a resulL these funds are classified as expendable endowment Endowment fund5 where there is no provision for expenditure of L3Pital are classified a5 permanent endowmenL In 2021 the trustees passed a resolution under s104 Charities Act 2011 to adopt Total Return Accounting as pemiitted by the Diotrsan Stipends Measure (Amended) 2016.. For further detail see no* 14. Page 56
Thè Chelmsford Diocesan Board of Financ¢ Note$ to the financial statements For the year ended 31 December 2025 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 'Special trusts" (as defined by the Charities Act 2011} and any other trusts where the company acts as trustee and controls the management and use of the fund& are included in the company's own financial staments as charity branches. Trusts where the CDBF acts merely as custodian trustee with no control over the management of the funds are nor included in the flnancial st2trments but are summarised in the notes to the financial Statements. (h) Capital expenditure on Voluntary Aided schools Contribution5 to capital expenditure from Department for Education and School goVerrr$ are not recognised in the Statement of Financial Activities. Derdi15 of the turnover related to this artivity are included in note 24. The CDBF contribu$ to the improvemen( extension and buikling of schools not under its control by making grants to the school governors concerned. and these are shown as such in the Statement of Financial Attivities. The CDBF doe5 not recognise the value of the company's rever5ionary inTrrest in the assets of closed schools until the ultimate proceeds of disposal have been received. (i) Judgements and estimates In the application of the accountyng policies, the Trustees are required to make judgemen estimates and assumptions aLx)ut the carrying Yalue of assets and liabilities thai are not readily apparent from other sources. The estimates and underlying a5s1Jmptions are based on historical experience and other factors that are considered to be relevanL Actual results may differ from these estimate5. The estimates and underlying assumptions are continually evaluatsd. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Sigimficont judgements i) Valuation of Freehold properties and parsonage houses- All freehold propertie5 and parsonage houses. including investment properties, but excluding those subject to value linked loan5 are revalued to their fair value annually using valuations provided by external professionals. Properties subject to value linked loan5 are revalued each year at the fair value based on the index linked current valuation basis. ii) Valuation of liabilities arising from the charity's obligation to meet deficit reduttion payments for its multivemployer defined benefrt pension scheme- These liabilities are relUed at each year end using discount ratss which are reassessed annually. iii) Residual fdlue of Freehold propertles- The TrueS consider that the sIdUal Yalue of freehold properues is sufficiendy high that depreciation would not be material. Sour$ of estimcrtl( uncertoinry In the view of the Trustees there are no sources of estimation uncertainty affecting assets or liabilities at the balance sheet dao thac are likely to resulc in a material adjustment to their carrying amounts in the next financial year. (j) Basis of consolidation The accounts for the CDBF have been prepared on a company only ba515. In 2024 CDBF acquired a tfdding Subsidiary, MCO Investments Lcd, Company Number 09614431, which owns a propery from which the charity TrMII run an Area Office. As the results of the subsidiary are imm?rial. they have not been consolidated into the Charity's financial results, but the value of the l 00% shareholding in the 5ub5idiary has been recognised in the Investmencs section of the Balance Sheet (See note 13). Page 57
The Chelmrford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 INCOME FROM DONATIONS Parlsh Contrlbutlons Unrnstrlcted fundi Restrl(tsd Endowment Total General Desl8nat•d 2025 2015 Fund5 Funds Fund5 Fun(k 2025 2025 2025 2024 £'ooo cooo 'o•o 00 £'o•o Parish share assessment for the year Shortfall irb ttsntributions 16.337 (1828) 16,337 {2,828) 12 16.261 {3.0951 Payments in exce55 of 355e55ment Arrears for previous years 35 13.528 13,520 13,208 All Fori$h contribution$ in 2024 were unrestrlcted Other DonatloThs Vnrestrlrted funds Restrlctsd Endowment Totzl General Deslgn4¢¢d 2025 2025 Fund$ Funds Funds hJn¢k 20 2025 2015 2024 L'ooo £'oo• eooo £'ODO DonatKsns 250 34 Ministry &JFwrr Fundlng Benefact Trust 888 818 1.247 222 180 186 Ch¥rch Plantlng Training for Ministry c Churches Fund &rateg¥¢ Capaeity hjnd Diocesan Inve5tmeTrt in PeoplE Other Gnnts 1.284 45 1.284 45 1,453 (1881 6Ql 562 562 757 757 237 20* 209 38 15 29• 314 572 912 3.391 4.496 4.216 Totsi donatlons 14,440 186 3.391 18.024 17.424 In 2024, £1,S64.th) of other thnations were unre5tri¢ttd and £1651000 was res¢rirted. Pa¥e 58
