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2021-12-31-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 9
Future plans 10
Section 172statement 10
Financial
review		 11
Principal
risks and		 uncertainties 14
Covid-19 Financialupdate 17
Structure
and Governance		 18
Trustees'
Responsibilities		 25
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 EDBFBalance Sheet		 37
Consolidated
Cash Flow Statement		 39
Notes to the Consolidated Financial Statements 40

e diocesan website. The key me asures
are sh		 own
in the table below:
Area Target for 2021 Actual delivery in
2021
Common
Fund collection		 rate 90.0% 91.4%
Total number of parishes signed up as 260 254
members ofthe Parish Giving Scheme
(based on 10%per annum
Total EDBFincome		 target increase) f12,224k f12,600k
(excluding asset sales and revaluations)
Total EDBF Expenditure
(excluding
capital works and asset		 f14,170k f13,473k
revaluations)

Funds at 31 Proportion Income yield Total Return
December of Portfolio in year in year
2021
K'000
CCLA Managed
CBFInvestment Fund 39,966 99.3%o 2.82% +19.01%
CBFProperty Fund 266 0.7% 4.31%o t14.39%%uo
CBFDeposit Fund 8 0.05% t0.05%
Other Funds
40,245 100 Oo
ccount (s ee notes 21 —23) .
Funds at 31 Income yield Total Return
December in year in year
2021
E'000
Investment Properties 15,553 2.60% 12.29%

Unrestricted Unrestricted funds Restricted Endowment Total funds Total funds
General Designated Funds Funds 2021 2020
Note E'000 E'000 E'000 E'000 E'000 E'000
Income and endowments
from
Donations
Parish contributions 8,298 8,298 8,332
Archbishop's
Council		 1,369 1,369 1,744
Other donations 194 928 1,129 1,133
Charitable
activities		 656 35 691 607
Other trading activities 1,581 1,581 1,332
Investments 391 1,024 1,415 1,334
Other 678 553 1,231 2,025
Total income and 11,798 3,356 553 15,714 16,507
endowments
Expenditure
on
Costs of raising funds 7 230 82 312 229
Charitable
activities		 8 10,230 120 3,396 13,746 14,036
Other 9
Total expenditure 10,460 120 3,478 14,058 14,265
Net income/(expenditure)
before investment gains 1,338 (113) (122) 553 1,656 2,242
Net gain/(loss)
on		 17 1,189 13 364 4,402 5,968 2,120
investments
Net income/(expenditure) 2,527 (100) 242 4,955 7,624 4,362
Transfers between funds 14 (734) 687 (28) 75
Net movement
in funds		 1,793 587 214 5,030 7,624 4,362
Total funds brought 8,030 21,517 5,529 72,311 107,387 103,025
forward
Total funds carried 21 9,823 22,104 5,743 77,341 115,011 107,387
forward

Total Total
2021 2020
E'000 f'000
Total incoming resources 15,161 15,458
Resources expended (14,058) (14,265)
Operating
surplus/(deficit)		 for the year 1,103 1,193
Net gain/(loss)
on investments		 1,566 509
Net income for the year 2,669 1,702
Other comprehensive income:
Net assets transferred from/(to) endowments (75) (252)
Total comprehensive income 2,594 1,450

