THE EXEfER DIOCESAN BOARD OF FINANCE LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMEKrs for the year ended 31 r)e¢emkn 2024 Company Ilmlted by guarantee {No. (X)186(N)i) Re8lstered tharity (No. 2497981
TABIE OF CONTEMrs Number OurVision/Values Legal Obiecis Str•te8ic Report Strategic aims ObRctNes for the year Activities and achievements in the year Key performance indicators Future plans Section 172 stateTrt Financial review Principal risks and uncertawrties 19 19 20 20 25 Structure and Governance 28 Trustee5' Re5w¥nsibilities Ststement 36 Staternent of Oisck)suie to the Auditors 37 Appointment of Auditors 37 Admlnistrative Details 38 INlepeIent Auditor Report 41 Consolidated Ststernentof Financial ktwi¢ies 46 cOrlIdated Income and Exwdilure knount 47 Consolidated and EOBF 8ala•Ke Sheets Consolidated Cash Flow Statement Notes lo the ConsolKlated Finandal Ststements 51 Key to abbTr¥iatlo EDBF EDPS SOFA SQRP The Exeter l>wsan Board of Finance Limited EDPS Lwnited- the Board'sTrading Company Statement of Financial ActNit*5 Chèrities SOAP (Statement of Recomrnended Practice) 'Accounting and Reporting by Charities, 2019 Parochial Church Council Mission Community pcc MC
The Exeter Dlocesan Board of Flnance Llmlted Annual Report & Consolidated Financial Statements For the year ended 31 December 2024 OUR VISION '1 om the wne. you ore t1 bronches. Those whoobitde in me ond lin them bearmuchfruit., John IS.5 As God's pi*rim people. we seek to share in the miSn of God as revealed in the life. death and resurrection of Jesus Christ by- Growln8 in prayer We want to abide in Christ and INe our lives close to God. This means taking risks as we become nN)re honest with our5el¥e5 and rn0 honest with God. Prayer opens up deep places within us to Gods gra. whKh is why it ts such è life-giving artivity. Going deeper in prayer is essential if we are to witness to God's Kin8dom and grow into the people God is calling us to be. Maklng new dlsdples A disciple is someone who follows Jesus Christ. With Chiisi as our companM)n and gulde, we can travel through life differently and bnvite others to share in the adventyre. We want to be more faithful in our discipleship and allow God to shape Our priorities and value5. The gospel is good news but. rfwe are to Ixing more people io Chrisl. we need to find new ways of telling the siory, of explaini our faith and &N1 a reason fof the hope that is in us. Servlr#A the people of De¥on with loy We want to be ambassadors for Chrisi making a difference in the world and wrtnessinB to God's love and justice. especially in the communities Whe we INe and in our schools and workplatr5. Working in partnership with others who are transf0m1 live5, we seek to address the global issues confronting our generation so that all may flourish. The At. Re¢d Drmike Horn50n. Bishop of Exeter
The Exeter Dlocesan Board of flnan Umlted Aftnual Report & Consolldated Fknanclal Ststements For the year ended 31 Decembu 2024 OUR VAWES Generoslty of 5plrit We seek God's face in all. belie¥in8 that everyone is mode in the image of God. Preferring others and noi ihinkir too highly of Oursee5, we are ompa5sionate. approachab and buikl trustin8 relationships. Wlsdom We want our priorities to reflert scripture and our Christian values. Listening to votces unlike our own, we seek the wisth)m ofthe Holy Spirit when makin8 decisions after open and informed discussion. Respert We welcome th¢5e who are differtt from us aThJ show heartfelt respea in the way we speak with one anoiher. treatin8 all Peop with the di8nity they deserve. re Working We tollaboraie and wor with others io Imeve the best outcomes for those we ser¥e and support. We re positNe, flexlble and conslrurtive, releasin8 Others to use tlir gift5. r.) Honesty Our prinoples are flylted in our Christian falth. We seek to be peoF4e of integrity: fair. fespjnsible, ar consistent ift 11 we do. We speak IK>nest with oihers and atJut them. We open our hearts athl minds wlthout IJgement so that we learn from God arKI one another and allow others to challerye u& Love .:" Joy '. Patience ". Kindness 5% Generosity Faithfulness . Gentleness •• Self-control Our GROWTH Values are rooted in the Fruit of the Spirit (Galatians 5.22)
The Exeter Di¢xesan Board of Flnance Umlted Annual Rèport & Consolldated Flnandal 5taternents For the year ended 31 Dec¢mber 2024 The trustee5. who are also directors for the purposes of company law, PseTht their annual report, together with Ihe audited consolidated financial statements for the year ended 31 December 2024. The directorsltrustees are the same and in signing as Trustees. they are offerin8 ihe strategic report sertions in their capacity as directors. The combird rep)rt Saiisfies ohe le8al requirements for.. A Oiiectors Rewrt of a charitable company and group: A Strategic Report underthe COmnieS Act 2LK16; and A Trustees Annual Report under the chanSAct 2011. LEGAL OBJEcfs The obieds of ihe Diocese of Exeter coyer t entire county of Devon. The principal object of The Exeter Diocesan Board of Finance IED8FI is to promote. assist and advance work of the Church of Erwnd in Diocese of Exeter by Kting as the financial executive of the Exeter Diocesan Synod. EDBF has the following Stalulory re4nsIbIlItIes. The management of glebe property and investments to generate income to support the cost of stiperK15 arising from the Endowment and Glebe Measufe 1976 and the Church Property Measure 2018: The repair of benefice houses as the Di(Ke5an Parsonage Board ler the Repair of Benefice Buildings Measure 1972 and the Church Property Measure 2018,. The management of irNestments and the custodian of asseis relating to church schoo15 under the Dio¢esan Boards of Education Measure 2021- and The custcJian of perniant endowment and real property assets relatin8 to trusts held by Incumbents and Arclthacons and by Parochial Church Councils as Diocesan Authorrty under the Incumbents and Churchwardens ITrust51 Measure 1964 and the Pamchial Church Councits (Powers} Measure 1956. v. The strategic priorities of EDBF are established by ihe Di0$an Synod in communication with Oeanery Synod5. PCCS. Mcs. and ihe Bishop of Exeter. To this eftd. significant time and effort is commitied to communicat•on between these bod*s and the bishop. as well as with the church nationally. and lo inplementation of the outcomes. This includes a series of consultations on specific matters relating io the priorities for the forthcoming year and further ahead and taking forward ihe commitments ari5iTra from the Oioce5an Synod and church nationally. inclding the diocesan bud8et.
The Exeter Dlocesan Board of Flnance Umlled Annual Report & Consolidated Financial ststQnnts For the year ended 31 Oecember 2024 STRATEGIC RÉPORT STRATEGIC AIMS The trustees present this report in a year of 4ntficant transition and falthful mlnistry. 2024 Saw the Di)cese wekome its new bishop, the Rt Rev Dr Mike Harrison. Whi continuing to navigate challenge5 aNJ local Opportunit$. The following report delails our strategit activitie5 and tinancial stewardship in pursuit of our shared Visrf)n to grow in prayer. nwke new discie$ and seNe the people of Oevon with p)y. The main role of EDBF is to identify and manage the finala1 aspects of the provision of ministry within the Diocese so as io provide appropriate persoftnel and financial resources to assist the Diocesan Synod, Bishop's cou11. OeaneTie5, Mi55ion Communities and Parishes to further the mission and strategic priofities of the Diocese and in particular the strate8lC priorrties set out in the Next Steps Vis)n StatemethL Thith can be f¢)und oh ihe dwxesan website ai www.exetef.an We s•elt to w(Yk toyther In Mi5slon Cofflnwnities We seek to fulfil our calling to love God aThl serve the people of Devon wlth joy through our network of Mission Communities. These are diverse, Vibrant and sustainable grouping5 of parishes across the Diocese. which are mi5510nriented. community.focused and k)callv rooted. At the heart of this network are our parish cr¢he$. which fof centuries have been place5 of prayer. pastoral care, evangelism and community service in Devon. Increasingly today. they are complemented by dplaileS 50ci•I action projects and varied and cttl¥e new expressions of worship. the result of which is an e¥citir mixed ecobDgy. Together, tl speak of God's compassK>n and love arKI ensure a Christian presence in every community across the county. Mission Communitie5 Kixod Ecdo ildeS foodbanks debt counselling mental health services. 5UPPOrt groups. toddler groups. lunch clubs. memory café5 and environmental proierts. Parish Churches (Resource & Minster) Fesiival Churches & Chapels of Ease includes working WTth schools. care homes. ¢olle8es & universliies. hospitals, priwns & workplaces. Chaplaincles may also inCle work with groups such as children & famils ¢Y specific areas of expertise. such as end of life care arKI funeral ministry. MISSION COMMUNMES incIe$ streamed serrfice5. telephone service5. Sotial media channels and onllne communities. Where there are Church Schools in a MisSn Community, we need to see these as worshipping communities & build strong Indudes new ways of being Church such as Messy Church. Café Church. Church Plants and other new worshippin8 communities.
The Exeter Dlocesan Board of Flnan¢e Umlted Annual Report & Consolldated Flnanclal 5taternents For the year ended 31 December 2024 STRATEGIC AIMS lcontlnued) Communities are how human bein6s relate io one another. We discover both what we need from otheis akKI what we can offer so that all may fkjurish. As the Church, our Mcs help us to be more effective in our discipleship ofjesus Christ. They enable us to be flexible and to work across boundaries. breaking down any sense oflsolation. They Ènable us to be more adept at responding to the variety of contexts and culture5 of Devon. whether market towns, coastal communities, remote rural villages OT large urban centres of population. Thev encourage the development of specialist arKI pioneering ministries, and support our work with schools, children, young people, famil•es and older people in the community. Not every parish can offer every aspect of the Church's Ilfe and ministry. but by pjining in partnership with nei8hl)ourin8 churches and forniing a MC we tan WO together more effectivety. There are 120 Mcs auoss the Diocese of Exetef. We alm to be mission-oriented. community- focussed and locally rooted. As God's wple we are called to live out our faith aNI continue the mission of God as revealed in the life. death and resurrection of Jesus Christ. The strategy ol the Truslees for achievin8 EOBF'S priorities is to maintain a sound financial Structure which will enable EDBF to resource ministry and mission. Each year a request is made to every parish for contributions towards the Comrnon Fund, the parish share scheme, whith is desig1 to distribute the finantial cosis of the DieSe equitably. The Common Fund pays for a significant proportion of the clergy stipends. thelr pen5i0n and housin& clergy and lay trainin& s•feguarding and central support, but it onlv works property if each parish in each MC contribute5 regularly and fully. We support all PCCS and Mcs in their financial administration to develop efftient WaVS to collect and rnanage re50Ufces induding through the Parish Givirva Scheme. The Board revlews the financial plan on an annual basis. and this was most recently undertaken in May 2025, with the current plan coverin8 the years 2026 to 2050. The plan shows a continuing undertying budget deficit of arourmj £2m per annum. Adion was taken in 2025 to bring this down to just under Élm and work continues io establish a sustainable long-term plan. This requires Stringent cost control across all areas of the bud8et and assurnes an increase in the number of unpaid licensed ministers Iself-supportirvd clergy and licensed lay ministers) and unpaid lay people involved in ministry. The new Exeter Ordination Pathway will help to increase the numbers. as we review the long-term number of stipendiary cler8y thai can be provided within the budget. Total Return a¢¢ountin8 has been adopted, lo release funds from the Diocesan Stipends Capital Fund to help fund 5tipendiary ministry costs. OBJECTIVES FOR THE YEAR The strate8ic aims were established by the Diocesan Synod in March 2016 and freshed in June 2019. The aims have informed. will continue to inforrn. decisions and poli¢ies at all levels. The ¥isM)n is what we would like the fvture to look like. and the strategy sets out how we seek to work ioeether in Mcs to enable this to happen.
The Exeter Dlocesan Board of Finance Umlied Annual Repwt & Consolidated Flnanclal Statements For the year ended 31 December 2024 OBJEcfivES FOR THE YEAR (c(#rtlnuedl It is vital that our planning continues to reflect our Prnfits. whilst ¢ontinuing to meet our statutory and operational Muirements. Flve Strthts Prfothkn for 2025 To help us be focused on vision, Bishop Mlke has outlined fNe strategic priorities. They are: Missional Leadership. Missional Vocation5. Chddren and Your People aThJ Mixed Ecoh. Mlssional Leadershlp We are in a new missional era vthere the previous aSSUmPtK)ns of people versed in the Christian faith cannot be assumed and where thurch goi is far from the norm. Culture is fast-changing and Understandi ihe different sectors of Society, their aspirations, longings and wounds seems ever more complex. In such a situatM)n ovr Christian leaders red 5upF and resourcin& if they are to be effeCtr in mission and in leading the people of God. This priority addresses this wh¢)le a. wth a focus on providing excellent continuing ministerial de¥elopment and trainiftg OPPOrturities for cler8y and LLMS. Inc1j1n8 a new leadershlp development programme for all clergy. We will be boking to support clergy and lay leaders utilisirg the latest thinktr and research. This priorrty was supported through events like the Bistw's St nKmlffj which 8athered clergy and LLMS for focussed development. Mlssloftal DNA In a 50tiety whith can be aggre5sivety secular, there 15 every possibility of Christian communities becoming insuEar and inward-looking. Tis rrtiority looks to encourage Churches to be Outward-kkin& invitatKH)al and en8aged with iheir w•Jer communities. The priority also recognises the iManCe of miswn communities of deveh)pinB inspiriTh8 and realistic Mission Community AttM)n Plans. Utilisin8 research such asAnecdote to Evidence and Evidente to Artion. as well as cour*s sh as'Leadin8 your CMrch into Growth, and Pioneering Parishes. this pr#)rity k)oks to Èquip Christian communitS to be missional in their worship. outreach arKI communications. Initiatives like the 'Mission Shed, events and the'Give to Go Greerb. fundraising scheme have been practi¢al eMpre55ions of thi5 outward-facin8 culture. This prK)rity inc[leS estabh'shin8 an intentional Vocat)nal cvliwe. lay orordained, throwdh expanding the number of leadership pathways {i.e. Exeter Ordination Pathwayl, developing the variety of vocational pathway5 thfOU8h the new Commissioned Roles and expanded Fournlatns course. as well as partneriry wlth other or8anisation8 including CMS. the Bible Readin8 Fellowship and our theoh)8ical colleges to offer Specialist trainin& such as Anna Chaplaincy. We are also partnering with South West Youth Ministries to offervocational training to youn8 people and to explore how best to offer vocational develolent opportunities to school leaders throu8h our EdatIOn team. The revitalised'Foundations' course. now run locally in three hubs, has seen a thweefokl increase in PartKlpatn building Strong pipeline for future ministry.
The Exeter Olocesan Board of Hnance Llmlted Annual Report & Consolidated Finandal Ststements For the year ended 31 December 2024 08JEcllvES FOR THE YEAR (contlnued) Chlldren and YOts Peo Children and youn8 people placed al the heart of our lrfe together is what this prKrity is about. 75-85% of people come to faith before the age of 18. $0 reaching children and youn8 people with the Gospel is vital. Our engagement at events like the Devon County Show with the 'Cheeky Pandas. provided a ioyFul and visible witness to this priority. We are already developing chiklren and youth workers in our churches {siaff and volunteers) through the Catalyst course. the Launthpad course. commi55ioned roles and the Growing Faith StrategK Leaders Programme. Substantial funding for children and youthwork provisK>n across the diocese is a key part of our Church of England Strategic Mission arKI Ministry Investment Board1SMMIB} applicatK)n. Mlxed Ecdi)ty Time-honoured Church is wonderful for part of our population, but experience-to.date shows that to reach the unreached parts of our widercommunity we need to provide different ways of doing and being Church. Our mustard seed grants aim to help fresh expressions of church 8et off the ground. The 95% as yet urÈnga8ed by the Christlan faith are the f¢xus of the mixed ecology priority. We want to expand our number of church pLint5 and pioneer new worshippitvd communities. which connect with people Th)t seThed by conventional church. Our Mission Shed days online webinars are also showcasing different ways of bein8 and doin8 church. The growth in Anna Chaplaincy and the work of Transforming Plymouth Tether exemplify our commitment to serving diverse communitv needs. Neit Steps is a further refreshrneftt of our vision to grow in prayer. rnake new disciples and serve the people of Devon with joy. Every parish is unique and special. but churches thrive when they work ifi partnership with each other in MCS. This is why our Strate has always been to support Mcs to devetop and flourish. Next Steps offers a range of sustainabilitv indicators for MC5 in the areas of mission and ministry, resources and finance. buildings and goVernare. Healthy thurches are shaped by the growth values of the Fruit of the Spirit: k)Ye, joy, peace, patience, kindness. gerr051ty. faithfulnes5. gefiileness and 5elf-control. We are developirva iools to help Mts identify where to put theirefforts and resources in the slN)rt temi and )W best to plan for the long-term. The Mission Community Health Check has been piloted and is now bewi8 offered to Mcs across the Dtocese. It uses two on-line suNeys to provide data on percept¥)ns a1 priorities of those who are regular worshippers and those in the community and this fomis the basis of a fatilitsted conversat. leadin8 to a simple action plan. Other resources intrje.Li9hten1Rg the Loorf. 'Love Your Church. fundrabsin8 resources and Generosity resource5. The iools being developed draw inspiration from Jesus. teaching on the Vine in john 15.
The Exeter Dlocesan Board of Thnance Lirted Annual Report & Consolldated Flnandal Staternents For the year ended 31 December 2024 08JEcnvES FOR THE YEAR {aMrtlnued) Heth. S•J The most Si8nificant event in 2024 was the enthronement of Bishop Mike as the 72 Bishop of Exeter, at a seThice hekl in Exeter Cathedral in November 2024. It was a joyous occasion, wilh people from across our diSe COMI together to wekome Bishop Mike. We also saw Bishop Jackie retire at the end of January 2025 would like to thank her for her ministry in our diocese and wish her and David every bkning in their retirement. AcfiviTIES AND ACHIEVEMENTS IN THE YEAR Having seen a signiafit improvement in Common Fund collections in 2022, a5 life started to return to nonnal after the pandemi¢ the level of contribulions dropped back in 2023 and wa5 even lower in 2024. As a resulL the total contributions received by the end of February 2025 were £8.3m12023: £8.4m). which represented 91.90x12023: 93.04%) of the amount Tequested from parishes.
The Exeter Dlocesan Board of FInan Limited Annual Report & Consolidated Financial Statements For the year ended 31 December 2024 AcfiviTIES AND ACHIEVEMENTS IN THE YEAR (continued) We are very 8ratefiJl to the eontinuing8enerosity of the people in our worshippin8 ommunities. particularly in the current ecoTh)mic climate but the current lower contribution level presen15 as yet unreg)fved challenges to funding our ministry CQSt5. It 15 anticipated that ihe Cufrent Common Fund system will be reviewed in 2026. Common Fund Collertion Rates 2020- 2024 94.62% .50% 91.35% 93.04% 91.90% 40% 2020 2021 2021 2023 2024 Safeguxding The DIr)san Safeguardirvd Team IDST) has a wide rae of experience in applyin8 safeguarding to complex situalions. The team bring exPern(e from Policing (includin Pubknc Protection, Child Abuse Investigal*?n. Dornestic Abuse Investigation, and Management of Hi8h Risk Offender51. Social Services lincluding Chibdren's Services ènd Adult Safeguarding), voluntary sector and parish administratton. The DST manage alle8ation5 and concerns relating to Church Officers, manage the risks posed by known offenders who reEularly attend church. and give advice on all other a5pec15 of safeguarding. including Safer Recruitment. The OST also deliver safeguarding traini to leaders in thè diotese and manage all Disclosure and Barrir8 ServKe {DBSI applKalions. The DST works with a network of nearty 40) Parish Safe8uardin8 Representatives IPSRI- The PSRS are all volunteers, and without their dedication we could not effectively mana8e safeguarding across nearty 5 parishes thai make up the dKxese. In 2024 we were independently audited by INEQE. who have been commi55ioned by ihe National Church to audit safeguardin8 in all dioceses. INEQE highlighted many strengths in our team and in the wider diocese bui also made recommendations for further development of safeguardin8 in dIeSe Ithe report is available on the Church of England website). Senior Leaders have developed an ACtn Plan in response to the recommendations, which the DK)cesan Safeguardirvd Advisory Panel IDSAPI w1 monitor. DST also began using the National Safeguarding Case Management System INSCMSI. This hès necessitated the transfer of data lating to all of our open cases to NSCMS. We are still pro8resyn8 the iransfer of data relatin8 lo closed cases.