The Chelmsford Diocesan Board of Finan¢¢ Notes to the financial Statements For the year ended 31 December 2025 INCOME FROM CHARITABLE ACTIVITIES Unrestrlct•d fvnd5 Rgstrlct¥d Endowm•nt Total Total Parlsh ContrIbtIonS General Designated 2025 2015 Funds Fund$ Fund$ Fun Z025 2025 2015 2014 £00 £Thio £00 L'ooo Ststuwry lees Chaplainty income Parish Share Services 677 677 803 133 Miscellaneous income 185 28 215 220 Diocesan Retreat H(MJs¢ 331 331 284 Roorn Hire and simdar 318 325 1.737 35 1.774 1.530 Totofn 2024 16 1.530 The income from chaplaincy services and parish share seryices are now shown on Separa lines and no lon8er included in miscellaneous income. The income from 2024 has been restated to match the presentation. Room hire and similar has been added to show income from St Marks at Beckton and similar. INCOME FROM INVESTMENTS Unrestrlctsd fvnds R•stri¢t*d Endowment Tatal Total General Deslgnated 2025 2025 Funds Funds Funds Fun& 2025 2025 2025 2024 £00 £00 £00 Dividends 178 254 1.562 221 1.486 Interest 197 19 413 Rert 30 483 513 544 206 183 303 1.604 l296 2,443 Totol in 2014 347 375 1.573 2,443 Page 59
The Chelrnsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 OTHER INCOME Unrestr4Ct•d fijnds Restrirted Endowment Total roid General Desi8n¢¢d Fund5 Fund5 Funds 2025 2025 20Z5 2025 2025 2024 £Y)00 00 £00 £'ooo É'ooo Gains on dispo$al ol aoets 46 53 46 53 Told 2024 Losses on th$posal of als are shown below in no¢¢ 7b tsther ¢wnth'wre FUND RAISING COSTS Unrejtricted lunds Restricted Endowment Total Gen•rnl Dslgnaed 202S 202S Funds Funds Funds 2025 1025 2015 2024 £'ooo £'ooo £00 Éwoo £Ot Investmit manaKement Casts 30 37$ 4•S 367 Totd i? 2024 29 338 367
The CheJm5ford Diocesan Board of Financ• Notes to the financial statements For the year ended 31 December 2025 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted funds Restricted Endowm•nt To General DeSiated 2025 2025 £'ooo Funds Funds Funds 2025 É'ooo 2025 2025 £'ooo £'ooo £'ooo Resourcing ministry and mi5sptin Grant Fundn8 d actwit Support costs Expenditure on Diocesan Retreat House Expendrcure cffi EducatK>n 15,071 1,896 3,689 327 201 2,244 353 17.516 2.290 4.403 374 41 705 47 200 416 616 21,183 298 3,718 25,199 Unre¢ricted funds General De&gnrted 2024 2024 eooo Restricted Ernjowment Funds Total Funds Funds 2024 £000 2024 £000 2024 £000 1000 Resowcing mtnistry ond mission frtmt Funding of oaivities Support CQ5ts Dloceson Retretrt House ExPen&ture on Education 16,229 1.743 2.900 295 309 2272 331 18.810 2.074 3.414 332 32 37 104 474 578 21.271 378 3.559 25,208 Page 61
The Chelrnsford Di¢xesan Board of Financ• Notes to the financial statements For the year ended 31 December 2025 OTHER EXPENDITURE Unrestricted funds Restricted Endowment General Designated Funds Fund$ 2025 2025 2025 £'ooo Totsl Fund$ 2025 £'ooo 2025 £'ooo L'ooo Loss on di5P05al of assets 214 214 Unrestricted funds nerol Designated Restricted Endobwntrt Totol Funds Funds nds 2024 fooo 2024 cooo 2024 2024 1000 2024 cooo fooo Loss on disÈ*)sal of ossets 596 302 456 1.354 596 302 456 1.354 Gains on di$posal of assets are shown above in no¢e 5 other in¢¢)m& ALLOCATION OF SUPPORT COSTS 2025 2024 £'ooo Resourcing ministry and missie Educatyon 3.203 211 190 Total 4,404 3.414 NET INCOME Thls Is stated after tharyin¥ 2025 2024 £'ooo £¢WO Authrors. rèmuneration {includlng VA Audit Fees 43 42 Other Fees Operaring lease costs in the year Depreciation charge Interest paid Iso 228 94 395 Page 62
The ChSf0rd Diocesan Board of Financ• Notes to the financial statements For the year ended 31 December 202S 8. ANALYSIS OF GRANTS Gr•nts to Grants to Individua15 Instkutlons 202$ 202$ £'ooo £'ooo Total Towl Fund5 2•25 £'ooo 2024 cooo Grants [de 150 1140 2.290 2.074 Tot¢TI in 2024 160 1.914 2.074 Reconciliatlon of grants payabl• 2•25 £'ooo 257 2.290 (l330) 209 2024 fooo Arcrued at l January Grants payabk the year Gr•ts Pa during the year Total 247 2.074 (2.0641 257 Payable a5 follo in $$ than l year 209 257 y fund type No. IndiYidua15 InstitsOnI 'ooo 2025 2024 £'fjoD £'ooo eooo From unrtriCt¢ funds for Natlonal Church reSponbIlItI•$ Contribution$ w Archbishops. Council 1.353 1,353 1.239 From unrestrlcted fndS PCC feasibility study Mission Opportunity gran¢5 ¢0 pariEhe5 Interfaith wking Bishps discretionary bYant5 Ordinand5 in Traing Clew for trrining Is 354 15 354 39 318 19 14 120 106 44 131 26 Total from unrn5tr1rted funds 109 Iso 1.745 1,895 1.743 Total from deslgTrated funds Jildinggrants to Parbe$ 41 41 From restylrted fwthds (er5e2$ MS1O projects Housinglustyce Lent Appe Grants for parish buikling proieus PCC5 for mi$s1¢)n projects Education 8ranrs Other intstitutioTral grants Otheryan 21 10 10 19 15 89 203 89 203 103 198 39 39 13 13 Total from restrlcted 45 354 354 331 242 150 1140 l290 2.074 Total in 2024 169 1,914 2.074 P4e 63
The Chelmsford Dlocesan Board of Finance Notes to the financlal statements For the year ended 31 December 2025 I I. STAFF COSTS 2025 2024 Staff costs wert as folbws: £'ooo Ivoo Wy 3Thd slaries National Insurance iontributlL)ns 3.349 319 06 4,144 2.761 269 335 3.365 Pension costs (notè 171 The aYera%e number of persons ernpkytd by the company durlTrg the ye3r was as follow5: 202S 2024 Supportfor parish tThnistry Diocesan RetrEat House 94 85 St mkS Beckton Secr¢ws to Archdeacons 102 The avery number oferrfJloyee5 durnBthe year expressed as ful eqUfvaltr was as fdlow5 lincludi)g casual and par¢-tln staQ'. 2025 2024 No. Support for parish rrini$try Diocesan Retrea¢ House 80 69 St Marks Beckton Seeretaries to Archdeacons 95 77 The numb¥ of htr pald employees was". 2025 2024 In the band £60.Cl I - 0.000 In the band £70.001- £80,000 In the band £80,001 £90,000 In the band £90,001- £100iIOO Durlng the ye¥ the charity nrdde ewpbymwt ternnl0 paYts totalling £012024: £0)
