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2024-12-31-accounts

The South London Church Fund & Southwark Diocesan Board of Finance Annual Report 2024 Company registration number 236594 Registered charity number 249678

Christ Centred[|] Outward Focused

Front cover: St John’s Church of England Primary and Nursery School, Kingston, ‘Hope for the Future: Wonderful World’ exhibition.

Contents

Overview

Overview
Introduction by the Bishop of Southwark
and Chair of the Diocesan Board of Finance 4
Our Vision 5
Review (strategic report)
The Diocesan Secretary 7
Refections from 2024 8
Key statistics 16
Financial review 18
Objectives and plans
Annual objectives for 2024 23
Future plans 26
Principal risks and uncertainties 28

Governance

Governance
Structure and governance 32
Trustees’ responsibilities 35
Legal objects 36
Related parties 37
Administrative details 38

Financial statements

Financial statements
Independent auditor’s report 41
Statement of Financial Activities 44
Income and expenditure account 45
Balance sheet 46
Statement of cash fows 47
Notes to the statement of cash fows 48
Notes to the fnancial statements 49
Glossary of terms 82

Introduction

The Bishop of Southwark

As we have developed our new Southwark Vision, it has been my strong conviction that valuing our parishes – in all their glorious diversity – is our highest priority.

I am very pleased that in 2024 this priority become a reality as we launched our programme of Parish Conversations: an opportunity for myself and my colleagues to spend time with every parish in the Diocese – listening, learning and sharing local hopes, struggles and concerns. I have enjoyed the first of these and look forward to more in 2025 and beyond.

In June 2024 we were given the excellent news that Southwark would be awarded £29m over nine years for a whole-diocese transformation programme to facilitate mission and growth projects throughout South London and East Surrey as part of the Church of England’s Diocesan Investment Programme.

Chair of the Diocesan Board of Finance

I am glad to be writing this at the end of a more buoyant year than 2023 in terms of diocesan finance. In 2023 the year ended with a £3m deficit, as a number of budgeted property sales did not take place due to the stagnation in the housing market. As predicted, they took place in 2024 instead, enabling the Diocesan Board of Finance (DBF) to finish 2024 with a surplus of £0.4m.

I was glad in July to be part of the consecration at Southwark Cathedral of Bishop Alastair as Bishop of Woolwich. Later, on the feast of Michaelmas, the Ven Chigor Chike was installed as Archdeacon of Lewisham & Greenwich to succeed Bishop Alastair – and I rejoiced to have, once again, a complete team of bishops and archdeacons.

In 2024 it was a great pleasure to welcome new colleagues to help make Southwark Vision a reality – in particular The Revd Canon Roxanne Eversley (Canon Librarian and Dean of Cultural Diversity) and The Revd Charlie Lamont (Dean of Revitalisation).

The Diocese of Southwark seeks to be Christ Centred as well as increasingly Outward Focused – and nowhere is this better demonstrated than in our new companion link with the Diocese of Barbados – an agreement which was signed in July and which will develop a relationship of mutuality as we seek to work together, learn from and support

The primary income for the DBF is of course the generosity of our parishes, and I am always pleased and encouraged by the amazing collection rates that are achieved: an astounding 99.7% in 2024. 2025 brings us to the tenth anniversary of the Parish Support Fund and this is a milestone to celebrate.

We are hugely grateful to parishes for their generosity, but the fact remains that despite this income to the DBF is falling in real terms, while costs are increasing. Clergy costs are on budget but the costs of maintaining the properties in which our clergy live are high and increasing above inflation. Since Covid we have also seen a significant number of clergy moves and retirements, each of which triggers

one another in love, mission and service. It was also a joy to appoint

Bishop Ragnhild (Bishop of Bergen) and Canon Michael Branch (Dean of St George’s Roman Catholic Cathedral) as ecumenical canons of Southwark Cathedral – and to commission The Revd Alan Bayes as our new Faith in the Countryside Officer.

During my weeks of convalescence following a road traffic accident while travelling as a passenger in a London Black Cab, I was very thankful that the College of Bishops, convened by Bishop Rosemarie, discharged their delegated duties effectively and collaboratively. I am enormously grateful to them, and to those whose prayers supported and upheld me during that difficult period, and brought me to full recovery.

removal costs and clergy grants which are paid by the DBF.

I am particularly pleased that in 2024 we were able to honour the commitment of Diocesan Synod to divest from investment in fossil fuels, an outcome that will be fully achieved by early 2025. This was largely thanks to sterling work by our Finance Director, Mark Rhodes, and is just one example of the excellent work done by our Diocesan Secretary, Nicola Thomas, and the whole staff team to achieve the outcomes of Southwark Vision.

4 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Our Vision

Southwark Vision 2024–2035 is Christ Centred | Outward Focused . This next evolution of our vision comes as we continue to walk together, discerning God’s wisdom and guidance in our pilgrimage of faith. Keeping Christ as our centre and the focus of unity, we will continue to turn outwards – seeking to support, encourage, resource and learn from one another as we serve our parishes and God’s world.

Our renewed Vision is shaped around our six priorities: Valuing all our Parishes, Ministry, Growth, Youth and Diversity, Discipleship and Healing. Find out more at southwark.anglican.org/southwark-vision – and read about work done in 2024 to serve these priorities in the Reflections section (page 8) of this report.

Our priorities

Southwark Vision builds on all we have done and seeks to respond to what God is now doing in our midst. In particular, our priorities for this next season will be:

P Prioritising parish mission and ministry

Resourcing our Vision

In order to achieve the outcomes of Southwark Vision, we need to invest in projects and workstreams shaped by these priorities and designed to deliver outcomes that will benefit all our parishes.

2024 was a significant year for mission in our diocese as the whole staff and diocesan leadership teams played a key role in the development of the bid for national funding for our Diocesan Investment Programme (DIP), securing £29 million over nine years, which was announced in June 2024. Led by Ruth Martin as Bishop’s Lead for Strategic Development,

the whole staff team played their part in the development of this funding bid. The DIP will facilitate mission and growth projects throughout South London and East Surrey, none of which will be at the expense of core funding for our parishes. The strands of this work were further developed and a core delivery team – established by Bishop Christopher to provide strategic focus and collaborations across our diocese – created in preparation for the launch of several new initiatives and work streams in 2025.

Additionally, in January 2024 we welcomed Jonathan Walter as our new Net Zero Carbon Programme Manager – a role which is funded by the national Church for a limited period. Jonathan is leading on our work towards Net Zero Carbon, which is aligned with the Church of England’s Routemap to Net Zero in 2030. In 2024 we also received funding from the national Racial Justice Unit to support the development of integration of racial justice training and inclusion work across our diocese. Both initiatives contribute directly to our Southwark Vision priority of Healing – and we are providing regular updates on this work to our Diocesan Synod.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 5

Review Éfi ongreg2tlon at S 'Iley.

The Diocesan Secretary

It has been an interesting and sometimes challenging year in the Diocesan Board of Finance, not least because of a whole series of elections at deanery and diocesan level. I am hugely grateful to Charlie Hudson-Beddows who, as the Assistant Secretary to Synod and the Diocesan Council of Trustees, keeps these processes operational, ably assisted by Maia Robins as the temporary Governance Officer in this election year, and my wonderful PA Henry Metcalfe who turns his hand to many tasks beyond the usual responsibilities of a PA. The first meeting of the new Diocesan Synod in November was a delight, with a great balance of about 50% returning members and 50% new, and the experience was summed up by a stray ‘Hallelujah!’ at the end of one of the hymns during our Eucharist.

talents in the service of God. I am always very mindful of the need to conserve resources and be efficient, while ensuring the wellbeing of staff and making sure that parishes, clergy and trustees receive the service that they need.

The Church of England has faced significant challenges this year, nowhere more than in the realm of safeguarding, and I want to pay tribute to our Diocesan Safeguarding Team who work above and beyond the hours we pay them for in order to ensure that Southwark is a safe place to attend church and worship God. They do this in conjunction with the wonderful voluntary Parish Safeguarding Officers, who are just some of the people who give up their time to allow our churches to prosper. It is a privilege to serve you in this role.

Nicola Thomas

I see the role of Diocesan Secretary very much as one of stewardship, providing the space and resources for people to exercise their gifts and

Parish Conversations – an opportunity for parishes to share local hopes, struggles and concerns (clockwise from left): St Mary, Beddington; St Luke, Battersea; St Giles, Camberwell.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

7

Reflections from 2024

We have come a long way as a diocese over the past ten years: embedding generosity, speaking well of one another, innovating and taking risks – and we have continued to be able to resource our parishes through growing our financial resilience. Southwark Vision (see page 5) has sharpened our focus with the introduction of six new priorities for our diocese. As we reflect on all our diocesan staff team has done to serve our parishes in 2024, its progress, events, resources and work are outlined under each Southwark Vision priority.

Parishes

We value all our parishes and are committed to enabling and serving them, so they can minister to the whole people of God in their local context.

At the heart of the work of the Giving Team is the commitment to offer wideranging advice and encouragement on giving and fundraising to our parishes, our clergy, officers and volunteers. During 2024, the team worked hard to support parishes, offering programmes to help them manage their financial commitments and increase their resources for local mission. Termly workshops on all aspects of giving – including legacies, fundraising and digital giving – took place throughout the year. Over 80 treasurers attended the annual Treasurers’ Workshop, organised by the Finance and Giving Teams, which took place in September. There was positive feedback for the presentation by Joseph Reed, Partner at Winckworth Sherwood, as well as the time offered for networking and meeting fellow treasurers, as well as diocesan colleagues.

Thanks to the national Buildings for Mission: Support for Churches initiative,

for the first time in 2024, the Church Buildings and Diocesan Advisory Committee (DAC) Team was able to offer small grants to 18 parishes in order to enable them to better care for and make better use of their church buildings. Southwark Diocese was awarded £144,000 over two years from the Minor Repairs and Improvements Grants Fund as part of this scheme. Grants for parishes ranged between £5,000 and £10,000 and were given for preventative maintenance and repair projects such as brickwork repointing, roof and window repairs and emergency electrical rewiring. We were also able to offer grants for improvements to heating, lighting, toilets and kitchens, as well as professional fees for buildings investigations and initial ‘design work’ to develop larger projects.

The benefits of this initiative stretch way beyond the actual fabric improvements effected by the grants, fostering good communication between parishes and the Church Buildings & DAC Team, as well as opening up new possibilities for parishes in applying for other grants schemes. This scheme will continue into the new year and we look forward to offering further support to parishes through the awards in 2025. In addition to the grants, in 2024, the DAC continued to work with our archdeacons and others to offer a range of advice and support to parishes looking to make big and small changes to their church buildings and fabric. From small alterations and faculties to major new projects, the team has access to high quality professional advice and expertise in navigating the regulations of the Church of England.

During 2024, the IT Team focused on facilitating collaborative working across our diocese, making the most of the

functionalities offered by Microsoft 365 and supporting diocesan and episcopal area staff in their work for our parishes. The migration of diocesan files to cloud servers has made them more secure and accessible, in line with the team’s commitment to maintaining accurate data and records relating to people and places within our diocese.

The team also supports churches in their data collection and returns – including the annual Statistics for Mission and Energy Footprint Tool. Specialists in the team use this data to generate detailed analysis about local mission and ministry, the changes we are seeing over time in our parishes and across our diocese. We produce data packs for each parish, which collate data from the 2021 census in each area, as well as other relevant statistics.

Autumn 2024 saw the beginning of our two-year programme of Parish Conversations , with diocesan senior staff planning to visit with and value every single parish in our diocese. The conversations are, first and foremost, an opportunity for listening – for members of the Bishop’s Team to hear

Parishes benefited from deployment and support of 69 training curates.

8 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

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‘Camels and carols’, parishioners of St Michael and All Angels, Barnes enjoy Epiphany celebrations.

about the joys, challenges, concerns and opportunities that each parish is grappling with. There will also be opportunities for senior clergy and diocesan colleagues to work with parishes to identify what additional or new support might best benefit them.

June and July 2024 saw the ordination of 17 deacons and 21 priests to serve their title posts in Southwark Diocese. During the year, an additional 24 people were supported in their training for ordination across a number of theological colleges. Throughout the year, the Vocations Team oversaw the careful deployment and continued support of 69 training curates in our parishes – enhancing local mission and ministry as well as nurturing future church leaders. In 2024, this included the delivery of 100 hours of training and development for those curates, delivered by 45 different people. Combined with the support offered to our training incumbents, this is an important factor in the wellbeing of our parishes. The team continued to work to increase the spread and diversity of training parishes and incumbents each year.

The Mission Team serves our parishes through offering support, training, consultancy, encouragement and grants to parishes, teams and deaneries in their local mission. Parish grants in 2024 included one to begin a new gym outreach ministry and for music-related Fresh Expressions of Church, as well as for new work with children, young people and families. The team also continued their work of creating a culture of missional innovation and risk-taking in a mixed ecology Church through supporting the expanding number of established Fresh Expressions, including visiting 50 such worshipping communities. In the Kingston and Croydon Episcopal Areas, and with our pioneer curates, the team worked to develop Greenhouse learning communities, which help people to design, grow and cultivate new expressions of church. In 2024, these communities supported 40 different churches in their mission. Greenhouses are nurturing an increasing number of lay pioneers through our Estate’s Lay Pioneer programme. The team also welcomed Charles Lamont to the new role of Dean of Revitalisation, with a focus on

encouraging and helping parishes to grow and innovate.

In 2024, our Human Resources Team worked to equip parishes for mission and ministry through providing HR support on a range of employment matters and supporting the resolution of local staffing challenges. There were at least 139 separate enquiries, with parishes seeking advice about a variety of employment matters, ranging from the provision of templates and telephone advice, and 10 cases requiring more extensive support to resolve, ranging from restructures and redundancies to performance issues, and matters of serious misconduct. The HR and Strategic Development Teams also worked closely to appoint to 20 staff posts to support our Diocesan Investment Programme in 2024 (17 parish-based roles and three based in the central staff team).

As well as supporting and promoting the work of the other diocesan teams, such as the Season of Lay Ministries – the Communications Team continued to seek fresh ways of encouraging and informing people across our parishes, developing our website and expanding

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 9

Reflections from 2024 (continued)

our use of digital media. The team continued to produce The Bridge newspaper – which is available 10 times a year in both digital and print formats – and the fortnightly Southwark Digest email newsletter. The team conducted a survey of Bridge readers in late 2024 and will use the results to shape and develop the shape of the paper and its contents in 2025. It championed good parish stories throughout the year, promoting them through diocesan channels as well as through local and national media.

The Governance Team continued to provide essential support to our parishes, including offering PCC Secretaries’ & Administrators’ Conferences. These saw participation from over 160 parishes, fostering a collaborative environment for training, sharing best practice and addressing common challenges. We launched the newly updated PCC Secretaries’ Handbook (the first update since 2011), which is a comprehensive guide designed to assist PCC secretaries in their roles, ensuring they have the necessary resources to manage their responsibilities effectively. This resource has already been used by other dioceses to support their own parishes.

2024 was particularly significant due to the busy election period and the commencement of a new triennium. The team conducted several induction and training sessions for new Diocesan Synod members, equipping them with the knowledge and skills needed to understand and engage with synodical governance. These sessions were instrumental in helping new members navigate their roles and contribute meaningfully to the mission and ministry of our diocese, as we continue to implement Southwark Vision.

Ministry

We will maintain the highest possible number of stipendiary clergy and grow our lay ministries, ensuring that our parishes are served by well-resourced and wellsupported ministers of all kinds.

To have ordinands to place as curates means that our team of Vocations Advisors, Directors of Ordinands, and our Vocations Team do a tremendous amount of work to guide people through the discernment processes. In 2024, our Vocations Advisors worked with 75 enquirers to explore vocations to both lay and ordained ministry. We have been very pleased to see the increase in those coming through to train as Readers in our diocese. The Dean for Cultural Diversity, Roxanne Eversley, continued to develop further targeted work with Global Majority Heritage (GMH) enquirers. 2024 also saw the start of the new Encouraging Vocations research project, which will examine the way people from underrepresented groups navigate the lay and ordained ministry discernment processes and how barriers might be best overcome.

The Discipleship, Lay Ministry and Continuing Ministerial Education Team continued its work supporting the wellbeing and development of all our ministers. A new initiative for 2024, Nine in Twelve: a year of clergy wellbeing was launched in the autumn. A series of monthly group meetings, this could be described as a series of ‘mini-retreats’, or a committed group where clergy can be themselves in silence and creativity. It has proved so popular that a second group is planned for 2025.

