OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

TABLE OF CONTENTS Page
Number
Our Vision
Lega I Objects
Strategic Report
Strategic aims 3
Objectives for the year 4
Activities and achievements in the year 5
Key performance indicators 8
Future plans 8
Section 172statement 9
Financial
review		 9
Principal
risks and		 uncertainties 13
Covid-19 Financial update 16
Structure
and Governance		 18
Trustees'
Responsibilities		 26
Statement of Disclosure to the Auditors 26
Appointment
ofAuditors		 26
Administrative
Details		 27
independent
Auditors'
Report		 30
Consolidated
Statement		 of Financial Activities 35
Consolidated
Income and Expenditure		 Account 36
Consolidated
and EDBF		 Balance Sheet 37
Consolidated
Cash Flow		 Statement 39
Notes to the Consolidated
Financial		 Statements 40

e diocesan website. The key me asures
are sho		 wn
in the table below:
Area Target for 2020 Actual delivery in
2020
Common
Fund collection		 rate 96.0% 90.5%
Total number of parishes signed up as 238 236
members ofthe Parish Giving Scheme
(based on 10%per annum
Total EDBF Income		 target increase) f13,188k E12,835k
(excluding asset sales and revaluations)
Total EDBF Expenditure
(excluding
capital works and asset		 f14,383k E13,108k
revaluations)

nvesting
on be		 hal f ofthe Di ocese.
Funds at 31 Proportion Income yield Total Return
December of Portfolio in year in year
2020
f'000
CCLA Managed
CBFInvestment Fund 27,611 87.3%%uo 2.8590 +9.95%
CBFProperty Fund 2,722 8.6% 4.75% -0.45%
CBFDeposit Fund 1,283 4.1%%uo 0.49% +0.49%
Other Funds 090
31,621 100.090

ccount (s ee notes 21 —23) .
Funds at 31 Income yield Total Return
December in year in year
2020
E'000
Investment Properties 14,475 2.80% 6.33%

Unrestricted Unrestricted funds Restricted Endowment Total funds Total funds
General Designated Funds Funds 2020 2019
Note E'000 E'000 E'000 E'000 E'000 E'000
Income and endowments
from
Donations
Parish contributions 8,332 8,332 9,079
Archbishop's
Council		 455 1,289 1,744 1,360
Other donations 322 27 784 1,133 1,229
Charitable
activities		 568 39 607 756
Other trading activities 1,332 1,332 1,437
Investments 331 1,003 1,334 1,318
Other 973 3 1,049 2,025
Total income and 12,313 27 3,118 1,049 16,507 15,179
endowments
Expenditure
on
Costs of raising funds 7 179 50 229 261
Charitable
activities		 8 10,923 3,111 14,036 12,642
Other 9 2
Total expenditure 11,102 3,161 14,265 12,905
Net income/(expenditure)
before investment gains 1,211 25 (43) 1,049 2,242 2,274
Net gain/(loss)
on		 17 395 (5) 119 1,611 2,120 3,441
investments
Net income/(expenditure) 1,606 20 76 2,660 4,362 5,715
Transfers between funds 14 (726) 474 252
Net movement
in funds		 880 494 76 2,912 4,362 5,715
Total funds brought 7,150 21,023 5,453 69,399 103,025 97,310
forward
Total funds carried 21 8,030 21,517 5,529 72,311 107,387 103,025
forward

Total Total
2020 2019
E'000 f'000
Total incoming
resources		 15,458 15,179
Resources expended 14,265 12,905
Operating
surplus/(deficit)		 for the year 1,193 2,274
Net gain/(loss)
on investments		 509 1,204
Net income for the year 1,702 3,478
Other comprehensive income:
Net assets transferred from/(to) endowments (252) (487)
Total comprehensive income 1,450 2,991

At 31December 202 At 31December 202 0
Company Number-186001 2020 2019
Note Group EDBF Group EDBF
E'000 E'000 E'000 E'000
FIXEDASSETS
Intangible
Assets		 15 57 57 6 6
Tangible assets 16 58,532 58,532 59,561 59,561
Investments 17 46,096 46,096 44,088 44,088
Totalfixed assets 104,685 104,685 103,655 103,655
CURREIVTASSETS
Debtors 18 2,040 2,061 1,530 1,561
Cash on deposit 34 34 34 34
Cash at bank and in hand 5,723 5,645 1,103 1,017
Total current assets 7,797 7,740 2,667 2,612
CREDITORS: amounts falling
due within one year 19 (2,143) (2,095) (1,542) (1,496)
NETCURRENTASSETS 5,654 5,645 1,125 1,116
TOTAL ASSETSLESS CURRENT
LIABILITIES 110,339 110,330 104,780 104,771
CREDITORS: amounts falling due after one year 20 (2,055) (2,055) (224) (224)
NETASSETSexcluding Pension Liability due after one year 108,284 108,275 104,556 104,547
Defined Benefit Pension scheme liabilities 20 (897) (897) (1,531) (1,531)
TOTAL NETASSETS 107,387 107,378 103,025 103,016
FUNDS
Endowment
funds
(Including
investment
revaluation
E20,136k(2019:E18,657k))		 reserve of 72,311 72,311 69,399 69,399
Restricted income funds
(Includingi nvestment revaluation reserve of
E1,141k(2019:E1,024k)) 5,529 5,529 5,453 5,453
Unrestricted
income funds:
General Funds (Including investment
revaluation
reserve ofE3,356k(2019:E2,960k))		 8,021 8,021 7,141 7,141
Designated
Funds (Including investment
revaluation
reserve of		 (E7k)(2019:(E2k)) 21,517 21,517 21,023 21,023
Trading subsidiary 9 9
TOTAL CHARITY FUIVDS 22 107,387 107,378 103,025 103,016