The Chelmsford Diocesan 8o•rd of Flnance Notes to the financbal statements For the year ended 31 December 2025 I I. STAFF COSTS (Continued) R•munratyon of key management p¢rsonnel Key managernert personnel are deemed to be those hYlng authcry and responsibillry, ddegated to them by th¢ Trustees. fgr plannln& diretting and eontrolling the athvitie5 ts1 thE di¢X¢SO. Durin8 2025 they wtre: Chief Executhe & DI¢x•san Secretsry Mith•Èla Southworth Dean of Mlssion. Mlnistry & Educatson The Revd Robert merc[ Dlrtctor of Fbnanc• Paul Settedleld Dlrctor ofCommuniOnS & Medla Thomas Geldard Dlrertor trf Educ•iion Carrie Prior H•ad of Property Alex Reeve H•ad of S¢rYi< Delfvèry Nathan wThitshed H•ad of S•fe8urdln8 Amanda Goh HR Managèr Rxhel Towns Pro8rammt Manager Dawm Weddell General Pl#nager R¢treat Hous Ple$hey GralHm Dowling Data and Busines$ Sy5tsms maner Chi$ Copus (from 0110312025) RemuneAtion. pensions and exptnse5 for these emph)yees amounted to £101807712024: £894,984} Cleryy Sdpends The CDBF is r¢spon5ible forfundins, via the chUh C¢ynmissioner¥ the stypen& of licensed stipendiary clerBy in th¢ diocese, other than bishops and cathètknl stsff. The CDBF 15 also responsible for the Ps1On of housin8 for $tipendi3ry clergy in the dioce$e including tht srffragan bishops bu¢ excluding the di¢xÈsan bishop and cathedr41 staff. 2025 2024 8.007 067 a288 Stipend5 Naiional Insurance contyibutions Pension costs- currtnt year . defick reduttlon 1.568 7,802 10.442 lo,1 The siipÈnds of the Dioce5aD Bishop and thrte &rfFrngaTh &"shops are fundèd by the Church Commissiorters and art in the range £41350- ÉSI.910pA.12024.. £39,953 - £51.91(A.l. The annual rate of supend. fwded by the CDBF, paid to Awchdeacans in 2025 was in the range L41,792- £43.04612024: £39.058- £41,792 PA.). Otherder8y who were Trn5tees were paid L31.6551 p.i.12024.. £31,049 PA.). The CDBF provides housing lor the three Sthraran Bishops the Arthdeaeons the clergy who ore Trust¢es. The Crth Ci)mmissioners provide hosIng for the Di¢xesan Bishop. No Twttee receiwed remvneravon for seryices as TNs¢ee. The Tnjstees who recewed travelling ouc of pocket expenses wds £1.718 for 5 tnJs¢ees12024- £1,962) in respert ol GeneRI sYd duties and other aut ol pocket expense5. 7 tTrJsws received £16.496 for out of pockrt expern8es in their rbormal Une ol duty as archdeacon or member of dergy. Page 65
The Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 TANGIBLE FIXED ASSETS Freehold Offi¢e Other Fix•d propertie$ Equipment 2025 2025 'ooo a$5eti Total 202S £'oo• ZOZ5 £'o•o Cmt or ¥aluatlon At I january 2025 Additty)ns Disposa15 Revknation adjus¢ Transfw to a55ets hekj for sae At 31 Dec•ner 2025 273.170 962 4J7 744 274.3$1 1,228 267 (5,295) Iiooo (1,570) 279,167 (16) 12.000 (1.570) 280,698 71J4 727 D¢precltlon At I january 1025 char for the year On disposals A¢ 31 December 2025 325 29 566 (7) 347 (7) 671 331 Net book value A¢ 31 December 2015 279,267 273.171 373 380 280.020 273,786 At 31 December 2024 419 If the freehokj properties had not been included at Yallon thEy would haye been inchjded under the htstorical ¢o$t convention as follow% 2025 £'o•o 2024 £000 Cost 94.896 96,718 Tht land and budd85 were rvlalued on 31 December 2025 by Strury & Par LLP. Charttted SurYeyor5 on a (ar value basi5.
The Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 12. TANGIBLE FIXED ASSETS (continued) RaltIOnS Two of the equty (note 16) arefor the acqu$l¢ion of freehokj propeTtie5 In(ded above The repaymentterm5 are such that the arTr)unt repayable is quantffied as 2 percenugo of tht Sak proceeds. Accord2, rfthe propwty * revae the associated l¢)an must a150 be restst. The ar*sis of n& on revaluathns offf¥ed assets and h$ 15 a5 fOlkn. 202$ 2024 £'ooo cooo RevUat)n clfixed asse ReVYa1 of a55et5 heh4 for 5Ie 12.000 17 114.697) (1.042) Net105s per StatertRnt of FknQncl ACtfv1eS 12.017 {15,739) The analysls Ol assets held for sale 2025 2024 £'ooo £000 83knnce bl I january 2025 Proceeds Irom the sale of hekl for sale a55ets Lo55e5 on d15P¢)5 of hdd for trading 2sse Revaluation of held lor sale assers 6,053 (5,848) (205) 10.880 (6.811) (0641 (1,0421 3.690 6.053 Transfer to as$ws hdd for 5Ie for 202S Balance cf 31 December 202S 1.570 1.587 Proceeds from th• sah of tanBlbl• nxed assets 2025 2024 £'oo• COL Net book value ol freehold property fLxed assets di5P05ed 3¢ I january 2025 Gains and losses on disposal of assets Proceeds from the sate tsf freehold property tan8b1efred assets (5.304> (so) (S.354) 14.546) 389 14,158} Page 67
The Chdm5ford Diocesan Board of Financo Notes to the financial stxtements For the year ended 31 December 2025 13. FIXED ASSET INVESTMENTS LSsted Unlis¢•d Inv•stm•nt Investment Investments Inv¢$tMtnts SubsSdlary 202$ Pry)p¢rty 2025 Total Tot 1025 2025 2•25 2024 É'ooo 'ooo eooo £00 £'oo• At I janry 2025 Addluons 2S,848 2,974 (3,445) 1.002 27.379 37,546 235 413 15.15• 78,950 3,110 (3.445) 1.224 71.146 69.803 4.155 12.755) 7,693 74956 Di5P05315 Revaluation pin Mat*et Value at 31 December 2025 (1.502) 36.279 724 414 15,874 Hi5torK Vahje at 31 D¢¢ember 2025 21.719 26.212 51.538 51.115 Investments held by fvnd Unrestrirted funds Restrlrted EAdowm•nt Total G•neral Deslgnated 21125 2025 Fund$ Funds Fwnds 2•25 2025 2015 At 310e¢ember 2025 £'ooo '•oo £'o•• eooo Listed investments 4.344 5.627 23.03S 21851 27,379 34,279 Unlisted investments 7,796 Ie5CMent 5ubsithary InYe5tment property 14,379 15,874 Totsl 411 7,7•6 11,446 61J,245 79.944 Totol General Desgftthed 2Q24 2024 Fun¢ 2024 2024 2024 At 310ecernber 2024 4,078 412S 21.770 26.177 25.848 37.545 413 Unfbted wve5tmei)ts 5.243 413 7&5 14.365 62,312 15.150 78.956 413 5.243 10,9&8 The anatysis of ner gains on investments is a5 foll Z025 2024 £'ooo Reali5ed Ilossl ¥ain Unrealised zains on revaluation N¢tDins per Statement of RncIal ActNilles (36) 1.224 7,692 7,691 Page 68
