Diocese of Liverpool Liverpool Diocesan Board of Finance REPORT AND ACCOUNTS For the year ended 31 December 2024 Regystered Chtsrity Number 249740 Registered Compony Number 18301 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capitsl CONTENTS Page Chair's Report Trustees, Annual Keport and Directors, Keport 2. 13 Auditors. Report Ststement tsf Financial Activiti B21ance Sheet 20 Statement of Cash Flows and Notes Note5 to the Financial St3temenr5 22-47 Liverpool Diocesan Board of Finance - a cotnpany limited by guardntee and not having 3 Share capital CHAIR'S REPORT CHAIR'S REPORT l am pleased to Introduce the Report of the Trustees and the Financial Accounts for the Liverpool Diocesan Board of Finance ILDBFI for the year ending 31 December 2Q24. Followng several Covid-19 recovery years during which the LDBF has been grareful for Parish Share CredlL and other grant support from the Church Commissioners, 2024 has been a year of planning with a View to reaching a position of financial 5tabiliEy for 2025- 31. We have engaged with the nacional church rhroughout thi5 planning proce55 which has been a creacive one and have continued to develop and extsnd the Fic for Mission iniriative to deanerie5 through a rolling progratntne. This work has been uridertaken in the context of ongoing financial pressure for our parishe5 as they seek to move from rnintenance to mission and to maintain their buildings. Our diocese includes parishe5 which h3ve minaged to 5U5tain their worshipping congrega(ion membership and other5 which are growing. However, it takes tyme for numeric31 growth to be reflected in the depth of discipleship which generate5 regular committed givillg. The cornrnitmenr of the Church of England ¢0 carbon net zero by 2030 15 being taken seriously by a number of parishes but it presents an additional challenge. parricularly those with historic building5. a5 rhey take step5 LO become more environmentslty sustsinable through change5 ¢0 energy source5 and consumptyon. The Diocesan Synod Set a budget for 2024 an¢i£1pat￿n8 a small deficit of £11.642. A82inst Ehis budget. the management accouncs showed a surplus of £161,605. This surplus refiecrs one-off 5tabilisation funding trf £750.000 which was used to offset the significant shortfall in Parish Share collection of £985.342, sayings resulung from the higher rhan anci¢ipactd rate of clergy vacancies. a financial benefi¢ but not one which is ideal when the Diocese is looking to press forward in mi5510n. Eeneraced 5aving5 and higher rhan budgeted expenditure on clergy housing. In spire of the surplus. che Diocese £onrinues Eo face challenging year on year operacitsnal financial challenges and we are very thankful for the continued supporc we re£eive frotn the church nationally. The Statutory accounts show further, non-operating, increases in funds which are set out in the Trustses Report. Our work for 2D25 will focus on the continued progress of Fit for Mission and establishing our financial sustainability for the coming six years. These are slgnificant area5 of work and I would like to th2nk the Staff at SLlame5' House, the parishes and the clergy of the diocese for their ongoing corntnittnent and 5UPPOrt a5 we engage in this work and to thank those who Serve on the Finance Commitree ftsr rheir com[n￿(ed 5tewardshlp of the work in the diocese over the last year. Maggie Swlnson Chair 25Se lember 2025 Liverpool Diocesan Board of Finance - a company limited by gtjarantee and not having a Share capital TRUSTEES, REPORT TRUSTEES. ANNUAL REPORT AND DIRECTORS. REPORT INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 I. REFERENCE AND ADMINISTRATIVE DETAILS Legal structure 'verpool Diocesan Board of Finance is a rnulti-faceted strucwre. It 15.. A registered charity Ino. 2497401 A company limiced by guarantee Ino. 183011 A Board of Finance established under the Diocesan Boards of Finance Measure 1925 A trust corporatyon. It$ re8lStered office is Stlames. House, 20 St james Road. Liverpool Ll 7BY. The governing body of the diocese is the Diocesan Synod whose members are also members of the Diocesan Board of Finance. Although the work of the Finance Coffltnittee is che sole responsibility 01 those elected to serve on it, all its business is conducted under the authority of the Diocesan Bishop who presides over all the affairs of the diocese. Tru5tee5 The financial execut4ve ol rhe Dioce$3n Synod is the Finance Comtnittee. The metnbers of the Finance Ctsmmi¢tee are the directors ofthe company and trustees ofthe charity. Through a combination of elected, ex officio, and co-opred posts our constitutyon enables U5 ro achieve an appropriate balance be￿een clergy and lay people. Election5 to the Finance Committee take place every three year5. There were election5 in November 2024 for the current Finance Cotnmittee which run5 frotn I january 2025 ro 31 December 2027. The trustees who Served in 2024 were.. My'e Swinson, Chair lex offi'ciol Philip Stott, Depury Chair The Righr Reverend Beverley Ma50n, Bishop of Warrington lex•offlciol The Venerable Pets Spiers, Archdeacon of Knowsley & Sefton lex officiol The Venerable Simon Fisher, Archdeacon of St Helens & Warrington lex officitsl The Ven Dr Miranda Threlfall-Holmes, Archdeacon of Liverpool lex officiol Rev Dr Thomas Carpentsr lelectsdl Ilrom january 20251 Keith Cawdron lelectsdl (to December 20241 Gabriel Chiu lele£tsdl (to December 20241 lan Crowe lelectedl (from january 20251 Richard Denno lelecredl Stephen Derringer lelecredl ev Peter Dawkin lelectedl Angela Matthewson lelectedl Rey Emma Williams lelectedl Carol Wilson lelecredl Ifrom january 20251 nior Staff The Chief Officer for the charity 15 the Diocesan Secretary. Sharon Parr. The senior management team, ¢0 whorn day to day management ol the charity is delegated by the trustees, are.. Sharon Parr. Diocesan Secretary Ifrom February 20251 Mike Ea5Lwood, Diocesan Secretary Iro December 20241 Stuart Haynes. A55iStanc Diocesan Secretary & Director ol Communiotions Anne Kavan3gh Ifrorn October 20241 Debbie Bri5co, HR Manager (to October 20241 M3tt Ellioffj Director of Finance Stuart Harrison, DireeEor of Educatlon Liverpool Diocesan Board of Finance a company limited by guarantee and not having a share eapital TRUSTEES. REPORT Ellen Loudon, Director of Social Iu5rice Suzanne Matthews, Director of Voc3tion5 Steve Pierce, Director of Learning & Stewardship Richard Gedge- Diocesan Progrnmrne Manager Bankers and profession41 advi$ers Auditors Mitchell Charlesworth (Audit) Lirnited. Suite5 C. D, E & F, 14th Floor, The Pla4 100 Old Hall Street, Liverpool, L3 9QJ Bankers Lloyds Bank plc, Church StreeL Li¥erpool, Ll 3HD Investment managers CCLA Investment Management Limited, Senator House, 85 Queen Victoria Stree¢ London, EC4V 4ET Diocesan Registrar Howard Dellar ol Lee Bolton Monier-Wllllarn5, 1 The Sanctuary. We5tmlnster. London SWI P 3JT Solicltors Hill Dickinson LLP, No. I St Paul's Square, Liverpool L3 9SI 2. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution and objetts The structure governing the woH( of the charity 15 cornplex reftecting the idiosyncrasies of the Church of England. On the one hand, the charity is fairly straightforwardly registered as a charity and a company with appropriate memorandum and article5 of a550Clation 113St modified in March 20101. On the other hand, there are a number of inter-connected relationships and influence5 direcdy im￿Cting on the work of the charity (see belowl. Trustees The Finance Committee Is the trustee board. It has a m￿tUre of ex-officio and elected members. Elections take place every rhree year5 at the first meeting of the new Diocesan Synod (itself ele£tEd every three yearsl. The most recenE set of elections were in November 2024, with all newly elected members of the Finance Commitcee serying from I january 2025. The rrustees have the power to co-opt tnembers according to their assessFnenr of possible imbalances or skills gaps among che elected and co-opted members. Given the relativety large number of elected and ex-officio trustee5 the general approach h2s been to keep co-OPtion5 to a niinimutn Icurrendy there are no co-opted trustee51. All trvstee5 receive an induction pack, and the first meeting of each trienniurn is largely given over to induction briefings and di5CUS5ions. Training opportuDitie5 are offered, especially around investment issues. Organisational structure and decision-making The Finance Ccmtnittee is the financlal exe£uovÈ of the Ditsce5an Synod and is required tts comply with cerLain directitsns given Eo ic by that Synod. It holds the budger5 and accounts for all commirtees of the DBF atid all actwioes undertaken by DBF staff and officers. It also need5 to work very closely with B15hcp's Council a5 the standing cotntnittee of Oiocesan Synod. This requires an undEf5tanding of the airns and 2$pirdtions of those bodies and a desire to see thetn fulfilled alongside a deep re¥ard for the need for good and appropriate governance of the chariEy. In recent years there hasri't been a particular conflict between these bodies. nor is one anticipated., however. the potentiil is always there. The Fin3nce Cr>mmittee functyons as the Par50nages Board of the diocese for purposes of parsonages legislatyon, although it delegate5 the oversigh¢ of DBF housing management to the Clergy Housing Comrnittee. It has 5ubcomrnittees dealing with audi¢ rernuneration of DBF staff, and the m3nagement of the DBF property and investments. Liyerpotsl Diocesan Board of Finance a company limited by guarantee and n¢t having a Share capital TRUSTEES, REPORT 2. STRUCTURE. GOVERNANCE AND MANAGEMENT [CoThtlou¢dJ The Diocesan Board of Education is integrared inco rhe Diocesan Board of Finance both legally and practically. On 16 lune 2022 the Diocesan Board of Education formally became a Statutory Committee of the Diocesan Board of Finance under Section 2311 l of the Diocesan Boards of Education Measure 2021. Thls incegration helps organisational cohesiveness and inter-departmentsl workin& Trustee5 are fully awdre of rheir re5pon5ibiliues under chariw law. Wlthin thi5 the day-to-day running of the charity is deSe￿ted ro senior 5off. However. rru51ees 3nd 5enlor 5off are tlear thac all de£i$ion5 tsn policy thit tnay creare S￿￿￿1£ant financial or other risk to the cotnpany, or which affect material issues of principle tnust be tsken by tru5tee5 and not staff. NetwoTr*5 and key relationshipx The chariry ha5 a multiplicity of relarionships. The main ones are with.. Diocesan Synod a5 the BLYdrd of Finance and governlng body of the dloce5e Bishop's Council as the standing committee of Diocesan Synod The Diocesan Oversight Team and Appoinrments & Wellbelng Committee. where declslons 2re taken about srrategy and the deploytnent of clergy Other diocesan cotnmittees, e5pecialty the Diocesan Mission & Pastoral Cornmittee and Board of Education Deanery Synods and Deanery Mi551on & Pastoral Cotnmittee5. where local mission plan5 are decided, and their pa5tordl implications worked through Parishes within the diocese with whotn we are intimately tonnected both in supporting local tnission and ministry and in financ￿ng the Diocesan Board of Finance Church schoo15 In the diocese to whotn we offer support and guidance over a range of 3ppointrnent, curriculutn, governance and building matters Liverpool Cathedral, on whose catnpus we are Iordted and wlth whom there 15 now an e5rabllshed paLtern of integrdted working Other diocese5, especially in the North West of England. with whcrn we have c105e collaborations and prowde services, especially to schools Providers of pre-ordination and Reader training, particularly Emrnanuel Theolowcal CollegÈ and a150 the residential theological The national church in5tituuon5 (Archbishops. Council, Church Cotnmissioners, and the Pensions Board) trotn whorn we receNe Significant funding, policy directNes and legal consents to trdnsactions. Other Christian denotninations with and through whom we work on matters of workplace chaplaincy. safeguarding and ecumenical re12ty0ns notably through Churches Together in the Merseyside Ke&on and Mission in the Economy Interfaith bodies, such as Mer5eyside Council of F2iths 2nd Liverpool Community Spirit, as part of our cr055-cornrnuniry work ¢0 promote good in￿rta1th relations Key infr3StrucwTal bodies on Greater Merseyside Inotably VS6, volunteer centres and councils for volunrary service) on which we represent ecumenic31 partner5 and lead on provision in rural areas. Liverpool Diocesan Council for Social whose key roles are ruDning Adelaide House Wornen's Bail H05tel and work'ng on penal affairs and social inclusion In 2017 the Diocese eSrabI￿hed the Liverpool Diocesan Schools Trust as mulu-academy trust as parr of IES on-going enEagement wirh the academi5atyon agenda. This 5its alongside the Liverpool Diocesan Educauonal Trust which was established in 2012 co enhance link5 Wlth church school academies. DBE Services Ltd continued trading. as did Emmanuel Theological College. DBE Services Ltd is an inter-diocesan comp2ny for the dioctses of Liverpool. Blackburn, Carlisle. Chester. Manchester. and York. providing property and other services to schools. Emmknuel Theological College IETCI was fomed in April 2021 of the former All Saints Centre for Mi$5ion & Miniscry. The Ditscese of Liverpool is one of ftsur member bodies. We also mainlained our joinE venture with Ehe Church Urban Fund Èntitlèd Together Llverpool which seeks to support and resource parishes as they seek to ser¥e their wider communiw. In 2018 we established the Good Funerals Company to help re-imagine rhe Wdy in which we engage with bertavemenr ministry. The single rnost itnportant relationship we have continues tc be with the clergy and lay petsple within the churches in our diocese whose ministry is the heartbeat of the diocese. WE currently have c 160 serving parish Ind cathedral-based st5pendiary clergy. around 60 self-supporting and ordained Local clew, c. 20 Local Mi55ional Leaders. 