The Exeter Dlocesan Board of Flnaft Umlted Annual Report & Consolldated Hnandal Statem•nts For the year ended 31 Decernber 2024 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR (c(mtlnued) Safe8uardln81eMtlnued) The NSCMS records all Safeguardi CoemS raised with our team. including alle8ations that do not involve Church Officers and row level concerns. Following the Makin report. the subsequent resvanatN)n of the Archbishop of Canterbury. and safeguardin8 issues in the Church. we expertenced a Significant increase in the number of conterns raised with Dsf. Over last few months, there have been around 70 new concerns raised with DST each month. We curre•itly have approximately 110 open cases. The greai majority of these concerns do rK)t invofve a Church Officer, but they a safeguarding concerns aThJ many need fvrther actn. In the last two months ofthe year the DST fflade 40 referrals to statutory agencies. Sexual Abuse of adults and children, remain5 our most common category of concern. folk)wed by Domestic Abe. Our Safegvarding Administrator is very busy with the procesyng of DBS checks. Traini administration, and upbadin8 new referrals to NSCMS. We are in the process of Changing the role of the Diotesan safeguardi Advisor lo Diocesan Safe8uardin8 officer IDSO) W4rith greateff iThlependerKe. and the National Church has now dopted the model of Regional Supervision we trialled re8¥)nalty. The General Synod. in February 2025. debated proposed chafiges to safe8uardin8 in the Church. Two models were proposed: one would move most of the National Safeguarding Team INsn into a new body responsible for scrutirry and complaints. The second model moves NST and DST inlo the new IW. The Genernl Synod voted to adopt the first model. SYrd also approved the new ManagiTra Al*gations Policy. The new Leamirrf and Development Framework came into effect in January 2025. We ¥e developi% a Training Plan and aim to provhje greater choice by delivering some courses in person and others online. While ndatIng these complex national lool issue5. the Diocese remains steadfast in its ¢ommitment to fosterir% a positive sale8uardin8 culture where everyone fee15 safe and valued. and we are very grateful for ihe dedicatitin of (Mjf near4LXI volunteer Parish 5afeeuarding Representatives. P¥tsh Glvln(5thern• The Parish Givwi8 Scheme has continued to grow across the Diocese, encouraging a deepef understanding of generous 8ivin& streamlinirvd administratTron In parishes. improvi parishes, cash flows by retumine gift aid to parishes every month, and givin8 donors the option to increase their future givi in line with inflation. In December 2024 there were 3,45912023.. 3.3771 people in our Diotese that made 41.130gifts12023'. 39,6311 to 3 12023: 2871 active church accounts. conrrFbutir% a total lexcding gift aid) of £2.9m12023: £2.7ml durin8 the year. A further EO.7rn {2023: £0.6ml was claimed in gift aid. The average gift lexduding gift aid) was £16.(M) per week12023-. £15.80). 10
The Exeler Diocesan Board of Hnance Llmlted Annual Report & Consolldated Flnanaal Statements For the year ended 31 De¢ernber 2024 AcfiviTIES AND ACHIEVEMENTS IN ThE YEAR Icontlnued} Parlsh Gi¥ln£ Scheme IcoDtlnuedl Parish Giving Scheme TotolnumberoloCtNe chh¢TtuInuffiber0140n0I50tg¢ed01eQrh quurt*r 305 35=Q 300 3.4S0 295 3,400 290 285 3.350 3,300 275 3.250 270 3.200 265 260 3.150 255 Q12023 Q22023 Q32023 Q42023 QI2024 Q22024 Q32D24 Q4 3)21J Total number ol acrNechurches Total number of donors rotol number oAdonor5not¢Tlsum returned to churcbes Iper month) 3,5LYJ 310,IXM) 3.450 300,000 3.4 2W,O 3.350 280.0 3.250 270.000 3.200 260,(0) 3. 150 3,IIK) 250.0 QI2023 Q22023 032023 Q42023 QIJ>24 Q22024 Q32024 04202 Total numbef of dono Tal sum relvffled io<huwches 11
The Exeter Di¢Kesan Board ¢A FInan ilmlled Annual Report & cs011dated Financial Statwnents For the year ended 31 Oe(ember 2024 ACTivrriES AND ACIIEVEMENTS IN The YEAR (contlnued) mtsOn and Mlnlstyy The trainlryd review in 2023 decKled to bring Foundations and Curate Trainin8 IIME21 into the diocese The first Foundation5 course ci)hort in Pfymouth concluded their Studies in March 2025. These learners came from across the south of Devon io undertake introductory work on the Bible. theolcey, spirituality and minislry. There are two fvrther cohorts runnin8 in 8arnstaple and Emeier. This has meant three twnes as many people as previous years are startirvd the excitingjourney of di5coverin8 more atout the Ble. mission and ministry and spirituality. If. a5 in previous Yea a proportion of these take a step into other vocations (lay and ordained) we will be developing a rafvge of new ministers and new ministries. As participation in traditM)nal trainirvd event5 has declined the pandemic. Foundations shows us that there is still a thirst fof learnin& and V• need to adapt to make that leamin8 accessible. Curate trainir* has a150 come under the dKKesan umbrella from September 2024 aThJ Kim Mathers has transferred from the 5ouih West Ministry Traini Course ISWMTCI to the department of Mission Min45try. Core training hos moved to Sundays to enable self Supporting Ordained Ministers ISSOMSI and stipendiary curates to train tO8ether. Hopefully the benefits will outweigh the 1n of thi5 change, but it is earty (kys. We are delighted to have Kim in the team and realisir6 at our team meetiw how we have mId the cruchil aspect of curate traini from our discussions. Another missing piece has been the oversBht of LInsed lay Minster ILLMI ministry and. while we take time to decide how to replace ArclKleacon Andrew as Warden of Readers. Hannah Cross has stepped into the role of LLM Officer. takin8 on the day-to-day oversight and care of LLMS. So, ai any team dIu$$10n on vocatn?ns. training and developrnent and pastoral care of minislefs we have the LLMS fully reyesented by Hannah. The success of Foundations asks the que5tion.what nexty Folbwin8 the model of An Chaplains, we are looking at other areas where lay pIe meht be commissioned to specific areas of ministry suth as ¢hildren and families. pioneerin& evangelism, parish nursin8 and $0 on. focussin8 at first on those ministries Whe there is already an eelIeTht training on offer from other organisètions. We layed these in 2024 at the bishop's study mornlng there has been a lot of interest. 12
The Éxeter Diocesan Board ol fInan Umlted Annual Report & Consolidated Flnancial 51atements For the year ended 31 Oecember 2024 AcnvmES AND ACHIEVEMEKfs IN THE YEAR (conilnued) Mi5slon axl Mlnlsty (contlrnted) The study morning in November was bts)ked altht a year ago before we knew when and if we would have a new dI053n bishop, but in the end the liming was perfect for a gathering of clergy and LLMS to meei our new bishop. and for him to meet us. A keynote addre55 from Lucy Moore set the tone for one of Bishop Mike's priorities, ministry and MISSrt amongst hildren and families. Feedback wasvery 8[d. are alrea(ty in the'es5ential' list for the next study day. We are proLwJ to have pr(NJuced the first MissK)n Community Field Guide with the help uf many contributors from diotesan staff. Ihe Cathedral and the wider diocese. Hard copies were given to all IKensed clergy and LLMS at the l&)vember study morninB and in the followin8 weeks. Inevitably it goes out of date as soon as it is printed but the website version will be kept up to date aNI will always be available. We have continued to work wth churches on developrry their Eco Church, wilh 20 churches bein8 retognised at the Eco Church Awards celebratn. EDBF itself retrived a Bronze award. We were also delighted to see that Transforming Plymouth Together was awarded the King's Award for Voluntary Service. The voCatn$ Development Offir and the lliocesan Oirectof ofordinands IDDO), with their teams, work to foster and encourage those sensing a call to serye God in the authorised lay and ordained ministries. Two events were held to help people consider and explore ljoth ordained and lay licensed ministry. as well as other focused work. 11 candidates were recommended fof oidination training by the 8ishop's Advisory Panel in the 2023-24 academic year. having completed the tWO-Stage discemment process. Numbers offering for ordination continue to be low. a picture repeated attoss the country. We currently have 22 ordinands in training at theological college. with 10 of these due to be ordained as deacons in June 2025. The ordination of deacons took place at PetertHJe. with 12 new deacons being ordained. Developing ihe ministry of women. encouraging candidates from a UK Minority Ethni¢ IUKMEI heritage. and encouraging VOUNder vocations, m34n significant priorities and the diocese encourages attermlance at notional events for such groups. Deacons Ordained in 2024 Male Female TOTAL Stipendiary SelF-Supporting DistinctNe Deacons TOTAL 12 13
The Exeter Dlocesan Board of Hnance Umfted Annual Report & Consalldated Finandal Statements For the year ended 31 Decemkn 2024 ACTIVITIE5 AND ACHIEVEMENT5 IN THE YEAR (contlnuedl Mlsslon and Mlnlstry (umrtlrn1) DistinctNe Oeacons Self-supportrng Stipendiary Priests Male TOTAL Ordained in 2024 Self-Supporiin8 StipÈndiary TOTAi 13 Self- Supporting Slipendiary 14
The Exeter Dl¢xesan Board ol Flnance Umlted Annual Report & Consolidated Financial Statements For the year ended 31 Deternber 2024 ACTIVITIES AND ACHIEVEMENTS IN THE YEAR Icontlnued) Mlsslon and Minlstry (conlinuedl Ordinands starting trainin8 in 2024: Male Female TOTAL 31 and unde 32-39 40-54 55 3nd over TOTAL li Board of Edu¢atlon This Éxeter Diocesan Board of Education Committee IEOBEI is a committee of the Diocesan Board of Finance. It is a statutory ts)dy responsible for Chufch of England schools and academies in the dioce. There are 134 Church of Eand ICofEI schoob in our diocese, induding five secondary Khools. which range in size from 8 pupils to 1,308 pupi15 (January 2024 census). Common to all is a desire to lulfil the Church of England Vision for Education which is rwted in the promise by Jesus of 'life in all its fullness. and expressed through four basic elements.. wisdom. hope. community and dignity. Each CofE sclM)ol has its own vision underpinned by theology. The ED8E vision 15.. Education DIOCESE EXETER EXETER DIOCESAN BOARD OF EDUCATION VISION To ènable all. through the love of God in Ièsus Chrfst, to Jiv life in all Its fvllness. ljohn IOIObJ Nurture vision-in5pirnI educotion. Nourtsh personalond spirituol growth. The DBE'S Strategic Plan has lour Sirategic Priorit for the OBE Committee and the dioCen Education Team. as follows= To ensure that the Diocese of Exeler has a sKcessful dioce family of schoo. To respond pro-actively to the changing educational landscape in a way which stren8thens Scr0• performance. capacity, and 5vsl•inability. To work effettively and (lemonstrate posilNe impact. To play our part in ensuring schools are a central part of the diocesan fflission. 15
The Exeter l)locesan Board of Anance UTr Annual Report & Con501klated Fknancial Ststements For the year ended 31 Oocember 2024 AcnvrriES AND ACHIEVEMENTS IN THE YEAR (continued) Board of Ethcatlon (cont1rndj The Ststutory Inspection oflican and Methodist Sctwls ISIAMSI is one measure ofthe success of Church of England schools as it explores the way in which each scth)oYs tl¢81(alty rooted Christian viwn drives the work and enables the school to live up to its foundation as a Church scknl. In 2024, 96% of CofE SCI1$ wtre assessed by independent SIAMS inspectors as upholding their Christian foundation. In 2024, there was a new locally Alrted RE SWalxts launched within each of the three Local Authorities With whom we work: DÈvon. PMouth and Torbay. This syllatyjs has been developed in dose consultation with teacr5 a1 School leaders. EDBE. recommend bl for Church schools as it is fully compatible with Urmlerstanding Christianity and the RE Statement of Entitlement for CofE schools. It Is a devekjpment of the last Sl4bs. with sEnifKant extensJns in line with current thinki and practKe. Our Wofk wilh leaders to ensure darity around 'vision. provision and impart, has synergy with Otsted's focus on'intenL irnplementation and impacy. In addition to regularly atte18 SIAMS feedback. the Educatrt Team is also frequently asked by Otsted to $ak with I1r inspectors and usually attends Ofsted feedbac. In 2024. thirty.fwe of ourchurch of End Sclwls Ire Insperted by Otsted. Twenty-four were inspected during the period from l January to 31 Au8U5t and oulcomes are shown opposite. In September 2024, the Otsted Inspection Framework shrfted away from publishing onfrword judgements yet retained judgements in key areas. The outcomes of the seven schools who athled a fvll inspection duri autumn 2024 Isecth)n Sl. are shown below. All four schools who receNed a monitoring inspection in Autumn Tefm 2024 IsectK)n 81 were 1 Jaftu•ry- Jl August 2024.. found to have taken effective actton to maintain standard5 org9- O{rtth, Grnen- Good. identified at the prev$ inspettion (G). Blup- Reqwes Inyovernenl. frf8Vrtt8 - Inadwate. 16
The Exeter Dlocesan Board of Finance Umited Annual Report & Consolidated Flnanclal Statements For the year ended 31 December 2024 ACTIVITIES AND ACHIEVEMEP4TS IN THE YEAR (mntlnuedl Board of Educatlon {contiNed) Pvr-.DnJl oc FoNowing a succe55ful pih)t programme of church Khool flourishing with all southwest diocese5. in September 2024 we launched Exeter Flourishing Partnership {EFPI with changed curriculum focus, and a shift in emphasis to thar of collaborative partnerships. Exelor Flourlshlng Partnorshlp The Ex•t•r Flouiishing Parfngr5hp (EFP). Inwrod by our visron, dntraI•S a sharod commitment to flourishing chwch schools ross the Dkncose olEketw. It is iniothled to b• o dw. colloboralivg ornl bgnelKknI r•kTiionshw and riShin9 tho Dthoson &4vcation T•om. ih• Exeler 0¢0$0 8oord ofEducolion Cornmitlw IED8E) ond Ixodomy trusts/lOr01tort$. EFPprOv0S nch. mwniwful and femtI¥V opporhJnitre5 for on9ageryient to •nrl¢h ¢hur¢h school distirttiv•n EXETEII FLOURISHING PARTNERSHIP, tyw EFP 15 Part of our work to empower leadets within multi-5chool groupings Wlth knowledge. understanding and tools to ensure they are effective in up1K>Id4 the Christian vision and distinctiveness of their Church xhools. It underpin5 our work to support a self-improvin8 system where strengths are shared and built upon acr055 the education 5Vslem. The EDBE'S Policy recommends sth0015 consider ioining a strong multi-school 8roupin8 Ifederation or academy trust). During 2024. one school became an academy following a Direct Academy Order from the Departrnent for EdUCatn. and nine maintained school governance teams choose to convert their sclK>ols to become an acaderny and join an academy trust. One maintained Khool joined other maintained schools wiihin an established federation. Three multi-academy trusts with Church schools in our dtrocese transferred all their schools into other academy trusts Servi within our diocese. and one fedefaihjn converted its schools and joined an academy trust. 17
The Exeter Diocesan Board of Hnance Umlted Annual Report & C¢Jnsolldated Flnandal Statements or the year ended 31 De(ember 2024 AcrwmES AND ACHIEVEMENTS IN ThE YEAR (c(mtlnued) Board of Education Icontinued) For all moves of schools into diffefent stnKtures. the proportionality of foUndatn governance of rewnsible board has been maintained to preserve the Christian foundation. EDBE monitors aFKI evaluates the work of the Education Team. A practical example of ED8E's Bood governance is in its response to the Lament to Action report IApril 2021) and work in tt area of equity, diversity and inclusion more widety. SignifKant Slrides have been made in equity. diversity, intlusA)n and justice IEDUI work and it is embedded into muth of what we do. During 2024, followir previous work to diversify ED8E membership, the team arHlysed student and staff ethnic ori8in data,. held a Peace Feast attended bv staff and governance representatives from 76 Church of England schools and 88 Community khools from both the primary and secondary phases.. set up a webpage with resouftes and links: and secured funding for and lau a three-year peer. to-peer EDU Network, siipported by the National Society. Education Team members have a150 worked wth a UthWest (li¢xesan 8roup wilh EDU consultant Linbert Spencer OBE. Peer-ttrpeer EDU networkporticiponts with LLYrthne Prince. the He*Jd olNetworksfor the Church of Englond Foundotion fvrEducationol Leadership Our work involves bein8 a voice and champion forchwch schools. worki as a system- leader, we collaborate with Academy Trusts. Local Authorities. The Department for Education {regionalty aThl nationaltyl and with the National Society {Church of Ereland Edation1. The Education Team contimie to SUPP)rt schools in working ifttentionalty with church communilies. There a many examples of good practice from our team and from withln our schools. We share this in Flourish Ithe Education ream's newsletterl. Root5 and Shoots, or on social media. Examples include a choir initiattrve whth entourages chihjren and young people to learn and develop musical skills and whh has been flowishlng throughout its first year of launctmng in St Mithaefs Church of EnglaThJ Primary khool- and Fanway Churc h of En8land Primary School being awarded the International Cr055 01 Nails Award. 18
The Exeter Dtocesan Board of Hnance Umlted Annual Report & Ccnsolldated Financlal Stements For the year ended 31 tlecember 2024 I(EY PERFORMANCE INDICATOR5 Comprehensr¥e quarterty operational reports a produced. and these are pSented to the trustees through the Bishop's Dmxesan Council and shafed more widety with staff and other key siakeholder5. The individual key performance indicators are shown against the relevant sections in the report above. The reports are also available on the diocesan website. FLITURE PLANS The financial consequences of the parKlemic continue to present a considerable challenge to EDBF. as the 15% dUctIon in the number of people in our worshipping CDmmunilies has reduced the amount that we can request from our parishes in Common Fund contributions by around £1.5m per annum. CoupW with the inflatnary irKrnase5 experienced in 2023 and 2024, particularly undertakirvd work on der8y hous1 we now have an underfying annual budgeted deficit of arou* £2m ènd, without remedial action. deficits of this magnitude would be likety to recur. While EDBF has substantial serveS and is able to meet the budgeted defrcit. these are not without limit. A portion of the underlying assets, clergy housing, is needed for ministry while proceeds from glebe suitable for development a unlikely to be realised within the next two to three years. ED8F has agreed an Asset Management Strategy, to entIfy the most efficient ways of using each of our asset classes to support our charitable actrvities while ducIng the annual defKit. There remains some surplus housing stock aThY there is the option of selling some Investments, but such sales redu nts• and investment income. EDBF adopted Total Return accounting for the DiLKesan Stipends Capital Fund In 2023, and a sum of ÉSOOk will be used to support the paDent of clergy stipends in 2025, with further provisional sums of E75(A per annum allocated for 2026 and 2027. The use of a55et sales to SllPPOrt the biMl8et is a Short term measure. to allow time to develop a longer term sustainable plan. EOBF takes Diocesan Syntxl's adoptton of the National Routemap to Net Zero Carbon INZCI by 2030 very seriously but the exient to which promised National Church funding of £190rn will be made available to the dioceses, cathedrals and parishes remains to be determined. This uncertainty combined wilh the finantial pressures faced by ED8F p)ints to the need to review immediate NZC spendin8 plans. In 2025. ED8F will be applyin8 for support from the Archbishops. Council, through the Strategic Mission & Ministry Investment Board. If successful. this will provide significant additional fundin8 over the period 2026- 2032 ta enable us to support the development of misyon in our parishes and MissKin Communities. This will focus on the five Strategic Priorities ideniified by Bists)p Mike15ee pa8es 6 and 71. 19
The Exeter Dloce5an Board of Anance Umlted Annual Report & Consolldated Finandal Statements For the year ended 31 Oecember 2024 SECTION 172(115TATEMENT The trustees act in 8ood fafth to continualty bahnce the sucoss of EDBF against many other lactors, irKludirvd ensuring that.. BUneSS is cOndted nK>rally and ethically. in line with the EOBF'S C¢xle of Conduct.. Shorr term gains do not ha¥e an adverse consequence on EDBF'S long-temi strategy. success and benefits- Employee and der8y welfare. tralnin8 and interests are laken care of. Supplier relationships are Stro mutually beneficial and compty with EOBVS policies- GOCMI relationships exist with our PCCS and Mts.. and Any community and environmental imparts ès a reIt of EOBVS Operatn5 are considered. There have been no major changes to any of ihe above areas in 2024. FINANaAL REVIEW Flnandal perfrnnce The ConsolKlated Statement of Financial Actrwities Ipage 461 for the year shows that the income (before investment gainsl lotalled E16.8m12023= £17.2rn1 and expenditure amounted lo £17.8m12023- £17.5ml resulting in a deficit (before investment gainsllossesl of £lm12023: net defiut of£O.4m}. After takin8 accounl of Kweslment gains of £0.8m on irwestment properties and financial investments, the net decrease in funds amounting to £0.2m. Total fund balances de(ased from £126.9m to £126.7m over thÈ year. After excludiNd the surplus from sale of property. the net Operati deficit In 2024 was £2.Om12023- net opeiaiiNa deficit of £2ml. At 31 December 2024 the aggregate unrestrirted and undesignated reserves (see Notes 20 and 211 amounted to £6.4m (2023- É8.2ml. Operational surplusl(deficit)' £286,tts) .£543.IX#) -£1.L56.Cj -É2,Q37 000 -EI.985.OLYJ 'ExttyJthiasset s•lesand adiJstmw15 20
The Exeter Diocesan Board of Hnance Umlted Annual Report & Consofidated Finandal Statem• For the year ended 31 December 2024 FINANCIAL REVIEW Icantinued) Fln•nci31 performance luxrtirK•ed) Siinlficant PropertyTransartiOn5 Whilst no new houses We purchased in 2024. we agreed temis lor the provision of a new house in Sherford, with the cost beirg partially reduced by the local planning requirement to provide a site for a vicarage. Our policy continues to be, as finance allows.. To replace unsuitable propertie5.' To accommodate the chan8ire geographical deployment of clergy within the DI0Se.. and To realise development potential in wme propefties. thereby using our resour$ more effettively for the ministry of the Churth. Three houses and one site with planning permission for a single dwellsng were sold within the year. No 8lebe land was sold in 2024. but conlrarts were exthèneed with a promoter for the development of two parcels ol grebe lar¥J and discussions are in hand for a small number of other glebe sites. The recent change requiring local authorities to increase their ttousing supply allocations should sU11 in further OPP)rtunities for development. The long term aim continues to be to Seek to maximise income return5 and to adjust the balance of EDBVS asset hoklings. but sales are Tequired to underpin cash flow and to support Ihe budgel in the short term. Thirty-two infoing schemes were undertaken in advante of newly appointed ckr8Y takin8 occupaiion and quinquennial repairs were insiructedlcompleled on 58 properties. Propèrties continue to be rented when nol needed to house clergy and the 8T$ rental income achieved was £1.3m. A further £0.6m is received from the rental of glebe property and land. 21
