egistèrèd number: 137029 Charity number. 249505 Th• Chelmsford Diocesan Board of Fibwice Annual report and financial $tat•ménts For the year ended 31 D¢cemb¢r 2025 The Chdmsford Diocesan Board of Finance Contents Intr¢Jduction Lepl objects Stra*&c Report Strdtegic Aims Objectives for the year Activities and achievements in the year Related parties and vOlUn￿er5 Planning for 2026 Financial review 30 Custodian trustee 35 Principl rlsks and Un￿rtainlieS 36 Strucrure and Governance 37 Trnstee$ 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 DIrectors￿rusteeS 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 Di0￿San Synod. The CDBF has the followng Statutory ￿SPonsibl11t￿es- the management of glebe property and investments to genernte income to SUFPOrt the cost of stlr*nds 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. under￿nning 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 v￿rShipPing communities are invited to make use of the approach and consider how the values speak to and suP￿rttheir 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 b￿n 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 volUn￿erS 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 suP￿rt 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 Di0￿e to y￿rkS 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 KennIng￿n 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 Y￿1COme 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 a￿aIlable 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 Mis￿0￿ 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, V￿th the aim of esrallishing a sustainable Pat￿rn 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. ChurCh￿4rden 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 DI0￿Se. 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 v￿der church communiy. The financial chollenge the thurch wos focing would T￿t 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 consi￿ntlY 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 Mini￿rS 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 Mini￿rIal 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 f￿uS 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 Co￿r$ 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 a￿ftded 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 Di0￿Se 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 r￿n-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 conversation in Autumn 2026. the Bishop of Chelmsford invited people across the DI0￿$e to participate in 100 Da of Pra er. From 18 February to 29 May 2026 The approach to sustaining ministry builds on the work undert2ken since 2023 through the Pari rt Conv n and will be the next phase of that work Work continues with Parishes and Deaneries tL) develop and implement missional proposals and plans supported by investment from the Church of England's strategic Mission and Ministry Investment Board across all three Episcopal Area* As the Diocese prepares for its INEQE Independent Safeguarding Audit in 2027. work continues to ensure tha¢ our churches are environments where everyone feels saE valued and respected. Other key planning priorities As we approached 2026. there were also a number of significant events and actyvities that shaped planning. The Diocese will continue to implement the proposals in From Action to Real Change. the BaoaLJu Task and Finish Grou 's r ort. The Diocese will conunue to implement the road map to by 2030 as agreed by the Church of England General Synod. As the Church of England's knving in Love protsss drew towards its conclusion, leaving many deeply fnj$tra￿d 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 w￿re 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 Overs￿ht 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 {$ee noTr 19). Restrirted and endowment funds A5 set out in note 19, CDBF holds and adminis￿r$ 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 h￿her 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 FinI￿re 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 conSide￿￿on5 shall form parr of the dialogue with the Investment Managers. The Trustees Y￿11 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 (PrO￿tIon 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 dOr￿rS. 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 tov￿rdS 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 fac￿r$ 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 con￿rn 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. ACCordin￿y, 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 Committees as required. Appoint members of Sub-committees and its representatfves on other Diott￿n bodie Committee structure The Finance Committee'5 remit is sec out above: it is SUPF 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 Per￿nnel 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 sta￿rnent 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 Trus￿5 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 ACce￿d 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 I￿Sla￿Oft 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 Se￿rtIe1d. 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 S0￿mentS 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 sta￿rnents or our knowledge obtained in the audit or otheThvise appears to be materially missta￿d. If we idencify such material inconsistrncies or apparent material misstatements, we are required to d￿rMIne 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 re￿rt 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 trUs￿e5. 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 al*rnatiYe 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. MIssta￿MentS 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 st3*ments. Irregulariue& including fraud, are instances of non-compliance with laws and regulations. We desb8n procedures in line Wbth our re5ponsibiliues, outlined above. to de￿t material misstatements in respect of irregularities. including fraud. The extrnt to which our procedures are capable of detecting Irregular￿leS. 