2024 saw the appointment in many of our deaneries of new Lay Vocations Champions, whose role is to encourage

knowledge of and vocations to our many different Lay Ministries. Taster Sessions, both in person and online were offered throughout the year to give enquirers the opportunity to discover more about the lay ministries on offer and how to explore a vocation to these. Our Season of Lay Ministries took place during Epiphany, with accompanying resources to enable parishes to give thanks for and encourage those serving in lay ministries. The Review of the Lay Council, which was set up to help to encourage Lay Leadership and Ministry, began in 2024 and will conclude in 2025 – this helps to shape the work that we do to promote Lay Ministry in all its diversities. Our Season of Lay Ministries took place in Epiphany, with resources for special services and parishes across our diocese supported to give thanks for and encourage all serving in lay ministries.

Work has also begun with the Board of Education to think about how best to resource School, Further Education, and Higher Education Chaplaincy.

Adult baptism at St John The Evangelist, Upper Norwood.

10 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Our diocese only holds property for mission and ministry purposes. The Property Team worked hard throughout 2024 to support parish ministry through ensuring that clergy and their families have suitable, comfortable accommodation. During 2024, the team worked to develop a revised Diocesan Property Strategy. The strategy offers a crucial framework for managing diocesan properties all of which are prioritised for mission and ministry – and most of which are parsonages. It is designed to guide the Property Team, as they work closely with our archdeacons to serve and support our parishes over the next ten years. The strategy also emphasises sustainability, cost-effectiveness and the alignment of our property use with Southwark Vision, which aims to grow and diversify our diocese, including advancing our commitment to the environment. The revised strategy will also support our Diocesan Investment Programme through the provision of housing for ministers.

Throughout the year, the Human Resources Team worked to enhance the wellbeing of both clergy and staff through providing direct support as well as promoting resources for health and wellbeing. Training about employment in parishes is provided to curates as part of their IME2 training, as well as to new incumbents to our diocese in their ‘Nuts and Bolts’ training. The latter provides an opportunity for new incumbents to share learning from diocesan staff in a number of areas, including giving, wellbeing, HR, DAC, vocations, communications, lay ministry and social justice.

In 2024 it was wonderful to welcome both a new Bishop of Woolwich (The Rt Revd Alastair Cutting) and

School children participate at St Michael, Lower Sydenham – an estatebased church.

a new A rchdeacon of Lewisham & Greenwich (The Venerable Chigor Chike) to the Bishop’s Senior Team. The Venerable John Kiddle announced his intention to retire from the role of Archdeacon of Wandsworth in 2025 – and The Revd Bridget Shepherd was announced as his successor.

Teams have been working intentionally on exploring new patterns of church and worship with our pioneers and their training incumbents, as well as offering specific training and support. Several of the curates (pioneers and others) have been instrumental in setting up very successful new models of ministry in our parishes. As part of the IME2 programme, all curates receive training and support in evangelism, responding missionally to local needs and developing ministry among lay people.

Growth

In the next five years, we want to see our diocese surpassing pre-pandemic levels of church attendance – and grow by a further 10% by 2035.

During 2024, the Mission Team developed a refreshed Mission Action Planning resource, offering parishes a toolkit and process for refining their vision and advancing mission in their community. It is expected that this will launch in early 2025. The team also strengthened its links with

At least five of our curates each year are identified as Pioneer Curates – those with a specific calling to new mission and ministries, primarily with those outside the church. In 2024, 18 of these curates served across our diocese. The Vocations and Missions

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 11

Reflections from 2024 (continued)

the national Leading Your Church Into Growth initiative, focusing on culture and mission in parishes, with a course in Southwark Diocese planned for 2025. The team also offered mission accompaniment and mentoring to those involved in Hub and Resourcing Churches that have received Strategic Development Funding through the national Church. In conjunction with this, the Strategic Development Team provided project management support to these churches to implement their plans. As part of our Diocesan Investment Programme , staff from both teams worked to identify and support six new Hub and four new Resourcing Churches, as well as developing other projects to support new models of church. These range from work in estates through to the Anglo-Catholic Youth Mission in Communion model.

The digital work of the

Communications Team expanded significantly in 2024, with our digital presence spreading to social media platforms Instagram and TikTok, as well as adopting a much more strategic approach to our pre-existing platforms. The team produced and published a total of 45 videos over the year, telling good news stories from our parishes and sharing resources to enhance parish mission. Throughout December 2024, across all of our digital channels, the team shone a light on the work of our Church of England schools, sharing some of the ways children engage with Advent, Christmas and the Christian faith in our diocese.

Youth & Diversity

The focus on training and growing children and youth leaders has been a key priority for the Mission Team in 2024. Catalyst – a training course for anyone volunteering or working with children, young people and families – saw 33 participants. The CYP Basics course was held in four venues across our diocese, with plans to offer it in each archdeaconry in 2025. Additionally, the team supported parish engagement with children and young people through Growing Faith meetings, the development of Flourish worshipping communities in schools and a 2024 survey to establish a CYP ministry ‘baseline’.

We are committed to becoming a younger and more diverse diocese – one which better reflects the communities we serve.

In 2024, as part of our Diocesan Investment Programme , the Strategic Development , Mission and Discipleship, Lay Ministry and Continuing Ministerial Education Teams worked to develop a new apprenticeship-style training scheme. In partnership with Ridley College Cambridge, this aims to help address our need for more children and young people’s workers. We will train paid parish-based apprentices to help them to develop and gain the qualifications and experience they need to pursue a vocation to this work – and to create a pathway for trained CYP workers. A nationally-funded Coordinator for this scheme was appointed in late 2024 and we expect the first cohort to begin training in autumn 2025.

In November, the team hosted a dedicated diocesan conference on ministry with children, young people and families entitled Small Changes, Big Impact . More than 200 people attended and follow-up parish training will be offered in 2025.

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More than 200 people attended our Small Changes, Big Impact diocesan conference on ministry with children, young people and families.

12 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Estates ministry continues to grow and thrive in our diocese, with termly meetings of estates ministers across all episcopal areas and a programme of visits by the Dean of Estates Ministry. The Magnify estates lay pioneer training course is aimed at people from an estates culture who have often been overlooked. More popular than anticipated, five Magnify hubs took place in 2024 (three had originally been planned), each with up to eight participants engaging in 32 hours of sessions. Discussions are underway to expand the programme to the Battersea and Kingston areas in 2025, further strengthening lay pioneer development.

During national Generosity Week (29 September to 6 October), the Giving Team provided special resources for children, young people and families encouraging generosity across all generations, designed by our new Generous Giving Advisor. These were ideal for family discussions around the dinner table or exploration in church group settings.

Deepening our discipleship

Christ is at the heart of our faith – and we will seek to go deeper in our journey with him, replicating our learning and sharing our gifts and resources.

The Discipleship, Lay Ministry and Continuing Ministerial Education Team offers the Bishop’s Certificate which runs each year from September to July. This course is open to anyone who wants to find out more about their faith and is often the first step in discerning a vocation. It also forms part of the training for some of our Commissioned Lay Ministries.

72 people began the course and 55 people completed it in 2024.

The team also offers a wide and diverse range of short courses that are open to anyone, which can be found in the Discipleship and Ministry brochure . Our ‘Ground Floor Guides’ sessions proved particularly popular in 2024. These are hour-long introductions to various subjects which in 2024 included the English reformations and body theology. The brochure features courses from the Children and Young People’s Team and the Giving Team as well as many others, all designed to encourage mission and ministry by enabling growth in faith.

As ever, our Giving Team worked tirelessly with parishes to encourage giving of time, skills and money to improve their financial and missional resilience. At the end of 2023 Southwark was the Church of England diocese with the highest percentage of parishes using digital giving for the second year running. In 2024, we sustained this focus and at the end of the year over 90% of our parishes were offering at least one form of digital giving. 100 churches have now joined the Parish Giving Scheme , with over £2.6m of gifts being processed for our parishes in 2024 – 33% more than 2023, and with 30% more donors. This free scheme reduces administration for parishes and their volunteers and encourages generous giving. Over 100 parishes attended our Archdeacons’ Q&A sessions on the Parish Support Fund in early summer. The generosity of parishes in 2024 was seen in many ways, not least an amazing 99.7% collection rate for the Parish Support Fund.

A Spanish-language Mass at St Matthew, Elephant and Castle.

The 2024 national Generosity Week service came from Holy Trinity Roehampton, led by The Revd Joshua Rey who said: “It is in giving that we receive – but as the vicar of a London parish which couldn’t provide full time ministry without the generosity of other churches around the diocese, I can tell you that to receive the generosity of others is also a joy!”

Alongside the ongoing mission-focused work of the Diocesan Advisory Committee (DAC), in 2024 our diocese benefited from the financial assistance of the national Buildings for Mission: Support for Churches project. This provided for a new parishfocused Church Buildings Fundraising Support Officer role within the Church Buildings & DAC team . Since April 2024, the Support Officer has provided specialist advice to parishes on grants applications and – other means of fundraising – for maintenance, repair and conservation of church buildings and capital improvementworks. The Support Officer has also given encouragement and help to parishes in developing strategic

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 13

Reflections from 2024 (continued)

financially-achievable approaches to the management and sustainable use of their church buildings. This has included advice about community engagement and wider buildings use, as well as energy-efficiency and carbon-reduction.

Healing

We will seek God’s healing for our communities and our world, prioritising safeguarding, social justice, racial justice and care for creation.

As part of our Net Zero Carbon programme , Jonathan Walter (Net Zero Programme Manager) visited more than 40 churches in 2024 to provide advice on the best parish pathway to Net Zero. More than 50 of our churches were enabled to receive funding from the National Church Net Zero Programme – both through free energy audits and match funding under the Give to Go Green initiative. Under Give to Go Green , nearly £160,000 was raised by 12 of our churches in autumn 2024 for specific projects to cut carbon and improve energy efficiency, reduce day to day running costs and support our collective journey towards net zero carbon. £84,000 of donations came from congregations and communities, with an additional £75,798 match funded by the national Church.

A network of the diocese’s 42 highest carbon-emitting churches was created to ensure mutual support and knowledgesharing, helping our parishes to overcome the challenges they face in reaching the net zero target. A first gathering of this group was held at Southwark Cathedral in October 2024. The team saw an increase in completion of the Energy Footprint Tool, which enables churches to measure their Carbon Footprint and identify ways to reduce this. We

were pleased to witness the number of Eco Churches in our diocese growing in 2024 with nine new churches, 13 new bronze-awarded churches and 10 new silver-awarded churches – including Southwark Cathedral.

A special Lent Pilgrimage, led by Bishop Martin, brought people together from across our parishes to reflect, pray and commit to action to care better for the environment and care of creation. Our renewed diocesan commitment was affirmed in a synod-approved Environment Policy for 2025-27.

Racial justice continued to be a key part of our diocesan work in 2024. During 2024, a special Anti-Racism Charter (ARC) parish study resource was developed and piloted in parishes. This was designed to make the ARC more accessible and to invite people into conversations and reflection about the theology behind it. The study pack was revised in light of the feedback from parishes and will be launched in time for Racial Justice Sunday in 2025. In December we welcomed a new Racial Justice Development Officer (Weisi Dennis) to the team, to support the implementation of the ARC in our parishes and Episcopal Areas. In partnership with our Board of Education, Southwark Cathedral hosted our annual Black History Month Celebration in October 2024. This explored the positive impact that music has had on the black community, as well as its power to transform worship and enhance witness – bringing hope, healing, restoration and justice.

The Discipleship, Lay Ministry and Continuing Ministerial Education Team helped to co-ordinate and lead Unconscious Bias training in our diocese in 2024, working with trainers

from parishes. The team appointed a nationally-funded Racial Justice Training and Resources Officer who will take this work forward into 2025 and beyond.

The Justice, Peace and Integrity of Creation (JPIC) Team continued to advocate for justice and peace in our communities, our nation and our world, especially the poor – including the protection of vulnerable young people from involvement in serious youth violence. The team supported the delivery of the Operation Forgiveness initiative – an early intervention knife-crime initiative – in schools in our diocese. As part of the Synergy Network, they also supported churches through work around understanding trauma for churches and young people. The Team continues to contribute to the Violence Reduction Unit Multi Faith Network core committee.

In 2024, students from two diocesan schools – St. Bede’s Redhill and Christ’s School Richmond – took part in the Glaziers Education Project, which helped them to explore issues around homelessness and rough sleeping. The project culminated in the production of a stained-glass panel, now on display in Southwark Cathedral.

The JPIC Team also worked to support our leaders, parishes and ministers in their advocacy, helping them to build knowledge and engage with their MPs and Councillors on issues including care for the environment, refugee support and community organising. The team ran training events and provided resources to empower our parishes – from Hidden Voices training (spotting the signs of modern slavery and exploitation) to poverty, health and refugee supporting.

14 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Pilgrims on the Kingston–Merton leg of the pilgrimage for climate change, during Lent 2024.

Our dedicated Safeguarding Team worked throughout 2024 to help our churches to be safer, more welcoming and supportive places. The team’s frontline case work with survivors of abuse increased significantly throughout the year. Each referral is taken seriously, with all national guidance followed, and can require anything from simple advice and reassurance to significant work with the statutory services. In all of this, the team is determined to be survivor-focused, as well as ensuring that support and advice is available to all those affected by each issue. In 2024, work was undertaken to establish and support a dedicated Survivors Forum for Southwark and London dioceses. This work will continue into 2025.

As well as direct casework, the team offers advice and support to ministers and Parish Safeguarding Officers and runs a full programme of training across our diocese, ensuring that hundreds of lay and ordained ministers and church officers and volunteers are

better equipped for their ministries. In 2024, almost 1,400 people completed their Foundation Safeguarding training, more than 500 the Domestic Abuse awareness training, nearly 150 did the Safer Recruitment course and more than 370 the Safeguarding Leadership training. The team also processed 2,461 DBS requests for parishes and diocesan staff.

The Communications Team continued to support our bishops and other key spokespeople in their advocacy on key issues affecting our world such as the conflict in Israel and Gaza, racial justice, the Assisted Dying Bill and violent crime in our communities. It also offered 24/7 direct advice and support to parishes and schools in working with the media, responding to community tragedies, dealing with challenging communications issues and sharing their stories. More communications advice, support and training for parishes is planned for 2025. The team promoted and supported the 2024 Bishop’s Lent

Call, which – thanks to the enormous generosity of our parishes – raised an amazing £60,000 for projects in Israel, Zimbabwe and the UK.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 15

Key statistics

The Diocese of Southwark serves...

2.9 million people in the 16 local authorities of South London and East Surrey through 356 places of worship – a Church of England presence in every community

and 101 church schools educating 34,000 young people 23 prison, hospitals and airport chaplaincies

16 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

49% of churches in the diocese are registered for Eco Church, with 66 bronze, 30 silver and 1 gold status awards

310 stipendiary clergy with 24 pioneer curates, 280 PTO clergy, 210 commissioned or licensed lay ministers and 45 self supporting clergy

159 parish proposals for church buildings recommended. £72,000 awarded to eighteen parishes in grants from ‘Buildings for Mission’ Church of England funding

32 people training on our new Estates Lay Pioneer course

90% of churches equipped to use digital giving

More than 1,400 people £60,000 raised by the Bishop of completed at least one of our Southwark’s Lent Call to support our safeguarding courses partners in Jerusalem, the Middle East, Zimbabwe and the UK

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 17

Financial review

Financial performance

A surplus of £0.4m (2023: £3m deficit) is reported before property revaluations and losses or gains on investments. In 2023 there was a severe slowdown in the property market, whilst we made all the planned purchases and improvements there were few sales to balance this. In 2024 the market returned to more normal conditions, and the gains on some properties that should have been made in 2023 moved the charity into surplus.

The donations made by parishes through the PSF are our principal source of income. Income from the PSF in 2024 was £16.4m (2023: £16.0m). The collection rate for 2024 was 99.7%, compared to 99% in 2023, an exceptional result in both years. The collection rate is testament to the partnership working between parishes and the diocese, and the strength of our pledge system based on informed generosity.

As noted above, gains on asset disposals were ahead of budget and aside from this our other sources of income overall were on budget.