The Exeter 014xesan Board of Anance Llrnlted Annual Report & Consolidated Finandal Ststements For ihe year ended 31 Deomber 2024 FINANCIAL REVIEW Icontinued) Sl8nificant Property Transxttons (contlNd Current use of Clergy Housing Number of Cler8y Houses in portfolio 312 Occupied by Clergy 195 Rented Vacant 19 Oalance sheet posltlon The trustees consider that the balarKe sheei tO8ether wtth deits in note 215how thot the restricted and endowment funds are he in an appropriate mix of investment and current 5setS given the purposes for whKh the funds are held. While the net assets at the balance sheet date totalled £126.6m12023-. E126.8ml it must be remembered that included in these totals afe proirties. mostty in use for the ministry. whose Carryi value amounted to £57.3m12023.. £57.5ml. Much of the remainder ofthe assets shown in the balan Sheet are held in restrirted funds and canrK)t be used for the general pwposes of ED8F. Reserves pollcy Unrestrirted resernes EDBF need5 unrestricted reserves for the folk>win8 purposes: al To cover C¢ynmon Fwd shortfalls in the short-temi.. bl To ensure that funds are available to coyer the legal employment entit1ennts of all employees arKI stipendiary clergy: cl To cover expenditure d1Th8 the time it would take for the Oiocese to adjust to major chan8e resulting from external a1 irresbstible forces:
The Exeter Diocesan knrd of FInae Umlted Annual Report & Consolldated Finafflcial Statement5 For the year ended 31 December 2024 FINANCIAL REVIEW l¢¢)ntlnuedl Reserves polirylcontlnued) Unrestrictedreserves {tontinued) dl To provide a fund for specfft aspects of diocesan work earmarked as coming from reserves. aNI el Excess re5eryes beivd necessary in an indwidual yeaf. in line with the expectations in the bng-term finance plan. ED8F aims for an ongoing level of unrestrKted re5erve5 of 25% to 30% of annual budgeted expenditure, in order to cover items al to cl. above. Any amounts required to cover items dl and el. above, a considered on an annual basis. The unrestricted free reserves as at 31 December 2024 are outside this range at 39% of 202S bgeted expenditure of E16.3m. This is mainly the result of selliffd property assets Ihat wefe previousty in the designated fund. However, at the current time. with the 5enifKant e¢onomit uncertainty. and with a forecast deftcit ID 2025 of EO.9m, a higher level of unrestricted reseNes is conSided necessary. EDBF a150 holds endowment and restrirted rÈser¥es which are legally limited in use to specific purposes. Both ED8F'5 reser¥e poliry and the level of reseThes a reviewed annual. Reserves tiedup infwed ossets The general {unfestricted) luThJ comprises net assets amounting to É6.4m of £0.5m is tied up in intangible and tangible fixed assets. De5ignotedfvnds The trustees may. with the approval ol the Board. designate additional unrestricted reserves to be retained for an agreed wrpose where this is considered to be prudeni. Such designated reseryes are rev*wed on an annual basis and returned to the eeneral fvnd in the evenl that the purpose of their des8nation is longer consmlered to be adequate justifKatioTr for their retention. A description of each reserve together with the intended use of the reserve is set Jl in note 23. At 31 December 2024 total desi8nated reseThes were £21.7m12023: £21.5ml. of which £20.4m was tied up in tangib fixed assets. Restricted and endowmentfunds As set out in note5 20 10 23 EDBF holds and administers a large number of restricted and endowment funds. As at 31 December 2024 restrKted funds totalled £5.7m12023.. £5.6m) and endowment funds totalled £92.8m12023= £91.5ml. and with the exception of the adoption of Total Return, neither is availab for the general purposes of EDBF. In Derntser 2023. the dirertors of ED&F approved the adoption ofTotal Return Accountin8 in respect of the investments held within the th-ocesan Stipends Capital FuThJ, under the powers given in the Stipend5 Funds (Amendment) Measure 2016. The directors approved a base date of l January 2001 and agreed io use the Consumer Prices Index ICPII for the indexatton. 23
The Exeter Oioce5an Board of Hnance Urnited Annual Report & Consolldated Flnandal Statements For the year ended 31 ()etemlr 2024 FINANaAL REVIEW (contlnued) Asor¥es polcy Icontinuedl Restricted and endowmentfvnds 1CMtsndJ An initial sum of £g))k was allocated in the 2024 budget for work to Nnprove ihe Energy Performance Certificate (EPCI rating afftd Net Zeio in our clergy housing. É145k of this Ilocation wa5 spent in 2024. with t balance being avaiLible for further works in futu years. futu allcation of funds from Unapplied Totsl Retvrn IUTRI allocation will be determined by the dirrftots within the Iwdget planning process and for 2025 a sum of £6k has been alh)cated to supwrt clef8Y Stipends. As at 31 December 2024, the balance on the Oiocesan StipeThJs Capital Fund for investment an)ounted 10 £18.3m12023: £19.7ml and Is not available for the general purposes of ED8F. The balarKe on the Llnapplied Totsl Return fund ai the yearnd was £30.6m12023: £27.8ml. The Unapplied Total Return is available to 5UPPQrt cler8ysiipend5 and housiryover ihe long term. All grants and donations are made in fvrtherance of EDBVS strategic aims and ofy'ectives- see note 11. The policies on tr fflaki of prlncipal grants are.. Ordinands- 8ranis for Iiv4n8 expensesare pawj to ordlnands a8ainst an assessment of need in line with national polity. Ren>¥al atxl resettlement gran15- 8rant5 N)rmalty covering the full c05t ol removal expenses and resettlement grants in line with national guidelines afe ilable to stipendiary dergy on movirvd to or within the Diocese. Archbisho Council- the Board continues to contribute to varK)uscosts of the national church as requested: and Strategic Development Fund ISDFI- Ihis relates to grants ceiVed from the ArchbShOp Councll and ED8F funding for those projects in receipt of SDF. All 8rants are taken rnlo account when a n<anCelIable coffffiitment to pay hasarisen. Investment polky All Investnnts held by E08F have been Kquired under powers available to the Trustees. The Investment of diocesan furnls aims to maximise income. whilst maintsinin& so far as possible, the purchasing power of the investments. year-on-year and havir¥ ward to the ethical consMderatiorLS implKit in inN*stir% on behalf of the Diocese. 24
The Exeter Olocesan Board of Ananee Umlted Annual Report & Consolldated Flftanclal Ststements For the year ended 31 December 1024 FINANaAL REVIEW Icontlnuedl Investment poNcy {contlftwd> •nds•t 31 Proportlon K¢¥mefvld Total AUrTr December of Portfollo In year in year CCLA Manaeed CBF Inve5trneni Fund CBF Oeposil Fund 2.73% 505% +3.79% +5.05% Other Funds 34.717 EDBF also holds investment propertie5. in the form of three commercial properties and historic 8lebe land and property. These are all held within the Diocesan Stipends Capitsl Account Isee note5 20- 231. Fundsat 31 Income yd Totsl Return IA yoar ZO14 Investmènt Propert 29.699 1.97% Operatlonal relatimshlps EDBF foster5 lationShipS With the parishes across the diocese. through the provision of clergy. support and training and by engaging wilh them where it is important to obtain their views, particularly where there are Common Fund consJerations. ED8F f05ters relationships with suppliers by seeking to work with ihem to build MuallY beneficial relationships and bv paying irbvoices within agreed credit term5. PRINCIPAL RISKS AND UNCERTAIKllES The trustees are respK•nsible for the identifKation. mitigation and or management of risk and have carried out a fomal risk managemeni proce55 to asse55 business ri5ksand to implement risk management strategies. To help achieve this, a register of all the risks Identif is maintained (the Risk Register) afKI, alongside it, a mana8ement and mitigation Strate formed. This is reviewed annually by the trustee5. The above protess has been delegated to the Assets Group with the responsibility for delivery of the mitigation identified by the annual ieview being de*ated to the Diocesan Director of FinarKe. The Risk Register identifies the types of risks that EDBF faces, prioritising them in term5 of rKJtential impact likelihood of OcCurn(e. and the means of rniti8atin8 them. The Assets Group in conjunction with officers keep under review known risks and seek to identify new clrcumstances which may pose a risk to EDBF as part ol iheir ongoing work. 25
The Exeter Olocesan BoKd of Rnance Umlted Annual Report & Consolldated fvnandal Statements Fw the yeaf ended 31 (lecember 2024 PRINCIPAL RISKS AND UIICERTAirinÉs ItThQdI The current rtsks wlth Ihe highest resmlual risk SCO and the steps taken by senior management to mitigate them a as follows". Flnancial sustainability of EOBF: o Financial plan, covering the Per thro) to 2050 Regular reports to BDC ènd Oioce5an Synod setting out the scale of the haHenge and mitigation required Development of Asset Management Strate8Yto ¥Jentify those assets that can be sold if nete55ary o Adoption ofTotsl Retum accounting o Enga8emeni with the DK)wn Finances Review o Eng4ement the National & Strategy team to develop plans for securny Diocesan Investmefil Programme funding EDBF becoming rewnsible for lrnultiplel (hurch buildiw where there is no lor¥er a pcc: Through Growing the ftural Church initiative and pastoral reorganisat*Jn, the Church Buildin85 Slrate8y 8foup ensure5 that information and 5UPPOrt is available fof the extended use ofchurdb ldry$. Ad¥erse Publicity and k>ss of trusl in church leadership {due to Safeguardi caern$).' aear and transparent leadership commstnl o Pn)artive ewdagement with suThivors and afferted communities Communtitions Str4te8Y A shortfall in the Common Fund request: o Regular communication of ourvlsion strategy by the Bishops and the senior leadership team Support provided by the Mission Resources Team to parishes aThl Mcs o PromotM>n ofthe Parish Scheme as an effeC1r means of wular8PIi Oevelopment of the diocesan 8ivin8 Stfat RedLKtion in rental iome due to Renters ftefomi Bill and proposed cha$t0 Minimum ErgY EfficierKy Standard IMEESI: o Implications of the le8islatioTh is being dosely monitored •nd essed
The Exeter Dlousan Board ¢rf Flnance Llmtted Annual Rep•)rt & Consolldated Flnanclal 5tatementS For the year ended 31 Decemr 2024 PRINCIPAL RISKS AND UNRTAINTlEs IcontlThAed) Oiver8ence of oplnlon and failure lo accept differiryd views in equality. divefsity ar¥J indusion causin8 mistrust and disrespect between schools. communities arKI churches.. Following the NatM)nal Church of England EdatIon Office lead o Promote. as appropriate. Fburishing for All Anti-8ullying Guidance Be aware of legal responsibility on schools to 8ive due regard to the need ro eliminale discrimination (Equality Aci 20211. and possible implications for governance Failure to recruit and retain suitable qualified and skllled leaders and governors in our schools.. o Relaunch Governan Recfuitment campai8n o Prograrnme for induction. training and 5UPPOrt Widening the rId by accepting appointment based on skills for governan at direttor level. with willingftess to protect Church Foundation Fall in the number of peo wthin our worshipping (ommunities: o Clear statement of our vision and strategy 15 constantly reinfoiced by the Bishops and the senior leadership team o Provision of additional diocesan-wide 5UPPOrt through the Lay Discipleshlp proiecl and support to Mission Commun•ties o Provision of Livirvd in Love and Faith ILLFI fÈsources, trainiw and support for parishe5 and Mission Communities o A fiumber of mission initiaiives have been adopted to encourage arKI develop participation in church lrfe, with supwrt thrOh Strategic Develoneftt Funding Failure to appoint Parish Safe8uarding Representatives IPSRS). part•cularly when the parish is in van¢¥. o Promotion of safrguardine w?thin parishes o Use of Parish Safeguar(iing Dashboard Support from the Diocesan Safe8uardir Team o Training for all PCC members Non-compliance with new safeguardirrf le8islatK)n and standards. due to Vulnerabilities in key areas: o Regular rewew of safeguarding polKies o Compulsory 5afe8uarding trainin8 for relevanl post5 o Annual safeguafding audits The trustees are satisfied that all major risk5 have been reviewe(I, and systerns or procedures have been established to manage these risk> 27
The Exeter Dlocesan Board of FlnarKe Umited Annual Report & Coftsolklated Fknanclal Statements Foi the year ended 31 Decembv 2024 5TrucfuRE AND GOVERNAIICE The Church of Erydland is the established churth, and HM The King 15 the Supreme Governor. It is or8anised into two provinces {Canterbury and Yofkl and 42 dioceses. Each diocese is See under the care of a Iyshop who Is tharged wilh the cure of sou15 of all the peoplewitFMn that geographical area. Th15 charge is shared with priests within benefices and parishes which are sthj-divisions of the diocese. The National crCh has a General Synod comprised of ex-officio and elected representatbves from exh dwxese and it a8rees Measures for the governance of the church's affairs which, if enacted by ParliamenL have the force of statirte law. In addition to General Synod. the Archbishops, Council has a Coordinati role for work authorise(I by the $Yd. the Churth Commissioners manage the historic assets of the Church of England: and the Church ol England Pension Board administers the pension schemes lor clergy ar#J lay worker5. Within each diocese. overall leadershy lies wilh the Oioce5an Bishop, who emercises that respon%bility as Ix'shop within the DirKesan SyN)d. Suffimarylnfmath• atKMrt the structh of tl Clmwth of Eryl•nd Itontlnu¢dl The Diocese of Exeter is itself diwded into 21 deaner. eath with its own synod and wlthln each parish there is a parnchial thurch council which Sha with the parish priest responsibility for the missn of the church in that place. in a similar way to that In wthich the Bishop shares reSnsIbilItIeS With the Dte$an Syncd. Whmst each diocese is a separate legal entity. with a clear responsibility for a specific geographical aa. being part of the Church of England requires and enabks eath diocese to seek support from and work partnership with neighbouring diocese (h•nlsatlonal stnKlure EDBF Is a company limited byguarantee {No. IX118fAX)11 re8i5tered in Eland & Wales and a re81Stered charity (No. 24979818oYemed by its MemorarKlum and Articles of A550ciation. The compan$ prinapal activity is to promote. assist and advance the work of the Church of England vmthin the Oiocese of Exeter. It Was establishe(l in its present form in 1922 and is successor in title to the Exeter DioCen Trust. ED8F's govemance and oversight of polKv development Is the SPonSIbl11ty of the trustees who are a150 directors of the company and trustees for the pwpose5 of charity law. The trusteesldirertors of EDBF can comprise.. 11 ex-officio membersconsisting of the dKKesan and two suffragan blshops. the dean. fourarchdeacons and the chairs ofthe SyTr)d House of Clew and Synod House of laity and the Chair of EO8F; 4 clergy elected Irom the house of clergy from among their number on the basls of one per Jrchdeaconrr, lay persons e*cted by members of the IU$e of kity on the basis of two per archdeaconry: and A minimum of 3 and a maximum of8 members nominated by the diocesan bistw. 28
The Exeter Dlocesan Board of Aftan Limlted Annual Report & Consofidated Financial Statements For the year ended 31 December 2024 5TRucfuRE AND GOVERNANCE (continued) Organisatlonal stNrture Icontlnued) The Diocesan Synod, the Statutory governing body of the Diocese. is an elected body drawn from across the Diocese with responsibility for setting the vIsn and strateEy of the Diocese, guided by the Oiocesan Bishop. The Synod membership is elected every three years; the current members took office on l August 2024. Whilst EDBF is a separate legal entity. with clear responsibilities under l)oth company and charity law, as well as a governing memorandum and articles of association. by virtue of the Natx)nal Institutions Measure 2L EOBF is subject to the direction of the Synod in all its activities, unless such direction 15 not in accordance with the 8overnin8 documenls 01 statutory re8ulations. Attendance rates at meetln8s In 2024 Attendance rates at Diocesan Synod Absent March 2024 June 2024 October2024 29
The Exeter Oiocesan Board of n• Llmlted Annual Report & Consolldated Financial SLitement$ For the year ended 31 Dffember 2024 STRucfuRE AND GOVERNANCE Icontlnued) Attendance rates at meetlny In 2024 (contlnued) Llcriuai Vl)1SVV ) 4WIV esan Council Go¥efnance Update Z024 Duriwd the fyst 9 months of 2024. wofk continued to compkte forn1 processes relatkn8 to the Vacancy in See: principally the focus shifted to the deliberations of the Crown Nominations Commission. Triennial elections lo the Diocesan Synod were run and a new membership established during the summer. Theafter fwtherelections were held frorn 5epiember to November 2024, fillirvg a casual lay vacancy on the General Synod and electing members ofthe &shop's Diocesan Council. the vaca in See Committee, the Archwjiaconal Mission and Pastoral Committee5 and the DK)cesan Board of Patronage to take effect from I January 2025. The Di¢xesan Synod and ihe Bi5hop'5 O*xe5an Council consmlered a wide variety of issues during the Coufse of the year- from ststutory annual tasks such as agreeing the annual bud8et. to strategic plannin8 and the devebpment of diocesan fundinB applications. The Bishop's Council also SUPPOrted the sutyn155n of an applKation tts the Dioceses Commission for the fllin8 of the suffra8an See of Crediton on the retirement of the Right Rerfd Jackie Searle. to tske effect in early 2025. De¢lslon makiry strxtu Corpirate priorities and the overall financial Mfate8y for the Oi¢xe5e, ¢0 support it5 primary object to promoie. assist and advance the work of the Church of Er%land within the Diticese of Exeter are set by the Diocesan SyTh)d and EDBF. The responsibility for ensuring that these prioritbes and strate8ies a deli¥ered 15 delegated to the Diocesan se¢tary. EOBF meets once a year in general meeting to receive and approve the annual report and financial statements and to appoint the auditors. The Diocesan Synod each year Ceive$ and agrees the annual budget, prepared and atwved by EDBF.
The Exeter Diocesan 8oard of Flnance Umlted Annual Report & Consolidated Finandal Staternents For the year endod 31 December 2024 sniucTURE AND GOVERNA14CE Icontlnued) Declslon Mak1 structure (¢ontiN*d} The trustees. Meeti within the context of the Bishop's DicKesan Council, hold up to six meetin85 duri the year to fowmulate arKI coordinate policies on mission. ministry and finance by: InitiatiNd proposals for action by the Synod and alfvira it on matters of policyi Transarting business of the Synod when it is not in session subject to the directions of the Sywd arKI in accordance with Synod Standin8 Orders: Acting as the trustees of EDBF- Planning the business of the S¥Th. preparing the agenda lor ils sessK)n. and clrculatln8 to members infom)ation about matters for diKus5ion.' Advising the Btshop on any mauers trt may ler to the committee: Initiating consideration of any restructur•ng of Committees Oepartments whlch may appear necessary and for the establishment of ad review 8roups, their terms of reference and membership.. Carryin8 oui such other furKtion5 as the Syrnd delegates to it.. a1 Appointin8 members lo commtttees and presentatives to external bodies. subject to the dhfeciion olthe Symd. Other than Board's Standing Committee, which may make ur8ent decision5 on behalf of the Board between meetirss and has responsibility for staffing and personnel matters. ED8F has the following sub committees each of wknh have written terms of reference: Assets Group This Group has responsibility for monitori8 all diocesan in¢ome and expenditure and the investment and protection of assets. The &shop's StmtegyAdvw Gnwp This Group comprises the Bishop'5 Staff Team. the Chairs of both the House of Clergy and Laity. the Chair and Vice Chairs of the Board of Finance and members of the Senmy Management Team. who attend as required. depending on the subject matter. The Group has a strategic focus, and the suwts dTr5cussed are in line with the Diocesan Wision & Strategy. The Group's decisions will be directed by the Board and Bishop'5 De$an Council in accordance with the policies a8reed by the Diocesan Synod. Tr GfOUP is also responsible for considerin8 and advising the Board on key financv41 considerattons and the annual budget setting process. Exeter Dioce50n Boord olEdat{On The Board has a responsibility to pr¢ynote of assist in the advancement of education. which is consistent with the faith and practice of the Church of ElarKI. and in the promotion and asystarKe of religious edu(alion arnl rel18S worship in sclM)ols. In our 134 Church of England schools, of which 78 are academies and 56 are maintained 5chools126 Voluntary Aided and 30 Voluntary Controlled). the Board has a responsibility to assisi and advise 8overnors on matters affectirry church schools. and to promote co-Operatn between the 31
The Exeter Diocesan Board of FInan Umlted Annual Rep¢)rt & ConsoNdated Flnancial Statements For the year ended 31 Oecernber 2024 STRUCTURE AND GOVERNANCE ¢ContIndI Declslon m¥klw strurture (¢ontIrnd) Exetef DiKe50n 8oordof Educotiffi (CLtinued1 Board and others invow with education in the Oiocese. As part of this. the Diocese is keen to ensure the Christian distinctNeness of all Church of En8land schools is protected and enhance5 their community. Under the Diocesan Boards of EduCan Measure 2021, the OBE tcame a fomial sub-committee of the D&F from l January 2023. In addition to these sU0Mmittee$ EDBF 15 assisted in its WO by the folowlTrd ot committee5: PorsLvKwes Committee This committee. which has the same membership as the Assets Grow. is re¥bonsible for determining policy and Maki major decisions crnITy the management of parsonage Iv)uses in each benefi¢e. includin8 setting policy for buyin8, repairing, maintainin8 and any disposal of parsona8e houses, team vicarages and hcwses owned by ED8F. There are four archidia¢onal parsona8e committees which exercise delegated powers for the da¥-toa¥ decision$on der8y housing. Glebe Committee This committee. which has the same membership as the A55ets Group. 15 responsible for determining p)liLy and Maki decisw concerning the mana8ement of glebe proiwty and investments for the benefit of the dicKesan Stiw$ fund. L)iocesan mI10n ondPostomlCommittee This crynmittee. which has the same membership as the Bishorfs Councll and Standi Committee and the trustees of EOBF. is responsible for the orgarsatIOn of pari5he% benefices, church buildiNds. dearries arKI archdea¢onries. taking account of available der8y numbers and making use of new pattems of rninrstry. DiLKeson Al5Y ClMIttee(¥1he c rfchurdyes This committee advises on matters affecting clwrches arKI places of worship suth as t granting of facultie8 arthitecture. afchaeolo8y, art the history of plKes of worship, the use and care of places of W01p and theircontents and the Ca of churchyards. ExeterDirteson 8oorddPatrage The Board is constituted under the pmvisions ol the Pairona8e IBenefKesl Measure 1986 and is sole patron or joint patron of a numberof benefices. Church 8uilding Strotegy Committee This committee carries statutory funrtions with regard to churches, whlch either have been closed for regular worship. or where that option is being considered.