2020 2019
E'000 E'000 E'000 f'000
Net cash inflow/(outflow) from operating
Activities (2,958) (2,632)
Cash flows from investing activities
Dividends, interest and rent frominvestments 2,455 2,486
Proceeds from the sale of:
Tangible fixed assets 3,307 278
Fi~ed asset investments 4,085
Purchase of:
Tangible fixed assets for the use of the EDBF (233) (1,174)
Fixed asset investments (4,085)
Net cash provided
by/(used		 in) investing
Activities 5,529 1,590
Cash flows from financing activities
Loans repaid by the EDBF (34) (35)
New lending
by EDBF		 (60) (125)
Loans repaid ta EDBF 143 275
Cash inflow from new borrowing 2,000
Net cash provided by/(used in)financing
Activities 2,049 115
Change in cash and cash equivalents in the
reporting
period		 4,620 (927)
Cash and cash equivalents at 1January 1,137 2,064
Cash and cash equivalents at31December 5,757 1,137
Reconciliation ofnet movements
in		 funds to
net cash flow from operating
activities
Net movement
in funds for		 the year ended
31December 2,242 2,274
Adjustments
for:
Depreciation
charges		 41 42
Dividends, interest and rent fram investments (2,455) (2,486)
Surplus/(deficit)
on sale offunctional		 assets (2,025) 2
Decrease/(increase)
in debtors		 (593) 523
(Decrease)/i ncrease in creditors (168) (2,987)
Net cash provided by/(used in) operating
activities (2,958) (2,632)
Analysis ofcash and cash equivalents
Cash in hand 5,723 1,103
Notice deposits (less thon 3 months) 34 34
5,757 1,137

Unrestricted funds Restricted Endowment Total funds Total funds
General
Designated		 Funds Funds 2020 2019
f'000 f'000 E'000 f'000 E'000 E'000
Current Year assessments 9,174 9,174 9,377
Shortfall in contributions (871) (871) (414)
8,303 8,303 8,963
Receipts for previous years 24 24 116
Receipts for future years 5 5
Totallncome 8,332 8,332 9,079

Unrestricted Unrestricted funds Restricted Endowment Total Total
funds funds
General Designated Funds Funds 2020 2019
f'000 f'000 f'000 f'000 E'000 E'000
Lowest Income 1,231 1,231 1,265
Communities Funding
Transitional funding 105 105 95
Strategic Ministry funding 58 58
Sustainability funding 350 350
455 1,289 1,744 1,360

ther don ations
and gr		 ants
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 E'000 E'000 E'000 E'000 E'000
All Churches Trust Grant 169 169 180
Donations and grants 153 27 498 678 818
Resourcing Ministerial 286 286 231
Education
322 27 784 1,133 1,229

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 E'000 E'000 E'000 E'000 E'000
Statutory fees 456 456 591
Chaplaincy income 30 39 69 75
Feed in/Export Tariffs
- PV panels 39 39 26
Course/training fees 19 19 24
Miscellaneous income 24 24 40
568 39 607 756

OTHER TRADING ACTIV ITIES
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 E'000 E'000 E'000 E'000 E'000
Housing income 1,105 1,105 1,155
Other rental income 16 16 13
Trading —EDPS Ltd 211 211 269
1,332 1,332 1,437

Total Total
Unrestricted funds Restricted Endowment funds funds
General
Designated		 Funds Funds 2020 2019
F.'000 f'000 f'000 E'000 E'000 f'000
Dividends receivable 325 596 921 954
Interest receivable 6 6 6
Rents receivable 407 407 358
331 1,003 1,334 1,318

THER INCOMING
RES		 OURCES
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 E'000 E'000 E'000 f'000 E'000
Gains on sale of:
Properties 973 1,049 2,025
973 1,049 2,025

OSTS OF RAISING FUNDS
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 f'000 f'000 f'000 E'000 f'000
Glebe agents' fees 30 30 34
Other glebe expenses 24 20 44 39
Trading activities —EDPS Ltd 155 155 188
179 50 229 261