Contributions from the Archbishops’ Council were £2.9m (2023: £1.9m) with the increase attributable to a higher level of Strategic Development grants and the beginning of grant income for the Diocesan Investment Programme. Other donations fell to £1.5m (2023: £2m), because of a cut in the grant from Trust for London of £0.5m. We are expecting this grant to remain at the lower level for the next few years. Income from charitable activities remained the same at £2.1m (2023: £2.1m).

Costs rose to £28.2m (2023: £26.8m). The cost of maintaining our property

2024 Income vs (Budget)

Parish share: £16.41m (£16.13m) Funding from outside Diocese: £4.40m (£4.60m) Gain on asset disposal: £4.46m (£3.60m) Funding from Diocesan assets: £2.91m (£2.93m) Parochial fees: £0.35m (£0.42m) £28.5m (£27.68m)

2024 Expenditure vs (Budget)

Ministry stipends: £13.35m (£12.97m)

Ministry housing, training & support: £8.04m (£7.51m) Area Mission & JPIC: £1.33m (£1.60m) Board of Education: £0.37m (£0.37m)

Strategic Development & Fresh Expressions: £1.48m (£1.89m)

Governance and administration: £1.81m (£1.79m)

National Church: £1.79m (£1.70m) £28.16m (£27.84m)

stock was ahead of budget. We must carry out essential maintenance and repairs on our clergy housing and cost inflation – both materials and labour – continued to be higher than the general level of inflation. Stipends also increased year on year, with a 4% increase at the beginning of the year and a further 1% from the beginning of April. Our expenditure was well controlled and overall was on budget except for property expenditure.

The amount spent on administration as a proportion of the total expenditure of the SDBF amounted to 6.5% (2023: 7%). This expenditure continues to be monitored rigorously. It is comparable to other dioceses and other charities of a similar size and complexity.

The increase in the value of Board and Diocesan Stipendiary property was £10.6m (2023: £13.6m decrease), a reflection of the return of confidence

18 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

to the housing market in 2024. The net gain on investments was £1.1m (2023: £0.3m gain), with the market performing strongly towards the end of the year.

The value of investments increased by £1.7m (2023: £0.3m increase). There were £1.4m of sales and £2.1m of purchases to increase the exposure of the portfolio to global equities and bonds, away from UK equities and property funds. Following a motion of Diocesan Synod, at the end of 2024 the SDBF appointed two new fund managers to hold portfolios that do not hold fossil fuel investments. The assets from all existing funds were transferred to the new managers at the beginning of 2025 and the SDBF now holds no fossil fuel investments through these managers. Further details on the investments and their performance can be found in the investment policy section on page 21.

There was no impairment to the value of parsonages in the year. Properties are held for the long term and our experience has been that sale prices exceed the carrying value of the asset.

The capital value of non parsonage properties increased by £10.6m (2023 £13.6m decrease), an increase of 8.6% (2023 10.8% decrease). This increase reflected the South London property market through 2024. Following the decision taken by the Trustees in 2016, whereby properties other than benefice houses were to be valued on a five-yearly cycle, one-fifth of the portfolio was revalued during the year by the SDBF’s appointed firm of chartered surveyors, and the average change in the value of the properties revalued was applied to the remainder of the portfolio.

Financial history and plan

----- Start of picture text -----
£ million SoFA results: actual 2020–2024 and budget 2025
35
30
25
20
15
10
5
0
2020 2021 2022 2023 2024 2025
Income Spending Actual = solid colour Forecast = dots
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Significant property transactions

properties to enable more effective use of funds for the ministry of the church and to house curates

A summary of property transactions that took place during the year is shown in the table on page 20. Expenditure on property development and improvements continues to take place, to ensure that parsonage houses are fit for purpose and that the correct numbers and placement of properties are available for curates and other church workers. This is in line with the property strategy endorsed by Diocesan Synod and to support Southwark Vision.

Under the Mission and Pastoral Measure 2011, the Diocesan Pastoral Account is available for the purchase and/or improvement of benefice houses. To the extent that any remaining funds are not required, or are not likely to be required, for these purposes then the Account may be applied to any general purpose of the SDBF. The policy of the SDBF is to use the Account for exceptional property expenditure and for property staff costs where they are principally engaged in the purchase, sale and maintenance of the property portfolio but not to use it for routine property administration and maintenance.

One parsonage was purchased in 2024, to replace one sold in 2022 that was deemed not fit for purpose.

Our policy continues to be:

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 19

Financial review (continued)

Balance sheet position

During the year a credit facility of £3.2m was arranged with NatWest to replace a facility with HSBC. The HSBC facility was secured on investments that were due to be sold as part of the divestment from fossil fuel investments. The new facility is secured on property rather than investments.

The Trustees consider that the balance sheet, together with Note 19 (pages 74–75), show broadly that the restricted and endowment funds are held in an appropriate mix of investment and current assets given the purposes for which the funds are held. The net assets as at the balance sheet date totalled £302.0m (2023: £289.9m). Included in this total are properties, mostly in use for ministry, whose value amounted to £275.8m (2023: £265.7m).

----- Start of picture text -----
2024 2024 2023 2023
Number £’000 Number £’000
Property development and
improvement:
Parsonage 25 1,564 23 1,565
Glebe property 2 34 10 633
DBF property 3 183 7 396
Total 30 1,781 40 2,594
Purchases at book value:
Parsonage 1 734 2 2,025
Total 1 734 2 2,025
Sales at book value:
Parsonage 4 2,632 – –
Glebe property – – 2 919
DBF property 3 1,970 1 10
Total 7 4,602 3 929
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Reserves policy

Free reserves are deemed to be the total of the unrestricted General Fund. Having considered financial risk, liquidity requirements and the timing of cash flows throughout the year, the Trustees reviewed and amended the policy in 2019. The Trustees’ policy was gradually to grow working financial reserves in the General Fund such that it was equivalent to three months’ budgeted unrestricted expenditure by the end of 2020, with an aspiration to achieve six months’ budgeted unrestricted expenditure by the end of 2025. The target of three months’ unrestricted expenditure was not achieved, which would require a reserve of £6.5m, and a long term plan is currently being drawn up for the next five years which will take account of this commitment in conjunction with the Diocesan Finance Review

being undertaken by the National Church. In addition, the aim is to have this backed by cash, which has also not been achieved. Again this will be addressed in the long term planning being undertaken.

Reserves invested in fixed assets

The General Fund comprises net assets amounting to £3m (2023: £3.3m), of which £3m (2023: £2.8m) relates to tangible fixed assets, principally freehold and leasehold property, and a further £3.2m (2023: £3.1m) is held in pooled investments.

Designated funds

The Trustees may designate additional unrestricted reserves to be retained for an agreed purpose where this is prudent. Such designated reserves are reviewed on an annual basis and returned to the General Fund if the purpose of their designation is no longer considered to be adequate justification for their retention.

A description of each reserve, together with the intended use of the reserve, is set out in Note 20 (see page 76). During the year a new Net Zero Carbon Fund was established to fund work on improving the energy efficiency of parsonages. At 31 December 2024, total designated reserves were £43.6m (2023: £39.8m). The policy of the Trustees is to gradually return as many of these funds as possible to the General Fund.

20 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Restricted and endowment funds

As set out in Note 19 (see pages 74–75), the SDBF holds and administers a number of restricted and endowment funds. As at 31 December 2024, restricted funds totalled £4.8m (2023: £4.4m) and endowment funds totalled £251.0m (2023: £242.5m). Neither are available for the general purposes of the SDBF.

Grant-making policy

The Articles of Association of the SDBF allow for the making of grants in pursuance of its objects. The grants made in the current and previous year are disclosed in Note 10 (see pages 62–63). All grants are made from budgets set aside for specific purposes and are subject to authorisation policies and criteria.

Investment policy

The SDBF is permitted by its Articles of Association to make investments. Note 19 (see pages 74–75) provides details of the assets of each fund, together with the related purposes. Note 14 (see page 69) summarises the movements in investments during the year. The investment principles were reviewed towards the end of 2018.

With most of its capital assets in residential housing, the focus of the Trustees is on the selection and review of investment funds to provide additional income to the diocese whilst aiming to maintain the inflation-adjusted value of capital. The investment policy and principles in this align with the property strategy and Southwark Vision 2024–35.

----- Start of picture text -----
Funds Proportion Income Total
at 31 of yield in return
December portfolio year in year
2024
£’000 % % %
Managed funds:
M&G Equity Investment Fund for Charities 5,053 18.6 6.3 9.0
J O Hambro UK Equity Income Fund 3,837 14.1 4.7 21.6
CBF Investment Fund 5,177 19.1 2.7 5.1
Savills Charities Property Fund 979 3.6 6.4 5.5
Mayfair Capital PITCH Fund 1,496 5.5 5.9 5.9
Sarasin Global Higher Dividend Fund 8,169 30.1 2.9 7.1
Blackrock Charities UK Bond Fund 2,433 9.0 4.1 (0.4)
Total 27,144 100.0
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The Trustees’ investment policy is to pursue an ethical investment policy. The Trustees are committed to following the ethical and climate change investment guidelines laid down by the Ethical Advisory Group of the National Investing Bodies of the Church of England and a motion of Diocesan Synod, not to invest directly but through collective investment vehicles, to seek the best economic returns consistent with commercial prudence following the judgment in the Bishop of Oxford case.

Excluding purchases, sales, and transfers, the value of investments has increased by 3%. Total distributions decreased to £1.2m (2023: £1.3m).

The SDBF does not adopt a total return policy for its investments but looks to identify investment managers who can produce income growth whilst preserving capital subject to agreed risk tolerances.

The investment objectives are:

The capital growth and income achieved in the year are in line with the investment objectives.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 21

Objectives and plans

Youth project at St Margaret, Putney.

Annual objectives for 2024

The Annual Objectives were approved by the Diocesan Synod in November 2023 and continued the themes of Connectedness & Communication and Rebuilding Finances: Parishes and the Diocese , set in 2022. Together they formed a broad remit of major synodical priorities to which they were drawn:

Southwark Vision (2017–25) was at the heart of our strategy, with plans and annual objectives in 2023 flowing from that. The diocese maintained a firm commitment to parish structures as well as support for innovation, new projects and initiatives.

A key objective for 2023 was to work alongside parishes and archdeacons to seek to rebuild the Parish Support Fund to 2019 levels by the end of the year through the 2024 pledges. Our multiple-year programme to achieve the target of 66% parishes covering their full ministry costs, so they can be more generous to others, continued. Embedding digital giving continued to be a priority through encouraging contactless payments and online giving in our parishes. A new cloud-based finance system for the diocesan office was put in place in January 2023 and is being used successfully.

The Strategic Vision Ministry and Deployment policy continued to be an integral part of Southwark Vision (2017–25) and the approved Southwark Vision (2024–35), which was wholeheartedly approved and endorsed by Diocesan Synod in November 2023.

Our commitment on the development and embedding of our Anti-Racism Charter continued. Establishing Hub and Resourcing Churches, to encourage and support parishes with mission and Fresh Expressions, also continued and is showing promise. Supporting mission and ministry through the work of our Justice, Peace and Integrity of Creation (JPIC) team also continued in 2023, as Diocesan Synod approved a diocesan roadmap to Net Zero Carbon and staff began to develop the plan for reducing carbon emissions, in line with our Diocesan Environment Policy. Diocesan Synod also made a commitment to achieving our Eco Diocese Silver award by 2027–28. Following the achievement of Bronze status in 2023, work on this has begun in earnest.

Progress made towards achieving 2024 objectives

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Objective Progress made
Connectedness and communication
Continue to embed initiatives to In Autumn 2024, the Dean of Clergy Wellbeing launched a new initiative to
support clergy wellbeing during times support clergy wellbeing. Nine in Twelve offers a series of ‘mini retreats’ with
of change and uncertainty. a group of supportive clergy. A second group is due to launch in 2025. Clergy
continue to have access to counselling and other support via their archdeacons,
as well as a number of other bodies. Our Diocesan Referrals Group meets
regularly to consider key issues in clergy wellbeing and has been developing a
complaints procedure.
Consider how the DAC can enhance In 2024 we appointed a nationally-funded Church Buildings Fundraising Support
its guidance, advice, and support to Officer to work with the Church Buildings & DAC team, to offer project advice,
all parishes for the cost-effective fundraising guidance and grants support. We also launched the Buildings for
and sustainable management of Mission Minor Repairs & Improvements Grants scheme, to which all parishes may
church buildings. apply. Work on reducing our carbon emissions continued – and a project with
our 42 highest-emitting parishes launched in Autumn 2024. We also participated
in national Net Zero Carbon projects such as ‘Demonstrator Churches’ and ‘Give
to Go Green’, supported by our new Net Zero Carbon Programme Manager.
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 23

(continued) Annual objectives

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Objective Progress made
Continue to give support to We hosted a PCC Secretaries Conference and Treasurers Conferences and
parishes where they lack volunteers launched a new Handbook for PCC Secretaries. Our annual Parish Information
in critical roles, e.g. treasurers Review was conducted, ensuring that diocesan data for parish officers is correct
and churchwardens, and develop – and our project to address challenges in recruiting volunteers, led by two
new strategies. Area Deans, will continue into 2025. Training has been offered to our parishes
in recruiting and encouraging volunteers. All of our staff teams offer advice to
parishes on a range of matters. Governance support has been offered by the
Secretariat team and financial advice by the Finance and Giving Teams. A range of
grants have been made available to parishes – and advice given on accessing funding.
Our Parish Conversations launched in late 2024 and will continue until 2026 – with
learning from those conversations further shaping diocesan work.
Environment (including Net Carbon Literacy training has been delivered at Southwark Cathedral and Trinity
Zero Carbon). House, as well as a staff-focused eco survey and Lent lunch session focusing on
environmental concerns. 16 parishes in our diocese have gained an Eco Church
Award: Six Bronze and 10 Silver. Diocesan Synod has approved an action plan
towards net zero for 2030. Refreshed and renewed Environment Policy. Updated
Eco Diocese Working Group terms of reference to support Silver award.
Continue implementation of the plan Our Diocesan Environmental Officer has given support to parishes needing
for reducing Carbon emissions within advice on environmental concerns and additional support was provided to enable
diocesan control. churches to complete the 2023 Energy Footprint Tool (EFT). The proportion
of churches completing the EFT in 2024 rose to 58%. The team continues to
offer support to parishes in caring for creation and reducing carbon emissions –
including energy audits and access to funding.
Implement actions from the review of Our diocese holds very little Glebe land, but we have appointed independent
Glebe land across the diocese giving planning consultants to undertake a review of its uses. They will consider
due consideration to community and alternative uses (not just residential development). Outcomes might include the
environmental benefits. provision of land for Bio-Diversity Net Gain (BNG), renewable energy generation
and provision of improved community assets. A new property strategy was
approved by Diocesan Synod in November 2024, which includes the use of Glebe
land and carbon reduction.
Continue to implement our A new Anti Racism Charter parish study resource was developed and piloted in
diocesan action plan for the 2024, with plans to launch it more widely in 2025. In 2024, we appointed new
Anti Racism Charter. Racial Justice Development Racial Justice Training and Resource Officers – funded
by the national Church. Grant funding has been identified for further cultural and
heritage work – including the commissioning of a unique mass setting for use
by parishes.
Rebuilding finances: parishes and our diocese
Grow parish finances to achieve Our Finance and Giving teams have been working together to support parishes in
post-pandemic recovery. a range of funding and financial matters. We participated in the pilot of the national
Give to Go Green initiative in Autumn 2024 and expect further engagement with
the scheme in 2025. With funding through the Diocesan Investment Programme,
we hope to appoint two additional parish-focused fundraisers in 2025.
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24 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