The Ch•lmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 MCO Investments Ltd.'s last puL4ished Set of financial sratements were as at 31 May 2025. At this daTr MCO Investments Ltd had fbxed assets of £365k, with current liabilities of £320L with net assets and accumulated reserves totalling £45k. The Investment held at £414k includes purchase and legal fees associated with the purchase of the s¥Jbsidiary. From the date of completion there have been no inorcompany transactions befften CDBF and MCO Investments Ltd. 14. TOTAL RETURN ACCOUNTING The unapplied totsl return brought forward at the l January 2025 was £11.676m for SCF and £1.281 m for PEF a combined dlued of I12.957m. 3.5% was qwted and agreed as the annual percentage to transfer to the General fund to supplement revenue, this percentage will be reviev4ed annually taking into account investment performance and the balance of unapplied total return. The indexation of the base value5 is calculated using the National CPI index, as of December 2025 the CPI index used was 3.3 The movements during the last calendar year in the value of the unapplied total rrfurn are S in the fable belovr. Stiptr)d Capitsl tund Unapplied Tv$ttr Total Perm&n•nt Endtsm&fftt Unapplthl Total Total Truytfor Total Investment Rern inyestmont Aevjrn cooo £'ooo At I january 2025- Bas• ol the pennanenr eThlowment Unapplled tool retsjrn To1 75.360 75260 11.676 Ilh76 75.160 86.935 1365 Movements In th•yr Addltityn Sa proceed& Olebe lahd Losxs on revalnOn of cleryy hJ1 GaSnslllOs> on dsptssil 3S$0t% In¥t¥tnrtturTrs'. dr¥thnds rece+4ed InvèStnwntretUrn5." Gbe renrs 395 395 747 IrwestyTrentreDJrrL' realta unrrJ%5edzain5 In¥esthern mana8•mntcasts Sth?me trJn¥fer to Parsowe Fu uThippI tot41 return alkxited to Incorne in lh ar Add lnthxaOD d base k¥el d¢thdowmint Net mo¥emeNs ITh the year 747 13751 11.3051 13,0431 13.0431 114981 125261 1498 1,368 69 1691 12221 69 As at ) l DecettY 2025.. value ol the pernanent endowmenE IthappId total return Valuadon a5 at 31 D4tsmb*r 202S 74,648 7&64B 9.150 05,798 11$3 L153 1.059 9,150 9.150 1.059 1.059 76.648 2.153 3.113 of Wlthdrdwal to In¢•m• 70 GÈnernl lie¢ notr 19 aDatrpls of transfers) Withdrawil to incorne 3.013 CID51ry b3nCe 76,648 9,150 85.798 I153 1,059 3212 Page 69
The Chelmsford Dlo¢¢$an 8oard of Flnance Notes to the financial statements For the year ended 31 December 2025 15. ANALYSIS OF CHANGES IN NET DEBT Other Non- Cwh Changes At 31 Dec 2025 At l Jan 2025 Cashllows £'ooo £'ooo 'ooD Cash and cash equival¢nts Cash and cash equivalwts 3.291 5,465 8.756 3,291 5,465 8,756 Borrowings Debt due within ce year Debc due after one year (3601 {2.7081 360 2.121 (5871 {3,0681 2.481 (5871 Total 223 7,946 8.169 16. DEBTORS Total ro& 2025 2024 Du¢ after mor• than on• y•ar 600 L¥an5 W Parishes Eqwity loar Other In$ 220 182 37 37 257 219 Totsl T¢*cl 2025 2024 (lue within one year 00 rEh ¥harE 30S 426 CharitaNe activities debtor¥ 439 143 Other loans and debtors 1,261 427 785 Grant incorre accrued 345 Prepayments and accrued income 1,012 3,S93 2,741 Page 70
Thè Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 17. CREDITORS: Amounts falling due within one year Totol 2025 2024 £'ooo £000 Bank and v4uity loans Trade creditors Othw I00n and soclal stturity Closed Sch¢x4s- anv)unts hdd pending detrrmwbatic Schools ConditKsn Allocatwjns Pensi¢)n contribuoons (note 27) Other creditors Accru$ and derr income Grants acend (note 8} 360 501 102 753 120 476 1,257 47 476 458 40 240 188 209 128 116 257 3.290 2.438 18. CREDITORS: Amounts falling due after more than one year Total Totol 2035 2024 £'oo• Bank10Th5 2.121 587 Equity loan 5J7 587 2.708 National Westminster Bank PIC has made available mgrLpge facilities to fund the purchase of houses for curate5. The totsl loan balance stood at £148 Im at the end of 2024. During 2025 thi5 balance has been settled in full. Equiry loans are made available by the Church Commissioners to assist with provision of housing for curates and other minis*rs. The rmS are that the loan is repayable if the property is 501d or wses to be used for the PLtrpose under vh)ich the loan vn5 granted. The amount repayable to the Church Commissioners is the proportion of the current value of the properry that the loan bore to the original purchase COSL Most loan5 incurred interest initially at 3% per annum but the rnte thereafter varies with inllauon: the average interest rate on these loans is 6%. Page 71