At 31December 202 1
Company
IVumber- 186001		 2021 2020
Note Group EDBF Group EDBF
E'000 E'000 E'000 E'000
FIXEDASSETS
Intangible
Assets		 15 72 72 57 57
Tangible assets 16 58,562 58,562 58,532 58,532
Investments 17 55,798 55,798 46,096 46,096
Totalfixed assets 114,432 114,432 104,685 104,685
CURRENT ASSETS
Debtors 18 2,198 2,338 2,040 2,061
Cash on deposit 34 34 34 34
Cash at bank and in hand 2,045 1,833 5,723 5,645
Total current assets 4,277 4,205 7,797 7,740
CREDITORS: amounts falling
due within one year 19 (1,812) (1,749) (2,143) (2,095)
IVETCURRENT ASSETS 2,465 2,456 5,654 5,645
TOTAL ASSETSLESS CURRENT
LIABILITIES 116,897 116,888 110,339 110,330
CREDITORS: amounts falling due after one year 20 (1,886) (1,886) (2,055) (2,055)
NETASSETSexcluding
Pension Liability due after one year		 108,284 108,275
Defined Benefit Pension scheme liabilities 20 (897) (897)
TOTAL NETASSETS 115,011 115,002 107,387 107,378
FUNDS
Endowment
funds
(Including investment
revaluation
E24,389k(2020:E20,136k))		 reserve of 77,341 77,341 72,311 72,311
Restricted income funds
(Including investment
revaluation
E1,503k(2020:f1,141k))		 reserve of 5,743 5,743 5,529 5,529
Unrestricted
income funds:
General Funds (Including investment
revaluation
reserve ofE4,501k(2020:E3,356k))		 9,814 9,814 8,021 8,021
Designated
Funds (Includinginvestment
revaluation
reserve ofE6k (2020:(E7k))		 22,104 22,104 21,517 21,517
Trading subsidiary 9 9
TOTAL CHARITY FUNDS 22 115,011 115,002 107,387 107,378

2021 2020
E'000 E'000 E'000 E'000
Net cash inflow/(outflow) from operating
Activities (3,609) (2,958)
Cash flows from investing activities
Dividends, interest and rentfrominvestments 2,717 2,455
Proceeds from the sale of:
Tangible fixed assets 1,789 3,307
Fixed asset investments 4,016
Purchase of:
Tangible fixed assets for the use of the EDBF (399) (233)
Fixed asset investments (8,005)
Net cash provided by/(used in) investing
Activities 118 5,529
Cash flows from financing activities
Loans repaid by the EDBF (169) (34)
New lending
by EDBF		 (100) (60)
Loons repaid to EDBF 82 143
Cash inflow from new borrowing 2,000
Net cash provided
by/(used		 in) financing
Activities (187) 2,049
Change in cash and cash equivalents in the
reporting
period		 (3,678) 4,620
Cash and cash equivalents at 1 January 5,757 1,137
Cash and cash equivalents at 31December 2,079 5,757
Reconciliation ofnet movementsin funds to
net cash flow from operating
activities
Net movementin
funds for the		 year ended
31December 1,656 2,242
Adjustments
for:
Depreciation/amortisation charges 51 41
Dividends,
interest and rent		 frominvestments (2,717) (2,455)
Surplus/(deficit)
on sale offunctional		 assets (1,231) (2,025)
Decrease/(increase)
in debtors		 (140) (593)
(Decrease)!i ncrease in credi tors (1,228) (168)
Net cash provided by/(usedinj operating
activities (3,609) (2,958)
Analysis ofcash and cash equivalents
Cash in hand 2,045 5,723
Notice deposits (less than 3months) 34 34
2,079 5,757

Unrestricted Unrestricted funds Restricted Endowment Total funds Total funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Current Year 8,996 8,996 9,174
assessments
Shortfall in contributions (778) (778) (871)
8,218 8,218 8,303
Receipts for previous 80 80 24
years
Receipts for future years
Total Income 8,298 8,298 8,332

Unrestricted Unrestricted funds Restricted Endowment Total Total
funds funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Lowest Income 1,207 1,207 1,231
Communities Funding
Transitional funding 105
Strategic Ministry funding 162 162 58
Sustainability funding 350
1,369 1,369 1,744

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
All Churches Trust Grant 158 158 169
Legacies 19 19
Donations and grants 17 617 641 678
Resourcing Ministerial 311 311 286
Education
194 928 1,129 1,133

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E.'000 E'000 E'000 E'000 E'000 E'000
Statutory fees 528 528 456
Chaplaincy income 36 27 63 69
Feed in/Export Tariffs
- PV panels 37 37 39
Course/training fees 17 18 19
Miscellaneous income 38 45 24
656 35 691 607

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Housing income 1,286 1,286 1,105
Other rental income 16 16 16
Trading —EDPS Ltd 279 279 211
1,581 1,581 1,332

Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Dividends receivable 391 620 921
Interest receivable 6
Rents receivable 404 404 407
391 1,024 1,415 1,334

THER I NCO MING RES OURC ES
Total Total
Unrestricted funds Restricted Endowment funds funds
General
Designated		 Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Gains on sale of Properties 677 553 1,230 2,025
Surplus on disposal of fixed 1 1
assets
678 553 1,231 2,025

OSTS OF RAISING FUNDS
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Glebe agents' fees 47 47 30
Other glebe expenses 23 35 58 44
Trading activities —EDPS Ltd 207 207 155
230 82 312 229

Total Total
Unrestricted funds Restricted Endowment funds funds
General
Designated		 Funds Funds 2021 2020
E'000 E'000 E'000 E'000 E'000 E'000
Contributions
to
Archbishops'
Council
Training for Ministry 346 346 346
National
Church
Responsibilities 242 242 260
Grants and provisions 30 30 29
Mission agency pension
Costs 16 16 13
Retired clergy housing
Costs 127 127 124
Pooling of ordinands
maintenance
grants		 33 33 52
794 794 824
Resourcing
Ministry		 and
Mission
Parish Ministry
Stipends and national
Insurance 3,387 2,182 5,569 5,580
Pension costs 1,532 40 1,572 1,297
Housing costs 2,016 2,016 1,987
Removal, resettlement
and grants 198 198 198
Clergy Pension
Fund		 Deficit 7 7 48
Other expenses 255 188 443 317
7,395 2,410 9,805 9,427
Support for parish
ministry
Mission and Ministry 1,052 120 961 2,133 1,831
Church and Society 57 57 52
Mission and Ministry grants 3 3 16
Cooper Legacy grants 3 3 3
Cooper Armstrong
Legacy		 6 6 8
Support services 1,416 13 1,429 1,328
Lay Pension
Fund Deficit		 (975) (975) 21
1,550 120 986 2,656 3,259
8,945 120 3,396 12,461 12,686
Expenditure
on Education		 and Church of England Schools
Support for church schools
and parishes 491 491 526
10,230 120 3,396 13,746 14,036

D
Total Total
Unrestricted funds Restricted Endowment funds funds
General Designated Funds Funds 2021 2020
E'000 f'000 E'000 E'000 E'000 E'000

Pension
Activities Grant Funds
Undertaken Funding of Support Deficit Total costs Total costs
Directly
E'000		 Activities
E'000		 Costs
f'000		 Adjustment
E'000		 2021
f'000		 2020
E'000
Raisings funds 312 312 229
Charitable activities:
Contributions to Archbishop's Council 794 794 824
Resourcing parish ministry 11,121 886 1,429 (975) 12,461 12,686
Education 491 491 526
Other resources expended
11,924 1,680 1,429 (975) 14,058 14,265

ANALYSIS OF SUPPORT COST S
Total Total
Unrestricted funds Restricted Endowment funds funds
General
Designated
E'000
f'000		 Funds
E'000		 Funds
f'000		 2021
f'000		 2020
E'000
Central support/administration 1,285 13 1,298 1,200
Governance:
External audit of EDBF 23 23 23
External audit of EDPS 3 3 3
Registrar and Chancellor 85 85 83
Synodical costs 20 20 18
1,416 1,429 1,327