170 reader5 and over 160 actNE retired clergy. We have 20 clergy serving full.time as ehaplains in schools. hospinls. universities, and prrisons plus others serving in a part.ome cap2CIty. Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital TRUSTEES, REPORT 2. STRUCTURE. GOVERNANCE AND MANAGEMENT [C(TrhtlrsUEd] Public benefit The trustee5 are aware of the Charity Commission's guidance on public benefit in The Advancernent of Religion for the Public Benefit and ha¥e had regard to ir in their administratyon of the Board. We believe tha¢ by promoting the work of the Church of En￿and i the Diocese ol Liverpool we help to promote rhe whole mission of the Church Ipastoral. evangelistic, social, and ecumenicall more effectively, both in the diocese as a whole and in its individual parishe5, and that this provides a benefit to the public by. Providing facilities for public worship. pastordl care and spirirual. moral and Intellectual developmenL both for our tnetnber5 and for anyone who wishes EO benefic from what the Church offers.. and Pr¢>moting Chrisrian values. and service by members of the Church in and ¢0 their communityes, to the benefit of individuals and society as a whole. More inforrnation on these benefits follows throughout this reporL 3. OBJECTIVES AND ACTIVITIES The principal object of rhe charity is to further the intsrests of the Church of England, mainly, but not exclusively, in the area covered by the Diocese of knverpool. For many years we have been working ¢0 achieve growth in our diocese. We have used drffererit way5 to express this, but rhe aim and directyon of travel has remained the same-consistent with the whole of the Church of England. Our vision and strategy is to ask God lor a bigger church $0 we can make a bigger difference so thatthere are more people knowinglesus and more justyce in the world. In 2021, as part of our Fit for Mission work lsee beltswl, we refined this into 4 Prior￿e5.. Introducing people to jesu5 Deepening discipleship Developing Christian leaders Working for jv5tyce Successive Bishops have affirmed thi5 missional directyon and in spring 2D25 we welcorned Bishop Ruth Worsley to the Diotese as Interim Diocesan Bishop. The Finance Commiccee is a￿dre rhai a diocese succeeds throu￿ the mission and ministry of its parishes 3nd its bishops. Through striying forrhe highesi srandards of financial managemenL the Finance Committee aims to create the conditions in which their mission and ministry can flourish and be maximised. It interpret5 its role broadly, contributing co the stfdLeOt leadership of the diocese, balancinR careful stewardship with a flexible and proactive approach, a body that enables, not inhibits. It sees itself as a servant of Synod and Bishop's Council. primarily through exercising good financial governance. The Finance Committee is Wor￿.ng towards the following organisational ou¢come5'. A sustsinable financial resource to support agreed mission and ministry in the Diocese ol LNerpool A talentsd and high performing team at St larne5' House serving the mission and ministries of the parishes and bishops and delivering on the aspirations ol the dioce53n strategy A well-run charity which meets the highes¢ standards in governance, management, and operation31 efficiency. Our main activicies can be sumNrised as.. The developrnent and impletnentation of mission and church 8rowth strategies The provision oladvisory services ¢0 bishops, archdeacon5, parishe5, schools. chaplaincies. fresh expre5510ns, and church bodie5 Imainty through employed sraffj The 5uppor¢ training, paymenr, and housing of clergy The supporr 3nd trainirig of lay people The management and deYelopmeTrt of staff members ContributynE to the national work ol the Church ol England Liverpool Diocesan Board of Finance- a company limited by guarantee and not having a share capital TRUSTEES, REPOKT 3. OBJECTIVES AND ACTIVITIES IContlnued] For more detail on indiyidual activiries see section 4111, "Achievements and performance" For information on our strategic thinking into the future please see section 411111. 'Future plans" Grantsmaklng pollty No political contribution5 were paid during the year. Charitable contributlOn5 have been rnade a5 part of the Board'5 objectives. The tnain grant5 are as follows.. Mission in the Economy- £35,000 (2023 - £35,000) ¢0 support mission and chaplaincy in the world of work. Churche$ Together In the Merstyslde Reglon- ￿.284(2023 £8.2841 co support Initiatives with ecumenic21 parkners VoluntÈers The diocese continues, quite rightly, to be dependent on the huge number of people involved in church actyvityes both locally and a¢ dioce53n level. Surveys suggest thar faith communiues in general and Anglican churches in particular are major contributors to their community through an enormous number ol voluntary activities This is one of the sures¢ signs that our faith make5 a difference to our lives and our outlook. we ignore and neglect this at our ab501ute peril. The DBF greatly value5 the considerable titne given by all the cornmittse members acr055 the diocese in pursuit of the diocese. mi$5ion and 5¢ratsKy. 4. STRATEGIC REPORT I. ACHIEVEMENTS AND PERFORMANCE As fla¥ged in previous Annual Reports we conducted a comprehensNe strategic review in 2021. While ret2iriing a continued focus on growing a biggei. church to make a bigger drfference we asked fundamental questions as to how we give full effect to our vision that there are ever more people knowing jesus and more justice in the world. This review ended culrninated in a successful bid for £7.5 million from the national church programme for Strategic Trnnsformation Funding. Our progrnmme is entitled Fit for Mi55ion and seek5 to re*irn2gine how we undertake mission and ministry in the 3cross our parishes. There 15 much more information on At for Mission on the diocesan web51te, but we would summarise Fit for Mission as an ambitiou5, growth-orienta¢ed, and locally delivered change programme ro enable mission and minisrry to flourish in the Diocese of Liverpool. It simultaneou5ty invests in our 4 priority areas (introducing people to God through jesus, deepening discipleship, developing Christian leaders, working for justicel while dealing head-on with rhe intransigent problems that significantly inhibit growth Iconstraining structures. inappropriate buildings. non-delivery ol expectarionsl. Each deanery within our diocese will be supported and resourced to work through a 2-year change process, in which they shape the detail and make good and contextually appropriate local decisions. The Intensive work of transformation 15 underKdY. It will be a long and no doubL bumpy proce55 but we remain convinced chat Fit for Mi55ion offer5 rhe best chance for the dloce5e ro estsbli5h a platform ro reverse decade5 of grddual decline and Lts move co a tnore resilienL and growth-orientaLed p051tion. As we noted in previous repor¢ the finances of the Diocese were strained during the pandemic and we remain challenged by ongoing uncertainty in the wider economy. We reported13St year that we had seen 3 fall in regular church attendance of c. 20%.. that plus the cost of living crisi5 had impacted on gNiTrg,' furtherniore, the ma55ive increase in utility costs had also irnpacted parish finance5. For these and orher reasons we identified a p05t Covid structur21 deficir of c. £ l rnillion had emerged in the diocesan budget. This manrfested in a shortfall in local capacity to mee¢ Parish Share payments. Liverpool Diotesan Board of Finance - a company limited by guarantee and not having 2 share capital TRUSTEES. REPORT 4. STRATEGIC REPORT [CvDtlnUed] In this current climao. structural deficit is a challenge facing many Dioceses, yet the pressures of this are more immediare and impacrful in this Diocese than in many others due to the limitations of our a55et base Ithe lowest in (he Church of England) and the rinancial challenges facing communities in the Diocese that ère 3rn0rig5t the rnost deprived in England. These constraints are a significant drag on mi55iona impac¢ in norma1 times, and a major re50urcing challenge in drfficult time5. They are also rhe product of history rather than of performance and the impact is limitation on our capacity as a Diocese to Invesr in frondlne mission ar comparative scale to many other Dioceses in England. In last year's report we said that this has come ¢0 an un5UStainable position, not least because of the impact on parishe5. Levels of Parish Share as a proportion of parish income had become too high to 5UStain. This 50metyme5 means a shortfall in payment towards the costs of frontline ministry as well as a SlEnifican¢ con5rraint on local capacity ¢0 inve5¢ in mission. outreach church facilities and the full range tsf church a£twities. Also in last year's report, we set out more detail on the ongoing dialogue wirh the National Church InstitutlQn5. including the independenr review thac concluded tha[ the Diocese is well managed and that our financial challenges are not rhe result of ptrtsr decision-makinE. as well as the next steps of thar dialogue in which we explore the level of investment tha¢ would help wrn the trajectory tsf the Diocese from decline into susrained growth, seeking stronger pari5he5 and more resilient finances. geared towards makn"n8 the four missional prioriries a reality across the whole Diocese. We continue to work towards this into 2025. Though this dialogue ¢￿ty￿ues, in 2025 we have ngnetheles5 begun to plan towards a more 5UStainable furure and have implemented a real terms reductyon in Parish Share requests in response to the local financial challenge5 facing churches chroughouc the Diocese. In the long term we will either need to achieve incrementsl real terrns increases in par15h Income5 co facilThte a susrainable and healthy church in the Diocese or face a drfferent reality with increasingty constrained tni55ional choice and less capacity ro r￿pOnd to mis5ional opportunity. We are extremely grateful to parishes lor their continued 5UPPOrt for Parish Share. with m3ny continu￿ng to pay in full and on tlme despite increasing financial pressure locally. Similarly, we are enormously grateful to the Archbishop's Council for the additional financial support awarded ¢0 the Diocese in response to shortfalls in Parish Share from those parishe5 thaL have been unable to pay in lull as a result of the impac¢ of the pindemic and resulting financrdl challenges. That support ha5 been hugely Yaluable and has been a hugely important out-working of the three-way partnership between parishes, Diocese and the National Church Institutions. We remain lully engaged in dialogue with the Archbishop's Council over funding opportunities that will support the whole Diocese in responding to the significant missional potential we see throughout communities in the Diocese. Strateglc Development Projects We continue to engage construcdvÈly In rhe natltsnal church's vlsions and stracegy programme. We haye previously reported on our first 3 Strategic Development Fund programme5- Tran5fortning Wi8an.105hua Centre and Trnnsform North West. These are all in the process of being integrated into our Fit for Mission project work. Transforming Wigan and the joshua Centre have each been independendy reviewed with a clear celebration and lessons learned focu5. These reviews are available on the diocesan website. Our 4rh Strate&c Development Fund project- Missing Generations- began its work in e3rnest in September 2020. It aims ro grow 2 major resource churche5 ar St james in the City and St 8arnab3s Penny Lane with a view to planting a 3rf resource church (which will begin its work lully during 20251, Each ol these churche5 will be central ¢0 our future planting and revitalising work and capacity. not least as they are focussed on the under 30.year-old generation5. The Missing Generation5 project is also geared at working i secondary schools, FE colleges and universities in Liverpool and Wigan. again to reach out to people currently unconnected with church. The ambitiOU5 work of Missing Generatyons remained on course during 2024. Soclal and raclal lustlce In 2021 there w35 a significant re"gearing of Together Liverpool. our key Social jusDce pamer. Slgnffjicantly aided by 8 successful application for Natyonal Lottery funding. Together Liverpool's research shows that if Liverpool were a diocese of IIIO churches.. 