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 e￿nt 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 3,084 Transfer beNeen funds 3.375 10,163 (52) (13,486) Net aurplu$l {dèlSclt) bgfv• othèr gaih**nd 105 (569} IOW70 723 {11.8S9) (1.436) 3A*84 GaIn￿(lO$s*s) on rèv￿1￿￿9￿ of f￿ed 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 To￿1 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 revalua￿0￿$ of £162.85m (2024 É162.99m) Restricted Fund5 lincluding a5se¢ reV￿￿at￿*S of £0.40m 12024 £0.33m) Designated Funds linchjding assrf revaluations of £13.61m12024 É11.69ml Generdl Funds {includ¥hg asset rev￿￿at￿)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 si￿d 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 u*d in from oper•tlng 4ctiYi¢i*s Cashfiow from inv¢sting activities Divldends, interest and rent from 1nyesrft￿ts 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 Tot*1 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 G*n on revafuitlon of f￿ed assets DNidends, Inwest and rwrfrom investments Inorest pid G*n ￿ 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 $￿e of hdd for s￿e assets L055es I￿n$) ￿ revaluation of inve5tment5 L055 ¢)n sale of investn*nts 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, eX￿pe 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 sta￿rnent 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 I￿1 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 parriCipa￿5 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 con￿rn 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 reqU1￿ments 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 V￿Uation. 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 maIn￿nanCe 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 incIL￿￿e agriculturnl holdings and commercial properties which are professionally valued annually. Other InVest￿￿nts 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 IM￿lmientIo$s is recognised in the Statement of Financial AttNities. Cash - Cash at bank and cash in hand includes cash and short Trrm highly liquid investments with a short maturity of three months or less from the date of acquistuon or opening of rhe deposlt or similar accounL Creditors- Basic financial liabilities, including trade and other payables and bank102n& are recr)gnised Ythere the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third pany and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at transaction pri￿. Leases - The company has en￿red into operating lease arrangements for the use of certain assets. the rental for which is charged in full as exFenditure in the year to which it relates. Where rent free periods are glven as part of an operating lease. the impact of this rent-free period is refletted in the Statement of Financial Activities over the shorter of the overall lease term or first break clause. d) (g) Fund balances Fund balance5 are Split between unrestricted Igenerdl and designated). reStrItt￿ and endowment fund5. Unrestricted fvnds are the CDBF'S corporate funds and are freely available for any purpose within the charitable company'5 objecrs, at the discretion of the CDBF. There are two types of unrestricted funds- General fund5 which the CDBF intends to use for the general purposes ofthe CDBF Designated funds set aside out of unrestricted funds by the CDBF for a purpose specified by the Tnjstees. Restrictrd fvnds are income funds subjec¢ to conditions imposed by the donor as specific rms of trus( or else by Iwl measure. EndovKnent funds are those held on trust to be retained for the benefit of the charitable company as a capital fund. In the case of the endowment fund5 adminis￿red by the CDBF (Stipends Fund Capital and Parsonage Houses). there are discretionary pOv￿r$ 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 sta￿ments 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 goVerr￿r$ 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 re￿lUed at each year end using discount ratss which are reassessed annually. iii) Residual fdlue of Freehold propertles- The Tru￿eS 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 ContrIb￿tIonS 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 a￿ls are shown below in no¢¢ 7b tsther ¢wnth'wre FUND RAISING COSTS Unrejtricted lunds Restricted Endowment Total Gen•rnl D*slgnae*d 202S 202S Funds Funds Funds 2025 1025 2015 2024 £'ooo £'ooo £￿00 Éwoo £Ot Investm*it 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 DeSi￿ated 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$posal of assets are shown above in no¢e 5 other in¢¢)m& ALLOCATION OF SUPPORT COSTS 2025 2024 £'ooo Resourcing ministry and missie Educatyon 3.203 211 190 Total 4,404 3.414 NET INCOME Thls Is stated after tharyin¥ 2025 2024 £'ooo £¢WO Authrors. rèmuneration {includlng VA Audit Fees 43 42 Other Fees Operaring lease costs in the year Depreciation charge Interest paid Iso 228 94 395 Page 62 The Ch￿￿Sf0rd Diocesan Board of Financ• Notes to the financial statements For the year ended 31 December 202S 8. ANALYSIS OF GRANTS Gr•nts to Grants to Individua15 Instkutlons 202$ 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 Instits￿OnI 'ooo 2025 2024 £'fjoD £'ooo eooo From unr￿triCt¢￿ funds for Natlonal Church reSpon￿bIlItI•$ Contribution$ w Archbishops. Council 1.353 1,353 1.239 From unrestrlcted f￿ndS PCC feasibility study Mission Opportunity gran¢5 ¢0 pariEhe5 Interfaith w￿king Bishps discretionary bYant5 Ordinand5 in Tra￿ing 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 Par￿be$ 41 41 From restylrted fwthds (￿er5e2$ M￿S1O￿ 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 ernpk*ytd by the company durlTrg the ye3r was as follow5: 202S 2024 Supportfor parish tThnistry Diocesan RetrEat House 94 85 St m￿kS Beckton Secr¢w*s to Archdeacons 102 The avery number oferrfJloyee5 durnBthe year expressed as ful eqUfval￿tr 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 h￿tr pald employees was". 