The Exeter Diocesan Board of Anance Umfted Annual Report & Consolldated Financial Statements For the year ended 31 December 2024 STRucfuRE AND GOVERNANCE Icontlnued) Detislon malnz stnKture IcoThtirnd) Voconcy in See Committet This committee uThJer the VacarKy in See Regulations 1993 las amended) aumeS certain responsibilities in the event of a vacarKy in the post of diocesan tishop. Dloc¢san Synod The Diocese of Exeter has its 01n5 in the creation of a di¢xe5e for Devon in 909AD arKI took broadly its present fomi in 1877 when the Dxese of Truro was created as a separate diocese. The ecclesiastical boundaries of the Diocese equate almost exactly to the county of Devon, which covers an area of 6.707 square kilometres12.589 Squa miles). Devon is pfedominantty rural, with two major moorland areas. but also includes the two citie5 of Plymouth Exeter and the urban èrea of Torbay. The overall resident population of the county is more than 1.2 million. with the north and 50Uth coastsl areas attracting many tourlsts in the summer months. The governance of the Diocese provbdes lor elected clefgy and lay members alongside the Bishop in Diotesan Synod. which also includes ex-officio member5 such as Suffragan Bishops. Arthdeacons and the Dean, as well as co-OPte(I members appointed for their skill or experierKe. Diocesan Synod is presided over by the Oxesan Bishop. Its robe is to.. Consider matters affecting the Church ol Er@land in the Diocese: Aci as a forum for debate of Christian opinion On matters of reli8ious or publK interest- Advise Oiocesan BisFKJp where requested. Deol with matters referred to it by General Synod: and Provide for the finances of the DeSe through EDBF. At arthdexonry and deanery leve15 The Diocese consists of 480 parishes arran8ed into 21 deaneries within the four archdeoconries of Exeter, Totnes, 8arnstaple and Ptymouth. Wilhin ihese parishes there are 593 Church of En8land places of worship in the Diocese, the 4th hest number in Eland. Each deanery has a Synod COSting of a use ofclergy and a house of laity. The Synod is chaired jointly by ihe Lay Chalr. elected by the lay members from among iheir number, and the Rural Oean, who is app)inted by clergy and Commissior the Diocesan Bishop. The role of the Deanery Synod is to- Gbve effect to the decisions rnade by Di¢Ke5an Synod: Ci)nsider matters affecting the Church of Ersland by drawi tO8ether the views of the parishes within the deanery: Act as a channel of CommlCa110n to express the views of parishes to Dlocesan Syrrf)d and thence to General Synod. flaise with DM)cesan Syr¥)d such marrers as it considers appropriate.. ond 33
The Exeter Dl¢>cesan Board of Flnance Ub7thed Annual Report & Consolldated Financial Statemtnts For tho year ended 311)¢cember 2024 sriiucTURE AND GOVERNANCE lcontinwd) D¢¢lslon maklng structyre If41d> At archdeaconry aml deeryIel$4COntJ Elect members of the dea io Dlocesan Synod and of the 010se to General synod. M1551on Communitie5 (Mcs) Whilst Mcs a a cen¢ral part of ihe stnKtwe and g0Veman of the Di0se. they are not of themselves legal enliti. Mcs will vary from place to place, Ixrt will usualty Irb¥0 150 or more worshiping adults. together with children and young people. in order to fofm a critical mass. The commiiment to work tO8ether may be kymalised as a uniied benefi¢e. as a sin8le pèrish, a5 a team mlnistry. or be exwessed through a kSer partnership. Each MC Is encoura8ed to have a Mission Comrnunity Action PLan. This thould bea working document which help5 the local thurch k)ok outwards togrow in prayer. to make new disciples aNI to seNe the peop of De4rm with joy. At a wlsh le¥el Each ecde5iaStical parish has a PCC. whose members indude the local parochial derBy, l(Kally elected members of the Drocesan and Deanery Syrnds, the Churchwardens. a number of elected representatives and. possibly. a small nwnbef o(co<Jpted members. Its nmbers are trustees therefore have trustee resp)nsibilities. Under current charity law. PCCS with an income of under £I.XI a year are c1è55ified as charities but are currentfy excepted from l$tration with the Charitycommlsslon. PCCS with an incow* In excess of £l(Kl.(Kl) in anyyear are reQred to register as charilie5With the Charity Commiswn. The concession for PCCS with an Iome of under £ILiI.llll will disappear on 31 March 2031. after which all PCCS with income of £5.(KX) Of more wdl need to re8iSter. The will be a planned on.boardiffj startin8 in 2026. The financial irnnsartions and balances of PCCS a not refiected in these financial slateftv2nls. Exeter Cathedral The Cathedral is the seat of the 8isFw and a centre of worship, tehing and mission. It has ils own separate legal charitable constitution and pPare5 its own financial statements. copies of which may be obtained from the Cathedral Office. l The Cloisters. Exeter, EXI IHS. Exeter Cathedral does not fomi part of EDBF group k¥raccounting wrposes. Trustees are members of the Blshop's Courfil & 5taNlin8 Committee and a selected as set out above. Trustees are 8i¥en induction at the be8inniftg of eh three-year temi Itrienniuml and at other times as appropriate. They a also infomied before seeking membership and. at all other relevant times, of the role and funrtK)n of the Committee.
The Exeter Dlocesan Board of fianCe Umlted
Annual Report & Consolldated Flnandal Statefflents
For the year ended 31 December 1024
STRUCTURE AND GOVERNANCE {contlnuedl
De¢lsion rnaki strUCre {cOntlrndI
Trustee refrultment, 5elertitin and Inducllon
Some staff hold the title of 'Directorf. but this relates lo their fvn¢tion within the
organisation and has no legal meaning within the terminology associated with the
Companies Act. All trustees are required to sign the code of praclice and mainiain their entry
in the record of declarations of interest.
Stsnding Committee ol the Exeter Dlocesan Board of Finance
Emoluments of senior employees are detennined by the Standing Committee of the 8ishop's
Council, Consisting of the Chair of ED8F, the Diocesan Secretary Inon-votingl. and up to four
other Dire(lors (normally the Chairs of the Houses of aergy aThJ Laity or the•r deputies. plu5
one further member elected by EDBFI.
The terms of reference for this group 15 established bythe Bishop's Dlocesan Council and
include= a8feein8 the annual increases in salarie5 for all lay staff= consJerin8 and
determining changes in the grading of any lay staff. to respond to requests from stsff to alter
working hours. Ve[S of responsibility or other elements of their employment contract: to
make recommendations regarding staffing levels, needs or problems in ary area- to assess
options and prosaI5 for structural changes in the way in which EDBF operates; and to take
detislons on behalf of EDBF on matters which must be decided urgently and for which it IS
impossible for the nomial prtxesses to apply.
Dele8ion of day.to4ay dell¥ery
The trustees and the sub
The Exeter Dloce5an Board d Anance Umlted Annual Report & Consolldated Flnanda Staternwrts For the year ended 31 December 2024 STRucfuRE AND GOVE RIIANCE {corrtlnued) D•chkJn makiry strurtur• Iwntwwd) Funds h•ld M bohalf of sdw)ols The Board of Education las incorporated within EDBFI recewes contrilwtFons from 8o¥ernors of chuich schoolswlthin the Diocese in connection with major Pair arKi capitsl project5 to churth schools and also govemment grants in COnnectn wilh the same. The Board of Education administers these mnies as Managi agent and makes appropriate payments to contractors for work carried out. fv monies do not belong to the Board of Educati and as such the receipt5 and payrnents are not treated as ir)come and expenditure in the Statement of FinarKlal ActitteS. Any mons hekl a¢ the balance sheet date are treated as creditors on the balance sheet. The amounts included in creditors as at 31 December 2024 wère.. £1.046.IXX)12023: £599.IK(11 reCepd from 8o¥emors and the Department for Education in advance of repairs and impro¥ements to schools. held in the general bank account: and £165,(X))12023: £391,() trold in a separate CCLA deposlt account on behalf of the governors of Church of England schools in $t of building fvnd5 devolved from the Oepartment for Education. The income and expenditufe relating to scPM)ol projects not reflected in the Siatement of Financia5 Activities arnounted to £2.Om and £1.2m respectively in 202412023: É1.8m and £1.7ml. The Excess of income 01 expenditu in the yeaT 15 due to timin8 of receipt of fundln8 (mainly in advance) for sch1 cathl projects. TRUSTEES. RESPONSIBIUTIES STATEMENT The trustees (who are also directors of EDBF for the purposes of company lawl are responsible fr•r preparirvd the TfUStees' Annual Report lin¢ludin8 the Strategic Reportl and the financial ststements In accordance with applKable law and United KK)gdom Accounting Standards {United Kin8dom Generally Accepted £couniin8 Practice). Company law require5 the trustees to prepare financhil statements for each fin(la1 year. Under company law the ifusiees must not approve financial statements, unless they a satisfied that they 8ive a true and fair view of the state of affairs of the group and parent charitable company and of the incomirva sOUrceS and appatn of SoUrCes, including the income and expenditure. of the group and parent chafitsble company for that period. In preparing these financial statements. the tnjstees are required to.. Selett suitable account•Nd polic*s arKI appfy them consistently,. Observe the methods and prinoples in the Charities SORP 2019 IFRS 1021,. Make judgements and estimates that a reasonable prudent. Stste whether applicabte UK Accoun11 Stsndards he been followed: and Prepare the fironcial statementson the 80irrf contem basis unless It IS inappropriate to presume that group and parent charitable company will contiwe in operatton.
The Exeter Dlocesan Board rf FinaTr Umlted Annual Report & Consolldated Fifflandal Statements For the year ended 31 December 2024 TRUSTEES, RESPONSIBIUTIES STATEMENT (cwtinuedl The trustees are responsible for keeping adeouate accountiNd records that disclose wlth reasonable accuracy at any time the financial FQSition of the group and parent charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2(K)6. They are also responsible for safeguarding the assets of the group and parent charitable compary arKI hence for takid asOnable sieps for the prevention and detection of fraud and other Irfegularities. The trustees are resF4)nssble for maintenance and integrity of the corporate and financial information intluded on the group and Pant charitable compan$ website. Legislation in the United Kingdom goveining the preparat and dissemination of finanoal statements may differ from legislation in otherjurisdicttons. STATEMENT OF DISCLOSURE TO THE AUDITORS In so far as the Trustees are aware.. a) There is no felevant audit inforniation of whKh EDBF'5 auditor 15 unaware,- and bl The Trustees have taken all the steps that they ought to have taken to make themselves awa of any relevant audit information and to establish that ED8F's alItOr is aware of that infOrmatTh. APPOW4TMENT OF AUDITORS The -appOIntMent of Bishop Flemin8 LLP as auditors to EOBF will be proposed at the Annual General Meetin& 37
The Exeter Dlocesan Board ol Hnance Umlt•d Annual Report & C•)nsolidated Flnaftcial Statennt$ For the year ended 311)ecember 2024 ADMINISTRATIVE DETAILS Twstees The trustees and director5 of EDBF are either exffici9. nominated. electèd or appointed as detailed in the slanding orders of Exeter Diocesan Synod. a copy of which can be inspected at EDBVs re81Stered offKe. The followi were directors throLEhout the year lunlpss olherwlse ststedl: Ex officlo The Rt Rev Mlke Harrison, Lord Bishop of Exeter (fvom 2 November 20241 The Rt Rev Jacqueline Searle, BistKip of Crediton (until 31 January 2025) The Rt Rev James Grr. Bishop of Pfymouth The Ven Jane Bakker. Archdeacon of Plymouth The Ven Andrew Beane. Archdeacon of Exeter The Ven Verena Breed. Archdeacon of Bamstap The Ven Douglas Oettmer, Archdexon ofTolis The Very Rev Jonathan Greener. Dean of Exeter The Rev Preb Michael Partridge (Chair. House of Clergy) Mr Giles Frampton (nominated by the Bishop as Chèirl Or Kerry Gilbert (Chair, House of Laity) (from 7 Oclober 20241 Appnted ty the Blshop Mrs Laura Ford Dr Ly5tra Hagley-Dickinson The Rev Tanya Hockley-still Mr Robert Mills Ivice Chairl The Rev Preb Samantha Stayte The Rev Canon Dr Michael Williams Ivke Chalrl Dr Michael Wykes (until 31 January 20251 Elerted by BarnStOpArdQ(ry The Rev Rosie Austin Mr Graham Dunn {from 15 20251 Mr Ntgel Price Elected ty Exeterknhde Mr Richard 8uziacott (from l January 20251 Mrs Antoinette Foreman luntil 31 December 20241 Dr Jennie Golding (from l January 20251 The Rev Edward Hobbs (until 31 Oecember 20241 The Rev Deborah Leighton-wom lfrom l January 20251 Mr Keith Rushforth luntil 31 December2024) Elertedby Plymouth Ardthmry The ftev Andrew Atkins (until 31 AU$l 2024} Mrs Annie Jefferies luntil 7 October 2024 and from l January 20251 MT Michael Jefferles Elerted by Trtnes Archdeoconry Sir James Burnell-Nu8ent {from l January 20251 The Rev Peter March Mrstephen Macey
The Exeter Olocesan Board of Flnance Limited Annual Report & Consolldated Flnanclal Statements For the y¢ar ended 31 Decernber 2024 ADMINISTRATIVE DETAILS IcontiMRd) Senior staff and ad¥iser5 Diocesan Secretary Head of G¢)vernance Director of Mission & mintrY Director of Education Direclor of Finance and Company Secretary Director of People & Safe8uafdin8 Director of Property Director ofcommunications Strategic Programme Manager Operations Manager Stephen Hancock Ed Moffatt lan 8u55ell Sue Lockwood Neil Willvams Anthea Carter-savigear Graham Davies Chloe Axford Rafael Krasnodebski Annemarie Kendell egistered OffKe.' The Old Deanery The Cloisters Exeter. EXI IHS Bankers.. Natwesi Bank plc 59 High Street Emeter, EX4 30P Auditors: Bishop FlemiThx LLP Chartered Accountants Statutory Audrtors Bfook House. Winslade Park, Manor Drive. Clyst St Mary. Exeter, EX5 IGD Solicitor5: Birketts LLP 111 VKtoria Stieet Redcliffe Bristol. BSI 6AX Investment advisers- CCiA Investment Management Ltd One Angel Lane London. EC4R 3A8 InsurarKe brokers= PIB Insurante Brokers Poppleton Grange Low Poppleton Lane York. Y026 6GZ Main Insurers: EccleYaStal Insurance Group plc Monlpellier Fh)use Montpellier Gloucester. GLI ILF 39
The Exeter Dloeesan Board of Flnante Limlted Annual Report & Consolldated Financlal Ststements For the year ended 31 December 2024 ADMINISTRATIVE DEfAILS (Contlnued) The direttors and trustees of the Board's subsidiary Undertaki who seryed throwdhout the year (unless othefWiSe stated) were as folbws: DIREcfoR5 OF EDPS UMITED Mr Giles Frampton Ichairl Mrs Jan Keliher The Rev Canon Dr Michael William5 Mr Neil Williams In appro¥ir* this Annual Re>wt {pa8es 3- 371. trustee5 are also approvin8 the 5trate8iC Report Included on pages 4- 27 within theircapacity as cixnpary director& BY ORDER OF THE TRUSTEES Giles Frnmpton Chair 9 July 2025 Mlchael Williams Vke Chair
The Exeter Dloce5an Board of Nnano Lirnlted Annual Report & Consolldated Flnandal Statements For the year ended 31 December 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE EXETER DIOCESAN BOARD OF FINANCE LIMrrED We have alted the financial statements of the Exeter Dw)cesan Board of Finance Limited (the 'parent charitable company. or'EDBF'I and its subsidiaries I'the group'l for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the Consolated income and expenditure account, the consolidated and EDbF balance sheets, the consolidated cash flow statement and notes to ihe financial statements, includin8 a summary of significant accountin8 polS. The financial reporting framework that has been applied in their pParatIon is aPpIable law and United Kingdom Accountlng Standards. includin8 Financial Reportin8 Standard 102 The Financ1 Reporting Stondord opplicoble in the United Kingdom ond Republic of Ireland (United Kingdom Generally Accepted Accountir Praetice). In our opinion ihe fInarla1 stements= Give a tfue aNJ fair view of the state of the group's and the parent charitable companrfs affair5 as at 31 December 2024. and of the groups incoming resources and applICat}n of resources. inc1ling ils income and expenditure. for the yeaf then eTrJed.. Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice: and Have been prepared in accordance with the cequirements of the Companies Act Basis of Oplnlon We conducted our audit in accoidance wilh International Standards on Auditi (UK) IISAS IUKII and applicable law. Our responsibilit5 under those standards are further described in the auditorfs responsibilities for the audit of the fi.nancial statements section of our report. We are indepeThJent of the 8roup and parent charitable tompany in attordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evrflence we have obtained 15 sufficient arml appropriate to provide a bags for our opinion. CorKluthins rel*tinA to ¢on¢ern In auditin8 the financial statements. we have conduded that the trustee5' use of the going concern basis of accounti in the preparntion of the financial statements is appropriate. Based on the work we have performed. we he not identifted any material yncertainties relating to events or conditions that. individually or Collectplv. may cast SnItant doubt on the group's or parent charitsble comparfs ability to continue as a going concern for a period of at least twelve months fft)m when ihe financial statements are authorised for issue. Our responsibilit$ and the responsibilities of the tfustees with respect to going concern are described in the relevant sectKJns of this report. 41
The Exeter Dlocesan Board of Flnance Umltod Annual Report & Consolldated Flnan¢ial Statements For the year ended 31 i>e¢ember 2024 INDEPENDEpif AUDITORS, REPORT TO ThE MEV8ERS OF THE EXETER DIOCESAN BOARD OF FINANCE UMITED (c(rtlnuedl Other Inforniallon The other infomètion comprises the inl0rnHtn inckKled in the annual rert and consolidated financial ststements. other than the financial statements and our auditorfs port thereon. The truee$ are respOns)Ie for the other informalion contained within the annual report and consolidated financial statement& Our opinion on the finandal statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any fom of assurance condusion Ihereon. Our reswjnsiblliiy Is to read the other infom)ation aThJ. in do1 50. consJer wheiherthe other information is materially inconsistent with the fw)ancial ststements or our knowledge obtalned In the audit or otherwise appears to be rnaterialfy mi5Ststed. If we hjentify such material inconsistencles or apparent material mi5slatements we are required to determlne whether this gives rise to a material misstatement in the financial statements themsefves. If, based on the work we have perforn)ed. we Conc1Je ihat there is a material misstatement of this other informatn. we a required to report that fart. We have nothing lo report in ihis re8ard. In opinion. based on the work Ufmjertaken in the cowse of ihe audit: The informat given in the trurtees. annual report lincorporating the strategic report and direttors, rep prered for the purposes ol Company Lawl for the financial year for which the financial statements a Pred is Consistent with the financial 5tatements,' and The strategic report and the directors. re ha¥e been prepared in accordance with applicable legal requirennts. Matters on whlch we are fequlred to rewt byexcefv In the light of our krthvledge and under51aThJiTh& of the group and parent charitable Company and its environment obtained in the course of the alIt, we have not idenlified material mi5Statement5 In the strategic port or the directors, rewrt. We have nothing to rep)rt in respect of the followin8 matters in relation to which the Companies Act 2c6 require5 U5 to report to you rf. in our opinion: Adequate account•n8 records have not been kept the group and pareni charitable company. or retums adequate for tyjr alit have rx)t been received from branches not vited by us: or The group and parent charitable companrfs financial statements ale Th)t In agreement with the accounting records and tUrnS. or Certain disclo5u of direciors, remuneratKn specif*d by law are made,. or We have not received all the inforniation and explanat)n$ we require for our audtt. 42
The Exeter Di¢xesan Board of Fln•nce Umlted Annual Report & Consolodated Flnanclal statements For the year ended 31 Decernber 2024 INDEPENDENT AUDrroRS' REPORTTO THE MEMBERS OF THE EXEfER DIOCESAN 8OARD OF FINANCE LIMrrÉD Icontlnued) Re5pon51b4ities of trnstees As explained mre fully in the Tnjstees. Reswnsibilities Statement set out on pages 36 and 37. the trustees (who are also the direaors of the parent charitable company for the purpose5 of company lawl are reswn5ible for the preparation of the financial statements and for being satisfied that they give a irue and fair view, and for such internal control as the trustees determine is netessary to enable the preparation of financial statemenis thèt are free from materral misststement. whetherdue to fra1 or error. In prepariThd the financial ststements, the trustees are responsib for assessing group's and parenl charitable company's ability to Continue as a goi toncern. disclos1r as applicable. mattefs related to going concern and using the goi concern basis of accounting unless the trustees either interKI to liquidaie ihe group or the pareni charitable company or to ase operations. or have no alIst alternative but to do $0. A11105 respmslbllltles forthe wdlt of the financial statements We have been appointed auditors under ihe Companies Act 2LK6 and report in accordance with this Act. Our objectives are to obtain reasonable assurance atK•ut whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hbgh level of assurance but is not a guarantee that an audit conducted in accordance with iSAs IUKI wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and a considered material if, individualty or in the ag8reg3te. they could reasonably be expected to influence the economic decisions of users taken on the ba515 01 tse financial statemenis. Irwegularities. including fraud. are instances of non-compliance with laws and regulatTrons. We design procedures in line wth our responsibilit5. Olltlined above. to detect material misstatements in fespert of irregularities. induding fraud. The specif procedures for this engagement and the extent to which these are cophble of detetting irregularitie% includir fraud is described below- We have considered the natuwe of the sector, control environment and financial perfomiance of the group and parent charitable company: We have considered the results of enquir$ with managemeni and the trustees in relation to their own identification and aSsement of the risk of irregularities within the group and parent charitsble company: 43
The EJ(eter Dloces•n Board of Hnance Umlt Annual Report & Consolklated Flnandal Ststements For the year ended 31 December 2024 INDEPENDENT AUDifoRS' REPORTTO THE MEVaERS OF THE ÉXETER DIOCESAN 80ARD OF FINANCE LMTED Icontlnued) Audltorfs r•SpsIbIl{lO1s forthe wthofthe lknandal stalenwnts (contlnwdj We have re4ryewed ihe docwnentatiort of key processes and conifols and performed walkihrou8hs ol tran5OCtions to confimi that the $tern5 are operating in line with docufflentation: and We cons#lered the mattets dixussed amoN8 the audii ey4èmen¢ te re8aidin8 how and where IT3 mY4ht occur in the financial statements and anv potential indicators of fra1. Asa resuh of these procedures. V• have (onsidered the opportunities and incentives that may exist wilhin the group for fra1 aThJ Idenirf irtorrect re¥eThJe recognition to be snificant risk. In common with au audits der {UK} we are a150 fequyed to perlorm specifK procedures to resp)FKI to the risk of manement override of contro15. includi through the use olpwn•l eAtI bemw a fwther wian1 risk. We hwe aLso obtained understandiry ol the al and reEulatory Irameworks that the 8roiy and parent charitsble clxnpany operates . focusiTrx on provisn5 of those laws and regulations that had a dire¢t effed on the detemiin•tion of maiefial Jmounts and disclosure5 in the financial statements. The key laws and re8ulètion5 we considered in this context irKluded the CompaniesAct 2(, Charitits Act& Church Mea5vrts, FRS 101. the Charities SORP and tam Iw'slaiKin. In addition, coftsidered provisrons of other laws and re8ulations that do not have a direci effect on the fancIal statements bul compliance with which may be fundamental to ihe grow and parent charitable comparvls abilily to operate Of avold • matefwl penalty. These #KIle0 emthment and health and safety le81•t)n. Our procedures to respond io risks Klentifved Induded the followiff: Ren8 the financial statement disck75we5 and testwvd to supp(xtiryd doturnentstion io assess compliance with prtr¥isions of relevant laws and we83tn5 descriw as hwif% a di effect on the financial statements: Perforrning ana41 to Nlentfy ur•uswl or nexle relatw)nships Ihat may indKate ri5k5 olmaterial ffli5slatement due to liaud: Reviewn8 miTrJtes ol ihe 8ishop's Diocesan coth1 meetln85: Enquiring ol management a1 those charged wrth governance in relation to act1 and potential clain5 or litigation5: Reviewing the h'nanciil $tern15 disclowres and testiry lo supporMB docwnentation to assess the rec(enition of fe¥enue.' and In addresyn8 the risk ol frawl through managemeni override of controls. testin8 the approwiateness of pufnal entries oiher adjustments: assessing wheihef the 18ements made in acCOtIn8 estnaies are Indicat• of potentfdl bias. and evaluatin8 the bJsiness rationale of signifftant transactions that are unusual or ¢yAsKle the nomHI course ol 55.