ANALYSIS OF GRANTS ANALYSIS OF GRANTS ANALYSIS OF GRANTS ANALYSIS OF GRANTS MADE MADE MADE No. Individuals Institutions Total Total
2021 2020
E'000 f'000 E'000 f'000
From
unrestricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 794 794 824
From unrestricted
funds:
Ordinands
in training		 24 82 82 132
Clergy ordination 15 38 38 40
Clergy resettlement 29 70 70 70
Clergy removals
Clergy 1"incumbency		 30
9		 80
22		 80
22		 60
27
Churches together
in Devon		 1 5 5 5
Church schools —Repairs/improvement 1 6 6 7
Support for lay workers 4 16 16
Transforming
Plymouth		 Together 1 15 15 10
Strategic Development Fund-Plymouth 2 119 119 7
Partnership
in Mission
Other small grants 35 12 21 18
Adjustments
for grants		 not claimed (2)
151 304 170 474 374
From
restricted
funds		 for various purposes
within
resourcing
parish		 ministry:
Cooper Legacy Fund 6 6 3
Cooper Armstrong
Legacy		 3 3 8
Growth 8 Mission Fund 11 11 17
Repairs and Maintenance Grant 3 3 15
Strategic Development Fund
Plymouth
Partnership		 in Mission 10 146 146 86
Exeter, St Matt's 3 132 132 133
Bay Church 1 111 111
Total 20 412 412 262
Total 177 304 1,376 1,680 1,460

STAFF COSTS STAFF COSTS 2021 2020
E'000 E'000
Employee costs during the year were as follows:
Wages a nd sa laries 1,934 2,009
National
insurance
contributions		 187 190
Pension costs —current year 404 418
2,525 2,617
Pension costs —deficit (decrease)/increase (127)
2,525 2,490
The average number of persons
employed		 by the group during the year:
2021 2020
Number Number
Administration and financial management 30 27
Grant funded projects 3 3
Property 4 4
Mission,
Ministry
and		 Stewardship 13 15
Safeguarding 4 3
Archdeacons' staff 1 5
Education
and Schools		 10 12
65 69
The average number of persons employed by the group during the year
based on full-time
equivalents:
2021 2020
Number Number
Administration and financial management 23.9 22.8
Grant funded projects 2.8 2.5
Property
Mission,
Ministry
and		 Stewardship 3.4
10.0		 3.2
11.7
Safeguarding 3.4 2.5
Archdeacons' staff 0.5 2.1
Education
and Schools		 8.7 9.8
52.7 54.6
he numbers ofstaff whose emoluments (including benefits in kind, but excluding pension
ontributions) amounted to more than E60,000were as follows:
2021 2020
Number Number

13.STAFF COSTS (continued) 13.STAFF COSTS (continued)
The following table gives details ofthose trustees who were in receipt of a stipend and/or
housing
and whether		 this was provided by EDBFduring 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 V Breed Yes Yes
The Ven D Dettmer Yes Yes
The Ven
N Shutt		 Yes No
The Rev A Atkins Yes Yes
The Rev D Bailey Yes Yes
The Rev N Debney Yes Yes
The Rev 5 Franklin Yes Yes
The Rev E Hobbs Yes Yes
The Rev P March 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

2021 2020
f'000 E'000
Stipends 5,131 5,175
National insurance contributions 438 405
Pension costs - current year 1,923 1,874
7,492 7,454
Pension costs -deficit reduction (351) (576)
7,141 6,878

ANALYSIS OF TRANSFERS BETWEEN FUNDS ANALYSIS OF TRANSFERS BETWEEN FUNDS ANALYSIS OF TRANSFERS BETWEEN FUNDS ANALYSIS OF TRANSFERS BETWEEN FUNDS unrestricted unrestricted funds Restricted Endowment
General Designated Funds Funds
E'000 E'000 E'000 E'000
Improvements to Board properties (359) 284 75
From Glebe to General
Fund for stipends		 28 (28)
From General Fund to Clergy Housing Repairs (345) 345
From General Fund for Clergy Conference (30) 30
From General Fund to Miscellaneous Designated Funds
for Grants (28) 28
(734) 687 (28) 75

INTANGIBLE FIXED AS SETS
Website &
Software
E'000
Cost
At 1January 2021 81
Additions 33
At 31December 2021 114
Amortisation
At 1January 2021 24
Charge for the year 18
At 31December 2021 42
Net Book Value
At 31December 2021 72
At 31December 2020 57