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
E'000 E'000 E'000 E'000 E'000 E'000
Contributions
to
Archbishops'
Council
Training for Ministry 346 346 346
Nationa
I Church
Responsibilities 260 260 275
Grants and provisions 29 29 29
Mission agency pension
Costs 13 13
Retired clergy housing
Costs 124 124 118
Pooling of ordinands
maintenance
grants		 52 52 80
824 824 852
Resourcing
Ministry		 and
Mission
Parish Ministry
Stipends
and national
Insurance 3,346 2,234 5,580 5,513
Pension costs 1,241 56 1,297 1,284
Housing costs 1,987 1,987 2,480
Removal,
resettlement
and grants 198 198 176
Clergy Pension
Fund		 Deficit 48 48 (2,149)
Other expenses 278 39 317 297
7,098 2,329 9,427 7,601
Support for parish
ministry
Mission and Ministry 1,077 752 1,831 2,194
Church and Society 52 52 41
Mission and Ministry grants 16 16
Cooper Legacy grants 3 3 18
Cooper Armstrong
Legacy		 8 8 16
Support services 1,325 3 1,328 1,271
Lay Pension
Fund Deficit		 21 21 25
2,475 782 3,259 3,565
9,573 3,111 12,686 11,166
Expenditure
on Education		 and Church of England Schools
Support for church schools
and parishes 526 526 624
10,923 3,111 14,030 12,642

D
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2020 2019
f'000 E'000 f'000 E'000 E'000 E'000

10.
ANALYSIS		 OF E XP ENDIT URE INCLUDING
ALLO		 CATION
 OF SUPPORT COSTS
Pension
Activities Grant Funds
Undertaken Funding of Support Deficit Total costs Total costs
Directly Activities Costs Adjustment 2020 2019
E'000 E'000 f'000 f'000 f'000 f'000
Raisings funds 230 230 261
Charitable
activities:
Contributions to Archbishop's Council 824 824 852
Resourcing parish ministry 10,699 636 1,327 21 12,683 11,166
Education 526 526 624
Other resources expended 2
11,455 1,460 1,327 21 14,263 12,905
Net income/(expenditure) for the year is stated after charging amortisation fSk(2019:f6k),
depreciation
f34k		 (2019:f36k) and audit fees EDBFf23k, EDPS f3k (2019: EDBFf23k, EDPSf3k).

ANALYSIS OF SUPPORT COST S
Total Total
Unrestricted funds Restricted Endowment funds funds
General
Designated
E'000
E'000		 Funds
f'000		 Funds
E'000		 2020
E'000		 2019
E'000
Central support/administration 1,197 1,200 1,124
Governance:
External audit of EDBF 23 23 23
External audit of EDPS 3 3 3
Registrar and Chancellor 83 83 90
Synodical costs 18 18 31
1,324 1,327 1,271

ANALYSIS OF GRANTS ANALYSIS OF GRANTS ANALYSIS OF GRANTS ANALYSIS OF GRANTS MADE MADE MADE No. Individuals Institutions Total Total
2020 2019
f'000 f'000 f'000 f'000
From
unrestricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 824 824 734
From unrestricted
funds:
Ordinands
in training		 42 132 132 137
Clergy ordination 16 40 40 35
Clergy resettlement 28 70 70 58
Clergy removals
Clergy 1"incumbency		 30
7		 60
27		 60
27		 77
17
Churches togetherin
Devon		 1 5 5
Church schools —Repairs/improvement 1 7 8
Church schools —Learn Teach Read 35
Mustard
Seed Fund		 4
Unlimited
Church		 15
Growth
and mission		 3 17 17 51
Other small grants 28 14 13 27 10
Adjustments
for grants		 not claimed (2) (2) (36)
157 344 40 384 416
From
restricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 118
From
restricted
funds		 for various purposes
within
resourcing
parish		 ministry:
Cooper Legacy Fund 18
Cooper Armstrong
Legacy		 16
New Church Schools 15
Repairs and Maintenance Grant 15 15
Strategic Development Fund
Plymouth
Partnership		 in Mission 93 93 98
Exeter, St Matt's 133 133 427
Total 12 252 252 574
Total 175 344 1,116 1,460 1,842

STAFF COSTS STAFF COSTS 2020 2019
E'000 f'000
Employee costs during the year were as follows:
Wages and salaries 2,009 1,965
National
insurance
contributions		 190 188
Pension costs —current year 418 422
—deficit (decrease)/increase (127) (119)
2,490 2,456
The average number of persons employed by the group during the year:
2020 2019
Number Number
Administration and financial management 27 25
Grant funded projects 3 4
Property 4 4
Mission,
Ministry
and		 Stewardship 15 16
Safeguarding 3 4
Archdeacons' staff 5 5
Education
and Schools		 12 14
69 72
The average number of persons employed by the group during the year
based on full-time
equivalents:
2020 2019
Number Number
Administration and financial management 22.8 20.7
Grant funded projects 2.5 2.9
Property 3.2 3.4
Mission, Ministry
and		 Stewardship 11.7 12.3
Safeguarding 2.5 3.3
Archdeacons' staff 2.1 2.1
Education
and Schools		 9.8 10.3
54,6 55.0

2020 2019
Number Number

AFF COSTS (continued)
The following table gives details ofthose Trustees who were in receipt of a stipend and/or
housing
and then whether		 this was provided by EDBF during the year:
Stipend Housing
The Right Rev R Atwell No No
The Right Rev N McKinnel No Yes
The Right Rev J Searle No Yes
The Very Rev j Greener No No
The Ven A Beane Yes Yes
The Ven M Butchers Yes Yes
The Ven D Dettmer Yes Yes
The Ven
N Shutt		 Yes Yes
The Rev D Bailey Yes Yes
The Rev N Debney Yes Yes
The Rev S Franklin Yes Yes
The Rev W Hazlewood Yes Yes
The Rev E Hobbs Yes Yes
The Rev M Partridge Yes Yes
The Rev 5Stayte Yes Yes
The Rev J Taylor Yes Yes
The Rev Canon Dr M Williams No No

e Dio cese, and the costs were as follows:
2020 2019
E'000 E'000
Stipends 5,175 5,050
National insurance contributions 405 397
Pension costs - current year 1,874 1,857
-deficit reduction (576) (573)
6,878 6,731