The Chelmsford Dloc¢san Board of Finance Notes to the financlal statements For the year ended 31 December 2025 19. SUMMARY OF FUNDS MOVEMENTS STATEMENT OF FUNDS- CURRENT YEAR Balance at Tran5fer5 Gains1 Balance at (los) 310ecember 202S l January 202S Income 2025 xpenditure 2025 Inl(out) 2025 £'ooo Denatsd ftsnds House5 26238 330 7578 399 41 6,250 1.052 33.591 271 Benefact Trust 12451 Desated Stl)eThJ C¥r&l Fund Closed Churche5 '¢san Pastoral Account 150 1.76S 12051 9.288 370 1361 1,545 1,586 300 Missbn OPp¢rWnies Friends olthe Retreat House 300 171 DesiwJted Youth Work Devehpment Projects jnd Clergy Conlerence DeafCoMrrnitY Fund 1.072 28 1401 1,030 460 341 27 191 469 177 164 28 36.142 450 12981 10.163 807 47264 Gentr funds GeTh funds 5,033 17.239 3,375 75 4539 Total Unresfricted Funds 17.689 13,538 882 51,803 Endovmieht Funds sends Fund Clpitsl Parsonage H¢>Jses Pern)anent EndIrnent 86.935 215,916 3,365 306216 1,504 14161 {4,3481 19fv201 2,122 9,445 85,797 216.168 3212 305.177 15901 113,4861 Restrktsd n$ Ll"oettan Btsxrd of Educat London er the Border City Church Fund 5¢ Mcffjica's Trust 5,753 1.953 1,410 3,256 496 13271 1521 19211 152 6,074 253 S82 98 10 628 3M66 Lent Appèai 42 10 11,285} 1321 17481 42 Church PlantiThgproject Trrinh)gf( Mintstry Strtte8K Capacity Strnteg* MlS1ry Fund ri.esIn Investment Prw Historic Enland Other Srrdl Gmts 128S 45 101 77 64 20 757 29 209 27 152} 14 1271 1871 13.7481 153 77 13,302 12.509 3,703 1521 891 Total Funds 359,900 22.996 125,8191 13205 370.282 Page n
The Chelmsford Dioce5xn Board of Finance Notes to th¢ financial statsments For the year ended 31 December 2025 19. SUMMARY OF FVNL)S MOVEMENTS (contlnued) STATEMENT OF FUNDS- PRIOR YEAR Trty@1S 110) 2024 I JLYKtYy 2024 mt 31 Décenthi 2014 2024 2024 2024 Dsi¥rtqt•d f4mds Houses 2&517 367 15981 11.6861 20.238 330 8tntfact TrusL 228 1571 Deslznated Stilend Capit31 nd Ckned Chur&s 4J58 521 95 7,578 399 1125) D¢t$an Pastoral ACcont 41 ssh Opportthldes Friend5 of the Rerrtai House DestEnated Youth Work Devèlopment Projects Fu CrgY COnfere 1.052 27 ij 31 23 1,072 177 177 35,375 379 (974) 2,930 {1.5681 3&142 G•n4rn1 fvr 5.868 I lJ22 3,124 {ioJ 5.033 41.243 17.701 122.2451 &054 {1.57 41.175 End4)Wm¢rt Funds StyeThls F1 Cqprt 83,954 231.227 1.492 1489) IM5) IZ.93 13,(XKT 4.916 86,935 215,916 1365 300.216 96 77 318.489 1,588 1794) 16.0511 17.0131 Dioar• Brd ol EdtTr 5,753 1.885 1.65Q 3,180 273 1013) 164) 1862) 5.753 1,953 .410 3.256 London Over Border 92 City Chwth Fund 022 51 LentAppeal Refugee ApFeal Chwch prqeet Tw3ininE for MisuY STrateglc Cawity Str3teglc Pmnlsrry Fund Hi5torK EnK13nd Oth•r Small Grants 11 42 41 1.453 11.454 193 305 20 38 138) 19 229 39) Q.890J 12.823 3.032 544 11509 TthdF4r 372.555 22.321 QO.929J I&7) 359.th7 Page 73
The Chelmsford Dio¢e5an Board of Finance Notes to the financial statsments For the year ended 31 December 2025 19. SUMMARY OF FUNDS MOVEMENTS (continued) SUMMARY OF FUNDS- CURRENT YEAR Transfers Galn IlaJanc• 4t {losses) 31 Dec•mber 2025 2025 c'ooo 807 75 l Janyary 202$ £'ooo 36,142 S,033 41,175 ExptyMlitur• inl(out) Z025 £'o 10,163 3,375 13,53e 2025 £'ooo 450 17.23? 17.689 2025 Desw)ated funds Geral hjnds 12981 (21,1831 47,264 4.539 51,803 882 ErbdowmÈnt lund5 Resthcted funds 306116 2.509 1.604 3.703 1590 13.7481 113,4861 1521 11.432 891 305.177 13.302 359.900 22.996 1250191 13205 370,282 SUhlMARY OF FUNDS- PRIOR YEAR 8olonce at TrIsfer$ inllgu¥ 2034 lot 2,930 3,124 0.054 Gtyn51 QS5e4 2024 l Jonutty 2024 eooo Income Ekendthre 2024 31 Dettmber 2024 cooo 2024 1000 19741 £000 Desi8ndted fLd4 G¢nerolfvnd5 35J75 5,868 41.243 379 17,322 17.701 (1.568) (io) (1.578) 36.142 5.033 41,175 122.2451 EhdovMent fwd5 Restn'rted fvnds 318,489 12.823 lJ88 3.032 (7941 (3,890) (6.054) (7.013} 544 306,216 12,509 372,555 22.321 120.929} 18.0471 359.900 ANALYSIS OF TRANSFERS BETWEEN FUNDS- CURRENT YEAR Vnre5tricted funds Restrlcted Endowment Funds 2025 General 2025 De5i8nated 2025 Fund5 2025 £'ooo i'ooo Totsl return transfer to 82neral funds frcffi endowrrntfund {Trote l 41 Frorn Deslted stipend fund to SUPPrn1 revenue Funds from the $e ol Parsonage houses where Do replace1£ 15 required transferred to the Dittttsats Pastoral Ac¢ount Sale proceeds from parsonaF5 transferred to b¢)ard via a al S¢hane 266 1266) 6.575 16575) 3,750 164 13.750} Frorn the general to desinaEed clertr conference fund Orhtr trdnsfÈrs of k$$ than £50,000 each Tran5ferfrorn SMMl8grantto cover Cgsrs lo h¢u$ing mknisrry 11641 60 1601 52 1521 3,375 1521 113,4861 Page 74
The Chelmsford Diocesan B¢)ard of Finance Notes to the financial statements For the year ended 31 December 2025 19. SUMMARY OF FUNDS MOVEMENTS (continued) ANALYSIS OF TRANSFERS BETWEEN FUNDS- PRIOR YEAR Unrestriaed fvnds Designoted 2024 £'ooo Retyirttd Endowmerrt Funds Funds General 2024 2024 2024 cooo 3,054 £000 Totol rer tsomfvr to genertil funds from the endowmen£ fvnd (note 14) Tronsftr from Desi¥ry)d stipend fvnd to supplemnet revenue Funds fr*Jn the $e of Par$)atr houses where no replacement 15 required transferred to the Diocesan Pastoral Account From the general to deSiated clew conference fund Other tronsfrrs of less than £50,000 eoch {3.054) 160 {16Q) 3,000 (3.000) (177) 87 177 187) 2.930 3,124 (6.054) oted Fund&. HOUS Fund Benefart Trust This fund represents monies lOCated to clew hou%ng. This fund represents grants received from Benefact Trust and is to be distiibuted at the discretion of the Bishop of Chelmsford. [PreOuSlY kn¢)wn as Allchurche5 Trust). Mission Opportunitles Fund This fund represents monies allocated for new mission iniuatives. Designat Stipend Capital This Iuwbd opernres in the same manner as the Stipends Endowment Fund and designated for expenditure on clergy stypend5. The fund5 are investsd with our Investmen¢ Managers and accounted for on a tordl return basi This fund represents pr9ed$ from the sale of dosed churches which have been sèt aside to ccver fucure costs arising on other churches in the diocese closed for publie worship. Diocesan Pastoral AccouDt The Diocesan pasroral accoun¢ YAS set up under the provisic of the Pastoral Measure 