The Exeter Dloces•fi Board ol AnwKe Umlted Annual Report & Consolldated Flnan¢lal Statemonts For the year ended 31 Decemkn 2024 INDEPENDENT AUDITOR5, REPORTTOTHE MEMBERS OF THE EXEfER DIOCESAN BOARD OF FINANCE UMITED (contlnued) Audltorfs lesponbIllIeS forthe wthtolth• stat¢ments {eontlnuedl We also c(Knmunicated identified laws and regulaiions and potenti•l Iraud risks io all mernbers of the engagement team arwj TemainEd alert to possible indicators ol fratNJ or no complvarKe with laws and re8ulaiions thrwhout the audit. Because of the inherent lirnilations of an audiL there is a risk Ihat we win not detect all i1£UlarItieS. including those leadin8 to a materi•l mi55tatement in ihe Ibnancial statements or non-complian<e with re8rJation. Thts risk incfeases ihe more that compliarKe with a18w or re8ulation is remo¥ed from the ebnts aThl trdn5Xtions refiected in the financlal statements. as we will be less likely to beco aware of instances of non<ompllwKe. The f15k is al 8reater regardir% irre8ularits OCCUrrity due lo frnl ratr than error. a5 ffaud involve5 Intentmal concealmen¢ for8ery, collusion. omi55N)n or misrepresentat#. A further description of our fesponsibilities for the audit of the fina141 statements t5 located on the Hnancial Reporting CoUrK5 website at: www.frc.or8.uVauditorsresponsib'bties. This description Iofms part of our auditorfs pOrt. Use of •)UT report This rewt is made solely to the chaTits14e comparfs members. as a bDdy, in accordance with Chapter 3 of Part 16 01 the Comparwes Aa 2W6. Our a11 work has been undertaken so that we nw8ht state to the charbtable compan¢s rnembers t1$e matter5 we are required to state lo them ¥} an auditorfs Rport and fry no other purpose. To the fvlkst extent permitted by Iw. we do not xcept or assume fespDnsibility anyone other than the ¢harit•ble company and 8roup and its memkrs as a body. lorow alIt work. forthis feport, or for the oixnion5 we have lomied. Charfes Martkn FCA (Senior statutoryAfrt0r For and on behalf of: 8i5hop Fleming LLP, Chèrtered Accountants & statory Auditors Bmok House, Winslade Pa. Manor (ki¥e. Clyst St Mary. Exeter. EX5 IGO 14 August 2025 45
The Exeter DIe$an Board of Flnance Led Annual Report & Co1dated Flnandal Statements For the year ended 31 Derembw 2024 CON50UDATEO STATEMEKf OF AIIANapi ACTM For the year endod 31 December 2024 Fwids 2W4 1013 Donatb)0S Parfsh ChshoP,$ CowKil otr donatNJ thaiitable actfvtlles OthErtradinB ctNitles InVements orher 8.414 8A14 3.026 179 828 1.473 L839 326 22 136 769 L473 21 1.597 1,681 215 Total ITmand IL663 22 16.768 17,151 Cosrsof falwqfuTrJs Chai•ble 0¢ttieS 165 13,287 65 27 257 17.492 55 17,2S9 Total eynthture 13.451 55 4.215 27 17,749 17.507 IL7891 (331 74 767 19811 13561 t4et8aiftAlosslon 16 748 5.036 I4 homelle4ndkn• IIA491 149 L515 141 11041 11631 14ei mtyrtmertknl¥nds 11.8Z31 L352 Toul br &193 21.517 5.614 9L491 126.845 1165 T•t*l lund% cwAed 4370 21.728 923 124630 126,845 All activitres derr4e fmm continuiTra actbvities. The notes on pages 51 to 95 fonn part of the finala1 statements.
The Exeter Diocesan Board of Flnance Urnlted Annual Report & Consolldated Flnan¢ial Statements For the year ended 31 Decembor 2024 CONSOLIOATED INCOME AIID EXPENixlliRE ACCOUNT For the year ended 31 Decern 20Z4 Tot Totsl 2023 Total Ih¢amlryR%wJr5 15.974 117.7221 14707 117,5071 Op•raltrf surpWldefitht)Iwthty 117481 Nttgalnllk)ssl onin¥esvnerrts 17 1,$20 et lorthey 11,7311 720 Nei assets iiansfefied liovfrtyn 163 16931 11,5681 27 The (oMe and expenditure account is derived from the Statement of Financial Activitie5 Wlth movemenis in endowment funds excluded to compty th company law. All income and expenditure is derived from continuing activitie& 47
The Exeter DlIKesan Board of Nnance Urnlted Annual Report & Consolidated Flnantial Statem Fw the year ended 31 December 1024 CONSOUDATED AND EDBF oANcE SHEEf5 At 31 D¢¢¢fflb¢r 2024 fjrnup eD8F Inlongible•tssets Tortgibleossets 14 39 SF.698 61.461 39 57.698 6L461 57,512 64.416 57,512 64,416 16 TotffllL4edossets 121.948 12L948 I.198 119.198 Debtors 17 1.576 37 1,992 35 &737 37 35 7.201 7.175 10,787 10.764 111331 111161 12,3541 IZ.3401 8.433 &424 I2116 127m7 127.631 127.622 19 13861 13861 17861 126,630 12(621 12(845 126.836 £34.871 (2023..£31,222klJ 91843 91813 91.491 91,491 IlttdudwwinvestmenfrvbvltK¥j r¢s¢Thtol £1.475k {2023..EI.403klJ %644 %644 GeBerolFunds(Incl¥'w intment rewlLffjtth reseTht ofU21412023..£1273JI 6.361 6.361 &iA4 8.184 re100 reseTht of£ll {2023.. E8tI Trod?4$bS1O1 2L728 21.728 21.517 21.Sl7 21 126.630 126,621 12W5 126A36 48
The Exeter Dlocesan 8oard ol Yinance Limlted Annual Report & Consolidated Flnanclal Ststements For the year ended 31 December 2014 CONSOUDATED ANO EOBF 8ALA14CE SHEETS (co1) Al 31 De¢ember 2024 The Cash Flow Ststement and the notes on pages 51 to 95 form part of these financial statements. The financial statements were èpproved by the Board of TrUeeS and authorised for issue on 9 Juty 2025 and signed on tffthalf of the Board by- Glles Frampton Chair of the Boafd 49
The Exeter D14xesan Board of Flnance Umlted Annual Report & Consolldated FInala1 Stalements For the year ended 31 December 2024 CONSOUOATED CASH FLOW STATEMENT For the year ended 31 Decembef 2024 1013 IS19? 15.0201 Proceedsjr¥m the501erf.' Toftglbleflxedossets Frxedossetin¥stmeftis U52 L373 1151 Toftglble Jwedossetsfvrtheuse olthtE( Frxedussetin¥stmeJts 12101 12.1901 1129 10.793 LoansrepQED0F New lendinqbyED8F LL)Asrepold foE08F 1361 115 33 13681 14161 112581 8A83 5,357 3526 5.625 fvIth¢•r¢nrted31 DtteAthr 13561 tjvideftds, inreiestondrentfrom Surp1 t)n soletslIurtrtw410$5ets 13.1541 ii.r•J91 2n IX121 12.8521 11,6811 17241 45 15,019 15.0201 Cosh In honLI Noif(e depositslless thjn 3rnonthsJ S6 37 35 5.625 8.883
The Éxeter Dlocesan Board of Flnance Umlted Annual Report & Consolldated Finandal statements For the year ended 31 December 2014 NOTES TO THE CONSOUDATED FINANaAL STATEMENT5 For the year ended 31 December 2024 i. ACCOUNTING pouaES The financial 5tstements have been prepa under the historical cost convention, with the exception of fixed asset investments. whKh are included at their fair value at balance sheet date. The fi'nancial statements have been prepared in accordance with Statement of Recommended Practite for Charilies ISORP 2019 IFRS 10211. the Companies Act 2c6 and applicable accounting standards {FftS 1021 leffectwR l January 20191. EDBF I'the compan> meets the definition of a public benefft entity under FRS 102. It IS company Ilmiled by guarantee and is constituied under a rnemorandum and artKles of association. The company is also a regtstered charity. The address of the registered office is given in the administrative detai15 on page 39. The nature of the charit$ operatrons ènd its prI1paI activlties are set out in the annual report. These financial statements consolidate the resuftsof the o)mpany and its wholly owned subsidiary Isee Note 331 on a line--line bèsis. A separate Ststement of Financial Actwities and income arHY expenditure account for the company has not teen presented because the tompany has taken advantage of the exemptx)n afforded by section 408 of the Companies Act 2006. The principal accounting polictes and estimation techniques are as follows: al Incorne l income 15 included in the Statement of Financial Activitie5 ISOFAI when EDBF is legal entitled to the income or capital respectivefy. Ljliimate receipt is more likely than not and the amount to be ietognised can be quantified with reasonable accuracy. 11 Common Fund (Parish Contrfbutlo) is recognised as income of the year in respect of whith it is re1¥able. with a cut-off date 0128 Febwary 2025 for the 2024 year. ill ftental iKome is brought into the accounts when receivable. iiil Interest and dlvldends are recogniseil as income when receivable. i¥) Gr•nts received which are subjert to pre<0(lItt)n$ for entitlement specified by the donor which have noi been met at the ar*IN1 are iluded in creditors to be carried forward to the following year. Vl Ststutory Parochlal fees are recognised as income of the yeaf to which they relate with a cut-off date of 28 February 2025 for the 2024 •r. vil Donati¢XbS Otr than grants a reco8ni5ed when receivable. vlil Galns on dlsposal of fixed assets for the EDBVS awn use li.e. non-ifwe5tment assets) a accounted for as other intomin8 resources. Losses on disposal of such assets are accounted for as other resources expended. 51
The Ex•tor Dlocesan Board of Hnant Llmltld Annual Report & Consolldated Flnandal Statements For the year ended 31 December ZOZ4 NOTES TO THE CCW50UDATED HPIANC STATEMENTS ((ontlrMthd) For the yearen¢led 31 December2024 I. ACCOUNTING pouaE5 (cortlnuedl bl Expendltur Expenditure is Iluded on the accruals basis and has been dassthed under headin8s that a$ggate all costs relaied to the Statement of Finarfial •lctivity category. il Expendlture on ral fvry15 is constrained to costs relatiTrd to the investment managernent costs of glebe and any other intment propertles and the runnin8 COSIS of EOPS Lid, EDBF'S Irading subsmjiary. ii) Charltable exp•ndltsre is analysed between contrlbutions to the Archbishops. Cwn¢il, expenditure on resourcing mission and ministry in the parishes of the Diocese. and expenditure on education and thurch ol England schools in the Omxese. Illl Gfants payable are charged in the year when the offer is con¥vffd to the 1plent. except in those cases where the offer is conditional and thefe are Th) conditions at the discretion of EDBF, suth grants being retognised as expeThJiture when the conditions attachiw are fulfilled. Grants offed subject to such conditions which have not been met at the yearnd are noted as a commltmem Ix4t not accrued as expenditure. fvl &Jpport ¢ostsconsis1 of central mana8enEnt, administration afid 8overnance costs. The amount spent on raising funds other activities is <onsKlered to be immaterial and all support Costs are allocaied to the purpose of tharitable activities. Costs are allocated wherever possible directty to the activity to wlNch they relate. Iwjt where such direct allocation is noi possib, the remalnder is allocated on an apwoxwnate staff tlme ba515. v) P•tth Cobrtrlbutkms. E08fs Staff are member5 of the Chwch Wtxker5 Pens Fund and Crg¥ are members of Church ol En8land Furnjed penSn Scheme (see note 27). The pens#)n costs charged a5 resources expended rewesent EDBF's Contrib105 payable in respect of the accouniing perKid. in accordance with FRS102. Any deficit funding fof mulii-employer pension schemes to whith EDBF partKipates is attwed at current value in creditors distirvduished between (ltbUtiOnS fallin8 due witlmn one year and after rn¢)re than one year. with any adjustrnents reqUId reflected in tl SOFA. l Rend3Th¢Y and tefmlnation payinents are recognised when EOBF 15 demonstrably committed either to terminate the employment of an ernployee or group of employees before the nomial tireMent date. or to provkde terrnination benefits as a resull of an offer made in order to erKoura8e voltary redundancv. vill Irrn¢overable VAT Is charged as a cost against Ihe activity for which the expenditure was incurred. 52
The Exeter Dl¢xesan Board of Flnano Umlted Annual Report & Consolldated financial Ststernents For the year ended 31 Dernber 2024 NOTES TO THE CC4SOLIDATÉO FINANCIAL STATEMENTS (c¢)DtirwJedl For the year ended 31 Ottember 2024 I. ACCOUNTING POLiaES (conllnued) c) Tanglble fixed assets and depreclatlon Freeholdpropertres Depreciètion is not provided on buildings as any pro¥iSK)n lannual or cumulativel would not be material due to the very long expected femainiTVa useful economic life in each casè. and because their expected residual value is not materially less than their carrying value. EDBF has a polity of reÉular structural Inspection. repair and maintenance. which in the case of sidential properties is in a¢cordance with ihe Repair of Benefices Buildings Measure 1972 and properties are therefore unlikely to deteriorate or suffer from obsolescence. In addition. disP05als of propert$ occur well before the end of their economic lives and disposal proceed5 are usually not less than their cafrying value. The Trustees perform annual impatrment reviews in accordance with the requirements of FR5102 to ensure that the carrying value is not mofe than ihe recoverable amounl. Properties subiert to value linked loons Properties which have been bought with the assistance of value.l•nked k>ans from the Church Commissitiners are stated using the orBinal value of the related loan at the balance sheet date. InveStnnt properties 17nd lond Glebe properties and land which are hehl for investmeni purposes and rented out have been ir)cluded ai iheir fair value. Porsonoge house5 EDBF has followed the requirements of FRS102. in lis accounting tatrnent for benetKe houses Iparsonages). FRS102 requires the accountire trealmenl to follow the substance ol arrarements rather than their strirt legal form. EDBF is formalty responsible for ihe maintenarKe and repair of such properties aNI has some jurisdictTron over their future use or )tential sale if not required as a benefKe knu5e, but in the meantime legal title and the reht to beneficial ocCUpatn is vested in the incumbent. The Trustees iherefore consider Ihe most suitsble accountin8 policy is lo capitalise such properties a5 expendable endowment assets and to carry thern at their historic cosl value. dl Othertanilble fixed assets All capital expenditure over El.(XKI is caimtalised and depreciated as follows. Depreciation is provided in order to write off the cosl (less any ultimate disposal proceeds at price5 ruling at the lime of the asset's acquisition) of otherfbxed assets over their currently expected useful economic Irves at the followin8 initial rates.. Motor vehicles Fixtures and fitti Equlpment Telephone system Photovoltaic pane15 25% per annum IO% per annum 25% per annum IO% per annum 4%per annum reducing balance basis straight line basis strai8ht line basis straeht line basis straight line basis 53
The Exeter Diocesan Board of Anance Umlt Annual Report & Consolldated Financial Statements For the year ended 31 December 2024 NOTESTO THE CLYISOUDATEO FI14ANCl STATEMEMTS Itontirndl For the ye¥ ended 31 De¢embtt 2024 L ACCOUPITING paEs e) Flxed asset Investments are included in the balante sheet at lairvalue and the 8aln or loss taken to the Statement of Financial Acti¥its. The inveslment in the sub5wJiary undertakin8 Ss valued at cost less any provt5ions for wnpairmenl. Leases. EOBF has entered only into operatiNd lease affaements for the use of rtlirt assets. the rental for which is charged in full as expenditure in the year to which it relates. Where rent free pefiods are given as part of an operating lease. the impact of this n1-free period is reflected in the Ststemenl of FThncial Activities over the shorter of the overall lease terni or first break dause lrfemperted to be exercisedl whichever 15 shorter in time. Debiors. Trade and other debtors are recognised ai the settlement amount due. Prepayments are valued at the amount prepaid. h) Cash at bank and •Th harbd and osh on deposlL Cash at bank al in hand and cash on deposit includes cash and short temi hi8hly liquid investments with a short maturity of three month5 or less from the de of acqu19tn or openi 11 cr•t0 and prty•lslon& Credilors aNI proviwns are recc8nised where group and parent tharity ha5 a wesent obliBation rewIt1 from a pa# event that will rrtobably result in the transfer of funds to a third party and the amount due to settle the obligatn tan be measured or estimated reliabty. Creditors and provisions are normalfy recognised at their settlement amount. l) Flnartclal Instrnts. ED8F oth ha5 Illaterol finanoal assets aThJ financial liabilitiesof a klnd that qualify as basic financlal instrnments. BasK financial instruments are initially recognised at transactw)n value and sub5equentty rneasured at their settlewnt value. k) Fund balances Fund Balances are split beeen unrestricted (general and designated}. restrthd and eTrJowment fvnds. Vnrestrl¢ted fvnds are EDBF'S corporate fvnds and are freefy available for ary PUfP05e wlthin the charitable Compan$ objects, at the discretion ol EC>BF. There re two type5 of urestred funds: GeneAI lunds which EDBF intend5 to Use lor the general purpose5 of EOBF: and Des*n8ted funds set agde oul of unrestrtcted funds by ED8F fora purpose specified by the Trustee& ftestrkW fvnds are income funds subRrt to coThdilions imposed by the donor as specific tenns of trusL oreLse by le8al measwe.