TANGIBLE FIXED ASSETS
Freehold Office Fixtures & Motor Total
Properties 8 Equipment Fittings (inc. Vehicles
Land PV Panels
E'000 E'000 E'000 E'000 E'000
Cost
At 1January 2021 58,290 290 369 10 58,959
Additions 358 8 366
Disposals (301) (10) (311)
At 31December 2021 58,347 298 369 59,014
Depreciation
At 1January 2021 256 164 7 427
Disposals (7) (7)
Charge for the year 18 14 32
At 31December 2021 274 178 452
Net BookValue
At 31December 2021 58,347 24 191 58,562
At 31December 2020 58,290 34 205 58,532

Glebe Houses Parsonage
Houses		 Education
Property		 Other Houses Board Property Total
(Endowment) (Endowment) (Endowment) (Restricted) (Designated/
Unrestricted)
E'000 E'000 E'000 E'000 E'000 E'000
At 1January 2021 11,571 25,340 119 367 20,893 58,290
Additions 10 64 284 358
Disposa Is (125) (176) (301)
Transfers (note 14)
At 31December 2021 11,456 25,404 119 367 21,001 58,347

At Additions Disposals Transfers Change in At
13anuary lvlarket 31December
2021 Value 2021
E'000 E'000 E'000 E'000 E'000 E'000
Unrestricted funds
Listed investments 6,685 4,300 (302) 1,202 11,885
Unlisted
investments		 5 5
6,690 4,300 (302) 1,202 11,890
Restricted funds
Listed investments 2,939 730 (730) 364 3,303
Endowment funds
Investment property 14,475 (264) 1,342 15,553
Listed investments 21,992 2,975 (2,975) 3,060 25,052
36,467 2,975 (3,239) 4,402 40,605
Total EDBF 46,096 8,005 (4,271) 5,968 55,798

FIXED ASSETS INVESTMENTS (continued) FIXED ASSETS INVESTMENTS (continued)
The corresponding historical cost figures are: Group EDBF Group EDSF
2021 2021 2020 2020
E'000 E'000 E'000 E'000
Unrestricted
funds
Listed investments 7,378 7,378 3,336 3,336
Unlisted
investments		 5 5 5 5
7,383 7,383 3,341 3,341
Restricted funds
Listed investments 1,800 1,800 1,797 1,797
Endowment
funds
Investment
property		 3,355 3,355 3,418 3,418
Listed investments 12,861 12,861 12,914 12,914
16,216 16,216 16,332 16,332
Total 25,399 25,399 21,470 21,470

DEBTORS —GROUP and EDBF and EDBF and EDBF Group EDBF Group EDBF
2021 2021 2020 2020
E'000 E'000 E'000 E'000
Due within one year
Loans to parishes 115 115 82 82
Loan to St Mellitus
College		 40 40
Common
Fund		 199 199 200 200
Gift aid from EDPS Ltd 71 56
Current account with subsidiary company 87 59
Department
for Education/		 governors 700 700 650 650
P repayments 200 200 194 194
Other debtors 861 843 778 684
2,115 2,255 1,904 1,925
Due after more than one year
Loans to parishes 61 61 76 76
Loan to St Mellitus
College		 40 40
Other debtors and prepayments 22 22 20 20
83 83 136 136
Total debtors 2,198 2,338 2,040 2,061
CREDITORS: amounts falling due within one year
Group EDBF Group EDBF
2021 2021 2020 2020
E'000 E'000 E'000 E'000
Trade creditors 94 94 71 71
Taxation and social security 85 47 73 46
Other creditors and accruals 962 959 887 887
Proceeds of property
sold by Board payable
to external organisations 51 51 51 51
Receipts in advance 103 81 122 101
CBFLoans —Photovoltaic Panels (parsonagesj 34 34 34 34
Natwest
Loan —CBlLS		 133 133 133 133
Pension scheme liabilities
Lay Defined Benefit Scheme 153 153
Clergy Pension Scheme 350 350 619 619
Total creditors: amounts falling due within one year 1,812 1,749 2,143 2,095