2025 2024 In the band £60.C￿l 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 tern￿n￿l0￿ paY￿*￿ts 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•mun*ratyon of key management p¢rsonnel Key managernert personnel are deemed to be those h*Ylng 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 Dlr*ctor ofCommuni￿￿OnS & Medla Thomas Geldard Dlrertor trf Educ•iion Carrie Prior H•ad of Property Alex Reeve H•ad of S¢rYi<* Delfvèry Nathan wThitshe*d H•ad of S•fe8u*rdln8 Amanda Goh HR Managèr Rxhel Towns Pro8rammt Manager Dawm Weddell General Pl#nager R¢treat Hous* Ple$hey GralHm Dowling Data and Busines$ Sy5tsms man￿er 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 chU￿h C¢ynmissioner¥ the stypen& of licensed stipendiary clerBy in th¢ diocese, other than bishops and cathètknl stsff. The CDBF 15 also responsible for the P￿s1On 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 C￿￿rth Ci)mmissioners provide ho￿sIng 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 sY￿d 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•n*er 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¢precl*tlon 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 Y￿allon 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 budd￿85 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) R￿al￿￿tIOnS 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. Accord￿2￿, rfthe propwty * reva￿e￿ 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 Rev￿Uat￿)n clfixed asse ReV￿Ya1￿￿ of a55et5 heh4 for 5Ie 12.000 17 114.697) (1.042) Net105s per StatertRnt of FknQncl￿ ACtfv1￿eS 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 tan8b1efr￿ed 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 jan￿￿ry 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 I￿e5CMent 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 R￿ncIal 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 T*v$ttr Total Perm&n•nt Endts*m&fftt Unapplthl Total Total Truytfor Total Investment Re￿rn inyestmont Aevjrn cooo £'ooo At I january 2025- Bas• ol the pennanenr eThlowment Unapplled tool retsjrn To￿1 75.360 75260 11.676 Ilh76 75.160 86.935 1365 Movements In th•y**r Addltityn￿ Sa￿ proceed& Ol￿ebe lahd Losxs on reval￿nOn of cleryy h￿J￿1 GaSnslllO￿s> on dsptssil 3S$0t% In¥t¥tn￿rtturTrs'. dr¥thnds rece+4ed InvèStnwntretUrn5." G￿be renrs 395 395 747 IrwestyTrentreDJrrL' real￿ta unrrJ%5edzain5 In¥esthern mana8•m*ntcasts Sth?me trJn¥fer to Parsowe Fu￿￿ uThippI￿ tot41 return alkxited to Incorne in lh* ￿ar Add lnthxa￿OD 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 Decett*Y 2025.. value ol the pernanent endowmenE IthappI￿d 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 b3￿nCe 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 c￿e 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 6￿00 L¥an5 W Parishes Eqwity loar Other I￿n$ 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 I￿00n and soclal stturity Closed Sch¢x4s- anv)unts hdd pending detrrmwbatic Schools ConditKsn Allocatwjns Pensi¢)n contribuoons (note 27) Other creditors Accru￿$ and d￿err￿ income Grants acen*d (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• Bank10*Th5 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 De*natsd ftsnds House5 26238 330 7578 399 41 6,250 1.052 33.591 271 Benefact Trust 12451 Des￿ated 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¢rWni￿es Friends olthe Retreat House 300 171 DesiwJted Youth Work Devehpment Projects ￿jnd Clergy Conlerence DeafCoMrr￿nitY 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 s￿ends Fund Clpitsl Parsonage H¢>Jses Pern)anent EndI￿rnent 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 2￿53 S82 98 10 628 3M66 Lent Appèai 42 10 11,285} 1321 17481 42 Church PlantiThgproject Trrinh)gf(* Mintstry Strtte8K Capacity Strnteg* M￿lS1ry 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 D*si¥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 ACco￿nt 41 ssh￿ Opportthldes Friend5 of the Rerrtai House DestEnated Youth Work Devèlopment Projects Fu C￿rgY COnfer￿￿e 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 F￿1 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 Dio￿ar• B￿rd ol Ed￿￿t￿Tr 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 Mi￿suY 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 G￿eral 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 TrI￿sfer$ inllgu¥ 2034 lot 2,930 3,124 0.054 Gtyn51 QS5e4 2024 l Jonutty 2024 eooo Income Ek*endthre 2024 31 Dettmber 2024 cooo 2024 1000 19741 £000 Desi8ndted fL￿d4 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 endowrr*ntfund {Trote l 41 Frorn Des￿lted stipend fund to SUPP￿r￿n1 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 re￿r￿ 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 deSi￿ated 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. [Pre￿OuSlY 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 pr9￿ed$ 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 $￿arleS of regular diocesan Èmployees To make loan5 or grants for the proMsioty tsstordtion, improveff￿Dt or repar to thurches and par50nage houses in the diocèse Other purposes of the diocese or any benellce or parish in the diocese To make grants or loans to other (h'oce5e To transfer lunds to the diocèsan supend fund income or capital accounts Closed Churches Friènds of the Retrèat House This fund represents rnonie$ 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 S￿e 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 Opportun￿eS. 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 dc*nafion 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 b￿ance 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 W0￿h1pPl￿g 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 lon*temi (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 Desi￿atrd 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 c￿e year Creditors due In mc*e 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 r￿ra1 Desi&Trc*d 2024 eooo Restricted nds 2024 Endowme Totol Fund5 2024 eooo 2024 eooo 2024 fooo Ton￿'ble fixed O￿ts fixed osset inves)nents A&sets held for sole Debt￿S 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 Vth￿h 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