ANALYSIS OF TRANSFERS BETWEEN OF TRANSFERS BETWEEN OF TRANSFERS BETWEEN OF TRANSFERS BETWEEN FUNDS FUNDS Unrestricted Unrestricted funds Restricted Endowment
General Designated Funds Funds
f'000 f'000 f'000 E'000
Improvements to Board properties (164) 13 151
Property transfers
from Benefice to		 Board 70 (70)
Property transfers
from Glebe to Board		 310 (310)
From Designated/Glebe Funds to General Fund for
properties
earmarked		 for sale 62 (15) (47)
From General Fund to Clergy Housing Repairs (29) 29
From General Fund for Clergy Conference (30) 30
From General fund to Stipends endowment for reduction
of pensions
deficit		 (528) 528
From General Fund to Miscellaneous Designated Funds
for Lambeth conferences
and Hold Land visit		 (15) 15
From General Fund to Miscellaneous Designated Funds
for Grants (22) 22
(726) 474 252

INTANGIBLE FIXEDAS SETS
Website &
Software
E'000
Cost
At 1January 2020 25
Additions 56
At 31December 2020 81
Amortisation
At 1January 2020 19
Charge for the year 5
At 31December 2020 24
Net Book Value
At 31December 2020 57
At 31December 2019

16. TANGIBLE FIXED TANGIBLE FIXED ASSETS ASSETS
Freehold Office Fixtures & Motor Total
Properties & Equipment Fittings (inc. Vehicles &
Land PV Panels Car Park
E'000 E'000 E'000 E'000 f'000
Cost
At 1January 2020 59,290 280 369 16 59,955
Additions 167 10 177
Disposals (1,167) (6) (1,173)
At 31December 2020 58,290 290 369 58,959
Depreciation
At 1January 2020 235 149 10 394
Disposals (3) (3)
Charge for the year 21 15 36
At 31December 2020 256 164 427
Net Book Value
At 31December 2020 58,290 205 3 58,532
At 31December 2019 59,290 45 220 6 59,561
Freehold properties and land fall into a number ofasset classes:
Glebe Houses Parsonage
Houses		 Education
Property		 Other Houses Board Property Total
(Endowment) (Endowment) (Endowment) (Restricted) (Designated)
E'000 E'000 E'000 E'000 E'000 E'000
At 1January 2020 12,028 25,726 119 368 21,049 59,290
Additions 154 13 167
Disposa Is (147) (471) (549) (1,167)
Transfers (note 14) (310) (7o) 380
At 31December 2020 11,571 25,339 119 368 20,893 58,290

At Additions Disposals Transfers Change in At
11anuary Market 31December
2020 Value 2020
E'000 E'000 E'000 E'000 E'000 E'000
Unrestricted funds
Listed investments 6,295 390 6,685
Unlisted
investments		 5 5
6,300 390 6,690
Restricted funds
Listed investments 2,820 119 2,939
Endowment funds
Investment property 14,108 (112) 479 14,475
Listed investments 20,860 1,132 21,992
34,968 (112) 1,612 36,468
Total EDBF 44,088 (112) 2,120 46,096

The corresponding historical cost figures are: Group EDBF Group EDBF
2020 2020 2019 2019
E'000 E'000 E'000 f'000
Unrestricted
funds
Listed investments 3,336 3,336 3,336 3,336
Unlisted
investments		 5 5 5 5
3,341 3,341 3,341 3,341
Restricted funds
Listed investments 1,797 1,797 1,797 1,797
Endowment
funds
Investment
property		 3,418 3,418 3,443 3,443
Listed investments 12,914 12,914 12,914 12,914
16,332 16,332 16,357 16,357
Total 21,470 21,470 21,495 21,495

18. DEBTORS —GROUP and EDBF Group EDBF Group EDBF
2020 2020 2019 2019
E'000 E'000 E'000 E'000
Due within one year
Loans to parishes 82 82 137 137
Common
Fund		 200 200 201 201
Gift aid from EDPS Ltd 56 80
Current account with subsidiary company 59
Department
for Education/		 governors 650 650 149 149
Prepayments 194 194 215 215
Other debtors 778 684 665 616
1,904 1,925 1,367 1,398
Due after more than one year
Loans to parishes 76 76 98 98
Loan to St Mellitus
College		 40 40 40 40
Other debtors and prepayments 20 20 25 25
136 136 163 163
Total debtors 2,040 2,061 1,530 1,561
19. CREDITORS: amounts falling due within one year
Group EDBF Group EDBF
2020 2020 2019 2019
E'000 E'000 E'000 f'000
Trade creditors 71 71 82 82
Taxation and social security 73 46 73 48
Other creditors and accruals 887 887 464 461
Proceeds of property
sold by Board payable
to external organisations 51 51 51 51
Receipts in advance 122 101 66 48
CBFLoans —Photovoltaic Panels Iparsonages) 34 34 34 34
Natwest
Loan —CBILS		 133 133
Pension scheme liabilities
Lay Defined Benefit Scheme 153 153 153 153
Clergy Pension Scheme 619 619 619 619
Total creditors: amounts falling due within one year 2,143 2,095 1,542 1,496