REDITORS: amounts f alli ng due after mo re than on e year
Group EDBF Group EDBF
2021 2021 2020 2020
E'000 E'000 E'000 E'000
Loan repayment
instalments		 due after more than one
year
CBFLoans —Photovoltaic Panels (parsonages) 34 34 69 69
Natwest
Loan —CBILS		 1,733 1,733 1,867 1,867
Church Commissioners value-linked loans 119 119 119 119
1,886 1,886 2,055 2,055
Pension Scheme liabilities
Lay Defined Benefits Scheme 822 822
Clergy Pension Scheme 75 75
897 897
Total creditors: amounts falling due after more than
one year 1,886 1,886 2,952 2,952
2021 2020
E'000 E'000
The maturity
ofthe above		 loans may be analysed as follows:
Between one and two years 167 168
Between two and five years 1,600 1,768
In five years and more 119 119
1,886 2,055

Balances at 1 Income Expenditure Transfers Gains and Balances at 3J
January 2021 Losses December 202
E'000 f'000 E'000 E'000 f'000 E'000
UNRESTRICTED FUNDS
General 8,021 11,591 (10,253) (734) 1,189 9,814
Church
Buildings		 Fund 672 13 685
Board Properties 19,864 284 20,148
Clergy Housing
Repairs		 220 345 565
Diocesan Mission Funds 276 276
Clergy Conference Fund 127 (1) 30 156
Burrington
School		 Fund 27 34
Plymouth
SDF Project		 193 (119) 74
Miscellaneous
Funds		 138 28 166
21,517 (120) 687 13 22,104
RESTRICTED FUNDS
Diocesan Pastoral Account 3,791 82 (13) 4,204
Diocesan Stipends Income 26 2,148 (2,146) (28)
Bampton School sale 314 314
Agricultural/Rural 10 10
Retired Clergy Housing 231 8 20 259
Growth 8 Mission Fund 1,023 1 (213) 811
Strategic Development Projects 8 595 (596) 7
Ministerial
Education Training		 311 (311)
Strategic Ministry Fund 162 (162)
Clergy Widows 99 99
Cooper Legacy 18 (2) 16
Cooper Armstrong Legacy 6 (6)
Miscellaneous
Restricted		 Funds 3 49 (29) 23
5,529 3,356 (3,478) (28) 364 5,743
ENDOWMENT
FUNDS
Permanent
Dr Nobbs 81 92
Expendable
Diocesan Stipends Capital 40,830 504 10 3,871 45,215
Benefice Property 26,668 49 65 26,782
Church Schools 3,952 416 4,368
The Church College Hostel Trust 780 104 884
72,311 553 75 4,402 77,341
EDBFTotal funds 107,378 15,507 (13,851) 5,968 115,002
Subsidiaries
General Funds
EDPS Lt(I 207 (207)
Group Total 107,387 15,714 (14,058) 5,968 115,011

22. 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		 1,023 11,779 (277) (2,711) 9,814
Unrestricted
-designated
Church
Buildings		 Fund 574 685
Board Properties 20,265 2 (119) 20,148
Clergy Housing
Repairs		 565 565
Diocesan Mission Funds 279 (3) 276
Clergy Conference Fund 156 156
Burrington
School Fund		 34 34
Plymouth
SDF Project		 74 74
Miscellaneous
Designated		 Funds 166 166
20,265 1,850 (122) 22,104
Restricted
Diocesan PastoralAccount 3,128 1,077 (1) 4,204
Diocesan Stipends Income 124 (124)
Bampton
School sale
Agricultural/Rural		 314
10		 314
10
Retired Clergy Housing
Growth
g. Mission
Fund		 346 175 (262)
816		 (5) 259
811
Strategic Development Fund projects 37 (30) 7
Ministerial
Education
Training		 139 (139)
Strategic Ministry
Clergy Widows
Cooper Legacy		 Fund 21 56
78
16		 (56) 99
16
Cooper Armstrong Legacy
Miscellaneous
Restricted		 Funds 117 (94) 23
367 3,303 2,522 (449) 5,743
Endowment
Permanent
Dr Nobbs 86 92
Expendable
Diocesan Stipends Capital 11,456 35,947 (1,839) (350) 45,215
Benefice Property 25,404 1,381 (3) 26,782
Church Schools 119 3,688 561 4,368
Church
College Hostel Trust		 884 884
36,979 40,605 110 (353) 77,341
Total EDBFfunds 58,634 55,798 4,205 (3,635) 115,002
Subsidiaries
EDPS Ltd 72 (63)
Total Group funds 58,634 55,798 4,277 (3,698) 115,011

Diocesan Pastoral 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 2020to manage the grant
funding
received from the Archbishops'
Council to support the
appointment
ofadditional
stipendiary
curates.
Clergy widows This restricted
fund represents
properties
purchased
from
donations to provide for clergy widows.