1983. The purpose for which the account may be used ar& To defray costs incurred for the purposes of the Measure or any scheme or order made under the Measure except for $arleS of regular diocesan Èmployees To make loan5 or grants for the proMsioty tsstordtion, improveffDt or repar to thurches and par50nage houses in the diocèse Other purposes of the diocese or any benellce or parish in the diocese To make grants or loans to other (h'oce5e To transfer lunds to the diocèsan supend fund income or capital accounts Closed Churches Friènds of the Retrèat House This fund represents rnonie$ allocated for improvements ro the Diocesan House of Retreat Thi5 fund represents rnonie5 allocated for youth work inityatlYè5. This luThJ was reatsd from the proceeds of the sale of St Marks College. Audley End. The gain from the Se ef the college 15 accounted for in other income (see not¢ 51 Designated Youth Work Pap 75
The Ch?Im5ford Diocesan Board of Finwce Notes to the financial statements For the year ended 31 December 2025 Dèvelopment Project Fund This fund represents monies allocated to resource new development OpportuneS. Clergy Confer•nc• Fund This fund represents monies set aside for the cost of a future clergy conferencè event in our diocese. This fund represents a dcnafion received in 2025 from the Royal Assoc for L)eaf People. D(CoMMunity Fund Gene IFun General Fund This is available for any purpose wirhln the objects of the CDBF. Endowm Stipends Fund Capital Thls fund 1$ goyemed by the Diocesan Stipends Mwure 1953. The income of the fund can only be used for clergy stipends This fund represents the value of all the benefice houses (parsonagesl in the Diocese. The income of these funds is available to be spent Wbthin the General Funds. Par50nage Houg•9 Pemianent Endowments Diocesan Board of Education The Diocesan Board ol Edutation is an unincorporated body constituted in accordance with the Diocesan Boirds of Education Measure 1991 INo.2)- Thi5 includes the pooled sale proceeds of closed church sch¢)ols ind the unspent bance of the grant received from the Heckèrill Educational Foundation. The Council is instytuted to administèr specific lunds for the beneffit of parishes within five specified deaneriès of thè Diocese. Thi5 lund is available to parishes within five specified deaneries of the diocese, for the p¢Jrposes of supporting the idv3ncement ol religion, repair of churches, and support of stipends. This fund represents income from the Bishop's Lent Appeal. This lund represents income from the Bishop's Refugee Appe. This represents grants received from the Church Cemmi55ioners towards the cost of the on-going development of resource churches and a network of new tl¥Jrth communities in 5 5tratew'c mission priority area5. This lund represents grants received from the Archbishop5' Council to assis¢ in the funding of training clergy. This fund represents grnnts received from the Archbishops, Council to assist in thè funding Diocesan staff Supporting Parish Minis¢ry and W0h1pPlg Commufiities. Funding to support additional stipendiary curacies from 2020 to provide financial support for growing the number of curates. London Over the Border City Chwches Fund Lent Appeal Refugee Appeal Church Planting Pro5ert Tralnlng for Ministry Strategic Capacity Strategic Ministry Diocesan Invegtment Pro8rnmme This fundin8 represents the Diocosan investment pr¢)gramme gt2nts receiyed from Archbishops. Council. Thè Chelmsford Diocese has had one appllcaoon approved for the programme 8eliÈving In &rking. Funding for a Historic Buildings Team. To help berrer carts and promoo our historic buildings and help PCC'S develop Stratey'es for lontemi (are. maintenance, and sustainability of their a5set5. Thi5 fund CL)ntain$ the accutnulated assets of the S¢ Monia's TrusL which ori&nated from the sale of a school sire. The proceeds of the fund are used to support education activitie5 acr0$5 the diocese. Historric En8l*nd St Monica's Trust Page 76
The Chelmsford Diocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted fvnds Restrirt•d Genval Desiatrd 2025 202S EndoMTrent Total Funds Fund5 Funds 2025 2025 2025 I'ooo £'ooo £'ooo Tanwbl• fi¥ed assets Frxed asset investrhen Assets ld for 5a1¢ DebtOT5 due after more trAn one year Curren¢ a55ets 33.140 450 243.922 60,265 2N020 79.946 1.587 257 419 7.796 11,466 947 257 5,849 {01 {467) 1387 393 12,349 13,290} (587> Credi¢ors due wtthin ce year Creditors due In mce than one year Defined benefit pension sthmo liabiliti•5 11,2451 {1201 12,COII 1431 4.539 47364 13,3112 305.177 37QJ82 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted fvnds rra1 Desi&Trcd 2024 eooo Restricted nds 2024 Endowme Totol Fund5 2024 eooo 2024 eooo 2024 fooo Ton'ble fixed Ots fixed osset inves)nents A&sets held for sole DebtS due rfier more thon one yeor Current ossets 2.256 413 31.405 5343 2208 380 10.988 239.745 62.312 3.845 273,786 78.956 6.053 219 6.032 (2.438) (2.708) 219 3.115 (850) (120) 244 2.344 11,203) 330 Qeditors (kne within one year Ctedrtors in rnore thon one yeur Definetf benefit Perfyon Scheme bobilitits 1370) 12.588) 115) 5.033 36.142 12.509 306,216 359.900 21. CONTINGENT LIABILITIES There were no con¢ingent liabilities at the tolance sheet daTr. 22. CAPITAL COMMrrMENTS There is a capital commicment related to the proposed demolition of St Peter's Church. Birch. A feasibility study and demolition tender was carried ou¢ during 2023 at the balance sheet date there is a commitment of £409k related to the proposed demolition. The cost of the proposed demolition wll be parcially met from the Closed churches fund Vthh had a balance of £370k at the end of 2025. Page 77