REDITORS: amounts f alli ng due after mo re than on e year
Group EDBF Group EDBF
2020 2020 2019 2019
E'000 E'000 E'000 E'000
Loan repayment
instalments		 due after more than one
year
CBF Loans —Photovoltaic Panels (parsonages) 69 69 103 103
Natwest
Loan —CBILS		 1,867 1,867
Church Commissioners value-linked loans 119 119 119 119
Other creditors and accruals 2 2
2,055 2,055 224 224
Pension Scheme liabilities
Lay Defined Benefits Scheme 822 822 928 928
Clergy Pension Scheme 75 75 603 603
897 897 1,531 1,531
Total creditors: amounts falling due after more than 2,952 2,952 1,755 1,755
one year
2020 2019
E'000 E'000
The maturity
ofthe above		 loans may be analysed as follows:
Between one and two years 168 35
Between two and five years 1,768 68
ln five years and more 119 119
2,055 222

Balances at 1 income Expenditure Transfers Gains and Balances at
January 2020 Losses December 2I
E'000 E'000 E'000 E'000 E'000 E'000
UNRESTRICTED FUNDS
General 7,141 12,158 (10,947) (726) 395 8,021
Church
Buildings		 Fund 677 (5) 672
Board Properties 19,486 378 19,864
Clergy Housing
Repairs		 191 29 220
Diocesan Mission Funds 274 276
Clergy Conference Fund 97 30 127
Burrington
School		 Fund 27 27
Plymouth
SDF Project		 197 (4) 193
Miscellaneous
Funds		 101 37 138
21,023 27 (2) 474 (5) 21,517
RESTRICTED FUNDS
Diocesan Pastoral Account 3,597 71 (3) 126 3,791
Diocesan Stipends income 26 2,159 (2,159) 26
Bampton School sale 314 314
Agricultural/Rural 10 10
Retired Clergy Housing 231 7 (7) 231
Growth
8 Mission		 Fund 1,130 101 (208) 1,023
Strategic Development Projects 11 387 (390) 8
Ministerial
Education		 Training 287 (287)
Strategic Ministry Fund 48 (48)
Clergy Widows 99 99
Cooper Legacy 21 (3) 18
Cooper Armstrong Legacy 14 (8) 6
Miscellaneous
Restricted		 Funds 58 (55) 3
5,453 3,118 3,161 119 5,529
ENDOWMENT
FUNDS
Permanent
Dr Nobbs 75 81
Expendable
Diocesan Stipends Capital 38,938 216 168 1,508 40,830
Benefice Property 25,751 833 84 26,668
Church Schools 3,895 57 3,952
The Church College Hostel Trust 740 40 780
69,399 1,049 252 1,611 72,311
EDBFTotal funds 103,016 16,352 (14,110) 2,120 107,378
Subsidiaries
General
Funds
EDPS Ltd 155 (155)
Group Total 103,025 16,507 (14,265) 2,120 107,387

SUMMARY OF ASSETS SUMMARY OF ASSETS BYFUND BYFUND Current Net
Tangible/ Investments Assets Creditors Assets
Intangible
Fixed Assets
E'000 E'000 E'000 E'000 E'000
Unrestricted
funds —General		 1,211 6,592 4,071 (3,853) 8,021
Unrestricted
-designated
Church
Buildings		 Fund 98 574 672
Board Properties 19,981 3 (120) 19,864
Clergy Housing
Repairs		 220 220
Diocesan Mission Funds 279 (3) 276
Clergy Conference Fund 127 127
Burrington
School		 Fund 27 27
Plymouth
SDF Project		 193 193
Miscellaneous
Designated		 Funds 138 138
19,981 98 1,561 (123) 21,517
Restricted
Diocesan Pastoral Account 2,784 1,007 3,791
Diocesan Stipends Income 123 (97) 26
Bampton School sale 314 314
Agricultural/Rural 10 10
Retired Clergy Housing 346 155 (270) 231
Growth
gt Mission		 Fund 1,029 (5) 1,024
Strategic Development Fund Projects 140 (133) 7
Ministerial
Education
Training		 37 (37)
Strategic Ministry Fund 6 (6)
Clergy Widows 21 78 99
Cooper Legacy 18 18
Cooper Armstrong Legacy 6 6
Miscellaneous
Restricted		 Funds 79 (76) 3
367 2,939 2,576 (353) 5,529
Endowment
Permanent
Dr Nobbs 75
Expendable
Diocesan Stipends Capital 11,571 32,340 (2,387) (694) 40,830
Benefice Property 25,340 1,348 (20) 26,668
Church Schools 119 3,272 561 3,952
Church College Hostel Trust 780 780
37,030 34,467 (472) (714) 72,311
Total EDBFfunds 58,589 46,096 7,736 (5,043) 107,378
Subsidiaries
EDPS Ltcl 61 (52)
Total Group funds 58,589 46,096 7,797 (5,095) 107,387