The Exeter Dlocesan Board of Finance Llmited Annual Report & Consdidated Hnancial 5tatem¢nts For the year ended 31 December 1024 NOTES TO THE CONSOUDATED HPW4asTATEMENVS Icontlwed) For the year ended 31 December 2024 I. ACCOUNTING POUaES (continued) Endowment funds are those held on trust to be retained for the benefit of the charitable company or group a5 a capital fuNI. In the case of the endowment funds administered by EDBF. there are discretionary powers to convert capital into income and. as a resulL these funds a dassified as expendable endowment. Endowment funds where there is no proviwn for expenditure of caprtal are dassified as permèrtent endowment. Dlocesan Stlpefids FWKI (Endow Fundl. Total Return accountin8 has been adopted for the Diocesan Stipends Fund. Eath year the directors agree the percentage of the total fu1 that will be applied to the octivities for which the lund is restricted. These activities are primarily lo supp)rt ihe provisTron of cler8y and ler8y housire. Any funds applted are iransferre(I lo the General Unrestrlcied Fund at the end of each financial year. Trust5 where EOBF acts merely as custodian trustee with no control over the management of the funds are not inclixled in the financial statements1)ut a summarised in the notes to the finarKial statements. 1> Preparation of the accounts on a zolrwx concem basis. Having undertaken a review. the Trustees have no concerns about the ability of EDBF to meet its liabilities and on that basis the company is a going COnrn. ml Si8nifKant acntI esilm•te5. rhe preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and arnounis reported for income and expendrture during the year. However. the naiure of estimation means that actual ouicomes could differ from those e5t•maies. The followine iud8emenis (apart from those involving estimates) have had the most Si8rtifitani effect on amounts reco8nised in the financial statements: Re¥aluatlon of Investment prnpertles EDBF carries its investment property at fair value. with changes in fair value being fecognised in the Statement of Financial Actmties. Commercial investment propertie5 are revalued each year by an independent valuation specialist. Glebe property is revalued by an independent valuation specialist every fNe years. With annual re¥$ of fair value made by management with refererKe io appropriate indices. or to flect any changes in the slatus of the property. Where approprvate. the valuation will reflect the development potential of individual 8lebe holdings. Penslon and other post-employment benellts The liabililies in respect of defined benefit pension sthemes and other pension related provisnS are detem)Ined using actuarial takulatn$ by an independent actuary. The calculations involve making assumptions alK)Ut discount rates. future salary increases. mortality rates and future pension infftases. 55
The Exeter Dlocesan Board of Flnance Umlted Annual Report & Consolldated Financial 5tstrAnents For the year ended 31 Decenther 2024 NOTES TO THE cof450UDATED FINANOALSTATENWITS (conilnued) For the year ended 31 O¢c•mbv 2024 I. ACCWNTING POLICIES ((ont1rMd) The board does rKJt depreciate its freehold woperties as it Midges any deprecialion charge to be immaterial on basis of the lory life of the asset and high residual value on the baS of the board policy of re8ular maintenance. The board carries out an annual impairment review. 8enefice houses are legal vested in the incwnbentof the benere. However. the board recognises these as fvnctional assets of the board on the basis that the iM)ard carries both Obligatn$ in terms of maintenCe and improvement and beneficial entitlemènts of ownership. DONAT1014S The majority ofdonat#)ns are llerterf from the parishes of the Diocese thrOh the common fund system. Semral D•s*naied Fund5 CUnI Year assessrnents Shortlall IDcortrtwJtK)r4 9.021 17341 (6281 8.332 8.332 8.393 Receyts lor WeU5 82 92 Totsl &414 8.414 8.485 Current year common fund receipts represent 91.thof ihe total a55essed (2023: 93.04%).
The Exeter Dlocesan Board of Finance Umited Annual Report & Consolidated Flnanclal Statements For the year ended 31 December 2024 NOTES TOTHE CCX4S0LIDATED FINAPKIAL STATENW4TS (contlnued) For the year ended al Detember 2024 DONATIONS Icofttlnued) Archb15hop's CtyJn¢S1 Endtywrn•nl Tot41 fvnds Total futhds 2023 Funds Lost Income Cofflrnunities Furwjiry" Strateeic Ministry Fundir¢ Strategic Devekprnt Fundln8 6uildinis loi M555K Gp11 Athsor SupwJrtFund Capacity Grant Churth Rep•ivs & Maintenance Grant Net Zem carb)DGraM 1.204 342 813 342 813 420 1.108 82 30 41 17 105 418 107 25 3.026 3.026 The Lowest Income Communities Funding is the annual 8rant for either supporti specific parish mission and devel0kMefit projecls or for clerey stipends. Olher donations and yants Total Erthwment Totsl fvnds Fynds 1014 Genval O•s¥n Fund5 2023 Uenefa¢tTWSI 0r00)ns3nd ¢Trnts Rsourcir Ministerkil iii 25 129 12 158 21 12 22 136 21 22 179 3. CHARITA8LE ACTivmES Tt)t•l Gentr41 D•s*nated stsi¥toryfees Chaplaiw income Fee¢J inlExportTariffs - PV panels Coursefv•inirqfees Miscellaneou5 IrKan 606 57 55 ss 42 24 26 22 828 57
The Exeter Dlocesan Board of linwted Annual Report & Consolldated Hnanclal Statements For the yew ended 31 December 2024 NOTES TO THE Ctr4SOLIOATEO HNA14CIAL STATEMEPIIS (cont1) For the year ended 31 December 2024 OThER TAADING AcnviTIÉS Total iffome Ixher rental irKoft Tradlr%- EDPSL 1,240 16 155 15 15 158 1,473 L4n L411 INVtsTMENT INCOME Tot Totsl receN•ble Interest iecei¥ab Rents rE¢eNab 1.031 193 373 296 597 597 1.182 1.839 L597 6. OTHER ItKOMING RESOURCES T•t•l Totsl 2024 G•knson safe ol Pmpertfjts 215 215 1,681 7. COSTS OF RA15W4G FUNDS Total T[ fvnds Glebe agents, fee5 ot[¥1ebe experbses acifrltles-EOPS Ltd 55 io 46 56 146 27 136 136 Jfj5 27 257 248
The Exeter Dlocesan Board of Flnanee Limfted Anfflual Report & Consolldated Flnandal Statements For the year ended 31 December 2024 NOTES TO THE CONSOiIDATED FINANaAL sfATEMENTS ltontlnued) For th¢ year ended 31 Derember 2024 8. CHARITABLE AcnvmES Totslfund5 T¢t•l fynd5 Funds 2024 Contribytl(mto ArthhlslKys' Coundl TraIng fof thnistry 1441)nal Church Responsl11t1es Grants and pro5)n5 Mlsslon 4erKy pensK cOS Retiredcleryy knjy Costs Pooh"n80l ordinands maiAteftanceyants 348 346 203 36 36 145 145 137 73 73 45 810 810 778 Resourdrf Mlr4siryand Mlsslo Pèrish Minlstry Sllpends and natkni InsurCe Penyon costs HSRC0$ts Re41, resettknni grants Clefy Pension Fund Deftit Other expenses 1134 1.275 4.179 2.772 21 5.906 1.146 4.182 5.763 1.367 3.997 227 227 242 14 344 301 9x85 1810 11905 11.670 Supp)rtkn parish minisiry J97 eatK*n Care & knialJu5tKe Missbnand Mnistry De¥eknwnent •nd Growth Fund Pafiih EMrD &Jrt Grants 00rleI¢y&rants 5pOrt sete$ 1.523 507 1030 1.562 4150 ,ioi 15,93l Syppon foichw(h sclKds 581 581 $49 13287 55 4,ISO 17.492 17,259 59
Th• Exeter Dlocesan Bowd of Flnan¢e ilmlted Annual Report & Cons0lidatod financial Ststements For the year ended 31 Decernber 2024 NOTES TO THE CCY4SOUTh4TED HNA140AL STATEMEP4TS (contlThued) For the year ended 31 Orfember 2024 ANALYSIS OF EXPENDITURE INaU0 AlLoCATK OF SUPPORT COSTS Pens5 Dtfith Total Costs Tot¥ ¢oJii Raisthgs knds (haritableacipmles.. cOntrttrwt toAr¢h1>lsW's(ourII Resourcin( par15h ministry 257 257 810 16.101 810 778 15.932 $49 L2.763 581 2.030 .601 2.118 2.030 17.749 I7.7 Net intomtlltxptnditwel riS wtedalterthawr¥anrtISaImjTh £A9k12023.' E21*1. dewecfjatTh £35112023.. £21kl arylaudlt lees EDBF £30I EDP5£5k12023.. EO8F£24K EDP5£5kl. Iix ANALYSIS OF SiIPPORT COSTS Totsl To¢al Fund5 2024 Centr•l SOrtIadMInsStrattt)n GoVern¢t.. Eernal audiiof EDBF Eefflal aud6tof ÉDPS Reoistror lfftd Ch•bKe 1350 507 1,857 1.433 Jo 24 103 35 103 35 86 14 1523 507 21130 1.562
The Exeter Dlocesan B¢)ard of Flnance Umlted Annual Report & Consolidated firwncial Ststements For the year ended 31 December 2024 NOTES TO THE CONSOIIDATED FINANaSTATEmE14Ts l¢ontSNed) For the year ended 31 December 2024 11. A14ALYSIS OF GRANIS MAOE Tot•1 XJ23 2014 re5ponslNIftiEs: ContnttThs tOAp,5 Aio 810 778 From unrthrfrtedfunds.. Ordinand5 Iri training Clergy ordInan Clery resttthent Clerw remova15 aergy I" urnbe Ctrxjrches t¢Ytrther m De Miss & Growth Fund Church schools- Rep•sfimpron1 rate8i( C%lopnt Fund T¢ansform] PftN)uth To8etrr Otr small ir3nts 21 12 124 124 116 48 77 106 26 72 13 36 113 li 27 ID 42 13 Jo 13 io 47 191 389 97 582 withln reswrdr p•rlth mlmi#ry. Cooper le8%y Fund Repaws and [nIeanCefjr3fftI StratE8ic Devdopment Fund Plymouth Partneh¥ In Wssbn Exeter. St Mati's Boy Churth 12 107 107 66 34 612 129 461 347 612 TIMal 822 822 937 221 391 1.727 2.118 2.297 Grants paid from designated funds have been included within unrestricted funds. 61
Th Exeter Dlocesan Board of FSnance Urnlted Annual Report & Consolldated Nnanclal Statements For ihe year ended 31 December 2014 NOTESTOTHE COhlSOUOATEO HNAJICIAL STATEhffPITS l¢ontlnu¢d) For Ihe year ended 31 Oecember 2024 12. STAFF COSTS 2Q23 2.218 1,962 196 315 NatSonal Inyan(ontk 2.Y3 The 4veray nwnber of [r%eIDd 1rytt8rtyJpthr¥¥tr Number In•r drnini%trw and Grani maftagement cler Fkxjyrv Ksy"on. mIntry4j Stew¥d5FAp Safeguarding Ar¢lMAearon< stall CtIDn and SclKxJ15 27 15 17 15 io The a¥erage of per51Jn5 lh• erP basedonful.tlme eqthva1en. Nwnbor Nuffltsw Adwmnlstratbn andflnaKrdl Gr•ni fu•dtd proj•¢is c¥&¥11J5i , Mlnbtry yad51P 22.1 21.0 2.0 3.9 12.7 11.6 ArcMeacons' stsff ed41) and IA 55.7 The nurnbersol staff tHlw)se I1*¥bertfls peftsw)n ¢OAtributknisl arn¢NAted mre than É.¢((1Wtre asfokn: Irnb•r Nwmbtr E60.tXII-E70.C e70,WI.£,C .1.£9).{ Pension payments of £72k12023". £48k) were made for these employees. All benefits are recognised when eithera legal or contrattual obligation arises.
The Exeter Di•xesan Board of Flnance Lirnlted Annual Report & Consolldated Flnantial Statements For the year ended 31 December 2024 NOTES TO THE CthNS¢XIDATED FINANaAL STATEMENT5 IntInued} For th¢ year ended 31 December 2024 12. STAFF C05rs (continued) Remuneratlon of key manwment pevsonnel Key managernent personnèl are deemed to be those having 3hOrity and responsibility, delegaied to them by the trusiees. for plannin& directiwa and conirolling the activities of the Diocese. The members of the Senior Management Team were: Diocesan Secretary As5iStant Oiocesan Secretary Director of Mission & Ministry Director of Education Director of Finance and Company Secretary Director of People & Safeguardins Oirector of Property Director of Communications Strategic Pro8ramme Manager Operations Manager Stephen Hancock Ed Moffatt lan Bussell Sue Lockwood Neil William5 Anthea Carter-Savi8ear Graham Davies Chloe Axford Rafael Krasnodeb5ki Annemarie Kendell RemuneratK>n, pensN)ns a1 expenses for these 10 employees amounted to £81(*12023: 11 employees, amounting to £792k}. Trusterf emolurnents No trustee received any remuneration for service5 as trustee (2023.. none). 10 Iwslees received travellin8 and out of pocket expenses. loialling E54k12023= 12 trustee5 received £46kl in respect of General Synod dUts. duties as archdeacon or area/rural dean, and other duties as trustees. EOBF is responsible for fuThlin8 via the Church Commissioners the stipends of licensed stipendiary cler8y in the Diocese. other than bishops and cathedral staff. ED8F is also sponsible for the provision of housing for stipendiary clergy in DICe. including the suffragan bishops, bul excluding the diocesan bishop and cathedral staff. 63
The Exeter Dlocesan Board of Hnanry Limlted Ann1 Report & Consolldated Hnandal Ststements For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANaAL STATEh•KIS (contkl rthe year ended 31 December 2024 12. STAFF COSTS (c¢tIrAdI The followin8 tsble gives detalls of those cler8Y tntstees WIKJ were In recety)l of a stlpend and/or housin8 whether this was provided by EOBF during the year: Tht ftht Rev MH4rrwn The Rht Re¥J Sear The Right Revj Gfier Tht VeryRevJ Gwee The Ven A Beane The Von V Breed The Ven D Dett[ The Ven J Oakkei tr Re¥ AAfkins Re¥ E hobbs The Re¥ THckley.Stil Rev P M•t¢h The Re¥ Preb M Pwtrke fte¥ Sstay The Re¥ R Aus The Re¥ D Leto.p The Re4C•ion Dr Mwimiams No Yes Yes Yes Ye5 Yes Yes Ye5 Yes Ye5 Yes Yes Ye5 Yes Yes Yes Yes Yes Yes Yes Yes Ye5 Yes Yes Ye5 Yes Yes ÉDBF paid an average of 183 fum time equivalent12023: 188) stipendiary clergy and stipendiary licensed lay worker5 as offte holders hokling pariKhial or dhxesan app)irttments in t DicKese. and the costs were as follow SttpeThJs National inyjrance (LmtrknthJrv5 Pensw costs Apprent1$ 5,437 5,2fJJ 416 L367 24 L246 25 7,152 7.067 The above figures do not include contributions made towards stipends pald by other or8anisations, e4. chaplaincies. Dwin8 the year there were non-contractual Severan bEneffts of É125k paid to 2 clergy12023: £231kl. All beneffts a reco8nised when either a legal ( constructive obligaiion arises. In addition to the stipendiary clergy. Ihe Diocese al has the followi other licensed ministry.. Self-supporting ministers 52 (2023: 541. of which 1212023: 161 are in trninwy curacies LKensed Lay Ministers aer8y holdi lince under seal 19412023.1971 39 (2023: 401
The Exeter Diocesan Board of Flnance Lirnited Annual Report & Consolidated financial Statements for the year ended 31 December 2024 NOTES TO THE COI4SOUOATEO ANAt40AL STATEMENYS Iconthiuedl Forthe year ended 31 December 2024 12. STAFF COSTS Ic¢)ntlnued) Clergy Ct>sts (continued) The stipends of the Diocesan Bishop Suffragan Bishops are fvnded by the Church Commissioners and are in the range £42.350- £51.91012023 range: E39,953 - £48.9721. The annual rate of stipend, funded by ED8F, pa1 to Arthdeatons in 2024 was E41.01112023: E39.0581 and other clerey who were Trustees are in the range £28.670- £30.26012023= E28.8201 13. ANALYSIS OF TRANSFERS BETWE&4 FU140S Funds Funds Property Sa$ Property Purch•ses •fid Mwvrtrnenis Property iranslefs from BenefKe to Board Adiustrnent lol ¢kryy manar(e nat yet contracted aeoyConfewKe M¥ellaneous io fuDds 93 11541 1931 41 276 113 12761 1351 14 35 241 11041 11631 I& INTANGIBLE RXED ASSETS At i iamary 2014 Adthiions 120 At 31 December 2024 120 At I january 2024 CharF the v 81 19 At 31 December 2024 i(YJ Net Book¥•l Al 31 tlectmber 2024 Al 31 Decembei 2023 65
The Exther Dlocesan 8oard of Flnante iimtted Annual Report & c¢$011dated Flnarthl Statements For the year ended 31 December 2024 140TES TO THE CONSOUOATED FINAPKIAL STATEMEPITS (co1ned) F¢x the year ended 31 DKembef 2024 15. TANGIBiE FIXED ASSETS V•hkl•s Tot•1 Prwrtkns& Ewfpmnt Httlrys Iln PVP•ds} At i Jawary 2024 Adththjns Cspos•ls 57512 153 13591 362 58.196 io 45 13591 At31 De¢•Thkn 1024 57 J62 45 S8,045 At l jar¥J 2024 Oisposals Char8efor iVeal 203 12 13 io 35 At31 Otternber 2024 307 216 io $33 14tt Bookvalue Al 31 Oe¢emb¢t 2024 57.¥ 146 35 57512 At31 December 2023 57.512 159 159 57.698 Freehold properties and land fall into è number of asset classes.. rot•l Unre#rtaed) At i January 2024 IS25 82 367 57.512 153 13591 31 Dwpoyls Transler5 lnotè 131 1931 12751 27S At 31 De¢n*er 2024 25.631 119 274 20.713 57.306 All of the properties in the balance theet are freelK)kl and are ¥ested in EDBF. except for benefice houses which are vested in ihe incumbent. Two properties {2023.. 2) were previously purchased with the help of value-linked loans from the Churth Commissioners: the appropriate Sha of the nel sale proceed5, when the houses are disposed of, will be remltted to the Commissioners. aThJ the related loan Ilabillty extiNduished. The value of sKh properties ffkcded above amounts to £118k 12023: £118kl. Up to and including 31 Oecember 1999 it was EDBF'S policy lo include freehold properties at t1r 31 Dernber 1994 open market value. From l January EDBF adopted the policy not to revalue lan8ible fixed assets. Whilst previousvaluatK)ns have been maintained tly have not been updated.
The Exeter Dl¢xesan Board of Flnance Limlted Annual Report & Consolldated Financial 5tatemerts For the year ended 31 Decernber 2014 NOTES TO THE CONSOLIDATED FINAP4(jALSTATENTs Itontlnued) For the year ended 31 December 2024 16. FIXED ASSETS INVESTMENTS Trltthrs chary In Mark•t Yal IJ¥•ry 31 Dewnber 2024 Unr•strlrted fvThls sted Investn*nts Unltsted investments &751 1561 8.695 8.756 1561 &7 R•slrfct•d ldI 3,1 72 Enknmentlund5 Investment property Listed in¥e5tm•nts 27.101 22,376 29.699 22,717 341 49.477 2.1 749 52,416 Total ElJeF 61.461 2.1 765 64.416 67
The Extter Dlocesan Board ol Flnance Llmlted Annual Report & Consolldated Flnanctsl Statem For the year ended 31 December 2024 N(vfESTOTHE CONSOUDATED H14ANCIAL STATEMEIIIS lconllnued) or the year ended 31 December 1024 ThecOrre¥pmth Nstsrfiral r05t1w5are'. Gr ED8F tisttd ifivesiments u1sted lovesirnents 5.470 5.470 5.470 5.470 5.475 S,475 5,475 5,475 LL%ted Inve5trnert5 L825 1.825 IA25 In¥e5tmert propeity Ltsted In¥esiments 5.635 IL910 5.635 11.910 3.345 11.910 3.34S 11,910 17.545 17,545 15,255 15.255 24•5 24,845 22,555 22.SSS In¥e5tmtm property al A fiAI list of properties is avalabte for inspection at The Old Deanery. bl Al land and butldings hekl on 31 Decemter 2024 are held on a freehold ba5. cl Commercial investment properties were valued as at 31 December 2024 by Stratton Creber Commercial Ichartefed &JrVews) on an open market basis and residentbal properts were valued by the trustees on an open market value basis. Historic glebe was valued by Savills (Chartered Surveyors) on an open market basis at 31 December 2022. and thelr value has been updated by trustees to 31 December 2024. hwire regard to suitable indices. dl The investment propert5 fom part of the Diocesan lpendS Capital Account~see notes 20-23. el The income yieki, net of fees/cost& on the value of the property Investments held as fixed assets in the year was 1.97%12023: 1.38%). The total return was 5.58%12023.. 6.78%). Investment IWOb*rties are held to provide an in¥estment return. rather than as programme inve5tmenls.