64 would be involved in food banks 41 would be involved with toddler groups or playgroup5 54 would be providing lunch clubs or drop ins for older people 28 would be invol¥ed in community Cafes 16 would be helping provide money and debt advice 20 would be providing breakfas¢ or after school activities 17 would be involved with provision for homeless people 32 would be involved in other social acrion work and projects Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital TRUSTEES, REPORT 4. STRATEGIC REPORT [Continued] In 2022 we appointsd Our first Racial Iustyce Officer, 5UPPOrted by monies kindly yven by the Diocese of Oxford. Through the work of our Racial justice oificer we developed a strategy to enable us to become an anti-racist diocese and to triove from repentance to repair in mattsrs of racial justice. During 2023 and 2024 we Secured funding from the national church LO $UPPOrt this work Good Funerals Company We have established the Good Funerd15 Ccrnpany as a 5ub5idiary trading company of the Diocesan Board of Finance. Thi5 is part of a long-term strategy to reverse the decline in church-led funerals in the Diocese of Liverpool as well as engaging constructively and cornpassionatety with bereaved fatnilies. It was launched in the surnrner of 2019 and developed significantly through the Covid crisi5. The Good Funerals Company has grown year on year and in 2024 took over 250 funerals. Church attendance Levels of church attendance have remained a concern. though there is 8 cautyous optimism resulting from the impact of our str3tegic intervention5. projects and programmes. The pre Ctsvid average age of our c(>nRregations was significantly higher than the average age of the general population and Ir is Clear that the net Impact of Co¥id on church attendance Nfds negative. Weekty attendance had begun to 5etde down at c 80% of the pre-covid levels IthtsuKh there are some signs that rhi5 measure continues to recover). More positively, totrdl worshipping communiry numbers exceeded pre-pandemic levels by the end of 2023. Though thi5 is a positNe Sign, It remains a signrficanL but vital challenge to turn decades of decline into sustained growth. School¥ We continue to maintain our'market share, ol children attending Schools wth c. 40,000 children in Church of England schools. Over 90% of our schools are currendy rated good or outstanding by Ofsted, in line with our target LDST, our multi-academy rrust IMAT) is now well established ind the subject of a very posityve Ofstsd inspection, 2nd we continue to work on plans relating to the GoVernm￿t'S Schoo15 White Paper. We continue to be ambitious in promoting high quality, distinctively Christian pritn2ry and secondary education. Access and Inclusion We remain absolutely cornmiLted to Susrained excellence in safeguardlng both children and vulnerable adults in the diocese. We have invested Significantly in the capacity of our safe8uardln8 team and the level of rrdining and information produced. We have a clear strategy in place. Our second Past Cases Review IPCRS) was finished in December 2021 the timescale set by the national church for all dioce5e5- 3nd wd5 published in October 2022. We have 5y5tetnati£ally worked rhrough its recommendations and are confident that there are currently no outstsnding a£tion5. The DBP5 commitment to access and inclusion has continued through the work on Disability Avrdreness and the Disabled Frlendly Church Award. The move to on-line worship ha5 been one of the few upsides to cO￿d in ternis of maknng church accessible to people who would otherwise be unable to attend physically. Asset management 2024 was another reasonably positive year for investment markets and our CCLA porrfolio saw an unrealised gain of £126.166. Similarly, after a period ol reduced activiry during the height of the pandemic, itnprovetnent and cotnpliance works on clergy housing continued during 2024 with an addition3111.45m in financial investment into housing beyond the existing budget up to rhe end of 2024. We also recognise the continued need for this greater level of investment and we continue to plan for 5ubstsntial itnprovernent works in 2025 and beyond. We continue to monitor closely our cash and broader reserve levels and think and plan on the basis of the rnedium rather than the short-cemi invesrments. We have not deemed it necessary or adyantageous to change our investment policies. Property We hold a lo¢ of property (valued at £45 million). Much of thi5 in practice take5 the form of notional a5sets.' because we have a responsibility to house clergy, we have little operational freedom around di5P05al or re-working of the Individual asseLS. Rather. our primiry responsibility is to ensure that clergy and their families feel safe and cotnfortable in their homes and that it provides a suitable base lor mission and ministry. Liverptsol Diocesan Board of Finance a company limited by guarantee and not having a share eapital TRUSTEES, REPORT 4. STRATEGIC REPORT [CTrntinUed] The trustee5 are of the opinion that the market value of land and buildings exceed5 their carrying value by an amount which cannot be ascertained without a di5proportionatr cost in detemiining the information. 2024 saw some minor changes in our property portfolio. Two former vicarages held under the Church Commissioners Value Linked Loan scheme were sold. 80th properties were originally purchased via loans from the Church Commissitsners and gain5 under the relevant loan scheme are to the benefir ol the lender and therelore there are no net fdins or losses to report. 11. FINANCIAL REVIEW We continued to face significant financi31 challenges during 2024. Parish fin3nce5 rernain under 5ignrficant pre55ure and Parish Share collection ha5 not yet recovered to pre-pandemic levels. We were supported by the Archb15hops Council again in 2024, with stabili5ation funding supporring the underlying financial position. The operatyng posityon representsd a 5urplu5 of £161,605, with nation31 funding supporting a shorrfall in Parish Share collection and a number of budget Savings achieved during the year. Though helpful in the short term, this surplus masks a range of significant financ131 and strategic ch3llenges, including the underlying mission31 and financial health of parishes in the Diocese, and 1¢ is therefore important tha¢ we continue to attend to the underlying financial position in line with our fiscal rule5 as we plan towards greater mi55ion and financial stability into the future. We also continue to recognise thai rhe Cler￿ housing budget is inadequate to ensure a safe, warm. and comforLable home for all our clergy. We continued rhrough a process of srraregic review ro analyse whar investmenc will be required tts get and maintain our Clergy htsusing in good condition. We have increased funding for htsusing by a cotal of £2.75m over the five years ro 2025. Our fi$cal rules are.. We aim to Gchieve breckoven in each finonciolyeGr ond triennial cycle. Finonciol1055e5 may be acceptable on a limited5cole over o short eriod. within the con￿X¢ of breokeven over the triennium. Conse(￿l¥e onnuol losses will onty be aiieproble in e¥iraor¢JiFPUry circumstonces (to 0￿1& PerPetuotin¥ reductpons in reserve levels). Porish Shore ondLowest Income Communitres Ftsnding ore to rund m￿s1O￿OI Leodership. Investment income Irentol ond dIY￿e￿I, earned income ondgront funding ore 10 fvnd St Jomes, House Serritts. Any imbalonce between St Jomes. House servpces budget ond Missionol Leoder5hip budget Is to be Imited to bwthin £IOO,000 in ony given yeor. i5sionoI Leoder5hiP budget varia￿e to be distributed Dr ￿0Vered within the triennium. Strict buéEet discipline to in oll oreos of OLtwty. FleXi￿litY between budgets is occeptoble, frxithhty beyond budgets is not Investmenr fjnd cfj5h reserves ore to be maintoined Jc u minimum of fvur month5 operiring exPendiuJre Perfom?t7nce oKoin$t bvdKet Each year we pre$ent i budget to Synod, whlch summarlses Our financial rhinking and- once approved- Sets rhe frnmework for our financial dec1si0n-maki￿. For 2024 we set a budget with a small deficit of £11,642. At the end of 2024 our management accounts surplus was 1161.605, underneath which we incurred a significant shortfall in P2ri5h Share collectyon of 1985,342. offset by one-off srabilisatyon funding totalling £750,0(M). We experienced Savings on clergy stipends due to a higher than 3ntycipated rate of Cler￿ vacancies and also incurred additional cost5 relating to clergy housing over and above the housing budget De5Plte these variance5 and the underlying financial challenge5 that remain significan¢ at both parish and Diocesan leve15. the year end operating posityon represented a surplus of1161,605. Annuol acrounts The Statement tsf Financial Activiues on page 18 to 19 shows 2 significandy better posirion rhan rhe management accounts. namely a net Increase in funds for the year of £1.340,975. This Is because in addition to the surplu5 of £161.605 referred to above there were additional gains. expenses. provisions and revaluations Intluding.. Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital TRUSTEES, REPORT 4. STRATEGIC REPORT [Continued] E¥Penérture, provtsions losses [unds}.' £6,￿0 in depreciation 161,000 in costs relating to additional housing investment Gains and reyaluaoons lincreosing fvnds).. 1448.708 in unreali5ed investment 8ains 1215,000 relating LO tnovetnenL in provi$ion$ for Parish share arrears 1418,500 in additional re5rritted fund gains relating to rhe sale of cltssed places of worship £239,000 in release of prior period provisions £140.000 in other restricted fund movements Despite the range of challenges we have encOUn￿red in recent y*rs. we continue to manage our financial position within our existing means and to plan for a future in which we can attend to the widespread need to Improve mission and financial health throughout the Diocese. Reserves The re5erve5 pollcy of the Finance Committee is formulared in line with recommendation5 of rhe Charity Commission of Erigland and Wales. The basic ptsliy statsment is as follows.. The DBF aims to maintain the equiytslent ofot Jeost four months. opero)ng expenditure in cosh ond equitres in the Generol Fund. This exclude5 designoTrd fvnés. loons and locn guarontees. This PDIi(y ts to be reviewed onnuoNy In the Jonuory Finonce Committee meeting. Our fiscal rules established in 2018 State that inve5trnent and cash reserves are to be tnaintained at a mlnirnum tsf 4 months operaring expenditure. At the end of 2024 the total value of inve5trnents had recovered to the equivalent of 4 monrhs budgered expenditure but we remain vulnerable to vo13tility in the wider economy. Until we are able to enhaTrce our asset base and diversfy our holdings we remain vulnerable tg reserves falling below the rllinimurn tsrget figure. Investment markets stabilised during the year and we were able to maintain sufficientcashflowwithout any requirementto drawdown on investment reserves to realise additional cash. The unrestricted reserve 5tand5 at £1 0.9m. £3.4m representing 3 months. operating expenditure, 15 retained as a general reserve to allow for any unexpected rises in expenditure or shortfall in income. The trustees believe that retaining reserve5 3t a minimum of three tnonth5 will cushion the diocese from short-term revenue problems and will enable them ¢0 meet their legal requirements in case of Serious financial problems. There were no design3tsd funds during 2024. Investments The Memorandutn of Association gives the trustees power rts invest in any investment authorised by law in investment of trust fund5. The trustees confirtn that all Investments have been acquired in accordance with their powers, and that they have followed ihe ethical inYe5tment policy used by che central Church of England bodies. Our historic Glebe land ponfolio is substantially tnanaged by Fisher German. Grants received Our main source ol income is Parish Share. We also receive grants from Archbishop5' Council through the Lowest Incotne Communities Fund, Strategic Developmen¢ Fund, Strategic Ministry Fund and Sustainability Fund. These i55ues are discussed elsewhere in this report. We continue to be very grateful for the support of Marshall's Charity in the improvement of our housing stock and for the ongoing support of the Benefact TrusL 10 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital TRUSTEES, REPORT 4. STRATEGIC REPORT [c¢M￿￿￿ed] 111. FUTURE PLANS We remain committed to asking God for a big¥er church ro make a bigger drfference so that there are more people knowing jesus and more justice in rhe world. As reported above these have been refined into 4 mission prioritye5 and we obtained significant funding for our Fit lor Mission programme. If we £annot reverse the underlying long-term decline, amplified by Covid, we will find our future increasingly constrained. These are key time5 for the long-term future of the Diocese of Liverpool. IV. PRINCIPAL RISKS AND UNCERTAINTIES In addition to the financial and other risks outlined below. there are varrious key areas of activity where the diocese could incur financial penaltie5, oper2ti¢nal failing5, or reputarional damaEe. In 2021 we be8an a proce55 of re-working our risk 3nd assurance processe5.' this work wa5 completsd in 2022. We now have a Comprehensive risk and a55urdnce framework where risk is clearly articu13ted and operates as a forcing function. The assurance framework underpinned by tnetrics which artycula¢e what good looks like and then track performance through. The trustees undertake an annual risk review exercise (the Audit Committee is the lead body in this1- Our risk register continues to hl8hli8ht a number of ri5k5 which could impact 5eriou51y on the chariry's operation and developmenL These range from the failure to reverse numerical decline to the f3ilure to generace new disciples., from che failure co develop re5ilienc finances ¢0 rhe failure to develop and tnaintain a robust 53fegvarding culture and practice,. from the failure co invest In new rechnolo8y to the impli£atyons of rhe climate crisis. The Finance Committee oversees the implemenraEion of the recommendation5 arising out of this risk analysis. Liquidity fisk 15 managed by ensuring sufficient liquidity to meet foreseeable needs. with an overdraftfaciliry proyiding short-rerm flexibility and longer-tertn loan5 Supporting asset a£qui51tion. S. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The Board 15 Custodian Tru5oe lor Irust assets wirh a marker value of I5.7rn at 31 Decernber 2024. Detiled Certyficates of Holdings were sent to parishes and other managing trustees as at December 2024. M05c of these tru5t5 are held on behalf of parishes whose charitsble purpose 15 rhe advancement of religion and therefore is parallel co those of the Diocese. The fund5 are held in separa investtnents frorn those of the DBF and there is a separats bank account froffl which payrnent5 are made. We also hold a number of parish properties as Custodian Trustee, but we are unable to obrain a current valuation of these properie5 due to the complexity and sub5rantial costs involved. The Boar¢J a150 holds funds for the knverpotsl Diocesan Pensions Fund and a number of hi5¢0ric rru5ts under the practical management of the bishops and ar£hdea£ons which ￿ve financial 5UPPOrt to clergy and their familie5 ID need in the Oiocese of Liverpool. Further fvnds are held on behalf of Church of England Schools in the Diocese lor capital building projects. At 31 December 2024, these funds had a market value of £3.4m12023 É3.4ml. 6. NOTES AND QUERIES There are a number ol declarations and explanarions that also need ￿ be included in the ￿￿Ul1 reporL These are as follows.. Significant changes in fixed assets These are now explained in notes 10 and I I to the financial statements. Related party tran5acttrons The diocese is a complex entity with a Series of potentialty overlapping structures. These can give rise to £onflicr5 of intere5L For example. many board members are a150 active in their local church, either a5 priests or lay members. and rhere may well be issues discussed at board level which impact on their own church. There are also specific instances. such as an application for a diocesan loan. where the pansh can direcdy benefit. The board is always conscious of such potential conflicts and the need for board metnbers to act appropriately. Indeed. each Finance Cornmittse meeting has a formal declaratlOD of interest to highlight potential conflicts, and individual members haye left the room during certain discussions to ensure freedom ol debate. Liverpool Diocesan Board of Finance a company limited by guarantee and not having a share capital TRUSTEES. REPORT 6. NOTES AND QUERIES {Contin￿dI In 2008 a 103n of £25k was issued to Emmanuel Theological College. (originally known a5 the Southern North West Training Partnership), a related party, and a further loan of £25k was issued in 2009. In December 2020, a further loan of 110.QOO was Issued to support the development of the new theological ctslleEe (renamed to Emmanuel Theolowcal College). A total of 11 S,000 remained outstanding 25 at 31 December 2024. This balance is included wirhin the fwure of £48,000 for parish and other conce55ion3ry 103ns at note 12. Post Balance Sheet Events During the year we continued to develop our understanding of the longer temi impact of the pandemlc whilst engaging with the challenges and uncertainty that rem3in within both the church and the wider economy. We have been able to maintsin our financial posirion and a position of similar strength to the position prior to the pandemic. but we recognise that the underlyin8 financial Strength of tnany parishes rernain weakened post-pandemic. In 2024 we continued ¢0 work through our Fir for Mission programme tsf change, supported by Strawc Transforrnation Funding from the Archbishop5' Council. This programme allows us to work with deaneries to re-lmagine how we undertake mission and tninistry in the Diocese. We continue ¢0 work with parts)ers Ehrou8hout the church Structures on th15 key strategic change progrdmme whilst aiming to develop plans that will support improvements In our overall sustsinability into the long term. Fundraising There have been no Significant fundraising activityes a¢ diocesan level in 2024. Insurantè We continue to zrrnnge our insurance with Eccle5ia5tical Insurance Group. The policie5 are Subject to regular review. Tm$tees' Interest in shares The board 15 a company limired by guarantee IcoTnpany nutnber 183011 and trustees, as member5, may derive no benefit, income or capital interest in the board's financial affair5. Other than the reirnbursement of out-of_pocket expense5. No expenses were paid to Truttees. during the year. Taxation status The Board Is a registered charity Ichariry number 2497401 and, as such. is not liable to Income Tax or Corptsrdclon Tax on Its char￿able activities. Contingent liabilitie5 There were no contingenr liabilities on the Board at the end of the year other than the loins lor with the charity has agreed to act as guarantor. The amounts are disc105ed In note 16 to the financial sratsments. 7. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees Iwho are also directors of the Liverpool Diocesan 8oard of Finance for the purposes of company lawl are responsible for preparing the Tru5tee5' Report and the financial statsments in accordance with applicable law and United Kingdorn Accounting Stsndards (United Kingdom Generally Accepted Accounting Pracucel including FRS 102.. The Financial Reporting Stand3rd applicable in the UK and Republic of Ireland. Company law requires the trustees ro prepare financial statetnents for each financial year, which yve a true and lair view ol the state of affairs of the charitable Company and of the incoming resources and application of resources, including the income and expenditur of the charitable company lor thar period. In preparing these financial statetnents. the tru5oes are required to.. select suitable accounting policies and then apply thern consistentty., observe the methods and principle5 In the Charitie5 SORP., make judgmenr5 and e5rimate5 that are reasonable and prudent., state whether applicable accounting 5tandard5 have been followed subject ¢0 rnatsrkil departures dis£105ed and explained in the financial statEmenL and prepare rhe financial statements on the going concern basi5 unless it is inappropriate to presume that rhe charitable company will conunue In business. Liverpool Diocesan Board of Finance - 3 company limited by guarantee and not having a share capital TRUSTEES, REPORT 7. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustses are responsible for keeping proper accounting records that disc105e with reasonable accurncy at any tirne the financial posityon trf the charitable company and enable thern to ensure that the financial statetnents cotnpty with the Cotnpanies Act 21)06. They are also responsible for safeguarding the a55ets of the charitable ccrnpany and hence for takn'ng reasonable step5 for the prevention and dere¢uon of fraud and other irregularities. The trustees are responsible for the m3inten3nce and integrity of the corporate and financial infomiauon included on the charitable cornpany's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statemenu may differ from legi51atioTh in other jurisdic¢ions. 8. DISCLOSURE OF INFORMATION TO AUDITORS Trustees have rnade the companls auditors aware of the Chariry Commission's ongoing investygation in¢0 the Circumstanc￿ tha¢ led to the resignation of the forrner Bishop of Liverpool, the Right Reverend john Perumbalath, in january 2025. To thare. rhe Commission has nor confirmed the outcome of this Invesugation. The trustees confirm th2¢ as far as they are aware, there is no relevant audit information of which the charity's auditors are unaware and they have taken all stsps thar they ought to have taken as trustees in order to make themselve5 awdre of any relevant audit information and to establish that the cotnpany's auditors are aware of that information. 8y order of the Trustses Maggie Swinson Trustee 25Se t¢inb¢r 202S Liverpool Diocesan Board of Finance . a company limited by guarantee and not having 3 share capital INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LIVERPOOL DIOCESAN BOARD OF FINANCE Opinion We have audited the financial ststement5 of ￿VerpOOl Diocesan Board of Finance (the 'chariry'l for the year ended 31 December 2024 which comprise the statement of financial acrivities. the balance sheer. the 5Latement of cash flows and the note5 to the financial statements, including significant accounting policies. The financial reporting frdtnework that has been applied in their preparation 1$ applicable law and United Kingdorn Accounting Standards. Including FRS 102 The Financiol Reporttng Stonéard opplicoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, thefinancial ststements". gNe a true and fair view of the State of the charitable company's affairs as at 31 December 2024 and of its net incoming re50urc&s and application of resources. for the year then ended., have been propedy prepared in accordance with United Kingdorn Gener￿lY Accepted Accounting Practice'.and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$1$ for opinion We conducted our audit in 3ccordan£e with International Standards on Auditing IUKI IISAS IUKII and applicable￿w. Our responsibilities under those stsndards are further described in the Auditor's respon5ibilitie$ for the auditof the financial statements section of our reporr. Vve are independent of the charity in accordance with the ethicalrequirements that are relevant to our audi¢ ol the financial statements in the UK. including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wirh these requirements. We believe that the audit evidence we have obtained 15 Sufficient and appropriate to provide a basis for our opinlon. Conclusions relating to going eoncer In auditing the financial staternents, we have concluded tha¢ the trustees. use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have n¢>t identified any material uncertaintie5 relating to events or conditions that, individu311y or collectively, may cast significant doubr tsn rhe charity's abiliiy to continue as a going concern for a period ofat least twelve months from when the financial starements are authorised for15sue. Our responsibilities and rhe responsibilities cf the tru$tees with respect to g(Mng concern are described in the relevant section5 of this report. Other information The tfUStee5 are responsible for the other information. The other information comprise5 the information includedin the annual report, other than the financial statsments and our auditor's report thereon. Our opinion cn the financial 5r2tements does not cover the other information and, excep¢ to the exten¢ otherwise explicidy srated in our repor4 we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility 15 to read the other information and, indoing so. consider whether the other informarion is marerially inconsistenL Wlth the financial Statements. or our knowledge obtained in the audit or otherwise appears to be materially mi55ta£ed. If we IdenLify Such rn3terial inconsistencies or apparen¢ material rnIS5Tatements, we are required to determine whether there is a tnateri31 Tni5Statetnent in the financial statements or a material rn155tatement of the other infomiarion. If. btsed on rhe work we have performed. we conclude that there is a material mi55tatement of this other information. we are required co report that facL We have nothingro reptsrt in thls regard. 