----- Start of picture text -----
Objective Progress made
Working with Archdeacons to increase Six Archdeacon-led Parish Support Fund Q&A sessions were attended by
giving, financial resilience and 2025 people from over 100 parishes in June and July 2024. We are continuing our
pledges from a selection of parishes, conversations and meetings with parishes regarding their financial resilience and
mindful of the target to reach 66% of encouraging generous giving. With some parishes, we have agreed plans to help
parishes being self-financing by 2030. them achieve greater contributions and coverage of indicative costs.
Building on the success of embedding Work has begun with Christian Aid’s ecumenical programme ‘Faithwill’ and we
digital giving, with a focus on have appointed a Generous Giving Advisor who will expand our legacies work.
encouraging legacy giving.
Review priorities for property in the A new Property Strategy has been approved by Diocesan Synod, which includes
light of the Cost-of-Living crisis and consideration of Net Zero Carbon plans. The Diocesan Environmental Policy was
Net Zero Carbon plans. also refreshed and a Towards Net Zero Action Plan developed in 2024.
To develop guidance to all parishes This work is currently undertaken on a case-by-case basis. We ensure that legal
in the stewardship of their property advice is sought in all cases involving the leasing of property.
assets, including upcoming legislative
environmental changes, mindful of the
mission and ministry imperative
Strategic and national objectives
Develop plans and initiatives to enable, Growth in our ministry with children, young people and families is a key priority,
equip and encourage parishes to both for Southwark Vision and our Diocesan Investment Programme – and
increase the number of children and we are developing a number of projects to address this. We have continued
young people as part of a worshipping to deliver the Aurora Youth Course, Godly Play training and the Catalyst 30K
community by 2030, linked to the Children and Youth Ministry Training (with two cohorts). We are resourcing
National Church’s bold outcomes. parishes to develop relationships with their local schools through initiatives
such as Christmas Unwrapped and Christ Seen Investigation. The CYP team
provided support and advice to approx. 55 parishes in 2024 and offered CYP
Basics training for nine parishes. We are working to develop three Flourish CYP
ministers to establish worshipping communities in schools.
Continue to further establish Hub and As part of our Diocesan Investment Programme, we have funding to establish
Resourcing Churches including through four Resourcing Church projects (one still to be decided on) and six Hub
SDF3 funding awarded in 2023 Churches, with further ones planned in the second and third Triennium. Most
will have a focus on ministry with children and young people. There have been
some delays in work on our Strategic Development Funded projects, but these
have been managed and positive ways forward found.
Continue to implement, as required, In support of IICSA Recommendations 1 and 8, our diocese is preparing for
any new actions following reports Diocesan Safeguarding Advisers to change to the role of Diocesan Safeguarding
from the National Safeguarding Team, Officers. Our safeguarding case management processes are being reviewed
Synodical direction, and mindful to ensure consistency of approach and adoption of best practice. Members
of upcoming (2026) Independent of the Safeguarding Team have undertaken nationally-led Supervision training.
Safeguarding Audit. Recommendations will be referred to the Diocesan Safeguarding Advisory Panel
for oversight and monitoring to completion.
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 25

Future plans

Our Diocesan Investment

Programme (DIP) seeks to address the four main missional challenges that have been identified by our Diocesan Synod:

To address these challenges, the DIP offers an integrated nineyear programme with a number of workstreams that will facilitate mission and growth throughout our parishes in South London and East Surrey – none of which will be at the expense of core funding for our parishes. Churches of varying sizes and kinds will be resourced to flourish and grow – sharing their learning to benefit other parishes across our diocese. 2025 will see the piloting of a number of new workstreams – in particular:

The Parish Development and Renewal Programme . This new twoyear learning initiative is for churches that feel ready to see how they can create the right environment for even more fruitful ministry in their own contexts. Groups will work with a number of other parishes to learn from one another – and the programme will be piloted in early 2025, with a view to rolling it out for many more churches to participate.

An Apprenticeship-style training programme for those called to vocations working with children and young people. This aims to help address

our need for more children and young people’s workers. We will train paid apprentices in CYP work to help them to develop and gain the qualifications and experience they need to pursue a vocation to this work – and to create a pathway for trained CYP workers.

Innovation Funding . Thanks to funding from the national Church, we have a significant grant that we can award once every three years to a church that presents an innovative mission idea that they can develop and share with other churches to grow our parishes. The first round of grant applications will take place in 2025.

With every project, we will be focusing on how successful ideas might be replicated, what may be learned from the different initiatives and how they can best serve the priorities of Southwark Vision . Other nationallyfunded projects, such as Bubble Church – a Sunday church service especially for babies, toddlers, and young families which originated in the Diocese of Southwark – will continue to develop and resource parishes across the Church of England.

Alongside the Diocesan Investment Programme, we will continue to build on the work already outlined in this report to continue to lead, equip, enable and serve the parishes across our whole diocese. Our Board of Finance, like any charity, has internal support functions which are needed to keep everything running. We continue to seek to run these as efficiently as possible, ensuring always that our main priority is parish mission and ministry. In 2025 we will continue our IT transformation : completing the last elements of our migration to cloudbased data storage and ensuring that all

staff have sufficient training to facilitate better collaboration and more efficient use of resources. This also supports our ongoing work to reduce our use of paper – the next development in 2025 will be the launch of a secure online portal for trustees to access their meeting papers. The HR team will be working to understand the potential impact on our parishes of proposed changes to employment legislation , so that we can best support them to make any necessary changes.

In 2025 the Communications team will be reviewing The Bridge newspaper, as well as our diocesan website – and rolling out a series of communications workshops for local parishes. The team will also be reviewing our diocesan presence on social media channels, in light of national and international developments.

Racial Justice remains a core priority for our diocese. As part of this, we are very pleased that all staff will be offered Unconscious Bias training, with the first session being delivered early in 2025. Our Encouraging Vocations research project will begin to collect and analyse data in 2025 as we seek to better understand the ways in which people from under-represented groups navigate our lay and ordained ministry pathways – and what barriers or challenges they may experience. We also continue our commitment to the highest standards of Safeguarding – and encourage all staff involved in recruitment and management to complete Safer Recruitment and Domestic Abuse training offered by the National Safeguarding Team. In 2025 we will appoint a Safeguarding Business Manager , who will help to prepare the diocese for its forthcoming INEQE safeguarding audit.

26 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

In line with the Church of England’s Routemap to 2030, the work of achieving Net Zero Carbon emissions for our diocese will focus on supporting our 42 highest-emission churches in identifying and developing their pathways to net zero and helping them optimise the funding available to them. We will also continue to develop a cross-diocese approach to reducing our carbon emissions and will work together to share knowledge and support efforts across our Cathedral, churches, schools and property portfolio. Our Eco Diocese Working Group will continue to monitor progress towards our Eco Diocese Silver Award which we are aiming to achieve in 2027/28. The biggest challenge in this will be encouraging parish churches to sign up to the scheme and begin to make progress towards their awards. Our Environment Officer and Net Zero Carbon Programme Manager will be continuing to work hard to support and inspire churches in this work.

For church buildings needing repairs and minor improvements, we will continue to award grants using national funding under the Minor Repairs and Improvements funding for church buildings. We will also advocate for the continuation of the Government’s Listed Places of Worship Grant Scheme, which allows churches to reclaim VAT on building projects. Using DIP funding, we will recruit two Church Fundraising Officers who will support our parishes in identifying funding streams and completing grant applications.

As an increasing number of clergy approach retirement age, we will continue work to ensure that we will have sufficient lay and ordained ministers for our parishes. Our

Black History Month panel discussion with (l–r) Sophia Jones (Communications Consultant), Karen Gibson MBE (Founder of The Kingdom Choir), The Revd Andrew Mumby (Rector at St Peter, Walworth), and Joseph Gilder (Director of Music at St Saviour’s and St Olave’s School).

Vocations and Discipleship, Lay Ministry and Continuing Ministerial Education Teams will continue to encourage and foster people in their vocations – offering opportunities to explore their calling, as well as a range of training from formal ordination pathways to shorter courses. 2025 will be the 10th anniversary of our Parish Support Fund , which resources the costs of mission and ministry for all of our parishes. Each year parishes are invited to make a pledge to the PSF which is realistic, challenging, and generous. We know that the ongoing challenging financial climate and demographic changes – especially in inner London – mean that our parishes and congregations are under financial pressure. We are hugely grateful for the generosity of parishes who give

to support ministry – and those parishes which give beyond their costs to support ministry in places which otherwise would not be able to afford this. We are very aware of the financial challenges facing parishes and will continue to support them in any way we can.

We will also continue our programme of Parish Conversations , further enabling the leadership of our diocese to hear about, understand and share in the joys and challenges of parish ministry across our diocese.

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© Tom Bradley
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 27

Principal risks and uncertainties

The Senior Management Team considers, evaluates and records the major areas of risk to which the SDBF is exposed, assessing both the likelihood and impact of those risks being realised, together with the measures in place to manage and mitigate such risks. These are discussed and scrutinised through the Audit and Risk Committee and the principal risks are submitted annually to the Diocesan Council of Trustees (DCT) for their discussion, feedback and approval.

The principal risks below reflect the eight risks approved by Trustees for 2024.

All of the process of identification and assessment of risk, the risks identified and the measures for mitigation are reviewed at least annually by the Audit and Risk Committee, with at least one area of principal risk reviewed in detail at each meeting. Responsibility for delivery of the mitigation strategies identified is delegated to the Diocesan Secretary. The Risk Register is presented to, discussed by, and amended as Trustees determine and formally agreed by Trustees annually. The Risk Register is a living document which is used to track and update areas of concern.

The Risk Register for 2024 identified eight areas where the risk of either failure to act or the impact of the events was considered significant. These areas and the associated mitigation strategies were as follows, listed in alphabetical order:

1. Communications

During the year, following approval of the Principal Risks, this item was renamed ‘Reputational Risk’ .

The parishes work in partnership with the DBF to promote Southwark Vision and to resource the Vision to cover the costs of ministry through the Parish Support Fund (PSF). Constant communication is required about the work and mission of our Diocese across South London and East Surrey, including new and existing mission initiatives.

The primary impact is that insufficient funds are generated through the PSF and that mutual support across the Diocese is weakened.

There is also a risk that key areas of our diocesan life are not given sufficient profile – such as racial justice, lay ministry and the need for action on the environment – and that congregations consequently are not encouraged to engage fully with these issues.

Mitigants include:

Lay Leadership and Lay Ministry and the need for action on the environment does not gain traction, and that congregations become disillusioned. This is mitigated by ensuring that we communicate a more balanced focus on the role of laity, and equip and enthuse clergy to develop and encourage lay ministers in their parishes, and with regular training resources for environmental issues.

An additional communications risk is that poor media coverage might lead to reputational loss for the diocese.

This is mitigated by high quality public relations management, provided by our in-house team. The team focuses on the fostering of good relationships with journalists, rigorous attention to the press agenda and social media trends – and, in particular, the careful management of communications around safeguarding issues.

2. Data and data protection

Ongoing development of the integrated database for our diocese has ensured much more effective collection of data. This underpins the integrity and interpretation of diocesan data, which is essential for good strategic decision-making.

The principal risks for this area remain unaltered and are that incomplete, inaccurate or misinterpreted data leads to poor decision-making, wasted resources and reputational damage.

Mitigants include:

28 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

The diocese and all its parishes must comply with data protection legislation or risk both legal and reputational consequences.

Mitigants include:

3. Diocesan growth

Our Southwark Vision (2024–2035) sets six priorities for the future, which include growth, youth and diversity, which we believe will lead to growth. The risk, exacerbated by the current economic climate, and the level of trust in the Church of England is that the progress towards achieving sustainable growth is impeded.

Mitigants include:

4. Financial risks

The continuing economic downturn and world events may result in lower income and cash flow difficulties for many of our parishes – with the consequential risk of a reduction in PSF pledges and payments.

Mitigants include:

5. Governance

The compliance and regulatory framework for large charities is increasing and evolving and the key risk here is a lack of accountability and transparency in decision-making.

Mitigants include:

6. IT

The loss of access to adequate IT provision would affect the ability of diocesan staff to fulfil their responsibilities. The risk of malicious cyber attacks and phishing scams continues to be a concern.

Mitigants include:

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

29

Principal risks and uncertainties (continued)

7. Living in Love & Faith

The General Synod’s decision to approve Prayers of Love & Faith for same-sex couples leads to risks and difficulties which result from the differences in theological perspectives across our diocesan family. This is a changing risk area, causing deep levels of anxiety for many and is being constantly monitored by senior staff, bishops and archdeacons. Risks and impacts may come from both those in favour and those against General Synod’s recommendations – which in themselves continue to evolve. Our diocese is committed to speaking well of each other notwithstanding differences of conviction which are held in good faith. It is recognised that this is a difficult area for many, but there are opportunities to serve, minister and evangelise regardless of any outcome and any associated risks should be understood in that context.

Mitigants include:

8. Safeguarding

Safeguarding policies and procedures continue to be a priority. Therefore, there is continued focus on this risk area. The publicity around national cases has underlined the importance of this.

Any occurrences of abuse by someone working for or on behalf of the Church will have significant consequences for those affected and there is also a reputational risk in the event of poor safeguarding practice.

The risk areas for safeguarding have been aligned to link with the National Church’s Risk Audit categories of Culture, Leadership & Capacity, Prevention, Recognising and Managing Risk, Victims and Survivors, Learning, Supervision & Support

Mitigants include:

Core Groups for safeguarding case management meet as required and are chaired by an archdeacon, a senior lay member of the DCT or the Diocesan Safeguarding Advisory Panel Chair. Parishes are required to use the online systems for Disclosure and Barring Service checks as part of the safe recruitment of those working with children, young people and adults who may be at risk of harm. We work to ensure the rigorous recording of data and produce statistics to allow full and ongoing reviews of diocesan safeguarding processes, as well as input into continuing implementation of IICSA and national Church initiatives. All safeguarding work is supported by proactive and sensitive communications, provided by our in-house team. Formal reporting of safeguarding activity and the key risk areas is provided for annual scrutiny by the Diocesan Audit and Risk Committee and the whole Trustee body at the DCT as a further mitigant.

30 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Governance jlllllli k K 2 . S !•,I;'Ii. Iiir,A gfAI ¥ Stalned glass at St Matthew. Croydon.

Structure and governance

Summary information about the structure of the Church of England

The Church of England is the established Church and HM The King is the Supreme Governor. It is organised into two provinces (Canterbury and York) and 42 dioceses. Each diocese is a See under the care of a bishop who is charged with the cure of souls of all the people within that area. This charge is shared with priests within benefices and parishes which are separate charitable entities – but also part of the diocese, served by the diocese and accountable to it.

The National Church’s General Synod comprises ex-officio and elected representatives from each diocese. It agrees and lays before Parliament Measures for the governance of the Church’s affairs which, if enacted, have the force of statute law. Additionally, the Archbishops’ Council has a coordinating role for work authorised by the Synod; the Church Commissioners manage the historic assets of the Church of England; and the Church of England Pensions Board administers pension schemes for clergy and lay workers.

Within each diocese, overall leadership lies with the Diocesan Bishop. The Diocese of Southwark is divided into 25 deaneries, each with its own Deanery Synod. Each parish has its own Parochial Church Council (PCC). The PCC shares responsibility with the parish priest for the mission of the local Church, in a similar way to that in which the Bishop shares responsibilities with the Diocesan Synod. Whilst each diocese is a separate legal entity, with a clear responsibility for a specific geographical area, being part of the Church of England requires and enables each diocese to seek support from and work in partnership with other dioceses and national bodies.

Organisational structure

The South London Church Fund & Southwark Diocesan Board of Finance (SDBF) is a company limited by guarantee (No 236594) and a registered charity (No 249678) governed by its Articles of Association. It was incorporated in 1929. The Articles were updated and modernised during 2017. The Company Secretary is the Diocesan Secretary.

The governance and policy of the SDBF is the responsibility of the Trustees, who are also members and directors of the company and trustees for the purposes of charity law. Since November 2015, the Diocesan Council of Trustees (DCT) has been the standing committee of the Diocesan Synod, and its members are members of the Diocesan Board of Finance (DBF), the Bishop’s Council and the Diocesan Mission and Pastoral Committee (DMPC). In November 2022, the Parsonages Board was incorporated within the DBF and so became the Parsonages Committee with the same co-terminous membership of the DCT. As with most other dioceses, it did not hold separate bank accounts or financial accounting. The Parsonages Committee sits within the DBF.

Under the revised governance, the DCT comprises the Diocesan Bishop (President of the Diocesan Synod), Chair and Vice Chair of the Board of Finance (both laity), Area Bishops, Archdeacons, Chairs of the Houses of Clergy and Laity of the Diocesan Synod, six clergy (two from each Episcopal Area), 12 members of the laity elected (including three from each Area) and up to six further lay members with financial or other relevant expertise formally elected by the House of Laity of the Diocesan Synod. The implementation of this revised governance structure was reviewed by an external consultant during 2018 and was found to be

successful and robust. The Handbook of Governance was revised for the new triennium, 2024–2027, and approved by the Diocesan Synod in July 2024.