The Chelmsford Dlocesan Board of Finance Notes to the financial statements For the year ended 31 December 2025 23. OPERATING LEASE COMMITMENTS Total of future minimum lease payments under non<ancellable operating leases are as follovts: 2025 £'ooo 2024 Buikling5 wher• tho l¢as¢ expires Within l yèar Between 2 and 5 years 44 35 Other opernting leases where the lease expires Wlthln l y¢ar Between 2 and 5 years 24. RELATED PARTY TRANSACTIONS Apart from the trustee transactions disclosed in note I I, there were no other related party transattions in the financial year. 25. CAPITAL EXPENDITURE ON VOLUNTARY AIDED SCHOOLS CDBF recetved funding on behalf of schools from the Department for Education totalling £1,874,000 (2024: £1,628,CQO) and from school governing bodies amounting to £129.000 {2024: £201.000) to finance building work These fund5 Vre uulised to pay for school building improvement works. Nerther the income nor the expenditure are included in these accounts. 26. FUNDS HELD AS CUSTODIAN TRUSTEE CDBF acts as Diocesan Authority or custodian trustee for many trust funds by virtue of the Parochial Church Councils (Powers) Measure 1956 and the Incumbents and ChurchTrKdrdens (Trusts) Measvre 1964 where the managing trustees are parochial church councils and others. Assets held in this a no¢ aggregated in these financial srarements as che CDBF does not control them. 2025 2024 CBF Chwch of &¥land Inve5Thent fijnd income shares CBF Chw£h of England lThestment Trjnd accumuLlttc shares CBF Church of England h'xed Interest Securitie5 nd shares CBF Churih of England GI¢21 Equw Income Fund income shares CBF Chwch of England UK EgJity Income Fund income 5hare5 C8F Chwch of Enoand Property rtd $hares COIF income and accumuktlon shares 10,619 11,099 879 253 250 59 69 42 128 820 Other tomFnon investhientfund hoklings IM&GI Direct hold#$ in UK e¢wityes CBF Church of England Deposit hjnd b,IX12 786 894 726 910 2,962 Totsl 17.372 17,809 Page 78
The Chelmsford Dioo5an Board of Finance Notes to the financial statements For the year ended 31 December 2025 27, PENSIONS Chelmsford DBF participates in four pension schemes: Church of England Funded Pensions Scheme Church Workers Pension Furld DBS Church Workers Pension Fund Pension Builder Teacher's Pension Scheme The Church of England Funded Pensions Scheme {CEFPSI and the Church Workers Pension Fund (CWPF) are muki-employer last man standing defined benefit pension scheme5 for which the CDBF is unable to identify its share of the underlying assets and liabilitie5 a5 each employer is exposed to actuari risks associated with the current and former employees of other entities participating in the scheme. For rnulti-employer schemes where this is the case. paragrnph 28.1 l of FRS102 requires the CDBF to account for pension costs on the basis of contributions actually pkyable to the scheme in the year and, where contributions are affected by a surplus or deficit in the scheme. to disc105e information about the surplus or defKit and the implications of the surplu5 or deficit for the CDBF. A Yaluation of each scheme is carried out once every three years. Church of England Funded Pensions Scheme (CEFPS) - the Clergy defined benefit pension scheme Chelmsford DBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy. a defined benefic pension scheme. This scheme is administered by the Church of England Pensions Board. vthich hdds the assets of the schemes SeparalY from those of the ResFonsible Bodies. Each participating Responsible Body in the scheme pays contribuoons at a common contribution ra applied to pensionable xipends. The scheme is considered to be a multiomptoyer scheme as described in Section 28 of FRS 102. It is not possible to attrIbe the Scheme's assets and liabilities to the specific Responsible Body and this means that contributions are accounod for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable tONfdrds benef1¢5 and expenses accrued in thatyear, which were £1,534 in 2025 {2024.- £1,790). plus any figures arising from contributions in respect of any scheme deficiL A valuation of the Scheme 15 carried out once every three years. The 2021 valuation showed the scheme to be fully fijnded. The most recent Scheme valuation completed was carried out at a5 31 December 2024 and a150 showgj the Scheme w be fully funded.. as such in 2025. the deficit contributions paid were £0 (2024: £0). The December 2024 valuation revealed a surplus of £560m. based on assets of 12,570m and a funding rarget of £2,01 Om, assessed using the lollowng assumptions.. An average discount rate of 6.0% pa.; RPI inflation of 3.4% p.a. (and pension increases consistent wth this): CPIH inflation in line with RPI less 0.7% pre 2030 moving to RPI with no adjustment from 2030 onwards; Increase in pensionable stipends in line with CPIH,. Mortaliry in accordance with 90% of the S3NA_VL tat4 with allowance for improvements in mortslity rates from 2017 in line with che CM12023 extsnded model with a long-terni annual rate of improvement of 1.5%. a smoothing parameter of 7. and an initial addition to mortality improvements of 0.5% pa and an allowan for 2020 and 2021 dara of 20% {i.e. w = 20%).