14 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital INDEPENDENT AUDITOR'S REPORT Opinion5 on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of OUT audit.. the inftsrm2tlon Iven in the trustees, reporL which includes the directors, report prepared for the purposes of company law. for the financial year for which the financial Statements are prepared is consisten¢ with thefinancia5 statements.. and the direttors, report included within the trustees, report has been prepared in accordance applicable legal requirements. Matters on which we are requlred to report by exteptlon In the IlghL of the knowledge and understanding of the charity and its environmenr obtained in the course of the audit, we have not identified rnaterial mi55tatements in the directors. report included within the trustses, report. We have nc>¢hing to report in respect of rhe folltswing matters in relation to which the Cornpanie5 Act 2006 requires u5 to report to you if. in our opinion.. adequate accounting records hive not been kept, or returns adequate for our audit have not been received from branches not visited by u5.. or the financial sta¢ements are not in agreement with the accounting records and rEturn5- or certain disclosures of trustees. rernuneration specified by law 3re not made,. or we have not received all the informaoon and explanarions we require for our audit. Responsibilities of trustees As explained more fully in rhe ststetnent of trustee5' resPOnsibilitie5. the trustees, who are also the directors of the charity for the purpose tsf company law. are responsible for the preparation of the financial Statements and forbeing satisfied that they give a true and fair view. and for such Internal control as the trustee5 determine is necessary to enable the preparatyon of financial statements that are free from material mi$$Latemenk whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. di5elosing. Bs applicable, Tnatters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charitable company or to cease operatyons,or have no realistic altsmative but tts do so. Audltor's respon5ibilitie$ for the audit of the financial statements Our objectives are to obrain reasonable assurance about whether the financial statetnent5 as a whole are free frorn material misstatemenc whether due ro fraud tsr error. and (Q 15sue an auditor'5 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 ISA5 IUKI will always detsct 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 expeeted to influence the economic decisions of users taken on the basis of these Inancial st3rements. Irregularicles, Intludingfraud. are instances of non-compliancewith laws and regulatyons. We design procedures In Ilne wth our responsibilities. outlined above. to detect ma¢erial misstatements in respect of irregularities, including fraud. The excenc co which our procedure5 are capable of detecting irregularities. including fraud. is detailed below. Liverpool Diocesan Board of Finance - a company limited by guarantee and not having 3 share capital INDEPENDENT AUDITOR'S REPORT The extent to whlch the audlt was consldered tapable of detècting irregularities. including fraud Our approach to identifyingand assessingthe risks of material misstatement in respect of irregularitye5, includingFraud and non- eompliance with laws and regulations, wa5 as follows.. the erwement partner ensured that the engagement team collectively had the appropriate comperefice. capabilities and skills ¢0 identyfy or recognise non-compliance with applicable laws and regulations., we identified che laws and regulations applicable to the company through di5CU55ions with direc¢or5 andother managemen we focused on specific laws and regulations which we considered may have a direct material effect OnLhe financial Statements or the operations of the company, Including rhe Companies Acr 2006. EaXationlegi$lation and dat2 protection. anti-bribery. employment and health and safety legislation.. we assessed the extenL of compliance with the laws and regulatyons identified above through rnaking enquiries ol management and inspecting legal correspondence. 3nd identified lav￿ arid regulations were communicated within the audit Leam regularly and the tearn remained alert to instance5 of non-complianee throughout the audit. We assessed the 5U5ceptibility of the cornpany's firiancial statement5 to material mis5tatemenL including obtaining an understanding of how fraud rnight occur, by.. rnaking enquiries of rnanagemen¢ a5 ¢0 where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud,. and considering the intern81 controls in place to mitigate risk5 of fraud and non-compliance with laws and regulation5. To address the rI5k of fraud through management bias and override of controls, we.. performed analytical procedure5 to identify any unusual or unexperted relationships., red journal *)tries to Identfy unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates wereindicative of potential bia5.' and investigated che ratlonale behind 5ignifitanL or unusual trdn5actiOn5. In response to the risk of irregularitie5 and non-compliance with laws and regulatyons, we designed procedureswhich included, but were not litnited LO.. agreeing financial statement disclosures to undedying supporting documentation.. reading the minutes of tneeting5 of those charged with governance., and enquiring of management as to acrual and potential litigation and claim5. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial rr2n$2Ctions, the less likely it IS that we would becorne aware c>f non-cornpliance. Audiung standard5 also limi¢ the audit procedures required cc identify non-compliance with laws and regulatyonsto enquiry of the director5 and other managemenc and the Inspection of regulatory and legal correspondence, rf any. MatÈrlal mi55catements 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 is available on the Financlal Reponing Council's website at.. htEP5'.11 www.frc.org,ukJauditorsresponsibilities. This description forms parr of our audiror's reporL Liverpool Diocesan Board of Finance . a company limited by guarantee and not having a Share capital INDEPENDENT AUDITOR'S REPORT Use ofour report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Parr16 of the Companies ACL 2006. Our 2udiL work has been undertaken so that we might State to the charitable company's members those matcers we are required to state to them in an auditors, report and for no other purpose. To the fullest extenc permitLed by law. we do not accept or assurne responsibility to anyone other thanthe charitable company and the charitable cornpany's rnember5 a5 a body. for our audit work, for thi5 report, orfor the oplnions we have forrned. Anita Mason BA(Hons) BFP FCA (Senior Statutory Auditor) for and on behalf of Mltchell Charle5WOrth {Audlt) Limited Chartered Accountants Statutory Auditor Suite5 C, D, E & F 14th Floor, The Plaza 100 Old Hall Street Liverpool L3 9Ql Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financlal year Unrestricted Funds 2024 Restrlcted Endowment Fund5 Funds 2024 Total Funds 2024 Total Funds 2023 Notes 2024 Income from Donation5 Parish share Archbi5hop'5 Council Other donations Charitable 3Ctivitye5 Investments Orher 7,231628 3,289,551 992,586 294,586 770,223 7,232,628 5.563,514 1.478,275 294,586 770.223 418.500 7,065.714 4,849.249 2,273,963 485,689 245,850 688,188 I I,ooo 418,5(Y) Total Income 12,579,574 3.178,152 15,757,726 14,276,193 Expendlture on Charitable activitie5 Other 11,686,334 303,271 2.848.179 27.674 14,534,513 330.945 14,040,705 260,530 Total expendlture 11,989,605 2,875,852 14,865,458 14,301,235 Net income before invesrrnent ￿1n5 Net Eains on invesrments 589,969 448,708 302,298 892,268 448,708 125,0421 294.878 Net income 1.038.677 302.298 1,340,976 269.836 Transfers between funds 20 Net movemÈnt In funds 1,038,677 302,298 1.340,976 269,B36 Total funds brought forward 9,829,178 5.498.068 33,824,999 49,152.245 48.882.409 Total funiFs carrled forward 10,867,855 5,800.366 33,824,999 SO,493,220 49,152,245 All ￿e￿WI[1e5 derive from conunuing actwityes. The notes on pages 22 to 47 form part ol the financi￿ statetnents. Liverpool Diocesan Board of Finance - a Company limited by guarantee and not having a share capital STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year UnrestricEed Funds RestrIc￿d Funds Endowment Funds To(al Fund5 Total Funds Notes 2023 2023 2023 2023 2022 Income from Donations Parish share Arehbi5hop'5 Council Other donations Chari(able actlvide5 Investsnent5 Other 7,065,714 2,583,830 1.334,680 219.810 688.188 7,06S,714 4,849,249 7,321.397 4,683,745 1,148,864 460,988 682,304 I,Q96,596 2,26S,419 81,512 26,040 245,850 688,188 I 1,000 Total ineome 11,903,222 2,372,971 14,276,193 15,393,895 Expenditure on Charitable activities Other 11.964.785 260.530 2.075.920 14.040.705 260,530 14.513.503 212,522 Total expendlturÈ 12,225,315 2,075,920 14,301,235 14,n6,025 Net lexpenditurel income before investment gains Net gains Ilossesl on investments 1322,0931 294.878 297,QS I 12S,0421 294,878 667,870 1543,7741 Net lexpenditurel incorne 127,2151 297,051 269,836 124,096 Transfers between funds 20 174,000 1174.0001 Net movement in funds 146.785 123.051 269,836 124,096 Total funds brought forward 9,682,393 5,375,017 33,824,999 48,882,409 48,758,313 Total funds carried forward 9,829,178 5,498,068 33,824,999 49,1 $2,245 48,882,409 All 2CtiVities derive from contynuing activityes. The notes on pages 22 to 47 form part of the finincial st3ternents. Liverpool Diocesan Board of Finanee - a company limited by guarantee and not hawng a share capital BALANCE SHEET BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 Fixed assets Tanwble asset5 Inve5ttnents 38,773,418 10,585,313 38,850.968 10.103.172 49.358,731 48.954,140 CurrÈnt assets Debtors.. due within l year Cash at bank and in hand 1,849,902 4,075,720 1.336.943 3.804.478 5,925,622 Creditor$: Amounts falling due within one year (4,229,085) 14,357,716) Net current assets 1.696,537 783,705 Total assets le55 current liabilityes 51,055,268 49.737.845 Creditors.. amounts falling due after more than one year Other creditors {562,0471 1585,6001 Net assets 50.493.220 49.152,245 Ateumulated funds 20 Endovmien¢ funds Restricted funds Unre5Trictsd funds 33,824,999 5,800,366 10,867,855 33.824,999 5.498.068 9.829.178 Total fund5 50,493,120 49,152,245 The financial statements on pages 22 to 47 were apprtsved by the Finance Committee on 2510912025 and signed.. Maggle Swin$on Chair 20 Liverpool Diocesan B02rd of Finance - a company limited by guarantee and not having a share capital STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 Cash flows from operating activitie¥'. Net cash (used In) Proylded by operotlng ortlvltles (955.337) 11,247.9931 Cash flows from investing actyvities: Inve5ftnent Income Sale of tangible fLYed assets Purchase of tangible fixed assets Purchase of fixed a55et investmenrs Interest on l(Ydn5 and bank overdrafts 770.223 S03,501 (13,712) (33,433) 688.188 185.000 Net Cosh provlded by Invertlng ortivities 1,226,579 873,188 Cash flow5 from financing activitiè$: Cash infflows from new borrowings Net cush provided by flnancrng act1vi￿e5 Net change in cash and cash equivalènts 271,242 1374,8051 Cash and cash equivalents brought forward 3,804.478 4.179,283 Cash and cash equivalents carried for%vard 4,075,720 3,804,478 NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Reconciliation of net income to net cash (used in) provlded by operatlng activitles 2024 2023 Net ineome for the reporting period (as per the statement of financial act5Vities) Depreciation Investrnent income G2in5 on disposal of propery Incr235e in debtors IDecrea5el increase in creditors 892,268 6.262 (770,223) (418,500) (S12,959) (152,186) 125.0421 4.924 1688.1881 11 i.oth)I 1436.5661 Net cash (used In) provlded by operating activities (955,337) 11,247.9931 Analysis of cash and cash equivalents I january 2024 Other 31 December Cash Flow Non Cash 2024 Net cash.. Cash at bank tsnd in hand 3,804.478 271,242 4.075.720 Reconciliation of net cash flow to movement In net funds 2024 2023 IDecre3sel increase in cash Opening net funds 271.242 3,804,478 1374,8051 4,179.283 CIoslll8 net funds 4,075,720 3.804.478 21 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (a) Accounting policles The Liverpool Diocesan Board of Finance is company limited by guarantee registered in Engknd no 18301 and a reg15tered chariry no 24974Q and its registered office is a¢ S¢ James House, 20 S¢lames Road, Ll 7BY. The LDBF constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with the Statement of Recommended Practice lor Charities1SORP 20191, the Companies Act 2006 and 3pplicable accounting standards IFKSIQ21. The charity has claimed exemptyon from preparing consolidated financial statemÈnts Ès it$ subsidiary, The Good Funeral Company Limited, remained dormant throughout 2024 and its actwities have been recorded within the income and expenditure of the Diocese. The pr￿entatiOn currency 1$ pounds Sterling and fwres are shown to the ne3re5r £. A summary of the more important accounting polities which hive been consistently applied is Set out beS0w. (b) Inwme The principal source of ineome come5 from voluntary gwing in the form of parish share. All iricome is included in the Statement of Financial Activitie$ ISOFAI when LDBF has entl￿eMent to the fund5. the amount can be quantified. and receipt of the funds 15 probable. (e) Expenditure Expenditure 15 included on rhe accruals basis and has been classffied under h&idings that aggregate all c05t5 relaied to the Sratement ol Financial Activity category. Costs ol ralsing funds are Constrained to Costs relating to the temporary renting out of par50n3ges and investment managemen¢ costs of ￿ebe and any other investment properties. Charitable expenditure is 3natysed between contributyons to the Archbishops. Councll, expenditure on resourcing and supporting mission and ministry in the parishes of the diocese and expenditure on education and Church of England schools in the diocese. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional on the recipient satisfying performance or other discretionary requirements to the 5aci5faction of the LD8F. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered Subject to such conditions which have not been met at the yÈar-end are noted as 2 comtnitmen¢ but not accrued as expenditure. Support Costs consist ol central managemenr, administrauon, and governance costs. The amount spen¢ on raising funds and orher activities is considered co be ImmaEerial and all 5UPPOrt Costs are allocated to the purpose of charitable acriviries. Costs are allocated whtrevÈr possible direcdy to the acrivity ¢0 which they relare. but where such direct alltscation Is not Possible, the retnainder 15 allocated on an approximate staff time basis. Pension contributSons. The LDBF'5 5rafF are member5 of the Church Workers Pension Fund and Clery are metnbers of the Church of England Funded Pensions S¢heme15ee note 171. The pension costs charged as resources expended represenr the LDBF'S contributions payable in respect ol the accounting period, in accordance with FRS102. Deficit funding for the pension schemes to which LDBF participates 15 accrued at current value in credi¢or5 di5tynguished be￿leen conrributions falling due within one year and after more than one year. Parish share credit Parish Share Creditwas calculated in two s(ages, the fir$£ofwhith was targeted at those parishes wirh very low levels of reserve5 and a shortfall in incotne, with the second stage considering those parishes tha[ had suffered redu£tion5 in reserve leve15 and faced 3 reduced ability ¢0 pay Parish Share in the subsequent year. The sums Credited were calculated using parish financi31 data and forecasts, in dialogue with deanery leaders. 22 Liverpool Diocesan 8oard of Finance - a company limited by guarantee and not having a Share c2Pltal NOTES TO THE ACCOUNTS (d) Going concern At the time of approvingthe accounts, the trustees have a reasonable expecrntion thatthe charity has adequa resources to continue in operational existence for the foreseeable future and are satssfied that It is appropria to continue to adopt the going concern basis of accounting in prepÈring the accounts. (e) Financial instruments The charity ha5 elected to apply the prtsvisions of Sectson 11 '82sic Financial Insrwments. and Section 12'0ther Financial Instruments 155ue5 of FRS 102 to all of its financial instruments. Financial in5trument5 are recognised in the charity'5 balance Sheet when the tharity become$ party to the contractual provisions of the instrument. Pinancial assets and liabi1iues are offseL With the net amounts presented in the financial statements, when there 15 a legally enforceable right ¢0 set off the recognised amounts and there is an intentyon to se¢de on a net ba51S or ¢0 real￿t the asset and settle the liability simultaneously. (fj Basis finantial ￿$￿ts Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective interest method unle55 the arrangement constitutes a financing transaction, where the transaction 15 measured at the present value of the future receipts discounted at 2 market rate of interest. Financial assets cla55rfied a5 receivable within one year are not amorti5ed. (g) Baslc flnanclal Ilabllltles Basic financial liabiliues. including credirors and bank103ns are initrAlly recognised at transaction price unles5 the arrnngement constitutes a financing transaction, where the debt instrutnenc 15 rn&3sured at the pre5en( value of the future payments discounted at a market rate of interest. Financi31 liabilities classified as ydyable within one year are not amorti5ed. Debt instruments are subsequently carried at amortised COSL U51ng the effective intsrest ra￿ method. Trdde credittsr5 are obligaTrons co pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabiliries if paymenr is due within one year or les5. If not. they art presented as nDn-current liabilities. Trade credirors are recognised inityalty a¢ trdnsactson price and subsequentty measured at amorrised cost using rhe effective interest method. (h) Derecognition of financial liabilitie5 Financial liabiliues are derecognised when the charity's contractual obli￿tIOnS expire or are discharged or Cancelled. Financia a55ets, other than those held at fair vaue through income and expenditure, are assessed for indicators of impairmenr at each reporting date. Financial assets are impaired where rhere is objective evidence thaL as a resulr of one or more events tha¢ occurred after the inityal recognition of the financ131 asseL the e5rimatsd future cash flows have been affectsd. If an asset is impaired. the impaimient1055 is the difference between the carrying amoun¢ and the present value tsf the esum3ted cash flows discounted at the a$5et's original effectyve intsre5t rats. The impairnient loss is recognised in net incomellexpenditurel lor the year. If there is a decrease in rhe impairment loss arising from an event occurring aftrr the impairment was recoEnised. the impairment is reversed. The reversal is such that the curren¢ carrying amount do¥ not exceed what rhe Carrying amount would have been, had the impairment not previou5ty been recognised. The impairment reversal is recognised in net incomellexpendirurel lor the year. 23 Liverpool Diocesan Board of Finance - a company lirnited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Financial assets are derecognised only when the contractual rights to the cash flows from the a55et expire or are settled. or when the charity tran5fer5 the financial asset and substantially 211 the risks and reward5 of ownership to another entity. or if 50tne significant risk5 and rewards of ownership are retained but control ol the asset has transferred to another party that is able to Sell the asset in its entirety to an unrelated third party. Critical accounting estimates and judgements In the applicarion of the ch¥riEy'5 ¥CCOUnting policies, the trustee5 are required to rnake judgements, estimates and assumptions about the carrying arnount of a55ets and liabilities that are not readily apparent from other sources. The estimates and a550ciated a55umptions are based on historical experience and other fac¢ors that are Considered to be relevant. Actual result5 rnay differ Irorn these estirnate5. The e5titnates and undertying a55umptyon5 are reviewed on an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised where rhe revision affecrs only thar period. or in the period of the revision 3nd future period5 where the revision affecrs both current and future periods. Critical judgements Properties held under revoluotion model The charity records propertyes held within investmenrs under the revaluation model. Periodically cht charity obtain5 a third party valuation from a suitably qualified specialisL This report values all properry and land held by the ch3rity at fair value but where this is not possible. uses the depreciated replacement cosr method. (i) Investment assets and Income arislng The Board of Finance holds investments for itself and on behalf of parishes and other chariues. Investments and their associated income 3re only recognised where the Board is investment CU5rodian, investmen[ manager and the beneficiary. Investments are shown It market value, or at the trustees. best esrimate of such. Investment properries are included in the balance sheet at their open market value and are not depreciated. Although thi5 accounting policy is in accordance wth che applicable attounting 5tand3rd, FRSI 02, Accountyng lor investmenr properties. it is a departure from the general requirement of the Companie5 Act 2006 for all tangible asse￿ ro be depreciared. In the tspinitsn of rhe rrustees, compliance ￿th the accounting Standard FR5102 is necessary for the financial srateTnents to &ve a true and I￿r view of its financial p051tion. performance and cashflow. Depreciation or amortisation ￿$ only one of many fBcLof5 reflected in the annual valuation and the amount of this which miEht tstherwise have been eharged cannot be 5eparAtely identyfied or quantyfied. All unquoted inve5trnents are held and walued on the basis of information provided from CCLA. DNidends and intere5¢ are included in the financial statements when receivdble. Realised ￿1n$ on investments are reinvesLed where appropriate. Both re￿ised and unrealised gains are disclosed in the Statsment of Financial Activities. 24 Liverpool Diocesan Board of Finance - a company limited by guarantee and not haying a share capital NOTES TO THE ACCOUNTS (k) Major funds Funds held by the charity are either.. Restricted I these fund5 consist of trust and other fijnds, which may only be used for specific purp05e$ imposed by the setdor, donor, or le&slation. Pemanent Endowment I these are funds where there is no power to t¢)nvert Capital inco income. Where rhe trustees have rhe power to converr endowments into income, these funds are known as expendable endowments. Unrestricted funds- these are funds which may be used for general purposes wthout any extern￿ reSLriction. these are unrestricced funds that have been Set aside by the 8oard lor purp05e5 designated by Diocesan policy. Such designatlons may be Set aslde from time to ume according ro policy decisions. Details of the majtsr funds held by the Board are given in note 20 to the Financial Statefflents. Stipends Clerty stipends and the saLarie5 Of licensed lay stsff. though a dioce53n responslblliry. are paid rhrough the Church Commissioners payroll. The cost of the stipend5 and salaries paid by the Church Commissioners on behalf of rhe Board are shown gro55 In these financial 5t3tetnents. However. b15hops are paid entirely by the Church Commissioners and the relevant cost5 have been excluded from these financial statements. Fixed as$Èts Classes of Fixtures and fittings are grouped and OTily those classes with a vdluo of over £l¢,000 are c3Pitali5ed and not expensed Property is held in the balance sheet ac cost or deemed cost for land and buildings held at valuation at the datr of transition to FRS 102. DeP￿clatIon is not provided on buildings as any provision (annual or eumulativel would not be material due co the very long expected remaining usdul economic life in e3ch case, and because their expectsd r￿Idual value is noc materially le55 than their carrying value. The LDBF has a policy of re8ular scruccural inspection, rtpair. and maintsnance, which in the case of residential propertie5 15 in accordance wich rhE Repair of Benefices Buildings Measure 1972 and prr>pertye$ are therefore unlikely to deceriorate or suffer from obsolescence. In addition, disposals of propertyes occur well before the end of their econotnic liyes and disposal proceeds are usually not less than rheir carrying value. The trustees perform annual impaimienE reviews in accordance with rhe requirements of FRS102 ¢0 ensure that thecarry￿ngvalUe 15 not more rhan rhe recoverable amount Depreciation on fixed a55er5 Is provided on a straishE-line basis over fwe years for furniture and over three years for IT eqviptnenL All fixed a55ets 3re held for continuing use in the charity's activities and are therefore cla55ified a5 fixed asset5 for charitable use. (n) Netting off of expenses and income All incotning re50ur£e5 are reporred Eross. as far a5 IS P055ible. Income received in circum5tance5 where a claim for repaytnenc of tsx has been or will be made, is grossed up for the tax recoverable and the gros5 figure included as income. (ol Designated funds Deslgnated fvnds are used for their intended purpose. Any tran5fer$ to or frorn designated funds are subject to authorl$acion controls. 25 Liyerpool Diotesan Board of Finance a company limited by guarantee afjd not having a Share capital NOTES TO THE ACCOUNTS (p) Reserve$ Accumulated capital is the amtsunt transferred from general reserve, profits less 105ses on Sale of f￿ed assets and investments. legacies and gifts received for capital purposes. The general reserye is the total accumulated surplus less deficits for the Board of Finance. Re5trlcted funds are subject to Specific conditions either itnposed by the donor and binding on the Board or linked to the basi5 on which rnoney wa5 obtained. They represent unspent restricted income andlcr a55ets to which restrictions as LO their use apply. (q) Irrecoverable VAT Irrecoverable VAT is grossed up and iritluded in all relewdnt Èxpenditure. (r) Taxation The Diocese benefits from various exemptions from taxation afforded by tax legislation and is ntst liable to corporaiion tsx on income and 8ain5 falling Wlthin those exemptlOn5. Operating lease$ Rentsls payable under operacing leases are charged in the SOFA on a straight- line basis over the lease term. 26 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Donations and le%acies Unrestricted Funds Restrtcted Funds Permanent Total Fltnds Endowment Total Funds Current financial year 2024 2023 General Parish Share Income 7.232.628 7.232,628 7,065,714 Income from National Church Institutions Lowest Income Communityes Funding Sustainability Funding Strategic Developmenr Funding Ordinatyon Training Block Grant Stratsgic Ministry Fund lor Curates Strategic Transformation Funding Grant for legal Services 1,768.158 1,362,628 ,768,158 1,362.028 961,260 29.214 103,561 1,283,489 55,204 560,936 956,253 250,316 249,706 1,058,850 64,097 961.260 29.214 103,561 1,283.489 55,204 3,189,551 2,273,963 5,563.S14 4,849,249 Other donations Benefact Trust Grant General DBF donations 141,470 348,103 141,470 007,703 93,371 40,000 164,500 420,475 50,000 259.600 93.371 40.000 Buildings for Mi55ion Marshalls Charity Grants for Parsonages Stiperid5 Net Zero D8E Services Ltd DBF fees 49.945 1.639 13,293 63,238 1,639 79,425 5,050 446,379 70.772 2,398 113.000 78,176 516,870 79.425 5.050 446,379 992,586 485.689 1.478.275 Strategic Transformation Funding relate5 to Incotne received frotn the Archbi5hop'5 Council. The ¢oTrl value of the multi- year granr is £7.6m and COVEr a period of 6 years to 2027. Income 15 recognised as condityons are satisfied. 