Diocesan Pastoral account account (continued)
~
Other purposes ofthe Diocese or any benefice or parish
in the
Diocese;
~
To make grants or loans to any other Diocese; and
~
To transfer
funds to the diocesan stipends
fund income or
capital accounts.
Diocesan stipends income This restricted
fund represents
the income from the Diocesan
Stipends Capital account, which has not yet been applied to pay
clergy stipends.
Bampton School sale This restricted
fund was created to separately
identify the previous
Bampton School sale proceeds from the general
Church School
funds.
Agricultural/rural funds This restricted
fund represents
donations
received to enable the
Diocese to provide support to the farming
community
across the
Diocese.
Retired clergy housing This restricted
fund represents
the properties
and any sale proceeds
held for this purpose.
Growth
and Mission fund		 This restricted
fund was established
in 2015to provide
funding		 for
specific growth
initiatives
across the Diocese. Three have so far
been approved
by Diocesan Synod —Growing the rural church,		 new
housing areas and local mission community
support.
SDF Projects This restricted
fund was established
to hold any funding
received or
due
in relation to those projects receiving Strategic Development
Funding.
EDBF is not deemed to have the benefit ofthe income
associated
with these projects until the expenditure
has been
incurred
and claimed accordingly.
Any changes to the original
submission
have to be approved
by the Church Commissioners.
Ministerial
Education		 Training
This restricted
fund represents
the balance at any time on the
funding ofordinands
training.
Strategic Ministry Fund This restricted
fund was established
in 2020 to manage the grant
funding
received from the Archbishops'
Council to support the
appointment
of additional
stipendiary
curates.
Clergy widows This restricted
fund represents
properties
purchased
from
donations to provide for clergy widows.

2020 2019
f'000 f'000
Non-Land
& Buildings operating leases:
Within one year ofthe balance sheet date 22 22
In the second to fifth years inclusive ofthe balance sheet date 27 47

%of pensionable stipends 1January 2018to 1January 2021to
31December 2020 31December 2022
Deficit repair contributions 119% 7.1%

2020 2020 2019
Balance sheet liability at 1January 1,222,000 3,944,000
Deficit contribution
paid		 (576,000) (573,000)
Interest cost (recognised in SOFA) 10,000 77,000
Remaining
change to the		 balance sheet liability* 38,000 (2,226,000)
(recognised
in SOFA)
Balance sheet liability at 31December 694,000 1,222,000
*Comprises
change
in agreed deficit recovery		 plan and change in discount rate and
assumptions
between		 year-ends.
December 2020 December 2019 December 2018
Discount rate 0.2% pa 1.1% pa 2.1%pa
Price inflation 3.1%pa 2.8% pa 3.1%pa
Increase to total pensionable payroll 1.6%pa 1.3% pa 1.6% pa
The legal structure ofthe Scheme is such that ifanother Responsible Body fails, EDBFcould
become responsible for paying a share ofthat Responsible Body's pension liabilities.

2020 2019
Balance sheet liability at 1January 1,081,000 1,175,000
Deficit contribution
paid		 (127,000) (119,000)
Interest cost (recognised in SOFA) 14,000 24,000
Remaining
change to the		 balance sheet liability* 7,000 1,000
(recognised
in SOFA)
Balance sheet liability at 31December 975,000 1,081,000
December 2020 December 2019 December 2018
Discount rate p 50/a 1.409a 2.20/o

As at 11anuary Cash flows At 31December
2020 2020
E'000 E'000 E'000
Cash at bank and in hand 1,103 4,620 5,723
Cash equivalents 34 34
Debt due after 1year (222) (1,833) (2,055)
Debt due within 1year (34) (133) (167)
881 2,654 3,535

The financial assets The financial assets held held in this way may be summarised way may be summarised as follows:
2020 2019
f'000 E'000
CBFChurch of England
Investment		 Fund income shares 13,011 12,237
CBFChurch of England
Investment		 Fund accumulation shares 694 635
CBFChurch of England
Fixed interest		 Securities Fund shares 321 310
CBFChurch of England
Property		 Fund shares 946 995
CBFGlobal Equity Income Fund 1,101 925
Charifund
—Income Units		 2,422 2,941
Charibond
Fixed Interest Income		 8 8
Other common investment
fund		 holdings 134 134
Direct holdings in UK gilts 45 41
Other fixed interest stocks 22 16
CBFChurch of England
Deposit Fund		 2,446 1,308
Charles Stanley 772 809
Brewin Dolphin 1,261 1,279
Cash at bank 4 34
Total assets held as custodian trustee 23,187 21,672

off1 each. A summa ry
ofthe trading		 results
is shown below:
2020 2019
Summary
profit		 and loss account E'000 E'000
Turnover 204 261
Cost of sales (152) (185)
Gross Profit 52 76
Administrative
expenses		 (3) (3)
Other operating income 7 8
Operating
profit		 56 81
Gift made to parent company (56) (81)
Loss after tax
Assets and liabilities
Current assets 176 136
Current
liabilities		 (167) (127)
Total net assets
Capital and reserves
Issued share capital and retained profit

s the sole financial
ben		 efici ary.
A summary
ofthe r		 esults for the yea r is shown
b
2020 2019
Summary
receipts and payments		 accounts E'000 E'000
Investment
income		 21
Grants transferred
to The Diocesan Board of Education		 (21)
Surplus/(deficit)
for the year
Gains/(losses)
on investments		 94
Net movement
in funds		 94
Funds
Market value of investments at 1January 646
Net realised and unrealised gains on investments 94
Transfer of investments
to EDBF Ltd		 (740)
Market value of investments at 31December