The Chelmsford Dioc•5an Board of Finance Note5 to the financial statements For the year ended 31 December 2025 27. PENSIONS (continued) The 2024 Wdluation reflects the benef improvements that the General Synod agreed in principle in July 2025 land confirmed in February 2026}. Settion 28.1 IA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. HOWver. as there were no deficir recovery payments from l January 2023 onbwdrds, the balance sheet liability as at 31 December 2024 and 31 December 2025 15 nil. Church Workers Pension Fund (CWPF) . Lay Workers Defined Benefits Scheme The CDBF formerly parcicipatsd in the Defined Benefits Scheme section of CWPF for lay sraff, whKh is now c105ed to future accrual. The Scheme is administered by the Church of England Pensions Board. TrNhich holds the assets of the schemes separatdy from those of the Employer and the other participating employers. The CWPF has two sections". l. the Defined Benefits Scheme 2. the Pension Builder Schem< which has Dvo subsettions; . a deferred annuiry settion known as Pension Builder Cla$$i4 and, b. a cash balance section known as Pension Builder 2014. The Defined Benefits Scheme ("DBS") Section of the CWPF provides benefits for lay Staff based on final pensionable salaries. For fijnding purpose5, the DBS is divided into sUP)01$ in respecc of each participating employer as well as a further suPool, known as the Life Risk Pool. The Life Risk Pool exists to Share certain risks bereeTh employers, including those relating to morrality and post-retirement investment returns. The division of the DBS into 5u&pools is notional and is for the purpose of calculating ongolng ontributions. This does not alter the lac¢ that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers, 5ub-pools to the General Reserve and all pensions and death tenefits are paid from the General Reserve. The scheme is a multi-employer scheme as described in section 28 of FRS 102. It is not possible to atrribute the scheme's assets and liabilities to specifit employers, since each employer, through the General Reserve, is exposed to aauarial risks associated with the current and former employees of other entitie5 parriciparing in the DBS. This means that corbtributions are accounted for as il DBS were a defined contribution scheme. The pensions costs charged to the SOFA during the year are contributions payable tovrdrds benefits and expenses accrued in that year (2025.. £0, 2024.. £0) plus the fyres in relation to the DBS deficit highlighted in the table below as being rKo8nised in the SOFA giving a total charge of £0 for 2024 {2024: £0). If, following an ac¢uarial valuation of the General Reserve, there is a surplu5 or deficit in the pool, further transfers may be made from the General Reserve to the employers, sub pools. or vice versa. The amounts to be trdnsferred {and their allocation between the sub pools) will be settled by the Church of England Pensions BcArd on the advice of the Attuary. A Ydluation of DBS is carried out once every three year5. At the most recent wdluation at 31 December 2022 there was a surplus of £73.6m. Page 80
The Ch•lm5ford Diocesan Board of Financè Notes to the financial statements For the year ended 31 December 2025 27. PENSIONS (continued) The next actuarial valuation 15 due at 31 Dernber 2025. In 2024, the Board entered into a full buy-in agreement with Aviva to insure all accrued benefts wthin the DBS of the CWPF. It as also agreed that some employers could use assets in the DBS in lieu of contriErtrtions to Pension Builder Classic andlor Pension Builder 2014. The Church of England Pensions Board agreed that the deficit contributsons should cease with effect from 31 Decemb 2022 for employer$ whose 1$ were estimated to be marIalty in surplus. As resulc there is no obligation reCOlSed as a liability within the Employer's financial statements as at 31 December 2023 or 31 December 2024. The legal structure of the scheme is such that if another ResFM)nsible Body fails, the CDBF could become responsible for paying a share of that Reswn5ible Body's pension liabilityes. C. Church Workers Penslon Fund (CWPF) . Pension Builder Classic and Penslon Builder 2014 The CDBF partycipas in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administrred by the Church of England Pensions Board, which hold5 the assets of the scheme5 seratY from those of the Employer and the other participating employers. Pension Builder Scheme The Pension Builder Scheme of the CWPF is made up of tsyo settion5. Pension Builder Classic and Pension Builder 2014. Eoth of which are classed as defined benefit schemes. Pension Builder Classit provides a pension, accumulated from contribution5 paid and converred inco a deferred annutty during employment based on tern)s set and reviewed by the Church of England Pensions Board from time to time. Discretionary Increa may also be added, depending on investment returns and other faccors. Pension Builder 2014 is a cash balance scheme that provide5 a lump sum Ythich members use to provide benefits at re¢iremenL Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirernt, depending on investment returns and other factors. The accounL plus any bonuses declared is pardble. unreduced, from age 65. There Is no su&divi5ion of assets betsyeen employers in each sec¢ion of the Pension Builder Scheme. The scheme 15 considered to be a multi employer scheme as described in kc¢ion 28 of FRS 102. This means it is not possible to attributr the Pension Builder Scherne'5 assets and liabilities to specific employers and that contributions are accounted for as rfthe Scheme were a defined contribution scheme. The pensKins costs charged ¢0 the SOFA in the year are contributions payable (2025: £406,000, 2024: £335,Cw))). A valuation of the Pension Builder Scheme is carried once every three yea. The most recent was carried out as at 31 December 2022. For the Pension Builder Classic section, the luatIon revealed a srUS of £34.8m on the ongoing assumptions used. At the most recent annual review effective l January 2026, the Board chose to grnnt a discretionary bonus of IO% to both pensions not yet in payment and perbsion in payment in re5pett of service prior to April 1997. Page 81
The Chelmsford Diocesan Board of Financ¢ Notes to the financial statements For the year ended 31 December 2025 27. PENSIONS (continued) and a bonu5 on pensions in payment in respett of post April 1997 service so that the pension increase vrds also IO% {where usually it would be calculated based on inflation up to an annual cap of 5% for pensions in payment in respect of service prior to April 2006 and 2.5% for pension5 in paymer)t in re5pett of service post April 2006). This followed improvements in the funding Fosits'on over 2025. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section. the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirernent for deficit payments at ¢he current tim& The Church of England Pension$ Board has agreed that some ernployer5 could use assets in the DBS of the CWPF in lieu of contributions to Pension Builder Classic andlor Pension Builder 2014. You will see thls Information on your DBS statement which will be sent separatety. The next Yaluation is being carried ouc a$ at 31 December 2025. The legal strucwre of the scheme is such that if another employer fails. CDBF could become responsible for paying a share of that employer's pension liabilities. Teachers. Penslon Scheme crps) The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers Pensions Regulations 2010 (as amended) and The Teachers Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer be credited to the Exchequer. Retirement and other pension benefits are paid by public fijnds provided by ParliamenL The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the government Actuary's DepartmenL The m05t recent aauartal valuation of the TPS Yfas prepared as at 31 March 2020 and rhe Valuation Report, which yS published in October 2023. The valuation confirmed that the employer contribution rdte for the TPS yuld increase from 23.6% to 28.6% from l April 2024. Employers are also required to pay a scheme administrats'on leyy ofO.08% giving a total employer contribution raTr of 28.68%. There 15 no change to this rnts for 2025126. The CDB employer's pension costs paid to the TPS in the year amounted to £16,844 (2024 £18,402). A copy of the Yaluation report and supporcing documentauon is on the Teachers. Pen5ion5 website. The summary of all the schemes. liabiliues at 31 December i& 2025 2024 fooo Amounts falling due within one year £'ooo Church of England Funded Pensions sche Church Workws Pensions Fund DBS Churth Workers Pens5 Fund - Pension Buikler CFassK and P82014 Total {5) 53 (4) 45 48 41 1025 £'ooo 2024 Amount5 falling due after more than one year £000 Church of Enland Funded Pensions Scheme Church Workers Pensions Fund 085 Totsl Page 82