The Exeter Oiocesan Board of Flnance Umhed Annual Report & Consolidated Flnancial Statements For the year ended 31 December 2024 NOTES TO THE C&YSOUOATED FINANaAL sfATEMENTS (contlnued) For the year ended 31 De¢ember 2024 17. DÈBTORS EOBF Group ED8F 2024 Ove withifi oneyear Loans tts parhe5 Common Fund Gifft awj fiom EDPS Ltd Current accountwith subswv£cryar Department lor Edut4tiorkl81)veri Prepayments OthEr debtors 17 17 32 lis 32 lis 22 73 267 io 637 239 267 637 239 827 825 LS( L593 1.811 ce after ff•ye than( year Loan5 to yrishes Other debtors and ppaYts so 26 67 26 67 26 76 76 93 93 T•1 debtors 1.576 1,992 18. CREDITORS: amounts faltiry due witNn year EDBF fjr DBF 2024 2023 Trade creditOIS raxauon and xKial 5ecurty Olher ueiiors and acuuals Proceeds ol k1 by Board payal to external organisètths Recews in advarKÈ N3tWest Loan- CBILS 429 74 429 65 892 442 72 442 65 1,199 51 281 41x1 51 279 si 18S 400 51 183 4C 1133 2.116 2.354 2.340 69
The Exeter Dlocesan Board of Hnante Llmlted
Annual Report & Consolidated Financial Statements
For the yeav ended 31 December 2024
tIOTES TO THE CIYISOLIDATED ANANaAL sTATEPP4Ts (
The Exeter Dlocesan Board of Flnance Llffllted Annual Report & Consolldated Flnancial Statements For the year ended 31 December 2024 NOTES TO THE CThwLlDATED FINANCIAL STATEMENT5 (c041tlnuedl For the year ended 31 Decernber 2024 SUMmAftYOFFLo IAOVEMEA15 G•ihs•nd Decqmb•r 1024 VNREThrnD FUNDS Genoral &114 IL517 1113165 ifjoi 6,361 708 20302 59 76 8p¥d Properne5 H8•Pairs (Xn F¥ffids Misslon & GIMh F creFgy conler(E Fwwj Jwnn8foD Sthoc4FwbJ Vm(WAth W Pt•¢a mbry1aneoS F¥r4s 316 166 129 34 13 163 145 21517 21.718 RESTwcfEDFWIDS Pastor4ACCWM Ll"o¢eun StipèTr15 In¢omE OarwoTr SchoL4s uraVRyi¥ & crper Le Reled craym 4.?44 4.383 2,291 112911 302 io 240 641 Stra De¥tmen1 Pro Mlnisruial Edvtatsm Traknv Straiewc MuliStryFwd eryyWYlow5 12 342 (342) 77 14 673 $7 16571 MixelLi¢¥ Rwrkied 4.289 (4.1151 5.689 hmamrt Dr riobb5 91 "otesam siipeTh15 Prgperty In¢MeTrI Fw unap Toul Relw OenEfe Properl¥ Churthkhads Cole8¢ H05t¢l Tt 31 lo34 l¢339 30.599 2Y.Y86 4.326 874 19.71 z11$ 27.9 4.24S 11941 81 91.491 12n 11631 748 91813 tD•FT•tslfvrAIs I$32 117.6131 126.621 gJbsbar5-Gerr•lSLrfs EDP5 Itd 11361 G1wTal 147 117.7191 766 L26.630 71
The Exeter Dlocesan Board of Flnance Limlted
Annual Report & Consolldated Flnandal Ststements
For the year ended 31 December 1024
P40TES TO THE COPISOUDATED HNANCIAi STATEl4ffllTS l¢¢>nllwed)
For the year ended 31 Dttember 2024
$16
4361
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45
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4383
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The Exeter Dlocesan Board of Flnance Umlted Annual Report & Consolldated Flnancial Statements For the year ended 31 December 2024 NOTES TO THE CONSOUDATED FINANaAL STATEMENTS (continu) For the year ended 31 December 2024 22. ENDOWMENT FUND- TOTAL RETURN In¥estmnt Un•ppledTotal Total Endtrwmenl At l J•nuary 2024 27JlS 47320 OiYldenOs and Inierest Glebe larwj rental irKome Glebttomrnefcial property &jrpS on saleof wowrtv Realised and thirealisedgair4lllossesl 493 350 247 493 350 247 IL3391 645 Glebe land and cornnclaI m•narmert fets Gkbe land and commuaal other costs Fees •sswaied wrth purth•se of wor*rty 1551 1551 11.3661 3.805 2.439 applled Tlxal Aelwn lfi(m to bl usedfor stlpend5 Equati to dmdend. aNJ rents 11.0271 IL0271 11.0271 11.02n Plet mmm•hts In rep)rtPErioJ: 11.3661 2,778 L412 At Ji Deumber 2024 3093 48.931 The trustees adopted a Total Retum accounti approach under the Dioce4n Stipend Funds (Amendment) Measure 2016 with effett from l December 2023. Certain income and expernliture shown atYe ha5 continued to be shown a8alnst the vnrestrictedlrestricted fund5 in 2024. as the sums are rt considered to be material. 73
The Exeter Dloosan Board of Finance Umlted Annual Report & Consolidated Flnandal 5t•tlJTts For the year end 31 Detornber 2024 NOTES TO THE CONSOLIDATED HNArlaALsTATEM (contlnwdl For the al ended 31 lknmber2024 23. DEsaupTION OF FUIIDS General fund The 8eneral fuNI Is EDBFS unrestricled undesignated fund, available for any of El.$ pwpjses without restrictM)n. Clyjrch bulk11 fvnd This de4nated fund was created from the prewious balances within the new church building and church building repair funds and is used to pmvide loans for parishes undertaking strategic feV¥S or mapr improvements of church buiklin85. Board properts This de4naied fufid represents the propertles owned and used by EDBF in furtheffance of its work and iiKludes curates housin8. Clergy housin8 repalrs This designated fvnd 15 Used to 5UPPJrt 4rbJing on the pair and mainienance of cler8y hoLtSi Diocesan Mission funds These designated funds a all part of the mission and ministry development fund. which provide funds for one.off proiectsto omote the ministry of thurch and its overall mission in the Oi¢Kese. The growth furnl. together with the mustard seed funds ha5 been set aside specifKally to fund initiatlves In misslon comm4mities. Diocesan l10n & Growth Fund This deIted furnl 1$ available to supp)rt (al initiatives Iwthin Mission Communities io delfver the dlocesan prx)rit6es, particularly to supwrt work with children. Ung people and families. Cler8y confeience fund This designated fiJThl wo¥xles fufidid for the dcesan clergy conference. held every three to fr4e year5. Burrin8ton School Fund This deswted fvnd holds the net prowds from the Sale ofthe ftymer Burriwon SclK)ol (ln 20191. twhlch can be used to support educalional wrw)ses. Plymouth SDF Project This desvdnated fund wa5 established in 2019 to provide EDBVS agreed fundin8 forthe thurch planting SDF project in Plymouth. Miscellaneous furKIs Thls designated fund is used for k11r8 monies e1Ved by EDBF fof WPPOrtin8 speufi¢ proiects1init1ati. Oiocesan Pastoral accouni Tr dISan pastoral account was set up under the wovistons of the Pastofal Measwe 1983. The festrbcted purposes for which the account may be used under the more recent D¥)tesan and Pastoral Measure 2011 are: 74
The Exeter Dl¢xesan Board of Finafi Llmited Annual Report & Consolldated Financial Statements For the year ended 31 Dewnber 2024 NOTES TO THE CON50LI0ATED FINAP4aAL STATEMENT51¢ontlnued) For the year ¢nd•d 31 December 2024 23. DESCRIPTION OF FUNDS (conllnued) t)iocesan Pastoral account {continLdl To defray costs incurred for the purposes of the Measure or any scheme or order made under the Measure except for salaries of regular diocesan employees,. To make hjans Or grants for the provision. resioratiDn, imwovemefit or repair of thvrthes and parsonage houses in the Diocese: Other purposesof the Diocese or any benefice or parish in the To make grants or loans to any oiher tocese,' and To transfer funds to the diocesan stipends fund Income or captsl accounls. Diotesan stlpend5 income This restricted fvnd reyesents the income from the DceSan Stipends Capiial account. which has not yet been applied to pay clerBY StiperKIs. Bampton School sale This stritted furKI was created to separately identify the previous Bampton School sale proceeds from the general Church School funds. Agriculturallrural funds This restrirted fuThJ represents donations received to enabk the Diocese to provi(le 511PPOrt to the fanning community acr055 the Oiocese. Retired clergy housin8 This reStrted fund comprises the propertie5 and any sale proceeds held for this purpose. Growth and fvli55ion fund This restricted fvnd was establlshe(l in 2015 to provide funding for 5pe¢ific growth inilbatives across the Diocese. The have so far been approved by Dwxesan Synod- Growing the rural church. new hous1 areas and local mission community support. Strategic Development Furyl Projects This restrKte(I fund was established to hold any futMlin8 received or due in relation to tse projects rÈceNing Strategic Development Funding. EOBF is not deemed to have the benefi.t of the income associated with these projects unlil the expenditure has been incurred and claimed accordin8ly. Any changes to the original sul)mis5ion have to be approved by the Church Commissioners. Ministerial Education Trainin8 Thi5 re5lrKted fund preSentS the balance at any time on the funding of ordinands training. 75
The Exeter Olocesan Board of Flnance Umlted Annual Report & Consolidated Financial Statemffits For the year ended 31 December 2024 NOTES TO THE CONSIXIDATED F4APKIALSTATEmEIITSlcontj For t year ended 31 December 2024 2>. OESCRIPTlIX4 OF FUNDS ((ontInu Strategic Ministry Fu1 This restrKted fund wasestablished in 2020 to mana8e the erant fundin8 receNed from the Archbishops. Council to supp)rt the appointment of additional stipendrdry Curate CFer8Y V4KIows This reslrKted fund represents propert5 purthased from donations to for clew wthws. Cooper k8aCy This resirKted fund. arisiThd from the legacy of Mrs Cooper and is used to pr(p4ide 8rants to assist parishes with thurch buildMI8 repairs. Dioceson Irwestrnent Pro8ramme This reslricted funds rePrentS grant5 that have been receNed advance from the Archbishops. Council. and have yet to be applied to individual project5. Miscellaneous Restricted Funds This trted fvnd preSentS the unspent balan 0fdonatnS reCepd for parlshes and foi managing the ministry in Cranbrook. Dr Nobbs This is a permanent endowwi held by ED8F for the support of dergy followlng marriage breakdown. Diocesan stipends cawl The dlocew stipends capilal fund has beert (ated from the diocesan stipends fund caiwtal account è55ets held on behalf of the Diocese by the Chwch Commissiortrs under the EOWMents and Glebe Measure 1976 to provide Irome for dergy stipends. The fuThY also represents the ¥¢umulated sale proceeds af 8lebe property. ule proceeds of benefice houses and surplus benefice endOWnts following pastoral reor8anisation. Capital fuTrJs mav be used lor the purchase. improvement and maintenance of glebe property and benefte houses. The funds may be invested in the C8F Churth of En8larKI Property. Investment or Fimed Inlerest Securities Funds. or SFmply held on deposit. Benefice property fund This restricted fur comprises of benefice houses orthe sale proceeds of former benefte houses held on suspense by thechurch Commissioners. Althowdh benefice houses are vested in the Incumbents for the time beirg of the benefites contemed. EDBF is obliged to maintain them. to ensure that there a sufficient berfice houses for Ihe pastoral structure of the Diocese: in addition. where a benefice house is no longer required then it is usually transferred into the UnstrICted torporate Ownersh of ED8F. 76
The Exeter Dlocesan Board of Flnance Umited Annual Report & Consolldated Flnanclal Statemmts For the year ended 31 December 20Z4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS It¢Xrtlnd For the year ended 31 December 2024 23, DESCRIPTlOt4 OF FUNDS (continued) Church Schools funds This furKJ represents premises and endowments vested in EDBF under the Education 1993. Church College Hostel Tntst This fund supports the Board of Education in all of it5 Statutory powers and dUtS under Various education acts together with the trainin8 of teachers in the prin0eS of the Church of England. 24. CAPITAL COMMITMENTS At 31 December 2024 ED8F had no capital exwKliture commitments12023: £01. OPERATING LEASES At 31 December 2024 EOBF had future minimum lease commitments under noThrKe[lable operatin8 leases as follows: 2024 2023 Non.Land & 8uildirys Operat1 leases: Within one year of the balance sheet date In the second to fifth years inclu5bve of the balaTh strtti date 2& POST 8ALA14CÉ SHEET EVEtITS ANO CONTINGENT UA81UTIES There were no pos1 balance sheet elents or contient liabilities at the balance sheet date. 27. PENSK)NS EDBF participates in three pension sdwnesadministered by thechurch of England Pensions Board. which holds the assets of the $dMe$ separalety from those of EDBF and the other participating employers. One of these is the Churth of Englafid Fumled pe10n5 Scheme for Slipendtary cler8y. The othertwo are part of the Chufth Worker5 Pension Fynd. The Church Worker5 Pension Fund has a section k¥ffl as the Defined Benefits Scheme, a deferred annuty sertion known as Pension Buihjer aassi¢ and a cash balan section known as Pension euilder 2014. The Dpfined Benefits Scheme is now thsed to future accry1.
The Exeter Dlocesan 8oard ol Flnance rnIted Annual Report & Consolldated Flnandal Statements For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANaALsfATEMENTS IcontlTh1 For the year ended 310e¢ember 2024 27. PENSIONS {contlnued) These schemes are multiompk)yer last man Standi defined be pension scheme5 for which EDBF is unable to identify it5 share of underfying assets and liètmlities as each empk)yer is emwjsed to actuarial risks associated with the current and fomier employees of oiher entities participating in the sdme. For multiomployer scheme5 where tIMs is the case. paragraph 28.11 of FRS102 requires EDBF to account for pensron costs on the basis of contributions actually payable to ihe scheme in the year and. where contritNJtions are affetted by a surplus or defKit in the scheme. io disclose information about the Sufplus or deficlt and the implications of ihe surplusor deftit for EDBF. A valuation of each Stme15 carried out once every three years. Churth of Eryland Funded Penslon Scheme With effect from l January 1998. diocesan dergy became members of the Church of England Funded Pensions kheme. This defined benefit scheme provides benefits based on the National Minimum Stipend in the year before their date of retirement and provides for that part of the benefit that relates io pensionable seThice after l January 1998. Berfits are currently being accrued on the basis of half of the Nat4)nal Minimum Stipernl INMSI belng paid as the nomial penston on reathing the age of 68 on completion of maximum 5er¥ice of 41.5 years. or 1.25 times this amou•it for archdeacons. plus a lump Sum of three times the pension based on the pre¥K>us yearfs NMS payable from the scherne. Pensions in respect of pen$ionatre seryice before l January 1998 will be provided for by ihe Church Commissioners under the prevK)us èryawdements. EDBF participates in the Churth of Én8lathl Funded Pensions kheme for stipendiary trgY. defined benefit pension scheme. Thi$ Scheme isadministered by the Church of England Pensions Board, which holds the assets of the scheme sepafately from those of the Responsible Bodies. Each participating Responsible Body in the Church of En8land Funded Penslons Stheme pays coniributions at a common contributk)n rate applied to pensionable stipends. The scheff* is Constyjed to be a rnultiomployer scheme as described in Section 28 of FRS 102. It Is not possible to attribute the Scheme's assets and liabilittes to each specific Responsible Bfyjy. and this means conlrilwtion5 are Kcounted for as if the Scheme were a defined contril¥Jtion scheme. The pensions costs charged to the SOFA in the year are contrilyJtion5 payable towards benefits and expense5 Xtrued in that year. which were £1,245k in 202412023: El.367kl, plus any fi8ures arising from contributions in respect of the Scheme's deficit (see beknwl. In addition. a further £24k12023= £21k} has been thaf8ed in relation to EDBF employees who a also in this scheme. The 2021 valuation showed the Scheme to be fully funded a1 as such in 2024, followin8 the valuation results bel a8reed. the defKit contributions paKI were £nil12023- £nill. 78
The Exeter Dlocesan Board of Flnance Lirnited Annual Report & Consolldated Flnandal Statements For Ihe year ended 31 D¢rnbel Z014 NOTES TO THE CONSOUDATED ANAlICI STATEMENTS (¢onlinued) For the year ended 31 December 2024 27. PENSIONS Ieontirnd1 Church of Eneland Funded Penslons Stheme Icontlrnd) A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation Corneted was carried out at 31 December 2021. The 2021 valuation revealed a surplus of E560m, base(l on assets of £2.72(h and a fvndI target of £2.160m. assessed U5in8 the followi assumptions- An avera8e discount rate of 2.7% per annum: RPI inflatJn of 3.6% per annum land pension increases consistent Wtth thisl," CPIH innation in line with RPI less 0.8% pre-2030. moviré to RPI with no adjustment from 2030 onwards- Increase in pensionable stipends in line with CPIH: and Mortality in accordance with 90% 01 the S3NA tables, with allowènce for improvements in mortality rates from 2013 in line with the CMI 2020 extended model with a long-tem annual rate ol improvement of 1.5%. a smoothing parameter of 7, an initial addition to mortality improvements of 05% per annum and an allowance for 2020 data of 0% li.e. 2020= 0%). Following finalisation of the 31 December 2021 valuation. defKit contrlbutionsceased with effect from l January 2023, since the Scheme was fully funded. The defKil recovery contributions under the recovery plan in force ai each 31 DeCemr were as follows.. 31 t)ocenthr 2021 31 December 2022 31 Decernbef 2023 31 t)Ecernber 2024 7.1% payaNe fmrn January 2021 to Deceth 2022 An interim reduction to deficTt contributions to 3.2% of pensionable stipends was made with effect from April 2022 and remained in place until December 2022. For senior office holders, pensionable stipends are èdju51ed in the cakulaiion by a multiple, as sei out in the Stheme's tules. 79
The Exeter Dl¢xesan Board of Finan Umited Annual Report & Consolidated Flnandal SLitements For the year ended 31 December 2024 NOTES TOTHE COIISCAIDATED FINAa srATEMEPITS (contlnued) For the year ended 311)eMl 2024 27. PENSIONS {v)ntiM¢dl Section 28.IIA of FAS 102 requires agreed defKit recovery payrnentS to be recognised as a liability. However, as there were deficit recovery payments from l January 2023 omvards. the balance st1 liability as at 31 December 2023 and 31 December 2024 is £nil. The mo¥ement in the balance sheet liability over 2023 and 2024 is set out in the lable beh)w. Bnce Sheet lY•l IWiiary oeficit¢OAtr1b¥tft pJ Interestcost IrecogThistd th Al Remalnlw charrfe to the balance liabdy Ire(0¢ th SOFAI 8alarKe shed Mabllityai 31 Oece The legal structure of the Scheme is that rfather Responsible B(Kly fails. ED8F could become responSie for paying a share of that faibèd Responsible BS penSn liabilities. EDBF participates In the Oefined Benefits Scheme section of CWPF for lay staff. which is now closed to future accrual. The Scheme is admintstered by the Church of England Pensions Board. which holds ihe assets of the schemes SeratelY frorn those of the Empknyerand the other participatin8 employe CWPF has tWQ Subsectio The Defined Benefits kheme: aThl The Pension Budder Scheme. which has two subsectK)ns: o A deferred annuity Section known as Pension Builder ClassK. and o A cash balaftce sectlon known as Pension Builder 2014. The Defined Benefits Scheme ("OBS"I section of the thurch Workers Pension FuThl provldes benefits for lay staff based on final pensM)nable salars. The scheme dosed to future rual from l July 2024.