The Diocesan Synod, the statutory governing body of our diocese, is an elected body drawn from across the diocese with responsibility for setting our vision and strategy of the diocese. The Synod membership is elected every three years, the last elections having been in 2024. The Synod elects from its members – 12 of the lay trustees of the SDBF and six of the clergy members. The SDBF is subject to the direction of the Synod in all its activities, unless such direction is not in accordance with governing documents or statutory regulations. Since the DBF developed coterminous membership with the Bishop’s Council and DMPC membership, trusteeship and directorship of the SDBF also includes membership of those other bodies, all part of the DCT. The Diocesan Secretary is Secretary to each of these, except that the Deputy Diocesan Secretary is Secretary to the DMPC.

Decision-making structure

Corporate priorities and the overall financial strategy for the diocese, in its primary object to promote, assist and advance the work of the Church of England within the Diocese of Southwark, are set by Diocesan Synod and the SDBF. The responsibility for ensuring that these priorities and strategies are delivered is delegated to the Diocesan Secretary who reports to the Bishop of Southwark and is accountable to Trustees through the Chair of the SDBF. The Policy and Finance Committee, which is the standing committee of the Council of Trustees, holds the work of the Diocesan Secretary to account. The company meets once a year in a General Meeting to receive and approve the Annual Report and Financial

32 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Statements, appoint auditors and elect a Chair and Vice Chair, nominated by the Bishop of Southwark.

Each year the Diocesan Synod receives and agrees the annual budget, prepared and approved by the Board. The Diocesan Council of Trustees holds five meetings each year, including one all-day meeting to consider the annual budget and objectives. Trustees formulate and co-ordinate policies on mission, ministry and finance by:

The Trustees are assisted in their work by two committees:

The Policy and Finance Committee (PFC) is the standing committee of the DCT and monitors management accounts and budgets, the use of assets and investment policies and exercises the authority delegated to it by the Trustees. It also undertakes the Board’s operational responsibilities under the Parsonages Measures 1938 and 1947; the Repair of Benefice Buildings Measure 1972; the Parochial Church Councils (Powers) Measure 1956, as amended,

and the Incumbents and Churchwardens (Trusts) Measure 1964 (with respect to parochial property); the Endowment and Glebe Measure 1976 (with regard to property assets); and the Mission and Pastoral Measure 2011 (with regard to redundant churches).

In addition, it considers and initiates strategic policy where proposals are at an early stage of development prior to submission to the SDBF. It meets five times a year including a budget meeting that addresses work plans and annual objectives. It holds the work of the Diocesan Secretary – and through them the executive team – to account.

The Audit and Risk Committee scrutinises performance, oversees issues of financial probity, reviews the work of external audit, prepares the response to the external auditor’s management letter, scrutinises the effectiveness of governance, and reviews the risk register. It meets four times a year.

In addition, the SDBF is advised by its Investment Sub-Committee , which provides advice to the PFC and to the Diocesan Secretary on the SDBF’s investments and funds available for investment. This meets five times a year. The Board is advised by its Remuneration Committee , which normally meets annually.

Trustee recruitment, selection and induction

Board Trustees of the Diocesan Board of Finance are also members of the Bishop’s Council and DMPC, and are selected as set out above. Potential Trustees complete skills audits, there is a role description and Trustees are given induction at the outset of the triennium and at other times as appropriate. They are also informed, before seeking membership and at all other relevant

times, of the role and function of each committee and constituent element of the DCT. Some staff hold the title of ‘Director’ but this relates to their function within the organisation and has no legal meaning within the terminology associated with the Companies Act. All Trustees are required to sign the Diocesan Declaration of Eligibility, Responsibility and Conflicts of Interest statement forms. A Handbook of Governance is given to each Trustee.

Remuneration of key management personnel

Remuneration of the Diocesan Secretary is determined annually by the Remuneration Committee, which also receives the Diocesan Secretary’s remuneration recommendations for members of the Senior Management Team, which the Remuneration Committee then considers for approval. The committee is a sub-committee of the PFC, formally reporting through it to the DBF. It is chaired by the Bishop of Southwark and includes the Chair and Vice-Chair of the SDBF and any external consultants, as they determine. The committee also includes the Chair of the PFC.

Delegation of

day-to-day delivery

The Trustees and the committees which assist them in the fulfilment of their responsibilities delegate management to the Diocesan Secretary who, with the Senior Management Team, delivers the activities of the company in accordance with the policies of the Trustees. The Diocesan Secretary is given specific and general delegated authority to deliver the business of the Board.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 33

Structure and governance (continued)

Funds held as Diocesan Authority

The Board acts as Diocesan Authority or Custodian Trustee of assets held on permanent trust by virtue of the Parochial Church Councils (Powers) Measure 1956, as amended, and the Incumbents and Churchwardens (Trusts) Measure 1964 where the Managing Trustees are PCCs and others. These assets are not aggregated in the financial statements as the SDBF does not control them, and they are segregated from the SDBF’s own assets by means of a separate bank account, separately identified investment holdings and a separate accounting system. Further details of financial trust assets, whose market value amounted to £17.4m at 31 December 2024 (2023: £17m), are available from the SDBF on request, and are summarised in Note 27 (see page 81). Where properties are held as Diocesan Authority, the deeds are identified as such and held in safe custody by the SDBF’s solicitor, Winckworth Sherwood LLP.

Section 172 statement

This section serves as our Section 172 statement and should be read in conjunction with the Review on pages 8–30. Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of

stakeholders in their decision-making. The directors continue to have regard to the interests of the company’s employees and other stakeholders, including the impact of its activities on the community, the environment and the company’s reputation, when making decisions.

Most directors are elected from the parishes and communities served by the diocese, ensuring coverage geographically through elections from the Diocesan Synod. The presentations by the Chair of the Board to Diocesan

Synod, covering budgets, objectives and the Annual Report, are examples of this.

Acting in good faith and fairly between members, the Directors consider what is most likely to promote the success of the Company in the context of being a DBF among some 40 others across the Church of England, and also in being a charity with charitable objectives focused on mission and ministry. Whilst the importance of giving due consideration to our stakeholders is not new, we wish to explain how the Board engages with our stakeholders to comply with the requirement to include a statement setting out how our Directors have discharged this duty.

its discussions and as part of its decision-making

34 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Trustees’ responsibilities

Members of Diocesan Synod take a vote.

The Trustees are responsible for preparing the Annual Report, which incorporates the Review, and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees (as Directors) to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose, with reasonable accuracy, at any time the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the diocesan website.

Statement of disclosure to the auditor

So far as each Trustee is aware:

Appointment of auditor

Buzzacott Audit LLP was appointed as the auditor in June 2021 and re-elected in May 2024.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 35

Legal objects

The Trustees, who are also Directors for the purposes of company law, present their Annual Report, together with the audited financial statements, for the year ended 31 December 2024.

The Directors/Trustees are one and the same, and in signing as Trustees they are also signing the Review sections in their capacity as Directors.

This combined report satisfies the legal requirements for:

Legal objects

The objects of the South London Church Fund & Southwark Diocesan Board of Finance (SDBF) are “for the public benefit to assist, promote and further the religious and other charitable work (including but not limited to the educational work) of the South London Church Fund & Southwark Diocesan Board of Finance within the diocese, and any other diocese which shall at any time be formed, wholly or in part out of the diocese, either with or without the addition of any part or parts of other dioceses.”

Its function is to serve as the corporate body of the Church of England in the diocese, responsible for the financial stewardship of the diocese through performing, working and transacting business in connection with the Church and diocese. It is the diocese’s Board of Finance for the purpose of the Diocesan Boards of Finance Measure 1925 and other

legislation. Through its Parsonages Committee, it may act as the Parsonages Board for the diocese within the meaning of the Repair of Benefice Buildings Measure 1972.

The Diocese of Southwark covers most of Greater London south of the Thames and parts of East Surrey. Within the diocesan boundaries are the Royal Borough of Greenwich, the London Boroughs of Croydon, Lambeth, Lewisham, Merton, Southwark, Sutton and Wandsworth, plus parts of the London Boroughs of Richmond upon Thames, Bromley and Bexley and the Royal Borough of Kingston upon Thames. In Surrey, it also includes parts of the Borough of Reigate and Banstead, Tandridge District Council and Mole Valley District Council.

The SDBF has the following responsibilities:

The SDBF is empowered to act as a committee of the Diocesan Synod, responsible for providing the secretariat and other corporate services of

the diocese and also for raising and disbursing money and employing staff.

The standing committee of the Diocesan Synod is the Diocesan Council of Trustees (Bishop’s Council). Its members are also the members of the SDBF and the Diocesan Mission and Pastoral Committee (DMPC). Each of these three bodies has coterminous membership.

The strategic priorities of the diocese are established by the Diocesan Synod, and its standing committee the Diocesan Council of Trustees (DCT), in consultation with Deanery Synods, PCCs and the Bishop of Southwark (in respect of his responsibility for the provision of the cure of souls).

The DCT (acting as Bishop’s Council, the Diocesan Board of Finance (DBF) and the DMPC) fulfils its objectives within this framework, together with the committees and advisory groups of the diocese. To this end, significant time and effort is committed to communication between and with these bodies, as well as with the Church nationally; this includes consultation on specific matters relating to the priorities for the forthcoming year, taking into account the commitments arising from the Diocesan Budget.

36 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Related parties

Related parties include:

• The Southwark Diocesan Board of Education (SDBE), a separate registered charity (No 313001) to which the SDBF makes grants. The SDBE supports 101 Church of England schools educating approximately 34,000 pupils; 82 are primary schools, three junior schools and four infant schools and there are 10 secondary schools, and two all-through schools. Within our family of 101 schools, 80 are Voluntary Aided, one is a Foundation school and 20 are academies. The SDBE supports the provision, effectiveness and development of education in all Church of England schools within the diocese. It specifically seeks to develop the Christian ethos and distinctiveness of Church schools; to promote religious education and collective worship; and to advise School Governors and Trustees. In the voluntary aided schools, the SDBE supports the maintenance and improvement of school buildings and facilities. The SDBE also supports the provision of chaplaincy in higher and further education institutions, a post funded by the SDBF. The SDBF also makes an grant to the SDBE towards the cost of delivering the Diocesan Measure for Education. The Bishop of Southwark is President of the SDBE, and The Rt Revd Dr Rosemarie Mallett is the Chair of the Board. The Ven Simon Gates, Archdeacon of Lambeth, is the Chair of the Schools Committee. The SDBF has delegated the function of Chaplaincy Development Officer to the SDBE and provides a grant for a part time role supporting further and higher education chaplaincy across the diocese.

‘We are one’: an equity, diversity and inclusion event in February, with pupils sharing their artwork and writing.

• Southwark Diocesan Welcare (Welcare), a separate registered charity (No 1107859) to which the SDBF makes a grant. Welcare is a Christian charity working in South London and East Surrey with disadvantaged children and families, irrespective of faith, culture, abilities or life choices. By offering family support, mentoring services and group work with parents and children, Welcare empowers families to rebuild their lives and family ties, helping parents to give their children happier, more confident childhoods. The Board of Welcare includes the Head of JPIC as the DBF nominee.

Grants made to these parties are identified in note 11 to the accounts (see page 62). Any further related party transactions are identified in note 26 (see page 80).

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 37

Administrative details

Trustees

No Trustee had any beneficial interest in the company during 2024. The following Trustees were in post during the period 1 January 2024 to the date of approval of these financial statements.

President

The Right Revd Christopher Chessun, The Bishop of Southwark

Ex-officio

The Right Revd Dr Rosemarie Mallett, The Bishop of Croydon

The Right Revd Dr Martin Gainsborough, The Bishop of Kingston

The Rt Revd Alastair Cutting, (from 3 July 2024), The Bishop of Woolwich The Venerable Greg Prior, The Archdeacon of Croydon

The Venerable Simon Gates, The Archdeacon of Lambeth

The Venerable Alastair Cutting, (to 2 July 2024), The Archdeacon of Lewisham & Greenwich

The Venerable Dr Chigor Chike, (from 29 September 2024), The Archdeacon of Lewisham & Greenwich The Venerable Moira Astin, The Archdeacon of Reigate

The Venerable Jonathan Sedgwick, The Archdeacon of Southwark The Venerable John Kiddle, The Archdeacon of Wandsworth

Chair of the House of Clergy of Diocesan Synod

The Revd Lotwina Farodoye (to 11 October 2024) The Revd Captain Nicholas Lebey (from 11 October 2024)

Chair of the House of Laity of Diocesan Synod

Mr Adrian Greenwood, (Lay Canon) (to 11 October 2024) Mrs Rebecca Chapman (from 11 October 2024)

Appointed by the Bishop of Southwark

Sir David Beamish Chair of the Board of Finance

Mrs Sarah Docx Vice Chair of the Board of Finance

Elected by Synod (House of Clergy)

The Revd Dr Charlie Bell (from 5 December 2024) The Revd Anne Bennett (from 4 December 2024) The Revd Antonio Garcia Fuerte (from 5 December 2024) The Revd Michael John (to 4 December 2024) The Revd Jonathan MacNeaney (from 5 December 2024) The Revd Jonathan Macy (to 4 December 2024) The Revd Justine Middlemiss (to 4 December 2024) The Revd Dr Nicholas Peacock (from 3 January 2025) The Revd Dr Eddie Scrase-Field The Revd Fiona Weaver (to 4 December 2024)

Elected by Synod (House of Laity)

Mrs April Alexander (to 4 December 2024) Mrs Rebecca Chapman (to 11 October 2024) Mrs Despina Francois (to 4 December 2024) Mr Adrian Greenwood (from 5 December 2024) Miss Vasantha Gnanadoss Mr Joseph Goswell Mr Richard Helliwell (to 4 December 2024) Mr Marshall Manson (from 5 December 2024) Mr James Murdoch (from 5 December 2024) Miss Solabomi Ogun Miss Miranda Okon (to 4 December 2024) Miss Olusola Oyeleye (to 4 December 2024) Miss Susan Patterson (to 4 December 2024) Mr Paul Waddell (from 5 December 2024) Mr David Williams (from 5 December 2024) Miss Rosemary Wilson (to 4 December 2024) Mr Grahame Woods (from 5 December 2024)

Lay persons elected as specialists

Dr Nicholas Burt

Mr Michael Hartley (to 4 December 2024) Miss Gill Reynolds (to 4 December 2024) Mr Alan Saunders His Honour Nigel Seed KC

38 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Senior staff

Mrs Nicola Thomas Diocesan Secretary

Mrs Jacqueline Pontin Deputy Diocesan Secretary

Mr Mark Rhodes Director of Finance and Financial Assets

Ms Ruth Martin Bishop’s Lead for Strategic Development (including Property Strategy)

Mr Andrew Bennett Director of Property Services

Mr David Loft Director of Human Resources

Mr Devas Palokkaran Director of Information Technology & Data

The Revd Canon Wendy Robins Director of Discipleship, Lay Ministry & Continuing Ministerial Education

The Revd Jeremy Clark-King, Director for Clergy Formation & Initial Ministerial Education

The Revd Anna Drew Director of Communications

Ms Pamela Chisholm Diocesan Safeguarding Advisor

Mrs Gabby Parikh Director of Giving and Parish Funding

Registered office

Trinity House, 4 Chapel Court, Borough High Street, London SE1 1HW

Advisers

Bankers

National Westminster Bank plc 91 Westminster Bridge Road, London SE1 7HW

Independent Auditor

Buzzacott Audit LLP 130 Wood Street, London EC2V 6DL

Solicitors

Winckworth Sherwood LLP Minerva House, 5 Montague Close, London SE1 9BB

Investment Fund Managers

CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street, London EC4V 4ET

J O Hambro Capital Management Ltd 1 St James’s Market, London SW1Y 4AH

M&G Securities Ltd 10 Fenchurch Avenue, London EC3M 5AG

Mayfair Capital Investment Management Ltds 2 Cavendish Square, London W1G 0PU

Sarasin & Partners LLP Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU

Savills Investment Management (UK) Ltd 33 Margaret Street, London W1G 0JD

BlackRock Investment Management (UK) Limited 2 Throgmorton Avenue, London EC2N 2DL

Insurers

Ecclesiastical Insurance Group plc Beaufort House, Brunswick Road, Gloucester GL1 1JZ

In approving this Trustees’ Report, the Trustees are also approving the Review included on pages 8–30 in their capacity as Company Directors.