%of pensionable stipends 1January 2018to 1january 2021to
31December 2020 31December 2022
Deficit repair contributions 11.9% 7.1%

2021 2020
Balance sheet liability at 1January 694,000 1,222,000
Deficit contribution
paid		 (351,000) (576,000)
Interest cost (recognised in SOFA) 1,000 10,000
Remaining
change to the		 balance sheet liability* 6,000 38,000
(recognised
in SOFA)
Balance sheet liability at 31December 350,000 694,000
December 2021 December 2020 December 2019
Discount rate 0.0%pa 0.2% pa 1.1%pa
Price inflation n/a 3.1% pa 2.8% pa
Increase to total pensionable payroll -1.5% pa 1.6% pa 1.3%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.

2021 2020
Balance sheet liability at 1January 975,000 1,081,000
Deficit contribution
paid		 (127,000)
Interest cost (recognised in SOFA) 5,000 14,000
Remaining
change to the		 balance sheet liability* (980,000) 7,000
(recognised
in SOFA)
Balance sheet liability at 31December 975,000
December 2021 December 2020 December 2019
Discount rate 0.00/o 0.50/o 1.40/o

The f inancial assets h eld
in this		 way m ay be summarised
a		 s follows:
2021 2020
E'000 E'000
CBFChurch of England
Investment		 Fund income shares 14,821 13,011
CBFChurch of England
Investment		 Fund accumulation shares 748 694
CBFChurch of England
Fixed Interest Securities		 Fund shares 300 321
CBFChurch of England
Property		 Fund shares 1,080 946
CBFGlobal Equity Income Fund 1,280 1,101
Charifund —Income Units 2,747 2,422
Charibond
Fixed Interest Income		 8 8
Other common investment
fund		 holdings 156 134
Direct holdings in UK gilts 41 45
Other fixed interest stocks 6 22
CBFChurch of England
Deposit Fund		 1,238 2,446
Charles Stanley 812 772
Brewin Dolphin 1,400 1,261
Cash at bank 19 4
Total assets held as custodian trustee 24,656 23,187

2021 2020
Summary
profit		 and loss account E'000 E'000
Turnover 273 204
Cost of sales (204) (152)
Gross Profit 69 52
Other operating income 6 7
Administrative
expenses		 (3) (3)
Operating
profit		 72 56
Gift made to parent company (72) (56)
Loss after tax
Assets and liabilities
Current assets 230 176
Current
liabilities		 (221) (167)
Tota
I net assets
Capital and reserves
Issued share capital and retained profit

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

Unrestricted Unrestricted funds Restricted Endowment Total funds
General Oesignated Funds Funds 2020
E'000 E'000 f'000 E'000 f'000
Current
Year assessments		 9,174 9,174
Shortfall
in contributions		 (871) (871)
8,303 8,303
Receipts for previous years 24 24
Receipts for future years 5 5
Total Income 8,332 8,332
Archbishop's Council
Unrestricted funds Restricted Endowment Total
funds
General Oesignated Funds Funds 2020
E'000 E'000 f'000 E'000 f'000
Lowest Income 1,231 1,231
Communities Funding
Transitional
funding		 105 105
Strategic Ministry funding 58 58
Sustainability funding 350 350
455 1,289 1,744

Other Do nations
and g		 rants
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2020
E'000 E'000 E'000 E'000 E'000
All Churches Trust Grant 169 169
Donations and grants 153 27 498 678
Resourcing Ministerial 286 286
Education
322 27 784 1,133