27 Liverpool Diocesan Board of Finance a company limited by guarantee and not hamng a share capital NOTES TO THE ACCOUNTS Unrestricted Funds Restricted Funds PeTrn3nenL Endowrnent Total Funds 2023 Prior financial year Geperal Parish Share Incorne 7,065,714 7,065,714 Income from National Church Institutions Lowest Income Cornmunities Funding Sustainability Funding Stratewc Development Funding Ordination Training Block Grxnt Strate&c Ministry Fund for Curates Energy Costs Grant Strategic Capacity Funding Strategic Trnn5formation Funding Gran¢ for legal services 560,836 560.836 956.153 250,316 249.706 956,253 250,316 249,706 1,058,850 1,058,850 64,097 64,097 2,583,830 2.265,419 4,849,249 Other donations Benefact Trust Grdnt General DBF donations 164,5 409,736 so,000 164,50CS 420.476 50,OOCI 10,740 Transfortn North West 105hu3 Centre Fund Marshalls Charity Grant5 for Par50nages Stipends Net Zero Schr￿1 Building donation5 DBE Service5 Ltd DBF fees 70,772 70,772 2,398 2,398 I13,OL￿) 78,176 516,870 78.176 516.870 1,334,680 81.512 28 Liverpool Diocesan Board of Finance- 3 company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Charitable activities Unrestricted Funds Restricted Funds Permanent Total Funds Endowment Totrdl Funds Current financial year 2024 2023 Gift Aid Schetne Generdl DBF income Board of Education Cotnrnunications Office Clergy Housing income Church inspection fees 9,298 86,090 124,461 1391 65,710 194.457 65,710 194.457 7.215 27.153 7,215 27,153 26.040 294,586 294.586 245,850 Unrestricted Funds Restricted Fund5 Perrnanent Endowment Total Funds Prior financlal year 2023 Gil¢ Aid Scheme General DBF income Board of Education Communications Office cler￿ Housing income Church Inspection fees 9.298 86.090 124.461 1391 9,298 86.090 124,461 26.040 26,040 219,810 26.040 245.850 Inve¥tment income Unrestrirted Funds Restricted Funds Permanent Total Funds Endowment 2024 Total Funds 2023 Current financial year DBF Invesrment income Church Hou5ellnve5rtnent property Rental incotne Par50nage5 rental income 136.818 136,818 133,467 100.331 533.074 100,331 533,074 117,488 417,233 770.223 770,223 688,188 Unrestrictsd Funds Restricted Fund5 Permanent Endovfflent Total Fund$ 2023 Prior financial year DBF Inve5ttnent income Church Hou5ellnvesttnent property Rent31 incorne Parsonages rental income 133,467 133,467 117,488 437,233 117.488 437.233 688,188 688,188 29 Liverpool Diocesan Board of Finance - a company lirnited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Other income Unrestricted Fund$ RestrictÈd Funds Permanent Total Funds Endowment Total Funds 2023 Current financial year 2024 Propery tr3t15actions 418,500 418.500 I 1.000 418,500 418.500 I 1,000 Unrestricted Funds Restricted Fund5 Permanent Endowment Total Fund$ Prior financial year 2023 Property transactions Share of proceeds of school 51te I 1,000 I1,￿0 I I,ooo I I,(xJo Charitable activitie$ Unrestricted Funds Re¥tricted Fund$ Permanent Endowment Total Funds 2024 Toral Funds 2023 Current financial year Archbishop's Council 48.420 48.420 215,948 Resourcing Mission and Minirtry Parish Mission and Ministry.. Clergy stypends Clergy pension costs National Insurance Resetdementlremoval grants etc Lay Workers Administrarion and other costs Clergy grants Parish Share st3bilisation funding Area Dean Grants Good Funeral Company Strategic Development Funding Building for Mi5510n Clergy Housing Deanery Mission and Growth Grants D8F Central costs (25%1 Stlames. House £osts115%} 4,387.966 980.489 363.267 9S.838 74.226 279.608 2,325 383,379 32.450 62,049 4,387,966 980,489 363,267 95,838 74,226 279,608 95.508 383,379 32.450 62,049 2,420.344 97.450 ,821,595 4,578,388 1,087,479 405,302 137,680 23,564 392,088 289,438 93.183 37,300 105,551 1,488.908 2,420,344 97.450 1,821.59S 1,605,743 78.041 257,951 11.452 78.041 304.074 11,452 447.931 203.352 19.995 46.123 8,830.637 2.6S7.100 11,487,736 10,822.719 30 Liverpool Diocesan Board of Finance - a company limited by guarantee and not hiving 2 share capital NOTES TO THE ACCOUNTS Charitable activities Icontinuedl Unrestricted Funds Restricted Permanent Total Funds Funds Endowment Total Funds Current financial year 1024 2023 Support for Parish mi55ion and Mini5try'. Clergy training Lifelong Learning 277,451 252,699 2S3,438 62.844 122.9S8 293,549 204,618 82,084 182,735 74.028 277,451 252.699 253.438 62.844 122.958 327,262 204,618 82.084 182,735 74,028 280.039 300396 209.566 65.666 126.422 559.051 170,616 52.459 166,588 73.436 43.284 488,044 106,638 Church Growth & Ecumenism Resources Dep3rtment Ordinand5 in Training Communication5 Office Pastor31 Committee Safeguarding and Inclusion Diocesan Advisory Council Ecumenical Funding DBF Central cost5160%1 St larnes, House costs180%1 Other 33,713 619,083 61.079 10,695 729,778 61,079 46.671 46,671 2.486,567 191,079 2,677,645 2.655,587 Expenditure on education.. Support for church schools and parishes 320.711 320.711 346,452 320.711 320,711 346,452 Total tharltable actlvltles 2024 11.686.334 2.848.179 14,534,513 14.040.705 Liverpool Diocesan Board of Finance- a company limited by gu2rantee and not having a share capital NOTES TO THE ACCOUNTS Charitable activities [ContinuedJ Unrestricted Funds Restricted Funds Pern)anen¢ Endowment Total Funds 2023 Prior financial year Archbishop's Council 215,948 215.948 Resourcing Mission and Ministry Parish Mission and Mini5try.' Clergy stipend5 Clergy pension cost5 National Insurance Resettlementlremoval grant5 etc Lay Worker5 Administratyon and other costs Clergy grants Parish share gran¢ credi¢ Are3 Dean Grants Good Funeral Company Strategic Development Funding Cleryy Housing Deanery Mi$5ion and Growth Grants Grants to parishes from property sales DBF Central costs125%1 St lame5' House costs I15%1 4.578,388 1.087,479 405,302 137,680 23,564 392,088 9,247 4,578,388 1,087,479 405.302 137.680 23.564 392.088 289.438 280,191 37.300 105,551 37.300 1,488,908 1.488.908 1.605.743 1,605.743 447,931 447.931 203,352 19,995 203.352 19.995 9,053,620 1,769.099 10,82L719 Support for Parish mission and Mini5try.' Clergy rraining lelong Learning Social justice Church Growth & Ecumenism Resources Department Ordinands in Training Communications Office Pastoral Committse SafeguardinE and Inclusion Diocesan Advisory Council Ecumenical Funding D8F Central costs160%1 Stlames. House costs180%1 Other 280,039 300,596 209.566 65,666 126.422 317.870 170.616 280,039 300.596 209.566 65.666 126.422 559,051 170,616 52.459 166,588 73.436 43.284 488.044 106,638 52.459 166.588 73.436 43.284 488.044 106.638 2.348.766 306.821 2,655,S87 Expenditure on educatyon.. Support for church Schools and parishes Property expenditure on schoo15 346.452 346.452 346,452 346.452 Total charitable activitFe$ 2023 11,964,785 2,075.920 14.040.705 32 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Other resources expended Unrestricted Fund5 Restricted Fund5 Permanent Endowment Total Funds 2024 Total Funds Current financlal year 2023 Governancè: DBF Cenrral costs115%1 Diocesan Registry Audit and accouncing fees St james. House costs15%1 1 $4.771 122.178 22,505 3,817 27.674 182.445 122.178 22.505 3.817 20.249 6.665 303.271 27.674 330.945 260.530 Unrestricted Fund5 RestricLed Funds Permanent Endowment Toral Funds 2023 Prior financial year Governance: D8F Central costs11 S%1 Diocesan Registry Audit and accounting fees St lame5' House costs1S%1 111,605 20,249 6,665 20,249 6,665 260.530 260,530 Arbaly515 of 5UPPOrt costs Unrestrirted Funds Restricted Funds Permanent Totsl Fund5 Endowment Totsl Funds Current financial year 2024 2023 Central admiThistrarion Diocesan Registry St james. House ,031,806 122,178 76,349 184,491 ,216,297 122,178 76.349 813,407 133,298 1,230.333 184,491 ,414,824 1.058,310 Unrestricted Funds Restricted Funds Permanen¢ Endowmen¢ Total Fund5 2023 Prior financial year Central adtninistrarion Diocesan Re8i5(ry St lame5' House 813,407 813,407 133,298 133.298 1,058,310 1,058,310 Staff costs 2024 2023 Employee costs during the year were as follows.. Wages and salaries National Insurance Contributions Pension costs 2,403,298 233,569 226,Z92 2,1]04,273 212,012 334.H7 2.863,159 2,550.732 33 Liverpool Diocesan Board of Finance - a company lirnited by guarantee and not having a share capital NOTES TO THE ACCOUNTS Staff c05t5 Icontlnuedj 2024 2023 Numbèr Number The average number of per50n5 employed during the year.. 44 39 43 33 Part tlme 83 76 Remuneration of key management personnel Key rnanagemenc personnel are deemed to be those having the authority and re5ponsibiliEy. delegated ¢0 them by the trustees. for planning. direcring and controlling rhe activities of the Liverpool Diotesari Board of Finance. At the end of 2024 these were.. Diocesan Secretary 2nd Company Secretary Assistant Diocesan Secretary and Director of Cotntnunications HR Manager Direttor of Vocations Director of Finance Director of Education Director of Social justice Director of Learning and Stewardship Diocesan Programme Manager HR Manager Mike Eastwood Stuart Hayne5 Debbie Brisco Suzanne Matthews Matt Ellitstt Stuarr Harrison Ellen Loudon Steve Pierce Richard Gedge Anne Kavanagh Total remuneratyon and pension5 for these employees amountsd ro £508.094 (2023.. £557,624). 2024 Number 2023 Number The number of employees whose emoluments exceeded £60,000 was.. £60,001 £70,000 £70,001 £80,000 Trustees, emoluments No trustee received any retnuner3tion or reimbursement for expenses lor 5erYice5 3$ rrustee. Trustee5 who are also siipendiary clergy receive reTnuneration for including sripends. pension and housing based on national rats5 set by the central stipends authoriry. The ftrllowing trustees received remuneration in respect of their roles Is stipendiary clergy.. The Venerable Miranda Threlfall-Holme5 The Venerable Pete Spiers The Venerable Sirnon F15her Rev Peter Dawkin lele£tedl Rev Canvn Emma Williams lelec¢edl The LDBF is responsible for funding via the Church Cornmi55ioners the stipends of licensed SLipendiary clergy in the diocese, other than bishops and cathedral 5Trff. The LDBF is also responsible for housing for sripendiary clergy in the diocese, including the SUffr￿an bishop but excluding the diocesan bishop and cathedral Staff. The LDBF p￿d an average of 150 12023.. 1651 stipendiary clergy a5 office holders holding parochial or diocesan appointments in the diocese. and the costs were as follows.. 2024 2023 Stipends Pension costs National Insurance Conrribucions 4,528,308 1,026,126 411,205 4,632,930 1,114,764 411.045 5,965,639 6.158.739 34 Liverpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS 10. Tangible fixed assets Team Vicars Glebe Parsonages DBF Property DBF DBV VLL Glebe Property Fixture5 & Fittings Total Funds C05t or valuatlo A¢ I january 2024 Addityons Disposals 703,840 2.659,971 85,001 3.296,000 32.104,466 350,486 39,199,764 185,OCII I 185,0011 A¢ 31 December 2024 703,840 2,659,971 3.296,000 32.104.466 364,198 39.128.475 Depreciation A¢ I12nuary 2024 Charge for year 348,79S 6,262 348,795 6,262 A¢ 31 December 2024 355,057 355,057 Net book value A¢ 31 December 2024 703,84CS 2.659.971 3,296,000 32,104,466 9.141 38,773,418 At 31 December 2023 703.840 2,659.971 85.001 3,296,000 32,104,466 1,691 38.850.969 All properties held as Tanglble Fixed Assers are freehold. Fixed asset investments UK Investment Unquoted Propertles Investments Total Funds 2024 Total Funds 2023 Unguoted Market value ac I january 2024 Addition5 Gains on investment a55etS 5.882.458 4,220,714 33,433 126,166 10.103,172 33.433 448.708 9,808,294 322.542 294,878 Marke¢ value at 31 December 2024 6,205.000 4.380.313 10,585.313 10,103,172 Investment properue5 were valued by Anrhony GranL and Revive Le¢tings as at 31 March and 7th April 2025 re5pecciwely. The trustees have consider these valuations accurate for the year end and therefore have valued rhe investment propertie5 at a current fair YaSue of £6.205.QOO as aL 31 December 2024 The above unquoted investmenu are pooled and have been reallocated during the year to ensure that each fund has an appropriate portion of investments allocaEed to it. taking into accoun¢ the rel3tive Size of the lund and other assets held specifically in that fund. 2024 2023 Hlsttsrlcal cost of Investments UK unquoted Investment property 2,881,937 3,809,068 2,848,504 3,809,068 6,691,005 6,657,sn 35 Liverpool Diocesan Board of Finance- a company limited by guarantee and not having a Share capital NOTES TO THE ACCOUNTS Fixed asset investments [ContlnUed] 2024 2023 Unquoted investments comprlse CBF Property Fund CBF Investment Fund CBF Global Equity Fund CBF Deposit Fund DBE Service Ltd 736,549 2.380,440 .168.590 94.722 12 732,484 2,327,173 1.099,756 61,289 4.380,313 4,220,714 In 200S the diocese purchased 12 ordinary shares of £ l each Inow a 116th shareholding) in DBE Service5 L￿. DBE Services Ltd provides services for Schools. In 2024 the Diocese's Share of the surplu5 was £5,LM]O (see note 21. The shares may not be disposed of or charged. except in accordance with the provisions ofthe Shareholders, Agreement. D15tributable profits attributable to the work done lor relevant schoo15 are to be distributed in the proportyon5 to which they arise from the work done lor the relevant schools lor each shareholder and the remaining distributable profits shall be divided equally between the shareholders. During 2018 The Good Funerals Company Limited was e5rabli5hed as ¥ company limited by guarantse under the control of LDBF. The company iEself remained dormant during 2023 and 2024. but all of its aCtNities have been reported through the Diocesan ac£ounrs. Debtor5 Unrestricted Fund$ Restricted