The Exeter Oiocesan Board of Finance Umlted Annual Report & Consolidated Flnanclal Statements For the year ended 31 Dewnber 2024 NOTES TO THE CONSOLIDATED FINANOAL STATEMÉII7S (contInu) For the year ended 31 December 2024 27. PENSIONS IcontiNed) Church Workets Penslon Fund- Defined 8eMffts 5theme {continwd) For funding purposes. 08S is divided into sub.pools in respect of each participating employer, as well as a further sub.pool, kwn as the Life Risk Pool. The Life Risk Pool exi51s to share certain risks between efflployers. inclthJin8 those relatin8 to mortallty and post- retirement investment return The division of the D8S Into sub-pools is notional and is for the purpose of cakulati on80in8 contributions. This does not alier ihe fad that the assets of the OBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, notional premium is transferred from employer5, sub-pools to the tife Risk Pool and all pensions and death beTher are paid from Ihe Life Risk Pool. The scheme is a multFomployer sctrwne as described in Section 28 of FRS 102. It is not possible to attribute DB5 assets and liabilities to specifK employers, since each employer. through the Life Risk Section. is exposed to acluarial risks associated with the current and former employees of other entities partpati in DBS. This means that contributions are accounted for as if D8S were a defined contribution xheme. pension5 ¢05ts charged to the SOFA during the year are tontributions payable towards benefrts and expenses accrued in that year12024- £48k- 2023= £11. As there is no longer a deficit in the DBS, as highlighted in the table below, the total charge reco8nised in the SOFA was E48k for 2024 12023: É13C*I. If. followir an actuarial valuation of the Life Risk Pool. there is a Sufplus or deficit in t pool, further transfers may be made from the Life Risk Pool to the employers, 5ub-pools. or vice versa. The amounts lo be transferred land their allocation beThveen the sub-poolsl will be Settd by the Church of EnglaThJ Pensw)ns 8oard having taken advice from the Actuary. A valuation of the 08S is carried out once every three years. At the most ent valuation at 31 December 2022 there was an overall surplus of £73.6m. The next actuarial valuation is due at 31 December 2(J25. Since 31 December 2023. the Pensions Board has entered into a lull buy4n agreement with Aviva to insure all accrued benefits within the DBS of rhe CWPF. The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 Oecember 2022 for employers whose pools were estimated to be marginalfy in surplus. As a result, there is obligation reco8nised within the Employe¢s financial Statements as at 31 Decembef 2023 or 31 December 2024. 81
The Exeter Olocesan Board of Finance Limited Annual Report & Consolldated Flnandal Statements Fly the year ended 31 December 2024 IIOTES TO THE CONS(IUDATED F114ANCIAL STATEMEIIYS Icortlnwd For the year ended 311)e¢ernber 2024 27. PENSIONS l¢ontlnued> Clwrch Workets Pemkm Fund- De1d Beneffts Sdwn• (cartoNl The movement In the provision 15 Set below". gl•n¢e spoet bMal ljwuary Defi¢bt cothbtstknn pahj Inter5t cort{re¢o8Nsed ifi XIFA) Remainty chanRe to the bIrKe sPort liaPA'Ity Irecwised In 50FAI ae sheet hakn'lttyat 31 Oecert This liabllity repSentS the present value of the deficit contributions agreed as at the accounti date and has been valued USI the following assumptn5. set by reference to the duration of the deficit recovery payments: C45COUOt WA The legal strture ofthe kheme is such that if anotheremployer fails. the emptyr could become resnsIble for Pay1 a Share of that employerf5 pens•)n liabilitie P•nslon Bullder Stheme ED8F participates in the Pension Builder Stheme sectK>n of the Churth Workers Pension Fund ICWPFI. The CWPF is èdminlstered by the Church of EnglarKI Pensions Board, whi¢h holds CWPF assets separate from th05e of the Ernpknyer ar other participating employers. CWPF has two subseclions.. The Defined Benefits Scheme: af The PenSn Builder Scheme. which has two subsections: o A deferred annuity seCtn known as Pension Bthlder Classic. ènd A cash balance sert¥)n known as Pens*)n Builder 2014. 80th sections of Pension Builder Scheme are dassed as defined benefit schemes. 82
The Exeter Dlocesan Board of Flnance Uffllted Annual Report & Consolidated Financl•l Statements For the year ended 31 Oecember 2024 NOTES TO THÉ CONSOLIDATED RNANaALSTATEMEIITS Icontlnued) For the year ended 310e¢ember 2024 27. PENSIONS Icontlnued) Penslon Builder S(h¢me (¢ontifftu¢d) Pension euilder Classic provides a pensn. accumulated from contributK*ns paid and Converted into a deferred annuity during ern0Vment based on terms set and reviewed by the church of EnSlar Pensions Board from time to time. Discreiionary incfeases may also be added, dependi on investment rern5 and other factors. Penslon Bullder 2014 is a cash balance scheme that provides a lump sum %thich members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added befo ret1Ment. depending on investmenl returns and oiher factors. The account. plus any bonuses declared, is payable, nreduced. from age 65. There is 5ub-dNiyon of assets tweeTr employers In each section of the Pension Builder Scheme. The scheme is considered to be a multiemployer 5theme as described in Section 28 of FRS 102. This is because it 15 not possible to attribute the Pension Builder Scheme's assets and lialxlities to specift employers and means that contributions are accounted for as if the Scheme were a defi'ned contribution scheme. The penswjns costs charged to the SOFA in the year are the contrlbulions payable12024- £313k- 2023: £234kl. A valuatton of the Pension 8ublder Scheme is carried out once every three year5. The most cent valuation was carried out as at 31 December 2022. For the Pension Builder Cla55ic section, the valuation revealed a surplus of £34.8m on the on-going assumptions used. At the most recent annual review. effective l January 2025. the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in re9)ect of the seryKe prior to Awil 1997- and a bonus on pensions in payment in respect of post 26 service so that the perh5ion increase was 2.7% (where usualty it woul(1 be cakulated based on inllatN)n up to 2.5%1. This followed improvements in the funding position over 2024. There is no requirement for defKit payment5 at the current time. The next voluation is due at 31 December 2025. For the Pension Builder 2014 sectK)n. the valuatM)n revealed a surplus of £8.5m on the on. 80iD8 assumptions used. There is requirement for deficit payments at the current twne. The legal structure of the Scheme is sh that if aMther employer fails, EDBF could become responsible for payi a share of the failed employerfs pension liabilities. 83
The Exèter Dlocesan Board of finance Umlted Annual Report & c(S011dJted Finandal Ststements Forthe ended 31 December 2024 NiyfES TOTHE CO1DATED HNANCIAi STATEMENIS l¢wtlnid) F•x the year ended 31 Decembef 2024 RELATED PARTYTRANSAcnoNS There are no direct related party transactions tntstees other than the provision of stipends, housiThg and empenses as sel out in note 12 to the consolidated financial ststements. The wife of Giles Frampton (the Chair of the Board of Finance) is a stipendlary minister lead+n8 one of our Miswn Communilies. Ruth Frampton received a stipend of É5.043 in 202412023: £nill and a parsonage house wovthd by EDBF for this role. with any expenses incurred being paid by the Mi55ion Community. The wife of the Venerable Andrew 8eane has been empw lo wovide addltlonal 5pOrt as his Personal Assistant. Catherine Beane recer¥Ed £2,660 for the provis of this seNice {2023: £2.625 to provide ConStantY services for Kial media on the Growing the Rwal Church project). 29. ED8F acts as custt)dian trustee for many trust furmls by virtue of the Parochial Church Councils (Powers) Measure 1956 arKI the Incurnbents and Chwchwardens ITru5tsl Measure 1964 Whe the managlng trustees are parochial churth councils and others. Assets held in this way are not aggregated in these financial statements as EDBF does not control them. The financial assets held in this way may be sumfflari5ed as follows: (BF Cthurch of frylandln4sknrt Fund IroMe shares BF Chh01 Erylandln%5tffnt Fund 5hwes (BF Chuich of EbWandFlxed Interest S¢cws Fund shares CBF Chuichof Etylind Pmperty Fund sh¥es CBF fjlobal Equity Iorne Fund Charilund- IoMe Units Charlbjnd Flxtd Irhterert IiKoft Other¢ottMnon in¥estffntfund "rett h)Idry5 in IJK8dts Olr fixed lrtereststocks (BF Chuvchot Erfl•ndOepositFw tharfÈs sia knvifi Dolphin Cash at bank 14.445 761 258 870 L301 14,261 736 251 L225 2.439 124 24 2S 541 677 1.271 16 1,341 Total asset5 held •soJsioth•n twstre 22.798 12.W7
The Exeter Dlocesan Board of Flnance Umlted Annual Report & Consolidated Flnancial Statements For the year ended 31 December 2024 NOTES TO THE CCISOLIDATED FifiANaALSTATEMEIIT5 Icontlwed) For the year ended 310ecember 2024 ANALY515 OF NET OEBT At 31 1>eMber 2024 C4sh at bankand infvd Co5h equlvalents Debt due •fter l ar Debt due I 31 13,2fKII 35 37 13861 7,697 12B581 4.839 31. MONEY HELD AS INTERMEDIPAY AGENT FOR OThERS EDBF cKcasionaSly holds money as inlennediary agents for oihers as follows: • In respect of the Board of Education's invofr4ement in the maintenance and improvement of Church of England schools. buildiw. money is sometimes hekl in advance of work being undertaken. At the end of 2024 the sum of £1.046.Cth12023= £S99.¢J)01 wès held in the 8eneral bank account lorthis purpose,. and The board also holds the Department fof Education's Formula Capital fundin8 on behalf of Church of England schools in Devon and the sum so held on 31 December 2024 amounted to £165.(2023: £391.CO)l arml wès also held in the general bank accouni for this wrpose. Neither of the above sums is included in the l)o•rd's Balance Sheet at the yearord. 32. ED8F UMITED- UABILITY OF BOARD MEMBERS The Exeter Di0$an Board of Finance Limited is a company limited by guarantee and as such has no share capital. In the event ol windin8-UP. the liability of board members is limited to £1 each. 85
The Exeter Dlocesan Board of Flnance Umlted Annual Report & Consolldated FinaNdal Statements For the year ended 31 December 2024 NOTESTO THE CONSOiIDATED FINANaALsfATEAWITS (conilrnd) For the year ended 31 Oetember 2024 31 SU8SIDIARY UNDERTAKING IEDPS Lknit¢d) The owned tradiwd subsidiary. EDPS Limited. which is M)cor)rated in the ijntted Kid0M IRe8iStered Company No. 4477446). provides servKes to Church of Erland academies ar schools. EDBF owns IIJM of the issued share capiial of two ordinary shares of Él each. A summary of the tradiN3 resufts is slK)wn beknw. Tr0¥ Cost of sales Gross Profrt 158 131 27 153 Other opefwtifig in¢t A(kninIstrate eMpen5es OpernI8 kyof Grftm•deio p•r*thicomp 1221 (91 PiofftllL0551 aftef rax Currentassets currentl11lttIe$ Total netassets Izi 112 116 io Issued shir• ¢apital and reiamied
The Emeter Dlocesan Board of Flnanee Umfted Annual Report & Consolidated Financial Statements For the year ended 31 December 2024 NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS Itontthued) For the year ended 310ecember 2024 2023 Comparati¥e fyures by fiuNI t)ue to space constrainls ¥thin the main body of the attounts. this note shows the breakdown by fund for 2023 for the followi notes: CONSOUDATED STATEMENT OFThE FINANCIAL AcnvmES For the year ended 31 Dewnber 2021 Ge111 Dds Fund5 2023 IoMe andwthwwnis from Par4sh trtIOnS Archtyshop's CourKd other donatioiis Ch)Fitabk activitlts Other tlading aCltr46tiès Investn¢$ Other 485 15 171 711 1.411 1.652 1,359 1.667 1.530 1.411 1.597 1.681 l.237 Tot Income aNJ endowments 11638 444 17.151 Expernllture oh Costs of talngndS charitab xtivities 176 13.33B 313 17.259 Totsl expenthture 13.514 3m15 17.$07 Net lft¢ml1eKpw before lTh¥esbItIllns 18761 11071 183 444 13561 NeteainllkI)0n investments 16 L229 Al 3.516 s36 Plrt tncomeA¢wndw•l 353 630 (LI1? 693 IL2861 330 4.653 Totsl fvnds loThvrd 7.210 22.3 5.314 86.838 122.165 Toul funds ayrfed forwwd 8.193 IL517 $644 91.491 126.845 All aciivities derive from continuing actNit& 87
The Exeter Dlocesan Board of Finance Llmlted Annual Report & Cmsolldated Finandal Statemonts For the year ended 31 Deeefflber 2024 NOTESTO THE CONSCKIDAIED ANW4CIAL sfATEMENTS (Crybtlnwdl For the year ended 31 Dffember 2014 AI. DONATI4XIS11023) Parlsh Contrflxrtlons The majority ofdonations a collected from Ihe paristrsof the DceSe throi4h the cthnmon ld system. G•n•t4 D•stsrb•t• Currentyear 9x121 Shortfall In<ontryWS 16281 8J9J 8.393 fteceipis forprevkws years RecelOS for fvtwepars 91 92 Total Intome 8.485 8.485 Current year common fund receipts represent 93.04% of ihe total assessed (2012.. 94.62%). Archblshop's cnCH F¥wd5 Lowe# In¢ome CarnmynTii•s rate8k Mlnistry FundlnB Parish Eneriy prtGr• rJp•tityGrant Net Zero Qrtw fyant 04 420 420 18 io 15 15 1.652 1.667 The Lowest Income Communities Funding IS annual grani for eItr supp)rting specifi parish mission and deVelOent projects or for der8yslipends.
The Éxeter Diocesan Board of Flnance Umited Annual Report & Consolidated Finandal Statements For the year ended 31 December 2024 NOTES TO THe CONSOLIDATED ANANaALSTATEMEiifs (¢thrtlnuedl For the year ended 31 December 2014 A2. DONATIONS12023} Iconthued) Other donations and ifants Total lunds 2023 eneFa¢tTrust Leg•¢s oiher00nati5adÉrw Resourclng MiDi5teNI 119 119 42 1.201 158 1.243 158 171 L359 1.530 The other donations and grants figufe atK)¥e includes the followiTha.' Strategic l)evebpment Funding l£1.012kl: Diocesan Imiestment fv08ramme Fundir {£189kl other gfants1£42kl- A3. CHARITA8LE AcfiviTIES12023) T•tsl D•s*n4t•d Funds Statutory lee5 Chapkincy incor Feel fftlExFth Tar . pv panels Course/tr•tyng lee5 MixeIaneoUS incorne 57 26 26 A4. OTHER TRAIXNG AcnviTIES12023) Total 20 Hous1 irKome oiher rental #icome rr•diry-EOPSLid L240 16 155 L240 16 155 L411 1.411 89
The Exeter Dl(Kesan Board (rf Flnance Urnfted Annual Report & c5011dated Flnandal Statements For the year ended 31 De<ember 2024 NOTES TO THE CONSOLIDATED FIIIANaALSTATEWITS {con1hWl For the year ended 31 Oe¢ember 2024 A5. INVESTMENT IN¢(Ello23) Dividend5 receivatle Intefert rtceivablr Rents recei¥able 417 191 614 193 373 373 1597 A6. OThER INCOMING RESOVRCES12023) TLtsI 2021 Gains on safeolProperties L237 L681 L137 1.681 A7. COSTS OF RWJNG FUNDS1202JI Trt Funds Glebe agents. lees Othev elebe exper Tradiw aciiwties-ECK Ltd 146 146 176
The Exeter Diocesan Board ol Flnance Umlted Annual Report & Consolldated Flnanclal Statement5 For the year ended 31 December 2024 NOTES TO THE C014SCKIDATÉD FINAN0 STATEME14TS l(ontknuedl For the year ended 31 December 2024 A8. CHARITABLE AcnviTIES (2023) estrlrted ErKhywrnert Funds Furlth 2023 tonir1blOns ioArdlshop Countil Training for Ministry Naknonal Church Responslt4itle5 Grants and provision5 Mityon agery pensh)Th Costs AEted clergy hous Costs Pooling of ordffiand5 maintenance 8rnnts 346 103 36 li 137 137 45 45 778 778 M15s10 Parish Ministry Stlpends and nationol Insurance PÈnsw)n costs ousithlcosts Removal, resettleTrnt and 813nr5 Clergy pens• FuThJ DefKii Other exw5es 3.239 1.351 2.524 16 5.763 1.367 3,997 242 242 16 301 9.111 2.559 11,670 Support for p•rish minlslry Mlss•)n and Mirristry Creath)n Care & Sxt•l Juste Mission and Mlr#stry Devekjpfflent and fjroh Fund Parh Ener8y Suppyt Erart5 Cooper Legacy 8rants SupkW¢ 1.270 LZ22 1542 1.562 12.023 15.932 Support for rch ¥hools and parlshes 537 12 549 13J38 a13 17.259 The yearryon.lv iruea5e in bou+¥ costs ofÉlm relates to (OntJed ratch.upfrom works dtlaytd dvriwthe pIThleff. the sofant increase in lo1and nwteriil costs 4ryJ • h¥her number of properttes in th* vear. 91
The Exeter Dlocesan Board ol Rnance Llmlted Annual Report & Consolidated Financial Slatements For the year ended 31 December 2024 PIOTE5 TO THE CONSOUDATED FINANaAL STATEMENTS Iconilnuedl For the yearended 31 December 2024 A9. ANALYSIS OF EXPENDilliRE INCWIXNG PILOCATION OF SUPPORT COSTS P0231 Fund5 Ratsiry funds Chxitable attr¥It$. ctribjtKjrts1O ArclrtW5PK)rfs Couw Resourclrv par15h Ththis1ry Ed•% 248 248 778 15,932 778 L519 .851 549 A3.618 2297 1.562 17,507 Net intomellexpenditure) for the year is stsied after thar8inB aMortisatn £20k. depreciation £28k and audit fees EDBF £24k. EOPS E5k. AIO. ANAiY51S OF SUPPORTCOSTS (2023 Tot•1 rJ¢nrted Fund Central SUPFMla&nknistraiknn Govern4nce". Exremal ol ED8F Extemal •Jdh of EDPS Re8Fstrarand chaeMOr Swiodalcosts 1.433 24 24 14 14 1,%2
The Exeter Dlocesan Board of finance Limlted Annual Report & Consolldated Finandal StatLYnents For the year ended 31 December 2024 NOTES TOTHE CIY4SOUDATED HNA14CIALSTATEMENTS (cwtlnu•d) For the year ended al December 2024 AII. ANALYSIS OF GRANTS MADE 120231 Instltuilo Totsl 2QZ3 Tespomsibllltiu.. ContritryJtK)n5 lo ArchtssFKy's Counol 778 778 From uNestrthdfvndk' Ordinands in tra1r¥ (IrIYrlnatr Clerty resEttlemÈnt Ckrgy M0¥al$ CrgY Iii incurTbberty Chjrches teeerher in MisSn & Growth Fund Chjrch sclwls-Repair5tWtr••nent support Laywokers Stiaielic oevÈlopmeni Fund TranslNmig Prnouth Toytt St Melliw5 SDuth West Dthersmall ¥rants 16 116 116 31 77 77 106 26 io 113 li li 27 io 27 io 74 13 19 42 582 wlthlv restyjrdry parlth mln4try: Cooper Legacy Fund Growth & Mbsskjn Furtd Parish Énergy Supkxyt giants Repa and Mainte1¢ Gr•ni StTate8K Oevebpment Fwid Plyrnouth Pèrtnertho ih P4swJn Exeler. Sl Matt's Bay Churth 129 461 347 129 461 347 Total 937 937 1.911 2,297 Grants pald from designated funds have been included within unrestricted funds. Cooper Le8acy grants approved by the Board at 31 December 2023 but not yet disbursed at that date were E6k. 93
The Exeter Dlocesan Board of Hnance Llmfted Annual Report & CoTrsolldated Flnandal Staternents For ihe year ended 31 December 2024 NOTES TOTHE CONSOUDATED FIPUMCIALSTATEMENTS (contkMd) For the year ènded 31 December 2024 A24 SWMPAYOF FUIlDvEmE1Ils(l•a 12A91 14368 &184 li 20.166 166 Dioces mIssKr¢FNIs Dio¢ew MisS&Gro1h F ckntonferenceFMd 167 (Bii 34 26 Pty•thSoF Pw•ie¢t Mlscell**ow FrJ$ S3 166 (2n 22.1 li 2l517 4244 amw khools
Ji 16 16 276 Retired aer Groih&lAgOA Fund StMe8K [PmtprOjKts Ministeiiil EthX4tiL Stiai¢ix Ministhryhmwj 71 IL0161 4X+ Diocesan InSt•t Mlx¢lw¢usR¢1E1ldFWvJs 147 14 1571 5314 (3m51 11331 Drt4obbs DiocesaTrStwdsCapit IQ912 iQ.803 19,705 77.815 17. 4.245 854 Imment FurAI I2476) 24.145 633 efrce Propprty Chur¢hSchoa15 V.347 74 1,516 91.491 ¢DWFT•Mifvr ts6 i? 1173611 126,836 EOPS Lto 146 {146) Gvoup TIW 17.151 {17.9)71 116A45
The Emeter DIOCan Board of Hn•Ke ilmlted Annual Report & Consolidated Flnancial staternts For the year ended 31 Detefflber 2024 NOTES TO THE clsOL1DATto FINANCIAL STATEMENTS (contlnwd) For the year ended 31 Decembei 2024 111 5WAANY OFASSEf5 •V Assets S16 &629 Il3621 Chwth Buildin85 Fvnd eoard fvoperts 576 166 76 Opxosan Fthryd5 55iQD & Grrvth Fwd CathnCe Fund khLTh)IFvnd Ptyfflothh SOF Propct MdlA)n $$ A5t09 DE5yatrd Fw 76 94 34 26 34 145 IQ107 2LS17 PasWt4At¢ow e5an Siipends lfflcomt 8•mpton khoa15 rKuttUtarI1% CoopErLryxy Retwed Uer8vH%0l Giowlh& Miss&Y StrateBlC Dèvelwnenr Propai nisrerwl Education Traini Strateiic Ministryfthid L225 132 4.244 302 16 16 1250] 667 11951 1721 yz Dicesartlnve$tnE mlsttll¥slleS1TXIèo1Kts liao 14 367 3.227 5.644 Ey4thd•bl• Propwty IMEnt Fund uni0iedTot•l ftetum 19.705 25.2R) 19.705 27.815 27.9 1.245 IY8 1155 561 Church Col8t kb)5telYru 36.741 49.47> 5.170 91.491 57.737 61.461 13.1251 12fj,836 Ewltd s?.n? 6L46I io.? 13.1401 126A45 For Fund Descriptions, please see note 23 on pages 74-77.