By order of the Trustees

Sir David Beamish

Chair of the Board of Finance 14 May 2025

Nicola Thomas Secretary 14 May 2025

HSBC UK Bank plc 10 York Road, London SE1 7ND

HSBC Private Bank (UK) Limited 8 Cork Street, London W1S 3LJ

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 39

Olive Fadayomi leads the Nigerian Chaplaincy Worship Team at the Black History Month service.

Independent auditor’s report

To the Members of the South London Church Fund and Southwark Diocesan Board of Finance

Opinion

We have audited the financial statements of South London Church Fund & Southwark Diocesan Board of Finance (the “charitable company”) for the year ended 31 December 2024, which comprise the statement of financial activities, the income and expenditure account, the balance sheet, the statement of cash flows, and the notes to the financial statements including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees, with respect to going concern, are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report 2024, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements

does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 41

Independent auditor’s report (continued)

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 obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report, including the Review.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement in the Trustees’ report, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters

related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance 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 that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

42 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of Trustees and management and the

inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Mackereth

Senior Statutory Auditor

For and on behalf of Buzzacott Audit LLP, Statutory Auditor, 130 Wood Street, London EC2V 6DL

16 May 2025

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 43

Statement of Financial Activities for the year ended 31 December 2024

----- Start of picture text -----
Unrestricted funds Restricted Endowment Total funds Total funds
funds funds 2024 2023
General Designated
Note £’000 £’000 £’000 £’000 £’000 £’000
Income and endowments from:
Donations 3
Parish contributions 16,408 – – – 16,408 16,044
Archbishops’ Council 275 – 2,604 – 2,879 1,883
Other donations 1,526 – – – 1,526 2,038
Charitable activities 4 2,105 – – – 2,105 2,139
Investments 5 1,011 – 143 – 1,154 1,272
Gains on disposal of properties 6 1,472 – – 2,992 4,464 435
Total 22,797 – 2,747 2,992 28,536 23,811
Expenditure on:
Charitable activities 7 26,130 20 2,009 – 28,159 26,765
Total 26,130 20 2,009 – 28,159 26,765
Net (expenditure)/income
before investment gains (3,333) (20) 738 2,992 377 (2,954)
Net gains on investments 14 88 – 263 763 1,114 331
Net (expenditure)/income (3,245) (20) 1,001 3,755 1,491 (2,623)
Transfers between funds 12 2,182 257 (542) (1,897) – –
Other recognised gains:
Revaluation of property 13 753 3,632 – 6,230 10,615 (13,584)
Net movement in funds (310) 3,869 459 8,088 12,106 (16,207)
Total funds brought forward 3,278 39,766 4,355 242,513 289,912 306,119
Total funds carried forward 19 2,968 43,635 4,814 250,601 302,018 289,912
----- End of picture text -----

All activities derive from continuing activities. The notes on pages 49–81 form part of the financial statements. The full prior year Statement of Financial Activities (SoFA) is included at Note 26 (see page 80).

44 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Income and expenditure account for the year ended 31 December 2024

----- Start of picture text -----
2024 2023
£’000 £’000
Total incoming resources 25,544 23,771
Resources expended (28,159) (26,765)
Operating (deficit) for the year (2,615) (2,994)
Net gains on investments 351 127
Net (expenditure) for the year (2,264) (2,867)
Other comprehensive income:
Revaluation of fixed assets 4,385 (5,193)
Net assets transferred from endowments 1,897 –
Total comprehensive income/(expenditure) 4,018 (8,060)
----- End of picture text -----

The income and expenditure account is derived from the Statement of Financial Activities (SoFA) with movements in endowment funds excluded to comply with company law. All income and expenditure is derived from continuing activities.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 45

Balance sheet as at 31 December 2024

----- Start of picture text -----
Company Number 236594 2024 2023
Note £’000 £’000 £’000 £’000
Fixed assets:
Tangible assets 13 275,752 265,691
Investments 14 27,144 25,370
Total 302,896 291,061
Current assets:
Debtors 15 1,053 1,089
Cash on deposit 2,804 790
Cash at bank and in hand 1,012 2,715
Total 4,869 4,594
Creditors: amounts falling due within one year 16 (884) (2,133)
Net current assets 3,985 2,461
Total assets less current liabilities 306,881 293,522
Creditors: amounts falling due
after more than one year 17 (4,863) (3,610)
Net assets 302,018 289,912
Funds:
Endowment funds 250,601 242,513
Restricted income funds 4,814 4,355
Unrestricted income funds:
General Fund 2,968 3,278
Designated funds 43,635 39,766
Total funds 19 302,018 289,912
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 14 May 2025 and signed on behalf of the Board by:

Sir David Beamish Chair of the Board of Finance

46 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Statement of cash flows for the year ended 31 December 2024

----- Start of picture text -----
2024 2023
£’000 £’000 £’000 £’000
Net cash used in operating activities (5,373) (3,445)
Cash flows from investing activities:
Dividends, interest and rent from investments 1,154 1,272
Proceeds from the sale of:
Tangible fixed assets 7,593 1,354
Fixed asset investments 1,403 4,535
Purchase of:
Tangible fixed assets (2,903) (4,662)
Fixed asset investments (2,063) (4,500)
Net cash provided by (used in) investing activities 5,184 (2,001)
Cash flows from financing activities:
Loans received 500 990
Net cash provided by (used in) financing activities 500 990
Change in cash and cash equivalents in the reporting period 311 (4,456)
Cash and cash equivalents at 1 January 3,505 7,961
Cash and cash equivalents at 31 December 3,816 3,505
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 47

Notes to the statement of cash flows for the year ended 31 December 2024

----- Start of picture text -----
Reconciliation of net income/(expenditure) to net cash flow 2024 2023
from operating activities £’000 £’000
Net income before investment gains for the year 377 (2,954)
Adjustments for:
Depreciation charges 85 54
Dividends, interest and rent from investments (1,154) (1,272)
Decrease in value of Value–Linked Loans – 10
Gains on sale of fixed assets (4,464) (435)
Decrease in debtors 36 849
(Decrease)/increase in creditors (253) 303
Net cash used in operating activities (5,373) (3,445)
Analysis of cash and cash equivalents 2024 2023
£’000 £’000
Cash in hand 1,012 2,715
Notice deposits (less than three months) 2,804 790
Total 3,816 3,505
Analysis of changes in net debt At 1 Cash At 31
January flows December
2024 2024
£’000 £’000 £’000
Cash in hand and at bank plus short term deposits 3,505 311 3,816
–
Loans falling due within one year (1,000) 1,000
Loans falling due after one year (3,610) (802) (4,412)
Total (1,105) 509 (596)
----- End of picture text -----

48 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

Notes to the financial statements

1. Accounting policies

The South London Church Fund & Southwark Diocesan Board of Finance (SDBF) is a charitable company limited by guarantee, incorporated in England and Wales and registered with the Charity Commission. In the event of the charitable company being wound up the liability in respect of the guarantee is limited to £1. The SDBF meets the definition of a public benefit entity under FRS 102.

b. Accounting convention and basis of preparation The financial statements have been prepared in accordance with the Companies Act 2006, applicable Accounting Standards in the United Kingdom (FRS 102) and the Statement of Recommended Practice for Charities (Charities SORP FRS 102).

The financial statements have been prepared on the historical cost basis with the exception of freehold properties, which are included at their Fair Value as determined under the applicable valuation method as detailed in 1.f, and fixed asset investments, which are included at their Fair Value at the balance sheet date.

c. Going concern

The Directors/Trustees have reviewed forecasts for a period of at least 12 months from the date of the approval of these financial statements and consider that there are no material uncertainties regarding the SDBF’s ability to continue as a going concern.

d. Income Income is recognised in the period in which the charitable company is entitled to receipt, if the amount can be measured reliably and it is probable that the funds will be received.

Income comprises donations, including parish contributions and grants receivable, legacies, income from listed investments, interest receivable, income directly related to charitable activities (including rent receivable), the net surplus on disposal of tangible fixed assets and miscellaneous income.

not received are not recognised as debtors as the pledges represent a commitment that is not legally enforceable.

Other donations and grants are recognised when the charitable company has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. If a donation or grant is subject to conditions that require a level of performance before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charitable company is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charitable company. Entitlement is taken as the earlier of the date on which either: the charitable company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charitable company that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charitable company has been notified of the executor’s intention to make a distribution.

Investment income is recognised once the dividend or similar income has been declared and notification has been received of the amount due.

Parish contributions (or parish share) are recognised by the charitable company on receipt. Amounts

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 49

Notes to the financial statements

1. Accounting policies (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.

Income from charitable activities includes parochial fees received for occasional offices including baptisms, weddings and funerals. These are recognised as income when receivable.

Gains or losses on the disposal of property assets are calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. They are accounted for once legal completion of the disposal has taken place.

iv) Pension contributions. The SDBF participates in two defined benefit pension schemes (see Note 24 on pages 78–80): the Church of England Funded Pensions Scheme for clergy and the Church Workers’ Pension Fund (CWPF) for SDBF lay staff. The SDBF closed the Defined Benefit Scheme section of the CWPF to new members in July 2013 and it closed for existing members on 31 December 2022.

SDBF staff joining after July 2013 are members of the Pension Builder section of the CWPF. Contributions to this scheme paid by the SDBF are charged to the SoFA as expenditure on the accruals basis. Former members of the CWPF Defined Benefit Scheme are now members of the Pension Builder Section of the CWPF.

e. Expenditure

Expenditure is recognised on the accruals basis and is classified in the SoFA under headings that aggregate related costs.

The pension costs for the defined benefit schemes recognised as expenditure represent the SDBF’s contributions payable in respect of the accounting period, in accordance with FRS 102.

f. Tangible fixed assets and depreciation Benefice houses

The SDBF has followed the requirements of FRS 102 in its accounting treatment of benefice houses (parsonages). FRS 102 requires the accounting treatment to follow the substance of arrangements rather than their strict legal form. The SDBF is formally responsible for the maintenance and repair of such properties and has some jurisdiction over their future use or potential sale if not required as a benefice house, but in the meantime legal title and the right to beneficial occupation is vested in the incumbent. The Trustees consider the most suitable accounting policy is to capitalise such properties as expendable endowment assets and to carry them at cost. For benefice houses owned at 1 January 2015, the SDBF has adopted the estimated reinstatement cost as at 1 January 2014 as deemed cost. Benefice houses purchased or built after 1 January 2015 are included at purchase or build cost. Benefice houses transferred from the Diocesan Stipendiary Fund are

50 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

1. Accounting policies (continued)

included at the carrying value at the date of transfer. An impairment review is carried out annually.

Non-benefice freehold and leasehold properties

Freehold and leasehold properties are initially recognised at cost and subsequently measured at Fair Value at each reporting date. Leasehold properties are not amortised over the term of the lease period on the grounds of materiality because of the very long lengths of the leases and the limited number of leasehold properties. The SDBF has appointed a firm of chartered surveyors to undertake a full valuation of its freehold and leasehold properties on a rolling basis over a five-year period. The results of these valuations are extrapolated across the remaining portfolio to ensure that the carrying value of the properties approximates Fair Value. The revaluation gains or losses are reported within other recognised gains and losses in the SoFA.

Properties subject to value-linked loans

Properties that have been bought with the assistance of value-linked loans from the Church Commissioners are included in the financial statements as fixed assets and the associated loans as loan creditors. The properties are stated at Fair Value and are revalued at each reporting date. On disposal the agreed share of the net sale proceeds will be remitted to the Church Commissioners and the related loan liability extinguished.

Depreciation on buildings

Depreciation is not charged on buildings as the Trustees consider that any provision (annual or cumulative) would not be material owing to the very long expected remaining useful economic life in each case, and that their expected residual value is not materially less than their carrying value. The SDBF has a policy of regular structural inspection, repair and maintenance, which in the case of residential properties is in accordance with the Repair of Benefice Buildings Measure 1972 and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition, disposals of properties occur well before the end of their economic lives

and disposal proceeds are usually not less than their carrying value.

Leasehold improvements

Improvements made to leasehold properties are amortised in the SoFA over the shorter of the term of the lease or the break clause where there is an expectation that this will be exercised.

Capitalisation

Capital expenditure above £25,000 on properties is capitalised.

g. Other tangible fixed assets

Other tangible assets are recognised at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged to the SoFA over the expected useful economic life of the asset as follows:

The SDBF has entered into operating lease arrangements for the use of certain property assets, the rental for which is charged in full as expenditure in the year to which it relates. Rent-free periods given as part of an operating lease are amortised in the SoFA over the lease term or break clause where there is an expectation that this will be utilised.

i. Financial instruments: assets and liabilities Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their Fair Value at the end of each calendar month using the closing quoted bid market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their carrying value or their purchase value if acquired after the latest monthly revaluation. Unrealised gains and losses are calculated as the difference between the Fair Value at the year end and their carrying value at that date. Realised and

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 51

Notes to the financial statements

1. Accounting policies (continued)

unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Concessionary loans

The SDBF makes loans to further its charitable purposes, typically being loans to parishes, at nil interest or at rates below prevailing market rates. It is also in receipt of loans that are interestfree or at rates below prevailing market rates from the Church Commissioners for England and the Central Board of Finance. Such loans are classified as concessionary loans and accounted for in accordance with Section 34 of FRS 102 whereby the loans are initially recognised and measured at the amount paid or received and subsequently adjusted to reflect any repayments, accrued interest and any subsequent impairment.

Debtors

Debtors are recognised at the settlement amount due.

Cash and cash equivalents

Cash and cash equivalents includes cash held in shortterm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the SDBF has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from fixed asset investments held at Fair Value, basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

Balances are split between unrestricted (general and designated), restricted and endowment funds.

Value-linked loans

The SDBF value-linked loans for which the settlement proceeds are based on the value of the related properties. As this constitutes a non-basic financial instrument under FRS 102, these loans are recognised at Fair Value and are revalued at each reporting date to match the value of the related property.

52 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

2. Critical accounting estimates and judgements

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the SDBF’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key area of estimation is the measurement of the SDBF’s property assets at Fair Value. The Charity SORP requires entities that have adopted a policy of revaluation to undertake valuations on a regular basis to ensure that the carrying amount of the revalued assets does not differ materially from Fair Value at the end of the reporting period. The SDBF engages a firm of chartered surveyors for the valuation of its residential freehold properties, excluding benefice houses, on a rolling basis over a five-year period and Trinity House every two years. In order to ensure that the carrying value of the freehold properties excluding benefice houses approximates to Fair Value, the results of the proportion of the properties valued in the year are extrapolated across the remainder of the property portfolio excluding benefice houses to arrive at year-end Fair Value.

Other key accounting estimates and judgements used in preparing the financial statements include:

Those properties selected for valuation are taken across the SDBF’s diverse property portfolio and the trustees consider this to be a reasonable basis for estimating the Fair Value of the SDBF’s freehold properties at the balance sheet date. Any variances from actual Fair Value and the estimated Fair Value of the portfolio will affect the value of tangible fixed assets reported on the balance sheet, and other gains and losses reported in the SoFA. Income and expenditure is not impacted except in respect of profit or loss arising on the sale of a freehold property held at estimated Fair Value.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 53

Notes to the financial statements

3. Donations

Parish contributions

Donations are made by the parishes of the diocese using an informed generosity system.