Fund5 Permanent Total Fund5 Endowment Total Funds Current financial year 2024 2023 AmoJnrs due from parishes Sundry debtors Parish and other concessionary loans 570,295 1,231,607 $70.295 1,231,607 391,555 856,397 46,400 1.600 48.000 88,991 1,848,302 1.600 1.849.901 1,336,943 Unrestricted Fund5 RestricLed Funds Perrnanent Endowment Total Funds Prlor financial year 2023 Amounts due from parishes Sundry debtors Parish and other concessionary loans 391,555 856,397 391,555 856,397 87,391 1,600 88,991 1,335,343 1,600 1,336,943 36 Liverpool Diocesan Board of Finance - a comp2ny limited by guarantee and not hiving a share capital NOTES TO THE ACCOUNTS 13. Current financial year Unrestricted Funds Restricted Funds Permanent Total Funds Endowment 2024 Total Fund5 2023 Current financial year Sundry credittsrs Accruals Oeanery M55slon and Growth Fund5 T3xation and social security 3.591,347 73,356 3.591,347 73.356 3,474,786 285,331 564,382 564.382 606.374 18,7751 4.229.085 4,229.085 4,357,716 Unrestricted Funds Rescricred Funds Permanent Endowment Toral Funds 2023 Prior financial year Sundry creditors Accruals Deanery Misslon and Growth Fund5 Taxation arid social security 3,474,786 285,331 3,474.786 285,331 606,374 18,7751 606.374 18,7751 4,357,716 4,357,716 Credltors: amounts falling due after more than one year Unrestritted Funds Restricted Fund$ Permanent Total Fund$ Endowment Total Fund5 CurrÈnt Ilnanclal year 2024 2023 Loans from Church Commi5sioner5 Loans from CCLA Loans frorn CBF 85,000 soo.000 600 561.447 561,447 600 600 561.447 600 562,047 585.600 Unrestricted Fund5 esrrlcted Fund5 Pertnanent EndowrnenL Total Funds Prior finantial year 2023 Loans from Church Comniis5ioners L02ns from CCLA Loans from C8F 85,000 soo,000 85,000 500,000 600 600 585,000 600 585,600 Loans frotn Church Comtnissioners are $ecured on v21ue-linked loan properties. included in fixed assets and are repayable oti che sale of the property. There 1$ no fixed repayrnenc dare for these. The total Incerest paid during 2024 d5 £Nil12023.. £Nill. 37 Liverpool Diocesan Board of Finanee - a cornpany limited by gUaran￿e and not hawng a share capital NOTES TO THE ACCOUNTS 15. Net income for the year 2024 2023 This is stated after charglng- Auditor5. remuneration.. Audi¢ Non audi¢ fee5 Icompilation of accounts and payroll) Depreciation Operating le2ses- land and building5 Operating leases- plant and equipmen¢ Interest on bank loans and overdrdfts Gains on disposal of fixed assets 13,435 5,625 6,262 75,000 1,755 16.800 3,449 4.924 75.000 (418,500) Guarantee5 The Board ha5 gNen guarantees to Lloyd5 Bank lor £49,63912023.. £49,6391 in respect of loans granted to parishes. Pensions (a) Clergy Pensions Each parricipating Responsible Body in the Church of En￿and Funded Pensions Scheme pay5 contributlOll5 at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to atcribure the Scheme's assers and liabiliues co each specific Responsible Body. and thi5 tnean5 conrribution5 are accounted for as if rhe Scheme were a defined concribution scheme. The pen510n5 Costs charged to rhe SOFA in the year are conrributions payable towards benefits and expenses actrued in that year12024.. £980.489. 2023.. £1.087.4791. plus any figures arising from contributions in respect of the Scheme's deficit (see below). The 2021 valuation showed the Scheme co be fully funded and as such in 2023. following the vdluation results being agreed, the deficit contributson paid were £Nil12023-. £Nill. A valuation of rhe Scheme is carried out once every three years. The most recent Scheme va1uaclon cotnplÈted was carried out at as 31 December 2021. The 2021 valuarion revealed a surplus tsf £560tn. based on a55ets of £2,720m and a funding targer of £2.160m. assessed using the following assumptsons.. An average discount rats of 2.7% p.a.: RPI inflatyon of 3.6% p.3. land pension incre3se5 consisten¢ with this).. CPIH inflauon In line with RPI less 0.8% pre 2030 mtsvSng 10 RPI with no adlu5rtnenL froffl 2030 onwrdrds., Increase in pensionable stipends in line with CPIH., Mortality in accordance with 90% of the S3NA tables, With allohydnce for itnprovements in tnortality rate5 in line wirh Ehe CM12020 extended model with a long term annual rate of itnprovernent of 1.5%, a smoothin8 parameter of 7, an initial addition to mortality itnproyetnents ol 0.5% pa and an allowance for 2020 dats of 0% li.e. w2020 - 0%1. Followng finali5ation of the 31 December 2021 valu3tion, deficit contributiOll5 ceased with efFect frorn I January 2023. since the Scheme wa5 fully funded. 38 Liverpool Diocesan Board of Finance - a company lirnited by gUaran￿e and not hawn8 a Share capital NOTES TO THE ACCOUNTS The deficit recovery £ontribucitsns under rhe recovery plan in force at each 31 December were as follows.. % of pensionable stypends 31 December 2021 7.1 % payable frtsrn january 2021 LO December 2022 31 December 2022 31 December 2023 31 December 2024 An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect frotn April 2022. and retnained in place until December 2022. For Senior office holders. pensionable $tipend$ are adjusted in the calculation5 by a multiple, as 5e¢ out in the Scheme's rules. Section 28.1 IA of FRS 102 requires agreed deficit recovery payments ro be recoEni5ed a5 a liabiliry. However, a5 there were no deficit recovery payments from I january 2023 onwards. the balance sheet liability as at 31 December 2023 3nd 31 December 2024 is nil. The movemenE in the balance sheet liability over 2023 and over 2024 15 set out in the table below. 2024 2023 Balance sheet liability ac I january Deficit contribution paid In¢erest cost Irecognised in SOFA) Rem3ining change to the baltnce sheet liabilitP Irecognised in SOFA) Balante Sheet liabllity at 31 December * Cotnprise5 change in agreed deficit recovery plan, and change in dis£ounr race and inflarion assumprlon5 between year-ends. The legal structure of the Scheme 15 such tha¢ if another Responsible Body fails, Liverpool DBF tould beccffle responsible for paying a share of tha¢ failed Responsible Body's pension. (b) Staff pension$ verpool DBF IDBSI participates in the Defined Benefits Scheme Seetion of CWPF for lay staff. The Scherne 15 administrred by the Church of England Pensions Board. which holds the a55ets of the scheme separately from those ol the Employer and che other parocipacing employers. CWPF has tr40 section5". l. The Defined Benefits Scheme. 2. The Pensions Builder Scherne5, which has two subsections.. a deferred annuity sectyon known a5 Pension Builder ClassiG and a cash bahDce section known a5 Pension Builder 2014. 39 Liverpool Diocesan Board of Finanee a company limited by gu3rantee not having 2 share capital NOTES TO THE ACCOUNTS Defined 8Ènefits Scheme The Defined Benefits Scheme I'DBS.) Section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries. For ftsndlng purposes, DBS 15 divided into 5ub.pools in respect ol each participating employer as well as a further sub-pool, knovffl as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers. including (hose relaring eo tnortality and p05t-retirement in¥esrmenr returns. The division of the DBS into 5ub.pools is no¢itsnal and is for the purpose of calculatln8 onEoing contributions. Thi$ does not alter the fact that the a55ets of the D85 are held as a 51ngle rrust fund out of which all the benefits are to be provided. From time to time. 2 notitynal premium is transferred from employers, sub-pools to the Lift R15k Pool and all pensions and death benefits are paid from the Life Risk Pool. The schetne is a multi-employer scheme as described in Secrion 28 of FRS 102. Ic 1$ not possible to attribute DBS asset5 and liabilities to specific employers, since each employer. through the Life Risk Section. is exposed to actuarial risk5 associated with rhe current and former employees of other entitse5 Participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scherne. The pensions cost5 charged to the SOFA during the year are contributions payable towards benefits 2nd expenses accrued in that year (2024.. 196,544, 2023.. £147.0111 plus the figures in relation to the DBS deficit highlighted in the table below as being recognised in the SOFA, gwing a total charye of £96.544 for 202412023.. £147.0111. If. following an actuarial valuation of the knfe Risk Pool. there is a surplus or deficit in the pool, fijrther trdnsfer5 rnay be made from the Life K4'5k Poo5 to the employers. sub-ptsols. or vice versa. The atnounts to be transferred land their 3lloc3tion between the 5ub-poo151 will be settled by the Churth of England Pensions Board having taken advice from the Actuary. A valuation of DBS is carried out once every three years. AE the mosr recent valuauon at 31 Decetnber 2022 there a svrplu5 of £73.6m, The next actuarial valuatyon is due at 31 December 2025. Since 31 December 2023, the Board entered into a lull buy-ln agreement with Avlva to Insure all accrued benefits within the DBS ofthe CWPF. The Church of Engknd Pensions Board agreed that deficit concributions should eettse with effect from 31 December 2022 for employers whose pools were estimated to be materially in Surplus. A5 a resulL there 15 no obligation recognised as a liability within the Employer's financial statements as at 31 Decetnber 2023 or 31 December 2024. 40 Liverpool Diocesan Board of Finance a company limited by guarantee and not hav*ng a share capital NOTES TO THE ACCOUNTS 18. Analysis of net assets by funds as *t 31 December 2024 Tangible Fixed Asset5 Loansl Net Current Invertments Liabillties Long.term Llablllties Current Ilnantlal year Total Unre5rricted fund5 Restricted funds Endowment fund5 712.981 5.190.514 32.869.923 9.630.237 1.086.085 610,452 1561,4471 16001 10,790,755 5,800,366 33.824,999 955.076 Total 38,773.418 10,585.313 1,696,537 (562.047) 50.493,220 Tangible Fixed Assets Loans1 Investynents Net Current Long.tertn Prlor finantixl year Total Unrestritted funds Restricted funds Endowment funds 790.532 5,190.513 32.869,923 9,178,096 475.550 308.155 1585,0001 161)01 9,829.178 5,498,068 33,824,999 955,076 Total 38.850.968 783.7Q5 1585,6001 49,152.245 Further detyls of individual funds are &ven in note 20 below. 19. Lease obll¥ations Ac 31 Oecernber 2024, knverpool DBF was cornmitted to making rhe following payments under non-cancellable operating lease5'. 2024 Plant and Equipment 2023 Land and Buildings Land and Buildings Plant and Equipment Within l year Within 2 to 5 years 75,000 131,250 75,¢00 206,250 verpool Diocesan Board of Finance - a company limited by guarantee and not having a share capital NOTES TO THE ACCOUNTS 20. Accumulated funds Dlocesan StlpÈnds Fund (DSF) Capital Account: The Diocesan Stypends Fund Capital account W3S Set up by the Endowments and Glebe Measure 1976 LO provide incorne for clergy Stipends. It represents the accuroulated sale proceeds of Glebe property, sale proceed5 of par50nage houses and Surplus benefice endowments following pastoral reorganisation. The capitsl can be used for the purchase of Glebe or bellefice property though the income can be uulised for stipend purposes. The DSF capital account 15 disclosed as an expendable endowment in these financial Statements. Stlpends & Ordinands Permanent Endowment: The Stipends & Ordinands Permanent Endowmen¢ Fund represents the accumulation of 3 nurnber of donat￿n$ given over a number ol year5 toward5 the support of Stipendiary Ministry and Ordinands in trzining 3nd their families. DBE Property Restricted Fund: The D8E Property Restricted fund relatss to the protreds 015￿e ol redundant school sites and 15 used for the benefit of church 5chc>ols in rhe Diocese. DBF Property Fund.. The DBF Properry Re5trictsd fund represents the accumulatsd value of Glebe Houses and owned by the DBF Par$onage Building Expendable Endowment Fund: The Parsonage Building Fund represents resources held for the provision of benefice houses in the diocese. Ir is represenred by the collective value of benefice houses held on suspense by the Church Commi55ioners. Although benefice houses are vested in incumbents for the rime being of the benefice concerned, the Board is obliged to main(ain them to ensure that there are sufficient houses for the pastoral structure of the diocese and it receives the sale proceed5 of benefice houses surplus to requiremenu into its Stipends Fund Capital Account or Pastoral Account The major capitsl expenditure incurred by the Board is the purchase of new or replacement Parsonage hous￿. 11 there is insufficient funding for the same held in the parsonage building fund, the 6312nce comes from the Stipends Fund Capital Account or the Diocesan Pastoral AccounL The Parsonage Building Fund has been iricluded a5 an expendable endowment fund in these financial statements. The Specific Restricted fund includes income and re￿ted expenditure for the following.. C of E Stipends Fund Church InspectlOll5 Partners in Mission English Heritage 42 • 0 mmo Lf* * rq (Q f4 C r4 r¢ E LL ¢# e4 * rn 000 o m e4 iJ rrt rq ￿ (O O i Ln O) O r4 LN r4 - uuu LL LL ¢¢ o) verpool Diocesan Board of Finance - a company limited by guarantee and not having a share capitsl NOTES TO THE ACCOUNTS 21. Related party transactions Details of trdn5actions with the main related parries ol the Diocese are given in the appropriats notss to the financial Statements. 22. Post balance sheet events There were no signrficanr post balance sheet evenrs to report. 47