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

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

INVEST MENT INCOME
Total
Unrestricted funds Restricted Endowment funds
General
Designated		 Funds Funds 2020
E'000 E'000 f'000 f'000 f'000
Dividends receivable 325 596 921
Interest receivable 6 6
Rents receivable 407 407
331 1,003 1,334

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

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

HARITABLE ACT I VITIE S
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2020
E'000 E'000 E'000 E'000 E'000
Contributions
to
Archbishops'
Council
Training for Ministry 346 346
National
Church
Responsibilities 260 260
Grants and provisions 29 29
Mission agency pension
Costs 13 13
Retired clergy housing
Costs 124 124
Pooling of ordinands'
maintenance
grants		 52 52
824 824
Resourcing
Ministry		 and
Mission
Parish Ministry
Stipends and national
Insurance 3,346 2,234 5,580
Pension costs 1,241 56 1,297
Housing costs 1,987 1,987
Removal, resettlement
and grants 198 198
Clergy Pension
Fund		 Deficit 48 48
Other expenses 278 39 317
7,098 2,329 9,427
Support for parish
ministry
Mission and Ministry 1,077 752 1,831
Church and Society 52 52
Mission and Ministry grants 16 16
Cooper Legacy grants 3 3
Cooper Armstrong Legacy 8 8
Support services 1,325 3 1,328
Lay Pension
Deficit		 Fund 21 21
2,475 782 3,259
9,573 3,111 12,686
Expenditure
on Education		 and Church of England Schools
Support for church schools
and parishes 526 526
10,923 3,111 14,036

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

Pension
Activities Grant Deficit
Undertaken Funding of support Fund Total costs
Directly Activities Costs Adjustment 2020
E'000 f'000 f'000 E'000 E'000
Raisings funds 229 229
Charitable activities:
Contributions to Archbishop's Council 824 824
Resourcing parish ministry 10,701 636 1,328 21 12,686
Education 526 526
11,456 1,460 1,328 21 14,265

ANALYSIS OF SUPPORT COSTS
Total
Unrestricted funds Restricted Endowment funds
General Designated Funds Funds 2020
E'000 E'000 E'000 E'000 f'000
Central 1,198 1,201
support/administration
Governance:
External audit of EDBF 23 23
External audit of EDPS 3 3
Registrar and Chancellor 83 83
Synodical costs 18 18
1,325 1,328

A12. ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE ANALYSIS OF GRANTS MADE Nbr. Individuals Institutions Total
2020
K'000 E'000 E'000
From unrestricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council 824 824
From unrestricted
funds:
Ordinands
in training		 42 132 132
Clergy ordination 16 40 40
Clergy resettlement 28 70 70
Clergy removals
Clergy 1"incumbency		 30
7		 60
27		 60
27
Churches togetherin
Devon		 1 5
Church schools —Repairs/improvements 1 7
Church schools —Learn Teach Read
Mustard
Seed Fund
Unlimited
Church
Growth
and mission		 3 17 17
Other small grants 28 14 13 27
Adjustments
for grants		 not claimed (2) (2)
157 344 40 384
From
restricted
funds		 for national Church
responsibilities:
Contributions
to Archbishop's		 Council
From restricted
funds for		 various purposes
within
resourcing
parish ministry:
Cooper Legacy Fund 3 3
Cooper Armstrong
Legacy		 8 8
Repairs and Maintenance Grant 15 15
Strategic Development Fund
Plymouth
Partnership		 in Mission 93 93
Exeter, St Matt's 133 133
Total 12 252 252
Total 175 344 1,116 1,460

Balances at 1 Income Expenditure Transfers Gains and Balances a
January 2020 Losses 31Decemb
2020
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) 200 193
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 R 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 Ltcl 155 (155)
Group Total 103,025 16,507 (14,265) 2,120 107,387

A22. 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 4071 (3853) 8021
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
Agricultura
I/Rural		 10 10
Retired Clergy Housing 346 155 (270) 231
Growth 5 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 81
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 Ltd 61 (52)
Total Group funds 58,589 46,096 7,797 (5095) 107387