----- Start of picture text -----
2024 2023
£’000 £’000
Unrestricted General Fund:
Current year receipts from parishes 16,329 15,966
Previous year receipts from parishes 79 78
Total income 16,408 16,044
----- End of picture text -----

Church Commissioners and Archbishops’ Council

----- Start of picture text -----
2024 Unrestricted Restricted Total funds
General Fund funds 2024
£’000 £’000 £’000
–
Strategic Development grant 1,578 1,578
Strategic Ministry and Capacity grant – 90 90
Ordinand grant – 221 221
Area Bishops grant 275 – 275
Diocesan Investment Programme – 437 437
Other grants – 278 278
Total 275 2,604 2,879
2023 Unrestricted Restricted Total funds
General Fund funds 2023
£’000 £’000 £’000
–
Strategic Development grant 1,166 1,166
Strategic Ministry and Capacity grant – 94 94
Ordinand grant – 353 353
Area Bishops grant 270 – 270
Total 270 1,613 1,883
----- End of picture text -----

54 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

3. Donations (continued)

Other donations

----- Start of picture text -----
2024 Unrestricted funds
General Designated Restricted Total funds
funds 2024
£’000 £’000 £’000 £’000
Benefact grant 194 – – 194
Trust for London grant 1,141 – – 1,141
Legacy income 157 – – 157
Other grants and donations 34 – – 34
Total 1,526 – – 1,526
2023 Unrestricted funds
General Designated Restricted Total funds
funds 2023
£’000 £’000 £’000 £’000
Benefact grant 226 – – 226
Trust for London grant 1,603 – – 1,603
Legacy income 8 – – 8
Other grants and donations 201 – – 201
Total 2,038 – – 2,038
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 55

Notes to the financial statements

4. Charitable activities

----- Start of picture text -----
2024 2023
£’000 £’000
Unrestricted General Fund:
Statutory fees 345 354
Reimbursement of stipends 602 620
Other income 88 205
Rents receivable 908 792
Diocesan Retreat House 162 168
Total income 2,105 2,139
----- End of picture text -----

5. Investment income

----- Start of picture text -----
2024 Unrestricted Restricted Total funds
General Fund funds 2024
£’000 £’000 £’000
Dividends receivable 962 143 1,105
Interest receivable 49 – 49
Total 1,011 143 1,154
2023 Unrestricted Restricted Total funds
General Fund funds 2023
£’000 £’000 £’000
Dividends receivable 1,019 143 1,162
Interest receivable 110 – 110
Total 1,129 143 1,272
----- End of picture text -----

56 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

6. Gains on disposal of properties

----- Start of picture text -----
2024 Unrestricted Endowment Total funds
General Fund funds 2024
£’000 £’000 £’000
Net surplus on disposal of parsonages – 2,992 2,992
–
Net surplus on disposal of other properties 1,472 1,472
Total 1,472 2,992 4,464
2023 Unrestricted Endowment Total funds
General Fund funds 2023
£’000 £’000 £’000
Net surplus on disposal of other properties 395 40 435
Total 395 40 435
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 57

Notes to the financial statements

7. Charitable activities

----- Start of picture text -----
2024 Unrestricted funds Restricted Endowment Total funds
funds funds 2024
General Designated
£’000 £’000 £’000 £’000 £’000
Contributions to Archbishops’ Council:
Training for Ministry 953 – – – 953
National Church responsibilities 526 – – – 526
Retired clergy housing costs 313 – – – 313
1,792 – – – 1,792
Resourcing mission and ministry:
Parish ministry:
Stipends, National Insurance 10,438 – 632 – 11,070
Pension contributions 2,254 – 25 – 2,279
Housing costs 4,446 – – – 4,446
Removal and resettlement grants 506 – – – 506
Other expenses 3,379 – 8 – 3,387
21,023 – 665 – 21,688
Support for parish ministry 3,064 20 1,344 – 4,428
Diocesan Retreat House 251 – – – 251
24,338 20 2,009 – 26,367
Total 26,130 20 2,009 – 28,159
----- End of picture text -----

58 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

7. Charitable activities (continued)

----- Start of picture text -----
2023 Unrestricted funds Restricted Endowment Total funds
funds funds 2023
General Designated
£’000 £’000 £’000 £’000 £’000
Contributions to Archbishops’ Council:
Training for Ministry 868 – – – 868
National Church responsibilities 536 – – – 536
Retired clergy housing costs 295 – – – 295
1,699 – – – 1,699
Resourcing mission and ministry:
Parish ministry:
Stipends, National Insurance and insurance 10,656 – 145 – 10,801
Pension contributions 2,289 – 35 – 2,324
Housing costs 4,733 – – – 4,733
Removal and resettlement grants 448 – – – 448
Other expenses 2,914 – – – 2,914
21,040 – 180 – 21,220
Support for parish ministry 2,831 – 770 – 3,601
Diocesan Retreat House 245 – – – 245
24,116 – 950 – 25,066
Total 25,815 – 950 – 26,765
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 59

Notes to the financial statements

8. Analysis of expenditure on charitable activities including allocation of support costs

----- Start of picture text -----
2024 Activities Grant Support Total costs
undertaken funding of costs 2024
directly activities
£’000 £’000 £’000 £’000
Charitable activities:
– –
Contributions to Archbishops’ Council 1,792 1,792
Resourcing parish ministry 21,783 833 3,012 25,628
Education and social responsibility – 488 – 488
Diocesan Retreat House 251 – – 251
Total 22,034 3,113 3,012 28,159
2023 Activities Grant Support Total costs
undertaken funding of costs 2023
directly activities
£’000 £’000 £’000 £’000
Charitable activities:
– –
Contributions to Archbishops’ Council 1,699 1,699
Resourcing parish ministry 20,612 930 2,744 24,286
Education and social responsibility – 535 – 535
Diocesan Retreat House 245 – – 245
Total 20,857 3,164 2,744 26,765
----- End of picture text -----

60 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

9. Analysis of support costs

----- Start of picture text -----
2024 Unrestricted Endowment Total funds
General Fund funds 2024
£’000 £’000 £’000
Central administration 2,852 – 2,852
Governance:
External audit 44 – 44
Registrar and Chancellor 86 – 86
Synodical costs 30 – 30
Total 3,012 – 3,012
2023 Unrestricted Endowment Total funds
General Fund funds 2023
£’000 £’000 £’000
Central administration 2,615 – 2,615
Governance:
Auditor remuneration:
External audit 38 – 38
Other services 8 – 8
Registrar and Chancellor 79 – 79
Synodical costs 3 – 3
Total 2,743 – 2,743
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 61

Notes to the financial statements

10. Analysis of grants made

----- Start of picture text -----
2024 Individuals Institutions 2024 total
£’000 £’000 £’000
From unrestricted funds for National
Church responsibilities:
–
Contributions to Archbishops’ Council 1,792 1,792
1,792 1,792
From unrestricted funds:
Southwark Diocesan Board of Education – 359 359
Southwark Diocesan Welcare – 129 129
Southwark Cathedral – 18 18
Parishes for mission – 216 216
Other institutions for mission – 57 57
Individuals for mission 4 – 4
Clergy for settling in/first appointment 218 – 218
Clergy for study/sabbatical 21 – 21
Ordinands in training 293 – 293
536 779 1,315
From restricted funds for various purposes
within resourcing parish ministry:
Education and development of women clergy (Gilmore Fund) 7 – 7
7 – 7
Total 543 2,571 3,114
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62 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

10. Analysis of grants made (continued)

----- Start of picture text -----
2023 Individuals Institutions 2023 total
£’000 £’000 £’000
From unrestricted funds for National
Church responsibilities:
–
Contributions to Archbishops’ Council 1,699 1,699
1,699 1,699
From unrestricted funds:
Southwark Diocesan Board of Education – 362 362
Southwark Diocesan Welcare – 173 173
Southwark Cathedral – 18 18
Parishes for mission – 240 240
Other institutions for mission – 52 52
Individuals for mission 7 – 7
Clergy for settling in/first appointment 206 – 206
Clergy for study/sabbatical 14 – 14
Ordinands in training 301 – 301
528 845 1,373
From restricted funds for various purposes
within resourcing parish ministry:
Mission and growth (Strategic Development Fund) – 14 14
Education and development of women clergy (Gilmore Fund) 8 – 8
Clergy and lay training (Dartmouth House Fund) – 70 70
8 84 92
Total 536 2,628 3,164
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 63

Notes to the financial statements

11. Staff costs

----- Start of picture text -----
2024 2023
£’000 £’000
Employee costs during the year were as follows:
Wages and salaries 2,988 2,876
National Insurance contributions 327 298
Pension costs – 377
Termination payments – 20
3,315 3,571
The average number of persons employed during the year based on full-time equivalents: 2024 2023
Number Number
Administration and financial management 19.8 18.5
Property 11.5 11.0
Vocations, ministry, safeguarding and Diocesan Retreat House 21.0 17.5
Mission and public policy 25.3 19.0
77.6 66.0
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The numbers of staff whose emoluments (including benefits in kind but excluding pension contributions) amounted to more than £60,000 were as follows:

----- Start of picture text -----
2024 2023
Number Number
£60,001–£70,000 10 6
£70,001–£80,000 1 1
£80,001–£90,000 2 –
£90,001–£100,000 1 –
Total 14 8
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Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the Trustees, for planning, directing and controlling the activities of the diocese. During 2024 they were:

Diocesan Secretary and Company Secretary Deputy Diocesan Secretary Director of Finance and Financial Assets Director of Property Services Director of Human Resources Director of Information Technology Director of Mission

Mrs Nicola Thomas Mrs Jacqueline Pontin Mr Mark Rhodes Mr Andrew Bennett Mr David Loft Mr Devas Palokkaran The Revd Canon Will Cookson

64 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

11. Staff costs (continued)

Director of Discipleship, Lay Ministry and Continuing Ministerial Education The Revd Canon Wendy Robins Director of Communications The Revd Anna Drew Director for Clergy Formation and Initial Ministerial Education The Revd Canon Jeremy Clark-King Diocesan Safeguarding Advisor Ms Pamela Chisholm Director of Giving and Parish Funding Mrs Gabby Parikh

Remuneration, employer’s National Insurance and pensions contributions in 2024 for these 12 employees and 12 key management posts (2023: 16 employees and 12 posts) was £1,021,021 (2023: £961,609).

Trustees’ emoluments

No Trustee received any remuneration for services as Trustee. The Trustees received travelling and out-ofpocket expenses totalling £nil (2023: £38) in respect of General and Diocesan Synod duties and other duties as Trustees. The following table gives details of the Trustees who are ordained and whether in receipt of a stipend and associated allowances and/or housing provided by the SDBF during the year.

----- Start of picture text -----
Stipend Housing
The Right Revd Christopher Chessun No No
The Right Revd Dr Martin Gainsborough No Yes
The Right Revd Dr Rosemarie Mallett No Yes
The Right Revd Alastair Cutting (from 3 July 2024) No Yes
The Venerable Moira Astin Yes Yes
The Venerable Alastair Cutting (to 2 July 2024) Yes Yes
The Venerable Simon Gates Yes Yes
The Venerable John Kiddle Yes Yes
The Venerable Jonathan Sedgwick Yes Yes
The Venerable Greg Prior Yes Yes
The Venerable Chigor Chike Yes Yes
The Revd Michael John Yes Yes
The Revd Jonathan Macy Yes Yes
The Revd Justine Middlemiss Yes Yes
The Revd Dr Eddie Scrase-Field Yes Yes
The Revd Fiona Weaver Yes Yes
The Revd Lotwina Farodoye Yes Yes
The Revd Nicholas Lebey Yes Yes
The Revd Antonio Garcia Fuerte Yes Yes
The Revd Dr Nicholas Peacock Yes Yes
The Revd Dr Charlie Bell No No
The Revd Jonathan MacNeaney Yes Yes
The Revd Anne Bennett Yes Yes
The Revd Bridget Shepherd Yes Yes
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 65

Notes to the financial statements

11. Staff costs (continued)

The SDBF is responsible for funding, via the Church Commissioners, the stipends of licensed stipendiary clergy in the diocese, other than Bishops and Cathedral staff. The SDBF is also responsible for the provision of housing for stipendiary clergy in the diocese excluding the Diocesan Bishop and Cathedral staff.

The SDBF paid an average of 299 (2023: 304) stipendiary clergy as office-holders holding parochial or diocesan appointments in the diocese, and the costs were as follows:

----- Start of picture text -----
2024 2023
£’000 £’000
Stipends 10,132 9,947
National Insurance contributions 849 776
Apprenticeship levy 44 43
Pension costs 2,279 2,324
Total 13,304 13,090
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The stipends of the Diocesan Bishop and Area Bishops are paid and funded by the Church Commissioners and are in the range £42,350–£51,910 (2023 range: £39,953–£48,972). The annual rate of stipend, funded by the SDBF, paid to Archdeacons in 2024 was £41,109 (2023: £39,237) and other clergy who were Trustees were paid £30,684 (2023: £29,283).

66 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

12. Analysis of transfers between funds

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2024 Unrestricted funds Restricted Endowment
General Designated funds funds Total
£’000 £’000 £’000 £’000 £’000
Unrestricted:
General (net transfers below) 2,182 – – – 2,182
Designated
From the General Fund to create the Net Zero Carbon Fund – 100 – – 100
From the General Fund to the Southwark Vision Development Fund – 157 – – 157
Restricted
From the Strategic Development Fund to the General Fund for the cost – – (542) – (542)
of project work
Endowments
– – –
From the Parsonage Capital Fund net movement from the purchase and (1,897) (1,897)
sale of benefice houses
Total 2,182 257 (542) (1,897) –
2023 Unrestricted funds Restricted Endowment
General Designated funds funds Total
£’000 £’000 £’000 £’000 £’000
Unrestricted:
General (net transfers below) 731 – – – 731
Designated
From the Diocesan Pastoral Account to the General Fund for work on – (2,422) – – (2,422)
benefice houses
Restricted
From the Strategic Development Fund to the General Fund for the cost – – (334) – (334)
of project work
Endowments
To the Parsonage Capital Fund net movement from the purchase and sale – – – 2,025 2,025
of benefice houses
Total 731 (2,422) (334) 2,025 –
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 67

Notes to the financial statements

13. Tangible fixed assets

----- Start of picture text -----
Freehold & Leasehold Furniture & Total
leasehold improvements equipment
properties
£’000 £’000 £’000 £’000
Cost or valuation:
At 1 January 2024 265,507 355 570 266,432
Additions 2,719 26 158 2,903
– –
Disposals (3,129) (3,129)
Revaluation 10,368 – – 10,368
At 31 December 2024 275,465 381 728 276,574
Depreciation:
At 1 January 2024 – 237 500 737
Charge for the year – 30 55 85
At 31 December 2024 – 267 555 822
Net book value at 31 December 2024 275,465 114 173 275,752
Net book value at 31 December 2023 265,507 118 66 265,691
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Freehold and leasehold properties in the balance sheet are all vested in the SDBF, except for benefice houses which are vested in the incumbent. All properties in the current year and prior years are stated at Fair Value, except for benefice houses which are stated at deemed cost. The carrying value of benefice houses held at deemed cost at the balance sheet date is £148,683,000 (2023: £148,844,000).

All properties other than benefice houses were revalued to Fair Value at 31 December 2015 and are subject to revaluation on a five-year cycle. Properties with a Fair Value of £21,150,000 at 31 December 2024 (2023: £22,976,000) were revalued. The revaluation was carried out by Rapleys LLP in accordance with Royal Institution of Chartered Surveyors’ professional standards and valuation practice statements and resulted in a net increase in the value of

these properties, excluding impairments, of £1,622,000 (2023: decrease £2,474,000). An impairment review was carried out on certain parsonage houses. There was no write down in 2024 (2023: £nil).

To maintain consistency with the SDBF’s accounting policy of measuring properties other than benefice houses at Fair Value, the results of this valuation have been extrapolated across those assets not revalued at the balance sheet date. This has resulted in a total revaluation gain in the year of £10,368,000 (2023: loss £13,584,000).

The carrying value of leasehold properties included within freehold and leasehold properties amounts to £2,429,000 (2023: £2,029,000). Details of any charges over the tangible fixed assets are shown at note 17.

68 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

13. Tangible fixed assets (continued)

Certain properties have been purchased with the help of value-linked loans from the Church Commissioners. The properties are revalued to Fair Value annually. On disposal the agreed share of the net sale proceeds will be remitted to the Church Commissioners and the related loan liability

extinguished. The value of these properties included within freehold and leasehold properties amounts to £3,974,000 (2023: £2,610,000). The revaluation gain on these properties amounts to £1,364,000 (2023: £10,000 loss).

14. Fixed assets investments

----- Start of picture text -----
At 1 Additions Disposal Realised At 31
January proceeds and December
2024 unrealised 2024
gains
£’000 £’000 £’000 £’000 £’000
Unrestricted funds:
Unit trusts and similar funds 3,143 – – 88 3,231
Restricted funds:
Unit trusts and similar funds 2,944 – – 263 3,207
Endowment funds:
Unit trusts and similar funds 19,283 2,063 (1,403) 763 20,706
Total 25,370 2,063 (1,403) 1,114 27,144
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The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 69

Notes to the financial statements

15. Debtors

----- Start of picture text -----
2024 2023
£’000 £’000
Due within one year:
Loans to parishes 38 44
Loans to others 6 10
Other debtors and prepayments 542 509
586 563
Due after more than one year:
Loans to parishes 467 526
467 526
Total debtors 1,053 1,089
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16. Creditors: amounts falling due within one year

----- Start of picture text -----
2024 2023
£’000 £’000
–
Bank loan repayment instalments due in one year 1,000
Other taxes and social security 153 133
Other creditors and accruals 731 1,000
Total creditors: amounts falling due within one year 884 2,133
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70 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

17. Creditors: amounts falling due after more than one year

----- Start of picture text -----
2024 2023
£’000 £’000
Loans repayable in instalments due after more than one year:
Bank loan 2,500 1,000
Church Commissioners’ value-linked loans 2,363 2,610
Total creditors: amounts falling due after more than one year 4,863 3,610
2024 2023
£’000 £’000
The maturity of the above loans may be analysed as follows:
–
Between two and five years 1,000
In five years and more 3,863 3,610
4,863 3,610
----- End of picture text -----

The bank loan comprises £1,000,000 from NatWest with interest charged at 1.55% above Base Rate. The term of the loan is between two and five years and this loan is charged against the Trinity House Property. £1,500,000 is loaned from HSBC Private under a Lombard Facility with interest charged at 1.25% above Base Rate. This loan is charged against investments.