Unrestricted Unrestricted funds Restricted Endowment Total funds
General Designated Funds Funds 2019
Note E'000 f'000 E'000 E'000 E'000
Income and endowments
from
Donations
Parish contributions 9,079 9,079
Archbishop's
Council		 95 1,265 1,360
Other donations 217 1,012 1,229
Charitable
activities		 716 40 756
Other trading
activities		 1,437 1,437
investments 339 979 1,318
Total income and 11,883 3,296 15,179
endowments
Expenditure
on
Raising funds 212 49 261
Charitable
activities		 9,204 (18) 3,456 12,642
Other 2 2
Total expenditure 9,416 (18) 3,507 12,905
Net income/(expenditure)
before investment gains 2,467 18 (211) 2,274
Net gains on investments 908 (2) 298 2,237 3,441
Net income/(expenditure) 3,375 16 87 2,237 5,715
Transfers between funds 14 378 (665) (200) 487
Net movement
in funds		 3,753 (649) (113) 2,724 5,715
Total funds brought 3,397 21,672 5,566 66,675 97,310
forward
Total funds carried 21 7,150 21,023 5,453 69,399 103,025
forward

Unrestricted Unrestricted funds Restricted Endowment Total funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Current Year assessments 9,377 9,377
Shortfall in contributions (414) (414)
8,963 8,963
Receipts for previous years 116 116
Total Income 9,079 9,079

Unrestricted Unrestricted funds Restricted Endowment Total
funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Lowest Income 1,265 1,265
Communities Funding
Transitional funding 95 95
95 1,265 1,360

Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
All Churches Trust Grant 180 180
Donations and grants 37 781 818
Resourcing
Education		 Ministerial 231 231
217 1,012 1,229
HARITAB L E ACTIVITIES
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Statutory fees 591 591
Chaplaincy income 35 40 75
Feed in/Export Tariffs
- PV panels 26 26
Course/training fees 24 24
Miscellaneous income 40 40
716 40 756

OTHER TRADING ACTI VITIES
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Housing income 1,155 1,155
Other rentalincome 13 13
Trading —EDPS Ltd 269 269
1,437 1,437

Total
Unrestricted funds Restricted Endowment funds
General
Designated		 Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Dividends receivable 333 621 954
Interest receivable 6 6
Rents receivable 358 358
339 979 1,318

Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000

OSTS OF RAISING FUNDS
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Glebe agents' fees 34 34
Other glebe expenses 24 15 39
Trading activities —EDPS Ltd 188 188
212 49 261

HARITABLE ACTI VITIE S
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'OM E'000
Contributions
to
Archbishops'
Council
Training for Ministry 346 346
National
Church
Responsibilities 275 275
Grants and provisions 29 29
Mission agency pension
Costs
Retired clergy housing
Costs 118 118
Pooling of ordinands'
maintenance
grants		 80 80
734 118 852
Resourcing
Ministry		 and
Mission
Parish Ministry
Stipends
and national
Insurance 3,322 2,191 5,513
Pension costs 1,268 16 1,284
Housing costs 2,480 2,480
Removal, resettlement
and grants 176 176
Clergy Pension
Fund		 Deficit (2,149) (2,149)
Other expenses 257 40 297
5,354 2,247 7,601
Support for parish
ministry
Mission and Ministry 1,170 (18) 1,042 2,194
Church and Society 41 41
Cooper Legacy grants 18 18
Cooper Armstrong
Legacy		 16 16
Support services 1,271 1,271
Lay Pension
Deficit		 Fund 25 25
2,507 (18) 1,076 3,565
7,861 (18) 3,323 11,166
Expenditure
on Education		 and Church of England Schools
Support for church schools
and parishes 609 15 624
9,204 (18) 3,456 12,642

ED
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2019
E'000 E'000 E'000 E'000 E'000

Pension
Activities Grant Deficit
Undertaken Funding of Support Fund Total costs
Directly Activities Costs Adjustment 2019
E'000 E'000 E'000 E'000 E'000
Raisings funds 261 261
Charitable activities:
Contributions to Archbishop's Council 852 852
Resourcing parish ministry 11,029 990 1,271 (2,124) 11,166
Education 624 624
Other resources expended 2 2
11,916 1,842 1,271 (2,124) 12,905

ANALYSIS OF SUPPORT COSTS
Total
Unrestricted funds Restricted Endowment funds
General
Designated		 Funds Funds 2019
E'000 E'000 E'000 E'000 E'000
Central 1,124 1,124
support/administration
Governance:
External audit of EDBF 23 23
External audit of EDPS 3 3
Registrar and Chancellor 90 90
Synodical costs 31 31
1,271 1,271

ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE Nbr. Individuals Institutions Total
2019
E'000 E'000 E'000
From unrestricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 734 734
From unrestricted
funds:
Ordinands
in training		 38 137 137
Clergy ordination 14 35 35
Clergy resettlement 26 58 58
Clergy removals 33 77 77
Clergy 1"incumbency 7 17 17
Churches togetherin Devon 1 5 5
Church schools —Repairs/improvements 1 8 8
Church schools —Learn Teach Read 1 35 35
Mustard
Seed Fund		 10 4 4
Unlimited
Church		 1 15 15
Growth
and mission		 13 51 51
Other small grants 26 5 10
Adjustments
for grants		 not claimed (36) (36)
171 329 87 416
From
restricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 118 118
From restricted funds for various purposes
within
resourcing
parish		 ministry:
Cooper Legacy Fund 18 18
Cooper Armstrong
Legacy		 16 16
New Church Schools 15 15
Strategic Development Fund 525 525
Total 13 574 574
Total 190 329 1,513 1,842

Balances at 1 Income Expenditure Transfers Gains and Balances a
1anuary 2019 Losses 31Decemb
2019
f'000 f'000 f'000 f'000 f'000 f'000
UNRESTRICTED FUNDS
General 3,388 11,695 (9,228) 378 908 7,141
Church
Buildings		 Fund 679 (2) 677
Board Properties 20,294 (808) 19,486
Clergy Housing
Repairs		 282 (91) 191
Diocesan Mission Funds 253 21 274
Clergy Conference Fund 67 30 97
Plymouth
SDF Project		 (3) 200 197
Miscellaneous
Funds		 97 4 101
21,672 18 (665) (2) 21,023
RESTRICTED FUNDS
Diocesan Pastoral Account 3,224 71 302 3,597
Diocesan Stipends Income 26 2,163 (2,163) 26
Bampton School sale 329 (15) 314
Agricultural/Rural 10 10
Retired Clergy Housing 346 9 (120) (4) 231
Growth
& Mission		 Fund 1,258 117 (245) 1,130
Strategic Development Projects 206 664 (659) (200) 11
Ministerial
Education		 Training 231 (231)
Clergy Widows 99 99
Cooper Legacy 38 (18) 21
Cooper Armstrong Legacy 30 (16) 14
Miscellaneous
Restricted		 Funds 40 (40)
5,566 3,296 (3,507) (200) 298 5,453
ENDOWMENT
FUNDS
Permanent
Dr Nobbs 64 75
Expendable
Diocesan Stipends Capital 37,013 1,925 38,938
Benefice Property 25,264 487 25,751
Church Schools 3,688 207 3,895
The Church College Hostel Trust 740 740
66,029 740 487 2,143 69,399
EDBFTotal funds 96,655 15,731 (12,717) 3,347 103,016
Subsidiaries
General Funds
EDPS Ltcl 188 (188)
Expendable
endowment
The Church
College		 Hostel Trust 646 (740) 94
Elimination
of intergroup		 transactions (740) 740
Group Total 97,310 15,179 (12,905) 3,441 103,025

A22. SUMMARY OF ASSETS SUMMARY OF ASSETS SUMMARY OF ASSETS SUMMARY OF ASSETS BYFUND BYFUND Current Net
Tangible/ Investments Assets Creditors Assets
Intangible
Fixed Assets
E'000 E'000 E'000 E'000 E'000
Unrestricted
funds —General		 1,724 6,197 924 (1.704) 7,141
Unrestricted
-designated
Church
Buildings		 Fund 103 574 677
Board Properties 19,602 2 (118) 19,486
Clergy Housing
Repairs		 191 191
Diocesan Mission Funds 281 (7) 274
Clergy Conference Fund 97 97
Plymouth
SDF Project		 197 197
Miscellaneous
Designated		 Funds 101 101
19,602 103 1,443 (125) 21,023
Restricted
Diocesan
Pastora		 I Account 2,659 939 (1) 3,597
Diocesan Stipends income 123 (97) 26
Bampton School Sale 329 (15) 314
Agricultura
I/Rura		 I 10 10
Retired Clergy Housing 347 161 (277) 231
Growth 5 Mission Fund 1,135 (5) 1,130
Strategic Development Fund Projects 13 (2) 11
Ministerial
Education		 Training 1 (1)
Clergy Widows 21 78 99
Cooper Legacy 21 21
Cooper Armstrong Legacy 14 14
Miscellaneous
Restricted		 Funds 66 (66)
368 2,820 2,452 (187) 5,453
Endowment
Permanent
Dr Nobbs 69 75
Expendable
Diocesan Sti pend s Capital 12,028 30,944 (2,812) (1,122) 38,938
Benefice Property 25,726 37 (12) 25,751
Church Schools 119 3,215 561 3,895
Church
College I-lostel		 Trust 740 740
37,873 34,968 (2,208) (1,234) 69,399
Total EDBFfunds 59,567 44,088 2,611 (3,250) 103,016
Subsidiaries
EDPS Ltcl 56 (47) 9
Total Group funds 59,567 44,088 2,667 (3,297) 103,025