Value-linked loans from the Church Commissioners are repayable on the sale of the property to which they relate. On disposal the agreed share of the net sale proceeds will be remitted to the Church Commissioners and the related loan liability extinguished.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 71

Notes to the financial statements

18. Summary of fund movements

----- Start of picture text -----
2024 Balances Income Expendi- Transfers Gains and Balances
at 1 ture losses at 31
January December
2024 2024
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted funds:
General 3,278 22,797 (26,130) 2,182 841 2,968
3,278 22,797 (26,130) 2,182 841 2,968
Designated funds:
Diocesan Pastoral Account 787 – – – – 787
Net Zero Carbon – – – 100 – 100
– – –
Board Property Fund 37,982 3,632 41,614
Southwark Vision Development Fund 997 – (20) 157 – 1,134
39,766 – (20) 257 3,632 43,635
Restricted funds:
Strategic Development Fund 123 2,293 (1,453) (542) – 421
Gilmore Fund 365 16 (8) – 27 400
Dartmouth House Fund 2,992 127 – – 224 3,343
Strategic Ministry Fund 94 90 (184) – – –
Ordinand Training Fund 240 221 (364) – – 97
Other restricted 541 – – – 12 553
4,355 2,747 (2,009) (542) 263 4,814
Endowment funds:
Ministry Fund 3,748 – – – 307 4,055
– – –
Diocesan Stipendiary Fund 93,982 6,686 100,668
– –
Parsonage Capital Fund 144,783 2,992 (1,897) 145,878
–
242,513 2,992 (1,897) 6,993 250,601
Total funds 289,912 28,536 (28,159) – 11,729 302,018
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72 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

18. Summary of fund movements (continued)

----- Start of picture text -----
2023 Balances Income Expendi- Transfers Gains and Balances
at 1 ture losses at 31
January December
2023 2023
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted funds:
General 6,240 22,015 (25,815) 731 107 3,278
6,240 22,015 (25,815) 731 107 3,278
Designated funds:
Diocesan Pastoral Account 3,209 – – (2,422) – 787
– – –
Board Property Fund 43,175 (5,193) 37,982
Southwark Vision Development Fund 997 – – – – 997
– –
47,381 (2,422) (5,193) 39,766
Restricted funds:
Strategic Development Fund – 1,166 (709) (334) – 123
Gilmore Fund 351 18 – – (4) 365
Dartmouth House Fund 2,886 125 – – (19) 2,992
Strategic Ministry Fund – 94 – – – 94
Ordinand Training Fund 128 353 (241) – – 240
Other restricted 498 – – – 43 541
3,863 1,756 (950) (334) 20 4,355
Endowment funds:
Ministry Fund 3,746 – – – 2 3,748
Diocesan Stipendiary Fund 102,131 40 – – (8,189) 93,982
– – –
Parsonage Capital Fund 142,758 2,025 144,783
248,635 40 – 2,025 (8,187) 242,513
Total funds 306,119 23,811 (26,765) – (13,253) 289,912
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 73

Notes to the financial statements

19. Summary of assets by fund

----- Start of picture text -----
2024 Fixed Investments Current Creditors Net
assets assets assets
tangible
£’000 £’000 £’000 £’000 £’000
Unrestricted funds:
General 2,950 3,230 2,535 (5,747) 2,968
2,950 3,230 2,535 (5,747) 2,968
Designated funds:
Diocesan Pastoral Account – – 787 – 787
Net Zero Carbon – – 100 – 100
– –
Board Property Fund 45,862 (4,248) 41,614
– – –
Southwark Vision Development Fund 1,134 1,134
– –
45,862 (2,227) 43,635
Restricted funds:
Strategic Development Fund – – 421 – 421
Gilmore Fund – 338 62 – 400
Dartmouth House Fund – 2,362 981 – 3,343
– – – – –
Strategic Ministry Fund
Ordinand Training Fund – – 97 – 97
Other Restricted Fund – 508 45 – 553
– –
3,208 1,606 4,814
Endowment funds:
Ministry Fund – 3,266 339 – 3,605
–
Diocesan Stipendiary Fund 78,257 17,440 5,422 101,119
– –
Parsonage Capital Fund 148,683 (2,806) 145,877
–
226,940 20,706 2,995 250,601
Total funds 275,752 27,144 4,869 (5,747) 302,018
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74 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

19. Summary of assets by fund (continued)

----- Start of picture text -----
2023 Fixed Investments Current Creditors Net
assets assets assets
tangible
£’000 £’000 £’000 £’000 £’000
Unrestricted funds:
General 2,794 3,143 3,084 (5,743) 3,278
2,794 3,143 3,084 (5,743) 3,278
Designated funds:
Diocesan Pastoral Account – – 787 – 787
– –
Board Property Fund 42,544 (4,562) 37,982
Southwark Vision Development Fund – – 997 – 997
– –
42,544 (2,778) 39,766
Restricted funds:
Strategic Development Fund – – 123 – 123
Gilmore Fund – 311 53 – 364
Dartmouth House Fund – 2,137 856 – 2,993
Strategic Ministry Fund – – 94 – 94
Ordinand Training Fund – – 241 – 241
Other Restricted Fund – 496 44 – 540
– –
2,944 1,411 4,355
Endowment funds:
Ministry Fund – 2,959 789 – 3,748
Diocesan Stipendiary Fund 71,509 16,324 6,149 – 93,982
Parsonage Capital Fund 148,844 – (4,061) – 144,783
–
220,353 19,283 2,877 242,513
Total funds 265,691 25,370 4,594 (5,743) 289,912
----- End of picture text -----

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 75

Notes to the financial statements

20. Description of funds

----- Start of picture text -----
General Fund The fund represents the unrestricted, undesignated fund available for any of the SDBF’s purposes.
Diocesan Pastoral Account This is a designated fund for the purposes defined in the Mission and Pastoral Measure 2011.
It represents capital receipts released following the sale of benefice houses (parsonages) and
redundant churches. To the extent that any remaining funds are not required, or are not likely
to be required, for these purposes then the funds may be applied to any general purpose of
the SDBF.
Net Zero Carbon Fund The Net Zero Carbon Fund is to help fund work on parsonages to improve their energy
efficiency as part of our plan to achieve Net Zero Carbon in line with the Church of England’s
Routemap to 2030.
Board Property Fund This fund is a designated fund. It represents the Fair Value of properties held by the SDBF at the
year end.
Southwark Vision This is a designated fund to support Southwark Vision 2024–35 across the diocese with significant
Development Fund expenditure expected in the next two years.
Strategic Development Fund This is a restricted fund. It represents grants received from the Church Commissioners and
Archbishops’ Council for specific projects to fund mission and growth across the diocese.
Gilmore Fund The Isabella Gilmore Fund is a restricted fund for the purpose of the education and development
of licensed, commissioned or ordained women.
Dartmouth House Fund This is a restricted fund for the purpose of facilitating clergy and lay training, retreats or confer-
ences to assist and promote the work of the Church of England in the Diocese of Southwark and
to use the monies to acquire any buildings which may be necessary to forward such purposes,
subject always to the consent in writing of the Bishop of Southwark.
Ordinand Training Fund This is a restricted fund. It represents the block grant received from the Archbishops’ Council to
fund Ordinand training.
Other Restricted Fund This represents other restricted funds held by the diocese. These include amounts gifted for use
in the Croydon Episcopal Area and to assist the training of ordinands throughout the diocese.
Ministry Fund This is a permanent endowment fund held under the Endowments and Glebe Measure 1976 from
which the income arising and/or benefit of use of the asset has been passed to the SDBF for the
purpose of supporting clergy stipends within the diocese. Investment income from the fund is
credited to the General Fund where it is used only to fund clergy stipend payments.
Diocesan Stipendiary Fund This is a permanent endowment fund. It represents the glebe assets of benefices from which the
income arising and/or benefit of use has been passed to the SDBF under the provisions of the
Mission and Pastoral Measure 2011. Investment income from the fund is credited to the General
Fund where it is used only to fund clergy stipend payments.
Parsonage Capital Fund This is an expendable endowment fund. It represents the capital assets relating to benefice houses
(parsonages) but which under the Repairs of Benefice Buildings Measure 1972 are maintained by
the diocese. Under the Mission and Pastoral Measure 2011, capital receipts released following the
sale of benefice houses are held in the Diocesan Pastoral Account, a designated fund. To the ex-
tent that the funds are not required for future building or improvement works to benefice houses,
the funds may be applied to any general purpose of the SDBF.
----- End of picture text -----

76 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

21. Capital commitments

At 31 December 2023, the SDBF had no capital expenditure commitments authorised but not contracted for (2023: none), and commitments contracted for but not provided for of £193,890 (2023: £144,000).

22. Operating leases

Total commitments under non-cancellable operating leases are as follows:

----- Start of picture text -----
2024 2023
£’000 £’000
Minimum lease payments payable:
Within one year of the balance sheet date 656 403
In the second to fifth years inclusive of the balance sheet date 292 171
Total 948 574
----- End of picture text -----

Total lease rental payments expensed in the year are £739,000 (2022: £588,000).

----- Start of picture text -----
2024 2023
£’000 £’000
Minimum lease payments receivable:
Within one year of the balance sheet date 474 392
In the second to fifth years inclusive of the balance sheet date 229 324
More than five years from the balance sheet date 561 528
Total 1,264 1,244
----- End of picture text -----

23. Members’ liability

The charitable company is a company limited by guarantee, Company Registration Number 236594 (England and Wales). The trustees are the members of the charitable company for company law purposes. In the event of the charitable company being wound up the liability in respect of the guarantee is limited to £1 per member of the charitable company.

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 77

Notes to the financial statements

24. Pensions

The SDBF participates in two pension schemes administered by the Church of England Pensions Board: the Church of England Funded Pensions Scheme (CEFPS) for stipendiary clergy and the Church Workers’ Pension Fund (CWPF) for lay staff.

Church of England Funded Pensions Scheme

Southwark DBF participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

The legal structure of the scheme is such that if another Responsible Body fails, Southwark DBF could become responsible for paying a share of that failed Responsible Body’s pension liabilities.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £2,279,000 in 2024 (2023: £2,324,000). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £nil (2023: £nil).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

78 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

24. Pensions (continued)

Church Workers’ Pension Fund

The SDBF participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections;

  3. a. a deferred annuity section known as Pension Builder Classic, and,

  4. b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £nil, 2023: £377,000).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments or contributions at the current time.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2025.

The legal structure of the scheme is such that if another employer fails, the SDBF could become responsible for paying a share of the failed employer’s pension liabilities.

25. Related party transactions

The SDBF has related party relationships with connected organisations as detailed on page 37 of this annual report. Except as disclosed in notes 10 and 11, there are no related party transactions requiring disclosure (2023: none).

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 79

Notes to the financial statements

26. Prior year Statement of Financial Activities

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2023 Unrestricted funds Restricted Endowment Total funds
funds funds 2023
General Designated
Note £’000 £’000 £’000 £’000 £’000
Income and endowments from:
Donations 3
Parish contributions 16,044 – – – 16,044
Archbishops’ Council 270 – 1,613 – 1,883
Other donations 2,038 – – – 2,038
Charitable activities 4 2,139 – – – 2,139
Investments 5 1,129 – 143 – 1,272
Gains on disposal of properties 6 395 – – 40 435
Total 22,015 – 1,756 40 23,811
Expenditure on:
Charitable activities 7 25,815 – 950 – 26,765
Total 25,815 – 950 – 26,765
Net (expenditure)/income (3,800) – 806 40 (2,954)
before investment gains/(losses)
Net unrealised gains on investments 15 107 – 20 204 331
Net (expenditure)/income (3,693) – 826 244 (2,623)
Transfers between funds 13 731 (2,422) (334) 2,025 –
Other recognised losses :
Revaluation of property 14 – (5,193) – (8,391) (13,584)
Net movement in funds (2,962) (7,615) 492 (6,122) (16,207)
Total funds brought forward 6,240 47,381 3,863 248,635 306,119
Total funds carried forward 20 3,278 39,766 4,355 242,513 289,912
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80 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

27. Funds held as Diocesan Authority

The SDBF acts as Diocesan Authority or Custodian Trustee for many trust funds by virtue of the Parochial Church Councils (Powers) Measure 1956, as amended, and the Incumbents and Churchwardens (Trusts) Measure 1964

where the managing trustees are PCCs and others. Assets held as Diocesan Authority are not controlled by the SDBF and are not included in these financial statements. They are summarised as follows:

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2024 2023
£’000 £’000
CBF Church of England Investment Fund 11,242 11,089
M&G Equities Investment Fund for Charities 1,443 1,472
CBF Church of England Global Equity Income Fund 786 725
Other CBF Church of England Funds 757 744
Other Common Investment and OEIC holdings 496 611
Direct holdings in UK Equities 216 215
CBF Church of England Deposit Fund 2,471 2,142
Cash 3 7
Total assets held as Diocesan Authority 17,414 17,005
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28. Subsidiary undertaking

The SDBF is the beneficial owner of a subsidiary undertaking, Southwark DBF Trading, a company limited by guarantee, which is registered in England and supplies property and administrative services to the SDBF. The

company did not trade during the current or prior year and had no assets or liabilities at the Balance Sheet date (2023: £nil).

The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024 81

Glossary of terms

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Acronym Meaning Acronym Meaning
ADOs Area Directors of Ordinands IME2 Initial Ministerial Education Phase 2. The
ARC Anti-Racism Charter (up to) four years of curacy also referred to
as IME 4–6.
aSa Average Sunday Attendance
ISAs (UK) International Standards on Auditing (UK)
BAP Bishops’ Advisory Panel
JPIC Justice, Peace and Integrity of Creation
CAH Church at Home
LLF Living in Love and Faith
CBF Central Board of Finance
MAP Mission Action Plan
CEFPS Church of England Funded Pensions Scheme
MAT Multi Academy Trust
CEMES Church of England Ministry Experience
MFA Multi-factor Authentication
Scheme
PCC Parochial Church Council
CLTG Cost of Living Task Group
PCR2 Past Cases Review 2
CTBI Churches Together in Britain and Ireland
PFC Policy and Finance Committee
CWPF Church Workers’ Pension Fund
PGS Parish Giving Scheme
CYP Children and young people
PSF Parish Support Fund
DAC Diocesan Advisory Committee
RJC Racial Justice Committee
DBF Diocesan Board of Finance
SDBE Southwark Diocesan Board of Education
DBS Disclosure and Barring Service
SDBF South London Church Fund & Southwark
DCT Diocesan Council of Trustees
Diocesan Board of Finance
DIP Diocesan Investment Programme
SDF Strategic Development Funding
DMPC Diocesan Mission and Pastoral Committee
SDP Shared Discernment Process
DRG Diocesan Referrals Group
SIR Serious Incident Reporting
DSAP Diocesan Safeguarding Advisory Panel
SMT Senior Management Team
DST Diocesan Safeguarding Team
SoFA Statement of Financial Activities
EDWG Eco Diocese Working Group
SORP Statement of Recommended Practice
FRC Financial Reporting Council for Charities
FRS Financial Reporting Standard SPA Southwark Pastoral Auxiliary
fxC Fresh Expression of Church SVDF Southwark Vision Development Fund
GDPR General Data Protection Regulation UKME United Kingdom Minority Ethnic
GMH Global Majority Heritage uSa Usual Sunday Attendance
HR Human resources
IICSA Independent Inquiry into Child Sexual Abuse
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82 The South London Church Fund & Southwark Diocesan Board of Finance[|] Annual Report 2024

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